WELCH M SCOTT 4

What Happened
M. Scott Welch, a director of Lakeland Financial Corp (LKFN), received a grant of 366 phantom stock units on July 8, 2026. The award is reported at an assigned value of $61.55 per unit, for a total reported value of $22,527. This was an award/derivative grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-07-08; Filing date: 2026-07-10 (filed two days later, generally within the 2-business-day Form 4 requirement).
• Units granted: 366 phantom stock units at $61.55 per unit (total $22,527).
• Shares owned after transaction: Not reported in this filing.
• Footnotes (as reported):
  • F1: Each phantom stock unit converts into 1 share of common stock.
  • F2: Phantom stock is exercisable after the director’s retirement as a board member.
  • F3: Phantom shares expire after the director’s retirement as a board member.
• Transaction type: Award/Grant of a derivative (phantom stock), not a cash purchase or sale.

Context
Phantom stock units are a form of deferred/phantom equity that typically convert to shares or cash under specified conditions (here, the filing says they convert into one share per unit). Because this is an award that appears tied to retirement conditions, it does not represent an immediate cash purchase or sale and should not be interpreted as a direct near-term market signal.