Form 4: Lincoln National CAO Sells Shares for Tax

Lincoln National Corp's Chief Accounting Officer, Adam M. Cohen, reported a disposition of 208 common shares for tax withholding related to restricted stock unit vesting.

Summary

• Adam M. Cohen, the Chief Accounting Officer (CAO) of Lincoln National Corp (LNC), reported a transaction on December 5, 2025.
• The transaction involved the disposition of 208 shares of common stock at a price of $42.74 per share.
• This disposition was for tax withholding purposes upon the vesting of restricted stock units.
• Following this transaction, Cohen beneficially owns 24,930.11 shares of Lincoln National Corp common stock.
• The reported beneficial ownership includes a correction for an administrative error that had previously overstated shares acquired through dividend reinvestment by 9.10 shares in aggregate.
• It also includes 916.02 shares acquired through dividend reinvestment since Cohen's last report.

Sentiment

Score: 5

Explanation: The filing reports a routine insider transaction for tax withholding purposes, which is a common event and does not indicate any significant positive or negative sentiment regarding the company's performance or outlook.

Future Outlook

The filing does not contain any forward-looking statements or guidance, as it is a report of a past insider transaction.

Industry Context

This insider transaction is a routine event specific to an individual executive's compensation and tax obligations, and does not provide broader insights into industry trends or competitive landscape.

Stakeholder Impact

• Shareholders: Minimal impact, as this is a routine, small-scale transaction for tax purposes and does not reflect a change in management's confidence or company fundamentals.

Key Dates

Recommendation

The Form 4 filing details a routine insider transaction where the Chief Accounting Officer disposed of a small number of shares for tax withholding upon restricted stock unit vesting. This type of transaction is common and does not reflect a change in management's confidence or the company's operational performance, thus it has no material impact on the investment thesis. A 'hold' recommendation is appropriate as this filing does not provide new information to alter the existing investment outlook.

Keywords

LNC, Lincoln National Corp, Adam M Cohen, Form 4, insider transaction, stock sale, tax withholding, CAO, beneficial ownership