Form 4: TotalEnergies Entities Report Forfeiture of Clearway Energy Shares

TotalEnergies and its subsidiaries reported the forfeiture of 5,105 shares of Clearway Energy Class C Common Stock due to a prior grant under a long term equity incentive program.

Summary

• TotalEnergies SE and several of its subsidiaries, including TotalEnergies Gestion USA SARL, TotalEnergies Holdings USA, Inc., TotalEnergies Delaware, Inc., and TotalEnergies Renewables USA, LLC, filed a Form 4.
• The filing reports the forfeiture of 5,105 shares of Clearway Energy, Inc. Class C Common Stock.
• These shares were previously granted under Clearway Energy Group's Long Term Equity Incentive Program to its employees.
• The shares are indirectly held through a chain of entities, ultimately linked to TotalEnergies SE.
• Despite being deemed to beneficially own the shares, each reporting entity disclaims beneficial ownership except for their pecuniary interest.
• The transaction occurred on November 22, 2024.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing a share forfeiture, which is neither positive nor negative in itself. It is a neutral event.

Risks

• The complex ownership structure could create potential risks related to control and decision-making.

Management Comments

• Each Reporting Person disclaims beneficial ownership of the securities reported herein, except to the extent of such Reporting Person's pecuniary interest therein.
• Solely for purposes of Section 16 of the Exchange Act, each Reporting Person may be deemed a 'director by deputization'.

Industry Context

This filing is a routine disclosure related to changes in beneficial ownership of securities, common in the energy sector where complex ownership structures are often present.

Comparison to Industry Standards

• Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders and major shareholders, as mandated by the SEC.
• The complex ownership structure involving multiple subsidiaries is not uncommon for large multinational corporations like TotalEnergies, which often use such structures for operational and tax efficiency.

Stakeholder Impact

• The forfeiture of shares has a minimal impact on shareholders as it is a routine adjustment of ownership.

Key Dates

Keywords

TotalEnergies, Clearway Energy, Form 4, share forfeiture, equity incentive program, beneficial ownership, securities, director by deputization