Document:

iu-ia3090.htm - Generated by SEC Publisher for SEC Filing

 

			
	 ING Life Insurance and Annuity Company 	  
	 [Windsor, Connecticut] 	  	  
	  
	 [Customer Service Center 	  	 Important terms and definitions used in this 
	 P.O. Box 10450 	  	 Contract appear on page 4. 
	 909 Locust Street 	  	  
	 Des Moines, Iowa 50306-0450] 	  	  
	 [1-888-854-5950] 	  	  
	  
	 Product Name 	  	                        Contract Number 
	 [ING Innovations 7] 	  	                        [R123456] 
	 Annuitant(s) 	 Age of Annuitant(s) 	                        Sex of Annuitant(s) 
	 [Thomas J. Doe] 	 [55] 	                        [Male] 
	  
	 Owner/Joint Owner 	 Age of Owner/Joint Owner 	                        Residence State 
	 [John Q. Doe] 	 [35] 	                        [Connecticut] 
	  
	 Contract Date 	 Issue State 	  
	 [July 1, 2009] 	 [Connecticut] 	  
	 Initial Premium 	  	  
	 [$15,000.00] 	  	  
	 Maturity Date 	 Annuity Plan 	  
	 [July 1, 2039] 	 [Payments for Life with 10 Year Period Certain] 

 MODIFIED SINGLE PREMIUM DEFERRED ANNUITY CONTRACT

 In this Contract "you" or "your" refers to the Owner shown above. "We," "our," or "us" refers to ING Life Insurance and Annuity Company.

 READ THIS CONTRACT CAREFULLY. This is a legal contract between you and us.

 RIGHT TO EXAMINE AND RETURN THIS CONTRACT

 You may return this Contract by mailing or delivering it to our Customer Service Center at the address shown above or to the producer through whom you purchased it within twenty days (or thirty days if this is a replacement contract as defined by applicable state regulation) after the date you receive it. If so returned, we will promptly pay you any portion of the Premium paid and not previously Surrendered as of the date the returned Contract is received by us. If you are unsure whether your Contract is a replacement contract, please contact us at our Customer Service Center at the phone number or address set forth above.

 WE WILL PROVIDE YOU WITH ADDITIONAL INFORMATION REGARDING THE BENEFITS AND PROVISIONS OF THIS CONTRACT UPON WRITTEN REQUEST. YOU MAY ALSO CALL OUR CUSTOMER SERVICE CENTER AT [1-888-854-5950] FOR INQUIRIES, INFORMATION OR ASSISTANCE.

      Cash Surrender Values may increase based on the Strategy you have selected. You may allocate your Premium between the Fixed Rate Strategy and the Point-to-Point Cap Index Strategy. Under the Point-to-Point Cap Index Strategy contract values are affected by the performance of an external index, but the Contract does not directly participate in such external index or other equity investments.

 The initial interest rate for the Fixed Rate Strategy is guaranteed for one year only.

 If you Surrender all or a portion of the Accumulation Value of the Contract, Surrender Charges may apply. Surrender Charges, when applied, will reduce the amount paid to you. Surrender Charges will not apply under certain conditions (see Section 6.3).

 This Contract is non-participating which means it will not pay dividends resulting from any of the surplus or earnings of ING Life Insurance and Annuity Company.

 IU-IA-3090

				
	 TABLE OF CONTENTS
	  
	  
	  
	  	  	  	 Page 
	  
	 1. 	 CONTRACT SCHEDULE 	 3 
	  
	 2. 	 IMPORTANT TERMS AND DEFINITIONS 	 4 
	  
	 3. 	 INTRODUCTION TO THE CONTRACT 	  
	  	 3.1 	 The Contract 	 6 
	  	 3.2 	 The Owner 	 6 
	  	 3.3 	 The Annuitant 	 6 
	  	 3.4 	 The Beneficiary 	 6 
	  
	 4. 	 PREMIUMS 	  
	  	 4.1 	 Premiums 	 8 
	  	 4.2 	 Allocating Strategies 	 8 
	  
	 5. 	 STRATEGIES 	  
	  	 5.1 	 Strategies 	 9 
	  	 5.2 	 Fixed Rate Strategy 	 9 
	  	 5.3 	 Point-to-Point Cap Index Strategy 	 9 
	  
	 6. 	 CONTRACT VALUES 	  
	  	 6.1 	 The Accumulation Value 	 11 
	  	 6.2 	 The Cash Surrender Value 	 11 
	  	 6.3 	 Charges 	 11 
	  
	 7. 	 CONTRACT BENEFITS 	  
	  	 7.1 	 Contract Surrender 	 13 
	  	 7.2 	 The Death Benefit 	 13 
	  	 7.3 	 Annuity Payments 	 14 
	  
	 8. 	 OTHER IMPORTANT INFORMATION 	  
	  	 8.1 	 Annual Report to Owner 	 17 
	  	 8.2 	 Assignment 	 17 
	  	 8.3 	 Misstatement Made by Owner in Connection with the Purchase of this Contract 	 17 
	  	 8.4 	 Payments We May Defer 	 17 
	  	 8.5 	 Incontestability 	 17 
	  	 8.6 	 Basis of Computation 	 17 
	  	 8.7 	 Rules for Interpreting this Contract 	 17 
	  	 8.8 	 Non-Waiver 	 17 

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	 1.      		 CONTRACT SCHEDULE	

										
	 A. 	 Charges 	  	  	  	  	  	  	  	  
	  
	  	 Surrender Charge Schedule: 	  	  	  	  	  	  	  	  
	  
	  	          Contract Year 	  1 	 2 	 3 	 4 	 5 	 6 	 7 	 8+ 
	  	          Surrender Charge Percentage 	 9% 	 8% 	 7% 	 6% 	          5% 	 4% 	 3% 	 0% 
	  
	  	          See Section 6.3 for details 	  	  	  	  	  	  	  	  
	  
	  
	 B. 	 Available Strategies and Indexes 	  	  	  	  	  	  	  	  
	  
	  	 Fixed Rate Strategy 	  	  	  	  	  	  	  	  
	  	          Initial Premium applied to this Strategy 	  	  	  	  	  	  	 [$7,500] 
	  	          Premium Allocation Percentage of Initial Premium 	  	  	  	  	  	 [50%] 
	  	          Initial Fixed Rate Strategy Interest Rate 	  	  	  	  	  	 [3.00%] 
	  	          Minimum Guaranteed Interest Rate 	  	  	  	  	  	  	 1.0% 
	  
	  	 Point-to-Point Cap Index Strategy 	  	  	  	  	  	  	  	  
	  
	  	          Initial Premium applied to this Strategy 	  	  	  	  	  	  	 [$7,500] 
	  	          Premium Allocation Percentage of Initial Premium 	  	  	  	  	  	 [50%] 
	  
	  	  	  	  	  	  	 Percentage of 	  	  
	  	  	  	 Initial Premium 	  	 Initial Premium 	  	 Initial 
	  	          Index 	 Allocated to Each Index 	  	 Allocated to Each Index 	  	 Index Cap* 
	  	          [1S&P 500] 	  	 [$3,750.00] 	  	  	 [25.0%] 	  	  	 [6.0%] 
	  	          [2Dow Jones EURO STOXX 50® Index] 	  	 [$3,750.00] 	  	  	 [25.0%] 	  	  	 [5.5%] 
	  	          [3Insert Index Name] 	  	 [$0.00] 	  	  	 [0.0%] 	  	  	 [0.0%] 
	  	          [4Insert Index Name] 	  	 [$0.00] 	  	  	 [0.0%] 	  	  	 [0.0%] 

 *Any Index Cap declared in the future will never be less than 2% and will never exceed 100%

 [1“Standard & Poor’s®”, “S&P® “, “S&P 500® “, “Standard & Poor’s 500”, and “500” are trademarks of The McGraw-Hill Companies, Inc. and have been licensed for use by ING Life Insurance and Annuity Company. The product is not sponsored, endorsed, sold or promoted by Standard & Poor's and Standard & Poor's makes no representation regarding the advisability of investing in the product.]

 [2STOXX and Dow Jones (“Licensors”) have no relationship to the Company, except the licensing of the Dow Jones EURO STOXX 50® Index, (the “Index”) and related trademarks for use with this fixed annuity Contract (the “Contract”). Licensors do not: sponsor, endorse, sell, promote or recommend the Contract; have any responsibility or liability for, or make any decisions on pricing administration, management or marketing of the Contract; or consider the needs of the Contract or its Owners in determining, composing or calculating the Index or have any obligation to do so.

