Document:

Exhibit 10(n)

 Exhibit 10(n) 
 AMENDED AND RESTATED 
 DIRECTOR SUPPLEMENTAL RETIREMENT AGREEMENT 
 THIS AGREEMENT, made and entered into this      day of         , 2008, by and
between Peoples Bank, a bank organized and existing under the laws of the State of North Carolina (hereinafter referred to as the “Bank”), and          member of the Board of Directors of the
Bank (hereinafter referred to as the “Director”). 
 W I T N E S S E T H: 
 WHEREAS, the Bank and the Director entered a Director Supplemental Retirement Plan Director Agreement dated the 1st day of January, 2002 between
Peoples Bank and James S. Abernethy that provides for the payment of certain benefits; 
 WHEREAS, the Bank and the Director
thereafter entered into a Director Fee Continuation Agreement dated December 31, 2003 (the “2003 Agreement”), which replaced and superseded the Director Supplemental Retirement Plan Director Agreement dated January 1, 2002 and
the benefits provided thereunder; 
 WHEREAS, it is the consensus of the Board of Directors (hereinafter referred to as the
“Board”) that the Director’s services to the Bank in the past have been of exceptional merit and have constituted an invaluable contribution to the general welfare of the Bank and in bringing it to its present status of operating
efficiency, and its present position in its field of activity; 
 WHEREAS, the Director’s experience, knowledge of the affairs of
the Bank, reputation, and contacts in the industry are so valuable that assurance of the Director’s continued services is essential for the future growth and profits of the Bank and it is in the best interests of the Bank to arrange terms of
continued service for the Director so as to reasonably assure the Director’s remaining in the Bank’s service during the Director’s lifetime or until the age of retirement; 
 WHEREAS, it is the desire of the Bank that the Director’s services be retained as herein provided; 
 WHEREAS, the Director is willing to continue to serve the Bank provided the Bank agrees to pay the Director or the Director’s
beneficiary(ies), certain benefits in accordance with the terms and conditions hereinafter set forth; and 
 WHEREAS, the Bank and the
Director desire to amend and restate the 2003 Agreement in order to bring it into compliance with Section 409A of the Internal Revenue Code, as amended, including regulations and guidance issued thereunder (“Section 409A”).

 ACCORDINGLY, it is the desire of the Bank and the Director to enter into this Agreement under which the Bank will agree to make
certain payments to the Director at retirement or the Director’s beneficiary(ies) in the event of the Director’s death pursuant to this Agreement; 

 FURTHERMORE, it is the intent of the parties hereto that this Agreement be considered an unfunded
arrangement maintained primarily to provide supplemental retirement benefits for the Director, and to be considered a non-qualified benefit plan for purposes of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The
Director is fully advised of the Bank’s financial status and has had substantial input in the design and operation of this benefit plan. 
 NOW, THEREFORE, in consideration of services performed in the past and to be performed in the future as well as of the mutual promises and covenants herein contained it is agreed as follows: 
 I. SERVICE 
 The Director will continue to serve the
Bank in such capacity and with such duties and responsibilities as may be assigned, and with such compensation as may be determined from time to time by the Board of Directors of the Bank. 
 II. FRINGE BENEFITS 
 The fee continuation benefits
provided by this Agreement are granted by the Bank as a fringe benefit to the Director and are not part of any fee reduction plan or an arrangement deferring a bonus or a fee increase. The Director has no option to take any current payment or bonus
in lieu of these fee continuation benefits except as set forth hereinafter. 
 III. RETIREMENT DATE AND NORMAL RETIREMENT AGE 
  

	 	A.	Retirement Date: 

 If the Director continuously
serves the Bank, the Director shall retire from active service with the Bank on the December 31st nearest the Director’s seventieth (70th) birthday. 
  

	 	B.	Normal Retirement Age 

 Normal Retirement Age shall
mean the date on which the Director attains age seventy (70). 
 IV. RETIREMENT BENEFIT AND POST-RETIREMENT DEATH BENEFIT 
 Upon said retirement, the Bank, commencing with the first (1st) day of the month following the date of such retirement, shall pay the Director an
annual benefit amount equal to Twelve Thousand and 00/100 Dollars ($12,000.00). Said benefit shall be paid in equal monthly installments (1/12th of the annual benefit) for a period of one hundred eighty (180) months; provided, that if less than
one hundred eighty (180) of such monthly payments have been made prior to the death of the Director, the Bank shall make the total 

  

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amount of said payments due in a lump sum reduced to present value as set forth in Subparagraph XI(K) to such individual or individuals as the Director may
have designated in writing and filed with the Bank. Said payment shall be made on the first day of the second month following the death of the Director. In the absence of any effective beneficiary designation, any such amount becoming due and
payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payment shall be made on the first day of the second month following the death of the Director. 

V. DEATH BENEFIT PRIOR TO RETIREMENT 
 In the event
the Director should die while actively serving the Bank at any time after the date of this Agreement but prior to the Director attaining the age of seventy (70) years, the Bank will pay the balance of the Pre-Retirement Account in a lump sum
reduced to present value as set forth in Subparagraph XI(K), to such individual or individuals as the Director may have designated in writing and filed with the Bank. Said payment shall be made on the first day of the second month following the
death of the Director. In the absence of any effective beneficiary designation, any such amount becoming due and payable upon the death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate.
Said payment shall be made on the first day of the second month following the death of the Director. 
 VI. BENEFIT ACCOUNTING 
 The Bank shall account for this benefit using the regulatory accounting principles of the Bank’s primary federal regulator and the Generally Accepted
Accounting Principles. The Bank shall establish an accrued liability retirement account (a bookkeeping entry) for the Executive into which appropriate reserves shall be accrued. 
 VII. VESTING 
 Director’s interest in the benefits that are the subject of this Agreement shall
be subject to a vesting schedule over the five (5) full years of service with the Bank from the date first elected to the Board of the Bank (to a maximum of 100%). 
  

			
	 Years of Service Completed
 Since First Elected as Director
	 	 Total Percentage Vested

	 1
	 	20%
	 2
	 	40%
	 3
	 	60%
	 4
	 	80%
	 5
	 	100%

  

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 VIII. OTHER TERMINATION OF SERVICE 
 Subject to Subparagraph VIII(ii) hereinbelow, should the Director suffer a Termination of Service, the Director shall be entitled to receive the vested balance of the accrued liability account paid to the Director in
equal monthly installments (1/12th of the annual benefit) for a period of one hundred eighty (180) monthly installments commencing at the Normal Retirement Age [Subparagraph III(B)] accruing interest at the one-year Treasury Bill rate. Said
payments will commence thirty (30) days following the Normal Retirement Age. Provided, however, that if the vested balance of the accrued liability account is $10,000 or less, the Director shall be paid the entire vested balance of the accrued
liability account in a lump sum payment. 
 Should the Director die prior to having received the total amount of payments due, the unpaid
balance shall be paid in a lump sum to such individual or individuals as the Director may have designated in writing and filed with the Bank. In the absence of any effective beneficiary designation, any such amounts becoming due and payable upon the
death of the Director shall be payable to the duly qualified executor or administrator of the Director’s estate. Said payment hereunder shall be made on the first day of the second month following the death of the Director. If, upon death, the
Director shall have received the total annual benefit as provided herein, then no further benefit shall be due hereunder. 
 (i) Termination of Service. Termination of Service shall be defined as voluntary resignation of service by the Director or the Bank’s discharge of the Director without cause [“cause” defined in Subparagraph (VIII)(ii)
below], prior to the Normal Retirement Age (described in Subparagraph III(B)). 
 (ii) Discharge for Cause: In the event the Executive shall be discharged for cause at any time, all benefits provided herein shall be forfeited. The term “cause” includes termination because of the
Director’s personal dishonesty, incompetence, willful misconduct, breach of duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than minor traffic violations or
similar offenses), or final cease and desist order, or any material breach of any provision of this Agreement. Discharge for “cause” shall also include any termination pursuant to a resolution of the Board of Directors approved by a vote
of at least eighty-five percent (85%) of directors entitled to vote, finding that termination-of the Director’s Agreement is in the best
interests of the Bank or the Holding Company. 
 IX. CHANGE IN CONTROL 
 For purposes of this Agreement, the term “Change in Control” shall mean: (i) a Change of Ownership; (ii) a Change in Effective Control; or (iii) a Change of Asset Ownership; in each case, as
defined herein and as further defined and interpreted in Section 409A. 
 (i) For purposes of this Paragraph IX, “Change in
Effective Control” shall mean the date either (A) one person (or group) acquires (or has acquired during the proceeding twelve (12) months) ownership of stock of the Bank possessing thirty 

  

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percent (30%) or more of the total voting power of the Bank’s stock or (B) a majority of the Bank’s board of directors is replaced during
any twelve (12) month period by directors whose election is not endorsed by a majority of the members of the Bank’s board of directors prior to such election. 
 (ii) For purposes of this Paragraph IX, “Change of Asset Ownership” shall mean the date one person (or group) acquires (or has acquired during the preceding twelve (12) months) assets from the Bank that
have a total gross fair market value that is equal to or exceeds forty percent (40%) of the total gross fair market value of all the Bank’s assets immediately prior to such acquisition. 
 (iii) For purposes of this Paragraph IX, “Change of Ownership” shall mean the date one person (or group) acquires ownership of stock of the Bank
that, together with stock previously held, constitutes more than fifty percent (50%) of the total fair market value or total voting power of the stock of the Bank; provided that such person (or group) did not previously own fifty percent
(50%) or more of the value or voting power of the stock of the Bank. 
 For purposes of determining whether the Bank has undergone a
Change in Control under this Paragraph IX, the term Bank shall include any corporation that is a majority shareholder of the Bank within the meaning of Section 409A (owning more than fifty percent (50%) of the total fair market value and
total voting power of the Bank). 
 Upon a Change in Control (as defined above), the Director shall become fully vested in and be entitled to
receive the benefits promised in Subparagraph IV of this Agreement upon attaining Normal Retirement Age (Subparagraph III[B]), as if the Director had served the Bank until Normal Retirement Age. Payments will commence thirty (30) days following
the Executive’s attainment of Normal Retirement Age. The Director will also remain eligible for all promised death benefits in this Agreement. In addition, no sale, merger, consolidation or conversion of the Bank shall take place unless the new
or surviving entity expressly acknowledges the obligations under this Agreement and agrees to abide by its terms. 
 X. RESTRICTIONS ON FUNDING

 The Bank shall have no obligation to set aside, earmark or entrust any fund or money with which to pay its obligations under this
Agreement. The Directors, their beneficiary(ies), or any successor in interest shall be and remain simply a general creditor of the Bank in the same manner as any other creditor having a general claim for matured and unpaid compensation. 

