Connelly Deirdre P 4

What Happened
Deirdre P. Connelly, a director of Lincoln National Corporation (LNC), was granted 1,272.98 phantom stock units on 2026-06-30 at an imputed price of $35.35 per share, representing a $45,000 award. This was a derivative award (phantom stock units) under the company's Deferred Compensation Plan for Non‑employee Directors and is payable only in shares of LNC common stock on resignation or retirement.

Key Details

• Transaction date: 2026-06-30; filing date: 2026-07-02 (no late filing indicated).
• Grant: 1,272.98 phantom stock units at $35.35 each; aggregate value shown as $45,000.
• Footnote highlights: each phantom stock unit equals one share of LNC common stock (F1); the units are accrued as the quarterly board retainer under the Directors' Deferred Compensation Plan and payable in shares on resignation/retirement (F2).
• The reported total includes 566.25 shares acquired through dividend reinvestment since the last report (F3).
• Shares owned after the transaction are not specified in the provided filing.

Context: Phantom stock unit grants to non‑employee directors are routine compensation and do not represent an open‑market purchase or sale. These units are derivatives that track the value of common stock and are typically settled in shares at a future date, so they are not an immediate buy/sell signal.