KELLY GARY C 4

What Happened
Gary C. Kelly, a director of Lincoln National Corporation (LNC), was granted 1,272.98 phantom stock units on 2026-06-30 as an award/acquisition under the company's non-employee directors' deferred compensation plan. The grant is valued at $35.35 per share, for a total reported value of $45,000. This is a compensation grant (derivative/phantom stock), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-30; filing date: 2026-07-02 (no late-filing flag noted in the filing).
• Transaction type/code: Award/Acquisition (A) of phantom stock units.
• Amount and price: 1,272.98 phantom units at $35.35 per unit; total reported value $45,000.
• Nature of instrument: Phantom Stock Units — each unit is equivalent to one share of LNC common stock (F1).
• Plan details: Units were awarded as quarterly board retainer/fees accrued under the Directors' Deferred Compensation Plan and are payable solely in shares upon resignation/retirement; units may be moved into an alternate investment account in the plan (F2).
• Additional note: Filing indicates inclusion of 1,328.18 shares acquired via dividend reinvestment since the last report (F3).
• Shares owned after transaction: not specified in the provided excerpt.

Context
Phantom stock units are a form of deferred compensation that mirror stock value and are typically settled in shares later; they do not represent an immediate cash purchase or sale of stock. Such grants are routine for non-employee directors as part of board compensation and do not, by themselves, indicate the director is buying or selling shares on the open market.