Employment Agreement (not available)

Amendment No. 1 to Employment Agreement (not available)

Amendment No. 2 to Employment Agreement

Amendment No. 3 to Employment Agreement

Severance Agreement

Amendment to Severance Agreement

Second Amendment to Severance Agreement

Third Amendment to Severance Agreement

 

 

AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT OF DENNIS R. GLASS

Exhibit 10.4

Amendment No. 2

To

Employment Agreement

THIS AMENDMENT NO. 2 TO EMPLOYMENT AGREEMENT (“Amendment”), effective as of February 22, 2007, and entered into by and between DENNIS R. GLASS, an individual resident of the State of Pennsylvania (“Glass”), and LINCOLN NATIONAL CORPORATION (the “Company”) on April 2, 2007.

WHEREAS, Both Glass and the Company find it in their mutual best interests to amend the Employment Agreement (“Agreement”) dated December 6, 2003 between Glass and Jefferson-Pilot Corporation, as amended by Amendment No. 1 dated March 23, 2005, to clarify certain provisions of the Agreement as assumed by the Company on April 3, 2006 by operation of the merger between a wholly-owned subsidiary of the Company and Jefferson-Pilot Corporation. The amendments shall be effective as of April 3, 2006.

NOW THEREFORE, in consideration of the premise above, such consideration being mutually acceptable to both parties, the parties hereto; intending to be legally bound, hereby agree as follows:

 

 

 

First Paragraph, substitute “LINCOLN NATIONAL CORPORATION, an Indiana Corporation (the “Company”)” for “JEFFERSON-PILOT CORPORATION, a North Carolina corporation (the “Company”)

 

 

 

In Paragraph 1(a), Employment, change the parenthetical, “(The Company and its subsidiaries are referred to in this Agreement collectively as “JP”)” to “(Jefferson –Pilot Corporation and its subsidiaries are referred to in this Agreement collectively as “JP”)”.

 

 

 

Change every reference to “JP” to “LNC” in each of the following: Paragraph 1(b), Paragraph 2(i), Paragraph 2(ii), Paragraph 2(iii), Paragraph 3.4, Paragraph 4.1(d), and Paragraph 8 (old Paragraph 9, “Confidentiality”)

 

 

 

Replace the existing Paragraph 2(iv) under Term with the following:

“Glass’s termination of his employment hereunder, effective thirty (30) days after written notice of termination is given by Glass to the Company, if, prior to the giving of such notice, (A) a “Change of Control” of Jefferson Pilot Corporation (as hereinafter defined) has occurred, (B) the Company breaches this Agreement in any


material respect and fails to cure such breach within ten (10) days after notice thereof from Glass or any representation or warranty of the Company in this Agreement shall be incorrect in any material respect, or (C) the Company fails to obtain the assumption of this Agreement by any successor to the Company or its business (whether by merger, consolidation, transfer of assets, or otherwise). For the purposes hereof, a “Change of Control” of Jefferson Pilot Corporation shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”)) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Jefferson Pilot Corporation representing twenty-five percent (25%) or more of the combined voting power of Jefferson Pilot Corporation’s then outstanding securities; (ii) Jefferson Pilot Corporation or Jefferson-Pilot Life Insurance Company shall sell substantially all of its assets in a transaction that was opposed by Glass; (iii) there shall be consummated any consolidation or merger of Jefferson Pilot Corporation that was opposed by Glass and in which Jefferson Pilot Corporation is not the continuing or surviving corporation or as a result of which the holders of Jefferson Pilot Corporation’s capital stock immediately prior to the consummation of the transaction do not have substantially the same proportionate ownership of such capital stock immediately after consummation of the transaction; or (iv) the shareholders of Jefferson Pilot Corporation approve any plan or proposal for the liquidation or dissolution of Jefferson Pilot Corporation.”

