Lincoln Financial has adopted a new cash severance policy for top executives.
The life insurer said in a notice filed with the U.S. Securities and Exchange Commission that it will not establish any new severance plan providing cash benefits that exceed 2.99 times the sum of the executive's base salary and annual bonus opportunity, unless it receives shareholder approval for the severance agreement.
The company described the new cash severance policy along with information that the board has approved a compensation package for the company's new chief financial officer, Christopher Neczypor.
The new CFO will have an annual base salary of $800,000 and an annual incentive program target award of 134% of his base salary. He will also have a 2023 long-term incentive program target award of $1.825 million.
