Lincoln National Corporation filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$LNC
Life Insurance
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On August 22, 2024, the Compensation Committee of the Board of Directors of Lincoln National Corporation (the “Company” or “LNC”) adopted an amended and restated Severance Plan for Officers of LNC (the “Amended Severance Plan”) to add the Company’s Chief Executive Officer (“CEO”) as a participating officer in the plan and make certain other immaterial revisions.
Under the terms of the Amended Severance Plan, in the event of an “Involuntary Termination” other than for “Cause” (as such terms are defined in the Amended Severance Plan), the CEO would receive a severance payment amount equal to two times the CEO’s annual base salary plus the CEO’s target annual incentive program bonus amount, in each case as in effect immediately prior to the date of termination. Such amount would be paid out over a period of 104 weeks. The material terms of the Amended Severance Plan, as previously described in the Company’s 2024 Proxy Statement filed with the Securities and Exchange Commission on April 11, 2024, otherwise remain unchanged.
The foregoing description of the Amended Severance Plan is qualified in its entirety by reference to the Amended Severance Plan, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits.
(d)Exhibits.
Exhibit Number | Description | ||||
| 10.1 | |||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LINCOLN NATIONAL CORPORATION | |||||||||||||||||
| By | /s/ Nancy A. Smith | ||||||||||||||||
| Name: | Nancy A. Smith | ||||||||||||||||
| Title: | Senior Vice President and Secretary | ||||||||||||||||
Date: August 26, 2024