Lumen CFO reports 82K stock purchases and 5.21M derivative disposition

Rhea-AI Filing Summary

Christopher D. Stansbury, EVP and CFO of Lumen Technologies (LUMN), reported open-market purchases of common stock and a large disposition of derivative securities. On 08/14/2025 and 08/15/2025 the reporting person purchased a total of 82,000 shares of common stock across multiple transactions at weighted-average prices of approximately $4.2906 and $4.4387 per share, with per-transaction price ranges disclosed in the filing. Following the purchases, beneficial ownership reported under various trusts and indirect holdings includes 518,000 shares (ARS Trust), 23,500 shares (RJR Trust plus SRR DSNT entries), and other indirect holdings totaling reported balances shown in the table. The filing also shows a disposition of 5,210,218 derivative securities. All transactions were reported as executed on 08/14/2025 and 08/15/2025 and the Form was signed by an attorney-in-fact on 08/15/2025.

Positive

• Insider purchases: Reporting person acquired a total of 82,000 common shares on 08/14/2025 and 08/15/2025 at weighted-average prices of approximately $4.29 and $4.44 per share, respectively.

Negative

• Large derivative disposition: The filing reports a disposition of 5,210,218 derivative securities without additional detail on type, proceeds, or economic effect.

Insights

Financial Analyst

TL;DR: Insider purchases totaling 82,000 common shares at low-single-digit prices, alongside a large derivative disposition, warrant monitoring for ownership mix changes.

The filing documents modest open-market purchases by the CFO amounting to 82,000 common shares executed over two days at weighted-average prices near $4.29 and $4.44 per share, with disclosed price ranges for each day. These purchases increase reported indirect beneficial holdings across revocable and irrevocable trusts. Separately, the filing records a large disposition of 5,210,218 derivative securities; the Form does not specify the type, exercise prices, or the proceeds, so the economic impact and timing relative to the purchases cannot be determined from this filing alone. Overall, the activity changes the composition of the reporting person’s equity exposure but the material effect on company-level capitalization cannot be assessed from the provided details.

Corporate Governance Expert

TL;DR: Officer-level purchases reflect affirmative purchases under Section 16 reporting; the simultaneous large derivative disposition raises governance disclosure questions.

The report confirms compliance with Section 16 reporting for an officer executing purchases and a major derivative disposition on consecutive dates. Purchases are reported as indirect through trusts for family members, which is typical for estate or family planning. The disposition of 5,210,218 derivative securities is material in magnitude; however, the Form 4’s Explanation section does not describe the nature, timing, counterparty, or rationale for that disposition beyond the numeric entry. From a governance and disclosure perspective, investors and compliance officers may reasonably seek supplemental detail from future filings or company disclosures to understand whether the disposition represents option exercises, cancellations, transfers, or other events affecting insider economic exposure.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Stansbury Christopher

(Last) (First) (Middle)

100 CENTURYLINK DRIVE

(Street)

MONROE LA 71203

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Lumen Technologies, Inc. [ LUMN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/14/2025		P		18,000	A	$4.2906(1)	518,000	I	By spouse as trustee of ARS Trust(2)
Common Stock	08/14/2025		P		12,000	A	$4.2906(1)	12,000	I	By spouse as trustee of RJR Trust(3)
Common Stock	08/14/2025		P		12,000	A	$4.2906(1)	12,000	I	SRR DSNT(4)
Common Stock	08/15/2025		P		17,000	A	$4.4387(5)	535,000	I	By spouse as trustee of ARS Trust(2)
Common Stock	08/15/2025		P		11,500	A	$4.4387(5)	23,500	I	By spouse as trustee of RJR Trust(3)
Common Stock	08/15/2025		P		11,500	A	$4.4387(5)	23,500	I	SRR DSNT(4)
Common Stock								5,210,218	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The price in column 4 is a weighted average price. The prices actually paid for the stock ranged from $4.205 to $4.33 per share. The reporting person has provided the Company, and upon request, will provide any security holder of the Company or the SEC staff, with information regarding the number of shares acquired at each price within that range.

2. The ARS Trust, a revocable trust for the benefit of the reporting person's spouse, was previously described as the AMR Trust on the reporting person's Forms 4.

3. The RJR Trust is an irrevocable trust for the benefit of the reporting person's child.

4. The SSR DSNT is an irrevocable trust for the benefit of the reporting person's child.

5. The price in column 4 is a weighted average price. The prices actually paid for the stock ranged from $4.38 to $4.53 per share. The reporting person has provided the Company, and upon request, will provide any security holder of the Company or the SEC staff, with information regarding the number of shares acquired at each price within that range.

Remarks:

	/s/ Kathryn Murray, as Attorney-in-Fact for Christopher D. Stansbury	08/15/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transactions did LUMN CFO Christopher Stansbury report on Form 4?

The Form 4 reports purchases of common stock totaling 82,000 shares on 08/14/2025 and 08/15/2025 and a disposition of 5,210,218 derivative securities.

At what prices were the common stock purchases reported?

The filing shows weighted-average prices of approximately $4.2906 for 08/14/2025 (actual trades ranged $4.205 to $4.33) and $4.4387 for 08/15/2025 (actual trades ranged $4.38 to $4.53).

How much beneficial ownership is reported following the transactions?

The filing discloses indirect beneficial holdings including 518,000 shares attributed to the ARS Trust and additional indirect holdings such as 23,500 shares tied to the RJR Trust and SRR DSNT, with other reported balances shown in the table.

Were the purchases direct or indirect holdings?

The common stock purchases are reported as indirect (I) and are tied to trusts: the ARS Trust (revocable for spouse), the RJR Trust (irrevocable for a child), and SRR DSNT (irrevocable for a child).

When were these transactions executed and who signed the Form 4?

Transactions were executed on 08/14/2025 and 08/15/2025, and the Form 4 was signed by Kathryn Murray as attorney-in-fact for Christopher D. Stansbury on 08/15/2025.