LeFebvre Dale 4

What Happened
Dale LeFebvre, a non-employee director of Lincoln National Corp. (LNC), was granted 1,267.61 phantom stock units on 2026-03-31 at a reported valuation of $35.50 per unit, for a total value of $45,000. The transaction is reported as an award (derivative), not an open-market purchase or sale.

Key Details

• Transaction date and type: 2026-03-31 — Grant/Award of phantom stock units (code A).
• Price/value: 1,267.61 units at $35.50 each = $45,000 (derivative award).
• Shares owned after transaction: Not disclosed in the Form 4 filing.
• Footnotes of note:
  • Each phantom stock unit equals one share of LNC common stock (F1).
  • Units were credited as quarterly board retainer/fees under the Directors' Deferred Compensation Plan (Directors' DCP) and are payable solely in shares upon resignation or retirement; units can be moved to another DCP investment account (F2).
  • The grant total includes 289.77 units acquired through dividend reinvestment since the last report (F3).
• Filing: Reported on 2026-04-02 for a 2026-03-31 transaction — filed within the typical Form 4 reporting window (timely).

Context
This was an award of phantom stock units (a derivative compensation vehicle) tied to director compensation rather than a market purchase or sale. Phantom units represent a right to receive shares (or equivalent value) later and do not indicate an immediate purchase or sale of underlying shares. Such grants are routine for non-employee directors as part of compensation and should be interpreted as compensation-related, not a direct market sentiment signal.