[Form 4] Lakeland Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Lakeland Financial Corp (LKFN) – Form 4 insider activity: Director M. Scott Welch reported the acquisition of 480 phantom stock units on 08 Aug 2025 (transaction code A). Each phantom unit is economically equivalent to one share of LKFN common stock and will automatically convert to shares after the director retires from the board. The units were credited at an implicit price of $61.5128 per unit, implying a notional value of roughly $29.5 k.

Following this award, Welch now holds 59,493 phantom stock units, all listed as direct ownership. No open-market purchase or sale of common stock occurred; the transfer represents deferred equity compensation rather than cash investment. There were no dispositions, option exercises, or changes in non-derivative share count disclosed.

This filing signals continued alignment of director compensation with shareholder value but is routine in nature and unlikely to materially affect LKFN’s share price or corporate governance profile.

Positive

• Director increased deferred equity exposure by 480 phantom units, signalling continued alignment with shareholder interests.
• No shares were sold; insider disposition risk remains low.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine deferred-comp grant; minor positive alignment, negligible market impact.

The 480-unit phantom stock addition raises Welch’s deferred stake to 59.5 k units—worth ≈$3.7 m at the filing price. As phantom units vest only at retirement, they reinforce long-term orientation but do not represent fresh capital deployment. No cash outlay or share count dilution occurs, and the volume is immaterial relative to LKFN’s ~25 m shares outstanding. Therefore the event is neutral for valuation and liquidity, with a slight governance benefit from insider exposure.

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
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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^*

WELCH M SCOTT

(Last) (First) (Middle)

6 LONGWOOD COURT

(Street)

ELKHART IN 46516

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
08/05/2025

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

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

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

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)	08/05/2025		A		480		(2)	(3)	Common Stock	480	$61.5128	59,493	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. Phantom shares expire after the directors' retirement as a Board member.

Remarks:

	/s/ Becka J. Turnbow, Attorney-in-Fact	08/06/2025
	** 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.

FAQ

What did LKFN director M. Scott Welch report in the latest Form 4?

He acquired 480 phantom stock units on 08/05/2025 at an implied $61.5128 each.

How many LKFN phantom stock units does the director now hold?

Post-transaction, Welch beneficially owns 59,493 phantom stock units.

Does the filing indicate any sale of Lakeland Financial common shares?

No. The Form 4 shows only an acquisition of phantom stock; no common shares were sold.

When can the phantom stock units be converted into LKFN shares?

The units convert after the director retires from the board, per the filing’s footnotes.

Is this transaction likely to affect LKFN’s share count?

No immediate effect; phantom stock conversion occurs in the future and is already contemplated in equity compensation plans.