Exhibit 99(h)(14-b)

AMENDMENT NO. 8

To the PARTICIPATION AGREEMENT

Among

PUTNAM VARIABLE TRUST

PUTNAM RETAIL MANAGEMENT LIMITED PARTNERSHIP

And

LINCOLN NATIONAL LIFE INSURANCE COMPANY

THIS AMENDMENT is made and executed as of the 1^st day of February, 2021 among Lincoln National Life Insurance Company (the “Company”), Putnam Variable Trust (the “Trust”) and Putnam Retail Management Limited Partnership (the “Underwriter).

WHEREAS, the Company, the Trust and the Underwriter have executed a Participation Agreement dated as of April 30, 2001, as amended (the “Fund Participation Agreement”);

Wherefore, each of the parties hereto wish to amend the Fund Participation Agreement as follows.

1. Schedule A of the Fund Participation Agreement shall be amended to add PVT George Putnam Balanced Fund - Class IA to Separate Account M.

2. All other terms of the Fund Participation Agreement remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have executed this Amendment on the first above-written date.

PUTNAM RETAIL MANAGEMENTLIMITED PARTNERSHIP

By its authorized officer,

/s/ Mark Coneeny

Name: Mark Coneeny

Title:Head of Relationship Management PUTNAM VARIABLE TRUST

By its authorized officer,

Name: Michael Higgins

Title: Treasurer of the Funds

LINCOLN NATIONAL LIFE INSURANCE COMPANY

/s/ Jayson R. Bronchetti

Name: Jayson R. Bronchetti

Title: Senior Vice President