Document:

exv4w2

 

Exhibit 4.2

LINCOLN NATIONAL CORPORATION

9 1/8% Debenture due October 1, 2024

			
	[Registered]
 
No. R-1
	 	CUSIP 534187AG4
 
U.S. $150,000,000

Unless this Debenture 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 Debenture issued is
registered in the name of Cede & Co. or in such other
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 One Hundred Fifty Million Dollars ($150,000,000)
on October 1, 2024 and to pay interest thereon from October 1, 1994 or from the
most recent interest payment date to which interest has been paid or duly
provided for, semi-annually on April 1 and October 1, in each year, commencing
on April 1, 1995, at the rate of 9 1/8% per annum until the principal hereof is
paid or such payment is duly provided for. The interest so payable and
punctually paid or duly provided for on any interest payment date will be paid
to the person in whose name this Debenture (or one or more predecessor
Debentures) is registered at the close of business on the next preceding March
15 and September 15, respectively (each respectively a “Record Date”), subject
to certain exceptions as provided in the Indenture. Payment of the principal
of, premium, if any, and interest on, this Debenture 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 Indenture. Interest on this Debenture 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 Debenture 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 Debenture shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

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

	 	 	 	 	 
	 	LINCOLN NATIONAL CORPORATION

 	 
	 	By:  	/s/ Max Roesler
 	 
	 	 	 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	Attest:

 	 	 
	/s/ C. Suzanne Womack
 	 	 
	Secretary 	 	 
	Dated: October 6, 1994 	 	 	 
	 

Trustee’s Certificate of Authentication

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

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Trustee

 	 
	 	By:  	/s/ Alfia Monestra
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

-2-

 

[Reverse of Debenture]

     This Debenture 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 Debenture is one of a series of the Securities of the Company
designated as its 9 1/8% Debentures due October 1, 2024 (herein called the
“Debentures”), limited in aggregate principal amount to $200,000,000, except as
otherwise provided in the Indenture.

     The Company may not redeem any Debentures prior to October 1, 2004. The
Debentures may be redeemed, as a whole or in part, at the election of the
Company at any time on or after October 1, 2004, at the following redemption
prices (expressed as percentages of the principal amount) during the 12-month
period beginning October 1 of the years indicated,

	 	 	 	 	 
	 	 	Redemption

	Year
	 	Price

	2004
	 	 	104.3325	%
	2005
	 	 	103.8992	 
	2006
	 	 	103.4660	 
	2007
	 	 	103.0327	 
	2008
	 	 	102.5995	 
	2009
	 	 	102.1662	 
	2010
	 	 	101.7330	 
	2011
	 	 	101.2997	 
	2012
	 	 	100.8665	 
	2013
	 	 	100.4332	 

and thereafter at a redemption price equal to 100% of the principal amount,
together in each case, with accrued interest on the principal amount (except if
the date of redemption is a scheduled payment date) to the date of redemption.
Partial redemption must be in an amount not less than $1,000,000 aggregate
principal amount of the Debentures.

     Notice of redemption will be mailed at least 30 days but not more than 60
days before the redemption date to each Holder of Debentures to be redeemed at
his registered address. Debentures in denominations larger than the smallest
authorized denomination may be redeemed in part. On and after the redemption
date, interest ceases to accrue on the Debentures or portions of them called
for redemption.

-3-

 

     The Debentures are not entitled to any sinking fund. If an Event of
Default shall occur with respect to the Debentures, the principal of the
Debentures 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
Debentures, upon which the Company, at its option, shall be deemed to have been
Discharged from its obligations with respect to the Debentures 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 Debentures 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 Debentures 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 Debenture shall be conclusive and binding upon such Holder
and upon all future Holders of this Debenture and of any Debenture 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 Debenture or upon any
Debenture issued upon the transfer hereof or in exchange herefor or in lieu
hereof.

     No reference herein to the Indenture and no provision of this Debenture or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on, this Debenture 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 Debenture is transferable on the Security Register of the
Company, upon surrender of this Debenture 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 Debentures, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. The Registrar need not
register the transfer of any Debenture selected for redemption or register the
transfer of any Debenture for a period of 15 days before a selection of
Debentures to be redeemed.

     The Debentures are issuable in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Debenture
is exchangeable for a like aggregate principal amount of Debentures of
different authorized denominations as requested by the Holder surrendering the
same. The Registrar need not exchange any Debenture selected for redemption or
exchange any Debenture for a period of 15 days before selection of Debentures
to be redeemed.

