Document:

Exhibit 10(c)

                 LINCOLN NATIONAL CORPORATION
              Executives' Severance Benefit Plan
                (As effective January 10, 2002)

Section 1. History, Plan Name and Effective Date.  Effective August 12,
1982, the Board of Directors (the "Board") of Lincoln National
Corporation (the "Corporation") established the Lincoln National
Corporation Executives' Severance Benefit Plan (the "Plan").  The
following provisions constitute an amendment, restatement and
continuation of the Plan, effective as of January 10, 2002.

Section 2. Purpose.  The Corporation recognizes that the possibility of
an unforeseen change of control is unsettling to its executives and the
executives of its Affiliates.  Therefore, this Plan is established to
provide assurance to (i) encourage the attraction and continued
employment of the executives, and assure their continuing dedication to
their duties notwithstanding the threat or occurrence of a change of
control; (ii) enable the executives, should the Corporation receive
unsolicited proposals from third parties with respect to its future, to
assess and advise the Board what action on those proposals would be in
the best interests of the Corporation, its shareholders and the
policyholders and other customers of its Affiliates, and to take such
action regarding those proposals as the Board might determine
appropriate, without being influenced by the uncertainties of their own
situation; (iii) demonstrate to the executives of the Corporation and
its Affiliates that the Corporation is concerned with the welfare of the
executives and intends to assure that loyal executives are treated
fairly; and (iv) provide the executives with compensation and benefits
arrangements upon a change of control which are designed to ensure that
the compensation and benefits expectations of the executives will be
satisfied.

Section 3. Employees Eligible to Participate.  Individuals from a select
group of key employees of the Corporation and its Affiliates shall be
eligible to participate in the Plan.  Members of the Corporation's
Senior Management Committee (including any successor committee or other
body having substantially similar responsibilities), as it shall be
constituted from time to time, shall always be eligible to participate
in the Plan.  The Compensation Committee of the Board may specify
additional employees at any time as eligible.

Section 4. Effective Date of Executive's Participation.  An employee
shall become a participant in the Plan on the date specified in the
Joinder Agreement executed  by the employee and the Corporation.  An
employee who participates in the Plan is an "Executive."

Section 5. Termination of Participation.  If before a Change of Control
(as hereinafter defined) of the Corporation occurs, (i) the Executive's
employment terminates with the Corporation and its Affiliates, (ii) the
Executive is no longer a member of the Corporation's Senior Management
Committee (including any successor committee or other body having
substantially similar responsibilities), or (iii) the Compensation
Committee determines that an Executive otherwise is no longer eligible
to participate in the Plan, the Executive shall thereafter not be
entitled to any benefits under the Plan and all rights hereunder shall
be forfeited; provided, however, that if the Executive can reasonably
demonstrate that the change in his status (as described in subsections
(i) through (iii) above) (y) was at the request of a third party who had
taken steps reasonably calculated to effect a Change of Control, or (z)
arose at the request or by action of the Corporation in connection with
or anticipation of a Change of Control, then the Executive shall be
deemed to have been a participant in the Plan on the date of the Change
of Control and entitled to all the benefits provided in this Plan.  An
Executive whose change in status in the Plan, as described above,
occurred within six (6) months before a Change of Control is presumed to
have had a change of status in anticipation of a Change of Control.

Section 6. Amount of Severance Benefit.  The amount of the severance
benefit shall be (A) in the case of the Chief Executive Officer, an
amount equal to three (3) times the Chief Executive Officer's highest
annual rate of base salary during the 12 month period immediately
preceding the date of the Chief Executive Officer's termination of
employment,  plus three (3) times the target bonus for which the Chief
Executive Officer was eligible during the calendar year in which  the
Chief Executive Officer's employment was terminated or the target bonus
for the year in which the Change of Control occurred, whichever is
higher,  and (B) in the case of all other Executives, an amount equal to
two (2) times the Executive's highest annual rate of base salary during
the 12 month period immediately preceding the date of the Executive's
termination of employment, plus two (2) times the target bonus for which
the Executive was eligible during the calendar year in which the
Executive's employment was terminated or the target bonus for the year
in which the Change of Control occurred, whichever is higher.

