PNC Director Marjorie Rodgers Cheshire Receives 844 DSU Award

What Happened
Marjorie Rodgers Cheshire, a director of The PNC Financial Services Group, Inc. (PNC), received a grant of 844 deferred stock units (DSUs) on April 22, 2026. The Form 4 reports the award as a derivative grant (code A) at $0.00 per unit (total reported value $0), reflecting a compensation award rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-04-22; Form filed: 2026-04-24 (filed within two business days of the transaction).
• Transaction type: Award/Grant (code A) — 844 DSUs granted at $0.00 (derivative).
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes of note:
  • F1: DSUs under the Directors Deferred Stock Unit Program convert to one share of PNC common stock at retirement (or in limited cases cash equal to share value on payment date).
  • F2–F5: The reporting person also holds phantom stock units and DSUs/phantom units acquired as dividend equivalents under various PNC plans; some dividend-equivalent units were acquired in transactions exempt from reporting after the last Form 4. Phantom units are cash-settled and generally do not expire.

Context
DSUs are a form of deferred compensation for directors and represent the right to receive shares (or cash in limited cases) at a later date — they are derivative awards, not immediate stock ownership or a market purchase/sale. Grants to non-employee directors are common as part of routine compensation and should be viewed as such; they do not by themselves indicate insider sentiment about the stock.