Document:

Exhibit 4.2

 

LINCOLN
NATIONAL CORPORATION

 

6.15% Senior Note
due 2036

 

	
  [Registered]

  	
   

  	
  CUSIP 534187AR0

  
	
   

  	
   

  	
  ISIN US534187AR02

  
	
  No. R-1

  	
   

  	
  U.S. $500,000,000

  

 

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITORY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN
WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY
PERSON OTHER THAN SUCH DEPOSITORY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

Lincoln National Corporation,
a corporation organized and existing under the laws of the State of Indiana
(hereinafter called the “Company”, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the
principal sum of FIVE HUNDRED MILLION DOLLARS ($500,000,000) on April 7,
2036 and to pay interest thereon from April 6, 2006 or from the most
recent date to which interest has been paid

 

 

or duly provided for, semi-annually on April 7
and October 7, in each year, commencing on October 7, 2006 (each an “Interest
Payment Date”), at the rate of 6.15% per annum until the principal hereof is
paid or such payment is duly provided for. If an Interest Payment Date for the
Notes falls on a day that is not a Business Day, the interest payment shall be
postponed to the next succeeding Business Day, and no interest on such payment
shall accrue for the period from and after such Interest Payment Date. The
interest so payable and punctually paid or duly provided for on any Interest
Payment Date will, as provided in the Indenture, be paid to the person in whose
name this Note (or one or more predecessor Notes) is registered at the close of
business on the next preceding March 23 and September 22,
respectively (each respectively a “Record Date”), subject to certain exceptions
as provided in the Indenture. Payment of the principal of, and interest on,
this Note will be made at the designated office or agency of the Company
maintained for such purpose in The City of New York, New York in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debt or, at the option of the Company,
interest so payable may be paid by check to the order of said Holder mailed to
his address appearing on the Security Register. Any interest not so punctually
paid or duly provided for shall be payable as provided in the Note. Interest on
this Note will be computed on the basis of a 360-day year of twelve 30-day
months.

 

Reference is hereby made
to the further provisions of this Note set forth on the reverse hereof, which
further provisions shall for all purposes have the same effect as if set forth
at this place.

 

Unless the certificate of
authentication hereon has been executed by the Trustee by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

 

[signature page follows]

 

2

 

IN WITNESS WHEREOF,
Lincoln National Corporation has caused this instrument to be duly executed
under its corporate seal.

 

	
   

  	
  LINCOLN
  NATIONAL CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  

 

Dated:   April 6, 2006

 

 

Dated:  April 6, 2006

 

Trustee’s
Certificate of Authentication

 

This is one of the Securities
of the series designated herein and referred to in the within-mentioned
Indenture.

 

	
   

  	
  THE
  BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized
  Signatory

  

 

 

[Reverse of
Note]

 

LINCOLN
NATIONAL CORPORATION

6.15% Senior Notes due 2036

 

This Note is one of a
duly authorized issue of Securities of the Company of a series hereinafter
specified, all issued and to be issued under an Indenture dated as of September 15,
1994 (herein called the “Indenture”), between the Company and The Bank of New
York, as Trustee (herein called the “Trustee”, which term includes any
successor Trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company,
the Trustee and the Holder of the Securities and the terms upon which the
Securities are, and are to be, authenticated and delivered. The Securities may
be issued in one or more series, the terms of which different series may vary
as provided in the Indenture. This Note is one of a series of the Securities of
the Company designated as its 6.15% Senior Notes due 2036 (herein called the “Notes”),
limited in aggregate principal amount to $500,000,000, except as otherwise
provided in the Indenture. The Notes of this series are issuable in registered
form only in denominations of $2,000 and integral multiples of $1,000.

 

The Notes are redeemable in
whole or in part, at the Company’s option, at any time or from time to time,
upon mailed notice to the registered address of each holder of Notes at least
30 days but not more than 60 days prior to the redemption. The redemption price
will be the greater of (i) 100% of the principal amount of the Notes to be
redeemed and (ii) the make-whole amount, plus in each case accrued and
unpaid interest to the date of redemption. “Make-whole amount” means the sum of
the present values of the Remaining Scheduled Payments (as defined below) on
the Notes, discounted to the date of redemption on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months), at a rate equal
to the sum of the applicable Treasury Rate (as defined below) plus 20 basis
points. The make-whole amount will be determined by the Calculation Agent (as
defined below).

 

“Calculation
Agent” means the entity appointed by the Company to determine the make-whole
amount owed upon the redemption of the Notes, whether in whole or in part, by
the Company.

