Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-15

Talen Energy Corp (TLN)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$18,739,647
Mark McFarland total, FY2025
94th
CEO pay percentile vs peers
111.7:1
CEO-to-median pay ratio
96.74%
Say-on-pay support, latest vote
Companies that benchmark against TLN
2 companies name TLN as a compensation peer

Each company listed discloses TLN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named TLN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Mark McFarland$1,131,346$1,000,000$14,505,986$0$2,054,413$0$47,902$18,739,647
Chief Executive Officer (former President)
Terry Nutt670,57705,157,7070946,890031,7846,806,958
President (former Chief Financial Officer)
Brad Berryman551,15404,052,4700743,985066,4685,414,077
Chief Operating Officer (former Senior Vice President and Chief Nuclear Officer)
Andrew Wright546,53904,052,4700743,985046,6775,389,671
Chief Administrative Officer
John Wander550,00004,052,4700743,98509,5805,356,035
General Counsel and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Mark McFarland$18,739,647$6,258,127$29,574,742+12,481,520
Terry Nutt6,806,9582,064,70010,843,798+4,742,258
Brad Berryman5,414,0772,081,38010,228,547+3,332,697
Andrew Wright5,389,671
John Wander5,356,0352,294,4808,989,052+3,061,555

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Andrew WrightChief Administrative Officer2026-05-22A87,523CommonForm 4 ↗
Brad BerrymanChief Operating Officer2026-05-22D227,06400Derivative, Class A CommonForm 4 ↗
Edward T. CasulliSVP & Chief Nuclear Officer2026-05-22D6,37600Derivative, Class A CommonForm 4 ↗
Darren J. OlaguesChief Development Officer2026-05-22D2,911324943,775CommonForm 4 ↗
Anthony HortonDirector2026-05-22D4,13300Derivative, Class A CommonForm 4 ↗
Terry NuttPresident2026-05-22A90,826CommonForm 4 ↗
Joseph NigroDirector2026-05-22D1,530324496,041CommonForm 4 ↗
Andrew WrightChief Administrative Officer2026-05-22D218,80800Derivative, Class A CommonForm 4 ↗
Christopher E. MoriceChief Commercial Officer2026-05-22A61,411CommonForm 4 ↗
Stephen SchaeferDirector2026-05-22A4,133CommonForm 4 ↗
Christopher E. MoriceChief Commercial Officer2026-05-22D26,3783248,552,011CommonForm 4 ↗
Dale E. Lebsack Jr.Chief Asset Dev. Officer2026-05-22D196,10000Derivative, Class A CommonForm 4 ↗
Cole MullerChief Financial Officer2026-05-22A5,270CommonForm 4 ↗
Joseph NigroDirector2026-05-22D4,13300Derivative, Class A CommonForm 4 ↗
Gizman AbbasDirector2026-05-22A4,133CommonForm 4 ↗
Joseph NigroDirector2026-05-22A4,133CommonForm 4 ↗
Anthony J. PlagensSVP & Chief Accounting Officer2026-05-22D8,50200Derivative, Class A CommonForm 4 ↗
Anthony J. PlagensSVP & Chief Accounting Officer2026-05-22D2,231324723,313CommonForm 4 ↗
Darren J. OlaguesChief Development Officer2026-05-22D18,48700Derivative, Class A CommonForm 4 ↗
Stephen SchaeferDirector2026-05-22D6,7893242,201,062CommonForm 4 ↗
Mark Allen McFarlandDirector2026-05-22A325,113CommonForm 4 ↗
Mark Allen McFarlandDirector2026-05-22D812,78200Derivative, Class A CommonForm 4 ↗
Brad BerrymanChief Operating Officer2026-05-22A8,312CommonForm 4 ↗
Brad BerrymanChief Operating Officer2026-05-22A90,826CommonForm 4 ↗
Brad BerrymanChief Operating Officer2026-05-22D43,04732413,956,268CommonForm 4 ↗
Brad BerrymanChief Operating Officer2026-05-22D20,78000Derivative, Class A CommonForm 4 ↗
Andrew WrightChief Administrative Officer2026-05-22D37,59432412,188,351CommonForm 4 ↗
Andrew WrightChief Administrative Officer2026-05-22D20,02400Derivative, Class A CommonForm 4 ↗
Dale E. Lebsack Jr.Chief Asset Dev. Officer2026-05-22A7,178CommonForm 4 ↗
Dale E. Lebsack Jr.Chief Asset Dev. Officer2026-05-22A78,440CommonForm 4 ↗
Cole MullerChief Financial Officer2026-05-22A57,592CommonForm 4 ↗