Section 7. Change of Control.  As used in this Plan, "Change of Control"
means:

(a) The acquisition by any individual, entity or group (as defined in
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the "Exchange Act")) (a "Person") of beneficial ownership (as
defined in Rule 13d-3 promulgated under the Exchange Act) of twenty
percent (20%) or more of (A) the then outstanding shares of common stock
of the Corporation (the "Outstanding Corporation Common Stock") or (B)
the combined voting power of the then outstanding voting securities of
the Corporation entitled to vote generally in the election of directors
(the "Outstanding Corporation Voting Securities"); provided, however,
that the following acquisitions shall not constitute a Change of
Control:  (A) any acquisition directly from the Corporation other than
an acquisition by virtue of the exercise of a conversion privilege, (B)
any acquisition by the Corporation, (C) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the
Corporation, or any entity controlled by the Corporation, or (D) any
acquisition by any entity or corporation pursuant to a reorganization,
merger or consolidation, if, following such reorganization, merger or
consolidation, the conditions described in clauses (A), (B) and (C) of
subsection (c) of this Section 7 are satisfied; or

(b) Individuals who, as of the beginning of any period of two
consecutive years, constitute the Board of Directors of the Corporation
(the "Board"), cease for any reason to constitute at least a majority of
the directors of the Corporation; provided, however, that any individual
becoming a director subsequent to the beginning of such period whose
election, or nomination for election by the Corporation's shareholders,
was approved by a vote of at least two-thirds of the Board at the
beginning of such period, shall be considered as though such individual
were a member of the Board as of the beginning of such period, but
excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of either an actual or
threatened election contest (as such terms are used in Rule 14a-11 of
Regulation 14A promulgated under the Exchange Act) or other actual or
threatened solicitation of proxies or consents by or on behalf of a
Person other than the Board; or

(c) Consummation of a reorganization, merger or consolidation of the
Corporation, unless, following such reorganization, merger or
consolidation, (A) more than sixty percent (60%) of, respectively, the
then outstanding shares of common stock of the corporation resulting
from such reorganization, merger or consolidation and the combined
voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors is
immediately thereafter then represented by the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities that were
outstanding immediately prior to such reorganization, merger or
consolidation in substantially the same proportions as the voting power
of the Outstanding Corporation Common Stock and Outstanding Corporation
Voting Securities, as the case may be, among the holders thereof
immediately prior to such reorganization, merger or consolidation, (B)
no Person (excluding the Corporation, any employee benefit plan or
related trust of the Corporation, or such corporation resulting from
such reorganization, merger or consolidation and any Person beneficially
owning, immediately prior to such reorganization, merger or
consolidation and, directly or indirectly, twenty percent (20%) or more
of the Outstanding Corporation Common Stock or Outstanding Corporation
Voting Securities, as the case may be) beneficially owns, directly or
indirectly, twenty percent (20%) or more of, respectively, the then
outstanding shares of common stock of the corporation resulting from
such reorganization, merger or consolidation or the combined voting
power of the then outstanding voting securities of such corporation
entitled to vote generally in the election of directors and (C) at least
a majority of the members of the board of directors of the corporation
resulting from such reorganization, merger or consolidation were members
of the Board at the time of the execution of the initial agreement
providing for such reorganization, merger or consolidation; or

(d) Approval by the shareholders of the Corporation of (A) a complete
liquidation or dissolution of the Corporation or (B) the sale or other
disposition of all or substantially all of the assets of the
Corporation, other than to a corporation, with respect to which
following such sale or other disposition (1) more than sixty percent
(60%) of, respectively, the then outstanding shares of common stock of
such corporation and the combined voting power of the then outstanding
voting securities of such corporation entitled to vote generally in the
election of directors is immediately thereafter then represented by the
Outstanding Corporation Common Stock and Outstanding Corporation Voting
Securities that were outstanding immediately prior to such sale or other
disposition in substantially the same proportion as  the voting power of
the Outstanding Corporation Common Stock and Outstanding Corporation
Voting Securities, as the case may be, among the holders thereof
immediately prior to such sale or other disposition, (2) no Person
(excluding the Corporation and any employee benefit plan or related
trust of the Corporation, or such corporation and any Person
beneficially owning, immediately prior to such sale or other
disposition, directly or indirectly, twenty percent (20%) or more of the
Outstanding Corporation Common Stock or Outstanding Corporation Voting
Securities, as the case may be) beneficially owns, directly or
indirectly, twenty percent (20%) or more of, respectively, the then
outstanding shares of common stock of such corporation and the combined
voting power of the then outstanding voting securities of such
corporation entitled to vote generally in the election of directors and
(3) at least a majority of the members of the board of directors of such
corporation were members of the Board at the time of the execution of
the initial agreement or action of the Board providing for such sale or
other disposition of assets of the Corporation; or

