Form of Guarantee Agreement for Lincoln National Capital VIII



 Exhibit 4.15 
  
  
 GUARANTEE AGREEMENT 
 BETWEEN 
 LINCOLN NATIONAL
CORPORATION 
 (AS GUARANTOR) 
 AND 
 THE BANK OF NEW YORK MELLON 
 (AS TRUSTEE) 
 DATED AS OF 
                     ,          

  
  







 CROSS-REFERENCE TABLE** 
 SECTION OF GUARANTEE AGREEMENT 
  

			
	 Trust Indenture Act
 of 1939, As Amended
 Agreement

	  	 Section of
 Guarantee

	 310(a)
	  	4.1(a)
		
	 310(b)
	  	4.1(c), 2.8
		
	 310(c)
	  	Inapplicable
		
	 311(a)
	  	2.2(b)
		
	 311(b)
	  	2.2(b)
		
	 311(c)
	  	Inapplicable
		
	 312(a)
	  	2.2(a)
		
	 312(b)
	  	2.2(b)
		
	 313
	  	2.3
		
	 314(a)
	  	2.4
		
	 314(b)
	  	Inapplicable
		
	 314(c)
	  	2.5
		
	 314(d)
	  	Inapplicable
		
	 314(e)
	  	1.1, 2.5, 3.2
		
	 314(f)
	  	2.1, 3.2
		
	 315(a)
	  	3.1(d)
		
	 315(b)
	  	2.7
		
	 315(c)
	  	3.1
		
	 315(d)
	  	3.1(d)
	
	  
 *    This Cross-Reference Table does not constitute part of the Guarantee Agreement and shall
not affect the interpretation of any of its terms or provisions.


  

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	 Trust Indenture Act
 of 1939, As Amended
 Agreement

	  	 Section of
 Guarantee

	 316(a)
	  	1.1, 2.6, 5.4
		
	 316(b)
	  	5.3
		
	 316(c)
	  	8.2
		
	 317(a)
	  	Inapplicable
		
	 317(b)
	  	Inapplicable
		
	 318(a)
	  	2.1(b)
		
	 318(b)
	  	2.1
		
	 318(c)
	  	2.1(a)

  

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 Table of Contents 
  

			
	 	  	Page
	 ARTICLE I. DEFINITIONS
	  	
	 Section 1.1 Definitions
	  	1
		
	 ARTICLE II. TRUST INDENTURE ACT
	  	
	 Section 2.1 Trust Indenture Act; Application
	  	4
	 Section 2.2 List of Holders
	  	5
	 Section 2.3 Reports by the Guarantee Trustee
	  	5
	 Section 2.4 Periodic Reports to the Guarantee Trustee
	  	5
	 Section 2.5 Evidence of Compliance with Conditions Precedent
	  	5
	 Section 2.6 Events of Default; Waiver
	  	6
	 Section 2.7 Event of Default; Notice
	  	6
	 Section 2.8 Conflicting Interests
	  	6
		
	 ARTICLE III. POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE
	  	
	 Section 3.1 Powers and Duties of the Guarantee Trustee
	  	6
	 Section 3.2 Certain Rights of Guarantee Trustee
	  	8
	 Section 3.3 Indemnity
	  	10
		
	 ARTICLE IV. GUARANTEE TRUSTEE
	  	
	 Section 4.1 Guarantee Trustee: Eligibility
	  	11
	 Section 4.2 Appointment, Removal and Resignation of the Guarantee Trustee
	  	11
		
	 ARTICLE V. GUARANTEE
	  	
	 Section 5.1 Guarantee
	  	12
	 Section 5.2 Waiver of Notice and Demand
	  	12
	 Section 5.3 Obligations Not Affected
	  	12
	 Section 5.4 Rights of Holders
	  	13
	 Section 5.5 Guarantee of Payment
	  	13
	 Section 5.6 Subrogation
	  	13
	 Section 5.7 Independent Obligations
	  	14
		
	 ARTICLE VI. COVENANTS AND SUBORDINATION
	  	
	 Section 6.1 Subordination
	  	14
	 Section 6.2 Pari Passu Guarantees
	  	14
		
	 ARTICLE VII. TERMINATION
	  	
	 Section 7.1 Termination
	  	14

  

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	 	  	Page
	 ARTICLE VIII. MISCELLANEOUS
	  	
