Document:

LNC's Executives' Severance Benefit Plan

 Exhibit 10(c) 
  
 LINCOLN NATIONAL CORPORATION 
 Executives’ Severance Benefit Plan 
 (As effective January 1, 2005) 
  
 Section 1. History, Plan Name and Effective Date.
Effective August 12, 1982, the Board of Directors (the “Board”) of Lincoln National Corporation (the “Corporation”) established the Lincoln National Corporation Executives’ Severance Benefit Plan (the
“Plan”). The following provisions constitute an amendment, restatement and continuation of the Plan, effective as of January 1, 2005. 
  
 Section 2. Purpose. The Corporation recognizes that the possibility of an unforeseen change of control is unsettling to its
executives and the executives of its Affiliates. Therefore, this Plan is established to provide financial reassurance to the executives determined to be eligible to participate in the Plan under Section 3 below, the “Executives.” Such
financial reassurance is necessary for the Corporation to continue to: (i) attract, recruit, and retain such Executives and assure their continuing dedication to their duties notwithstanding the threat or occurrence of a Change of Control (as
defined in Section 6 below); and (ii) enable the Executives, should the Corporation receive unsolicited proposals from third parties with respect to its future, to assess and advise the Board what action on those proposals would be in the best
interests of the Corporation, its shareholders and the policyholders and other customers of its Affiliates, and to take such action regarding those proposals as the Board might determine appropriate, without being influenced by the uncertainties of
their own financial situation; and (iii) demonstrate to the Executives of the Corporation and its Affiliates that the Corporation is concerned with the welfare of the Executives and intends to assure that loyal Executives are treated fairly; and
(iv) to ensure that the Executives are provided with compensation and benefits upon a Change of Control which meet the expectations of the Executives. 
  
 To the extent the Plan is subject to section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), the Plan shall be interpreted,
operated, and administered in accordance with Code section 409A. 
  
 Section 3. Executives Eligible to Participate. Eligibility to participate in the Plan shall be limited to the following categories of employees described in Sections 3(a) and 3(b) below. Participating employees
of the Corporation and its Affiliates are referred to as “Executives”: 
  
 (a) Senior Management Committee Members. Current members of the Corporation’s Senior Management Committee (including any successor committee or other body having substantially similar
responsibilities) (the “SMC”); and 
  
 (b) Other
Designated Employees. Additional employees designated by name to participate in the Plan by the Compensation Committee of the Board (the “Committee”), or recommended by the Chief Executive Officer of the Corporation (the
“CEO”) for approval by the Committee. A current list of the members of the SMC, and a list of the individuals described in Section 3(b), shall be maintained by the Plan Administrator, and kept on file with the Corporate Secretary.

 Section 4. Termination of Participation. Upon the termination of
participation in the Plan, the Executive shall thereafter not be entitled to any benefits under the Plan and all rights hereunder shall be forfeited. 
  
 (a) Termination Events. Subject to Section 4(b) below, the following events, if occurring before a Change of Control (as defined in Section
6), will result in the termination of an Executive’s participation in the Plan: (i) the date the Executive separates from service with the Corporation and its Affiliates, (ii) the date the Executive ceases to be an SMC member, or (iii) the date
that an Executive, whose participation in the Plan was by designation of the CEO and approval of the Committee, has his or her name removed from such list. 
  
 With respect to Section (4)(a)(iii), the Committee must approve the removal of an individual from the list. 
  
 (b) Deemed Participation. Notwithstanding the foregoing, an
Executive whose termination of participation in the Plan, as described above, occurs within the six (6) month period before a Change of Control, shall be deemed to have been a participant in the Plan on the date of the Change of Control and is
entitled to all the benefits provided under this Plan. 
  
 Section 5. Amount of Severance Benefit. The amount of the severance benefit paid under this Plan shall be (A) in the case of the CEO, an amount equal to three (3) times the CEO’s highest annual rate of base
salary during the 12 month period immediately preceding the date that the CEO Separates from Service, plus three (3) times the CEO’s Target Bonus, and (B), in the case of all other Executives, an amount equal to two (2) times the
Executive’s highest annual rate of base salary during the 12 month period immediately preceding the date that the Executive Separates from Service, plus two (2) times the Target Bonus for such Executive. For purposes of this Plan, “Target
Bonus” equals the higher of: (a) the target annual incentive bonus approved for the CEO or Executive for the calendar year in which the CEO or Executive Separated from Service, or (b) the target annual incentive bonus approved for the CEO or
Executive for the year in which the Change of Control occurred. 
  
 Section 6. Change of Control. As used in this Plan, “Change of Control” means: 
  
 (a) The acquisition by any individual, entity or group (as defined in Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)) (a “Person”) of beneficial ownership (as defined in Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of (A) the then outstanding shares of common stock of the Corporation (the
“Outstanding Corporation Common Stock”) or (B) the combined voting power of the then outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the “Outstanding Corporation Voting
Securities”); provided, however, that the following acquisitions shall not constitute a Change of Control: (A) any acquisition directly from the Corporation other than an acquisition by virtue of the exercise of a conversion privilege,
(B) any acquisition by the Corporation, (C) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation, or any entity controlled by the Corporation, or (D) any acquisition by any entity or corporation
pursuant to a reorganization, 
  

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 merger or consolidation, if, following such reorganization, merger or consolidation, the conditions described in clauses
(A), (B) and (C) of subsection (c) of this Section 7 are satisfied; or 
  
 (b) Individuals who, as of the beginning of any period of two consecutive years, constitute the Board of Directors of the Corporation (the “Board”), cease for any reason to constitute at least a majority of the directors of the
Corporation; provided, however, that any individual becoming a director subsequent to the beginning of such period whose election, or nomination for election by the Corporation’s shareholders, was approved by a vote of at least
two-thirds of the Board at the beginning of such period, shall be considered as though such individual were a member of the Board as of the beginning of such period, but excluding, for this purpose, any such individual whose initial assumption of
office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents by or on
behalf of a Person other than the Board; or 
  
