Form 4: Exelon Director Cheshire Reports Phantom Stock Transaction

Exelon Corp. Director Marjorie Rodgers Cheshire reported a transaction involving phantom share equivalents on June 30, 2026.

Summary

• Marjorie Rodgers Cheshire, a Director at Exelon Corp. (EXC), reported a transaction on June 30, 2026.
• The transaction involved 442 phantom share equivalents, which are part of a non-qualified deferred compensation plan.
• These equivalents are held in an Exelon stock fund account and will be settled in cash on a 1-for-1 basis upon termination of service to the board.
• The reported value of these equivalents is $46.62 per share.
• Following this transaction, Cheshire beneficially owns 10,547 phantom share equivalents.
• The balance includes an additional 91 phantom share equivalents accrued through dividend reinvestment.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine transaction related to director compensation and does not indicate a significant change in beneficial ownership or company strategy.

Positives

• Director Marjorie Rodgers Cheshire continues to hold a significant number of phantom share equivalents (10,547), indicating ongoing commitment or compensation structure.
• The phantom share equivalents are part of a deferred compensation plan, suggesting a long-term incentive for directors.
• Dividend reinvestment continues to increase the number of phantom share equivalents held.

Negatives

• The filing details a transaction of phantom share equivalents, which are not actual stock and represent a cash obligation rather than equity ownership.

Risks

• The value of phantom share equivalents is tied to Exelon's stock price, meaning any decline in stock value would reduce the value of these holdings.
• Settlement of phantom share equivalents occurs upon termination of service, which could create liquidity needs for the reporting person at that time.

Future Outlook

Phantom share equivalents will be settled for cash on a 1 for 1 basis upon the termination of the reporting person's service to the board of directors.

Industry Context

StockSavvy.ai notes that Form 4 filings are standard disclosures for insider transactions and reflect compensation structures common in the utility sector, where long-term incentives are often used to retain key personnel.

Stakeholder Impact

• Shareholders: The transaction does not directly impact share count or voting power, but reflects the company's compensation practices for directors.
• Employees: Indirect impact through the company's compensation strategy for its board.
• Creditors: No direct impact.

Next Steps

• Settlement of phantom share equivalents for cash upon termination of service to the board of directors.

Key Dates

Keywords

Exelon Corp, EXC, Form 4, Director, Marjorie Rodgers Cheshire, Phantom Share Equivalents, Deferred Compensation, Beneficial Ownership, SEC Filing