Document:

Exhibit 10.5

 

Gordon Pointe Acquisition Corp.

780 Fifth Avenue South

Naples, FL 34102

 

Re: Initial Public Offering

 

Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) to be entered
into by and between Gordon Pointe Acquisition Corp., a Delaware corporation (the “Company”), and B. Riley FBR,
Inc. (the “Underwriter”), relating to an underwritten initial public offering (the “Public Offering”),
of 14,375,000 of the Company’s units (including up to 1,875,000 units that may be purchased to cover over-allotments, if
any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001 per
share (the “Common Stock”), and one warrant. Each Warrant (each, a “Warrant”) entitles the holder thereof
to purchase one share of Common Stock at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the Public
Offering pursuant to a registration statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with
the Securities and Exchange Commission (the “Commission”) and the Company shall apply to have the Units listed on the
Nasdaq Capital Market. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company and the Underwriter
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Gordon Pointe Management, LLC (the “Sponsor”) and the
undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each, an “Insider”
and collectively, the “Insiders”), hereby agrees with the Company as follows:

 

1. The
Sponsor and each Insider agrees that if the Company seeks stockholder approval of a proposed Business Combination, then in connection
with such proposed Business Combination, it or he shall (i) vote any shares of Capital Stock owned by it or him in favor of any
proposed Business Combination and (ii) not redeem any shares of Common Stock owned by it or him in connection with such stockholder
approval.

 

    	 		 

     

    

 

2. The
Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination within 18
months from the closing of the Public Offering, or such later period approved by the Company’s stockholders in accordance
with the Company’s amended and restated certificate of incorporation, the Sponsor and each Insider shall take all reasonable
steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Common Stock sold
as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable in cash, equal to
the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and
not previously released to the Company to pay its franchise and income taxes (less up to $100,000 of interest to pay dissolution
expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’
rights as stockholders (including the right to receive further liquidation distributions, if any), subject to applicable law, and
(iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining stockholders
and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under
Delaware law to provide for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agrees to
not propose any amendment to the Company’s amended and restated certificate of incorporation that would affect the substance
or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within 18 months from the closing of the Public Offering, unless the Company provides its public stockholders with the opportunity
to redeem their shares of Common Stock upon approval of any such amendment at a per-share price, payable in cash, equal to the
aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the Trust Account and not
previously released to the Company to pay its franchise and income taxes, divided by the number of then outstanding Offering Shares.

 

The Sponsor and each Insider acknowledges
that it or he has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset
of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it. The Sponsor and each
Insider hereby further waives, with respect to any shares of Common Stock held by it or him, if any, any redemption rights it or
he may have in connection with the consummation of a Business Combination, including, without limitation, any such rights available
in the context of a stockholder vote to approve such Business Combination or in the context of a tender offer made by the Company
to purchase shares of Common Stock (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination
within 18 months from the date of the closing of the Public Offering).

 

3. Subject
to the provisions set forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date of the Underwriting
Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the
Representative, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise
dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease
a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the Commission promulgated thereunder, with respect to any Units, shares of Common Stock, Founder Shares, Warrants
or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it or him, (ii) enter
into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership
of any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable, or exchangeable
for, shares of Common Stock owned by it or him, whether any such transaction is to be settled by delivery of such securities, in
cash or otherwise, or (iii) publicly announce any intention to effect any transaction specified in clause (i) or (ii). Each of
the Insiders and the Sponsor acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions
set forth in this paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release
through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver
granted shall only be effective two business days after the publication date of such press release. The provisions of this paragraph
will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has agreed
in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that such terms
remain in effect at the time of the transfer.

 

    	 	2	 

     

    

 

4. In
the event of the liquidation of the Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other
shareholders, members or managers of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability,
claim, damage and expense whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in
investigating, preparing or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which
the Company may become subject as a result of any claim by (i) any third party for services rendered or products sold to the Company
or (ii) a prospective target business with which the Company has entered into an acquisition agreement (a “Target”);
provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure that
such claims by a third party for services rendered (other than the Company’s independent public accountants) or products
sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.10 per share of the Offering
Shares or (ii) such lesser amount per share of the Offering Shares held in the Trust Account due to reductions in the value of
the trust assets as of the date of the liquidation of the Trust Account, in each case, net of the amount of interest earned on
the property in the Trust Account which may be withdrawn to pay taxes, except as to any claims by a third party (including a Target)
who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s
indemnity of the Underwriter against certain liabilities, including liabilities under the Securities Act of 1933, as amended. In
the event that any such executed waiver is deemed to be unenforceable against such third party, the Sponsor shall not be responsible
to the extent of any liability for such third party claims. The Sponsor shall have the right to defend against any such claim with
counsel of its choice reasonably satisfactory to the Company if, within 15 days following written receipt of notice of the claim
to the Sponsor, the Sponsor notifies the Company in writing that it shall undertake such defense.

