[Form 4] LINCOLN NATIONAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Lincoln National Corp (LNC) executive vice president and Chief Distribution & Brand Officer reported a change in ownership of company stock. On 11/24/2025, the insider reported a code F transaction involving the disposition of 1,075 shares of common stock at $40.34 per share. After this transaction, the reporting person directly beneficially owned 124,058.66 shares of common stock, which includes 1,318.16 shares acquired through dividend reinvestment since the last report. The insider also indirectly held 12,258.86 shares of common stock through the company’s 401(k) plan as of 11/3/2025.

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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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^*

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)
11/24/2025

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	11/24/2025		F		1,075	D	$40.34	124,058.66(1)	D
Common Stock								12,258.86(2)	I	In 401(K)

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. Includes 1,318.16 shares acquired through dividend reinvestment since the reporting person's last report.

2. Represents the number of shares of common stock beneficially owned through the Company's 401(k) Plan as of 11/3/2025.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	11/25/2025
	** 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 insider transaction did LNC report on this Form 4?

An executive vice president of Lincoln National Corp (LNC) reported a code F transaction on 11/24/2025 involving the disposition of 1,075 shares of common stock at $40.34 per share.

How many LNC shares does the reporting person own directly after the transaction?

Following the reported transaction, the insider directly beneficially owned 124,058.66 shares of Lincoln National Corp common stock.

How many LNC shares does the insider hold through the company 401(k) plan?

The filing shows the insider indirectly owned 12,258.86 shares of LNC common stock through the company’s 401(k) plan as of 11/3/2025.

What does the explanation about dividend reinvestment in the LNC Form 4 mean?

The explanation notes that the total direct holdings include 1,318.16 shares of LNC common stock that were acquired through dividend reinvestment since the insider’s last report.

Who signed the LNC Form 4 filing and in what capacity?

The Form 4 was signed by Claire H. Hanna as Attorney-in-Fact for the reporting person on 11/25/2025.

What is the reporting person’s position at Lincoln National Corp?

The reporting person is identified as an Officer of Lincoln National Corp, holding the title EVP, Chief Dist. & Brand Off.