(e) The closing of a transaction, as defined in the documents relating
to, or as evidenced by a certificate of any state or federal
governmental authority in connection therewith, approval of which by the
shareholders of the Corporation would constitute a  Change of Control
under subsection (d) of this Section 7 of this Plan.

Section 8. Payment of Benefits.

(a) If within a three-year period commencing on the date of a Change of
Control (the "Benefit Period"), (i) the Corporation or any Affiliate
terminates the employment of the Executive for any reason other than
Cause, death or total and permanent disability (as defined in Section 18
hereof), or (ii) the Executive terminates his employment for Good Reason
(as defined in Section 8(c) hereof), the amount of the severance benefit
determined in accordance with Section 6 shall be paid as a cash lump sum
within 30 calendar days.  An Executive who has a change in status as set
forth in Section 5 prior to the Change of Control and who is still a
participant in the Plan because of the provisions of Section 5 shall be
treated as if the change in status occurred one day after the Benefit
Period commenced.

(b) The Corporation may terminate an Executive for Cause during the
Benefit Period.  As used in this Plan, "Cause" means:

(i) conviction of a felony, or other fraudulent or willful misconduct
materially and demonstrably injurious to the business or reputation of
the Corporation by the Executive, or

(ii) the willful and continued failure of the Executive to perform
substantially the Executive's duties with the Corporation or one of its
Affiliates (other than such failure resulting from incapacity due to
physical or mental illness), after a written demand for substantial
performance is delivered to the Executive by the Board or the Chief
Executive Officer of the Corporation which specifically identifies the
manner in which the Board or Chief Executive Officer believes that the
Executive has not substantially performed his duties.

For purposes of this Section 8(b), no act or failure to act, on the part
of the Executive, shall be considered "willful" unless it is done, or
omitted to be done, by the Executive in bad faith or without reasonable
belief that the Executive's action or omission was in the best interests
of the Corporation.  Any act, or failure to act, based upon authority
given pursuant to a resolution duly adopted by the Board or upon the
instructions of the Chief Executive Officer or a senior officer of the
Corporation or based upon the advice of counsel for the Corporation
shall be conclusively presumed to be done, or omitted to be done, by the
Executive in good faith and in the best interests of the Corporation.
An Executive shall not be deemed to have been terminated for Cause
unless and until there shall have been delivered to him a copy of a
resolution duly adopted by the affirmative vote of not less than a
majority of the entire membership of the Board at a meeting of the Board
called and held for such purpose (after reasonable notice to him and an
opportunity for him, together with his counsel, to be heard before the
Board), finding that in the good faith opinion of the Board the
Executive was guilty of conduct set forth above in (i) or (ii) above and
specifying the particulars thereof in detail.

(c) The Executive's employment may be terminated by the Executive for
Good Reason during the Benefit Period.  As used in this Plan, "Good
Reason" means, without the Executive's written consent:

(i) a change in the Executive's status, positions or responsibilities
(including reporting responsibilities) which is inconsistent in any
material and adverse respect with the Executive's status, position or
responsibilities as in effect prior to such change;

(ii) a reduction in the Executive's base salary as in effect on the date
he became a participant in the Plan, or as the same may be increased
from time to time during the term of his participation;

(iii) the relocation of the principal executive offices of the
Corporation or any Affiliate, whichever entity on behalf of which the
Executive performs a principal function of that entity as part of his
employment services, to a location more than  fifty (50) miles from
where it was, or the Corporation's requiring him to be based at any
place other than the location at which he performed his duties before
the Change of Control, except for required travel on the Corporation's
or any Affiliate's business to an extent substantially consistent with
his business travel obligations at the time of the Change of Control;

