PNC Director Andrew T. Feldstein Acquires Phantom Stock Units

Executive Summary

On October 5, 2026, PNC Financial Services Group, Inc. ($PNC) filed a Form 4 disclosing that Director Andrew T. Feldstein acquired 176 phantom stock units on October 1, 2026. The transaction was priced at $220.75 per unit, representing a total value of approximately $38,852.

Transaction Details

• Security: Phantom Stock Unit (settled in cash upon distribution, economic equivalent to 1 share of PNC common stock)
• Transaction Code: A (Award/Grant)
• Units Acquired: 176
• Price per Unit: $220.75
• Ownership Structure: Indirect via PNC's Deferred Compensation Plan
• Ending Balance in Plan: 21,560 units (reflecting this transaction and exempt dividend equivalents)

Additional Holdings Noted

• Phantom Stock Units (Outside Directors Deferred Stock Unit Plan): 6,517 units held indirectly
• Deferred Stock Units: 12,743 units held directly

Market Significance

This filing represents standard director compensation deferral into phantom stock units rather than an open-market discretionary purchase or sale. Because it is an automated or election-based deferral under the company's compensation program, it holds low informational value regarding prospective business fundamentals.