Document:

The Lincoln National Life Insurance Company

Surrender Value and Loan Spread Enhancement Rider

This Surrender Value and Loan Spread Enhancement Rider (the "Rider") is attached to and made part of the Policy (the "Policy") to which it is attached. The effective date of the Rider is the Policy Date. This Rider must be elected at issue and cannot be added after issuance of the Policy.  Please read your Policy and this Rider carefully.  There is no additional charge for this Rider.

This Rider uses terms found in the Policy.  Those terms have the same meaning as in the Policy unless we have indicated a change.  This Rider also contains terms that are not used in the Policy.  Such terms may be defined within the sentences where they appear, or they may be found in the Definitions section of this Rider.

What This Rider Provides

This Rider provides for two benefits.  The first is that this Rider provides an additional amount that will be credited to your Policy's Surrender Value in the event of the Eligible Surrender of your Policy during the Surrender Value Enhancement Period.  This is the "Surrender Value Enhancement."

The second benefit provided under this Rider provides for an additional limit on the interest rate that is charged on Debt under your Policy. This is the "Loan Spread Enhancement."

The level of enhancement benefits available under this Rider is determined based on the "Surrender Value and Loan Spread Enhancement Option" as elected by you at the time of application.  The Surrender Value and Loan Spread Enhancement Option are shown in the Rider Specifications and cannot be changed. Additionally, the amount available under your Policy for partial surrenders and loans will not be increased due to this Rider.  These additional benefits are subject to the terms of this Rider as described below.

Definitions

Eligible Surrender   The full surrender of the Policy, except any full surrender of the Policy due to an internal exchange or external exchange under Section 1035 of the Internal Revenue Code. A partial surrender or withdrawal for less than the full amount of your Policy is not an Eligible Surrender.

Loan Spread   The difference between the interest rate charged on Debt and the interest rate credited to the Loan Collateral Account of your Policy.

Surrender Value Enhancement Provisions

Surrender Value Enhancement   Upon an Eligible Surrender during the Surrender Value Enhancement Period, shown in the Rider Specifications, we will credit the Surrender Value Enhancement, calculated as described below, to the Surrender Value of your Policy. The Surrender Value Enhancement is not available after the end of the Surrender Value Enhancement Period or in the event the surrender of your policy does not qualify as an Eligible Surrender.

The Surrender Value Enhancement is calculated as (a) multiplied by (b) multiplied by (c) multiplied by (d), where:

	
(a)

	
is the applicable Surrender Value Enhancement Rate as shown in Surrender Value Enhancement Schedule in the Rider Specifications; and

	
(b)

	
is the term blend adjustment factor described below; and

	
(c)

	
is the cumulative Surrender Value Enhancement premium; and

	
(d)

	
is the Surrender Value Enhancement Multiplier, as shown in the Rider Specifications.

Surrender Value Enhancement Rate Schedule  The Surrender Value Enhancement Rate Schedule is shown in the Rider Specifications. The Surrender Value Enhancement Rate for Policy Year 1 is guaranteed however, the rates for Policy Years 2-4 will be determined by us annually and they are guaranteed to fall within the range of rates shown in the Surrender Value Enhancement Rate Schedule.  Our determination of these rates will be based on our expectations of future investment earnings, persistency and expenses, including taxes.

Term Blend Adjustment Factor   The term blend adjustment factor is equal to 1.0 unless a Term Insurance Rider is attached to your Policy.  If a Term Insurance Rider is attached to your Policy and In Force, this factor is calculated as [(a) divided by (b)] multiplied by (c) plus (d), where:

	
(a)

	
is your Policy Specified Amount on the date of the Eligible Surrender;

	
(b)

	
is the total of your Policy Specified Amount plus the Term Insurance Rider Benefit Amount of any Term Insurance Rider as of the date of the Eligible Surrender;

	
(c)

	
is .70;

	
(d)

	
is .30.

