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Agreement and Plan of Merger

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Title:

Agreement and Plan of Merger

Entities:

Lincoln National Corp.

Date:

2005

Size:

337KB total

Price:

$76

ID:

#722051

► Plans ► Agreements ► Agreements & Plans of Merger
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AGREEMENT AND PLAN OF MERGER

Dated as of October 9, 2005

among

LINCOLN NATIONAL CORPORATION,

QUARTZ CORPORATION

and

JEFFERSON-PILOT CORPORATION

TABLE OF CONTENTS


			Page
ARTICLE I	THE MERGER		1
1.1.	Effective Time of the Merger		1
1.2.	Closing		1
1.3.	Effects of the Merger		2
1.4.	Conversion of Common Stock of Merger Sub		2
1.5.	Articles of Incorporation and Bylaws of Surviving Corporation		2
1.6.	Directors and Officers of the Surviving Corporation		2
1.7.	Bylaws of Lincoln		2
1.8.	Alternative Transaction Structures		2

ARTICLE II	CONVERSION OF JEFFERSON-PILOT COMMON STOCK; EXCHANGE OF CERTIFICATES		3

2.1.	Effect on Capital Stock		3
	(a)	Conversion of Jefferson-Pilot Common Stock	3
	(b)	Cancellation of Treasury Stock and Lincoln Owned Stock	3
	(c)	Certain Adjustments	3
	(d)	Elections by Holders of Shares of Jefferson-Pilot Common Stock	4
	(e)	Certain Definitions	4
	(f)	Election Adjustments	4
	(g)	Exercise of Election	5
	(h)	Election Deadline	6
	(i)	Deemed Non-Election Shares	6

2.2.	Exchange of Certificates		6
	(a)	Exchange Agent	6
	(b)	Exchange Procedures	7
	(c)	Distributions with Respect to Unexchanged Shares	7
	(d)	No Further Ownership Rights in Jefferson-Pilot Common Stock	7
	(e)	No Fractional Shares	8
	(f)	Lost, Stolen or Destroyed Certificates	8
	(g)	Termination of Exchange Fund	8
	(h)	No Liability	8
	(i)	Withholding	9

ARTICLE III	REPRESENTATIONS AND WARRANTIES		9

3.1.	Representations and Warranties of Jefferson-Pilot		9
	(a)	Organization, Standing and Power	9
	(b)	Capital Structure	10
	(c)	Authority	11
	(d)	SEC Documents; Regulatory Reports; Undisclosed Liabilities	13


	(e)	Compliance with Applicable Laws and Reporting Requirements	14
	(f)	Legal Proceedings	14
	(g)	Taxes	15
	(h)	Certain Agreements	16
	(i)	Benefit Plans	17
	(j)	Subsidiaries	18
	(k)	Agreements with Regulators	18
	(l)	Absence of Certain Changes or Events	18
	(m)	Board Approval	18
	(n)	Vote Required	18
	(o)	Properties	19
	(p)	Intellectual Property	19
	(q)	Brokers or Finders	20
	(r)	Opinion of Jefferson-Pilot Financial Advisor	20
	(s)	Additional Representations	20
	(t)	Rights Agreements; Takeover Laws	21
	(u)	Insurance Reports	21
	(v)	Insurance Business	22
	(w)	Risk Management Instruments	23
	(x)	Reinsurance	23
	(y)	FCC Licenses	23
	(z)	Bank Holding Company Act	23
3.2.	Representations and Warranties of Lincoln		23
	(a)	Organization, Standing and Power	23
	(b)	Capital Structure	24
	(c)	Authority	25
	(d)	SEC Documents; Regulatory Reports; Undisclosed Liabilities	26
	(e)	Compliance with Applicable Laws and Reporting Requirements	27
	(f)	Legal Proceedings	28
	(g)	Taxes	28
	(h)	Certain Agreements	29
	(i)	Benefit Plans	30
	(j)	Subsidiaries	30
	(k)	Agreements with Regulators	30
	(l)	Absence of Certain Changes or Events	31
	(m)	Board Approval	31
	(n)	Vote Required	31
	(o)	Properties	31
	(p)	Intellectual Property	32
	(q)	Brokers or Finders	32
	(r)	Opinion of Lincoln Financial Advisor	32
	(s)	Additional Representations	33
	(t)	Rights Agreements; Takeover Laws	34
	(u)	Insurance Reports	34


	(v)	Insurance Business	34
	(w)	Risk Management Instruments	35
	(x)	Reinsurance	35
	(y)	Bank Holding Company Act	35
3.3.	Representations and Warranties of Merger Sub		35