	 Section 8.1 Successors and Assigns
	  	14
	 Section 8.2 Amendments
	  	15
	 Section 8.3 Notices
	  	15
	 Section 8.4 Benefit
	  	16
	 Section 8.5 Interpretation
	  	16
	 Section 8.6 Governing Law
	  	17
	 Section 8.7 Waiver of Jury Trial
	  	17
	 Section 8.8 Force Majeure
	  	17

  

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 GUARANTEE AGREEMENT 
 This GUARANTEE AGREEMENT, dated as of                     ,         , is
executed and delivered by LINCOLN NATIONAL CORPORATION, an Indiana corporation (the “Guarantor”) having its principal office at 150 N. Radnor Chester Road, Radnor, PA 19087, and THE BANK OF NEW YORK MELLON, a New York banking corporation,
as trustee (the “Guarantee Trustee”), for the benefit of the Holders (as defined herein) from time to time of the Preferred Securities (as defined herein) of Lincoln National Capital VIII, a Delaware statutory business trust (the
“Issuer”). 
 WHEREAS, pursuant to an Amended and Restated Trust Agreement (the “Trust Agreement”), dated as of
                    ,          among the Issuer Trustees named therein, the Guarantor, as Depositor, and the
Holders from time to time of undivided beneficial interests in the assets of the Issuer, the Issuer is issuing up to $             aggregate liquidation preference of its
    % Preferred Securities, Series              (liquidation preference $25 per preferred security) (the “Preferred Securities”) representing preferred
undivided beneficial interests in the assets of the Issuer and having the terms set forth in the Trust Agreement; 
 WHEREAS, the Preferred
Securities will be issued by the Issuer and the proceeds thereof, together with the proceeds from the issuance of the Issuer’s Common Securities (as defined below), will be used to purchase the Debentures (as defined in the Trust Agreement) of
the Guarantor which will be deposited with The Bank of New York Mellon (as successor in interest to Bank One Trust Company, National Association), as Property Trustee under the Trust Agreement, as trust assets; and 
 WHEREAS, as incentive for the Holders to purchase Preferred Securities, the Guarantor desires irrevocably and unconditionally to agree, to the extent set
forth herein, to pay to the Holders of the Preferred Securities the Guarantee Payments (as defined herein) and to make certain other payments on the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the purchase by each Holder of Preferred Securities, which purchase the Guarantor hereby agrees shall benefit the
Guarantor, the Guarantor executes and delivers this Guarantee Agreement for the benefit of the Holders from time to time of the Preferred Securities. 
 ARTICLE I. DEFINITIONS 
 Section 1.1 Definitions. 
 As used in this Guarantee Agreement, the terms set forth below shall, unless the context otherwise requires, have the following meanings. Capitalized or
otherwise defined terms used but not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement as in effect on the date hereof. 
 “Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person, provided, however, that
an Affiliate of the Guarantor shall not be 

  

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deemed to include the Issuer. For the purposes of this definition, “control” when used with respect to any specified Person means the power to
direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to
the foregoing. 
 “Common Securities” means the securities representing common undivided beneficial interests in the assets of the
Issuer. 
 “Debt” means, with respect to any Person, whether recourse is to all or a portion of the assets of such Person and
whether or not contingent, (i) every obligation of such Person for money borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other similar instruments, including obligations incurred in connection with
the acquisition of property, assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv) every
obligation of such Person issued or assumed as the deferred purchase price of property or services (but excluding trade accounts payable or accrued liabilities arising in the ordinary course of business); (v) every capital lease obligation of
such Person; and (vi) every obligation of the type referred to in clauses (i) through (v) of another Person and all dividends of another Person the payment of which, in either case, such Person has guaranteed or is responsible or
liable for, directly or indirectly, as obligor or otherwise. 
 “Event of Default” means a default by the Guarantor on any of its
payment or other obligations under this Guarantee Agreement; provided, however, that, except with respect to a default in payment of any Guarantee Payments, the Guarantor shall have received notice of default and shall not have cured such default
within 60 days after receipt of such notice. 
 “Guarantee Payments” means the following payments or distributions, without
duplication, with respect to the Preferred Securities, to the extent not paid or made by or on behalf of the Issuer; (i) any accrued and unpaid Distributions (as defined in the Trust Agreement) required to be paid on the Preferred Securities,
to the extent the Issuer shall have funds on hand available therefor at such time, (ii) the redemption price, including all accrued and unpaid Distributions to the date of redemption (the “Redemption Price”), with respect to the
Preferred Securities called for redemption by the Issuer to the extent the Issuer shall have funds on hand available therefor at such time, and (iii) upon a voluntary or involuntary termination, winding-up or liquidation of the Issuer, unless
Debentures are distributed to the Holders, the lesser of (a) the aggregate of the liquidation preference of $25 per Preferred Security plus accrued and unpaid Distributions on the Preferred Securities to the date of payment to the extent the
Issuer shall have funds on hand available to make such payment at such time and (b) the amount of assets of the Issuer remaining available for distribution to Holders in liquidation of the Issuer (in either case, the “Liquidation
Distribution”). 
 “Guarantee Trustee” means The Bank of New York Mellon (as a successor in interest to Bank One Trust
Company, National Association), until a Successor Guarantee Trustee has been appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement and thereafter means each such Successor Guarantee Trustee. 
  

