Lakeland Financial (LKFN) Insider Filing Shows Small Equity Award

Rhea-AI Filing Summary

Lakeland Financial Corp. (LKFN) Form 4 filing dated July 9, 2025 discloses routine director equity activity.

• Reporting person: Director Faraz Abbasi.
• Common-stock transaction: 650 shares acquired on 07/08/2025 at a stated price of $0, likely a board equity award. Direct common-stock holdings rise to 5,200 shares.
• Derivative grant: 293 phantom-stock units awarded on 07/07/2025 at a reference value of $65.2852 each. Total phantom-stock balance increases to 2,061 units. Units convert one-for-one into common stock after the director retires; they expire at that time if unexercised.
• No dispositions, sales, or 10b5-1 plan indications were reported.

The filing signals a modest increase in insider ownership but represents an immaterial number of shares relative to LKFN’s ~25 million shares outstanding. As such, the event is viewed as routine board compensation rather than a market-moving insider purchase.

Positive

• Director’s direct ownership increases by 650 shares, modestly strengthening insider alignment with shareholders.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director stock & phantom-unit awards; negligible impact on valuation.

The 650-share common-stock grant and 293 phantom-stock units enlarge Director Abbasi’s direct stake to 5,200 shares and derivative balance to 2,061 units. At ~$65 per share, the total economic value (~$42k) is minor compared with LKFN’s $1.6 bn market cap. Because the shares were received at no cash cost, the filing is compensation-related rather than a signal of opportunistic insider buying. No sales or 10b5-1 notations lessen concern about insider sentiment. Overall investor impact: neutral.

Corporate Governance Expert

TL;DR: Compensation-linked equity aligns director interests; standard disclosure.

Annual board equity awards in the form of restricted shares (650) and deferred phantom units (293) are customary at community banks. The phantom plan aligns long-term incentives by settling only after retirement, encouraging strategic oversight. The holdings are reported as direct; no complex trusts or indirect vehicles are used, simplifying governance risk. Absent any sales or amendments, the event is administrative with no material governance red flags.

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^*

Abbasi Faraz

(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)
07/07/2025

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
Common Stock	07/08/2025		A		650	A	$0	5,200	D

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)	07/07/2025		A		293		(2)	(3)	Common Stock	293	$65.2852	2,061	D

Explanation of Responses:

1. Each phantom stock unit exersises 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	07/09/2025
	** 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

How many LKFN shares did Director Faraz Abbasi acquire?

He received 650 common shares on 07/08/2025, raising his direct holdings to 5,200.

What derivative securities were granted in the LKFN Form 4?

Abbasi was awarded 293 phantom-stock units on 07/07/2025, bringing his total phantom balance to 2,061 units.

At what price were the phantom-stock units valued?

The reference value for the 293 phantom units is listed as $65.2852 per unit.

Do the phantom-stock units convert into LKFN common stock?

Yes. Each unit converts 1-for-1 into common stock after the director retires from the board.

Did the filing disclose any insider sales or 10b5-1 trading plans?

No sales or Rule 10b5-1 plan designations were reported in this Form 4.