Lincoln National director granted phantom stock units

LeFebvre Dale reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

LeFebvre Dale reported acquisition or exercise transactions in this Form 4 filing.

Lincoln National Corp director Dale LeFebvre received a grant of phantom stock units as part of board compensation. On the reported date, LeFebvre was awarded 1,267.610 phantom stock units, each equivalent to one share of Lincoln National common stock, at a reference price of $35.50 per unit.

The units were credited under the company’s Deferred Compensation Plan for Non-employee Directors in the Lincoln National stock fund and are payable solely in common shares upon resignation or retirement. Following this grant and dividend reinvestment activity, LeFebvre holds 28,860 phantom stock units in total.

Insider Trade Summary

Grant/Award: 1,267.61 shares

Grant/Award 1 txn

Insider LeFebvre Dale

Role Director

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

Holdings After Transaction: Phantom Stock Unit — 28,860 contracts (Direct)

Footnotes (3)

1. F1. Each Phantom Stock unit is the equivalent of one share of LNC Common Stock.
2. F2. 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. F3. Includes 289.77 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom stock units granted: 1,267.610 units Reference price per unit: $35.50 per unit Total phantom units after transaction: 28,860 units +2 more

5 metrics

Phantom stock units granted 1,267.610 units Grant/award acquisition on 2026-03-31

Reference price per unit $35.50 per unit Phantom stock unit grant reference value

Total phantom units after transaction 28,860 units Holdings following reported grant

Dividend reinvestment units 289.77 units Units acquired via dividend reinvestment since last report

Underlying common stock equivalence 1 unit = 1 share Each phantom stock unit equals one LNC common share

Key Terms

Phantom Stock Unit, Deferred Compensation Plan, Dividend reinvestment, LNC Stock Fund investment account

4 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 289.77 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"

FAQ

What insider transaction did Lincoln National Corp (LNC) report for Dale LeFebvre?

Lincoln National reported that director Dale LeFebvre received 1,267.610 phantom stock units as a compensation grant. These units are tied to Lincoln National common stock and were credited under the deferred compensation plan for non-employee directors.

What are the terms of Dale LeFebvre’s phantom stock award at Lincoln National (LNC)?

Each phantom stock unit equals one share of Lincoln National common stock, using a reference price of $35.50 per unit. The units are payable only in common shares at resignation or retirement under the non-employee directors’ deferred compensation plan.

How many phantom stock units does Dale LeFebvre hold after this Form 4 for LNC?

After the reported grant and dividend reinvestment, Dale LeFebvre holds a total of 28,860 phantom stock units. This total includes 289.77 units that were acquired through dividend reinvestment since the prior report, in addition to the new award.

How were Lincoln National (LNC) board fees paid in this Form 4 transaction?

Board retainer and fees for Dale LeFebvre were paid quarterly in phantom stock units credited to the Lincoln National stock fund. These amounts accrue under the deferred compensation plan and are ultimately settled in shares of common stock at resignation or retirement.

Can Dale LeFebvre change investments for his Lincoln National (LNC) phantom stock units?

Yes. The filing states LeFebvre may transfer his phantom stock unit holdings from the Lincoln National stock fund into an alternative investment account within the directors’ deferred compensation plan at any time, affecting how his deferred compensation is tracked economically.

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Accepted by SEC EDGAR 04/02/2026 - 04:22 PM Learn about SEC filing dates

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^*

LeFebvre Dale

(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	28,860(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 289.77 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)