 

 

 

Replace the existing Paragraph 3.2, Annual Bonuses, with the following: “Not later than ten (10) days after the meeting of the Compensation Committee of Jefferson-Pilot’s Board of Directors on the second Monday in February in each of the calendar years 2005 and 2006, Jefferson-Pilot shall pay Glass additional cash compensation (less applicable withholding taxes) with respect to the preceding calendar year (the “2004 Bonus Year” and the “2005 Bonus Year”) in an amount computed in accordance with Section 3.3 below. For each of the calendar years 2007, 2008, and 2009, however, the Company shall pay Glass an annual incentive bonus (“AIP”), relating back to service during the previous calendar years 2006, 2007 and 2008, respectively, pursuant to the terms and provisions of the Lincoln National Corporation Incentive Compensation Program.

 

 

 

Replace the first sentence of Paragraph 3.3, Annual Bonus Computation, with the following: “The additional cash compensation payable under Section 3.2 above with respect to the 2004 Bonus Year and the 2005 Bonus Year shall be in an amount equal to a portion of the Base Salary for such Bonus Year determined as follows:”

 

 

 

Replace the existing Paragraph 4.2, Stock Options, with the following: “4.2. Stock Options and Long-Term Incentive Compensation Programs. At its first meeting in each of 2005 and 2006, the Compensation Committee of Jefferson-Pilot’s Board of Directors shall in good faith consider Glass for a grant of options to purchase shares of Jefferson-Pilot’s common stock, based on his performance during the prior calendar year, in keeping with Jefferson-Pilot’s practices. Such options shall be granted under the Jefferson-Pilot Long Term Stock Incentive Plan and shall be


 

granted pursuant to documentation reasonably satisfactory to Glass and Jefferson-Pilot but in any event shall have an exercise price per share equal to the fair market value of a share of JP’s common stock on the date of grant. Effective with the merger of Jefferson-Pilot Corporation and the Company on April 3, 2006, Glass shall participate in the Company’s 2006 long-term incentive programs, which are prospective awards based on Glass’s service and contributions to the Company over a three-year performance period. In 2006, Glass shall receive long-term incentive program grants from the Company along with similarly situated executives, receiving equity in the form of performance-restricted shares of the Company’s common stock pursuant to the 2006-2008 LTIP Cycle. Mr. Glass shall not receive options under the Company’s 2006 long-term incentive program due to the fact that Mr. Glass received a grant of options from the Board of Directors of Jefferson-Pilot Corporation in February 2006. For calendar years 2007 and 2008, Glass shall participate in the Company’s long-term incentive programs for those years, and shall be eligible to receive all forms of equity as may be granted, including performance-restricted shares of the Company’s common stock and options to purchase shares of the Company’s common stock.”

 

 

 

Delete Paragraph 8 (long-term incentive compensation is dealt with in new Paragraph 4.2)

 

 

 

Renumber Paragraphs 9 & 10 as appropriate (“9” becomes “8”, and “10” becomes “9”).

 

 

 

Replace the existing subparagraph (b) of Paragraph 9.5, Notices, with the following:

 

 

(b)

If to the Company, addressed to:

Centre Square West Tower

1500 Market Street, Suite 3900

Philadelphia, PA 19102-2112

Attention: Corporate Secretary

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on April 2, 2007, effective as of the date set forth above.

 

 

 

 

 

 

LINCOLN NATIONAL CORPORATION

    

DENNIS R. GLASS

 

 

 

By:

 

 

    

 

 

 

Top of the Document

 

EX-10.2 3 dex102.htm AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT OF DENNIS R. GLASS

EXHIBIT 10.2

Amendment No. 3

Amending & Terminating Employment Agreement

THIS AMENDMENT NO. 3 TO EMPLOYMENT AGREEMENT (“Amendment”), effective as of August 6, 2008, is entered into by and between DENNIS R. GLASS, an individual resident of the State of Pennsylvania (“Glass”), and LINCOLN NATIONAL CORPORATION (the “Corporation”).