 (c) Consummation
of a reorganization, merger or consolidation of the Corporation, unless, following such reorganization, merger or consolidation, (A) more than sixty percent (60%) of, respectively, the then outstanding shares of common stock of the corporation
resulting from such reorganization, merger or consolidation and the combined voting power of the then outstanding voting securities of such corporation entitled to vote generally in the election of directors is immediately thereafter then
represented by the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities that were outstanding immediately prior to such reorganization, merger or consolidation in substantially the same proportions as the voting power
of the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities, as the case may be, among the holders thereof immediately prior to such reorganization, merger or consolidation, (B) no Person (excluding the Corporation, any
employee benefit plan or related trust of the Corporation, or such corporation resulting from such reorganization, merger or consolidation and any Person beneficially owning, immediately prior to such reorganization, merger or consolidation and,
directly or indirectly, twenty percent (20%) or more of the Outstanding Corporation Common Stock or Outstanding Corporation Voting Securities, as the case may be) beneficially owns, directly or indirectly, twenty percent (20%) or more of,
respectively, the then outstanding shares of common stock of the corporation resulting from such reorganization, merger or consolidation or the combined voting power of the then outstanding voting securities of such corporation entitled to vote
generally in the election of directors and (C) at least a majority of the members of the board of directors of the corporation resulting from such reorganization, merger or consolidation were members of the Board at the time of the execution of the
initial agreement providing for such reorganization, merger or consolidation; or 
  
 (d) Approval by the shareholders of the Corporation of (A) a complete liquidation or dissolution of the Corporation or (B) the sale or other disposition of all or substantially all of the assets of the Corporation,
other than to a corporation, with respect to which following such sale or other disposition (1) more than sixty percent (60%) of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then
outstanding voting securities of such corporation entitled to vote generally in the election of directors is immediately thereafter then represented by the Outstanding Corporation Common Stock and Outstanding Corporation Voting Securities that were
outstanding immediately prior to 
  

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 such sale or other disposition in substantially the same proportion as the voting power of the Outstanding Corporation
Common Stock and Outstanding Corporation Voting Securities, as the case may be, among the holders thereof immediately prior to such sale or other disposition, (2) no Person (excluding the Corporation and any employee benefit plan or related trust of
the Corporation, or such corporation and any Person beneficially owning, immediately prior to such sale or other disposition, directly or indirectly, twenty percent (20%) or more of the Outstanding Corporation Common Stock or Outstanding Corporation
Voting Securities, as the case may be) beneficially owns, directly or indirectly, twenty percent (20%) or more of, respectively, the then outstanding shares of common stock of such corporation and the combined voting power of the then outstanding
voting securities of such corporation entitled to vote generally in the election of directors and (3) at least a majority of the members of the board of directors of such corporation were members of the Board at the time of the execution of the
initial agreement or action of the Board providing for such sale or other disposition of assets of the Corporation. The closing of a transaction, as defined in the documents relating to, or as evidenced by a certificate of any state or federal
governmental authority in connection therewith, approval of which by the shareholders of the Corporation would constitute a Change of Control under this Section 6(d). 
  
 Section 7. Payment of Benefits. 
  
 (a) If within a three-year period commencing on the date of a Change of Control (the “Benefit Period”), (i) the
Corporation or any Affiliate terminates the employment of the Executive for any reason other than Cause (as defined in Section 7(b) below), death, or Total and Permanent Disability (as defined in Section 18(c) below), or (ii) the Executive
terminates his employment for Good Reason (as defined in Section 7(c) below), the amount of the severance benefit determined in accordance with Section 5 shall be paid as a cash lump sum within 30 calendar days of the date that the Executive
“Separates from Service.” An Executive who, pursuant to Section 4(b) above, is no longer an employee but is deemed to be a participant in the Plan on the date of the Change of Control and entitled to Plan benefits, shall be paid such lump
sum within 30 calendar days of the later of: (i) the date of the Change of Control, or (ii) the date the Executive “Separates from Service” within the meaning of Code Section 409A. 
  
 Notwithstanding the foregoing, distributions may not be made to a Key
Employee upon a Separation from Service before the date that is six months after the date of the Key Employee’s Separation from Service (or, if earlier, the date of death of the Key Employee). For this purpose, “Key Employee” means an
Executive treated as a “specified employee” under Code section 409A(a)(2)(B)(i), i.e., a key employee (as defined in Code section 416(i) without regard to paragraph (5) thereof) of a corporation any stock of which is publicly traded
on an established securities market or otherwise. 
  
 (b) The
Corporation may terminate an Executive for Cause during the Benefit Period. For purposes of this Plan, “Cause” means: 
  
 (i) conviction of a felony, or other fraudulent or willful misconduct materially and demonstrably injurious to the business or reputation
of the Corporation by the Executive; or 
  
 (ii)
the willful and continued failure of the Executive to perform substantially the Executive’s duties with the Corporation or one of its Affiliates (other than such 
  

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 failure resulting from incapacity due to physical or mental illness), after a written demand for
substantial performance is delivered to the Executive by the Board or the Chief Executive Officer of the Corporation which specifically identifies the manner in which the Board or Chief Executive Officer believes that the Executive has not
substantially performed his duties. 
  
 For purposes of this Section 7(b), no act
or omission to act, on the part of the Executive, shall be considered “willful” unless such act or omission is the result of the Executive’s bad faith or acting without reasonable belief that the Executive’s action or omission
was in the best interests of the Corporation. Any act based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of the Chief Executive Officer or a senior officer of the Corporation or based upon the
advice of counsel for the Corporation shall be conclusively presumed to have been taken by the Executive in good faith and in the best interests of the Corporation. An Executive shall not be deemed to have been terminated for Cause unless and until
there shall have been delivered to him a copy of a resolution duly adopted by the affirmative vote of not less than a majority of the entire membership of the Board at a meeting of the Board called and held for such purpose (after reasonable notice
to him and an opportunity for him, together with his counsel, to be heard before the Board), finding that in the good faith opinion of the Board the Executive was guilty of conduct set forth above in (i) or (ii) above and specifying the particulars
thereof in detail. 
  