 

5. To
the extent that the Underwriter does not exercise its over-allotment option to purchase up to an additional 1,875,000 Units within
45 days from the date of the Prospectus (and as further described in the Prospectus), the Sponsor agrees to forfeit, at no cost,
a number of Founder Shares in the aggregate equal to 468,750 multiplied by a fraction, (i) the numerator of which is 1,875,000
minus the number of Units purchased by the Underwriter upon the exercise of its over-allotment option, and (ii) the denominator
of which is 1,875,000. The forfeiture will be adjusted to the extent that the over-allotment option is not exercised in full by
the Underwriter so that the Initial Stockholders will own an aggregate of 20.0% of the Company’s issued and outstanding shares
of Capital Stock after the Public Offering.

 

    	 	3	 

     

    

 

6. The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriter and the Company would be irreparably injured
in the event of a breach by such Sponsor or an Insider of its or his obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and
9 of this Letter Agreement (ii) monetary damages may not be an adequate remedy for such breach and (iii) the non-breaching party
shall be entitled to injunctive relief, in addition to any other remedy that such party may have in law or in equity, in the event
of such breach.

 

7. (a) The Sponsor and each
Insider agrees that it, he or she shall not Transfer any Founder Shares (or shares of Common Stock issuable upon conversion
thereof) until the earlier of (i) one year after the completion of a Business Combination or earlier if, subsequent to a
Business Combination, (x) the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock
splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day
period commencing at least 150 days after a Business Combination or (y) the date following the completion of a Business
Combination on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock
for cash, securities or other property (the “Founder Shares Lock-up Period”).

 

    (b) The Sponsor
and each Insider agrees that it or he shall not Transfer any Private Placement Warrants (or shares of Common Stock issued or issuable
upon the conversion of the Private Placement Warrants), until 30 days after the completion of a Business Combination (the “Private
Placement Warrants Lock-up Period”, together with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

    (c) Notwithstanding
the provisions set forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants and shares of
Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants or the Founder Shares and that
are held by the Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(c)), are
permitted (a) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers
or directors, any members of the Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, transfers by gift
to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the individual’s
immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an individual, transfers
by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an individual, transfers pursuant
to a qualified domestic relations order; (e) transfers by private sales or transfers made in connection with the consummation
of a Business Combination at prices no greater than the price at which the securities were originally purchased; (f) transfers
in the event of the Company’s liquidation prior to the completion of an initial Business Combination; (g) transfers by virtue
of the laws of the State of Delaware or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor;
and (h) in the event of the Company’s liquidation, merger, capital stock exchange, reorganization or other similar transaction
which results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities
or other property subsequent to the completion of the Company’s initial Business Combination; provided, however, that in
the case of clauses (a) through (e), these permitted transferees must enter into a written agreement agreeing to be bound by the
restrictions herein.

 

    	 	4	 

     

    

 

8. The
Sponsor and each Insider represents and warrants that it or he has never been suspended or expelled from membership in any securities
or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
Each Insider’s biographical information furnished to the Company (including any such information included in the Prospectus)
is true and accurate in all respects and does not omit any material information with respect to the Insider’s background.
Each Insider’s questionnaire furnished to the Company is true and accurate in all respects. Each Insider represents and warrants
that: it is not subject to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation
to desist or refrain from any act or practice relating to the offering of securities in any jurisdiction; it has never been convicted
of, or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and it is not currently a defendant in any such criminal proceeding.

 

9. There
will be no restrictions on payments made to Insiders. However, prior to consummation of the Business Combination the Company shall
not make any payment to an Insider from the proceeds held in the Trust Account; payment to an affiliate of the Sponsor for office
space, utilities and secretarial and administrative support for a total of $10,000 per month; reimbursement of legal fees and expenses
incurred by the Sponsor or any Insider in connection with the Company’s formation, the initial Business Combination and their
services to the Company; payment of fees and reimbursement of out-of-pocket expenses related to identifying, investigating and
consummating an initial Business Combination; and repayment of loans, if any, and on such terms as to be determined by the Company
from time to time, made by the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection
with an intended initial Business Combination, provided, that, if the Company does not consummate an initial Business Combination,
a portion of the working capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long
as no proceeds from the Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants
at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Placement Warrants,
including as to exercise price, exercisability and exercise period.