Cole MullerChief Financial Officer2026-05-22D27,3393248,863,577CommonForm 4 ↗
Christopher E. MoriceChief Commercial Officer2026-05-22D14,05000Derivative, Class A CommonForm 4 ↗
Edward T. CasulliSVP & Chief Nuclear Officer2026-05-22A3,826CommonForm 4 ↗
Edward T. CasulliSVP & Chief Nuclear Officer2026-05-22D2,774324899,359CommonForm 4 ↗
Anthony J. PlagensSVP & Chief Accounting Officer2026-05-22A2,267CommonForm 4 ↗
Terry NuttPresident2026-05-22D35,74132411,587,590CommonForm 4 ↗
Stephen SchaeferDirector2026-05-22D4,13300Derivative, Class A CommonForm 4 ↗
Stephen SchaeferDirector2026-05-22D45,87300Derivative, Class A CommonForm 4 ↗
Karen HydeDirector2026-05-22A4,133CommonForm 4 ↗
Karen HydeDirector2026-05-22D4,13300Derivative, Class A CommonForm 4 ↗
Mark Allen McFarlandDirector2026-05-22A29,752CommonForm 4 ↗
Mark Allen McFarlandDirector2026-05-22D74,38100Derivative, Class A CommonForm 4 ↗
Dale E. Lebsack Jr.Chief Asset Dev. Officer2026-05-22D33,69232410,923,283CommonForm 4 ↗
Dale E. Lebsack Jr.Chief Asset Dev. Officer2026-05-22D17,94600Derivative, Class A CommonForm 4 ↗
Cole MullerChief Financial Officer2026-05-22D143,97900Derivative, Class A CommonForm 4 ↗
Christopher E. MoriceChief Commercial Officer2026-05-22D153,52700Derivative, Class A CommonForm 4 ↗
Edward T. CasulliSVP & Chief Nuclear Officer2026-05-22D9,56400Derivative, Class A CommonForm 4 ↗
Terry NuttPresident2026-05-22D227,06400Derivative, Class A CommonForm 4 ↗
Darren J. OlaguesChief Development Officer2026-05-22A7,395CommonForm 4 ↗
Stephen SchaeferDirector2026-05-22A18,349CommonForm 4 ↗
Gizman AbbasDirector2026-05-22D1,530324496,041CommonForm 4 ↗
Anthony HortonDirector2026-05-22A4,133CommonForm 4 ↗
Karen HydeDirector2026-05-22D1,530324496,041CommonForm 4 ↗
Christine Benson SchwartzsteinDirector2026-05-22A4,133CommonForm 4 ↗
Mark Allen McFarlandDirector2026-05-22D139,64132445,273,009CommonForm 4 ↗
Edward T. CasulliSVP & Chief Nuclear Officer2026-05-22A2,550CommonForm 4 ↗
Andrew WrightChief Administrative Officer2026-05-22A8,010CommonForm 4 ↗
Cole MullerChief Financial Officer2026-05-22D13,17600Derivative, Class A CommonForm 4 ↗
Christine Benson SchwartzsteinDirector2026-05-22D4,13300Derivative, Class A CommonForm 4 ↗
Anthony J. PlagensSVP & Chief Accounting Officer2026-05-22D5,66800Derivative, Class A CommonForm 4 ↗
Gizman AbbasDirector2026-05-22D4,13300Derivative, Class A CommonForm 4 ↗
Christopher E. MoriceChief Commercial Officer2026-05-22A5,620CommonForm 4 ↗
Anthony J. PlagensSVP & Chief Accounting Officer2026-05-22A3,401CommonForm 4 ↗
Mark Allen McFarlandDirector2026-06-08A260,33500CommonForm 4 ↗
Mark Allen McFarlandDirector2026-06-08D260,33500CommonForm 4 ↗
Gizman AbbasDirector2026-06-15D2,600380988,000CommonForm 4 ↗
Terry NuttPresident2026-07-15A8,312CommonForm 4 ↗
Terry NuttPresident2026-07-15D20,78000Derivative, Class A CommonForm 4 ↗
Terry NuttPresident2026-07-15D3,2713861,261,952CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Terry NuttRSU2025-02-282,498$519,459
John WanderRSU2025-02-281,963408,206
Terry NuttPSU2025-02-288,95017,9004,638,248
Andrew WrightPSU2025-02-287,03214,0643,644,264
John WanderPSU2025-02-287,03214,0643,644,264
Andrew WrightRSU2025-02-281,963408,206
Mark McFarlandPSU2025-02-2825,17250,34413,045,137
Brad BerrymanPSU2025-02-287,03214,0643,644,264
Brad BerrymanRSU2025-02-281,963408,206
Mark McFarlandRSU2025-02-287,0251,460,849
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Terry Nutt$519,459$4,638,248$089.9%
John Wander408,2063,644,264089.9%
Andrew Wright408,2063,644,264089.9%
Mark McFarland1,460,84913,045,137089.9%
Brad Berryman408,2063,644,264089.9%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
John WanderPSU44,470$16,668,997
Andrew WrightPSU44,47016,668,997
Mark McFarlandRSU7,0252,633,251
Terry NuttRSU2,498936,350
