Donovan John 4
4 · LOCKHEED MARTIN CORP · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Lockheed Martin (LMT) Director John Donovan Receives Phantom Stock Award
What Happened
John Donovan, a non-employee director of Lockheed Martin (LMT), was granted 260.504 phantom stock units on February 13, 2026. The units were valued at $652.58 each (total value ≈ $170,000). These are derivative awards (phantom stock) that convert one-for-one into common shares upon settlement; the grant is compensation rather than an open-market purchase.
Key Details
- Transaction date: 2026-02-13; Filing date: 2026-02-18 (filed within the required 2 business days).
- Award type/code: A (grant of phantom stock units); acquired at $652.58 per unit.
- Units granted: 260.504 phantom stock units — approximate aggregate value ~$170,000.
- Vesting: 50% vests on the June 30 following the award date and 50% on the December 31 following the award date. Unvested awards vest in full on retirement (due to age limits), death, disability, or change in control; one-third vests if the director fails to stand for reelection.
- Settlement: Units convert one-for-one to common stock; settlement may be in cash or stock (director election) upon termination of service. Non-employee directors meeting ownership guidelines may delay payment until the first business day of April following vesting.
- Plan/Exemption: Award made under the Lockheed Martin Amended and Restated Directors Equity Plan and is exempt under Rule 16b-3 (typical director compensation).
- Shares owned after transaction: Not specified in the filing.
- Related note: Footnote also references previously acquired deferred phantom units under the Directors Deferred Compensation Plan that settle on retirement/termination.
Context: This is a routine director compensation award (derivative grant), not an open-market purchase or sale. Such grants are common for non-employee directors and reflect standard equity-based pay rather than a direct insider signal about company prospects.
Insider Transaction Report
- Award
Phantom Stock Units
[F1][F2]2026-02-13+260.504→ 2,038.13 total(indirect: Lockheed Martin Directors Equity Plan)→ Common Stock (260.504 underlying)
- 1,362.163(indirect: Lockheed Martin Directors Deferred Comp Plan)
Phantom Stock Units
[F1][F3]→ Common Stock (1,362.163 underlying)
Footnotes (3)
- [F1]Phantom stock units convert to common stock on a one-for-one basis.
- [F2]In accordance with the Lockheed Martin Corporation Amended and Restated Directors Equity Plan, each non-employee director received an award of phantom stock units, which award is exempt under Rule 16b-3. The phantom stock units were acquired at $652.58 per share and vest 50% on June 30 following the award date and 50% on December 31 following the award date. All unvested awards will vest in full upon retirement due to the age limitation in the bylaws, death, disability or change in control, or one-third upon failure to stand for reelection. Settlement in cash or stock (as elected by the director) will occur upon the Reporting Person's termination of service, except that non-employee directors who have satisfied our stock ownership guidelines may elect to have the payment of awards (together with any dividend equivalents thereon) made on the first business day of April following vesting of the award.
- [F3]The information pertains to previously acquired phantom stock units under the Lockheed Martin Corporation Directors Deferred Compensation Plan exempt under Section 16(b) which will be settled upon the Reporting Person's retirement or termination of service.