 

10. The
Sponsor and each Insider has full right and power, without violating any agreement to which it is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement and,
as applicable, to serve as a director on the board of directors of the Company and hereby consents to being named in the Prospectus
as a director of the Company.

 

    	 	5	 

     

    

 

11. As
used herein, (i) “Business Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination, involving the Company and one or more businesses; (ii) “Capital Stock”
shall mean, collectively, the Common Stock and the Founder Shares; (iii) “Founder Shares” shall mean the 3,593,750
shares of the Company’s Class F common stock, par value $0.0001 per share, initially issued to the Sponsor (or 3,125,000
shares if the over-allotment option is not exercised by the Underwriter) for an aggregate purchase price of $25,000, or approximately
$0.007 per share, prior to the consummation of the Public Offering; (iv) “Initial Stockholders” shall mean the Sponsor
and any Insider that holds Founder Shares; (v) “Private Placement Warrants” shall mean the Warrants to purchase up
to 4,900,000 shares of Common Stock of the Company (or 5,462,500 shares of Common Stock if the over-allotment option is exercised
in full) that the Sponsor has agreed to purchase for an aggregate purchase price of $4,900,000 in the aggregate (or $5,462,500
if the over-allotment option is exercised in full), or $1.00 per Warrant, in a private placement that shall occur simultaneously
with the consummation of the Public Offering; (vi) “Public Stockholders” shall mean the holders of securities issued
in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a portion of the net proceeds of
the Public Offering shall be deposited; and (viii) “Transfer” shall mean the (a) sale of, offer to sell, contract or
agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly
or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is
to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention to effect any transaction
specified in clause (a) or (b).

 

12. This
Letter Agreement constitutes the entire agreement and understanding of the parties hereto in respect of the subject matter hereof
and supersedes all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. This Letter Agreement may not
be changed, amended, modified or waived (other than to correct a typographical error) as to any particular provision, except by
a written instrument executed by all parties hereto.

 

13. No
party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations hereunder without the prior
written consent of the other party. Any purported assignment in violation of this paragraph shall be void and ineffectual and shall
not operate to transfer or assign any interest or title to the purported assignee. This Letter Agreement shall be binding on the
Sponsor and each Insider and their respective successors, heirs and assigns and permitted transferees.

 

14. This
Letter Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York, without
giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction.
The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or relating in any way to, this
Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submit
to such jurisdiction and venue, which jurisdiction and venue shall be exclusive and (ii) waive any objection to such exclusive
jurisdiction and venue or that such courts represent an inconvenient forum.

 

15. Any notice, consent or request
to be given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by
express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.

 

16. This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company;
provided, however, that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated
and closed by July 30, 2019; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

    	 	6	 

     

    

 

	 	Sincerely,
	 	 
	 	GORDON POINTE
    MANAGEMENT, LLC,
	 	a
        Florida limited liability company

	 	 
	 	By:	/s/
    James J. Dolan
	 	 	Name:
        James J. Dolan, Manager 

	 	 	 
	 	By:	/s/
    James J. Dolan
	 		Name:
        James J. Dolan

	 	 	 
	 	By:	/s/
    Douglas L. Hein
	 	 	Name: Douglas L. Hein
	 	 	 
	 	By:	/s/
    Robert B. Cross
	 	 	Name: Robert B. Cross
	 	 	 
	 	By:	/s/
    David Dennis
	 	 	Name: David Dennis
	 	 	 
	 	By:	/s/
    Joseph F. Mendel
	 	 	Name: Joseph F. Mendel
	 	 	 
	 	By:	/s/
    Neeraj Vohra
	 	 	Name: Neeraj Vohra

  

[Signature Page to Letter Agreement]

 

    	 	7	 

     

    

 

	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for Anne Elizabeth Dolan under UGMA
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for John H. Dolan under UGMA
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for Mary Grace Dolan under UGMA
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for Peter F. Dolan under UGMA
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for Katherine T. Dolan under UGMA
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for Luke P. Dolan under UGMA
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan as Custodian for Clara A. Dolan under UGMA
	 	 	 
	 	By:	/s/ James J. Dolan
	 	 	Name: James J. Dolan as Custodian for Olivia J. Dolan under UGMA
	 	 	 
	 	By:	/s/ James J. Dolan
	 	 	Name: James J. Dolan as Custodian for Abigail R. Dolan under UGMA
	 	 	 
	 	By:	/s/ James J. Dolan
	 	 	
        Name: James J. Dolan as Custodian for James J. Dolan
III under UGMA

 

[Signature Page to Letter Agreement]

 

    	 	8	 

     

    

 

	 	By:	/s/ Charles D. Dolan
	 	 	Name: Charles D. Dolan as Custodian for Loeffler C. Dolan under UGMA
	 	 	 
