LINCOLN NATIONAL CORPORATION EXECUTIVE OFFICER CASH SEVERANCE POLICYExecutive Officer Cash Severance Policy • February 21st, 2023 • Lincoln National Corp • Life insurance
Lincoln National Corporation (the “Corporation” or “LNC”) will not enter into any new employment agreement, severance agreement or separation agreement with any Executive Officer or establish any new severance plan or policy covering any Executive Officer that provides for Cash Severance Benefits exceeding 2.99 times the sum of the Executive Officer’s base salary plus target bonus opportunity, without seeking shareholder ratification of such agreement, plan, or policy. The Corporation will not amend (i) the LNC Executives’ Severance Benefit Plan (the “LNC CoC Plan”), which provides for Cash Severance Benefits in the event a “Change of Control” as such term is defined in the LNC CoC Plan, to increase the level of Cash Severance Benefits currently provided under the LNC CoC Plan or (ii) The Severance Plan for Officers of LNC (the “Officers’ Severance Plan”), which provides for Cash Severance Benefits to our Executive Officers (other than our Chief Executive Officer) in the event of an in