XI. MISCELLANEOUS 
 A. Alienability and
Assignment Prohibition. 
 Neither the Director, nor the Director’s surviving spouse, nor any other beneficiary(ies) under this
Agreement shall have any power or right to transfer, assign, anticipate, hypothecate, mortgage, commute, modify or otherwise encumber in advance any of the 

  

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benefits payable hereunder nor shall any of said benefits be subject to seizure for the payment of any debts, judgments, alimony or separate maintenance owed
by the Director or the Director’s beneficiary(ies), nor be transferable by operation of law in the event of bankruptcy, insolvency or otherwise. In the event the Director or any beneficiary attempts assignment, commutation, hypothecation,
transfer or disposal of the benefits hereunder, the Bank’s liabilities shall forthwith cease and terminate. 
 B. Binding Obligation
of the Bank and any Successor in Interest. 
 The Bank shall not merge or consolidate into or with another bank or sell substantially all
of its assets to another bank, firm or person until such bank, firm or person expressly agrees, in writing, to assume and discharge the duties and obligations of the Bank under this Agreement. This Agreement shall be binding upon the parties hereto,
their successors, beneficiaries, heirs and personal representatives. 
 C. Amendment or Revocation. 
 Subject to Paragraph XIV, it is agreed by and between the parties hereto that, during the lifetime of the Director, this Agreement may be amended or
revoked at any time or times, in whole or in part, by the mutual written consent of the Director and the Bank. Amendment of this Agreement shall not be adopted if its adoption would be inconsistent with Section 409A. If an amendment to this
Agreement is required by any future guidance or regulations issued pursuant to Section 409A, then the parties agree to adopt an amendment to bring the Agreement into compliance with Section 409A. The benefits provided under this Agreement
shall not be subject to change, renegotiation, acceleration or deferral beyond the payment time set forth herein (the “Changes”) except to the extent that the Changes comply with Section 409A at the time the parties agree to the
Changes. 
 D. Gender. 
 Whenever in this Agreement words are used in the masculine or neuter gender, they shall be read and construed as in the masculine, feminine or neuter gender, whenever they should so apply. 
 E. Effect on Other Bank Benefit Plans. 
 Nothing contained in this Agreement shall affect the right of the Director to participate in or be covered by any qualified or non-qualified pension, profit-sharing, group, bonus or other supplemental compensation or fringe benefit plan
constituting a part of the Bank’s existing or future compensation structure. 
  

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 F. Headings. 
 Headings and subheadings in this Agreement are inserted for reference and convenience only and shall not be deemed a part of this Agreement. 
 G. Applicable Law. 
 The validity and
interpretation of this Agreement shall be governed by the laws of the State of North Carolina without respect to any choice-of-law or conflict-of-laws principles or provisions that would cause another jurisdiction’s laws to apply and except to
the extent preempted by federal law. 
 H. 12 U.S.C. § 1828(k). 
 Any payments made to the Director pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. §
1828(k) or any regulations promulgated thereunder. 
 I. Partial Invalidity. 
 If any term, provision, covenant, or condition of this Agreement is determined by an arbitrator or a court, as the case may be, to be invalid, void, or
unenforceable, such determination shall not render any other term, provision, covenant, or condition invalid, void, or unenforceable, and the Agreement shall remain in full force and effect notwithstanding such partial invalidity. 
 J. Continuation as Director. 
 Neither
this Agreement nor the payments of any benefits hereunder shall be construed as giving to the Director any right to be retained as a member of the Board of Directors of the Bank. 
 K. Present Value. 
 All present value
calculations under this Agreement shall be based on the following discount rate: The discount rate as used in the FASB 87 calculations for the Agreement. 
 L. Supersede and Constitute Entire Agreement. 
 This Agreement shall supersede the 2003 Agreement,
which, in turn, superseded the Director Supplemental Retirement Plan Director Agreement dated the 1st day of January, 2002. This Agreement shall, along with any amendments executed thereto, constitute the entire agreement of the parties pertaining
to retirement benefits provided hereunder. 
  

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 M. Interpretation. 
 It is intended that this Agreement shall conform with Section 409A. Accordingly, in interpreting, construing or applying any provisions of the Agreement, the same shall be construed in such manner as shall meet
and comply with Section 409A, and in the event of any inconsistency with Section 409A, the same shall be reformed so as to meet the requirements of Section 409A. The Director acknowledges that the Bank has not made any representation
or warranty regarding the treatment of this Agreement or the benefits payable under this Agreement under federal, state or local income tax laws, including Section 409A. 
 N. Certain Payments Delayed for a Specified Employee. 
 If the Director is a “specified employee” as defined in Section 409A, then any payment(s) under this Agreement on account of a “separation from service” as defined in Section 409A shall
be made and/or shall begin on the first day of the seventh month following the date of the Director’s separation from service to the extent such payments are not exempt from Section 409A, and the six month delay in payment is required by
Section 409A. 
 O. Payments Upon Income Inclusion. 
 If at any time any amount or payment under the Agreement becomes taxable to the Director for failure to comply with Section 409A, a payment shall be made to the Director within 60 days of the determination by the
Internal Revenue Service that the amount or payment is includible in income. The payment under this Paragraph XI(O) shall be equal to the amount required to be included in income as a result of the failure to comply with Section 409A as
determined by the Internal Revenue Service. 
 P. Separation from Service. 
 Any reference to “retirement,” “retirement from service,” “early retirement,” “termination of service,” or any
variations thereof requires that the Director has incurred a “separation from service” as interpreted in accordance with Section 409A. The Director will not be considered to have had a “separation from service” if he is on
military leave, sick leave or other bona fide leave of absence if the period of such absence does not exceed six (6) months or, if longer, so long as the Director has a right to reemployment that is provided by statute or contract. 

XII. ERISA PROVISION 
 The “Named Fiduciary
and Plan Administrator” of this Agreement shall be Peoples Bank until its resignation or removal by the Board. As Named Fiduciary and Plan Administrator, the Bank shall be responsible for the management, control and administration of the
Agreement. The Named Fiduciary may delegate to others certain aspects of the management and operation responsibilities of the Agreement including the employment of advisors and the delegation of ministerial duties to qualified individuals.

  

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 As a participant in this Plan, you are entitled to certain rights and protections under the Employee
Retirement Income Security Act of 1974 (“ERISA”). ERISA provides that all Plan participants shall be entitled to: 
  

	 	A.	Receive Information About Your Plan and Benefits. 

  

	 	1.	Examine, without charge, at the Plan Administrator’s office and at other specified locations (such as work sites and union halls) all documents governing the Plan, including
insurance contracts and collective bargaining agreements (if any), and a copy of the latest annual report (Form 5500 Series) (if applicable) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the
Pension and Welfare Benefit Administration. 

  

	 	2.	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including insurance contracts and collective bargaining agreements,
and copies of the latest annual report (Form 5500 Series) (if applicable) and an updated summary plan description (if applicable). The Plan Administrator may make a reasonable charge for the copies. 

  

	 	3.	Receive a summary of the Plan’s annual financial report (if applicable). The Plan Administrator is required by law to furnish each participant with a copy of this summary
annual report. 

  

	 	4.	Obtain a statement telling you that you have a right to receive a retirement benefit at the normal retirement age under the Plan (age 65) and what your benefit could be at normal
retirement age if you stop working under the Plan now. If you do not have a right to a retirement benefit, the statement will advise you of the number of additional years you must work to receive a retirement benefit. You must request this statement
in writing. The law does not require the Plan Administrator to give this statement more than once a year. The Plan must provide the statement free of charge. 

  

	 	B.	Prudent Actions by Plan Fiduciaries. 

 In addition
to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate this Plan, called “fiduciaries” of the Plan, have a duty to do so
prudently and in the interest of you and other Plan participants and beneficiaries. No one, including your employer, your union or any other person may fire you or otherwise discriminate against you in any way to prevent you from obtaining a
retirement benefit or from exercising your rights under ERISA. 
  

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	 	C.	Enforce Your Rights. 

 If your claim for a
retirement benefit is denied in whole or in part, you have the right to know why this was done, to obtain documents relating to the decision without charge and to appeal any denial, all within certain time schedules. 
 Under ERISA, there are steps you can take to enforce the above rights. 
 For instance, if you request materials from the Plan and do not receive the materials within 30 days, you may file suit in a Federal court. In such a case, the court may require the Plan Administrator to provide the
materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for benefits which is denied or ignored, in whole or in
part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of a domestic relations order or a medical support order, you may file suit in Federal
court. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The
court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds
your claim is frivolous. 
  

	 	D.	Assistance with Your Questions. 

 If you have any
questions about your Plan, you should contact the Plan Administrator. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact
the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Pension and Welfare Benefits Administration, U.S. Department
of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration.

 XIII. CLAIMS PROCEDURE 
 The following
Claims Procedure shall control the determination of benefit payments under the Plan. 
 A. Filing of a Claim for Benefits. 

Any insured, beneficiary or other individual (“Claimant”) entitled to benefits under the Plan will file a claim request with the
Administrator. The Administrator will, upon request of a Claimant, make available copies of all forms and instructions necessary to file a claim for benefits or advise the Claimant where such forms and instructions may be obtained. A Claimant’s
request for Plan benefits will be considered a claim for Plan benefits, and it will be subject to a full and fair review. 
  

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 B. Denial of Claim. 
 If a Claimant’s claim is wholly or partially denied, the Administrator will furnish the Claimant with a written or electronic notification of the Plan’s adverse determination. This written or electronic
notification must be provided within a reasonable period of time, but not later than 90 days after the receipt of the claim by the Administrator, unless the Administrator determines that special circumstances require an extension of time for
processing the claim. If the Administrator determines that an extension of time for processing is required, written notice of the extension will be furnished to the Claimant prior to the termination of the initial 90-day period. In no event will
such extension exceed a period of 90 days from the end of such initial period. The extension notice will indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination.

 In the case of a claim for disability benefits, if disability is determined by a physician chosen by the Administrator (rather than
relying upon a determination of disability for Social Security purposes), then instead of the above, the Administrator will provide the Claimant with written or electronic notification of the Plan’s adverse benefit determination within a
reasonable period of time, but not later than 45 days after receipt of the claim by the Plan. This period may be extended by the Plan for up to 30 days, provided that the Administrator both determines that such an extension is necessary due to
matters beyond the control of the Plan and notifies the Claimant, prior to the expiration of the initial 45-day period, of the circumstances requiring the extension of time and the date by which the Plan expects to render a decision. If, prior to
the end of the first 30-day extension period the Administrator determines that, due to matters beyond the control of the Plan, a decision cannot be rendered within that extension period, the period for making the determination may be extended for up
to an additional 30 days, provided that the Administrator notifies the Claimant, prior to the expiration of the first 30-day extension period, of the circumstances requiring the extension and the date as of which the Plan expects to render a
decision. In the case of any such extension, the notice of extension will specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim, and the additional information
needed to resolve those issues, and the Claimant will be afforded at least 45 days within which to provide the specified information. 
 C.
Content of Notice. 
 The Administrator’s written or electronic notification of any adverse benefit determination must contain the
following information: 
  

	 	(1)	The specific reason or reasons for the adverse determination. 

  

	 	(2)	Reference to the specific Plan provisions on which the denial is based. 

