Document:

Exhibit 10.2

 

2005 CONTINGENT STOCK PLAN

 

OF

 

SEALED AIR CORPORATION

 

 

Section 1. 
Purpose.  The purpose of
the 2005 Contingent Stock Plan of Sealed Air Corporation is to assist the
Corporation and its Subsidiaries in attracting and retaining employees and
U.S.-based consultants of outstanding competence by providing an incentive that
permits those employees and consultants responsible for the Corporation’s
growth to share directly in that growth, to motivate those employees and
consultants by means of appropriate incentives to achieve the Corporation’s
long-range goals, and to further the identity of their interests with those of
the stockholders of the Corporation.

 

Section 2. 
Definitions.  Capitalized
terms used in this Plan have the meanings specified in this Section 2:

 

“Award” means a grant to a Participant of
Restricted Stock, Restricted Stock Units, Performance Share Units or a Cash
Award, or any combination thereof.

 

“Award Grant” means the written agreement
confirming an Award and setting forth the terms and conditions thereof.  Award Grants need not be identical and shall
not contain provisions inconsistent with provisions of the Plan.

 

“Board of Directors” means the Board of
Directors of the Corporation.

 

“Cash Award” means an Award, subject to a Period
of Restriction, that is granted to a participant under the Plan and provides
for the right to receive cash as provided in the Award Grant, where the amount
of such cash is measured by the Fair Market Value on the date that the Period
of Restriction ends times the number of shares of Common Stock covered by the
Cash Award.

 

“Change in Control” means the occurrence of
any of the following events:

 

(1)    any
“person” (as the term “person” is used in Sections 13(d) and 14(d) of the
Securities Exchange Act) is or becomes the beneficial owner, directly or
indirectly, of securities of the Corporation representing 30% or more of the
combined voting power of the Corporation’s then outstanding securities; or

(2)    as
a result of any solicitation subject to Rule 14a-11 under the Securities
Exchange Act (or any successor rule thereto) one or more 

 

1

 

persons not recommended by or opposed for
election to the Board of Directors by one-third or more of the Continuing Directors
of the Corporation then in office is or are elected a director of the
Corporation; or

(3)    there
is consummated a Corporate Transaction and the stockholders of the Corporation
immediately prior to such Corporate Transaction do not, immediately after the
Corporate Transaction, beneficially own, in the aggregate, directly or
indirectly, at least 70% of the combined voting power of the outstanding voting
securities of the successor or resulting corporation, ultimate parent
corporation or other entity resulting from such Corporate Transaction, where
the term “beneficially own” shall be used as in Sections 13(d) and 14(d) of the
Securities Exchange Act; or

(4)    the
stockholders of the Corporation approve a plan of complete liquidation or
dissolution of the Corporation or there is consummated an agreement for the
sale or disposition by the Corporation of all or substantially all of the
Corporation’s assets, other than a sale or disposition by the Corporation of
all or substantially all of the Corporation’s assets to an entity, at least 70%
of the combined voting power of the voting securities of which (or the ultimate
parent corporation of which) is owned by stockholders of the Corporation in
substantially the same proportions as their ownership of the Corporation
immediately prior to such sale.

 

The Board of Directors, upon recommendation
of the Committee, may terminate, amend, or modify this definition or determine
that it does not apply to a specific transaction that would otherwise be a
Change in Control at any time prior to the date of a Change in Control.  The provisions and application of this
definition may not be terminated, amended or modified and the Committee may not
waive its application to a specific transaction, however, on or after the date
of a Change in Control to affect adversely any Award theretofore granted under
the Plan without the written consent of each Participant with respect to such
Awards made to such Participant.

 

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

 

“Committee” means the Organization and
Compensation Committee of the Board of Directors described in Section 4 or any
committee or other person or persons designated by the Board of Directors to
administer the Plan.

 

“Common Stock” means the Corporation’s
authorized Common Stock, par value $0.10 per share, except as this definition
may be modified as provided in Section 13.

 

“Consultant” means an individual who is a
consultant to the Corporation or a Subsidiary and who resides in the United
States of America.

 

2

 

“Continuing Director” means a director of the
Corporation who is serving as such on the Effective Date and any person who is
approved as a nominee or elected to the Board of Directors by a majority of the
Continuing Directors who are then members of the Board of Directors of the
Corporation.

 

“Corporate Transaction” means a
reorganization, merger, consolidation, sale of all or substantially all the
Corporation’s assets, or other corporate transaction involving the Corporation.

