Form 4: Director Eric Johnson Boosts LNC Phantom Stock Holdings

Lincoln National Corp. Director Eric Johnson acquired 1,010.55 phantom stock units as part of his deferred compensation plan, increasing his total holdings to 94,136.58 units.

Summary

• Director Eric G. Johnson of Lincoln National Corp. (LNC) acquired 1,010.55 phantom stock units.
• These units were acquired on December 31, 2025, at a price of $44.53 per unit.
• The acquisition represents quarterly payment of board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors.
• Each phantom stock unit is equivalent to one share of LNC Common Stock and is payable in common stock upon resignation or retirement.
• Following this transaction, Eric G. Johnson beneficially owns 94,136.58 phantom stock units.
• The total beneficial ownership also includes 1,020.88 shares acquired through dividend reinvestment since the last report.
• The transaction was made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 7

Explanation: The transaction is a routine compensation event, indicating continued director involvement and alignment of interests, which is generally positive. No negative implications are present.

Positives

• Director Eric G. Johnson increased his beneficial ownership in Lincoln National Corp. through the acquisition of 1,010.55 phantom stock units.
• The acquisition is part of a deferred compensation plan, indicating ongoing commitment and alignment of interests between the director and shareholders.
• The transaction was executed under a Rule 10b5-1(c) plan, suggesting a pre-planned and systematic approach to compensation and ownership.

Risks

• The value of the phantom stock units is tied to the performance of LNC Common Stock, exposing the holder to market fluctuations.

Future Outlook

The filing does not contain forward-looking statements or guidance regarding the company's future performance, only a director's compensation transaction.

Industry Context

This Form 4 reports a routine insider transaction related to director compensation in the financial services/insurance industry. It does not provide broader industry trends or competitive analysis.

Comparison to Industry Standards

• This filing is a standard disclosure of insider transactions and does not provide data for comparison to industry benchmarks or specific comparable companies/projects. Director compensation structures, including deferred phantom stock, are common in publicly traded companies.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock units by Director Eric G. Johnson is a related party transaction, representing compensation for his board service under a pre-existing deferred compensation plan.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders through equity ownership.

Key Dates

Recommendation

This Form 4 details a routine, pre-planned acquisition of phantom stock units by a director as part of their compensation. It does not provide new information about the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. It simply confirms ongoing director alignment with shareholder interests. Therefore, a "hold" recommendation is appropriate as there's no new fundamental catalyst for a buy or sell decision based solely on this filing.

Keywords

Lincoln National Corp, LNC, Form 4, Insider Trading, Phantom Stock, Deferred Compensation, Director Compensation, Equity Ownership, Eric Johnson