 Licensors will not have any liability in connection with the Contract. Specifically, Licensors do not make any warranty, express or implied and disclaim any and all warranty about: the results to be obtained by the Contract, the Contract Owner or any other person in connection with the use of the Index and the data included in the Index; accuracy or completeness of the Index and its data; merchantability and fitness for a particular purpose or use of the Index and its data; or have any have liability for any errors, omissions or interruptions in the Index or its data; Under no circumstances will Licensors be liable for any lost profits or indirect, punitive, special or consequential damages or losses, even if Licensors knows that they might occur.

 The licensing agreement between the Company and Licensors is solely for their benefit and not for the benefit of the Contract Owners or any other third parties.]

 [3Insert Index Trademark Language]

 [4Insert Index Trademark Language]

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	 1. CONTRACT SCHEDULE (cont.)

 

	 C.      		 Minimum Guaranteed Contract Value	
	 	 The      		 Minimum Guaranteed Contract Value equals the greater of:	
	 	 (1)      		 The sum of the Minimum Guaranteed Strategy Value of each Strategy; or	
	 	 (2)      		 100% of the Premium, less premium taxes, if applicable, less:	
	 	 	 (a)      		 Any Surrenders of Accumulation Value; plus	
	 	 	 (b)      		 Interest credited and compounded daily in a manner to yield the annual rate of 1.00%; less	
	 	 	 (c)      		 Any Surrender Charges.	
	 D.      		 Minimum Guaranteed Strategy Value	

			
	  	 Fixed Rate Strategy 	 Point-to-Point Cap 
	  	  	 Index Strategy 
	  
	 Initial Minimum Guaranteed Strategy Value Rate: 	 [3.00%] 	 [2.00%] 

 The Minimum Guaranteed Strategy Value of each Strategy equals:

	 (1)      		 87.5% of the Premium allocated to the Strategy, less premium taxes, if applicable; plus	
	 (2)      		 Reallocations into that Strategy; less	
	 (3)      		 Reallocations and Surrenders taken from Accumulation Value in that Strategy; plus	
	 (4)      		 Interest credited and compounded daily in a manner to yield the applicable Minimum Guaranteed Strategy Value Rate.	

 The initial Minimum Guaranteed Strategy Value Rates shown above are set on the Contract Date and will not change for the first seven Contract Years. On the seventh Contract Anniversary and on each Contract Anniversary thereafter, the Minimum Guaranteed Strategy Value Rates for all Strategies will be set equal to the average of the five-year Constant Maturity Treasury Rate for each day that it is reported by the Federal Reserve during the month of October in the calendar year preceding the calendar year of the Contract Anniversary, less 1.25% for the Fixed Rate Strategy and less 2.25% for the Point-to-Point Cap Index Strategy. The Minimum Guaranteed Strategy Value Rate for both the Fixed Rate Strategy and the Point-to-Point Cap Index Strategy will be rounded to the nearest 0.05% and will not be greater than 3.0% or less than 1.0%.

	 E.      		 Reallocations and Surrender Adjustments	
	 	 A Reallocation of Accumulation Value will result in a pro-rata Reallocation of the Minimum Guaranteed Strategy Value in the same proportion as the Accumulation Value being reallocated bears to the total Accumulation Value of the Strategy and applicable Index, if any, attributable to the Allocation Anniversary.	
	 	 Surrender of Accumulation Value from any Strategy will result in a dollar for dollar reduction of the Minimum Guaranteed Strategy Value of that Strategy equal to the amount of the Accumulation Value Surrendered (excluding the amount of any Surrender Charges deducted, if any).	
	 F.      		 Attached Endorsements	

	 [Form numbers and name of all attached

Endorsements]

 

	 [Endorsement price if separate identified cost]

 

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      (NOTE TO CODER; DO NOT FILE WITH THIS NOTE: THIS PAGE WILL ALWAYS BE INSERTED. IF TEXT FROM PAGE 3 CONTINUES ONTO THIS PAGE, THE ABOVE STATEMENT IS DELETED. IF TEXT RUNS ONTO ANOTHER “3 (CONT’D)” PAGE, YOU MUST INSERT TWO SUCH 3 (CONT’D) PAGES. IN ALL CASES, PAGE 4 MUST BE A FACING PAGE IN THE CONTRACT)

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	 3 (Cont.)

 

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      (NOTE TO CODER; DO NOT FILE WITH THIS NOTE: THIS PAGE WILL ALWAYS BE INSERTED. IF TEXT FROM PAGE 3 CONTINUES ONTO THIS PAGE, THE ABOVE STATEMENT IS DELETED. IF TEXT RUNS ONTO ANOTHER “3 (CONT’D)” PAGE, YOU MUST INSERT TWO SUCH 3 (CONT’D) PAGES. IN ALL CASES, PAGE 4 MUST BE A FACING PAGE IN THE CONTRACT)

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	 3 (Cont.)

 

	 2. IMPORTANT TERMS AND DEFINITIONS

 

 Accumulation Value is defined in Section 6.1.

 Additional Premium means any payment, other than the Initial Premium, made by you and accepted by us for this Contract.

 Allocation means apportioning your Premium among available Strategies and Indexes, if applicable.

 Allocation Anniversary means the same date as the applicable Allocation Date each year. If the Allocation Date is February 29th, in non-leap years the Allocation Anniversary shall be March 1st.

 Allocation Date means the date on which the Initial Premium, Reallocation or Additional Premium, as applicable, is allocated to any specific Strategy or Index.

 Allocation Year means the period beginning on an Allocation Anniversary and ending on the day before the following Allocation Anniversary.

 The Annuitant is designated by you as the individual upon whose life Annuity Payments will be based. There may be two Annuitants. The Annuitant(s) on the Contract Date are shown on the first page of this Contract. See Section 3.3 for additional details.

 Annuity Payments are periodic payments made by us to you or, subject to our consent in the event the payee is not a natural person, to a payee designated by you.

 The Annuity Plan is an option elected by you (or, if none is elected, is the option as described in Section 7.3) that determines the frequency, duration and amount of the Annuity Payments.

 Beneficiary means the individual or entity you select to receive the Death Benefit.

 Business Day means any day that the New York Stock Exchange ("NYSE") is open for trading, exclusive of federal holidays, or any day the Securities and Exchange Commission ("SEC") requires that mutual funds, unit investment trusts or other investment portfolios be valued.

 The Cash Surrender Value is the amount you receive upon full Surrender of this Contract. See Section 6.2 for additional details.

 Code means the Internal Revenue Code of 1986, as amended.

 Company Death Benefit Rate means the effective annual interest rate that we will credit to the Death Benefit from the date of death until the Death Benefit is paid. See Section 7.2 for additional details.

 The Contingent Annuitant is the individual who is not an Annuitant and will become the Annuitant if all named Annuitants die prior to the Maturity Date and the Death Benefit is not otherwise payable.

 Contract means this Modified Single Premium Deferred Annuity Contract.

 The Contract Anniversary is the same day and month each year as the Contract Date. If the Contract Date is February 29th, in non-leap years the Contract Anniversary shall be March 1st.

 Contract Date means the date on which this Contract becomes effective. The Contract Date is shown on the first page of this Contract.

 A Contract Year is the period beginning on a Contract Anniversary (or, in the first Contract Year only, beginning on the Contract Date) and ending on the day preceding the next Contract Anniversary.

 The Death Benefit is the amount payable to the Beneficiary upon death of any Owner (or, if the Owner is not a natural person, upon the death of any Annuitant) prior to the Maturity Date.

 Endorsements are attachments to this Contract that add, change or supersede its terms or provisions.

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	 4

 

 Extended Medical Care means confinement in a Hospital or Nursing Home prescribed by a Qualifying Medical Professional.

 Fixed Rate Strategy is the Strategy that applies the declared Fixed Rate Strategy Interest Rate to the applicable Premium or Reallocation of Accumulation Value. See Section 5.2 for additional details.

 Fixed Rate Strategy Interest Rate is the declared annual interest rate applicable to the Fixed Rate Strategy. The Fixed Rate Strategy Interest Rate is declared annually and in advance and is guaranteed for one year unless the Premium or Reallocation of Accumulation Value is reallocated to another strategy. The Fixed Rate Strategy Interest Rate shall be declared in our discretion and it will be at least equal to the Fixed Rate Strategy Minimum Guaranteed Interest Rate shown on the Contract Schedule.

 Hospital or Nursing Home means a hospital or a skilled care or intermediate care nursing facility, operating as such according to applicable law and at which medical treatment is available on a daily basis. This does not include a rest home or other facility whose primary purpose is to provide accommodations, board, or personal care services to individuals who do not need medical or nursing care.

 Index means an index applicable to the Point-to-Point Cap Index Strategy. See Section 5.3 for additional details.

