Document:

Letter Agreement related to Second Amendment to Credit Agreement

 Exhibit 10.1 
 Executed on or about August 6, 2008, 
 but effective as of May 29, 2008 
 Trump Entertainment Resorts Holdings, L.P. 
 Trump Entertainment Resorts,
Inc. 
 TCI 2 Holdings, LLC 
 Trump Marina Associates, LLC

 Trump Plaza Associates, LLC 
 Trump Taj Mahal Associates, LLC

 Trump Entertainment Resorts Development Company, LLC 
 and

 Trump Entertainment Resorts Funding, Inc. 
 c/o Trump
Entertainment Resorts Holdings, L.P. 
 725 Fifth Avenue 
 New
York, New York 10022 
 Attention:       Mr. John Burke 
                         Executive Vice President and Corporate Treasurer 
  

	 	Re:	Second Amendment to Credit Agreement dated as of May 29, 2008, among Trump Entertainment Resorts Holdings, L.P. (the “Borrower”), Trump Entertainment Resorts,
Inc., the Subsidiary Guarantors, the Lenders and Beal Bank as the Collateral Agent and the Administrative Agent (the “Second Amendment”) 

 Dear Mr. Burke: 
 Reference is hereby made to the Second Amendment and to the definition of the term
“Trump Marina Sale” contained therein. Capitalized terms used herein and not defined are used herein as defined or referred to in the Credit Agreement, as such term is defined in the Second Amendment. Without limiting the generality of the
foregoing, all references herein to the Credit Agreement shall mean the Credit Agreement as amended from time to time (including as amended by the Second Amendment). 
 I. Matters relating to the Trump Marina Sale 
 As you know, one of the requirements contained in the
definition of the term “Trump Marina Sale” is that such a sale of the Trump Marina must be made “pursuant to a contract of sale that is in form and substance reasonably acceptable to the Agents”. As you also know, you have
provided us with a copy of that certain Asset Purchase Agreement dated as of May 28, 2008, by and among Trump Marina Associates, LLC, as Seller, Coastal Marina, LLC, as Buyer, Trump Entertainment Resorts, Inc., as Parent, and Coastal
Development, LLC, as Buyer Affiliate (including all Exhibits thereto), together with the Seller Disclosure Letter referred to therein (collectively, the “Asset Purchase Agreement”). 
 Subject to the proviso below, you are hereby informed that, for purposes of the definition of the term “Trump Marina Sale” as contained in the
Second Amendment, the Asset Purchase Agreement is in a form and substance reasonably acceptable to the Agents; provided, however, that such statement and conclusion is expressly conditioned upon and subject to each of the following
matters, to which each of the Loan Parties hereby agrees as evidenced by its execution of a copy or counterpart of this letter in the space provided hereinbelow: 
 (a) The Agent’s consent to or approval of the form of the Asset Purchase Agreement shall not, in any way, be deemed (i) a consent to, or an approval or a waiver of, any noncompliance with any term or
provision of the Credit Agreement or any other Loan Document, (ii) an amendment to, or a modification of, any term or provision of the Credit Agreement or any other Loan Document, or (iii) a 

  

 1 

 
waiver of any right or remedy of any Agent or any Lender under the Credit Agreement or any other Loan Document; in addition, and without limiting the
generality of the foregoing, this letter shall not constitute a termination, release or waiver of, and shall not in any way diminish or otherwise affect, any lien or security interest of any Agent or any Lender on or in the Trump Marina or any other
property or asset or any right or remedy relating thereto, all of which liens, security interests, rights and remedies shall remain valid, enforceable and in full force and effect in accordance with their terms; 
 (b) Notwithstanding anything to the contrary contained herein and without limiting the generality of clause (a) proceeding, the Agents do not
consent to or approve any adjustment to the purchase price payable pursuant to the Asset Purchase Agreement or otherwise which would result in the Net Cash Proceeds (inclusive of any such proceeds which may be reinvested in the business of the
Borrower and its Subsidiaries or in any Casino Property) from the sale of the Trump Marina being less than $240,000,000; 
 (c) The Trump
Marina and other property owned by Trump Marina Associates, LLC is subject to the lien and security interest granted to the Collateral Agent pursuant to, and other terms and provisions (including, without limitation, all rights and remedies of the
Agents and the Lenders) of, the Mortgage covering such property, all of which liens and security interests and other terms and provisions (including, without limitation, all rights and remedies of the Agents and the Lenders) remain and shall
continue in full force and effect in accordance with their terms (unless and until subsequently and expressly otherwise agreed in writing by the Agents and the Lenders). Accordingly, the Asset Purchase Agreement is, to such extent, subject to such
Mortgage; 
 (d) Neither any Agent nor any Lender, nor any assignee or transferee by or through any Agent or any Lender, has any duty,
liability or obligation of any kind or nature whatsoever under or otherwise with respect to the Asset Purchase Agreement or the sale of the Trump Marina or any other transaction contemplated thereby; in addition, and without limiting the generality
of the foregoing, in the event that any portion of the assets of Trump Marina Associates, LLC (including, without limitation, the Trump Marina, but excluding the equity interests in Trump Marina Associates, LLC) are foreclosed against prior to the
consummation of the Trump Marina Sale, neither any Agent nor any Lender, nor any assignee or transferee by or through any Agent or any Lender, shall have any duty, liability or obligation of any kind or nature whatsoever to consummate the Trump
Marina Sale in accordance with the Asset Purchase Agreement or otherwise and such assets foreclosed against, if no longer owned by Trump Marina Associates, LLC, would no longer be bound by the terms and provisions of the Asset Purchase Agreement;

