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Exhibit 10(b)    
    

          Consent of Independent Accountants

We
hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-81553) of our report dated March 11, 2004, relating to the consolidated financial statements and financial
statement schedules of Protective Life Insurance Company and Subsidiaries, which appears in such Registration Statement. We also consent to the use in this Registration Statement of our report dated
April 15, 2004, relating to the financial statements of The Protective Variable Annuity Separate Account, which appears in such Registration Statement. We also consent to the reference to us
under the heading "Independent Accountants" in such Registration Statement. 

PricewaterhouseCoopers
LLP 

Birmingham,
Alabama

April 30, 2004 

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Exhibit 10(a)    
    

[SUTHERLAND
ASBILL & BRENNAN LLP LETTERHEAD] 

	

DAVID S. GOLDSTEIN

DIRECT LINE: 202.383.0606

Internet: david.goldstein@sablaw.com	
 	

 

April 30,
2004 

Board
of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223 

Directors:

        We
hereby consent to the reference to our name under the caption "Legal Matters" in the statement of additional information filed as part of post-effective amendment number 4
to the registration statement on Form N-4 (File No. 333-63328) filed by Protective Life Insurance Company and Protective Variable Annuity Separate Account with
the
Securities and Exchange Commission. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933. 

	 	 	Sincerely,
	

 	
 	

SUTHERLAND ASBILL & BRENNAN LLP
	

 	
 	

By:	

/s/  DAVID S. GOLDSTEIN      
 David S. Goldstein

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Exhibit 10(b)    
    

          Consent of Independent Accountants

We
hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-63328) of our report dated March 11, 2004, relating to the consolidated financial statements and financial
statement schedules of Protective Life Insurance Company and Subsidiaries, which appears in such Registration Statement. We also consent to the use in this Registration Statement of our report dated
April 15, 2004, relating to the financial statements of The Protective Variable Annuity Separate Account, which appears in such Registration Statement. We also consent to the reference to us
under the heading "Independent Accountants" in such Registration Statement. 

PricewaterhouseCoopers
LLP 

Birmingham,
Alabama

April 30, 2004 

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Exhibit 10(b)QuickLinks
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Exhibit 10(a)    
    

[SUTHERLAND
ASBILL & BRENNAN LLP LETTERHEAD] 

	

DAVID S. GOLDSTEIN

DIRECT LINE: 202.383.0606

Internet: david.goldstein@sablaw.com	
 	

 

April 30,
2004 

Board
of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223 

Directors:

        We
hereby consent to the reference to our name under the caption "Legal Matters" in the statement of additional information filed as part of post-effective amendment number
14 to the registration statement on Form N-4 (File No. 33-70984) filed by Protective Life Insurance Company and Protective Variable Annuity Separate Account with
the Securities and
Exchange Commission. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933. 

	 	 	Sincerely,
	

 	
 	

SUTHERLAND ASBILL & BRENNAN LLP
	

 	
 	

By:	

/s/  DAVID S. GOLDSTEIN      
 David S. Goldstein

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Exhibit 10(a)QuickLinks
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Exhibit 10(b)    
    

 
 

Consent of Independent Accountants    
    

        We hereby consent to the use in this Registration Statement on Form N-4 (File No. 33-70984) of our report dated March 11, 2004, relating to the consolidated
financial statements and financial statement schedules of Protective Life Insurance Company and Subsidiaries, which appears in such Registration Statement. We also consent to the use in this
Registration Statement of our report dated April 15, 2004, relating to the financial statements of The Protective Variable Annuity Separate Account, which appears in such Registration Statement. We
also consent to the reference to us under the heading "Independent Accountants" in such Registration Statement. 