(iv) the failure to continue in effect this Plan, or to continue to
provide the Executive all incentive, savings and retirement, bonus or
other compensation plans, practices, policies or programs applicable
generally to other peer executives of the Corporation or any Affiliate,
but in no event shall such plans, practices, policies and programs
provide the Executive with incentive opportunities (measured with
respect to both regular and special incentive opportunities, to the
extent, if any, that such distinction is applicable), savings
opportunities and retirement opportunities, in each case, less favorable
in the aggregate, than the most favorable of those provided by the
Corporation and its Affiliates for the Executive under such plans,
practices, policies and programs as in effect at any time during the
120-day period immediately preceding the Change of Control or if more
favorable to the Executive, those provided generally at any time after
the Change of Control to other peer executives of the Corporation and
its Affiliates;

(v) the failure to continue to provide the Executive and/or the
Executive's family, as the case may be, with benefits under welfare
benefit plans, practices, policies and programs provided by the
Corporation and any of its Affiliates (including, without limitation,
medical, prescription, dental, disability, employee life, group life,
accidental death and travel accident plans and programs) to the extent
applicable generally to other peer executives of the Corporations and
its Affiliates, but in no event shall such plans, practices, policies
and programs provide the Executive and/or the Executive's family, as the
case may be, with benefits that are less favorable, in the aggregate,
than the most favorable of such plans, practices, policies and programs
in effect for the Executive at any time during the 120-day period
immediately preceding the Change of Control or, if more favorable to the
Executive, those provided generally at any time after the Change of
Control to other peer executives of the Corporation and its Affiliates;

(vi) the failure to provide or continue in effect benefits, including,
without limitation, paid vacations, tax and financial planning services,
payment of club dues, and, if applicable, use of an automobile and
payment of related expenses, in accordance with the most favorable
plans, practices, policies and programs of the Corporation and its
Affiliates in effect for the Executive at any time during the 120-day
period immediately preceding the Change of Control or, if more favorable
to the Executive, as in effect generally at any time thereafter with
respect to other peer executives of the Corporation and its Affiliates;

(vii) the failure of any successor or assign of the Corporation to
assume and expressly agree to perform the obligations under this Plan in
the same manner and to the same extent that the Corporation would be
required to perform it if no such succession had taken place;

(viii) any purported termination of the Executive's employment which
is not effected pursuant to a Notice of Termination (as defined in
Section 8(d) hereof) and a resolution satisfying the requirements of
Section 8(b) hereof; and for purposes of this Plan, no such purported
termination shall be effective; or

(ix) any request by the Corporation or any Affiliate that the Executive
participate in an unlawful act.

Anything in this Plan to the contrary notwithstanding, a termination of
employment by the Chief Executive Officer of the Corporation for any
reason during the Benefit Period shall be deemed to be a termination for
Good Reason for all purposes of this Plan.

(d) Any termination by the Corporation for Cause, or by the Executive
for Good Reason, shall be communicated by Notice of Termination to the
other party to the Joinder Agreement given by hand delivery, registered
or certified mail, return receipt requested, postage prepaid, to the
last known home address of the Executive or to the address of the
principal office of the Corporation, copy to the General Counsel.  For
purposes of this Plan, a "Notice of Termination" means a written notice
which (i) indicates the specific termination provision relied upon, (ii)
to the extent applicable, sets forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of the
Executive's employment under the provision so indicated and (iii) if the
date of termination is other than the date of receipt of such notice,
specifies the termination date (which date shall be not more than thirty
(30) days after the giving of such notice).  The failure by the
Executive or the Corporation to set forth in the Notice of Termination
any fact or circumstance which contributes to a showing of Good Reason
or Cause shall not waive any right of the Executive or the Corporation,
respectively, hereunder, or preclude the Executive or the Corporation,
respectively, from asserting such fact or circumstance in enforcing the
Executive's or the Corporation's rights hereunder.