 Index Cap means the maximum Index Credit that may be applied at the end of each Indexing Period. It is declared annually in advance and is guaranteed for one year unless that Premium or Reallocation is reallocated to another Strategy or Index.

 Index Credit means the rate credited to each Premium and Reallocation of Accumulation Value allocated to the Point-to-Point Cap Index Strategy and is based on the performance of the applicable Index as measured over the Indexing Period.

 Index Number means the value of the Index. It excludes any dividends that may be paid by the firms that comprise the Index.

 Indexing Period means the period over which the Index Cap is guaranteed and the Index Credit is calculated.

 The Initial Premium is the payment made by you to us to put this Contract into effect.

 An Irrevocable Beneficiary is a Beneficiary whose rights and interests under this Contract cannot be changed without his, her or its consent.

 A Joint Owner is an individual who, along with another individual Owner, is entitled to exercise the rights incident to ownership. Both Joint Owners must agree to any change or the exercise of any rights under the Contract. The Joint Owner may not be an entity and may not be named if the Owner is an entity. The Joint Owner, if any, on the Contract Date is shown on the first page of this Contract. See Section 3.2 for additional details

 Maturity Date means the date shown on the first page of this Contract. As long as this Contract is still in force on the Maturity Date, the Proceeds are used to determine the amount paid under the Annuity Plan chosen. The Maturity Date shall be the Contract Anniversary following the oldest Annuitant's attainment of age 85.

 Minimum Guaranteed Contract Value is the minimum amount payable upon a full Surrender, at the Maturity Date or which would be payable as a Death Benefit. The Minimum Guaranteed Contract Value is defined in the Contract Schedule.

 Minimum Guaranteed Interest Rate is the minimum interest rate that can be credited under the Fixed Rate Strategy. The Minimum Guaranteed Interest Rate is set forth in the Contract Schedule.

 Minimum Guaranteed Strategy Value is the minimum value of any Strategy and is utilized only in the calculation of the Minimum Guaranteed Contract Value. The Minimum Guaranteed Strategy Value for each Strategy is defined in the Contract Schedule.

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	 5

 

 Minimum Guaranteed Strategy Value Rates are the rates which are utilized to determine the Minimum Guaranteed Strategy Value for each Strategy. The initial Minimum Guaranteed Strategy Value Rates are set forth in the Contract Schedule.

 Notice to Us means notice made in a form that: (1) is approved by or is acceptable to us; (2) has the information and any documentation we determine in our discretion to be necessary to take the action requested or exercise the right specified; and (3) is received by us at our Customer Service Center at the address specified on the first page of this Contract. Under certain circumstances, we may permit you to provide Notice to Us by telephone or electronically.

 The Owner is the individual (or entity) who is entitled to exercise the rights incident to ownership. The terms "you" or "your," when used in this Contract, refer to the Owner. The Owner on the Contract Date is shown on the first page of this Contract. See Section 3.2 for additional details.

 Point-to-Point Cap Index Strategy is the Strategy that credits interest to the applicable Premium or Reallocation of Accumulation Value based on the Index Change, as defined in Section 5.3, of the Index over the Indexing Period. See Section 5.3 for additional details.

 Premium means collectively the Initial Premium and any Additional Premium.

 Premium Allocation Percentage means the percentage of Premium allocated into any specific Strategy.

 Proceeds means the greater of the Minimum Guaranteed Contract Value or the Accumulation Value.

 Proof of Death means the documentation we deem necessary to establish death including, but not limited to: (1) a certified copy of a death certificate; (2) a certified copy of a statement of death from an attending physician; (3) a finding of a court of competent jurisdiction as to the cause of death; (4) or any other proof that we deem in our discretion to be satisfactory to us.

 Qualifying Medical Professional means a legally licensed practitioner of the healing arts who: (1) is acting within the scope of his or her license; (2) is not a resident of your household or that of the Annuitant; and (3) is not related to you or the Annuitant by blood or marriage.

 Reallocation means changing the Strategy and/or Index applicable to a portion or all of the Accumulation Value.

 The Right to Examine and Return This Contract is the period of time during which you have the right to return the Contract for any reason, or no reason at all, and receive the payment as described in the Right to Examine and Return This Contract provision appearing on the first page of this Contract.

 Strategy means any interest crediting strategy available under this Contract, as defined in Section 5.

 A Surrender is a transaction in which all or a part of the Accumulation Value is taken from the Contract.

 A Surrender Charge is a charge applied to certain full or partial Surrenders during the first seven Contract Years and will reduce the amount paid to you. See Section 6.3 for additional details.

 The Surrender Charge Free Amount equals 10% of the Contract's Accumulation Value as determined on the date of the first partial Surrender during the Contract Year. This is the amount you may Surrender without any Surrender Charge.

 Terminal Condition means an illness or injury that results in a life expectancy of twelve months or less, as measured from the date of diagnosis by a Qualifying Medical Professional.

 "We," "our," or "us," when used in this Contract, refers to ING Life Insurance and Annuity Company, a stock company domiciled in Connecticut.

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	 	 3. INTRODUCTION TO THE CONTRACT	
	 3.1      		 The Contract	
	 	 This Contract and any attached application, amendments, or Endorsements constitute the entire contract between you and us. It is issued in consideration of the Initial Premium.	
	 	 Only our President, a Vice President or Secretary is authorized to change or modify any of this Contract's terms, provisions or requirements. Any such change must be in writing. We may make changes to this Contract if required by law, including any changes necessary to continue to qualify such Contract as an annuity contract under applicable law. An Endorsement added to comply with applicable law does not require your consent but is subject to regulatory approval. Any such changes will apply uniformly to all contracts that are affected.	
	 	 The provisions of this Contract shall, in all events, be construed to comply with applicable U.S. federal income tax requirements including the requirements of Section 72(s) of the Code.	
	 3.2      		 The Owner	
	 	 The Owner owns the Contract and is entitled to exercise the rights incident to ownership. You are the Owner of this Contract. There may be Joint Owners; however, if there is more than one Owner, both Owners must agree to any change or exercise of the rights under this Contract.	
	 	 You may change the ownership of this Contract at any time prior to the Maturity Date. Any change, addition or deletion of an Owner is treated as a change of ownership. To change ownership, you must provide Notice to Us of such change. Change of ownership will take effect as of the date we receive Notice to Us.	
	 3.3      		 The Annuitant	
	 	 The Annuitant is the individual upon whose life the Annuity Payments are based. The Annuitant must be a natural person and is designated by you at the time this Contract is issued and cannot be changed. There may be two Annuitants.	
	 In      		 addition to the Annuitant, you may also name a Contingent Annuitant. The Contingent Annuitant cannot	
	 be      		 changed while he or she is living.	
	 If      		 at the time of any Annuitant's death the Owner is not a natural person, the death of such Annuitant prior	
	 to      		 the Maturity Date will be treated as the death of an Owner as described in Section 7.2.	
	 If      		 the Annuitants are not the Owners and all Annuitants die prior to the Maturity Date (and no Contingent	
	 Annuitant      		 is named) and the Owner is a natural person, we will treat you or, if there are Joint Owners, the	
	 youngest      		 Owner, as the Annuitant if such youngest Owner has not attained age 85 as of the date of the	
	 Annuitant's      		 death. Otherwise you must name an individual as an Annuitant who has not attained age 85.	
	 3.4      		 The Beneficiary	
	 The      		 Beneficiary is an individual or entity designated by you to receive the Death Benefit. A Beneficiary’s	
	 status      		 may be changed at any time prior to the Maturity Date unless you designate such Beneficiary as an	
	 Irrevocable      		 Beneficiary. An Irrevocable Beneficiary cannot be changed without the consent of the	
	 Irrevocable      		 Beneficiary. You may designate one or more (i) primary Beneficiaries and (ii) contingent	
	 Beneficiaries.      		 These classes set the order under which the Death Benefit is paid. If all the primary	
	 Beneficiaries      		 die before any Owner (or, if the Owner is not a natural person, any Annuitant), the contingent	
	 Beneficiary      		 shall take the place of, and be deemed to be, the primary Beneficiary, and the Death Benefit	
	 will      		 be paid to the contingent Beneficiary. If there are multiple Beneficiaries, the Death Benefit shall be paid	
	 in      		 equal shares to all Beneficiaries in the same class (primary or contingent, as applicable) unless you	
	 provide      		 Notice to Us directing otherwise.	
	 If      		 there are Joint Owners, at the death of the first Owner, any surviving Owner shall take the place of, and	
	 be      		 deemed to be, the primary Beneficiary. This will override any other Beneficiary designation.	