 

“Corporation” means Sealed Air Corporation, a
Delaware corporation, or any successor thereto.

 

“Date of Termination” means the first day
occurring on or after the date of grant of an Award on which the Participant is
not performing services as an Employee or Consultant, regardless of the reason
for the cessation of services; provided that a cessation of services shall not
be deemed to occur by reason of a transfer of a Participant between the
Corporation and a Subsidiary or between two Subsidiaries; and further provided
that a Participant’s services shall not be considered terminated while the
Participant is on an approved leave of absence from the Corporation or a
Subsidiary.

 

“Director” means any member of the Board of
Directors who is not an Employee.

 

“Disability” shall mean permanent and total
disability as determined in each case by the Committee in its discretion, which
determination shall be final.

 

“Effective Date” shall have the meaning set
forth in Section 23.

 

“Employee” means any
employee of the Corporation or a Subsidiary who is receiving remuneration for
personal services rendered to the Corporation or Subsidiary, including any such
person who is an officer of the Corporation or Subsidiary, other than (1)
solely as a director of the Corporation or a Subsidiary, (2) as a consultant,
(3) as an independent contractor, (4) as an individual who is a “leased
employee” within the meaning of Code section 414(n), or (5) any other
individual engaged by the Corporation or Subsidiary in a relationship that the
Corporation in its sole discretion characterizes as other than an employment
relationship or who has waived his rights to coverage as an employee.

 

“Exchange Act” means the Securities Exchange
Act of 1934, as amended.

 

“Fair Market Value” as of any specified date
means the closing sale price of the Common Stock on the New York Stock Exchange
– Composite Tape on such date or, if there are no sales on such date, on the
next preceding day on which there are sales. 
If the Common Stock ceases to be listed on the NYSE, Fair Market Value
shall be determined in such manner as shall be selected by the Committee.

 

3

 

“NYSE” means the New York Stock Exchange.

 

 “Participant”
means an Employee or Consultant selected by the Committee to receive an Award.

 

“Performance-Based Exception” means the
performance-based exception set forth in Code section 162(m)(4)(C) from the
deductibility limitations of Code section 162(m).

 

“Performance Goal” means a target based on
Performance Measures that is established by the Committee in connection with a
Performance Award; Performance Goals may be established on a corporate-wide
basis or with respect to one or more business units, divisions, or
Subsidiaries, and may be in either absolute terms or relative to the
performance of one or more comparable companies or an index covering multiple
companies.

 

“Performance Measures” means
criteria established by the Committee relating to any of the following:  growth in net sales; operating profit; net
earnings; measures of cash flow; measures of expense control; earnings before
interest and taxes (commonly called EBIT); earnings before interest, taxes,
depreciation and amortization (commonly called EBITDA); earnings per share; successful
completion of strategic acquisitions, joint ventures or other transactions;
measures of return on assets, return on invested capital or return on equity;
shareholder value added (net operating profit after tax (NOPAT), excluding
non-recurring items, less the Corporation’s cost of capital); and the ratio of
net sales to net working capital, or any combination of the foregoing
goals.  Performance Measures may be
applied by excluding the impact of charges for restructurings, discontinued
operations, extraordinary items, debt redemption or retirement, and the
cumulative effects of accounting changes, each as defined by generally accepted
accounting principles, and other unusual or non-recurring items as defined by
the Committee when the goals are established.

 

“Performance Share Units” means an Award,
subject to a Period of Restriction and achievement of Performance Goals, that
is granted to a Participant under the Plan and provides for the right to
receive a number of shares of Common Stock for each Performance Share Unit as
specified in the Award Grant. 
Performance Share Units may be granted to Employees who are executive
officers or key employees of the Corporation and its Subsidiaries.

 

“Period of Restriction” means the period
during which the transfer of shares of Restricted Stock or any other Award made
under the Plan is limited based on the passage of time and the Restricted Stock
or any other Award made under the Plan remains subject to a substantial risk of
forfeiture, as provided in Section 7.  Performance
Share Units also remain subject to a substantial risk of forfeiture 

 

4

 

until the performance period has ended and
the Committee has certified that the applicable Performance Goals have been
achieved.

 

“Plan” means this 2005 Contingent Stock Plan
of Sealed Air Corporation.

