Form 4: LNC Executive Kennedy Boosts Stake with Performance Shares, RSUs

Lincoln National Corp's EVP, Chief Distribution & Brand Officer, John Christopher Kennedy, reported the acquisition of shares from performance awards and a new restricted stock unit grant.

Summary

• John Christopher Kennedy, EVP, Chief Distribution & Brand Officer of Lincoln National Corp (LNC), acquired 22,026 shares of common stock on February 19, 2026, as settlement for the 2023-2025 performance share award.
• Concurrently, 7,353 shares were disposed of at a price of $40.10 per share on February 19, 2026, to cover tax withholding obligations related to the performance share award settlement.
• Kennedy also received a grant of 16,085 restricted stock units (RSUs) on February 19, 2026, which represent a contingent right to receive LNC common stock and are scheduled to vest on February 19, 2029.
• Following these transactions, Kennedy directly beneficially owns 147,897 shares of LNC common stock.
• Additionally, Kennedy indirectly beneficially owns 12,507.08 shares through the Company's 401(k) Plan as of February 2, 2026.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive event, reflecting the executive's continued equity participation and alignment with long-term company performance through new RSU grants and the successful vesting of prior performance awards.

Positives

• Acquisition of 22,026 shares from a performance share award indicates successful achievement of prior performance targets for the 2023-2025 cycle.
• Grant of 16,085 restricted stock units aligns management's interests with long-term shareholder value, with vesting scheduled for February 19, 2029.
• The executive's direct beneficial ownership increased to 147,897 shares after these transactions, demonstrating continued equity participation.

Negatives

• Disposal of 7,353 shares at $40.10 per share for tax withholding reduced the immediate net share gain from the performance award settlement.

Future Outlook

The grant of restricted stock units vesting on February 19, 2029, indicates a long-term incentive structure for the executive, aligning future performance with shareholder value over the next three years.

Industry Context

StockSavvy.ai notes that executive equity grants and performance share awards are standard compensation practices in the financial services industry, aiming to incentivize long-term performance and align executive interests with shareholder returns. This filing reflects a routine compensation event for a senior executive at a major insurance and wealth management company.

Stakeholder Impact

• Shareholders: The grant of restricted stock units aligns executive incentives with long-term shareholder value. The settlement of performance shares indicates past performance targets were met, potentially benefiting shareholders.
• Employees: No direct impact on general employees is indicated by this executive compensation filing.

Next Steps

• The restricted stock units granted on February 19, 2026, are scheduled to vest on February 19, 2029.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation activities, including the settlement of performance shares and the grant of new restricted stock units. While these transactions demonstrate continued executive alignment with company performance, they do not provide new fundamental information about the company's operational or financial health that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company fundamentals.

Keywords

Lincoln National Corp, LNC, Form 4, Insider Trading, John Christopher Kennedy, Executive Compensation, Performance Share Award, Restricted Stock Units, Equity Grant, Share Ownership