 

“Comparable Treasury Issue”
means the U.S. Treasury security selected by a reference treasury dealer as
having an actual or interpolated maturity comparable to the remaining term of the
Notes called for redemption, that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of
corporate debt securities with a term comparable to such period.

 

“Comparable Treasury Price”
means, with respect to a redemption date (1) the average of five Reference
Treasury Dealer Quotations for such redemption date, after excluding the
highest and lowest Reference Treasury Dealer Quotations, or (2) if the

 

5

 

Calculation Agent obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such quotations.

 

“Reference Treasury
Dealer” means (1) Morgan Stanley & Co. Incorporated, Citigroup
Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith
Incorporated and (2) any additional primary U.S. government securities
dealers in New York City (each, a “primary treasury dealer”) selected by the
Company and their successors, provided, however, that if any of them ceases to
be a primary treasury dealer the Company will substitute another primary
treasury dealer.

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average, as determined by the Calculation Agent, of
the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the
Calculation Agent at 5:00 p.m., New York City time, on the third business
day preceding such redemption date.

 

“Remaining Scheduled
Payments” means the remaining scheduled payments of principal and interest on
the Notes called for redemption that would be due after the related redemption
date but for that redemption. If that redemption date is not an Interest
Payment Date with respect to the Notes called for redemption, the amount of the
next succeeding scheduled interest payment on such Notes will be reduced by the
amount of interest accrued to such redemption date.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semiannual
equivalent yield to maturity (computed as of the third business day immediately
preceding that redemption date) of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the comparable treasury price for that redemption
date.

 

The Company will prepare
and mail a notice of redemption to each Holder of Notes to be redeemed by
first-class mail at least 30 and not more than 60 days prior to the date fixed
for redemption. On and after a redemption date, interest will cease to accrue
on the Notes called for redemption (unless the Company defaults in the payment
of the redemption price and accrued interest). On or before a redemption date, the
Company will deposit with a paying agent (or the Trustee) money sufficient to
pay the redemption price of and accrued interest on the Notes to be redeemed on
that date. If less than all of the Notes are to be redeemed, the Notes to be
redeemed shall be selected by the Trustee pro rata or by lot or by a method the
Trustee deems to be fair and appropriate.

 

The Notes are not
entitled to any sinking fund.  If an
Event of Default shall occur with respect to the Notes, the principal of the Notes
may be declared due and payable in the manner and with the effect provided in the
Indenture.

 

The Indenture contains
provisions for defeasance at any time of the Notes, upon which the Company, at
its option, shall be deemed to have been Discharged from its

 

6

 

obligations with respect to the Notes or shall cease
to be under any obligation to comply with certain restrictive covenants of the
Indenture.

 

Subject to certain
exceptions, the Indenture or the Notes may be amended or supplemented with the
consent of the Holders of at least a majority in principal amount of the
Outstanding Securities affected by such amendment or supplement voting as one
class. Without the consent of any Holder, the Company and the Trustee may amend
or supplement the Indenture or the Notes to, among other things, cure any
ambiguity, defect or inconsistency. Subject to certain exceptions, any past
default or Event of Default may be waived by the Holders of at least a majority
in principal amount of the Outstanding Securities of any series affected on
behalf of the Holders of the Securities of that series or the Holders of at
least a majority in principal amount of all the Outstanding Securities voting
as one class. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this
Note and of any Note issued upon the transfer hereof or in exchange herefor or
in lieu hereof whether or not notation of such consent or waiver is made upon
this Note or upon any Note issued upon the transfer hereof or in exchange
herefor or in lieu hereof.

 

No reference herein to
the Indenture and no provision of this Note or of the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of, and interest on, this Note at the times, place, and rate,
and in the coin or currency, herein prescribed.

 

As provided in the
Indenture and subject to certain limitations therein set forth, this Note is
transferable on the Security Register of the Company, upon surrender of this
Note for transfer at the office or agency of the Company in The City of New
York, New York, duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Registrar, duly executed by the
Holder hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

As provided in the Indenture
and subject to certain limitations therein set forth, this Note is exchangeable
for a like aggregate principal amount of Notes of different authorized
denominations as requested by the Holder surrendering the same.

 

No service charge will be
made for any such transfer or exchange, but the Company may require payment of
a sum sufficient to cover any tax or other governmental charge payable in connection
therewith.

