Form 4: Lincoln National Corp Director Acquires Phantom Stock Units

Director Ryan Owen of Lincoln National Corp acquired phantom stock units equivalent to 1,272.98 shares of common stock on June 30, 2026, as part of his board compensation.

Summary

• Director Ryan Owen acquired 1,272.98 phantom stock units on June 30, 2026.
• These units are equivalent to shares of Lincoln National Corp (LNC) common stock.
• The acquisition is part of the quarterly payment for board retainer and fees under the LNC Deferred Compensation Plan for Non-employee Directors.
• The phantom stock units are held in an investment account and are payable in LNC common stock upon resignation or retirement.
• The reporting person also acquired an additional 277.26 shares through dividend reinvestment since the last report.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine director compensation transaction rather than a significant strategic event or financial performance indicator.

Positives

• Director compensation is being paid in equity-linked instruments, aligning director interests with shareholders.
• Dividend reinvestment indicates continued accumulation of shares by the director.

Risks

• The value of the phantom stock units is tied to the performance of LNC's common stock, exposing the director to market volatility.
• The phantom stock units are not immediately liquid and are payable upon resignation or retirement.

Future Outlook

The phantom stock units are payable solely in shares of LNC Common Stock at resignation or retirement, indicating a long-term commitment or expectation of continued service.

Industry Context

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

Corporate Governance

Related Party Transactions

• The transaction involves a director (Ryan Owen) acquiring phantom stock units, which is a form of compensation from the issuer (Lincoln National Corp).

Stakeholder Impact

• Shareholders: The transaction reflects standard director compensation practices, potentially aligning director interests with shareholder value through equity-linked compensation.
• Directors: Ryan Owen is accumulating equity-linked compensation, subject to vesting and market performance.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

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

Key Dates

Keywords

SEC Form 4, Lincoln National Corp, LNC, Director Compensation, Phantom Stock Units, Beneficial Ownership, Equity Award, Deferred Compensation Plan, Insider Transaction