Form 4: Lincoln National Director Deirdre Connelly Reports Acquisition of Phantom Stock Units

Lincoln National Corporation Director Deirdre Connelly reported the acquisition of 1,300.58 phantom stock units as part of her board compensation, increasing her total beneficial ownership to 42,343.91 units.

Summary

• Deirdre P. Connelly, a Director of Lincoln National Corp (LNC), acquired 1,300.58 phantom stock units.
• The transaction occurred on 06/30/2025.
• These units were acquired as 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 common stock upon resignation or retirement.
• The price per unit for this acquisition was $34.6.
• Following this transaction, Deirdre P. Connelly beneficially owns 42,343.91 phantom stock units.
• This total includes 569.69 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 6

Explanation: The document reports a routine, expected insider transaction (acquisition of phantom stock units as compensation). While not a direct 'buy' by the insider, it represents an increase in their beneficial ownership, which is generally viewed neutrally to slightly positive as it aligns director interests with shareholders. There are no negative disclosures.

Positives

• Acquisition of phantom stock units by a director aligns their interests with shareholders.
• The transaction is part of a structured deferred compensation plan, indicating a standard compensation practice.
• Dividend reinvestment indicates ongoing accumulation of shares.

Future Outlook

The document does not provide any forward-looking statements or guidance beyond the details of the reported transaction.

Industry Context

This Form 4 filing reports a routine compensation-related equity acquisition by a director in a financial services company. Such transactions are common across the industry as a means of aligning director interests with shareholder value, particularly through deferred compensation plans that pay out in company stock.

Comparison to Industry Standards

• This type of equity compensation, specifically phantom stock units as part of a deferred compensation plan for non-employee directors, is a standard practice within the financial services industry and publicly traded companies generally.
• Companies like Prudential Financial, MetLife, and Aflac often utilize similar mechanisms to compensate their board members, aligning their long-term interests with company performance and shareholder returns.
• The specific value and number of units are commensurate with director compensation levels in large-cap financial institutions.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock units by a director aligns their interests with those of shareholders, as the value of these units is tied to the company's common stock performance.
• Employees: No direct impact on employees is indicated by this specific filing.
• Customers: No direct impact on customers is indicated by this specific filing.
• Suppliers: No direct impact on suppliers is indicated by this specific filing.
• Creditors: No direct impact on creditors is indicated by this specific filing.

Next Steps

• The phantom stock units are payable solely in shares of the Company's common stock at the reporting person's resignation or retirement.
• The reporting person may transfer their Phantom Stock account into an alternative investment account at any time.

Key Dates

Recommendation

Keywords

Lincoln National Corp, LNC, SEC Form 4, Insider Transaction, Phantom Stock Units, Director Compensation, Deferred Compensation Plan, Equity Compensation, Beneficial Ownership