[Form 4] Lakeland Financial Corp Insider Trading Activity

Rhea-AI Filing Summary

Form 4 filing – Lakeland Financial Corp. (LKFN)

Director Darrianne P. Christian reported the acquisition of 40 phantom stock units on 08/05/2025 at an effective price of $61.5128 per unit (Transaction Code A). Each unit is economically equivalent to one share of LKFN common stock and will convert upon the director’s retirement. Following the transaction, the director now holds 4,950 phantom stock units in direct ownership. No common shares were bought or sold, and no other derivative or non-derivative positions were reported.

Phantom stock carries no present voting rights and is non-dilutive until conversion, but the purchase modestly increases the director’s long-term equity exposure.

Positive

• Director increased equity exposure, which can be viewed as a minor governance positive and alignment with shareholders.

Negative

• Transaction size is immaterial (40 units) and involves phantom stock, offering no immediate market impact or direct share purchase signal.

Insights

Securities Analyst

TL;DR – Small insider purchase via phantom stock; immaterial to valuation but signals ongoing alignment.

The report discloses a routine acquisition of 40 phantom stock units (~$2.5k notional) by Director Christian. The incremental award lifts total derivative holdings to 4,950 units, reinforcing long-term incentive alignment but has no near-term cash flow, EPS or dilution impact. Because phantom shares vest only at retirement, they do not affect float or voting power today. Size relative to LKFN’s 25 m share base is immaterial, so the filing is neutral from a valuation perspective. Still, insider accumulation—albeit small—may be read positively by some governance-focused investors.

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
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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^*

Christian Darrianne P

(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		40		(2)	(3)	Common Stock	40	$61.5128	4,950	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 Director Darrianne P. Christian buy?

The director acquired 40 phantom stock units, each convertible into one common share at retirement.

At what price were the phantom stock units recorded?

The units were valued at $61.5128 per unit.

How many phantom stock units does the director now hold?

After the transaction, total holdings are 4,950 phantom stock units.

Does the filing affect LKFN’s share count today?

No. Phantom stock is non-dilutive until conversion after the director’s retirement.

Is this transaction considered an insider purchase?

Yes, it is coded “A” for acquisition, indicating an insider addition to equity-linked holdings.