0001622536 2025-01-01 2025-12-31 0001622536 2024-01-01 2024-12-31 0001622536 1 2025-01-01 2025-12-31 0001622536 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2024-01-01 2024-12-31 0001622536 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001622536 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:PeoMember 2024-01-01 2024-12-31 0001622536 ecd:VstngDtFrValOfEqtyAwrdsGrntdAndVstdInCvrdYrMember ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001622536 ecd:PeoMember 2024-01-01 2024-12-31 0001622536 ecd:NonPeoNeoMember 2024-01-01 2024-12-31 0001622536 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001622536 ecd:EqtyAwrdsInSummryCompstnTblForAplblYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001622536 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:PeoMember 2025-01-01 2025-12-31 0001622536 ecd:YrEndFrValOfEqtyAwrdsGrntdInCvrdYrOutsdngAndUnvstdMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001622536 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:PeoMember 2025-01-01 2025-12-31 0001622536 ecd:ChngInFrValOfOutsdngAndUnvstdEqtyAwrdsGrntdInPrrYrsMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001622536 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:PeoMember 2025-01-01 2025-12-31 0001622536 ecd:ChngInFrValAsOfVstngDtOfPrrYrEqtyAwrdsVstdInCvrdYrMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001622536 ecd:PeoMember 2025-01-01 2025-12-31 0001622536 ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0001622536 2 2025-01-01 2025-12-31 0001622536 3 2025-01-01 2025-12-31 0001622536 4 2025-01-01 2025-12-31 0001622536 5 2025-01-01 2025-12-31 iso4217:USD 0001622536 DEF 14A false TALEN ENERGY CORPORATION true <div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">In response to Item 402(x)(1) of Regulation S-K, the Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments. Accordingly, the Company has no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company. In the event the Company determines to grant new awards of such options, the Board will evaluate the appropriate steps to take in relation to the foregoing.</div> Accordingly, the Company has no specific policy or practice on the timing of awards of such options in relation to the disclosure of material nonpublic information by the Company true false <div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:4.790%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:10.968%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.400%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:13.267%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:12.262%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:2.242%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:9.388%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.802%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:6.951%"></td><td style="width:0.1%"></td></tr><tr style="height:21pt"><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:center;vertical-align:bottom">Year</td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Summary Compensation Table Total for PEO (1)</div></td><td colspan="6" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Compensation Actually Paid to PEO (2)</div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Average Summary Compensation Table Total for Non-PEO NEOs (1)</div></td><td colspan="6" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Average Compensation Actually Paid to Non-PEO NEOs (2)</div></td><td colspan="6" style="padding:2px 1pt;text-align:center;vertical-align:middle">Value of Initial Fixed $100 Investment Based on:</td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Net Income ($mm) (4)</div></td><td colspan="3" rowspan="2" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Adjusted EBITDA ($mm) (5)</div></td></tr><tr style="height:41pt"><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Total Shareholder Return (3)</div></td><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div style="text-align:center">Peer Group Total Shareholder Return (3)</div></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2025</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">18,739,647 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">235,883,133 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2pt;text-align:center">(7)</div></td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">5,741,685 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">57,073,322 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="text-align:center">(7)</div></td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">293.99 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">122.96 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">(219)</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"> </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:top">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:top">1,035 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"> </td></tr><tr><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:top">2024</td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">6,258,127 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">149,209,509 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2pt;text-align:center">(6)</div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">2,337,702 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">39,010,239 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="3" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2pt;text-align:center">(6)</div></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">158.02 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">109.11 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"></td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">1,013 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"> </td><td colspan="2" style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:top">770 </td><td style="background-color:#ffffff;border-bottom:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:top"> </td></tr></table></div> 18739647 235883133 5741685 57073322 293.99 122.96

-219000000

1035000000 6258127 149209509 2337702 39010239 158.02 109.11

1013000000

