[Form 4] Lakeland Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Lakeland Financial Corp. (LKFN) director Blake Augsburger filed a Form 4 dated 08/05/2025. The report shows the acquisition of 149 phantom stock units at a reference price of $61.5128. Each unit converts into one common share when the director retires from the Board; until then, the units carry no voting or dividend rights. Following the transaction, Augsburger now holds 18,491 phantom units and reports no change in direct common-share ownership. Because phantom stock does not immediately affect the public float, the filing has no direct impact on outstanding shares or near-term earnings, but it modestly increases the director’s long-term economic stake, reinforcing alignment with shareholder interests.

Insights

Portfolio Manager

TL;DR‒Minor insider buy; symbolic, not valuation-moving.

The purchase adds just 149 phantom units, an immaterial figure relative to LKFN’s share base. While any insider accumulation is directionally positive, phantom stock is settled only at retirement, so liquidity and near-term EPS are unaffected. I classify this as routine governance disclosure rather than a catalyst.

Corporate Governance Expert

TL;DR‒Routine phantom stock grant enhances alignment.

Phantom stock ties compensation to share value without diluting current shareholders. The award is standard for directors and signals ongoing commitment, but does not indicate material strategic change. Compliance is timely and complete.

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^*

Augsburger Blake

(Last) (First) (Middle)

LAKELAND FINANCIAL CORPORATION

P.O. BOX 1387

(Street)

WARSAW IN 46581

(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		149		(2)	(3)	Common Stock	149	$61.5128	18,491	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 disclose in the latest Form 4?

Director Blake Augsburger acquired 149 phantom stock units at $61.5128 on 08/05/2025.

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

Augsburger’s total derivative holdings increased to 18,491 phantom units.

Does the transaction dilute current LKFN shareholders?

No. Phantom stock converts only after the director’s retirement and does not alter today’s share count.

What is phantom stock in LKFN’s compensation plan?

Each unit tracks the value of one LKFN share and converts 1-for-1 into common stock upon board retirement.

Is this insider transaction considered material to investors?

Given the small size (149 units), the filing is deemed routine and not financially material.