Section 9. Other Plans.  In the event benefits are payable to an
Executive in accordance with Section 8(a),

(i) the Executive shall  be paid (A) for each completed performance
period,  all amounts due to the Executive under any incentive plan of
the Corporation or any Affiliate (or successor plans) in which he
participated immediately before his employment was terminated, as
provided in any such plan, and (B) for each performance period in
progress, an amount pro-rated to the date of termination of employment
of the Executive  based on the greater of actual results through the
most recently completed fiscal quarter or the targeted amount through
such quarter;

(ii) the Executive's benefits, if any, under the terms of all excess
benefit plans (as defined in Section 3(36) of ERISA) and supplemental
retirement plans maintained by the Corporation or any Affiliate shall
immediately vest and be payable as provided in those plans (and shall
include credit for benefit accrual purposes for two (2) or three (3)
additional years of service based on the amount of the severance benefit
the Executive is eligible for under Section 6 of this Plan);

(iii) the Executive shall be reimbursed for any COBRA premiums the
Executive shall have paid after his employment is terminated for
continuation of coverage under benefit plans maintained by the
Corporation or any Affiliate; and for purposes of determining
eligibility for retiree medical and dental coverage, the Executive's
service shall include the period for which severance pay would be
payable to an eligible employee under the Corporation's broad-based
severance plan;

(iv) the Executive shall be entitled to outplacement services, the scope
and provider of which shall be selected by the Executive in his sole
discretion, at the sole expense of the Corporation as incurred to a
maximum of 15% of the Executive's highest annual rate of  base salary
during the 12 month period immediately preceding the Executive's
termination of employment; and

(v) the Executive's rights under any other benefit plan maintained by
the Corporation or any Affiliate (or successor) shall be governed by the
terms of that plan as in effect on the day immediately preceding the
Change of Control.

Section 10. Certain Additional Payments by the Corporation.

(a) Anything in this Plan to the contrary notwithstanding, in the event
it shall be determined that any payment or distribution by the
Corporation to or for the benefit of the Executive (whether paid or
payable or distributed or distributable pursuant to the terms of this
Plan or otherwise, but determined without regard to any additional
payments required under this Section 10) (a "Payment") would be subject
to the excise tax imposed by Section 4999 of the Code or any interest or
penalties are incurred by the Executive with respect to such excise tax
(such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the "Excise Tax"), then the
Executive shall be entitled to receive an additional payment (a
"Gross-Up Payment") in an amount such that after payment by the
Executive of all taxes (including any interest or penalties imposed with
respect to such taxes), including without limitation, any income taxes
(and any interest and penalties imposed with respect thereto) and Excise
Tax imposed upon the Gross-Up Payment, the Executive retains an amount
of the Gross-Up Payment equal to the Excise Tax imposed upon the
Payments.  Notwithstanding the foregoing provisions of this Section
10(a), if it shall be determined that an Executive would otherwise be
entitled to a Gross-Up Payment, but that the Payments otherwise payable
would not be subject to the Excise Tax if such Payments were reduced by
an amount that is less than 10% of the portion of such Payments that
would be treated as "parachute payments" under Section 280G of the Code,
then the amounts payable to the Executive under this Plan shall be
reduced (but not below zero) to the maximum amount that could be paid to
the Executive without giving rise to the Excise Tax (the "Safe Harbor
Cap"), and no Gross-Up Payment shall be made to the Executive.  Such
reduction shall be made by reducing first the payments under Section 6,
unless an alternative method of reduction is elected by the Executive.
For purposes of reducing the Payments to the Safe Harbor Cap, only
amounts payable under this Plan (and no other Payments) shall be
reduced.  If the reduction of the amounts payable hereunder would not
result in a reduction of the Payments to the Safe Harbor Cap, no amounts
payable under this Plan shall be reduced pursuant to this provision.

