Form 4: Lincoln National Corp Director Acquires Phantom Stock Units

Director Gary C. Kelly reports acquisition of phantom stock units in Lincoln National Corp through a deferred compensation plan.

Summary

• On March 31, 2024, Gary C. Kelly, a director of Lincoln National Corp (LNC), acquired 1,409.33 phantom stock units.
• These units were obtained through the Deferred Compensation Plan for Non-Employee Directors.
• Each phantom stock unit is equivalent to one share of LNC common stock.
• The price per unit was $31.93.
• Following the transaction, Kelly's direct holdings include 58,233.67 shares, including 947.42 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 suggests confidence in the company, but it's a routine transaction under a deferred compensation plan.

Positives

• The acquisition of phantom stock units by a director can be seen as a positive sign, indicating confidence in the company's future performance.
• The director's participation in the Deferred Compensation Plan aligns their interests with those of the shareholders.

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

Director stock acquisitions are common in the financial services industry as part of compensation and incentive programs. These acquisitions are often viewed as a sign of confidence in the company's prospects.

Stakeholder Impact

• The acquisition of phantom stock units by a director can positively influence shareholder sentiment.

Key Dates