<SEC-DOCUMENT>0000059558-21-000032.txt : 20210727
<SEC-HEADER>0000059558-21-000032.hdr.sgml : 20210727
<ACCEPTANCE-DATETIME>20210727081338
ACCESSION NUMBER:		0000059558-21-000032
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20210727
DATE AS OF CHANGE:		20210727

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:	333-228471
		FILM NUMBER:		211115962

	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>fwpagents401k20217.htm
<DESCRIPTION>FWP AGENTS 401(K)
<TEXT>
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    <title></title>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right; font-weight: bold;">Filed Pursuant to Rule 433</div>
  <div style="text-align: right; font-weight: bold;">Registration No. 333-228471<br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;">July 27, 2021</font><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;"> <br>
    </font></div>
  <div style="text-align: right;"><br>
    <div style="text-align: left;">The following information is a Summary of Material Modifications/Notice of Fund Changes relating to certain investment options under the LNL Agents&#8217; 401(k)
      Savings Plan (the &#8220;Plan&#8221;).&#160; For more information about each of the investment options offered under the Plan (except for the LNC Stock Fund), you should log on to your account at www.lincolnfinancial.com or contact the Lincoln Customer Contact Center at 800-234-3500. </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left; font-weight: bold;">Investment Fund Changes:</div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-right: 2.7pt;">Effective <font style="font-weight: bold;">August 31, 2021, </font>the
      Acadian All Country World ex US Equity CIT will change from a Class A to a newly created Class F.&#160; The good news is that this fund class change will result in lower fees!&#160; Any asset balances you have in, or future contribution elections going to,
      Acadian All Country World ex US Equity CIT Class A on that date will automatically map (or transfer) to the new Acadian All Country World ex US Equity CIT Class F <font style="font-weight: bold;">so you do not need to take any action</font>.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="zbc5ee9bdf2e04ce5a04e9db23e4f940e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td nowrap="nowrap" style="width: 19.15%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">NEW FUND</div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Fund name</div>
          </td>
          <td style="width: 10.12%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total maximum annual operating expenses %</div>
          </td>
          <td style="width: 9.28%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Total maximum annual operating expenses $ </div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">(per 1000)</div>
          </td>
          <td style="width: 9.28%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net maximum operating expenses %</div>
          </td>
          <td style="width: 9.28%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Net maximum operating expenses $ </div>
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">(per 1000)</div>
          </td>
          <td style="width: 6.75%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">1-yr return %</div>
          </td>
          <td style="width: 6.75%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">5-yr return %</div>
          </td>
          <td style="width: 7.59%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">10-yr return %</div>
          </td>
          <td style="width: 8.43%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Since inception return %</div>
          </td>
          <td style="width: 8.69%; vertical-align: middle; background-color: #D9D9D9; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt; font-weight: bold;">Inception date</div>
          </td>
          <td style="width: 4.7%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 19.15%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2" rowspan="1">
            <div style="text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Acadian All Country World ex US Equity CIT Fund Class F</div>
            <div style="text-align: center; font-size: 8pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">(</font><font style="background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">00426P787)</font></div>
          </td>
          <td nowrap="nowrap" style="width: 10.12%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">&#160;.55*</td>
          <td nowrap="nowrap" style="width: 9.28%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">$5.50* <br>
          </td>
          <td nowrap="nowrap" style="width: 9.28%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">.55* <br>
          </td>
          <td nowrap="nowrap" style="width: 9.28%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">&#160;$5.50*</td>
          <td nowrap="nowrap" style="width: 6.75%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">&#160;53.91%</td>
          <td nowrap="nowrap" style="width: 6.75%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">&#160;--- <br>
          </td>
          <td nowrap="nowrap" style="width: 7.59%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2" rowspan="1">&#160;---</td>
          <td nowrap="nowrap" style="width: 8.43%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">&#160;48.21%</td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center; background-color: rgb(255, 255, 255); font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;" colspan="2" rowspan="1">&#160;12/1/2020</td>
          <td style="width: 4.7%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 19.15%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;" colspan="2" rowspan="1">
            <div style="text-align: center;">&#160;</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold; background-color: rgb(217, 217, 217); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">REMOVED
              FUND</div>
            <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-weight: bold; background-color: rgb(217, 217, 217); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Fund
              name</div>
          </td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 10.12%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;" colspan="2" rowspan="1">
            <div style="text-align: center;">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Total maximum </font></div>
            <div style="text-align: center;"><font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">annual operating expenses %</font></div>
          </td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 9.28%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;" colspan="2" rowspan="1">
            <div style="text-align: center;">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Total maximum </font></div>
            <div style="text-align: center;"><font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">annual operating expenses $ </font></div>
            <div style="text-align: center;"><font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">(per 1000)</font></div>
          </td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 9.28%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-align: center; text-transform: none;" colspan="2" rowspan="1">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Net maximum operating expenses %</font></td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 9.28%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none;" colspan="2" rowspan="1">
            <div style="text-align: center;">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Net maximum operating expenses $ </font></div>
            <div style="text-align: center;"><font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">(per 1000)</font></div>
          </td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 6.75%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-align: center; text-transform: none;" colspan="2" rowspan="1">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">1-yr return %</font></td>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; width: 6.75%; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; text-align: center;" colspan="2" rowspan="1">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">5-yr return %</font></td>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; width: 7.59%; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; text-align: center;" colspan="2" rowspan="1">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">10-yr return %</font></td>
          <td style="background-color: rgb(217, 217, 217); border-bottom: 2px solid rgb(0, 0, 0); vertical-align: middle; white-space: nowrap; width: 8.43%; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; font-weight: normal; text-transform: none; text-align: center;" colspan="2" rowspan="1">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Since inception return %</font></td>
          <td style="background-color: #D9D9D9; border-bottom: 2px solid #000000; vertical-align: middle; white-space: nowrap; width: 8.69%; color: #000000; font-style: normal; font-variant: normal; font-weight: normal; text-align: center; text-transform: none;" colspan="2" rowspan="1">&#160;<font style="background-color: rgb(217, 217, 217); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 8pt; font-style: normal; font-variant: normal; text-transform: none;">Inception date</font></td>
          <td style="width: 4.7%; vertical-align: top;" rowspan="1">&#160;</td>
        </tr>
        <tr>
          <td nowrap="nowrap" style="width: 19.15%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">Acadian All Country World ex US Equity CIT Fund Class A</div>
            <div style="text-align: center; font-size: 8pt;">(00426P407)</div>
          </td>
          <td nowrap="nowrap" style="width: 10.12%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">.65</div>
          </td>
          <td nowrap="nowrap" style="width: 9.28%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">$6.50</div>
          </td>
          <td nowrap="nowrap" style="width: 9.28%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">.65</div>
          </td>
          <td nowrap="nowrap" style="width: 9.28%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">$6.50</div>
          </td>
          <td nowrap="nowrap" style="width: 6.75%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">53.89%</div>
          </td>
          <td nowrap="nowrap" style="width: 6.75%; vertical-align: middle; border-bottom: 2px solid rgb(0, 0, 0); text-align: center;" colspan="2">---</td>
          <td nowrap="nowrap" style="width: 7.59%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">---</div>
          </td>
          <td nowrap="nowrap" style="width: 8.43%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">17.48%</div>
          </td>
          <td nowrap="nowrap" style="width: 8.69%; vertical-align: middle; border-bottom: #000000 2px solid;" colspan="2">
            <div style="text-align: center; font-size: 8pt;">7/2/2019</div>
          </td>
          <td style="width: 4.7%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
        </tr>