 (e) Each of Trump Marina Associates, LLC and the General Partner agrees that it will not amend, supplement or otherwise modify the Asset
Purchase Agreement or any agreement, document or instrument executed and/or delivered (or to be executed and/or delivered) in connection therewith, in each case in any material respect, without the prior written approval of the Administrative Agent
(which consent shall not be unreasonably withheld); 
 (f) Each of the Borrower and the General Partner agrees that it will, promptly after
its receipt thereof, deliver to the Administrative Agent a copy of the “Separation Plan”, as such term is defined in the Transitional Services Agreement dated as of May 28, 2008, between Trump Entertainment Holdings, L.P. and Coastal
Marina, LLC, as such plan may be amended, supplemented or otherwise modified from time to time; and 
 (g) Each of the grantors or mortgagors
under the Mortgages agrees that it will, promptly upon the request of the Administrative Agent, execute and deliver to the Administrative Agent an amendment to the Mortgages in form and substance satisfactory to the Administrative Agent which amends
the first sentence of section 11.8 of the Mortgages to read in its entirety as follows: 
  

 2 

 “Notwithstanding any other provision of this Article XI, given the facts that Mortgagor is a New
Jersey casino licensee, this Mortgage is considered a security by the New Jersey Casino Control Act, N.J.S.A. 5:12-1 et seq. (the ‘Casino Act’) and Mortgagor is not a publicly traded corporation, the NJCCC has a right of prior
approval with regard to any transfer of this Mortgage to any party not exempt from the qualification requirements of the Casino Act, and the sale, assignment, transfer, pledge or other disposition of this Mortgage to any party not so exempt is
conditional until a determination has been made by the NJCCC that such party is qualified and shall be ineffective if and when such party is disapproved by the NJCCC.” 
 You are hereby advised that, upon the execution of a copy or counterpart of this letter in the space provided below by each of the Loan Parties, all
conditions precedent to the effectiveness of the Second Amendment set forth in Section 3.01 of the Second Amendment shall have been satisfied. 
 II. Matters relating to the Purchase of Debt 
 In addition to the foregoing matters relating to the Asset Purchase
Agreement, the Loan Parties have requested the consent of the Agents and the Lenders to the purchase from time to time of Debt of one or more of the Loan Parties by one or more of the Loan Parties, which purchase is prohibited by
Section 5.02(j) of the Credit Agreement. Notwithstanding Section 5.02(j) of the Credit Agreement and subject to the proviso below, the Agents and the Lenders hereby consent to the purchase of such Debt by one or more of the Loan Parties,
provided that each of such purchases satisfies each of the following conditions and/or (as applicable) each of the following conditions is satisfied at the time of and immediately after giving effect to such purchase: 
 (i) such purchase shall not occur unless and until the Trump Marina Sale has been consummated in accordance with all terms, provisions and conditions of
the Credit Agreement as to which performance by any of the Loan Parties is required as at the time of, or substantially concurrently with, the consummation of the Trump Marina Sale, including, without limitation, the satisfaction of the requirements
of clause (ii) of Section 2.06(b) of the Credit Agreement to the effect that not less than the greater of $140,000,000 or 50% of the aggregate amount of Net Cash Proceeds (inclusive of any of such proceeds which may be reinvested in the
business of the Borrower and its Subsidiaries or in Casino Property) from the Trump Marina Sale shall be used to acquire substitute collateral acceptable to the Required Lenders or deposited in the Collateral Account and pledged to the Collateral
Agent as additional Collateral; 
 (ii) the aggregate purchase price that shall be paid or payable by the Loan Parties for or otherwise in
connection with all such purchases of such Debt shall not exceed an amount equal to the portion of the Net Cash Proceeds of the Trump Marina Sale which is not required to be (A) used to acquire substitute collateral or deposited in the
Collateral Account in accordance with clause (ii) of Section 2.06(b) of the Credit Agreement or (B) used for any other purpose in accordance with the Credit Agreement; and 
 (iii) no Default shall have occurred or be continuing at the time of such purchase or shall result from such purchase. 
 III. Miscellaneous 
 This letter
agreement shall constitute a Loan Document. 
  

 3 

 Please evidence your agreement to the foregoing matters and the following matters relating to the waiver
and release of the Agents and the Lenders by executing a copy or counterpart of this letter in the space provided below and returning the same, as so executed by you, to our counsel Ronald D. Rosener via email at rrosener@hunton.com, whereupon this
letter shall become effective in accordance with its terms. 
 Please contact us if you have any questions or comments regarding this letter.

 [The remainder of this page is intentionally left blank.] 
  