-4-

 

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

     No recourse shall be had for the payment of the principal of, premium, if
any, or the interest on, this Debenture 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 Debenture which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

-5-exv4w3

 

Exhibit 4.3

LINCOLN NATIONAL CORPORATION

9 1/8% Debenture due October 1, 2024

			
	[Registered]
 
No. R-2
	 	CUSIP 534187AG4
 
U.S. $50,000,000

Unless this Debenture 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 Debenture issued is
registered in the name of Cede & Co. or in such other
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 Fifty Million Dollars ($50,000,000) on October 1,
2024 and to pay interest thereon from October 1, 1994 or from the most recent
interest payment date to which interest has been paid or duly provided for,
semi-annually on April 1 and October 1, in each year, commencing on April 1,
1995, at the rate of 9 1/8% per annum until the principal hereof is paid or
such payment is duly provided for. The interest so payable and punctually paid
or duly provided for on any interest payment date will be paid to the person in
whose name this Debenture (or one or more predecessor Debentures) is registered
at the close of business on the next preceding March 15 and September 15,
respectively (each respectively a “Record Date”), subject to certain exceptions
as provided in the Indenture. Payment of the principal of, premium, if any, and
interest on, this Debenture 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
Indenture. Interest on this Debenture 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 Debenture 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 Debenture shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

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

	 	 	 	 	 
	 	LINCOLN NATIONAL CORPORATION

 	 
	 	By:  	/s/ Max Roesler
 	 
	 	 	 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 
	Attest:

 	 	 
	/s/ C. Suzanne Womack
 	 	 
	Secretary 	 	 
	Dated: October 6, 1994 	 	 	 
	 

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:  	/s/ Alfia Monestra
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

-2-

 

[Reverse of Debenture]

     This Debenture is one of a duly authorized issued 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 Debenture is one of a series of the Securities of the Company
designated as its 9 1/8% Debentures due October 1, 2024 (herein called the
“Debentures”), limited in aggregate principal amount to $200,000,000, except as
otherwise provided in the Indenture.

     The Company may not redeem any Debentures prior to October 1, 2004. The
Debentures may be redeemed, as a whole or in part, at the election of the
Company at any time on or after October 1, 2004, at the following redemption
prices (expressed as percentages of the principal amount) during the 12-month
period beginning October 1 of the years indicated,

	 	 	 	 	 
	 	 	Redemption

	Year
	 	Price

	2004
	 	 	104.3325	%
	2005
	 	 	103.8992	 
	2006
	 	 	103.4660	 
	2007
	 	 	103.0327	 
	2008
	 	 	102.5995	 
	2009
	 	 	102.1662	 
	2010
	 	 	101.7330	 
	2011
	 	 	101.2997	 
	2012
	 	 	100.8665	 
	2013
	 	 	100.4332	 

and thereafter at a redemption price equal to 100% of the principal amount,
together in each case, with accrued interest on the principal amount (except if
the date of redemption is a scheduled payment date) to the date of redemption.
Partial redemption must be in an amount not less than $1,000,000 aggregate
principal amount of the Debentures.

     Notice of redemption will be mailed at least 30 days but not more than 60
days before the redemption date to each Holder of Debentures to be redeemed at
his registered address. Debentures in denominations larger than the smallest
authorized denomination may be redeemed in part. On and after the redemption
date, interest ceases to accrue on the Debentures or portions of them called
for redemption.

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

-3-

 

     The Indenture contains provisions for defeasance at any time of the
Debentures, upon which the Company, at its option, shall be deemed to have been
Discharged from its obligations with respect to the Debentures 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 Debentures 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 Debentures 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 Debenture shall be conclusive and binding upon such Holder
and upon all future Holders of this Debenture and of any Debenture 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 Debenture or upon any
Debenture issued upon the transfer hereof or in exchange herefor or in lieu
hereof.

     No reference herein to the Indenture and no provision of this Debenture or
of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, premium, if any, and
interest on, this Debenture 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 Debenture is transferable on the Security Register of the
Company, upon surrender of this Debenture 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 Debentures, of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees. The Registrar need not
register the transfer of any Debenture selected for redemption or register the
transfer of any Debenture for a period of 15 days before a selection of
Debentures to be redeemed.

     The Debentures are issuable in registered form without coupons in
denominations of $1,000 and integral multiples thereof. As provided in the
Indenture and subject to certain limitations therein set forth, this Debenture
is exchangeable for a like aggregate principal amount of Debentures of
different authorized denominations as requested by the Holder surrendering the
same. The Registrar need not exchange any Debenture selected for redemption or
exchange any Debenture for a period of 15 days before selection of Debentures
to be redeemed.

     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.

-4-

 

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

     No recourse shall be had for the payment of the principal of, premium, if
any, or the interest on, this Debenture 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 Debenture which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

-5-

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