The current picture
LNT — The Refresh
Alliant Energy Corp · Utilities
· what the filings show today, ahead of the next annual disclosure
Compensation actions through Jul 10, 2026, the latest one
filed, from 32 filings — the company had filed through
Jul 14, 2026 when this record was read on
Aug 2, 2026. No insider filings in the 19 days since Jul 14, 2026. Market values at the close of
Jul 31, 2026.
Current-year awards
$12,228,017
174,661 units, Feb 19, 2026 — in no annual table yet
Share price
$70.78
52 weeks to Jul 31, 2026: $63.28 – $78.81
Open-market sales
$0
0 lines · none indicated under a Rule 10b5-1 plan
Say-on-pay, this window
95.7%
meeting May 20, 2026
Purpose of Report
Alliant Energy Corp's most recent annual compensation
disclosure covers fiscal 2025, which closed on Dec 31, 2025. This document reports
the compensation actions taken since that date — awards granted, shares delivered, holdings moved,
roster changed — through Jul 10, 2026, the date of the latest action filed, and closes
the interval between the two.
Epoch 1 — the annual disclosure
Fiscal 2025, published Mar 31, 2026
Salary, incentive payouts, prior awards, unvested balances at fiscal year-end,
the peer group, and the stated pay design. Cash figures in this document come from here and
are labeled as such throughout.
Epoch 2 — current filings
Actions through Jul 10, 2026 · filed through Jul 14, 2026
Awards granted, shares delivered, tax withheld, shares sold, and running share
balances — each an individually filed document. Equity figures in this document come from here.
Contents
2What changed since the annual disclosure
3Current-year awards — not yet in any annual table
4Awards against the stated pay philosophy
5Estimated current-year target total direct compensation
6Peer refresh — who has granted, and what
7The year on one timeline
8Executive equity activity year to date
9Directors
10Method, coverage, and what we do not know
APer-executive statements
BRegister conventions and the aggregated register
Source: insider transaction filings, as filed. Annual figures from LNT's most recent annual compensation
disclosure for fiscal 2025. Share prices are daily closes from an independent market source.
1
The deltas
What changed since the annual disclosure
Each headline below is traceable to a page in this document.
The year, bottom-lined
$12,228,017 of long-term awards has already been granted this year, and none of it will appear in an annual compensation table until the spring-2027 disclosure. Against the companies it names as comparators, the chief executive's filed award of $5,394,971 sits 11.8% above the median of $4,827,467. $5,394,971 of that is a single award of 77,060 units on Feb 19, 2026. Shareholders supported the program at 95.7%.
What to watch: the 75.0% of the long-term program that settles on performance. It is not reported at grant, so every figure here covers the portion that is filed.
The Velarion Read
$12,228,017 of long-term awards went out on Feb 19, 2026 to 8 officers. The 75.0% of the program delivered in performance units is not visible in any filing until it is earned, so the figure understates the year. None of this appears in an annual compensation table before the spring-2027 disclosure.
The comparison basis is the fiscal 2025 annual disclosure published
Mar 31, 2026, against filings dated Jan 9, 2026 –
Jul 10, 2026.
$12,228,017 of long-term awards has been granted this year and appears in no annual table
On Feb 19, 2026, 8 officers received 174,661 units, valued at that day's close of $70.01. The most recent annual disclosure covers fiscal 2025 and predates all of it. These awards first reach a Summary Compensation Table in the spring-2027 cycle.
Detail on page 3
Most of of the stated long-term program is not visible in any filing at grant
The stated design allocates 75.0% of long-term value to performance share units. Performance units are contingent and are not reported at grant, so the $12,228,017 above represents the 25.0% of the program that is filed. Any comparison that treats filed awards as the whole program understates this company — and understates it unevenly against peers who do file their performance units.
Method and the peer consequence on pages 4 and 6
The roster the filings show is not the roster the annual tables show
4 officers file transactions who are not among the 4 named executives in the fiscal 2025 tables. Filings for Lisa Barton stop on Feb 23, 2026, 141 days before the latest filing in this window; that executive received a full current-year award on Feb 19, 2026. Two people file under the title Executive Vice President over overlapping periods: Antonio Smyth Feb 23, 2026 to Apr 16, 2026; Raja Sundararajan Feb 23, 2026 to Feb 23, 2026. Both appear under that title in this document because both attested to it on their own filings. Two people file under the title Vice President over overlapping periods: Mayuri Farlinger Feb 23, 2026 to Feb 23, 2026; Rebecca C. Valcq Feb 23, 2026 to Mar 19, 2026. Both appear under that title in this document because both attested to it on their own filings.
Roster detail on pages 3 and 8
Shareholders supported the pay program at 95.7%
At the meeting of May 20, 2026, 196,043,476 shares voted for and 8,748,646 against. The percentage is shares for as a share of for-plus-against, computed from the vote filing; abstentions and broker non-votes are excluded. The vote has run 95.8% → 95.7% → 96.4% → 95.7% across the last 4 years on record, so this year is 0.7 percentage points below the year before it and 1.9 percentage points below its highest on record, 97.6% in fiscal 2019. The award date carrying most of the value on page 3, Feb 19, 2026, came 90 days before this vote. The vote itself addressed the preceding year's program.
Chronology on page 7
Source: insider transaction filings, as filed.
2
Current-year awards
Current-year awards — Feb 19, 2026 to Feb 19, 2026
Each award valued at the closing price on its own award date.