 (c) The Executive’s employment may be
terminated for Good Reason during the Benefit Period. As used in this Plan, “Good Reason” means, without the Executive’s written consent: 
  
 (i) a change in the Executive’s status, positions or responsibilities (including reporting responsibilities) which is inconsistent in
any material and adverse respect with the Executive’s status, position or responsibilities as in effect prior to such change; 
  
 (ii) a reduction in the Executive’s base salary as in effect on the date she or he became a participant in the Plan, or as the same
may be increased from time to time during the term of the Executive’s participation in this Plan; 
  
 (iii) the relocation of the principal executive offices of the Corporation or any Affiliate, whichever entity on behalf of which the
Executive performs a principal function of that entity as part of his or her employment services, to a location more than fifty (50) miles from where it was, or the Corporation’s requiring the Executive to be based at any place other than the
location at which the Executive performed his or her duties before the Change of Control, except for required travel on the Corporation’s or any Affiliate’s business to an extent substantially consistent with the Executive’s business
travel obligations at the time of the Change of Control; 
  
 (iv) the failure to continue in effect this Plan, or to continue to provide the Executive all incentive, savings and retirement, bonus or other compensation plans, practices, policies or programs applicable generally
to other peer executives of the Corporation or any Affiliate, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive
opportunities, to the extent, if any, that such distinction 
  

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 is applicable), savings opportunities and retirement opportunities, in each case, less favorable in the
aggregate, than the most favorable of those provided by the Corporation and its Affiliates for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Change of
Control or if more favorable to the Executive, those provided generally at any time after the Change of Control to other peer executives of the Corporation and its Affiliates; 
  
 (v) the failure to continue to provide the Executive and/or the Executive’s family, as the case may be,
with benefits under welfare benefit plans, practices, policies and programs provided by the Corporation and any of its Affiliates (including, without limitation, medical, prescription, dental, disability, employee life, group life, accidental death
and travel accident plans and programs) to the extent applicable generally to other peer executives of the Corporations and its Affiliates, but in no event shall such plans, practices, policies and programs provide the Executive and/or the
Executive’s family, as the case may be, with benefits that are less favorable, in the aggregate, than the most favorable of such plans, practices, policies and programs in effect for the Executive at any time during the 120-day period
immediately preceding the Change of Control or, if more favorable to the Executive, those provided generally at any time after the Change of Control to other peer executives of the Corporation and its Affiliates; 
  
 (vi) the failure to provide or continue in effect benefits,
including, without limitation, paid vacations, tax and financial planning services, payment of club dues, and, if applicable, use of an automobile and payment of related expenses, in accordance with the most favorable plans, practices, policies and
programs of the Corporation and its Affiliates in effect for the Executive at any time during the 120-day period immediately preceding the Change of Control or, if more favorable to the Executive, as in effect generally at any time thereafter with
respect to other peer executives of the Corporation and its Affiliates; 
  
 (vii) the failure of any successor or assign of the Corporation to assume and expressly agree to perform the obligations under this Plan in the same manner and to the same extent that the Corporation would be required
to perform it if no such succession had taken place; 
  
 (viii) any purported termination of the Executive’s employment which is not effected pursuant to a Notice of Termination (as defined in Section 7(d) below) and a resolution satisfying the requirements of Section 7(b) above; and for
purposes of this Plan, no such purported termination shall be effective; or 
  
 (ix) any request by the Corporation or any Affiliate that the Executive participate in an unlawful act. 
  
 Anything in this Plan to the contrary notwithstanding, a termination of employment by the CEO for any reason during the Benefit Period shall be deemed to be a termination
for Good Reason for all purposes of this Plan. 
  
 (d) Any
termination by the Corporation for Cause, or by the Executive for Good Reason, shall be communicated by Notice of Termination to the other party given by hand 
  

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 delivery, registered or certified mail, return receipt requested, postage prepaid, to the last known home address of the
Executive or to the address of the principal office of the Corporation, copy to the General Counsel. For purposes of this Plan, a “Notice of Termination” means a written notice which (i) indicates the specific termination provision relied
upon, (ii) to the extent applicable, sets forth in reasonable detail the facts and circumstances claimed to provide a basis for termination of the Executive’s employment under the provision so indicated and (iii) if the date of termination is
other than the date of receipt of such notice, specifies the termination date (which date shall be not more than thirty (30) days after the giving of such notice). The failure by the Executive or the Corporation to set forth in the Notice of
Termination any fact or circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of the Executive or the Corporation, respectively, hereunder, or preclude the Executive or the Corporation, respectively, from
asserting such fact or circumstance in enforcing the Executive’s or the Corporation’s rights hereunder. 
  
 Section 8. Other Plans. In the event benefits are payable to an Executive in accordance with Section 7(a), 
  
 (i) the Executive shall be paid (A) for each completed
performance period, all amounts due to the Executive under any annual or long-term performance cycle incentive plans of the Corporation or any Affiliate (or successor plans) in which the Executive participated immediately before his or her
Separation from Service, as provided in any such plan, and (B) for each performance period in progress, any award amount shall be pro-rated to the date of the Executive’s Separation of Service based on the greater of actual results through the
most recently completed fiscal quarter or the targeted amount through such quarter; 
  
 (ii) the Executive’s benefits, if any, under the terms of all excess benefit plans (as defined in Section 3(36) of ERISA) and
supplemental retirement plans maintained by the Corporation or any Affiliate shall immediately vest and be payable as provided in those plans (and for benefit accrual purposes only additional years of service as follows: three (3) additional years
for the CEO, and two (2) additional years for all other Executives); 
  
 (iii) the Executive shall be reimbursed for any COBRA premiums the Executive shall have paid after his employment is terminated for continuation of coverage under benefit plans maintained by the Corporation or any
Affiliate; and for purposes of determining eligibility for retiree medical and dental coverage, the Executive’s service shall include the period for which severance pay would be payable to an eligible employee under the Corporation’s
broad-based severance plan; 
  
 (iv) the
Executive shall be entitled to outplacement services, the scope and provider of which shall be selected by the Executive in his sole discretion, at the sole expense of the Corporation as incurred to a maximum of 15% of the Executive’s highest
annual rate of base salary during the 12 month period immediately preceding the Executive’s termination of employment; and 
  

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 (v) the Executive’s rights under any other benefit plan maintained by the
Corporation or any Affiliate (or successor) shall be governed by the terms of that plan as in effect on the day immediately preceding the Change of Control. 
  
