[Form 4] Lincoln National Corp. Insider Trading Activity

Rhea-AI Filing Summary

zSpace, Inc. (ZSPC) Form 4 filing: Director Joanna Morris reported the vesting of 6,720 Restricted Stock Units (RSUs) on 1 July 2025, which automatically converted into an equal number of common shares at $0 exercise price. The award was originally granted on 1 April 2025 under the company’s 2024 Equity Incentive Plan and board compensation policy. Following the conversion, Morris now holds 6,720 ZSPC common shares directly. The filing also shows she still retains approximately 6,721 RSUs outstanding. No open-market purchase or sale occurred; code “M” denotes an exempt, non-cash conversion, resulting in negligible cash flow and minimal dilution given the small share count.

Positive

• Increased insider alignment: Director Joanna Morris now directly owns 6,720 shares, signaling continued commitment to the company.

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine director RSU vesting; minimal market impact.

The conversion of 6,720 RSUs into common stock is standard board compensation. Because there was no open-market transaction and the share count is immaterial relative to zSpace’s likely float, the filing is neutral for valuation and liquidity. It does marginally increase insider ownership, which can be viewed as positive alignment, but does not alter control dynamics or capital structure in a meaningful way.

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^*

CUNNINGHAM WILLIAM H DR

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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)	06/30/2025		A		1,734.1		(2)	(2)	Common Stock	1,734.1	$34.6	183,498.32(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 2,522.94 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	07/02/2025
	** 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

How many zSpace (ZSPC) shares did Director Joanna Morris acquire?

She acquired 6,720 common shares through RSU vesting on 1 July 2025.

Was there a cash purchase price for the shares?

No. The RSUs converted at an exercise price of $0; no cash changed hands.

Does the filing indicate additional RSUs remain outstanding?

Yes. After the transaction, Morris still holds approximately 6,721 unvested RSUs.

What plan governed the RSU award?

The shares were granted under zSpace’s 2024 Equity Incentive Plan and its board compensation policy.

Is this Form 4 transaction likely to affect ZSPC’s share price?

The share amount is small relative to float, making the market impact immaterial.