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 If there is a single natural Owner and all Beneficiaries die before the Owner, or if no Beneficiary has been designated at the time of the Owner’s death, the Owner’s estate will be deemed to be the primary Beneficiary.

 If the Owner is not a natural person and all Beneficiaries die before any Annuitant, or if no Beneficiary has been designated at the time of any Annuitant's death, the Owner will be deemed to be the primary Beneficiary.

 We will deem any Beneficiary to have predeceased the Owner if:

	 (1)      		 such Beneficiary died at the same time as the Owner;	
	 (2)      		 such Beneficiary died within twenty-four hours after the Owner's death; or	
	 (3)      		 there is not sufficient evidence to determine that the Beneficiary and Owner died other than at the same time.	

 To make a Beneficiary change, you must provide Notice to Us. Unless you specify otherwise, such change cancels any existing Beneficiary designations in the same class (primary or contingent) and will take effect as of the date Notice to Us is received.

 The rights of any Beneficiary (if a natural person), including an Irrevocable Beneficiary, will end if he or she dies prior to the Owner and will pass to any other Beneficiary (which, if a natural person, must be then living) as described in this Section 3.4 unless you provide Notice to Us directing otherwise.

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	 4. PREMIUMS

 

	 4.1      		 Premiums	
	 	 The      		 Initial Premium for this Contract is required to put this Contract into effect. The amount of the Initial	
	 	 Premium      		 is shown on the first page of this Contract.	
	 	 We      		 retain the right, in our sole discretion, to refuse to accept any Additional Premium. Subject to our right	
	 	 to      		 refuse and return any Additional Premium, you may pay Additional Premiums prior to the first Contract	
	 	 Anniversary.      		 	
	 	 Any      		 Additional Premium must be received at our Customer Service Center at the address shown on the	
	 	 first      		 page of this Contract and are subject to the following limitations:	
	 	 (1)      		 Each payment of Additional Premium must be at least $5,000.	
	 	 (2)      		 The sum of all Premiums paid or the Accumulation Value under all annuity contracts you have with us, including this Contract, is less than $1,000,000.	
	 4.2      		 Allocating Strategies	
	 	 You      		 select the Strategy and Index, if applicable, to which to allocate your Premiums from among those	
	 	 offered      		 by us. Your selection of Strategy and Index, if applicable, for any Additional Premium payments will	
	 	 be      		 at the same Premium Allocation Percentage as your Initial Premium, unless you provide Notice to Us	
	 	 directing      		 otherwise. You may reallocate all or a portion of the Accumulation Value, attributable to that	
	 	 Allocation      		 Anniversary in any Strategy and/or Index to any other available Strategy and/or Index by	
	 	 providing      		 Notice to Us. You may do so only during the 30-day period following an Allocation Anniversary.	
	 	 No      		 Surrender Charge will apply. The Reallocation from each Strategy and Index is taken on a last in first	
	 	 out      		 basis. Such Reallocations are effective on the Allocation Anniversary immediately preceding the	
	 	 Reallocation      		 and interest will be applied as though the Reallocation was in effect on such Allocation	
	 	 Anniversary.      		 Reallocation requests must be in a form acceptable to us.	
	 	 We      		 may cease to accept Additional Premium payments to any specific Index at any time at our discretion.	
	 	 In      		 addition, we may cease to accept Reallocations to any specific Index, or cease to permit Accumulation	
	 	 Value      		 from continuing to be applied to any specific Index at the applicable Allocation Anniversary under	
	 	 the      		 following circumstances:	
	 	 (1)      		 The Index is discontinued or its composition is substantially changed, or our agreement with the sponsor of the Index is terminated; or	
	 	 (2)      		 We determine that conditions in the capital markets do not permit us to effectively establish reasonable Index Caps applicable to the Point-to-Point Cap Index Strategy.	
	 	 We      		 will notify you in advance of the date on which we will cease accepting Additional Premiums or	
	 	 Reallocations      		 to an Index or cease to permit Accumulation Value from continuing to be applied to any	
	 	 specific      		 Index at the applicable Allocation Anniversary. If you do not provide Notice to Us regarding the	
	 	 Reallocation      		 of Accumulation Value from a discontinued Index, the Accumulation Value applicable to the	
	 	 discontinued      		 Index will be reallocated to the Fixed Rate Strategy at the next Allocation Anniversary	
	 	 applicable      		 to Accumulation Value allocated to the discontinued Index.	

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	 5. STRATEGIES

 

	 5.1      		 Strategies	
	 	 You      		 select the Strategy and Index, if applicable, for which any portion of Premiums and Reallocations are	
	 	 allocated,      		 subject to the terms of this Contract. We reserve the right to add Indexes as approved by the	
	 	 insurance      		 supervisory official in the jurisdiction in which the Contract is issued.	
	 	 We      		 may cease to offer a specific Index or cease to accept Premiums and/or Reallocations to a specific	
	 	 Index      		 at any time. Any Additional Premiums and Reallocations accepted or continued application of	
	 	 amounts      		 to any Strategy and Index are subject to the terms and conditions in existence for any Strategy	
	 	 and      		 Index available at that time, including the then existing Fixed Rate Strategy Interest Rate and Index	
	 	 Caps      		 which may differ from those applicable to previous allocations or Reallocations.	
	 	 Surrenders      		 are taken on a last in first out basis and in the same proportion as the Accumulation Value	
	 	 associated      		 with the Strategy and any applicable Index relative to the total Accumulation Value.	
	 5.2      		 Fixed Rate Strategy	
	 	 Fixed      		 Rate Strategy Interest Rates	
	 	 In      		 our discretion, we determine and set the Fixed Rate Strategy Interest Rate. The Initial Fixed Rate	
	 	 Strategy      		 Interest Rate is stated in the Contract Schedule. The Fixed Rate Strategy Interest Rate will be	
	 	 declared      		 annually and in advance and is guaranteed for one year unless the Premium or Reallocation of	
	 	 Accumulation      		 Value is reallocated to another strategy. The Fixed Rate Strategy Interest Rate will be at	
	 	 least      		 equal to the Fixed Rate Strategy Minimum Guaranteed Interest Rate shown on the Contract	
	 	 Schedule.      		 	
	 	 Fixed      		 Rate Strategy Accumulation Value	
	 	 The      		 Accumulation Value for the Fixed Rate Strategy equals the sum of the Accumulation Value associated	
	 	 with      		 each Premium and Reallocation allocated to this Strategy. Each Premium and Reallocation allocated	
	 	 to      		 this Strategy will have an associated Accumulation Value which will be calculated as follows:	
	 	 (1)      		 On each Allocation Date the Accumulation Value for each Premium or Reallocation equals the amount	
	 	 	 of      		 Premium or Reallocation allocated to this Strategy, if any, less any premium tax, if applicable.	
	 	 (2)      		 On each Allocation Anniversary the Accumulation Value associated with each Premium or	
	 	 	 Reallocation      		 allocated to this Strategy equals:	
	 	 	 (a)      		 The Accumulation Value of the Premium or Reallocation allocated to this Strategy on the last Allocation Anniversary; less	
	 	 	 (b)      		 Any Reallocations out of the Accumulation Value of the Premium or Reallocation allocated to this Strategy since the last Allocation Anniversary; less	
	 	 	 (c)      		 Adjustments for any partial Surrenders of Accumulation Value of the Premium or Reallocation allocated to this Strategy since the last Allocation Anniversary; plus	
	 	 	 (d)      		 Interest credited daily.	
	 	 	 For      		 the purpose of this calculation, during the first Allocation Year, the Allocation Date shall be	
	 	 	 deemed      		 to be “the last Allocation Anniversary.”	
	 	 	 Interest      		 will be compounded daily in a manner to yield the declared annual Fixed Rate Strategy	
	 	 	 Interest      		 Rate.	
	 	 The      		 portion of any Additional Premium or Reallocations allocated to this Strategy will be credited an	
	 	 interest      		 rate declared in advance by us. The initial interest rate applicable to the Initial Premium is also	
	 	 shown      		 in the Contract Schedule.	
	 	 In      		 case of full or partial Surrender, interest will be credited on the portion of this Strategy’s Accumulation	
	 	 Value      		 Surrendered up to and including the date the transaction is processed. The Accumulation Value of	
	 	 this      		 Strategy at any date within an Allocation Year will be determined by us with allowance for the time	
	 	 elapsed      		 in the Allocation Year. No interest will be credited on any premium tax after we deduct it.	

