Form FWP LINCOLN NATIONAL CORP Filed by: LINCOLN NATIONAL CORP

The following information is a Summary of Material Modifications/Notice of Fund Changes relating to certain investment options under the LNL Agents’ 401(k) Savings Plan (the “Plan”).  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.

Investment Fund Changes:

Effective August 31, 2021, the Acadian All Country World ex US Equity CIT will change from a Class A to a newly created Class F.  The good news is that this fund class change will result in lower fees!  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 so you do not need to take any action.

Average returns provided are representative of performance as of March 31, 2021.

* Acadian’s investment management fee for its All Country World ex US Equity Collective Investment Trust (“CIT”) Fund – Class F is 0.45%.  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.  The operating expenses are capped at 0.10%.

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.  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.  In addition, you can make changes to your future contribution elections for the fund being removed.  Please log on to your account at LincolnFinancial.com or visit LincolnFinancial.com/RetirementInfoCenter or contact the Lincoln Customer Contact Center at 800-234-3500 for more information on the available fund options.  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.

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.  Your account will remain fully invested during the change.

If you are also a participant in any of Lincoln’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.

Note:   This Summary of Material Modifications/Notice of Fund Changes also supplements the more comprehensive Annual Participant Fee Disclosure Notice (“Fee Disclosure Notice”) you received regarding certain plan and investment-related information found in the Comparative Chart Summary contained in the Fee Disclosure Notice.  Please keep this supplemental notice with your Fee Disclosure Notice.  A copy of the most recent Fee Disclosure Notice is available by contacting the Lincoln Customer Contact Center at 800-234-3500.

Questions?

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 – Friday, 8:00 a.m. – 8:00 p.m. Eastern) or log on to your account at LincolnFinancial.com.  For more information about the Plan, please review the Plan’s current Summary Plan Description (SPD).

This Summary of Material Modifications contains important information about the Plan and should be kept with your Summary Plan Description/Prospectus.

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All of the internet website addresses are provided for your convenience.  None of the information contained in such websites shall be deemed incorporated by reference in this document.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  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.  You may get these documents free by visiting EDGAR on the SEC website at www.sec.gov.  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.