KELLY GARY C 4

What Happened
Gary C. Kelly, a director of Lincoln National Corp (LNC), was granted 1,267.61 phantom stock units on 2026-03-31. The units are recorded at $35.50 each for a total reported value of $45,000. This was an award (derivative grant), part of routine director compensation, not an open‑market purchase or sale.

Key Details

• Transaction date and price: 2026-03-31; 1,267.61 units at $35.50 each (total $45,000).
• Transaction type: Grant/Award (derivative phantom stock units).
• Shares owned after transaction: Not specified in the provided filing.
• Filing date: 2026-04-02; no late filing flag indicated (appears timely).
• Footnotes: (F1) Each Phantom Stock Unit equals one share of LNC common stock. (F2) These units represent quarterly board retainer/fee accruals under the Directors’ Deferred Compensation Plan and are payable in shares upon resignation/retirement; the reporting person can transfer phantom units to an alternative investment account.

Context
Phantom stock units are a form of deferred compensation that mirror the value of company shares and are typically settled in actual shares at a future event (e.g., retirement). Such awards are routine for non-employee directors and do not represent an open-market purchase (so they are less of an immediate bullish signal than an insider buy).