Document:

Exhibit 10(b)

  

  

  POWER OF ATTORNEY

  

  

  We, the undersigned directors and/or officers of The Lincoln National Life Insurance Company, hereby constitute and appoint Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Brian A. Kroll, Michelle Grindle,  Jeffrey L. Smith, Jassmin McIver-Jones and John D. Weber,  individually, our true and lawful
    attorneys-in-fact, with full power to each of them to sign for us, in our names and in the capacities indicated below, any Registration Statements and any and all amendments to Registration Statements; including exhibits, or other documents filed on
    Forms N-6, N-4 or S-3 or any successors or amendments to these Forms, filed with the Securities and Exchange Commission, under the Securities Act of 1933 and/or Securities Act of 1940, on behalf of the Company in its own name or in the name of one of
    its Separate Accounts, hereby ratifying and confirming our signatures as they may be signed by any of our attorneys-in-fact to any such amendments to said Registration Statements as follows:

  

  

  Variable Life Insurance Separate Accounts:

  

  

  

  

  	
          Account

        	
          Product name

        
	
          Lincoln Life Flexible Premium Variable Life Account D (811-04592)

        	
          Variable Universal Life Leadership Series

        
	
          Lincoln Life Flexible Premium Variable Life Account F (811-05164)

        	
          American Legacy Life

          American Legacy Estate Builder

        
	
          Lincoln Life Flexible Premium Variable Life Account G (811-05585)

        	
          VUL-III

        
	
          Lincoln Life Flexible Premium Variable Life Account J (811-08410)

        	
          American Legacy Variable Life

        
	
          Lincoln Life Flexible Premium Variable Life Account K (811-08412)

        	
          Multi Fund Variable Life

        
	
          Lincoln Life Flexible Premium Variable Life Account M (811-08557)

        	
          VULdb / VULdb ES

          VULdb-II ES

          VUL-I / VULcv

          VULcv-II / VULcvII ES / VUL Flex

          VULcv-III ES

          MoneyGuard VUL

          VULone ES / VULone 2005 ES

          Momentum VULone / Momentum VULone 2005

          VULcv-IV ES

          VULdb-IV ES

          Momentum VULone 2007

          VULone 2007

          AssetEdge VUL

          AssetEdge VUL2015/AssetEdge Exec VUL 2015

          VULone2012

          VULone2014

          InReach VULone2014

          VULone2019

          AssetEdge VUL2019/AssetEdge Exec VUL 2019

          AssetEdge VUL2019-2/AssetEdge Exec VUL 2019-2

        
	
          Lincoln Life Flexible Premium Variable Life Account R (811-08579)

        	
          SVUL / SVUL-I

          SVUL-II / SVUL-II ES

          SVUL-III ES

          SVUL-IV ES / PreservationEdge SVUL

          SVULone ES

          Momentum SVULone

          SVULone 2007 ES

          Momentum SVULone 2007

          SVULone2013

          SVULone2016

          SVULone2019

        

  
    
      

  

  

  

  	
          Lincoln Life Flexible Premium Variable Life Account S (811-09241)

        	
          CVUL / CVUL Series III / CVUL Series III ES

          LCV4 ES

          LCV5 ES / LCC VUL

          Lincoln Corporate Executive VUL

        
	
          Lincoln Life Flexible Premium Variable Life Account Y (811-21028)

        	
          American Legacy VULcv-III

          American Legacy VULdb-II

          American Legacy SVUL-II

          American Legacy SVUL-III

          American Legacy VULcv-IV

          American Legacy VULdb-IV

          American Legacy SVUL-IV/PreservationEdge SVUL

          American Legacy AssetEdge

        

  

  

  

  

  Variable Annuity Separate Accounts:

  

  

  	
          Account

        	
          Product name

        
	
          Lincoln National Variable Annuity Account C (811-03214)

        	
          Multi-Fund

          Multi-Fund Select

          Multi-Fund 5 Retirement Annuity

        
	
          Lincoln National Variable Annuity Account E (811-04882)

        	
          The American Legacy

        
	
          Lincoln National Variable Annuity Account H (811-05721)

        	
          American Legacy II

          American Legacy III

          American Legacy III B Class

          American Legacy III C Share

          American Legacy III Plus

          American Legacy III View

          American Legacy Design

          American Legacy Signature

          American Legacy Fusion

          American Legacy Series

          American Legacy Advisory

          Shareholder’s Advantage

          Shareholder’s Advantage A Class

          Shareholder’s Advantage purchased on and after May 21, 2018

        
	
          Lincoln National Variable Annuity Account L (811-07645)

