Lincoln National (LNC) director receives new phantom stock unit award

Rhea-AI Filing Summary

LACHMAN M LEANNE reported acquisition or exercise transactions in this Form 4 filing.

Lincoln National Corp director Leanne M. Lachman received 1,267.61 Phantom Stock Units on Common Stock as a grant under the company’s deferred compensation plan. Each unit equals one LNC share and is payable in Common Stock at resignation or retirement, bringing her total phantom units to 40,581.49.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LACHMAN M LEANNE

Role Director

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

Holdings After Transaction: Phantom Stock Unit — 40,581.49 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 412.86 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom units granted: 1,267.61 units Reference price per unit: $35.50 Total phantom units after grant: 40,581.49 units +1 more

4 metrics

Phantom units granted 1,267.61 units Phantom Stock Units granted on March 31, 2026

Reference price per unit $35.50 Accounting price used for the March 31, 2026 grant

Total phantom units after grant 40,581.49 units Director’s Phantom Stock Unit balance following the transaction

Dividend reinvestment units 412.86 shares-equivalent Units acquired via dividend reinvestment since last report

Key Terms

Phantom Stock Unit, Deferred Compensation Plan, 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 financial

"accrued under the LNC Deferred Compensation Plan for Non-employee Directors"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

dividend reinvestment financial

"Includes 412.86 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^*

LACHMAN M LEANNE

(Last) (First) (Middle)

150 N. RADNOR-CHESTER ROAD

(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	40,581.49(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 412.86 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 insider transaction did LNC disclose for director Leanne M. Lachman?

Lincoln National Corp disclosed that director Leanne M. Lachman received 1,267.61 Phantom Stock Units on March 31, 2026. These units are part of her quarterly board retainer and fees, awarded under the company’s Deferred Compensation Plan for Non-employee Directors.

What are Phantom Stock Units in the LNC Form 4 filing?

Phantom Stock Units reported by Lincoln National Corp are bookkeeping units, each equivalent to one share of LNC Common Stock. They track the value of the stock and are ultimately payable in actual LNC shares, rather than in cash, at a future settlement event.

How many Phantom Stock Units does the LNC director hold after this transaction?

After receiving 1,267.61 additional Phantom Stock Units, director Leanne M. Lachman holds a total of 40,581.49 units. This total includes units previously accumulated, as well as additional 412.86 shares’ worth acquired through dividend reinvestment since her prior reported filing.

At what price were the new LNC Phantom Stock Units credited?

The 1,267.61 Phantom Stock Units granted to the Lincoln National Corp director were credited at a reference price of $35.50 per unit. This price is used for accounting purposes within the plan when determining the number of units corresponding to her board retainer and fees.

When and how are LNC Phantom Stock Units paid to the director?

The Phantom Stock Units are payable solely in shares of Lincoln National Corp Common Stock at the director’s resignation or retirement. Until then, they accrue in the Deferred Compensation Plan’s LNC Stock Fund, and can be transferred into an alternative investment account within that plan.

What role does dividend reinvestment play in the LNC director’s holdings?

The Form 4 notes that 412.86 shares were acquired through dividend reinvestment since the director’s last report. Dividends on the underlying LNC Common Stock are automatically reinvested into additional Phantom Stock Units, increasing the director’s deferred equity-based compensation balance over time.