LeFebvre Dale 4

What Happened
Dale LeFebvre, a non-employee director of Lincoln National Corporation (LNC), was granted 1,272.98 phantom stock units on 2026-06-30 as an award under the company’s deferred compensation plan. The units were valued at $35.35 each for a total reported value of $45,000. This transaction is coded as an award/grant (A) and represents deferred compensation rather than an open-market purchase of common stock.

Key Details

• Transaction date: 2026-06-30; filing date: 2026-07-02 (Form 4 filed promptly after the transaction).
• Grant: 1,272.98 phantom stock units @ $35.35 = $45,000 (derivative award).
• Shares owned after transaction: Not specified in the supplied filing details.
• Notable footnotes:
  • F1: Each Phantom Stock unit equals one share of LNC common stock.
  • F2: These units are quarterly board retainer/fee accruals under the Directors’ Deferred Compensation Plan (payable solely in shares upon resignation or retirement); units can be moved into alternate investment accounts under the plan.
  • F3: The grant includes 346.04 units acquired via dividend reinvestment since the last report.
• Transaction type: Derivative award (not an immediate equity purchase or sale).

Context
This is a routine director compensation award (deferred phantom stock) and does not reflect an open-market buy or sale. Because the units are payable in shares only upon resignation/retirement, they represent deferred economic exposure to LNC equity rather than current share ownership available for sale. Such grants are common for non-employee directors and are typically part of regular compensation.