Lakeland Financial (LKFN) Director Bradley Toothaker Exercises Phantom Units

What Happened
Bradley J. Toothaker, a director of Lakeland Financial Corp (LKFN), exercised 162 phantom stock units (derivative exercise, code M) on 2026-08-05. The units converted into 162 shares and were marked as disposed at an exercise price of $63.25 per share, generating $10,247 in value. The Form 4 reports the conversion and disposal rather than an open-market purchase.

Key Details

• Transaction date: 2026-08-05; Filing date: 2026-08-06 (filed next day).
• Transaction type/code: Exercise/conversion of derivative (M); resulting shares were listed as "Disposed."
• Quantity and price: 162 shares @ $63.25 = $10,247 (reported as derivative conversion and disposal).
• Shares owned after transaction: Not specified in the provided filing.
• Relevant footnotes from the filing:
  • F1: Each phantom stock unit converts into 1 share of Common Stock.
  • F2: Phantom stock is exercisable after a director's retirement as a Board member.
  • F3: Phantom shares expire after a director's retirement as a Board member.
• No 10b5-1 plan or tax-withholding detail was provided in the excerpt.

Context
Phantom stock units are a form of deferred compensation that, per the filing footnotes, convert one-for-one into common shares tied to a director’s retirement provisions. The Form 4 shows the units converted and the resulting shares were disposed (sold or otherwise transferred) at the time of conversion; such disposals are common when shares issued on exercise are sold to cover taxes or realize value. This filing is informational and does not by itself indicate the director’s ongoing opinion about the company's stock.