  

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	 	(3)	A description of any additional information or material necessary to correct the claim and an explanation of why such material or information is necessary. 

 

	 	(4)	Appropriate information as to the steps to be taken if the Claimant or beneficiary wishes to submit the claim for review. 

  

	 	(5)	In the case of disability benefits where the disability is determined by a physician chosen by the Administrator: 

  

	 	(i)	If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the specific rule, guideline, protocol, or other
similar criterion; or a statement that such rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination and that a copy of the rule, guideline, protocol, or other similar criterion will be provided free
of charge upon request. 

  

	 	(ii)	If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical
judgment for the determination, applying the terms of the Plan to the Claimant’s medical circumstances, or a statement that such explanation will be provided to the Claimant free of charge upon request. 

 If the claim has been denied or deemed denied, and the Claimant wants to submit the claim for review, the Claimant must follow the Claims Review
Procedure below. 
 D. Claims Review Procedure. 
 Upon the denial of a claim for benefits, the Claimant may file a claim for review, in writing, with the Administrator. 
 (1) THE CLAIMANT MUST FILE THE CLAIM FOR REVIEW NO LATER THAN 60 DAYS AFTER THE CLAIMANT HAS RECEIVED WRITTEN NOTIFICATION OF THE DENIAL OF THE CLAIM FOR BENEFITS. 
 HOWEVER, IF THE CLAIM IS FOR DISABILITY BENEFITS AND DISABILITY IS DETERMINED BY A PHYSICIAN CHOSEN BY THE ADMINISTRATOR, THEN INSTEAD OF THE ABOVE, THE
CLAIMANT MUST FILE THE CLAIM FOR REVIEW NO LATER THAN 180 DAYS FOLLOWING RECEIPT OF NOTIFICATION OF AN ADVERSE BENEFIT DETERMINATION. 
  

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 (2) The Claimant may submit written comments, documents, records, and other information relating to the
claim for benefits. 
 (3) The Claimant may review all pertinent documents relating to the denial of the claim and submit any issues and
comments, in writing, to the Administrator. 
 (4) The Claimant will be provided, upon request and free of charge, reasonable access to, and
copies of, all documents, records, and other information relevant to the claim for benefits. 
 (5) The claim for review must be given a full
and fair review. This review will take into account all comments, documents, records, and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial
benefit determination. 
 In addition to the Claims Review Procedure above, if the claim is for disability benefits and disability is
determined by a physician chosen by the Administrator, then the Claims Review Procedure provides that: 
 (1) The claim will be reviewed
without deference to the initial adverse benefit determination and the review will be conducted by an appropriate named fiduciary of the Plan who is neither the individual who made the adverse benefit determination that is the subject of the appeal,
nor the subordinate of such individual. 
 (2) In deciding an appeal of any adverse benefit determination that is based in whole or in part on
medical judgment, the appropriate named fiduciary will consult with a health care professional who has appropriate training and experience in the field of medicine involved in the medical judgment. 
 (3) Any medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the adverse benefit determination will be
identified, without regard to whether the advice was relied upon in making the benefit determination. 
 (4) The health care professional
engaged for purposes of a consultation in (2) above will be an individual who is neither an individual who was consulted in connection with the adverse benefit determination that is the subject of the appeal, nor the subordinate of any such
individual. 
 The Administrator will provide the Claimant with written or electronic notice of the Plan’s benefit determination on review. The
Administrator must provide the Claimant with notification of this denial within 60 days after the Administrator’s receipt of the written claim for review, unless the Administrator determines that special circumstances require an extension of
time for processing the claim. If the Administrator determines that an extension of time for processing is required, written notice of the extension will be 

  

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furnished to the Claimant prior to the termination of the initial 60-day period. In no event will such extension exceed a period of 60 days from the end of
the initial period. The extension notice will indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review. However, if the claim relates to disability benefits and
disability is determined by a physician chosen by the Administrator, then 45 days will apply instead of 60 days in the preceding sentences. In the case of an adverse benefit determination, the notification will set forth: 
 (a) The specific reason or reasons for the adverse determination. 
 (b) Reference to the specific Plan provisions on which the benefit determination is based. 
 (c) A statement
that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits. 
 (d) In the case of disability benefits where disability is determined by a physician chosen by the Administrator: 
 (i) If an internal rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination, either the specific rule,
guideline, protocol, or other similar criterion; or a statement that such rule, guideline, protocol, or other similar criterion was relied upon in making the adverse determination and that a copy of the rule, guideline, protocol, or other similar
criterion will be provided to you free of charge upon request. 
 (ii) If the adverse benefit determination is based on a medical necessity or
experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant’s medical circumstances, or a statement that such
explanation will be provided free of charge upon request. 
 If the Claimant has a claim for benefits that is denied or ignored, in whole or in part, the
Claimant may file suit in a state or federal court. However, in order to do so, the Claimant must file the suit no later than one hundred eighty (180) days after the Administrator makes a final determination to deny the claim. 
 E. For Questions or If Rights Are Violated. 
 If the Claimant has any questions about the Plan, the Claimant should contact the Administrator. If the Claimant has any questions about this statement, or about the Claimant’s rights under ERISA, or if the Claimant needs assistance in
obtaining documents from the Administrator, the Claimant should contact the nearest office of the Pension and Welfare Benefits Administration, U.S. Department of Labor, listed in the telephone directory or the Division of Technical Assistance and
Inquiries, 

  

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Pension and Welfare Benefits Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W., Washington, D.C. 20210. The Claimant may also obtain
certain publications about the Claimant’s rights and responsibilities under ERISA by calling the publications hotline of the Pension and Welfare Benefits Administration. 
 XIV. TERMINATION OR MODIFICATION OF AGREE NT BY REASON OF CHANGES IN THE LAW, RULES OR REGULATIONS 
 The Bank is entering into this Agreement upon the assumption that certain existing tax laws, rules and regulations will continue in effect in their current form. If any said assumptions should change and said change has a detrimental effect
to the Bank or the Agreement, then the Bank reserves the right to terminate or modify this Agreement accordingly. Upon a Change in Control (Paragraph IX), this paragraph shall become null and void effective immediately upon said Change in Control.
Provided, however, that no amendment or termination will be adopted unless it complies with Section 409A. 
 XV. EFFECTIVE DATE 
 The Effective Date of this Agreement shall be December 31, 2008. 
 IN WITNESS WHEREOF, the parties hereto acknowledge that each has carefully read this Agreement and executed the original thereof on the first day set forth hereinabove, and that, upon execution, each has received a
conforming copy 
  

											
	 	 	 	 	 	 	PEOPLES BANK	 	 
						
	 	 	 	 	 	 	By:	 	  
	 	(SEAL)
		 		 		 	Name:	 	  
	 	
	Witness:	 	  
	 		 	Title:	 	  
	 	
					
		 		 		 	[NAME OF DIRECTOR]	 	
					
	Witness:	 	  
	 		 	  
	 	(SEAL)

  

 15 

 BENEFICIARY DESIGNATION FORM FOR THE 
 AMENDED AND RESTATED DIRECTOR SUPPLEMENTAL RETIREMENT 
 I. PRIMARY DESIGNATION  

                 (You may refer to the beneficiary
designation information prior to completion.) 
  

	A.	Person(s) as a Primary Designation:  

 (Please indicate the percentage for each beneficiary.) 
 Name
                                         
                                         
                   Relationship
                                         
                      /            % 
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              
(City)                                (State)       
             (Zip) 
 Name
                                         
                                         
                   Relationship
                                         
                        /            % 
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)
                                         
                     
(City)                                (State)       
             (Zip) 
 Name
                                         
                                         
                     Relationship
                                         
                   /            % 
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              
(City)                                (State)       
             (Zip) 
 Name
                                         
                                         
                   Relationship
                                         
                      /            % 
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              
(City)                                (State)       
             (Zip) 
  

	B.	Estate as a Primary Designation: 

 My Primary Beneficiary is
The Estate of                              as set forth in the last will and testament dated the
     day of                  and any codicils thereto. 
  

	C.	Trust as a Primary Designation: 

 Name of the Trust:
                                         
                                         
                                         
                                         
                 
 Execution Date of the Trust:
                     
 Name of the Trustee:
                                         
                                         
                                         
                                         
             
 Beneficiary(ies) of the Trust (please indicate the percentage for each
beneficiary): 
                                        
                                         
                                         
                                         
                                         
          
                                        
                                         
                                         
                                         
                                         
          
  

 16 

 Is this an Irrevocable Life Insurance Trust?
             Yes              No 
 (If yes and this designation is for a Split Dollar agreement, an Assignment of Rights form should be completed.) 
 II.
SECONDARY (CONTINGENT) DESIGNATION 
  

	A.	Person(s) as a Secondary (Contingent) Designation: 

 (Please indicate the percentage for each beneficiary.) 
 Name
                                         
                                         
                   Relationship
                                         
                      
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              (City)          
                      (State)                  
  (Zip) 
 Name
                                         
                                         
                   Relationship
                                         
                      
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              (City)          
                      (State)                  
  (Zip) 
 Name
                                         
                                         
                   Relationship
                                         
                      /            % 
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              (City)          
                      (State)                  
  (Zip) 
 Name
                                         
                                         
                   Relationship
                                         
                      
 Address:
                                         
                                         
                                         
                                         
                                 
                                         
        (Street)                                
                              (City)          
                      (State)                  
  (Zip) 
  

	B.	Estate as a Secondary (Contingent) Designation: 

 My
Secondary Beneficiary is The Estate of                              as set forth in my last will and
testament dated the      day                  of and any codicils thereto. 
  

	C.	Trust as a Secondary (Contingent) Designation: 

 Name of the
Trust:
                                         
                                         
                                         
                                         
                 
 Execution Date of the Trust:
     /         /         
 Name of
the Trustee:
                                         
                                         
                                         
                                         
             
 Beneficiary(ies) of the Trust (please indicate the percentage for each
beneficiary): 
 All sums payable under the Director Salary Continuation Plan Agreement that supercedes and replaces the Director
Supplemental Retirement Plan Director Agreement by reason of my death shall be paid to the Primary Beneficiary(ies), if he or she survives me, and if no Primary Beneficiary(ies) shall survive me, then to the Secondary (Contingent) Beneficiary(ies).
This beneficiary designation is valid until the participant notifies the bank in writing. 
  

							
	  
	 		 	  
	 	
	JAMES S. ABERNETHY	 		 	DATE	 	

  

 17Exhibit (4)(f)

 EXHIBIT 4(f) 
 Form of Policy Rider 
 (Retirement Income Choice – Double Initial Withdrawal Base Benefit) 

			
	

	  	 Home Office located at:
 4 Manhattanville
Road, Purchase, New York 10577
 Adm. Office located at:
 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499
 (319) 398-8511

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 AND DEATH BENEFIT RIDER 
 This rider is issued as a
part of the policy (contract) to which it is attached. 
 All provisions of the policy that do not conflict with this rider apply to this rider. In the event
of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the provisions of the policy. 
  

