Feldstein Andrew T 4

What Happened

• Andrew T. Feldstein, a director of PNC Financial Services Group (PNC), was granted 392 phantom stock units on July 1, 2026. The filing reports an acquisition value of $251.62 per unit, totaling $98,635. The transaction is reported on Form 4 as an Award/Grant (code A) and is a derivative award rather than an open-market purchase.

Key Details

• Transaction date: July 1, 2026; Form 4 filed July 6, 2026 (reporting delay of several days relative to the transaction date).
• Units granted: 392 phantom stock units at $251.62 each; total value $98,635.
• Shares owned after transaction: not specified in the filing.
• Transaction type/code: A = Award/Grant (derivative).
• Footnotes summary:
  • F1: Each phantom stock unit equals the economic equivalent of one PNC share and will be settled in cash upon distribution.
  • F2–F3: Some units include dividend equivalents from PNC deferred compensation and outside directors' plans.
  • F4–F5: DSUs (directors deferred stock units) represent rights to receive one share at retirement (or cash in limited cases) and may include dividend equivalents.
• Timeliness: Form filed July 6 for a July 1 grant; Form 4s are generally due within two business days, so this filing appears later than typical.

Context

• This was a compensation award to a director (common practice) and not an open-market purchase or sale. Phantom stock units/DSUs typically do not convey voting rights and are settled in cash or converted to shares per plan terms upon distribution or retirement. Such grants reflect director pay structure rather than an immediate buy/sell signal.