Exelon Insider Filing Shows New Deferred Stock & Phantom Units

Rhea-AI Filing Summary

Exelon Corp. (EXC) – Form 4 insider activity

Director Anna Richo reported two transactions dated 30-Jun-2025:

• 954 deferred stock units acquired at an implied price of $43.25 under the Directors Deferred Stock Unit Plan, raising her indirect holding in that plan to 8,320 units.
• 719 deferred phantom share equivalents credited at an implied value of $43.42 within a non-qualified deferred-compensation account, increasing the direct balance of phantom units to 6,334.

The filing also notes routine accruals from dividend reinvestment (68 common shares) and phantom units (50 equivalents). All instruments will ultimately settle in cash or shares upon the director’s board service termination. No dispositions were reported.

The aggregate value of the reported acquisitions is modest relative to Exelon’s market capitalization, but insider accumulation may be viewed as a minor vote of confidence.

Positive

• Director’s equity exposure increases, marginally reinforcing board–shareholder alignment.

Negative

• Transaction size is immaterial; provides limited insight into Exelon’s operational outlook.

Insights

Securities Analyst

TL;DR: Routine director stock-unit accrual; negligible valuation impact.

The transactions expand Richo’s economic exposure by roughly $72k, an immaterial figure versus Exelon’s multibillion-dollar float. Because the units stem from standard board compensation and a non-qualified deferred plan, they do not reflect open-market buying pressure. Nevertheless, continued accumulation aligns director incentives with shareholder interests, a mild governance positive. From a trading perspective, the filing is non-impactful; it neither signals operational fundamentals nor alters share supply dynamics.

Corporate Governance Expert

TL;DR: Standard deferred-compensation grant, supports alignment, low materiality.

Exelon compensates directors chiefly through deferred stock units and phantom share equivalents. Such structures defer taxation and reinforce long-term alignment. Richo’s holdings now exceed 14,600 equivalent shares, demonstrating meaningful skin in the game. However, the absence of discretionary purchases tempers any bullish governance signal. Investors should regard the filing as routine disclosure rather than a catalyst.

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).

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^*

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)
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	8,320(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)	06/30/2025		A		719		(2)	(2)	Common Stock	719	$43.42	6,334(3)	D

Explanation of Responses:

1. Balance includes 68 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 50 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	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 Exelon (EXC) units did Director Anna Richo acquire on 30-Jun-2025?

She acquired 954 deferred stock units and 719 phantom share equivalents.

What was the price associated with the deferred stock units reported in the Form 4?

The units were valued at $43.25 per share equivalent.

How many total deferred stock units does Anna Richo now hold indirectly?

Her indirect holding through the Directors Deferred Stock Unit Plan is 8,320 units.

Are these transactions open-market purchases?

No. They are plan-based accruals under Exelon’s director compensation programs.

Does the Form 4 indicate any share dispositions by the director?

No dispositions were reported; all transactions were acquisitions.

Will the phantom share equivalents be settled in stock or cash?

They will be settled for cash on a 1-for-1 basis when the director leaves the board.