 4 

 IV. Waiver and Release of the Agents and the Lenders 
 TO INDUCE THE AGENTS AND THE LENDERS TO EXECUTE AND AGREE TO THE TERMS OF THIS LETTER, EACH OF THE LOAN PARTIES (BY ITS EXECUTION BELOW) REPRESENTS
AND WARRANTS THAT, AS OF AUGUST 6, 2008, THERE ARE NO CLAIMS, COUNTERCLAIMS, CAUSES OF ACTION, OFFSETS, RIGHTS OF RECOUPMENT, DEFENSES OR DEMANDS AGAINST OR WITH RESPECT TO ANY OF ITS INDEBTEDNESS OR OBLIGATIONS UNDER THE CREDIT AGREEMENT OR THE
OTHER LOAN DOCUMENTS AND, IN ADDITION, EACH OF THE LOAN PARTIES HEREBY: 
 (a) WAIVER. WAIVES ANY AND ALL SUCH
CLAIMS, COUNTERCLAIMS, CAUSES OF ACTION, OFFSETS, RIGHTS OF RECOUPMENT, DEFENSES AND DEMANDS, WHETHER KNOWN OR UNKNOWN, ARISING ON OR BEFORE THE AMENDMENT DATE; AND 
 (b) RELEASE. RELEASES AND DISCHARGES EACH OF THE AGENTS AND THE LENDERS AND ITS OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, SHAREHOLDERS,
AFFILIATES AND ATTORNEYS (COLLECTIVELY THE “RELEASED PARTIES”) FROM ANY AND ALL OBLIGATIONS, INDEBTEDNESS, LIABILITIES, CLAIMS, COUNTERCLAIMS, CAUSES OF ACTION, OFFSETS, RIGHTS OF RECOUPMENT, DEFENSES AND DEMANDS WHATSOEVER, WHETHER
KNOWN OR UNKNOWN, SUSPECTED OR UNSUSPECTED, IN LAW OR EQUITY, WHICH SUCH LOAN PARTY EVER HAD, NOW HAS, CLAIMS TO HAVE OR MAY HAVE AGAINST ANY RELEASED PARTY ARISING ON OR BEFORE AUGUST 6, 2008, AND FROM OR IN CONNECTION WITH OR RELATING TO THE
CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT OR ANY TRANSACTION CONTEMPLATED THEREBY OR HEREBY. 
  

			
	 Sincerely,
  
 BEAL BANK,
 as Collateral Agent, Administrative Agent
 and a Lender

		
	By:	 	/S/ D. ANDREW BEAL
	 Name:
	 	D. Andrew Beal
	 Title:
	 	President
	
	 BEAL BANK NEVADA,
 as a Lender

		
	By:	 	/S/ D. ANDREW BEAL
	 Name:
	 	D. Andrew Beal
	 Title:
	 	President

  

 5 

 ACKNOWLEDGED, AGREED TO AND ACCEPTED 
 as of the date first above written: 
  

			
	 TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P.,
 as Borrower

	By:	 	 Trump Entertainment Resorts, Inc.,
 its general partner

		
	 By:
	 	 /s/ John P. Burke

	 Name:
	 	 JOHN P. BURKE

	Title:	 	 Interim Chief Financial Officer, Executive Vice President
 & Corporate Treasurer

	
	 TRUMP ENTERTAINMENT RESORTS, INC.,
 as Guarantor

		
	By:	 	 /s/ John P. Burke

	Name:	 	 JOHN P. BURKE

	Title:	 	 Interim Chief Financial Officer, Executive Vice President
 & Corporate Treasurer

	
	 TCI 2 HOLDINGS, LLC,
 as a Subsidiary Guarantor

	By:	 	 Trump Entertainment Resorts, Inc.,
 its sole member

		
	By:	 	 /s/ John P. Burke

	Name:	 	 JOHN P. BURKE

	Title:	 	 Interim Chief Financial Officer, Executive Vice President
 & Corporate Treasurer

	
	 TRUMP MARINA ASSOCIATES, LLC;
 TRUMP
PLAZA ASSOCIATES, LLC;
 TRUMP TAJ MAHAL ASSOCIATES, LLC;
 TRUMP
ENTERTAINMENT RESORTS DEVELOPMENT COMPANY, LLC;
 each as a Subsidiary Guarantor

	By:	 	 Trump Entertainment Resorts, Holdings, L.P.,
 their sole
member

		
	By:	 	Trump Entertainment Resorts, Inc., its general partner
		
	By:	 	 /s/ John P. Burke

	Name:	 	 JOHN P. BURKE

	Title:	 	 Interim Chief Financial Officer, Executive Vice President
 & Corporate Treasurer

  

 6 

			
	 TRUMP ENTERTAINMENT RESORTS FUNDING, INC.,
 as a Subsidiary Guarantor

		
	By:	 	/s/ John P. Burke
	Name:	 	JOHN P. BURKE
	Title:	 	 Interim Chief Financial Officer, Executive Vice President
 & Corporate Treasurer

  

 7Agreement, Waiver and General Release

 EXHIBIT 10.2 
 This is an important legal document, and you should carefully review and understand the terms and effect of this document before signing it. By signing this Agreement, you are agreeing to release your employer from liability to you. You
have twenty-one (21) days from the date of receipt of this document to consider the Agreement. If you decide to sign it, you will have an additional seven (7) days following the date of your signature to revoke the Agreement, and you will
not receive severance pay until after the seven day revocation period expires. 
 AGREEMENT, WAIVER AND GENERAL RELEASE

