BUTLER CALVIN JR 4

What Happened
Calvin Butler, President & CEO of Exelon (EXC), had long-term incentive awards vest on Feb 2, 2026. He received a total of 200,262 shares from LTIP awards (88,306 RSU-type and 111,956 performance shares). To satisfy tax withholding and related obligations, 82,268 shares were withheld at $43.91 per share (value $3,612,388) and 31,793 shares were surrendered to the issuer at $43.91 per share (value $1,396,031). Net of withholdings/surrender, Butler added 86,201 shares to his holdings.

Key Details

• Transaction date: February 2, 2026; Form 4 filed Feb 4, 2026 (timely filing).
• Awards vested: 88,306 RSU-style shares and 111,956 performance shares (total 200,262).
• Withholding/treatment: 82,268 shares withheld for taxes at $43.91 (=$3,612,388); 31,793 shares surrendered to issuer at $43.91 (=$1,396,031).
• Net shares retained by insider: 86,201 (200,262 received − 114,061 withheld/surrendered).
• Codes on the filing: M = exercise/conversion of derivative, A = grant/award, F = tax withholding/payment of exercise price, D = disposition to issuer.
• Footnotes: RSU award vests per Exelon LTIP (F1); performance shares vest on grant (F2); small additional shares reflect dividend reinvestment (F4–F6).
• Filing status: Not indicated as late.

Context and interpretation
These transactions reflect award vesting and routine sell-to-cover/issuer-surrender to meet tax and payment obligations, not an open-market sale. The derivative entries reflect conversion/exercise of awards into common stock, followed by withholding/surrender. Such tax-related dispositions are common when equity awards vest and do not necessarily indicate a change in insider sentiment.