TODMAN MICHAEL 4

What Happened
Michael Todman, a director of Prudential Financial, Inc. (PRU), received three grants of deferred/derivative awards on June 11, 2026: 170, 165 and 23 notional/restricted stock units at a reported per‑unit value of $106.51. The grants total 358 units with an aggregate value of approximately $38,131. These were awards (code A) under Prudential’s deferred compensation arrangements for non‑employee directors—not open‑market purchases or sales.

Key Details

• Transaction date: June 11, 2026; Filing accession: 0001137774-26-000138 (filed June 15, 2026).
• Grant breakdown and values: 170 units @ $106.51 = $18,107; 165 units @ $106.51 = $17,574; 23 units @ $106.51 = $2,450.
• Nature of awards: derivative notional shares / restricted stock units — entitle holder to one share of PRU common stock or cash value per unit under the non‑employee directors’ deferred compensation plan (see footnotes F1–F6).
• Vesting / payout: Some units are “mandatory” or “optional” deferred stock units (F1–F4) and restricted stock units that vest the earlier of the annual meeting or May 12, 2027 and were deferred until retirement (F5–F6). Payout timing depends on the reporting person’s election and plan rules (may be convertible to stock or cash).
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Filing timeliness: Filing date (June 15) follows the June 11 transaction and was submitted within the typical Form 4 reporting window (no late‑filing indication in the provided data).

Context
These grants are compensation-related deferred awards for a non‑employee director. They are derivative/notional units that represent future entitlement to shares or cash under the company’s plan, so they reflect routine director compensation rather than an immediate market purchase or sale. Such awards do not by themselves indicate a trading view by the insider.