Every current-year award was made on Feb 19, 2026 at $70.01 a share — $12,228,017 across 8 officers. The 75.0% of the program delivered in performance units is not reported at grant, so what is shown here is the visible portion.
Granted after the close of fiscal 2025, so they appear in no compensation
table until the spring-2027 disclosure. A later CD&A may mention a grant in
narrative, but the tables that carry the numbers are a year out. Unit counts are as filed; values
are that count at the closing price on its own award date.
Awards by officer
| Officer | Award date | Share-settled
units | Total units | Price per unit
at that date | Value | Instruments, as filed |
|---|
Lisa Barton
President and CEO | Feb 19, 2026 | 77,060 | 77,060 | $70.01 | $5,394,971 | 77,060 Common Stock |
Robert Durian
EVP and CFO | Feb 19, 2026 | 33,832 | 33,832 | $70.01 | $2,368,578 | 33,832 Common Stock |
Raja Sundararajan
Executive Vice President | Feb 19, 2026 | 27,552 | 27,552 | $70.01 | $1,928,916 | 27,552 Common Stock . |
Antonio Smyth
Executive Vice President | Feb 19, 2026 | 18,354 | 18,354 | $70.01 | $1,284,964 | 18,354 Common Stock |
David de Leon
Senior Vice President · not in the fiscal 2025 tables | Feb 19, 2026 | 10,922 | 10,922 | $70.01 | $764,649 | 10,922 Common Stock |
Mayuri Farlinger
Vice President · not in the fiscal 2025 tables | Feb 19, 2026 | 4,124 | 4,124 | $70.01 | $288,721 | 4,124 Common Stock |
Dylan Syse
CAO and Controller · not in the fiscal 2025 tables | Feb 19, 2026 | 1,813 | 1,813 | $70.01 | $126,928 | 1,813 Common Stock |
Rebecca C. Valcq
Vice President · not in the fiscal 2025 tables | Feb 19, 2026 | 1,004 | 1,004 | $70.01 | $70,290 | 1,004 Common Stock |
| Total — 8 awards to 8 officers | 1 dates | 174,661 | 174,661 | — | $12,228,017 | |
Shaded rows are named executives in the fiscal 2025 tables. Unshaded rows are
officers who file transactions but do not appear in those tables — their current awards are visible
here and nowhere else until the next annual disclosure.
Valuation basis
Closing price, Feb 19, 2026
$70.01
Settlement form
Share-settled: the award delivers shares on vesting. Cash-settled: the award pays cash equal to the value of the underlying shares. The settlement form is the one stated in the company's own filing.
Share-settled awards
units × closing price. No modeling — for full-value share awards this is the grant-date fair value construction.
Award date in its trailing 52-week range
Where the share price sat on the award date, against its own
preceding year.
low $57.09
award date $70.01 — 85.2% of range
high $72.26
Awards were valued above at $70.01, the close on the award date. At $70.78 on Jul 31, 2026 the shares are 1.1% above that price.
The range position is stated for completeness. Award timing follows the company's regular February cycle rather than the share price: annual awards are dated Feb 17, 2022, Feb 23, 2023, Feb 27, 2023, Feb 15, 2024, Feb 20, 2025, Feb 19, 2026 in the years we can observe. Range is the trailing 52 weeks to the award date from daily highs and
lows (252 trading days).
Shares delivered on earlier awards
No award-coded line in this window delivers an award granted in an earlier year. Every award-coded line filed in the period is a current-year award and is counted in the figures above — nothing has been removed from them. Where a filer does deliver earlier awards, those lines are excluded and shown here with the evidence.
Award terms, from the filings' own footnotes
Deferred Common Stock Units
Units are to be settled in shares of common stock upon the reporting person's termination of services as a director. (this note appears on 22 of the 22 award transactions)
Includes adjustments for accrued dividends, pursuant to a dividend reinvestment transaction exempt from Section 16 under Rule 16a-11. (this note appears on 21 of the 22 award transactions)
Common Stock
Represents restricted stock units (RSUs) which are converted to common stock on a one-to-one basis when vested. The RSUs vest on December 31, 2028. (this note appears on 7 of the 13 award transactions)
Includes adjustments for accrued dividends, pursuant to a dividend reinvestment transaction exempt from Section 16 under Rule 16a-11. (this note appears on 3 of the 13 award transactions)
Common Stock .
no footnote common to this instrument's award transactions — the award transactions carry no shared terms note
Source: insider transaction filings, as filed. Closing prices are daily closes from an independent market source,
reconciled against prices stated on the filings themselves — see page 10.
3
Said versus did
Awards against the stated pay philosophy
What the company said it intended to grant, and what the filings show it granted.
Every award filed this year is share-settled, so there is no delivered split to set against the stated design. Both are set out below; where the stated design divides value between vehicles that settle the same way, that division is not observable in a transaction filing.
What was stated — fiscal 2025 disclosure
| Vehicle | Stated share
of long-term value |
Visible at grant? |
|---|
| PSU | 75% | contingent — not reported at grant |
| RSU | 25% | appears in the filings |
Read from the fiscal 2025 annual disclosure. Our reading of that document
carries a medium confidence label, which is disclosed
here rather than suppressed; the comparison below is therefore presented as directional.
