REED DEBRA L 4

What Happened

• Debra L. Reed, a non-employee director of Lockheed Martin Corporation (LMT), received an award of 260.504 phantom stock units on February 13, 2026.
• The phantom units were granted at $652.58 per share, with an aggregate grant value of approximately $170,000. This transaction is a derivative award (phantom stock), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-13. Grant type: Award (derivative phantom stock units).
• Grant price: $652.58 per unit; number of units: 260.504; approximate value: $170,000.
• Vesting: 50% vests on the June 30 following the award and 50% on the December 31 following the award (per the Directors Equity Plan). See footnote for acceleration on retirement, death, disability, change in control, or partial vesting if not re-elected.
• Conversion/settlement: Phantom units convert one-for-one to common stock on settlement; payment may be in cash or stock (director elects), with special timing rules if stock ownership guidelines are met. (Footnotes F1–F2.)
• Holdings after transaction: Not specified in the excerpt (footnote F3 notes holdings include additional acquisitions via dividend reinvestment).
• Regulatory/timeliness note: Form filed 2026-02-18 for a 2026-02-13 grant (5 calendar days later). Form 4s are generally due within 2 business days, so this filing appears delayed.

Context

• This is a routine director compensation award under the company's Amended and Restated Directors Equity Plan and is exempt under Rule 16b-3; it does not represent an open-market buy or sell decision by the director. Phantom unit awards are common for non-employee directors and convert to shares (or cash) according to plan terms when vested or upon termination events.