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Clearway Energy (NYSE: CWEN) CFO receives 654-share stock grant via dividend equivalents

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Clearway Energy, Inc. executive vice president and CFO Sarah Rubenstein reported an acquisition of Class C Common Stock as part of her equity compensation. She received a grant of 654 shares at a stated price of $0.00 per share, described as dividend equivalent rights tied to previously awarded restricted stock units and relative performance stock units. Following this grant, she directly holds 52,139 shares of Class C Common Stock. Footnotes also note 3,379 dividend equivalent rights that may only be settled in Class C Common Stock.

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Insider Rubenstein Sarah
Role EVP AND CFO
Type Security Shares Price Value
Grant/Award Class C Common Stock, par value $.01 per share 654 $0.00 --
Holdings After Transaction: Class C Common Stock, par value $.01 per share — 52,139 shares (Direct, null)
Footnotes (1)
  1. Represents dividend equivalent rights accrued on the Reporting Person's Restricted Stock Units ("RSUs") and Relative Performance Stock Units ("RPSUs"), which become exercisable proportionately with the RSUs and RPSUs to which they relate and may only be settled in Class C Common Stock of Clearway Energy, Inc. as determined by the RSU or RPSU to which they relate. Includes 3,379 dividend equivalent rights that may only be settled in Class C Common Stock.
Shares granted 654 shares Class C Common Stock grant on dividend equivalent rights
Transaction price $0.00 per share Stated price for the 654-share grant
Shares held after 52,139 shares Direct Class C Common Stock holdings after transaction
Dividend equivalent rights 3,379 rights Rights that may only be settled in Class C Common Stock
Acquire transactions 1 transaction Form 4 transaction summary
Net buy/sell shares 0 shares No net open-market buying or selling reported
dividend equivalent rights financial
"Represents dividend equivalent rights accrued on the Reporting Person's Restricted Stock Units"
Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.
Restricted Stock Units ("RSUs") financial
"Represents dividend equivalent rights accrued on the Reporting Person's Restricted Stock Units"
Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.
Relative Performance Stock Units ("RPSUs") financial
"and Relative Performance Stock Units ("RPSUs"), which become exercisable proportionately"
Class C Common Stock financial
"may only be settled in Class C Common Stock of Clearway Energy, Inc."
A class C common stock is a type of company share that usually represents ownership but often carries limited or no voting power compared with other share classes. For investors, that matters because it can affect influence over company decisions and sometimes the stock’s price or dividend priority — think of it as owning a ticket to the same event but in a section with less say in how the event is run.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Rubenstein Sarah
(Last)(First)(Middle)
CLEARWAY ENERGY, INC.
300 CARNEGIE CENTER, SUITE 300
(Street)
PRINCETON NEW JERSEY 08540
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Clearway Energy, Inc. [ CWEN ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director10% Owner
XOfficer (give title below)Other (specify below)
EVP AND CFO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
06/01/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
Class C Common Stock, par value $.01 per share06/01/2026A654A(1)52,139(2)D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. Represents dividend equivalent rights accrued on the Reporting Person's Restricted Stock Units ("RSUs") and Relative Performance Stock Units ("RPSUs"), which become exercisable proportionately with the RSUs and RPSUs to which they relate and may only be settled in Class C Common Stock of Clearway Energy, Inc. as determined by the RSU or RPSU to which they relate.
2. Includes 3,379 dividend equivalent rights that may only be settled in Class C Common Stock.
/s/ Michael A. Brown, Attorney-in-Fact06/03/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did CWEN executive Sarah Rubenstein report?

Sarah Rubenstein reported an acquisition of 654 shares of Clearway Energy Class C Common Stock. The shares were granted as dividend equivalent rights related to existing RSU and RPSU awards and carried a stated price of $0.00 per share.

How many CWEN shares does Sarah Rubenstein hold after this Form 4?

After the reported grant, Sarah Rubenstein directly holds 52,139 shares of Clearway Energy Class C Common Stock. This reflects the addition of 654 shares from dividend equivalent rights tied to her outstanding RSU and RPSU awards.

What is the nature of the 654 CWEN shares granted to Sarah Rubenstein?

The 654 shares represent dividend equivalent rights accrued on Sarah Rubenstein’s RSUs and RPSUs. These rights become exercisable proportionately with the underlying awards and may only be settled in Clearway Energy Class C Common Stock, as specified in the filing footnotes.

Did Sarah Rubenstein buy or sell CWEN shares in the open market?

The filing shows no open-market buy or sell. Instead, Sarah Rubenstein received 654 shares through a grant classified as a dividend equivalent right on existing RSU and RPSU awards, with a stated transaction price of $0.00 per share.

What are the dividend equivalent rights mentioned in the CWEN Form 4?

Dividend equivalent rights are additional rights that accrue on RSUs and RPSUs, mirroring dividends on underlying shares. In this case, they become exercisable with the RSUs and RPSUs and may only be settled in Clearway Energy Class C Common Stock, including 3,379 such rights noted.

Does the CWEN Form 4 indicate any derivative positions for Sarah Rubenstein?

The derivative section in this Form 4 is empty, indicating no derivative transactions reported in this filing. However, footnotes describe dividend equivalent rights linked to RSUs and RPSUs that can be settled in Class C Common Stock when the underlying awards vest.