 This Agreement, Waiver and General Release (“Agreement”) is made and entered into on the latest date indicated below, by and between Elizabeth
L. Reeves (hereinafter referred to as “Ms. Reeves”), and Lincoln National Corporation (“LNC”), their affiliates and subsidiaries, and each of their directors, officers, representatives, agents, attorneys, employees, successors,
and assigns and any other person acting through, by, under or in concert with any of them (hereinafter collectively referred to as “LFG”). This Agreement shall become effective on the later of (1) the date of Ms. Reeves’
employment termination or (2) the eighth day after the date on which Ms. Reeves shall have signed this Agreement (such later date called the “Effective Date”). 
 RECITALS 
  

	 	A.	Ms. Reeves has been employed with LFG since 2005, and her employment with LFG will be terminated other than for cause as of May 30, 2008 (“Termination Date”).
During the period up to and including the Termination Date, Ms. Reeves will continue to receive her normal salary and benefits, will cooperate with LFG in transitioning her duties, and will perform such other duties as are mutually agreed upon.
Ms. Reeves tendered her resignation as an officer and/or director of the LFG companies as set out in Exhibit A to this Agreement. 

  

	 	B.	Ms. Reeves and LFG have carefully explored this situation and in the spirit of compromise, have agreed to enter into the following Agreement. 

 AGREEMENT, WAIVER & GENERAL RELEASE 
 In
consideration of the premises and mutual promises and agreements contained in this Agreement, including the recitals listed above, and intending to be legally bound hereby, the parties agree as follows: 
  

	 	1.	Beginning after the Effective Date of this Agreement, Ms. Reeves shall receive fifty-two (52) weeks of pay continuation (based upon her final base salary), paid bi-weekly,
less applicable taxes and other withholdings required by law. 

  

	 	2.	Ms. Reeves is the Grantee of unvested LNC Stock Options granted under the Lincoln National Corporation Incentive Compensation Plan (“ICP”). Ms. Reeves’s
unvested stock options will vest pro-rata, based on her Termination Date, on the later of the Termination Date or the date this Agreement, Waiver & General Release become effective. All vested options will be exercisable before the date
three (3) months after the Date of Termination. Any open market purchases of stock must comply with LNC’s Insider Trading Rules. 

  

	 	3.	Ms. Reeves will be paid a payment equivalent to a pro-rated 2008 (payable in 2009) annual incentive program bonus, less applicable taxes and other withholdings required by law,
contingent upon and to the extent of certification by the Compensation Committee of Lincoln National Corporation’s Board of Directors that the applicable goals and performance targets have been met. Such bonus, if payable, will be paid to
Ms. Reeves at the same time as Annual Incentive Plan bonuses are paid to similarly situated employees eligible to receive an annual incentive bonus for 2008, but in no case later than March 31, 2009. Any 2008 Bonus payment will be
pro-rated to reflect Ms. Reeves’ period of actual service during the performance period. 

	 	4.	Ms. Reeves is the Grantee of unvested Restricted Shares pursuant to the terms of the ICP. Ms. Reeves’s unvested Restricted Shares will be forfeited in accordance with
the terms of the Restricted Stock Award Agreement. 

  

	 	5.	If the Compensation Committee of the LNC Board of Directors determines that the performance goals for the 2006 - 2008, 2007 – 2009, 2008 - 2010 cycle(s) under LTIP, established
under the ICP, have been met, and if LFG has an existing obligation to participants under the applicable LTIP award cycle, Ms. Reeves shall receive, at the same time long-term incentive awards are normally paid to employees, any pro-rated award
to which she would be entitled that is based on performance during the LTIP performance cycle. Any amounts payable under one or more of the cycles shall be paid within the period beginning on January 1 and ending on March 15 which
immediately follows the last day of each cycle. 

  

	 	6.	Ms. Reeves is a participant in the LNC Deferred Compensation & Supplemental/Excess Retirement Plan (“Deferred Compensation Plan”). Vesting of her account
balances will be governed by the terms and conditions of that plan. 

  

	 	7.	Ms. Reeves will be eligible for financial planning/tax preparation service for the calendar year in which her termination occurs, up to applicable limits.

  

	 	8.	Ms. Reeves currently participates in the LNC Employees’ Savings and Profit Sharing Plan. Her account will be vested and she will receive any matching employer
contributions up to her Termination Date in accordance with the terms and conditions of the Plan. 

  

	 	9.	Ms. Reeves is vested in the Lincoln National Corporation Employees’ Retirement Plan, which was frozen for all employees as of December 31, 2007. Payments pursuant to
this Agreement will not be used in the calculation of her pension benefits due under the Plan. Ms. Reeves will receive payments pursuant to the terms and provisions of the following plans: the LNC Employees’ Retirement Plan, the LNC
Employees’ Supplemental Pension Benefit Plan, the LNC Executives’ Excess Compensation Pension Benefit Plan, and the LNC Employees' Savings and Profit Sharing Plan, as determined as of the Termination Date. 