 Section 9. Certain Additional Payments by the Corporation. 
  
 (a) Anything in this Plan to the contrary notwithstanding, in the event it shall be determined that any payment or
distribution by the Corporation to or for the benefit of the Executive (whether paid or payable or distributed or distributable pursuant to the terms of this Plan or otherwise, but determined without regard to any additional payments required under
this Section 9) (a “Payment”) would be subject to the excise tax imposed by Section 4999 of the Code or any interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such
interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then the Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by the
Executive of all taxes (including any interest or penalties imposed with respect to such taxes), including without limitation, any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up
Payment, the Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing provisions of this Section 9(a), if it shall be determined that an Executive would otherwise be
entitled to a Gross-Up Payment, but that the Payments otherwise payable would not be subject to the Excise Tax if such Payments were reduced by an amount that is less than 10% of the portion of such Payments that would be treated as “parachute
payments” under Section 280G of the Code, then the amounts payable to the Executive under this Plan shall be reduced (but not below zero) to the maximum amount that could be paid to the Executive without giving rise to the Excise Tax (the
“Safe Harbor Cap”), and no Gross-Up Payment shall be made to the Executive. Initially, the reduction shall result in a decrease in the payments under Section 5, unless an alternative method of reduction is elected by the Executive. For
purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable under this Plan (and no other Payments) shall be reduced. If the reduction of the amounts payable hereunder would not result in a reduction of the Payments to the Safe
Harbor Cap, no amounts payable under this Plan shall be reduced pursuant to this provision. 
  
 (b) Subject to the provisions of Section 9(c), all determinations required to be made under this Section 9, including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment, the
reduction of Payments to reach the Safe Harbor Cap, and the assumptions to be utilized in arriving at such determination, shall be made by Ernst & Young or such other nationally recognized certified public accounting firm as may be designated by
the Executive (the “Accounting Firm”) which shall provide detailed supporting calculations both to the Corporation and the Executive within a reasonable period of time beginning with the Accounting Firm’s the receipt of notice from
the Executive that there has been a Payment, or such earlier time as is requested by the Corporation or the Executive. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change
of Control or the Corporation, the Executive shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder). All fees and
expenses of the Accounting Firm shall be borne solely by the Corporation. Any Gross-Up Payment, as 
  

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 determined pursuant to this Section 9, shall be paid by the Corporation to the Executive as soon as administratively
practicable after receipt of the Accounting Firm’s determination, but in no event sooner than benefits are paid to the Executive generally under Section 7(a). If the Accounting Firm determines that no Excise Tax is payable by the Executive, it
shall furnish the Executive with a written opinion that the Executive will not incur a negligence or similar penalty for failure to report any Excise Tax on the Executive’s applicable federal income tax return. Any determination by the
Accounting Firm shall be binding upon the Corporation and the Executive. In the event that the Corporation exhausts its remedies pursuant to Section 9(c) below and the Executive thereafter is required to make a payment of any Excise Tax, the
Accounting Firm shall determine the amount of the Underpayment that has occurred and any such Underpayment shall be promptly paid by the Corporation to or for the benefit of the Executive. 
  
 (c) The Executive shall notify the Corporation in writing of any claim by the
Internal Revenue Service that, if successful, would require the payment by the Corporation of the Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business days after the Executive is informed in
writing of such claim and shall apprise the Corporation of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim prior to the expiration of the 30-day period following the date on
which it gave such notice to the Corporation (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Corporation notifies the Executive in writing prior to the expiration of such period that it
desires to contest such claim, the Executive shall: 
  
 (i) give the Corporation any information reasonably requested by the Corporation relating to such claim, 
  
 (ii) take such action in connection with contesting such claim as the Corporation shall reasonably request in writing from time to time,
including; without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Corporation, 
  
 (iii) cooperate with the Corporation in good faith to contest such claim, and 
  
 (iv) permit the Corporation to participate in any
proceedings relating to such claim, 
  
 provided, however, that the
Corporation shall bear and pay directly all costs and expenses (including additional interest, deemed interest with respect to interest-free advances, and penalties) incurred in connection with such contest and shall indemnify and hold the Executive
harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. Without limitation on the foregoing provisions of
this Section 9(c), the Corporation shall control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings and conferences with the taxing authority
in respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination
before any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, 
  

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 as the Corporation shall determine; provided, however, that if the Corporation directs the Executive to pay such
claim and sue for a refund, the Corporation shall advance the amount of such payment to the Executive, on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis, from any Excise Tax or income tax (including
interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute of limitations relating to payment of taxes
for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Corporation’s control of the contest shall be limited to issues with respect to
which a Gross-Up Payment would be payable hereunder and the Executive shall be entitled to settle or contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
  
 (d) If, after the receipt by the Executive of an amount advanced by the
Corporation pursuant to Section 9(c), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Corporation’s complying with the requirements of Section 9(c)) promptly pay to the
Corporation the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Corporation pursuant to Section 9(c), a determination is
made that the Executive shall not be entitled to any refund with respect to such claim and the Corporation does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after such
determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
  
 Section 10. Reimbursement of Legal Fees. The
Corporation shall pay directly or reimburse an Executive (at the Executive’s option) for any and all legal fees and expenses incurred by such Executive relating to the enforcement or enforceability of any obligations of the Corporation and its
Affiliates under the Plan or relating to enjoining the Board from amending the Plan in a manner which is inconsistent with Section 14; provided, however, that an Executive shall be required to repay any such amounts to the Corporation to the extent
that a court issues a final and non-appealable order setting forth the determination that the position taken by the Executive was frivolous or advanced by the Executive in bad faith. 
  
