TORGOW GARY 4

What Happened
Gary Torgow, a director of DTE Energy Co. (DTE), was granted 246.4 phantom share units on April 1, 2026 as an award for director fees. The units are recorded at $147.12 each, for a total grant value of $36,250. This is a derivative (phantom stock) award—compensation rather than an open-market purchase or sale.

Key Details

• Transaction date and terms: 2026-04-01 — 246.4 units @ $147.12 each; total value $36,250. (Reported 2026-04-02.)
• Transaction type: Award/Acquisition (derivative phantom stock) under the Plan for Deferring the Payment of Non-Employee Director Fees.
• Settlement: Phantom stock will be settled in cash on a date selected by the reporting person per the plan (i.e., not settled as actual common shares).
• Conversion basis: 1-for-1 (each phantom unit corresponds to one common share equivalent).
• Dividend feature: Includes phantom stock acquired via the plan’s dividend reinvestment feature.
• Shares owned after transaction: Not disclosed in this filing.
• Timeliness: Filing appears timely (transaction 2026-04-01; Form 4 filed 2026-04-02).

Context
This grant is routine director compensation deferred as phantom stock and should be viewed as a pay-related award, not necessarily a directional market signal. Because the units are cash-settled derivatives, they do not immediately increase the director’s common shares outstanding.