							
		 	Rider Data Specification	 	
				
		 	 Policy Number:
	 	12345	 	
		 	 Rider Date:

	 	10/06/2008	 	
		 	 Growth Rate Percentage:
	 	5.00%	 	
		 	 Initial Rider Fee Percentage:
	 	1.00%	 	
		 	 Annuitant:
	 	John Doe	 	
				
		 	 Annuitant’s Issue Age/Sex:
	 	65 / Male	 	

 ARTICLE I 
 You may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This
benefit provides a minimum withdrawal benefit that guarantees, upon election, a series of withdrawals from the policy equal to the Withdrawal Percentage shown in Article II applied to the benefit base. The benefit base is established for the sole
purpose of determining the minimum withdrawal benefit and is not used in calculating the cash surrender value or other guaranteed benefits. 
 This rider
will terminate upon the annuitant’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider will also terminate if the policy to which
this rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within 30 days after the fifth rider anniversary and every fifth rider anniversary thereafter. Termination of the rider will result in
the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value must be in one or more of the designated funds (shown
on the application which is attached and made part of the policy). You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund
while this rider is in force. If you wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 A rider fee will be deducted on each rider anniversary and upon rider termination as described below. 
 DEFINITIONS: 

 Terms used that are not defined in this rider shall have the same meaning as those in your policy. 
 Designated Funds 
 Investment options authorized for use with this
rider and identified by us as designated funds. 
  

					
	RGMB 31 0708 (AS) (NY)	  	(1)	  	(Income/Death-Single)

 ARTICLE I CONTINUED 
 Excess Withdrawal 
 The excess of a gross partial withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any.

 Gross Partial Withdrawal 
 The amount which will be
deducted from your policy value as a result of each partial withdrawal. 
 Rider Anniversary 
 The anniversary of the rider date. 
 Rider Fee 
 The rider fee is the rider fee percentage multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The
rider fee percentage will not change during the first five rider years, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each subaccount in
proportion to the amount of policy value in that subaccount on each rider anniversary prior to any increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have
elapsed since the previous rider anniversary. 
 The rider death benefit does not reset due to the automatic step-up or the double initial withdrawal base
benefit. 
 Rider Monthiversary 
 The same day of the
month as the rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 

The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This amount will change if the withdrawal base changes.

 Rider Year 
 Each twelve-month period following the
rider date. 
 Withdrawal Base 
 The amount used to
calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 
 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee
that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s death. 
 The withdrawal
percentage is determined by the attained age (age at last birthday) of the annuitant at the time of the first withdrawal of any amount from the policy value taken on or after the rider anniversary following the annuitant’s 59th birthday. Once
the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are shown in the table below. 
  

				
	 Attained Age
	  	Withdrawal
Percentage	 
	 59 - 69
	  	5.0	%
	 70 - 79
	  	6.0	%
	 80 +
	  	7.0	%

 If the annuitant is not yet 59 on the rider date, the withdrawal percentage will be zero until the rider
anniversary following the annuitant’s 59th birthday. Withdrawals prior to age 59 1/2 will be subject to the 10% penalty tax. 
 Withdrawals will reduce
the policy value of the policy to which this rider is attached. If the policy value equals zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by
this rider can be continued by selecting an amount and frequency in accordance with the policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will
be allowed. 
  

					
	RGMB 31 0708 (AS) (NY)	  	(2)	  	(Income/Death-Single)

 ARTICLE II CONTINUED 
 We guarantee that you may withdraw up to the rider withdrawal amount each year regardless of the policy value until the annuitant’s death. Any amount you withdraw in excess of the rider withdrawal amount may impact the withdrawal base
on a greater than dollar-for-dollar basis. 
 Example 
 Assume you are the owner and annuitant and begin taking withdrawals at age 75 and your Withdrawal Base is $100,000. Assuming a withdrawal percentage of 6%, you could withdraw up to $6,000 each rider year for the rest
of your life (assuming that you do not withdraw more than $6,000 in anyone rider year). 
 Please see the Appendix attached to this rider which illustrates
the withdrawal benefit. 
 The Guaranteed Lifetime Withdrawal Benefit can only be taken as a withdrawal benefit and it does not increase the policy value.

 ISSUE AGE AND SURVIVAL 
 The benefits under this rider
depend on the annuitant being alive at the time of withdrawal and the amount of the benefit depends on the attained age of the annuitant. Proof of survival and the date of birth may be required by the Company. 
 If the annuitant’s age has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the correct age.
However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider withdrawal
amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the
accumulated values in all the designated funds was zero, the amount of that overpayment will be deducted from one or more future payments until this amount is paid in full. 
 RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this
time, the minimum required distribution is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

  

	 	D)	the minimum required distributions are based on age of the living annuitant. The minimum required distributions can not be based on the age of someone who is deceased,

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

 If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 
 If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 
  

					
	RGMB 31 0708 (AS) (NY)	  	(3)	  	(Income/Death-Single)

 ARTICLE II CONTINUED 
 WITHDRAWAL BASE 
 The withdrawal base is used to calculate the rider withdrawal amount. On the rider date, the initial withdrawal base is
equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by subsequent premium payments (less any premium enhancements), and is reduced for
excess withdrawals. 
 On each rider anniversary, the withdrawal base will be set to the greatest of: 
  

	1)	The current withdrawal base; 

  

	2)	The policy value on the rider anniversary; 

  

	3)	The highest policy value on a rider monthiversary; or 

  

	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

 Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the 10th rider anniversary or
if there have been any withdrawals in the current rider year. 
 DOUBLE INITIAL WITHDRAWAL BASE BENEFIT 
 If no withdrawals have been made 1) during the first 10 rider years or 2) before the anniversary following the annuitant attaining age 73, whichever is the later, the
withdrawal base on that rider anniversary will be the greater of: 
  

	1)	The withdrawal base as calculated in 1-4 above; or 

  

	2)	The withdrawal base on the rider date plus any premiums received 90 days following the rider date multiplied by 2. 

 AUTOMATIC STEP-UP FEATURE 
 The rider receives an automatic step-up on
the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider monthiversary. This feature does not require the termination of the existing rider. This rider will continue with the same rider
date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first five rider years. Following the fifth rider anniversary, the rider fee percentage may
be increased due to an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentage shown on page 1. 
 You have the right
to reject an automatic step-up within 30 days following a rider anniversary, if the rider fee percentage increases. If you reject an automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic
step-up feature will be reversed. And any increase in the rider fee percentage will also be reversed. 
 WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals, taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce
the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1) and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	RGMB 31 0708 (AS) (NY)	  	(4)	  	(Income/Death-Single)

 ARTICLE II CONTINUED 
 RIDER DEATH BENEFIT 
 Upon the annuitant’s death, we will pay an additional death benefit amount equal to the excess, if any, of the
rider death benefit over the greater of the base policy death benefit or the guaranteed minimum death benefit, if applicable, and this rider will then terminate. The rider death benefit on the rider date is equal to the policy value (less any
premium enhancements, if the rider is added in the first policy year). The rider death benefit after the rider date is equal to the rider death benefit on the rider date plus any premiums (not including premium enhancements, if any) added after the
rider date less any rider death benefit adjustments. 
 The rider death benefit does not reset clue to the automatic step-up or the double Initial withdrawal
base benefit. 
 RIDER DEATH BENEFIT ADJUSTMENTS 
 Cumulative gross partial withdrawals, taken in a rider year, up to the rider withdrawal amount will reduce the rider death benefit by the same amount (dollar for dollar). Excess withdrawals will reduce the rider death benefit by the greater
of: 
  

	1)	the excess withdrawal amount; and 

  

	2)	the result of (A divided by B), multiplied by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal; and 

  

	 	C)	is the rider death benefit after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal. 

 ARTICLE III 
 CONTINUATION 
 In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the surviving spouse is the sole beneficiary, the
surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies, this rider will terminate. No additional death benefit will be paid under
this rider at this time. 
 In the case of non-spousal joint owners where an owner who is not the annuitant dies, the surviving owner (who is also the sole
designated beneficiary) may elect to receive lifetime income payments under this rider instead of receiving any benefits applicable to the policy. The lifetime income payments must begin no later than 1 year after the owner’s death and will be
equal to the rider withdrawal amount divided by the number of payments made per year. Once the payments begin, no additional premium payments will be accepted and no additional withdrawals will be paid. If these payments are elected but the
annuitant dies before the rider death benefit equals zero, the annuitant’s beneficiary will receive a death benefit equal to the rider death benefit. 
 ANNUITIZATION 
 On the maximum annuity commencement date, you will have the option to receive lifetime income payments that are no less than
your rider withdrawal amount each year. This option will also guarantee that the sum of all income payments received over time will equal or exceed the greater of the policy value or the rider death benefit on the maximum annuity commencement date.
If the annuitant should die before the sum of all income payments received equals or exceeds the greater of the policy value or the rider death benefit on the maximum annuity commencement date, the annuitant’s beneficiary will receive a final
payment equal to the difference. 
  

					
	RGMB 31 0708 (AS) (NY)	  	(5)	  	(Income/Death-Single)

 ARTICLE III CONTINUED 
 RIDER UPGRADE 
 You may elect, in writing, to upgrade the withdrawal base to the policy value within 30 days after the fifth rider
anniversary and every fifth rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with the same features will be issued with a new rider date. The
new rider will have its own growth rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage which may be higher than this rider’s rider fee percentage. Other riders
with different features may be chosen, if available by the company. 
 At the time of upgrade, the rider death benefit will also be upgraded to the policy
value and the rider withdrawal amount will be recalculated based on the new withdrawal base. 
 The new rider date will be the date the Company receives all
information necessary, in a written form acceptable to the Company, to process the upgrade. 
 Signed for us at our home office. 

 

					
			
	

	 		 	

	SECRETARY	 		 	PRESIDENT

  

					
	RGMB 31 0708 (AS) (NY)	  	(6)	  	(Income/Death-Single)

 APPENDIX 
 EXAMPLE
OF EFFECT OF WITHDRAWALS ON RIDER BENEFITS 
 The following examples illustrate the effect of withdrawals on Rider benefits. A withdrawal greater than
the rider withdrawal amount is assumed at the end of year 1. A withdrawal equal to the rider withdrawal amount is assumed at the end of year 2. 
 The
Withdrawal Base and Rider Death Benefit on the rider date are $100,000. For this example, hypothetical policy values prior to each annual withdrawal are assumed to be $94,000 at the end of rider year 1, and $90,000 at the end of rider year 2. Assume
the rider is added to the policy on 12/1/2008 and the age of the annuitant is 65 years old. Since the annuitant is age 66 when they take their first withdrawal, their withdrawal percentage is assumed to be 5.0 % in this example. 