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	 5.3      		 Point-to-Point Cap Index Strategy	
	 	 The following definitions apply to the Point-to-Point Cap Index Strategy:	
	 	 Index Change is calculated as (i)/(ii)-1, where:	
	 	 (i)      		 is the Index Number as of the end of the Indexing Period; and	
	 	 (ii)      		 is the Index Number as of the start of the Indexing Period.	
	 	 The Index Change is calculated separately for each Index.	
	 	 Index Credit. We will apply the Index Credit to each Premium and Reallocation allocated to the Point-to- Point Index Cap Strategy. The Index Credit will equal the lesser of the Index Cap or the Index Change. The Index Credit will never be less than zero.	
	 	 Index Number. Each Allocation of Premium and Reallocation will be assigned an Index Number equal to the value of the Index as of the close of business on the day before the Allocation Date. The Index Number for the start of each applicable Indexing Period after the first Indexing Period will be the Index Number as of the end of the Business Day before the Allocation Anniversary. If the Index Number is not	
	 	 published      		 on any day for which a calculation is made, the first preceding published Index Number will be	
	 	 used.	
	 	 Indexing Period. Each Allocation of Premium and Reallocation has its own specific Indexing Period. The initial Indexing Period for each Premium or Reallocation begins on the Allocation Date for that Premium or Reallocation and ends on the day before the following Allocation Anniversary. Subsequent Indexing Periods begin on the Allocation Anniversary and end on the day before the next Allocation Anniversary.	

 Point-to-Point Cap Index Strategy Accumulation Value

 The Accumulation Value for this Strategy equals the sum of the Accumulation Value associated with each Premium and Reallocation allocated to an Index in the Strategy. Each Premium and Reallocation allocated to an Index in this Strategy will have an associated Accumulation Value which will be calculated as follows:

	 (1)      		 On each Allocation Date the Accumulation Value for each Premium or Reallocation equals the amount	
	 	 of      		 Premium or Reallocation allocated to an Index in this Strategy, if any, less any premium tax, if	
	 	 applicable.      		 	
	 (2)      		 On each Allocation Anniversary the Accumulation Value associated with each Premium or	
	 	 Reallocation      		 allocated to an Index in this Strategy equals:	
	 	 (a)      		 The Accumulation Value of the Premium or Reallocation allocated to an Index on the last Allocation Anniversary; less	
	 	 (b)      		 Any Reallocations out of the Accumulation Value of the Premium or Reallocation allocated to an Index since the last Allocation Anniversary; less	
	 	 (c)      		 Adjustments for any partial Surrenders of Accumulation Value of the Premium or Reallocation allocated to an Index since the last Allocation Anniversary; plus	
	 	 (d)      		 The result multiplied by (1+ the applicable Index Credit)	
	 	 For      		 the purpose of this calculation, on the first Allocation Anniversary the Allocation Date shall be	
	 	 deemed      		 to be "the last Allocation Anniversary."	
	 (3)      		 On any other date during the applicable Allocation Year, the Accumulation Value associated with each	
	 	 Premium      		 or Reallocation allocated to an Index in this Strategy is calculated as follows:	
	 	 (a)      		 The Accumulation Value of the Premium or Reallocation allocated to an Index on the last Allocation Anniversary; less	
	 	 (b)      		 Any Reallocations out of the Accumulation Value of the Premium or Reallocation allocated to an Index since the last Allocation Anniversary; less	
	 	 (c)      		 Adjustments for any partial Surrenders of Accumulation Value of the Premium or Reallocation allocated to an Index since the last Allocation Anniversary.	
	 	 For      		 the purpose of this calculation, during the first Allocation Year the Allocation Date shall be deemed	
	 	 to      		 be "the last Allocation Anniversary."	

 Surrenders do not participate in any Index Credits for the Allocation Year in which they are taken.

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	 6. CONTRACT VALUES

 

	 6.1      		 The Accumulation Value	
	 	 On      		 the Contract Date, the Contract’s Accumulation Value equals the Initial Premium paid less any	
	 	 premium      		 tax, if applicable. At any time after the Contract Date, the Contract’s Accumulation Value equals	
	 	 the      		 sum of the Accumulation Value for each Allocation of Premium and Reallocation to a Strategy and	
	 	 associated      		 Index, where applicable. The Accumulation Value for each Strategy and Index is calculated	
	 	 separately      		 as set forth in Section 5 of this Contract.	
	 6.2      		 The Cash Surrender Value	
	 	 The      		 Cash Surrender Value of this Contract equals the greater of:	
	 	 (1)      		 The Minimum Guaranteed Contract Value (as defined in the Contract Schedule); or	
	 	 (2)      		 The Accumulation Value, less any Surrender Charge.	
	 6.3      		 Charges	
	 	 Surrender      		 Charge	
	 	 Except      		 as described below, if the Contract is Surrendered, in full or in part, while the Surrender Charge	
	 	 schedule      		 shown in the Contract Schedule is in effect a Surrender Charge will be imposed as a percentage	
	 	 of      		 Accumulation Value Surrendered. The percentage imposed at the time of Surrender depends on the	
	 	 number      		 of complete years that have elapsed since Contract issue. Surrender Charges are shown in the	
	 	 Contract      		 Schedule.	
	 	 No      		 Surrender Charges will be assessed upon:	
	 	 (1)      		 the commencement of Annuity Payments if Annuity Payments begin after the seventh Contract Year;	
	 	 (2)      		 any Surrender of Accumulation Value less than or equal to the Surrender Charge Free Amount; or	
	 	 (3)      		 any Surrender of the Accumulation Value after the seventh Contract Year.	
	 	 If      		 total Surrenders in any Contract Year exceed the Surrender Charge Free Amount, any applicable	
	 	 Surrender      		 Charges will apply to the amount Surrendered that is in excess of the Surrender Charge Free	
	 	 Amount.      		 	
	 	 Waiver      		 of Surrender Charges due to Extended Medical Care or Terminal Condition	
	 	 We      		 will waive any Surrender Charges otherwise applicable if you Surrender, in full or in part, because you	
	 	 are      		 receiving Extended Medical Care or if you are diagnosed with a Terminal Condition.	
	 	 To      		 qualify for a waiver as a result of Extended Medical Care:	
	 	 (1)      		 You (or any Annuitant, if the Owner is not a natural person) must first begin receiving Extended Medical Care on or after the first Contract Anniversary and receive such Extended Medical Care for at least forty-five days during any continuous sixty day period; and	
	 	 (2)      		 Your request for a Surrender, together with satisfactory proof of such Extended Medical Care, must be provided by Notice to Us during the term of such Extended Medical Care or within ninety days after the last day that you received such Extended Medical Care. Such proof must be in writing and, where applicable, attested to by a Qualifying Medical Professional.	
	 	 To      		 qualify for a waiver as a result of a Terminal Condition:	
	 	 (1)      		 You (or any Annuitant, if the Owner is not a natural person) must first be diagnosed by a Qualifying Medical Professional as having a Terminal Condition on or after the first Contract Anniversary; and	
	 	 (2)      		 Your request for a Surrender, together with satisfactory proof of such Terminal Condition, must be provided in a Notice to Us. Such proof must be in writing and, where applicable, attested to by a Qualifying Medical Professional.	
	 	 We      		 may, at any time and at our expense, require a secondary medical opinion by a Qualifying Medical	
	 	 Professional      		 of our choosing in connection with (i) the prescription of Extended Medical Care, or (ii) the	
	 	 diagnosis      		 of a Terminal Condition.	
	 	 Premium      		 Tax	
	 	 We      		 may deduct from the Accumulation Value, as applicable, the amount of any premium tax or other state	
	 	 and      		 local taxes levied by any state or local government entity when:	
	 	 (1)      		 such premium tax is incurred by us; or	
	 	 (2)      		 the Proceeds or Cash Surrender Value, as applicable, is applied to an Annuity Plan as described in Section 7.3.	
	 	 We      		 have the right to change the amount we charge for any premium tax to conform to changes in	
	 	 applicable      		 law or if you change your state of residence. Any premium taxes will be deducted on a last in	
	 	 first      		 out basis and on a pro rata basis from the Strategy and Index.	

