JANUS ASPEN SERIES
FUND PARTICIPATION AGREEMENT
THIS AGREEMENT is made this 15' day of September, 1998, between JANUS
ASPEN SERIES, an open-end management investment company organized as. a
Delaware business trust (the "Trust"), and The Lincoln National Life Insurance
Company, a life insurance company organized under the laws of the State of
Indiana (the "Company"), on its own behalf and on behalf of each segregated
asset account of the Company set forth on Schedule A, as may be amended from
time to time (the "Accounts").
WITNESSETH:
WHEREAS, the Trust has registered with the Securities and Exchange
Commission as an open-end management investment company under the Investment
Company Act of 1940, as amended (the " 1940 Act"), and has registered the offer
and sale of its shares under the Securities Act of 1933, as amended (the " 1933
Act"); and
WHEREAS, the Trust desires to act as an investment vehicle for separate
accounts established for variable life insurance policies and variable annuity
contracts to be offered by insurance companies that have entered into
participation agreements with the Trust (the "Participating Insurance
Companies"); and
WHEREAS, the beneficial interest in the Trust is divided into several
series of shares, each series representing an interest in a particular managed
portfolio of securities and other assets (the "Portfolios"); and
WHEREAS, the Trust has received an order from the Securities and
Exchange Commission granting Participating Insurance Companies and their
separate accounts exemptions from the provisions of Sections 9(a), 13(a), 15(a)
and 15(b) of the 1940 Act, and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) thereunder,
to the extent necessary to permit shares of the Trust to be sold to and held by
variable annuity and variable life insurance separate accounts of both
affiliated and unaffiliated life insurance companies and certain qualified
pension and retirement plans (the "Exemptive Order"); and
WHEREAS, the Company has registered or will register (unless
registration is not required under applicable law) certain variable life
insurance policies and/or variable annuity contracts under the 1933 Act (the
"Contracts"); and
WHEREAS, the Company has registered or will register (unless
registration is not required pursuant to Section 3(v)(ii) of the 1940'Act) each
Account as a unit investment trust under the 1940 Act; and
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WHEREAS, the Company desires to utilize shares of one or more
Portfolios as an investment vehicle of the Accounts;
NOW, THEREFORE, in consideration of their mutual promises, the parties
agree as follows:
ARTICLE I
SALE OF TRUST SHARES
1.1 The Trust shall make shares of its Portfolios available to the
Accounts at the net asset value next computed after receipt of such purchase
order by the Trust (or its agent), as established in accordance with the
provisions of the then current prosp~ctus of the Trust.
Shares of a particular Portfolio of the Trust shall be ordered in such
quantities and at such times as determined by the Company to be necessary to
meet the requirements of the Contracts. The Trustees of the Trust (the
"Trustees") may refuse to sell shares of any Portfolio to any person, or
suspend or terminate the offering of shares of any Portfolio if such action is
required by law or by regulatory authorities having jurisdiction or is, in the
sole discretion of the Trustees acting in good faith and in light of their
fiduciary duties under federal and any applicable state laws, necessary in the
best interests of the shareholders of such Portfolio.
1.2 The Trust will redeem any full or fractional shares of any
Portfolio when requested by the Company on behalf of an Account at the net
asset value next computed after receipt by the Trust (or its agent) of the
request for redemption, as established in accordance with the provisions of the
then current prospectus. of the Trust. The Trust 'shall make payment for such
shares in the manner established from time to time by the Trust, but in no
event shall payment be delayed for a greater period than is permitted by the
0000 Xxx.
1.3 For the purposes of Sections 1.1 and 1.2, the Trust hereby
appoints the Company as its agent for the limited purpose of receiving and
accepting purchase and redemption orders resulting from investment in and
payments under the Contracts. Receipt by the Company shall constitute receipt
by the Trust provided that i) such orders are received by the Company in good
order prior to the time the net asset value of each Portfolio is priced in
accordance with its prospectus and ii) the Trust receives notice of such orders
by 10:00 a.m. New York time on the next following Business Day. The Trust will
confirm receipt of each trade in a manner mutually agreeable to the Trust and
the Company. "Business Day" shall mean any day on which the New York Stock
Exchange is open for trading and on which the Trust calculates its net asset
value pursuant to the rules of the Securities and Exchange Commission.
1.4 Purchase orders that are transmitted to the Trust in accordance
with Section 1.3 shall be paid for no later than 2:00 p.m. New York time on the
same Business Day that the Trust receives notice of the order. The Trust shall
use its best efforts to pay for redemption orders that are transmitted to the
Company in accordance with Section 1.2 no later than 2:30
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p.m. New York time on the same Business Day that the Trust receives notice of
the order. Payments shall be made in federal funds transmitted by wire.
1.5 Issuance and transfer of the Trust's shares will be by book entry
only. Stock certificates will not be issued to the Company or the Account.
Shares ordered from the Trust will be recorded in the appropriate title for
each Account or the appropriate subaccount. of each Account.
1.6 The Trust shall furnish prompt notice to the Company of any income
dividends or capital gain distributions payable on the Trust's shares. The
Company hereby elects to receive all such income dividends and capital gain
distributions as are payable on a Portfolio's shares in additional shares of
that Portfolio.. The Company reserves the right, on its behalf and on behalf of
the Account, to revoke this election and to receive all such dividends in cash.
The Trust shall notify the Company of the number of shares so issued as payment
of such dividends and distributions.
1.7 The Trust shall make the net asset value per share for each
Portfolio available to the Company on a daily basis as soon as reasonably
practical after the net asset value per share is calculated and shall use its
best efforts to make such net asset value per share available by 6 p.m. New
York time.
1.8 The Trust agrees that its shares will be sold only to
Participating Insurance Companies and their separate accounts and to certain
qualified pension and retirement plans to the extent permitted by the Exemptive
Order. No shares of any Portfolio will be sold directly to the general public.
The Company agrees that Trust shares will be used only for the purposes of
funding the Contracts and Accounts listed in Schedule A, as amended from time
to time.
1.9 The Trust agrees that all Participating Insurance Companies shall
have the obligations and responsibilities regarding pass-through voting (unless
exempt therefrom) and conflicts of interest corresponding to those contained in
Section 2.8 and Article IV of this Agreement.
ARTICLE II
OBLIGATIONS OF THE PARTIES
2.1 The Trust shall prepare and be responsible for filing with the
Securities and Exchange Commission and any state regulators requiring such
filing all shareholder reports, notices, proxy materials (or similar materials
such as voting instruction solicitation materials), prospectuses and statements
of additional information of the Trust. The Trust shall bear the costs of
registration and qualification of its shares, preparation and Ming of the
documents listed in this Section 2.1 and all taxes to which an issuer is
subject on the issuance and transfer of its shares.
