Form 4: Lincoln National Corp Director Eric G. Johnson Reports Acquisition of Phantom Stock Units

Director Eric G. Johnson reports acquisition of phantom stock units in Lincoln National Corp through a deferred compensation plan.

Summary

• On December 31, 2024, Eric G. Johnson, a director of Lincoln National Corp, acquired 1,419.11 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 of the phantom stock units was $31.71.
• Following the transaction, Johnson's direct ownership includes 84,981.09 shares, including 1,106.94 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is neutral to slightly positive as it indicates alignment of interests between the director and shareholders.

Future Outlook

The reporting person may transfer his/her Phantom Stock account into an alternative investment account at any time. The phantom stock units are payable solely in shares of the Company's common stock at resignation or retirement.

Industry Context

This filing is a routine disclosure of a director's compensation in the form of phantom stock units, which is a common practice in corporate governance to align the interests of directors with those of the shareholders.

Comparison to Industry Standards

• Director compensation packages often include stock or stock-based awards like phantom stock units to incentivize long-term value creation.
• Companies like Prudential Financial (PRU) and MetLife (MET) also utilize similar deferred compensation plans for their non-employee directors.
• The specific amount and terms of these awards vary based on company size, performance, and industry practices.

Stakeholder Impact

• The acquisition of phantom stock units by a director aligns their interests with those of the shareholders, potentially encouraging decisions that increase shareholder value.

Key Dates