LNC director granted 1,268 phantom stock units

Lincoln National Corp director Reginald E. Davis received a grant of phantom stock units as part of his board compensation.

Rhea-AI Filing Summary

Lincoln National Corp director Reginald E. Davis received a grant of phantom stock units as part of his board compensation. On this date, he acquired 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. Following this grant and prior accruals, he holds a total of 29,663.230 phantom stock units, including 298.20 units accumulated through dividend reinvestment. These units are accrued under the company’s deferred compensation plan for non-employee directors and are payable only in shares of Lincoln National common stock upon his resignation or retirement, though he may transfer the units into an alternative investment option within the plan.

Insider Trade Summary

Grant/Award: 1,267.61 shares

Grant/Award 1 txn

Insider Davis Reginald E

Role Director

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

Holdings After Transaction: Phantom Stock Unit — 29,663.23 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 298.20 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 grant: 29,663.230 units +2 more

5 metrics

Phantom stock units granted 1,267.610 units Grant of phantom stock units on 2026-03-31

Reference price per unit $35.50 per unit Value used to credit phantom stock grant

Total phantom units after grant 29,663.230 units Holdings following the reported transaction

Dividend reinvestment units 298.20 units Units acquired via dividend reinvestment since last report

Underlying security 1,267.610 shares Each phantom unit equals one share of LNC common stock

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 298.20 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 did LNC director Reginald E. Davis report on this Form 4 for LNC?

Reginald E. Davis reported receiving 1,267.610 phantom stock units as a grant under Lincoln National’s deferred compensation plan. These units represent board retainer and fees, increasing his total phantom stock holdings to 29,663.230 units tied to LNC common stock.

What is a Phantom Stock Unit in the Lincoln National (LNC) plan?

In Lincoln National’s plan, each Phantom Stock Unit equals one share of LNC common stock. Units track the stock’s value and dividends, but are paid out only in actual LNC shares at resignation or retirement, functioning as deferred, stock-linked compensation for directors.

How many Lincoln National phantom stock units does Reginald Davis now hold?

After the reported grant, Reginald Davis holds 29,663.230 phantom stock units tied to Lincoln National common stock. This total includes 298.20 units acquired through dividend reinvestment since his last report, reflecting accumulated deferred board compensation over time.

How were the new LNC phantom stock units for Reginald Davis valued?

The 1,267.610 phantom stock units granted to Reginald Davis were credited at a reference price of $35.50 per unit. This price is used solely for determining the number of units granted, each representing the value of one share of LNC common stock.

When will Reginald Davis receive actual LNC shares for these phantom stock units?

The phantom stock units are payable solely in shares of Lincoln National common stock when Reginald Davis resigns or retires from the board. Until then, the units remain within the deferred compensation plan, tracking stock value and eligible dividend reinvestments.

Can Reginald Davis change how his Lincoln National phantom stock units are invested?

Yes. The filing states he may transfer his phantom stock unit holdings from the LNC Stock Fund investment account into an alternative investment account within the directors’ deferred compensation plan at any time, while payout still occurs later in LNC common shares.

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Accepted by SEC EDGAR 04/02/2026 - 04:20 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^*

Davis Reginald E

(Last) (First) (Middle)

150 NORTH 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	29,663.23(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 298.20 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)