        	
          Group Variable Annuity

          Secured Retirement Income Version 1

          Secured Retirement Income Version 2

          Secured Retirement Income Version 3

          Secured Retirement Income Version 4

          Retirement Income Rollover Version 1

          Retirement Income Rollover Version 2

          Retirement Income Rollover Version 3

          Retirement Income Rollover Version 4

        
	
          Lincoln Life Variable Annuity Account N (81108517)

        	
          ChoicePlus Assurance (A Share)

          ChoicePlus Assurance (A Class)

          ChoicePlus Assurance (B Share)

          ChoicePlus Assurance (B Class)

          ChoicePlus Assurance (C Share)

          ChoicePlus Assurance (L Share)

          ChoicePlus Assurance (Bonus)

          Choice Plus

          Choice Plus II

          ChoicePlus Access

          ChoicePlus II Access

          ChoicePlus Bonus

          ChoicePlus II Bonus

        
	
          Lincoln Life Variable Annuity Account N (81108517) Continued

        	
          ChoicePlus II Advance

          ChoicePlus Design

          ChoicePlus Signature

          ChoicePlus Rollover

          ChoicePlus Fusion

          ChoicePlus Series

          ChoicePlus Prime

          ChoicePlus Advisory

          InvestmentSolutions

          InvestmentSolutions RIA

          Lincoln Investor Advantage

          Lincoln Invester Advantage 2018

          Lincoln Investor Advantage Fee-Based

          Lincoln Investor Advantage RIA

          Lincoln Investor Advantage Advisory

          Lincoln Investor Advantage RIA Class

          Lincoln Level Advantage B Share Indexed Variable Annuity

          Lincoln Level Advantage Advisory Indexed Variable Annuity

          Lincoln Level Advantage B Class Indexed Variable Annuity

          Lincoln Level Advantage Advisory Class Indexed Variable Annuity

          Core Income

        
	
          Lincoln Life Variable Annuity Account Q (811-08569)

        	
          Multi-Fund Group

        
	
          Lincoln Life S-3 Filing

        	
          Lincoln Level Advantage B Share Indexed Variable Annuity

          Lincoln Level Advantage Advisory Indexed Variable Annuity

          Lincoln Level Advantage B Class Indexed Variable Annuity

          Lincoln Level Advantage Advisory Class Indexed Variable Annuity

        

  

  

  

  

  Except as otherwise specifically provided herein, the power-of-attorney granted herein shall not in any manner revoke in whole or in part any power-of-attorney that
    each person whose signature appears below has previously executed.  This power-of-attorney shall not be revoked by any subsequent power-of-attorney each person whose signature appears below may execute, unless such subsequent power specifically refers
    to this power-of-attorney or specifically states that the instrument is intended to revoke all prior general powers-of-attorney or all prior powers-of-attorney.

  

  

  This Power-of-Attorney may be executed in separate counterparts each of which when executed and delivered shall be an original; but all such counterparts shall
    together constitute one and the same instrument.  Each counterpart may consist of a number of copies, each signed by less than all, but together signed by all, of the undersigned.

  

  

  

  

  Signature                                                                                    Title

  

  

  

  

  /s/ Dennis R. Glass

  
    
      	______________________________	
              President, Chairman and Director

            

    

  

  Dennis R. Glass

  

  

  

  

  /s/ Ellen Cooper

  
    
      	______________________________	
              Executive Vice President, Chief Investment Officer

            

    

  

  Ellen Cooper                                                                                    and Director

  

  

  
    
      

  

  

  

  /s/ Randal J. Freitag

  
    
      	______________________________	
              Executive Vice President; Chief Financial Officer and Director

            

    

  

  Randal J. Freitag

  

  

  

  

  /s/ Leon E. Roday

  
    
      	______________________________	
              Executive Vice President, General Counsel and Director

            

    

  

  Leon E. Roday

  

  

  

  

  /s/ Wilford H. Fuller

  
    
      	______________________________	
              Executive Vice President and Director

            

    

  

  Wilford H. Fuller

  

  

  

  

  /s/ Keith J. Ryan

  ______________________________                                 Vice President and Director

  Keith J. Ryan

  

  

  

  

  We, Delson R. Campbell, Scott C. Durocher, Kimberly A. Genovese, Daniel P. Herr, Donald E. Keller, Brian A. Kroll, Michelle Grindle, Jeffrey L. Smith, Jassmin
    McIver-Jones and John D. Weber, have read the foregoing Power of Attorney.  We are the person(s) identified therein as agent(s) for the principal named therein.  We acknowledge our legal responsibilities.

