2007 Non-Employee Director Fee Schedule (Revised) for Lincoln National Corporation

Summary

This document outlines the compensation structure for non-employee directors of Lincoln National Corporation in 2007. Directors receive an annual retainer of $172,000, split between cash, stock options, and deferred stock units. Additional fees are provided for the Non-Executive Chairman, committee chairs, audit committee members, and the lead director. 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. The revised schedule includes a new fee for the Non-Executive Chairman, effective July 2007.

EX-10.3 3 dex103.htm 2007 NON-EMPLOYEE DIRECTOR FEES( REVISED) 2007 Non-Employee Director Fees( Revised)

EXHIBIT 10.3

2007 DIRECTOR FEES

(Revised to include a fee for the Non-Executive Chairman)

 

Retainer Fee:   

$172,000/per year

Cash: $86,000

Stock Options: $43,000

Deferred Stock Units*: $43,000

Non-Executive Chairman of the Board Fee**:    $200,000/per year in Deferred Stock Units
Committee Chair Fee for Compensation, CGC and Finance Committees:    $10,000/per year
Audit Committee Chair Fee:    $20,000/per year
Audit Committee Member Retainer Fee:    $5,000/per year
Lead Director Retainer Fee:    $25,000/per year

* Deferred Stock Units are “phantom” units of LNC Common Stock that are credited under the LNC Directors’ Deferred Compensation Plan.
** J. Patrick Barrett was appointed Non-executive Chairman in July 2007. Accordingly, he is receiving a pro-rated fee in 2007.

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.