Form 4: Director Ryan Owen Boosts LNC Stake via Compensation

Lincoln National Director Owen Ryan acquired 1,859.66 phantom stock units as part of his compensation, increasing his total beneficial ownership to 19,722.95 units.

Summary

• Director Owen Ryan acquired 1,859.66 Phantom Stock Units of Lincoln National Corp (LNC) on September 30, 2025.
• These units were received as a quarterly payment for 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.
• The reporting person's total beneficial ownership of phantom stock units increased to 19,722.95 following this transaction.
• The reported beneficial ownership also includes 215.40 shares acquired through dividend reinvestment since the last report.
• The phantom stock is payable solely in shares of the Company's common stock at resignation or retirement.
• The reporting person may transfer their Phantom Stock account into an alternative investment account at any time.

Sentiment

Score: 7

Explanation: The transaction is a routine compensation event, increasing the director's stake and aligning interests with shareholders, which is generally positive, but it does not reflect a discretionary investment decision or new operational news.

Positives

• Director Owen Ryan increased his beneficial ownership in Lincoln National Corp, aligning his interests further with shareholders.
• The acquisition of phantom stock units is part of a structured deferred compensation plan for non-employee directors, indicating a stable compensation framework.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance.

Management Comments

• Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.
• Quarterly payment of board retainer and fees in shares of phantom stock accrued under the Deferred Compensation Plan for Non-Employee Directors (the "Plan"), which are payable solely in shares of the Company's common stock at resignation or retirement.
• The reporting person may transfer his/her Phantom Stock account into an alternative investment account at any time.

Industry Context

This insider transaction report is specific to Lincoln National Corp and its director, Owen Ryan, and does not provide broader industry trends or competitive analysis.

Related Party Transactions

• The acquisition of phantom stock units by Director Owen Ryan is part of the Deferred Compensation Plan for Non-Employee Directors, which is a standard compensation arrangement between the company and its director.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholders due to higher beneficial ownership.
• Director: Receives compensation in company equity, deferred until resignation or retirement.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director as part of their compensation package. While it increases the director's beneficial ownership and aligns their interests with shareholders, it does not represent a discretionary open-market purchase or provide new material information about the company's operational or financial performance that would alter an investment thesis. Therefore, it primarily serves as a disclosure of a pre-arranged compensation event.

Keywords

Lincoln National, LNC, Owen Ryan, Director, Insider Transaction, Form 4, Phantom Stock, Deferred Compensation