Andrew R. Novotny - 07 Jan 2026 Form 4 Insider Report for Constellation Energy Corp (CEG)

Role: Senior Executive Vice President, Constellation Power Operations, and President and CEO of Calpine
Signature: /s/ Brian Buck, Attorney-in-Fact for Andrew Novotny
Issuer symbol: CEG
Transactions as of: 07 Jan 2026
Net transactions value: $0
Form type: 4
Filing time: 09 Jan 2026, 21:48:12 UTC
Next filing: 11 Feb 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Novotny Andrew R.	Senior Executive Vice President, Constellation Power Operations, and President and CEO of Calpine	1310 POINT STREET, BALTIMORE	/s/ Brian Buck, Attorney-in-Fact for Andrew Novotny	09 Jan 2026	0001697866

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CEG	Common Stock	Award		+298,853			298,853	07 Jan 2026	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	On January 7, 2026, upon consummation of the mergers and internal reorganization set forth in the Agreement and Plan of Merger, dated as of January 10, 2025 (the "Merger Agreement"), by and among the Issuer, Calpine Corporation, a Delaware corporation ("Calpine"), various direct and indirect wholly owned subsidiaries of each of the Issuer and Calpine, and a representative of the stockholders of Calpine, Calpine became an indirect, wholly owned subsidiary of the Issuer. In connection therewith, each common share of Calpine held by the reporting person was converted into the right to receive the Per Share Cash Consideration and Per Share Stock Consideration, each as defined in the Merger Agreement, with cash paid in lieu of any fractional share of the Issuer's Common Stock payable under the Per Share Stock Consideration.
F2	These shares of Common Stock are subject to various restrictions, including lock-up agreements and time-based vesting conditions.

Content

On January 7, 2026, upon consummation of the mergers and internal reorganization set forth in the Agreement and Plan of Merger, dated as of January 10, 2025 (the "Merger Agreement"), by and among the Issuer, Calpine Corporation, a Delaware corporation ("Calpine"), various direct and indirect wholly owned subsidiaries of each of the Issuer and Calpine, and a representative of the stockholders of Calpine, Calpine became an indirect, wholly owned subsidiary of the Issuer. In connection therewith, each common share of Calpine held by the reporting person was converted into the right to receive the Per Share Cash Consideration and Per Share Stock Consideration, each as defined in the Merger Agreement, with cash paid in lieu of any fractional share of the Issuer's Common Stock payable under the Per Share Stock Consideration.

These shares of Common Stock are subject to various restrictions, including lock-up agreements and time-based vesting conditions.

Remarks:

Senior Executive Vice President, Constellation Power Operations, and President and CEO of Calpine