NIBLOCK ROBERT A 4

What Happened

• Robert A. Niblock, a director of PNC Financial Services Group (PNC), received a grant of 62 derivative units on April 1, 2026. The grant is reported as 62 phantom stock units at a per‑unit value of $209.24, for a total reported value of $12,973.
• This was an award (not an open‑market purchase or sale). Phantom stock units are a form of deferred/derivative compensation and do not represent immediate common‑stock ownership or an outright cash sale.

Key Details

• Transaction date: April 1, 2026; Filing date: April 2, 2026.
• Instrument and amount: 62 phantom stock units (derivative award) at $209.24 per unit; total value $12,973.
• Shares owned after transaction: not stated in the Form 4 filing.
• Notable footnotes:
  • F1: Each phantom stock unit equals the economic equivalent of one share and will be settled in cash upon distribution.
  • F2/F4: Some units may include amounts credited as dividend equivalents after the filer’s prior Form 4 (these were exempt, post‑reporting transactions).
  • F3: DSUs (Deferred Stock Units) represent the right to receive one share at retirement or, in limited cases, cash.
• Filing timeliness: Report filed the day after the reported transaction; no indication of a late filing in the document.

Context

• Derivative awards like phantom stock units are deferred compensation—they provide economic exposure tied to the company’s stock price but are typically settled in cash (per the footnotes) and do not necessarily indicate immediate buying or selling of common stock.
• For retail investors, such grants signal ongoing director compensation rather than an insider adding to or liquidating a public equity position.