Terry NuttPSU56,59921,215,676
Mark McFarlandPSU159,18459,668,560
Mark McFarlandPSU801,903300,537,375
Andrew WrightPSU217,22481,411,126
Terry NuttPSU224,02583,960,038
Mark McFarlandRSU74,38027,880,724
Terry NuttRSU20,7797,788,925
Andrew WrightRSU20,0247,505,671
Brad BerrymanPSU224,02583,960,038
John WanderPSU224,02583,960,038
Brad BerrymanRSU20,7797,788,925
John WanderRSU20,7797,788,925
Brad BerrymanPSU44,47016,668,997
Brad BerrymanRSU1,963735,811
John WanderRSU1,963735,811
Andrew WrightRSU1,963735,811
05

Incentive-plan design — the Compensation Discussion & Analysis

Our executive compensation program is designed to: attract and retain talented and experienced executives in our industry; reward executives whose knowledge, skills, and performance are critical to our success; align the interests of our executive officers and stockholders by motivating executive officers to increase stockholder value and rewarding executive officers when stockholder value increases; recognize the individual contributions of each executive in the management team, and how their individual performance contributes to the success of the Company; foster a shared commitment among executives by aligning their individual goals with the goals of the entire executive management team and the Company; and compensate our executives in a manner that incentivizes them to manage our business to meet our long-range objectives.

CEO STI target (% of salary)135%
CEO LTI target (% of salary)
Independent consultantLyons, Benenson & Company Inc.
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-0537,249,4051,255,07314,89996.74%Passed
20252025-05-0734,207,6243,002,189201,34091.93%Passed
20162016-05-24105,258,4812,111,921694,12097.4%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0596.74%a
20252025-05-0791.93%b
20162016-05-2497.4%c

a. Approved under the standard stated in the filing — “Abstentions will not be counted as a vote cast and, therefore, will not affect the outcome of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions will not be counted as a vote cast and, therefore, will not affect the outcome of the vote on this proposal.”.

c. Approved under the standard stated in the filing — “With respect to (i) the ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm and (ii) the non-binding advisory vote to approve executive compensation, you may vote "FOR," "AGAINST" or "ABSTAIN." An abstention will have the same effect as an "AGAINST" vote for these proposals and will count for purposes of determining if a quorum is present at the Annual Meeting.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)111.7 : 1
CEO total compensation$18,739,647
Median employee compensation$167,743
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Stephen SchaeferIndependent · Board Chair · Lead Independent Director$300,000$372,023$0$0$0$672,023
Anthony HortonIndependent · Compensation (Chair) · Audit · Risk Oversight210,000149,100000359,100
Gizman AbbasIndependent · Nominating and Governance (Chair) · Audit · Compensation210,000149,100000359,100
Karen HydeIndependent · Audit (Chair) · Compensation205,000149,100000354,100
Joseph NigroIndependent · Risk Oversight (Chair) · Nominating and Governance197,500149,100000346,600
Christine Benson SchwartzsteinIndependent · Nominating and Governance · Risk Oversight192,500149,100000341,600
Mark Mac McFarlandEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$15,000
Annual equity retainer$149,100
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,315,000
Equity awards (grant-date value)$1,117,523
All other compensation$0
Total cost of the board$2,432,523

