Lakeland Financial (LKFN) director gets new phantom stock grant

Rhea-AI Filing Summary

Truex Melinda Jo reported acquisition or exercise transactions in this Form 4 filing.

Lakeland Financial Corp director Melinda Jo Truex reported an indirect compensation award of phantom stock tied to the company’s common shares. On the reported date, her spouse received 88 phantom stock units, each economically equivalent to one share of common stock at a reference price of $61.9216 per unit. Following this award, the spouse’s indirect phantom stock position increased to 10,293 units. According to the disclosure, the phantom stock will be delivered in six remaining annual installments, providing deferred, stock-linked compensation rather than an immediate cash transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Truex Melinda Jo

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	88	$61.9216	$5K

Holdings After Transaction: Phantom Stock — 10,293 shares (Indirect, By Spouse)

Footnotes (1)

1. Each Phantom Stock unit exercises into 1 share of Common Stock. The Phantom Stock will be delivered in 6 remaining annual installments.

Key Figures

Phantom stock units granted: 88 units Reference price per unit: $61.9216 per unit Total phantom units after grant: 10,293 units +2 more

5 metrics

Phantom stock units granted 88 units Grant to director’s spouse on reported date

Reference price per unit $61.9216 per unit Phantom stock grant valuation

Total phantom units after grant 10,293 units Indirect holdings by spouse following transaction

Underlying common stock 88 shares Each phantom unit equals one common share

Installment schedule 6 annual installments Remaining delivery schedule for phantom stock

Key Terms

Phantom Stock, underlying security, indirect ownership

3 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.

underlying security financial

"The underlying security title for the derivative is Common Stock."

indirect ownership financial

"Ownership is reported as indirect with nature of ownership noted as By Spouse."

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^*

Truex Melinda Jo

(Last) (First) (Middle)

LAKELAND FINANCIAL CORPORATION

P.O. BOX 1387

(Street)

WARSAW INDIANA 46581

(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		88		(2)	(2)	Common Stock	88	$61.9216	10,293	I	By Spouse

Explanation of Responses:

1. Each Phantom Stock unit exercises into 1 share of Common Stock.

2. The Phantom Stock will be delivered in 6 remaining annual installments.

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 LKFN director Melinda Jo Truex report?

She reported an indirect award of 88 phantom stock units tied to Lakeland Financial common stock. The units were granted to her spouse and increase the spouse’s deferred, stock-linked compensation position as part of routine director-related compensation.

How many phantom stock units does the LKFN director’s spouse hold after this grant?

After the award, the director’s spouse holds 10,293 phantom stock units indirectly. These units are economically equivalent to the same number of Lakeland Financial common shares, providing deferred compensation based on the company’s share value over time.

What is the reference price for the new LKFN phantom stock units?

The 88 phantom stock units were granted at a reference price of $61.9216 per unit. This price reflects the value used to measure the award and is tied to Lakeland Financial’s common stock for compensation accounting purposes.

How and when will the LKFN phantom stock awarded to the director’s spouse be delivered?

The filing states the phantom stock will be delivered in six remaining annual installments. This means the award pays out over several years, offering deferred, stock-based compensation rather than a single lump-sum distribution at the grant date.

Is the LKFN director’s phantom stock award a market purchase or sale of shares?

No. The Form 4 describes a grant or award acquisition of phantom stock units, not an open-market trade. It is a compensation-related derivative award, providing future value based on Lakeland Financial’s common stock performance.