	 	By:	/s/ Gregory F. Dolan
	 	 	Name: Gregory F. Dolan as Custodian for Bridget R. Dolan under UGMA
	 	 	 
	 	By:	/s/ Gregory F. Dolan
	 	 	Name: Gregory F. Dolan, Trustee of the PPD 2012 Family Trust dated 12/31/2012
	 	 	 
	 	By:	/s/ Gregory F. Dolan
	 	 	Name: Gregory F. Dolan, Trustee of the JJD 2012 Family Trust dated 12/31/2012
	 	 	 
	 	By:	/s/ James Dolan Jr.
	 	 	Name: James Dolan Jr.
	 	 	 
	 	By:	/s/ Michael A. Dolan 
	 	 	Name: Michael A. Dolan
	 	 	 
	 	By:	/s/ Brian P. Dolan
	 	 	Name: Brian P. Dolan 
	 	 	 
	 	By:	/s/ Peter J. Dolan
	 	 	Name: Peter J. Dolan 
	 	 	 
	 	By:	/s/ Gregory F. Dolan
	 	 	Name: Gregory F. Dolan
	 	 	 
	 	By:	/s/ Charles D. Dolan
	 	 	
        Name: Charles D. Dolan

 

[Signature Page to Letter Agreement]

 

9Exhibit 4(c)

 

The Lincoln National Life Insurance Company

INDEXED ACCOUNT(S) RIDER

This Rider is made a part of the entire Contract to which it is attached and is effective on the Contract Date.  Except as stated in this Rider, it is subject to all provisions contained in the Contract. In the case of a conflict with any provision of the Contract, the provisions of this Rider will control.

ALL CONTRACT VALUES PROVIDED BY THIS RIDER MAY INCREASE OR DECREASE IN VALUE AND ARE NOT GUARANTEED AS TO A FIXED DOLLAR AMOUNT.

DEFINITIONS

Defined terms are set forth in the Contract to which this Rider is attached or are added or amended by this Rider.

Anniversary Date is the same calendar month and day as the initial Start Date, each calendar year. If in any calendar year such Anniversary Date is not a Valuation Date, any transactions involving the Indexed Account(s) that should have occurred on the Anniversary Date will be processed by Us on the first Valuation Date following that Anniversary Date.

Company, Our, Us, We refer to The Lincoln National Life Insurance Company.

Contract Value, for the purpose of this Rider, means prior to the Annuity Commencement Date, the sum of the values of the Variable Subaccount(s), the Fixed Account, if available, the Transfer Account and Segment(s) as determined on a given Valuation Date.

Crediting Base is the amount used to determine the Segment Maturity Value as described in the Segment Maturity Value provision in this Rider and the Interim Value as described in the Interim Value provision of this Rider. The Crediting Base is not available for a withdrawal, transfer, surrender or as a Death Benefit.

End Date is the Anniversary Date that coincides with the last calendar day of a Term for a maturing Segment and the date on which We determine the Segment Maturity Value.

Index, as designated by Us, is the measure used, in part, to determine the Performance Rate for a particular Indexed Account. The Index or Indices available on the Contract Date are shown in the Indexed Account(s) Contract Specifications.

Indexed Account is an account that We establish, subject to the terms of this Rider.

Index Value means the published closing value of an Index on a Valuation Date. If a value is not published for a particular day, We will use the closing value on the next Valuation Date it is published.

Performance Cap is the maximum percentage We will use to determine the Performance Rate when the Percentage Change in the Index Value on the End Date [(or on each Anniversary Date including the End Date for Segments with Annual Locks,] is positive. The Performance Cap used during the Term is declared prior to the Start Date of each Segment and it may differ from the Performance Cap(s) used for other Segments.

[Protection Level] is the maximum percentage of loss We will absorb when determining the Performance Rate on the End Date [(or on each Anniversary Date, including the End Date for Segments with Annual Locks], if the Percentage Change in the Index Value on that End Date [(or on each Anniversary Date, including the End Date, for Segments with Annual Locks,] is negative.

Segment(s) is/are the specific Indexed Account option(s) established for the Owner.

Start Date is the Valuation Date on which the Term for a Segment begins. The initial Start Date is the Valuation Date on which the Term for the initial Segment(s) begins.

Term is the period beginning on the Start Date of a Segment to the End Date.

Transfer Account is an account that We designate to hold any portion of Purchase Payments made within the period shown under the Transfers to the Initial Indexed Account(s) in the Indexed Account(s) Contract Specifications that are to be allocated pursuant to the Owner's instructions on file with Us.

