Donovan John 4

4 · LOCKHEED MARTIN CORP · Filed Apr 2, 2026

AI-generated summary of this filing

Updated Apr 2, 2026

Lockheed Martin Director John Donovan Receives Phantom Stock Award

What Happened

John Donovan, a director of Lockheed Martin (LMT), was granted 81.694 phantom stock units on 2026-03-31. The units are reported as a derivative award (code A) and were recorded at $604.39 per unit, representing an aggregate value of about $49,375.
This was an award via director compensation deferral (not an open-market purchase or sale) and does not represent an immediate transfer of tradable common shares.

Key Details

Transaction date: 2026-03-31; per-unit reference value: $604.39; total value ≈ $49,375.
Reported as 81.694 derivative units (phantom stock); Form 4 lists the transaction as a grant/award (A).
Footnotes:
- F1: Phantom stock units convert to common stock on a one-for-one basis.
- F2: These particular units were acquired through director retainer fee deferral under the Directors Deferred Compensation Plan and are settled in cash upon the director’s retirement or termination.
- F3: Holdings as of the reportable date include additional acquisitions through dividend reinvestment.
- F4: Some prior director awards may be settled in cash or stock per plan election; post-2018 awards may be paid the April after vesting if ownership guidelines are met.
Shares owned after the transaction are not specified on the filing; the grant appears to be routine director compensation rather than a market trade.
Filing appears timely (transaction 2026-03-31; Form 4 filed 2026-04-02).

Context

These phantom units are derivative compensation tied to LMT’s stock value; they are not immediately tradable shares and are typically settled in cash for awards under the deferral plan.
Awards to non-employee directors are common and generally reflect routine compensation rather than a directional insider bet on the stock.

Form 4

Period: 2026-03-31

Director

Transactions

Award
Phantom Stock Units
[F1][F2][F3]
2026-03-31+81.694→ 1,451.488 total(indirect: Lockheed Martin Directors Deferred Comp Plan)
→ Common Stock (81.694 underlying)

Holdings

Phantom Stock Units
[F1][F4][F3]
(indirect: Lockheed Martin Directors Equity Plan)
→ Common Stock (2,049.548 underlying)
2,049.548

Footnotes (4)

[F1]Phantom stock units convert to common stock on a one-for-one basis.
[F2]The information pertains to phantom stock units acquired at $604.39 per share through director retainer fee deferral under the Lockheed Martin Corporation Directors Deferred Compensation Plan exempt under Section 16(b). Units are settled in cash upon the reporting person's retirement or termination of service.
[F3]Holdings as of reportable transaction date include additional acquisitions through dividend reinvestment.
[F4]The information pertains to previously acquired stock units under the Lockheed Martin Corporation Amended and Restated Directors Equity Plan exempt under Section 16(b). Settlement in cash or stock (as elected by the director) will occur upon the reporting person's retirement or termination of service, except that non-employee directors who have satisfied our stock ownership guidelines may elect to have payment of awards granted on or after January 1, 2018 (together with any dividend equivalents thereon) made on the first business day of April following vesting of the award.

Signature

John M. Donovan, by Lynda M. Noggle, Attorney-in-fact|2026-04-02

1 file