(b) Subject to the provisions of Section 10(c), all determinations
required to be made under this Section 10, including whether and when a
Gross-Up Payment is required and the amount of such Gross-Up Payment,
the reduction of Payments to reach the Safe Harbor Cap, and the
assumptions to be utilized in arriving at such determination, shall be
made by Ernst & Young or such other nationally recognized certified
public accounting firm as may be designated by the Executive (the
"Accounting Firm") which shall provide detailed supporting calculations
both to the Corporation and the Executive within 15 business days of the
receipt of notice from the Executive that there has been a Payment, or
such earlier time as is requested by the Corporation or the Executive.
In the event that the Accounting Firm is serving as accountant or
auditor for the individual, entity or group effecting the Change of
Control or the Corporation, the Executive shall appoint another
nationally recognized accounting firm to make the determinations
required hereunder (which accounting firm shall then be referred to as
the Accounting Firm hereunder).  All fees and expenses of the Accounting
Firm shall be borne solely by the Corporation.  Any Gross-Up Payment, as
determined pursuant to this Section 10, shall be paid by the Corporation
to the Executive within two business days of the receipt of the
Accounting Firm's determination.  If the Accounting Firm determines that
no Excise Tax is payable by the Executive, it shall furnish the
Executive with a written opinion that failure to report the Excise Tax
on the Executive's applicable federal income tax return would not result
in the imposition of a negligence or similar penalty.  Any determination
by the Accounting Firm shall be binding upon the Corporation and the
Executive.  In the event that the Corporation exhausts its remedies
pursuant to Section 10(c) and the Executive thereafter is required to
make a payment of any Excise Tax, the Accounting Firm shall determine
the amount of the Underpayment that has occurred and any such
Underpayment shall be promptly paid by the Corporation to or for the
benefit of the Executive.

(c) The Executive shall notify the Corporation in writing of any claim
by the Internal Revenue Service that, if successful, would require the
payment by the Corporation of the Gross-Up Payment.  Such notification
shall be given as soon as practicable but no later than ten business
days after the Executive is informed in writing of such claim and shall
apprise the Corporation of the nature of such claim and the date on
which such claim is requested to be paid.  The Executive shall not pay
such claim prior to the expiration of the 30-day period following the
date on which it gave such notice to the Corporation (or such shorter
period ending on the date that any payment of taxes with respect to such
claim is due).  If the Corporation notifies the Executive in writing
prior to the expiration of such period that it desires to contest such
claim, the Executive shall:

(i) give the Corporation any information reasonably requested by the
Corporation relating to such claim,

(ii) take such action in connection with contesting such claim as the
Corporation shall reasonably request in writing from time to time,
including; without limitation, accepting legal representation with
respect to such claim by an attorney reasonably selected by the
Corporation,

(iii) cooperate with the Corporation in good faith to contest such
claim, and

(iv) permit the Corporation to participate in any proceedings relating
to such claim,

provided, however, that the Corporation shall bear and pay directly all
costs and expenses (including additional interest, deemed interest with
respect to interest-free advances, and penalties) incurred in connection
with such contest and shall indemnify and hold the Executive harmless,
on an after-tax basis, for any Excise Tax or income tax (including
interest and penalties with respect thereto) imposed as a result of such
representation and payment of costs and expenses.  Without limitation on
the foregoing provisions of this Section 10(c), the Corporation shall
control all proceedings taken in connection with such contest and, at
its sole option, may pursue or forego any and all administrative
appeals, proceedings, hearings and conferences with the taxing authority
in respect of such claim and may, at its sole option, either direct the
Executive to pay the tax claimed and sue for a refund or contest the
claim in any permissible manner, and the Executive agrees to prosecute
such contest to a determination before any administrative tribunal, in a
court of initial jurisdiction and in one or more appellate courts, as
the Corporation shall determine; provided, however, that if the
Corporation directs the Executive to pay such claim and sue for a
refund, the Corporation shall advance the amount of such payment to the
Executive, on an interest-free basis and shall indemnify and hold the
Executive harmless, on an after-tax basis, from any Excise Tax or income
tax (including interest or penalties with respect thereto) imposed with
respect to such advance or with respect to any imputed income with
respect to such advance; and further provided that any extension of the
statute of limitations relating to payment of taxes for the taxable year
of the Executive with respect to which such contested amount is claimed
to be due is limited solely to such contested amount.  Furthermore, the
Corporation's control of the contest shall be limited to issues with
respect to which a Gross-Up Payment would be payable hereunder and the
Executive shall be entitled to settle or contest, as the case may be,
any other issue raised by the Internal Revenue Service or any other
taxing authority.

