LINCOLN NATIONAL CORP — Director's Dealing 2007

Jan 3, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN NATIONAL CORP (LNC)
CIK: 0000059558
Period of Report: 2006-12-31

Reporting Person: HENDERSON GEORGE W III (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-12-31	Common Stock	A	301.2	$66.40	Acquired	19161.92	Direct

Footnotes

F1: Quarterly payment of board retainer and fees in shares of phantom stock accrued under the Deferred Compensation Plan for Non-Employee Directors (the "Plan"), which are payable solely in shares of the Company's common stock at resignation or retirement.

F2: Includes 4.13 shares acquired through dividend reinvestment since the reporting person's last report.