Nachmias Stuart 4

What Happened

• Stuart Nachmias, President & CEO of Consolidated Edison (ED), had a net cash transaction on 2026-02-18 in which 2,006 shares were disposed to the issuer at $113.92 per share, generating $228,524. The filing shows these shares arose from the conversion/exercise of derivative awards (performance units) that were then paid out in cash.
• On the same date, Nachmias was granted 3,300 performance units (long-term incentive, scheduled to vest in 2029) and 1,400 time‑based restricted stock units (scheduled to vest on 12/31/2028). The filing also notes 29.748 shares acquired under the company’s Employee Stock Purchase Plan since his last filing.

Key Details

• Transaction date: 2026-02-18; sale price: $113.92; proceeds: $228,524.
• Derivative activity: 2,006 performance‑unit equivalents were converted/exercised and the economic value was received in cash (per footnote F1).
• Grants: 3,300 performance units (vest in 2029; F3) and 1,400 time‑based RSUs (vest 12/31/2028; F4).
• Small additional purchase: 29.748 shares from the Employee Stock Purchase Plan since last filing (F2).
• Shares owned after the transactions: not stated in the provided filing excerpt.
• Filing timeliness: Reported on 2026-02-20 for transactions on 2026-02-18 (appears timely under Form 4 rules).

Context

• This was effectively a cash payout of vested performance units (converted/exercised and paid to the insider), not an open-market sale. Such transactions often reflect routine vesting/cash elections rather than a direct market-driven sale signal.
• The new grants (performance units and RSUs) are long‑term compensation tied to future vesting and performance; they do not represent an immediate purchase of shares.