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 (“FPP”), 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 (“LLANY”), each of which was previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Form 10-K”). On August 11, 2026, the U.S. Court of Appeals for the Second Circuit reversed the final approval of the Glover settlement, finding that the record did not support a determination that the named plaintiffs were typical of the class. On September 8, 2026, the Glover parties entered into an amended settlement agreement to add plaintiffs with policies issued by FPP and LLANY and to add FPP and LLANY as defendants. The other terms of the settlement were not materially changed. On October 2, 2026, the Glover plaintiffs filed an amended complaint reflecting these changes. On October 28, 2026, certain Glover class members filed objections to the amended settlement. The amended settlement continues to consist of a $147.5 million pre-tax cash payment for Glover class members (inclusive of all policyholders in Iwanski, TVPX ARS INC. and Vida).

With respect to the status of the stays in the Iwanskiand TVPX ARS INC. cases, the court in these matters stayed both cases on August 11, 2026, and on September 17, 2026, dismissed all pending motions in each case, permitting leave to refile upon the conclusion of the renewed settlement proceedings in Glover.

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