What was filed — Feb 19, 2026
| Sleeve | Units | Share of filed award |
|---|
| Share-settled | 174,661 |
100.0% |
| Cash-settled | 0 |
0.0% |
| Filed total | 174,661 | 100.0% |
Every filed award is share-settled, so there is no split to compare — the stated design and the filed awards are both above.
The unverifiable half. 75.0% of stated long-term value is delivered in performance share units, which are not reported at grant. No filing confirms that half was granted, at what target, or on what metrics, and this document does not assume it was — every filed figure covers the 25.0% that is observable.
This company's filed awards are entirely share-settled. A delivered-mix comparison needs two sleeves to compare, so none is made here — the stated design and the filed awards are shown above and the reader can see both.
Short-term incentive — the stated design
Chief executive target
125.0% of salary
(fiscal 2025 disclosure)
Basis
Formulaic against disclosed metrics, with
committee discretion applied on top in the disclosed year — the annual document states a
qualitative uplift was awarded above the formulaic outcome.
The current year's short-term outcome is not yet determinable: it is measured over
the full year and disclosed next spring. Page 5 uses the stated target, never an assumed
payout.
Source: insider transaction filings, as filed. Stated design from the fiscal 2025 annual compensation disclosure.
4
Estimated target TDC
Estimated current-year target total direct compensation
Latest salary, stated target bonus, and this year’s long-term award.
On filed awards alone the chief executive's current-year target lands at $7,953,079. This is an estimate of opportunity, not of what will be earned; the performance half depends on cycles that have not run.
Epoch labels. Cash components: latest disclosed year (fiscal
2025). Long-term components: current filings, Feb 19, 2026. This is an
estimate of the current year's target, not a disclosed figure, and no annual document states
it.
Build-up
| Executive | Salary
fiscal 2025 |
Short-term
target | Long-term —
as filed |
Total on
filed awards | Long-term —
whole program |
Total —
whole program | Fiscal 2025
actual, disclosed |
|---|
Lisa Barton
President and CEO | $1,136,937 | $1,421,171
125.0% of salary | $5,394,971 | $7,953,079 | $21,579,882 | $24,137,991 | $8,999,073 |
Antonio Smyth
Executive Vice President | $471,366 | no individual target in the program | $1,284,964 | excludes short-term target | $5,139,854 | excludes short-term target | $4,711,479 |
Robert Durian
EVP and CFO | $702,693 | $597,289
85.0% of salary | $2,368,578 | $3,668,560 | $9,474,313 | $10,774,295 | $3,421,906 |
Raja Sundararajan
Executive Vice President | $652,500 | no individual target in the program | $1,928,916 | excludes short-term target | $7,715,662 | excludes short-term target | $3,229,307 |
David de Leon
Senior Vice President | $481,847 | no individual target in the program | no award filed in this window | excludes short-term target and filed award | no award filed | excludes short-term target and filed award | $1,721,063 |
Why a short-term target appears for the chief executive only. The stated design
discloses one target percentage — the chief executive's — and that is the figure captured. This
company pays a short-term incentive to every named executive under the same formula plan, and the
amounts each received last year are inside the disclosed total in the final column; what is not
available here is each officer's own target. Where it is absent the totals say so rather
than presenting a smaller number as if it were complete.
How the whole-program columns are computed: filed award / 0.25, because the stated design says the filed vehicles are 25.0% of long-term value.
Salary and the fiscal 2025 actual are as disclosed. Short-term target is the
disclosed target percentage applied to disclosed salary, and is shown only where that percentage is
disclosed for the individual — it is not imputed from another executive's target. Long-term as
filed is page 3's value. Rows without a disclosed individual target show a partial total rather
than a total built on an assumption.
Assumptions - the whole-program column
What it assumes
that the stated 25.0% / 75.0% split between filed and contingent long-term vehicles held for this year's award.
The arithmetic
filed long-term value / 0.25 — nothing else.
What it rests on
one reading of one annual document, carrying a medium confidence label. If the split moved this year, this column moves with it and the filed column does not.
What would confirm it
the spring-2027 disclosure. This estimate is made roughly a year ahead of it and is intended to be graded against it.
The chief executive, in context
Long-term, as filed this year — ordinary awards
$5,394,971 — 77,060 units at $70.01 on Feb 19, 2026
Long-term, implied full program
$21,579,882
Long-term target stated for fiscal 2025
$5,241,700
Total target stated for fiscal 2025
pending
Fiscal 2025 actual, disclosed
$8,999,073
The stated fiscal 2025 long-term target and the filed current-year award are
measured on different bases — one is a target value set by the committee, the other is a unit count
multiplied by a market close — and they are placed side by side rather than differenced for that
reason.
Source: insider transaction filings, as filed. Cash components from the fiscal 2025 annual compensation disclosure.
5
Peer refresh
Peer refresh — who has granted, and what
The company's own disclosed comparison group, re-read against this year's filings.
The Velarion Read
20 of the 20 companies in this comparison group have already granted this cycle, so a mid-year read is possible. The chief executive's filed award of $5,394,971 sits 11.8% above the median of $4,827,467 on the comparable population. Peers who file their performance units at grant show a larger filed number for the same money; each peer's filing practice is in the table below.
20 companies in the fiscal 2025 disclosed comparison group
· 20 have granted in the current cycle ·
0 excluded from every figure on this page ()
Window status, company by company
20 of 20 granted in the
current cycle; the rest are timing, not absence. The columns have two different subjects.
