LINCOLN NATIONAL CORP

Item 1. Legal Proceedings

Reference is made to the lawsuits captioned Glover v. Connecticut General Life Insurance Company and The Lincoln National Life Insurance Company, Iwanski v. First Penn-Pacific Life Insurance Company, TVPX ARS INC., as Securities Intermediary for Consolidated Wealth Management, LTD. v. The Lincoln National Life Insurance Companyand Vida Longevity Fund, LP v. Lincoln Life & Annuity Company of New York, each of which was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”) and our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2024 (“First Quarter 2024 Form 10-Q”) and the quarter ended June 30, 2024 (“Second Quarter 2024 Form 10-Q”). On September 4, 2024, the court granted preliminary approval of the provisional settlement, which is still subject to final approval.

Reference is made to the lawsuit captioned Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag, previously discussed in our First Quarter 2024 Form 10-Q and Second Quarter 2024 Form 10-Q. On October 23, 2024, the court granted Local 295 IBT Employer Group Pension Trust Fund’s motion for appointment as lead plaintiff.

Reference is made to the lawsuits captioned Lawrence Hollin, derivatively on behalf of Nominal Defendant Lincoln National Corporation v. Ellen G. Cooper, Dennis R. Glass, Randal J. Freitag, Deirdre P Connelly, William H. Cunningham, Reginald E. Davis, Eric G. Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Michael F. Mee, Lynn M. Utter and Patrick S. Pittard and Lincoln National Corporation and Robert R. Wiersum, derivatively on behalf of Lincoln National Corporation v. Ellen G. Cooper, Dennis R. Glass, Randal J. Freitag, Deirdre P Connelly, William H. Cunningham, Reginald E. Davis, Eric G. Johnson, Gary C. Kelly, M. Leanne Lachman, Dale LeFebvre, Janet Liang, Michael F. Mee, Lynn M. Utter and Patrick S. Pittard, both of which were previously disclosed in our Second Quarter 2024 Form 10-Q. On September 26, 2024, the court entered an order that, among other things, the Hollin case and the Wiersum case be consolidated for all purposes under the matter name In Re. Lincoln National Corporation Stockholder Derivative Litigation (No.: 2:24-cv-02713) and that all proceedings and deadlines in this matter be stayed until thirty days after resolution of all motions to dismiss (including the exhaustion of all related appeals) in the Donald C. Meade v. Lincoln National Corporation, Ellen Cooper, Dennis Glass, and Randal Freitag matter, previously disclosed in our First Quarter 2024 Form 10-Q and Second Quarter 2024 Form 10-Q.

Kelly Grink v. Virtua Health and Lincoln National Corporation et al., No. 1:24-cv-09919, is a putative class action filed on October 18, 2024, in the U.S. District Court for the District of New Jersey. Plaintiffs Kelly Grink and Diane Trump are participants in Virtua Health’s defined contribution plans. Plaintiffs seek to represent all current and former participants or beneficiaries of Virtua’s 401(k) savings plan and 403(b) retirement program who invested in the plan’s fixed annuity option in the six years prior to the filing of this lawsuit. Lincoln offers a fixed annuity investment option to plan participants through its group annuity contract with the plans. Lincoln also provides recordkeeping and administration services to the plans. Plaintiffs allege that the Virtua defendants acted in breach of their fiduciary duty including by maintaining the plans’ investment in the Lincoln stable value fund when other investment providers are alleged to have provided superior alternatives at substantially lower cost. Plaintiffs allege that Lincoln acted as a fiduciary with respect to the fixed annuity investment option and was a party in interest to a prohibited transaction under ERISA. The action seeks unspecified relief against Lincoln. We are vigorously defending this matter.

Reference is made to Lincoln National Life Insurance Company v. Township of Radnor, previously disclosed in our Second Quarter 2024 Form 10-Q. The trial of this matter began in October 2024 and is scheduled to continue in November 2024.

See Note 14 in “Part I – Item 1. Financial Statements” for further discussion regarding these matters and other contingencies.