Document:

Exhibit 4.4

     

    Exhibit
      4.4

     

    

     

    
      
        

      

    

    

    

    SIXTH
      SUPPLEMENTAL INDENTURE

     

    BETWEEN

     

    LINCOLN
      NATIONAL CORPORATION

     

    AND

     

    U.S.
      BANK NATIONAL ASSOCIATION,

     

    AS
      TRUSTEE

     

    DATED
      AS
      OF March
      1,
      2007

    

    

    

    
      
        

      

    

     

    
      
        
          

           

        

        
        

      

      
        
        

        
          

        

      

      
        
        

        
        

      

    

        SIXTH
      SUPPLEMENTAL INDENTURE, dated as of March 1, 2007, between Lincoln National
      Corporation, an Indiana corporation (“Lincoln National”), having its principal
      office at Centre Square-West Tower, 1500 Market Street, Suite 3900,
      Philadelphia, Pennsylvania 19102-2112, and U.S. Bank National Association (as
      successor in interest to Wachovia Bank, National Association and First Union
      National Bank of North Carolina), a national banking association organized
      and
      existing under the laws of the United States, as trustee (the
“Trustee”).

     

    RECITALS

     

        Lincoln
      JP
      Holdings, L.P., an Indiana limited partnership (the “Company”), as successor in
      interest to Jefferson-Pilot Corporation (“Jefferson-Pilot”), has entered into an
      Indenture, dated as of November 21, 1995 (the “Indenture”) with the Trustee
      providing for the issuance from time to time of its unsecured debentures, notes,
      or other evidences of indebtedness (the “Securities”), to be issued in one or
      more series.

     

        Pursuant
      to
      an Agreement and Plan of Merger, dated as of October 9, 2005, as amended,
      between Jefferson-Pilot, the Company, Lincoln National and Quartz Corporation,
      a
      North Carolina Corporation, Jefferson-Pilot merged with and into the Company,
      with the Company being the surviving entity.

     

        Lincoln
      National owns 99.99% of the limited partnership interest in the Company and
      Lincoln JP Company, LLC, an Indiana limited liability company (“Lincoln JP”),
      owns 0.01% of the limited partnership interest in and is the general partner
      of
      the Company. Lincoln National is the sole member of Lincoln JP.

     

        Pursuant
      to
      Articles of Dissolution filed with the Secretary of State of Indiana on March
      1,
      2007 by each of the Company and Lincoln JP, as of March 1, 2007, the Company
      and
      Lincoln JP have ceased to exist and Lincoln National directly owns the entirety
      of the assets of the Company (the “Dissolution”). 

     

        In
      accordance
      with Section 801 of the Indenture, as it applies to each series of Securities
      outstanding, Lincoln National, as successor in interest to the entirety of
      assets of the Company, is required to expressly assume, by a supplemental
      indenture, the due and punctual payment of the principal of and any premium
      and
      interest on all the Securities and the performance or observance of the
      Company’s covenants and obligations under the Indenture.

     

        Section
      901(1) of the Indenture permits the execution of supplemental indentures without
      the consent of any Holders to evidence the succession of another Person to
      the
      Company and the assumption by any such successor of the covenants of the Company
      in the Indenture and in the Securities.

     

        Pursuant
      to
      the foregoing authority, Lincoln National proposes, in and by this Sixth
      Supplemental Indenture, to supplement and amend the Indenture.

     

        All
      things
      necessary to make this Sixth Supplemental Indenture a valid agreement of Lincoln
      National and the Trustee, and a valid supplement to the Indenture, have been
      done.

     

        NOW,
      THEREFORE, THIS SIXTH SUPPLEMENTAL INDENTURE WITNESSETH:

     

        For
      and in
      consideration of the premises and the purchase of the Securities by the Holders
      thereof, it is mutually covenanted and agreed, for the equal and proportionate
      benefit of all Holders of the Securities or of series thereof, as
      follows:

     

    ARTICLE
      ONE

     

    DEFINITIONS

     

    SECTION
      1.01.    Definitions
      Generally.
      Unless
      the context otherwise requires, a term not defined herein that is defined in
      the
      Indenture has the same meaning when used in this Sixth Supplemental
      Indenture.

     

    SECTION
      1.02.    Restricted Subsidiary. The definition of
“Restricted Subsidiary” in Section 101 of the Indenture is hereby replaced in
      its entirety by the following: 

     

    “Restricted
      Subsidiary” means each of Jefferson-Pilot Life Insurance Company, Jefferson
      Pilot Financial Insurance Company, Jefferson Pilot LifeAmerica Insurance Company
      and The Lincoln National Life Insurance Company.

     

    ARTICLE
      TWO

     

    ASSUMPTION
      OF OBLIGATIONS

     

    SECTION
      2.01.    Succession by Dissolution. As of the
      effective time of the Dissolution, (i) Lincoln National shall become the
      successor to the Company for all purposes of the Indenture, and
      (ii) Lincoln National hereby expressly assumes 

     

     

    
      
        
        

      

      
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    the
      due
      and punctual payment of the principal of and any premium and interest on all
      the
      Securities and the performance or observance of every covenant and obligation
      under the Indenture on the part of the Company to be performed or
      observed.

    

    ARTICLE
      THREE

     

    REDEMPTION
      OF SECURITIES

     

    SECTION
      3.01.    Election to Redeem; Notice to Trustee. With respect
      to every Holder of Securities of any series hereafter issued, authenticated
      and
      delivered under the Indenture, the first sentence of Section 1102 of the
      Indenture is hereby replaced in its entirety by the following: 

     

    The
      election of the Company to redeem any Securities shall be evidenced by a Board
      Resolution or
      an
      Officers’ Certificate
      or in
      another manner specified as contemplated by Section 301 for such Securities.
      