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 “Holder” means any holder, as registered on the books and records of the Issuer, of any
Preferred Securities; provided, however, that in determining whether the holders of the requisite percentage of Preferred Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not include the Guarantor, the
Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee Trustee. 
 “Indenture” means the Junior Subordinated
Indenture dated as of March             , 2009, as supplemented and amended between the Guarantor and The Bank of New York Mellon (as successor in interest to Bank One Trust Company,
National Association), as trustee. 
 “List of Holders” has the meaning specified in Section 2.2(a). 
 “Majority in liquidation preference of the Preferred Securities” means, except as provided by the Trust Indenture Act, a vote by the Holder(s),
voting separately as a class, of more than 50% of the liquidation preference of all then outstanding Preferred Securities issued by the Issuer. 
 “Officers’ Certificate” means, with respect to any Person, a certificate signed by the Chief Executive Officer, President or a Vice President, and by the Treasurer, and Associate Treasurer, an Assistant Treasurer, the
Controller, the Secretary or an Assistant Secretary of such Person, and delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance with a condition or covenant provided for in this Guarantee Agreement
shall include: 
  

	 	(a)	a statement that each officer signing the Officers’ Certificate has read the covenant or condition and the definitions relating thereto; 

  

	 	(b)	a brief statement of the nature and scope of the examination or investigation undertaken by each officer in rendering the Officers’ Certificate; 

  

	 	(c)	a statement that each officer has made such examination or investigation as, in such officer’s opinion, is necessary to enable such officer to express an informed opinion as to
whether or not such covenant or condition has been complied with; and 

  

	 	(d)	a statement as to whether, in the opinion of each officer, such condition or covenant has been complied with. 

 “Person” means a legal person, including any individual, corporation, estate, partnership, joint venture, association, joint stock company,
limited liability company, trust, unincorporated association, or government or any agency or political subdivision thereof, or any other entity of whatever nature. 
  

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 “Responsible Officer” means, with respect to the Guarantee Trustee, any Senior Vice President,
any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, any Assistant Treasurer, any Trust Officer or Assistant Trust Officer, or any other officer of the Corporate Trust Department of the
above-designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of that officer’s knowledge of and familiarity with the particular subject. 
 “Senior Debt” means the principal of (and premium, if any) and interest, if any (including interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Guarantor whether or not such claim for post-petition interest is allowed in such proceeding), on Debt, whether incurred on or prior to the date of this Guarantee Agreement or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is provided that such obligations are not superior in right of payment to this Guarantee Agreement or to other Debt which is pari
passu with, or subordinated to, this Guarantee Agreement; provided, however, that Senior Debt shall not be deemed to include (a) any Debt of the Guarantor which when incurred and without respect to any election under Section 1111(b) of the
Bankruptcy Reform Act of 1978, was without recourse to the Guarantor, (b) any Debt of the Guarantor to any of its Subsidiaries, (c) Debt to any employee of the Guarantor, (d) any liability for taxes, (e) Debt or other monetary
obligations to trade creditors created or assumed by the Guarantor or any of its Subsidiaries in the ordinary course of business in connection with the obtaining of goods, materials or services, (f) Debt issued under the Indenture,
(g) Debt issued under the 6.75% Capital Securities, 7% Capital Securities and 6.05% Capital Securities and (h) similar Guarantee Agreements issued by the Guarantor on behalf of the holders of Preferred Securities issued by Lincoln National
Capital III, Lincoln National Capital IV, Lincoln National Capital V, Lincoln National Capital VI, Lincoln National Capital VII and Lincoln National Capital IX. 
 “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the qualifications to act as Guarantee Trustee under Section 4.1. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
 ARTICLE II. TRUST INDENTURE ACT 
 Section 2.1 Trust Indenture Act; Application. 