770000000 This table represents pay versus performance information for Mark McFarland (“PEO”) and the following “Non-PEO NEOs” for each applicable fiscal year as follows: (i) for the fiscal year ending on December 31, 2025, Terry Nutt, Brad Berryman, John Wander, and Andrew Wright and (ii) for the fiscal year ending on December 31, 2024, Terry Nutt, Brad Berryman, John Wander, and Cole Muller. Mark McFarland In calculating the ‘compensation actually paid’ amounts reflected in these columns, the fair value or change in fair value, as applicable, of the equity award adjustments included in such calculations was computed in accordance with FASB ASC Topic 718. The valuation assumptions used to calculate such fair values for the RSUs did not materially differ from those disclosed at the time of grant, and for the PSUs were as follows: for December 31, 2024, a volatility of 40% and risk-free rate of 4.19%, and for December 31, 2025, a volatility of 45% and risk free rate of 3.63%.Represents the amount of net income reflected in the Company’s audited GAAP financial statements for the applicable fiscal year.<div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">As described in more detail in the section titled “Compensation Discussion and Analysis—Elements of Compensation,” the Company’s executive compensation program reflects a variable pay-for-performance philosophy. While the Company utilizes several performance measures to align executive compensation with Company performance, all of those Company measures are not presented in the table above. Further, the Company generally seeks to incentivize long-term performance and therefore does not specifically align the Company’s performance measures with ‘compensation actually paid’ for a particular year (as computed in accordance with Item 402(v) of Regulation S-K).</div><div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">In accordance with Item 402(v) of Regulation S-K, the Company is providing the following descriptions of the relationships between the information presented in the table above.</div> The Company TSR and the Company’s Peer Group TSR reflected in these columns for each applicable fiscal year is calculated based on a fixed investment of $100 on July 10, 2024, the date the Company’s common stock began trading on Nasdaq, through December 31 of the applicable fiscal year, reflecting the applicable measurement period as is used in Item 201(e) of Regulation S-K. The peer group used to determine the Company’s Peer Group TSR for the purposes of pay versus performance is the S&P Utility Index, as disclosed in our 2025 Annual Report on Form 10-K pursuant to Item 201(e) of Regulation S-K. We have selected Adjusted EBITDA as our most important financial measure (that is not otherwise required to be disclosed in the table) used to link ‘compensation actually paid’ to our NEOs to company performance for each applicable fiscal year. See Appendix A to this Proxy Statement for the definitions and reconciliations of non-GAAP financial measures. Adjusted EBITDA For fiscal year 2024, the “compensation actually paid” to the PEO and non-PEO NEOs reflects each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2024, computed in accordance with Item 402(v) of Regulation S-K:<div style="padding-left:22.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.689%"><tr><td style="width:1.0%"></td><td style="width:71.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.965%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">PEO</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">All NEOs (other than PEO)</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top">Total Compensation Reported in 2024 Summary Compensation Table</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">6,258,127 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">2,337,702 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top">Adjustments:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top">Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (from Prior Year-End to Year-End)</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">141,421,378 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">35,894,293 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top">Plus, Vesting Date Fair Value of Awards Granted in the Covered Fiscal Year that Vested in that Year</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">1,530,003 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">778,244 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top">Total Adjustments</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">142,951,382 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">36,672,536 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top">Compensation Actually Paid for Fiscal Year 2024</td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">149,209,509 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">39,010,239 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table> </div>For fiscal year 2025, the “compensation actually paid” to the PEO and non-PEO NEOs reflects each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2025, computed in accordance with Item 402(v) of Regulation S-K:<div style="margin-bottom:12pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.551%"><tr><td style="width:1.0%"></td><td style="width:71.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.846%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.848%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">PEO</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">All NEOs (other than PEO)</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom">Total Compensation Reported in 2025 Summary Compensation Table</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">18,739,647 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">5,741,685 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Adjustments:</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Less, Grant Date Fair Value of Stock & Option Awards Reported in the 2025 Summary Compensation Table</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(14,505,986)</td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(4,328,779)</td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Plus, Year-End Fair Value of Awards Granted in 2025 that are Outstanding and Unvested</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">71,835,358 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">18,591,613 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (From Prior Year-End to Year-End)</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">156,586,751 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">35,820,682 