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Talen Energy Corp names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Talen Energy Corp.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NRG Energy, Inc.2025Lawrence Coben$1,473,423$16,764,473$0$3,505,230$21,788,422
2Talen Energy Corp2025Mark McFarland1,131,34614,505,98602,054,41318,739,647
3Constellation Energy Corporation2025Joseph Dominguez1,481,25012,100,48702,649,92817,115,179
4Vistra Corp.2025James A. Burke1,391,73111,433,56102,965,50815,989,188
5PPL Corporation2025Vincent Sorgi1,238,0607,865,24901,869,24813,221,331
6OGE Energy Corp.2025Sean Trauschke1,239,3725,811,82401,753,48712,032,007
7CMS Energy Corporation2025Garrick Rochow1,275,0006,763,23902,055,93810,534,039
8Evergy, Inc.2025David Campbell1,123,1427,004,44601,342,9699,537,018
9The AES Corporation2025Andrés Gluski1,241,0005,019,11702,568,8709,153,896
10Alliant Energy Corporation2025Lisa Barton1,136,9375,471,25501,835,5638,999,073
11Portland General Electric Company2025Maria Pope1,205,1114,549,04701,235,0197,583,877
12IDACORP, Inc.2025Lisa Grow1,050,0002,942,30801,785,0017,529,892
13Black Hills Corporation2025Linden Evans995,5942,966,68801,294,8865,991,759
14NorthWestern Energy Group, Inc.2025Brian Bird921,2632,700,0220743,4005,016,745
15Avista Corporation2025Heather Rosentrater786,8452,653,7430897,7324,773,308
16TXNM Energy, Inc.2025Joseph Tarry839,4622,275,0110495,0583,903,948
17ALLETE, Inc.2024Bethany Owen871,1751,378,13801,329,6923,720,063
18Pinnacle West Capital Corporation2025Robert Smith514,6581,360,231421,6092,708,803

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Talen Energy Corp135%PSU 70 · RSU 30NoLyons, Benenson & Company Inc.
ALLETE, Inc.153.2%PSU 75 · RSU 25Yes — Relative TSRPearl Meyer
Alliant Energy Corporation130%PSU 75 · RSU 25NoPay Governance LLC
Avista Corporation114%PSU 65 · RSU 35NoMeridian Compensation Partners
Black Hills Corporation118.4%PSU 60 · RSU 40Yes — Relative Total Shareholder Return (rTSR)Meridian
CMS Energy Corporation129%PSU 75 · RSU 25Yes — Relative TSR PerformancePay Governance LLC
Constellation Energy Corporation112.69%PSU 67 · RSU 33Yes — Relative TSRMeridian Compensation Partners
Evergy, Inc.95.5%PSU 70 · RSU 30Yes — Three Year Relative TSR versus Companies in the EEI IndexMeridian
IDACORP, Inc.170%PSU 67 · RSU 33Yes — TSRPay Governance
NorthWestern Energy Group, Inc.80%PSU 70 · RSU 30Yes — TSR relative to peer groupWillis Towers Watson (WTW)
NRG Energy, Inc.158%PSU 67 · RSU 33Yes — Relative TSR vs S&P 500 constituentsPay Governance
OGE Energy Corp.118%PSU 65 · RSU 35NoMercer
Pinnacle West Capital Corporation197.5%PSU 70 · RSU 30Yes — Relative TSRFW Cook
Portland General Electric Companynot disclosedPSU 70 · RSU 30Yes — Relative Total Shareholder Return (TSR)FW Cook
PPL Corporation116.14%PSU 80 · RSU 20Yes — Total Shareowner Return (TSR)FW Cook
The AES Corporationnot disclosednot disclosednot disclosedMeridian Compensation Partners
TXNM Energy, Inc.50%PSU 70 · RSU 30Yes — Relative TSR GoalPay Governance
Vistra Corp.143%PSU 65 · RSU 35NoMercer (US) LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

FAQ

Frequently asked questions

Who was the highest-paid executive at Talen Energy Corp in fiscal 2025?
As disclosed, Mark McFarland, Chief Executive Officer (former President), was the highest-paid executive at Talen Energy Corp in fiscal 2025 with total compensation of $18,739,647.
How does Talen Energy Corp's chief executive pay compare to its disclosed peer group?
The filing shows that Mark McFarland's pay placed him in the 94th percentile of the disclosed peer group.
What is Talen Energy Corp's CEO-to-median employee pay ratio?
As disclosed, the CEO-to-median employee pay ratio was 111.7:1.
How did shareholders vote on Talen Energy Corp's executive compensation?
As disclosed, shareholders voted 96.74% in support of the executive compensation plan.