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2.2 At the option of the Company., the Trust shall either (a) provide
the Company (at the Company's expense) with as many copies of the Trust's
current prospectus, annual report, semi-annual report and other shareholder
communications, including any amendments or supplements to any of the
foregoing, as the Company shall reasonably request; or (b) provide the Company
with a camera ready copy of such documents in a form suitable for printing. The
Trust shall be responsible for its pro-rated share of the printing costs. The
Trust shall provide the Company with a copy of its statement of additional
information in a form suitable for duplication by the Company. The Trust (at
its expense) shall provide the Company with copies of any Trust-sponsored proxy
materials in such quantity as the Company shall reasonably require for
distribution to Contract owners.
2.3 The Company shall bear the costs (unless Janus Capital Corporation
or the Trust, pursuant to the terms of the letter to Company dated September
15, 1998, is required to bear the costs) of printing and distributing the
Trust's prospectus, statement of additional information, shareholder reports
and other shareholder communications to owners of and applicants for policies
for which the Trust is serving or is to serve as an investment vehicle. The
Company shall bear the costs of distributing proxy materials (or similar
materials such as voting solicitation instructions) to Contract owners. The
Company assumes sole responsibility for ensuring that such materials are
delivered to Contract owners in accordance with applicable federal and state
securities laws.
2.4 The Company agrees and acknowledges that the Trust's adviser, Janus
Capital Corporation ("Janus Capital"), is the sole owner of the name and xxxx
"Xxxxx" and that all use of any designation comprised in whole or part of Janus
(a "Xxxxx Xxxx") under this Agreement shall inure to the benefit of Janus
Capital. Except as provided in Section 2.5, the Company shall not use any Xxxxx
Xxxx on its own behalf or on behalf of the Accounts or Contracts in any
registration statement, advertisement, sales literature or other materials
relating to the Accounts or Contracts without the prior written consent of
Janus Capital. Such consent will not be unreasonably withheld and if no written
objection is received within 10 business days of receipt, approval will be
deemed given. Upon termination of this Agreement for any reason, the Company
shall cease all use of any Xxxxx Xxxx(s) as soon as reasonably practicable.
2.5 (a) The Company shall furnish or cause to be furnished, to the
Trust or its designee, a copy of each Contract prospectus or statement of
additional information in which the Trust or its investment adviser is named
within 20 days of the filing of such document with the Securities and Exchange
Commission. The Company shall furnish, or shall cause to be furnished, to the
Trust or its designee, each piece of sales literature or other promotional
material in which the Trust or its investment adviser is named, at least ten
Business Days prior to its use. No such material shall be used if the Trust or
its designee reasonably objects to such use within fifteen Business Days after
receipt of such material.
(b) The Trust shall furnish, or cause to be furnished, to the Company
or its designee, a copy of each Trust prospectus or statement of additional
information in which the
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Company is named within 20 days of the filing of such document with the
Securities and Exchange Commission. The Trust shall furnish, or shall cause to
be furnished, to the Company or its designee, each piece of sales literature or
other promotional material in which the Company is named, at least ten Business
Days prior to its use. No such material shall be used if the Company or its
designee reasonably objects to such use within fifteen Business Days after
receipt of such material.
2.6 The Company shall not give any information or make any
representations or statements on behalf of the Trust or concerning the Trust or
its investment adviser in connection with the sale of the Contracts other than
information or representations contained in and accurately derived from the
registration statement or prospectus for the Trust shares (as such registration
statement and prospectus may be amended or supplemented from time to time),
reports of the Trust, Trust-sponsored proxy statements, or in sales literature
or other promotional material approved by the Trust or its designee, except as
required by legal process or regulatory authorities or with the written
permission of the Trust or its designee. Such consent will not be unreasonably
withheld and if no written objection is received within 10 business days of
receipt, approval will be deemed given.
2.7 The Trust shall not give any information or make any
representations or statements on behalf of the Company or concerning the
Company, the Accounts or the Contracts other than information or
representations contained in and accurately derived from the registration
statement or prospectus for the Contracts (as such registration statement and
prospectus may be amended or supplemented from time to time), or in materials
approved by the Company for distribution including sales literature or other
promotional materials, except as required by legal process or regulatory
authorities or with the written permission of the Company.
2.8 So long as, and to the extent that the Securities and Exchange
Commission interprets the 1940 Act to require pass-through voting privileges
for variable policyowners, the Company will provide pass-through voting
privileges to owners of policies whose cash values are invested, through the
Accounts, in shares of the Trust. The Trust shall require all Participating
Insurance Companies to calculate voting privileges in the same manner and the
Company shall be responsible for assuring that the Accounts calculate voting
privileges in the manner established by the Trust. With respect to each
Account, the Company will vote shares of the Trust held by the Account and for
which no timely voting instructions from policyowners are received as well as
shares it owns that are held by that Account, in the same proportion as those
shares for which voting instructions are received. The Company and its agents
will in no way recommend or oppose or interfere with the solicitation of
proxies for Trust shares held by Contract owners without the prior written
consent of the Trust, which consent may be withheld in the Trust's sole
discretion.
2.9 The Company shall notify the Trust of any applicable state
insurance laws that restrict the Portfolios' investments or otherwise affect the
operation of the Trust and shall notify the Trust of any changes in such laws.
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ARTICLE III
REPRESENTATIONS AND WARRANTIES
3.1 The Company represents and warrants that it is an insurance company
duly organized and validly existing under the laws of the State of Indiana and
that it has legally and validly established each Account as a segregated asset
account under such law on the date set forth in Schedule A.
3.2 The Company represents and warrants that each Account (1) has been
registered or, prior to any issuance or sale of the Contracts, will be
registered as a unit investment trust in accordance with the provisions of the
1940 Act or, alternatively (2) has not been registered in proper reliance upon
the exclusion from registration under Section 3(c)(ii) of the 0000 Xxx.
3.3 The Company represents and warrants that the Contracts or
interests in the Accounts (1) are or, prior to issuance, will be registered as
securities under the 1933 Act or, alternatively (2) are not registered because
they are properly exempt from registration under the 1933 Act or will be
offered exclusively in transactions that are properly exempt from registration
under the 1933 Act. The Company further represents and warrants that the
Contracts will be issued and sold in compliance in all material respects with
all applicable federal and state laws.
3.4 The Trust represents and warrants that it is duly organized and
validly existing under the laws of the State of Delaware.
3.5 The Trust represents and warrants that the Trust shares offered
and sold pursuant to this Agreement will be registered under the 1933 Act and
the Trust shall be registered under the 1940 Act prior to any issuance or sale
of such shares. The Trust shall amend its registration statement under the 1933
Act and the 1940 Act from time to time as required in order to effect the
continuous offering of its shares. The Trust shall register and qualify its
shares for sale in accordance with the laws of the various states only if and
to the extent deemed advisable by the Trust.