Window status and the busiest date describe any insider at that company; the award event,
units and value describe that company's chief executive alone. A company can therefore read
“granted this cycle” beside “none yet” without contradiction — its insiders have received awards
and its chief executive has not, which is itself the fact worth seeing.
| Company | Window status —
any insider |
Busiest award date,
all insiders | Chief executive |
Largest filed award
event — the CEO only | Units —
the CEO only |
Value at that
day's close |
Excluded — stated
deliveries of
earlier awards |
Coverage
through |
|---|
AEE
Ameren Corporation | granted this cycle | Feb 5, 2026
5 award dates | Martin Lyons | Feb 5, 2026 | 68,010 | $7,128,128 | none | Jul 6, 2026 |
ATO
Atmos Energy Corporation | granted this cycle | Mar 6, 2026
5 award dates | J. Kevin Akers | Feb 3, 2026 | 7,760 | $1,309,966 | none | Jul 2, 2026 |
AVA
Avista Corporation | granted this cycle | Feb 9, 2026
2 award dates | Heather Rosentrater | Feb 9, 2026 | 70,749 | $2,900,002 | none | Jun 16, 2026 |
BKH
Black Hills Corporation | granted this cycle | May 1, 2026
3 award dates | Linden Evans | Feb 6, 2026 | 17,793 | $1,286,434 | none | May 28, 2026 |
CMS
CMS Energy Corporation | granted this cycle | May 8, 2026
6 award dates | Garrick Rochow | Jan 29, 2026 | 123,413 | $8,749,982 | none | Jun 16, 2026 |
CNP
CenterPoint Energy, Inc. | granted this cycle | May 1, 2026
3 award dates | Jason Wells | Feb 11, 2026 | 76,736 | $3,150,013 | 1 line
173,594 units | May 6, 2026 |
ES
Eversource Energy | granted this cycle | Jan 27, 2026
3 award dates | Joseph R. Nolan, Jr. | Jan 27, 2026 | 111,057 | $7,843,956 | none | Jun 5, 2026 |
EVRG
Evergy, Inc. | granted this cycle | Mar 1, 2026
5 award dates | David Campbell | Mar 1, 2026 | 87,219 | $7,296,742 | none | Jul 1, 2026 |
HE
Hawaiian Electric Industries, I… | granted this cycle | Jun 30, 2026
1 award dates | Scott W. Seu | none yet | none yet | no award program for this executive — 2 other transactions filed | none | Jul 2, 2026 |
IDA
IDACORP, Inc. | granted this cycle | Feb 20, 2026
3 award dates | Lisa Grow | Feb 20, 2026 | 34,256 | $4,792,072 | none | Jun 11, 2026 |
MDU
MDU Resources Group, Inc. | granted this cycle | Feb 17, 2026
3 award dates | Nicole Kivisto | Feb 17, 2026 | 45,037 | $912,900 | none | Jul 1, 2026 |
NI
NiSource Inc. | granted this cycle | May 11, 2026
4 award dates | Lloyd Yates | Jan 22, 2026 | 43,658 | $1,899,996 | 1 line
275,962 units | Jul 15, 2026 |
OGE
OGE Energy Corporation | granted this cycle | Feb 16, 2026
4 award dates | Sean Trauschke | Feb 16, 2026 | 114,054 | $5,358,257 | none | Jul 2, 2026 |
PEG
Public Service Enterprise Group | granted this cycle | Feb 24, 2026
2 award dates | Ralph LaRossa | Feb 24, 2026 | 183,029 | $15,784,404 | none | Jul 2, 2026 |
PNW
Pinnacle West Capital Corporati… | granted this cycle | May 14, 2026
4 award dates | Robert Smith | none yet | none yet | last award Mar 18, 2025 | none | May 18, 2026 |
POR
Portland General Electric Co. | granted this cycle | Feb 13, 2026
3 award dates | Maria Pope | Feb 13, 2026 | 90,053 | $4,862,862 | none | Jul 28, 2026 |
PPL
PPL Corp | granted this cycle | Jan 29, 2026
5 award dates | Vincent Sorgi | Jan 29, 2026 | 210,720 | $7,651,243 | none | Jul 23, 2026 |
SWX
Southwest Gas Holdings Inc | granted this cycle | Feb 19, 2026
3 award dates | Karen Haller | Feb 19, 2026 | 50,060 | $4,367,261 | none | May 13, 2026 |
TXNM
TXNM Energy, Inc. | granted this cycle | Jun 10, 2026
4 award dates | Joseph Tarry | Mar 3, 2026 | 17,194 | $1,013,242 | none | Jun 11, 2026 |
WEC
WEC Energy Group, Inc. | granted this cycle | Jan 2, 2026
6 award dates | Scott Lauber | Jan 2, 2026 | 82,299 | $8,762,375 | none | Jul 9, 2026 |
How to read the two date columns, because they answer different questions.
Busiest award date is the date carrying the most award-coded lines across all of that
company's insiders this year. It is a density observation, not a determination that the annual
long-term grant happened then — at one company here the busiest date falls in July while its chief
executive's own award was filed in February, and both facts are shown rather than reconciled into
one. Largest filed award event is the chief executive's own most-populated award date, after
deliveries of earlier awards are removed.
Window status is inferred from a single year. “Granted this cycle” means at least one
award-coded line dated in 2026 that is neither a delivery of an earlier award nor a merger
conversion. Our coverage of these companies is predominantly 2026 alone, and one year of grant
dates cannot distinguish a recurring annual window from a coincidence. The column therefore records
that a company has granted, never a claim about when it usually grants — and no
company is recorded as not granting on the strength of a window our coverage may simply not
reach.
