Document:

Exhibit 10.2

    

      Exhibit
        10.2

      
        	
                 

                To:

              	
                Lincoln
                  National Corporation

                1500
                  Market Street, Suite 3900

                Philadelphia,
                  Pennsylvania 19102-2112

              
	
                 

                From:

              	
                 

                Citibank,
                  N.A.

                390
                  Greenwich Street

                New
                  York, NY 10013

              
	
                 

                Re:

              	
                 

                Prepaid
                  Enhanced VWAP Repurchase Transaction

              
	
                 

                Date:

              	
                 

                March
                  14, 2007

              

      

       

      This
        master confirmation (this “Master
        Confirmation”),
        dated
        as of March 14, 2007, is intended to supplement the terms and provisions
        of
        certain Transactions (each, a “Transaction”)
        entered into from time to time between Citibank, N.A. (“Dealer”)
        and
        Lincoln National Corporation (“Counterparty”).
        This
        Master Confirmation, taken alone, is neither a commitment by either party
        to
        enter into any Transaction nor evidence of a Transaction. The terms of any
        particular Transaction shall be set forth in (i) a Supplemental Confirmation
        in
        the form of Schedule A hereto (a “Supplemental
        Confirmation”),
        which
        shall reference this Master Confirmation and supplement, form a part of,
        and be
        subject to this Master Confirmation and (ii) a Trade Notification in the
        form of
        Schedule B hereto (a “Trade
        Notification”),
        which
        shall reference the relevant Supplemental Confirmation and supplement, form
        a
        part of, and be subject to such Supplemental Confirmation. This Master
        Confirmation, each Supplemental Confirmation and the related Trade Notification
        together shall constitute a “Confirmation” as referred to in the Agreement
        specified below. 

       

      The
        definitions and provisions contained in the 2002 ISDA Equity Derivatives
        Definitions (the “Equity
        Definitions”),
        as
        published by the International Swaps and Derivatives Association, Inc., are
        incorporated into this Master Confirmation. This Master Confirmation, each
        Supplemental Confirmation and the related Trade Notification evidence a complete
        binding agreement between the Counterparty and Dealer as to subject matter
        and
        the terms of each Transaction to which this Master Confirmation, such
        Supplemental Confirmation and Trade Notification relate and shall supersede
        all
        prior or contemporaneous written or oral communications with respect
        thereto.

       

      This
        Master Confirmation, each Supplemental Confirmation and each Trade Notification
        supplement, form a part of, and are subject to an agreement in the form of
        the
        1992 ISDA Master Agreement (Multi-Currency Cross Border) (the “Agreement”)
        as if
        Dealer and Counterparty had executed the Agreement on the date of this Master
        Confirmation (but without any Schedule except for (i) the election of New
        York law (without regard to the conflicts of law principles) as the governing
        law and US Dollars (“USD”)
        as the
        Termination Currency, (ii) the election that subparagraph (ii) of
        Section 2(c) will not apply to Transactions, (iii) the election that Second
        Method and Loss will apply to each Transaction under this Master Confirmation,
        (iv) the election that the “Cross Default” provisions of
        Section 5(a)(vi) shall apply to Party A and Party B, with a “Threshold
        Amount” of USD 50 million); provided
        that
        Section 5(a)(vi) is amended to delete the phrase “or becoming capable at such
        time of being declared” in the seventh line thereof. Notwithstanding the terms
        of Sections 5 and 6 of the Agreement, if at any time and so long as Counterparty
        has satisfied its payment obligations under Section 2(a)(i) of the Agreement
        in
        respect of all Transactions and has at the time no further payment obligations
        under such Section, then unless Dealer is required pursuant to appropriate
        proceedings to return to Counterparty, or otherwise returns to Counterparty
        upon
        demand of Counterparty, any portion of any such payment, (a) the occurrence
        of
        an event described in Section 5(a) (excluding Section 5(a)(iv) and Section
        5(a)(vii)) of the Agreement with respect to Counterparty shall not constitute
        an
        Event of Default or a Potential Event of Default with respect to Counterparty
        as
        the Defaulting Party and (b) Dealer shall be entitled to designate an Early
        Termination Date pursuant to Section 6 of the Agreement only as a result
        of the
        occurrence of a Termination Event set forth in (i) Sections 5(b)(i), 5(b)(ii)
        and 5(b)(v) of the Agreement with respect to Dealer as the Affected Party,
        (ii)
        Section 5(b)(iii) of the Agreement with respect to Dealer as the Burdened
        Party,
        and (iii) Section 5(b)(v) of the Agreement with respect to Counterparty.
        All

       

       

      

        An
          [*] represents confidential information that has been omitted and filed
          separately with the Securities and Exchange
          Commission.

      

       

      
        
          
          

        

        
          -
            1 -

          
            

          

        

        
          
          

        

      

       

      provisions
        contained or incorporated by reference in the Agreement shall govern this
        Master
        Confirmation, each Supplemental Confirmation and each Trade Notification
        except
        as expressly modified herein.

       

      If,
        in
        relation to any Transaction to which this Master Confirmation, a Supplemental
        Confirmation and a Trade Notification relate, there is any inconsistency
        between
        the Agreement, this Master Confirmation, any Supplemental Confirmation, any
        Trade Notification and the Equity Definitions, the following will prevail
        for
        purposes of such Transaction in the order of precedence indicated: (i) such
        Trade Notification, (ii) such Supplemental Confirmation; (iii) this Master
        Confirmation; (iv) the Agreement; and (v) the Equity
        Definitions.

       

      Each
        Transaction constitutes a Share Forward Transaction for the purposes of the
        Equity Definitions. Set forth below are the terms and conditions which, together
        with the terms and conditions set forth in the related Supplemental Confirmation
        and Trade Notification (in respect of the relevant Transaction), shall govern
        each such Transaction.

       

      	 	
              General
                Terms:

            

      
        	
                 

                Trade
                  Date:

              	
                 

                For
                  each Transaction, as set forth in the Supplemental
                  Confirmation.

              
	
                 

                Buyer:

              	
                 

                Counterparty

              
	
                 

                Seller:

              	
                 

                Dealer

              
	
                 

                Shares:

              	
                 

                Shares
                  of common stock of
                  Counterparty (Ticker: LNC)

              
	
                 

                Forward
                  Price:

              	
                 

                The
                  average of the VWAP Prices for each Exchange Business Day in the
                  Calculation Period.

