Lincoln Financial Group 1/22/2024

AN-700-CS (03/21) 3a Alliance 2021 PAYMENT OPTIONS UPON CONTRACT TERMINATION a.Book Value Installment Option Under this option, the value of Contract Owner Account will be paid in 6 payments to the Contract Owner beginning with the Payout Initiation Date. The timing and percentage of each installment payment will be as indicated in the following schedule: Transaction Dates Percentage Eligible For Payment Payout Initiation Date First anniversary of the Payout Initiation Date Second anniversary of the Payout Initiation Date Third anniversary of the Payout Initiation Date Fourth anniversary of the Payout Initiation Date Fifth anniversary of the Payout Initiation Date 20% of the balance on such date 20% of the balance on such date 25% of the balance on such date 33% of the balance on such date 50% of the balance on such date 100% of the balance on such date Withdrawals made while payments are being made under this option are allowed or restricted according to the provisions in Section 4.01 and 4.02. Following the Payout Initiation Date, We will reduce the Declared Interest Rate to the GMIR. If the value of the Contract Owner Account is less than $1,000, the entire amount may be paid in the first installment. b.Market Value Payment Option Under this option, the value of the Contract Owner Account on the Contract Termination Date as modified by a Market Value Adjustment will be paid in a lump sum on the first business day after the Contract Termination Date to the Plan trustee or other party designated by you. We will determine the amount payable as follows: The Market Value Adjustment will equal the product of the value of the Contract Owner Account as of the Contract Termination Date and a multiplier which is the Market Value Factor minus 1.00 . The Market Value Factor is the lesser of 1.00 and the ratio of: Current Bond Price Par Value of that Bond We will calculate the Current Bond Price to equal the price of a bond as described below: 1.issued with a maturity of 6.5 years and semiannual coupons equal to the par value multiplied by the interest rate in number 2. The amount of the semiannual coupons will be equal to the par value multiplied by 50% of the interest rate in number 2; 2.bearing interest at the 5 year average of the Bloomberg U.S. Aggregate Bond Index yield to worst as of the most recent month end prior to the Payout Initiation Date, however, if the Contract has been in force for less than 2 years, the average yield will be computed over a period not greater than the number of full calendar months that the Contract has been in force; and 3.determining the present value of the coupons and maturity of the bond based on the B loomberg U.S. Aggregate Bond Index yield to worst as of the most recent month end prior to the Payout Initiation Date. If this index ceases to be published, we will select a comparable index. Once the Contract has been in force for 2 years, We reserve the right to substitute a different market value adjustment formula. We will provide notice at least 120 days in advance to the Contract Owner of this change subject to your right to reject this change and terminate under the terms in effect prior to the noticed change.