[Form 4] LINCOLN NATIONAL CORP Insider Trading Activity

Rhea-AI Filing Summary

Lincoln National Corp (LNC) director Dale LeFebvre received 1,115.79 Phantom Stock units on 09/30/2025 as quarterly payment of board retainer and fees under the company's Deferred Compensation Plan for Non-Employee Directors. Each Phantom Stock unit is equivalent to one share of LNC common stock and these units are payable solely in shares at resignation or retirement. The filing shows a reported per-share price of $40.33 for valuation and a post-transaction beneficial ownership of 26,003.85 common shares, which includes 300.11 shares acquired through dividend reinvestment since the last report. The form was signed on 10/02/2025 by an attorney-in-fact.

Positive

• 1,115.79 Phantom Stock units awarded to the director on 09/30/2025
• Phantom units are payable solely in shares, aligning director incentives with shareholders
• Post-transaction beneficial ownership of 26,003.85 shares, including 300.11 via dividend reinvestment

Negative

• None.

Insights

Corporate Governance Analyst

Director compensation added 1,115.79 phantom units, increasing direct holdings to 26,003.85 shares.

The Form 4 documents a routine director compensation event where Phantom Stock units were granted as a quarterly retainer on 09/30/2025. Because each unit converts to one share and is payable in stock, the grant aligns the director's economic interests with shareholders without an immediate open-market purchase.

The filing also shows 300.11 shares added via dividend reinvestment since the last report, indicating ongoing accumulation of equity rather than cash payouts.

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^*

LeFebvre Dale

(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)
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	26,003.85(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 300.11 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 transaction did Dale LeFebvre report on Form 4 for LNC?

He reported receiving 1,115.79 Phantom Stock units on 09/30/2025 as quarterly director compensation.

How are the Phantom Stock units paid under LNC's plan?

The units are accrued under the Deferred Compensation Plan for Non-Employee Directors and are payable solely in shares of the company's common stock at resignation or retirement.

What is the reported valuation per share for the Phantom Stock units?

The filing shows a per-share price of $40.33 associated with the reported units.

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

The Form 4 reports a total beneficial ownership of 26,003.85 common shares following the transaction.

Did the Form 4 disclose any dividend reinvestment activity?

Yes, it discloses 300.11 shares acquired through dividend reinvestment since the reporting person's last report.