 

“Restricted Stock” means an Award of shares
of Common Stock, subject to a Period of Restriction, that is granted to a
Participant under the Plan.  Unless and
until any forfeiture of Restricted Stock, the Participant shall be entitled to
receive cash dividends on such shares and shall be entitled to vote such
shares.

 

“Restricted Stock Unit” means an Award,
subject to a Period of Restriction, that is granted to a Participant under the
Plan and provides for the right to receive one share of Common Stock for each
Restricted Stock Unit, as specified in the Award Grant.  The Committee may provide that Restricted
Stock Units receive dividend equivalents payable in cash in the event that a
record date for payment of cash dividends payable on outstanding shares of
Common Stock occurs between the Participant’s execution of an Award Grant for
Restricted Stock Units and the issuance of shares on account of such Restricted
Stock Units following the end of the Period of Restriction.

 

“Securities Act” means the Securities Act of
1933, as amended.

 

“Subsidiary” means any
corporation, limited liability company, partnership, joint venture or other
entity during any period in which at least a 50% voting or profits interest is
owned, directly by the Corporation, and any other business venture designated
by the Committee in which the Corporation has a significant interest, as
determined in the discretion of the Committee.

 

Section 3. 
Stock Available.  The
aggregate number of Shares that may be issued to Participants pursuant to
Awards granted under the Plan is 2,500,000 shares, subject, however, to
adjustment in accordance with the provisions of Section 13.  If any Common Stock issued under the Plan is
reacquired by the Corporation due to a forfeiture described in Section 7 or in
satisfaction of tax withholding with respect to an Award, the shares of Common
Stock so acquired will again become available for Awards under the Plan.  Any shares of Common Stock related to Awards
that terminate by forfeiture, cancellation, or otherwise without the issuance
of such shares shall again be available for Awards under the Plan.  Cash Awards, which are paid in cash, do not
count against the total amount of Common Stock that may be issued under the
Plan, provided that Cash Awards may not be made during any calendar year
measured in the aggregate by more than 50,000 shares of Common Stock.  The maximum number of shares of Common Stock
that may be granted as Performance Share Units to an Employee during any
calendar year, aggregated with all other Awards made to such Employee during
the same calendar year, is two-tenths of 1% (0.2%) of the issued and
outstanding shares of the Corporation’s Common Stock on January 1 of such calendar
year. 
Shares issued under the Plan may be original issue shares,
shares held in treasury, or shares reacquired by the Corporation under
corporate repurchase programs, as determined by the Chief Executive Officer of
the Corporation (or the Chief Executive Officer’s designee) from time to time,
unless otherwise determined by the Committee.

 

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Section 4. 
Administration.  The Plan
shall be administered by the Committee, which shall be composed of not less
than three Directors chosen from time to time by the Board of Directors.  No Director shall be eligible or continue to
serve as a member of the Committee unless such person has been determined to be
an “independent director” under applicable stock exchange standards and is an “outside
director” within the meaning of regulations under Code section 162(m) and a “non-employee
director” within the meaning of Exchange Act Rule 16b-3.  In addition to the powers granted to the
Committee as elsewhere set forth in the Plan and subject to the terms and
conditions of the Plan, the Committee is authorized to interpret the Plan, to
adopt and revise rules and regulations relating to the Plan and the conduct of
the business of the Committee, and to take all actions and make all
determinations that it believes necessary or advisable for the operation and
administration of the Plan.  All
decisions and determinations by the Committee with respect to the Plan shall be
final, binding and conclusive upon all parties, including the Corporation, its
stockholders, Employees, Consultants, Participants and their estates and
beneficiaries.  No member of the
Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any Award made under the Plan.  The
Committee may delegate any of its duties and powers hereunder to the extent
permitted by applicable law.

 

Section 5. 
Terms, Conditions and Form of Award Grants.  The Committee shall have exclusive authority,
except as otherwise limited by the Plan, to select the Employees and
Consultants to be granted Awards, to grant all Awards, to determine the time or
times at which Awards will be granted and the type of Awards to be granted, to
condition the grant of Awards to specific Participants upon achievement of
performance measures under any other plan or program adopted by the
Corporation, to determine the number of shares of Common Stock to be covered by
an Award, to determine the time or times for the grant of Awards, to determine
the limitations, restrictions and conditions applicable to each Award, to
prescribe the form or forms of Award Grants (which need not be identical), and
to have full authority with respect to all other matters relating to the Plan
except those matters as are expressly reserved herein to the stockholders of
the Corporation.  In making
determinations relating to Awards, the Committee may consult with and take into
account the recommendations of the Chief Executive Officer of the Corporation
with respect to Awards made to other Employees and Consultants.  The Committee may also take into account the
nature of the services rendered by such Employees and Consultants, their
present and potential contributions to the Corporation’s success and such other
factors as the Committee in its sole discretion shall deem relevant.  Awards need not be uniform among
Participants.  The receipt of an Award by
a Participant shall not entitle that Participant to receive an Award in the
future.  The Committee shall inform the
appropriate officers of the Corporation of its determinations, and such
officers shall inform the Participant to whom an Award has been made of the
grant of such Award.  The Committee may
authorize any officer of the Corporation to provide or enter into Award Grants
or other agreements on behalf of the Corporation and to take all other action
necessary or desirable to effectuate the determinations of the Committee.