  

	 	10.	Ms. Reeves will receive career transition and outplacement assistance through The Leader’s Edge (Launch Program). The services may commence immediately and must commence
within three (3) months of the Termination Date. 

  

	 	11.	Ms. Reeves’ group medical, dental, vision, and life insurance benefits will cease as of the Termination Date. Ms. Reeves shall be eligible to elect to continue
coverage for herself and her eligible dependents in her current Company medical and dental plan under IRC 4980B (“COBRA”) for the applicable coverage period (18 months). If elected, the Company shall reimburse Ms. Reeves for any
medical and/or dental COBRA contributions or premiums actually incurred by her up to a maximum of $25,200. Ms. Reeves should contact the HR Call Center for information regarding conversion of her group life insurance coverage.

  

	 	12.	Coverage under the LNC Employees’ Short Term Disability Plan and the LNC Employees’ Long Term Disability Plan will terminate as of Ms. Reeves’s Termination Date.

  

	 	13.	The Company will pay reasonable and customary legal fees incurred by Ms. Reeves in connection with the negotiation and execution of this Agreement, up to $15,000, payable upon
submission of the billing statement or paid receipt for such services rendered by her counsel or counsels. 

  

 2 

	 	14.	Ms. Reeves will be paid for all of her accrued and unused managed time as of her Termination Date (17.5 days), regardless of whether or not she signs this Agreement.

  

	 	15.	This Agreement does not release any claims for vested benefits under any of LFG’s pension, retirement, or deferred compensation plans, whether qualified or nonqualified, that
Ms. Reeves may have, in accordance with the terms and conditions of such plans. 

  

	 	16.	The Company hereby waives compliance beginning on and after the Termination Date with the non-competition provisions contained in Ms. Reeves’s option agreements, LTIP
awards, or any other equity awards or equity agreements. Ms. Reeves agrees that for a period of six (6) months following the Termination Date she will not directly or indirectly solicit or hire away or attempt to solicit or hire away any
person employed by LNC at the time of the Termination Date. 

  

	 	17.	For six (6) years following the date hereof, LFG shall not amend, repeal or otherwise modify in a manner materially adverse to Ms. Reeves the provisions of LFG’s
articles of incorporation and/or bylaws with respect to exculpation, advancement of expenses and indemnification of Ms. Reeves. The Company represents and warrants that it maintains a directors and officers liability insurance policy that
provides coverage with respect to actions taken or omissions on or prior to the date hereof and covenants and agrees, for the six (6) years following the date hereof, to maintain such a policy in effect that does not treat Reeves in a
disproportionate manner as compared with the other directors and officers of the Company. 

  

	 	18.	Ms. Reeves, for and in consideration of the above, waives any right to personal recovery and hereby irrevocably, unconditionally and generally releases, acquits, and forever
discharges to the fullest extent permitted by law, LFG from all complaints, actions, causes of actions, suits, rights, grievances, costs, losses, debts, expenses, sums of money, amounts, covenants, contracts, agreements, claims, damages,
liabilities, obligations, and demands of any nature whatsoever, known or unknown, in law or in equity (“Claim” or “Claims”), which against them Ms. Reeves at any time heretofore ever had, owned, or held or claimed to have
had, owned, or held or which Ms. Reeves now has, owns, or hold, or claims to have, own, or hold, or which Ms. Reeves can, shall or may have, or which Ms. Reeves’ heirs, executors, administrators, personal representatives,
successors, or assigns hereinafter can, shall or may have, in any way connected with or relating to Ms. Reeves’ employment and/or the termination of her employment with LFG; provided, however, that nothing in this Agreement shall
constitute a waiver of any Claims arising after the date Ms. Reeves signs this Agreement. The waivers in this Agreement shall not waive Ms. Reeves’s rights respecting LFG’s obligations under this Agreement, her rights as a
shareholder, or her rights as a policyholder of any policies issued by LFG. 

  

	 	19.	 The Claims covered by the paragraph above and this Agreement include, but are not limited to, claims, disputes or causes of action or right to personal recovery
under tort, contract, or any other state or federal laws, (including, but by no means limited to, claims arising out of or alleging breach of contract, violation of public policy, wrongful termination, breach of implied employment, breach of good
faith and fair dealing, impairment of economic opportunity, intentional infliction of emotional harm or emotional distress, fraud [actual or constructive], defamation [libel or slander], under the Age Discrimination in Employment Act of 1967, 29
U.S.C. §621, et. seq., as amended by the Older Worker’s Benefit Protection Act (“OWPBA”), under Title VII of the Civil Rights Act of 1964, 42 U.S.C. §2000e, et seq., as amended, by the Civil Rights Act of 1991, under the
Americans with Disabilities Act of 1990, 42 U.S.C. §12101, et seq., as amended, under 42 U.S.C. §1981, under the Fair Credit Reporting Act, 15 U.S.C. §1681, et seq., under any state, local, or municipal law, ordinance, or rule
covering discrimination in employment or in places of public accommodation, including but not limited to the Pennsylvania Human Relations Act, under the Employee Retirement Income Security Act, under the Sarbanes-Oxley Act, under any theory of
retaliation, under any federal or state law or municipal ordinance relating to discrimination and/or harassment and/or retaliation in employment, or under any other laws, ordinances, executive orders, rules, regulations or administrative or judicial
case law 

