AES (NYSE: AES) EVP withholds shares to cover RSU tax obligations

Rhea-AI Filing Summary

AES CORP executive Paul L. Freedman reported a tax-related share disposition. On February 24, 2026, 1,388 shares of AES common stock were automatically withheld at $16.27 per share to cover taxes tied to the vesting of Restricted Stock Units granted on February 24, 2023.

After this withholding, Freedman directly held 178,671 AES common shares. He also indirectly held 3,130 shares through The AES Corporation Retirement Savings Plan, based on a plan statement dated February 25, 2026, with no additional shares acquired in that plan since his prior Form 4.

Insights

Equity compensation and governance analyst

Routine tax withholding on RSU vesting; not an open-market sale.

The filing shows 1,388 AES CORP common shares withheld at $16.27 per share to satisfy tax obligations when a portion of Restricted Stock Units vested from a grant dated February 24, 2023. Code F indicates payment of tax liability using shares rather than cash.

Following this event, Paul L. Freedman directly held 178,671 shares and indirectly held 3,130 shares via the company retirement savings plan as of a February 25, 2026 statement. This type of transaction is typically administrative and does not signal discretionary buying or selling behavior.

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

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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^*

Freedman Paul L

(Last) (First) (Middle)

4300 WILSON BLVD

(Street)

ARLINGTON VA 22203

(City) (State) (Zip)

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

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, GC and Corp. Secretary

3. Date of Earliest Transaction (Month/Day/Year)
02/24/2026

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

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

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

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
Common Stock	02/24/2026		F		1,388(1)	D	$16.27	178,671	D
Common Stock								3,130(2)	I	By 401(k) Plan

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

Explanation of Responses:

1. Reflects automatic tax withholding of shares in connection with the vesting and settlement of one-third of the Restricted Stock Units granted on February 24, 2023.

2. Since the last Form 4 filing on February 24, 2026, the reporting person acquired no additional shares of AES Common Stock pursuant to The AES Corporation Retirement Savings Plan. This information is based on a plan statement dated February 25, 2026.

	/s/ Paul L. Freedman	02/26/2026
	** 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).
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FAQ

What did AES (AES) executive Paul L. Freedman report in this Form 4?

Paul L. Freedman reported an automatic tax withholding of 1,388 AES common shares at $16.27 per share on February 24, 2026. The shares covered taxes from vesting Restricted Stock Units originally granted on February 24, 2023, rather than an open-market sale.

Was the AES (AES) Form 4 transaction an open-market sale of shares?

No, the Form 4 shows a tax-withholding disposition, not an open-market sale. 1,388 shares were automatically withheld to satisfy tax obligations tied to the vesting and settlement of Restricted Stock Units granted on February 24, 2023, per the filing footnote.

How many AES (AES) shares does Paul L. Freedman hold after this transaction?

After the tax withholding, Paul L. Freedman directly held 178,671 AES common shares. He also indirectly held 3,130 additional shares through The AES Corporation Retirement Savings Plan, based on a plan statement dated February 25, 2026, as disclosed in the Form 4 footnotes.

What was the price used for the AES (AES) tax-withholding shares?

The tax-withholding disposition used a price of $16.27 per AES common share for the 1,388 shares withheld. This price is used to value the shares applied against the executive’s tax liability on the vesting Restricted Stock Units noted in the Form 4.

What do the AES (AES) Form 4 footnotes say about the 401(k) holdings?

The footnotes state that since the last Form 4 on February 24, 2026, Paul L. Freedman acquired no additional AES shares through The AES Corporation Retirement Savings Plan. The 3,130 indirect shares are based on a plan statement dated February 25, 2026.

How is the AES (AES) Form 4 transaction coded and what does it mean?

The transaction is coded F, meaning shares were used to pay exercise price or tax liability. In this case, it reflects automatic withholding of 1,388 AES shares to cover taxes when one-third of a February 24, 2023 Restricted Stock Unit grant vested.