Surrender Value Enhancement Premium   The Surrender Value Enhancement premium for each Policy Year during the Surrender Value Enhancement Period is equal to the lesser of (1) or (2), where:

	
(1)

	
is the sum of the Policy premiums paid during the Policy Year; less the sum of any partial surrenders paid during the Policy Year; and

	
(2)

	
is the Policy Adjusted Target Premium for the applicable Policy Year.  The Adjusted Target Premium is equal to the Policy's Target Premium unless a Term Insurance Rider is attached to your Policy.  If a Term Insurance Rider is attached to your Policy and In Force, it is calculated as (a) multiplied by [(b) plus (c)] divided by (b), where:

	
(a)

	
is the Policy's Target Premium;

	
(b)

	
is the Policy's Specified Amount; and

	
(c)

	
is the Term Insurance Benefit Rider Amount of any Term Insurance Rider.

The Policy's Target Premium on the Policy Date is shown in your Policy Specifications.  The Policy Target Premium may change with any future changes that you make to your Policy.

Cumulative Surrender Value Enhancement Premium   The cumulative Surrender Value Enhancement premium is the total of the Surrender Value Enhancement premiums paid to date at the time of the Eligible Surrender.

Effect on Policy Death Benefit Proceeds and Death Benefit Options   While this Rider is In Force and during the Surrender Value Enhancement Period, the Policy's "Death Benefit Proceeds" and "Death Benefit Options" provisions will use the Accumulation Value plus any applicable Surrender Value Enhancement in place of the Accumulation Value.

Loan Spread Enhancement Provisions

Loan Spread Enhancement   While this Rider is In Force, the Loan Spread is guaranteed not to exceed the Loan Spread Enhancement Rates as shown on the Rider Specifications.

General Provisions

Reinstatement   If your Policy terminates due to Lapse and is later reinstated, this Rider will also be reinstated.

Deferral of Payment   We may defer payment of any Surrender Value Enhancement calculated under this Rider subject to the Policy's "Deferment of Payments" provision.

Policy Provisions   Except as provided above, this Rider is subject to all the terms of your Policy.

Termination   This Rider and all rights provided under it will terminate upon the earliest of the following:

	
a.

	
The Policy terminates (except for the benefits provided by any Change of Insured Benefit Rider attached to the Policy);

	
b.

	
The date we receive your Request to terminate this Rider; or

	
c.

	
The Policy's Maturity Date, unless Continuation of Coverage is elected as provided under the Policy's "Continuation of Coverage After the Maturity Date" provision.

[]

[President]

Rider Specifications

[LSR-866, Surrender Value and Loan Spread Enhancement Rider]

	
Surrender Value and Loan Spread Enhancement Option:

 

Surrender Value Enhancement Period:

 

	
 

[1]

 

Policy Years 1-4

 

	
Surrender Value Enhancement Rate Schedule:

	
Policy Year

	
Surrender Value Enhancement Rate

 

	
Policy Year

	
Surrender Value Enhancement Rate

	
1

	
[8.00%]

	
4

	
0.25-10.00%

	
2

	
0.25-10.00%

	
5+

	
0.00%

	
3

	
0.25-10.00%

	 	 
	 	 
	
Surrender Value Enhancement Multiplier:

	
[100%]

	 	 
	
Loan Spread Enhancement Rates:

	
Policy Year

	
Loan Spread

Enhancement Rate

	 
	
1-10

	
[0.50%]

	 
	
11+

	
[0.50%]The Lincoln National Life Insurance Company

Customized Benefit Enhancement Rider

This Customized Benefit Enhancement Rider (the "Rider") is attached to and made a part of the Policy (the "Policy") to which it is attached. The effective date of the Rider is the Policy Date.  This Rider must be elected at issue and cannot be added after issuance of the Policy. This Rider is issued on a Case level basis and may not be available for issue in combination with other Riders.  Please read your Policy and this Rider carefully. There is no additional charge for this Rider.

This Rider uses terms found in the Policy.  Those terms have the same meaning as in the Policy unless we have indicated a change.  This Rider also contains terms that are not used in the Policy.  Such terms may be defined within the sentences where they appear, or they may be found in the Definitions section of this Rider.

What This Rider Provides

This Rider provides for an important benefit. The benefit under this Rider is designed to help you plan and balance your corporate/bank owned life insurance portfolio assets and liabilities.