The effects on the withdrawal percentage, and on the Guaranteed Lifetime Withdrawal Benefit are shown in succession in this example. 
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR GUARANTEED LIFETIME WITHDRAWAL BENEFITS: 
 Withdrawal Base. Gross partial withdrawals up to the rider withdrawal amount will not reduce the withdrawal base. Gross partial withdrawals in excess of the rider withdrawal amount will reduce the withdrawal
base pro rata. The amount of the reduction due to the excess withdrawal is equal to the greater of: 
  

	1).	The excess gross partial withdrawal amount; and 

  

	2).	The result of (A / B) * C, where: 

  

	 	A	is the excess gross partial withdrawal (the amount in excess of the rider withdrawal amount remaining prior to the withdrawal); 

  

	 	B	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount; and 

  

	 	C	is the withdrawal base prior to the withdrawal of the excess amount. 

 Rider Death Benefit 
 Gross partial withdrawals, up to the rider withdrawal amount will reduce the rider death benefit by the same amount
(dollar-for-dollar). Gross partial withdrawals in excess of the rider withdrawal amount will reduce the rider death benefit pro rata. The amount of the reduction due to excess withdrawal is equal to the greater of: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A / B) * C, where: 

  

	 	A)	is the excess gross partial withdrawal (the amount in excess of the rider withdrawal amount remaining prior to the withdrawal); 

  

	 	B)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount; and 

  

	 	C)	is the rider death benefit after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount. 

 When a withdrawal is taken, three parts of the guaranteed lifetime withdrawal benefit can be affected: 
  

	1.	Rider Death Benefit (RDB) 

  

	2.	Withdrawal base (WB) 

  

	3.	Rider withdrawal amount (RWA) 

  

					
	RGMB 31 0708 (AS) (NY)	  	(A-1)	  	

 Effects on RDB, WB and RWA: 
 Year 1: 
 WB = $100,000 
 RDB = $100,000 
 5% Withdrawal (WD) would be $5,000 (5% of WB $100,000) 
 Assumed WD = $7,000 
 Excess withdrawal
(“EWD”) = $2,000 ($7,000 - $5,000) 
 Assumed Policy Value (PV) = $94,000 
 Rider Death Benefit amount after WD: 
  

			
	 Step One.
	  	Is any portion of the total withdrawal greater than the rider withdrawal amount?
		  	Yes. $7,000 - $5,000 = $2,000 (the excess withdrawal amount)
		
	 Step Two.
	  	How much of the rider death benefit is effected by the excess withdrawal?
		  	 1.      Formula for pro rata amount is: (EWD / (PV - 5% WD)) * (RDB - 5% WD)

		  	 2.      ($2,000 / ($94,000 - $5000)), * ($100,000 - $5,000) = $2,134.83

		
	 Step Three.
	  	Which is larger, the actual $2,000 excess withdrawal or the $2,134.83 pro rata amount?
		  	$2,134.83 pro rata amount
		
	 Step Four.
	  	What is the rider death benefit after the withdrawal has been taken?
		  	 1.      Total to deduct from the rider death benefit is $5,000 (RWA) + $2,134.83 (pro rata excess) =
$7,134.83

		  	 2.      $100,000 - $7,134.83 = $92,865.17

 Withdrawal Base after WD: 
  

			
	 Step One.
	  	The withdrawal base is only reduced by amount of the excess or the pro rata amount if greater.
		
	 Step Two.
	  	Calculate how much the withdrawal base is effected by the excess withdrawal.
		  	 1.      The formula is (EWD / (PV – 5% WD)) * WB before any adjustments

		  	 2.      ($2,000 / ($94,000 - $5,000)) * $100,000 = $2,247.19

		
	 Step Three.
	  	Which is larger, the actual $2,000 excess withdrawal or the $2,247.19 pro rata amount?
		  	$2,247.19 pro rata amount
		
	 Step Four.
	  	What is the new withdrawal base upon which the rider withdrawal amount is based?
		  	 $100,000 - $2,247.19 = $97,752.81

 Result. The new withdrawal base is $97,752.81. 
 Rider Withdrawal Amount after WD: 
 Because the withdrawal base was adjusted (due to excess withdrawal), we have to
calculate a new rider withdrawal amount based on 5% for the guarantee that will be available starting in the second rider year. 
  

			
	 Step One.
	  	What is the rider withdrawal amount for rider year 2?
		  	$97,752.81 (the adjusted withdrawal base) * 5% =$4,887.64

 Result. Beginning in rider year 2, the maximum you can take out in a rider year is $4,887.64 annually without
causing an excess withdrawal for the guarantee and further reduction of the withdrawal base. 
  

					
	RGMB 31 0708 (AS) (NY)	  	(A-2)	  	

			
	

	  	 Home Office located at:
 4 Manhattanville
Road, Purchase, New York 10577
 Adm. Office located at:
 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499
 (319) 398-8511

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER 
 This rider is issued as a part of the policy (contract) to which it is attached. 
 All provisions of the policy that do not conflict with this rider apply to this rider. In the event of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the
provisions of the policy. 
  

							
		 	Rider Data Specification	 	
				
		 	 Policy Number:
	 	12345	 	
		 	 Rider Date:
	 	10/06/2008	 	
		 	 Growth Rate Percentage:
	 	5.00%	 	
		 	 Initial Rider Fee Percentage:
	 	0.75%	 	
		 	 Annuitant:
	 	John Doe	 	
				
		 	 Annuitant’s Issue Age/Sex:
	 	65 / Male	 	

 ARTICLE I 
 You may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This
benefit provides a minimum withdrawal benefit that guarantees, upon election, a series of withdrawals from the policy equal to the Withdrawal Percentage shown in Article II applied to the benefit base. The benefit base is established for the sole
purpose of determining the minimum withdrawal benefit and is not used in calculating the cash surrender value or other guaranteed benefits. 
 This rider
will terminate upon the annuitant’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider will also terminate if the policy to which
this rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within 30 days after the fifth rider anniversary and every fifth rider anniversary thereafter. Termination of the rider will result in
the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value must be in one or more of the designated funds (shown
on the application which is attached and made part of the policy). You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund
while this rider is in force. If you wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 A rider fee will be deducted on each rider anniversary and upon rider termination as described below. 
 DEFINITIONS: 

 Terms used that are not defined in this rider shall have the same meaning as those in your policy. 
 Designated Funds 
 Investment options authorized for use with this
rider and identified by us as designated funds. 
  

					
	RGMB 31 0708 (IS) (NY)	  	(1)	  	(Income - Single)

 ARTICLE I CONTINUED 
 Excess Withdrawal 
 The excess of a gross partial withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any.

 Gross Partial Withdrawal 
 The amount which will be
deducted from your policy value as a result of each partial withdrawal. 
 Rider Anniversary 
 The anniversary of the rider date. 
 Rider Fee 
 The rider fee is the rider fee percentage multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The
rider fee percentage will not change during the first five rider years, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each subaccount in
proportion to the amount of policy value in that subaccount on each rider anniversary prior to any increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have
elapsed since the previous rider anniversary. 
 Rider Monthiversary 
 The same day of the month as the rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 
 The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This
amount will change if the withdrawal base changes. 
 Rider Year 
 Each twelve-month period following the rider date. 
 Withdrawal Base 
 The amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 
 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s death. 
 The withdrawal percentage is determined by the attained age (age at last birthday) of the annuitant at the time of the first withdrawal of any amount from the policy
value taken on or after the rider anniversary following the annuitant’s 59th birthday. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are shown in
the table below. 
  

				
	 Attained Age
	  	Withdrawal
Percentage	 
	 59 - 69
	  	5.0	%
	 70 - 79
	  	6.0	%
	 80 +
	  	7.0	%

 If the annuitant is not yet 59 on the rider date, the withdrawal percentage will be zero until the rider
anniversary following the annuitant’s 59th birthday. Withdrawals prior to age 59 1/2 will be subject to the 10% penalty tax. 
 Withdrawals will reduce
the policy value of the policy to which this rider is attached. If the policy value equals zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by
this rider can be continued by selecting an amount and frequency in accordance with the policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will
be allowed. 
  

					
	RGMB 31 0708 (IS) (NY)	  	(2)	  	(Income - Single)

 ARTICLE II CONTINUED 
 We guarantee that you may withdraw up to the rider withdrawal amount each year regardless of the policy value until the annuitant’s death. Any amount you withdraw in excess of the rider withdrawal amount may impact the withdrawal base
on a greater than dollar-for-dollar basis. 
 Example 
 Assume you are the owner and annuitant and begin taking withdrawals at age 75 and your Withdrawal Base is $100,000. Assuming a withdrawal percentage of 6%, you could withdraw up to $6,000 each rider year for the rest
of your life (assuming that you do not withdraw more than $6,000 in anyone rider year). 
 Please see the Appendix attached to this rider which illustrates
the withdrawal benefit. 
 The Guaranteed Lifetime Withdrawal Benefit can only be taken as a withdrawal benefit and it does not increase the policy value.

 ISSUE AGE AND SURVIVAL 
 The benefits under this rider
depend on the annuitant being alive at the time of withdrawal and the amount of the benefit depends on the attained age of the annuitant. Proof of survival and the date of birth may be required by the Company. 
 If the annuitant’s age has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the correct age.
However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider withdrawal
amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the
accumulated values in all the designated funds was zero, the amount of that overpayment will be deducted from one or more future payments until this amount is paid in full. 
 RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this
time, the minimum required distribution is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

  

	 	D)	the minimum required distributions are based on age of the living annuitant. The minimum required distributions can not be based on the age of someone who is deceased,

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

 If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 
 If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 
  

					
	RGMB 31 0708 (IS) (NY)	  	(3)	  	(Income - Single)

 ARTICLE II CONTINUED 
 WITHDRAWAL BASE 
 The withdrawal base is used to calculate the rider withdrawal amount. On the rider date, the initial withdrawal base is
equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by subsequent premium payments (less any premium enhancements), and is reduced for
excess withdrawals. 
 On each rider anniversary, the withdrawal base will be set to the greatest of: 
  

	1)	The current withdrawal base; 

  

	2)	The policy value on the rider anniversary; 

  

	3)	The highest policy value on a rider monthiversary; or 

  

	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

 Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the 10th rider anniversary or
if there have been any withdrawals in the current rider year. 
 DOUBLE INITIAL WITHDRAWAL BASE BENEFIT 
 If no withdrawals have been made 1) during the first 10 rider years or 2) before the anniversary following the annuitant attaining age 73 whichever is the later, the
withdrawal base on that rider anniversary will be the greater of: 
  

	1)	The withdrawal base as calculated in 1-4 above; or 

  

	2)	The withdrawal base on the rider date plus any premiums received 90 days following the rider date multiplied by 2. 

 AUTOMATIC STEP-UP FEATURE 
 The rider receives an automatic step-up on
the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider monthiversary. This feature does not require the termination of the existing rider. This rider will continue with the same rider
date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first five rider years. Following the fifth rider anniversary, the rider fee percentage may
be increased due to an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentage shown on page 1. 
 You have the right
to reject an automatic step-up within 30 days following a rider anniversary, if the rider fee percentage increases. If you reject an automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic
step-up feature will be reversed. And any increase in the rider fee percentage will also be reversed. 
 WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals, taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce
the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1) and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	RGMB 31 0708 (IS) (NY)	  	(4)	  	(Income - Single)

 ARTICLE III 
 CONTINUATION 
 In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the
surviving spouse is the sole beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies, this rider will terminate.