              
	
                 

                VWAP
                  Price:

              	
                 

                (A)
                  For any Scheduled Trading Day, the volume-weighted average price
                  at which
                  the Shares trade as reported in the composite transactions for
                  each
                  securities exchange (without regard to pre-open or after-hours
                  trading) on
                  which such Shares are then listed (or, if applicable, any the successor
                  thereto), excluding (i) trades that do not settle regular way,
                  (ii)
                  opening (regular way) reported trades in the consolidated system
                  on such
                  Scheduled Trading Day, (iii) trades that occur in the last ten
                  minutes
                  before the scheduled close of trading on the Exchange on such Scheduled
                  Trading Day and ten minutes before the scheduled close of the primary
                  trading in the market where the trade is effected, and (iv) trades
                  on such
                  Scheduled Trading Day that do not satisfy the requirements of Rule
                  10b-18(b)(3), as determined in good faith by the Calculation Agent,
                  or (B)
                  for any Scheduled Trading Day that is a Disrupted Day, an amount
                  determined in good faith by the Calculation Agent as 10b-18 VWAP.
                  Counterparty acknowledges that Dealer may refer to the Bloomberg
                  Page “LNC
                  <Equity> AQR SEC” (or any successor thereto), in its discretion, for
                  such Trading Day to determine the 10b-18 VWAP.

              
	 	
                 

                On
                  each Monday (provided that if Monday is not a Exchange Business
                  Day, then
                  on the next Exchange Business Day) Party A shall provide the daily
                  10b-18
                  VWAP determinations from the previous week to Party B.

              
	
                 

                Forward
                  Price

              	 
	
                Adjustment
                  Amount:

              	
                For
                  each Transaction, as set forth in the Supplemental
                  Confirmation.

              
	
                 

                Calculation
                  Period:

              	
                 

                The
                  period from and including the day immediately following the Hedge
                  Completion Date to and including the Termination Date (as
                  adjusted in accordance with the provisions
                  hereof).

              

      

       

       

      An
        [*] represents confidential information that has been omitted and filed
        separately with the Securities and Exchange Commission. 

      
        
          
          

        

        
          -
            2 -

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                Termination
                  Date:

              	
                 

                For
                  each Transaction, the date set forth in the Supplemental
                  Confirmation
                  (as the same may be postponed in accordance with the provisions
                  hereof);
                  provided
                  that Dealer may elect to accelerate the Termination Date to any
                  date
                  during the Acceleration Period.

              
	
                 

                Acceleration
                  Period: 

              	
                 

                For
                  each Transaction, as set forth in the Supplemental Confirmation.
                  

              
	
                 

                Hedge
                  Period:

              	
                 

                The
                  period from and including the day immediately after the Trade Date
                  to and
                  including the Hedge Completion Date (as adjusted in accordance
                  with the
                  provisions hereof). 

              
	
                 

                Hedge
                  Completion Date:

              	
                 

                For
                  each Transaction, the Exchange Business Day on which Dealer finishes
                  establishing its initial Hedge Positions in respect of such Transaction,
                  as determined by Dealer in its good faith and commercially reasonable
                  discretion, which date shall be as set forth in the Supplemental
                  Confirmation and Trade Notification (as the same may be postponed
                  in
                  accordance with the provisions herein).

              
	
                 

                Hedge
                  Period Reference 

              	 
	
                Price:

              	
                The
                  average of the VWAP Prices for each Scheduled Trading Day in the
                  Hedge
                  Period.

              
	
                 

                Market
                  Disruption Event:

              	
                 

                The
                  definition of “Market Disruption Event” in Section 6.3(a) of the Equity
                  Definitions is hereby amended by deleting the words “at any time during
                  the one-hour period that ends at the relevant Valuation Time, Latest
                  Exercise Time, Knock-in Valuation Time or Knock-out Valuation Time,
                  as the
                  case may be” and inserting the words “at any time on any Scheduled Trading
                  Day during the Hedge Period or Calculation Period” after the word
                  “material,” in the third line thereof.

              
	 	
                 

                Notwithstanding
                  anything to the contrary in the Equity Definitions, to the extent
                  that any
                  Exchange Business Day in the Calculation Period or Hedge Period
                  is a
                  Disrupted Day, the Calculation Agent may postpone the Termination
                  Date or
                  the Hedge Completion Date, as the case may be. In such event, the
                  Calculation Agent must determine whether (i) such Disrupted Day
                  is a
                  Disrupted Day in full, in which case the VWAP Price for such Disrupted
                  Day
                  shall not be included for purposes of determining the Forward Price
                  or the
                  Hedge Period Reference Price, as the case may be, or (ii) such
                  Disrupted
                  Day is a Disrupted Day only in part, in which case the VWAP Price
                  for such
                  Disrupted Day shall be determined by the Calculation Agent based
                  on Rule
                  10b-18 eligible transactions in the Shares on such Disrupted Day
                  effected
                  before the relevant Market Disruption Event occurred and/or after
                  the
                  relevant Market Disruption Event ended, and the weighting of the
                  VWAP
                  Price for the relevant Exchange Business Days during the Calculation
                  Period or Hedge Period, as the case may be, shall be adjusted by
                  the
                  Calculation Agent for purposes of determining the Forward Price
                  or the
                  Hedge Period Reference Price, as the case may be, with such adjustments
                  based on, among other factors, the duration of any Market Disruption
                  Event
                  and the volume, historical trading patterns and price of the Shares.
                  

              
	 	
                 

                If
                  a Disrupted Day occurs during the Calculation Period or the Hedge
                  Period,
                  and each of the 9 immediately following Scheduled Trading Days
                  is a
                  Disrupted Day, then the Calculation Agent, in its discretion, may
                  either
                  (i) determine the VWAP Price for such ninth Scheduled Trading Day
                  based
                  

              

      

       

      An
        [*] represents confidential information that has been omitted and filed
        separately with the Securities and Exchange Commission. 

      
        
          
          

        

        
          -
            3 -

          
            

          

        

        
          
          

        

      

       

      
        	 	
                on
                  the volume, historical trading patterns and price of the Shares
                  and such
                  other factors as it deems appropriate or (ii) further extend the
                  Hedge
                  Period and/or the Calculation Period as it deems necessary to determine
                  the VWAP Price.

              
	
                 

                Exchange:

              	
                 

                NYSE

              
	
                 

                Related
                  Exchange(s):

              	
                 

                All
                  Exchanges.

              
	
                 

                Prepayment\Variable

              	 
	
                Obligation:

              	
                Applicable

              
	 	 
	
                Prepayment
                  Amount:

              	
                For
                  each Transaction, as set forth in the Supplemental
                  Confirmation.

              
	 	 
	
                Prepayment
                  Date:

              	
                One
                  (1) Exchange Business Day following the Hedge Completion
                  Date.

              
	 	 
	
                Counterparty
                  Additional 

              	 
	
                Payment
                  Amount: 

              	
                For
                  each Transaction, as set forth in the Supplemental Confirmation.
                  Counterparty shall pay to Dealer the Counterparty Additional Payment
                  Amount, if any, on the Counterparty Additional Payment
                  Date.

              
	 	 
	
                Counterparty
                  Additional 

              	 
	
                Payment
                  Date: 

              	
                One
                  (1) Exchange Business Day following the Hedge Completion
                  Date.

