Form 4: Lincoln National Corp Director Acquires Phantom Stock Units

Director Gary C Kelly acquired 1,419.11 phantom stock units of Lincoln National Corp (LNC) on December 31, 2024, through a quarterly payment of board retainer and fees.

Summary

• On December 31, 2024, Gary C Kelly, a director of Lincoln National Corp (LNC), acquired 1,419.11 phantom stock units.
• 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 was $31.71 per share.
• Following the transaction, Kelly's direct ownership includes 65,119.29 shares, which includes 843.84 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 positive. The director is increasing their stake in the company, which is generally a good sign. The transaction itself is part of a standard compensation plan.

Positives

• The acquisition of phantom stock units by a director demonstrates confidence in the company's future performance.

Future Outlook

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

Industry Context

This transaction is a routine part of director compensation and aligns the director's interests with those of the shareholders.

Comparison to Industry Standards

• Director compensation packages often include stock or stock-based awards to align their interests with shareholders.
• Phantom stock units are a common form of deferred compensation, particularly in the financial services industry.
• Comparing Kelly's holdings and recent acquisitions to those of directors at peer companies like Prudential Financial (PRU) or MetLife (MET) could provide further context, but this data is not provided in the document.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with theirs.

Key Dates