Constellation Energy Director Acquires Phantom Stock via Deferred Comp Plan

Executive Summary

On October 2, 2026, Constellation Energy Corp ($CEG) filed a Form 4 reporting an acquisition of phantom stock by Director Roger W. Crandall. On September 30, 2026, Crandall acquired 82 phantom share equivalents at an implied price of $254.02 per share, totaling approximately $20,829.64.

Transaction Details

• Reporting Person: Roger W. Crandall (Director)
• Security: Deferred Compensation - Phantom Share Equivalents
• Transaction Code: A (Grant, award, or other acquisition)
• Volume: 82 units
• Price per Unit: $254.02
• Total Consideration: $20,829.64
• Nature of Holding: Direct
• Post-Transaction Holdings: 82 phantom shares

Plan and Terms Context

According to the footnote disclosures, the phantom share equivalents were acquired inside the reporting person's Constellation Energy Corporation stock fund account under a multi-fund, non-qualified deferred compensation plan. These units settle in cash on a 1-for-1 basis upon termination of service as a director.

Market and Trading Assessment

This transaction represents standard, routine director compensation structuring via deferred compensation rather than an open-market, discretionary purchase. Consequently, it carries low predictive significance regarding operational outlook or equity performance.