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Lincoln National (LNC) director receives additional phantom stock award tied to common shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Lincoln National Corp director William H. Cunningham received a grant of 1,690.14 Phantom Stock Units tied to company common stock. The award was credited at a reference price of $35.50 per unit as part of his quarterly board retainer and fees under the Deferred Compensation Plan for Non-employee Directors.

Each Phantom Stock Unit equals one share of Lincoln National common stock and is payable only in shares when the director resigns or retires. After this grant, Cunningham holds a total of 194,361.75 Phantom Stock Units, including amounts accumulated over time such as shares acquired through dividend reinvestment.

Positive

  • None.

Negative

  • None.
Insider CUNNINGHAM WILLIAM H DR
Role Director
Type Security Shares Price Value
Grant/Award Phantom Stock Unit 1,690.14 $35.50 $60K
Holdings After Transaction: Phantom Stock Unit — 194,361.75 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 2,023.39 shares acquired through dividend reinvestment since the reporting person's last report.
Phantom Stock Units granted 1,690.14 units Quarterly board retainer and fees on 2026-03-31
Reference price per unit $35.50 per unit Used to determine number of Phantom Stock Units
Total Phantom Units after grant 194,361.75 units Director’s Phantom Stock balance following transaction
Dividend reinvestment units 2,023.39 units Units added via dividend reinvestment since last report
Underlying common stock equivalence 1:1 share per unit Each Phantom Stock Unit equals one LNC common share
Underlying shares for this grant 1,690.14 shares Underlying LNC common stock tied to new Phantom Units
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")"
dividend reinvestment financial
"Includes 2,023.39 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"
non-employee director financial
"Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP")"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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 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)
XDirector10% 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)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock Unit(1)03/31/2026A1,690.14 (2) (2)Common Stock1,690.14$35.5194,361.75(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 2,023.39 shares acquired through dividend reinvestment since the reporting person's last report.
Remarks:
/s/ Claire H. Hanna, Attorney-in-Fact04/02/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Lincoln National (LNC) report for Dr. William H. Cunningham?

Lincoln National reported that director Dr. William H. Cunningham received 1,690.14 Phantom Stock Units. These units reflect his quarterly board retainer and fees, credited under the company’s Deferred Compensation Plan and tied to the value of Lincoln National common stock.

What is a Phantom Stock Unit in the Lincoln National (LNC) Form 4 filing?

A Phantom Stock Unit is an award that tracks the value of one share of Lincoln National common stock. Units are bookkeeping entries, not current shares, and will be settled in actual Lincoln National common stock when the director resigns or retires from the board.

How many Phantom Stock Units does the Lincoln National (LNC) director hold after this grant?

After the reported grant, the director holds 194,361.75 Phantom Stock Units. This total includes the new 1,690.14-unit award plus prior accumulated units, such as those added through dividend reinvestment described in the filing footnotes.

What price was used to credit the Phantom Stock Units in the Lincoln National (LNC) transaction?

The 1,690.14 Phantom Stock Units were credited using a reference price of $35.50 per unit. This price is used solely to calculate the number of units awarded for the director’s quarterly board retainer and fees under the deferred compensation plan.

When will the Lincoln National (LNC) Phantom Stock Units be paid out to the director?

The Phantom Stock Units will be paid solely in shares of Lincoln National common stock at the director’s resignation or retirement. Until then, the units remain as deferred compensation entries that follow the value of Lincoln National’s stock over time.

How were dividend reinvestments treated in the Lincoln National (LNC) director’s Phantom Stock holdings?

The filing notes the director’s total Phantom Stock holdings include 2,023.39 shares acquired through dividend reinvestment since his last report. These reinvested amounts increase the overall Phantom Stock balance alongside regular quarterly fee-based awards.