Form 4: Lincoln National Corp Director William H. Cunningham Dr. Reports Acquisition of Phantom Stock Units

Director William H. Cunningham Dr. reports acquiring phantom stock units in Lincoln National Corp through a deferred compensation plan.

Summary

• On March 31, 2024, William H. Cunningham Dr., a director of Lincoln National Corp (LNC), acquired 1,879.11 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 share was $31.93.
• Following the transaction, Cunningham directly owns 162,377.7 shares, which includes 2,675.97 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and ongoing relationship between the director and the company. There are no indications of negative sentiment.

Positives

• The acquisition of phantom stock units reflects continued alignment of the director's interests with those of the shareholders.
• Dividend reinvestment further increases the director's stake in the company.

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

Directors often receive stock-based compensation to align their interests with shareholders. Phantom stock units are a common form of deferred compensation.

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, as it primarily concerns director compensation.

Key Dates