Freedman Paul L 4

4 · AES CORP · Filed Feb 24, 2026

AI-generated summary of this filing

Updated Feb 24, 2026

AES EVP Paul L. Freedman Receives RSUs/PSUs; Shares Withheld

What Happened

Paul L. Freedman, EVP, General Counsel and Corporate Secretary of AES (AES), received equity awards on February 20, 2026: 25,658 RSUs and 27,978 PSUs (total 53,636 shares reported as awards, transaction code A).
To cover withholding taxes on the vesting/settlement, 22,037 shares were surrendered/withheld (transaction code F) at $16.51 per share, generating proceeds of $363,831 reported on the Form 4. The awards themselves are reported at $0.00 in the filing (typical for RSU/PSU grants).

Key Details

Transaction date: February 20, 2026. Filing date: February 24, 2026 (timely within the Form 4 reporting window).
Awards reported: 25,658 RSUs and 27,978 PSUs (total 53,636 shares; each unit converts to one share).
Shares withheld for taxes: 12,933 + 3,626 + 5,478 = 22,037 shares at $16.51 each, total $363,831.
Net shares added to holdings from this event: 53,636 awarded − 22,037 withheld = 31,599 net shares. (The Form 4 does not list total shares owned after the transaction in the summary provided.)
Footnotes: PSUs were granted Feb 24, 2023 and the board approved performance results on Feb 20, 2026 (F2, F3). RSUs vest in three annual installments (F1); withholdings reflect settlement of one‑third tranches from awards granted Feb 22, 2024 and Feb 21, 2025 (F4, F5). An additional 156 shares were acquired under the company retirement plan since the last Form 4 (F6).
Transaction codes: A = Award/Grant; F = shares withheld to satisfy tax obligations (not an open-market sale).

Context

This was an equity award vesting/settlement event, not an open-market sale or purchase by the insider. The withheld shares reflect automatic tax withholding (a common administrative step), not necessarily a decision to sell for investment reasons.
PSUs became payable after the prescribed performance period when the board approved the performance outcome; RSUs follow scheduled vesting dates per plan terms.
Such awards increase insider holdings when net shares remain after withholding; purchases are often viewed as stronger bullish signals, while withholding is routine.

Form 4

Period: 2026-02-20

EVP, GC and Corp. Secretary

Transactions

Holdings

Footnotes (6)

[F1]This Restricted Stock Unit ("RSU") award was granted pursuant to The AES Corporation 2025 Equity and Incentive Compensation Plan and will generally vest in three annual installments on February 20, 2027, February 20, 2028, and February 20, 2029, subject to the reporting person's continued employment with AES on each such date and the terms and conditions of the award. Each RSU entitles the holder to one share of AES Common Stock.
[F2]This Performance Stock Unit ("PSU") award was granted on February 24, 2023 pursuant to The AES Corporation 2003 Long Term Compensation Plan. After the prescribed three year performance period, the AES Board of Directors approved the performance value for the grant on February 20, 2026. Each earned PSU entitles the holder to one share of AES Common Stock.
[F3]Reflects automatic tax withholding of shares in connection with the vesting and settlement of PSUs granted on February 24, 2023.
[F4]Reflects automatic tax withholding of shares in connection with the vesting and settlement of one-third of the RSUs granted on February 22, 2024.
[F5]Reflects automatic tax withholding of shares in connection with the vesting and settlement of one-third of the RSUs granted on February 21, 2025.
[F6]Since the last Form 4 filing on February 26, 2025, the reporting person acquired 156 additional shares of AES Common Stock pursuant to The AES Corporation Retirement Savings Plan. This information is based on a plan statement dated February 17, 2026.

Signature

/s/ Paul L. Freedman|2026-02-24

2 files