ERIE Insider Filing: Cody Cook Buys Shares and Receives Deferred Share Credits
Rhea-AI Filing Summary
Erie Indemnity Co. (ERIE) Form 4: Executive Vice President Cody Cook reported an individual insider purchase and additional deferred share credits. On 09/30/2025 he acquired 4.815 Class A shares at $318.16 through a participant-directed 401(k) transaction, leaving him with 1,097.077 Class A shares beneficially owned. Separately, 1,264.359 share credits under the companys Incentive Compensation Deferral Plan were reported; these represent rights to receive an equal number of Class A shares upon separation or retirement and have no exercise or expiration dates.
Positive
- Officer acquired Class A shares (4.815 shares at $318.16), indicating continued personal investment in the company
- 1,264.359 share credits under the Incentive Compensation Deferral Plan align management interests with long-term shareholder value
- Transactions were reported promptly on a single Form 4 with a Power of Attorney signature, showing regulatory compliance
Negative
- None.
Insights
TL;DR: Small insider buy via 401(k) and material deferred share credits increase executive alignment without immediate dilution.
The reported purchase of 4.815 Class A shares at $318.16 is a routine, participant-directed 401(k) transaction and is immaterial by itself relative to typical market volumes. More meaningful are the 1,264.359 share credits under the Incentive Compensation Deferral Plan, which increase the executives future entitlement to equity. These credits do not convert to shares until separation, carry no exercise price, and therefore represent deferred compensation rather than outstanding dilution.
TL;DR: Share credits signal retention-focused compensation; governance impact is routine and disclosed appropriately.
The filing shows standard, disclosed use of an incentive deferral plan for management-level retention. The lack of exercise or expiration dates for share credits is consistent with long-term retention mechanisms. The transactions were reported on a single Form 4 and executed by one reporting person, with a power of attorney signature present, indicating compliance with Section 16 reporting requirements.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Other | Class A Common Stock | 4.815 | $318.16 | $2K |
| holding | Incentive Compensation Deferral Plan Share Credits | -- | -- | -- |
Footnotes (1)
- Participant directed transaction under 401(k) Plan. Conversion price is not applicable to shares granted under the Erie Indemnity Company Incentive Compensation Deferral Plan. The shares subject to this reporting are Share Credits which are periodically credited to the accounts of a select group of management and highly compensated employees of Erie Indemnity Company pursuant to its Incentive Compensation Deferral Plan. These Share Credits represent the right to receive an equivalent number of shares of Erie Indemnity Company Class A common stock when the reporting individual retires or otherwise separates from service with the Company. There are no exercisable or expiration dates for these securities.