ARTICLE IV	COVENANTS RELATING TO CONDUCT OF BUSINESS		36

4.1.	Covenants of Jefferson-Pilot		36
	(a)	Ordinary Course	36
	(b)	Dividends; Changes in Stock	37
	(c)	Issuance of Securities	37
	(d)	Governing Documents	37
	(e)	No Acquisitions or Dispositions	38
	(f)	Indebtedness	38
	(g)	Other Actions	38
	(h)	Accounting Methods	38
	(i)	Tax-Free Reorganization Treatment	38
	(j)	Compensation and Benefit Plans	38
	(k)	No Liquidation	39
	(l)	Other Agreements	39
	(m)	Change in Tax Accounting	39
	(n)	Third Party Consents	39
	(o)	Investment Company Act	39
	(p)	Advisory Contract Consents	40
4.2.	Covenants of Lincoln		40
	(a)	Ordinary Course	40
	(b)	Dividends; Changes in Stock	41
	(c)	Issuance of Securities	41
	(d)	Governing Documents	41
	(e)	No Acquisitions or Dispositions	41
	(f)	Indebtedness	42
	(g)	Other Actions	42
	(h)	Accounting Methods	42
	(i)	Tax-Free Reorganization Treatment	42
	(j)	Compensation and Benefit Plans	42
	(k)	No Liquidation	43
	(l)	Other Agreements	43
	(m)	Change in Tax Accounting	43
	(n)	Third Party Consents	43
	(o)	NYSE Listing	43
	(p)	Investment Company Act	43
	(q)	Advisory Contract Consents	44
4.3.	Transition		44
4.4.	Advice of Changes; Government Filings		44
4.5.	Control of Other Partys Business		45

iii


ARTICLE V	ADDITIONAL AGREEMENTS		45

5.1.	Preparation of Proxy Statement; Shareholders Meetings		45
5.2.	Access to Information		47
5.3.	Reasonable Best Efforts		48
5.4.	Acquisition Proposals		48
5.5.	Affiliates		50
5.6.	Jefferson-Pilot Equity Awards		50
5.7.	Fees and Expenses		51
5.8.	Governance		52
5.9.	Indemnification; Directors and Officers Insurance		52
5.10.	Dividends		53
5.11.	Public Announcements		53
5.12.	Additional Agreements		53
5.13.	Community Commitments		53
5.14.	Tax Treatment		54

ARTICLE VI	CONDITIONS PRECEDENT		54

6.1.	Conditions to Each Partys Obligation To Effect the Merger		54
	(a)	Shareholder Approval	54
	(b)	NYSE Listing	54
	(c)	Other Approvals	54
	(d)	Form S-4	54
	(e)	No Injunctions or Restraints; Illegality	54
	(f)	Burdensome Condition	54
6.2.	Conditions to Obligations of Lincoln		55
	(a)	Representations and Warranties	55
	(b)	Performance of Obligations of Jefferson-Pilot	55
	(c)	Tax Opinion	55
6.3.	Conditions to Obligations of Jefferson-Pilot		55
	(a)	Representations and Warranties	55
	(b)	Performance of Obligations of Lincoln	56
	(c)	Tax Opinion	56

ARTICLE VII	TERMINATION AND AMENDMENT		56

7.1.	Termination		56
7.2.	Effect of Termination		57
7.3.	Amendment		59
7.4.	Extension; Waiver		59

ARTICLE VIII	GENERAL PROVISIONS		60

8.1.	Non-survival of Representations, Warranties and Agreements		60
8.2.	Notices		60
8.3.	Interpretation		61
8.4.	Counterparts		61
8.5.	Entire Agreement; No Third Party Beneficiaries		61


Exhibit 1.5(a)		Articles of Incorporation of Surviving Corporation
Exhibit 1.5(b)		Bylaws of Surviving Corporation
Exhibit 1.7(a)		Amended and Restated Bylaws of Lincoln
Exhibit 5.5		Form of Affiliate Agreement
Exhibit 5.8(b)		List of Officers and Directors of Lincoln Post-Merger