While this Rider is In Force, subject to the provisions of this Rider, you will be eligible to receive a Customized Benefit Enhancement Amount (the "CBE Amount") which is an amount that may be added to the Surrender Value provided under your Policy.  The CBE Amount, if any, will be available only upon the Eligible Surrender of your Policy as defined below. The CBE Amount is not a value used when determining whether a Policy will Lapse or in calculating amounts available for loans or partial surrenders. NOTE: If you cancel your Policy during the "Right To Examine Period," the CBE Amount and any benefit provided under this Rider will be forfeited and is not payable.

Definitions

Customized Benefit Enhancement Amount ("CBE Amount")   The CBE Amount is the portion of the CBE Balance that will be paid upon an Eligible Surrender in a given Policy Year.

Customized Benefit Enhancement Balance ("CBE Balance")   The CBE Balance is the basis for determining the CBE Amount that is available to your Policy each Policy Year.

CBE Interest   CBE Interest will be credited based on the CBE Balance, less partial surrenders, if any. The CBE Interest Rate is shown in the Rider Specifications. In the first Policy Year, we will credit the CBE Interest daily at the daily equivalent rate. In each Policy Year after the first ("Subsequent Policy Years"), we will credit the CBE Interest monthly at the monthly equivalent rate on the Monthly Anniversary Day. The CBE Balance and CBE Amount will not reflect the accrued CBE Interest until the CBE Interest is credited.

CBE Percentage Rates  The CBE Percentage Rates are used to determine the CBE Amount available. These rates are requested by you and approved by us at Policy issue, based on your financial needs. The CBE Percentage Rates Table is shown on your Rider Specifications.

Case   A Case is all In Force life insurance policies issued by us having the same Case Number.  The Case Number is shown on your Rider Specifications.

Eligible Surrender   The full surrender of the Policy, except any full surrender of the Policy due to an internal exchange or external exchange under Section 1035 of the Internal Revenue Code. A partial surrender or a withdrawal for less than the full amount of your Policy is not an Eligible Surrender.

Maximum CBE Percentage Rates   The Maximum CBE Percentage Rates are used to determine the CBE Balance and CBE Amount. These rates are shown in the CBE Percentage Rates Table on your Rider Specifications.

Rider Benefit

Benefit  Unless this Rider is terminated earlier, we will pay an amount equal to the following, in lieu of the Surrender Value as described in your Policy, upon the Eligible Surrender:

	
a.

	
the Policy's Net Accumulation Value;

	
b.

	
less any accrued loan interest not yet charged;

	
c.

	
plus the CBE Amount, if any.

How We Determine the CBE Amount

The CBE Amount is calculated using the amount determined as the CBE Balance. The CBE Balance reflects premium paid, interest credited, and any partial surrenders taken throughout the Policy Year. The CBE Balance is calculated differently if you have a Term Insurance Rider attached to your Policy and In Force.

If you do NOT have a Term Insurance Rider attached to your Policy, in the first Policy Year, the CBE Balance will be calculated on any Valuation Day as: (a) the lesser of the cumulative premiums paid or the Target Premium; minus (b) the sum of the partial surrenders, if any; plus (c) CBE Interest credited.

In Subsequent Policy Years, a new CBE Balance is calculated for the next Policy Year and may subsequently be adjusted based on any partial surrender taken throughout the prior Policy Year.  The beginning CBE Balance on a Policy Anniversary will be calculated based upon: (a) the ending CBE Balance as of the last Valuation Day of the previous Policy Year; less (b) the CBE Amount not taken in the previous Policy Year; less (c) the sum of the partial surrenders taken in the previous Policy Year, if any; plus (d) CBE Interest credited during the previous Policy Year.

If you DO have a Term Insurance Rider attached to your Policy and In Force, in the first Policy Year the CBE Balance will be calculated on any Valuation Day as: (a) the lesser of the cumulative premiums paid or the Target Premium multiplied by the ratio of the Target Face Amount to the Policy's Initial Policy Specified Amount; minus (b) the sum of partial surrenders taken, if any; plus (c) CBE Interest credited.

