AES (AES) director awarded 12,111 stock units under 2025 equity plan

Rhea-AI Filing Summary

KOEPPEL HOLLY K reported acquisition or exercise transactions in this Form 4 filing.

AES CORP director Holly K. Koeppel received a grant of 12,111 stock units that are economically equivalent to 12,111 shares of AES common stock. These units were awarded as compensation and increase her direct holdings in these derivative units to 195,412 following the grant.

The units will be settled in shares of AES common stock after she terminates service on the Board, in line with her election under The AES Corporation 2025 Equity and Incentive Compensation Plan. This filing reflects a compensation-related equity award rather than an open-market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider KOEPPEL HOLLY K

Role null

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

Holdings After Transaction: Units — 195,412 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

Stock units granted: 12,111 units Total units after grant: 195,412 units Underlying common stock: 12,111 shares

3 metrics

Stock units granted 12,111 units Director grant on April 29, 2026

Total units after grant 195,412 units Holdings following transaction

Underlying common stock 12,111 shares One share of AES common stock per unit

Key Terms

stock unit, economic equivalent, Equity and Incentive Compensation Plan, Common Stock

4 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."

Equity and Incentive Compensation Plan financial

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

Common Stock financial

"These units will be settled for shares of AES Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Form 4 Insider Transactions: What Each Field Means →

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^*

KOEPPEL HOLLY K

(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	195,412	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)

FAQ

What insider transaction did AES (AES) report for director Holly K. Koeppel?

AES reported that director Holly K. Koeppel received 12,111 stock units as a compensation-related grant. Each unit equals one share of AES common stock, increasing her direct derivative holdings to 195,412 units following the award.

Are Holly K. Koeppel’s new AES units an open-market purchase or sale?

The 12,111 units reported for Holly K. Koeppel are a grant, not an open-market purchase or sale. They were awarded at no cash cost as part of director compensation under AES’s 2025 Equity and Incentive Compensation Plan.

When will Holly K. Koeppel’s AES stock units be settled into common shares?

The stock units for Holly K. Koeppel will be settled into AES common shares after she terminates service on the Board. Settlement timing follows her prior election under The AES Corporation 2025 Equity and Incentive Compensation Plan.

What does one AES stock unit represent in this Form 4 filing?

Each AES stock unit in this filing is the economic equivalent of one share of AES common stock. Upon settlement after Board service ends, units convert into an equal number of AES common shares under the company’s 2025 equity plan.

How many AES-related units does Holly K. Koeppel hold after this grant?

After receiving 12,111 additional units, Holly K. Koeppel holds 195,412 units in total. These units are derivative interests tied one-for-one to AES common stock and are scheduled to be settled after her Board service concludes.