PricewaterhouseCoopers
LLP 

Birmingham,
Alabama

April 30, 2004 

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Exhibit 10(b)

Consent of Independent AccountantsQuickLinks
 -- Click here to rapidly navigate through this document

 
 

Exhibit 10(a)    
    

[SUTHERLAND
ASBILL & BRENNAN LLP LETTERHEAD] 

	

DAVID S. GOLDSTEIN

DIRECT LINE: 202.383.0606

Internet: david.goldstein@sablaw.com	
 	

 

April 30,
2004 

Board
of Directors

Protective Life Insurance Company

2801 Highway 201 South

Birmingham, Alabama 35223 

Directors:

        We
hereby consent to the reference to our name under the caption "Legal Matters" in the statement of additional information filed as part of post-effective amendment number 1
to the registration statement on Form N-4 (File No. 333-107331) filed by Protective Life Insurance Company and Protective Variable Annuity Separate Account with
the
Securities and Exchange Commission. In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act of 1933. 

	 	 	Sincerely,
	

 	
 	

SUTHERLAND ASBILL & BRENNAN LLP
	

 	
 	

By:	

/s/  DAVID S. GOLDSTEIN      
 David S. Goldstein

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Exhibit 10(a)QuickLinks
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Exhibit 10(b)  

 
 

Consent of Independent Accountants    
    

        We hereby consent to the use in this Registration Statement on Form N-4 (File No. 333-107331) of our report dated
March 11, 2004, relating to the consolidated financial statements and financial statement schedules of Protective Life Insurance Company and Subsidiaries, which appears in such Registration
Statement. We also consent to the use in this Registration Statement of our report dated April 15, 2004, relating to the financial statements of The Protective Variable Annuity Separate
Account, which appears in such Registration Statement. We also consent to the reference to us under the heading "Independent Accountants" in such Registration Statement. 

PricewaterhouseCoopers
LLP 

Birmingham,
Alabama

April 30, 2004 

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Consent of Independent AccountantsExhibit 4(g)  

PROTECTIVE LIFE INSURANCE COMPANY / P. O. BOX 2606 / BIRMINGHAM, ALABAMA 35202  

ENDORSEMENT TO SET GUARANTEED INTEREST RATE FOR THE FIXED ACCOUNT AND LOAN INTEREST RATES  

The Company is modifying the Policy to which this endorsement is attached. 

	1.
	The
"GUARANTEED INTEREST RATE FOR FIXED ACCOUNT" provision on the Policy Specifications Page is deleted in its entirety and replaced by the sentence below:

"GUARANTEED
INTEREST RATE FOR FIXED ACCOUNT 3% ANNUALLY (0.2466% MONTHLY)" 

	2.
	The
third sentence in the third paragraph of the provision entitled "Interest Credited" in the "FIXED ACCOUNT" section of the policy is deleted in its entirety and replaced by the
sentence below:

"The
Initial Annual Effective Interest Rate and the current interest rates the Company will credit are annual effective interest rates of not less than 3.00%" 

	3.
	The
first sentence of the provision entitled "Interest" in the "POLICY LOANS" section of the policy is deleted in its entirety and replaced by the sentence below:

"Except
as described below, the interest charged on any policy loan is at an effective annual rate of 5%, compounded yearly on the Policy Anniversary." 

	4.
	The
"PREFERRED LOAN INTEREST RATE" provision on the Policy Specifications Page is deleted in its entirety and replaced by the sentence below:

"PREFERRED
LOAN INTEREST RATE 3.50% ANNUALLY (0.2871% MONTHLY)" 

Signed
for the Company as of the Policy Effective Date. 

	 	PROTECTIVE LIFE INSURANCE COMPANY
	

 	
 
	 	
 SecretaryExhibit 4(h)  

PROTECTIVE LIFE INSURANCE COMPANY / P. O. BOX 2606 / BIRMINGHAM, ALABAMA 35202  

ENDORSEMENT TO SET GUARANTEED INTEREST RATE FOR THE FIXED ACCOUNT AND MAXIMUM LOAN INTEREST RATE  

The Company is modifying the Policy to which this endorsement is attached. 