WHEREAS, both Glass and the Company find it in their mutual best interests to amend and terminate in its entirety the Employment Agreement (“Agreement”) dated December 6, 2003 between Glass and the Corporation, (as successor to Jefferson-Pilot Corporation), as amended by Amendment No. 1 dated March 23, 2005, and Amendment No. 2 dated February 22, 2007;

WHEREAS, although the Agreement terminated on March 1, 2008, Section 5.1 of the Agreement provides that if Glass shall retire on or after March 1, 2008, he shall be provided with the greater of the monthly retirement benefit calculated as described in Section 5.1 of the Agreement or the benefit calculated under the Executive Special Supplemental Benefit pursuant to the Jefferson-Pilot Supplemental Benefit Plan;

WHEREAS, the parties desire to terminate the Agreement in its entirety and settle the remaining benefit obligation described in Section 5.1 of the Agreement.

NOW THEREFORE, in consideration of the premises and mutual promises and agreements contained herein, such consideration being mutually acceptable to both parties, the parties hereto, intending to be legally bound, hereby agree as follows:

 

 

1.

A credit in the amount of $1,460,000 shall be made to Glass’s Shortfall Balance Account under the Lincoln National Corporation Deferred Compensation & Supplemental/Excess Retirement Plan (the “DC SERP”) effective August 6, 2008. This amount represents the difference between the present value of Glass’s estimated age 62 benefit calculated under the DC SERP without consideration for the special factors in Section 5.1 of his Agreement, and the present value of his estimated age 62 benefit calculated using the special factors in Section 5.1 of the Agreement. This amount will be vested and distributed in the manner provided under the DC SERP for amounts credited to the Shortfall Balance Account (a cash lump sum valued as of the first of the month that is thirteen (13) full months from the date Glass Separates from Service, as defined by the DC SERP).

 

 

2.

Glass agrees to waive and relinquish any remaining rights to the benefit described in Section 5.1 of the Agreement in consideration of an additional credit in the amount of $160,000 to be made to his Shortfall Balance Account under the DC SERP effective August 6, 2008. This amount represents the difference between the benefit set forth in paragraph 1 above, and that same benefit calculated at age 65. This additional credit will be vested and distributed in the manner provided under the DC SERP for amounts credited to the Shortfall Balance Account (a cash lump sum valued as of the first of the month that is thirteen (13) full months from the date Glass Separates from Service, as defined by the DC SERP).

 

 

3.

Section 5.1 of the Agreement is eliminated in its entirety.

 

 

4.

As a result of paragraphs 1-3 above, the Agreement shall terminate in its entirety and shall have no further force or effect as of August 6, 2008.

This Amendment represents and contains the entire understanding between the parties in connection with the subject matter of this Amendment. It is expressly acknowledged and recognized by Glass and the Corporation that all prior written or oral agreements, understandings or representations between them are merged into this Amendment.


IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of August 6, 2008.

 

 

 

 

 

 

 

 

 

 

LINCOLN NATIONAL CORPORATION

 

 

 

DENNIS R. GLASS

 

 

 

 

By:

 

 

 

 

 

 

 

 

 

 

 

Date:

 

 

 

 

 

Date:

 

 

 

 

 

 

EX-10.12 3 exhibit1012.htm EXHIBIT 10.12



EXHIBIT 10.12

 

 

THE SEVERANCE PLAN FOR OFFICERS OF

LINCOLN NATIONAL CORPORATION

(Restated effective as of June 13, 2011)

 

 

 

Purpose and Interpretation

 

The Severance Plan For Officers of Lincoln National Corporation, restated effective as of June 13, 2011 (the “Plan”), is a restatement of the 2010 Amendment and Restatement of the Plan.

 

This Plan is intended to comply with section 409A of the Internal Revenue Code of 1986, as amended, and the official guidance issued thereunder (the “409A Rules”).  Specifically, this Plan is intended to represent a “separation pay plan” as defined under the 409A Rules.  It is intended that benefits under this Plan shall be paid only in cases of “Job Elimination,” as defined below.  Notwithstanding any other provision of this Plan to the contrary, this Plan shall be interpreted, operated and administered in a manner consistent with these intentions.