3.6 The Trust represents and warrants that the investments of each
Portfolio will comply with Subchapter M and the diversification requirements
set forth in Section 817(h) of the Internal Revenue Code of 1986, as amended
("Code"), and the rules and regulations thereunder. In the event of a breach of
this Section 3.6 by the Trust, it will a) immediately notify the Company of the
breach and b) take the necessary steps to adequately diversify each Portfolio
so as to achieve compliance within the grace period offered by Regulation
1.817-5.
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ARTICLE IV
POTENTIAL CONFLICTS
4.1 The parties acknowledge that the Trust's shares may be made
available for investment to other Participating Insurance Companies. In such
event, the Trustees will monitor the Trust for the existence of any material
irreconcilable conflict between the interests of the contract owners of all
Participating Insurance Companies. An irreconcilable material conflict may
arise for a variety of reasons, including: (a) an action by any state insurance
regulatory authority; (b) a change in applicable federal or state insurance,
tax, or securities laws or regulations, or a public ruling, private letter
ruling, no-action or interpretative letter, or any similar action by insurance,
tax, or securities regulatory authorities; (c) an administrative or judicial
decision in any relevant proceeding; (d) the manner in which the investments of
any Portfolio are being managed; (e) a difference in voting instructions given
by variable annuity contract and variable life insurance contract owners; or (f
a decision by an insurer to disregard the voting instructions of contract
owners. The Trustees shall promptly inform the Company if they determine that
an irreconcilable material conflict exists and the implications thereof.
4.2 The Company agrees to promptly report any potential or existing
conflicts of which it is aware to the Trustees. The Company will assist the
Trustees in carrying out their responsibilities under the Exemptive Order by
providing the Trustees with all information reasonably necessary for the
Trustees to consider any issues raised including, but not limited to,
information as to a decision by the Company to disregard Contract owner voting
instructions.
4.3 If it is determined by a majority of the Trustees, or a majority of
its disinterested Trustees, that a material irreconcilable conflict exists that
affects the interests of Contract owners, the Company shall, in cooperation
with other Participating Insurance Companies whose contract owners are also
affected, at its expense and to the extent reasonably practicable (as
determined by the Trustees) take whatever steps are necessary to remedy or
eliminate the irreconcilable material conflict, which steps could include: (a)
withdrawing the assets allocable to some or all of the Accounts from the Trust
or any Portfolio and reinvesting such assets in a different investment medium,
including (but not limited to) another Portfolio of the Trust, or submitting
the question of whether or not such segregation should be implemented to a vote
of all affected Contract owners and, as appropriate, segregating the assets of
any appropriate group (i.e., annuity contract owners, life insurance contract
owners, or variable contract owners of one or more Participating Insurance
Companies) that votes in favor of such segregation, or offering to the affected
Contract owners the option of making such a change; and (b) establishing a new
registered management investment company or managed separate account.
4.4 If a material irreconcilable conflict arises because of a decision
by the Company To disregard Contract owner voting instruct9ions and that
decision represents a minority position or would preclude a majority vote, the
Company may be required, at the Trust's election, to
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withdraw the affected Account's investment in the Trust and terminate this
Agreement with respect to such Account; provided, however that such withdrawal
and termination shall be limited to the extent required by the foregoing
material irreconcilable conflict as determined by a majority of the
disinterested Trustees. Any such withdrawal and termination must take place
within six (6) months after the Trust gives written notice that this provision
is being implemented. Until the end of such six (6) month period, the Trust
shall continue to accept and implement orders- by the Company for the purchase
and redemption of shares of the Trust.
4.5 If a material irreconcilable conflict arises because a particular
state insurance regulator's decision applicable to the Company conflicts with
the majority of other state regulators, then the Company will withdraw the
affected Account's investment in the Trust and terminate this Agreement with
respect to such Account within six (6) months after the Trustees inform the
Company in writing that it has determined that such decision has created an
irreconcilable material conflict; provided, however, that such withdrawal and
termination shall be limited to the extent required by the foregoing material
irreconcilable conflict as determined by a majority of the disinterested
Trustees. Until the end of such six (6) month period, the Trust shall continue
to accept and implement orders by the Company for the purchase and redemption
of shares of the Trust.
4.6 For purposes of Sections 4.3 through 4.6 of this Agreement, a
majority of the disinterested Trustees shall determine whether any proposed
action adequately remedies any irreconcilable material conflict, but in no
event will the Company be required to establish a new funding medium for the
Contracts if an offer to do so has been declined by vote of a majority of
Contract owners materially adversely affected by the irreconcilable material
conflict. In the event that the Trustees determine that any proposed action
does not adequately remedy any irreconcilable material conflict, then the
Company will withdraw the Account's investment in the Trust and terminate this
Agreement within six (6) months after the Trustees inform the Company in
writing of the foregoing determination; provided, however, that such withdrawal
and termination shall be limited to the extent required by any such material
irreconcilable conflict as determined by a majority of the disinterested
Trustees.
4.7 The Company shall at least annually submit to the Trustees such
reports, materials or data as the Trustees may reasonably request so that the
Trustees may fully carry out the duties imposed upon them by the Exemptive
Order, and said reports, materials and data shall be submitted more frequently
if deemed appropriate by the Trustees.
4.8 If and to the extent that Rule 6e-2 and Rule 6e-3(T) are amended,
or Rule 6e-3 is adopted, to provide exemptive relief from any provision of the
1940 Act or the rules promulgated thereunder with respect to mixed or shared
funding (as defined in the Exemptive Order) on terms and. conditions materially
different from those contained in the Exemptive Order, then the Trust and/or
the Participating Insurance Companies, as appropriate, shall take such steps as
may be necessary to comply with Rules 6e-2 and 6e-3(T), as amended, and Rule
6e-3, as adopted, to the extent such rules are applicable.
