BURRITT DAVID B 4

What Happened David B. Burritt, a non-employee director of Lockheed Martin (LMT), received an award of 260.504 phantom stock units on 2026-02-13. The units were granted at a per-unit value of $652.58, implying an approximate grant value of $170,000. This is a compensation award (derivative grant), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-13; Form 4 filed 2026-02-18 (filed after the transaction date).
• Grant: 260.504 phantom stock units (derivative award); acquisition price reported as $652.58 per unit; implied value ≈ $170,000.
• Vesting: 50% vests on the June 30 following the award date and 50% vests on the December 31 following the award date (per plan disclosure).
• Conversion/settlement: Phantom stock units convert one-for-one to common stock on settlement; settlement may occur in cash or stock (director can elect), with special provisions for directors meeting stock ownership guidelines.
• Exemptions/plan rules: Award made under the Lockheed Martin Amended and Restated Directors Equity Plan and is exempt under Rule 16b-3; filing also references previously acquired deferred phantom units that settle upon retirement/termination.
• Shares owned after transaction: Not specified in the filing.
• Timeliness: The Form 4 was filed five calendar days after the grant date (appears to be filed late relative to the two-business-day filing rule).

Context Phantom stock unit grants are a routine form of director compensation and represent a right to future cash or stock value rather than an immediate purchase of shares. Because these are awards (not purchases or sales), they do not directly signal the director buying or selling stock in the open market. The units convert one-for-one into common shares at settlement and follow the stated vesting and settlement rules described above.