In Subsequent Policy Years, the beginning CBE Balance on a Policy Anniversary will be calculated based upon: (a) the ending CBE Balance as of the last Valuation Day of the previous Policy Year; less (b) the CBE Amount not taken in the previous Policy Year; less (c) the sum of the partial surrenders taken in the previous Policy Year, if any; plus (d) CBE Interest credited in the previous Policy Year.

Once the applicable CBE Balance is determined, we calculate the CBE Amount. The CBE Amount is calculated differently if you have a Term Insurance Rider attached to your Policy and In Force.

If you do NOT have a Term Insurance Rider attached to your Policy the CBE Amount will be calculated on any Valuation Day by multiplying (a) the CBE Balance; by (b) the applicable CBE Percentage Rate.

If you DO have a Term Insurance Rider in effect on your Policy the CBE Amount will be calculated on any Valuation Day as the lesser of: (a) the CBE Balance multiplied by the product of the term blend adjustment factor, as described below, and the applicable Maximum CBE Percentage Rate; or (b) the CBE Balance multiplied by the applicable CBE Percentage Rate.

Term Blend Adjustment Factor   The term blend adjustment factor is equal to 1.0 unless a Term Insurance Rider is attached to the Policy.  If a Term Insurance Rider is attached to the Policy and In Force, the term blend adjustment factor will equal (1) plus [(2) multiplied by (3)] where:

	
(1)

	
is the Minimum Adjustment Factor, as shown on the Rider Specifications.

	
(2)

	
is one minus the Minimum Adjustment Factor.

	
(3)

	
is the ratio of the Initial Specified Amount to the Target Face Amount.

General Provisions

Effect on Policy Death Benefit Proceeds and Death Benefit Options   While this Rider is In Force, the Policy's "Death Benefit Proceeds" and "Death Benefit Options" provisions will use the Accumulation Value plus any applicable CBE Amount in place of the Accumulation Value.

Reinstatement   If your Policy terminates due to Lapse and is later reinstated, this Rider will also be reinstated.

Additional Terms and Conditions   The following terms and conditions may impact the timing and amount received of any full surrender Request while this Rider is In Force:

	
a.

	
The CBE Amount calculated under this Rider is subject to the Policy's "Deferment of Payments" provision.

	
b.

	
Additional policies may be added to an existing "Case," however all additional policies must follow the same CBE Percentage Rates shown in the CBE Percentage Rates Table on your Rider Specifications.

Termination   This Rider and all rights provided under it will terminate upon the earliest of the following:

	
a.

	
The Policy terminates (except for the benefits provided by any Change of Insured Benefit Rider attached to the Policy);

	
b.

	
The date we receive your Request to terminate this Rider; or

	
c.

	
The Policy's Maturity Date (this Rider may not be continued under the Policy's "Continuation of Coverage After the Maturity Date" provision).

[]

[President]

Rider Specifications

[CBE-865, Customized Benefit Enhancement ("CBE") Rider]

Case Number:                                         [238705610]

Target Premium On The Policy Date:                                                                                    [$X,XXX.XX]

Minimum Adjustment Factor:                                                                                    [0.75]

CBE Interest Rate:                                        [X.XX]% (annual effective rate equivalent to [X.XXXXX]% daily and [X.XXXXX]% monthly

CBE Percentage Rates Table

	
Policy Year

	
CBE Percentage Rates

 

	
Maximum

CBE Percentage Rates

	
1

	
[5.00%]

	
[11.00%]

	
2

	
[5.00%]

	
[19.60%]

	
3

	
[5.00%]

	
[27.70%]

	
4

	
[5.00%]

	
[35.40%]

	
5

	
[5.00%]

	
[53.20%]

	
6

	
[5.00%]

	
[66.10%]

	
7

	
[5.00%]

	
[100.00%]

	
[8]

	
[5.00%]

	
[100.00%]

	
[9]

	
[5.00%]

	
[100.00%]

	
[10]

	
[5.00%]

	
[100.00%]

	
[11]

	
[5.00%]

	
[100.00%]

	
[12]

	
[5.00%]

	
[100.00%]

	
[13]

	
[5.00%]

	
[100.00%]

	
[14]

	
[5.00%]

	
[100.00%]

	
[15]

	
[100.00%]

	
[100.00%]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00292-of-00352.parquet"}]]