 

 

Article I: Definitions

 

“Applicable Cap” means the lesser of (i) two times the sum of the Officer’s annual rate of pay determined as of December 31st of the calendar year prior to the year in which the Officer’s Job Elimination occurs, or (ii) two times the maximum amount that may be taken into account under a qualified plan pursuant to Code section 401(a)(17) in effect for the calendar year in which the Officer’s Job Elimination occurs.  In calculating the Applicable Cap, all amounts that are defined as payments under a “separation pay plan” sponsored by the Corporation for an individual Officer are aggregated.

 

Cause” shall have the same meaning as used and/or defined under the ERISA Severance Plan.

 

Change of Control” shall have the same meaning as used and/or defined under the Change of Control Plan.

 

Change of Control Plan” means the Lincoln National Corporation Executives’ Severance Benefit Plan.

 

Code” means the Internal Revenue Code of 1986, as amended.

 

 

 


 

 

Corporation” means Lincoln National Corporation and its affiliates and subsidiaries.

 

Effective Date” means June 13, 2011.

 

ERISA Severance Plan” means the Lincoln National Corporation Severance Pay Plan, as amended from time to time.

 

Established Compensation” means the Officer’s rate of pay for the calendar year immediately preceding the Officer’s Job Elimination as determined under the guidelines used by his or her respective business unit and is consistent with the rate of pay used for other company benefits (e.g., for annual enrollment, disability coverage, life insurance coverage).

 

Job Elimination” or “Job Eliminated” shall have the same meaning as used and/or defined under the ERISA Severance Plan.

 

Key Employee” means any Officer who, as of the date of his or her Job Elimination from the Corporation, is treated as a “specified employee” under Code section 409A(a)(2)(B)(i) (i.e., a key employee as defined in Code section 416(i) without regard to paragraph (5) thereof).  Key Employees shall be determined in accordance with Code section 409A using December 31st as the determination date.  A listing of Key Employees as of any determination date shall be effective for the 12-month period beginning on the April 1st following the determination date.

 

Officers” means those officers listed in the Corporate Directory for each Participating Employer.  The list of officers is maintained by the Lincoln Life & Annuity Company and is posted on its website at:

 

http://llinsite.lnc.com/library/corpdir/index.htm.

 

Participating Employer” means any affiliate or subsidiary of Lincoln National Corporation that is listed in Appendix A to this Plan.

 

Article II: Eligibility for Benefits

 

The benefits provided under this Plan are the Severance Pay benefit described in Article III below and the Severance Stipend benefit described in Article IV below.  All Officers who are Job Eliminated by the Corporation on or after the Effective Date of this Plan and who meet the conditions set forth below, shall be eligible for Plan benefits.

 

 

 


 

 

In order to qualify for the Severance Pay and Severance Stipend benefits under this Plan, the Officer must be Job Eliminated by the Corporation and must satisfy each of the three (3) requirements set forth below:

 

 

 (a) The Officer must otherwise be eligible for benefits under the ERISA Severance Plan;

 

 

 

 (b) The Officer must remain actively at work and satisfactorily perform his or her job duties until the last day that the Officer’s services are required by the Corporation; and

 

 

 

 (c) The Officer must sign (and not revoke) an Agreement, Waiver and General Release (or similar release document) satisfactory to the Corporation (“Agreement”) that becomes effective, which shall include provisions calling for forfeiture and/or clawback of all but three (3) weeks of Severance Pay and/or Severance Stipend benefits payable or paid under this Plan in the event the Officer engages in competition with, or solicits or attempts to solicit employees or customers of, the Corporation, reveals confidential information belonging to the Corporation, fails to report such competitive activity, solicitation, or breach of confidentiality, or otherwise violates the terms of the Agreement.

 

Benefits are not payable under this Plan unless each of the above requirements of this Article II is satisfied and the Officer continues to satisfy such requirements throughout the duration of the Severance Period described in Article III below.

