Form 4: Lincoln National Corp Director, Gary C Kelly, Reports Acquisition of Phantom Stock Units

Director Gary C Kelly reports acquiring 1,253.13 phantom stock units of Lincoln National Corp, equivalent to common stock shares, through a deferred compensation plan.

Summary

• Gary C Kelly, a director of Lincoln National Corp (LNC), reported a transaction on March 31, 2025.
• Kelly acquired 1,253.13 phantom stock units, each equivalent to one share of LNC common stock, through the Deferred Compensation Plan for Non-Employee Directors.
• The acquisition price was $35.91 per unit.
• Following the transaction, Kelly directly owns 67,236.58 shares, which includes 864.16 shares acquired through dividend reinvestment since the last report.
• The phantom stock units are payable solely in shares of the company's common stock at resignation or retirement and can be transferred into an alternative investment account at any time.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The director's acquisition of phantom stock units suggests confidence in the company's future, but it's a routine transaction.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's future performance.
• Dividend reinvestment further demonstrates a long-term commitment to the company.

Future Outlook

The phantom stock units are payable solely in shares of the company's common stock at resignation or retirement.

Industry Context

Director stock ownership is a common practice in publicly traded companies and is often viewed positively by investors as it aligns management's interests with those of shareholders.

Comparison to Industry Standards

• Director compensation packages often include stock options, restricted stock, or phantom stock units to incentivize long-term performance.
• Companies like Prudential Financial (PRU) and MetLife (MET) also utilize similar compensation strategies for their directors.
• The amount of phantom stock units acquired is within the typical range for director compensation at companies of similar size and industry.

Stakeholder Impact

• The transaction could have a slightly positive impact on shareholder confidence.
• The deferred compensation plan impacts the director's long-term financial stake in the company.

Key Dates

Keywords

phantom stock units, director, LNC, Lincoln National Corp, deferred compensation, Form 4, beneficial ownership