Lincoln National (LNC) director reports new phantom stock award

Rhea-AI Filing Summary

Lincoln National Corp director reported receiving additional deferred equity compensation. On 12/31/2025, the director acquired 1,010.55 Phantom Stock units, each equivalent to one share of Lincoln National common stock, at a reference price of $44.53 per unit under the company's Deferred Compensation Plan for Non-Employee Directors.

These Phantom Stock units are payable solely in shares of common stock upon the director's resignation or retirement, and the director may transfer the Phantom Stock account into an alternative investment account at any time. After this transaction, the director beneficially owned 27,302.62 derivative securities, which includes 288.22 shares accumulated through dividend reinvestment since the last report.

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
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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 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)
12/31/2025

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)	12/31/2025		A		1,010.55		(2)	(2)	Common Stock	1,010.55	$44.53	27,302.62(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 288.22 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	01/05/2026
	** 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.

FAQ

What insider transaction did Lincoln National Corp (LNC) report in this filing?

The filing reports that a director of Lincoln National Corp acquired 1,010.55 Phantom Stock units on 12/31/2025 as part of deferred board compensation, with each unit equivalent to one share of LNC common stock.

How many Lincoln National (LNC) Phantom Stock units does the director own after this transaction?

Following the reported transaction, the director beneficially owned 27,302.62 derivative securities tied to Lincoln National common stock, including units accumulated through dividend reinvestment.

What is a Phantom Stock unit in the context of Lincoln National Corp (LNC)?

For Lincoln National Corp, each Phantom Stock unit is the equivalent of one share of LNC common stock, credited under the Deferred Compensation Plan for Non-Employee Directors and ultimately payable in common shares.

How and when are Lincoln National (LNC) Phantom Stock units paid out to the director?

The Phantom Stock units are payable solely in shares of Lincoln National common stock upon the director's resignation or retirement under the Deferred Compensation Plan for Non-Employee Directors.

What price was used for the Lincoln National (LNC) Phantom Stock transaction?

The reported acquisition of 1,010.55 Phantom Stock units used a reference price of $44.53 per unit in determining the number of units credited.

How many Lincoln National (LNC) shares came from dividend reinvestment in this report?

The beneficial ownership total includes 288.22 shares that were acquired through dividend reinvestment since the director's last report.

Can the Lincoln National (LNC) director change how Phantom Stock is invested?

Yes. The filing states the director may transfer the Phantom Stock account into an alternative investment account at any time under the plan.