CAFARO DEBRA A 4

What Happened
Debra A. Cafaro, a director of PNC Financial Services Group (PNC), was granted 303 derivative units (phantom/deferred stock units) on July 1, 2026. The units were valued at $251.62 each, for a total reported value of $76,241. This was an award/grant (derivative) — not an open-market purchase or sale.

Key Details

• Transaction date: July 1, 2026; Price per unit: $251.62; Total value: $76,241 (303 units).
• Transaction type: Award/Grant of derivative units (phantom stock / DSUs).
• Shares owned after transaction: not specified on the Form 4 filing.
• Filing date: July 6, 2026 (the Form 4 was filed five days after the transaction date; Form 4s are generally due within two business days).
• Relevant footnotes from the filing:
  • F1: Each phantom stock unit equals the economic equivalent of one share; units are generally settled in cash.
  • F2: Includes phantom units acquired as dividend equivalents under the deferred compensation plan.
  • F3: DSUs granted under the Directors Deferred Stock Unit Program represent the right to receive one share at retirement (or, in limited cases, cash equal to fair market value).
  • F4: Includes DSUs received as dividend equivalents after the reporting person's last Form 4.

Context
Phantom stock units and deferred stock units (DSUs) are a form of director compensation and typically settle in cash or convert to shares at a future distribution date (often at retirement). Because this was a grant of deferred/phantom units rather than a market purchase or sale, it should be viewed as routine compensation rather than a direct bullish or bearish trading signal.