  

  

  /s/ Delson R. Cambell                                                                                                                              /s/ Scott C. Durocher

  ____________________________________                                                     
    _____________________________________

  Delson R. Campbell                                                                                                                              Scott C. Durocher

  

  

  /s/ Kimberly A. Genovese                                                                                                                /s/ Daniel P. Herr

  ____________________________________                                                  
    _____________________________________

  Kimberly A. Genovese                                                                                                                              Daniel P. Herr

  

  

  /s/ Donald E. Keller                                                                                                                /s/ Brian A. Kroll

  ____________________________________                                        
    _____________________________________

  Donald E. Keller                                                                                                                Brian A. Kroll

  

  

  /s/ Michelle Grindle                                                                                                                /s/ Jeffrey L Smith

  _____________________________________                                   
    _____________________________________

  Michelle Grindle                                                                                                                Jeffrey L. Smith

  

  

  /s/ John D. Weber                                                                                                                /s/ Jassmin McIver-Jones

  _____________________________________                                     
    _____________________________________

  John D. Weber                                                                                                                              Jassmin McIver-JonesExhibit

Exhibit 4.1

BRADY CORPORATION

DESCRIPTION OF CAPITAL STOCK

This summary highlights selected information about the capital stock of Brady Corporation (“Brady,” “we,” “us” or “our”) and may not contain all of the information that is important to you.  This summary does not purport to be exhaustive and is qualified in its entirety by reference to Brady’s Restated Articles of Incorporation and By-laws, as amended, as well as to applicable Wisconsin law. 

General 
Under Brady’s Restated Articles of Incorporation, the authorized capital stock of Brady consists of 100 million shares of Class A Nonvoting Common Stock, $.01 par value; 10 million shares of Class B Voting Common Stock, $.01 par value; 45,000 shares of Cumulative Preferred Stock, $100 par value; and 5 million shares of Preferred Stock, $.01 par value, issuable in series.  The Cumulative Preferred Stock is divided into series as follows: 5,000 shares of 6.0% Cumulative Preferred Stock (entitled to a $6.00 per annum cumulative dividend, payable quarterly), 10,000 shares of Cumulative Preferred Stock, 1972 Series (also entitled to cumulative dividends at $6.00 per annum, payable quarterly) and 30,000 shares of Cumulative Preferred Stock, 1979 Series (entitled to cumulative dividends of $10.00 per annum, payable quarterly).  No shares of Cumulative Preferred Stock or Preferred Stock are issued and outstanding at this time. 

No Brady shareholder has cumulative voting rights or preemptive or other rights to subscribe for additional Brady shares. All of the outstanding shares are fully paid and non-assessable, except for certain statutory liability that may be imposed by former Section 180.0622(2)(b) of the Wisconsin Business Corporation Law (“WBCL”) as judicially interpreted, for debts incurred prior to June 14, 2006 (for debts incurred on or after such date, Section 180.0622(2)(b) has been repealed) owing to employees for services performed, but not exceeding six months service in any one case. 

Common Stock 
The following is a brief description of Brady’s Class A Nonvoting Common Stock and Class B Voting Common Stock (collectively, the “Common Stock”). The rights of holders of the Common Stock are subject to the rights of holders of Brady’s Cumulative Preferred Stock and Preferred Stock. 

Holders of the Class A Nonvoting Common Stock are not entitled to vote on any corporate matters, except as may be required by law, unless, in each of the three preceding fiscal years, the $0.01665 preferential dividend described below has not been paid in full. Holders of the Class A Nonvoting Common Stock are entitled to one vote per share for the election of directors and for all other purposes for the entire fiscal year immediately following the third consecutive fiscal year in which the preferential dividend is not paid in full. Holders of Class B Voting Common Stock are entitled to one vote per share for the election of directors and for all other purposes. 

Before any dividend may be paid on the Class B Voting Common Stock, holders of the Class A Nonvoting Common Stock are entitled to receive an annual, non-cumulative cash dividend of $0.01665 per share (subject to adjustment in the event of stock splits, stock dividends or similar events involving shares of Class A Nonvoting Common Stock). Thereafter, any further dividend in that fiscal year must be paid on all shares of Common Stock on an equal basis. 

Subject to the prior rights of any shares of Cumulative Preferred Stock and/or Preferred Stock, upon liquidation, dissolution, or winding up of Brady, holders of the Class A Nonvoting Common Stock are entitled to receive the sum of $0.8333 per share (subject to adjustment in the event of stock splits, stock dividends or similar events involving shares of Class A Nonvoting Common Stock) before any payment or distribution to holders of the Class B Voting Common Stock. Holders of the Class B Voting Common Stock are then entitled to receive a payment or distribution of $0.8333 per share (subject to adjustment for stock splits, stock dividends or similar transactions involving shares of the Class B Voting Common Stock). Thereafter, holders of the Common Stock share on a pro rata basis all payments or distributions upon liquidation, dissolution or winding up of Brady. The preferences in dividends and liquidation rights of the Class A Nonvoting Common Stock over the Class B Voting Common Stock will terminate at any time that the voting rights of Class A Nonvoting Common Stock and Class B Voting Common Stock become equal, other than as required by law or upon nonpayment of dividends as described above.

