Amendment No. 1 to the LNC Deferred Compensation and Supplemental/Excess Retirement Plan is
Exhibit 10.11
Amendment No. 1
Lincoln National Corporation
Deferred Compensation & Supplemental/Excess Retirement Plan
(As Amended and Restated Effective January 1, 2020)
The Lincoln National Corporation Deferred Compensation & Supplemental/Excess Retirement Plan (the “Plan”) is amended effective as of the dates noted below, by:
| 1. | Amending Section 2.2(a) and (b) of the Plan, effective January 1, 2021, to read as follows: |
“(a)employees who have an Annual Salary of at least $215,000, determined as of the applicable dates designated by the Benefits Administrator;
(b)newly hired employees whose starting Annual Salary is at least $215,000;”
| 2. | Amending the first paragraph of Section 4.3 of the Plan, effective January 1, 2021, to read as follows: |
“4.3 Stock Unit Investment Option. Cash will be issued in settlement of a Participant’s investment in the Stock Unit Investment Option upon distribution of the Participant’s Account pursuant to Article 7 below. The Company reserves the right to eliminate, change or add any Investment Option from the Plan, including the Stock Unit Investment Option, as any time.”
| 3. | Amending Section 7.11 of the Plan, effective December 31, 2020, to read as follows: |
"7.11Permitted Delays. Notwithstanding the foregoing, any payment to a Participant under the Plan shall be delayed upon the Compensation Committee’s reasonable anticipation that the making of the payment would violate Federal securities laws or other applicable law; provided, that any payment delayed pursuant to this Section 7.11 shall be paid in accordance with Code section 409A.”
| 4. | In all other respects, said Plan shall remain in full force and effect. |
IN WITNESS WHEREOF, the President and Chief Executive Officer of the Company has executed this Amendment this 22nd day of December 2020.
LINCOLN NATIONAL CORPORATION
/s/ Dennis R. Glass___________________
By: Dennis R. Glass
Its: President and Chief Executive Officer
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