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Plus, Change in Fair Value of Awards Granted in Prior Years that Vested in 2025 (From Prior Year-End to Vesting Date)</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,227,363 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,248,121 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom">Total Adjustments</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">217,143,486 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">51,331,637 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Compensation Actually Paid for Fiscal Year 2025</div></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">235,883,133 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">57,073,322 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> For fiscal year 2024, the “compensation actually paid” to the PEO and non-PEO NEOs reflects each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2024, computed in accordance with Item 402(v) of Regulation S-K:<div style="padding-left:22.5pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:95.689%"><tr><td style="width:1.0%"></td><td style="width:71.572%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.963%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.400%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.965%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">PEO</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">All NEOs (other than PEO)</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top">Total Compensation Reported in 2024 Summary Compensation Table</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">6,258,127 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">2,337,702 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top">Adjustments:</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top">Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (from Prior Year-End to Year-End)</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">141,421,378 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">35,894,293 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:top">Plus, Vesting Date Fair Value of Awards Granted in the Covered Fiscal Year that Vested in that Year</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">1,530,003 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">778,244 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top">Total Adjustments</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">142,951,382 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:right;vertical-align:middle">36,672,536 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr><tr style="height:8pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt;text-align:left;vertical-align:top">Compensation Actually Paid for Fiscal Year 2024</td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">149,209,509 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:middle">$</td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:middle">39,010,239 </td><td style="border-bottom:3pt double #000000;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:middle"></td></tr></table> </div>For fiscal year 2025, the “compensation actually paid” to the PEO and non-PEO NEOs reflects each of the following adjustments made to the total compensation amounts reported in the Summary Compensation Table for fiscal year 2025, computed in accordance with Item 402(v) of Regulation S-K:<div style="margin-bottom:12pt;padding-left:18pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:96.551%"><tr><td style="width:1.0%"></td><td style="width:71.816%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.846%"></td><td style="width:0.1%"></td><td style="width:0.1%"></td><td style="width:0.395%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:11.848%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">PEO</td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:center;vertical-align:bottom">All NEOs (other than PEO)</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom">Total Compensation Reported in 2025 Summary Compensation Table</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">18,739,647 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 0;text-align:right;vertical-align:bottom">5,741,685 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:3pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Adjustments:</div></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Less, Grant Date Fair Value of Stock & Option Awards Reported in the 2025 Summary Compensation Table</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(14,505,986)</td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">(4,328,779)</td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Plus, Year-End Fair Value of Awards Granted in 2025 that are Outstanding and Unvested</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">71,835,358 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">18,591,613 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Plus, Change in Fair Value of Awards Granted in Prior Years that are Outstanding and Unvested (From Prior Year-End to Year-End)</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">156,586,751 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">35,820,682 </td><td style="background-color:#e1e1e2;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="background-color:#ffffff;padding:2px 1pt 2px 5.5pt;text-align:left;text-indent:-4.5pt;vertical-align:bottom">Plus, Change in Fair Value of Awards Granted in Prior Years that Vested in 2025 (From Prior Year-End to Vesting Date)</td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">3,227,363 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#ffffff;padding:0 1pt"></td><td colspan="2" style="background-color:#ffffff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">1,248,121 </td><td style="background-color:#ffffff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td><td colspan="3" style="display:none"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom">Total Adjustments</td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">217,143,486 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="background-color:#e1e1e2;padding:0 1pt"></td><td colspan="2" style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom">51,331,637 </td><td style="background-color:#e1e1e2;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr><tr