Lincoln National Pays CEO $16.3 Million

Glass took over as CEO on Sept. 1 after former chairman and CEO Jon Boscia retired. He previously served as chief operating officer.

Glass earned a salary of $929,231 in 2007, which includes a prorated portion of a raise he received in August when his base salary was raised to $1 million.

Among his other compensation for the year, Glass received about $2.4 million in incentive plan compensation and stock options and restricted stock worth about $8.6 million at the time of the award. All other compensation amounted to $4.5 million, and included retirement plan contributions, fees for a country club membership and use of a company jet, according to a filing with the Securities and Exchange Commission.

Certain of those perks were discontinued, following the expiration of his prior employment agreement on March 1, 2008.

In 2006, Boscia's compensation totaled $14.6 million. Boscia's compensation included a base salary of $925,000, incentive plan compensation of $7.4 million, and stock options and restricted stock awards that at the time of the awards were worth $5.8 million.

For the year, Lincoln National's net income fell 8 percent to $1.21 billion, or $4.43 per share, from $1.32 billion, or $5.13 per share, in 2006.

Shares of Lincoln National declined 12 percent during 2007.

The Associated Press calculations of total pay include executives' salary, bonus, incentives, perks, above-market returns on deferred compensation and the estimated value of stock options and awards granted during the year. The calculations don't include changes in the present value of pension benefits, and they sometimes differ from the totals companies list in the summary compensation table of proxy statements filed with the SEC.