 

Article III: Amount of Severance Pay

 

Severance Pay is based on the Officer’s annual base salary or Established Compensation, whichever is higher, in effect at the time of Job Elimination.

 

Severance Pay is paid for each week of the applicable Severance Period, as provided below:

 

 

 

Officer Title

 

 Severance Period

 

 

 

 

 

Officers below CLG

-

 26 weeks

 

CLG 

-

 39 weeks

 

SMC

-

 52 weeks

 

See Article VII below for more information regarding the coordination of the Severance Pay benefit payable under this Plan, and similar benefits under the ERISA Severance Plan, the Change of Control Plan, or any other plans,

 

 


 

 

programs and arrangements sponsored by the Corporation that pay severance benefits.

 

Article IV:  Amount of Severance Stipend

 

All Officers shall be entitled to receive a cash payment in the amount of $200/week for each week of the applicable Severance Period, as determined pursuant to Article III above, as illustrated below:

 

 

 

Officers below CLG

-

$5,200

(= 26 weeks x $200)

 

CLG

-

$7,800

(= 39 weeks x $200)

 

SMC 

-

$10,400

(= 52 weeks x $200)

        

See Article VII below for more information regarding the coordination of the Severance Stipend benefit payable under this Plan, and similar benefits under the ERISA Severance Plan, the Change of Control Plan, or any other plans, programs and arrangements sponsored by the Corporation that pay severance benefits.

 

Article V:  Timing of Payments

 

In general, payments under this Plan will be paid, or begin to be paid, as soon as practical, but in no event later than 90 days, after the date the Officer satisfies the requirements of Article II above.

 

Notwithstanding the foregoing, for amounts in excess of the Applicable Cap that are payable to a Key Employee, or any amount of Plan benefits payable to a Key Employee covered under the Change of Control Plan, benefits under this Plan will begin to be paid no earlier than the first day of the month that is a full six (6) months after the date of the Key Employee’s Job Elimination.  No interest or other compensation will be paid to the Key Employee in consideration of such delay.

 

Article VI:  Form of Payment

 

Severance Pay.  Except as provided below, Severance Pay is paid bi-weekly.  In no event shall Severance Pay be paid later than December 31st of the second calendar year following the calendar year in which the Officer’s Job Elimination occurs.

 

Severance Stipend.  The Severance Stipend is paid in a cash lump sum.

 

Rule for Key Employees Covered under the Change of Control Plan.  Notwithstanding the foregoing, any Severance Pay or the Severance Stipend

 

 

 


 

 

payable under this Plan to a Key Employee covered under the Change of Control Plan will be paid in a lump sum.


 

Article VII:  Coordination With Other Plans, Programs & Arrangements

 

Any Severance Pay or Severance Stipend payable pursuant to this Plan is not eligible to be contributed to any of the Corporation’s qualified savings or 401(k) plans, nor eligible to be deferred under any of the Corporation’s non-qualified savings or deferred compensation arrangements.  No Severance Pay or Severance Stipend is considered in the calculation of benefits under any of the Corporation’s qualified or non-qualified defined benefit plans.

 

Any amounts of Severance Pay and Severance Stipend payable under this Plan shall be reduced, or offset, on a dollar-for-dollar basis, by the amount of any severance pay and severance stipend that may also be payable to the Officer under the ERISA Severance Plan or under any other plan, program, contract or arrangement sponsored by the Corporation calling for the payment of severance or severance-like payments or stipend or stipend-like payments.

 

In addition, if the Officer is also eligible for benefits pursuant to the terms of the Change of Control Plan, then any amount of Severance Pay and Severance Stipend payable to the Officer under this Plan shall offset or reduce the amount payable to the Officer under the Change of Control Plan.

 

The purpose of this Article is to prevent “double-dipping,” or the payment of duplicative severance benefits under one or more plans, programs, arrangements or agreements sponsored by the Corporation.