THE INDEXED ACCOUNT(S)

The Indexed Account(s)

This Rider provides for one or more Indexed Account(s). Each Indexed Account is established with an associated Index, [Protection Level] and a Term [with no Annual Locks or with Annual Locks]. Indexed Account(s) information is shown in the Indexed Account(s) Contract Specifications. All or a portion of the assets supporting the Indexed Accounts will be held in a separate account within Our general account. This is a non-unitized separate account and is not registered as an investment company with the SEC under the Investment Company Act of 1940.  We own the assets held in the separate account.

We reserve the right to add one or more Indexed Account(s). We also reserve the right to withdraw one or more Indexed Account(s).  If an Indexed Account is added or withdrawn, We will notify the Owner.

Should We withdraw an Indexed Account and a Segment of that Indexed Account has not yet reached its End Date, the Segment will not terminate until its End Date, but such Indexed Account will not be available thereafter.

Segments

The Owner may allocate Purchase Payments or transfer Contract Value to one or more of the available Indexed Accounts as described in the Allocations and Transfers provision of this Rider. A new Segment is established upon an allocation or when a transfer is made to an Indexed Account. Each Segment in a particular Indexed Account has a specific Start Date, End Date, Crediting Base, Performance Cap and Performance Rate(s).

More than one Segment may be established on the same Valuation Date. However, We may limit the number of Segments of the same Term, greater than one year, with different End Dates that can be in effect at any one time.

The value of a Segment on the Start Date is equal to the initial Crediting Base. On each Valuation Date following the Start Date and prior to the End Date, the value of a Segment is equal to the Interim Value.  On the End Date, the value of a Segment is equal to the Segment Maturity Value.

A Segment will terminate on the Valuation Date that the Crediting Base is reduced to $0 due to a transfer or withdrawal (which includes any applicable CDSC and premium tax deductions).

Allocations and Transfers

General

Prior to the date this Rider terminates, the Owner may (a) establish Segment(s) by directing allocations and transfers to one or more of the available Indexed Account(s); or (b) transfer amounts from the Segments, in accordance with the terms and conditions set forth below. Each allocation and transfer is made pursuant to the Owner's instructions and is subject to the minimum allocation requirements shown in the Indexed Account(s) Contract Specifications.

Allocation and Transfer of Amounts to the Indexed Account(s)

Allocations or transfers to the initial Segment(s) occur on the initial Start Date. The initial Start Date may be established on (a) the Contract Date, (b) delayed for the period shown under Transfers to the Initial Indexed Account(s) in the Indexed Account Contract(s) Specifications, or (c) on any Valuation Date after the Contract Date (other than February 29th).

If the Owner delays the initial Start Date for the period shown under Transfers to the Initial Indexed Account(s) in the Indexed Account(s) Contract Specifications, allocations or transfers will be held in the Transfer Account until the last day of such period, at which time the value of the Transfer Account will be automatically transferred to Segment(s) selected by the Owner, pursuant to the Owner's instructions on file with Us.  Such transfers are not subject to any minimum allocation requirements. No further transfers or allocations into or out of the Transfer Account will be permitted thereafter.

After the initial Start Date, allocations and transfers to an available Indexed Account to establish a Segment may only be made on an Anniversary Date.

In addition, no allocations or transfers can be made:

	
(a)

	
to an existing Segment after its Start Date;

	
(b)

	
to a new Segment with a Term that would extend beyond the Contract Maturity Date; or

	
(c)

	
to a new Segment after the Owner's election to receive payments under an Annuity Payment Option in accordance with the Effect of Annuitization provision below.

Transfers of Amounts from a Segment

Transfer of Segment Maturity Value must be made on the End Date of a Term, in accordance with the Annual Notice provision below.

All Transfers from a Segment that has not reached its End Date will be at the Interim Value as determined under the Interim Value provision of this Rider. The Crediting Base for each Segment will be reduced proportionately, on the Valuation Date the transfer was processed by the percentage the transfer reduces the Interim Value for that Segment. 

Transfers from a Segment that do not occur on an Anniversary Date may only be made to the Variable Subaccount(s) or the Fixed Account, if available. Transfers from a Segment on an Anniversary Date may be made to a new available Segment, the Variable Subaccount(s) or the Fixed Account, if available. 

Annual Notice

Within the period shown in the Indexed Account(s) Contract Specifications under Annual Notice, We will notify the Owner of the next Anniversary Date. The Owner's instructions for new allocations or transfers must be received in good order at Our Servicing Office within the period shown in the Indexed Account(s) Contract Specifications under Allocation and Transfer Instructions. If We receive the Owner's instructions within such period, We will process any new allocations or transfers on that Anniversary Date, pursuant to the instructions We received.

