DIRECTOR STOCK OPTION AWARD TERMS AND PROSPECTUS-SUPPLEMENT

EXHIBIT 10(xi)

February 14, 2005

DIRECTOR STOCK OPTION AWARD

TERMS AND PROSPECTUS-SUPPLEMENT

An automatic stock option award of 7,500 shares was granted on February 14, 2005 by Jefferson-Pilot Corporation (“Jefferson-Pilot or JP”) under our new Non-Employee Directors’ Stock Option Plan (“Plan”) to each non-employee member of JP’s Board of Directors (“Board”).

The terms of your stock option award are set forth below in question and answer form. A copy of the current Plan is enclosed, and you can request another copy at any time. The provisions of the Plan govern if there is any inconsistency. All interpretations by the Committee established under the Plan (“Committee”) are binding on you and Jefferson-Pilot.

What is my stock option exercise price? This option gives you the right to buy JP common stock from Jefferson-Pilot in the future at $49.87 per share, the closing market price on February 14, 2005.

How many shares can I buy? 7,500 shares.

The number of shares and exercise price will be adjusted to reflect stock splits and certain other changes in JP stock as described in the Plan or as determined by the Compensation Committee. For example, with our April 2001 3 for 2 stock split, an option for 5,000 shares was automatically increased to 7,500 shares, and the exercise price was reduced from $69.82 to $46.5467 (2/3 of $69.82). If it splits again, similar adjustments will be made.

Does this option last indefinitely? No, it will expire in ten years — and may expire earlier if you leave the Board before then. The last day it can be exercised in any event is February 13, 2015.

Can I exercise before then? Yes, you can exercise at any time for some or all of your Option Shares after they vest and before your option expires.

When do my Option Shares vest? On February 14, 2006, the first anniversary of the award, if you are still serving on the Jefferson-Pilot Board on that date.

What if I leave the Board before then? (1) Your Option Shares vest early and become exercisable if your service as a director terminates because you retire or otherwise depart from the Board pursuant to Board policy, become permanently disabled or die. Currently, under that policy, retirement occurs at the annual meeting immediately prior to your 72nd birthday.

(2) If your service on the Board terminates for any other reason, before any change in control, your Option Shares that have not yet vested at your date of termination will never vest and will expire/be forfeited.

Will my Option Shares vest upon a “change in control”? Yes, for any change in control as defined in Exhibit 1. Vesting would occur whether or not this results in termination of your Board service. Generally this applies if JP is taken over.

Once Option Shares are vested, do I have until February 13, 2015 to exercise? Yes, if you remain on the Board until that date. If you leave the Board before then for any reason including death, you or your heirs must exercise before the fifth anniversary of the date you leave the Board. Only Option Shares vested at your termination can be exercised. In any event your option must be exercised by February 13, 2015.

This document constitutes part of a Prospectus covering securities that have been registered

under the Securities Act of 1933.

How do I exercise? By paying the exercise price for the shares you are buying, at least 1,000 shares for each exercise. You must deliver to our Corporate Secretary’s Office an exercise form — copies can be obtained from that Office -and arrange for proper payment. When the form and payment are received, your exercise becomes effective. If these exercise procedures change, we will notify you.

Are there different ways I can pay the exercise price? Yes.

1. Pay with your own funds. You can write us a check, or send a wire from one of your accounts, for the full exercise price for the portion you are exercising. This will result in your owning all of the exercised shares, unless you ask us to withhold shares for any applicable withholding taxes as discussed below.

2. Pay with JP shares. You can use JP shares you own, valued at market value, to pay some or all of the purchase price. You simply must certify to us that you own the shares and they are freely transferable. The exchanged shares may be held in your name or jointly with your spouse, either of record or in our dividend reinvestment plan. If you want to use shares in street name with your bank or broker, they must be freely transferable and we may need to verify with your broker. They cannot be in an IRA or similar tax favored account. Any gain on the shares you use is tax deferred under current Federal tax law. This procedure will result in your owning the shares you started with plus additional shares representing your option gain. If you immediately sell some of these shares to cover estimated taxes we can deliver them electronically to your broker.