 

Except as expressly provided herein, particularly as to the amount of Severance Pay, Severance Stipend, and/or as to the coordination of benefits provisions in this Plan, this Plan does not amend or otherwise modify the provisions of any of the plans, programs, arrangements or agreements established, maintained or entered into by the Corporation for the purpose of providing benefits to employees.  The Corporation reserves the right to amend or terminate this Plan at any time.

 

*           *           *           *

 

 

 

 


 

 

IN WITNESS WHEREOF, the Chief Executive Officer of the Corporation hereby approves this restatement of The Severance Plan for Officers of Lincoln National Corporation, effective June 13, 2011.

 

 

 

LINCOLN NATIONAL CORPORATION

 

 

/s/ Dennis R. Glass

Dennis R. Glass

President and Chief Executive Officer

 

 

 

EX-10.13 4 exhibit1013.htm EXHIBIT 10.13



EXHIBIT 10.13

 

 

Amendment No. 1

To the

Severance Plan for Officers of

Lincoln National Corporation

(Restated effective June 13, 2011)

 

 

 

The Severance Plan for Officers of Lincoln National Corporation is amended effective as of January 1, 2012 as follows:

 

1.           Appendix A is amended to add the following Participating Employer:

 

“Lincoln Investment Management Company”

 

2.           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 No. 2 this 20th day of December, 2011.

 

LINCOLN NATIONAL CORPORATION

 
 

 

 

By:  /s/ Dennis R. Glass

        Dennis R. Glass

        President and Chief Executive Officer

 

 

EX-10.14 5 exhibit1014.htm EXHIBIT 10.14



EXHIBIT 10.14

 

 

Amendment No. 2

to the

Severance Plan for Officers of

Lincoln National Corporation

(Restated effective June 13, 2011)

 

The Severance Plan for Officers of Lincoln National Corporation is, except as otherwise indicated below, hereby amended by the Compensation Committee of the Corporation’s Board of Directors effective August 27, 2012 as follows:

 

1.

Revising the first paragraph of the Purpose and Interpretation with the addition of the following sentence to be inserted at the end that paragraph:

 

 

“The Plan is intended to be a top-hat plan that covers a select group of management and highly compensation employees.”

 

2.

Revising subparagraph (c) of Article II to read as follows

 

 

 

*

*

*

*

 

 

“(c) The Officer must sign (and not revoke) an Agreement, Waiver and General Release (or similar release document) satisfactory to the Corporation (“Agreement”) that shall release the Corporation, its affiliates, subsidiaries, shareholders, directors, officers, employees, and agents and that becomes effective, which shall include provisions calling for forfeiture and/or claw back of all but three (3) weeks of benefits payable or paid under this Plan in the event the Officer engages in competition with, or solicits or attempts to solicit employees or customers of, the Corporation, reveals confidential information belonging to the Corporation, fails to report such competitive activity, solicitation, or breach of confidentiality, or otherwise violates the terms of the Agreement.”

 

 

*

*

*

*

 

 

3.

Effective July 12, 2012 through December 28, 2012, the Plan is hereby amended with the addition of new Article IV-A set forth below.  After December 28, 2012, Article IV-A shall no longer be in effect and shall be deleted from the Plan.

 

 

 

 

Article IV-A: Additional Severance Period

 

Any Officer (other than one who is classified as a Section 16 Officer under the Securities Exchange Act of 1934, as amended) who receives formal written notice of Job Elimination from the Corporation from July 12, 2012 through November 30, 2012 and whose separation from service with the Corporation occurs prior to December 28, 2012 may be eligible for an additional Severance Period as

 

 

 


 

 

described in this Article IV-A.  Any Officer who receives formal written notice of Job Elimination from the Corporation after November 30, 2012 or whose separation from service with the Corporation occurs after December 28, 2012 (regardless of when formal written notice of Job Elimination was received) shall not be eligible for the additional Severance Period described in this Article IV-A.

 

For purposes of this Article IV-A, “Severance Benefits” shall mean the Severance Pay benefit described under Article III and the Severance Stipend benefit described in Article IV.