How much does Talen Energy Corp spend in total on board compensation for fiscal 2025?
The filing reports that total board compensation for fiscal 2025 was $2,432,523.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Mark McFarlandDEF 14A2026-03-190001622536-26-000023Section “Summary Compensation Table” · page 28. As printed: 18,739,647. Filing ↗machine: span 425658–425668
2Section 01, Terry NuttDEF 14A2026-03-190001622536-26-000023Section “Summary Compensation Table” · page 28. As printed: 6,806,958. Filing ↗machine: r5 · c42 · span 434020–434029
3Section 01, Brad BerrymanDEF 14A2026-03-190001622536-26-000023Section “Summary Compensation Table” · page 28. As printed: 5,414,077. Filing ↗machine: r8 · c42 · span 441860–441869
4Section 01, Andrew WrightDEF 14A2026-03-190001622536-26-000023Section “Summary Compensation Table” · page 28. As printed: 5,389,671. Filing ↗machine: r14 · c42 · span 457999–458008
5Section 01, John WanderDEF 14A2026-03-190001622536-26-000023Section “Summary Compensation Table” · page 28. As printed: 5,356,035. Filing ↗machine: r11 · c42 · span 450184–450193
6Section 03, Terry Nutt RSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r4 · c2 · span 357930–357935
7Section 03, John Wander RSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r6 · c2 · span 359600–359605
8Section 03, Terry Nutt PSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r4 · c4 · span 358221–358226
9Section 03, Andrew Wright PSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r7 · c4 · span 360823–360828
10Section 03, John Wander PSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r6 · c4 · span 359891–359896
11Section 03, Andrew Wright RSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r7 · c2 · span 360500–360505
12Section 03, Mark McFarland PSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r3 · c4 · span 357387–357393
13Section 03, Brad Berryman PSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r5 · c4 · span 359057–359062
14Section 03, Brad Berryman RSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r5 · c2 · span 358766–358771
15Section 03, Mark McFarland RSUDEF 14A2026-03-190001622536-26-000023Section “Grants of Plan-Based Awards for Fiscal 2025” · grants of plan-based awards table. Filing ↗machine: t30 · r3 · c2 · span 357067–357072
16Section 07, pay ratioDEF 14A2026-03-190001622536-26-000023Section “CEO Pay Ratio”. As printed: 111.7 : 1. Filing ↗machine: span 668323–668330
17Section 08, Stephen SchaeferDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 672,023. Filing ↗machine: t44 · r2 · c11 · span 744452–744459
18Section 08, Anthony HortonDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 359,100. Filing ↗machine: t44 · r4 · c8 · span 747732–747739
19Section 08, Gizman AbbasDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 359,100. Filing ↗machine: t44 · r3 · c8 · span 746106–746113
20Section 08, Karen HydeDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 354,100. Filing ↗machine: t44 · r5 · c8 · span 749354–749361
21Section 08, Joseph NigroDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 346,600. Filing ↗machine: t44 · r6 · c8 · span 750978–750985
22Section 08, Christine Benson SchwartzsteinDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 341,600. Filing ↗machine: t44 · r7 · c8 · span 752812–752819
23Section 08, Mark Mac McFarlandDEF 14A2026-03-190001622536-26-000023Section “Director Compensation”. As printed: 0. Filing ↗
24Section 02, Andrew Wright 2026-05-22Form 42026-05-270001628280-26-038576Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Brad Berryman 2026-05-22Form 42026-05-270001628280-26-038577Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Edward T. Casulli 2026-05-22Form 42026-05-270001628280-26-038572Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Darren J. Olagues 2026-05-22Form 42026-05-270001628280-26-038569Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Anthony Horton 2026-05-22Form 42026-05-270001628280-26-038565Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Terry Nutt 2026-05-22Form 42026-05-270001628280-26-038570Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Joseph Nigro 2026-05-22Form 42026-05-270001628280-26-038563Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Andrew Wright 2026-05-22Form 42026-05-270001628280-26-038576Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Christopher E. Morice 2026-05-22Form 42026-05-270001628280-26-038573Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Stephen Schaefer 2026-05-22Form 42026-05-270001628280-26-038567Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Christopher E. Morice 2026-05-22Form 42026-05-270001628280-26-038573Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Dale E. Lebsack Jr. 2026-05-22Form 42026-05-270001628280-26-038575Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Cole