 (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are required to be part of this Guarantee
Agreement and shall, to the extent applicable, be governed by such provisions. 
 (b) If and to the extent that any provision of this
Guarantee Agreement limits, qualifies or conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed duties shall control. 
  

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 Section 2.2 List of Holders. 
 (a) The Guarantor shall furnish or cause to be furnished to the Guarantee Trustee (i) semiannually, on or before January 15 and July 15 of each year, a list, in such form as the Guarantee Trustee may
reasonably require, of the names and addresses of the Holders (“List of Holders”) as of a date not more than 15 days prior to the delivery thereof, and (ii) at such other times as the Guarantee Trustee may request in writing,
within 30 days after the receipt by the Guarantor of any such request, a List of Holders as of a date not more than 15 days prior to the time such list is furnished, in each case to the extent such information is in the possession or
control of the Guarantor and is not identical to a previously supplied list of Holders or has not otherwise been received by the Guarantee Trustee in its capacity as such. The Guarantee Trustee may destroy any List of Holders previously given to it
on receipt of a new List of Holders. 
 (b) The Guarantee Trustee shall comply with its obligations under Section 311(a),
Section 311(b) and Section 312(b) of the Trust Indenture Act. 
 Section 2.3 Reports by the Guarantee Trustee. 
 Within 60 days of May 15 of each year, commencing May 15,         , the Guarantee Trustee shall
provide to the Holders such reports as are required by Section 313 of the Trust Indenture Act, if any, in the form and in the manner provided by Section 313 of the Trust Indenture Act. The Guarantee Trustee shall also comply with the
requirements of Section 313(d) of the Trust Indenture Act. 
 Section 2.4 Periodic Reports to the Guarantee Trustee. 
 The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission and the Holders such documents, reports and information, if
any, as required by Section 314 of the Trust Indenture Act and the compliance certificate required by Section 314 of the Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the Trust Indenture
Act. 
 Delivery of such reports, information and documents to the Guarantee Trustee is for informational purposes only and the Guarantee
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Guarantor’s compliance with any of its covenants hereunder (as to
which the Guarantee Trustee is entitled to conclusively rely exclusively on Officers’ Certificates). 
 Section 2.5 Evidence of Compliance with
Conditions Precedent. 
 The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such conditions precedent,
if any, provided for in this Guarantee Agreement that relate to any of the matters set forth in Section 314(c) of the Trust Indenture Act. 
  

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 Section 2.6 Events of Default; Waiver. 
 The Holders of a Majority in liquidation preference of the Preferred Securities may, by vote, on behalf of the Holders, waive any past Event of Default
and its consequences. Upon such waiver, any such Event of Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Guarantee Agreement, but no such waiver shall extend to
any subsequent or other default or Event of Default or impair any right consequent therefrom. 
 Section 2.7 Event of Default; Notice.

 (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default known to the Guarantee Trustee,
transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default, unless such defaults have been cured or waived before the giving of such notice, provided, that, except in the case of a default in the payment of a
Guarantee Payment, the Guarantee Trustee shall be protected in withholding such notice if and so long as a committee of Responsible Officers of the Guarantee Trustee in good faith determines that the withholding of such notice is in the interests of
the Holders. 
 (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless the Guarantee Trustee shall
have received written notice, or a Responsible Officer charged with the administration of the Trust Agreement shall have obtained written notice, of such Event of Default. 
 Section 2.8 Conflicting Interests. 
 The Trust Agreement shall be deemed to be specifically
described in this Guarantee Agreement for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust Indenture Act. 
 ARTICLE III. POWERS, DUTIES AND RIGHTS OF 
 THE GUARANTEE TRUSTEE 
 Section 3.1 Powers and Duties of the Guarantee Trustee. 
 (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except a Holder exercising his or her rights pursuant to
Section 5.4(iv) or to a Successor Guarantee Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest in
any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its appointment hereunder, and such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered
pursuant to the appointment of such Successor Guarantee Trustee. 
  

