Lincoln National grants 1,272.98 phantom units to director

Lincoln National Corp director Deirdre P. Connelly received a grant of 1,272.98 Phantom Stock Units on LNC Common Stock, valued at $35.35 per unit for this award.

Rhea-AI Filing Summary

Lincoln National Corp director Deirdre P. Connelly received a grant of 1,272.98 Phantom Stock Units on LNC Common Stock, valued at $35.35 per unit for this award. Each unit equals one share of common stock and represents her quarterly board retainer and fees deferred into the company’s Directors' Deferred Compensation Plan. These phantom units are payable solely in shares of LNC Common Stock upon her resignation or retirement, though she may move them into another investment option within the plan. After this award and dividend reinvestment, she holds 49,063.96 Phantom Stock Units, including 566.25 units acquired through dividend reinvestment since her last report.

Insider Trade Summary

Grant/Award: 1,272.98 shares

Grant/Award 1 txn

Insider Connelly Deirdre P

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Unit	1,272.98	$35.35	$45K

Holdings After Transaction: Phantom Stock Unit — 49,063.96 contracts (Direct)

Footnotes (3)

1. F1. Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.
2. F2. 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. F3. Includes 566.25 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom units granted: 1,272.98 units Reference price per unit: $35.35 per unit Total phantom units after grant: 49,063.96 units +2 more

5 metrics

Phantom units granted 1,272.98 units Quarterly board retainer and fees

Reference price per unit $35.35 per unit Phantom Stock Unit valuation for this grant

Total phantom units after grant 49,063.96 units Holdings following the reported transaction

Dividend reinvestment units 566.25 units Units acquired via dividend reinvestment since last report

Underlying common stock 1,272.98 shares Underlying LNC Common Stock for this phantom grant

Key Terms

Phantom Stock Unit, Deferred Compensation Plan for Non-employee Directors, dividend reinvestment, LNC Stock Fund investment account

4 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") in the LNC Stock Fund investment account"

dividend reinvestment financial

"Includes 566.25 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.

LNC Stock Fund investment account financial

"in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement."

FAQ

What did Deirdre P. Connelly acquire in this Lincoln National (LNC) Form 4?

Deirdre P. Connelly received a grant of 1,272.98 Phantom Stock Units tied to Lincoln National common stock. The award represents quarterly board retainer and fees deferred into the Directors' Deferred Compensation Plan rather than paid in cash.

How do Phantom Stock Units work for Lincoln National (LNC) directors?

Each Phantom Stock Unit equals one share of Lincoln National common stock. Units accrue in a deferred compensation account and are payable solely in shares of LNC common stock when the director resigns or retires, aligning director compensation with shareholder value.

What is Deirdre P. Connelly’s total Lincoln National phantom stock holding after this transaction?

After this grant, Deirdre P. Connelly holds 49,063.96 Phantom Stock Units. This total includes 566.25 units that were acquired through dividend reinvestment since her prior report, reflecting accumulated deferred board compensation over time.

Can Lincoln National (LNC) Phantom Stock Units be reallocated within the directors’ plan?

Yes. The Form 4 notes the director may transfer phantom stock unit holdings into an alternative investment account within the Directors' Deferred Compensation Plan at any time, offering flexibility in how deferred board compensation is invested before payout.

When will Deirdre P. Connelly receive actual Lincoln National (LNC) shares for these Phantom Stock Units?

The Phantom Stock Units are payable solely in Lincoln National common shares at the time of Connelly’s resignation or retirement from the board. Until then, they remain as deferred units within the Directors' Deferred Compensation Plan structure.

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Accepted by SEC EDGAR 07/02/2026 - 07:33 AM Learn about SEC filing dates

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)
06/30/2026

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)	06/30/2026		A		1,272.98		(2)	(2)	Common Stock	1,272.98	$35.35	49,063.96(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 566.25 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	07/02/2026
	** 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)