LINCOLN NATIONAL CORP — Director's Dealing 2021

Feb 26, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: LINCOLN NATIONAL CORP (LNC)
CIK: 0000059558
Period of Report: 2021-02-24

Reporting Person: Freitag Randal J (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-24	Common Stock	M	52198	$24.99	Acquired	256618.47	Direct
2021-02-24	Common Stock	S	52198	$59.68	Disposed	204420.47	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-02-24	Employee Stock Option (Right to Buy)	$24.99	M	52198	Disposed	2022-02-22	Common Stock (52198)	Direct
2021-02-24	Phantom Stock Units	$	I	28535.11	Disposed		Common Stock (28535.11)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	750.15	Indirect

Footnotes

F1: The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $59.61 to $59.90, 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.

F2: Represents the number of shares of common stock beneficially owned through the Company's 401(k) Plan as of 2/1/2021.

F3: The option vested in three equal installments on February 22, 2013, 2014 and 2015.

F4: Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock. Represents stock units held in the LNC DC SERP. The reporting person may transfer his Phantom Stock account into an alternative investment account at any time.

F5: Includes 995.54 stock units acquired through dividend reinvestment since the reporting person's last report.