Form 4: Director LeFebvre Increases Stake in Lincoln National Corp (LNC) Through Phantom Stock Acquisition

Director Dale LeFebvre acquired additional phantom stock units in Lincoln National Corp through a quarterly payment of board retainer and fees.

Summary

• On December 31, 2024, Director Dale LeFebvre acquired 1,419.11 phantom stock units of Lincoln National Corp (LNC).
• The acquisition was part of a quarterly payment of board retainer and fees, accrued under the Deferred Compensation Plan for Non-Employee Directors.
• Each phantom stock unit is equivalent to one share of LNC Common Stock.
• The price per share was $31.71.
• Following the transaction, LeFebvre's direct holdings increased to 21,426.67 shares, which includes 265.04 shares acquired through dividend reinvestment since the last report.
• The phantom stock units are payable solely in shares of the Company's common stock at resignation or retirement, and the reporting person may transfer his/her Phantom Stock account into an alternative investment account at any time.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The director's increased stake suggests confidence, but it's a routine transaction.

Positives

• Director's increased stake demonstrates confidence in the company.
• The Deferred Compensation Plan for Non-Employee Directors provides a mechanism for aligning director interests with shareholder value.

Future Outlook

The phantom stock units are payable solely in shares of the Company's common stock at resignation or retirement.

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. Directors often receive compensation in the form of stock or stock-based awards to align their interests with those of shareholders.

Comparison to Industry Standards

• Director compensation packages often include stock options, restricted stock units (RSUs), or phantom stock to incentivize long-term value creation.
• Companies like Prudential Financial (PRU) and MetLife (MET) also utilize similar compensation structures for their board members.
• The specific terms and conditions of these plans can vary widely based on company size, industry, and performance.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns director interests with company performance.

Key Dates