Lincoln National (LNC) director receives 1,267 Phantom Stock Units as deferred board compensation

Rhea-AI Filing Summary

Connelly Deirdre P reported acquisition or exercise transactions in this Form 4 filing.

Lincoln National Corp director Deirdre P. Connelly received a grant of 1,267.610 Phantom Stock Units on LNC common stock as board compensation. The units, valued at $35.50 per equivalent share, increased her total phantom stock holdings to 47,224.730 units, including 482.63 units from dividend reinvestment. These phantom units are accrued under the deferred compensation plan and are payable in LNC common stock upon resignation or retirement.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Connelly Deirdre P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Unit	1,267.61	$35.50	$45K

Holdings After Transaction: Phantom Stock Unit — 47,224.73 shares (Direct)

Footnotes (1)

1. Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock. Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time. Includes 482.63 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom Stock Units granted: 1,267.610 units Grant reference price: $35.50 per unit Total Phantom Stock Units after grant: 47,224.730 units +1 more

4 metrics

Phantom Stock Units granted 1,267.610 units Grant/award on March 31, 2026

Grant reference price $35.50 per unit Value per equivalent LNC common share

Total Phantom Stock Units after grant 47,224.730 units Holdings following reported transaction

Dividend reinvestment units 482.63 units Units acquired via dividend reinvestment since prior report

Key Terms

Phantom Stock Unit, Deferred Compensation Plan for Non-employee Directors, dividend reinvestment

3 terms

Phantom Stock Unit financial

"Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock."

Deferred Compensation Plan for Non-employee Directors financial

"accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP")"

dividend reinvestment financial

"Includes 482.63 shares acquired through dividend reinvestment since the reporting person's last report."

Dividend reinvestment is when the money earned from a company's profit sharing, called dividends, is automatically used to buy more shares of that company instead of being received as cash. This process helps investors grow their holdings over time without extra effort, much like using earned interest to buy more of a savings account. It encourages long-term investment growth by continuously increasing the amount of shares owned.

Form 4 Insider Transactions: What Each Field Means →

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
Estimated average burden
hours per response:			0.5

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^*

Connelly Deirdre P

(Last) (First) (Middle)

150 N RADNOR CHESTER RD

(Street)

RADNOR PENNSYLVANIA 19087

(City) (State) (Zip)

UNITED STATES

(Country)

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

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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 Unit	(1)	03/31/2026		A		1,267.61		(2)	(2)	Common Stock	1,267.61	$35.5	47,224.73(3)	D

Explanation of Responses:

1. Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

2. Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

3. Includes 482.63 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did LNC director Deirdre Connelly report on this Form 4 for LNC?

Deirdre P. Connelly reported receiving 1,267.610 Phantom Stock Units linked to Lincoln National Corp (LNC) common stock. These units are part of her board compensation and increase her deferred phantom stock balance to 47,224.730 units, including prior dividend reinvestments.

What is a Phantom Stock Unit in the context of LNC’s Form 4 filing?

A Phantom Stock Unit in this filing is each equivalent to one share of LNC common stock. The units track the value of LNC shares and are payable solely in LNC common stock under the deferred compensation plan when the director resigns or retires.

How many Phantom Stock Units did Deirdre Connelly hold after the latest LNC grant?

After the reported grant, Deirdre Connelly held a total of 47,224.730 Phantom Stock Units. This total includes the newly awarded 1,267.610 units and 482.63 units that were previously acquired through dividend reinvestment under the deferred compensation plan.

At what reference price were the new LNC Phantom Stock Units recorded?

The new 1,267.610 Phantom Stock Units were recorded at $35.50 per equivalent share. This reference price is used for the grant calculation in the deferred compensation plan, which tracks the value of LNC common stock for non-employee directors.

When will Deirdre Connelly receive actual LNC common shares for these Phantom Stock Units?

According to the filing, the Phantom Stock Units are payable solely in LNC common stock at the time of Connelly’s resignation or retirement. Until then, they remain as deferred compensation entries within the non-employee directors’ deferred compensation plan.

Can Deirdre Connelly move her LNC Phantom Stock Units into other investments?

Yes. The filing states that Connelly may transfer her phantom stock unit holdings into an alternative investment account within the Directors’ Deferred Compensation Plan at any time, allowing her to reallocate deferred compensation among available plan investment options.