Form 4: Lincoln National Corp Director Ryan Owen Reports Acquisition of Phantom Stock Units

Director Ryan Owen reports acquiring phantom stock units in Lincoln National Corp through a deferred compensation plan.

Summary

• On June 30, 2024, Ryan Owen, a director of Lincoln National Corp (LNC), acquired 2,411.58 phantom stock units.
• These units were obtained through 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 was $31.1 per unit.
• Following the transaction, Owen directly owns 8,012.06 shares.
• This includes 89.56 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The acquisition of phantom stock units is a routine part of executive compensation and aligns the director's interests with the company's performance. The dividend reinvestment further indicates a positive outlook.

Positives

• The acquisition of phantom stock units aligns the director's interests with the company's performance.
• Dividend reinvestment shows a continued investment in the company's future.

Future Outlook

The phantom stock units are payable solely in shares of the company's common stock at resignation or retirement, and the reporting person may transfer his/her Phantom Stock account into an alternative investment account at any time.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in the financial services industry.

Comparison to Industry Standards

• Deferred compensation plans are a common practice among publicly traded companies to incentivize and retain key personnel.
• The structure of Lincoln National's plan, with phantom stock units convertible to common stock, is similar to those offered by companies like Prudential Financial and MetLife.

Related Party Transactions

• The acquisition of phantom stock units through the Deferred Compensation Plan for Non-Employee Directors constitutes a related party transaction.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders.
• It reinforces the alignment of director interests with shareholder value.

Key Dates