Form 4: Lincoln National Director Boosts Stake

Lincoln National Corp. Director Reginald E. Davis acquired 1,010.55 phantom stock units as part of his compensation plan, increasing his beneficial ownership.

Summary

• Reginald E. Davis, a Director of Lincoln National Corp (LNC), acquired 1,010.55 phantom stock units.
• The transaction occurred on December 31, 2025.
• Each phantom stock unit is equivalent to one share of LNC Common Stock and was valued at $44.53.
• These units were acquired as a quarterly payment of board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors.
• The units are payable solely in shares of the Company's common stock upon resignation or retirement.
• Following this transaction, Mr. Davis beneficially owns 28,097.42 derivative securities.
• This total includes 296.94 shares acquired through dividend reinvestment since the previous report.

Sentiment

Score: 6

Explanation: The filing indicates a routine, positive action where a director increases their stake through compensation and dividend reinvestment, aligning interests with shareholders. It's not a major market-moving event but reflects ongoing insider confidence.

Positives

• Director Reginald E. Davis increased his beneficial ownership in Lincoln National Corp, signaling confidence in the company's future.
• The acquisition of phantom stock units is part of a structured deferred compensation plan for non-employee directors, aligning director interests with shareholders.
• Dividend reinvestment contributed to an additional 296.94 shares, indicating a consistent growth in holdings.

Future Outlook

N/A. This Form 4 filing reports a past transaction and does not contain forward-looking statements or guidance.

Industry Context

This transaction is a routine insider filing, common in the financial services and insurance industry, where director compensation often includes equity-based awards to align leadership interests with long-term shareholder value. Such deferred compensation plans are standard practice for publicly traded companies like Lincoln National Corp.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock units by Director Reginald E. Davis from Lincoln National Corp. as part of his compensation plan constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The increase in director ownership, even through a compensation plan, can be viewed as a positive signal of management's confidence in the company's future performance.

Key Dates

Keywords

Lincoln National Corp, LNC, Reginald E. Davis, Director, Phantom Stock, Insider Transaction, Deferred Compensation, Beneficial Ownership, SEC Form 4, Financial Services, Insurance