Malcarney Kevin P. 4

What Happened

• Kevin P. Malcarney, EVP, General Counsel & Corporate Secretary of Clearway Energy (CWEN), had multiple equity events on April 15, 2026: 7,086 Relative Performance Stock Units (RPSUs) vested and converted into shares (reported as an exercise/conversion), and he received new long‑term awards (RSUs, RPSUs and CPSUs). Many shares were surrendered back to the company to satisfy tax withholding obligations rather than sold on the open market.
• Specifics: 7,086 RPSUs converted to shares; 6,945 of those shares were surrendered to the issuer for tax withholding. Additionally, RSU vesting from prior grants totaled 6,261 vested shares (1,801 from 4/15/2023; 2,385 from 4/15/2024; 2,075 from 4/15/2025), from which 3,488 shares were surrendered for tax withholding (1,014; 1,309; 1,103) and 62 shares were surrendered related to continued‑vesting eligibility — for a total of 10,433 shares surrendered to cover taxes. New awards granted on April 15, 2026: 4,635 RSUs, 4,643 RPSUs (performance‑based), and 4,635 CPSUs (performance‑based).

Key Details

• Transaction date(s): April 15, 2026; Form filed April 17, 2026 (timely).
• Codes: M = conversion/exercise of derivative (7,086 shares acquired); D/F = disposition to issuer / tax withholding (total surrendered 10,433 shares); A = new awards (4,635 RSUs, 4,643 RPSUs, 4,635 CPSUs).
• Prices reported: $0.00 for the new performance/unit awards (typical; awards are not open‑market purchases). No open‑market sales reported.
• Shares owned after transaction: filing details awards and dividend equivalent right balances; the Form does not state a single consolidated total share‑ownership number for common shares after these transactions.
• Notable footnotes: RPSU and CPSU grants are performance‑based (vest/convert in 2029 subject to TSR and CAFD targets). Many dispositions were routine share surrenders to satisfy tax withholding (cashless/withholding), not market sales.

Context

• This was largely a routine vesting/conversion and grant event combined with cashless tax withholding: the company converted vested performance units into shares, the insider surrendered a large portion to cover taxes, and he received new multi‑year and performance‑based awards. These transactions are not open‑market buys or sells that directly signal immediate insider market sentiment.