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	 7. CONTRACT BENEFITS

 

	 7.1      		 Contract Surrender	
	 	 On      		 or at any time prior to the Maturity Date you may Surrender the Contract in full for its Cash Surrender	
	 	 Value.      		 To do so you must provide Notice to Us, as defined in Section 2, which we must receive no later	
	 	 than      		 the Maturity Date. If we receive your Notice to Us before the close of business on any Business Day,	
	 	 the      		 Cash Surrender Value will be determined at the close of business on such Business Day; otherwise,	
	 	 the      		 Cash Surrender Value will be determined as of the close of the next Business Day. We may require	
	 	 that      		 this Contract be returned to us before we pay you the Cash Surrender Value. If you have lost the	
	 	 Contract,      		 we may require that you complete and return to our Customer Service Center a lost contract	
	 	 form.      		 Upon payment of the Cash Surrender Value, this Contract shall cease to have any further value.	
	 	 At      		 any time prior to the Maturity Date, you may also Surrender a portion of the Contract's Accumulation	
	 	 Value.      		 The minimum amount that may be Surrendered at any one time is the lesser of: (i) $1,000; or (2)	
	 	 the      		 Surrender Charge Free Amount. A partial Surrender will be deemed to be a full Surrender and the	
	 	 Cash      		 Surrender Value will be paid if, at the time of the Surrender, the Cash Surrender Value is reduced to	
	 	 less      		 than $2,500. Partial Surrenders will be taken on a last in first out basis and on a pro rata basis from	
	 	 the      		 Strategy and Index.	
	 7.2      		 The Death Benefit	
	 	 If      		 any Owner (or, if the Owner is not a natural person, any Annuitant) dies before the Maturity Date, the	
	 	 Death      		 Benefit is payable to the Beneficiary as determined under Section 3.4. Only one Death Benefit is	
	 	 payable      		 under this Contract. If there are multiple Beneficiaries, the Death Benefit will be paid in equal	
	 	 shares      		 to all Beneficiaries in the same class (primary or contingent, as applicable) unless you provide	
	 	 Notice      		 to Us directing otherwise.	
	 	 The      		 Death Benefit equals the Proceeds as of the date of death of the Owner or Annuitant, whichever is	
	 	 applicable.      		 From the date of death until the Death Benefit is paid, the Death Benefit will be credited with	
	 	 interest      		 at the greater of the Company Death Benefit Rate or the applicable state interest rate required to	
	 	 be      		 paid on annuity death claims, if any. We determine the Company Death Benefit Rate solely in our	
	 	 discretion      		 and it is subject to change. Your Beneficiaries may contact us to determine the current Company	
	 	 Death      		 Benefit Rate.	
	 	 The      		 entire interest in this Contract must be distributed as described below in accordance with the	
	 	 requirements      		 of Section 72(s) of the Code and all the terms of this Contract shall be interpreted in	
	 	 accordance      		 with that section. If the Death Benefit is applied to an Annuity Plan, the primary Beneficiary will	
	 	 be      		 deemed to be the Annuitant. See Section 7.3 for more information on applying the Death Benefit to an	
	 	 Annuity      		 Plan.	
	 	 If      		 any Owner (or, if the Owner is not a natural person, any Annuitant) dies before the Maturity Date, the	
	 	 following      		 applies:	
	 	 Spousal      		 Beneficiaries	
	 	 If      		 the sole primary Beneficiary is the deceased Owner's "spouse" (as defined by federal law), upon Notice	
	 	 to      		 Us from your surviving spouse, in lieu of receiving the Death Benefit, the Contract may be continued	
	 	 with      		 the surviving spouse as the new Owner, pursuant to Section 72(s) of the Code, and the following will	
	 	 apply:      		 	
	 	 (1)      		 If the deceased Owner was an Annuitant, the surviving spouse will also become an Annuitant.	
	 	 (2)      		 The age of the surviving spouse will be used as the Owner's age under the continued Contract.	
	 	 (3)      		 Surrender Charges on subsequent Surrenders will be waived.	
	 	 (4)      		 Additional Premiums will not be accepted.	
	 	 (5)      		 At the subsequent death of the new Owner (i.e., the surviving spouse), the Death Benefit must be distributed as required for non-spousal Beneficiaries as stated below after which the continued Contract will terminate.	
	 	 If      		 the deceased Owner’s spouse does not choose to continue the Contract (or, if continued, upon the	
	 	 death      		 of the deceased Owner’s spouse), the Death Benefit will be distributed as stated below for non-	
	 	 spousal      		 Beneficiaries. If the deceased Owner’s spouse has attained age 85 on the date of the Owner’s	
	 	 death,      		 the deceased Owner’s spouse may not choose to continue the Contract.	

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 Non-spousal Beneficiaries

 If any primary Beneficiary is someone other than the deceased Owner's spouse, the primary Beneficiary will become the Annuitant and the following will apply:

	 (1)      		 No Additional Premiums may be made following the date of the Owner's death; and	
	 (2)      		 The entire Proceeds must be distributed to the Beneficiary:	
	 	 (a)      		 in its entirety within five years of the Owner's death; or	
	 	 (b)      		 beginning within one year after the Owner's death: (i) over the life of the Beneficiary; or (ii) over a period not greater than the Beneficiary's life expectancy.	

 If the Beneficiary dies before all Death Benefit payments have been distributed, any remaining distributions will be paid to such Beneficiary’s estate or as otherwise directed by the Beneficiary in a Notice to Us.

 How to Claim the Death Benefit

 We shall pay the Death Benefit upon our receipt of Proof of Death and all required claim forms. The claimant should contact our Customer Service Center at the address or phone number on the first page of this Contract for further instructions.

 7.3 Annuity Payments

 If the Proceeds are less than $2,000 on the Maturity Date as shown on the first page of this Contract, we will pay you or, subject to our consent in the event the payee is not a natural person, a payee designated by you, the Proceeds in one lump sum payment as directed by you and this Contract will have no further value. If the Proceeds are equal to or greater than $2,000 on the Maturity Date as shown on the first page of this Contract and an Annuitant is living on the Maturity Date, we will begin making Annuity Payments as described below.

 We will make Annuity Payments beginning on the Maturity Date, on a monthly basis unless you deliver Notice to Us directing us to pay at a different frequency. However, requests for periodic payments other than monthly, quarterly, semi-annually or annually require our consent.

 If the day an Annuity Payment is scheduled to be paid is not a Business Day, for instance, a weekend, or does not exist in any month in which an Annuity Payment is due, for instance, a month that does not contain twenty-nine, thirty, or thirty-one days, such Annuity Payment will be paid on the next Business Day.

 The amount applied to an Annuity Plan will be the Proceeds, less any applicable premium tax, which will determine the Annuity Payment under the Annuity Plan you have elected.

 Each Annuity Payment must equal at least $20. If Annuity Payments would be less than $20, we have the right to make such Annuity Payments less frequently as necessary to make the Annuity Payment equal to at least $20.

 We have the right to change the $2,000 and $20 minimums stated in this provision based upon increases reflected in the Consumer Price Index for All Urban Consumers (CPI-U) since January 1, 2005.

 Electing an Annuity Plan

 You may elect any of the Annuity Plans described below. In addition, you may elect any other Annuity Plan we may be offering on the Maturity Date. You may change the Annuity Plan you have elected at any time before the Maturity Date upon thirty days prior Notice to Us. Upon request, we will send you the proper forms to elect or change an Annuity Plan. The elected Annuity Plan shall become effective when we receive satisfactorily completed forms indicating your election.

 If you do not elect an Annuity Plan by the Maturity Date, payments, calculated based on the oldest Annuitant's life, will be made to you or a payee designated by you automatically each month for a minimum of 120 months and as long thereafter as the oldest Annuitant lives unless otherwise limited by applicable law.

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 Your election of an Annuity Plan is subject to the following additional terms and conditions:

	 (1)      		 If you do not direct us otherwise, Annuity Payments will be paid to you.	
	 (2)      		 Our consent is necessary if the payee is not a natural person.	
	 (3)      		 Any change in the payee will take effect as of the date we receive Notice to Us.	

 If any Owner or payee dies on or after the Maturity Date but before all Annuity Payments have been paid, we will pay the primary Beneficiary the remaining value of any such Annuity Payments at least as rapidly as under the Annuity Plan in effect at the time of death.

 Subject to the provisions set forth above an Annuity Plan may also be elected for the distribution of the Cash Surrender Value after the first Contract Year, or the Death Benefit.

 The Annuity Plans

	 (1)      		 Payments for a Period Certain	
	 	 Annuity Payments are paid in equal installments for a fixed number of years as shown in Table A below. The number of years cannot be less than ten or more than thirty unless otherwise limited by applicable law.	
	 (2)      		 Payments for Life with Period Certain	
	 	 Annuity Payments are paid for a fixed number of years and as long thereafter as the Annuitant is living as shown in Table B below. However, the number of years cannot be less than ten or more than thirty unless otherwise required by applicable law.	
	 (3)      		 Life Only Payments	
	 	 Annuity Payments are paid for as long as the Annuitant is living as shown in Table B below.	
	 (4)      		 Joint and Last Survivor Life Payments	
	 	 Annuity Payments are paid for as long as either of two Annuitants is living as shown in Table C below.	