	1.
	The
"GUARANTEED INTEREST RATE FOR FIXED ACCOUNT" provision on the Policy Specifications Page is deleted in its entirety and replaced by the sentence below:

"GUARANTEED
INTEREST RATE FOR FIXED ACCOUNT 3% ANNUALLY (0.2466% MONTHLY)" 

	2.
	The
"MAXIMUM LOAN INTEREST RATE" provision on the Policy Specifications Page is deleted in its entirety and replaced by the sentence below:

"MAXIMUM
LOAN INTEREST RATE 5% YEARS 1-10 - 3.25% YEARS 11+" 

Signed
for the Company as of the Policy Effective Date. 

	 	PROTECTIVE LIFE INSURANCE COMPANY
	

 	
 
	 	
 SecretaryEXHIBIT 4.17  

SHARE OPTION PLAN 

CHARTWELL TECHNOLOGY
INC. 

		    1.        Purpose
of Plan  

The purpose of this plan (the
“Plan”) is to develop the interest of officers, directors, employees and
key consultants of Chartwell Technology Inc. and its subsidiaries (collectively, the
“Corporation”) in the growth and development of the Corporation by
providing them with the opportunity through share purchase options to acquire an increased
proprietary interest in the Corporation. 

		    2.               Administration  

The Plan shall be administered by the
Board of Directors of the Corporation, or if appointed, by a special committee of
directors appointed from time to time by the Board of Directors of the Corporation (such
committee, or if no such committee is appointed, the Board of Directors of the Corporation
is hereinafter referred to as the “Committee”) pursuant to rules of procedure
fixed by the Board of Directors. 

		    3.        Granting
of Options  

The Committee may from time to time
designate directors, officers (or in each case their personal holding companies),
employees of the Corporation, or any other Insider, Consultant or Management Company
Employee to the Corporation (collectively, the “Optionees”) to whom
options (“Options”) to purchase common shares (“Common
Shares”) of the Corporation may be granted and the number of Common Shares to be
optioned to each, provided that: 

	  	
a.
                  if such Optionees are Employees, Consultants or Management Company
Employees,                they are bona fide considered to be so by the Committee;  

	  	
b.
                  the total number of Common Shares issuable pursuant to the Plan
shall not exceed                3,264,000 Common Shares, subject to adjustment as set
forth in Section 8 hereof;  

	  	
c.
                  the number of Common Shares reserved for issuance to any one
Optionee shall not                exceed 5% of the Outstanding Common Shares; and  

	  	
d.  
                Disinterested Shareholder Approval is obtained:  

	  	  	  	i.  	  	if
the number of Common Shares reserved for issuance pursuant to Options
               granted, or proposed to be granted, to Insiders exceeds 10% of the
Outstanding                Common Shares;  

	  	  	  	ii.  	  	for
any change in the exercise price if the Optionee is an Insider at the time
               of grant;  

	  	  	  	iii.  	  	for
issuance of greater than 10% of the Outstanding Common Shares in any 12
               month period, to Optionees who are Insiders; or  

	  	  	  	iv.  	  	for
any issuance to any one Insider and such Insider’s Associates of
               greater than 5% of the Outstanding Common Shares in any 12 month period.  

		    4.        Vesting  

The Committee may, in its sole
discretion, determine the time during which Options shall vest and the method of vesting
provided that such vesting will comply with the requirements of the Toronto Stock Exchange
(the “TSX”) or other regulatory body having jurisdiction, and in the
absence of any determination by the Committee, the vesting shall be as to one-third of the
number of Options granted on the first anniversary date of the grant and as to one-third
on each of the next two succeeding anniversaries of the date of the grant. 

		    5.        Exercise
Price  

The exercise price (the
“Exercise Price”) of any Option shall be fixed by the Committee when such
Option is granted, provided that such price shall not be less than the market price (the
“Market Price”) of the Common Shares, which shall mean the most recent
closing price per Common Share preceding the date of grant on which there was a closing
price on the TSX. 

