Form 4: LNC Executive Sells Shares for Tax Obligations

Lincoln National Corp executive John Christopher Kennedy disposed of 1,075 common shares to cover tax withholding obligations at a price of $40.34 per share.

Summary

• John Christopher Kennedy, EVP, Chief Distribution & Brand Officer, and Director at Lincoln National Corp (LNC), reported a transaction.
• On November 24, 2025, Kennedy disposed of 1,075 shares of LNC Common Stock.
• The shares were disposed of at a price of $40.34 per share, indicated by transaction code 'F' for satisfying tax withholding obligations.
• Following this transaction, Kennedy directly owns 124,058.66 shares of Common Stock, which includes 1,318.16 shares acquired through dividend reinvestment since the last report.
• Kennedy also indirectly owns 12,258.86 shares of Common Stock through the Company's 401(k) Plan as of November 3, 2025.

Sentiment

Score: 5

Explanation: The filing reports a routine disposition of shares by an executive to cover tax withholding obligations, which is a common occurrence and does not indicate a significant positive or negative sentiment regarding the company's performance or outlook. The executive also increased holdings through dividend reinvestment.

Positives

• Reporting person acquired 1,318.16 shares through dividend reinvestment since the last report, increasing their overall direct beneficial ownership prior to the disposition.

Negatives

• Disposition of 1,075 shares of common stock, reducing direct beneficial ownership.

Risks

• NA

Future Outlook

NA

Management Comments

• NA

Industry Context

NA

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• Disposition of 1,075 shares of common stock to the issuer (Lincoln National Corp) to satisfy tax withholding obligations, a standard transaction related to executive compensation.

Stakeholder Impact

• Shareholders: Minimal impact as this is a routine tax-related transaction and does not reflect a change in company fundamentals or executive confidence.
• Employees: No direct impact mentioned.

Next Steps

• NA

Key Dates

Recommendation

This Form 4 reports a standard, non-discretionary disposition of shares by an executive to cover tax withholding obligations, which is a common event for equity compensation. It does not reflect a change in the executive's confidence in the company or signal any new material information about the company's financial health or future prospects. Therefore, it does not warrant a change in investment recommendation based solely on this filing.

Keywords

LNC, Lincoln National Corp, John Christopher Kennedy, insider trading, Form 4, beneficial ownership, common stock, executive compensation, tax withholding