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ARTICLE V
INDEMNIFICATION
5.1 INDEMNIFICATION BY THE COMPANY. The Company agrees to indemnify and
hold harmless the Trust and each of its Trustees, officers, employees and
agents and each person, if any, who controls the Trust within the meaning of
Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for
purposes of this Article V) against any and all losses, claims, damages,
liabilities (including amounts paid in settlement with the written consent of
the Company) or expenses (including the reasonable costs of investigating or
defending any alleged loss, claim, damage, liability or expense and reasonable
legal counsel fees incurred in connection therewith) (collectively, "Losses"),
to which the Indemnified Parties may become subject under any statute or
regulation, or at common law or otherwise, insofar as such Losses:
(a) arise out of or are based upon any untrue statements or
alleged untrue statements of any material fact contained in a
registration statement or prospectus for the Contracts or in the
Contracts themselves or in sales literature generated or approved by
the Company on behalf of the Contracts or Accounts (or any amendment or
supplement to any of the foregoing) (collectively, "Company Documents"
for the purposes of this Article V), or arise out of or are based upon
the omission or the alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements
therein not misleading, provided that this indemnity shall not apply as
to any Indemnified Party if such statement or omission or such alleged
statement or omission was made in reliance upon-and was accurately
derived from written information furnished to the Company by or on
behalf of the Trust for use in Company Documents or otherwise for use
in connection with the sale of the Contracts or Trust shares; or
(b) arise out of or result from statements or representations
(other than statements or representations contained in and accurately
derived from Trust Documents as defined in Section 5.2(a)) or wrongful
conduct of the Company or persons under its control, with respect to
the sale or acquisition of the Contracts or Trust shares; or
(c) arise out of or result from any untrue statement or
alleged untrue statement of a material fact contained in Trust
Documents as defined in Section 5.2(a) or the omission or alleged
omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading if such
statement or omission was made in reliance upon and accurately derived
from written information furnished to the Trust by or on behalf of the
Company; or
(d) arise out of or result from any failure by the Company to
provide the services or furnish the materials required under the terms
of this Agreement, or
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(e) arise out of or result from any material breach of any
representation and/or warranty made by the Company in this Agreement or
arise out of or result from any other material breach of this Agreement
by the Company.
(f) arise out of (i) a failure by TRUST to substantially
provide the services and furnish the materials under the terms of this
Agreement; or (ii) a failure by a Portfolio(s) invested in by the
Separate Account to comply with the diversification requirements of
Section 817(h) of the. Code; or (iii) a failure by a Portfolio(s)
invested in by the Separate Account to qualify as a "regulated
investment company" under Subchapter M of the code.
5.2 INDEMNIFICATION BY THE TRUST. The Trust agrees to indemnify and
hold harmless the Company and each of its directors, officers, employees and
agents and each person, if any, who controls the. Company within the meaning of
Section 15 of the 1933 Act (collectively, the "Indemnified Parties" for
purposes of this Article V) against any and all losses, claims, damages,
liabilities (including amounts paid in settlement with the written consent of
the Trust) or expenses (including. the reasonable costs of investigating or
defending any alleged loss, claim, damage, liability or expense and reasonable
legal counsel fees incurred in connection therewith) (collectively, "Losses"),
to which the Indemnified Parties may become subject under any statute or
regulation, or at common law or otherwise, insofar as such Losses:
(a) arise out of or are based upon any untrue statements or
alleged untrue statements of any material fact contained in the
registration statement or prospectus for the Trust (or any amendment
or supplement thereto), (collectively, "Trust Documents" for the
purposes of this Article V), or arise out of or are based upon the
omission or the alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements
therein not misleading, provided that this indemnity shall not apply
as to any Indemnified Party if such statement or omission or such
alleged statement or omission was made in reliance upon and was
accurately derived from written information furnished to the Trust by
or on behalf of the Company for use -in Trust Documents or otherwise
for use in connection with the sale of the Contracts or Trust shares;
or
(b) arise out of or result from statements or representations
(other than statements or representations contained in and accurately
derived from Company Documents) or wrongful conduct of the Trust or
persons under its control, with respect to the sale -or acquisition of
the Contracts or Trust shares; or
(c) arise out of or result from any untrue statement or
alleged untrue statement of a material fact contained in Company
Documents or the omission or alleged omission to state therein a
material fact required to be stated therein or necessary' to make the
statements therein not misleading if such statement or omission was
made in reliance upon and accurately derived from written information
furnished to the Company by or on behalf of the Trust; or
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(d) arise out of or result from any failure by the Trust to
provide the services or furnish the materials required under the terms
of this Agreement; or
(e) arise out of or result from any material breach of any
representation and/or warranty made by the Trust in this Agreement or
arise out of or result from any other material breach of this Agreement
by the Trust.
5.3 Neither the Company nor the Trust shall be liable under the
indemnification provisions of Sections 5.1 or 5.2, as applicable, with respect
to any Losses incurred or assessed against an Indemnified Party that arise from
such Indemnified Party's willful misfeasance, bad faith or negligence in the
performance of such Indemnified Party's duties or by reason of such Indemnified
Party's reckless disregard of obligations "or duties under this Agreement.
5.4 Neither the Company nor the Trust shall be liable under the
indemnification provisions of Sections 5.1 or 5.2, as applicable, with respect
to any claim made against an Indemnified Party unless such Indemnified Party
shall have notified the other party in writing within a reasonable time after
the summons, or other first written notification, giving information of the
nature of the claim shall have been served upon or otherwise received by such
Indemnified Party (or after such Indemnified Party shall have received notice
of service upon or other notification to any designated agent), but failure to
notify the party against whom indemnification is sought of any such claim shall
not relieve that party from any liability which it may have to the Indemnified
Party in the absence of Sections 5. 1 and 5.2.
5.5 In case any such action is brought against the Indemnified
Parties, the indemnifying party shall be entitled to participate, at its own
expense, in the defense of such action. The indemnifying party also shall be
entitled to assume the defense thereof, with counsel reasonably satisfactory to
the parry named in the action. After notice from the indemnifying party to the
Indemnified Party of an election to assume such defense, the Indemnified Party
shall bear the fees and expenses of any additional counsel retained by it, and
the indemnifying party will not be liable to the Indemnified Party under this
Agreement for any legal or other expenses subsequently incurred by such party
independently in connection with the defense thereof other than reasonable
costs of investigation.
