EXHIBIT 10.2
NON-EMPLOYEE DIRECTOR FEES
(Effective May 27, 2022)
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Non-Executive Chairman |
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Annual Retainer (Cash) |
$375,000 |
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Deferred LNC Stock Units |
$150,000 |
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Total Non-Executive Chairman Fees |
$525,000 |
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Lead Independent Director |
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Annual Retainer (Cash) |
$110,000 |
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Deferred LNC Stock Units |
$225,000 |
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Total Lead Independent Director Fees |
$335,000 |
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Directors other than Lead Independent Director |
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Annual Retainer (Cash) |
$110,000 |
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Deferred LNC Stock Units* |
$165,000 |
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Total Board Fees |
$275,000 |
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Committees (Cash) |
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Audit Committee Chair |
$35,000 |
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Audit Committee Member |
$10,000 |
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Compensation Committee Chair |
$25,000 |
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Other Committee Chair |
$20,000 |
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* |
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.