EXHIBIT 10.3

2007 DIRECTOR FEES

(Revised to include a fee for the Non-Executive Chairman)

 

Retainer Fee:   

$172,000/per year

Cash: $86,000

Stock Options: $43,000

Deferred Stock Units*: $43,000

Non-Executive Chairman of the Board Fee**:    $200,000/per year in Deferred
Stock Units Committee Chair Fee for Compensation, CGC and Finance Committees:   
$10,000/per year Audit Committee Chair Fee:    $20,000/per year Audit Committee
Member Retainer Fee:    $5,000/per year Lead Director Retainer Fee:   
$25,000/per year

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* Deferred Stock Units are “phantom” units of LNC Common Stock that are credited
under the LNC Directors’ Deferred Compensation Plan.

** J. Patrick Barrett was appointed Non-executive Chairman in July 2007.
Accordingly, he is receiving a pro-rated fee in 2007.

All cash fees may be deferred, at a Director’s election, pursuant to the LNC
Directors’ Deferred Compensation Plan.

Meeting fees may be paid in some cases for meetings which exceed the number of
annually scheduled meetings ($1,100 per meeting) as determined by the Corporate
Governance Committee.

All fees are paid to the directors on a quarterly basis in arrears.