    </table>
    <div style="text-align: left; margin-top: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 8pt;">Average returns provided are representative of performance as of March 31, 2021.</div>
    <div style="margin-top: 3pt;"><br>
    </div>
    <div style="text-align: left; font-size: 8pt;">* Acadian&#8217;s investment management fee for its All Country World ex US Equity Collective Investment Trust (&#8220;CIT&#8221;) Fund &#8211; Class F is 0.45%.&#160; In addition, this
      CIT will be charged with certain operating expenses, including, but not limited to, custody fees, securities pricing fees, annual audit fees, tax filing fees, annual 5500 expenses, NSCC fees for CIT transactions via the NSCC system, website hosting
      and maintenance fees and manual trading fees.&#160; The operating expenses are capped at 0.10%.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;">If you do not wish for an automatic mapping of these assets, please keep in mind that you can change your investment elections on your own at any time.&#160; If
      you have assets in the fund being removed, you can transfer the balance of that fund to any alternative funds available under the Plan by initiating a transfer prior to 4:00 p.m. Eastern on August 30, 2021.&#160; In addition, you can make changes to your
      future contribution elections for the fund being removed.&#160; Please log on to your account at <u>LincolnFinancial.com</u> or visit <u>LincolnFinancial.com/RetirementInfoCenter</u> or contact the Lincoln Customer Contact Center at 800-234-3500 for more information on the available fund options.&#160; Of course, you could also
      wait until after the automatic mapping occurs if you wish to exchange funds or change where your future contributions are invested.</div>
    <div><br>
    </div>
    <div style="text-align: left;">Any transactions requested on August 31, 2021 (such as fund transfers, loans, or distribution transactions) will not be processed while the fund change is
      being made but will process normally once the fund change is completed.&#160; Your account will remain fully invested during the change.</div>
    <div><br>
    </div>
    <div style="text-align: left;">If you are also a participant in any of Lincoln&#8217;s non-qualified deferred compensation plans administered by Nolan Financial Group that utilize the same fund
      options as the Plan, please note that this same fund change will impact the non-qualified plans at the same time.</div>
    <div><br>
    </div>
    <div style="text-align: left; margin-right: 2.9pt;"><font style="font-weight: bold;">Note:</font>&#160;&#160; This Summary of Material
      Modifications/Notice of Fund Changes also supplements the more comprehensive Annual Participant Fee Disclosure Notice (&#8220;Fee Disclosure Notice&#8221;) you received regarding certain plan and investment-related information found in the Comparative Chart
      Summary contained in the Fee Disclosure Notice.&#160; Please keep this supplemental notice with your Fee Disclosure Notice.&#160; A copy of the most recent Fee Disclosure Notice is available by contacting the Lincoln Customer Contact Center at 800-234-3500.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: left;"><font style="font-weight: bold;">Questions?<br>
        </font><br>
    </div>
    <div style="text-align: left;">If you have any questions about these changes, or would like to change your investment and contribution elections under the Plan, contact the Lincoln Customer
      Contact Center at 800-234-3500 (Monday &#8211; Friday, 8:00 a.m. &#8211; 8:00 p.m. Eastern) or log on to your account at LincolnFinancial.com.&#160; For more information about the Plan, please review the Plan&#8217;s current Summary Plan Description (SPD).</div>
    <div><br>
    </div>
    <div><br>
    </div>
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              <div style="text-align: center; font-weight: bold;">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>
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    <div style="text-align: center;">**********</div>
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    <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>
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    <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 website at www.sec.gov.&#160; Alternately, the issuer will arrange to send you the prospectus if you request it by calling the Lincoln Customer Contact Center at 800-234-3500.</div>
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