Non-Employee Director Fees (effective May 27, 2022)
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.
