Form 4: Exelon Director Expands Equity Holdings Through Deferred Compensation Plans

Exelon Corp. Director Marjorie Rodgers Cheshire increased her beneficial ownership in the company through the acquisition of deferred stock units and phantom share equivalents via deferred compensation plans.

Summary

• Marjorie Rodgers Cheshire, a Director of Exelon Corp. (EXC), acquired additional equity-linked securities.
• On June 30, 2025, 954 common stock-deferred stock units were acquired at a price of $43.25 per unit.
• On June 30, 2025, 474 deferred phantom share equivalents were acquired at a price of $43.42 per equivalent.
• Following these transactions, the total beneficial ownership of common stock-deferred stock units is 22,328, which includes 196 additional units acquired through automatic dividend reinvestment.
• The total beneficial ownership of deferred phantom share equivalents is 8,428, which includes 71 additional equivalents accrued by the plan administrator on the ex-dividend date.
• The common stock-deferred stock units are held indirectly through the Exelon Corp. Directors Deferred Stock Unit Plan.
• The deferred phantom share equivalents are held directly as part of a multi-fund, non-qualified deferred compensation plan and 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.

Sentiment

Score: 7

Explanation: The filing indicates a director's increased beneficial ownership in the company through routine deferred compensation plans, which is generally viewed as a positive sign of alignment with shareholder interests.

Positives

• Director Marjorie Rodgers Cheshire increased her beneficial ownership in Exelon Corp. through the acquisition of additional deferred stock units and phantom share equivalents.
• The increase in holdings, including through dividend reinvestment and accruals, demonstrates continued participation in the company's equity-linked compensation plans, aligning director interests with shareholders.

Future Outlook

Deferred phantom share equivalents held by the reporting person will be settled for cash on a 1 for 1 basis upon the termination of her service to the board of directors.

Industry Context

This Form 4 filing details a routine insider transaction related to director compensation, which is a standard disclosure in the energy utility sector. Such filings provide transparency into how company executives and directors are compensated and hold equity, but typically do not reflect broader industry trends or competitive shifts.

Related Party Transactions

• Acquisition of deferred stock units and phantom share equivalents through the Exelon Corp. Directors Deferred Stock Unit Plan and a multi-fund, non-qualified deferred compensation plan, which are compensation arrangements with the issuer.

Stakeholder Impact

• Shareholders: The increased equity-linked holdings of a director can be seen as a positive sign of alignment between management and shareholder interests.

Next Steps

• Settlement of deferred phantom share equivalents for cash upon the termination of Marjorie Rodgers Cheshire's service to the board of directors.

Key Dates

Recommendation

Keywords

Exelon, EXC, Form 4, Insider Transaction, Director Compensation, Deferred Stock Units, Phantom Shares, Beneficial Ownership