John Christopher Kennedy - 14 May 2025 Form 4 Insider Report for LINCOLN NATIONAL CORP (LNC)

Role: EVP, President LFD
Signature: /s/ Claire H. Hanna, Attorney-in-Fact
Issuer symbol: LNC
Transactions as of: 14 May 2025
Net transactions value: +$427,359
Form type: 4
Filing time: 15 May 2025, 16:19:22 UTC
Previous filing: 04 Mar 2025
Next filing: 08 Aug 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Kennedy John Christopher	EVP, President LFD	150 N. RADNOR-CHESTER ROAD, RADNOR	/s/ Claire H. Hanna, Attorney-in-Fact	15 May 2025	0001852313

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	LNC	Phantom Stock Units	Discretionary transaction in accordance with Rule 16b-3(f) resulting in acquisition or disposition of issuer securities	$427,359	+12,391	+32%	$34.49	51,302	14 May 2025	Common Stock	12,391		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock. Represents stock units held in the LNC Deferred Compensation and Supplemental/Excess Retirement Plan (the "DC SERP"). The reporting person may transfer his investment in the Phantom Stock account into an alternative investment option in the DC SERP at any time.
F2	Includes 7,256.57 stock units acquired through the DC SERP's dividend reinvestment feature since the reporting person's last report.