How these values are built, and what they are not
Each value is one filed award event, priced at that day's close. For each
chief executive: take their award-coded lines this year, remove any line that delivers an
award granted in an earlier year, and any multi-year price-hurdle grant, group what remains
into same-day events, and value the largest. A delivery is identified on the filing's own
evidence, never on its size: the footnote naming an earlier award year, or a quantity the
company's last annual disclosure already reported as outstanding and unvested for that person,
or a date whose other award lines are confirmed deliveries. Each excluded line is counted in its
own column with the reason, rather than quietly dropped. The largest is 275,962 units at NI on Feb 27, 2026, excluded because its own footnote says it was “granted in 2023” — 6.32× that chief executive's largest remaining award-coded cluster this year.
The same operator runs on both sides of the comparison. This company's award value
on this page is produced by the identical procedure applied to the identical source — filed
award-coded lines, the same delivery exclusion, the same same-day grouping, the same closing-price
valuation. Nothing on the subject side is computed from the annual disclosure, from a survey, or
from a different vintage of data. A comparison whose two sides are built differently measures the
difference in method as much as the difference in pay, which is why the method is stated here
rather than only for the peers.
What this number is not. It is the largest filed award event, not a
determination that this was the company's annual long-term grant — that would need each company's
own program, which this document does not assert. Three consequences a reader should carry:
1. Filing practice for performance units is not uniform. Some companies here file
performance share units at grant with target quantities and a per-unit value on the face of the
filing; where a company does not, its unfiled performance units are invisible at grant. A company that files its performance units shows a larger figure than one that
does not, at identical total pay.
2. Where something was excluded, the row shows what and how much.
2 of these companies had a prior-year delivery or a multi-year
price-hurdle grant removed before the remaining award was valued — the same two removals made to
this company's own figure. Excluded quantities are printed in the table's own columns rather than
netted away, so a reader can put any of them back.
3. Where the choice is genuinely undetermined, the number is withheld rather than
guessed — two comparable award events on different dates with nothing in the footnotes to
distinguish between them. No company in this group met that condition this cycle, so the rule cost nothing here — it is stated because it is what would happen if one did.
Where this company sits
Comparable population
18 companies — those that granted and whose chief
executive is resolvable to the filings, each valued by the procedure described above: the same
removals, the same grouping, the same closing-price valuation applied to this company
Range across those 18
$912,900 – $15,784,404
This company
$5,394,971 — above 11 of the 18 comparable companies, and 11.8% above the median. That 18 is what remains of the 20 disclosed comparison companies after 1 whose chief executive filed transactions this year but no award and 1 whose chief executive's last award predates this window
Carried with an exclusion
2 companies had a delivery or a multi-year grant removed
before valuation
The median is a median of filed award events, not of total long-term pay, and
it inherits every caveat above — most importantly that this company's performance units
are not always filed at grant, and practice differs across this group. Read it as: on the portion that reaches a filing, this is
where the company sits. The award windows in this group run from January to June, which is what makes a mid-year comparison possible for it at all.
Comparison-group integrity
Disclosed comparison companies
20
No longer independent filers
0 — companies that left public markets
since the group was set
Prior-award deliveries removed
2 companies' chief executives have at least one award-coded
line that delivers an award granted in an earlier year — on the footnote, on a quantity their own
last disclosure reported as outstanding and unvested, or on the other lines filed the same day.
Those lines are excluded and counted in the table's own column, which is why that column shows
2 lines across those 2 companies.
A comparison group set at the last annual disclosure ages. Naming which members have
stopped filing, and which we cannot see far enough forward on, is part of reporting the group
honestly — a group is only as current as its least current member.
Source: insider transaction filings, as filed. Comparison group as disclosed by the company for fiscal
2025. Award-date closes from an independent market source, per company.
6
One timeline
The year on one timeline
Company events, awards, the shareholder vote and insider activity on a single
chronology.
The Velarion Read
The award date carrying most of this year's value, Feb 19, 2026, came 90 days before shareholders voted on pay. The sequence is set out here in the order it happened, each line with its source.
0 company events in the period, each shown with the
source it was verified against.
Jan 2026
Feb
Mar
Apr
May
Jun
Jul
Aug
Events in the window, with sources
No company events are carried for this filer. An event appears on this page only with a working cited source, and none has been verified for this company in this window. That is a statement about this document's event record and not about the company's year: the awards, the vote and the insider activity on the chronology above are complete and come from the filings themselves.
| # | Date | Category | Event |
Source and citation |
|---|
Each event carries the source it was verified against, so it can be re-found
independently.
Source: insider transaction filings, as filed. Company events from the company's own published disclosures.
7
Activity year to date
Executive equity activity year to date
Filed share balances, awards, deliveries, withholding and sales —
Jan 9, 2026 to Jul 10, 2026.
The Velarion Read
Filed holdings are broadly steady across the roster.
Every column below is a filed quantity.
