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

Director M. Leanne Lachman reports acquisition of phantom stock units and shares through dividend reinvestment in Lincoln National Corp.

Summary

• M. Leanne Lachman, a director of Lincoln National Corp (LNC), reported a transaction on June 30, 2024.
• Lachman acquired 1,446.95 phantom stock units as part of a quarterly payment of board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors.
• These units are equivalent to shares of LNC common stock and are payable upon resignation or retirement.
• The reporting person may transfer his/her Phantom Stock account into an alternative investment account at any time.
• Additionally, Lachman acquired 437.68 shares through dividend reinvestment since the last report.
• Following the reported transactions, Lachman beneficially owns 28,816.73 shares of LNC common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. The filing reflects standard compensation practices and continued investment by a director, which is generally viewed favorably.

Positives

• The acquisition of phantom stock units reflects ongoing compensation for board service.
• Dividend reinvestment indicates a continued investment in the company's stock.

Future Outlook

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 stock transactions by a company insider, which is common in the financial services industry. It provides transparency into the holdings and transactions of key personnel.

Comparison to Industry Standards

• Director compensation in the form of stock and phantom stock units is a common practice among publicly traded companies, including those in the insurance sector like Prudential Financial (PRU) and MetLife (MET).
• Dividend reinvestment programs are also standard, allowing shareholders to increase their holdings over time.
• The reporting requirements under Section 16(a) of the Securities Exchange Act ensure transparency, aligning with industry best practices for corporate governance.

Stakeholder Impact

• The disclosure provides transparency to shareholders regarding insider transactions.
• The acquisition of phantom stock units aligns director interests with those of shareholders.

Key Dates