O'Connell Michele 4

What Happened Michele O'Connell, President & CEO of Orange & Rockland (a Consolidated Edison subsidiary), converted vested performance units and received cash for 1,812 share-equivalents on February 18, 2026. The disposition to the issuer was reported at $113.92 per share, totaling $206,423. At the same time she was granted new long-term incentive awards: 7,400 performance units (performance-based, scheduled to vest in 2029) and 3,100 time-based restricted stock units (scheduled to vest in full on 12/31/2028).

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (timely).
• Sale/cash settlement: 1,812 share-equivalents converted/disposed at $113.92 each = $206,423.
• New awards: 7,400 performance units (LTIP, vesting contingent on 2029 performance) and 3,100 time-based RSUs (vesting 12/31/2028).
• Footnotes: F1 notes the 1,812 represented Performance Units granted in 2023 that vested and were elected to be paid in cash; F3 and F4 describe the future-vesting LTIP awards; F2 notes a 0.094-share change in thrift plan holdings per a 1/31/26 statement.
• Shares owned after the transactions are not specified in the filing.

Context

• The primary activity was a cash settlement of vested performance units (a conversion of derivatives into cash), not an open-market sale of previously held common shares. This is common when recipients elect cash instead of stock upon LTIP vesting.
• The filing shows the award/grant activity (future-vesting PUs and RSUs), which are contingent on future service and/or performance and do not represent immediately tradable shares.