Lincoln National (LNC) director logs phantom stock grant and 190,648.22 units

Rhea-AI Filing Summary

Lincoln National Corp director reports phantom stock grant

A director of Lincoln National Corp received 1,347.41 Phantom Stock Units on 12/31/2025 as part of quarterly board retainer and fees under the Deferred Compensation Plan for Non-Employee Directors. Each Phantom Stock Unit is equivalent to one share of LNC common stock and is payable in shares of common stock upon resignation or retirement. Following this grant and prior dividend reinvestment, the director beneficially owns 190,648.22 derivative securities, including 2,075.15 shares acquired through dividend reinvestment, all held in a direct ownership form.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider CUNNINGHAM WILLIAM H DR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Unit	1,347.41	$44.53	$60K

Holdings After Transaction: Phantom Stock Unit — 190,648.22 shares (Direct)

Footnotes (1)

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 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. Includes 2,075.15 shares acquired through dividend reinvestment since the reporting person's last report.

Form 4 Insider Transactions: What Each Field Means →

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^*

CUNNINGHAM WILLIAM H DR

(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		1,347.41		(2)	(2)	Common Stock	1,347.41	$44.53	190,648.22(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 2,075.15 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 Form 4?

A director of Lincoln National Corp reported receiving 1,347.41 Phantom Stock Units on 12/31/2025 as part of quarterly board retainer and fees.

What is a Phantom Stock Unit in the context of LNC?

Each Phantom Stock Unit is the equivalent of one share of LNC common stock and is payable solely in shares of the company’s common stock at the director’s resignation or retirement.

How many derivative securities does the LNC director own after this transaction?

After the reported transaction, the director beneficially owns 190,648.22 derivative securities, including 2,075.15 shares acquired through dividend reinvestment since the last report.

How were the Phantom Stock Units granted to the LNC director determined?

The 1,347.41 Phantom Stock Units were a quarterly payment of board retainer and fees in shares of phantom stock accrued under the company’s Deferred Compensation Plan for Non-Employee Directors.

At what price were the LNC Phantom Stock Units recorded in this transaction?

The Phantom Stock Units were recorded at a price of $44.53 per underlying share of LNC common stock.

Can the LNC director change how the Phantom Stock Units are invested?

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

Is the LNC director’s ownership reported as direct or indirect?

The 190,648.22 derivative securities are reported as direct (D) ownership by the director.