Document:

Exhibit 10.15

 

RESTRICTED STOCK AWARD AGREEMENT

 

This
Restricted Stock Award Agreement (the “Agreement”) effective on the date of
closing of the transaction between Lincoln National Corporation (“LNC”) and
Jefferson-Pilot Corporation, is by and between LNC and                                   
(the “Grantee”), and evidences the grant, by LNC on (“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 Amended and Restated Lincoln
National Corporation Incentive Compensation Plan and any amendments thereto
(the “Plan”) and this Agreement. LNC and Grantee agree as follows:

 

1.       Number of Shares Granted.
Grantee is awarded             
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 Stock 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 Grantee’s service with LNC and
all subsidiaries terminates prior to [        
], other than on account of death or
disability or a change in 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 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 the
Noncompete, Nondisclosure and Ideas Provision. This award may be
canceled by action of the Compensation Committee of the LNC Board of Directors
if Grantee fails to comply with the non-competition, nondisclosure and ideas

 

 

provisions of the Plan. Grantee
must provide the Secretary of LNC with a certification of compliance with these
provisions (“Certification”) prior to the distribution of shares and the DER
Account once the restrictions have lapsed, unless such restrictions lapse as a
result of the Grantee’s death.

 

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)                                ; or

 

(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:

  	
   

  
	
   

  	
   

  	
  Jon
  A. Boscia

  
	
   

  	
   

  	
  Chairman
  and Chief Executive Officer

  

 

2Exhibit 10.1

 

AMENDMENT
NO. 2 TO

AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS AMENDMENT NO. 2
(the “Amendment”), dated effective as of April 5, 2006, is made  and entered into to amend the Amended and
Restated Executive Employment Agreement, dated as of March 1, 2002,
together with Amendment No. 1 dated September 22, 2005 (collectively,
the “Employment Agreement”), by and between Christopher & Banks
Corporation, a Delaware corporation (the “Company”), and Joseph E. Pennington
(the “Executive”).

 

WITNESSETH:

 

WHEREAS, the Company and
the Executive entered into the Employment Agreement which provides for a four-year
term ending on February 28, 2006;

 

WHEREAS, the Company and
the Executive entered into an Amendment to the Employment Agreement on September 22,
2005 which, among other things, extended the Executive’s employment to August 31,
2006 (the “Extended Date”);

 

WHEREAS, the Executive
has been promoted to Chief Executive Officer; and

 

WHEREAS, the Company
desires to continue to employ the Executive beyond the Extended Date and the
Executive wishes to accept such continued employment with the Company upon the
terms and conditions set forth in this Amendment.

 

NOW, THEREFORE, in
consideration of the foregoing and the mutual agreements herein contained, the
Company and the Executive agree as follows:

 

1.                                       Amendment.                            The
Employment Agreement shall be amended as provided in this Amendment. Capitalized
terms not otherwise defined herein shall have the meanings ascribed to them in
the Employment Agreement.

 

2.                                       Employment.                           Section 1.1
of the Employment Agreement is hereby deleted in full and replaced as follows:

 

“1.1                        The
Corporation hereby employs Executive, and Executive agrees to work for the
Corporation as Chief Executive Officer, and to perform such related duties
as are assigned to him from time to time by the Board of Directors of the
Corporation.”

 

3.                                       Term.
Section 2.1 of the Employment Agreement is hereby deleted in full and
replaced as follows:

 

 

“2.1                        Unless
terminated at an earlier date as otherwise provided herein, the term of the
Executive’s employment hereunder shall be for a period ending on February 28,
2007.”

 

4.                                       Duties.          Section 3.1 of the
Employment Agreement is hereby amended by inserting the following at the end of
the paragraph:

 

“The
parties acknowledge that from March 1, 2006 to February 28, 2007,
Executive intends to fulfill his duties, in part, from Denver, Colorado;
provided however, Executive shall continue to spend at least fifty percent of
Executive’s time at the Corporation’s headquarters.”

 

5.                                       Compensation.
The first paragraph after the table at the beginning of Section 4.1 of the
Employment Agreement which discusses the Executive’s annual base salary after February 28,
2006 shall be deleted in full and replaced as follows:

 

“The
Corporation agrees to pay Executive at an annual base salary of $520,000, pro
rated from March 1, 2006 to February 28, 2007, payable at those
intervals as the Corporation shall pay other executives.”

 

6.                                       Incentive
Compensation. Section 4.3 of the Employment Agreement is hereby deleted
in full and replaced as follows:

 

“4.3                        The
Executive shall be eligible to receive a bonus in accordance with the
Corporation’s bonus plans as in effect and approved by the Board of Directors
from time to time.”

 

7.                                       Equity
Incentive Plans. Section 4.4 of the Employment Agreement is hereby
deleted in full and replaced as follows:

 

“4.4                        The
Executive shall receive a one-time stock option grant of 18,000 shares of the
Corporation’s common stock pursuant to and in accordance with its equity
incentive  plan.”

 

8.                                       Termination.                             Section 12.1
of the Employment Agreement is hereby deleted in full and replaced as follows:

 

“12.1                 The Corporation may terminate
the employment of the Executive at any time without cause by written notice of termination
of employment to Executive. In the event that the Corporation terminates the
employment of the Executive by delivering notice in accordance with the
preceding sentence, the Executive shall receive as severance his base salary
and benefits pursuant to Section 4 (except bonus) from the date of
termination until February 28, 2007.”

 

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9.                                       Miscellaneous.

 

9.1                                 Governing
Law. This Amendment is made under and shall be governed by and construed in
accordance with the laws of the State of Minnesota, without regard to Minnesota’s
conflicts of law rules.

 

9.2                                 Prior
Agreements. This Amendment and the Employment Agreement contain the entire
agreement of the parties relating to the subject matter hereof and supersede
all prior agreements and understandings with respect to such subject matter,
and the parties hereto have made no agreements, representations or warranties
relating to the subject matter of this Amendment which are not set forth herein.
Except as explicitly amended by this
Amendment, all of the terms and conditions of the Employment Agreement shall
remain in full force and effect.

 

9.3                                 Amendments.
No amendment or modification of this Amendment shall be deemed effective unless
made in writing signed and delivered by the parties hereto.

 

9.4                                 Assignment.
This Amendment shall not be assignable, in whole or in part, by either party
without the written consent of the other party.

 

9.5                                 No
Waiver. No term or condition of this Amendment shall be deemed to have been
waived, nor shall there be any estoppel to enforce any provisions of this Amendment,
except by a statement in writing signed by the party against whom enforcement
of the waiver or estoppel is sought. Any written waiver shall not be deemed a
continuing waiver unless specifically stated, shall operate only as to the
specific term or condition waive and shall not constitute a waiver of such term
of condition for the future or as to any act other than that specifically
waived.

 

9.6                                 Counterparts.
This Amendment may be signed in counterparts, each of which, when executed
and delivered, shall constitute one and the same instrument.

 

IN WITNESS WHEREOF, the
parties have hereunto set their hands, intending to be legally bound, as of the
date first above written.

 

	
   

  	
  CHRISTOPHER & BANKS
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Larry C. Barenbaum

  	
   

  
	
   

  	
   

  	
  Larry
  C. Barenbaum

  	
   

  
	
   

  	
   

  	
  Its:
  Chairman

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Joseph E.
  Pennington

  	
   

  
	
   

  	
  Joseph E. Pennington

  	
   

  

 

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