LNC · Lincoln National Corp

Each Depositary Share represents a 1/1,000th interest in a share of Lincoln National Corporation's 9.000% Non-Cumulative Preferred Stock, Series D ("Series D Preferred Stock").

The price reported in Column 4 is a weighted average price. These Depositary Shares representing Series D Preferred Stock were sold in multiple transactions at prices ranging from $26.50 to $26.54, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of Depositary Shares representing Series D Preferred Stock sold at each separate price within the range set forth in footnote 2 to this Form 4.

Tax withholding upon vesting of restricted stock unit award granted on August 9, 2023.

Includes 3,087 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 2,330.48 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Director's DCP at any time.

Includes 62.33 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Director's DCP at any time.

Includes 486.60 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Director's DCP at any time.

Includes 346.04 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Director's DCP at any time.

Includes 1,155.92 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 566.25 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 1,328.18 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 355.68 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Director's DCP at any time.

Includes 277.26 shares acquired through dividend reinvestment since the reporting person's last report.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $34.43 to $34.51, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

Includes 1,017 shares acquired through dividend reinvestment since the reporting person's last report.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $34.51 to $35.21, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

Tax withholding upon vesting of restricted stock units upon retirement.

Tax withholding upon vesting of restricted stock units.

Includes 2,338 shares acquired through dividend reinvestment since the reporting person's last report.

Tax withholding upon vesting of restricted stock units.

Includes 1,461 shares acquired through dividend reinvestment since the reporting person's last report.

Tax withholding upon vesting of restricted stock units.

Includes 2,180 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 289.77 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 482.63 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 412.86 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 999.08 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 298.20 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 2,023.39 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 229.51 shares acquired through dividend reinvestment since the reporting person's last report.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

Quarterly payment of board retainer and fees in shares of phantom stock accrued under the LNC Deferred Compensation Plan for Non-employee Directors (the "Directors' DCP") in the LNC Stock Fund investment account, which are payable solely in shares of LNC Common Stock at resignation or retirement. The reporting person may transfer his/her phantom stock unit holdings into an alternative investment account in the Directors' DCP at any time.

Includes 41.27 shares acquired through dividend reinvestment since the reporting person's last report.

The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $32.58 to $32.64, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote 1.

The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $34.44 to $34.51, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.

Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock. Represents phantom stock units held in the LNC Stock Fund investment account in the LNC Deferred Compensation and Supplemental/Excess Retirement Plan (the "DC SERP"). The reporting person may transfer his phantom stock unit holdings into an alternative investment account in the DC SERP at any time.

On February 1, 2026, LNL's subscription to purchase $25,000,000 in aggregate amount of Class I shares of beneficial interests of the Issuer was accepted. On February 25, 2026, the Issuer determined the purchase price per share and fixed the number of Class I shares of beneficial interests acquired in respect of such subscription.

These shares are directly owned by LNL, which is a wholly owned subsidiary of its parent holding company, Lincoln National Corporation, an Indiana corporation ("LNC"). LNC is an indirect beneficial owner of the reported securities.

Tax withholding upon settlement of performance share award.

Tax withholding upon settlement of performance share award.

Tax withholding upon settlement of performance share award.

Represents acquisition of shares upon settlement of the performance share award for the 2023-2025 performance cycle.

Tax withholding upon settlement of performance share award.

Tax withholding upon settlement of performance share award.

Grant of restricted stock units representing a contingent right to receive shares of LNC common stock. The restricted stock units vest on February 19, 2029.

Grant of restricted stock units representing a contingent right to receive shares of LNC common stock. The restricted stock units vest on February 19, 2029.

Represents acquisition of shares upon settlement of tranche of a performance share award.

Represents acquisition of shares upon settlement of the performance share award for the 2023-2025 performance cycle.

Tax withholding upon settlement of performance share award.

Grant of restricted stock units representing a contingent right to receive shares of LNC common stock. The restricted stock units vest on February 19, 2029.

Includes 5,451.66 shares acquired through dividend reinvestment since the reporting person's last report.

Grant of restricted stock units representing a contingent right to receive shares of LNC common stock. The restricted stock units vest on February 19, 2029.

Represents acquisition of shares upon settlement of the performance share award for the 2023-2025 performance cycle.

Grant of restricted stock units representing a contingent right to receive shares of LNC common Stock. The restricted stock units vest on February 19, 2029.

Tax withholding upon settlement of performance share award.

Represents acquisition of shares upon settlement of the performance share award for the 2023-2025 performance cycle.

Represents acquisition of shares upon settlement of the performance share award for the 2023-2025 performance cycle.

Includes 3,401.52 shares acquired through dividend reinvestment since the reporting person's last report.

Tax withholding upon settlement of tranche of performance share award.