Form 4: Lincoln National Corp Director Michael Mee Reports Acquisition of Phantom Stock Units

Director Michael Mee reports acquiring 1,683.37 phantom stock units of Lincoln National Corp as part of deferred compensation.

Summary

• On March 31, 2024, Michael F Mee, a director of Lincoln National Corp (LNC), acquired 1,683.37 phantom stock units.
• These units were obtained as a quarterly payment of board retainer and fees, accrued under 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, Mee directly owns 109,545.15 shares of LNC, which includes 1,798.36 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating stable corporate governance practices. The sentiment is neutral to slightly positive as it reflects ongoing commitment from a director.

Positives

• The acquisition of phantom stock units reflects ongoing compensation for the director's services.
• Dividend reinvestment contributes to an increase in the director's holdings.

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 related to director compensation, which is a common practice in publicly traded companies. It provides transparency into how directors are incentivized and rewarded for their service.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash, stock options, and restricted stock units.
• Phantom stock units are a common tool used to align director interests with shareholder value, similar to practices at companies like Prudential Financial or MetLife.
• The specifics of the Deferred Compensation Plan for Non-Employee Directors would need to be compared to similar plans at peer companies to assess its competitiveness and alignment with industry norms.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders.
• It provides transparency to shareholders regarding director compensation.

Key Dates