On the End Date, We will transfer Segment Maturity Value(s) pursuant to the instructions We received.

If the Owner's instructions are not received at Our Servicing Office within the period shown in the Indexed Account(s) Contract Specifications under Allocation and Transfer Instructions, no transfers to the Indexed Accounts to establish new Segments will occur. However, in the case of maturing Segments, the Segment Maturity Value will be automatically transferred to a new Segment of the exact type of Indexed Account as the maturing Segment with the then currently available Performance Cap. If We have withdrawn such Indexed Account or the Segment Maturity Value of the maturing Segment is less than the minimum allocation requirements shown in the Indexed Account(s) Contract Specifications, the Segment Maturity Value will be transferred to a Variable Subaccount(s) or the Fixed Account, if available, chosen by Us.

Segment Maturity Value

The Segment Maturity Value is the value of a Segment on the End Date[. The Segment Maturity Value for Segment(s) with no Annual Locks and Segment(s) with Annual Locks is determined] as described in the provisions below.

[Segment Maturity Value for Segment(s) with no Annual Locks]

The Segment Maturity Value is the amount equal to the sum of (A) and ((A) multiplied by (B)), where:

	
(A)

	
is the Crediting Base on the End Date; and

	
(B)

	
is the Performance Rate, as determined in the Determining the Performance Rate on the End Date provision below.

The Crediting Base on the Start Date of a Segment is equal to the initial amount allocated or transferred to it. Thereafter during the Term, the Crediting Base is adjusted upon a withdrawal (which includes any applicable CDSC, premium tax deductions or any quarterly Rider Charge described in any Riders attached to the Contract), in accordance with Withdrawals under the General Provisions section of this Rider, or any transfers, in accordance with Transfers of Amounts from a Segment under the Allocations and Transfers provision of this Rider.

Determining the Performance Rate on the End Date

The Performance Rate is the specific Percentage Change in the Index Value between two points in time, the Start Date and the End Date as calculated in the Percentage Change in the Index Value on the End Date provision below, adjusted by the [Protection Level] and subject to the Performance Cap.

If the Percentage Change of the Index Value on the End Date is positive and equal to or greater than the Performance Cap, then the Performance Rate equals the Performance Cap. Otherwise, if the Percentage Change is positive and less than the Performance Cap, the Performance Rate equals the Percentage Change of the Index Value.

If the Percentage Change of the Index Value on the End Date is negative and the absolute value of the Percentage Change is less than or equal to the [Protection Level], then the Performance Rate equals zero. Otherwise, if the Percentage Change is negative and the absolute value of the Percentage Change is greater than the [Protection Level], the Performance Rate is equal to the Percentage Change of the Index Value on the End Date plus the [Protection Level]. If We offer a Segment with a 100% [Protection Level] and the Percentage Change of the Index Value on the End Date is negative then the Performance Rate for such Segments will equal zero.

Percentage Change in the Index Value on the End Date

The Percentage Change used to determine the Performance Rate equals the percentage increase or decrease in the Index Value on the End Date over the Index Value as of the Start Date.

The Percentage Change is calculated by (A) divided by (B), where:

	
(A)

	
is the Index Value on the End Date minus the Index Value on the Start Date; and

	
(B)

	
is the Index Value on the Start Date.

[Segment Maturity Value for Segment(s) with Annual Locks

The Segment Maturity Value is the amount equal to the Crediting Base after the calculation of the adjustment to the Crediting Base on the End Date.

On each Anniversary Date, including the End Date, the Crediting Base is adjusted to equal the sum of (A) and ((A) multiplied by (B)), where:

	
(A)

	
is the Crediting Base immediately prior to an Anniversary Date adjustment; and

	
(B)

	
is the Performance Rate, as determined in the Determining the Performance Rate on each Anniversary Date, including the End Date provision below.

The Crediting Base on the Start Date of a Segment is equal to the initial amount allocated or transferred to it.  Thereafter during the Term, the Crediting Base is adjusted:

		(a)	
by the Performance Rate on each Anniversary Date; or

		(b)	
upon a withdrawal (which includes any applicable CDSC and premium tax deductions), in accordance with Withdrawals under the General Provisions section of this Rider; or

		(c)	
by any transfers, in accordance with Transfers of Amounts from a Segment under the Allocations and Transfers provision of this Rider; or

		(d)	
any quarterly Rider Charge described in any Riders attached to the Contract.

Determining the Performance Rate on each Anniversary Date, including the End Date

The Performance Rate is the specific Percentage Change in the Index Value on the Anniversary Date, including the End Date as calculated in the Percentage Change in the Index Value each Anniversary Date, including the End Date provision below, adjusted by the [Protection Level] and subject to the Performance Cap.