 Section 11. Confidential Information. Each Executive who receives a severance benefit under this
Plan agrees to retain in confidence any secret or confidential information known to him relating to the Corporation, its Affiliates and their respective businesses, which shall have been obtained by the Executive during his employment by the
Corporation or any of its Affiliates and shall not be or become public knowledge (other than by acts of the Executive or a representative of the Executive in violation of this Plan). After termination of the Executive’s employment with the
Corporation or any of its Affiliates, the Executive shall not, without prior written consent of the Corporation or as may otherwise be required by law or legal process, communicate or divulge any such information, knowledge or data to anyone other
than the Corporation and those designated by it. In no event shall a violation or an asserted violation of the provisions of this Section 11 constitute a basis for deferring or withholding any amounts otherwise payable to the Executive under this
Plan. 
  

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 Section 12. Right or Title to Funds. In the event of a Change of Control, the
Corporation shall immediately set aside, earmark, and contribute to a trust sufficient funds in cash to pay for any obligations it may have under this Plan as determined by the Accounting Firm, including no less than $5,000,000.00 to satisfy any
obligation of the Corporation under Section 10, to a Grantor Trust within the meaning of subpart E, part I, subchapter J, chapter 1, subtitle A of the Code. An Executive, and any successor in interest to such Executive, shall be and remain a general
creditor of the Corporation with respect to any promises to pay under this Plan in the same manner as any other creditor who has a general claim for an unpaid liability, provided, however, that the Executive shall have such rights against
assets held in the Grantor Trust that are provided in such Grantor Trust agreement. The Corporation shall not make any loans or extend credit to an Executive that will be offset by benefits payable under this Plan. 
  
 Section 13. Binding Plan. The obligations under
this Plan shall be binding upon and inure to the benefit of an Executive, his or her beneficiary or estate, the Corporation and any successor to the Corporation. 
  
 Section 14. Amendment, Suspension or Termination of Plan. This Plan may be amended at any time
and from time to time by and on behalf of the Corporation by the Board, but no amendment shall operate to give the Executive, either directly or indirectly, any interest whatsoever in any funds or assets of the Corporation, except the right upon
fulfillment of all terms and conditions hereof, as such terms and conditions may be amended, to receive the payments herein provided. No amendment, suspension or termination of this Plan shall operate in any way to reduce, diminish, or adversely
affect any of the benefits provided to any Executive if such amendment, suspension or termination (i) arose by action of the Corporation in connection with or anticipation of a Change of Control, (ii) occurs coincident with a Change of Control, or
(iii) occurs after a Change of Control has occurred. Any such amendment, suspension, or termination that occurs within the six (6) month period before a Change of Control is presumed to have been in anticipation of such Change of Control.

  
 Section 15. Plan Administrator.
The Plan shall be administered by the Benefits Administrator. The Benefits Administrator shall be the Corporation’s Vice President, Benefits and Human Resources Administrative Services, unless and until the Board appoints a successor. The
Benefits Administrator shall have full authority to interpret the Plan, resolve issues pertaining to Plan eligibility, determine benefits payable under the Plan, and take whatever actions are, in the sole discretion of the Benefits Administrator,
necessary to or desirable for such administration, including, but not limited to: (a) establishing administrative rules consistent with the provisions of the Plan, (b) delegating the responsibilities of the Benefits Administrator to other persons,
and (c) retaining the services of lawyers, accountants, or other third parties to assist with the administration of the Plan. 
  
 Section 16. No Effect on Employment. This Plan shall supplement and shall neither supersede any other contract of employment,
whether oral or in writing, between the Executive and the Corporation or any Affiliate, nor affect or impair the rights and obligations of the Executive and the Corporation or any Affiliate, respectively, thereunder; and nothing contained herein
shall impose any obligation on the Corporation or Affiliate to continue the employment of the Executive. 
  

 - 11 - 

 Section 17. No Waiver. Neither the failure nor the delay on the part of the
Executive in exercising any right, power or privilege hereunder shall operate as a waiver of such right, nor shall any single or partial exercise of any such right, power or privilege preclude any further exercise thereof or the exercise of any
other right, power or privilege hereunder. No remedy conferred hereunder is intended to be exclusive of any other remedy and each shall be cumulative and shall be in addition to every other remedy now or hereafter existing at law or in equity.

  
 Section 18. Definitions and Rules of
Construction. Except where the context clearly indicates to the contrary, the following terms have the meanings specified: 
  
 (a) “Affiliate” means any corporation that directly or indirectly controls or is controlled by or is under common control with the Corporation.
For purposes of this definition control means the power to direct or cause the direction of the management and policies of a corporation through the ownership of voting securities. 
  
 (b) “Separation from Service” means a separation from service with the Corporation and its Affiliates as that term
shall be defined in Code Section 409A and the rules and regulations promulgated thereunder. 
  
 (c) “Total and Permanent Disability” means the inability of the Executive to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or which can be expected to last for a continuous period of not less than 12 months. The determination as to whether an Executive is totally and permanently disabled shall be made by a physician selected by the
Corporation or its insurers and acceptable to the Executive or the Executive’s legal representative. 
  
 (d) This Plan may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one
instrument. 
  
 (e) The headings in this Plan are for purposes of
reference only and shall not limit or otherwise affect any of the terms hereof. 
  

 - 12 -Stock Option Plan (including form of option agreement)

 Exhibit 10(d) 
  
 AMENDMENT NO. 1 
 TO THE 
 DELAWARE INVESTMENTS U.S., INC. 
 STOCK OPTION PLAN 
 Effective December 30, 2004 
  
 This Amendment, made pursuant to Section 8(e) of the Delaware Investments
U.S., Inc. Stock Option Plan, Effective January 1, 2001 (the “Plan”), and approved by the Compensation Committee of the Board of Directors of Lincoln National Corporation by unanimous written consent on April 12, 2005, amends the Plan
effective as of the 30th day of December, 2004. 
  
 The Plan is amended as follows: 
  

	1.	Section 4(d) of the Plan is amended in its entirety to read as follows: 

  
 “(d) Call Feature. Upon a Stock holder’s termination of employment with the Corporation and all its affiliates, the Corporation
or, if directed by the Committee, DIUS will call all shares of Stock held by the Stock holder as of his termination of employment. In addition, the Committee may, in its sole discretion, require the Corporation or DIUS to call shares of Stock.
Subject to the following sentence, called Shares will be reacquired by the Corporation or DIUS as soon as practicable after the call for an amount per share equal to (1) the Fair Market Value of a share as of the Valuation Date preceding the date of
the call if the call occurs before the expiration of the period after the Valuation Date during which the shares may be put to the Corporation or DIUS (in accordance with Section 4(e) below), or (2) the Fair Market Value of a share as of the
Valuation Date following the date of the call if the call occurs after the expiration of the period after the preceding Valuation Date during which the shares may be put to the Corporation or DIUS (in accordance with Section 4(e) below). However, in
the case of a share acquired as the result of the exercise of an Option occurring prior to April 12, 2005, the Corporation or DIUS will pay to such shareowner the Fair Market Value of such share determined under (1) or (2) above, less $13.31.
Notwithstanding the foregoing, (1) shares that have been held for six months or less as of the date of a call will not be called as of that date, but will be called on the date as of which the Stock holder has held the shares for six months and one
day for an amount equal to the amount determined in accordance with the preceding sentence, and (2) the Corporation or DIUS may, in the sole discretion of the Committee, delay calling shares held by a Stock holder for less than one year until the
day after the first anniversary of the date on which the Stock holder acquired such shares, in which case the shares will be reacquired by the Corporation or DIUS for an amount determined in accordance with the preceding sentence. Shares called
other than upon termination of employment will be called from each holder of Stock in proportion to the holder’s total Stock holdings. In the event that a change of control of the Corporation or DIUS occurs within one year after shares
are called from Stock holder, other than shares that are called as a result of the Stock holder’s termination of employment, the Stock holder will receive a payment equal to the excess of the Change of Control Price over the amount paid for a
share pursuant to the call, multiplied by the number of shares called from the Stock holder.” 

	2.	Section 4(e) of the Plan is amended in its entirety to read as follows: 

  
 “(e) Put Option. An individual who has acquired shares upon the exercise of an Option and has held those shares for more than six months may
put the shares back to the Corporation. Shares may be put to the Corporation only during the sixty-day period beginning on the date on which valuation results are communicated to Stock holders, and the Corporation will pay to the shareholder the
Fair Market Value determined as of the immediately preceding Valuation Date. Notwithstanding the foregoing, in the case of a share acquired as the result of the exercise of an Option occurring prior to April 12, 2005, the Corporation or DIUS will
pay to such shareowner the Fair Market Value of such share determined as described above, less $13.31. At the Corporation’s sole discretion, the amount the Corporation is required to pay pursuant to the preceding sentence may be paid in (i)
cash, (ii) a promissory note (in substantially the form of the note attached hereto as Appendix B) that requires payment over a period not to exceed five years with interest each year at a rate equal to the rate paid on Treasury notes of similar
term and similar subordination plus the increment over that rate paid on borrowings of similar term and similar subordination by Lincoln with such note to be guaranteed by Lincoln (with a guaranty in substantially the form of the agreement attached
hereto as Appendix C), (iii) freely tradable shares of common stock of Lincoln having a market value on the date of transfer to the employee equal to the amount payable to the employee, or (iv) any combination of (i) and (ii) or (i) and (iii).”

  

	3.	Appendix A of the Plan is amended in its entirety to read as follows: 

  
 “APPENDIX A 
  
 Market Transaction Approach to Valuation 
  
 General 
  
 The Market Transaction Approach is a “top down” approach to business valuation that involves valuing a company based on the market valuation of
entire companies that have been sold or the prices at which significant interests in companies have been transacted. Although each business entity may be regarded as a unique income producing enterprise, the fair market value of DIUS can be
estimated by multiplying valuation benchmark figures by the median multiples derived using actual transaction prices paid for similar investment management companies. 
  

 2 

 Application 
  
 To estimate the respective fair market value of DIUS, an independent valuation firm will consider three commonly applied valuation benchmarks in the asset
management industry: price to assets under management (“AUM”); price to revenues; and, price to earnings before interest, taxes, depreciation, and amortization (“EBITDA”). The sub-advised assets will be valued separately
from the advised assets, and the independent valuation firm may, in its judgment, apply different median multiples to the sub-advised assets than those used for the advised assets. 
  
 For purposes of the Plan, the independent valuation firm will consistently apply the following weightings to the valuation
benchmark figures, multiplied by the appropriate multiple, to arrive at estimates of fair market value for DIUS: 
  

				
	 Benchmark

	  	Weighting

	 
	 Price to AUM
	  	40.0	%
	 Price to Revenue
	  	20.0	%
	 Price to EBITDA
	  	40.0	%

  
 Advantages

  

	•	 	Over time, semiannual updates of the Market Transaction Database will reflect changes in the valuation multiples paid for investment management companies 

 

	•	 	Most weight given to valuation benchmarks displaying least variability, mitigating the potential for unreasonable estimates of value 

  

	•	 	Consideration given to all commonly used valuation benchmarks used to price asset management businesses 

  

	•	 	Use of more than one benchmark multiple reduces volatility from market trends and dilutes impact of pricing anomalies (e.g. recent premia paid by foreign buyers)

  

	•	 	No required adjustments for discounts/premia as all information impounded into market data 

  

	•	 	Adds a degree of certainty and stability to valuation updates 

  

 3 

 Fair Market Value Determinations in the Event of Certain Business Transactions 
  

	A.	In the event of a sale transaction in which any material source of revenues within the business of DIUS is not included in the sale, an appropriate adjustment should be made by the
appraiser using a methodology consistent with those used in prior valuations. 

  

	B.	In the event of a “Change of Control” of Lincoln, the Fair Market Value of DIUS shall be calculated in a manner that will take into account an allocable portion of any
control premium associated with the Change of Control of Lincoln. The control premium percentage to be used for this purpose will be calculated by comparing the average of the closing price of LNC stock for the 90-day period preceding the
announcement of such Change of Control with the actual Change of Control purchase price. The announcement date to be used will be the date of the initial announcement which precipitates the change of control. The Change of Control premium percentage
so computed will be applied to the Fair Market Value of DIUS for the valuation applicable to the Lincoln Change of Control date. 