              
	
                 

                Settlement
                  Terms:

              	 
	
                 

                Physical
                  Settlement:

              	
                 

                Applicable;
                  provided
                  that Dealer does not, and shall not, make the agreement or the
                  representations set forth in Section 9.11 of the Equity Definitions
                  related to the restrictions imposed by applicable securities laws
                  with
                  respect to any Shares delivered by Dealer to Counterparty under
                  any
                  Transaction.

              
	
                 

                Number
                  of Shares

              	 
	
                to
                  be Delivered:

              	
                A
                  number of Shares equal to (a) the Prepayment Amount divided
                  by
                  (b) the Forward Price minus
                  the Forward Price Adjustment Amount; provided
                  that the Number of Shares to be Delivered will be not less than
                  the
                  Minimum Shares and not greater than the Maximum Shares. The Number
                  of
                  Shares to be Delivered on the Settlement Date shall be reduced,
                  but not
                  below zero, by any Shares delivered pursuant to the Initial Share
                  Delivery
                  described below. 

              
	
                 

                Excess
                  Dividend Amount:

              	
                 

                For
                  the avoidance of doubt, all references to the Excess Dividend Amount
                  shall
                  be deleted from Section 9.2(a)(iii) of the Equity
                  Definitions.

              
	
                 

                Settlement
                  Date:

              	
                 

                Three
                  (3) Exchange Business Days following the Termination
                  Date.

              
	
                 

                Settlement
                  Currency:

              	
                 

                USD
                  (all amounts shall be converted to the Settlement Currency by the
                  Calculation Agent using the spot rate at the time of
                  conversion)

              
	 	 
	
                Initial
                  Share Delivery:

              	
                Dealer
                  shall deliver a number of Shares equal to the Minimum Shares to
                  Counterparty on the Initial Share Delivery Date in accordance with
                  Section
                  9.4 of the Equity Definitions, with the Initial Share Delivery
                  Date deemed
                  to be a “Settlement Date” for purposes of such Section
                  9.4.

              
	 	 
	
                Initial
                  Share Delivery Date:

              	
                One
                  (1) Exchange Business Day following the Hedge Completion Date.
                  

              
	 	 
	
                Minimum
                  Shares:

              	
                For
                  each Transaction, as set forth in the Supplemental
                  Confirmation.

              

      

       

       

      An
        [*] represents confidential information that has been omitted and filed
        separately with the Securities and Exchange Commission. 

      
        
          
          

        

        
          -
            4 -

          
            

          

        

        
          
          

        

      

       

      
        	
                 

                Maximum
                  Shares:

              	
                 

                For
                  each Transaction, as set forth in the Supplemental
                  Confirmation.

              
	
                 

                Share
                  Adjustments:

              	 
	
                 

                Potential
                  Adjustment Event:

              	
                 

                Notwithstanding
                  anything to the contrary in Section 11.2(e) of the Equity Definitions,
                  an
                  Extraordinary Dividend shall not constitute a Potential Adjustment
                  Event.

              
	
                 

                Extraordinary
                  Dividend:

              	
                 

                For
                  any calendar quarter, any dividend or distribution on the Shares
                  with an
                  ex-dividend date occurring during such calendar quarter (other
                  than any
                  dividend or distribution of the type described in Section 11.2(e)(i)
                  or
                  Section 11.2(e)(ii)(A) or (B) of the Equity Definitions) (a “Dividend”)
                  the amount or value of which (as determined by the Calculation
                  Agent),
                  when aggregated with the amount or value (as determined by the
                  Calculation
                  Agent) of any and all previous Dividends with ex-dividend dates
                  occurring
                  in the same calendar quarter, exceeds the Ordinary Dividend
                  Amount.

              
	
                 

                Ordinary
                  Dividend Amount:

              	
                 

                For
                  each Transaction, as set forth in the Supplemental
                  Confirmation.

              
	
                 

                Method
                  of Adjustment:

              	
                 

                Calculation
                  Agent Adjustment

              
	
                 

                Extraordinary
                  Events:

              	 
	
                 

                Consequences
                  of Merger Events 

              	 
	
                and
                  Tender Offers:

              	 

      

      	 	 

      
        	
                (a)

              	
                Share-for-Share:

              	
                Modified
                  Calculation Agent Adjustment

              
	
                 

                (b)

              	
                 

                Share-for-Other:

              	
                 

                Cancellation
                  and Payment

              
	
                 

                (c)

              	
                 

                Share-for-Combined:

              	
                 

                Component
                  Adjustment

              
	
                 

                Determining
                  Party:

              	
                 

                Calculation
                  Agent

              
	
                 

                Tender
                  Offer:

              	
                 

                Applicable

              
	
                 

                Nationalization,
                  

              	 
	
                Insolvency
                  or Delisting:

              	
                Cancellation
                  and Payment; provided
                  that in addition to the provisions of Section 12.6(a)(iii) of the
                  Equity
                  Definitions, it shall also constitute a Delisting if the Exchange
                  is
                  located in the United States and the Shares are not immediately
                  re-listed,
                  re-traded or re-quoted on any of the New York Stock Exchange, the
                  American
                  Stock Exchange or The NASDAQ National Market (or their respective
                  successors); if the Shares are immediately re-listed, re-traded
                  or
                  re-quoted on any such exchange or quotation system, such exchange
                  or
                  quotation system shall be deemed to be the
                  Exchange.

              

      

       

      	
              Additional
                Disruption Events:

            	
            

      
        	
                 

                (a)    Change
                  in Law:

              	
                 

                Applicable

              

      

       

      *

       

      Hedging
        Party:     Dealer

       

       

      An
        [*] represents confidential information that has been omitted and filed
        separately with the Securities and Exchange Commission. 

      
        
          
          

        

        
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                Determining
                  Party:

              	
                 

                Calculation
                  Agent

              
	
                 

                Non-Reliance/Agreements
                  and

              	 
	
                Acknowledgements
                  Regarding 

              	 
	
                Hedging
                  Activities/Additional 

              	 
	
                Acknowledgements:

              	
                Applicable

              
	 	 
	
                 

                Transfer:

              	
                 

                Notwithstanding
                  anything to the contrary in the Agreement, Dealer shall have the
                  right to
                  assign any or all of its rights and obligations under a Transaction
                  to
                  deliver or accept delivery of Shares to any of its
                  affiliates.

              
	 	 
	
                Dealer
                  Payment Instructions:

              	
                Citibank,
                  N.A.

              
	 	
                ABA
                  #021000089

              
	 	
                DDA
                  00167679

              
	 	
                Ref:
                  Equity Derivatives

              
	 	 
	
                Counterparty’s
                  Contact Details

              	 
	
                for
                  Purpose of Giving Notice:

              	
                To
                  be provided by Counterparty

              
	 	 
	
                Dealer’s
                  Contact Details for

              	 
	
                Purpose
                  of Giving Notice:

              	
                Citibank,
                  N.A.

