Dunford Joseph F Jr 4

What Happened

• Joseph F. Dunford Jr, a non‑employee director of Lockheed Martin Corporation, received an award of 260.504 phantom stock units on 2026-02-13 under the Lockheed Martin Amended and Restated Directors Equity Plan. The units were priced at $652.58 each, implying an aggregate grant value of roughly $170,000. This was a grant/award (derivative phantom units), not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-02-13; Form 4 filed: 2026-02-18 (filed five calendar days after the transaction; later than the typical 2-business-day Form 4 deadline).
• Award type: Phantom stock units (derivative). Footnote F1: units convert one‑for‑one into common stock.
• Grant price/value: $652.58 per unit; total implied value ≈ $169,999.70 (~$170K).
• Vesting: 50% vests June 30 following award date and 50% vests December 31 following award date. Unvested awards vest on certain retirements, death, disability, change in control, or partially if director fails reelection (see F2).
• Settlement: Upon termination the director may elect cash or stock; directors meeting ownership guidelines may elect delayed payment until the first business day of April following vesting (F2).
• Holding info: Holdings as of the reportable transaction date include additional acquisitions through dividend reinvestment (F3). The filing does not specify total shares owned by the reporting person after this grant.
• Exemption: The award to a non‑employee director is reported as exempt under Rule 16b‑3 per plan terms.

Context

• This is a routine director compensation award (phantom stock units), commonly used to align director pay with shareholder interests; it is a derivative grant rather than a market purchase or sale. The filing appears to have been submitted several days after the transaction date.