[Form 4] EXELON CORP Insider Trading Activity

Rhea-AI Filing Summary

Anna Richo, a director of Exelon Corp (EXC), received equity-based deferred compensation tied to Exelon common stock. On 09/30/2025 she was credited 950 deferred stock units at a reported price of $43.43, bringing her total indirect holdings in deferred stock units to 9,346 (that total includes 77 shares from dividend reinvestment). On the same date she was credited 694 phantom share equivalents694 underlying common shares$45.017,082 (including 55 accrued on the ex-dividend date). The transactions were reported on a Form 4 by an attorney-in-fact on behalf of the reporting person.

Positive

• Director alignment with shareholders through increased deferred stock units tied to Exelon common stock
• Phantom share equivalents are cash-settled, avoiding share dilution while linking pay to stock performance

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director compensation entries increase insider stake via deferred units and cash-settled phantom shares; typical for board pay.

The report documents standard director equity compensation mechanics rather than open-market trading or option exercises. The director received deferred stock units and phantom share equivalents within Exelon's director plans, increasing both indirect and direct beneficial balances. Because the phantom equivalents are cash-settled upon termination, they do not dilute shareholders but indicate continued alignment of the director's pay with company performance. No departures, option grants with atypical terms, or unusual pricing are disclosed, so governance implications are modest and routine.

Securities Analyst

TL;DR: These are compensation accruals, not open-market purchases or sales; they have negligible immediate capital-market impact.

The transactions reflect accruals credited to a director under Exelon's deferred compensation frameworks: 950 deferred stock units694 phantom share equivalents

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).

1. Name and Address of Reporting Person^*

RICHO ANNA

(Last) (First) (Middle)

10 S DEARBORN STREET

54TH FLOOR

(Street)

CHICAGO IL 60603

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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- deferred stock units	09/30/2025		A		950	A	$43.43	9,346(1)	I	By Exelon Corp. Directors Deferred Stock Unit 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
Deferred phantom share equivalents	(2)	09/30/2025		A		694		(2)	(2)	Common Stock	694	$45.01	7,082(3)	D

Explanation of Responses:

1. Balance includes 77 additional shares acquired through automatic dividend reinvestment.

2. Phantom share equivalents held in the reporting person's Exelon stock fund account that is part of a multi-fund, non-qualified deferred compensation plan. Phantom share equivalents 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.

3. Balance includes 55 additional phantom share equivalents that were accrued to the account by the plan administrator on the ex-dividend date.

Remarks:

	David T Skinner, attorney-in-fact for Anna Richo	10/01/2025
	** 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.

FAQ

What transactions did EXC director Anna Richo report on the Form 4?

The Form 4 reports Anna Richo was credited 950 deferred stock units$43.43 and 694 phantom share equivalents

How many Exelon shares does Anna Richo beneficially own after these transactions?

The filing shows 9,346 deferred stock units held indirectly and a reported 7,082

Are the phantom share equivalents convertible into Exelon stock?

No; the phantom share equivalents are part of a non-qualified deferred compensation plan and are cash-settled on a 1:1 basis

Do these reported transactions dilute Exelon (EXC) shareholders?

The deferred stock units reflect compensation accruals and the phantom equivalents are cash-settled, so the filing does not indicate any immediate share dilution

Were any open-market purchases or sales reported by Anna Richo?

No open-market purchases or sales are reported; the entries are accruals under director compensation plans.