If the Percentage Change of the Index Value on an Anniversary Date, including the End Date is positive and equal to or greater than the Performance Cap, then the Performance Rate on that Anniversary Date equals the Performance Cap. Otherwise, if the Percentage Change is positive and less than the Performance Cap, the Performance Rate on that Anniversary Date equals the Percentage Change of the Index Value.

If the Percentage Change of the Index Value on an Anniversary Date, including the End Date is negative and the absolute value of the Percentage Change is less than or equal to the [Protection Level], then the Performance Rate on that Anniversary Date equals zero. Otherwise, if the Percentage Change is negative and the absolute value of the Percentage Change is greater than the [Protection Level], then the Performance Rate on that Anniversary Date is equal to the Percentage Change of the Index Value on that Anniversary Date, plus the [Protection Level]. If We offer a Segment with a 100% [Protection Level] and the Percentage Change of the Index Value on an Anniversary Date including the End Date is negative then the Performance Rate for such Segments will equal zero.

Percentage Change in the Index Value each Anniversary Date, including the End Date

The Percentage Change used to determine the Performance Rate on each Anniversary Date, including the End Date, is the percentage increase or decrease in the Index Value since the previous Anniversary Date (or the initial Start Date, as applicable).

The Percentage Change on each Anniversary Date, including the End Date is calculated by (A) divided by (B), where:

	
(A)

	
is the Index Value on an Anniversary Date, including the End Date minus the Index Value as of the previous Anniversary Date (or the initial Start Date, as applicable); and

	
(B)

	
is the Index Value as of the previous Anniversary Date (or the initial Start Date, as applicable).  ]       

Interim Value

The Interim Value is the value of each Segment, as determined by Us, on any Valuation Date following the Start Date and prior to the End Date of a Segment.

The Interim Value for Segment(s) [with no Annual Locks and Segment(s) with Annual Locks] is determined as described in the provisions below.

[Interim Value for Segment(s) with no Annual Locks]

The Interim Value of a Segment is equal to the sum of (1) and (2), not to exceed the pro-rata portion of the Performance Cap as set forth in (3),where:

(1) is the fair value of the Crediting Base of a Segment on the Valuation Date the Interim Value is calculated. It is determined for a Segment as C multiplied by (1+D) –E  where:

C = the Crediting Base of the Segment on the Valuation Date of the calculation;

D = the Reference Rate;

E = the total days remaining in the Term divided by 365.

	
(2)

	
is the fair value of the replicating portfolio of options, determined solely by Us, on any Valuation Date that the Interim Value is calculated for a Segment.

		(3)	
is F multiplied by (1+(G multiplied by H)), where:

F = the Crediting Base of the Segment on the Valuation Date of the calculation;

G = the Performance Cap for the Segment;

H = the total days elapsed in the Term divided by total days in the Term.

[Interim Value for Segment(s) with Annual Locks

The Interim Value of a Segment is equal to the sum of (1) and (2), not to exceed the pro-rata portion of the Performance Cap as set forth in (3), where:

 (1) is the fair value of the Crediting Base of a Segment on the Valuation Date the Interim Value is calculated. It is determined for a Segment as C multiplied by (1+D) –E  where:

C = the Initial Crediting Base of the Segment that has been pro-rata adjusted for any Transfers, Withdrawals, Death Benefit Payouts, or Surrenders that have occurred during the Term prior to the Valuation Date of the calculation;

D = the Reference Rate;

E = the total days remaining in the Term divided by 365.

	
(2)

	
is the fair value of the replicating portfolio of options, determined solely by Us, on any Valuation Date the Interim Value is calculated for a Segment.

(3) is F multiplied by (1+(G multiplied by H)), where:

F = the Crediting Base of the Segment on the Valuation Date of the calculation;

G = the Performance Cap for the Segment;

H = the total days elapsed since the prior Anniversary Date divided by 365. ]

The fair value of the Crediting Base of a Segment with no Annual Locks or a Segment with Annual Locks is meant to represent the market value of the investment instruments supporting the Segment. It is the present value of the Crediting Base of the Segment discounted at a rate that reflects movements in the interest rate market.  The Reference Rate will apply on a uniform basis for a class of Owners in the same Segment and will be administered in a uniform and non-discriminatory manner.  

[The maximum Reference Rate is the average U.S. Treasury Constant Maturity yield plus the [LMVA Composite OAS Index] rate. The U.S. Treasury Constant Maturity yield is the rate for the maturity using a set duration.  The average is measured using yields on the 1st, 8th, 15th, and 22nd day of the calendar month preceding the calendar month for which the Reference Rate applies.