ARTICLE VI
TERMINATION
6.1 This Agreement may be terminated:
(a) by either party for any reason, by ninety (90) days
advance written notice delivered to the other party; or
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(b) at the option of the Company if shares of the Fund are not
available to meet the requirements of the Contracts as determined by
the Company. Prompt notice of the election to terminate for such cause
shall be famished by the Company. Termination shall be effective ten
days after the giving of notice by the Company; or
(c) at the option of the Fund upon institution of formal
proceedings against the Company by the NASD, the SEC, the insurance
commission of any state or any other regulatory body regarding the
Company's duties under this Agreement or related to the sale of the,
Contracts, the operation of each Account, the administration of the
Contracts or the purchase of Fund shares, or an expected ruling,
judgment or outcome which would, -in the Fund's reasonable judgment,
materially impair the Company's ability to perform the Company's
obligations and duties hereunder;, or
(d) at the option of the Company upon institution of formal
proceedings against the Fund, the Fund's distributor, the Fund's
investment manager or any subinvestment manager, by the NASD, the SEC,
or any state securities or insurance commission or any other regulatory
body regarding the duties of the Fund or its distributor under this
Agreement, or an expected or anticipated ruling, judgment or outcome
which- would, in the Company's reasonable judgment, materially impair
the Fund's or the distributor's ability to perform Fund's or
distributor's obligations and duties hereunder; or
(e) at the option of the Company. upon institution of formal
proceedings against the Fund's investment manager or sub-investment
manager by the NASD, the SEC, or any state securities or insurance
commission or any other regulatory body which would, in the good faith
opinion of the Company, result in material harm to the Accounts, the
Company, or Contractowners; or
(f) upon requisite vote of the Contract owners having an
interest in the affected Portfolios (unless otherwise required by
applicable law) and written approval of the Company, to substitute the
shares of another investment company for the corresponding shares of
the Fund in accordance with the terms of the Contracts; or
(g) at the option of the Fund in the event any of the
Contracts are not registered, issued or sold in accordance with
applicable Federal and/or state law; or
(h) at the option of the Company or the Fund upon a
determination by a majority of the Fund Board, or a majority of
disinterested Fund Board members, that an irreconcilable material
conflict exists among the interests of (i) any contract owners or (ii)
the interests of the Participating Insurance Companies investing in the
Fund; or
(i) at the. option of the Company if the Fund ceases to
qualify as a Regulated Investment Company under Subchapter M of the
Code, on under any
-12-
successor or similar provision, or if the Company reasonably believes,
based on an opinion of its counsel, that the Fund may fail to so
qualify; or
(j) at the option of the Company if the Fund fails to meet the
diversification requirements specified in Section 817(h) of the Code
and any regulations thereunder; or
(k) at the option of the Fund if the Contracts cease to
qualify as annuity contracts or life insurance policies, as applicable,
under the Code, or if the Fund reasonably believes that the Contracts
may fail to so qualify; or
(1) at the option of either the Fund or the Distributor if the
Fund or the Distributor, respectively, shall determine, in their sole
judgment exercised in good faith, that either (1) the Company shall
have suffered a material adverse change in its business or financial
condition; or (2) the Company shall have been the subject of material
adverse publicity which is Rely to have a material adverse impact upon
the business and operations of either the Fund or its distributor; or
(m) at the option of the Company, if the Company shall
determine, in its sole judgment exercised in good faith, that either:
(1) the Fund and its distributor, or either of them, shall have
suffered a material adverse change in their respective businesses or
financial condition; or (2) the Fund or its distributor, or both of
them, shall have been the subject of material adverse publicity which
is likely to have a material adverse impact upon the business and
operations of the Company; or
(n) upon the assignment of this Agreement (including, without
limitation, any transfer of the Contracts or the Accounts to another
insurance company pursuant to an assumption reinsurance agreement)
unless the non-assigning party consents thereto or unless this
Agreement is assigned to an affiliate of the Fund's distributor.
6.2 Notwithstanding any termination of this Agreement, the Trust
shall, at the option of the Company, continue to make available additional
shares of the Trust (or any Portfolio) pursuant to the terms and conditions of
this Agreement for all Contracts in effect on the effective date of termination
of this Agreement, [provided that the Company continues to pay the costs set
forth in Section 2.3].
6.3 The provisions of Article V shall survive the termination of this
Agreement, and the provisions of Article IV and Section 2.8 shall survive the
termination of this Agreement as long as shares of the Trust are held on behalf
of Contract owners in accordance with Section 6.2.
-13-
ARTICLE V11
NOTICES
Any notice shall be sufficiently given when sent by registered or
certified mail to the other party at the address of such party set forth below
or at such other address as such party may from time to time specify in writing
to the other party.
If to the Trust:
Janus Aspen Series
000 Xxxxxxxx Xxxxxx
Xxxxxx, Xxxxxxxx 00000
Attention: General Counsel
If to the Company:
Lincoln National Life Insurance Co.
0000 X. Xxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Attention: Xxxxx X. Xxxxxxxxx
ARTICLE VIII
MISCELLANEOUS
8.1 The captions in this Agreement are included for convenience of
reference only and in no way define or delineate any of the provisions hereof
or otherwise affect their construction or effect.
8.2 This Agreement may be executed simultaneously in two or more
counterparts, each of which taken together shall constitute one and the same
instrument.
8.3 If any provision of this Agreement shall be held or made invalid by
a court decision, statute, rule or otherwise, the remainder of the Agreement
shall not be affected thereby.
8.4 This Agreement shall be construed and the provisions hereof
interpreted under and in accordance with the laws of State of Colorado.
8.5 The parties to this Agreement acknowledge and agree that all
liabilities of the Trust arising, directly or indirectly, under this Agreement,
of any and every nature whatsoever, shall be satisfied solely out of the assets
of the Trust and that no Trustee, officer, agent or holder of shares of
beneficial interest of the Trust shall be personally liable for any such
liabilities.
-14-
8.6 Each party shall cooperate with each other party and all
appropriate governmental authorities (including without limitation the
Securities and Exchange Cornmission, the National Association of Securities
Dealers, Inc., and state insurance regulators) and shall permit such
authorities reasonable access to its books and records in connection with any
investigation or inquiry relating to this Agreement or the transactions
contemplated hereby.
8.7 The rights, remedies and obligations contained in this Agreement
are cumulative and are in addition to any and all rights, remedies and
obligations, at law or in equity, which the parties hereto are entitled to
under state and federal laws.
8.8 The parties to this Agreement acknowledge and agree that this
Agreement shall not be exclusive in any respect.
8.9 Neither this Agreement nor. any rights or obligations hereunder may
be assigned by either party without the prior written approval of the other
party.
8.10 No provisions of this Agreement may be amended or modified in any
manner except by a written agreement properly authorized and executed by both
parties.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this Participation Agreement as of the date and year first
above written.
JANUS ASPEN SERIES
By: /s/ Xxxxxx Xxxx
Name: Xxxxxx Xxxx
Title: Assistant Vice President
THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxx
Name: Xxxxx X. Xxxxxxxxx
Title: Vice President
-15-
AMENDMENT TO FUND PARTICIPATION AGREEMENT
This Amendment to the Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of May 1, 2000.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
2. All other terms of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this Amendment as of the date and year first above written.
THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxx
----------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Second Vice President
JANUS ASPEN SERIES
By: /s/ Xxxxxx X. Xxxx
----------------------------
Name: Xxxxxx X. Xxxx
Title: Assistant Vice President
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
Name of Separate Account and the Contracts Funded
Date Established by Board of Directors By Separate Account
-------------------------------------- -------------------
Lincoln National Variable Multi Fund Individual
Annuity Account C Variable Annuity and e Annuity
(Established June 3, 1981)
Lincoln National Variable GVA I, II, III
Annuity Account L (non-New York)
Lincoln Life Variable Multi Fund Group
Annuity Account Q Variable Annuity
(non-New York)
Lincoln National Life Insurance Director Group
Company Separate Account 34 Variable Annuity
Lincoln Life Flexible Premium Variable Lincoln VUL
Life Account M Lincoln VUL-DB-
Lincoln Life Flexible Premium Variable Lincoln SVUL
Life Separate Account R Lincoln SVUL II
Lincoln Life Flexible Premium Variable Lincoln CVUL
Life Account S Lincoln CVUL Series III
Lincoln National Variable Annuity Multi Fund Individual
Account 53 Variable Annuity (non-registered)
AMENDMENT TO FUND PARTICIPATION AGREEMENT
This Amendment to the Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of July 15, 2001.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
2. All other terms of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date and year first above written.
THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxx
--------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Second Vice President
JANUS ASPEN SERIES
By: /s/ Xxxxxx X. Xxxx
--------------------------------
Name: Xxxxxx X. Xxxx
Title: Vice President
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
NAME OF SEPARATE ACCOUNT AND THE
DATE ESTABLISHED BY BOARD OF DIRECTORS CONTRACTS FUNDED BY SEPARATE ACCOUNT
-------------------------------------- ------------------------------------
Lincoln National Variable Multi Fund Individual
Annuity Account C Variable Annuity and e Annuity
(Established June 3, 1981)
Lincoln National Variable GVA I, II, III
Annuity Account L (non-New York)
Lincoln Life Variable Multi Fund Group
Annuity Account Q Variable Annuity
(non-New York)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 34
Lincoln National Life Insurance (Service Shares only)
Company Separate Account 64
Lincoln National Life Insurance (Service Shares only)
Company Separate Account 70
Lincoln Life Flexible Premium Lincoln VUL
Variable Life Account M Lincoln VUL(DB)
Lincoln VUL(CV) (Service Shares only)
Lincoln VUL(CV2) (Service Shares only)
Money Guard (Service Shares only)
Lincoln Life Flexible Premium Lincoln SVUL
Variable Life Separate Account R Lincoln SVUL II
Lincoln Life Flexible Premium Lincoln CVUL
Variable Life Account S Lincoln CVUL Series III
Lincoln National Variable Annuity Multi Fund Individual
Account 53 Variable Annuity (non-registered)
Lincoln Life Variable Annuity Lincoln ChoicePlus II (Service Shares only)
Account N Lincoln ChoicePlus II Access (Service Shares only)
Lincoln ChoicePlus II Bonus (Service Shares only)
Lincoln ChoicePlus II Advance (Service Shares only)
AMENDMENT TO
FUND PARTICIPATION AGREEMENT
This Amendment to the
Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of __________, 2002.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Article I Sale of Trust Shares is amended by adding the following
language to the end of Section 1.7:
If the Trust provides the Company with materially incorrect share net asset
value, dividend or capital gain information, the Trust shall make an
adjustment to the number of shares purchased or redeemed for the Accounts
to reflect the correct net asset value per share or correct dividends and
capital gains received. Any material error in the calculation or reporting
of net asset value per share, dividend or capital gains information shall
be reported promptly upon discovery to the Company.
1. Article VII Notices shall be replaced as follows:
If to the Company:
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
0000 X. Xxxxxxx Xxxxxx
Xxxx Xxxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxx
2. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
4. All other terms of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date and year first above written.
THE LINCOLN NATIONAL LIFE
INSURANCE COMPANY
By:
-------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Second Vice President
JANUS ASPEN SERIES
By:
-------------------------------
Name: Xxxxxx X. Xxxx
Title: Vice President
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
NAME OF SEPARATE ACCOUNT AND THE
DATE ESTABLISHED BY BOARD OF DIRECTORS CONTRACTS FUNDED BY SEPARATE ACCOUNT
-------------------------------------- ------------------------------------
Lincoln National Variable Multi-Fund(R) Individual Variable Annuity
Annuity Account C eAnnuity Variable Annuity
(Established June 3, 1981) Multi-Fund(R) 5 Individual Variable Annuity
Lincoln National Variable Group Variable Annuity I, II, & III
Annuity Account L
(Established April 19, 1996)
Lincoln Life Variable Annuity Account Q Multi-Fund(R)Group Variable Annuity
(Established November 3, 1997)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 34 (Institutional Shares only)
(Established August 27, 1999)
Lincoln National Life Insurance Director Group Variable Annuity (Service Shares only)
Company Separate Account 64
(Established August 20, 2001)
Lincoln National Life Insurance Director Group Variable Annuity (Service Shares only)
Company Separate Account 70
(Established August 20, 2001)
Lincoln Life Flexible Premium Lincoln VUL
Variable Life Separate Account M Lincoln VUL(DB)
(Established December 2, 1997) Lincoln VUL(DB) II
Lincoln VUL(CV)
Lincoln VUL(CV)-II
Lincoln VUL(CV)-III
MoneyGuard(R) VUL (Service Shares only)
Lincoln Life Flexible Premium Lincoln SVUL
Variable Life Separate Account R Lincoln SVUL II
(Established December 2, 1997) Lincoln SVUL III
Lincoln Life Flexible Premium Lincoln CVUL
Variable Life Separate Account S Lincoln CVUL Series III (Service Shares only)
Lincoln Life Variable Annuity Lincoln ChoicePlus II (Service Shares only)
Account N Lincoln ChoicePlus II Access (Service Shares only)
(Established November 3, 1997) Lincoln ChoicePlus II Bonus (Service Shares only)
Lincoln ChoicePlus II Advance (Service Shares only)
FORM OF
AMENDMENT TO
FUND PARTICIPATION AGREEMENT
This Amendment to the
Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of May 1, 2003.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
