Lincoln National (LNC) director sells Series D preferred depositary shares
Rhea-AI Filing Summary
Lincoln National Corp director Gary C. Kelly reported selling 15,006.55 Depositary Shares representing Series D Preferred Stock on 2026-08-12 at a weighted average price of $26.50 per share, with individual trade prices ranging from $26.50 to $26.54. Following this transaction, he reported holding no Depositary Shares of this series. He continues to have an indirect holding of 3,000 shares of Common Stock through a family trust established for his descendants, for which his spouse serves as trustee.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 15,006.55 shares
Net Sell
2 txns
Insider
KELLY GARY C
Role
Director
Sold
15,006.55 shs ($398K)
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Depositary Shares representing Series D Preferred Stock F1, F2 | 15,006.55 | $26.50 | $398K |
| holding | Common Stock F3 | -- | -- | -- |
Holdings After Transaction:
Depositary Shares representing Series D Preferred Stock — 0 shares (Direct);
Common Stock — 3,000 shares (Indirect, By Family Trust)
Footnotes (3)
- F1. Each Depositary Share represents a 1/1,000th interest in a share of Lincoln National Corporation's 9.000% Non-Cumulative Preferred Stock, Series D ("Series D Preferred Stock").
- F2. The price reported in Column 4 is a weighted average price. These Depositary Shares representing Series D Preferred Stock were sold in multiple transactions at prices ranging from $26.50 to $26.54, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Depositary Shares representing Series D Preferred Stock sold at each separate price within the range set forth in footnote 2 to this Form 4.
- F3. These shares are held in trust for the benefit of the reporting person's descendants. The reporting person's spouse is trustee of the trust.
Key Figures
Depositary Shares sold: 15,006.55 shares
Weighted average sale price: $26.50 per share
Depositary Shares after sale: 0 shares
+3 more
6 metrics
Depositary Shares sold
15,006.55 shares
Depositary Shares representing Series D Preferred Stock sold on 2026-08-12
Weighted average sale price
$26.50 per share
Depositary Shares sold in multiple transactions at $26.50–$26.54
Depositary Shares after sale
0 shares
Total Depositary Shares representing Series D Preferred Stock following transaction
Indirect common shares held
3,000 shares
Common Stock held indirectly by family trust after reported transactions
Interest represented per Depositary Share
1/1,000th interest
Each Depositary Share is 1/1,000th of a Series D Preferred Stock share
Series D dividend rate
9.000%
Non-Cumulative Preferred Stock, Series D dividend rate
Key Terms
Depositary Shares, Non-Cumulative Preferred Stock, weighted average price, family trust
4 terms
Non-Cumulative Preferred Stock financial
"9.000% Non-Cumulative Preferred Stock, Series D"
Preferred stock that pays a fixed dividend but does not require the company to make up missed payments later; if a dividend is skipped, shareholders lose that income permanently rather than accumulating a balance the company must repay. Investors care because this structure offers higher priority than common shares for payouts but less protection for dividend income, so it’s a trade-off between steady yield and the risk of permanent missed payments.
weighted average price financial
"The price reported in Column 4 is a weighted average price"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
family trust financial
"These shares are held in trust for the benefit of the reporting person's descendants"
FAQ
What insider transaction did LINCOLN NATIONAL CORP (LNC) director Gary C. Kelly report?
Director Gary C. Kelly sold 15,006.55 Depositary Shares representing Series D Preferred Stock of Lincoln National Corp on 2026-08-12. The filing also reports his remaining indirect holdings of common stock through a family trust.
What are Gary C. Kelly’s remaining holdings in Lincoln National Corp (LNC) after this sale?
After the sale, Gary C. Kelly reported zero Depositary Shares representing Series D Preferred Stock and an indirect holding of 3,000 shares of Common Stock held by a family trust for the benefit of his descendants.
Were Gary C. Kelly’s Lincoln National Corp (LNC) sales under a Rule 10b5-1 trading plan?
The filing’s Rule 10b5-1 checkbox is not marked as affirmative, and no footnote indicates a trading plan. The sale is reported simply as a sale in open market or private transaction without plan status language.
What is the nature of Gary C. Kelly’s indirect Common Stock ownership in Lincoln National Corp (LNC)?
The Form 4 states that 3,000 shares of Common Stock are held in trust for the benefit of his descendants, and that his spouse is the trustee, indicating an indirect, trust-based ownership structure.
AI-generated analysis. How Rhea-AI works. Not financial advice.