(d) If, after the receipt by the Executive of an amount advanced by the
Corporation pursuant to Section 10(c), the Executive becomes entitled to
receive any refund with respect to such claim, the Executive shall
(subject to the Corporation's complying with the requirements of Section
10(c)) promptly pay to the Corporation the amount of such refund
(together with any interest paid or credited thereon after taxes
applicable thereto).  If, after the receipt by the Executive of an
amount advanced by the Corporation pursuant to Section 10(c), a
determination is made that the Executive shall not be entitled to any
refund with respect to such claim and the Corporation does not notify
the Executive in writing of its intent to contest such denial of refund
prior to the expiration of 30 days after such determination, then such
advance shall be forgiven and shall not be required to be repaid and the
amount of such advance shall offset, to the extent thereof, the amount
of Gross-Up Payment required to be paid.

Section 11. Reimbursement of Legal Fees.  The Corporation shall pay
directly or reimburse an Executive (at the Executive's option) for any
and all legal fees and expenses incurred by such Executive relating to
the enforcement or enforceability of any obligations of the Corporation
and its Affiliates under the Plan or relating to enjoining the Board
from amending the Plan in a manner which is inconsistent with Section
15; provided, however, that an Executive shall be required to repay any
such amounts to the Corporation to the extent that a court issues a
final and non-appealable order setting forth the determination that the
position taken by the Executive was frivolous or advanced by the
Executive in bad faith.

Section 12. Confidential Information.  Each Executive who receives a
severance benefit under this Plan agrees to retain in confidence any
secret or confidential information known to him relating to the
Corporation, its Affiliates and their respective businesses, which shall
have been obtained by the Executive during his employment by the
Corporation or any of its Affiliates and shall not be or become public
knowledge (other than by acts of the Executive or a representative of
the Executive in violation of this Plan).  After termination of the
Executive's employment with the Corporation or any of its Affiliates,
the Executive shall not, without prior written consent of the
Corporation or as may otherwise be required by law or legal process,
communicate or divulge any such information, knowledge or data to anyone
other than the Corporation and those designated by it.  In no event
shall a violation or an asserted violation of the provisions of this
Section 12 constitute a basis for deferring or withholding any amounts
otherwise payable to the Executive under this Plan.

Section 13. Right or Title to Funds.  In the event of a Change of
Control, the Corporation shall immediately set aside, earmark, and
contribute sufficient funds in cash to pay for any obligations it may
have under this Plan as determined by the Accounting Firm, including no
less than $5,000,000.00 to satisfy any obligation of the Corporation
under Section 11, in a "Rabbi Trust".  An Executive, and any successor
in interest to him, shall be and remain a general creditor of the
Corporation with respect to any promises to pay under this Plan in the
same manner as any other creditor who has a general claim for an unpaid
liability, provided, however, that the Executive shall have such rights
against assets held in the Rabbi Trust that are provided in such Rabbi
Trust agreement.  The Corporation shall not make any loans or extend
credit to an Executive which will be offset by benefits payable under
this Plan.

Section 14. Binding Plan.  The obligations under this Plan shall be
binding upon and inure to the benefit of an Executive, his beneficiary
or estate, the Corporation and any successor to the Corporation.

Section 15. Amendment, Suspension or Termination of Plan.  This Plan may
be amended at any time and from time to time by and on behalf of the
Corporation by the Board, but no amendment shall operate to give the
Executive, either directly or indirectly, any interest whatsoever in any
funds or assets of the Corporation, except the right upon fulfillment of
all terms and conditions hereof, as such terms and conditions may be
amended, to receive the payments herein provided.  No amendment,
suspension or termination of this Plan shall operate in any way to
reduce, diminish, or affect any of the benefits provided to any
Executive if such amendment, suspension or termination (i) arose by
action of the Corporation in connection with or anticipation of a Change
of Control, (ii) occurs coincident with a Change of Control, or (iii)
occurs after a Change of Control has occurred.  Any such amendment,
suspension or termination that occurs within six (6) months before a
Change of Control is presumed to have been in anticipation of a Change
of Control.

