LNC director granted 1,272.98 phantom stock units

LACHMAN M LEANNE reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

LACHMAN M LEANNE reported acquisition or exercise transactions in this Form 4 filing.

LINCOLN NATIONAL CORP director Leanne M. Lachman received additional equity-based compensation. She was granted 1,272.98 Phantom Stock Units on June 30, 2026 at a reference price of $35.35 per unit, each unit tied to one share of Lincoln National common stock.

These units represent quarterly board retainer and fee payments under the Deferred Compensation Plan for Non-employee Directors and are payable only in common shares when she resigns or retires. After this award, her deferred Phantom Stock Unit balance rose to 42,341.07 units, which includes 486.60 units accumulated through dividend reinvestment since her prior report.

Insights

Equity compensation analyst

Routine director fee paid in stock units, not a market trade.

Director Leanne M. Lachman received 1,272.98 Phantom Stock Units as part of her regular board compensation, equivalent to the same number of Lincoln National common shares. This is a non-cash, compensation-driven acquisition rather than an open‑market purchase.

The units are held in a deferred compensation plan and paid only in common stock at resignation or retirement, so they lengthen the director’s equity exposure. The filing also notes 486.60 units from dividend reinvestment, underscoring ongoing automatic accrual rather than discretionary trading.

Insider Trade Summary

Grant/Award: 1,272.98 shares

Grant/Award 1 txn

Insider LACHMAN M LEANNE

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Unit	1,272.98	$35.35	$45K

Holdings After Transaction: Phantom Stock Unit — 42,341.07 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 Director's DCP at any time.
3. F3. Includes 486.60 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom Stock Units granted: 1,272.98 units Reference price per unit: $35.35 per unit Total Phantom Stock Units after grant: 42,341.07 units +2 more

5 metrics

Phantom Stock Units granted 1,272.98 units Quarterly board retainer and fees on June 30, 2026

Reference price per unit $35.35 per unit Grant price basis for Phantom Stock Units

Total Phantom Stock Units after grant 42,341.07 units Balance following June 30, 2026 transaction

Dividend reinvestment units 486.60 units Units added via dividend reinvestment since prior 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 for Non-employee Directors, 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 for Non-employee Directors financial

"accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP")"

dividend reinvestment financial

"Includes 486.60 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 of LNC Common Stock"

FAQ

What did LNC director Leanne M. Lachman report in this Form 4?

She reported a grant of 1,272.98 Phantom Stock Units as part of her board compensation. Each unit equals one share of Lincoln National common stock and is held in a deferred compensation plan until resignation or retirement.

Are the Phantom Stock Units reported by LNC director Lachman actual Lincoln National shares?

They are not current shares but units equal in value to one LNC common share each. These Phantom Stock Units are payable solely in Lincoln National common stock when the director resigns or retires from the board.

What was the reference price for the Phantom Stock Units granted to LNC director Lachman?

The 1,272.98 Phantom Stock Units were credited at a reference price of $35.35 per unit. This price is used for accounting of the quarterly retainer and fees, rather than representing an open‑market trade in the stock.

How many Phantom Stock Units does LNC director Lachman hold after this transaction?

Following the grant, she holds 42,341.07 Phantom Stock Units in total. This balance includes units from prior awards plus 486.60 units accumulated through dividend reinvestment since her previous ownership report.

Is this LNC Form 4 filing a discretionary stock purchase by the director?

No. The filing describes a grant of Phantom Stock Units as quarterly board compensation, not an open‑market stock purchase. The units accrue automatically under the deferred compensation plan and are settled in common shares at resignation or retirement.

How are dividends handled for LNC director Lachman’s Phantom Stock Units?

Dividends are effectively reinvested into additional Phantom Stock Units. The filing states her balance includes 486.60 units acquired through dividend reinvestment since her last report, increasing her deferred equity-linked position over time.

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Accepted by SEC EDGAR 07/02/2026 - 07:35 AM 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^*

LACHMAN M LEANNE

(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)
06/30/2026

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)	06/30/2026		A		1,272.98		(2)	(2)	Common Stock	1,272.98	$35.35	42,341.07(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 Director's DCP at any time.

3. Includes 486.60 shares acquired through dividend reinvestment since the reporting person's last report.

Remarks:

	/s/ Claire H. Hanna, Attorney-in-Fact	07/02/2026
	** 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)