Form 4: Lincoln National Corp Director Leanne Lachman Reports Acquisition of Phantom Stock Units

Director Leanne Lachman acquired phantom stock units equivalent to 1,419.11 shares of Lincoln National Corp common stock as part of a quarterly payment of board retainer and fees.

Summary

• On December 31, 2024, Leanne Lachman, a director of Lincoln National Corp (LNC), acquired 1,419.11 phantom stock units.
• These units are equivalent to shares of LNC common stock and were received as a quarterly payment of board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors.
• The price per share was $31.71.
• Following the transaction, Lachman's direct holdings include 32,455.94 shares, which includes 411.14 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine transaction disclosure. The director's acquisition of stock units can be seen as a positive sign, but it's part of a pre-existing compensation plan.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's future performance.

Future Outlook

The reporting person may transfer his/her Phantom Stock account into an alternative investment account at any time, and 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 insider transactions, which are common in publicly traded companies. It provides transparency into the actions of company directors and their alignment with shareholder interests.

Comparison to Industry Standards

• Director compensation in the form of stock or phantom stock units is a common practice among publicly traded companies, including those in the financial services sector like Prudential Financial, MetLife, and AIG.
• These companies often use deferred compensation plans to align the interests of directors with the long-term performance of the company.
• The specific amount and terms of the compensation vary based on company size, performance, and industry standards.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns the director's interests with the company's performance.

Key Dates