 In the case of non-spousal joint owners where an owner who is not the annuitant dies, the surviving owner (who is also the sole designated beneficiary)
may elect to receive lifetime income payments under this rider instead of receiving any benefits applicable to the policy. The lifetime income payments must begin no later than 1 year after the owner’s death and will be equal to the rider
withdrawal amount divided by the number of payments made per year. Once the payments begin, no additional premium payments will be accepted and no additional withdrawals will be paid. 
 ANNUITIZATION 
 On the maximum annuity commencement date, you will have the option to receive lifetime income payments
that are no less than your rider withdrawal amount each year. This option will also guarantee that the sum of all income payments received over time will equal or exceed the policy value on the maximum annuity commencement date. If the annuitant
should die before the sum of all income payments received equals or exceeds the policy value on the maximum annuity commencement date, the annuitant’s beneficiary will receive a final payment equal to the difference. 
 RIDER UPGRADE 
 You may elect, in writing, to upgrade the withdrawal
base to the policy value within 30 days after the fifth rider anniversary and every fifth rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with
the same features will be issued with a new rider date. The new rider will have its own growth rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage which may be higher
than this rider’s rider fee percentage. Other riders with different features may be chosen, if available by the company. 
 At the time of upgrade, the
rider withdrawal amount will be recalculated based on the new withdrawal base. 
 The new rider date will be the date the Company receives all information
necessary, in a written form acceptable to the Company, to process the upgrade. 
 Signed for us at our home office. 
  

					
			
	

	 		 	

	SECRETARY	 		 	PRESIDENT

  

					
	RGMB 31 0708 (IS) (NY)	  	(5)	  	(Income - Single)

 APPENDIX 
 EXAMPLE
OF EFFECT OF WITHDRAWALS ON RIDER BENEFITS 
 The following examples illustrate the effect of withdrawals on Rider benefits. A withdrawal greater than
the rider withdrawal amount is assumed at the end of year 1. A withdrawal equal to the rider withdrawal amount is assumed at the end of year 2. 
 The
Withdrawal Base on the rider date is $100,000. For this example, hypothetical policy values prior to each annual withdrawal are assumed to be $94,000 at the end of rider year 1, and $90,000 at the end of rider year 2. Assume the rider is added to
the policy on 12/1/2008 and the age of the annuitant is 65 years old. Since the annuitant is age 66 when they take their first withdrawal, their withdrawal percentage is assumed to be 5.0% in this example. 
 The effects on the withdrawal percentage, and on the Guaranteed Lifetime Withdrawal Benefit are shown in succession in this example. 
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR GUARANTEED LIFETIME WITHDRAWAL BENEFITS: 
 Withdrawal Base. Gross partial withdrawals up to the rider withdrawal amount will not reduce the withdrawal base. Gross partial withdrawals in excess of the rider withdrawal amount will reduce the withdrawal
base pro rata. The amount of the reduction due to the excess withdrawal is equal to the greater of: 
  

	1).	The excess gross partial withdrawal amount; and 

  

	2).	The result of (A / B) * C, where: 

  

	 	A	is the excess gross partial withdrawal (the amount in excess of the rider withdrawal amount remaining prior to the withdrawal); 

  

	 	B	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount; and 

  

	 	C	is the withdrawal base prior to the withdrawal of the excess amount. 

 When a withdrawal is taken, two parts of the guaranteed lifetime withdrawal benefit can be affected: 
  

	1.	Withdrawal base (“WB”) 

  

	2.	Rider withdrawal amount (“RWA”) 

 Effects on WB and RWA: 

 Year 1: 
 WB = $100,000 
 5% Withdrawal (WD) would be $5,000 (5% of WB $100,000) 
 Assumed WD = $7,000 
 Excess withdrawal (“EWD”) = $2,000 ($7,000 - $5,000) 
 Assumed Policy Value (PV) = $94,000 
  

					
	RGMB 31 0708 (IS) (NY)	  	(A-1)	  	

 Withdrawal Base after WD: 
  

			
	 Step One.
	  	The withdrawal base is only reduced by amount of the excess or the pro rata amount if greater.
		
	 Step Two.
	  	Calculate how much the withdrawal base is effected by the excess withdrawal.
		  	 1.      The formula is (EWD / (PV – 5% WD)) * WB before any adjustments

		  	 2.      ($2,000 / ($94,000 - $5,000)) * $100,000 = $2,247.19

		
	 Step Three.
	  	Which is larger, the actual $2,000 excess withdrawal or the $2,247.19 pro rata amount?
		  	 $2,247.19 pro rata amount

		
	 Step Four.
	  	What is the new withdrawal base upon which the rider withdrawal amount is based?
		  	 $100,000 - $2,247.19 = $97,752.81

 Result. The new withdrawal base is $97,752.81. 
 Rider Withdrawal Amount after WD: 
 Because the withdrawal base was adjusted (due to excess withdrawal), we have to
calculate a new rider withdrawal amount based on 5% for the guarantee that will be available starting in the second rider year. 
  

			
		
	 Step One.
	  	What is the rider withdrawal amount for rider year 2?
		  	 $97,752.81 (the adjusted withdrawal base) * 5% = $4,887.64

 Result. Beginning in rider year 2, the maximum you can take out in a rider year is $4,887.64 annually without
causing an excess withdrawal for the guarantee and further reduction of the withdrawal base. 
 Year 2: 
 WB = $97,752.81 
 5% WD would be $4,887.64 (5%
of WB $97,752.81) 
 Assumed WD = $4,887.64 
 Excess withdrawal (“EWD”) = none 
 Assumed PV = $90,000 
 Since no portion of the total withdrawal exceeded the rider withdrawal amount, then the withdrawal base will stay at $97,752.81. 
  

					
	RGMB 31 0708 (IS) (NY)	  	(A-2)	  	

			
	

	  	 Home Office located at:
 4 Manhattanville
Road, Purchase, New York 10577
 Adm. Office located at:
 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499
 (319) 398-8511

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER 
 This rider is issued as a part of the policy (contract) to which it is attached. 
 All provisions of the policy that do not conflict with this rider apply to this rider. In the event of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the
provisions of the policy. 
  

							
		 	Rider Data Specification	 	
				
		 	 Policy Number:
	 	12345	 	
		 	 Rider Date:
	 	10/06/2008	 	
		 	 Growth Rate Percentage:
	 	5.00%	 	
		 	 Initial Rider Fee Percentage:
	 	0.75%	 	
		 	 Annuitant:
	 	John Doe	 	
		 	 Annuitant’s Issue Age/Sex:
	 	71 / Male	 	
		 	Annuitant’s Spouse:	 	Jane Doe	 	
				
		 	Annuitant’s Spouse’s Issue Age/Sex:	 	71 /Female	 	

 ARTICLE I 
 You may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This
benefit provides a minimum withdrawal benefit that guarantees, upon election, a series of withdrawals from the policy equal to the Withdrawal Percentage shown in Article II applied to the benefit base. The benefit base is established for the sole
purpose of determining the minimum withdrawal benefit and is not used in calculating the cash surrender value or other guaranteed benefits. 
 This rider
will terminate upon the later of the annuitant’s or annuitant’s spouse’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This
rider will also terminate if the policy to which this rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within 30 days after the fifth rider anniversary and every fifth rider anniversary
thereafter. Termination of the rider will result in the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value
must be in one or more of the designated funds (shown on the application which is attached and made part of the policy). You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as
provided for in the policy to a non-designated fund while this rider is in force. If you wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 The annuitant’s spouse as of the rider date is hereafter referred to as the annuitant’s spouse. As it pertains to the benefits of this rider, the
annuitant’s spouse cannot be changed. The annuitant’s spouse must be the sole primary beneficiary and/or a joint owner. The only living owners allowed on the policy to which this rider is attached are the annuitant and the annuitant’s
spouse. 
 A rider fee will be deducted on each rider anniversary and upon rider termination as described below. 
 DEFINITIONS: 
 Terms used that are not defined in this rider shall
have the same meaning as those in your policy. 
 Designated Funds 
 Investment options authorized for use with this rider and identified by us as designated funds. 
  

					
	RGMB 31 0708 (IJ) (NY)	  	(1)	  	(Income - Joint)

 ARTICLE I CONTINUED 
 Excess Withdrawal 
 The excess of a gross partial withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any.

 Gross Partial Withdrawal 
 The amount which will be
deducted from your policy value as a result of each partial withdrawal. 
 Rider Anniversary 
 The anniversary of the rider date. 
 Rider Fee 
 The rider fee is the rider fee percentage multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The
rider fee percentage will not change during the first five rider years, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each subaccount in
proportion to the amount of policy value in that subaccount on each rider anniversary prior to any increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have
elapsed since the previous rider anniversary. 
 Rider Monthiversary 
 The same day of the month as the rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 
 The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This
amount will change if the withdrawal base changes. 
 Rider Year 
 Each twelve-month period following the rider date. 
 Withdrawal Base 
 The amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 
 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s or the annuitant’s spouse’s death, whichever
is later. 
 The withdrawal percentage is determined by the attained age (age at last birthday) of the younger of the living spouses at the time of the first
withdrawal. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are shown in the table below. 
  

				
	 Attained Age
	  	Withdrawal
Percentage	 
	 71 - 79
	  	5.5	%
	 80 +
	  	6.5	%

 Withdrawals will reduce the policy value of the policy to which this rider is attached. If the policy value equals
zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency in accordance with the
policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 
  

					
	RGMB 31 0708 (IJ) (NY)	  	(2)	  	(Income - Joint)

 ARTICLE II CONTINUED 
 We guarantee that you may withdraw up to the rider withdrawal amount each year regardless of the policy value until the annuitant’s or annuitant’s spouse’s death. Any amount you withdraw in excess of the rider withdrawal
amount may impact the withdrawal base on a greater than dollar-for-dollar basis. 
 Example 
 Assume you are the owner and annuitant and begin taking withdrawals at age 75 and your Withdrawal Base is $100,000. Assuming a withdrawal percentage of
6%, you could withdraw up to $6,000 each rider year for the rest of your life (assuming that you do not withdraw more than $6,000 in anyone rider year). 
 Please see the Appendix attached to this rider which illustrates the withdrawal benefit. 
 The Guaranteed Lifetime Withdrawal Benefit can only be
taken as a withdrawal benefit and it does not increase the policy value. 
 ISSUE AGE AND SURVIVAL 
 The benefits under this rider depend on the annuitant or annuitant’s spouse being alive at the time of withdrawal and the amount of the benefit depends on the
attained age of the annuitant and annuitant’s spouse. Proof of survival and the date of birth may be required by the Company. 
 If the younger of the
spouses’ ages has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the correct age. However, if this rider would not have been issued had the age not been misstated, the
rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider withdrawal amount to be overstated, any withdrawal in excess of the correct rider withdrawal
amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the accumulated values in all the designated funds was zero, the amount of the overpayment will
be deducted from one or more future payments until this amount is paid in full. 
 RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this
time, the minimum required distribution is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

  

	 	D)	the minimum required distributions are based on age of the living annuitant or the annuitant’s spouse if the annuitant is deceased. The minimum required distributions can not
be based on the age of someone who is deceased, 

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

 If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 
 If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 
  

					
	RGMB 31 0708 (IJ) (NY)	  	(3)	  	(Income - Joint)

 ARTICLE II CONTINUED 
 WITHDRAWAL BASE 
 The withdrawal base is used to calculate the rider withdrawal amount. On the rider date, the initial withdrawal base is
equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by subsequent premium payments (less any premium enhancements), and is reduced for
excess withdrawals. 
 On each rider anniversary, the withdrawal base will be set to the greatest of: 
  

	1)	The current withdrawal base; 

  

	2)	The policy value on the rider anniversary; 

  

	3)	The highest policy value on a rider monthiversary; or 

  

	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

 Item, 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the 10th rider anniversary or if
there have been any withdrawals in the current rider year. 
 DOUBLE INITIAL WITHDRAWAL BASE BENEFIT 
 If no withdrawals have been made during the first 10 rider years the withdrawal base on that rider anniversary will be the greater of: 
  

	1)	The withdrawal base as calculated in 1-4 above; or 

  

	2)	The withdrawal base on the rider date plus any premiums received 90 days following the rider date multiplied by 2. 