              
	 	
                390
                  Greenwich Street

              
	 	
                New
                  York, NY 10013

              
	 	
                Attention: Equity
                  Derivatives

              
	 	
                Facsimile: (212)
                  723-8328

              
	 	
                Telephone: (212)
                  723-7357

              
	 	 
	 	
                with
                  a copy to:

              
	 	 
	 	
                Citibank,
                  N.A.

              
	 	
                250
                  West Street, 10th Floor

              
	 	
                New
                  York, NY 10013

              
	 	
                Attention: GCIB
                  Legal Group—Derivatives

              
	 	
                Facsimile: (212)
                  816-7772

              
	 	
                Telephone: (212)
                  816-2211

              

      

       

      2.     Calculation
        Agent.
        Dealer;
provided
        that all
        calculations and determinations by the Calculation Agent shall be made in
        good
        faith, in a commercially reasonable manner and in consultation with the
        Counterparty and the Calculation Agent shall provide to Counterparty prompt
        notice of any adjustments or calculations made with respect to any Transaction
        under this Master Confirmation, including, upon Counterparty’s request, a
        schedule or other reasonably detailed explanation of the basis for and
        determination of each adjustment or calculation. If the Counterparty, following
        any consultation described in this provision, continues to disagree with
        any
        relevant calculation or adjustment by the Calculation Agent, the Counterparty
        shall notify Dealer of such disagreement in writing no later than the close
        of
        business on the next Currency Business Day following the day, on which the
        Counterparty is notified of any such determination. Following such notification,
        the Counterparty and the Dealer agree to use commercially reasonable efforts
        to
        promptly in good faith reach an agreement with respect to such calculation
        or
        adjustment. In the event that the Counterparty and the Dealer are not able
        to
        reach an agreement on the related determination within twenty-four (24) hours
        of
        the Counterparty’s notice, the Counterparty and the Dealer shall appoint a
        third-party leading dealer in the market for U.S. corporate equity derivatives
        (the “Reference Market Maker”) to provide the Counterparty and the Dealer with
        its determination with respect to the challenged calculation or adjustment
        and
        the determination of such third party shall be final and binding on both
        parties; provided,
        however,
        that if
        the Counterparty and the Dealer are unable to agree in good faith on such
        third
        party, then each party shall select promptly such third-party leading dealer,
        which dealers shall agree on a third-party Reference 

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
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      Market
        Maker to make the determination with respect to the relevant calculation
        or
        adjustment. The parties shall bear their respective costs of the dispute
        resolution described in this section. 

       

      3.     Additional
        Mutual Representations, Warranties and Covenants.
        In
        addition to the representations and warranties in the Agreement, each party
        represents, warrants and covenants to the other party that:

       

      (a) Eligible
        Contract Participant. It is an “eligible contract participant”, as defined in
        the U.S. Commodity Exchange Act (as amended), and is entering into each
        Transaction hereunder as principal and not for the benefit of any third
        party.

       

      (b) Accredited
        Investor. Each party acknowledges that the offer and sale of each Transaction
        to
        it is intended to be exempt from registration under the Securities Act of
        1933,
        as amended (the “Securities Act”), by virtue of Section 4(2) thereof.
        Accordingly, each party represents and warrants to the other that (i) it
        has the
        financial ability to bear the economic risk of its investment in each
        Transaction and is able to bear a total loss of its investment, (ii) it is
        an “accredited investor” as that term is defined under the provisions of
        Regulation D under the Securities Act, (iii) it will purchase each Transaction
        for investment and not with a view to the distribution or resale thereof
        in a
        manner that would violate the Securities Act, and (iv) the disposition of
        each
        Transaction is restricted under this Master Confirmation, the Securities
        Act and
        state securities laws.

       

      4.     Additional
        Representations, Warranties and Covenants of Counterparty.
        In
        addition to the representations, warranties and covenants in the Agreement
        and
        those contained herein, as of (i) the date hereof, (ii) the Trade Date and
        (iii)
        to the extent indicated below, each day during the Hedge Period and Calculation
        Period, Counterparty represents, warrants and covenants to Dealer that:

       

      (a) solely
        on
        the date hereof, it is not aware of any third party tender offer for its
        Shares
        and is not entering into this Transaction as part of a self-tender offer
        for its
        Shares under the Securities Exchange Act of 1934, as amended (the “Exchange
        Act”);
        

       

      (b) solely
        on
        the date hereof, it is not entering into any Transaction on the basis of,
        and is
        not aware of, any material non-public information with respect to the Shares
        or
        in anticipation of, in connection with, or to facilitate, a distribution
        of its
        securities, a self tender offer or a third-party tender offer;

       

      (c) each
        Transaction is being entered into pursuant to a publicly disclosed Share
        buy-back program and its Board of Directors has approved the use of derivatives
        to effect the Share buy-back program; 

       

      (d) Counterparty
        acknowledges that, notwithstanding the generality of Section 13.1 of the
        Equity
        Definitions, it acknowledges that Dealer is not making any representations
        or
        warranties with respect to the treatment of any Transaction under FASB
        Statements 128, 133 as amended or 149, 150, EITF 00-19 (or any successor
        issue
        statements) or under FASB’s Liabilities & Equity Project; 

       

      (e) on
        the
        Trade Date the Shares or securities that are convertible into, or exchangeable
        or exercisable for Shares are not subject to a “restricted period” as such term
        is defined in Regulation M promulgated under the Exchange Act; 

      

      (f) Counterparty
        acknowledges that each Transaction is a derivatives transaction in which
        it has
        granted Dealer an option. Dealer may purchase shares for its own account
        at an
        average price that may be greater than, or less than, the price paid by
        Counterparty under the terms of the related Transaction; and

      

      (g) Counterparty
        is not and, after giving effect to the Transaction, will not be, required
        to
        register as an “investment company” as such term is defined in the Investment
        Company Act of 1940, as amended.

      

      5.     Additional
        Representations, Warranties and Covenants of Dealer. With respect to (i) all
        purchases of Shares made by Dealer during any relevant Hedge Period in respect
        of any Transaction and (ii) purchases during 

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
          -
            7 -

          
            

          

        

        
          
          

        

      

       

      the
        related Calculation Period of a number of Shares equal to the Maximum
        Shares for such Transaction less the number of Shares so purchased during
        the related Hedge Period in respect of such Transaction, Dealer will effect
        such
        purchases in compliance with Rule 10b-18(b)(2), (3) and (4), and effect
        calculations in respect thereof, as if those sections applied to Dealer,
        taking
        into account any applicable Securities and Exchange Commission no-action
        letters
        as appropriate and subject to any delays between the execution and reporting
        of
        a trade of the Shares on the Exchange and other circumstances beyond its
        control.

