Lincoln National director granted phantom stock units

Morris James T reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Morris James T reported acquisition or exercise transactions in this Form 4 filing.

Lincoln National Corp director James T. Morris received a grant of phantom stock units as part of his quarterly board compensation. He was awarded 1,272.98 phantom stock units at a reference price of $35.35 per unit, bringing his holdings to 6,533.01 phantom stock units.

Each phantom stock unit is economically equivalent to one share of Lincoln National common stock and is credited under the company’s Deferred Compensation Plan for non-employee directors. These units are payable solely in Lincoln National common shares upon resignation or retirement and can be reallocated by the director into an alternative investment account. The total also reflects 62.33 units accumulated through dividend reinvestment since his prior report.

Insider Trade Summary

Grant/Award: 1,272.98 shares

Grant/Award 1 txn

Insider Morris James T

Role Director

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

Holdings After Transaction: Phantom Stock Unit — 6,533.01 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 62.33 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 units after grant: 6,533.01 units +2 more

5 metrics

Phantom stock units granted 1,272.98 units Quarterly board retainer and fees grant on June 30, 2026

Reference price per unit $35.35 per unit Valuation used for the phantom stock unit grant

Total phantom units after grant 6,533.01 units Director’s phantom stock holdings following the transaction

Dividend reinvestment units 62.33 units Acquired through dividend reinvestment since last report

Underlying security 1,272.98 common shares equivalent Each phantom stock unit equals one 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 (the "Directors' DCP")"

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 62.33 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 Lincoln National (LNC) director James T. Morris report on this Form 4?

Director James T. Morris reported receiving a grant of 1,272.98 phantom stock units as part of his quarterly board retainer and fees, raising his total phantom stock holdings to 6,533.01 units under Lincoln National’s non-employee director deferred compensation plan.

How many phantom stock units does James T. Morris now hold at Lincoln National (LNC)?

After the latest grant, James T. Morris holds 6,533.01 phantom stock units. This total includes the new 1,272.98-unit award plus 62.33 units that accumulated through dividend reinvestment since his previous ownership report.

What is a phantom stock unit in the context of Lincoln National (LNC)?

Each phantom stock unit is the economic equivalent of one share of Lincoln National common stock. Units are bookkeeping entries under the director deferred compensation plan and are ultimately settled in actual Lincoln National common shares at resignation or retirement.

How were the new phantom stock units for the Lincoln National (LNC) director valued?

The 1,272.98 phantom stock units were credited using a reference price of $35.35 per unit. This reference value reflects the share price applied within the deferred compensation plan for calculating the director’s quarterly retainer and fee-based stock award.

When will the Lincoln National (LNC) phantom stock units be paid to the director?

The phantom stock units are payable solely in shares of Lincoln National common stock at the director’s resignation or retirement. Until then, they remain as deferred compensation credits within the company’s non-employee director deferred compensation plan.

Can the Lincoln National (LNC) director change how phantom stock units are invested?

Yes. The director may transfer phantom stock unit holdings out of the Lincoln National Stock Fund investment account into an alternative investment account within the directors’ deferred compensation plan, while the obligation to pay benefits in common shares remains.

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Accepted by SEC EDGAR 07/02/2026 - 07:36 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^*

Morris James T

(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	6,533.01(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 62.33 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)