---
schema_version: "secwatch.filing_event.v1"
accession: "0001564590-23-007230"
form_type: "8-K"
ticker: "LNC"
cik: "0000059558"
company_name: "LINCOLN NATIONAL CORP"
filed_at: "2023-05-12T23:59:59+00:00"
generated_at: "2026-06-15T03:00:42.134959+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.2
confidence: "high"
source: SEC EDGAR
---

# LNC reduces CEO change-of-control severance multiple from 3.0 to 2.99; removes automatic good reason clause

## Summary
- CEO cash severance capped at 2.99x base salary plus target bonus, down from 3.0x.
- Provision allowing CEO to trigger 'good reason' for any termination in 2-year post-change-of-control window removed.
- Amendment effective May 12, 2023, adopted by Executive Committee of Board.
- No changes to severance multipliers for other executives (remain at 2.0x).

## SEC filing metadata
- accession: 0001564590-23-007230
- form_type: 8-K
- ticker: LNC
- cik: 0000059558
- company_name: LINCOLN NATIONAL CORP
- filed_at: 2023-05-12T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.2
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/59558/000156459023007230/0001564590-23-007230-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/59558/000156459023007230/lnc-8k_20230512.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001564590-23-007230
- JSON: https://secwatch.observer/filing/0001564590-23-007230.json
- Plain text: https://secwatch.observer/filing/0001564590-23-007230.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.