Named executives — fiscal 2025 tables
| Executive | Unvested at
fiscal 2025 close | Shares awarded
into the balance | Withheld
for tax | Other filed
movements | Share balance,
before the window | Share balance,
latest filed | Change | Latest balance
at market |
|---|
Lisa Barton
President and CEO | 195,136 | 77,060 | −28,594 | — | 58,986
before Feb 19, 2026 | 107,452
Feb 19, 2026 | ▲ 82.2% | $7,605,453 |
Antonio Smyth
Executive Vice President | 41,324 | 18,354 | −7,485 | +82 | 9,727
before Feb 19, 2026 | 20,678
Apr 15, 2026 | ▲ 112.6% | $1,463,589 |
Robert Durian
EVP and CFO | 62,421 | 33,832 | −16,630 | — | 139,924
before Feb 19, 2026 | 157,126
Feb 19, 2026 | ▲ 12.3% | $11,121,370 |
Raja Sundararajan
Executive Vice President | 48,372 | 27,552 | −11,324 | — | 16,822
before Feb 19, 2026 | 33,050
Feb 19, 2026 | ▲ 96.5% | $2,339,279 |
Officers who file but are not in the fiscal 2025 tables
| Officer | Shares awarded
into the balance | Withheld
for tax | Other filed
movements | Share balance,
before the window | Share balance,
latest filed | Change | Latest balance
at market |
|---|
David de Leon
Senior Vice President | 10,922 | −5,207 | — | 41,993
before Feb 19, 2026 | 47,708
Feb 19, 2026 | ▲ 13.6% | $3,376,791 |
Dylan Syse
CAO and Controller | 1,813 | −506 | — | 2,713
before Feb 19, 2026 | 4,020
Feb 19, 2026 | ▲ 48.2% | $284,539 |
Mayuri Farlinger
Vice President | 4,124 | −1,179 | — | 7,487
before Feb 19, 2026 | 10,432
Feb 19, 2026 | ▲ 39.3% | $738,350 |
Rebecca C. Valcq
Vice President | 1,004 | −438 | −566 | 2,773
before Feb 19, 2026 | 2,773
Feb 19, 2026 | unchanged | $196,273 |
The row adds: opening balance, plus awards and deliveries, less withholding and
sales, plus other filed movements, equals the latest balance. The opening figure is the position
before the first filed transaction of the window — the filings state the balance
after each transaction, so the first line's own effect is removed from it rather than
counted twice. Every quantity in the row belongs to one ownership form: the direct holdings where
a filer reports them, and any indirect holdings noted separately beside the closing balance.
Balances are the filer's own stated shares owned following each transaction.
Share-settled restricted stock vests without a separately reported transaction, so no closing
unvested balance is derived — the components are shown instead.
Open-market sales — summary by insider
No insider sold a share in the open market during this window. Every award-coded, withholding and gift line filed in the period is reported above; not one open-market sale was filed by any officer or director. This is a statement about the filings, which carry no sale transaction, and not about what was read: the transaction codes present in the window are counted on the method page.
| Insider | Shares sold | Weighted
avg price |
Value | Lots | Trading-plan status, as filed |
Period |
|---|
Each row aggregates that insider's sale transactions across the window: shares are summed,
the price is weighted by quantity, and the lot and day counts are shown so an aggregated row is
never read as a single trade. This summary counts every ownership form; the "Sold" column in
the rollforward above counts one. A rollforward has to bridge a single stated balance, so it
uses only the form that balance belongs to — where an insider also sold from a trust or other
indirect holding, that quantity appears here and not there, and the difference between the two
figures is exactly the indirect portion. Appendix A carries the per-executive register at lot level. Individual lots are available as a data
export.
Plan status is as indicated on each filing: no open-market sales were filed in the window.
Sale prices are execution prices. Shares withheld to satisfy tax on vesting appear in their own
column and are not sales.
Source: insider transaction filings, as filed. Unvested balances from the fiscal 2025 annual disclosure.
Market values at the closing price of Jul 31, 2026.
8
Directors
Directors
Current-year awards to non-employee directors.
8 non-employee directors received 6,837 units this year.
6,837 units awarded to 8 non-employee
directors · 1 of them received an identical 1,173 units
· awarded on Jan 9, 2026, Apr 10, 2026 and Jul 10, 2026, each valued
at its own award-date close
| Director | Units awarded
this year | Value at
award-date close |
Award date | Cash fees
fiscal 2025 | Share awards
fiscal 2025 |
All other
fiscal 2025 |
Total fiscal 2025 | Instrument, as filed |
|---|
| Christie Raymond | 1,173 | $76,250 | Jan 9, 2026 | $295,000 | $0 | $0 | $295,000 | 1,173 Deferred Common Stock Units |
| Manu Asthana | 998 | $76,250 | Jul 10, 2026 | $0 | $0 | $0 | $0 | 998 Deferred Common Stock Units |
| Michael Dennis Garcia | 984 | $64,000 | Jan 9, 2026 | $310,000 | $0 | $0 | $310,000 | 984 Deferred Common Stock Units |
| Nancy Joy Falotico | 875 | $56,875 | Jan 9, 2026 | $315,000 | $0 | $0 | $315,000 | 875 Deferred Common Stock Units |
| Roger Newport | 865 | $56,250 | Jan 9, 2026 | $290,000 | $0 | $3,500 | $293,500 | 865 Deferred Common Stock Units |
| Ignacio Cortina | 750 | $48,750 | Jan 9, 2026 | $290,000 | $0 | $0 | $290,000 | 750 Deferred Common Stock Units |
| Stephanie Cox | 615 | $40,000 | Jan 9, 2026 | $302,500 | $0 | $0 | $302,500 | 615 Deferred Common Stock Units |
| Patrick Allen (board chair, fiscal 2025) | 577 | $37,500 | Jan 9, 2026 | $422,500 | $0 | $0 | $422,500 | 577 Deferred Common Stock Units |
The three right-hand money columns are the last disclosed year and are not
comparable to the current-year award beside them — they are a full year of fees and awards, the
award column is this year's grant alone. Both are shown because the question a reader asks is
whether this year's award moved against last year's program, and that requires seeing both
bases rather than a difference computed across them.