  
 Committee/Appraiser Coordination 
  
 In the event of any corporate transaction or any other event which the appraiser reasonably believes should, in order to provide consistency and fairness,
result in an adjustment to the Fair Market Value or in an adjustment to the exercise price, grant price, number of options or shares or other feature of the plan, the appraiser shall consult with and coordinate with the Committee (see Section 8(c)
of the Plan) to determine what adjustments are appropriate and that those adjustments are correctly and consistently applied.” 
  

 4 

 Exhibit B 
  

to the Unanimous Consent 
 of the
Compensation Committee 
 of the Lincoln National Corporation Board of Directors 
  
 Nonqualified Stock Option Agreement 
 Under the Delaware Investments U.S., Inc. Stock Option Plan 
  

This Nonqualified Stock Option Agreement (the “Agreement”) evidences the terms of the grant by Delaware Investments U.S., Inc. (“DIUS”) of a
Nonqualified Stock Option (the “Option”) to
                                       
                      (“Grantee”) on April 12, 2005 (the “Date of Grant”), and Grantee’s acceptance of the
Option under the Delaware Investments U.S., Inc. Stock Option Plan (the “Plan”) and this Agreement. DIUS and Grantee agree as follows: 
  
 1. Shares Optioned and Option Price 
  
 Grantee shall have an Option to purchase                     
shares of common stock of DIUS (the “Shares”). The exercise price for each share shall be the Fair Market Value of a share of Stock as determined as of the most recent Valuation Date (December 31, 2004). 
  
 2. Vesting Dates 
  
 The Option shall be forfeited upon Grantee’s termination of employment except as provided below. During Grantee’s employment, the
Option shall vest as follows: 
  
              Shares on April 12, 2006; 
  
              Shares on April 12, 2007; 
  
              Shares on April 12, 2008; 
  
              Shares on April 12, 2009. 
  
 In addition, unvested Options shall be deemed vested as of: 
  

	(a)	the date of Grantee’s death; 

  

	(b)	the date of Grantee’s termination of employment as a result of Retirement or Total Disability (as defined below); 

  

	(c)	the date of Grantee’s involuntary termination of employment with Delaware Management Holdings, Inc. (“Delaware”) and all subsidiaries, other than for Cause (as
defined below), provided, however, that (i) the sale or disposition of the business that includes Grantee’s employment will not in and of itself be considered to give rise to the Grantee’s termination of employment, but a termination of
employment will occur when Grantee ceases to have any employment relationship with Delaware and all subsidiaries and with the purchaser of the business that includes Grantee’s employment and (ii) vesting under 

  

 5 

 this Paragraph 2(c) is contingent upon Grantee’s executing an Agreement, Waiver and General Release,
in form and substance satisfactory to Delaware, in connection with such termination of employment, in which case the Options shall vest on the later of the date of such involuntary termination of employment and the date such agreement shall have
become effective; or 
  

	(d)	the date of a Change of Control of Lincoln National Corporation (“LNC”) as defined in the Plan. 

  
 “Retirement” means Grantee’s termination of employment after the attainment of age 65 (or some earlier age that reflects
retirement as defined by Grantee’s employer).  
  
 “Total
Disability” means a disability which results in Grantee being unable to engage in any occupation or employment for wage or profit for which Grantee is, or becomes, reasonably qualified by training, education or experience. In addition, the
disability must have lasted six months, be expected to continue for an additional six months or longer, or to result in death. The Secretary of Delaware (“Secretary”) determines whether Grantee’s employment terminated on account of
Total Disability. 
  
 “Cause” means (as determined by Delaware in its
sole discretion): (1) a conviction of a felony, or other fraudulent or willful misconduct by Grantee that is materially and demonstrably injurious to the business or reputation of Delaware or DIUS, or (2) the willful and continued failure of Grantee
to substantially perform Grantee’s duties with Delaware or DIUS or a subsidiary (other than such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to Grantee by
Grantee’s manager which specifically identifies the manner in which the manager believes that Grantee has not substantially performed Grantee’s duties. 
  
 3. Exercise Period 
  
 Grantee may exercise all or part of the Option for vested Shares on any Delaware business day at Delaware’s executive offices until the first to occur of:

  

	(a)	the tenth anniversary of the Date of Grant; 

  

	(b)	the first anniversary of the date of Grantee’s termination of employment with Delaware and all subsidiaries and affiliates on account of death or Total Disability;

  

	(c)	the fifth anniversary of Grantee’s Retirement; 

  

	(d)	the date three months after Grantee’s involuntary termination of employment with Delaware and all subsidiaries and affiliates (other than a termination on account of fraud or
other fidelity crimes), including the sale or disposition of the business that includes Grantee’s employment; or 

  

	(e)	the date that Grantee’s employment with Delaware and all subsidiaries and affiliates terminates for any reason other than those described in (b), (c), or (d) of this paragraph.

  

 6 

 Delaware shall determine what constitutes “termination of employment.” 
  
 4. Exercise 
  
 During the Exercise Period, all or part of the Option which has not been exercised may be exercised by delivering or mailing to the
Secretary written notice of the exercise in the form specified by the Secretary, along with full payment of the exercise price and the certification described in paragraph 7 below. The payment may be in any combination of cash (including by wire or
other electronic fund transfer), personal check or Shares, provided, however, that (a) payment may be made in Shares only if (i) the Option is exercised and the Shares are surrendered during a period in which Grantee would be entitled to put the
shares to Delaware or DIAL Holding in accordance with paragraph 6(c) below, and (ii) the Shares have been owned for more than six months, and (b) the value of the Shares surrendered will be the Fair Market Value (as defined in the Plan) of the
Shares as of the immediately preceding Valuation Date (as defined in the Plan). The exercise will be effective on the date described in the notice. 
  
 5. Transfer of Shares Upon Exercise 
  
 As soon as practicable after the exercise date, the Secretary shall cause the appropriate number of Shares to be issued to Grantee. The Secretary shall not issue Shares
until any required tax withholding payments are made by Grantee. Delaware may permit Grantee to surrender Shares to satisfy tax withholding obligations of Grantee. 
  
 6. Transferability 
  
 Shares issued pursuant to an Option are subject to the following conditions: 
  

	(a)	No rights under this Agreement may be transferred except by will or the laws of descent and distribution. The rights under this Agreement may be exercised during the lifetime of
Grantee only by Grantee. After Grantee’s death, the Option may be exercised by the person or persons to whom the Option was transferred by will or the laws of descent or distribution. 