style="height:5pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:0 1pt"></td></tr><tr><td colspan="3" style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt;text-align:left;vertical-align:bottom"><div>Compensation Actually Paid for Fiscal Year 2025</div></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">235,883,133 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td><td colspan="3" style="padding:0 1pt"></td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:left;vertical-align:bottom">$</td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 0;text-align:right;vertical-align:bottom">57,073,322 </td><td style="border-bottom:3pt double #000;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"></td></tr></table></div> 6258127 2337702 141421378 35894293 1530003 778244 142951382 36672536 149209509 39010239 18739647 5741685 -14505986 -4328779 71835358 18591613 156586751 35820682 3227363 1248121 217143486 51331637 235883133 57073322 <div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">As demonstrated by the following graph, the amount of ‘compensation actually paid’ to the PEO and the average amount of ‘compensation actually paid’ to the non-PEO NEOs is generally aligned with the Company’s TSR over the two years presented in the table. This is because a significant portion of the ‘compensation actually paid’ to the PEO and to the non-PEO NEOs is comprised of equity awards, including PSUs that vest based on specified per-share values of the Company’s common stock, which directly reflects the Company’s TSR. As described in more detail in the section titled “Compensation Discussion and Analysis—Elements of Compensation—Long-Term Incentives,” the target annual long-term incentives for each of our NEOs ranges from 400% to 700% of their base salaries.</div><div style="margin-bottom:10pt;text-align:center;text-indent:18pt"><img alt="Actually paid and TSR.jpg" id="i-27" src="tln-20260319_g26.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:462px"/></div> <div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">As demonstrated by the following graph, the amount of ‘compensation actually paid’ to the PEO and the average amount of ‘compensation actually paid’ to the non-PEO NEOs increased over the past two years, while the Company’s GAAP net income has decreased over the same period. The relationship between compensation actually paid and net income is not directly correlated; rather, a substantial majority of compensation actually paid (i.e., long-term equity incentives) is correlated to the growth in Talen’s stock price over the last two years. The Company does not use GAAP net income as a performance measure in its overall executive compensation program, and the decrease in net income is primarily attributable to the non-recurring gains on sale of assets in 2024, a substantial, non-cash stock-based compensation charge triggered by an accounting reclassification in 2025, and other non-cash or non-recurring items—none of which reflects a deterioration in the Company's underlying operational or financial performance.</div><div style="margin-bottom:10pt;text-align:center;text-indent:18pt"><img alt="Actually paid and NI.jpg" id="i-28" src="tln-20260319_g27.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:462px"/></div> <div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">As demonstrated by the following graph, the amount of ‘compensation actually paid’ to the PEO and the average amount of ‘compensation actually paid’ to the non-PEO NEOs is generally aligned with the Company’s Adjusted EBITDA over the two years presented in the table. As described above, Adjusted EBITDA is defined in Appendix A to this Proxy Statement. While the Company uses numerous financial and non-financial performance measures for the purpose of evaluating performance for the Company’s compensation programs, the Company has determined that Adjusted EBITDA is one of the Company’s most important financial performance measures (that is not otherwise required to be disclosed in the table) used to link ‘compensation actually paid’ to the NEOs to company performance for fiscal year 2025. The Company utilizes, among other metrics, Adjusted EBITDA when setting goals for the Company’s short-term incentive compensation program. As described in more detail in the section titled “Compensation Discussion and Analysis—Elements of Compensation—Short-Term Cash Incentives,” the NEOs’ target short-term incentives are between 100% and 135% of their base salaries.</div><div style="margin-bottom:10pt;text-align:center;text-indent:18pt"><img alt="Actually paid and EBITDA.jpg" id="i-29" src="tln-20260319_g28.jpg" style="height:384px;margin-bottom:5pt;vertical-align:text-bottom;width:529px"/></div> <div style="margin-bottom:10pt;text-align:justify;text-indent:18pt">As demonstrated by the following graph, the Company’s TSR over the two years presented in the table was 193.99%, while the Company’s peer group TSR was 22.96% over the two years presented in the table. The Company’s TSR generally outperformed the peer group during the two years presented in the table, representing the Company’s superior financial performance as compared to the companies comprising the peer group.</div><div style="margin-bottom:10pt;text-align:center;text-indent:18pt"><img alt="Company tsr vs peer tsr.jpg" id="i-30" src="tln-20260319_g29.jpg" style="height:336px;margin-bottom:5pt;vertical-align:text-bottom;width:462px"/></div> <div style="text-align:center"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:38.218%"><tr><td style="width:1.0%"></td><td style="width:98.900%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt;text-align:center;vertical-align:top">Most Important Performance Measures</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt;text-align:center;vertical-align:top">Adjusted EBITDA</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt;text-align:center;vertical-align:top">Adjusted Equity Value</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt;text-align:center;vertical-align:top">Safety</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt;text-align:center;vertical-align:top">Plant Operating Performance</td></tr><tr><td colspan="3" style="background-color:#e1e1e2;padding:2px 1pt;text-align:center;vertical-align:top">Adjusted Free Cash Flow</td></tr></table></div> Adjusted EBITDA Adjusted Equity Value Safety Plant Operating Performance Adjusted Free Cash Flow