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

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

Summary

• On March 31, 2024, Ryan Owen, a director of Lincoln National Corp (LNC), acquired 2,348.89 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 per unit was $31.93.
• Following the transaction, Owen's direct ownership includes 5,510.93 phantom stock units.
• This includes 52.72 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 by a director is a routine transaction and aligns interests with shareholders. The dividend reinvestment further suggests a long-term positive outlook.

Positives

• The acquisition of phantom stock units aligns the director's interests with the company's performance.
• Dividend reinvestment indicates a long-term investment perspective.

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

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Director compensation in the form of stock or phantom stock units is a common practice among publicly traded companies to align the interests of directors with those of shareholders.
• The specifics of deferred compensation plans vary across companies, but the general principle is to defer compensation until a later date, often retirement, and to tie the value of the compensation to the company's stock price.

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 minor positive impact on shareholders by aligning the director's interests with the company's performance.

Key Dates