secwatch.observer — SEC 8-K summary
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Issuer:     LINCOLN NATIONAL CORP (LNC)
CIK:        0000059558
Form:       8-K
Filed at:   2023-05-12T23:59:59+00:00
Accession:  0001564590-23-007230
Event type: other_material
Sentiment:  neutral
Materiality: 0.20
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/59558/000156459023007230/0001564590-23-007230-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/59558/000156459023007230/lnc-8k_20230512.htm
  HTML page:      https://secwatch.observer/filing/0001564590-23-007230

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer