LINCOLN NATIONAL CORP — Director's Dealing 2013

Apr 1, 2013

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN NATIONAL CORP (LNC)
CIK: 0000059558
Period of Report: 2013-03-28

Reporting Person: AVERY WILLIAM J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2013-03-28	Phantom Stock Units	$	A	789.64	Acquired		Common Stock (789.64)	Direct

Footnotes

F1: Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.

F2: 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. The reporting person may transfer his/her phantom stock account into an alternative investment account at any time.