		    6.        Option
Terms  

The period during which an Option is
exercisable shall, subject to the provisions of the Plan requiring acceleration of rights
of exercise, be such period as may be determined by the Committee at the time of grant to
a maximum of ten (10) years but subject to the rules of any stock exchange or other
regulatory body having jurisdiction. Each Option shall, among other things, contain
provisions to the effect that the Option shall be personal to the Optionee and shall not
be assignable. In addition, each Option shall provide that: 

	  	
upon
the death of the Optionee, the Option shall terminate on the date determined by the
Committee, which date shall not be later than the earlier of the expiry date of the
Option and 12 months from the date of death;  

	  	
subject
to section 6.c. hereof, if the Optionee shall no longer be a director or officer of, be
in the employ of or be providing ongoing management or consulting services to the
Corporation, the Option shall terminate on the earlier of the expiry date of the Option
and the expiry of the period (the “Termination Date”) not in excess of
90 days prescribed by the Committee at the time of grant, following the date that the
Optionee ceases to be a director, officer or employee of the Corporation, or ceases to
provide ongoing management or consulting services to the Corporation, as the case may be;
and  

	  	
if
the Optionee shall no longer be providing investor relations activities to the
Corporation, the Option shall terminate on the earlier of the expiry date of the Option
and the Termination Date, not in excess of 30 days prescribed by the Committee at the
time of grant following the date the Optionee ceases to provide such activities to the
Corporation;  

	  	
provided
that the number of Common Shares that the Optionee (or his heirs or successors) shall be
entitled to purchase until the Termination Date shall be the number of Common Shares
which the Optionee was entitled to purchase on the date of death or the date the Optionee
ceased to be an officer, director or employee of, or ceased providing ongoing management,
consulting services or investor relations activities to the Corporation, as the case may
be.  

		    7.        Exercise
of Options  

Subject to the provisions of the
Plan, an Option may be exercised from time to time by delivery to the Corporation at its
head office or such other place as may be specified by the Corporation, of a written
notice of exercise specifying the number of Common Shares with respect to which the Option
is being exercised and accompanied by payment in full of the purchase price of the Common
Shares then being purchased. 

		    8.        Alterations
in Shares  

Appropriate adjustments in the number
of Common Shares optioned and in the exercise price, as regards Options granted or to be
granted, may be made by the Committee in its discretion to give effect to adjustments in
the number of Common Shares of the Corporation resulting subsequent to the approval of the
Plan by the Committee from subdivisions, consolidations or reclassifications of the Common
Shares of the Corporation, the payment of stock dividends by the Corporation or other
relevant changes in the capital of the Corporation. 

		    9.        Option
Agreements  

A written agreement will be entered
into between the Corporation and each Optionee to whom an Option is granted hereunder,
which agreement will set out the number of Common Shares subject to Option, the Exercise
Price, provisions as to vesting and expiry and any other terms approved by the Committee,
all in accordance with the provisions of this Plan. The agreement will be in such form as
the Committee may from time to time approve or authorize the officers of the Corporation
to enter into and may contain such terms as may be considered necessary in order that the
option will comply with this Plan, any provisions respecting Options in the income tax or
other laws in force in any country or jurisdiction of which the person to whom the Option
is granted may from time to time be a resident or citizen and the rules of any regulatory
body having jurisdiction over the Corporation. 

		    10.        Regulatory
Authorities Approvals  

The Plan shall be subject to the
approval, if required, of any stock exchange on which the Common Shares are listed for
trading. Any Options granted prior to such approval shall be conditional upon such
approval being given and no such Options may be exercised unless such approval, if
required, is given. 

		    11.        Amendment
or Discontinuance of the Plan  

The Committee may amend or
discontinue the Plan at any time, provided that no such amendment may, without the consent
of the Optionee, alter or impair any Option previously granted to an Optionee under the
Plan and provided further that any amendment to the Plan will require the prior consent of
the TSX. 

		    12.        Common
Shares Duly Issued  

Common Shares issued upon the
exercise of an Option granted hereunder will be validly issued and allotted as fully paid
and non-assessable upon receipt by the Corporation of the Exercise Price therefore in
accordance with the terms  

of the Option and the issuance of
Common Shares thereunder will not require a resolution or approval of the Board of
Directors of the Corporation. The Common Shares issued upon the exercise of an Option
granted hereunder may be subject to resale restrictions pursuant to applicable securities
laws and the rules of the TSX.  

