Lincoln National director granted phantom stock units

CUNNINGHAM WILLIAM H DR reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

CUNNINGHAM WILLIAM H DR reported acquisition or exercise transactions in this Form 4 filing.

Lincoln National Corp director William H. Cunningham received a grant of phantom stock units as part of his quarterly board compensation. He was awarded 1,697.31 Phantom Stock Units, each equal to one share of Lincoln National common stock, credited at a reference price of $35.35 per unit.

After this award and prior accruals, his deferred phantom stock balance totals 198,389.54 units. These units are held in the company’s Deferred Compensation Plan for Non-employee Directors and are payable only in Lincoln National common shares upon his resignation or retirement. The balance also includes 2,330.48 shares equivalent from dividend reinvestment since his last report.

Insider Trade Summary

Grant/Award: 1,697.31 shares

Grant/Award 1 txn

Insider CUNNINGHAM WILLIAM H DR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Unit	1,697.31	$35.35	$60K

Holdings After Transaction: Phantom Stock Unit — 198,389.54 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 Directors' DCP at any time.
3. F3. Includes 2,330.48 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom units granted: 1,697.31 units Reference price per unit: $35.35 per unit Total phantom units after grant: 198,389.54 units +2 more

5 metrics

Phantom units granted 1,697.31 units Quarterly board retainer grant on 2026-06-30

Reference price per unit $35.35 per unit Used to calculate number of phantom units

Total phantom units after grant 198,389.54 units Balance following transaction

Dividend reinvestment units 2,330.48 units Units from dividend reinvestment since last report

Underlying common stock 1,697.31 shares Underlying common shares for new phantom units

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 2,330.48 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 Lincoln National Corp (LNC) director William Cunningham report on this Form 4?

He reported receiving 1,697.31 Phantom Stock Units as a grant of deferred board compensation. These units mirror Lincoln National common stock value and increase his total phantom balance to 198,389.54 units held in the non-employee directors’ deferred compensation plan.

What is a Phantom Stock Unit in Lincoln National Corp’s director plan?

A Phantom Stock Unit is the equivalent of one share of Lincoln National common stock for bookkeeping purposes. It tracks the stock’s value and dividends but pays out only in actual common shares when the director resigns or retires from the board.

How many phantom stock units does William Cunningham hold after this transaction at Lincoln National (LNC)?

Following this grant, he holds 198,389.54 Phantom Stock Units tied to Lincoln National common stock. This total reflects his new quarterly award plus previously accumulated units, including additional units from dividend reinvestment since his prior Form 4 filing.

At what value were William Cunningham’s new Lincoln National phantom units credited?

The 1,697.31 new Phantom Stock Units were credited at a reference price of $35.35 per unit. This price is used solely to determine how many units correspond to his quarterly retainer and fee amount under the deferred compensation plan.

When will William Cunningham receive actual Lincoln National (LNC) shares for these phantom units?

The phantom units are payable solely in Lincoln National common stock at his resignation or retirement from the board. Until then, units remain in the Deferred Compensation Plan, where he may transfer them between available investment accounts under the plan’s terms.

How did dividend reinvestment affect William Cunningham’s Lincoln National phantom stock balance?

His reported holdings include 2,330.48 phantom units acquired through dividend reinvestment since his last report. Instead of cash, dividends on existing phantom units generated additional units, increasing his deferred stock-based compensation balance over time.

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Accepted by SEC EDGAR 07/02/2026 - 07:34 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^*

CUNNINGHAM WILLIAM H DR

(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		1,697.31		(2)	(2)	Common Stock	1,697.31	$35.35	198,389.54(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 2,330.48 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)