Form 4: Lincoln National Director Boosts Phantom Stock Holdings

Reginald E. Davis, a Director at Lincoln National Corp, acquired 1,115.79 phantom stock units as part of his compensation plan.

Summary

• Reginald E. Davis, a Director of Lincoln National Corp (LNC), acquired 1,115.79 phantom stock units on September 30, 2025.
• The acquisition was a quarterly payment of board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors.
• Each phantom stock unit is equivalent to one share of LNC Common Stock and is payable solely in shares of the company's common stock at resignation or retirement.
• The reporting person has the option to transfer their phantom stock account into an alternative investment account at any time.
• The price per phantom stock unit for this transaction was $40.33.
• Following this transaction, Reginald E. Davis beneficially owns a total of 26,789.93 phantom stock units.
• The reported holdings include an additional 309.58 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 6

Explanation: Routine insider acquisition of phantom stock as part of director compensation, indicating continued alignment of interests, which is a slightly positive but expected event.

Positives

• Increased beneficial ownership by a director, Reginald E. Davis, through compensation, which aligns management interests with shareholders.
• Continued growth in director's holdings through dividend reinvestment, indicating long-term commitment.

Future Outlook

NA

Industry Context

This is a routine insider transaction reporting director compensation in the form of phantom stock, common practice in the financial services industry to align executive and director interests with long-term company performance.

Related Party Transactions

• Acquisition of phantom stock units by a director as part of their compensation plan, which is a standard related-party transaction for board remuneration.

Stakeholder Impact

• Shareholders may view the increased director equity ownership as a positive signal, indicating stronger alignment of interests between the board and long-term company performance.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director as part of their compensation. While it indicates continued alignment of interests, it does not present new information significant enough to alter an investment thesis or warrant a strong buy/sell recommendation based solely on this filing.

Keywords

Lincoln National Corp, LNC, Insider Transaction, Form 4, Phantom Stock, Director Compensation, Equity Holdings, Deferred Compensation