     

    ARTICLE
      FOUR

     

    MISCELLANEOUS

     

    SECTION
      4.01.    Ratification. The Indenture, as supplemented
      and amended by this Sixth Supplemental Indenture, is in all respects ratified
      and confirmed, and the Indenture, this Supplemental Indenture and all indentures
      supplemental thereto shall be read, taken and construed as one and the same
      instrument.

     

    SECTION
      4.02.    Trustee Not Responsible for Recitals. All
      recitations or recitals contained in this Sixth Supplemental Indenture are
      made
      by and on behalf of Lincoln National only, and the Trustee is in no way
      responsible for the correctness of any statement herein contained or for the
      validity or sufficiency of this Sixth Supplemental Indenture.

     

    SECTION
      4.03.    Governing Law. This Sixth Supplemental
      Indenture shall be governed by and construed in accordance with the laws of
      the
      State of New York.

     

    SECTION
      4.04.    Supplemental Indenture May be Executed in
      Counterparts. This instrument may be executed in any number of counterparts,
      each of which so executed shall be deemed to be an original, but all such
      counterparts shall together constitute but one and the same
      instrument.

    

     

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        IN
      WITNESS
      WHEREOF, the parties hereto have caused this Sixth Supplemental Indenture to
      be
      duly executed, and their respective corporate seals to be hereunto affixed
      and
      attested, all as of the day and year first above written.

     

    

    LINCOLN
      NATIONAL CORPORATION

     

    

    By:
      /s/ Duane
      Bernt                           

    Name:
      Duane Bernt 

    Title:
      Vice President and Treasurer

     

    Attest:

    

    

    /s/
      Clara S.
      Womack                

    Name:
      

    Title:
      

    

    U.S.
      BANK NATIONAL ASSOCIATION,

    as
      Trustee

    

    

    By:
      /s/ Patrick L.
      Teague                   

    Name:
      Patrick L. Teague 

    Title: 
      Vice President

    

    Attest:

    

    

    /s/
      Allison
      Lancaster-Poole                 

    Name:
      Allison Lancaster-Poole

    Title: 
      Vice President

    

    - 3
      -Exhibit 10.1

     

    Exhibit
      10.1

     

    2007
      Executive Compensation Matters

    

    On
      February 22, 2007, the Compensation Committee of our Board of Directors took
      the
      following actions: 

    

    (1)
       Approved
      an increase in the salary of Frederick J. Crawford, our senior vice president
      and chief financial officer, to $500,000. This increase was to bring his salary
      within the competitive range for chief financial officers of the 30 largest
      U.S.
      life insurers. 

    

    (2) Approved
      the performance-based compensation measures pursuant to which annual incentive
      program (“AIP”) awards may be paid to executive officers under the Lincoln
      National Corporation Amended and Restated Incentive Compensation Plan (the
      “ICP”) for fiscal 2007. The ICP was filed as Exhibit 8 to our proxy statement
      for the 2005 Annual Meeting of Shareholders. The annual incentive awards will
      be
      paid in cash, unless an executive officer does not meet the applicable share
      ownership requirements, in which case the award will be paid shares of common
      stock pursuant to the terms of the ICP. The 2007 performance measures
      are:

    

    ·  growth
      in
      our income from operations per share, 

    ·  sales
      growth, and

    ·  merger-related
      expense savings.

    

    For
      the
      executive officers in our business lines, these measures are weighted between
      enterprise results and the applicable line of business results.

    

    Unless
      and until we disclose new performance measures, these measures will apply to
      future AIP awards.

     

    (3) Approved
      the performance goals for the three-year (2007-2009) ICP long-term performance
      cycle. The performance measures were as follows:

    

    ·  growth
      in
      income from operations per share, 

    ·  sales
      growth, and

    ·  return
      on
      equity.

    

    Unless
      and until we disclose new performance measures, these measures will apply to
      future long-term incentive awards.

    

    Income
      from operations is defined for the purposes of paragraphs (2) and (3) above
      as
      net income determined in accordance with generally accepted accounting
      principles (“GAAP”) excluding, as applicable, the after-tax effects of: realized
      gain or losses on investments and derivatives, merger and integration related
      expenses and restructuring charges, curtailment gains and losses, net gain
      (loss) on reinsurance embedded derivatives/trading securities, cumulative effect
      of accounting changes, FAS 113 reserve development on business sold through
      indemnity reinsurance, gain (loss) on sale of subsidiaries, and loss on early
      retirement of debt. 

    

       
(4) Approved
      the 2007 target AIP and target long-term incentive awards for the 2007-2009
      performance cycle under the ICP, which will be paid or vest only if the
      performance measures discussed in paragraphs (2) and (3) above, respectively,
      are met. 

    

    Awards,
      if any, will be paid out or vest after the end of the applicable performance
      period only upon the Compensation Committee’s determination that threshold
      performance has been achieved for at least one of the three performance
      measures. A maximum of AIP and LTI award of 200% of target will 

     

    
      
        
        

      

      
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    be
      paid
      or vest when performance is superior, and a minimum award of 50% of target
      will
      be paid or vest when a threshold level of performance is met. 

    

    Participants
      will have the opportunity to elect to receive their LTI award as either: 100%
      phantom performance shares (shown above), or 75% performance shares and 25%
      cash
      (permitted only if current share ownership requirements are satisfied) within
      thirty (30) days of the date the cycle was established. Participants entering
      the cycle after that date will receive their awards entirely in performance
      shares. 

    

    Unless
      and until we disclose new performance measures, these terms will apply to future
      performance cycles.

     

     

     

     

     

     

     

     

     

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