Muller Cole 4

What Happened
Muller Cole, Chief Financial Officer of Talen Energy Corporation (TLN), received equity awards on February 26, 2026: 5,557 restricted stock units (RSUs) and 25,934 performance‑based restricted stock units (PSUs). The Form 4 reports these as derivative grants at $0.00 per unit (awards, not purchases or sales). The awards are contingent rights to receive common stock (or cash) upon vesting and/or achievement of performance goals.

Key Details

• Transaction date: February 26, 2026; Form 4 filed March 2, 2026. The filing date is 4 days after the transaction date and appears to exceed the typical 2-business‑day Form 4 deadline.
• Reported amounts and price: 5,557 RSUs @ $0.00 (derivative); 25,934 PSUs @ $0.00 (derivative). Total award units = 31,491.
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • RSUs (F1/F2): 5,557 time‑based RSUs vest in tranches — 2,222 on Feb 25, 2027; 2,223 on Feb 25, 2028; 1,112 on Feb 25, 2029, subject to continued service.
  • PSUs (F3/F4): 25,934 PSUs vest only if service and performance goals are met. The filing lists the maximum/200% payout amounts: 10,374 PSUs tied to performance as of Feb 25, 2028 and 15,560 as of Feb 25, 2029; actual payout may range from 0% to 200% of target (plus a possible additional allocation tied to market‑cap performance).
• No sale or purchase occurred — these are grants/awards (code A).

Context
RSUs and PSUs are common executive compensation tools. RSUs vest with continued service; PSUs require meeting performance metrics before converting to shares or cash, so the actual number of shares received could be materially lower or higher than the targets reported. Because these awards were granted (not bought), they should not be read as a direct market purchase or sale signal. The apparent late filing is administrative but worth noting for timeliness tracking.