The Class A Nonvoting Common Stock is listed on the New York Stock Exchange (trading symbol:  BRC).  The transfer agent for the Class A Nonvoting Common Stock is EQ Shareowner Services. 

Cumulative Preferred Stock 
The following is a brief description of Brady’s Cumulative Preferred Stock. Our Restated Articles of Incorporation authorize our Board of Directors to issue from time to time, without shareholder approval, the shares of Cumulative Preferred Stock. No Cumulative Preferred Stock is issued and outstanding at this time. 

No dividends may be paid and no distributions may be made on the Common Stock (except dividends payable in Common Stock) and no shares of Common Stock may be purchased or acquired for value by Brady (except shares acquired in exchange for, or through application of the proceeds or sale of, shares of Common Stock), unless (a) all accrued dividends on all classes of the Cumulative Preferred Stock have been paid and (b) the net assets of Brady which would remain after the dividend, distribution or acquisition relating to the Common Stock would be at least twice the amount payable to holders of the Cumulative Preferred Stock in the event of voluntary liquidation, or unless authorized by the affirmative vote or written consent of the holders of at least two-thirds of the outstanding shares of the Cumulative Preferred Stock. 

In the event of dissolution, liquidation or winding up of our affairs and after payment of all our debts, the Cumulative Preferred Stock must be redeemed at par value plus accrued but unpaid dividends, if any, before any payment may be made on account of the Common Stock, and, in the case of a voluntary dissolution, a premium of $6.00 per share must also be paid on each share of Cumulative Preferred Stock before any payment may be made on account of the Common Stock. The Cumulative Preferred Stock is subject to redemption at our option on any quarterly dividend paying date at par plus all accrued and unpaid dividends plus a premium of $6.00 per share. 

The Cumulative Preferred Stock has no voting power except as otherwise provided by law, unless four quarterly dividends are unpaid in whole or in part. Whenever four quarterly dividend payments, whether consecutive or not, are unpaid in whole or in part, the holders of all series of Cumulative Preferred Stock, voting separately as one class, are entitled to elect and maintain in office such number of the directors as constitutes a maximum minority of the entire board of directors of Brady (i.e., one less than half of the then current number of directors) until all accrued and unpaid dividends have been paid. The affirmative vote of the holders of at least two-thirds of the outstanding shares of Cumulative Preferred Stock, voting as a class, is also required to make certain amendments to the Articles of Incorporation 

affecting the rights of the Cumulative Preferred Stock and to allow any merger or consolidation of Brady, and any sale, lease, exchange or other disposition of all or substantially all of our assets. 

Preferred Stock 
Our Restated Articles of Incorporation authorize our Board of Directors to issue from time to time Preferred Stock in series and to fix the powers, preferences, rights, qualifications, limitations or restrictions of any series with respect to the rate of dividend, price and terms of redemption, the amounts payable in the event of voluntary or involuntary liquidation, any sinking fund provisions for redemption or repurchase, the terms and conditions of conversion into any other class or series of our stock and voting rights, if any. No series of Preferred Stock is issued and outstanding at this time. 

Our Board of Directors, without shareholder approval, could issue Preferred Stock with voting and conversion rights which could adversely affect the voting power and liquidation rights of the holders of Common Stock. 

Additional Terms and Certain Statutory Provisions 
The provisions of our Restated Articles of Incorporation and our By-Laws may delay or make more difficult acquisitions or changes of control of Brady not approved by our Board of Directors. Such provisions could have the effect of discouraging third parties from making proposals involving an acquisition or change of control of us, although such proposals, if made, might be considered desirable by a majority of our shareholders. Such provisions may also have the effect of making it more difficult for third parties to cause the replacement of our current management without the concurrence of the Board of Directors.

Voting control of Brady is vested in the holders of Class B Voting Common Stock. As a result, the holders of the Class B Voting Common Stock will be able to elect or remove all of our Board of Directors and, except as otherwise required by applicable law or the Restated Articles of Incorporation, will be able to determine the outcome of all matters submitted for shareholder consideration. Such control may have the effect of discouraging certain types of transactions involving an actual or potential change of control of Brady, including transactions in which the holders of Class A Nonvoting Common Stock might otherwise receive a premium for their shares over then-current market prices. 

Because Brady’s Class B Voting Common Stock, the only class of Brady’s capital stock generally entitled to vote on the election of directors, is not registered or traded on a national securities exchange or registered under Section 12(g) of the Securities Exchange Act of 1934, and Brady has not elected in its Restated Articles of Incorporation to adopt the various anti-takeover provisions of the Wisconsin Business Corporation Law, such anti-takeover provisions do not currently apply to Brady.

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