Lincoln National director granted phantom stock units

LeFebvre Dale reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

LeFebvre Dale reported acquisition or exercise transactions in this Form 4 filing.

Lincoln National Corp director Dale LeFebvre reported a routine compensation grant of phantom stock units. On June 30, 2026, he received 1,272.98 Phantom Stock Units, each equivalent to one share of Lincoln National common stock, credited at $35.35 per unit under the non-employee directors’ deferred compensation plan.

These units are part of his quarterly board retainer and fees and are payable solely in Lincoln National common shares at resignation or retirement. Following this award, LeFebvre holds a total of 30,479.02 phantom stock units, including amounts accumulated through dividend reinvestment.

Insights

Equity compensation analyst

Routine phantom stock grant reflects standard director compensation, not open-market buying.

Dale LeFebvre, a director of Lincoln National Corp, received 1,272.98 Phantom Stock Units as part of his quarterly board retainer at a reference value of $35.35 per unit. Each unit represents one share of common stock, settled after resignation or retirement.

This is a compensation-related acquisition, coded as a grant rather than an open-market purchase. After the award, his phantom stock balance totals 30,479.02 units, indicating the transaction is relatively small compared with his existing deferred holdings. No 10b5-1 trading plan or market sale is described.

Insider Trade Summary

Grant/Award: 1,272.98 shares

Grant/Award 1 txn

Insider LeFebvre Dale

Role Director

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

Holdings After Transaction: Phantom Stock Unit — 30,479.02 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 346.04 shares acquired through dividend reinvestment since the reporting person's last report.

Key Figures

Phantom stock units granted: 1,272.98 units Reference value per unit: $35.35 per unit Total phantom units after grant: 30,479.02 units +2 more

5 metrics

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

Reference value per unit $35.35 per unit Value used for the June 30, 2026 grant

Total phantom units after grant 30,479.02 units Director’s phantom stock balance following the transaction

Dividend reinvestment units 346.04 shares Units acquired via dividend reinvestment since last report

Transaction code A (Grant, award, or other acquisition) SEC Form 4 transaction classification

Key Terms

Phantom Stock Unit, Deferred Compensation Plan, dividend reinvestment, non-employee directors

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 346.04 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.

non-employee directors financial

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

Non-employee directors are board members who do not work for the company as salaried employees and usually do not hold day-to-day management roles. They act like outside referees or independent coaches, providing oversight, asking tough questions, and protecting shareholders’ interests; investors care because these directors help ensure management is accountable, reduce conflicts of interest, and influence decisions that affect company strategy and long-term value.

FAQ

What did Lincoln National (LNC) director Dale LeFebvre report on this Form 4?

Dale LeFebvre reported receiving 1,272.98 Phantom Stock Units as a grant under Lincoln National’s non-employee directors’ deferred compensation plan. The units represent deferred board retainer and fees, credited at $35.35 per unit and payable in common stock at resignation or retirement.

Is Dale LeFebvre buying or selling Lincoln National (LNC) shares in this transaction?

He is not buying or selling shares on the open market. The Form 4 shows a grant of phantom stock units as director compensation. These units track Lincoln National’s stock and are settled in common shares at resignation or retirement, rather than through immediate cash transactions.

How many Lincoln National phantom stock units does Dale LeFebvre hold after this grant?

After the reported grant, Dale LeFebvre holds 30,479.02 Phantom Stock Units tied to Lincoln National common stock. This total includes the new 1,272.98-unit grant plus prior deferred awards and dividend reinvestments accumulated under the non-employee directors’ deferred compensation plan.

What is a Phantom Stock Unit in the context of Lincoln National (LNC)?

For Lincoln National, a Phantom Stock Unit equals one share of common stock in value but is paid later. Directors accrue these units in a deferred compensation plan, and the units are ultimately settled in actual Lincoln National common shares at resignation or retirement, not immediately in cash.

How were the Lincoln National (LNC) board fees credited in this Form 4 filing?

Board retainer and fees were credited as phantom stock units under the non-employee directors’ deferred compensation plan. For this quarter, 1,272.98 units were added at a reference value of $35.35 per unit, rather than paying the director entirely in current cash compensation.

Does this Lincoln National (LNC) Form 4 indicate any dividend-related changes for the director?

The footnotes state that the reported total includes 346.04 shares acquired through dividend reinvestment since the prior report. These reinvested amounts increase the director’s phantom stock balance within the deferred compensation plan, aligning deferred holdings with Lincoln National’s dividend activity over time.

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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^*

LeFebvre Dale

(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	30,479.02(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 346.04 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)