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 (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce this
Guarantee Agreement for the benefit of the Holders. 
 (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the
curing or waiver of all Events of Default that may have occurred, shall undertake to perform only such duties as are specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into this Guarantee Agreement against the
Guarantee Trustee. In case an Event of Default has occurred (that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise such of the rights and powers vested in it by this Guarantee Agreement, and use the
same degree of care and skill in its exercise thereof, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee Trustee from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except
that: 
  

	 	(i)	prior to the occurrence of any Event of Default and after the curing or waiving of all such Events of Default that may have occurred: 

  

	 	(A)	the duties and obligations of the Guarantee Trustee shall be determined solely by the express provisions of this Guarantee Agreement, and the Guarantee Trustee shall not be liable
except for the performance of such duties and obligations as are specifically set forth in this Guarantee Agreement; and 

  

	 	(B)	in the absence of bad faith on the part of the Guarantee Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon any certificates or opinions furnished to the Guarantee Trustee and conforming to the requirements of this Guarantee Agreement; but in the case of any such certificates or opinions that by any provision hereof or of the Trust
Indenture Act are specifically required to be furnished to the Guarantee Trustee, the Guarantee Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Guarantee Agreement;


  

	 	(ii)	the Guarantee Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Guarantee Trustee, unless it shall be proved that the
Guarantee Trustee was negligent in ascertaining the pertinent facts upon which such judgment was made; 

  

	 	(iii)	the Guarantee Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in accordance with the direction of the Holders of not less
than a Majority in liquidation preference of the Preferred Securities relating to the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee, or exercising any trust or power conferred upon the
Guarantee Trustee under this Guarantee Agreement; and 

  

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	 	(iv)	no provision of this Guarantee Agreement shall require the Guarantee Trustee to expend or risk its own funds or otherwise incur personal financial liability in the performance of
any of its duties or in the exercise of any of its rights or powers, if the Guarantee Trustee shall have reasonable grounds for believing that the repayment of such funds or liability is not reasonably assured to it under the terms of this Guarantee
Agreement or indemnity satisfactory to the Guarantee Trustee against such risk or liability is not reasonably assured to it. 

 Section 3.2 Certain Rights of Guarantee Trustee. 
 (a) Subject to the provisions of Section 3.1: 
  

	 	(i)	The Guarantee Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document reasonably believed by it to be genuine and to have been signed, sent or presented by the proper party or parties.


  

	 	(ii)	Any direction or act of the Guarantor contemplated by this Guarantee Agreement shall be sufficiently evidenced by an Officer’s Certificate unless otherwise prescribed herein.


  

	 	(iii)	Whenever, in the administration of this Guarantee Agreement, the Guarantee Trustee shall deem it desirable that a matter be proved or established before taking, suffering or
omitting to take any action hereunder, the Guarantee Trustee (unless other evidence is herein specifically prescribed) may, in the absence of bad faith on its part, request and rely upon an Officers’ Certificate which, upon receipt of such
request from the Guarantee Trustee, shall be promptly delivered by the Guarantor. 

  

	 	(iv)	The Guarantee Trustee may consult with legal counsel of its selection, and the advice or opinion of such legal counsel with respect to legal matters shall be full and complete
authorization and protection in respect of any action taken, suffered or omitted to be taken by it hereunder in good faith and in accordance with such advice or opinion. Such legal counsel may be legal counsel to the Guarantor or any of its
Affiliates and may be one of its employees. The Guarantee Trustee shall have the right at any time to seek instructions concerning the administration of this Guarantee Agreement from any court of competent jurisdiction. 

  

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	 	(v)	The Guarantee Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Guarantee Agreement at the request or direction of any Holder, unless
such Holder shall have provided to the Guarantee Trustee such security and indemnity, against the costs, expenses (including attorneys’ fees and expenses) and liabilities that might be incurred by it in complying with such request or direction,
including such reasonable advances as may be requested by the Guarantee Trustee; provided that, nothing contained in this Section 3.2(a)(v) shall be taken to relieve the Guarantee Trustee, upon the occurrence of an Event of Default, of its
obligation to exercise the rights and powers vested in it by this Guarantee Agreement. 

  

	 	(vi)	The Guarantee Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Guarantee Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may
see fit at the expense of the Guarantor and shall incur no liability of any kind by reason of such inquiry or investigation. 

  

	 	(vii)	The Guarantee Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through its agents or attorneys, and the Guarantee
Trustee shall not be responsible for the acts or omissions of any such agent or attorney appointed with due care by it hereunder. 

  

	 	(viii)	Any action taken by the Guarantee Trustee or its agents hereunder shall bind the Holders, and the signature of the Guarantee Trustee or its agents alone shall be sufficient and
effective to perform any such action. No third party shall be required to inquire as to the authority of the Guarantee Trustee to so act or as to its compliance with any of the terms and provisions of this Guarantee Agreement, both of which shall be
conclusively evidenced by the Guarantee Trustee’s or its agent’s taking such action. 