INDEX OF DEFINED TERMS


		Section
Acquisition Proposal		5.4(a)(i)
Acquisition Transaction		7.2(b)(ii)
Agreement		Preamble
Articles of Merger		1.1
Benefit Plans		3.1(i)(i)
BHC Act		3.1(z)
Business Day		1.2
Cash Consideration		2.1(a)(ii)
Cash Conversion Number		2.1(e)
Cash Election		2.1(d)(ii)
Cash Election Number		2.1(e)
Cash Election Shares		2.1(e)
certificates		2.2(a)
Change in Jefferson-Pilot Recommendation		7.1(d)(i)
Change in Lincoln Recommendation		7.1(e)(i)
Closing		1.2
Closing Date		1.2
Code		Recitals
Confidentiality Agreement		5.2(b)
Converted Cash Election Share		2.1(f)(ii)(B)
Converted Stock Election Share		2.1(f)(i)(C)
Deemed Cash Election Share		2.1(f)(i)(B)
Effective Time		1.1
Election Deadline		2.1(h)
Election Form Record Date		2.1(g)
ERISA		3.1(i)(i)
Exchange Act		2.1(g)
Exchange Agent		2.2(a)
Exchange Fund		2.2(a)
Exchange Ratio		2.1(a)(i)
FCC		3.1(c)(iii)
FCC Approvals		3.1(c)(iii)
FCC Licenses		3.1(y)
Form of Election		2.1(g)
Form S-4		5.1(a)
Governmental Entity		3.1(c)(iii)
HSR Act		3.1(c)(iii)
Indemnified Liabilities		5.9(a)
Indemnified Parties		5.9(a)
Insurance Approvals		3.1(c)(iii)
Insurance Laws		3.1(u)
Investment Advisers Act		3.1(s)(ii)
Investment Company Act		3.1(s)(ii)


Jefferson-Pilot		Preamble
Jefferson-Pilot Actuarial Analyses		3.1(v)(ii)
Jefferson-Pilot Adviser		3.1(s)(ii)
Jefferson-Pilot Benefit Plans		3.1(i)(i)
Jefferson-Pilot Board Approval		3.1(m)
Jefferson-Pilot Broker-Dealer		3.1(s)(ii)
Jefferson-Pilot Certificates		2.2(a)
Jefferson-Pilot Common Stock		2.1(a)
Jefferson-Pilot Contracts		3.1(h)
Jefferson-Pilot Disclosure Letter		3
Jefferson-Pilot Fund		3.1(s)(ii)
Jefferson-Pilot Insiders		5.6(e)
Jefferson-Pilot Insurance Contracts		3.1(v)(i)
Jefferson-Pilot Insurance Entities		3.1(u)
Jefferson-Pilot Insurer		3.1(s)(ii)
Jefferson-Pilot Intellectual Property		3.1(p)(i)
Jefferson-Pilot Investment Company		3.1(s)(ii)
Jefferson-Pilot Permits		3.1(e)(i)
Jefferson-Pilot Preferred Stock		3.1(b)(i)
Jefferson-Pilot Public Proposal		7.2(c)(ii)
Jefferson-Pilot Rights Agreement		3.1(t)
Jefferson-Pilot SAP Statements		3.1(u)
Jefferson-Pilot SEC Documents		3.1(d)(i)
Jefferson-Pilot Shareholders Meeting		5.1(b)
Jefferson-Pilot Stock Option		5.6(a)
Jefferson-Pilot Stock Plans		3.1(b)(i)
Jefferson-Pilot Termination Fee		7.2(c)
Jefferson-Pilots Current Premium		5.9(b)
Joint Proxy Statement / Prospectus		5.1(a)
Lincoln		Preamble
Lincoln Actuarial Analyses		3.2(v)(ii)
Lincoln Adviser		3.2(s)(ii)
Lincoln Benefit Plans		3.2(i)(i)
Lincoln Board Approval		3.2(m)
Lincoln Broker-Dealer		3.2(s)(ii)
Lincoln Common Stock		3.2(b)(i)
Lincoln Contracts		3.2(h)
Lincoln Disclosure Letter		3
Lincoln Fund		3.2(s)(ii)
Lincoln Insurance Contracts		3.2(v)(i)
Lincoln Insurance Entities		3.2(u)
Lincoln Insurer		3.2(s)(ii)
Lincoln Intellectual Property		3.2(p)(i)
Lincoln Investment Company		3.2(s)(ii)
Lincoln Permits		3.2(e)(i)
Lincoln Public Proposal		7.2(b)(ii)

vii


Lincoln Rights Agreement		3.2(t)
Lincoln SAP Statements		3.2(u)
Lincoln SEC Documents		3.2(d)(i)
Lincoln Series A Preferred Stock		3.2(b)(i)
Lincoln Shareholders Meeting		5.1(c)
Lincoln Stock Plans		3.2(b)(i)
Lincoln Termination Fee		7.2(b)
Material Adverse Effect		3.1(a)(iv)
Merger