 Annuity Plan Tables

 The following tables show the minimum monthly payments for each $1,000 of Proceeds or Cash Surrender Value, as applicable, applied under the Annuity Plan, assuming fixed payments with a net investment return of 1.0%, using the Annuity 2000 Mortality Tables. We may pay a higher rate at our discretion.

 In Tables B and C, the amount of each payment will depend on the Annuitant's sex and age as determined by the nearest birthday at the time Annuity Payments commence. Annuity Payments made on a basis other than monthly and for ages or number of years not shown will be calculated on the same basis as those shown and may be obtained from us by contacting our Customer Service Center at the address or phone number set forth on the first page of this Contract.

						
	 Table A: Monthly Payments for a Period Certain
	

	  
	 Years 	 Monthly 	 Years 	 Monthly 	 Years 	 Monthly 
	 Payable 	 Payment 	 Payable 	 Payment 	 Payable 	 Payment 
	 10 	 $8.75 	 17 	 $5.33 	 24 	 $3.90 
	 11 	 7.99 	 18 	 5.05 	 25 	 3.76 
	 12 	 7.36 	 19 	 4.81 	 26 	 3.64 
	 13 	 6.83 	 20 	 4.59 	 27 	 3.52 
	 14 	 6.37 	 21 	 4.40 	 28 	 3.41 
	 15 	 5.98 	 22 	 4.22 	 29 	 3.31 
	 16 	 5.63 	 23 	 4.05 	 30 	 3.21 

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	 Table B: Monthly Life Payments (Single Annuitant)
	

	  
	  	  	  	    Life with 10 Year 	 Life with 20 Year 
	 Age of 	 Life Only 	 Period Certain 	 Period Certain 
	 Payee 	 Male 	 Female 	 Male 	 Female 	 Male 	 Female 
	 50 	 $2.98 	 $2.75 	 $2.97 	 $2.74 	 $2.89 	 $2.70 
	 55 	 3.37 	 3.08 	 3.34 	 3.07 	 3.20 	 2.99 
	 60 	 3.89 	 3.52 	 3.82 	 3.49 	 3.55 	 3.34 
	 65 	 4.58 	 4.11 	 4.44 	 4.04 	 3.91 	 3.72 
	 70 	 5.54 	 4.93 	 5.20 	 4.75 	 4.22 	 4.10 
	 75 	 6.87 	 6.12 	 6.09 	 5.67 	 4.43 	 4.38 
	 80 	 8.72 	 7.88 	 7.00 	 6.71 	 4.54 	 4.53 
	 85 	 11.30 	 10.50 	 7.79 	 7.65 	 4.58 	 4.58 

									
	  	 Table C: Monthly Joint and Last Survivor Life Payments (Joint Annuitants) 	  
	  
	  
	  	  	  	  	          Male Age 	  	  	  
	 Female 	 50 	 55 	  60 	  65 	 70 	 75 	  80 	  85 
	 Age 	  	  	  	  	  	  	  	  
	 50 	 $2.47 	 $2.55 	 $2.47 	 $2.55 	 $2.62 	 $2.67 	 $2.70 	 $2.72 
	 55 	 2.60 	 2.73 	 2.85 	 2.93 	 2.99 	 3.03 	 3.05 	 3.06 
	 60 	 2.71 	 2.90 	 3.08 	 3.22 	 3.33 	 3.41 	 3.46 	 3.48 
	 65 	 2.81 	 3.05 	 3.30 	 3.53 	 3.73 	 3.87 	 3.97 	 4.03 
	 70 	 2.87 	 3.16 	 3.49 	 3.83 	 4.15 	 4.41 	 4.61 	 4.75 
	 75 	 2.92 	 3.25 	 3.64 	 4.09 	 4.56 	 5.01 	 5.39 	 5.67 
	 80 	 2.95 	 3.30 	 3.74 	 4.28 	 4.91 	 5.58 	 6.23 	 6.79 
	 85 	 2.96 	 3.34 	 3.81 	 4.42 	 5.17 	 6.06 	 7.03 	 7.98 

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	 8. OTHER IMPORTANT INFORMATION

 

	 8.1      		 Annual Report to Owner	
	 	 We      		 will provide you a report at least once during each Contract Year. The report will show the current	
	 	 Accumulation      		 Value and the Cash Surrender Value of this Contract, as well as any amounts deducted	
	 	 from,      		 or added to, the Accumulation Value since the last report. The report will also include any other	
	 	 information      		 that is required by law or regulation.	
	 	 This      		 report will be sent to you at your last known address within sixty days after the report date. Upon	
	 	 your      		 request, we will provide additional reports, but we reserve the right to assess a reasonable	
	 	 charge      		 for each such additional report. We will also provide you with copies of any other notices,	
	 	 reports      		 or documents as required by law or regulation.	
	 8.2      		 Assignment	
	 	 You      		 may assign this Contract as security for a loan or other obligation. Such an assignment is not a	
	 	 change      		 of ownership. However, your rights, and those of any Beneficiary, are subject to the terms of	
	 	 any      		 assignment. Written consent of any Irrevocable Beneficiary is required before any assignment is	
	 	 effective.      		 You shall provide Notice to Us in order to make, modify or release any assignment. We are	
	 	 not      		 responsible for the validity or other effects of any assignment.	
	 8.3      		 Misstatement Made by Owner in Connection with the Purchase of this Contract	
	 	 We      		 may require proof of the age and/or sex of any person upon whose life Death Benefits or Annuity	
	 	 Payments      		 are determined. If you have misstated the age or sex of such person, we will adjust future	
	 	 benefit      		 payments to reflect those that the Premiums would have purchased at the correct age or sex.	
	 	 We      		 will include in the next payment any underpayments due to such misstatement with interest	
	 	 credited      		 at the rate of 1.5% annually. We will deduct any overpayments plus interest at 1.5% annually	
	 	 from      		 future payments until the overpayment has been repaid in full.	
	 	 We      		 reserve the right to void this Contract and return the Cash Surrender Value in the event you make	
	 	 any      		 material misrepresentation in connection with the purchase of this Contract.	
	 8.4      		 Payments We May Defer	
	 	 We      		 may, at any time, defer payment of the full Cash Surrender Value or any partial Surrender for up to	
	 	 six      		 months after we receive a request for it, contingent upon written approval by the insurance	
	 	 supervisory      		 official in the jurisdiction in which this Contract is issued.	
	 8.5      		 Incontestability	
	 	 Except      		 in the case of fraud, this Contract shall be incontestable from the Contract Date.	
	 8.6      		 Basis of Computation	
	 	 If      		 required by law, we have filed a detailed statement of our computations with the insurance	
	 	 supervisory      		 official in the jurisdiction where this Contract is issued. The reserves and guaranteed	
	 	 values      		 will at no time be less than the minimums required by the laws of such jurisdiction.	
	 8.7      		 Rules for Interpreting this Contract	
	 	 In      		 this Contract, headings and captions are intended for convenience in reference only and do not	
	 	 affect      		 interpretation of the Contract’s provisions. Unless the context clearly indicates otherwise:	
	 	 (1)      		 All language that implies the singular will also include the plural (and vice versa) and any words indicating one gender will also include the other gender, as appropriate; and	
	 	 (2)      		 Where a word or phrase has been given a defined meaning, any other part of speech or grammatical form of that word or phrase will have a corresponding meaning.	
	 8.8      		 Non-Waiver	
	 	 We      		 may, in our discretion, elect not to exercise any right, privilege, or option under this Contract. Such	
	 	 election      		 will not constitute a waiver of the right to exercise such right, privilege, or option at any	
	 	 subsequent      		 time, nor will it constitute a waiver of any provision in the Contract.	

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 ING Life Insurance and Annuity Company

 [Windsor, Connecticut]

 [Customer Service Center

	 P.O.      		 Box 10450	
	 909      		 Locust Street	

	 Des Moines, Iowa 50306-0450]

[1-888-854-5950]

 

 MODIFIED SINGLE PREMIUM DEFERRED ANNUITY CONTRACT

      Cash Surrender Values may increase based on the Strategy you have selected. You may allocate your Premium between the Fixed Rate Strategy and the Point-to-Point Cap Index Strategy. Under the Point-to-Point Cap Index Strategy contract values are affected by the performance of an external index, but the Contract does not directly participate in such external index or other equity investments.

 The initial interest rate for the Fixed Rate Strategy is guaranteed for one year only.

 If you Surrender all or a portion of the Accumulation Value of the Contract, Surrender Charges may apply. Surrender Charges, when applied, will reduce the amount paid to you. Surrender Charges will not apply under certain conditions (see Section 6.3).

