Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
KONEN MARK E
   2. Issuer Name and Ticker or Trading Symbol
LINCOLN NATIONAL CORP [LNC] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
President - Ins. Sol. and Ann.
(Last)
(First)
(Middle)
150 N. RADNOR-CHESTER ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
11/21/2014
(Street)

RADNOR, PA 19087		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 11/21/2014   I   5,441.76 D $ 57.596 0 I By 401(k)
Common Stock 11/21/2014   M   44,714 A $ 53.6035 121,707.01 D  
Common Stock 11/21/2014   S   44,714 D $ 57.5766 (1) 76,993.01 D  
Common Stock 11/21/2014   G V 4,160 D $ 0 72,833.01 D  
Common Stock 11/24/2014   M   10,000 (2) A $ 16.24 82,833.01 D  
Common Stock 11/24/2014   S   10,000 D $ 58 72,833.01 D  
Common Stock               11,457 I By Family Trust

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Phantom Stock Units (3) 11/21/2014   I     5,973.2368   (4)   (4) Common Stock 5,973.2368 $ 57.69 0 D  
Employee Stock Option (Right to Buy) $ 53.6035 11/21/2014   M     44,714 02/13/2007(5) 02/12/2016 Common Stock 44,714 $ 0 0 D  
Employee Stock Option (Right to Buy) $ 16.24 11/24/2014   M     10,000 05/14/2010(6) 05/14/2019 Common Stock 10,000 $ 0 8,306 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
KONEN MARK E
150 N. RADNOR-CHESTER ROAD
RADNOR, PA 19087		       President - Ins. Sol. and Ann.  

Signatures

 /s/ Charles A. Brawley, III, Attorney-in-Fact   11/24/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The price reported in Column 4 is a weighted price. These shares were sold in multiple transactions at prices ranging from $57.45 to $57.68, inclusive. The reporting person undertakes to provide Lincoln National Corporation, any security holder of Lincoln National Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote 1 to this Form.
(2) These shares were sold pursuant to a stock trading plan adopted June 9, 2014 in accordance with Rule 10b5-1.
(3) Each Phantom Stock Unit is the equivalent of one share of LNC Common Stock.
(4) Represents Phantom Stock Units acquired in the LNC DC SERP in accordance with the officer's election. These shares were transferred into alternative investment accounts in the LNC DC SERP at the discretion of the officer.
(5) The option vested in three equal installments on February 13, 2007, 2008 and 2009.
(6) The option vested in three equal installments on May 14, 2010, 2011 and 2012.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.