 

Section 6. 
Acceptance of Award.  A
Participant who has been granted an Award may accept the Award during the 60 day
period beginning when written notice of the Award has been sent to the
Participant, provided that the Participant is still an Employee or Consultant
on the date of such acceptance.  In order
to accept any such Award, the Participant shall give written 

 

6

 

notice to the Corporation of such acceptance.
The Participant also must execute and deliver to the Corporation an Award Grant
and any additional documentation requested by the Corporation within the period
specified by the Corporation. No Award shall be transferable by a Participant.

 

Section 7. 
Period of Restriction and Forfeiture of Awards.  Neither shares of Restricted Stock, nor any
other Award made under the Plan, nor any interest therein shall be sold,
transferred, pledged, or encumbered until the end of the Period of Restriction
specified in the Award Grant.  Except as
provided below, the Period of Restriction shall begin on the date of the grant
of an Award and end on the earlier of (i) the third anniversary of such date or
such later date as the Committee shall determine or (ii) the date of a Change
in Control.  Any Award made under the
Plan shall be forfeited on the Date of Termination of a Participant during the
applicable Period of Restriction other than as a result of the Participant’s
death or Disability, unless the Committee shall affirmatively determine not to
seek forfeiture of an Award as to all or part of the shares subject thereto and
to permit such Award either to be paid immediately (in whole or in part) or to
continue to vest during the remainder of the original Period of Restriction
subject to satisfaction of conditions specified by the Committee, which
determination must be made no later than 90 days following the Participant’s
Date of Termination.  Any such
determination shall be communicated to the Chief Executive Officer or other
appropriate officer of the Corporation, who shall be authorized to take any and
all action necessary to effectuate such decision.

 

                                Section 8. 
Performance Share Units. 
The Committee may make Awards consisting of Performance Share Units
containing such terms and conditions and subject to such restrictions and
contingencies as the Committee shall determine, subject to the terms of the
Plan. Performance Share Units shall be conditioned on the achievement of
Performance Goals, based on or more Performance Measures, as determined by the
Committee, over a performance period not less than one year prescribed by the
Committee.  For Performance Share Units
made to Employees that are designed to qualify for the Performance-Based
Exception, the grant of the Performance Share Units and the determination of
Performance Goals shall be made by the Committee during the applicable periods
required under Code section 162(m) and the Committee shall certify achievement
of the applicable Performance Goals prior to issuance of shares under each
Award of Performance Share Units as required under Code section 162(m).  With respect to Awards of Performance Share
Units that are designed to qualify for the Performance-Based Exception, the
Committee shall have the discretion to adjust the Awards downward but not
upward.  If a Change in Control occurs
after a Performance Share Unit has been granted but before completion of the
performance period, a pro rata portion of such Award may be paid as of the date
of the Change in Control to the extent the Committee deems in its sole
discretion that a pro rata portion of the Performance Goals have been achieved
during the portion of the performance period completed as of the date of the
Change in Control.

 

                                Section 9. 
Issuance of Shares of Common Stock to Participants.  All shares of Common Stock issued as
Restricted Stock under the Plan shall, so long as the risk of forfeiture
imposed by the Plan remains in effect, be represented by certificates with
restrictive legends and shall be subject to stop-transfer orders.  Any certificate representing shares of
Restricted Stock that remain subject to forfeiture shall be held in custody by
the Corporation.  Participants may be
required to execute stock powers or other similar instruments in order to
facilitate the return to the Corporation of Restricted Stock upon
forfeiture.  Upon the forfeiture of any
Restricted Stock, 

 

