Prospectus excerpt:  Each of the depositary shares offered hereby (the “Depositary Shares”) represents a 1/1,000th interest in a share of 9.000% Non-Cumulative Preferred Stock, Series D, $25,000 liquidation preference per share (equivalent to $25.00 per Depositary Share) (the “Series D Preferred Stock”) of Lincoln National Corporation, deposited with Equiniti Trust Company, as depositary (the “Depositary”). The Depositary Shares are evidenced by depositary receipts. As a holder of Depositary Shares, you are entitled to a proportional fractional interest in all rights and preferences of the Series D Preferred Stock (including dividend, voting, redemption and liquidation rights). You must exercise these rights through the Depositary. We will pay dividends on the Series D Preferred Stock only when, as and if declared by our board of directors (or a duly authorized committee of the board), out of funds legally available for the payment of dividends. Any such dividends will be payable on a non-cumulative basis, quarterly in arrears on the first day of March, June, September and December of each year, commencing on March 1, 2023. Dividends will accrue from the date of original issue at a fixed rate per annum of 9.000%. Payment of dividends on the Series D Preferred Stock is subject to certain legal, regulatory and other restrictions as described elsewhere in this prospectus supplement. Distributions will be made in respect of the Depositary Shares if and to the extent dividends are paid on the Series D Preferred Stock.