Section 16. No Effect on Employment.  This Plan shall supplement and
shall neither supersede any other contract of employment, whether oral
or in writing, between the Executive and the Corporation or any
Affiliate, nor affect or impair the rights and obligations of the
Executive and the Corporation or any Affiliate, respectively,
thereunder; and nothing contained herein shall impose any obligation on
the Corporation or Affiliate to continue the employment of the
Executive.

Section 17. No Waiver. Neither the failure nor the delay on the part of
the Executive in exercising any right, power or privilege hereunder
shall operate as a waiver of such right, nor shall any single or partial
exercise of any such right, power or privilege preclude any further
exercise thereof or the exercise of any other right, power or privilege
hereunder.  No remedy conferred hereunder is intended to be exclusive of
any other remedy and each shall be cumulative and shall be in addition
to every other remedy now or hereafter existing at law or in equity.

Section 18. Definitions and Rules of Construction.  Except where the
context clearly indicates to the contrary, the following terms have the
meanings specified:

(a) "Joinder Agreement" means the document, in substantially the form
attached as Exhibit A, agreed to by the Corporation by which the
Executive affirmatively requests participation in the Plan according to
its terms and conditions.

(b) "Affiliate" means any corporation which directly or indirectly
controls or is controlled by or is under common control with the
Corporation.  For purposes of this definition control means the power to
direct or cause the direction of the management and policies of a
corporation through the ownership of voting securities.

(c) "Total and permanent disability" means the inability of the
Executive to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be
expected to result in death or which can be expected to last for a
continuous period of not less than 12 months.  The determination of
whether an Executive is totally and permanently disabled shall be made
by a physician selected by the Corporation or its insurers and
acceptable to the Executive or the Executive's legal representative.

(d) The pronouns "he," "him," and "his" include the other sex.

(e) This Plan may be executed in two or more counterparts, each of which
shall be deemed an original, but all of which together shall constitute
one instrument.

(f) The headings in this Plan are for purposes of reference only and
shall not limit or otherwise affect any of the terms hereof.

                          Exhibit A

                LINCOLN NATIONAL CORPORATION

     Executives' Severance Benefit Plan Joinder Agreement

I,                                       , hereby agree to the terms and
  ---------------------------------------
conditions of Lincoln National Corporation's Executives' Severance
Benefit Plan (the "Plan"), as established on [                 ] and as
                                              -----------------
it may be amended, and request participation thereunder effective as of
             , 200  .
-------------     --

I acknowledge that, so long as a Change of Control (as defined in the
Plan) has not occurred, the Corporation is under no obligation to
continue the Plan or my participation therein and that being a
participant thereunder in no way guarantees my employment.

My participation in the Plan shall become effective as of the effective
date above stated without further notice upon receipt and approval of
this document by the Corporation.

Date                          Signature of Executive

Lincoln National Corporation agrees to the terms and conditions of the
Plan and participation in that Plan by the above named Executive and
acknowledges his/her participation this     day of                   ,
                                       ----        ------------------
200  .
   --

                    LINCOLN NATIONAL CORPORATION

                    By
                      Chief Executive Officer

APPROVED:

Chairman of the Compensation Committee
Board of Directors
Lincoln National CorporationExhibit 10(d)

PLAN TERMINATED IN 1996 TO ALL PARTICIPANTS EXCEPT:
Harry L. Kavetas and Jill S. Ruckelshaus

Retirement Plan for Directors

Directors, who are not employees of the Corporation or any of its
subsidiaries, are eligible for retirement benefits.  The annual
benefits payable to a director is equal to 10% of the director's
retainer paid during the last year he/she was a director
multiplied by the number of years of service (with a maximum of
10 years).  Individuals who were directors on January 1, 1987,
were given credit for all years of past service.  The benefit is
payable either in a single lump sum or monthly beginning at the
later of age 65 or when the director retires from the
Corporation's Board.  In the event of a director's death prior to
the commencement of retirement benefits, a death benefit is paid
to a beneficiary.

The director must sign an election agreement indicating the
form of payment.

February 1991

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00035-of-00352.parquet"}]]