		    13.        Prior
Plans  

This Plan shall come into force and
effect on March 22, 2004 and entirely replaces and supersedes prior share options plans,
if any, enacted by the Board of Directors of the Corporation or its predecessors including
the Share Option Plan approved by the Board of Directors of the Corporation effective June
23, 2000 and subsequently approved by the shareholders of the Corporation on July 31,
2000. 

		    14.        Definitions  

In this Plan, capitalized terms not
otherwise defined in this Plan have the following meanings: 

	  	
“Associate”has
the meaning ascribed thereto by the Securities Act (Alberta) as from time to time
amended, supplemented or re-enacted;  

	  	
“Consultant”means,
in relation to an Issuer, an individual (or Company wholly-owned by Individuals who:  

	  	
provides
ongoing consulting services to the Issuer or an affiliate of the Issuer under a written
contract; possesses technical, business or management expertise of value to the Issuer or
an affiliate of the Issuer; and spends a significant amount of time and attention on the
business and affairs of the Issuer or an affiliate of the Issuer; and has a relationship
with the Issuer or an affiliate of the Issuer that enables the individual to be
knowledgeable about the business and affairs of the Issuer.  

	  	
“Directors”means
directors, senior officers and Management Company Employees of an Issuer, or of an
unlisted Company seeking a listing on TSX, or directors, senior officers and Management
Company Employees or an Issuer’s or an unlisted company’s subsidiaries to whom
stock options can be granted in reliance on a prospectus exemption under applicable
securities laws;  

	  	
“Disinterested
Shareholder Approval” means a majority of the votes cast by all shareholders at
a shareholders’ meeting excluding votes attaching to Common Shares beneficially
owned by:  

	  	
Insiders
to whom Options may be issued under the Plan; and associates of persons referred to in i.
above.  

	  	
“Employee” means: 

	  	
an
individual who is considered an employee under the Income Tax Act (i.e. for whom income
tax, employment insurance and CPP deductions must be made at source); 

	  	
an
individual who works full-time for an Issuer providing services normally provided by an
employee and who is subject to the same control and direction by the Issuer over the
details and methods of work as an employee of the issuer, but for who income tax
deductions are not made at source; or  

	  	
an
individual who works for an Issuer on a continuing and regular basis for a minimum amount
of time per week providing services normally provided by an employee and who is subject
to the same control and direction by the Issuer over the details and methods of work as
an employee of the Issuer, but for whom income tax deductions are not made at source.  

	  	
“Insider”  of
the Corporation means: 

	  	
an
insider as defined in the Securities Act (Alberta) as from time to time amended,
supplemented or re-enacted, other than a person who falls within that definition solely
by virtue of being a director or senior officer of a subsidiary of the Corporation, and
an Associate of any person who is an insider by virtue of paragraph i.;  

	  	
“Issuer”means
a company which has any of its securities listed for trading on TSX and, as the context
requires, any applicant company seeking a listing of its securities on TSX;  

	  	
“Management
Company Employee” means an individual employed by a person providing management
services to the Issuer, which are required for the ongoing successful operation of the
business enterprise of the Issuer, but excluding a person engaged in investor relations
activities;  

	  	
“Outstanding
Common Shares” at the time of any share issuance or grant of options means the
number of Common Shares that are outstanding immediately prior to the share issuance or
grant of Options in question on a non-diluted basis, excluding Common Shares issued
pursuant to share compensation arrangements over the preceding one-year period, or such
other number as may be determined under the applicable rules and regulations of all
regulatory authorities to which the Corporation is subject, including TSX;  

	  	
“Service
Provider”  means: 

	  	
an
employee or Insider of the Corporation; and

	  	
any
other person or company  engaged to provide  on-going  management or  consulting
 services for the  Corporation  or any entity      controlled by the Corporation; and 

	  	
“Subsidiary”has
the meaning assigned thereto under the Securities Act (Alberta) as from time to
time amended, supplemented or re-enacted.  

Effective Date 

This Plan is effective from March 22,
2004. 

Signed “Darold H.
Parken” 

Darold H. Parken

President and Director

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