  

 3 

	 	 
arising under the statutory or common laws of the United States. The Claims covered by the paragraph above and this Agreement include, but are not limited
to, and claims for wages, severance, bonuses, commissions or compensation of any kind, expense reimbursements, and Claims for pain and suffering or emotional distress, as well as any Claims for attorneys’ fees, costs and expenses. It is the
Parties’ intention that the language relating to the description of the Claims in this Agreement shall be accorded the broadest possible interpretation. Ms. Reeves represents and agrees by signing below that she has not been denied any
leave or benefit requested, has received the appropriate pay for all hours worked for LFG, except as provided in this Agreement, and has no known workplace injuries or occupational diseases. Other than the consideration set forth herein,
Ms. Reeves further affirms that she has been paid and/or has received all leave (paid or unpaid), compensation, wages, benefits, bonuses and/or commissions to which she may be entitled and that no other leave (paid or unpaid), compensation,
wages, benefits, bonuses and/or commissions are due to Ms. Reeves, except as provided in this Agreement. 

  

	 	20.	Ms. Reeves knowingly and voluntarily specifically waives any rights or claims arising under 29 U.S.C. §621 et seq., as amended by the OWBPA and, more specifically, any
right or claims under 29 U.S.C. §626. Ms. Reeves specifically states and acknowledges that: 

  

	 	A.	This waiver is part of an Agreement written in a manner calculated to be understood by her. 

  

	 	B.	She does not waive rights or claims that may arise after the date that this Agreement is executed. 

  

	 	C.	She is receiving consideration in addition to anything of value to which she would already have been entitled prior to executing this Agreement. 

  

	 	D.	She has been and is hereby advised, in writing, to consult an attorney prior to executing this Agreement 

  

	 	E.	She further acknowledges that she has been given a period of at least twenty-one (21) days within which to consider this Agreement. 

  

	 	21.	For a period of seven (7) days following the execution of this Agreement, Ms. Reeves may revoke this Agreement by actual written notice to LFG. Such revocation shall be
considered received upon actual receipt by LFG only. Following the successful expiration of this seven (7) day period, this document shall become final and binding on the parties. Further, this Agreement shall not become effective or
enforceable until the revocation period has expired without Ms. Reeves’ acceptance having been revoked with the seven day period. 

  

	 	22.	Ms. Reeves warrants and represents that in executing this document she does so with full knowledge of any and all rights, which she may have with respect to all matters
released. Ms. Reeves further understands, acknowledges and agrees that the payment of any consideration is not an admission of liability on the part of LFG, but to the contrary, represents a negotiated compromise and agreement. This Agreement
shall not in any way be interpreted to render Ms. Reeves a “prevailing party” for any purpose, including, but not limited to, an award of attorney’s fees under any statute or otherwise. 

  

	 	23.	If Ms. Reeves re-applies for employment with LFG after the Effective Date of this Agreement, LFG, in its sole and exclusive discretion, may either accept or refuse the
application without incurring any liability of any type whatsoever, based on this Agreement. Ms. Reeves agrees that any refusal or failure by LFG to employ or re-employ Ms. Reeves shall not be unlawful retaliation or discrimination against
Ms. Reeves. 

  

 4 

	 	24.	Ms. Reeves represents that she has not filed any complaints or claims against LFG with any state or federal court, that Ms. Reeves will not do so at any time hereafter for
Claims released by this Agreement, and that if any such court assumes jurisdiction of any complaint or claim against LFG, she will immediately request such court to dismiss the matter and take all such additional steps necessary to facilitate such
dismissal with prejudice. As a further material inducement to LFG to enter into this Agreement, Ms. Reeves covenants and agrees not to sue, or join with others in suing, LFG on any of the released Claims. By signing this Agreement
Ms. Reeves waives her right to recover any damages or other relief in any claims or suit brought by or through the Equal Employment Opportunity Commission or any other state or local agency on her behalf under any federal, state, or municipal
discrimination law, except where prohibited by law. Ms. Reeves agrees to release and discharge LFG not only from any and all claims which she could make on her own behalf but also specifically waives any right to become, and promises not to
become, a member of any class in any proceeding or case in which a claim or claims against LFG may arise, in whole or in part, from any event which occurred as of the date of this Agreement, except where prohibited by law. Ms. Reeves
acknowledges that this Release does not prevent her from filing a charge of discrimination with any federal, state or local agency or commission, although by signing this Release she waives any right to recover any damages or other relief in any
claim or suit brought by or through any federal, state, or local agency. 

