---
schema_version: "secwatch.filing_event.v1"
accession: "0000059558-25-000049"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2025-05-23T23:59:59+00:00"
generated_at: "2026-05-20T16:14:31.625461+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Lincoln National amends incentive plan, adds 1.75M shares, cuts board to 10

## Summary
- Shareholders approved Amendment No. 4 to 2020 Incentive Plan, increasing shares by 1.75M to 17.8M.
- Maximum cash annual incentive for non-director participants raised from $8M to $12M.
- Board size reduced from 11 to 10 directors, effective May 22, 2025.
- All 10 director nominees elected; advisory 'say-on-pay' passed with ~94% of votes cast.
- Non-binding shareholder proposal for independent board chair defeated (38% for, 62% against).

## SEC filing metadata
- accession: 0000059558-25-000049
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2025-05-23T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 5.03, 5.07, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000005955825000049/0000059558-25-000049-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000005955825000049/lnc-20250522.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000059558-25-000049
- JSON: https://secwatch.observer/filing/0000059558-25-000049.json
- Plain text: https://secwatch.observer/filing/0000059558-25-000049.txt

## Key facts
- Governance Changes
  LINCOLN NATIONAL CORP: Decreased the number of authorized Board members from eleven to ten in Article II, Section 1 of the Bylaws (effective 2025-05-22).
  - Change: bylaw amendment
  - Effective: 2025-05-22
  source text: On May 22, 2025, the Company’s Board of Directors (the “Board”) approved an amendment to the Amended and Restated Bylaws of the Company (the “Bylaws”), effective the same date, to modify the language in Article II, Section 1 of the Bylaws to decrease the number of authorized Board members from eleven to ten.
  evidence_url: https://www.sec.gov/Archives/edgar/data/59558/000005955825000049/0000059558-25-000049-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.