2. All other terms of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date and year first above written.
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By:
------------------------------
Name: Rise X. X. Xxxxxx
Title: Vice President
JANUS ASPEN SERIES
By:
--------------------------------
Name:
Title:
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
NAME OF SEPARATE ACCOUNT AND THE
DATE ESTABLISHED BY BOARD OF DIRECTORS CONTRACTS FUNDED BY SEPARATE ACCOUNT
-------------------------------------- ------------------------------------
Lincoln National Variable Multi-Fund(R) Individual Variable Annuity (Institutional)
Annuity Account C eAnnuity Variable Annuity (Institutional)
(Established June 3, 1981) Multi-Fund(R) 5 Individual Variable Annuity (Institutional)
Lincoln National Variable Group Variable Annuity I, II, & III
Annuity Account L (Institutional Shares only)
(Established April 19, 1996)
Lincoln Life Variable Annuity Account Q Multi-Fund(R) Group Variable Annuity
(Established November 3, 1997) (Institutional Shares only)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 34 (Institutional Shares only)
(Established August 27, 1999)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 64 (Service Shares only)
(Established August 20, 2001)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 70 (Service Shares only)
(Established August 20, 2001)
Lincoln Life Flexible Premium Lincoln VUL(DB) (both Shares)
Variable Life Separate Account M Lincoln Elite VUL(DB) (Service Shares only)
(Established December 2, 1997) Lincoln VUL(DB)-II (Service Shares only)
Lincoln VUL(CV) (both Shares)
Lincoln VUL(CV) -II (both Shares)
Lincoln Elite VUL(CV) -II (Service Shares only)
Lincoln VUL(CV) -III (Service Shares only)
Money Guard(R) VUL (Service Shares only)
Lincoln Life Flexible Premium Lincoln SVUL (both Shares)
Variable Life Separate Account R Lincoln Elite SVUL (Service Shares only)
(Established December 2, 1997) Lincoln SVUL II (both Shares)
Lincoln Elite SVUL II (Service Shares only)
Lincoln SVUL III (Service Shares only)
Lincoln Life Flexible Premium Lincoln CVUL (both share classes)
Variable Life Separate Account S Lincoln CVUL Series III (both share classes)
Lincoln Elite CVUL Series III (Service Shares only)
Lincoln Corporate Variable 4 (Service Shares only)
Lincoln Life Variable Annuity Lincoln ChoicePlus II (Service Shares only)
Account N Lincoln ChoicePlus II Access (Service Shares only)
(Established November 3, 1997) Lincoln ChoicePlus II Bonus (Service Shares only)
Lincoln ChoicePlus II Advance (Service Shares only)
Lincoln ChoicePlus (Service Shares only)
Lincoln ChoicePlus Assurance (B Share) (Service Shares only)
Lincoln ChoicePlus Assurance (C Share) (Service Shares only)
Lincoln ChoicePlus Assurance (L Share) (Service Shares only)
Lincoln ChoicePlus Assurance (Bonus) (Service Shares only)
AMENDMENT TO
FUND PARTICIPATION AGREEMENT
This Amendment to the Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of May 1, 2004.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
2. All other terms of the Agreement shall remain in full force and effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date and year first above written.
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By: /s/ Risee X. X. Xxxxxx
--------------------------
Name: Rise X. X. Xxxxxx
Title: Vice President
JANUS ASPEN SERIES
By: /s/ Xxxxxx Xxxx
-------------------
Name: Xxxxxx X. Xxxx
Title: Vice President
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
NAME OF SEPARATE ACCOUNT AND THE
DATE ESTABLISHED BY BOARD OF DIRECTORS CONTRACTS FUNDED BY SEPARATE ACCOUNT
--------------------------------------- -------------------------------------------------------------
Lincoln National Variable Multi-Fund(R) Individual Variable Annuity (Institutional)
Annuity Account C eAnnuity Variable Annuity (Institutional)
(Established June 3, 1981) Multi-Fund(R) 5 Individual Variable Annuity (Institutional)
Lincoln National Variable Group Variable Annuity I, II, & III
Annuity Account L (Institutional Shares only)
(Established April 19, 1996)
Lincoln Life Variable Annuity Account Q Multi-Fund(R) Group Variable Annuity
(Established November 3, 1997) (Institutional Shares only)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 34 (Institutional Shares only)
(Established August 27, 1999)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 64 (Service Shares only)
(Established August 20, 2001)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 70 (Service Shares only)
(Established August 20, 2001)
Lincoln Life Flexible Premium Lincoln VUL(DB) (both Shares)
Variable Life Separate Account M Lincoln Elite VUL(DB) (Service Shares only)
(Established December 2, 1997) Lincoln VUL(DB) II (Service Shares only)
Lincoln VUL(DB) IV (Service Shares only)
Lincoln VUL(CV) (both Shares)
Lincoln VUL(CV) II (both Shares)
Lincoln Elite VUL(CV) II (Service Shares only)
Lincoln VUL(CV) III (Service Shares only)
Lincoln VUL(CV) IV (Service Shares only)
Money Guard(R) VUL (Service Shares only)
Lincoln VUL(ONE) (Service Shares only)
Lincoln Momentum VUL(ONE) (Service Shares only)
Lincoln Life Flexible Premium Lincoln SVUL (both Shares)
Variable Life Separate Account R Lincoln Elite SVUL (Service Shares only)
(Established December 2, 1997) Lincoln SVUL II (both Shares)
Lincoln Elite SVUL II (Service Shares only)
Lincoln SVUL III (Service Shares only)
Lincoln SVUL IV (Service Shares only)
Lincoln Life Flexible Premium Lincoln CVUL (both share classes)
Variable Life Separate Account S Lincoln CVUL Series III (both share classes)
Lincoln Elite CVUL Series III (Service Shares only)
Lincoln Corporate Variable 4 (Service Shares only)
Lincoln Life Variable Annuity Lincoln ChoicePlus II (Service Shares only)
Account N Lincoln ChoicePlus II Access (Service Shares only)
(Established November 3, 1997) Lincoln ChoicePlus II Bonus (Service Shares only)
Lincoln ChoicePlus II Advance (Service Shares only)
Lincoln ChoicePlus (Service Shares only)
Lincoln ChoicePlus Assurance (B Share) (Service Shares only)
Lincoln ChoicePlus Assurance (C Share) (Service Shares only)
Lincoln ChoicePlus Assurance (L Share) (Service Shares only)
Lincoln ChoicePlus Assurance (Bonus) (Service Shares only)
Lincoln ChoicePlus Momentum Income Option
(Service Shares only)
AMENDMENT TO FUND PARTICIPATION AGREEMENT
This Amendment to the Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of May 1, 2006.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
2. All other terms of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized
officers to execute this Amendment as of the date and year first above
written.