  

	 	(ix)	Whenever in the administration of this Guarantee Agreement the Guarantee Trustee shall deem it desirable to receive instructions with respect to enforcing any remedy or right or
taking any other action hereunder, the Guarantee Trustee (A) may request instructions from the Holders of a Majority in liquidation preference of the Preferred Securities, (B) may refrain from enforcing such remedy or right or taking such
other action until such instructions are received, and (C) shall be protected in acting in accordance with such instructions. 

  

	 	(x)	the Guarantee Trustee shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the
discretion or rights or powers conferred upon it by this Guarantee Agreement; 

  

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	 	(xi)	in no event shall the Guarantee Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss
of profit) irrespective of whether the Guarantee Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

  

	 	(xii)	the Guarantee Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Guarantee Trustee has actual knowledge thereof or
unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Guarantee Trustee, and such notice references the Preferred Securities and the Trust Agreement; and


  

	 	(xiii)	the rights, privileges, protections, immunities and benefits given to the Guarantee Trustee, including, without limitation, its right to be indemnified, are extended to, and shall
be enforceable by, the Guarantee Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

 (b) No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation conferred or imposed
on it in any jurisdiction in which it shall be illegal, or in which the Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform any such act or acts or to exercise any such right, power, duty or
obligation. No permissive power or authority available to the Guarantee Trustee shall be construed to be a duty to act in accordance with such power and authority. 
 Section 3.3 Indemnity. 
 The Guarantor agrees to fully indemnify the Guarantee Trustee for, and to hold it harmless
against, any loss, liability or expense incurred without negligence or willful misconduct on the part of the Guarantee Trustee, arising out of or in connection with the acceptance or administration of this Guarantee Agreement, including the costs
and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. The Guarantee Trustee will not claim or exact any lien or charge on any Guarantee Payments as a
result of any amount due to it under this Guarantee Agreement. 
 The provisions of this Section 3.3 shall survive the termination of
this Guarantee Agreement or the resignation or removal of the Guarantee Trustee. 
  

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 ARTICLE IV. GUARANTEE TRUSTEE 
 Section 4.1 Guarantee Trustee: Eligibility. 
 (a) There shall at all times be a Guarantee Trustee
which shall: 
  

	 	(i)	not be an Affiliate of the Guarantor; and 

  

	 	(ii)	be a Person that is eligible pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000, and shall be a corporation meeting
the requirements of Section 310(c) of the Trust Indenture Act. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the supervising or examining authority, then, for the purposes of
this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.


 (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section 4.1(a), the Guarantee
Trustee shall immediately resign in the manner and with the effect set out in Section 4.2(c). 
 (c) If the Guarantee Trustee has or
shall acquire any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in all respects comply with the provisions of Section 310(b) of the Trust
Indenture Act. 
 Section 4.2 Appointment, Removal and Resignation of the Guarantee Trustee. 
 (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause at any time with thirty (30) days written notice
by the Guarantor. 
 (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been appointed and has accepted
such appointment by written instrument executed by such Successor Guarantee Trustee and delivered to the Guarantor. 
 (c) The Guarantee
Trustee appointed hereunder shall hold office until a Successor Guarantee Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may resign from office (without need for prior or subsequent accounting) by an
instrument in writing executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by instrument in writing
executed by such Successor Guarantee Trustee and delivered to the Guarantor and the resigning Guarantee Trustee. 
 (d) If no Successor
Guarantee Trustee shall have been appointed and accepted appointment as provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of resignation, the resigning Guarantee Trustee may petition any court of


  

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competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem
proper, appoint a Successor Guarantee Trustee. 
 ARTICLE V. GUARANTEE 
 Section 5.1 Guarantee. 
 The Guarantor irrevocably and unconditionally agrees to pay in full to
the Holders and the Guarantee Trustee, the Guarantee Payments and all other amounts due under the Trust Agreement (without duplication of amounts theretofore paid by or on behalf of the Issuer), as and when due, regardless of any defense, right of
set-off or counterclaim which the Issuer may have or assert. The Guarantor’s obligation to make a Guarantee Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders or by causing the Issuer to pay such
amounts to the Holders. 
 Section 5.2 Waiver of Notice and Demand. 
 The Guarantor hereby waives notice of acceptance of this Guarantee Agreement and of any liability to which it applies or may apply, presentment, demand for payment, any right to require a proceeding first against the
Guarantee Trustee, Issuer or any other Person before proceeding against the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all other notices and demands. 
 Section 5.3 Obligations Not Affected. 
 The
obligations, covenants, agreements and duties of the Guarantor under this Guarantee Agreement shall in no way be affected or impaired by reason of the happening from time to time of any of the following: 
 (a) the release or waiver, by operation of law or otherwise, of the performance or observance by the Issuer of any express or implied agreement, covenant,
term or condition relating to the Preferred Securities to be performed or observed by the Issuer; 
 (b) the extension of time for the
payment by the Issuer of all or any portion of the Distributions, Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Preferred Securities or the extension of time for the performance of any other obligation
under, arising out of, or in connection with, the Preferred Securities (other than an extension of time for payment of Distributions, Redemption Price, Liquidation Distribution or other sums payable that results from the extension of any interest
payment period on the Debentures as so provided in the Indenture); 
 (c) any failure, omission, delay or lack of diligence on the part of
the Holders to enforce, assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the terms of the Preferred Securities, or any action on the part of the Issuer granting indulgence or extension of any kind;