7

 

such shares of Common Stock represented by
the Restricted Stock shall be transferred to the Corporation without further
action by the Participant, unless the Committee in its sole discretion
determines not to seek forfeiture of the Award in whole or in part.  When (i) the Period of Restriction has ended
(or the Committee has determined not to seek forfeiture following the Date of
Termination of the Participant) with respect to an Award of Restricted Stock,
Restricted Stock Units or Performance Shares Units, (ii) all other conditions
and contingencies have been satisfied with respect to an Award of Performance
Share Units and (iii) the Participant has complied with any tax withholding
requirement described in Section 18, then the Participant may obtain from the
Corporation a certificate or certificates or a statement from the Corporation
representing such shares in book entry form, free of all restrictions except
those that may be imposed by law.

 

Section 10. 
Government and Other Regulations and Restrictions.  The obligation of the Corporation to issue
Common Stock under the Plan shall be subject to all applicable laws, rules and
regulations and to such approvals by governmental agencies as may be required.

 

Section 11. 
Registration of Shares. 
The Corporation shall be under no obligation to register any shares of
Common Stock under the Securities Act. 
However, an Award Grant may make appropriate and reasonable provision
for the registration of Common Stock acquired thereunder.  The Corporation, at its election, may
undertake to pay all fees and expenses of each such registration, other than an
underwriter’s commission, if any.

 

Section 12. 
No Rights in Common Stock. 
No Participant shall have any interest in or be entitled to any voting
rights or dividends or other rights or privileges of stockholders of the
Corporation with respect to any shares of Common Stock unless, and until,
shares of Common Stock are actually issued to such Participant following
execution of an Award Grant and, for an Award of Restricted Stock Units or
Performance Share Units, after the end of the Period of Restriction and, if
applicable, upon the Committee’s certification of achievement of any
Performance Goals and other conditions established by the Committee, and then
only from the date the Participant becomes the record owner thereof.

 

Section 13. 
Adjustments.  In the event
of any change in corporate capitalization, such as a stock dividend, split-up,
combination of shares, or reclassification, or a corporate transaction, such as
a merger, consolidation, separation, including a spin-off, or other
distribution of stock or property of the Corporation, any reorganization, or
any partial or complete liquidation of the Corporation, such adjustment shall
be made in the number and class of shares that may be issued under the Plan and
in the number and class of and/or price of shares subject to outstanding Awards
granted under the Plan as may be determined to be appropriate and equitable by
the Committee, in its sole discretion, to prevent dilution or enlargement of
rights.

 

Section 14. 
Successors.  The provisions
of the Plan shall be binding upon and inure to the benefit of all successors of
any person receiving Common Stock of the Corporation under the Plan, including,
without limitation, the estate of such person and the executors, administrators
or trustees thereof, the heirs and legatees of such person, and any receiver,
trustee in bankruptcy or representative of creditors of such person.

 

8

 

Section 15. 
Corporation’s Right to Terminate Employment.  Nothing contained in the Plan or in any Award
Grant shall confer upon any Participant a right to continue in the employ of or
as a consultant to the Corporation or a Subsidiary or interfere in any way with
the right of the Corporation or a Subsidiary to terminate the employment of any
Employee or the consulting relationship of any Consultant at any time, whether
with or without cause.

 

                                Section 16. 
Effect on Compensation. 
Awards received by Participants shall not be deemed a part of any
Participant’s compensation for purposes of determining such Participant’s
payments or benefits under any benefit plan, severance program, or severance
pay law of the Corporation, any Subsidiary or any country.

 

                                Section 17. 
Plan Unfunded.  The Plan
shall be unfunded.  The Corporation will
not create any trust or separate fund in connection with the Plan.  Neither the Corporation nor any of its
Subsidiaries shall have any obligation to set aside funds or segregate assets
to ensure the payment of any Award.  The
Plan shall not establish any fiduciary relationship between the Corporation,
any of its Subsidiaries and any Participant or other person.  To the extent any person holds any rights by
virtue of an Award under the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Corporation and its Subsidiaries.

 

Section 18. 
Tax Withholding.  Each
Award Grant incident to the Plan shall make appropriate provisions for the
withholding of any federal, state or local taxes and any other charges that may
be required by law to be withheld by reason of an Award, the issuance of Common
Stock under the Plan or the reacquisition of such Common Stock by the
Corporation.  The Corporation may cause
all or any portion of any tax withholding obligation or other charges described
in the preceding sentence to be satisfied by the Corporation withholding from
the shares of Common Stock covered by an Award a number of shares (rounded down
to the nearest whole share) with an aggregate Fair Market Value on the date
that such withholding obligation arises equal to the aggregate amount of such
taxes and other charges.  Regardless of
any other provision of the Plan, the Corporation may refuse to issue or to
deliver to the Participant certificates or a book entry statement representing
shares covered by an Award until the Participant to whom the Award was made
complies with any withholding obligation.

