Document:

Description of Change in Compensation Arrangement

 EXHIBIT 10.2 
 Change in Chief Executive Officer Compensation 
 As a result of Dennis R. Glass’s promotion to Chief Executive
Officer, the Compensation Committee of our Board of Directors approved: 
  

	 	•	 	 an increase in his base salary from $900,000 to $1,000,000;

  

	 	•	 	 an increase in his target award for 2007 under the annual incentive program (“AIP”) from $1,102,500 to $1,551,250 pursuant to previously disclosed
performance measures; 

  

	 	•	 	 additional long-term incentive compensation in the form of options to purchase 43,554 shares of our common stock at an exercise price of $60.76 and 8,339 restricted
shares of common stock; and 

  

	 	•	 	 a special promotion award of options to purchase 174,216 shares of our common stock at an exercise price of $60.76.

 All of the awards were granted under our Amended and Restated Incentive Compensation Plan pursuant to award agreements not materially different from those previously
filed with the SEC and, subject to the terms of the award, will vest equally over three years beginning on the first anniversary of the grant date. The AIP award can vary from 0 to 200% of target.2007 Non-Employee Director Fees( Revised)

 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

	*	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.Form of Restricted Stock Award Agreement

 EXHIBIT 10.4 
 RESTRICTED STOCK AWARD AGREEMENT 
 This Restricted Stock Award Agreement (the “Agreement”)
is by and between LNC and [Name of Grantee] (the “Grantee”), and evidences the grant, by LNC on [DATE] (“Date of Grant”) of a Restricted Stock Award to Grantee, and Grantee’s acceptance of the Restricted Stock
Award in accordance with the provisions of the Lincoln National Corporation Incentive Compensation Plan, as Amended and Restated effective May 10, 2007, and any amendments thereto (the “Plan”) and this Agreement. LNC and Grantee agree
as follows: 
  

	 	1.	Number of Shares Granted. Grantee is awarded [Number of Shares] shares of LNC common stock subject to the restrictions set out in the Plan and in this Agreement
(the “Restricted Shares”). In the event of a stock dividend or stock split, the number of Restricted Shares shall be automatically increased in the same manner as all outstanding shares of LNC common stock and shall be subject to the same
restrictions as the underlying shares. 

  

	 	2.	Restrictions. The Restricted Shares granted pursuant to this Agreement shall be subject to the following Restrictions until such time as the Restrictions shall lapse,
as described in Paragraph 7 below: (a) neither the Restricted Shares nor any interest or right therein or part thereof shall be sold, transferred, pledged, hypothecated, margined or otherwise encumbered by the Grantee; and (b) in the event
that Grantee’s Service (as defined below) with LNC and all subsidiaries terminates prior to the vesting dates set forth in subsection 7(a) below other than on account of death or disability or a Change of Control (as defined below), the
Restricted Shares shall be forfeited and transferred back to LNC. Upon forfeiture, Grantee shall have no further rights in such Restricted Shares nor in the Dividend Equivalent Rights Account (as described below). 

 For purposes of this Agreement, the term “Service” includes service as a common law employee, a full time life insurance salesman under
contract with LNC or a subsidiary (“planner”), or the furnishing of exclusive consulting services to LNC or a subsidiary after Retirement (termination on or after age 55 with 5 years of Service) pursuant to a written agreement. 

 

	 	3.	Voting Rights. Grantee shall have voting rights on the Restricted Shares. 

  

	 	4.	Dividend Equivalent Rights. No cash dividends shall be payable on the Restricted Shares. Instead, a Dividend Equivalent Rights Payment Account (“DER
Account”) shall be established and maintained for Grantee. Stock units equal in value to dividends attributable to the Restricted Shares shall be credited to the DER Account as of the dividend payable date. These stock units have the same
restrictions as the underlying Restricted Shares. 

  

	 	5.	Registration of Restricted Shares. The Secretary of LNC will register Restricted Shares in the name of Grantee, to be held in book entry form by the LNC’s
transfer agent until such time as the restrictions lapse or until the Restricted Shares are canceled or forfeited. The transfer of these Restricted Shares is restricted under the terms of this Agreement (as described in Paragraph 2 above).

