[Form 4] LINCOLN NATIONAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Reginald E. Davis, a director of Lincoln National Corp (LNC), received 1,115.79 phantom stock units on 09/30/2025 as quarterly board compensation under the Deferred Compensation Plan for Non-Employee Directors. Each phantom stock unit equals one share of LNC common stock and is payable solely in shares at resignation or retirement; the reporting person may transfer the phantom account into an alternative investment account at any time. The filing shows 26,789.93 shares beneficially owned following the reported transaction, which includes 309.58 shares acquired through dividend reinvestment since the last report. The transaction was reported on 10/02/2025 and signed by an attorney-in-fact.

Positive

• 1,115.79 phantom stock units awarded to a director as board compensation
• Phantom units convert 1:1 into common stock and are payable in shares at resignation or retirement
• Beneficial ownership reported at 26,789.93 shares, including 309.58 shares from dividend reinvestment

Negative

• None.

Insights

Corporate Governance Specialist

Director received deferred-compensation phantom units equal to 1,115.79 shares.

The Form 4 records a routine director compensation event: 1,115.79 phantom stock units granted on 09/30/2025 under the company’s deferred compensation plan for non-employee directors. Each unit converts 1:1 into common stock and vests as payable in shares at resignation or retirement.

The filing shows total beneficial ownership of 26,789.93 shares after the grant, which includes 309.58 shares from dividend reinvestment. This is a standard disclosure of equity-based director remuneration and does not by itself indicate a change in control or sale activity.

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).

1. Name and Address of Reporting Person^*

Davis Reginald E

(Last) (First) (Middle)

150 NORTH 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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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

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)	09/30/2025		A		1,115.79		(2)	(2)	Common Stock	1,115.79	$40.33	26,789.93(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 Deferred Compensation Plan for Non-Employee Directors (the "Plan"), which are payable solely in shares of the Company's common stock at resignation or retirement. The reporting person may transfer his/her phantom stock account into an alternative investment account at any time.

3. Includes 309.58 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	10/02/2025
	** 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 did Reginald E. Davis report on the Form 4 for LNC?

The Form 4 reports Reginald E. Davis received 1,115.79 phantom stock units on 09/30/2025 and now beneficially owns 26,789.93 shares.

How do the phantom stock units reported convert to LNC common stock?

Each phantom stock unit is the equivalent of one share of LNC common stock and is payable solely in shares at resignation or retirement.

Does the filing show any sale of LNC shares by the reporting person?

No. The filing shows an acquisition of phantom units; there are no dispositions reported.

Does the Form 4 indicate any indirect ownership or transfers?

The filing lists ownership as direct and notes the reporting person may transfer the phantom stock account into an alternative investment account at any time.

When was the Form 4 signed and reported?

The Form 4 was signed by an attorney-in-fact on 10/02/2025 and reports the transaction dated 09/30/2025.