  

	 	25.	As a result of Ms. Reeves’s position as Senior Vice President, and her service on LFG’s Senior Management Committee, she has been instrumental in developing the
strategic direction of LFG’s corporate development and has participated in the development of LFG’s overall strategic direction. She also has developed, obtained or learned specific confidential information and trade secrets which are the
property of LFG. Ms. Reeves hereby covenants and agrees to use her best efforts and utmost diligence to guard and protect such confidential information and trade secrets and to not disclose or permit to be disclosed to any third party by any
method whatsoever any such confidential information or trade secrets. Confidential information or trade secrets shall include, but not be limited to, any and all records, notes, memoranda, data, ideas, processes, methods, devices, programs, computer
software, writings, research, personnel information, customer information, financial information, plans or any information of whatever nature, in the possession or control of LFG which has not or have not bee published or disclosed to the general
public or which gives LFG an opportunity to obtain an advantage over competitors who do not know or use it. Notwithstanding anything in this Agreement to the contrary, each party to this Agreement (and each affiliate, officer, employee, director,
advisor, representative, or other agent of such party) is, and has been from commencement of discussions, permitted to disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions
contemplated by this Agreement and all ancillary documents (including, without limitation, opinions or other tax analyses) relating to such tax treatment and tax structure. By signing this Agreement, Ms. Reeves confirms and agrees that she will
not use or disclose confidential information or trade secrets as defined above. 

  

	 	26.	Ms. Reeves agrees that neither she nor any entity directly or indirectly controlled by her will directly or indirectly participate in a proscribed activity. A “proscribed
activity” through May 30, 2010, shall mean either (1) soliciting others to invest in the common stock of LNC for the purpose of effecting an acquisition of control of LNC or her directly investing in more than one percent (1%) of
the common stock of LNC, or (2) using confidential information or trade secrets (as described above) to assist any person, entity or group of persons which intends to or does attempt to effect an acquisition of control of LNC. The term
“Control” shall be defined for purposes of this paragraph to have the meaning of control contained in Ind. Code Ann. §27-1-23-1(e) [Burns Supplement]. 

  

	 	27.	 Ms. Reeves, due to the knowledge and information she possesses gained as a result of her employment with LFG hereby agrees to make herself available, at
reasonable times, to cooperate, consult, testify, etc. with respect to current and future legal actions, including, but not limited to litigation, arbitrations, mediation, administrative, and/or regulatory proceedings in which LFG is 

  

 5 

	 	 
a party. LFG will pay Ms. Reeves for the reasonable value of her time and reasonable expenses incurred with respect to any action in which
Ms. Reeves is not a plaintiff, claimant or counterclaimant, with the express understanding that any such payment is not made for or as an inducement to the substance of testimony. The Company’s only expectation with regard to any testimony
is that Ms. Reeves testifies truthfully. The parties agree that the reasonable value of her time will be based on her last base salary at LFG. 

  

	 	28.	Ms. Reeves warrants and represents that no other person or entity has any interest in the matters released and that she has not assigned or transferred or purported to assign
or transfer to any person or entity all or any portion of the matters released. 

  

	 	29.	Ms. Reeves represents and acknowledges that she is not relying and has not relied on any representation or statements made by LFG with respect to any of the matters released or
with regard to her rights or asserted rights in connection with this Agreement. Ms. Reeves hereby assumes the risk of any mistake of fact with regard to any of the matters released or with regard to any of the facts which are now unknown to her
relating thereto. 

  

	 	30.	Ms. Reeves represents and agrees that she shall not communicate the terms of this Agreement or disclose any information concerning this Agreement, or any information discussed
by the parties in negotiation of this Agreement to any person, corporation, or other entity for any purpose whatsoever without prior written permission from LFG, except to the extent necessary to Ms. Reeves’s immediate family members,
attorney, tax preparer, accountant, or other financial advisor, or as required by law. 

  

	 	31.	If Ms. Reeves fails to comply with any material terms of this Agreement and does not cure such failure within fifteen (15) days after written notice by LFG to
Ms. Reeves of such failure, then LFG can thereafter immediately cease any continuing benefits of this Agreement, in addition to any other remedies LFG may have pursuant to this Agreement or under law; provided however, that this Agreement shall
remain in full force and effect and the consideration supporting this Agreement shall be deemed adequate as long as Ms. Reeves will have received at least fourteen (14) weeks of separation pay. 

  

	 	32.	This Agreement may not be introduced into evidence or relied upon by either party in subsequent legal proceedings, other than proceedings arising out of this Agreement or to the
extent required by law or the rules of any regulatory body. 

  

	 	33.	This Agreement shall be binding upon Ms. Reeves and upon her heirs, executors, administrators, personal representatives, successors, and assigns, and shall inure to the benefit
of LFG and to its respective heirs, administrators, representatives, executors, successors, and assigns. 

  

	 	34.	Except as required by law or subpoena, Ms. Reeves shall not make any public statements regarding her employment (other than factual statements concerning the dates of her
employment and positions held) or her retirement and resignation, or the Agreement that are not agreed to by LFG, such approval not to be unreasonably withheld or delayed, (b) Ms. Reeves shall not disparage LFG, or any of its subsidiaries,
its and their respective Boards of Directors, members thereof and senior management, and (c) LFG will ensure that no executive officers or directors of the Company disparage Ms. Reeves. 

  

	 	35.	All payments and benefits under this Agreement shall be made and provided in a manner that is intended to comply with Section 409A of the Code, to the extent applicable.
Ms. Reeves and LFG agree that if Ms. Reeves concludes in good faith on the advice of counsel that the rights granted hereby should be altered to comply with Section 409A of the Code, Ms. Reeves and LFG will use reasonable best
efforts to agree to amendments to this Agreement to comply with Section 409A of the Code; provided that this sentence shall not be construed as an indemnification with respect to any liability under Section 409A of the Code.