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxxxxxxx
-----------------------
Name: Xxxxx X. Xxxxxxxxx
Title: Vice President
JANUS ASPEN SERIES
By: /s/ Xxxxxx Xxxxxx Xxxxx
------------------------
Name: Xxxxxx Xxxxxx Xxxxx
Title: President and CEO
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
NAME OF SEPARATE ACCOUNT AND THE
DATE ESTABLISHED BY BOARD OF DIRECTORS CONTRACTS FUNDED BY SEPARATE ACCOUNT
-------------------------------------- ------------------------------------
Lincoln National Variable Multi-Fund(R) Individual Variable Annuity* (Institutional)
Annuity Account C eAnnuity Variable Annuity (Institutional)
(Established June 3, 1981) Multi-Fund(R) 5 Individual Variable Annuity (Institutional)
Lincoln National Variable Group Variable Annuity I, II, & III
Annuity Account L (Institutional Shares only)
(Established April 19, 1996)
Lincoln Life Variable Annuity Account Q Multi-Fund(R) Group Variable Annuity*
(Established November 3, 1997) (Institutional Shares only)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 34 (Institutional Shares only)
(Established August 27, 1999)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 64 (Service Shares only)
(Established August 20, 2001)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 70 (Service Shares only)
(Established August 20, 2001)
Lincoln Life Flexible Premium Lincoln VUL(DB) (both Shares)
Variable Life Separate Account M Lincoln Elite VUL(DB) (Service Shares only)
(Established December 2, 1997) Lincoln VUL(DB) II (Service Shares only)
Lincoln VUL(DB) IV (Service Shares only)
Lincoln VUL(CV) (both Shares)
Lincoln VUL(CV) II (both Shares)
Lincoln Elite VUL(CV) II (Service Shares only)
Lincoln VUL(CV) III (Service Shares only)
Lincoln VUL(CV) IV (Service Shares only)
Money Guard(R) VUL (Service Shares only)
Lincoln VUL(ONE) (Service Shares only)
Lincoln Momentum VUL(ONE) (Service Shares only)
Lincoln Life Flexible Premium Lincoln SVUL (both Shares)
Variable Life Separate Account R Lincoln Elite SVUL (Service Shares only)
(Established December 2, 1997) Lincoln SVUL II (both Shares)
Lincoln Elite SVUL II (Service Shares only)
Lincoln SVUL III (Service Shares only)
Lincoln SVUL IV (Service Shares only)
Lincoln Life Flexible Premium Lincoln CVUL (both share classes)
Variable Life Separate Account S Lincoln CVUL Series III (both share classes)
Lincoln Elite CVUL Series III (Service Shares only)
Lincoln Corporate Variable 4 (Service Shares only)
Lincoln Corporate Variable 5 (Service Shares only)
Lincoln Life Variable Annuity Lincoln ChoicePlus II (Service Shares only)
Account N Lincoln ChoicePlus II Access (Service Shares only)
(Established November 3, 1997) Lincoln ChoicePlus II Bonus (Service Shares only)
Lincoln ChoicePlus II Advance (Service Shares only)
Lincoln ChoicePlus (Service Shares only)
Lincoln ChoicePlus Assurance (B Share) (Service Shares only)
Lincoln ChoicePlus Assurance (C Share) (Service Shares only)
Lincoln ChoicePlus Assurance (L Share) (Service Shares only)
Lincoln ChoicePlus Assurance (Bonus) (Service Shares only)
Lincoln ChoicePlus Momentum Income Option (Service Shares only)
Lincoln Life Flexible Premium Variable Lincoln Corporate Variable Private Solution (Service Shares only)
Life Account Z
(Established July 30, 2003)
* No Janus funds will be available in this product after on or about June 9,
2006.
AMENDMENT TO FUND PARTICIPATION AGREEMENT
This Amendment to the Fund Participation Agreement ("Agreement") dated
September 15, 1998, as amended, between Janus Aspen Series, an open-end
management investment company organized as a Delaware business trust (the
"Trust"), and The Lincoln National Life Insurance Company, an Indiana life
insurance company (the "Company") is effective as of July 6, 2009.
AMENDMENT
For good and valuable consideration, the receipt of which is hereby
acknowledged, the parties agree to amend the Agreement as follows:
1. Schedule A of this Agreement shall be deleted and replaced with the
attached Schedule A.
2. All other terms of the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties have caused their duly authorized officers
to execute this Amendment as of the date and year first above written.
THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxx
--------------------------------
Name: Xxxxxx X. Xxxxx
Title: Vice President
JANUS ASPEN SERIES
By: /s/ Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
------------------------------------
Name: Xxxxxxxxx Xxxxxxxxxx-Xxxxxx
Title: Vice President
SCHEDULE A
SEPARATE ACCOUNTS AND ASSOCIATED CONTRACTS
NAME OF SEPARATE ACCOUNT AND THE
DATE ESTABLISHED BY BOARD OF DIRECTORS CONTRACTS FUNDED BY SEPARATE ACCOUNT
-------------------------------------- ------------------------------------
Lincoln National Variable Multi-Fund(R) Individual Variable Annuity* (Institutional)
Annuity Account C eAnnuity Variable Annuity (Institutional)
(Established June 3, 1981) Multi-Fund(R) 5 Individual Variable Annuity (Institutional)
Lincoln National Variable Group Variable Annuity I, II, & III
Annuity Account L (Institutional Shares only)
(Established April 19, 1996)
Lincoln Life Variable Annuity Account Q Multi-Fund(R) Group Variable Annuity*
(Established November 3, 1997) (Institutional Shares only)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 34 (Institutional Shares only)
(Established August 27, 1999)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 64 (Service Shares only)
(Established August 20, 2001)
Lincoln National Life Insurance Director Group Variable Annuity
Company Separate Account 70 (Service Shares only)
(Established August 20, 2001)
Lincoln Life Flexible Premium Lincoln VUL(DB) (both Shares)
Variable Life Separate Account M Lincoln Elite VUL(DB) (Service Shares only)
(Established December 2, 1997) Lincoln VUL(DB) II (Service Shares only)
Lincoln VUL(DB) IV (Service Shares only)
Lincoln VUL(CV) (both Shares)
Lincoln VUL(CV) II (both Shares)
Lincoln Elite VUL(CV) II (Service Shares only)
Lincoln VUL(CV) III (Service Shares only)
Lincoln VUL(CV) IV (Service Shares only)
Money Guard(R) VUL (Service Shares only)
Lincoln VUL(ONE) (Service Shares only)
Lincoln Momentum VUL(ONE) (Service Shares only)
Lincoln Life Flexible Premium Lincoln SVUL (both Shares)
Variable Life Separate Account R Lincoln Elite SVUL (Service Shares only)
(Established December 2, 1997) Lincoln SVUL II (both Shares)
Lincoln Elite SVUL II (Service Shares only)
Lincoln SVUL III (Service Shares only)
Lincoln SVUL IV (Service Shares only)
Lincoln Life Flexible Premium Lincoln CVUL (both share classes)
Variable Life Separate Account S Lincoln CVUL Series III (both share classes)
Lincoln Elite CVUL Series III (Service Shares only)
Lincoln Corporate Variable 4 (Service Shares only)
Lincoln Corporate Variable 5 (Service Shares only)
Lincoln Life Variable Annuity Lincoln ChoicePlus II (Service Shares only)
Account N Lincoln ChoicePlus II Access (Service Shares only)
(Established November 3, 1997) Lincoln ChoicePlus II Bonus (Service Shares only)
Lincoln ChoicePlus II Advance (Service Shares only)
Lincoln ChoicePlus (Service Shares only)
Lincoln ChoicePlus Assurance (B Share) (Service Shares only)
Lincoln ChoicePlus Assurance (C Share) (Service Shares only)
Lincoln ChoicePlus Assurance (L Share) (Service Shares only)
Lincoln ChoicePlus Assurance (Bonus) (Service Shares only)
Lincoln ChoicePlus Momentum Income Option
(Service Shares only)
Lincoln Life Flexible Premium Variable Lincoln Corporate Variable Private Solution (both share classes)
Life Account Z
(Established July 30, 2003)
* No Janus funds will be available in this product after on or about June 9,
2006.