 This Contract is non-participating which means it will not pay dividends resulting from any of the surplus

 or earnings of ING Life Insurance and Annuity Company.

 IU-IA-3090ex10_1.htm

     

      
        

      

      Exhibit
10.1

      AMENDMENT
NO. 2 TO LOAN AGREEMENT

      

      This Amendment No. 2 to Loan Agreement
(this "Amendment"), is made
and entered into as of September 30, 2009 between BANK OF AMERICA, N.A., a
national banking association ("Bank") and KEY TECHNOLOGY, INC., an
Oregon corporation ("Borrower").

      

      W I T N E
S S E T H:

      

      WHEREAS, pursuant to a Loan Agreement
dated as of December 10, 2008, Bank agreed to make credit facilities in the
aggregate principal sum of $16,400,000.00 available to Borrower (the "Loan").

      

      WHEREAS, the Loan Agreement was amended
by Amendment No. 1 to Loan Agreement dated February 16, 2009.  The
Loan Agreement, the First Amendment and this Amendment are hereinafter
collectively referred to as “Loan Agreement.”

      

      NOW, THEREFORE, the parties hereto
mutually agree to modify the Loan Agreement as hereinafter provided, and do
hereby covenant and agree as follows:

      

      1.           Definitions.  Capitalized terms
used but not defined in this Amendment shall have the meaning given to them in
the Loan Agreement.

      

      2.           Amendments.  The Loan
Agreement is hereby amended as follows:

      

      2.1           Subparagraph
1.1(a) of the Loan Agreement is hereby amended to read in its entirety as
follows:

      

           “Line of Credit
Amount.

      

      
        	 	
                (a)

              	
                "During
      the availability period described below, the Bank will provide a line of
      credit to the Borrower.  The amount of the line of credit (the
      "Facility No. 1 Commitment") is hereby increased from $10,000,000.00 to
      $15,000,000.00.  Each and every reference in the Loan Documents
      to the amount of this line of credit and/or the Facility No. 1 Commitment
      shall be deemed to mean
$15,000,000.00."

              

      

      

      2.2           Paragraph
1.2 of the Loan Agreement is hereby amended to read in its entirety as
follows:

      

      “Availability
Period.

      

      The line
of credit is available between the date of this Amendment and September 30,
2011, or such earlier date as the availability may terminate as provided in this
Agreement (the "Facility No. 1 Expiration Date").”

      

      2.3           Subparagraph
1.4(a) of the Loan Agreement is hereby amended to read in its entirety as
follows:

      

      
        	
                 
      

              	
                “The
      interest rate is a rate per year equal to the Bank's Prime Rate plus zero
      (0%) percentage points.”

              

      

      

      2.4           The
last sentence of Subparagraph 1.5(a) of the Loan Agreement is hereby amended to
read in its entirety as follows:

      
        
           
1

        

        
           

          
            

          

        

        
           

        

      

      

      “The
interest rate is a rate per year equal to the BBA LIBOR Rate (Adjusted
Periodically) plus one and three-quarters (1.75%) percentage
points.”

      

      2.5           Subparagraph
3.1(c) of the Loan Agreement is hereby amended to read in its entirety as
follows:

      

      “(c)
Unused Commitment
Fee.   The Borrower agrees to pay a fee on any difference
between the Facility No. 1 Commitment and the amount of credit it actually uses,
determined by the average of the daily amount of credit outstanding during the
specified period.  The fee will be calculated at one-quarter of one
(0.25%) percent per year.  This fee is due on the final day of the
availability period.”

      

      
        	
                 
      

              	
                     
      2.6

              	
                The
      following Subparagraph 3.1(h) is hereby added to the Loan
      Agreement:

              

      

      

      “(h)
Annual Facility No. 1
Increase and Renewal Fee.  Borrower agrees to pay an annual
increase and renewal fee in the amount of Fifteen Thousand and No/100 Dollars
($15,000.00) in connection with the Facility No. 1 Commitment.  The
first increase and renewal fee is due on the date of this Amendment and a second
$15,000 payment is due and payable one (1) year from the date of this
Amendment.”

      

      2.7           The
final paragraph of Paragraph 8.14 is hereby amended to read in its entirety as
follows:

      

      “Notwithstanding
subparagraphs (a) and (b), above, Borrower may enter into mergers and
acquisitions without the Bank’s prior written consent so long as (i) the
aggregate amounts of the same do not exceed the lesser of (Y) Fifteen Million
and No/100 Dollars ($15,000,000.00) in any single calendar year, or (Z) Fifty
Million and No/100 Dollars ($50,000,000.00) in the aggregate, and (ii) Borrower
is in compliance with the covenants contained in this Agreement, provided
that  as of and on the date of the closing of any acquisition
or merger the ratio of Funded Debt to EBITDA may not then exceed 3.0:1.0, as
calculated by Bank.  On any and all other dates during the
availability of this facility, Funded Debt to EBITDA shall be calculated at a
ratio not to exceed 3.5:1.0 as described in Paragraph 8.4 of the
Agreement.”

      

      2.8                   The
following Paragraph 8.27 is hereby added to the Loan Agreement:

      

      
        	 	
                “Bank as Principal
      Depository.

              

      

      

      
        	
                 
      

              	
                On
      or before December 31, 2009, Borrower shall have opened new accounts with
      the Bank and have deposited a minimum of new funds in the amount of
      $5,000,000.00.  On or before September 30, 2010, Borrower shall
      maintain the Bank as its principal domestic depository bank, including for
      the maintenance of business, cash management, operating and administrative
      deposit accounts.  Borrower’s failure to (a) open $5,000,000.00
      in new accounts with the Bank on or before December 31, 2009, or (b) move
      all domestic deposits and accounts to the Bank on or before September 30,
      2010 shall constitute a default under the Loan
  Agreement.”

              

      

      
        
          2 

        

        
           

          
            

          

        

        
           

        

      

      3.               Conditions.  This Amendment is
effective as of September 30, 2009.  On or before October 30, 2009,
Borrower will deliver to Bank the following items, in form and content
acceptable to the Bank:

      

      3.1           Payment
by the Borrower of the $15,000.00 fee described in Paragraph 2.6
above.

      

      3.2           Payment
by the Borrower of all costs, expenses and attorneys' fees incurred by the Bank
in connection with this Amendment.

      

      4.           Representations
and Warranties.  When the Borrower
signs this Amendment, the Borrower represents and warrants to the Bank that: (a)
there is no event of default which is, or with notice or lapse of time or both
would be, a default under the Loan Documents except those events, if any, that
have been disclosed in writing to the Bank or waived in writing by the Bank; (b)
the representations and warranties in the Loan Documents are true as of the date
of this Amendment as if made on the date of this Amendment; (c) this Amendment
is within the Borrower’s powers, has been duly authorized, and does not conflict
with any of the Borrower’s organizational papers; (d) this Amendment does not
conflict with any law, agreement, or obligations by which the Borrower is bound;
and (e) if the Borrower is a business entity or a trust, this Amendment is
within the Borrower's powers, has been duly authorized, and does not conflict
with any of the Borrower's organizational papers.

      

      5.           Effect of
Amendment.  Except as herein
expressly changed, all terms, covenants and provisions of the Loan Documents, as
amended, remain in full force and effect and are hereby expressly ratified and
confirmed by the parties hereto. Upon execution of this Amendment by any party,
such party's signature may be provided to Bank by facsimile
transmission.  Any signatures provided by facsimile transmission shall
be deemed originals and may be relied upon by Bank.

      

      6.           Counterparts.  This
Amendment may be executed in counterparts, each of which when so executed shall
be deemed an original, but all such counterparts together shall constitute but
one and the same instrument.

      

      ORAL
AGREEMENTS OR ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE UNDER WASHINGTON
LAW.

      This Amendment is executed as of the
date stated at the top of the first page.

      

      
        	
                BANK:

                 

                BANK OF AMERICA,
      N.A.,

                a
      national banking association

                 

                By:
      /s/ Ross A.
      Beaton                                                      

                 

                Its:
      SVP                                                      

                 

              	
                BORROWER:

                 

                KEY
      TECHNOLOGY, INC.,

                an
      Oregon corporation

                 

                By:
      /s/ John J.
      Ehren 

                 

                Its:
      CFO –Senior
      VP 

                 

              
	
                Address
      where notices to

                the
      Bank are to be sent:

                GCIB
      Credit Services

                1075
      Main Street, 2nd
      Floor

                Waltham,
      MA 02451

                Facsimile:(866)495-4535

                 

              	
                Address
      where notices to

                the
      Borrower are to be sent:

                150
      Avery Street

                Walla
      Walla, Washington 99362

                 

              

      

      3

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