<SEC-DOCUMENT>0000059558-21-000019.txt : 20210604
<SEC-HEADER>0000059558-21-000019.hdr.sgml : 20210604
<ACCEPTANCE-DATETIME>20210604075815
ACCESSION NUMBER:		0000059558-21-000019
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210604
DATE AS OF CHANGE:		20210604

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-231903
		FILM NUMBER:		21994885

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			LINCOLN NATIONAL CORP
		CENTRAL INDEX KEY:			0000059558
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				351140070
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
		BUSINESS PHONE:		4845831400

	MAIL ADDRESS:	
		STREET 1:		150 N RADNOR CHESTER RD
		CITY:			RADNOR
		STATE:			PA
		ZIP:			19087
</SEC-HEADER>
<DOCUMENT>
<TYPE>FWP
<SEQUENCE>1
<FILENAME>fwpagentsbrokersdcp2021.htm
<TEXT>
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    <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433<br>
      Registration No. 333-231903</div>
    <div style="text-align: right; font-weight: bold;">June 4, 2021</div>
    <div style="text-align: right; font-weight: bold;"> <br>
    </div>
    <div style="text-align: right; font-weight: bold;">
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;"> <br>
      </div>
      <div style="text-align: left; font-family: 'Times New Roman',Times,serif; font-weight: normal;">The following information is a Summary of Material Modifications/Notice of Changes relating to certain investment options under
        the Lincoln National Corporation Deferred Compensation Plan for Agents and Brokers (the &#8220;Plan&#8221;).&#160; For more information about the other investment options offered under the Plan (except for the LNC Stock Fund), you should <font style="font-family: 'Times New Roman', Times, serif;">visit </font><font style="font-family: 'Times New Roman', Times, serif;">LincolnFinancial.com/RetirementInfoCenter</font><font style="font-family: 'Times New Roman', Times, serif;">&#160;</font>or log on to Nolan Financial Group&#8217;s website at <font style="font-family: 'Times New Roman', Times, serif;">www.nolanlink.com</font> or contact Nolan Financial Group at 888-907-8633.</div>
    </div>
    <div><br>
    </div>
    <div>
      <div>Effective June 21, 2021, the Plan Sponsor will make the following additions to the investment options offered in the Plan:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z9239badcbe304587be04f5aeacceea4f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 18pt;">(1)</div>
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                <div>&#160;Defined Outcome option with 12% buffer</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zeb7c09a7bdfd435abb1a21b3bd452b6b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 18pt;">(2)</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>&#160;Defined Outcome option with 22% buffer</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>These options are intended to mirror some features of the Defined Outcome Funds being offered with Lincoln <font style="font-style: italic;">Investor Advantage Pro</font> variable annuities.&#160; These investment options offer exposure to the S&amp;P 500 through a market index up to a predetermined cap (reset on an annual basis)
        subject to a defined buffer during market downturns.</div>
      <div><br>
      </div>
      <div>Each fund provides a specified exposure to a market index.&#160; This range is determined by the following parameters:</div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zdbcfa5aa808e4f7996d0257d855dab75" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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                <div style="margin-left: 18pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Outcome Period &#8211; time frame for the fund option (one year from the May 21, 2021 start date)</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="zd76e9c7895404e4a98c83829b0ef44a0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Buffer &#8211; amount of protection you have from market losses</div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z5682ba47346642fbb81b65bbd273a266" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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              <td style="width: 36pt; vertical-align: top; align: right;">
                <div style="margin-left: 18pt;">&#8226;</div>
              </td>
              <td style="width: auto; vertical-align: top;">
                <div>Cap &#8211; maximum growth you can achieve in an up market</div>
              </td>
            </tr>

        </table>
      </div>
      <div><br>
      </div>
      <div>The cap and buffer are set at inception of the term and are based on the options package held by the fund. The cap, which is set based on the given downside
        protection or buffer, is largely based on equity market volatility and will reset after the one-year outcome period. The buffer will remain constant throughout the one-year term life of the option, but an investor buying after the commencement of
        the outcome period may have a lower remaining buffer than someone who bought on the initial term day.</div>
      <div><br>
      </div>
      <div>Although the outcome period is a one-year term, you can allocate new contributions or portions of your account balance even after the start of an outcome
        period.&#160; You will still have a defined outcome, but it will be different than if you had these amounts credited as of day one.&#160; You also have the flexibility, subject to any existing Plan trading restrictions, to move in or out of these investment
        options throughout the outcome period.</div>
      <div><br>
      </div>
      <div>Although performance information is not yet available, you can track the performance of the defined outcome funds on Lincoln&#8217;s public website, <u>LFG.com/DefinedOutcomeFunds</u>, scheduled to be available as of June 21, 2021.&#160; You can also find the relevant cap and buffers both at inception and throughout the
        remaining outcome period on this website.&#160; Both funds have a 1.05% expense ratio.</div>
      <div> <br>
      </div>
      <div>
        <div><br>
        </div>
        <div style="border: 2px solid rgb(0, 0, 0); padding: 5px; width: 99%;">
          <table cellspacing="0" cellpadding="0" border="0" id="ze7e839bae90b4c148fa09dff3dd3f375" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

              <tr>
                <td style="width: 100%; vertical-align: top;">
                  <div style="text-align: center; font-weight: bold;">&#160;This Summary of Material Modifications contains important information about the Plan</div>
                  <div style="text-align: center; font-weight: bold;">and should be kept with your Summary Plan Description/Prospectus.</div>
                </td>
              </tr>

          </table>
        </div>
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    </div>
    <div><br>
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    <div>
      <div style="text-align: center;">**********</div>
      <div style="text-align: center;"> <br>
      </div>
      <div style="text-align: center;">
        <div style="text-align: left;">All of the internet website addresses are provided for your convenience.&#160; None of the information contained in such websites shall be deemed incorporated
          by reference in this document.</div>
        <div><br>
        </div>
        <div style="text-align: left; font-weight: bold;">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication
          relates.&#160; Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering.&#160; You may get these documents free
          by visiting EDGAR on the SEC Web site at www.sec.gov.&#160; Alternately, the issuer will arrange to send you the prospectus if you request it by contacting Nolan Financial Group at 888-907-8633.</div>
        <div style="text-align: left; font-weight: bold;"> <br>
        </div>
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