A $0 in the fiscal 2025 share-award column is a disclosed figure, not a missing one: it belongs to Christie Raymond, Manu Asthana, Michael Dennis Garcia, Nancy Joy Falotico, Roger Newport, Ignacio Cortina, Stephanie Cox and Patrick Allen, who each received no annual share award in fiscal 2025 while receiving the full current-year award shown on the left.
Reconciliation — how these units tie to the filings
| Line | Directors | Units | Note |
|---|
| Award transactions dated Jan 9, 2026 | 7 |
5,839 |
the board's main award date — the figure a same-date tally produces, which is not the date the officers were awarded on (Feb 19, 2026) — this board is paid on its own calendar |
| Award transactions dated Apr 10, 2026 | 7 | 5,193 | 7 directors, filed 91 days after the main date — a credit to directors whose annual award falls on another date |
| Award transactions dated Jul 10, 2026 | 8 | 5,967 | 8 directors, filed 182 days after the main date — the annual award for Manu Asthana, and a smaller credit to the others |
| Current-year director awards | 8 |
6,837 | the award column above — each row its stated date's
units, so a same-date tally and this column are the same number |
| Awards to the same directors on other dates | 7 | 10,162 | filed on Apr 10, 2026 and Jul 10, 2026 — carried here rather than folded into a row stating a different date |
| All director award-coded lines in the window | |
16,999 | what a tally of every director line returns |
The totals here are not the same number and all of them are defensible, so all of them are shown: the main-date total, the current-year award total, and the total of every award-coded director line. Every gap between them is named on its own line above rather than left for a reader to discover as a discrepancy.
Source: insider transaction filings, as filed. Fiscal 2025 director figures from the annual compensation disclosure.
9
Method and coverage
Method, coverage, and what we do not know
The page that says what this document cannot tell you.
Coverage of the filing window
Transaction codes present
A 37 · F 9
Individuals
16 —
4 named executives, 4 other officers,
8 directors
Lines missing a quantity
0
Lines missing a running balance
0
Amended filings in the window
1
Every line in the window parsed and carries a quantity, a date and a running
balance. Where that was not true, the count would appear above rather than be absorbed into a
total — a document that silently drops what it could not read is indistinguishable from one that
had nothing to drop.
Instruments seen, by line
| Instrument, as filed | Lines |
|---|
| Deferred Common Stock Units | 22 |
| Common Stock | 21 |
| Common Stock . | 3 |
Taken verbatim from the filings. This document does not normalize instrument names
into a house taxonomy, because the filed name is the evidence.
Price basis, and how it was checked
Daily closes used
416 trading days
Award dates requiring a price
4, of which 4 fell on a trading
day; the remainder use the preceding close, marked where used
Award dates left unpriced
0 — an unpriced award renders as
“pending”, never as zero and never estimated
Settlement-priced lines
31 of 31 match same-day close to the cent
Open-market executions
none in this window
Exercise-priced transactions
0 excluded — an exercise carries the option's
strike price, not a market price.
The price source is independent of the filings, so where both state a price the
comparison is a genuine check rather than a restatement. It is reported because a valuation built
on an unchecked price series is a valuation resting on an assumption.
The settlement standard is this issuer's, not ours. Companies do not price settlement lines the same way — this one uses same-day close, and others use a different reference day. The convention is read from this issuer's own filings and named above, so a reader comparing two of these documents sees the test change because the issuer's practice differs, not because the standard was relaxed for one of them.
What this document does not know
1. Part of the long-term program is not filed. Performance share units — 75.0% of stated long-term value — are not reported at grant, so nothing here confirms they were made, at what target, or on what metrics.
2. No award in this window carries a confirmed classification. This document reports codes, quantities, dates and verbatim footnotes, and does not present award categories or classified subtotals. The sleeves on page 4 are the instrument names the filings themselves use, not classifications. Where a category would be useful — the deliveries on page 3 — the evidence is shown and the label withheld.
3. Vesting of share-settled awards is not separately reported, so no closing unvested balance is derived. See page 8.
4. One reading is low-confidence. The stated long-term mix is read from the annual disclosure with a medium confidence label, which is what the implied-program column on page 5 rests on. The filed columns do not depend on it.
Two tiers, stated once
Facts always; categories only when confirmed. Quantities, dates, codes,
prices, balances and footnote text are reported wherever they exist. Category labels and
classified subtotals are reported only where classification is confirmed — which, for this filer
today, is nowhere. This document is built to be complete and honest in that state rather than to
wait for it to change.
Source: insider transaction filings, as filed. Prepared Aug 2, 2026.
Position as filed through Jul 14, 2026.
10
Per-executive statements
Appendix A — per-executive statements
The three largest current-year awards, each with its own aggregated register.
Same-day, same-code, same-instrument, same-ownership-form lines are aggregated
into one row with a lot count and a weighted-average price. Individual lots are available as a
data export and are not reproduced here.