       

      6.     Suspension
        of Hedge Period and/or Calculation Period. 

       

      (a) If
        Counterparty concludes that it will be engaged in a distribution of the Shares
        for purposes of Regulation M, Counterparty agrees that it will, on one Scheduled
        Trading Day’s prior written notice, direct Dealer not to purchase Shares in
        connection with hedging any Transaction during the “restricted period” (as
        defined in Regulation M). If on any Scheduled Trading Day Counterparty delivers
        written notice (and confirms by telephone) by 8:30 a.m. New York Time (the
        “Notification Time”) then such notice shall be effective to suspend the
        Calculation Period or the Hedge Period, as the case may be, as of such
        Notification Time. In the event that Counterparty delivers notice and/or
        confirms by telephone after the Notification Time, then the Calculation Period
        or the Hedge Period, as the case may be, shall be suspended effective as
        of 8:30
        a.m. New York Time on the following Scheduled Trading Day or as otherwise
        required by law or agreed between Counterparty and Dealer The Hedge Period
        and/or the Calculation Period shall be suspended and the Hedge Completion
        Date
        and/or the Termination Date extended for each Scheduled Trading Day in such
        restricted period; accordingly, Counterparty acknowledges that its delivery
        of
        such notice must comply with the standards set forth in Section 6
        below.

       

      (b) In
        the
        event that Dealer concludes, in its good faith discretion, based on advice
        of
        outside legal counsel, that it is appropriate with respect to any legal,
        regulatory or self-regulatory requirements or related policies and procedures
        (whether or not such requirements, policies or procedures (x) are imposed
        by law
        or (y) have been voluntarily adopted by Dealer and, in the case of (y), in
        existence on the date of this Master Confirmation), for it to refrain from
        purchasing Shares on any Scheduled Trading Day during the Hedge Period or
        Calculation Period, Dealer may by written notice to Counterparty elect to
        suspend the Hedge Period or Calculation Period, as the case may be, for such
        number of Scheduled Trading Days as is specified in the notice. The notice
        shall
        not specify, and Dealer shall not otherwise communicate to Counterparty,
        the
        reason for Dealer’s election to suspend the Hedge Period or Calculation Period.
        The Hedge Period or Calculation Period, as the case may be, shall be suspended
        and the Hedge Period Completion Date or the Termination Date, as the case
        may
        be, extended for each Scheduled Trading Day occurring during any such
        suspension. 

       

      (c) In
        the
        event that the Hedge Period or Calculation Period is suspended pursuant to
        Section 5(a) or 5(b) above during the regular trading session on the Exchange,
        such suspension shall be deemed to be an additional Market Disruption Event,
        and
        the second paragraph under “Market Disruption Event” shall apply to any
        Disrupted Day occurring during the Hedge Period or the Calculation Period
        solely
        as a result of such additional Market Disruption Event.

       

      (d) In
        the
        event that the Calculation Period is extended pursuant to any provision hereof
        (including, without limitation, pursuant to Section 9(d) below), the Calculation
        Agent shall adjust any relevant terms of the related Transaction if necessary
        to
        preserve as nearly as practicable the economic terms of such Transaction
        prior
        to such extension; provided
        that
        Counterparty shall not be required to make any additional cash payments or
        deliver any Shares in connection with any such adjustments. 

       

      7.      10b5-1
        Plan.
        Counterparty represents, warrants and covenants to Dealer that for each
        Transaction:

       

      (a)  Counterparty
        is entering into this Master Confirmation and each Transaction hereunder
        in good
        faith and not as part of a plan or scheme to evade the prohibitions of Rule
        10b5-1 under the Exchange Act (“Rule 10b5-1”). It is the intent of the parties
        that each Transaction entered into under this Master Confirmation comply
        with
        the requirements of Rule 10b5-1(c)(1)(i)(A)
        and (B) and each Transaction entered into under this Master Confirmation
        shall
        be interpreted to comply with the requirements of Rule 10b5-1(c). 

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
          -
            8 -

          
            

          

        

        
          
          

        

      

       

      (b)  Counterparty
        will not seek to control or influence Dealer to make "purchases or sales"
        (within the meaning of Rule 10b5-1(c)(1)(i)(B)(3)) under any Transaction
        entered
        into under this Master Confirmation, including, without limitation, Dealer’s
        decision to enter into any hedging transactions. Counterparty represents
        and
        warrants that it has consulted with its own advisors as to the legal aspects
        of
        its adoption and implementation of this Master Confirmation, each Supplemental
        Confirmation and each Trade Notification under Rule 10b5-1. 

       

      (c)  Counterparty
        acknowledges that any amendment or modification of this Master Confirmation,
        the
        relevant Supplement Confirmation or Trade Notification must be effected in
        accordance with the requirements for the amendment or termination of a “plan” as
        defined in Rule 10b5-1(c). 

      

      8.             
        Counterparty
        Purchases.
        Counterparty (or any “affiliated purchaser” as defined in Rule 10b-18 under the
        Exchange Act (“Rule 10b-18”)) shall not, without the prior written consent of
        Dealer, directly or indirectly purchase any Shares, listed contracts on the
        Shares or securities that are convertible into, or exchangeable or exercisable
        for Shares (including, without limitation, any Rule 10b-18 purchases of blocks
        (as defined in Rule 10b-18)) during any Hedge Period or Calculation Period
        (as
        extended pursuant to the provisions hereof). During this time, any such
        purchases by Counterparty shall be made through Dealer, or if not through
        Dealer, with the prior written consent of Dealer, and in compliance with
        Rule 10b-18 or otherwise in a manner that Counterparty and Dealer believe
        is in compliance with applicable requirements. 

       

      9.            
        Additional
        Termination Event.
        The
        declaration of any Extraordinary Dividend by the Issuer during the Calculation
        Period will constitute an Additional Termination Event, with Counterparty
        as the
        sole Affected Party and all Transactions hereunder as the Affected Transactions.
        

       

      10.   Special
        Provisions for Merger Transactions.
        Notwithstanding anything to the contrary herein or in the Equity Definitions,
        to
        the extent that an public announcement (as defined in Rule 165(f) under the
        Securities Act of 1933, as amended) for a Merger Transaction (as defined
        below)
        occurs during any Hedge Period or Calculation Period:

       

      (a) Counterparty
        shall, at the same time of making any such public announcement, notify Dealer
        of
        such public announcement; promptly provide Dealer with written notice specifying
        (i) Counterparty’s average daily Rule 10b-18 Purchases (as defined in Rule
        10b-18) during the three full calendar months immediately preceding the
        Announcement Date that were not effected through Dealer or its affiliates
        and
        (ii) the number of Shares purchased pursuant to the proviso in Rule 10b-18(b)(4)
        under the Exchange Act for the three full calendar months preceding the
        Announcement Date. Such written notice shall be deemed to be a certification
        by
        Counterparty to Dealer that such information is true and correct. Counterparty
        understands that Dealer will use this information in calculating the trading
        volume for purposes of Rule 10b-18. In addition, Counterparty shall promptly
        notify Dealer of the earlier to occur of the completion of such transaction
        and
        the completion of the vote by target shareholders. Counterparty acknowledges
        that any such notice may cause the terms of any Transaction to be adjusted
        or
        such Transaction to be terminated; accordingly, Counterparty acknowledges
        that
        its delivery of such notice must comply with the standards set forth in Section
        6; and

      

      (b) Dealer
        in
        its good faith and commercially reasonable discretion may (i) make adjustments
        to the terms of any Transaction, including, without limitation, the Termination
        Date and the Maximum Shares to account for the number of Shares that could
        be
        purchased on each day during the Calculation Period in compliance with Rule
        10b-18 following such public announcement, provided
        that
        Counterparty shall not be required to make any additional cash payments or
        deliver any Shares in connection with any such adjustments or (ii) treat
        the
        occurrence of such public announcement as an Additional Termination Event
        with
        Counterparty as the sole Affected Party. 

