Lakeland Financial (LKFN) director receives 176 phantom stock units as award

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 176 phantom stock units on Common Stock. The units were awarded at a reference price of $61.9216 per unit and increase his directly held phantom stock balance to 21,087 units.

Each phantom stock unit is economically tied to 1 share of Common Stock and becomes exercisable only after his retirement from the Board. The phantom shares also expire after his retirement, making this a long‑term, compensation-related award rather than a market purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Smith Brian J

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	176	$61.9216	$11K

Holdings After Transaction: Phantom Stock — 21,087 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: 176 units Reference price per unit: $61.9216 per unit Phantom units after transaction: 21,087 units +1 more

4 metrics

Phantom stock units granted 176 units Grant of phantom stock on Common Stock

Reference price per unit $61.9216 per unit Phantom stock award pricing reference

Phantom units after transaction 21,087 units Total phantom stock holdings following grant

Underlying common shares 176 shares Each phantom unit equals 1 Common Stock share

Key Terms

Phantom Stock, Common Stock, grant/award acquisition, derivative

4 terms

Phantom Stock financial

"security_title: "Phantom 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.

Common Stock financial

"underlying_security_title: "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

grant/award acquisition financial

"transaction_action: "grant/award acquisition""

derivative financial

"transaction_type: "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.

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^*

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)
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		176		(2)	(3)	Common Stock	176	$61.9216	21,087	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	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 did Lakeland Financial (LKFN) director Brian J. Smith report on this Form 4?

He reported a compensation-related grant of 176 phantom stock units tied to Lakeland Financial Common Stock. These units reference a price of $61.9216 per unit and increase his total phantom stock holdings to 21,087 units after the transaction.

How many Lakeland Financial (LKFN) phantom stock units were granted and at what price?

Brian J. Smith was granted 176 phantom stock units at a reference price of $61.9216 per unit. Each unit is linked to one share of Common Stock, providing stock-based compensation without an immediate open-market share purchase or sale.

What are Brian J. Smith’s phantom stock holdings in LKFN after this transaction?

After the grant, he holds 21,087 phantom stock units directly. Each unit is tied to one share of Common Stock, so this balance reflects his accumulated stock-based compensation that will be settled based on his service and eventual retirement from the Board.

When can the Lakeland Financial (LKFN) phantom stock units be exercised?

The phantom stock units become exercisable only after Brian J. Smith’s retirement as a Board member. According to the disclosure, these phantom shares also expire after his retirement, reinforcing their role as long-term director compensation rather than short-term trading instruments.

Does this LKFN Form 4 show a stock market buy or sell by the director?

No. The filing shows a grant coded as an acquisition (A) of derivative phantom stock units, not an open-market stock purchase or sale. It represents stock-based compensation that tracks Common Stock value rather than a cash transaction in the market.