Form 4: Director William H. Cunningham Acquires Phantom Stock Units in Lincoln National Corp (LNC)

Director William H. Cunningham acquired phantom stock units in Lincoln National Corp (LNC) as part of a quarterly payment of board retainer and fees.

Summary

• On June 30, 2024, William H. Cunningham, a director of Lincoln National Corp (LNC), acquired 1,929.26 phantom stock units.
• This 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 $31.1.
• Following the transaction, Cunningham's total holdings include 166,945.82 phantom stock units, including 2,638.86 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The director's acquisition of phantom stock units indicates confidence in the company's future performance. It's a routine transaction related to director compensation.

Positives

• The acquisition of phantom stock units reflects continued alignment of the director's interests with those of the shareholders.
• Dividend reinvestment further increases the director's stake in the company.

Future Outlook

The phantom stock units 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 filing is a routine disclosure of a director's compensation in the form of phantom stock units, a common practice in corporate governance to align director and shareholder interests.

Stakeholder Impact

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

Key Dates