  

 6 

	 	36.	This Agreement is made and entered into in the Commonwealth of Pennsylvania, and shall in all respects be interpreted, enforced and governed under the internal laws (and not the
conflicts of laws rules) of said Commonwealth. If any provision of this Agreement or the application of this Agreement is construed to be overbroad, illegal, or contrary to public policy, then the court shall have the authority to narrow or amend
the provision as necessary to make it enforceable and the provision shall then be enforceable in its narrowed or amended form. Moreover, should any provision of this Agreement be declared or determined to be null, void, inoperative, illegal or
invalid for any reason, the validity of the remaining parts, terms or provisions shall not be affected, and they shall retain their full force and effect. The null, void, inoperative, illegal or invalid part, term, or provision shall be deemed not
to be a part of this Agreement. As used in this Agreement, the singular or plural number shall be deemed to include the other whenever the context so indicates or requires. The language of all parts of this Agreement shall in all cases be construed
as a whole, according to its fair meaning, and not strictly for or against any of the parties. 

  

	 	37.	Ms. Reeves represents and warrants that she has or within sixty (60) days of signing this Agreement will have, returned all Company property of any kind (including all
copies thereof), including but not limited to documents, keys, forms, correspondence, computers, phones, printers, pagers, computer programs, memos, discs, and the like; provided, however, that Ms. Reeves will be allowed to keep her Blackberry;
and provided, further, that Ms. Reeves will be allowed to record an appropriate outgoing message on her former Lincoln business number referring personal calls to her personal phone number and Lincoln business-related calls to a name and number
to be designated by Lincoln, with no incoming message recording capability. 

  

	 	38.	This Agreement sets forth the entire agreement between the parties, and fully supersedes any and all prior negotiations, agreements or understandings between the parties pertaining
to the subject matter of this Agreement. This Agreement may not be modified or amended by the parties except by a written agreement signed by the parties hereto. 

  

	 	39.	All notices, requests, demands, waivers and other communications under this Agreement must be in writing and will be deemed given (1) on the business day sent, when delivered
by hand or facsimile transmission (with confirmation) during normal business hours, (2) on the business day after the business day sent, if delivered by a nationally recognized overnight courier or (3) on the third business day after the
business day sent if delivered by registered or certified mail, return receipt requested, in each case to the following address or number (or to such other addresses or numbers as may be specified by notice that conforms to this paragraph).

  

	 	  	If to Ms. Reeves, to: 

	 	  	1740 Meadowbrook Rd. 

	 	  	Abington, PA 19001 

  

	 	  	with a copy to: 

	 	  	Mark Foley, Esquire 

	 	  	Cozen O’Connor 

	 	  	The Atrium 

	 	  	1900 Market Street 

	 	  	Philadelphia, PA 19103 

  

	 	  	If to the Company, to: 

	 	  	General Counsel 

	 	  	Lincoln National Corporation 

	 	  	150 N. Radnor-Chester Road 

	 	  	Suite A305 

	 	  	Radnor, Pa 19087-5238 

  

 7 

 BALANCE OF THIS PAGE LEFT BLANK INTENTIONALLY 
 SIGNATURES FOLLOW ON NEXT PAGE 
  

 8 

 PLEASE READ CAREFULLY. THIS AGREEMENT, WAIVER AND GENERAL 
 RELEASE INCLUDES A GENERAL RELEASE OF ALL KNOWN AND 
 UNKNOWN CLAIMS 
 AFFIRMATION OF RELEASOR 
 I warrant that this Agreement reflects the entire settlement between LFG and me. I have read this Agreement carefully, and I have been given the opportunity to consult
with private counsel concerning its terms and effect and concerning my rights. I fully understand that this Agreement generally releases all of my claims, both known and unknown, arising prior to the execution hereof, against LFG, except as
specifically otherwise provided herein. I execute this Agreement voluntarily and of my own choice with full and complete knowledge and understanding of its significance and effect. 
  

					
	Dated:                                      
                                         
                      	 		 	  

		 		 	Elizabeth L. Reeves
			
	Witness:                                      
                                         
              	 		 	

 ACCEPTANCE OF LFG 
 The undersigned accepts the foregoing Agreement on behalf of LFG. 
  

					
	Dated:                                      
                                         
                      	 		 	  

		 		 	Authorized to execute this
		 		 	Agreement on behalf of
		 		 	Lincoln National Corporation
			
	Witness:                                      
                                         
              	 		 	

  

 9 

 EXHIBIT A 
  

			
	To:	  	    C. Suzanne Womack,
		  	    Secretary

 Subject:      Resignation 
 Effective immediately, I resign as director and/or officer of Lincoln National Corporation and all of its subsidiary companies in which I hold such a position, including, but not limited to the following: 

 

	
	 Senior Vice President,

	 Lincoln National Corporation

	
	Senior Vice President and Director,
	 Lincoln National Management Corporation

	
	Director,
	 Lincoln Financial Foundation, Inc.

  

	
	  

	Elizabeth L. Reeves

  

	
	Dated:                                      
                                         
     

  

 10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00146-of-00352.parquet"}]]