Lincoln National (LNC) Director Gary C. Kelly Sells Depositary Shares

What Happened

• Gary C. Kelly, a director of Lincoln National Corporation (LNC), sold 15,006.55 depositary shares representing Series D 9.000% Non‑Cumulative Preferred Stock in open‑market/private-sale transactions on 2026-08-12. The weighted average price was $26.50, generating gross proceeds of approximately $397,674. The sales occurred in multiple transactions at prices from $26.50 to $26.54.

Key Details

• Transaction date: 2026-08-12; Form 4 filed: 2026-08-14 (timely, not reported late).
• Transaction type/code: Sale (S) — open market/private sale; weighted avg price $26.50; price range $26.50–$26.54.
• Amount sold: 15,006.55 depositary shares; proceeds ≈ $397,674.
• Depositary share note: Each depositary share represents a 1/1,000th interest in one share of Series D Preferred Stock (so 15,006.55 depositary shares ≈ 15.00655 preferred‑share equivalents).
• Ownership after transaction: not specified in the provided filing excerpt.
• Trust note: The shares were held in trust for the reporting person’s descendants; the reporting person’s spouse is trustee (per footnote).

Context

• This was a sale (not a purchase); sales are common for liquidity or estate/trust purposes and do not by themselves indicate management sentiment about the company. The filing discloses the trust arrangement but does not state a trading plan (e.g., 10b5‑1) or tax withholding code. If you need the exact per‑trade breakdown, the filer offered to provide details on request (per the footnote).