Constellation Energy Corp's latest 10-K filing provides insight into the company's security ownership and equity compensation plans. As of the filing, the company had 1,743,951 securities to be issued upon the exercise of outstanding options, warrants, and rights. The weighted-average price of outstanding options, warrants, and rights was not disclosed.
Additionally, there were 33,200,578 securities remaining available for future issuance under equity compensation plans, excluding securities reflected in the aforementioned column. This balance includes outstanding performance shares and restricted stock units granted under the Constellation Long-Term Incentive Plan (LTIP), as well as deferred stock units granted to directors as part of their compensation.
Unvested performance shares are subject to performance metrics and a credit rating modifier. The filing notes that pursuant to the terms of the Constellation LTIP plan, 50% of final payouts are made in the form of shares of common stock, and 50% are made in cash. However, if a participant has exceeded 200% of their stock ownership requirement, 100% of the final payout is made in cash.
For performance shares, the total includes the maximum number of shares that could be issued, assuming all participants receive 50% of payouts in shares and assuming the performance and credit rating modifier metrics were both at maximum, representing best-case performance, for a total of 742,646 shares. If the performance and total shareholder return modifier metrics were at "target," the number of securities to be issued for such awards would be 371,323.
The filing also highlights that the balance includes 203,456 shares to be issued upon the conversion of deferred stock units awarded to members of the Constellation Board of Directors. Conversion of the deferred stock units to shares of common stock occurs after a director terminates service on the Constellation board.
Furthermore, the filing specifies that the 33,200,578 securities remaining available for future issuance under equity compensation plans exclude securities reflected in column (A). This figure includes 16,615,296 shares remaining available for issuance from the employee stock purchase plan and 16,585,282 shares remaining available for issuance to former Constellation employees with outstanding awards made under the Constellation LTIP.
These details provide insight into Constellation Energy Corp's security ownership and equity compensation plans as disclosed in its latest 10-K filing. The market has reacted to these announcements by moving the company's shares -9.81% to a price of $307.71. If you want to know more, read the company's complete 10-K report here.
