AES CORP 4

What Happened

• AES Grid Stability, LLC (a wholly owned indirect subsidiary of The AES Corporation), a 10% holder of Fluence Energy (FLNC), converted exchangeable OpCo units/Class B-1 shares and disposed of 10,066,414 shares of Fluence common stock on May 15, 2026. The shares were sold at $21.00 each for total proceeds of $211,394,694. A related derivative conversion/cancellation is reported at $0 (reflecting the conversion/cancellation of the underlying LLC units/Class B-1 shares).

Key Details

• Transaction date: May 15, 2026; Form 4 filed: May 19, 2026 (filed 4 days after the transaction).
• Sale: 10,066,414 shares at $21.00; Proceeds = $211,394,694.
• Derivative conversion: 10,066,414 OpCo units/Class B-1 shares were converted/cancelled (reported as conversion of a derivative security).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: AES Grid Stability exercised a redemption right for the OpCo Units and corresponding cancellation of Class B-1 shares because AES and AES Grid Stability determined to sell those shares in an underwritten offering. OpCo Units and Class B-1 shares are exchangeable at the holder’s discretion for Class A shares on a one-for-one basis (or for cash), subject to conditions.
• Filing timeliness: The Form 4 was filed four days after the transaction; Form 4s are normally due within two business days, so this filing appears late.

Context

• This is an institutional sale by a 10% owner via a conversion of exchangeable units followed by a disposal; it reflects a financing/offer-related disposition (per footnote), not an individual executive's trading decision. The derivative entries reflect the conversion/redemption of LLC units/Class B-1 shares into the reported Class A shares (and their subsequent sale).