If the U.S. Treasury Constant Maturity yield is not published for a particular day, then We will use the yield on the next day it is published. If the U. S. Treasury Constant Maturity yield is no longer published, or is discontinued, then We may substitute another suitable method for determining this component of the Reference Rate. If a U.S. Treasury Constant Maturity yield is not published for a time to maturity that matches the selected duration, then the yield will be interpolated between the yield for maturities that are published.

The [LMVA Composite OAS Index] rate will be as of the last business day of the month for which the Reference Rate applies.  If the [LMVA Composite OAS Index] is no longer available, or is discontinued, We will substitute another suitable index or indexes for determining this component of the Reference Rate. ]

The Reference Rate may be reduced by a rate reduction factor, which increases the value of (1) above. This rate reduction factor will vary with each Indexed Account option and will be declared at the same time a Performance Cap is declared.  This rate reduction factor is available upon request by calling Us.

The replicating portfolio of options are designated by Us for each Segment and are used to estimate the market value of the risk of loss and the possibility of gain on the End Date of a Segment. The market value determined may be positive or negative.

GENERAL PROVISIONS

Effect of Annuitization

Upon the Owner's election to receive payments under an Annuity Payment Option, no further Purchase Payments or Contract Value may be allocated or transferred to an Indexed Account.

Within the period shown in the Indexed Account(s) Contract Specifications under Transfer of Interim Value Prior to the Annuity Commencement Date, the Interim Value for each Segment will be transferred to a Variable Subaccount(s) and the Fixed Account, pursuant to the Owner's instructions on file with Us. If the maximum Maturity Date shown in the Contract has been reached, in the absence of any such transfer instructions, the Interim Value for each Segment will be transferred to a Variable Subaccount(s) or the Fixed Account chosen by Us. The Indexed Account(s) will then terminate.

Discontinuation of / or Substantial Change To An Index

If an Index is discontinued or if an Index calculation substantially changes, We reserve the right to select an alternative index and We will notify the Owner of such changes. Any substitution of an Index is subject to approval by the state insurance authorities where the Contract and this Rider are issued, if required by law.

Suspension or Deferral of Payments or Transfers

We reserve the right to defer payment for a withdrawal, surrender or transfer from any Indexed Account for the period permitted by law but for no more than six (6) months after Notice is received by Us. Any transaction involving the Indexed Account(s) that occurs after the period We defer a payment for a withdrawal, surrender or transfer, will be based on the Interim Value as of the date the transaction was processed.

Effect of Death

If the Death Benefit Option is the Contract Value Death Benefit, the amount of the Death Benefit is equal to the Contract Value, as defined in this Rider, on the Valuation Date the Death Benefit is approved by Our Servicing Office for payment.

If the Death Benefit Option is the Guarantee of Principal Death Benefit, the Contract Value used to determine the amount of the Death Benefit under the Guarantee of Principal Death Benefit Rider attached to the Contract will be construed to mean the Contract Value, as defined in this Rider, on the Valuation Date the Death Benefit is approved by Our Servicing Office for payment.

Withdrawals

Prior to the Annuity Commencement Date, the Owner may make withdrawals of amounts up to the Contract Value, as defined in this Rider, minus any CDSC. In the absence of instructions the withdrawal will be deducted first from each Variable Subaccount on a pro-rata basis, from the Transfer Account,  then from the Fixed Account and lastly from each Segment on a pro-rata basis.

The Crediting Base for each Segment will be reduced proportionately by the amount that the withdrawal reduced the Segment's Interim Value immediately prior to the withdrawal.

Withdrawals will be subject to the Withdrawal and Surrender Requirements shown in the Contract Specifications.

Surrenders

Upon surrender of the Contract to which this Rider is attached, the amount of the surrender value on the Valuation Date of the surrender will be the Contract Value, as defined in this Rider, minus any CDSC. Surrenders will be subject to the Withdrawal and Surrender Requirements shown in the Contract Specifications.

Effect on Other Riders

While this Rider is in effect, the quarterly Rider Charge described in any Riders attached to the Contract will be deducted first from each Variable Subaccount on a pro-rata basis, then from the Fixed Account and lastly from each Segment on a pro-rata basis. The Crediting Base for each Segment will be reduced proportionately, on the Valuation Date the Rider Charge was deducted, by the amount the deduction reduces the Interim Value for that Segment.

TERMINATION OF THIS RIDER

 This Rider will terminate on the earliest of:

	
(a)

	
the Annuity Commencement Date; or

	
(b)

	
the date the Contract to which this Rider is attached terminates.

 AR-601

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