  

	(b)	Upon Grantee’s termination of employment with Delaware and its subsidiaries and affiliates, Delaware or, if so directed by the Committee, DIUS will, subject to the
provisions of the Plan, call all Shares held by Grantee as of his termination of employment. In addition, the Committee may, in its sole discretion and in accordance with the terms of the Plan, require Delaware or DIUS to call Shares. Called Shares
will be reacquired by Delaware or DIUS as soon as practicable after the call for an amount per share equal to (1) the Fair Market Value of a Share as of the Valuation Date preceding the date of the call if the call occurs before the expiration of
the period after the Valuation Date during which the Shares may be put to Delaware (as described in Paragraph 6(c) below) or (2) the Fair Market Value of a share as of the Valuation Date following the date of the call if the call occurs after the
expiration of the period after the preceding Valuation Date during which the Shares may be put to Delaware (as described in Paragraph 6(c) below). Notwithstanding the foregoing, if so directed by LNC, (1) 

  

 7 

 Delaware or DIUS may delay calling shares that have been held for six months or less until the date as of
which Grantee has held the Shares for six months and one day for an amount equal to the amount determined in accordance with the preceding sentence, and (2) Delaware may delay calling Shares held by Grantee for less than one year until the day after
the first anniversary of the date on which Grantee acquired such Shares, in which case the Shares will be reacquired by Delaware or DIUS for an amount determined in accordance with the preceding sentence. Shares called other than upon termination of
employment will be called from each holder of Shares in proportion to the holder’s total Share holdings. In the event that a change of control of Delaware or DIUS occurs within one year after Shares are called from Grantee, other than
Shares that are called as a result of Grantee’s termination of employment, Grantee will receive a payment equal to the excess of the Change of Control Price (as defined in the Plan) over the amount paid for a Share pursuant to the call,
multiplied by the number of Shares called from Grantee. In the event that a change of control of DIUS occurs in connection with a change of control of Delaware in which the Change of Control Price is set in a manner that does not indicate a specific
Change of Control Price for DIUS, the Change of Control Price for DIUS will be equal to (i) the aggregate Change of Control Price for Delaware, (ii) multiplied by a fraction, the numerator of which equals the aggregate Fair Market Value of all
shares of stock of DIUS, and the denominator of which equals the aggregate Fair Market Value of all shares of all classes of stock of DIUS plus the aggregate Fair Market Value of all shares of stock of DIAL Holding Company, Inc., and (iii) divided
by the number of outstanding shares of DIUS. 
  

	(c)	If Grantee has acquired Shares upon the exercise of an Option and has held those Shares for more than six months may, Grantee may put the shares back to Delaware (although the
Committee may direct that DIUS repurchase the put Shares). Shares may be put only during the sixty-day period beginning on a date on which valuation results are first communicated to Grantee, and Grantee will be paid the Fair Market Value determined
as of the immediately preceding Valuation Date. At Delaware’s sole discretion, the amount Delaware is required to pay pursuant to the preceding sentence may be paid in (i) cash, (ii) a promissory note requiring payment over a period not to
exceed five years with interest each year at a rate equal to the rate paid on Treasury notes of similar term plus the increment over that rate paid on borrowings of similar term and similar subordination by LNC with such note to be guaranteed by
LNC, (iii) readily tradable shares of common stock of LNC having a market value on the date of transfer to Grantee equal to the amount payable to Grantee, or (iv) any combination of (i) and (ii) or (i) and (iii). 

  
 7. Consequences of Competitive Activity or Violation of Confidences 

 
 The grant and exercise of this Option are subject to the following requirements:

  

	(a)	Grantee may not render services for any organization or engage directly or indirectly in any business that, in the sole judgment of the Chief Executive Officer of Delaware or other
senior officer designated by the Compensation Committee of the LNC Board of Directors, is or becomes competitive with Delaware or LNC. If Grantee has terminated employment, Grantee shall be free, however, to purchase, as an investment or otherwise,
stock or other securities of such organization or business so long as they are listed upon a recognized securities exchange or traded over-the-counter and such investment does not represent a greater than five percent equity interest in the
organization or business. 

  

 8 

	(b)	Grantee shall not, without prior written authorization from Delaware or LNC, disclose to anyone outside of Delaware or LNC, or use in other than Delaware’s or LNC’s
business, any confidential information or material relating to the business of Delaware or LNC that is acquired by Grantee either during or after employment with Delaware or LNC. 

  

	(c)	Grantee shall disclose promptly and assign to Delaware or LNC all right, title, and interest in any invention or idea, patentable or not, made or conceived by Grantee during
employment by Delaware or LNC, relating in any manner to the actual or anticipated business, research or development work of Delaware or LNC and shall do anything reasonably necessary to enable Delaware or LNC to secure a patent where appropriate in
the United States and in foreign countries. 

  

	(d)	Upon exercise of the Option, Grantee shall certify compliance with the terms and conditions in this paragraph 7. Failure to comply with this paragraph at any time prior to, or
during the six months after any exercise of this Option, shall cause such Option and any related exercise to be rescinded. Delaware or LNC must notify Grantee in writing of any such rescission. Delaware or LNC, in its discretion, may waive
compliance in whole or part in any individual case. Within ten days after receiving a rescission notice from Delaware or LNC, Grantee must pay Delaware or LNC the amount of any gain realized or payment received (net of any withholding or other taxes
paid by Grantee) as a result of the rescinded exercise. Such payment must be made either in cash or by returning the Shares Grantee received in connection with the rescinded exercise. If Grantee’s employment is terminated by Delaware and its
subsidiaries and affiliates other than for fraud or other fidelity crimes, however, a failure of Grantee to comply with the provisions of 7(a) above after such termination shall not in itself cause rescission to the extent the Option was exercised
before the termination. 

  
 IN WITNESS WHEREOF, the
                     of Delaware Investments U.S., Inc. has signed this Agreement as of the day and year first above written. 
  

	
	DELAWARE INVESTMENTS U.S., INC.
	
	  

	By:

  

 9

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