 (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral, receivership, insolvency, bankruptcy, assignment for
the benefit of creditors, reorganization, arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the Issuer or any of the assets of the Issuer; 
  

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 (e) any invalidity of, or defect or deficiency in, the Preferred Securities; 
 (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or 
 (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge or defense of a guarantor, it being the intent of
this Section 5.3 that the obligations of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances. 
 There shall be no obligation of the Holders to give notice to, or obtain the consent of, the Guarantor with respect to the happening of any of the foregoing. 
 Section 5.4 Rights of Holders. 
 The Guarantor expressly acknowledges that: (i) this
Guarantee Agreement will be deposited with the Guarantee Trustee to be held for the benefit of the Holders; (ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the Holders; (iii) the Holders of a
Majority in liquidation preference of the Preferred Securities have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising
any trust or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) if the Guarantee Trustee fails to enforce this Guarantee Agreement after a Holder has made a written request for the Guarantee Trustee to do so,
any Holder may, to the extent permitted by law, institute a legal proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement, without first instituting a legal proceeding against the Guarantee Trustee, the Issuer
or any other Person. Notwithstanding the foregoing, if the Guarantor has failed to make a Guarantee Payment, a Holder may directly institute a proceeding against the Guarantor for enforcement of this Guarantee Agreement for such payment. The
Guarantor waives any right or remedy to require that any action on this Guarantee Agreement be brought first against the Issuer or any other Person or entity before proceeding directly against the Guarantor. 
 Section 5.5 Guarantee of Payment. 
 This
Guarantee Agreement creates a guarantee of payment and not of collection. 
 Section 5.6 Subrogation. 
 The Guarantor shall be subrogated to all (if any) rights of the Holders against the Issuer in respect of any amounts paid to the Holders by the Guarantor
under this Guarantee Agreement and shall have the right to waive payment by the Issuer pursuant to Section 5.1; provided, however, that the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled to
enforce or exercise any rights which it may acquire by way of subrogation or any indemnity, reimbursement or other agreement, 

  

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in all cases as a result of payment under this Guarantee Agreement if, at the time of any such payment, any amounts are due and unpaid under this Guarantee
Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the Holders. 
 Section 5.7 Independent Obligations. 
 The
Guarantor acknowledges that its obligations hereunder are independent of the obligations of the Issuer with respect to the Preferred Securities and that the Guarantor shall be liable as principal and as debtor hereunder to make Guarantee Payments
pursuant to the terms of this Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a) through (g), inclusive, of Section 5.3 hereof. 
 ARTICLE VI. COVENANTS AND SUBORDINATION 
 Section 6.1 Subordination. 
 This Guarantee Agreement will constitute an unsecured obligation of the Guarantor and will rank subordinate and junior in right of payment to all Senior
Debt of the Guarantor. 
 Section 6.2 Pari Passu Guarantees. 
 This Guarantee Agreement shall rank pari passu with any similar Guarantee Agreements issued by the Guarantor on behalf of the holders of Preferred Securities issued by Lincoln National Capital VI, Lincoln National
Capital VII and Lincoln National Capital IX. 
 ARTICLE VII. TERMINATION 
 Section 7.1 Termination. 
 This Guarantee Agreement shall terminate and be of no further force
and effect upon (i) full payment of the Redemption Price of all Preferred Securities, (ii) the distribution of Debentures to the Holders in exchange for all of the Preferred Securities or (iii) full payment of the amounts payable in
accordance with the Trust Agreement upon liquidation of the Issuer. Notwithstanding the foregoing, this Guarantee Agreement will continue to be effective or will be reinstated, as the case may be, if at any time any Holder must restore payment of
any sums paid with respect to Preferred Securities or this Guarantee Agreement. 
 ARTICLE VIII. MISCELLANEOUS 
 Section 8.1 Successors and Assigns. 
 All
guarantees and agreements contained in this Guarantee Agreement shall bind the successors, assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of the Holders of the Preferred Securities then outstanding.
Except in connection with a consolidation, merger or sale involving the Guarantor that is permitted 