  

	 	6.	Compliance with Non-Competition, Non-Solicitation, Non-Disparagement and Non-Disclosure Provisions. This award may be canceled by action of the Compensation Committee
of the LNC Board of Directors or its delegates if Grantee fails to comply with the non-competition, non-solicitation, non-disparagement and/or non-disclosure provisions described below. If Grantee fails to comply with the non-competition,
non-solicitation, non-disparagement and/or non-disclosure provisions described below, LNC may rescind this award and Grantee must deliver to LNC within ten (10) business days after receiving written notice of rescission from LNC [Insert
Number from Paragraph 1 above] shares of LNC common stock: 

  

	 	a)	Non-Competition. During the term of employment and for a period of six (6) months following termination of employment with LNC or any subsidiary, for any reason, Grantee
may not become employed by, work on behalf of, or otherwise render services that are the same or similar to the services rendered by Grantee at LNC for any organization or business which competes with or provides, or is planning to provide, the same
or similar products and/or services as any LNC business unit in which Grantee was employed or otherwise had responsibilities for at the time of his/her termination. Grantee understands and agrees that this restriction is nationwide in scope. If
Grantee has terminated employment, Grantee shall be free, however, to purchase, as an investment or otherwise, stock or other securities of such organization or business so long as they are listed upon a recognized securities exchange or traded
over-the-counter and such investment does not represent a greater than five percent equity interest in the organization or business. 

  

	 	b)	 Non-Solicitation. During the term of employment and for a period of six (6) months following termination of employment with LNC or any subsidiary, for
any reason, Grantee shall not directly or indirectly hire, manage, solicit or recruit any employees, agents, financial planners, salespeople, financial advisors, vendors or 

	 	 
service providers of LNC whom Grantee had hired, managed, supervised, or otherwise became familiar with as a result of his/her employment with LNC and who
were employed at LNC at the time of Grantee’s termination of LNC employment or had been employed at LNC within three (3) months of Grantee’s date of termination of LNC employment. 

  

	 	c)	Non-Disparagement. Except as required by law or subpoena, Grantee shall not (i) make any public statements regarding his/her employment with LNC (other than factual
statements concerning the dates of employment and positions held) or his/her termination or retirement from LNC that are not agreed to by LNC, such approval not to be unreasonably withheld or delayed; (ii) Grantee shall not disparage LNC or any
of its subsidiaries or affiliates, its and their respective employees, executives, officers, or Boards of Directors. 

  

	 	d)	Non-Disclosure. Grantee shall not, without prior written authorization from LNC, disclose to anyone outside of LNC, or use in other than LNC’s business, any information
or material relating to the business of LNC that LNC considers confidential and/or proprietary pursuant to its Code of Conduct. In addition, Grantee agrees that, in the event of termination of employment for any reason, Grantee shall immediately
return all confidential and proprietary LNC information to LNC. 

  

	 	7.	Lapse of Restrictions. Subject to Paragraph 6 above, the Restrictions on the Restricted Stock shall lapse, and the Shares shall vest fully on the earlier of the
following dates: 

  

	 	a)	1/3 or      Shares on [DATE]; 

 1/3 or      Shares on [DATE]; and 
 1/3 or
     Shares on [DATE]. 
  

	 	b)	The date on which the Compensation Committee of the LNC Board of Directors determines the total disability of Grantee, as determined pursuant to any applicable federal taxation
rules; or 

  

	 	c)	The date of the Grantee’s death; or 

  

	 	d)	The date on which a Change of Control of LNC occurs as that term is defined in the Lincoln National Corporation Executives’ Severance Benefit Plan on the day immediately
preceding such Change of Control and pursuant to any applicable federal taxation rules. 

 Unless the Restricted Shares have
been canceled or forfeited, the Restricted Shares shall be distributed to Grantee (or Grantee’s designee or estate) without restrictions as soon as practicable. LNC shall create a book entry account in the name of the Grantee, to which shares
of LNC common stock representing the Restricted Shares and the stock units credited to the Grantee’s DER Account shall be credited. In addition, the Compensation Committee of the LNC Board of Directors may exercise its sole discretion to defer
all or a portion of such Restricted Shares and the DER Account under the Deferred Compensation Plan if the Grantee is a Reporting Person under Section 16(a) of the Securities Exchange Act of 1934 and Grantee’s employer would be denied a
tax deduction under Internal Revenue Code Section 162(m) for the value of such Restricted Shares and the DER Account. 
  

	 	8.	Tax Withholding. Grantee must remit to the Secretary of LNC an amount equal to any tax withholding required by federal, state, or local law on the value of the
Restricted Shares and the DER Account at such time as they are taxable to Grantee. Grantee may elect, in accordance with procedures established by the Committee, to surrender shares of LNC common stock (including the shares which are a part of this
award) with a fair market value on the date of surrender that satisfies all or part of the withholding requirements. 

 IN WITNESS WHEREOF,
LNC, by its duly authorized officer has signed this Agreement as of the effective date set out above. 
  

			
	LINCOLN NATIONAL CORPORATION
		
	By:	 	  

	Name:	 	Dennis R. Glass
	Title:	 	Chief Executive Officer

 SMC Restricted Stock Award 
 [DATE]

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