Lakeland Financial (LKFN) director receives new phantom stock grant

Rhea-AI Filing Summary

Lakeland Financial Corp director Bradley J. Toothaker received a grant of 160 phantom stock units on Common Stock. These units were awarded as a derivative grant and increase his phantom stock holdings to 19,185 units.

Each phantom stock unit converts into one share of Common Stock, but is only exercisable after his retirement from the Board and expires at that time, tying the award to his long-term board service.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Toothaker Bradley J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	160	$61.9216	$10K

Holdings After Transaction: Phantom Stock — 19,185 shares (Direct, null)

Footnotes (1)

1. Each phantom stock unit exercises into 1 share of Common Stock. Phantom stock is exercisable after the directors' retirement as a Board member. Phanton shares expire after the directors' retirement as a Board member.

Key Figures

Phantom stock units granted: 160 units Grant price per unit: 61.9216 per unit Phantom stock units after grant: 19,185 units +1 more

4 metrics

Phantom stock units granted 160 units Grant of phantom stock on 2026-05-05

Grant price per unit 61.9216 per unit Price per phantom stock unit on grant

Phantom stock units after grant 19,185 units Total phantom stock holdings following transaction

Underlying Common Stock per unit 1 share per unit Each phantom stock unit converts into one Common share

Key Terms

Phantom Stock, underlying security title, derivative

3 terms

Phantom Stock financial

"security_title: "Phantom Stock" and footnote explaining unit conversion"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

underlying security title financial

""underlying_security_title": "Common Stock" in the transaction record"

derivative financial

""transaction_type": "derivative" describing the nature of the award"

A derivative is a financial contract whose value depends on the price or performance of another asset or measure — for example a stock, index, interest rate, commodity, or currency. Investors use derivatives like insurance or leveraged bets to hedge risk, speculate, or gain exposure without owning the underlying asset; they can protect portfolios but also amplify losses and introduce counterparty and market risk.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Toothaker Bradley J

(Last) (First) (Middle)

LAKELAND FINANCIAL CORPORATION

P.O. BOX 1387

(Street)

WARSAW INDIANA 46581-1387

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
LAKELAND FINANCIAL CORP [ LKFN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/05/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock	(1)	05/05/2026		A		160		(2)	(3)	Common Stock	160	$61.9216	19,185	D

Explanation of Responses:

1. Each phantom stock unit exercises into 1 share of Common Stock.

2. Phantom stock is exercisable after the directors' retirement as a Board member.

3. Phanton shares expire after the directors' retirement as a Board member.

Remarks:

	/s/ Becka J. Turnbow, Attorney-in-Fact	05/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Lakeland Financial (LKFN) report for Bradley J. Toothaker?

Lakeland Financial reported that director Bradley J. Toothaker received a grant of 160 phantom stock units. These derivative units are tied to the company’s Common Stock and were awarded as a grant or award acquisition under a Form 4 filing.

How many phantom stock units does Bradley J. Toothaker hold after this LKFN grant?

After this grant, Bradley J. Toothaker holds a total of 19,185 phantom stock units. This reflects the 160-unit award added to his prior phantom stock position, as disclosed in the Form 4 transaction details for Lakeland Financial.

What does the phantom stock grant for LKFN’s director convert into?

Each phantom stock unit granted to the Lakeland Financial director converts into one share of Common Stock. The filing specifies a one-to-one relationship between phantom stock units and Common Stock as the underlying security for this derivative award.

When can Bradley J. Toothaker exercise his Lakeland Financial phantom stock units?

The phantom stock units are exercisable only after Bradley J. Toothaker retires as a Board member. The filing states that exercisability begins upon retirement, aligning the award with the director’s long-term board service at Lakeland Financial.

Do the Lakeland Financial phantom stock units have an expiration condition?

Yes. The phantom stock units expire after Bradley J. Toothaker retires as a Board member. The Form 4 footnotes explain that these phantom shares cease after retirement, defining both the exercisability trigger and the expiration condition for the award.