Form 4: Lincoln National Corp: Director Acquires Phantom Stock Units

Deirdre P. Connelly, a Director at Lincoln National Corp, acquired 1,272.98 phantom stock units on June 30, 2026, as part of her board compensation.

Summary

• Deirdre P. Connelly, a Director of Lincoln National Corp (LNC), acquired 1,272.98 phantom stock units on June 30, 2026.
• These units are equivalent to LNC Common Stock and were granted as part of her quarterly board retainer and fees under the Deferred Compensation Plan for Non-employee Directors.
• The phantom stock units are held in the LNC Stock Fund investment account and are payable in LNC Common Stock upon resignation or retirement.
• The reporting person has the option to transfer these units to an alternative investment account within the same plan at any time.
• Additionally, 566.25 shares were acquired through dividend reinvestment since the last report.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine compensation transaction for a director and does not provide new financial performance data or strategic insights.

Positives

• Director compensation is being paid in equity-linked instruments, aligning director interests with shareholders.
• Dividend reinvestment indicates continued accumulation of shares, suggesting confidence in the company's long-term value.

Risks

• The value of phantom stock units is tied to the performance of LNC Common Stock, exposing the director to market volatility.
• The deferred compensation plan's payout structure upon resignation or retirement could be influenced by future company performance.

Future Outlook

The filing does not contain forward-looking statements or guidance. The transaction reflects compensation arrangements for a director.

Industry Context

StockSavvy.ai notes that the use of phantom stock units for director compensation is a common practice in the insurance and financial services industry, aiming to align executive and director interests with those of shareholders by linking compensation to stock performance.

Stakeholder Impact

• Shareholders: The transaction aligns director compensation with the company's stock performance, potentially incentivizing long-term value creation.
• Directors: The transaction details the compensation structure for directors, including the use of phantom stock units and dividend reinvestment.

Next Steps

• The phantom stock units are payable in LNC Common Stock at resignation or retirement.
• The reporting person may transfer holdings into an alternative investment account within the Directors' DCP at any time.

Key Dates

Keywords

Lincoln National Corp, LNC, Form 4, Insider Trading, Director Compensation, Phantom Stock Units, Deferred Compensation, Equity Awards, SEC Filing