Lincoln National (NYSE: LNC) director gets 1,267.61 phantom units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

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 1,267.61 phantom stock units as a grant tied to board retainer and fees. Each unit equals one share of common stock and is payable in stock at resignation or retirement. After this award and dividend reinvestment, he holds 5,197.7 phantom stock units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morris James T

Role Director

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

Holdings After Transaction: Phantom Stock Unit — 5,197.7 shares (Direct)

Footnotes (1)

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock. 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. Includes 41.27 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom units granted: 1,267.61 units Reference price per unit: $35.50 Total phantom units after grant: 5,197.7 units +2 more

5 metrics

Phantom units granted 1,267.61 units Quarterly board retainer and fees grant on March 31, 2026

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

Total phantom units after grant 5,197.7 units Holdings following reported transaction

Dividend reinvestment units 41.27 units Units accrued via dividend reinvestment since last report

Underlying common shares 1,267.61 shares Each phantom stock unit equals one share of common stock

Key Terms

Phantom Stock Unit, Deferred Compensation Plan for Non-employee Directors, dividend reinvestment

3 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 41.27 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.

Form 4 Insider Transactions: What Each Field Means →

04/02/2026 - 04:23 PM

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)
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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Unit	⁽¹⁾	03/31/2026		A		1,267.61		⁽²⁾	⁽²⁾	Common Stock	1,267.61	$35.5	5,197.7⁽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 41.27 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Lincoln National Corp (LNC) report for James T. Morris?

Lincoln National reported that director James T. Morris received 1,267.61 phantom stock units as a grant. The award represents a quarterly payment of board retainer and fees under the company’s deferred compensation plan for non-employee directors.

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

A phantom stock unit is a bookkeeping unit equal to one share of Lincoln National common stock. These units track share value and are ultimately payable in actual shares, typically at resignation or retirement, under the non-employee directors’ deferred compensation plan.

How many phantom stock units does James T. Morris hold after this Form 4?

After the reported grant, James T. Morris holds 5,197.7 phantom stock units. This balance includes the new 1,267.61-unit award and 41.27 units that were acquired through dividend reinvestment since his last reported position.

At what price were the new Lincoln National phantom stock units valued?

The 1,267.61 new phantom stock units were valued at $35.50 per unit. This value reflects the reference share price used to credit the quarterly board retainer and fees in the stock-based deferred compensation account for non-employee directors.

When will James T. Morris receive Lincoln National (LNC) shares for these phantom units?

The phantom stock units are payable solely in Lincoln National common shares at resignation or retirement. Until then, they remain as deferred compensation entries, although he may transfer them into an alternative investment account within the directors’ deferred compensation plan.

How were additional phantom stock units accumulated through dividend reinvestment at LNC?

Since his last report, 41.27 phantom stock units were added to James T. Morris’s holdings through dividend reinvestment. Cash dividends linked to his existing phantom units were reinvested to credit additional units, mirroring how dividend reinvestment works for common shareholders.