 

Section 19. 
Action by Corporation. 
Neither the existence of the Plan nor the issuance of Common Stock
pursuant thereto shall impair the right of the Corporation or its stockholders
to make or effect any adjustments, recapitalizations or other change in the
Common Stock referred to in Section 13, any change in the Corporation’s
business, any issuance of debt obligations or stock by the Corporation or any
grant of options on stock of the Corporation.

 

Section 20. 
Termination and Amendment of the Plan.  The Committee shall have complete power and authority
to amend, suspend or terminate the Plan and, if suspended, reinstate any and
all provisions of the Plan except that without further approval of the
stockholders of the Corporation and except as otherwise provided in Section 13,
the number of shares available for issuance under the Plan and the class of
individuals eligible for Awards shall not be expanded.  In addition, the Corporation will obtain
approval of the stockholders of the Corporation of any amendment to the Plan
for which the Exchange Act or the rules of the NYSE requires approval by the
stockholders of the Corporation or to the extent the Committee 

 

9

 

otherwise determines that stockholder
approval is required under applicable law. The Plan shall have a term of ten
years from its Effective Date, provided, that the Plan shall terminate earlier
if no additional shares of Common Stock remain available for Awards under the
Plan. In the event of Plan termination or expiration, any then-outstanding
Award shall remain in effect under the terms of its Award Grant.

 

Section 21. 
Foreign Jurisdictions.  The
Committee may, from time to time, adopt, amend and terminate under the Plan
such arrangements, not inconsistent with the intent of the Plan, as it may deem
necessary or desirable to make available tax or other benefits of laws of any
foreign jurisdiction to Participants who are subject to such laws and who
receive Awards under the Plan.

 

Section 22. 
Applicable Law.  The
Plan shall be construed, administered, regulated and governed in all respects
under and by the laws of the United States to the extent applicable, and to the
extent such laws are not applicable, by the laws of the state of Delaware.

 

Section 23. 
Effective Date.  The Plan
shall become effective as of May 20, 2005, (the “Effective Date”) if it is
approved by vote of the stockholders of the Corporation at the 2005 Annual
Meeting of Stockholders.  On and after
the Effective Date, no Awards shall be granted under the Contingent Stock Plan
of Sealed Air Corporation.

 

Section
24.  Compliance With Code Section 409A.  It is not intended that Awards under the Plan
shall be subject to the requirements of Code Section 409A because Awards
generally will be payable as soon as administratively practicable after the
Award becomes vested.  However, to the
extent that Code Section 409A does apply to an Award, the Plan is intended to
comply with Code Section 409A, and official guidance issued thereunder.  Notwithstanding any provision of the Plan to
the contrary, the Plan shall be interpreted, operated and administered
consistent with this intent.

 

10Exhibit 4(k)

 

	
  PROTECTIVE LIFE INSURANCE COMPANY

  	
   

  	
  P. O. BOX 2606

  	
   

  	
  BIRMINGHAM, ALABAMA

  	
   

  	
  35202-2606

  

 

ENDORSEMENT TO SALES CHARGE PROVISION

 

This endorsement amends the Contract to which it is attached as of its
Effective Date:

 

The “Sales Charge” provision in the section entitled “SALES CHARGE” is
deleted in its entirety and replaced by the provision below:

 

Sales Charge  - On the date we accept a Purchase Payment, we will deduct a
sales charge, and any applicable premium taxes, before applying the Net Purchase
Payment to the Allocation Options you selected. The sales charge is determined
by multiplying the amount of the Purchase Payment by the applicable sales
charge percentage from the table on your Schedule. The sales charge percentage
is determined based on the sum of :

 

(1)           the current Purchase
Payment accepted; plus

 

(2)                                  the
current Contract Value.

 

All other provisions of your Contract not contrary to the terms of this
endorsement remain in full force and effect.

 

	
  PROTECTIVE LIFE INSURANCE COMPANY

  	
   

  
	
   

  	
   

  
	
  /s/ Deborah J. Long

  	
   

  
	
  Secretary

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