Form 4: Director Deirdre P. Connelly Increases LNC Holdings

Director Deirdre P. Connelly acquired 1,267.61 phantom stock units of Lincoln National Corp as part of a quarterly board retainer.

Summary

• Deirdre P. Connelly, a Director at Lincoln National Corp (LNC), acquired 1,267.61 phantom stock units on March 31, 2026.
• The acquisition represents the quarterly payment of board retainer and fees under the company's Deferred Compensation Plan for Non-employee Directors.
• Each phantom stock unit is equivalent to one share of LNC common stock, valued at $35.50 per unit.
• Following this transaction, the director's total beneficial ownership in the LNC Stock Fund account increased to 47,224.73 units.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral, routine administrative filing that reflects standard director compensation rather than a strategic shift or market-moving event.

Positives

• Director demonstrates alignment with shareholder interests through the receipt of compensation in company stock.
• The acquisition reflects a standard, recurring governance practice for non-employee director compensation.

Negatives

• None identified; this is a routine compensatory transaction.

Risks

• The value of the phantom stock units is directly tied to the market performance of LNC common stock.
• Liquidity of these units is restricted until the director's resignation or retirement, though transfers to alternative investment accounts within the plan are permitted.

Future Outlook

The filing does not provide forward-looking financial guidance, as it is a routine disclosure of director compensation.

Management Comments

• The transaction is described as a quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan.

Industry Context

StockSavvy.ai notes that the use of phantom stock or deferred compensation plans for board members is a standard industry practice among large-cap financial services firms to ensure long-term alignment between directors and shareholders.

Comparison to Industry Standards

• The structure of this compensation is consistent with standard corporate governance practices for S&P 500 financial institutions.
• The use of deferred compensation plans is common among peers such as Prudential Financial and MetLife to manage director equity exposure.

Stakeholder Impact

• Minimal impact on shareholders; the transaction confirms director commitment to the company's long-term equity performance.

Next Steps

• No specific future actions or milestones were disclosed in this filing.

Key Dates

Keywords

Lincoln National Corp, LNC, Insider Trading, Form 4, Director Compensation, Phantom Stock