 

An Officer who does not obtain a “Comparable Job” (as defined below) by the end of the Officer’s applicable Severance Period described in Article III above (the “Initial Severance Period”), shall be eligible to continue to receive Severance Benefits during an additional Severance Period of not more than 24 weeks, provided that Officer does not obtain a Comparable Job during such 24-week period and further provided that the Officer continues to satisfy the terms and conditions of the Plan and the Officer’s Agreement.

 

In addition, to be eligible to continue to receive Severance Benefits during the additional Severance Period, the Officer must provide to the Corporation at the conclusion of his or her Initial Severance Period and each week during the additional Severance Period thereafter, an attestation that the Officer has not obtained a Comparable Job.

 

If an Officer obtains a Comparable Job during the Initial Severance Period, such Officer must immediately notify the Corporation of such Comparable Job and will be entitled to continue to receive Severance Benefits for the duration of the Officer’s Initial Severance Period under Article III provided the Officer continues to satisfy the terms and conditions of the Plan and the Officer’s Agreement, but the Officer shall not be eligible for the additional Severance Period under this Article IV-A.

 

If an Officer obtains a Comparable Job at any point during the additional Severance Period, such Officer must immediately notify the Corporation and the Officer’s eligibility to continue to receive Severance Benefits under this Article IV-A shall immediately cease.

 

If an Officer fails to immediately notify the Corporation that he or she obtained a Comparable Job during the additional Severance Period and continues to receive Severance Benefits thereafter, the Officer shall be required to repay to the Corporation any Severance Benefits paid to the Officer under this Article IV-A after the Officer obtained a Comparable Job.

 

A Comparable Job is any job that pays the Officer an annual base salary that is not less than 70% of the Officer’s annual base salary with the Corporation immediately prior to the Officer’s Job Elimination.”

 

 

 


 

 

4.

Effective July 12, 2012 through December 28, 2012, the second paragraph of Article VI is hereby amended as set forth below.  After December 28, 2012, the second paragraph of Article VI as in effect immediately prior to July 12, 2012 shall resume effect.

 

 

 

*

*

*

*

 

 

“Severance Stipend.  The Severance Stipend associated with an Officer’s Initial Severance Period (as defined in Article IV-A) shall be paid in a cash lump sum.  Any Severance Stipend payable during the additional Severance Period described in Article IV-A shall paid bi-weekly.”

 

 

*

*

*

*

 

 

5.

In all other respects, said Plan shall remain in full force and effect.

 

 

 

EX-10.2 14 dex102.htm SEVERANCE PLAN FOR OFFICERS AMENDMENT 3



Exhibit 10.2

 

Amendment No. 3

to the

Severance Plan for Officers of

Lincoln National Corporation

(Restated effective June 13, 2011)

 

The Severance Plan for Officers of Lincoln National Corporation is hereby amended effective as of the date indicated below as follows:

 

1.

Effective July 12, 2012 through December 28, 2012, the first paragraph of Article IV-A of the Plan is hereby amended to read as set forth below.  After December 28, 2012, Article IV-A shall no longer be in effect and shall be deleted from the Plan.

 

Article IV-A: Additional Severance Period

 

Any Officer (other than one who is classified as a Section 16 Officer under the Securities Exchange Act of 1934, as amended) who receives formal written notice of Job Elimination from the Corporation from July 12, 2012 through November 30, 2012 and whose separation from service with the Corporation occurs on or before December 28, 2012 may be eligible for an additional Severance Period as described in this Article IV-A.  Any Eligible Individual who receives formal written notice of Job Elimination from the Corporation after November 30, 2012 or whose separation from service with the Corporation occurs after December 28, 2012 (regardless of when formal written notice of Job Elimination was received) shall not be eligible for the additional Severance Period described in this Article IV-A.”

 

 

 

 *

 *

 *

 *

 


2.           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 No. 3 this _____ day of September, 2012.

 

LINCOLN NATIONAL CORPORATION

 
 

 

 

By: /s/ Dennis R. Glass

      Dennis R. Glass

      President and Chief Executive Officer