FORM 4 [ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

Freitag Randal J
2. Issuer Name and Ticker or Trading Symbol

LINCOLN NATIONAL CORP [ LNC ]
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                    _____ 10% Owner
__X__ Officer (give title below)    _____ Other (specify below)
EVP & CFO
(Last)          (First)          (Middle)

150 N. RADNOR-CHESTER ROAD
3. Date of Earliest Transaction (MM/DD/YYYY)

2/24/2021
(Street)

RADNOR, PA 19087
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 2/24/2021  M  52198 A$24.99 256618.47 D  
Common Stock 2/24/2021  S  52198 D$59.68 (1)204420.47 D  
Common Stock         750.15 (2)I By 401(k) 

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Employee Stock Option (Right to Buy) $24.99 2/24/2021  M     52198  2/22/2013 (3)2/22/2022 Common Stock 52198 $0 0 D  
Phantom Stock Units  (4)2/24/2021  I     28535.11   (4) (4)Common Stock 28535.11 (5)$59.40 0 D  

Explanation of Responses:
(1) The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $59.61 to $59.90, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote 1.
(2) Represents the number of shares of common stock beneficially owned through the Company's 401(k) Plan as of 2/1/2021.
(3) The option vested in three equal installments on February 22, 2013, 2014 and 2015.
(4) Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock. Represents stock units held in the LNC DC SERP. The reporting person may transfer his Phantom Stock account into an alternative investment account at any time.
(5) Includes 995.54 stock units acquired through dividend reinvestment since the reporting person's last report.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
Freitag Randal J
150 N. RADNOR-CHESTER ROAD
RADNOR, PA 19087


EVP & CFO

Signatures
/s/ Claire H. Hanna, Attorney-in-Fact2/26/2021
**Signature of Reporting PersonDate

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