Exhibit 8(a)(iv)
AMENDMENT NO. 12 TO FUND PARTICIPATION AGREEMENT
This Amendment , ("Amendment") dated as of May 1, 2014, is to the Fund
Participation Agreement dated July 1, 2003, as amended, ("Agreement") between
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY ("Lincoln National"), a life
insurance company organized under the laws of the State of Indiana, LINCOLN LIFE
& ANNUITY COMPANY OF NEW YORK ( "LNY"), a life insurance company organized under
the laws of the State of New York on behalf of itself and on behalf of the
Separate Accounts as listed on Appendix B of the Agreement, and AMERICAN FUNDS
INSURANCE SERIES (the "Series"), an open-end management investment company
organized under the laws of the Commonwealth of Massachusetts, and CAPITAL
RESEARCH AND MANAGEMENT COMPANY ("CRMC") a corporation organized under the laws
of the State of Delaware. The term "Company" used in this Agreement refers to
the respective undersigned life insurance company whose products are being
solicited and sold. Unless otherwise stated in this Agreement, any rights,
obligations and liabilities of the undersigned companies are separate and
distinct. All capitalized terms used herein and not otherwise defined shall have
the meaning ascribed to such term in the Agreement.
WHEREAS, Lincoln National, LNY, Series, and CRMC desire to amend the Agreement.
NOW, THERFORE, the Agreement is amended as follows:
1. The fifth recital is hereby deleted and replaced with the following:
"WHEREAS, the Series is divided into various Funds (the "Funds"), each Fund
being subject to certain fundamental investment policies some of which may
not be changed without a majority vote of the shareholders of such Fund;"
2. Section 5 is hereby deleted in its entirety and replaced by the following:
5. The Series has made and agrees to make Class P1, Class P2, Class 1,
Class 2, and Class 4 shares of the Funds that offer such share classes
available to the Contracts. Company agrees to give the Series and CRMC at
least 30 days' notice prior to adding any additional Funds or additional
share classes of any Funds as underlying investment options to the
Contracts. Company will be entitled to a Rule 12b-1 fee paid by the Series
and to be accrued daily and paid monthly at an annual rate of 0.25% of the
average daily net assets of the Class P2, Class 2 and Class 4 shares of
each Fund attributable to the Contracts with investments in Accounts
corresponding to the Class P2, Class 2 and Class 4 shares of each Fund for
as long as the Series' Plan of Distribution pursuant to Rule 12b-1 under
the 1940 Act for each of Class P2, Class 2, and Class 4 shares (each, a
"12b-1 plan") remains in effect.
3. Appendix B is hereby amended and replaced with the attached Appendix B.
4. Appendix D is deleted in its entirety.
5. Section 28 is hereby deleted in its entirety and replaced by the following:
28. During the term of this Agreement, Company shall perform the
administrative services ("Services") set forth on Appendix E hereto, as
such appendix may be amended from time to time by
mutual consent of the parties, in respect of Accounts holding Class P1,
Class P2, and/or Class 4 shares of each Fund. In consideration of Company
performing the Services, the Series agrees to pay the Company an
administrative services fee of 0.25% of the average daily net asset value
of all Class P1, Class P2, or Class 4 shares of the Funds held by each
Account, payable quarterly, in arrears pursuant to an Insurance
Administrative Services Plan adopted by the Series. The Series shall pay
all fees within forty-five (45) days following the end of the calendar
quarter for fees accrued during that quarter. The fee will be calculated as
the product of (a) the average daily net asset value of all Class P1, Class
P2, or Class 4 shares of the Funds held by each Subaccount during the
quarter; (b) the number of days in the quarter; and (c) the quotient of
0.0025 divided by the 365. CRMC will evaluate periodically Company's
service levels, including compliance with established NSCC guidelines,
transaction errors, compliance with the prospectus and complaints from
Contract owners, in determining whether to continue making payments under
the Insurance Administrative Services Plan. The Company represents to the
Series and CRMC that it will not receive compensation for the Services from
contractholder fees or any other source.
6. The following Section 30 is added to the agreement:
30. Company, directly or through subcontractors (including a designated
affiliate), shall provide the certain services described in this Agreement
on behalf of American Funds Distributors, Inc, ("AFD"), American Funds
Service Company ("Transfer Agent") and the Funds in connection with the
sale and servicing of the Contracts with underlying investments in Class 1
or Class 2 Shares of the Funds. The services to be provided by Company to
its Accounts include, (i) mailing and otherwise making available to
contractholders, shareholder communications including, without limitation,
prospectuses, proxy materials, shareholder reports, unaudited semi-annual
and audited annual financial statements, and other notices; (ii) handling
general questions regarding the Funds from contractholders including,
without limitation, advising as to performance, yield being earned,
dividends declared, and providing assistance with other questions
concerning the Funds; (iii) preparing and mailing periodic account
statements showing the total number of Separate Account units owned by the
contractholder in that account, the value of such units, and purchases,
redemptions, dividends, and distributions in the account during the period
covered by the statement; and (iv) preparing and mailing IRS Form 1099-R,
IRS Form W-2 and/or other IRS forms as required by applicable Internal
Revenue Service rules and regulations. Administrative services to
contractholders shall be the responsibility of Company and shall not be the
responsibility of AFD, Transfer Agent or any of their affiliates.
