CUNNINGHAM WILLIAM H DR 4

What Happened

• Dr. William H. Cunningham, a director of Lincoln National Corp. (LNC), was granted/acquired 1,697.31 phantom stock units on 2026-06-30. The units were valued at $35.35 each for a total reported value of $60,000. The transaction is reported as an award/acquisition (derivative).

Key Details

• Transaction date and terms: 2026-06-30 — Grant/acquisition (Code A) of 1,697.31 phantom stock units at $35.35 per unit (total $60,000).
• Shares owned after transaction: Filing does not disclose total holdings after this grant.
• Footnotes of note:
  • F1: Each Phantom Stock Unit equals one share of LNC common stock.
  • F2: These units were a quarterly board retainer/fee credited as phantom stock under the Directors' Deferred Compensation Plan; payable solely in shares upon resignation/retirement. The reporting person may transfer units into an alternative investment account under the plan.
  • F3: The filing notes an additional 2,330.48 units were acquired via dividend reinvestment since the last report.
• Filing timeliness: Form 4 filed 2026-07-02 (within two business days of the 6/30 transaction), so appears timely.

Context

• These units are phantom (derivative) awards—they represent the economic equivalent of shares but are payable in shares only upon separation events and are not open-market purchases or sales. Such grants are routine director compensation and do not necessarily indicate the director buying or selling stock in the public market.