3. Cashless exercise. You can arrange with a stockbroker to borrow the exercise price and at the same time sell some or all of the shares you are exercising. This is called a cashless exercise. Most brokers will help with this. They generally will charge a commission on the stock sale, and interest on the loan for the few days before they receive the proceeds from your sale. Then you can leave the net proceeds in your brokerage account or can have your broker send them to you.

How are exercised shares delivered? If you request a stock certificate, it will be mailed to you within a week or so after you exercise. If you want to avoid the inconvenience and risk of loss of stock certificates, you can ask us to deposit your shares under our dividend reinvestment plan. You then can elect either to have dividends reinvested, or to receive dividend checks. In a cashless exercise or at your request, the shares are delivered electronically to your broker.

Will I get dividends on my option? No. Dividends are paid only on outstanding stock. The option is only a right to buy the stock. Once you exercise, dividends will be paid on JP shares you keep.

Can I voluntarily transfer my option to someone else? Generally, no. Your option is not transferable except upon your death or under a qualified domestic relations order. The Committee has approved procedures for limited transfers under special circumstances.

Should you die, your option becomes part of your estate. Your estate, or whoever receives the option in distribution from your estate, can exercise in the same fashion and for the same time period as you could have after termination of employment.

Will I have to pay taxes if I exercise? Yes, at the time you exercise. The closing market value of the shares on the day you exercise, minus your exercise price (the “spread”), is fully taxable as ordinary income, under today’s tax laws. JP receives a corresponding tax deduction.

Am I responsible for withholding taxes? No, unless tax laws change. Under current law, the taxable spread will be reported on Form 1099 and be subject to income taxes and also self-employment Social Security and Medicare taxes. You may need to make estimated tax filings to avoid penalties.

Will I pay more taxes on a later sale of shares I keep? Yes, if the share price goes up. The closing market price of the shares on the day you exercise becomes your tax basis in the shares you receive. Should you later sell the shares, you would have a capital gain or loss, equal to the difference between this tax basis and what you receive from the sale. Long term capital gains have favorable tax rates, and there are annual limits on utilization of capital losses, under today’s tax laws. You should consult your tax or financial advisor for specific tax advice.

Will exercise after I stop working affect my Social Security? Generally speaking, no. Even before age 65 exercise will not reduce or eliminate your receipt of Social Security benefits, because the taxable spread at exercise does not count as income for the current earnings test. But as noted above, this spread is subject to self-employment Social Security taxes. This possibly could result in a recalculation upward of your Social Security benefits, if the exercise year becomes one of your best income years under applicable Social Security wage base limits.

Does this option guarantee me continued Board service for the vesting period or perhaps for ten years? No. It does not create any rights to continued Board service.

How can I get answers to questions about my option? Contact our Corporate Secretary’s office in Greensboro: 336 ###-###-####, Fax ###-###-####. They also can provide exercise forms and helpful instructions.

Are there any restrictions on my sale of shares when I exercise? We have policies as to timing and preclearances of sales for directors.

Under our current timing policy, directors are subject to a “blackout period” each quarter. You may not have any market transactions in JP stock during this period. It starts on the first day of each calendar quarter and ends on the second business day after the Board meeting. Generally, the Board meets on the first Monday in May, August and November and the second Monday in February, so you can trade starting on the Wednesday after that.

Under our current preclearance policy, directors must preclear any market transaction in JP stock with designated counsel (presently, Bob Reed). He can advise whether there is any undisclosed material information that would make it inadvisable to trade until public disclosure is made. We will notify you of any changes in these policies.

We intend to register the Plan shares with the SEC. If this is not practicable, we will notify you about securities law restrictions if any on your sales of JP shares.

Directors also may be subject to additional provisions of the securities laws, under ’34 Act Section 16 or Rule 144. You periodically receive information concerning these additional restrictions that may apply to any of your transactions in JP stock or options.

February 14, 2005

EXHIBIT I

to

Stock Option Award

Terms and Prospectus-Supplement

Director’s Plan

For purposes of the attached Terms and Prospectus-Supplement:

Change in control means a change in control of JP of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A, promulgated under the Securities Exchange Act of 1934 as amended or any successor thereto (“Act”), provided that without limiting the foregoing, a change in control of JP also shall be deemed to have occurred if: