CUNNINGHAM WILLIAM H DR 4

What Happened
William H. Cunningham, a director of Lincoln National Corporation (LNC), was granted 1,690.14 phantom stock units on 2026-03-31. The units were valued at $35.50 each, totaling $60,000. This transaction is recorded as a derivative award (Transaction Code A) under the company's non-employee directors' deferred compensation plan.

Key Details

• Transaction date: 2026-03-31; grant price/value: $35.50 per unit; total value: $60,000.
• Transaction type: Grant / award of Phantom Stock Units (derivative), Code A.
• Phantom Stock Units are each equivalent to one share of LNC common stock (Footnote F1).
• Grant represents quarterly board retainer/fees accrued in the Directors' Deferred Compensation Plan and payable in shares upon resignation or retirement (Footnote F2).
• Filing date: 2026-04-02; filing appears timely (no late filing indicated).
• Shares/units owned after the transaction: not specified in the filing.
• Filing notes that 2,023.39 shares were acquired through dividend reinvestment since the reporting person's last report (Footnote F3).

Context
Phantom stock units are a form of deferred compensation that mirror the economic value of shares but are settled later (here, payable solely in common stock upon resignation/retirement). This is a routine director compensation grant rather than an open-market purchase or sale and does not necessarily signal the director buying or selling LNC stock immediately.