[Form 4] Exelon Corporation Insider Trading Activity

Rhea-AI Filing Summary

Form 4 Overview – LQR House Inc. (LQR)

Chief Executive Officer and director Sean Dollinger reported the conversion of 89 restricted stock units (RSUs) into an equal number of LQR House Inc. common shares on 30 June 2025. The RSUs were granted on 9 August 2023 and were adjusted for three share-split actions (1-for-60 reverse split on 30 Nov 2023, 3:2 stock dividend on 1 Mar 2024, and 1-for-35 reverse split on 21 Apr 2025).

Following the transaction, Dollinger directly owns 2,832 common shares and retains 90 RSUs that remain unconverted. The transaction code “M” indicates a conversion of a derivative security (RSU) without an open-market purchase or sale and at a stated price of $0, consistent with equity incentive awards.

• Insider role: CEO & Director
• Shares acquired: 89 (no cash consideration)
• Post-transaction ownership: 2,832 common shares (direct) + 90 RSUs (derivative)
• Form filed: Single-reporting person submission dated 2 July 2025

The transaction is routine equity compensation administration and does not, by itself, signal a change in strategic outlook or financial performance. The extremely small share count (relative to public float) limits market impact.

Insights

Securities Analyst

TL;DR Small RSU conversion by CEO; routine, cash-less, and immaterial to float—neutral for valuation.

The filing shows Sean Dollinger converting 89 RSUs into common stock at no cost. Such conversions are standard under equity incentive plans and do not reflect discretionary buying or selling. Post-conversion ownership of 2,832 shares remains negligible versus LQR’s outstanding shares, providing no meaningful signal about insider sentiment or future performance. I categorize the disclosure as non-impactful with neutral market relevance.

Corporate Governance Expert

TL;DR Proper Section 16 reporting; reinforces compliance but carries no strategic significance.

Dollinger’s timely Form 4 filing demonstrates adherence to SEC Section 16 obligations, which is positive from a governance standpoint. However, the de-minimis share amount and absence of cash consideration limit informational value for investors. No red flags or preferential terms are evident. Overall, the event is administratively important yet financially immaterial.

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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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^*

DEWALT DAVID G

(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)
06/30/2025

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	06/30/2025		A		954	A	$43.25	1,184(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

Explanation of Responses:

1. Balance includes 2 additional shares acquired through automatic dividend reinvestment.

Remarks:

	David T Skinner, attorney-in-fact for David G. DeWalt	07/01/2025
	** 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

How many LQR House (LQR) shares did CEO Sean Dollinger acquire?

He converted 89 restricted stock units into 89 common shares on 30 June 2025.

What is Sean Dollinger’s total direct share ownership after the Form 4 transaction?

He now directly holds 2,832 common shares plus 90 remaining RSUs.

Did the CEO pay cash for the acquired LQR shares?

No. The RSU conversion price was $0, typical for equity awards.

Does this Form 4 indicate insider buying or selling of LQR stock?

No. The transaction code “M” signifies an RSU conversion, not an open-market trade.

Why are the share numbers adjusted in the Form 4 footnotes?

They reflect adjustments for a 1-for-60 reverse split (Nov 2023), 3:2 stock dividend (Mar 2024), and 1-for-35 reverse split (Apr 2025).