AMERICAN FUNDS DISTRIBUTORS
000 XXXXX XXXX XXXXXX, XXX XXXXXXX, XX 00000
TELEPHONE 800/000-0000, EXT. 11
FORM OF
SELLING GROUP AGREEMENT
FOR
THE AMERICAN LEGACY SUITE OF PROUDCTS
OF THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
We have entered into a Principal Underwriting Agreement with the Lincoln
National Life Insurance Company ("Lincoln Life") and Separate Accounts Y of
Lincoln Life under which we are appointed to form a selling group of duly
registered and licensed brokers or dealers to distribute Individual Flexible
Premium Variable Life Insurance Policies (the "Policies") issued by Lincoln
Life through Separate Account Y.
The Policies are considered securities under the Securities Act of 1933. This
Agreement is subject to all provisions of the relevant Principal Underwriting
Agreement, as amended from time to time, among the parties mentioned above.
This Agreement on your part runs to us and to Lincoln Life and Separate
Account Y and is for the benefit of and enforceable by each party. The terms
"you" and "your" as used herein refer to the firm actually signing this
Agreement as well as the signing firm's insurance agency subsidiaries, if any.
You are authorized to offer and sell the Policies subject to the following
conditions:
1. You represent that you are a properly registered and licensed broker or
dealer under applicable federal and state securities laws and regulations
and a member in good standing of the National Association of Securities
Dealers ("NASD"). You agree to notify us immediately if you cease to be so
registered or licensed or a member in good standing of the NASD. (The
provisions of the preceding sentence do not apply to a broker or dealer
located in a foreign country and doing business outside the jurisdiction of
the United States.)
2. You agree to abide by all rules and regulations of the NASD, including its
Conduct Rules, and to comply with all applicable federal and state laws,
rules, and regulations (all of which shall control and override any
provision to the contrary in this Agreement).
You are responsible for such supervision of your registered representatives
and other associated persons which will enable you to ensure that your
registered representatives and associated persons are in compliance with
applicable insurance and securities laws, rules, regulations, and
statements of policy promulgated thereunder.
5/1/02
Your authority under this Agreement extends only to the Policies described
herein.
3. You represent that you will not sell any Policies until you are a properly
licensed insurance agent duly appointed by Lincoln Life.
4. You will distribute the Policies only in those jurisdictions in which the
Policies are registered or qualified for sale and only through your duly
licensed registered representatives (in accordance with the rules of the
NASD) who are also fully licensed with Lincoln Life to sell the Policies in
the applicable jurisdictions (in accordance with the insurance regulations
and laws of such jurisdictions).
5. All applications and initial and subsequent payments under the Policies
collected by you will be remitted promptly by you to Lincoln Life at such
address as Lincoln Life may from time to time designate.
6. You agree to indemnify and hold Lincoln Life harmless from any liabilities
(and reasonable attorney fees and court costs) that may result from your
actions or omissions or those of your registered representatives or other
associated persons.
7. All applications are subject to acceptance or rejection by Lincoln Life at
its sole discretion. Lincoln Life will make payment of commissions directly
to you with respect to the sale of the Policies according to the schedules
set forth in the attached Commission Schedules. No commissions will be paid
on Policies that are not subject to an initial or contingent deferred sales
charge (other than -ARE THERE ANY?} ).
8. We will use reasonable efforts to provide information and marketing
assistance to you, including providing you, without charge, reasonable
quantities of advertising materials, sales literature, reports, and current
Prospectuses of the Policies and of the underlying variable funding
vehicle, the American Funds Insurance Series.
9. In making all offers of the Policies you will deliver the applicable
currently effective Prospectus.
10. You are to offer and sell the Policies only at the regular public offering
price currently determined by the applicable Separate Account in the manner
described in the current applicable Prospectus or Policy and will make no
representation not included in the Prospectus or Policy or in any
authorized supplemental material. This Agreement is in all respects subject
to all provisions of the current applicable Prospectuses.
11. We will deliver to you and you will use only sales literature and
advertising material that conforms to the requirements of federal and state
laws and regulations and which has been authorized by Lincoln Life and by
us.
12. The signing of this Agreement does not obligate Lincoln Life to license any
particular registered representative as a salesman of Policies. All
licensing matters under any applicable state insurance law shall be handled
directly by you and the registered representative involved, with all
required proof of state insurance licensing furnished to Lincoln Life
before commission payments may be made.
13. You understand that with respect to American Funds Distributors, Inc. you
are acting in the capacity of an independent contractor.
14. Any party to this Agreement may cancel at any time upon written notice to
all other parties, effective, upon receipt.
15. All communications to us should be sent to our address, shown below. All
communications to Lincoln Life should be sent to their address, which is
listed below. Any notice to you shall be duly given if mailed or
telegraphed to you at the address specified by you below.
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16. The schedules of commissions, bonuses, and allowances in this Agreement
apply to Policies initially sold through you. Compensation on Policies
initially sold through another dealer for which you become the supervising
dealer will be paid to you based on the original dealer's schedule of
commissions, bonuses, and allowances.
17. Commission schedules for Policies that are no longer being actively sold to
new customers are set forth in Commission Schedule B.
18. You will execute three originals of this document and return two executed
originals to us for our files. This Agreement shall be effective as of the
date of acceptance by you, but only upon receipt by us of the two
originals. This Agreement may be amended by notification from us and orders
received following such notification shall be deemed to be an acceptance of
such amendments. This Agreement shall be construed with the laws of the
State of California.
American Funds Distributors, Inc.
000 Xxxxx Xxxx Xxxxxx
Xxx Xxxxxxx, XX 00000
By: _________________________
The Lincoln National Life Insurance Company
0000 Xxxxx Xxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
By: ___________________________
Accepted:
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Firm
By: ___________________________________________
Signature of Officer or Partner
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Print Name of Officer or Partner
Address: ________________________________________
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Date: ___________________________________________
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COMMISSION SCHEDULE A
(Policies actively on sale)
[TEXT TO FOLLOW]
COMMISSION SCHEDULE B
(Policies no longer being actively sold to customers)
[TEXT TO FOLLOW]
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