Form 4: Lincoln National Director Owen Ryan Boosts Stake Through Routine Phantom Stock Acquisition

Lincoln National Corp. Director Owen Ryan increased his beneficial ownership by acquiring 2,167.63 phantom stock units as part of his board compensation, bringing his total holdings to 17,647.89 units.

Summary

• Owen Ryan, a Director at Lincoln National Corp. (LNC), acquired 2,167.63 Phantom Stock Units on June 30, 2025.
• Each Phantom Stock Unit is equivalent to one share of LNC Common Stock.
• The acquisition was a quarterly payment of board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors.
• The price per unit for this transaction was $34.6.
• Following this transaction, Owen Ryan beneficially owns a total of 17,647.89 Phantom Stock Units.
• This total includes 214.87 shares acquired through dividend reinvestment since the last report.
• The Phantom Stock Units are payable solely in shares of the Company's common stock at resignation or retirement, and the reporting person can transfer their Phantom Stock account into an alternative investment account at any time.

Sentiment

Score: 7

Explanation: The filing reports a routine compensation event for a director, which is generally neutral but can be viewed as slightly positive due to increased alignment of director interests with shareholders through equity ownership.

Positives

• Director Owen Ryan's acquisition of additional phantom stock units aligns his interests further with those of shareholders.
• The inclusion of 214.87 shares acquired through dividend reinvestment indicates a continued commitment to holding and growing the investment in the company.

Negatives

• No negative information is presented in this routine compensation filing.

Risks

• No specific risks are detailed in this Form 4 filing.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or strategic outlook.

Industry Context

This filing is a routine insider transaction report related to director compensation and does not provide information relevant to broader industry trends or competitive analysis.

Corporate Governance

Related Party Transactions

• The acquisition of 2,167.63 Phantom Stock Units by Director Owen Ryan as part of his board compensation constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The transaction increases Director Owen Ryan's beneficial ownership, potentially enhancing alignment between management and shareholder interests.

Next Steps

• Phantom Stock Units are payable solely in shares of Lincoln National Corp. common stock at the time of the reporting person's resignation or retirement.
• The reporting person retains the option to transfer their Phantom Stock account into an alternative investment account at any time prior to payout.

Key Dates

Keywords

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