      

      “Merger
        Transaction”
means
        any merger, acquisition or similar transaction involving a recapitalization
        as
        contemplated by Rule 10b-18(a)(13)(iv) under the Exchange Act.

       

      11.              
        Acknowledgments.
        The
        parties hereto intend for:

       

        
        (a) Each
        Transaction to be a “securities contract” as defined in Section 741(7) of the
        U.S. Bankruptcy Code (Title 11 of the United States Code) (the “Bankruptcy
        Code”), a “swap agreement” as defined in Section 101(53B) of the Bankruptcy
        Code, or a “forward contract” as defined in Section 101(25) of the Bankruptcy

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
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      Code,
        and
        the parties hereto to be entitled to the protections afforded by, among other
        Sections, Sections 362(b)(6), 362(b)(17), 362)b)(27), 555, 556, 560 and 561
        of
        the Bankruptcy Code;

       

      (b) This
        Agreement to be a “master netting agreement” as defined in Section 101(38A) of
        the Bankruptcy Code;

       

      (c) A
        party’s
        right to liquidate or terminate any Transaction, net out or offset termination
        values of payment amounts, and to exercise any other remedies upon the
        occurrence of any Event of Default or Termination Event under the Agreement
        with
        respect to the other party or any Extraordinary Event that results in the
        termination or cancellation of any Transaction to constitute a “contractual
        right” (as defined in the Bankruptcy Code);

       

      (d) Any
        cash,
        securities or other property transferred as performance assurance, credit
        support or collateral with respect to each Transaction to constitute “margin
        payments” (as defined in the Bankruptcy Code); and 

       

      (e) All
        payments for, under or in connection with each Transaction, all payments
        for the
        Shares and the transfer of such Shares to constitute “settlement payments” and
“transfers” (as defined in the Bankruptcy Code).

       

      12.     Credit
        Support Documents.
        The
        parties hereto acknowledge that no Transaction hereunder is secured by any
        collateral that would otherwise secure the obligations of Counterparty herein
        or
        pursuant to the Agreement. 

       

      13.     Limitation
        on Set-off.
        

       

      (a)  Notwithstanding
        anything to the contrary in the Agreement or the Equity Definitions, the
        calculation of any Settlement Amounts, Unpaid Amounts and amounts owed in
        respect of cancelled Transactions under Article 12 of the Equity Definitions
        shall be calculated separately for (A) all Terminated Transactions (it being
        understood that such term for purposes of this paragraph includes Transactions
        cancelled pursuant to Article 12 of the Equity Definitions) in the Shares
        of the
        Issuer that qualify as equity under applicable accounting rules (collectively,
        the “Equity Shares”) as determined by the Calculation Agent and (B) all other
        Terminated Transactions under the Agreement including, without limitation,
        Transactions in Shares other than those of the Issuer (collectively, the
“Other
        Shares”) and the netting and set-off provisions of the Agreement shall only
        operate to provide netting and set-off (i) among Terminated Transactions
        in the
        Equity Shares and (ii) among Terminated Transactions in the Other Shares.
        In no
        event shall the netting and set-off provisions of the Agreement operate to
        permit netting and set-off between Terminated Transactions in the Equity
        Shares
        and Terminated Transactions in the Other Shares.

       

      

      (b)  The
        parties agree to amend Section 6 of the Agreement by adding a new Section
        6(f)
        thereto as follows:

       

      “(f)
        Upon
        the occurrence of an Event of Default or Termination Event with respect to
        a
        party who is the Defaulting Party or the Affected Party or upon the occurrence
        of an Extraordinary Event that results in the termination or cancellation
        of any
        Transaction (such Defaulting Party, Affected Party or, in the case of such
        an
        Extraordinary Event, either party, “X”), the other party (“Y”) will have the
        right (but not be obliged) without prior notice to X or any other person
        to
        set-off or apply any obligation of X owed to Y (or any Affiliate of Y) (whether
        or not matured or contingent and whether or not arising under the Agreement,
        and
        regardless of the currency, place of payment or booking office of the
        obligation) against any obligation of Y (or any Affiliate of Y) owed to X
        (whether or not matured or contingent and whether or not arising under the
        Agreement, and regardless of the currency, place of payment or booking office
        of
        the obligation). Y will give notice to the other party of any set-off effected
        under this Section 6(f). 

       

      Amounts
        (or the relevant portion of such amounts) subject to set-off may be converted
        by
        Y into the Termination Currency at the rate of exchange at which such party
        would be able, acting in a reasonable manner and in good faith, to purchase
        the
        relevant amount of such currency. If any obligation is unascertained, Y may
        in
        good faith 

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
          -
            10 -

          
            

          

        

        
          
          

        

      

       

      estimate
        that obligation and set-off in respect of the estimate, subject to the relevant
        party accounting to the other when the obligation is ascertained. Nothing
        in
        this Section 6(f) shall be effective to create a charge or other security
        interest. This Section 6(f) shall be without prejudice and in addition to
        any
        right of set-off, combination of accounts, lien or other right to which any
        party is at any time otherwise entitled (whether by operation of law, contract
        or otherwise).”

      

      (c) Notwithstanding
        anything to the contrary in the foregoing, Dealer agrees not to set off or
        net
        amounts due from Counterparty with respect to any Transaction against amounts
        due from Dealer to Counterparty under obligations other than Equity Contracts.
        “Equity Contract” means any transaction relating to Shares between the parties
        (or any of their affiliates) that qualifies as ‘equity’ under applicable
        accounting rules.

