Davis Reginald E 4

What Happened
Reginald E. Davis, a non-employee director of Lincoln National Corporation (LNC), was granted 1,272.98 phantom stock units on 2026-06-30. The units are reported at an equivalent per-share value of $35.35 for a total grant value of $45,000. This was an award (derivative grant), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-30; filing date: 2026-07-02 (appears timely).
• Transaction type/code: A (award/grant); reported as a derivative (phantom stock units).
• Shares/units granted: 1,272.98 units at $35.35/unit; total value $45,000.
• Footnotes of note:
  • Each Phantom Stock Unit equals one share of LNC common stock (F1).
  • Grant represents quarterly board retainer/fees accrued under the Directors' Deferred Compensation Plan and will be payable solely in shares upon resignation or retirement; units can be moved into an alternative investment account in the plan (F2).
  • The grant amount includes 355.68 shares credited via dividend reinvestment since the last report (F3).
• Shares owned after transaction: not specified in the filing.

Context
Phantom stock units are a form of deferred compensation tied to the company’s stock price and generally convert to actual shares (or equivalent value) later—this is a routine director compensation action and not an immediate open‑market purchase or sale. Such awards are common for non-employee directors and do not by themselves indicate the director is buying or selling stock in the market.