 AUTOMATIC STEP-UP FEATURE 
 The rider receives an automatic step-up on
the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider monthiversary. This feature does not require the termination of the existing rider. This rider will continue with the same rider
date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first five rider years. Following the fifth rider anniversary, the rider fee percentage may
be increased due to an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentage shown on page 1. 
 You have the right
to reject an automatic step-up within 30 days following a rider anniversary, if the rider fee percentage increases. If you reject an automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic
step-up feature will be reversed. Any increase in the rider fee percentage will also be reversed. 
 WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals, taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce
the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1) and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	RGMB 31 0708 (IJ) (NY)	  	(4)	  	(Income - Joint)

 ARTICLE III 
 CONTINUATION 
 In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the
surviving spouse is the sole beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies and the surviving spouse is the
sole beneficiary, the rider continues until the death of the surviving spouse. 
 ANNUITIZATION 
 On the maximum annuity commencement date, you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each year. This
option will also guarantee that the sum of all income payments received over time will equal or exceed the policy value on the maximum annuity commencement date. If the annuitant or annuitant’s spouse should die before the sum of all income
payments received equals or exceeds the policy value on the maximum annuity commencement date, the annuitant’s beneficiary will receive a final payment equal to the difference. 
 RIDER UPGRADE 
 You may elect, in writing, to upgrade the withdrawal base to the policy value within 30 days after the
fifth rider anniversary and every fifth rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with the same features will be issued with a new rider
date. The new rider will have its own growth rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage which may be higher than this rider’s rider fee percentage.
Other riders with different features may be chosen, if available by the company. 
 At the time of upgrade, the rider withdrawal amount will be recalculated
based on the new withdrawal base. 
 The new rider date will be the date the Company receives all information necessary, in a written form acceptable to the
Company, to process the upgrade. 
 Signed for us at our home office. 
  

					
			
	

	 		 	

	SECRETARY	 		 	PRESIDENT

  

					
	RGMB 31 0708 (IJ) (NY)	  	(5)	  	(Income - Joint)

 APPENDIX 
 EXAMPLE
OF EFFECT OF WITHDRAWALS ON RIDER BENEFITS 
 The following examples illustrate the effect of withdrawals on Rider benefits. A withdrawal greater than
the rider withdrawal amount is assumed at the end of year 1. A withdrawal equal to the rider withdrawal amount is assumed at the end of year 2. 
 The
Withdrawal Base on the rider date is $100,000. For this example, hypothetical policy values prior to each annual withdrawal are assumed to be $94,000 at the end of rider year 1, and $90,000 at the end of rider year 2. Assume the rider is added to
the policy on 12/1/2008 and the age of the younger of the annuitant and annuitant’s (who is either the primary beneficiary or a joint owner) is 75 years old. Since the first withdrawal is taken at age 76, their withdrawal percentage is assumed
to be 5.5 % in this example. 
 The effects on the withdrawal percentage, and on the Guaranteed Lifetime Withdrawal Benefit are shown in
succession in this example. 
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR GUARANTEED LIFETIME WITHDRAWAL BENEFITS: 
 Withdrawal Base. Gross partial withdrawals up to the rider withdrawal amount will not reduce the withdrawal base. Gross partial withdrawals in excess of the rider
withdrawal amount will reduce the withdrawal base pro rata. The amount of the reduction due to the excess withdrawal is equal to the greater of: 
  

	1).	The excess gross partial withdrawal amount; and 

  

	2).	The result of (A / B) * C, where: 

  

	 	A	is the excess gross partial withdrawal (the amount in excess of the rider withdrawal amount remaining prior to the withdrawal); 

  

	 	B	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount; and 

  

	 	C	is the withdrawal base prior to the withdrawal of the excess amount. 

 When a withdrawal is taken, two parts of the guaranteed lifetime withdrawal benefit can be affected: 
  

	1.	Withdrawal base (“WB”) 

  

	2.	Rider withdrawal amount (“RWA”) 

 Effects on WB and RWA: 

 Year 1: 
 WB = $100,000 
 5.5% Withdrawal (WD) would be $5,500 (5.5% of WB $100,000) 
 Assumed WD = $7,500 
 Excess withdrawal (“EWD”) = $2,000 ($7,500 - $5,500) 
 Assumed Policy Value (PV) = $94,500 
  

					
	RGMB 31 0708 (IJ) (NY)	  	(A-1)	  	

 Withdrawal Base after WD: 
 Step One. The withdrawal base is only reduced by amount of the excess or the pro rata amount if greater. 
 Step Two. Calculate how much the
withdrawal base is effected by the excess withdrawal. 
  

	 	1.	The formula is (EWD / (PV – 5% WD)) * WB before any adjustments 

	 	2.	($2,000 / ($94,500 - $5,500)) * $100,000 = $2,247.19 

 Step Three. Which
is larger, the actual $2,000 excess withdrawal or the $2,247.19 pro rata amount? 
 $2,247.19 pro rata amount 
 Step Four. What is the new withdrawal base upon which the rider withdrawal amount is based? 
 $100,000 - $2,247.19 = $97,752.81 
 Result. The new withdrawal base is $97,752.81. 
 Rider Withdrawal Amount after WD: 
 Because the withdrawal base was
adjusted (due to excess withdrawal), we have to calculate a new rider withdrawal amount based on 5.5% for the guarantee that will be available starting in the second rider year. 
 Step One. What is the rider withdrawal amount for rider year 2? 
 $97,752.81 (the adjusted withdrawal base) *
5.5% = $5,376.40 
 Result. Beginning in rider year 2, the maximum you can take out in a rider year is $5,376.40 annually without causing an excess
withdrawal for the guarantee and further reduction of the withdrawal base. 
 Year 2: 
 WB = $97,752.81 
 5.5% WD would be $5,376.40
(5.5% of WB $97,752.81) 
 Assumed WD = $5,376.40 
 Excess withdrawal (“EWD”) = none 
 Assumed PV = $90,000 
 Since no portion of the total withdrawal exceeded the rider withdrawal amount, then the withdrawal base will stay at $97,752.81. 
  

					
	RGMB 31 0708 (IJ) (NY)	  	(A-2)	  	

			
	

	  	 Home Office located at:
 4 Manhattanville
Road, Purchase, New York 10577
 Adm. Office located at:
 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499
 (319) 398-8511

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 AND DEATH BENEFIT RIDER 
 This rider is issued as a
part of the policy (contract) to which it is attached. 
 All provisions of the policy that do not conflict with this rider apply to this rider. In the event
of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the provisions of the policy. 
  

							
		 	Rider Data Specification	 	
				
		 	Policy Number:	 	12345	 	
		 	Rider Date:	 	10/06/2008	 	
		 	Growth Rate Percentage:	 	5.00%	 	
		 	Initial Rider Fee Percentage:	 	0.95%	 	
		 	Annuitant:	 	John Doe	 	
		 	Annuitant’s Issue Age/Sex:	 	71 / Male	 	
		 	Annuitant’s Spouse:	 	Jane Doe	 	
		 	Annuitant’s Spouse’s Issue Age/Sex:	 	71 / Female	 	

 ARTICLE I 
 You may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This
benefit provides a minimum withdrawal benefit that guarantees, upon election, a series of withdrawals from the policy equal to the Withdrawal Percentage shown in Article II applied to the benefit base. The benefit base is established for the sole
purpose of determining the minimum withdrawal benefit and is not used in calculating the cash surrender value or other guaranteed benefits. 
 This rider
will terminate upon the later of the annuitant’s or annuitant’s spouse’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This
rider will also terminate if the policy to which this rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within 30 days after the fifth rider anniversary and every fifth rider anniversary
thereafter. Termination of the rider will result in the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value
must be in one or more of the designated funds (shown on the application which is attached and made part of the policy). You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as
provided for in the policy to a non-designated fund while this rider is in force. If you wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 The annuitant’s spouse as of the rider date is hereafter referred to as the annuitant’s spouse. As it pertains to the benefits of this rider, the
annuitant’s spouse cannot be changed. The annuitant’s spouse must be the sole primary beneficiary and/or a joint owner. The only living owners allowed on the policy to which this rider is attached are the annuitant and the annuitant’s
spouse. 
 A rider fee will be deducted on each rider anniversary and upon rider termination as described below. 
 DEFINITIONS: 
 Terms used that are not defined in this rider shall
have the same meaning as those in your policy. 
 Designated Funds 
 Investment options authorized for use with this rider and identified by us as designated funds. 
  

					
	RGMB 31 0708 (AJ (NY)	  	(1)	  	(Income/Death-Joint)

 ARTICLE I CONTINUED 
 Excess Withdrawal 
 The excess of a gross partial withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any.

 Gross Partial Withdrawal 
 The amount which will be
deducted from your policy value as a result of each partial withdrawal. 
 Rider Anniversary 
 The anniversary of the rider date. 
 Rider Fee 
 The rider fee is the rider fee percentage multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The
rider fee percentage will not change during the first five rider years, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each subaccount in
proportion to the amount of policy value in that subaccount on each rider anniversary prior to any increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have
elapsed since the previous rider anniversary. 
 The rider death benefit does not reset due to the automatic step-up or the double initial withdrawal base
benefit. 
 Rider Monthiversary 
 The same day of the
month as the rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 

The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This amount will change if the withdrawal base changes.

 Rider Year 
 Each twelve-month period following the
rider date. 
 Withdrawal Base 
 The amount used to
calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 
 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee
that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s or the annuitant’s spouse’s death, whichever is later. 
 The withdrawal percentage is determined by the attained age (age at last birthday) of the younger of the living spouses at the time of the first withdrawal of any amount
from the policy value. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are shown in the table below. 
  

