Form 4: Constellation Energy Director Boosts Phantom Share Holdings

Constellation Energy Corp Director Peter Oppenheimer acquired 44 phantom share equivalents as part of a deferred compensation plan.

Summary

• Peter Oppenheimer, a Director of Constellation Energy Corp (CEG), acquired 44 phantom share equivalents.
• These phantom shares are part of a multi-fund, non-qualified deferred compensation plan.
• The acquisition occurred on December 31, 2025, at a price of $353.27 per phantom share equivalent.
• Following this transaction, Oppenheimer beneficially owns 230 phantom share equivalents.
• These phantom shares will be settled in cash on a 1-for-1 basis upon the termination of Oppenheimer's service.

Sentiment

Score: 6

Explanation: Slightly positive due to a director increasing their beneficial ownership, even if through a deferred compensation plan, which can be interpreted as a sign of confidence. However, it's a routine filing with no major operational or financial news.

Positives

• A director increasing their beneficial ownership, even through a deferred compensation plan, can signal confidence in the company's future.

Risks

• The value of the phantom share equivalents is tied to the performance of Constellation Energy Corporation's common stock, meaning the cash settlement value could fluctuate.

Future Outlook

The phantom share equivalents will be settled in cash on a 1-for-1 basis upon the termination of the reporting person's service. The balance of phantom share equivalents may fluctuate due to periodic changes in the fund composition.

Industry Context

This is a routine insider transaction filing, common for directors participating in company-sponsored deferred compensation plans. It reflects standard executive compensation practices within the energy sector.

Comparison to Industry Standards

• The acquisition of phantom shares as part of a deferred compensation plan is a common practice for directors and executives across various industries, including energy. This mechanism aligns executive interests with shareholder value without immediate equity dilution, similar to plans seen at companies like NextEra Energy or Duke Energy.

Stakeholder Impact

• Shareholders: The acquisition of phantom shares by a director may be viewed as a positive signal of management confidence, potentially influencing investor sentiment.

Next Steps

• The phantom share equivalents will be settled in cash upon the termination of the reporting person's service.
• The balance of phantom share equivalents may fluctuate due to periodic changes in the fund composition.

Key Dates

Keywords

Constellation Energy, CEG, Peter Oppenheimer, Form 4, Insider Trading, Director, Phantom Shares, Deferred Compensation, Beneficial Ownership