Form 4: Lincoln National Corp Director Reginald E. Davis Reports Acquisition of Phantom Stock Units

Director Reginald E. Davis acquired phantom stock units in Lincoln National Corp through a deferred compensation plan.

Summary

• Reginald E. Davis, a director of Lincoln National Corp (LNC), reported a transaction on December 31, 2024.
• Davis acquired 1,419.11 phantom stock units through the Deferred Compensation Plan for Non-Employee Directors.
• These units are equivalent to shares of LNC common stock and were acquired as a quarterly payment of board retainer and fees.
• The price per share was $31.71.
• Following the transaction, Davis directly owns 22,182.47 shares, which includes 275.05 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a routine transaction disclosure. The director's continued investment is a mild positive, but it's part of a pre-existing compensation plan.

Positives

• The acquisition of phantom stock units reflects continued investment by a director in the company's stock.
• The director also acquired 275.05 shares through dividend reinvestment.

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 stock transactions by a company insider, which is common in publicly traded companies. It provides transparency to investors regarding the actions of company leadership.

Related Party Transactions

• The acquisition of phantom stock units is a related party transaction as it involves compensation to a director.

Stakeholder Impact

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

Key Dates