Lincoln National (LNC) Form 4: Weighted-Average Sale $39.29; DRIP Correction

Rhea-AI Filing Summary

John Christopher Kennedy, EVP, Chief Distribution & Brand Officer of Lincoln National Corporation (LNC), reported two recent equity transactions. On 08/06/2025 he acquired 4,559.13 shares indirectly through a 401(k) at a reported price of $39.44, resulting in 12,158.11 shares reported as beneficially owned indirectly. On 08/07/2025 he sold 5,000 shares with a reported weighted-average sale price of $39.29 (sales ranged $39.29–$39.31). The filing includes a correction: a prior dividend reinvestment total had been overstated by 62.25 shares and the report notes 3,064.86 shares were acquired through dividend reinvestment since the last report.

Insights

Securities Analyst

TL;DR: Routine insider activity with a 401(k) acquisition and a 5,000-share sale; disclosure includes a DRIP correction and weighted-average pricing.

The Form 4 shows a scheduled-style acquisition of 4,559.13 shares via a 401(k) and a contemporaneous sale of 5,000 shares executed as multiple transactions at a weighted-average price of $39.29 (range $39.29–$39.31. The presence of a footnote correcting a prior dividend-reinvestment overstatement by 62.25 shares and noting 3,064.86 reinvested shares since the last report improves transparency. Taken alone, these entries resemble routine compensation/retirement-plan activity and disclosed sales; they do not by themselves indicate a material change in company fundamentals.

Corporate Governance Expert

TL;DR: Filing documents required disclosure, corrects a reporting error, and notes multiple-sale pricing; no immediate governance red flags in this Form 4.

The report identifies the reporting person, the nature of indirect ownership (401(k)), and provides pricing detail including a weighted-average and a stated price range for multiple trades, which is consistent with good disclosure practice. A correction for an overstated dividend-reinvestment figure is explicitly noted, which enhances record accuracy. The use of an attorney-in-fact to sign the form is documented. Based solely on this filing, the actions appear to be routine insider reporting and corrective disclosure rather than governance concerns.

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^*

Kennedy John Christopher

(Last) (First) (Middle)

150 N. RADNOR-CHESTER ROAD

(Street)

RADNOR PA 19087

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
LINCOLN NATIONAL CORP [ LNC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP, Chief Dist. & Brand Off

3. Date of Earliest Transaction (Month/Day/Year)
08/06/2025

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
Common Stock	08/06/2025		I		4,559.13	A	$39.44	12,158.11	I	In 401(k)
Common Stock	08/07/2025		S		5,000	D	$39.29(1)	123,815.49(2)	D

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

Explanation of Responses:

1. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $39.29 to $39.31, 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 shares sold at each separate price within the range set forth in this footnote 1.

2. Reflects a correction to the number of shares reported as acquired through dividend reinvestment in certain prior periods, which due to an administrative error had been overstated by 62.25 shares in the aggregate, and includes 3,064.86 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	08/08/2025
	** 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 transactions did John Christopher Kennedy report for LNC?

The filing reports an acquisition of 4,559.13 shares via a 401(k) on 08/06/2025 at $39.44 and a sale of 5,000 shares on 08/07/2025 at a weighted-average price of $39.29.

How many shares did the filing show as beneficially owned after the transactions?

The report lists 12,158.11 shares as beneficially owned indirectly following the 08/06/2025 acquisition and 123,815.49 shares as beneficially owned (direct) following the 08/07/2025 sale, as stated in the filing.

Was there any correction or explanatory note in the Form 4?

Yes. Footnote 2 corrects a prior dividend-reinvestment overstatement of 62.25 shares and states 3,064.86 shares were acquired via dividend reinvestment since the last report. Footnote 1 explains the sale price is a weighted average across transactions.

At what price were the shares sold according to the filing?

The shares sold on 08/07/2025 were reported at a weighted-average price of $39.29; the filing notes individual sale prices ranged from $39.29 to $39.31.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 is signed by Claire H. Hanna, Attorney-in-Fact, as indicated in the filing.