Form 4: LNC Director LeFebvre Boosts Phantom Stock Holdings

Lincoln National Corp. Director Dale LeFebvre acquired 1,115.79 phantom stock units as part of his deferred compensation plan, increasing his total beneficial ownership to 26,003.85 units.

Summary

• Dale LeFebvre, a Director of Lincoln National Corp. (LNC), reported an acquisition of 1,115.79 Phantom Stock Units.
• The transaction occurred on September 30, 2025, and was part of a quarterly payment for board retainer and fees.
• These units were accrued under the Deferred Compensation Plan for Non-Employee Directors and are equivalent to one share of LNC Common Stock each.
• The acquisition price per unit was $40.33.
• Following this transaction, Dale LeFebvre beneficially owns a total of 26,003.85 Phantom Stock Units.
• The reported beneficial ownership includes an additional 300.11 shares acquired through dividend reinvestment since the last report.

Sentiment

Score: 7

Explanation: The acquisition of additional phantom stock by a director, even as part of compensation, generally indicates continued confidence and alignment with the company's performance and shareholder interests, contributing positively to sentiment.

Positives

• Director Dale LeFebvre's acquisition of additional phantom stock units demonstrates continued alignment of his interests with those of shareholders.
• The transaction is part of a structured deferred compensation plan, indicating a stable and predictable compensation mechanism for non-employee directors.

Future Outlook

The acquired Phantom Stock Units are payable solely in shares of the Company's common stock upon 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.

Industry Context

The acquisition of phantom stock units as part of a deferred compensation plan for non-employee directors is a common practice in the financial services industry, aligning director incentives with long-term shareholder value.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased director ownership aligns the director's financial interests more closely with those of the shareholders, potentially fostering better long-term decision-making.
• Management: The deferred compensation structure provides a clear framework for director remuneration, supporting corporate governance practices.

Next Steps

• Phantom Stock Units will be converted into shares of LNC common stock upon the director's resignation or retirement.

Key Dates

Recommendation

This Form 4 reports a routine, compensation-related acquisition of phantom stock by a director. While it reflects continued alignment of interests, it does not introduce new material information regarding the company's operational performance, financial health, or strategic direction that would warrant a change in investment recommendation. The transaction is a standard part of director compensation and does not suggest a significant shift in the investment thesis for Lincoln National Corp.

Keywords

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