Lincoln National Corporation Non-Employee Director Compensation Schedule (Effective May 27, 2022)
This document outlines the compensation structure for non-employee directors of Lincoln National Corporation, effective May 27, 2022. It specifies annual cash retainers and deferred stock units for the Non-Executive Chairman, Lead Independent Director, and other directors, as well as additional fees for committee roles. Directors may defer cash fees under the company's Deferred Compensation Plan. Meeting fees may apply for extra meetings, and all payments are made quarterly or pro-rata for partial service.
EXHIBIT 10.2
NON-EMPLOYEE DIRECTOR FEES
(Effective May 27, 2022)
| | ||||
| | Non-Executive Chairman | |||
| | Annual Retainer (Cash) | $375,000 | ||
| | Deferred LNC Stock Units | $150,000 | ||
| | Total Non-Executive Chairman Fees | $525,000 | ||
| | ||||
| | Lead Independent Director | |||
| | Annual Retainer (Cash) | $110,000 | ||
| | Deferred LNC Stock Units | $225,000 | ||
| | Total Lead Independent Director Fees | $335,000 | ||
| | ||||
| | Directors other than Lead Independent Director | |||
| | Annual Retainer (Cash) | $110,000 | ||
| | Deferred LNC Stock Units* | $165,000 | ||
| | Total Board Fees | $275,000 | ||
| | ||||
| | Committees (Cash) | |||
| | Audit Committee Chair | $35,000 | ||
| | Audit Committee Member | $10,000 | ||
| | Compensation Committee Chair | $25,000 | ||
| | Other Committee Chair | $20,000 |
| * | Deferred LNC Stock Units are “phantom” units of LNC Common Stock that are credited under the LNC Directors’ Deferred Compensation Plan. |
All cash fees may be deferred, at a Director’s election, pursuant to the LNC Directors’ Deferred Compensation Plan.
Meeting fees may be paid in some cases for meetings which exceed the number of annually scheduled meetings ($1,100 per meeting) as determined by the Corporate Governance Committee.
All fees are paid to the directors on a quarterly basis in arrears and, for partial service during the year, fees are paid on a pro-rata basis.
