Connelly Deirdre P 4

What Happened Deirdre P. Connelly, a member of Lincoln National’s board of directors, was granted 1,267.61 phantom stock units on March 31, 2026. The units were valued at $35.50 each for a total grant value of $45,000. This was an award of derivative securities (phantom stock units) reported on Form 4 — not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-31; Form 4 filed: 2026-04-02 (appears timely).
• Grant type/code: A (award/grant) — phantom stock units (derivative).
• Quantity and price: 1,267.61 units at $35.50 each; total value $45,000.
• Shares owned after transaction: Not stated in this filing.
• Footnotes:
  • Each phantom stock unit equals one share of LNC common stock (F1).
  • Units reflect a quarterly board retainer/fees accrued in the Directors’ Deferred Compensation Plan and are payable solely in shares of LNC Common Stock at resignation or retirement; units may be transferred into an alternate investment account in the plan (F2).
  • The reported amount includes 482.63 shares acquired through dividend reinvestment since the last report (F3).

Context Phantom stock units are a form of deferred compensation settled in company shares in the future (typically at resignation/retirement) and do not represent an immediate open-market purchase or sale. Such director compensation awards are routine and are not direct indicators of short-term trading intent.