Lincoln National to Repurchase 5.5 Million Shares

Lincoln National entered into an agreement to purchase approximately 5.5 million shares of its common stock from a third-party broker/dealer using an accelerated stock repurchase program for an initial purchase price of $350 million.

Under the terms of the arrangement, Lincoln may receive, or be required to pay, a price adjustment based on the volume weighted average market price of Lincoln National common stock during the term of the program. The price adjustment can be settled, at Lincoln's option, in cash or in shares of its common stock. Lincoln expects the program to be completed early in the fourth quarter.