       

      
        
          14.    Early
            Termination.
            In the event that (i) an Early Termination Date (whether as a result
            of an Event
            of Default or a Termination Event) occurs or is designated with respect
            to any
            Transaction or (ii) an Extraordinary Event occurs that results in the
            cancellation or termination of any Transaction pursuant to Article 12
            of the
            Equity Definitions (except, in the case of clause (ii), a Merger Event
            in which
            the consideration or proceeds to be paid to holders of Shares consists
            solely of
            cash), if Dealer would owe any amount to Counterparty pursuant to Section
            6(d)(ii) of the Agreement or any Cancellation Amount pursuant to Article
            12 of
            the Equity Definitions (in each case, calculated as if the Transactions
            being
            terminated or cancelled on such Early Termination Date or as a result
            of such
            Extraordinary Event were the sole Transactions under the Agreement) (any
            such
            amount, a “Dealer Amount”), then, in lieu of any payment of such Dealer Amount,
            Counterparty may, no later than the Early Termination Date or the date
            on which
            such Transaction is cancelled or terminated, as the case may be, elect
            for
            Dealer to deliver to Counterparty a number of Shares (or, in the case
            of a
            Merger Event, a number of units, each comprising the number or amount
            of the
            securities or property that a hypothetical holder of one Share would
            receive in
            such Merger Event (each such unit, an “Alternative Delivery Unit” and, the
            securities or property comprising such unit, “Alternative Delivery Property”))
            with a value equal to the Dealer Amount, as determined by the Calculation
            Agent
            (and the parties agree that, in making such determination of value, the
            Calculation Agent may take into account a number of factors, including
            the
            market price of the Shares or Alternative Delivery Property on the date
            of early
            termination and the prices at which Dealer purchases Shares or Alternative
            Delivery Property to fulfill its delivery obligations under this Section
            13);
provided
            that in
            determining the composition of any Alternative Delivery Unit, if the
            relevant
            Merger Event involves a choice of consideration to be received by holders,
            such
            holder shall be deemed to have elected to receive the maximum possible
            amount of
            cash.

        

      

       

      
        
          15.    Payment
            Date upon Early Termination.
            Notwithstanding anything to the contrary in Section 6(d)(ii) of the Agreement,
            all amounts calculated as being due in respect of an Early Termination
            Date
            under Section 6(e) of the Agreement will be payable on the day that notice
            of
            the amount payable is effective; provided
            that if
            Counterparty elects to receive Shares or Alternative Delivery Property
            in
            accordance with Section 13, such Shares or Alternative Delivery Property
            shall
            be delivered on a date selected by Dealer, which date shall be no later
            than
            third Exchange Business Day after the day that notice of the amount payable
            is
            effective or such later date as determined by Dealer to be the date that
            would
            allow Dealer to purchase Shares or Alternative Delivery Property to be
            delivered
            by Dealer under this provision in accordance with Rule 10b-18(b)(2),
            (3) and
            (4), as if those sections applied to Dealer

        

      

       

      
        
          16.    Special
            Provisions for Counterparty Payments.
            The parties hereby agree that, notwithstanding anything to the contrary
            herein
            or in the Agreement, in the event that (i) an Early Termination Date
            (whether as
            a result of an Event of Default or a Termination Event) occurs or is
            designated
            with respect to any Transaction and, as a result, Counterparty owes to
            Dealer an
            amount calculated under Section 6(e) of the Agreement or (ii) an Extraordinary
            Event occurs that results in the termination or cancellation of any Transaction
            pursuant to Article 12 of the Equity Definitions and, as a result, Counterparty
            owes to Dealer a Cancellation Amount or other amount in respect of such
            Transaction (in each case, calculated as if the Transactions being terminated
            or
            cancelled on such Early Termination Date or as a result of such Extraordinary
            Event were the sole Transactions under the Agreement), such amount shall
            be
            deemed to be zero.

        

      

       

      
        
          17.    Claims
            in Bankruptcy.
            Dealer agrees that in the event of the bankruptcy of Counterparty, Dealer
            shall
            not have rights or assert a claim that is senior in priority to the rights
            and
            claims available to the shareholders of the common stock of
            Counterparty.

        

      

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
          -
            11 -

          
            

          

        

        
          
          

        

      

       

      
        	
                18.

              	
                Governing
                  Law.
                  The Agreement, this Master Confirmation, each Supplemental Confirmation
                  and all matters arising in connection with the Agreement, this
                  Master
                  Confirmation and each Supplemental Confirmation shall be governed
                  by, and
                  construed and enforced in accordance with, the laws of the State
                  of New
                  York (without reference to its choice of laws
                  doctrine).

              

      

       

      
        	
                19.

              	
                Offices.

              

      

       

      (a)The
        Office of Dealer for each Transaction is: 

       

      (b)The
        Office of Counterparty for each Transaction is: 1500 Market Street, Suite
        3900,
        Philadelphia, Pennsylvania 19102-2112.

       

      Counterparty
        hereby agrees (a) to check this Master Confirmation carefully and immediately
        upon receipt so that errors or discrepancies can be promptly identified and
        rectified and (b) to confirm that the foregoing (in the exact form provided
        by
        Dealer) correctly sets forth the terms of the agreement between Dealer and
        Counterparty with respect to any particular Transaction to which this Master
        Confirmation relates, by manually signing this Master Confirmation or this
        page
        hereof as evidence of agreement to such terms and providing the other
        information requested herein.

       

      

       

      [REMAINDER
        OF PAGE INTENTIONALLY LEFT BLANK]

       

       

      An
        [*]
        represents confidential information that has been omitted and filed separately
        with the Securities and Exchange Commission.  

      
        
          
          

        

        
          -
            12 -

          
            

          

        

        
          
          

        

      

       

      The
        parties have executed this Master Confirmation as of the date first written
        above.

       

      Yours
        faithfully,

       

      CITIBANK,
        N.A.

       

      By:  /s/ Jason
        Shrednick                                          

      Authorized
        Signatory

       

      Agreed
        and Accepted By:

       

      LINCOLN
        NATIONAL CORPORATION

      By:  /s/  Frederick
        J.
        Crawford                                  

      Name:
        Frederick Crawford

      Title:
        Senior Vice President and 

      Chief
        Financial Officer

      

      

      
        
          
            An
              [*] represents confidential information that has been omitted and filed
              separately with the Securities and Exchange Commission.

             

          

          
          

        

        
          -
            13 -

          
            

          

        

        
          
          

          
          

        

      

       

      SCHEDULE
        A

       

      SUPPLEMENTAL
        CONFIRMATION

      
        	
                 

                To:

              	
                 

                Lincoln
                  National Corporation

                1500
                  Market Street, Suite 3900

                Philadelphia,
                  Pennsylvania 19102-2112

              
	
                 

                From:

              	
                 

                Citibank,
                  N.A.

                390
                  Greenwich Street

                New
                  York, NY 10013

              
	
                 

                Re:

              	
                 

                Prepaid
                  Enhanced VWAP Repurchase Transaction

              
	
                 

                Date:

              	
                 

                March
                  14, 2007

              

      

       

      
        
          

        

         

      

      The
        purpose of this Supplemental Confirmation is to confirm the terms and conditions
        of the Transaction entered into between Citibank, N.A. (“Dealer”)
        and
        Lincoln National Corporation (“Counterparty”)
        (together, the “Contracting
        Parties”)
        on the
        Trade Date specified below. This Supplemental Confirmation is a binding contract
        between Dealer and Counterparty as of the relevant Trade Date for the
        Transaction referenced below.