Muller 2026-05-22Form 42026-05-270001628280-26-038574Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Joseph Nigro 2026-05-22Form 42026-05-270001628280-26-038563Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Gizman Abbas 2026-05-22Form 42026-05-270001628280-26-038566Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Joseph Nigro 2026-05-22Form 42026-05-270001628280-26-038563Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Anthony J. Plagens 2026-05-22Form 42026-05-270001628280-26-038571Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Anthony J. Plagens 2026-05-22Form 42026-05-270001628280-26-038571Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Darren J. Olagues 2026-05-22Form 42026-05-270001628280-26-038569Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Stephen Schaefer 2026-05-22Form 42026-05-270001628280-26-038567Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Mark Allen McFarland 2026-05-22Form 42026-05-270001628280-26-038578Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Mark Allen McFarland 2026-05-22Form 42026-05-270001628280-26-038578Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Brad Berryman 2026-05-22Form 42026-05-270001628280-26-038577Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Brad Berryman 2026-05-22Form 42026-05-270001628280-26-038577Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Brad Berryman 2026-05-22Form 42026-05-270001628280-26-038577Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Brad Berryman 2026-05-22Form 42026-05-270001628280-26-038577Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Andrew Wright 2026-05-22Form 42026-05-270001628280-26-038576Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Andrew Wright 2026-05-22Form 42026-05-270001628280-26-038576Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Dale E. Lebsack Jr. 2026-05-22Form 42026-05-270001628280-26-038575Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Dale E. Lebsack Jr. 2026-05-22Form 42026-05-270001628280-26-038575Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Cole Muller 2026-05-22Form 42026-05-270001628280-26-038574Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Cole Muller 2026-05-22Form 42026-05-270001628280-26-038574Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Christopher E. Morice 2026-05-22Form 42026-05-270001628280-26-038573Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Edward T. Casulli 2026-05-22Form 42026-05-270001628280-26-038572Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Edward T. Casulli 2026-05-22Form 42026-05-270001628280-26-038572Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Anthony J. Plagens 2026-05-22Form 42026-05-270001628280-26-038571Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Terry Nutt 2026-05-22Form 42026-05-270001628280-26-038570Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Stephen Schaefer 2026-05-22Form 42026-05-270001628280-26-038567Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Stephen Schaefer 2026-05-22Form 42026-05-270001628280-26-038567Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Karen Hyde 2026-05-22Form 42026-05-270001628280-26-038564Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Karen Hyde 2026-05-22Form 42026-05-270001628280-26-038564Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Mark Allen McFarland 2026-05-22Form 42026-05-270001628280-26-038578Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Mark Allen McFarland 2026-05-22Form 42026-05-270001628280-26-038578Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Dale E. Lebsack Jr. 2026-05-22Form 42026-05-270001628280-26-038575Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Dale E. Lebsack Jr. 2026-05-22Form 42026-05-270001628280-26-038575Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Cole Muller 2026-05-22Form 42026-05-270001628280-26-038574Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Christopher E. Morice 2026-05-22Form 42026-05-270001628280-26-038573Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Edward T. Casulli 2026-05-22Form 42026-05-270001628280-26-038572Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Terry Nutt 2026-05-22Form 42026-05-270001628280-26-038570Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Darren J. Olagues 2026-05-22Form 42026-05-270001628280-26-038569Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Stephen Schaefer 2026-05-22Form 42026-05-270001628280-26-038567Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Gizman Abbas 2026-05-22Form 42026-05-270001628280-26-038566Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Anthony Horton 2026-05-22Form 42026-05-270001628280-26-038565Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Karen Hyde 2026-05-22Form 42026-05-270001628280-26-038564Insider equity transaction reported since the proxy statement. Filing ↗
