Form 4: Lincoln National CEO Exercises Stock Options

Lincoln National Corp's Chairman, President & CEO, Ellen Cooper, exercised employee stock options, acquiring shares and having some withheld for tax and exercise costs.

Summary

• Ellen Cooper, Chairman, President & CEO of Lincoln National Corp (LNC), exercised 38,891 employee stock options on November 26, 2025, at an exercise price of $35.5 per share.
• Following the exercise, 35,726 shares of common stock were disposed of (withheld) at a price of $41.35 per share to satisfy the exercise price and tax liability.
• No shares were sold by the reporting person to satisfy the exercise price or tax liability beyond the withholding.
• After these transactions, Ellen Cooper directly beneficially owns 547,918.95 shares of Lincoln National Corp common stock.
• The employee stock options had vested in three equal installments on February 24, 2017, 2018, and 2019, and are set to expire on February 24, 2026.

Sentiment

Score: 6

Explanation: The filing details a routine executive compensation event (option exercise and tax withholding). It is neutral to slightly positive as the executive is realizing value from options and did not engage in a discretionary market sale beyond the required withholding.

Positives

• The executive exercised in-the-money options, realizing value from their compensation package.
• The filing explicitly states that no shares were sold by the reporting person to satisfy the exercise price or tax liability, indicating that the disposition was limited to the required withholding.

Negatives

• A significant number of shares (35,726) were withheld to cover tax obligations and the exercise price, reducing the net shares received by the executive.

Future Outlook

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

Industry Context

This is a routine insider transaction related to executive compensation, common across all industries for publicly traded companies. It does not provide specific insights into broader industry trends or competitive positioning.

Stakeholder Impact

• Shareholders: This is a routine compensation event and is unlikely to have a significant direct impact on shareholders. It reflects the executive's realization of value from their compensation plan.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• The remaining employee stock options, if any, will expire on February 24, 2026.

Key Dates

Recommendation

This Form 4 details a routine exercise of employee stock options and subsequent withholding of shares for tax and exercise costs by a senior executive. Such a transaction is a standard part of executive compensation and typically does not provide new information that would warrant a change in investment recommendation. It is not indicative of a significant shift in the company's fundamentals or strategic direction.

Keywords

LNC, Lincoln National, stock options, insider transaction, executive compensation, Form 4