7. Except as specifically set forth herein, all other provisions of the
Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date
first written above.
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Vice President
LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
By: /s/ Xxxxxx X. Xxxxx
Name: Xxxxxx X. Xxxxx
Title: Vice President
AMERICAN FUNDS INSURANCE SERIES
By: /s/ Xxxxxx X. Xxxxxxxx
Name: Xxxxxx X. Xxxxxxxx
Title: Secretary
CAPITAL RESEARCH AND MANAGEMENT COMPANY
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Senior Vice President and Secretary
Appendix B
Effective May 1, 2014
American Legacy Variable Annuity**
American Legacy II Variable Annuity**
American Legacy III/(B Class) Variable Annuity*
American Legacy III C Share Variable Annuity*
American Legacy III Plus Variable Annuity*
American Legacy III View Variable Annuity*
American Legacy Shareholder's Advantage/(A Class)*
American Legacy Design*
American Legacy Group
American Legacy Retirement Income Plan
American Legacy Life**
American Legacy Estate Builder
American Legacy Variable Life**
American Legacy VUL(DB) II*
American Legacy VUL(DB) IV*
American Legacy VUL(CV) III*
American Legacy VUL(CV) IV*
American Legacy SVUL III*
American Legacy SVUL IV*
American Legacy PreservationEdge SVUL*
American Legacy(R) Signature*
American Legacy(R) Series*
Lincoln VUL(ONE)* Elite
Lincoln VUL(ONE) 2010
Lincoln Momentum VUL(ONE)* Elite
Lincoln Momentum SVUL(ONE)* Elite
Lincoln VUL(CV)*
Lincoln VUL(CV) II*
Lincoln VUL(CV) II Elite
Lincoln VUL(CV) III* Elite
Lincoln VUL(CV) IV* Elite
Lincoln VUL(DB)*
Lincoln VUL(DB)* Elite
Lincoln VUL(DB) II* Elite
Lincoln VUL(DB) IV* Elite
Lincoln VUL III**
Lincoln VUL MoneyGuard
Lincoln CVUL Series III*
Lincoln Corporate Variable 4*
Lincoln Corporate Variable 5*
Lincoln Corporate Variable Private Solution*
Lincoln VUL Flex Elite*
Lincoln SVUL Elite***
Lincoln SVUL IV Elite*
Lincoln VULone 2005 Elite*
Lincoln Momentum VULone 2005 Elite*
Lincoln VULone 2007 Elite*
Lincoln Momentum VULone 2007 Elite*
Lincoln SVULone 2007 Elite*
Lincoln Momentum SVULone 2007 Elite*
Lincoln AssetEdge VUL Elite*
Lincoln ChoicePlus*
Lincoln ChoicePlus Access*
Lincoln ChoicePlus Bonus*
Lincoln ChoicePlus II*
Lincoln ChoicePlus II Access*
Lincoln ChoicePlus II Bonus*
Lincoln ChoicePlus II Advance*
Lincoln ChoicePlus Assurance (B Share)*
Lincoln ChoicePlus Assurance (C Share)*
Lincoln ChoicePlus Assurance (L Share)*
Lincoln ChoicePlus Assurance (Bonus)*
Lincoln ChoicePlus Assurance (A Share/Class)*
Lincoln ChoicePlus Assurance (B Class)*
Lincoln ChoicePlus Design*
Lincoln ChoicePlus Fusion*
Lincoln InvestmentSolutions(SM)*
Lincoln Investor Advantage(SM)*
Lincoln Investor Advantage(SM) Fee Based*
Lincoln Investor Advantage(SM) RIA*
MultiFund(R) 1-4 Individual Variable Annuity
MultiFund(R) 5 Individual Variable Annuity
MultiFund(R) Select Individual Variable Annuity
MultiFund(R) Group Variable Annuity
Lincoln SVUL*
Lincoln SVUL II*
Lincoln SVUL III*
Lincoln SVUL(ONE)*
Group Variable Annuity (GVA)*
Xxxxx Fargo New Directions Core***
Xxxxx Fargo New Directions Access***
Xxxxx Fargo New Directions Access 4***
Director(TM)*
Lincoln Corporate Commitment Private Placement BOLI
Lincoln Corporate Commitment Variable Universal Life
Private Placement Variable Universal Life
*Includes both the Lincoln National and LNY versions of this product.
**Class 1 shares are offered in these products.
***In connection with Xxxxx Fargo New Directions Core, Xxxxx Fargo New
Directions Access and Xxxxx Fargo New Directions Access 4 Contracts, Lincoln
National, as the issuer of these Contracts, agrees to make shares of American
Funds Insurance Series available through these Contracts only so long as they
are sold exclusively through registered representatives of Lincoln Financial
Advisors and Xxxxx Fargo Investments LLC. In the event that Xxxxx Fargo
undergoes a change in control or assigns its responsibilities with respect to
the Contracts to a third party, American Funds Insurance Series reserves the
right to discontinue making its shares available for purchase through these
Contracts.