  

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under Article Eight of the Indenture and pursuant to which the assignee agrees in writing to perform the Guarantor’s obligations hereunder, the
Guarantor shall not assign its obligations hereunder. 
 Section 8.2 Amendments. 
 Except with respect to any changes which do not adversely affect the rights of the Holders in any material respect (in which case no consent of the
Holders will be required), this Guarantee Agreement may only be amended with the prior approval of the Holders of not less than a Majority in liquidation preference of all the outstanding Preferred Securities. The provisions of Article VI of
the Trust Agreement concerning meetings of the Holders shall apply to the giving of such approval. 
 Section 8.3 Notices. 
 Any notice, request or other communication required or permitted to be given hereunder shall be in writing, duly signed by the party giving such notice,
and delivered, telecopied or mailed by first class mail as follows: 
 (a) If given to the Guarantee Trustee, at the Guarantee Trustee’s
mailing address set forth below (or such other address as the Guarantee Trustee may give notice of to the Guarantor and the Holders): 
 The Bank of New York Mellon 
 101 Barclay Street, 8W 
 New York, New York 10286 
 Attention: Corporate Trust Administration 
 (b) if given to the Guarantor, to the address set forth below or
such other address as the Guarantor may give notice to the Holders: 
 Lincoln National Corporation 
 150 N. Radnor Chester Road 
 Radnor, PA 19087 
 Attention: Treasurer 
 (c) if given to the Issuer, in care of the Guarantee Trustee, at the Issuer’s (and the Guarantee Trustee’s) address set forth below or such
other address as the Guarantee Trustee on behalf of the Issuer may give notice to the Holders: 
 Lincoln National Capital
VIII 
 c/o Lincoln National Corporation 
 150 N. Radnor Chester Road 
 Radnor, PA 19087 
 Attention: Treasurer 
  

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 with a copy to: 
 The Bank of New York Mellon 
 101 Barclay Street, 8W 
 New York, New York 10286 
 Attention: Corporate Trust Administration 
 (d) if given to any Holder, at the address set forth on the books and records of the Issuer. 
 All notices
hereunder shall be deemed to have been given when received in person, telecopied with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or other document is refused delivery or cannot be delivered because of
a changed address of which no notice was given, such notice or other document shall be deemed to have been delivered on the date of such refusal or inability to deliver. 
 Section 8.4 Benefit. 
 This Guarantee Agreement is solely for the benefit of the Holders and is
not separately transferable from the Preferred Securities. 
 Section 8.5 Interpretation. 
 In this Guarantee Agreement, unless the context otherwise requires: 
 (a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto have the respective meanings assigned to them in Section 1.1; 
 (b) a term defined anywhere in this Guarantee Agreement has the same meaning throughout; 
 (c) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to this Guarantee Agreement as modified,
supplemented or amended from time to time; 
 (d) all references in this Guarantee Agreement to Articles and Sections are to Articles and
Sections of this Guarantee Agreement unless otherwise specified; 
 (e) a term defined in the Trust Indenture Act has the same meaning when
used in this Guarantee Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise requires; 
 (f) a
reference to the singular includes the plural and vice versa; and 
 (g) the masculine, feminine or neuter genders used herein shall include
the masculine, feminine and neuter genders. 
  

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 Section 8.6 Governing Law. 
 THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICT OF LAW PRINCIPLES THEREOF. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts
shall together constitute but one and the same instrument. 
 Section 8.7 Waiver of Jury Trial. 
 EACH OF THE GUARANTOR AND THE GUARANTEE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY
LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTEE AGREEMENT, THE PREFERRED SECURITIES OR THE TRANSACTION CONTEMPLATED BY THE TRUST AGREEMENT. 
 Section 8.8 Force Majeure. 
 In no event shall the Guarantee Trustee be responsible or liable for any failure or delay
in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Guarantee Trustee shall use reasonable
efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

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 THIS GUARANTEE AGREEMENT is executed as of the day and year first above written. 
  

			
	LINCOLN NATIONAL CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 THE BANK OF NEW YORK MELLON,
 as Guarantee
Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	


  

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