Lakeland Financial (LKFN) director adds 365 phantom stock units to deferred holdings

Rhea-AI Filing Summary

Smith Brian J reported acquisition or exercise transactions in this Form 4 filing.

LAKELAND FINANCIAL CORP director Brian J. Smith received a grant of 365 phantom stock units on July 8, 2026. Each phantom unit represents one share of common stock and is exercisable only after his retirement from the Board, at which time the units also expire. Following this award, Smith holds 21,452 phantom stock units directly as a deferred equity-based compensation position.

Insights

Equity compensation analyst

Routine director equity grant using deferred phantom stock units.

Director Brian J. Smith received 365 phantom stock units, each tied 1:1 to common shares, at a reference value of $61.549 per unit. The award increases his deferred equity-based compensation, bringing his phantom stock holdings to 21,452 units.

Phantom stock is a derivative that tracks the value of common stock without immediate share issuance. The units become exercisable only after his retirement as a Board member and expire at that time, aligning director incentives with long-term company performance rather than near-term trading.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Smith Brian J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	365	$61.549	$22K

Holdings After Transaction: Phantom Stock — 21,452 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. Phantom shares expire after the directors' retirement as a Board member.

Key Figures

Phantom stock units granted: 365 phantom stock units Grant reference price: $61.549 per unit Total phantom stock holdings: 21,452 units +1 more

4 metrics

Phantom stock units granted 365 phantom stock units Grant/award acquisition on July 8, 2026

Grant reference price $61.549 per unit Reported transaction price per phantom stock unit

Total phantom stock holdings 21,452 units Phantom stock units held directly following the transaction

Underlying common stock 365 shares Each phantom unit exercises into one share of common stock

Key Terms

Phantom Stock, phantom stock unit, derivative, exercisable after the directors' retirement

4 terms

Phantom Stock financial

"Each phantom stock unit exercises into 1 share of common stock."

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.

phantom stock unit financial

"Each phantom stock unit exercises into 1 share of common stock."

derivative financial

"The transaction type is classified as derivative."

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.

exercisable after the directors' retirement financial

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

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Available on EDGAR 07/10/2026 - 10:29 AM Accepted by SEC EDGAR 07/10/2026 - 10:29 AM Learn about SEC filing dates

FAQ

What did LKFN director Brian J. Smith report in this Form 4?

Brian J. Smith reported a grant of 365 phantom stock units of Lakeland Financial Corp. These units represent deferred equity-based compensation linked to the company’s common stock value.

How many phantom stock units does Brian J. Smith now hold in LKFN?

After the reported grant, Brian J. Smith holds 21,452 phantom stock units. These units are a deferred form of compensation that tracks Lakeland Financial’s common stock on a one-for-one basis.

At what reference value were the LKFN phantom stock units granted to Brian J. Smith?

The 365 phantom stock units were granted at a reference value of $61.549 per unit. This figure reflects the unit value used for the award’s accounting and disclosure purposes.

When can Brian J. Smith’s LKFN phantom stock units be exercised?

The phantom stock units are exercisable after Brian J. Smith’s retirement as a Board member. According to the disclosure, the phantom shares also expire after his retirement from the Board.

What does each LKFN phantom stock unit represent for Brian J. Smith?

Each phantom stock unit exercises into one share of common stock of Lakeland Financial Corp. This gives Smith exposure to the economic value of the shares through deferred compensation rather than immediate stock ownership.

Is the LKFN Form 4 transaction an open-market buy or sell of shares?

No. The Form 4 reports a grant/award acquisition of phantom stock, not an open-market purchase or sale. It represents equity-based compensation instead of a discretionary trade in LKFN common stock.

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^*

Smith Brian 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)
07/08/2026

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)	07/08/2026		A		365		(2)	(3)	Common Stock	365	$61.549	21,452	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	07/09/2026
	** 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)