Form 4: Lincoln National Corp Director Acquires Phantom Stock Units

Director William H. Cunningham acquired phantom stock units in Lincoln National Corp through a deferred compensation plan.

Summary

• On December 31, 2024, William H. Cunningham, a director of Lincoln National Corp (LNC), acquired 1,892.15 phantom stock units.
• These units were obtained through the Deferred Compensation Plan for Non-Employee Directors as a quarterly payment of board retainer and fees.
• Each phantom stock unit is equivalent to one share of LNC common stock.
• The price per share was $31.71.
• Following the transaction, Cunningham directly owns 175,244.86 shares of LNC, which includes 2,296.40 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices and alignment with shareholder interests.

Positives

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders.
• Dividend reinvestment indicates a long-term investment strategy.

Future Outlook

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.

Industry Context

Director compensation through stock and phantom stock units is a common practice in publicly traded companies to align management's interests with shareholder value. This Form 4 filing is a routine disclosure required by the SEC.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, potentially driving long-term value.

Key Dates