       

      1. This
        Supplemental Confirmation supplements, forms part of, and is subject to the
        Master Confirmation dated as of March 14, 2007 (the “Master
        Confirmation”)
        between the Contracting Parties, as amended and supplemented from time to
        time.
        All provisions contained in the Master Confirmation govern this Supplemental
        Confirmation except as expressly modified below.

       

      2. The
        terms
        of the Transaction to which this Supplemental Confirmation relates are as
        follows:

       

      
        	
                 

                Trade
                  Date:

              	
                 

                March
                  14, 2007

              
	
                 

                Hedge
                  Completion Date:

              	
                 

                As
                  set forth in the Trade Notification, but in no event later than
                  March 16,
                  2007.

              
	
                 

                Termination
                  Date:

              	
                 

                *

              
	
                 

                Acceleration
                  Period:

              	
                 

                *

              
	
                 

                Prepayment
                  Amount:

              	
                 

                USD
                  350,000,000

              
	
                 

                Counterparty
                  Additional Payment Amount:

              	
                 

                *

              
	
                 

                Minimum
                  Shares:

              	
                 

                A
                  number of shares equal to (a) the Prepayment Amount divided
                  by
                  (b) *% of the Hedge Period Reference Price.

              
	
                 

                Maximum
                  Shares:

              	
                 

                A
                  number of shares equal to (a) the Prepayment Amount divided
                  by
                  (b) *% of the Hedge Period Reference Price.

              
	
                 

                Forward
                  Price Adjustment Amount:

              	
                 

                *%
                  of the Hedge Period Reference Price.

              
	
                 

                Ordinary
                  Dividend Amount:

              	
                 

                For
                  any calendar quarter, USD 0.395

              

      

       

      3. Counterparty
        represents and warrants to Dealer that neither it nor any “affiliated purchaser”
(as defined in Rule 10b-18 under the Exchange Act) has made any purchases
        of
        blocks pursuant to the proviso in Rule 10b-18(b)(4) under the Exchange Act
        during the four full calendar weeks immediately preceding the Trade
        Date.

       

      An
        [*] represents confidential information
        that has been omitted and filed separately with the Securities and Exchange
        Commission.

      
        
          
          

        

        
          A-1

          
            

          

        

        
          
          

        

      

       

       

      Counterparty
        hereby agrees (a) to check this Supplemental Confirmation carefully and
        immediately upon receipt so that errors or discrepancies can be promptly
        identified and rectified and (b) to confirm that the foregoing (in the
        exact form provided by Dealer) correctly sets forth the terms of the agreement
        between Dealer and Counterparty with respect to this Transaction, by manually
        signing this Supplemental Confirmation or this page hereof as evidence of
        agreement to such terms and providing the other information requested
        herein.

       

      

       

      Yours
        sincerely,

       

      

       

      CITIBANK,
        N.A.

       

      By:  /s/ Jason
        Shrednick                                          

      Authorized
        Signatory

       

      Agreed
        and Accepted By:

       

      LINCOLN
        NATIONAL CORPORATION

      By:  /s/  Frederick
        J.
        Crawford                                  

      Name:
        Frederick Crawford

      Title:
        Senior Vice President and 

      Chief
        Financial Officer

       

      

       

      

      
        
          
            An
              [*] represents confidential information that has been omitted and filed
              separately with the Securities and Exchange
              Commission.

          

          
          

        

        
          A-2

          
            

          

        

        
          
          

          
          

        

      

      SCHEDULE
        B

      TRADE
        NOTIFICATION

      
        	
                 

                To:

              	
                 

                Lincoln
                  National Corporation

                1500
                  Market Street, Suite 3900

                Philadelphia,
                  Pennsylvania 19102-2112

              
	
                 

                From:

              	
                 

                Citibank,
                  N.A.

                390
                  Greenwich Street

                New
                  York, NY 10013

              
	
                 

                Re:

              	
                 

                Prepaid
                  Enhanced VWAP Repurchase Transaction

              
	
                 

                Date:

              	
                 

                March
                  16, 2007

              

      

       

      
        
          

        

      

       

      The
        purpose of this Trade Notification is to notify you of certain terms in the
        Transaction entered into between Citibank N.A. (“Dealer”)
        and
Lincoln
        National Corporation (“Counterparty”)
        (together, the “Contracting
        Parties”)
        on the
        Trade Date specified below. 

       

      This
        Trade Notification supplements, forms part of, and is subject to the
        Supplemental Confirmation dated as of
        March 14, 2007 (the
        “Supplemental
        Confirmation”)
        between the Contracting Parties, as amended and supplemented from time to
        time.
        The Supplemental Confirmation is subject
        to the
        Master Confirmation dated as of March 14, 2007 (the “Master
        Confirmation”)
        between the Contracting Parties, as amended and supplemented from time to
        time.
All
        provisions contained in the Master Confirmation and the Supplemental
        Confirmation govern this Trade Notification
        except
        as expressly modified below.

       

      

      
        	
                 

                Trade
                  Date:

              	
                 

                March
                  14, 2007

              
	
                 

                Hedge
                  Completion Date:

              	
                 

                March
                  16, 2007

              
	
                 

                Hedge
                  Period Reference Price:

              	
                 

                USD
                  66.1024 

              
	
                 

                Forward
                  Price Adjustment Amount:

              	
                 

                *

              
	
                 

                Termination
                  Date:

              	
                 

                *

              
	
                 

                Acceleration
                  Period: 

              	
                 

                *

              
	
                 

                Minimum
                  Shares:

              	
                 

                *

              
	
                 

                Maximum
                  Shares:

              	
                 

                *

              

      

       

      CITIBANK,
        N.A.

       

      By:
         /s/
        Jason Shrednick

      Authorized
        Signatory

      

      

        An
          [*] represents confidential information that has been omitted and filed
          separately with the Securities and Exchange Commission. 

         

        B-1Exhibit 10.1

    

    

    March
      30,
      2007 

    

     

    Frank
      A.
      Martin

    I-TRAX,
      INC.

    40
      Burton
      Hills Boulevard, Suite 200 

    Nashville,
      TN 37215

    

    

    Dear
      Mr.
      Martin:

    

    Bank
      of
      America, N.A. has extended the availability period for your $14,000,000.00
      Line
      of Credit documented by the Promissory Note dated March 19, 2004 (including
      any
      previous amendments, the “Agreement”). The availability period shall now expire
      on April 1, 2008.

    

    This
      extension shall not constitute a commitment to extend the availability period
      of
      the Agreement beyond the date specified above. All other terms and conditions
      of
      the Agreement shall remain in full force and effect.

    

    I
      also
      want to take this opportunity to thank you for your business. I believe we
      can
      continue to provide your company with the same high level of customer service
      and expertise. 

    

    Please
      feel free to contact your Client Manager, Kirk Porter at (615)
      749-3137 if
      you
      have any questions.

    

    Bank
      of
      America, N.A.

    

    

    

    By:   /s/
      Paula Davis 

    Paula
      Davis, Officer

    Loan
      Administrator III

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