Form 4: Lincoln National CEO Disposes Shares for Tax Obligations

Lincoln National Corp's CEO, Ellen Cooper, reported a disposition of 4,401 common shares for tax purposes, while also acquiring shares via dividend reinvestment.

Summary

• Ellen Cooper, Chairman, President, and CEO of Lincoln National Corp (LNC), reported a change in beneficial ownership.
• On November 24, 2025, Cooper disposed of 4,401 shares of LNC common stock at a price of $40.34 per share.
• This disposition was made to satisfy tax withholding obligations, as indicated by transaction code 'F'.
• Following this transaction, Cooper directly owns 544,753.95 shares of LNC common stock.
• The reported beneficial ownership includes 9,179.96 shares acquired through dividend reinvestment since Cooper's last report.

Sentiment

Score: 6

Explanation: The filing reports a routine insider disposition of shares for tax purposes, which is generally neutral. However, the inclusion of shares acquired through dividend reinvestment adds a slightly positive note, indicating continued beneficial ownership and participation in company returns.

Positives

• The reporting person acquired 9,179.96 shares through dividend reinvestment, indicating continued participation in the company's equity and a positive return on existing holdings.
• The disposition of shares was for tax withholding purposes, which is a routine and non-discretionary event for executives receiving equity compensation, rather than a discretionary sale.

Negatives

• A total of 4,401 shares of common stock were disposed of, reducing the direct beneficial ownership of the Chairman, President, and CEO.

Stakeholder Impact

• Indicates a minor reduction in direct beneficial ownership by the CEO, though often for tax purposes, which is a routine event for executives receiving equity compensation.

Key Dates

Keywords

Lincoln National, LNC, Ellen Cooper, insider transaction, Form 4, stock disposition, CEO, common stock, tax withholding