AES director awarded 12,111 stock units

Bhandari Inderpal S reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Bhandari Inderpal S reported acquisition or exercise transactions in this Form 4 filing.

AES CORP director Inderpal S. Bhandari received an equity award in the form of stock units. On April 29, 2026, he was granted 12,111 units, each economically equivalent to one share of AES common stock and issued at a price of $0.00 as compensation.

Following this grant, Bhandari holds 59,433 units directly. According to the company’s 2025 Equity and Incentive Compensation Plan, these units will be settled in shares of AES common stock after he terminates service on the Board, consistent with his election form.

Insider Trade Summary

Grant/Award: 12,111 shares

Grant/Award 1 txn

Insider Bhandari Inderpal S

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Units	12,111	$0.00	$0.00

Holdings After Transaction: Units — 59,433 contracts (Direct)

Footnotes (1)

1. F1. Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2025 Equity and Incentive Compensation Plan.

Key Figures

Stock units granted: 12,111 units Holdings after grant: 59,433 units Grant price per unit: $0.00 per unit +1 more

4 metrics

Stock units granted 12,111 units Director equity award on April 29, 2026

Holdings after grant 59,433 units Total units directly held by Bhandari post-transaction

Grant price per unit $0.00 per unit Compensation grant, not an open-market trade

Unit-to-share equivalence 1 unit = 1 share Each stock unit equals one AES common share economically

Key Terms

stock unit, economic equivalent, The AES Corporation 2025 Equity and Incentive Compensation Plan

3 terms

stock unit financial

"Each stock unit is the economic equivalent of one share of AES Common Stock."

economic equivalent financial

"Each stock unit is the economic equivalent of one share of AES Common Stock."

The AES Corporation 2025 Equity and Incentive Compensation Plan financial

"under The AES Corporation 2025 Equity and Incentive Compensation Plan."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did AES (AES) director Inderpal S. Bhandari report in this Form 4?

Inderpal S. Bhandari reported an equity compensation grant of 12,111 stock units. Each unit is economically equivalent to one share of AES common stock and was granted at $0.00 per unit as part of director compensation under AES’s 2025 Equity and Incentive Compensation Plan.

How many AES (AES) stock units were granted and what is Bhandari’s new total?

Bhandari received 12,111 AES stock units in this transaction. After the grant, his direct holdings increased to 59,433 units. These units represent deferred equity compensation, each designed to mirror the value of one share of AES common stock for the director.

Are the AES (AES) units granted to Bhandari the same as common stock?

Each unit is the economic equivalent of one AES common share, but they are not ordinary shares yet. Instead, the units are bookkeeping entries that will later be settled in actual AES common stock under the terms of the 2025 Equity and Incentive Compensation Plan.

When will Inderpal S. Bhandari’s AES (AES) stock units be settled into common shares?

The units will be settled for AES common stock after Bhandari terminates his service on the Board. Settlement timing follows his director election form and the rules of The AES Corporation 2025 Equity and Incentive Compensation Plan governing deferred director compensation.

Was this AES (AES) Form 4 a market purchase or sale by the director?

No, this Form 4 reflects a grant or award acquisition, not a market trade. The 12,111 units were issued at $0.00 per unit as compensation, so there was no open-market buying or selling of AES shares associated with this specific transaction.

What plan governs the AES (AES) stock unit grant reported by Bhandari?

The grant is made under The AES Corporation 2025 Equity and Incentive Compensation Plan. This plan provides for director equity awards, where stock units economically mirror AES common shares and are later settled in stock based on each director’s individual election form.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/01/2026 - 04:10 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Bhandari Inderpal S

(Last) (First) (Middle)

4300 WILSON BLVD.

(Street)

ARLINGTON VIRGINIA 22203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AES CORP [ AES ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Units	(1)	04/29/2026		A		12,111		(1)	(1)	Common Stock	12,111	$0	59,433	D

Explanation of Responses:

1. Each stock unit is the economic equivalent of one share of AES Common Stock. These units will be settled for shares of AES Common Stock after the date the reporting person terminates service on the Board in accordance with the Director's election form under The AES Corporation 2025 Equity and Incentive Compensation Plan.

Remarks:

Exhibit 24.1 Power of Attorney

	/s/ Jennifer Gillcrist, attorney-in-fact	05/01/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)