78Section 02, Christine Benson Schwartzstein 2026-05-22Form 42026-05-270001628280-26-038562Insider equity transaction reported since the proxy statement. Filing ↗
79Section 02, Mark Allen McFarland 2026-05-22Form 42026-05-270001628280-26-038578Insider equity transaction reported since the proxy statement. Filing ↗
80Section 02, Edward T. Casulli 2026-05-22Form 42026-05-270001628280-26-038572Insider equity transaction reported since the proxy statement. Filing ↗
81Section 02, Andrew Wright 2026-05-22Form 42026-05-270001628280-26-038576Insider equity transaction reported since the proxy statement. Filing ↗
82Section 02, Cole Muller 2026-05-22Form 42026-05-270001628280-26-038574Insider equity transaction reported since the proxy statement. Filing ↗
83Section 02, Christine Benson Schwartzstein 2026-05-22Form 42026-05-270001628280-26-038562Insider equity transaction reported since the proxy statement. Filing ↗
84Section 02, Anthony J. Plagens 2026-05-22Form 42026-05-270001628280-26-038571Insider equity transaction reported since the proxy statement. Filing ↗
85Section 02, Gizman Abbas 2026-05-22Form 42026-05-270001628280-26-038566Insider equity transaction reported since the proxy statement. Filing ↗
86Section 02, Christopher E. Morice 2026-05-22Form 42026-05-270001628280-26-038573Insider equity transaction reported since the proxy statement. Filing ↗
87Section 02, Anthony J. Plagens 2026-05-22Form 42026-05-270001628280-26-038571Insider equity transaction reported since the proxy statement. Filing ↗
88Section 02, Mark Allen McFarland 2026-06-08Form 42026-06-080001628280-26-041583Insider equity transaction reported since the proxy statement. Filing ↗
89Section 02, Mark Allen McFarland 2026-06-08Form 42026-06-080001628280-26-041583Insider equity transaction reported since the proxy statement. Filing ↗
90Section 02, Gizman Abbas 2026-06-15Form 42026-06-170001628280-26-043879Insider equity transaction reported since the proxy statement. Filing ↗
91Section 02, Terry Nutt 2026-07-15Form 42026-07-150001628280-26-048330Insider equity transaction reported since the proxy statement. Filing ↗
92Section 02, Terry Nutt 2026-07-15Form 42026-07-150001628280-26-048330Insider equity transaction reported since the proxy statement. Filing ↗
93Section 02, Terry Nutt 2026-07-15Form 42026-07-150001628280-26-048330Insider equity transaction reported since the proxy statement. Filing ↗
94Section 06, 2026 voteForm 8-K2026-05-070001622536-26-000039Item 5.07 · say-on-pay result. As reported: 96.74% (votes for as printed: 37,249,405). Filing ↗
95Section 06, 2025 voteForm 8-K2025-05-120001628280-25-024662Item 5.07 · say-on-pay result. As reported: 91.93% (votes for as printed: 34,207,624). Filing ↗
96Section 06, 2016 voteForm 8-K2016-05-260001622536-16-000129Item 5.07 · say-on-pay result. As reported: 97.4%. Filing ↗
97Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
98Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
99Section 09b board cost (computed)ComputedcomputedCash 1,315,000 + equity 1,117,523 + all other 0 = 2,432,523, summed across the director compensation table rows.machine: formula: Σ = 2,432,523
100NRG Energy, Inc., Section 10b CEO totalDEF 14A2026-03-180001104659-26-030844CEO total compensation as printed in NRG Energy, Inc.'s own proxy. As printed: 21,788,422. Filing ↗machine: t178 · r1 · c48 · span 1523683–1523693
101Talen Energy Corp (subject), Section 10b CEO totalDEF 14A2026-03-190001622536-26-000023CEO total compensation as printed in Talen Energy Corp's own proxy. As printed: 18,739,647. Filing ↗machine: span 425658–425668
102Constellation Energy Corporation, Section 10b CEO totalDEF 14A2026-03-190001552781-26-000140CEO total compensation as printed in Constellation Energy Corporation's own proxy. As printed: 17,115,179. Filing ↗machine: t410 · r7 · c8 · span 1175299–1175309
103Vistra Corp., Section 10b CEO totalDEF 14A2026-03-180001628280-26-019029CEO total compensation as printed in Vistra Corp.'s own proxy. As printed: 15,989,188. Filing ↗machine: r3 · c30 · span 1095432–1095442
104PPL Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-135991CEO total compensation as printed in PPL Corporation's own proxy. As printed: 13,221,331. Filing ↗machine: t139 · r2 · c21 · span 1822151–1822161
105OGE Energy Corp., Section 10b CEO totalDEF 14A2026-04-010001193125-26-138065CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. Filing ↗machine: span 979637–979647
106CMS Energy Corporation, Section 10b CEO totalDEF 14A2026-03-260000811156-26-000015CEO total compensation as printed in CMS Energy Corporation's own proxy. As printed: 10,534,039. Filing ↗machine: r3 · c42 · span 736929–736939