 

The Company, the Trustee
and any agent of the Company or the Trustee may treat the person in whose name
this Note is registered as the owner hereof for the purpose of receiving
payment as herein provided and for all other purposes whether or not this Note
be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

 

7

 

No recourse shall be had
for the payment of the principal of, or the interest on, this Note or for any
claim based hereon or otherwise in any manner in respect hereof, or in respect
of the Indenture, against any incorporator, shareholder, officer or director,
as such, past, present or future, of the Company or of any predecessor or
successor corporation, whether by virtue of any constitutional provision or
statute or rule of law, or by the enforcement of any assessment or penalty
or in any other manner, all such liability being expressly waived and released
by the acceptance hereof and as part of the consideration for the issue hereof.

 

All capitalized terms
used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

 

8Exhibit 10.14

 

JEFFERSON-PILOT
CORPORATION

 

DEFERRED
FEE PLAN FOR NON-EMPLOYEE DIRECTORS

 

(As Amended through March 22,
2006)

 

1. Eligibility.

 

Each member of the Board of Directors of
Jefferson-Pilot Corporation (the “Corporation”) who is not an employee of the
Corporation or any of its subsidiaries (“Eligible Director”) is eligible to
participate in this Deferred Fee Plan for Non-Employee Directors (the “Plan”).

 

2. Participation.

 

(a)  For calendar years beginning on or
after January 1, 2005, an Eligible Director may elect, at the times
specified in Section 2(b) and (c), to defer the receipt of all or part of
the annual retainer and various meeting fees which would otherwise have been
payable currently for services as a Director of the Corporation (“Fees”). Deferred
Fees shall be credited to a deferred fee account (a bookkeeping account)
subject to the terms of the Plan.

 

(b)  An election to defer Fees must be
made by December 31st to be effective for the next calendar
year, and shall be irrevocable for such calendar year.

 

(c)                                  Any person who first
becomes an Eligible Director during a calendar year, may, within thirty days of
the date he or she becomes an Eligible Director, elect to defer Fees for the
current calendar year. Any such election shall be irrevocable for the remainder
of such calendar year. 

 

 

(d)                                 An election to defer
fees must be made on a form provided by the Corporation and filed with the
Secretary of the Corporation (the “Secretary”).

 

3. Deferred Fee Accounts.

 

(a)                                  Deferred amounts
shall constitute an unsecured claim on the general assets of the Corporation. The
amounts thereof shall be credited to the Director’s account as of the date such
amounts otherwise would have been paid to the Director, except that Fees for
committee meetings not held on the date of a Board meeting shall be credited on
the date of the next Board meeting.

 

(b)                                 The Director shall
designate the portion of his or her deferrals to be “invested” in one or both
investment options: an interest rate and phantom stock.

 

(c)                                  Deferrals under the
interest rate option shall be credited with interest for each year at a rate
equal to the average of the rate of interest on seven year U.S. Treasury
obligations as of the end of each of the twenty-four months prior to such year.

 

(d)                                 Deferrals under the
phantom stock option shall be credited to the Director’s account in full and
fractional units based on the fair market value of the common stock of the
Corporation on the crediting date. Additional phantom units shall be credited
equivalent to dividends paid on the common stock, based on the fair market
value on the dividend payment date. Equitable adjustments shall be made to
reflect any stock split, stock dividend, recapitalization, merger,
consolidation, combination or exchange of shares or other relevant corporate
change. Fair market value means (1) if and to the extent that the
Corporation makes contributions to a Rabbi Trust as provided in Section 6(b) to
purchase common stock on or about the date that Fees deferred hereunder 

 

2

 

are to be credited to Directors’ accounts, or such a Trust receives
dividends on common stock held by the Trust, the actual cost per share
including commissions paid by the Trust or (ii) otherwise, the closing
price of the common stock based upon its consolidated trading as generally
reported for a given date, or if there is no reported trading for that date,
such closing price for the immediately preceding trading day.

 

(e)                                  Diversification
of amounts credited to accounts through any transfer between phantom stock
units and the interest rate option shall not be permitted.

 

(f)                                    The Corporation
shall maintain separate accounts for Fees deferred prior to December 31,
2004, including any gain or loss on such separate accounts after December 31,
2004. Such amounts shall not be subject to the requirements of the American
Jobs Creation Act of 2004 (the “ACT”), provided the Plan is not materially
modified after October 3, 2004 (the “Grandfathered Amounts”).

