Keyes Richard Patrick 4

What Happened

Richard P. Keyes, a director of CMS Energy Corp. (CMS), received an award of 769 shares on February 20, 2026. The grant is recorded at $0.00 per share (total $0) and is reported on a Form 4 filed February 23, 2026. This was an equity grant (transaction code "A"), not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-02-20; Form 4 filed: 2026-02-23 (filed within the normal two-business-day window).
• Shares granted: 769; price per share: $0.00; reported total value: $0.
• Shares owned after transaction: not disclosed on the Form 4.
• Footnote: Grant made under CMS Energy’s Performance Incentive Stock Plan and is subject to vesting at the next annual meeting date.
• Transaction type: Award/Grant (A). No 10b5-1 plan, tax withholding, or sale noted.

Context

This is a typical director compensation award rather than an insider purchase or sale. Because the shares are subject to future vesting, they are not immediately tradable and do not necessarily signal the director’s personal market conviction. Such grants dilute outstanding shares only if and when they vest and are issued.