Lincoln Monetary has adopted a brand new money severance coverage for high executives.

The life insurer mentioned in a discover filed with the U.S. Securities and Change Fee that it’s going to not set up any new severance plan offering money advantages that exceed 2.99 instances the sum of the chief’s base wage and annual bonus alternative, except it receives shareholder approval for the severance settlement.

The corporate described the brand new money severance coverage together with info that the board has authorized a compensation bundle for the corporate’s new chief monetary officer, Christopher Neczypor.

The brand new CFO can have an annual base wage of $800,000 and an annual incentive program goal award of 134% of his base wage. He may even have a 2023 long-term incentive program goal award of $1.825 million.