 

4. Payment.

 

(a)                                  All payments with
respect to a Director’s deferred account under the interest rate option shall
be made in cash. All payments under the phantom stock option shall be made in
shares of common stock. Phantom units shall be valued at the fair market value
on the payment date, and cash shall be paid for any fractional share.

 

(b)                                 Grandfathered Amounts
shall be paid out in ten annual installments, unless otherwise elected. The
amount of each installment shall be a fraction of the value of the account at the
end of the preceding year, the numerator of which is one and the denominator of
which is the total number of installments minus the number previously paid. In
the alternative, a Director may elect to receive payment in a lump sum or
in 

 

3

 

some other number of equal annual installments not exceeding ten. Such
election must be made at least one year prior to the date on which the Director
ceases to be a Director.

 

(c)                                  For Fees deferred
after December 31, 2004, the value of a Director’s deferred account shall
be paid out in ten annual installments, unless otherwise elected. The amount of
each installment shall be a fraction of the value of the account at the end of
the preceding year, the numerator of which is one and the denominator of which
is the total number of installments minus the number previously paid. A
Director may elect to receive payment in a lump sum or in some other
number of equal annual installments not exceeding ten. If a separate payment
election for Fees deferred after December 31, 2004 was not received by the
Secretary of the Corporation by December 31, 2005, the payment election
applicable to Fees deferred prior to December 31, 2004 shall be deemed to
be the original election made by a Director. A Director may make only one
subsequent election to change the form of the distribution (e.g., from
installments to lump sum), or to delay the commencement of benefit payments. An
election to change the payment option or re-defer payments must be made at
least one year prior to the date on which the payments would otherwise have
commenced, and must delay the starting date of the payments at least five
years.

 

(d)                                 The first installment
or the lump sum payment shall be paid on the first business day of the calendar
year following the year in which the Director ceases to be a Director of the
Corporation, and any subsequent installments shall be paid on the first
business day of each succeeding calendar year until the entire account value is
paid. For purposes of this paragraph, a Director has not ceased to be a
Director of the Corporation if he or she remains a Director of the Corporation
or becomes a Director of any 

 

4

 

corporation that, directly or indirectly, merges with, acquires or
otherwise owns and controls more than fifty percent of the assets or common
stock of the Corporation (“Successor Corporation”).

 

(e)                                  If a Director dies
before full payment of the account value, the balance shall be paid to the
Director’s estate or to a beneficiary or beneficiaries designated in writing by
the Director, as the case may be, on the first business day of the
calendar year following death.

 

(f)                                    Each participating
Director may designate from time to time any person or persons, natural or
otherwise, as his beneficiary or beneficiaries to whom the amounts credited to
his or her deferred account are to be paid if he or she dies before all such
amounts have been paid. Each beneficiary designation shall be made on a form prescribed
by the Corporation and shall be effective only when received by the Secretary
during the participant’s lifetime. Each beneficiary designation received by the
Secretary shall revoke all beneficiary designations previously made. The
revocation of a designation shall not require the consent of any beneficiary.
In the absence of an effective beneficiary designation or if payment can be
made to no beneficiary, payment shall be made to the participant’s estate.

 

5. Administration.

 

The Plan shall be administered by a Committee
appointed by the Corporation or any successor Corporation. The Committee shall
have authority to adopt rules and regulations for carrying out the Plan
and to interpret, construe and implement its 

 

5

 

provisions. Decisions of the Committee shall be final and binding. Routine
administration may be delegated by the Committee.

 

6. Miscellaneous.

 

(a)                                  The right of a
Director or any beneficiary to his or her account under the Plan shall not be
subject to assignment, alienation or pledge by the Director or beneficiary.

 

(b)                                 The Corporation shall
not be required to reserve, or otherwise set aside, funds for the payment of
its obligations under the Plan. The Corporation may establish one or more
Rabbi Trusts, separately for phantom stock units and invested in common stock
(as described in Section 3(d)), and for the interest rate option invested
as the Corporation shall determine from time to time.

 

(c)                                  The Director and his
or her designated beneficiary or beneficiaries shall not have any property
interest whatsoever in a deferred account, in any specific assets of the
Corporation or in any Rabbi Trust assets. The right to receive payments under
the Plan shall be a claim against the general assets of the Corporation as a
general creditor.

 

(d)                                 All notices to the
Corporation under the Plan shall be in writing and shall be given to the
Secretary or to an agent or other person designated by the Secretary.

 

(e)                                  The Plan shall be
construed in accordance with and governed by the laws of the State of North
Carolina, excluding its choice of law provisions.

 

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00101-of-00352.parquet"}]]