Form 4: Lincoln National CEO Ellen Cooper Reports Routine Stock Transaction and Ownership Update

Lincoln National Corporation's President and CEO, Ellen Cooper, reported a routine disposition of shares for tax withholding purposes and an update to her beneficial ownership, including shares acquired through dividend reinvestment.

Summary

• Ellen Cooper, President & CEO of Lincoln National Corp (LNC), reported a transaction on May 26, 2025.
• The transaction involved the disposition of 3,781 shares of Common Stock at a price of $32.38 per share.
• This disposition was for tax withholding upon the vesting of restricted stock units.
• Following this transaction, Ms. Cooper beneficially owns 539,974.99 shares of LNC Common Stock.
• The reported beneficial ownership includes a correction for an administrative error that had overstated prior dividend reinvestment shares by 51.62 in aggregate.
• Additionally, the reported ownership includes 5,562.91 shares acquired through dividend reinvestment since her last report.

Sentiment

Score: 6

Explanation: The filing reports a routine, non-discretionary disposition of shares for tax withholding, which is neutral. However, it also highlights continued share accumulation through dividend reinvestment and a correction of a minor administrative error, which are slightly positive indicators of ongoing ownership and accurate reporting.

Positives

• The reporting person acquired 5,562.91 shares through dividend reinvestment, indicating continued accumulation of shares.
• The correction of a minor administrative error (51.62 shares) demonstrates attention to accurate reporting.

Negatives

• Disposition of 3,781 shares for tax withholding, while routine, reduces direct share count.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The disposition of 3,781 shares was for tax withholding upon vesting of restricted stock units.
• The reported beneficial ownership reflects a correction to the number of shares reported as acquired through dividend reinvestment in certain prior periods, which due to an administrative error had been overstated by 51.62 shares in the aggregate.
• The reported beneficial ownership includes 5,562.91 shares acquired through dividend reinvestment since the reporting person's last report.

Industry Context

This Form 4 filing is a routine disclosure of an insider stock transaction and does not provide broader industry context or trends. Such filings are standard for publicly traded companies when executives or directors change their beneficial ownership.

Comparison to Industry Standards

• This filing reports a standard insider transaction (Form 4) for tax withholding purposes, which is a common occurrence across all industries for executives receiving equity compensation.
• The reported share price and ownership figures are specific to Lincoln National Corp and are not directly comparable to other companies' financial results or projects without additional context.

Stakeholder Impact

• Shareholders: Provides transparency regarding executive stock ownership changes, specifically a routine tax-related disposition and ongoing dividend reinvestment. This is generally neutral, as it's a common part of executive compensation.

Key Dates

Keywords

Lincoln National Corp, LNC, Ellen Cooper, Insider Transaction, Form 4, CEO, Stock Ownership, Tax Withholding, Restricted Stock Units, Dividend Reinvestment