Novotny Andrew R. 4

What Happened

• Andrew R. Novotny, Senior Executive Vice President, Constellation Power Operations (and President & CEO of Calpine), was granted 6,791 restricted stock units (RSUs) on 2026-02-09. The award is recorded as a derivative grant (code A) at $0.00 per unit — i.e., a compensation award rather than a purchase.

Key Details

• Transaction date: 2026-02-09; filing date: 2026-02-11 (Form 4 accession 0000905148-26-000645).
• Award size: 6,791 RSUs; reported price: $0.00 (compensatory grant).
• Shares owned after transaction: not disclosed in the filing.
• Footnote (F1): RSUs vest in three equal installments (1/3 each) on the Compensation Committee’s first-quarter meeting dates in years 1, 2 and 3 after the grant. Each RSU converts to one share upon vesting and accrues quarterly dividend equivalents as additional RSUs that vest on the same schedule.
• Timeliness: Filed two days after the transaction date; appears timely under Form 4 reporting rules.

Context

• RSUs are derivative awards that convert into common shares only upon vesting, so this grant does not immediately change market holdings or indicate a market-direction trade. Dividend equivalents are added as additional RSUs and follow the same vesting schedule. This is a routine executive compensation grant, not an open-market buy or sale.