				
	 Attained Age
	  	Withdrawal
Percentage	 
	 71 -79
	  	5.5	%
	 80 +
	  	6.5	%

 Withdrawals will reduce the policy value of the policy to which this rider is attached. If the policy value equals
zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency in accordance with the
policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 
  

					
	RGMB 31 0708 (AJ) (NY)	  	(2)	  	 (Income/Death-Joint)

 ARTICLE II CONTINUED 
 We guarantee that you may withdraw up to the rider withdrawal amount each year regardless of the policy value until the annuitant’s or annuitant’s spouse’s death. Any amount you withdraw in excess of the rider withdrawal
amount may impact the withdrawal base on a greater than dollar-for-dollar basis. 
 Example 
 Assume you are the owner and annuitant and begin taking withdrawals at age 75 and your Withdrawal Base is $100,000. Assuming a withdrawal percentage of
6%, you could withdraw up to $6,000 each rider year for the rest of your life (assuming that you do not withdraw more than $6,000 in any one rider year). 
 Please see the Appendix attached to this rider which illustrates the withdrawal benefit. 
 The Guaranteed Lifetime Withdrawal Benefit can only be
taken as a withdrawal benefit and it does not increase the policy value. 
 ISSUE AGE AND SURVIVAL 
 The benefits under this rider depend on the annuitant or annuitant’s spouse being alive at the time of withdrawal and the amount of the benefit depends on the
attained age of the annuitant and annuitant’s spouse. Proof of survival and the date of birth may be required by the Company. 
 If the younger of the
spouses’ ages has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the correct age. However, if this rider would not have been issued had the age not been misstated, the
rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider withdrawal amount to be overstated, any withdrawal in excess of the correct rider withdrawal
amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the accumulated values in all the designated funds was zero, the amount of the overpayment will
be deducted from one or more future payments until this amount is paid in full. 
 RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this
time, the minimum required distribution is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

  

	 	D)	the minimum required distributions are based on age of the living annuitant or the annuitant’s spouse if the annuitant is deceased. The minimum required distributions can not
be based on the age of someone who is deceased, 

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

 If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 
 If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 
  

					
	RGMB 31 0708 (AJ) (NY)	  	(3)	  	(Income/Death-Joint)

 ARTICLE II CONTINUED 
 WITHDRAWAL BASE 
 The withdrawal base is used to calculate the rider withdrawal amount. On the rider date, the initial withdrawal base is
equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by subsequent premium payments (less any premium enhancements), and is reduced for
excess withdrawals. 
 On each rider anniversary, the withdrawal base will be set to the greatest of: 
  

	1)	The current withdrawal base; 

  

	2)	The policy value on the rider anniversary; 

  

	3)	The highest policy value on a rider monthiversary; or 

  

	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

 Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the 10th rider anniversary or
if there have been any withdrawals in the current rider year. 
 DOUBLE INITIAL WITHDRAWAL BASE BENEFIT 
 If no withdrawals have been made during the first 10 rider years the withdrawal base on that rider anniversary will be the greater of: 
  

	1)	The withdrawal base as calculated in 1-4 above; or 

  

	2)	The withdrawal base on the rider date plus any premiums received 90 days following the rider date multiplied by 2. 

 AUTOMATIC STEP-UP FEATURE 
 The rider receives an automatic step-up on
the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider monthiversary. This feature does not require the termination of the existing rider. This rider will continue with the same rider
date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first five rider years. Following the fifth rider anniversary, the rider fee percentage may
be increased due to an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentage shown on page 1. 
 You have the right
to reject an automatic step-up within 30 days following a rider anniversary, if the rider fee percentage increases. If you reject an automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic
step-up feature will be reversed. Any increase in the rider fee percentage will also be reversed. 
 WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals, taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce
the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1) and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	RGMB 31 0708 (AJ) (NY)	  	(4)	  	(Income/Death-Joint)

 ARTICLE II CONTINUED 
 RIDER DEATH BENEFIT 
 Upon the later of the annuitant or the annuitant’s spouse’s death, we will pay an additional death benefit
amount equal to the excess, if any, of the rider death benefit over the greater of the base policy death benefit or the guaranteed minimum death benefit, if applicable, and this rider will then terminate. The rider death benefit on the rider date is
equal to the policy value (less any premium enhancements, if the rider is added in the first policy year). The rider death benefit after the rider date is equal to the rider death benefit on the rider date plus any premiums (not including premium
enhancements, if any) added after the rider date less any rider death benefit adjustments. 
 The rider death benefit does not reset due to the automatic
step-up or the double initial withdrawal base benefit. 
 RIDER DEATH BENEFIT ADJUSTMENTS 
 Cumulative gross partial withdrawals, taken in a rider year, up to the rider withdrawal amount will reduce the rider death benefit by the same amount (dollar for dollar).
Excess withdrawals will reduce the rider death benefit by the greater of: 
  

	1)	the excess withdrawal amount; and 

  

	2)	the result of (A divided by B), multiplied by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal; and 

  

	 	C)	is the rider death benefit after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal. 

 ARTICLE III 
 CONTINUATION 
 In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the surviving spouse is the sole beneficiary, the
surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies and the surviving spouse is the sole beneficiary, the rider continues until
the death of the surviving spouse. No additional death benefit will be paid under this rider at this time. 
 ANNUITIZATION 
 On the maximum annuity commencement date, you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each year. This
option will also guarantee that the sum of all income payments received over time will equal or exceed the greater of the policy value or the rider death benefit on the maximum annuity commencement date. If the annuitant or annuitant’s spouse
should die before the sum of all income payments received equals or exceeds the greater of the policy value or the rider death benefit on the maximum annuity commencement date, the annuitant’s beneficiary will receive a final payment equal to
the difference. 
  

					
	RGMB 31 0708 (AJ) (NY)	  	(5)	  	(Income/Death-Joint)

 ARTICLE III CONTINUED 
 RIDER UPGRADE 
 You May elect, in writing, to upgrade the withdrawal base to the policy value within 30 days after the fifth rider
anniversary and every fifth rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with the same features will be issued with a new rider date. The
new rider will have its own growth rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage which may be higher than this rider’s rider fee percentage. Other riders
with different features may be chosen, if available by the company. 
 At the time of upgrade, the rider death benefit amount will also be upgraded to the
policy value and the rider withdrawal amount will be recalculated based on the new withdrawal base. 
 The new rider date will be the date the Company
receives all information necessary, in a written form acceptable to the Company, to process the upgrade. 
 Signed for us at our home office.

  

					
			
	

	 		 	

	SECRETARY	 		 	PRESIDENT

  

					
	RGMB 31 0708 (AJ) (NY)	  	(6)	  	(Income/Death-Joint)

 APPENDIX 
 EXAMPLE
OF EFFECT OF WITHDRAWALS ON RIDER BENEFITS 
 The following examples illustrate the effect of withdrawals on Rider benefits. A withdrawal greater than
the rider withdrawal amount is assumed at the end of year 1. A withdrawal equal to the rider withdrawal amount is assumed at the end of year 2. 
 The
Withdrawal Base on the rider date is $100,000. For this example, hypothetical policy values prior to each annual withdrawal are assumed to be $94,000 at the end of rider year 1, and $90,000 at the end of rider year 2. Assume the rider is added to
the policy on 12/1/2008 and the age of the younger of the annuitant and annuitant’s (who is either the primary beneficiary or a joint owner) is 75 years old. Since the first withdrawal is taken at age 76, their withdrawal percentage is assumed
to be 5.5% in this example. 
 The effects on the withdrawal percentage, and on the Guaranteed Lifetime Withdrawal Benefit are shown in succession in
this example. 
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR GUARANTEED LIFETIME WITHDRAWAL BENEFITS: 
 Withdrawal Base. Gross partial withdrawals up to the rider withdrawal amount will not reduce the withdrawal base. Gross partial withdrawals in excess of the rider
withdrawal amount will reduce the withdrawal base pro rata. The amount of the reduction due to the excess withdrawal is equal to the greater of: 
  

	1).	The excess gross partial withdrawal amount; and 

  

	2).	The result of (A / B) * C, where: 

  

	 	A	is the excess gross partial withdrawal (the amount in excess of the rider withdrawal amount remaining prior to the withdrawal); 

  

	 	B	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount; and 

  

	 	C	is the withdrawal base prior to the withdrawal of the excess amount. 

 When a withdrawal is taken, two parts of the guaranteed lifetime withdrawal benefit can be affected: 
  

	1.	Withdrawal base (“WB”) 

  

	2.	Rider withdrawal amount (“RWA”) 

 Effects on WB and RWA: 

 Year 1: 
 WB = $100,000 
 5.5% Withdrawal (WD) would be $5,500 (5.5% of WB $100,000) 
 Assumed WD =$7,500 
 Excess withdrawal (“EWD”) = $2,000 ($7,500 - $5,500) 
 Assumed Policy Value (PV) = $94,500 
  

					
	RGMB 31 0708 (AJ) (NY)	  	(A-1)	  	

 Withdrawal Base after WD: 
  

			
	 Step One.
	  	The withdrawal base is only reduced by amount of the excess or the pro rata amount if greater.
		
	 Step Two.
	  	Calculate how much the withdrawal base is effected by the excess withdrawal.
		  	 1.      The formula is (EWD / (PV - 5% WD)) * WB before any adjustments

		  	 2.      ($2,000 / ($94,500 - $5,500)) * $100,000 = $2,247.19

		
	 Step Three.
	  	Which is larger, the actual $2,000 excess withdrawal or the $2,247.19 pro rata amount?
		  	$2,247.19 pro rata amount
		
	 Step Four.
	  	What is the new withdrawal base upon which the rider withdrawal amount is based?
		  	 $100,000- $2,247.19 = $97,752.81

 Result. The new withdrawal base is $97,752.81. 
 Rider Withdrawal Amount after WD: 
 Because the withdrawal base was adjusted (due to excess withdrawal), we have to
calculate a new rider withdrawal amount based on 5.5% for the guarantee that will be available starting in the second rider year. 
  

			
		
	 Step One.
	  	What is the rider withdrawal amount for rider year 2?
		  	 $97,752.81(the adjusted withdrawal base) * 5.5% =$5,376.40

 Result. Beginning in rider year 2, the maximum you can take out in a rider year is $5,376.40 annually without
causing an excess withdrawal for the guarantee and further reduction of the withdrawal base. 
 Year 2: 
 WB = $97,752.81 
 5.5% WD would be $5,376.40
(5.5% of WB $97,752.81) 
 Assumed WD = $5,376.40 
 Excess withdrawal (“EWD”) = none 
 Assumed PV = $90,000 
 Since no portion of the total withdrawal exceeded the rider withdrawal amount, then the withdrawal base will stay at $97,752.81. 
  

					
	RGMB 31 0708 (AJ) (NY)	  	(A-2)

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