Lisa Barton — President and CEO
Award this year
77,060 units on Feb 19, 2026 — $5,394,971 at that day's close of $70.01
Composition
77,060 share-settled ·
0 cash-settled (0.0% cash)
Share balance
58,986 before Feb 19, 2026 → 107,452 on Feb 19, 2026 (82.2%)
Latest balance at market
$7,605,453
Withheld for tax
28,594 shares
Sold in the open market
none
Unit balance, latest filed
no unit-denominated instrument filed for this executive
| Date | Code | Instrument | Units ± | Price | Value | Shares held
directly |
|---|
| Feb 19, 2026 | A | Common Stock (2 lots) | 77,060 | — | — | 136,046 |
| Feb 19, 2026 | F | Common Stock | 28,594 | $70.01 | $2,001,866 | 107,452 |
Rows are in the order the transactions were filed. The three balance columns are
three separate populations and do not add: shares held directly, shares held through a trust or
partnership, and units of a deferred or cash-settled instrument. A balance appears only in the
column it belongs to, and a dash means that line stated no balance for that population — not zero.
Prices are the prices stated on the filings themselves, which is why a withholding or sale price
appears here on dates that carry no award and therefore appear in no valuation table.
Robert Durian — EVP and CFO
Award this year
33,832 units on Feb 19, 2026 — $2,368,578 at that day's close of $70.01
Composition
33,832 share-settled ·
0 cash-settled (0.0% cash)
Share balance
139,924 before Feb 19, 2026 → 157,126 on Feb 19, 2026 (12.3%)
Latest balance at market
$11,121,370
Withheld for tax
16,630 shares
Sold in the open market
none
Unit balance, latest filed
no unit-denominated instrument filed for this executive
| Date | Code | Instrument | Units ± | Price | Value | Shares held
directly |
|---|
| Feb 19, 2026 | A | Common Stock (2 lots) | 33,832 | — | — | 173,756 |
| Feb 19, 2026 | F | Common Stock | 16,630 | $70.01 | $1,164,266 | 157,126 |
Rows are in the order the transactions were filed. The three balance columns are
three separate populations and do not add: shares held directly, shares held through a trust or
partnership, and units of a deferred or cash-settled instrument. A balance appears only in the
column it belongs to, and a dash means that line stated no balance for that population — not zero.
Prices are the prices stated on the filings themselves, which is why a withholding or sale price
appears here on dates that carry no award and therefore appear in no valuation table.
Raja Sundararajan — Executive Vice President
Award this year
27,552 units on Feb 19, 2026 — $1,928,916 at that day's close of $70.01
Composition
27,552 share-settled ·
0 cash-settled (0.0% cash)
Share balance
16,822 before Feb 19, 2026 → 33,050 on Feb 19, 2026 (96.5%)
Latest balance at market
$2,339,279
Withheld for tax
11,324 shares
Sold in the open market
none
Unit balance, latest filed
no unit-denominated instrument filed for this executive
| Date | Code | Instrument | Units ± | Price | Value | Shares held
directly |
|---|
| Feb 19, 2026 | A | Common Stock . (2 lots) | 27,552 | — | — | 44,374 |
| Feb 19, 2026 | F | Common Stock . | 11,324 | $70.01 | $792,793 | 33,050 |
Rows are in the order the transactions were filed. The three balance columns are
three separate populations and do not add: shares held directly, shares held through a trust or
partnership, and units of a deferred or cash-settled instrument. A balance appears only in the
column it belongs to, and a dash means that line stated no balance for that population — not zero.
Prices are the prices stated on the filings themselves, which is why a withholding or sale price
appears here on dates that carry no award and therefore appear in no valuation table.
Source: insider transaction filings, as filed.
A
Register conventions
Appendix B — register conventions
How the registers in this document are built, in enough detail to reproduce them.
Transaction codes present in this window
| Code | Lines | Meaning |
|---|
| A | 37 | Acquisition of securities — an award, or a delivery of shares under an earlier award. |
| F | 9 | Shares retained by the company to satisfy tax withholding on vesting. Not a discretionary transaction. |
Aggregation
Rule
Lines sharing date, code and instrument are
aggregated into a single register row.
Quantity
Sum of the filed quantities.
Price
Weighted average of filed prices by quantity —
never a simple mean, which would misweight unequal lots.
Lot count
Shown where more than one line is
aggregated, so an aggregated row is never mistaken for a single transaction.
Balance
The running balance stated on the last line of
the group — the filer's own figure, not a computed one.
Full lot detail
Available as a data export. This
document carries the aggregated view because the lot list is a working file, not a reading
surface.
Balance movements from outside this window
A filer's stated share balance is a running total that spans their whole filing
history, not this window. Where two consecutive rows of a register differ by more than the later
row's own quantity, the difference was moved by a transaction filed outside the period this
document covers — most often an earlier gift, transfer or exercise. The register marks the step
where it occurs and does not absorb it into a neighboring row, because a register that silently
balances is one a reader cannot reproduce against the filings.
Price reconciliation — the lines that differ
| Date | Insider | Code |
Price as filed | Closing price | Difference |
|---|
| No priced line failed its test in this window. |
All differences are open-market sales, which execute during the trading day at
prices that are not the close. The filed price is the executed price and is the figure used in
this document wherever a sale is valued; the closing price is used only where no filed price
exists, which is the case for awards.
Source: insider transaction filings, as filed.
B