[Form 4] EXELON CORP Insider Trading Activity

Rhea-AI Filing Summary

Exelon Corp (EXC) director William P. Bowers reported transactions dated 09/30/2025. The filing shows he acquired 950 deferred stock units at $43.43 and acquired 1,805 phantom share equivalents in a non‑qualified deferred compensation plan valued at $45.01 per underlying share. He also disposed of 4,500 shares of common stock. Following these transactions he beneficially owned 17,838 shares indirectly (including 154 shares from dividend reinvestment) and directly held 17,097 phantom equivalents (including 133 credited on the ex‑dividend date). The phantom equivalents will be settled in cash upon termination of board service.

Positive

• Director accepted equity compensation via 950 deferred stock units, aligning interests with shareholders through deferred equity
• Dividend reinvestment increased holdings (154 shares), indicating continued participation in the company’s shareholder return mechanisms

Negative

• Disposal of 4,500 common shares reduced the director’s direct share holdings
• Phantom share equivalents settle in cash on termination, providing economic exposure but not permanent share ownership or voting rights

Insights

Corporate Governance Expert

TL;DR: Routine director compensation and rebalancing; not a material change to ownership structure.

The transactions reported are consistent with standard director compensation mechanics: receipt of deferred stock units and phantom equivalents, together with an open market disposal of 4,500 common shares. The deferred units and phantom equivalents indicate retention via plan vehicles rather than immediate sale. The filing is signed by an attorney‑in‑fact and contains typical administrative notes about dividend accruals. For governance review, these actions suggest standard director elections to take pay in equity and deferred compensation rather than a signal of material corporate change.

Compensation & Benefits Analyst

TL;DR: Director used equity deferral and non‑qualified plan instruments; cash settlement feature limits long‑term voting exposure.

The acquisition of 950 deferred stock units and 1,805 phantom equivalents reflects use of Exelon’s director deferred stock plan and a non‑qualified deferred compensation fund. Phantom equivalents are settled 1:1 for cash on termination, which means these units provide economic exposure without adding permanent share count. Dividend reinvestment and administrator accruals modestly increased balances. The 4,500‑share disposition reduces direct common stock holdings, offsetting some acquired deferred exposure.

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
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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).

1. Name and Address of Reporting Person^*

BOWERS WILLIAM P

(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	17,838(1)	I	By Exelon Corp. Directors Deferred Stock Unit Plan
Common Stock								4,500	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred phantom share equivalents	(2)	09/30/2025		A		1,805		(2)	(2)	Common Stock	1,805	$45.01	17,097(3)	D

Explanation of Responses:

1. Balance includes 154 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 133 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 William P Bowers	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.
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FAQ

What transactions did EXC director William P. Bowers report on Form 4?

He acquired 950 deferred stock units, acquired 1,805 phantom share equivalents, and disposed of 4,500 shares of common stock on 09/30/2025.

When were the reported transactions executed for EXC (William P. Bowers)?

The transactions are dated 09/30/2025 and the Form 4 was signed by an attorney‑in‑fact on 10/01/2025.

How many shares did Bowers beneficially own after these transactions?

After the reported transactions he beneficially owned 17,838 shares indirectly and held 17,097 phantom equivalents/direct holdings as reported.

What are the phantom share equivalents reported by EXC director Bowers?

They are non‑qualified deferred compensation phantom equivalents in Exelon’s stock fund that will be settled for cash on a 1:1 basis upon termination of board service.

Do the reported balances include dividend adjustments?

Yes. The deferred stock units include 154 shares from dividend reinvestment and the phantom equivalents include 133 additional units credited on the ex‑dividend date.