107Evergy, Inc., Section 10b CEO totalDEF 14A2026-03-260001140361-26-011357CEO total compensation as printed in Evergy, Inc.'s own proxy. As printed: 9,537,018. Filing ↗machine: r2 · c25 · span 1518390–1518399
108The AES Corporation, Section 10b CEO totalDEF 14A2026-03-200000874761-26-000070CEO total compensation as printed in The AES Corporation's own proxy. As printed: 9,153,896. Filing ↗machine: t103 · span 799934–799943
109Alliant Energy Corporation, Section 10b CEO totalDEF 14A2026-03-310000352541-26-000025CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. Filing ↗machine: r2 · c27 · span 489074–489084
110Portland General Electric Company, Section 10b CEO totalDEF 14A2026-03-130000784977-26-000034CEO total compensation as printed in Portland General Electric Company's own proxy. As printed: 7,583,877. Filing ↗machine: r4 · c27 · span 2638140–2638149
111IDACORP, Inc., Section 10b CEO totalDEF 14A2026-04-020001057877-26-000091CEO total compensation as printed in IDACORP, Inc.'s own proxy. As printed: 7,529,892. Filing ↗machine: t35 · r2 · c9 · span 715958–715967
112Black Hills Corporation, Section 10b CEO totalDEF 14A2026-03-180001193125-26-113958CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. Filing ↗machine: t83 · r2 · c21 · span 1356271–1356280
113NorthWestern Energy Group, Inc., Section 10b CEO totalDEF 14A2026-03-120001993004-26-000018CEO total compensation as printed in NorthWestern Energy Group, Inc.'s own proxy. As printed: 5,016,745. Filing ↗machine: t153 · r3 · c19 · span 752129–752138
114Avista Corporation, Section 10b CEO totalDEF 14A2026-04-010001193125-26-138034CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. Filing ↗machine: span 842223–842232
115TXNM Energy, Inc., Section 10b CEO totalDEF 14A2026-04-280001108426-26-000020CEO total compensation as printed in TXNM Energy, Inc.'s own proxy. As printed: 3,903,948. Filing ↗machine: t44 · r7 · c16 · span 791496–791505
116ALLETE, Inc., Section 10b CEO totalDEF 14A2025-03-310000066756-25-000043CEO total compensation as printed in ALLETE, Inc.'s own proxy. As printed: 3,720,063. Filing ↗machine: t44 · r6 · c9 · span 830445–830454
117Pinnacle West Capital Corporation, Section 10b CEO totalDEF 14A2026-04-030001628280-26-023516CEO total compensation as printed in Pinnacle West Capital Corporation's own proxy. As printed: 2,708,803. Filing ↗machine: r20 · c24 · span 1860400–1860409
118Section 10a, Portland General Electric Company reciprocityDEF 14A0000784977-26-000034Portland General Electric Company's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
119Section 10a, IDACORP, Inc. reciprocityDEF 14A0001057877-26-000091IDACORP, Inc.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
120Section 10a, Constellation Energy Corporation reciprocityDEF 14A0001552781-26-000140Constellation Energy Corporation's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
121Section 10a, Alliant Energy Corporation reciprocityDEF 14A0000352541-26-000025Alliant Energy Corporation's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
122Section 10a, Vistra Corp. reciprocityDEF 14A0001628280-26-019029Vistra Corp.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
123Section 10a, The AES Corporation reciprocityDEF 14A0000874761-26-000070The AES Corporation's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
124Section 10a, ALLETE, Inc. reciprocityDEF 14A0000066756-25-000043ALLETE, Inc.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
125Section 10a, CMS Energy Corporation reciprocityDEF 14A0000811156-26-000015CMS Energy Corporation's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
126Section 10a, OGE Energy Corp. reciprocityDEF 14A0001193125-26-138065OGE Energy Corp.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
127Section 10a, Avista Corporation reciprocityDEF 14A0001193125-26-138034Avista Corporation names Talen Energy Corp in its own disclosed peer group (read from its most recent proxy). Filing ↗
128Section 10a, Evergy, Inc. reciprocityDEF 14A0001140361-26-011357Evergy, Inc.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
129Section 10a, NRG Energy, Inc. reciprocityDEF 14A0001104659-26-030844NRG Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
130Section 10a, Pinnacle West Capital Corporation reciprocityDEF 14A0001628280-26-023516Pinnacle West Capital Corporation's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
131Section 10a, TXNM Energy, Inc. reciprocityDEF 14A0001108426-26-000020TXNM Energy, Inc.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
132Section 10a, Black Hills Corporation reciprocityDEF 14A0001193125-26-113958Black Hills Corporation's most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗
133Section 10a, NorthWestern Energy Group, Inc. reciprocityDEF 14A0001993004-26-000018NorthWestern Energy Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Talen Energy Corp. Filing ↗