Document:

Exhibit 4(k)

 

PROTECTIVE
LIFE AND ANNUITY INSURANCE COMPANY  
•   P. O. BOX 10648   •  
BIRMINGHAM,  ALABAMA  35202-0648

 

QUALIFIED RETIREMENT PLAN ENDORSEMENT FOR ANNUITY CONTRACTS

 

All provisions of the Contract to which
this Qualified Retirement Plan Endorsement is attached shall be interpreted in
accordance with the applicable requirements of section 401(a) of the Internal
Revenue Code of 1986, as amended (the “Code”).

 

The Contract is amended as of
the Effective Date as follows:

 

1.             OWNER AND ANNUITANT

 

The Contract is
issued to a trustee of a qualified retirement plan under Code section 401(a)
(the “Plan”) maintained on behalf of the participants for whom the Contract is
purchased. Such trustee is the Owner and the Beneficiary.

 

The term “participant”
as used in this Endorsement shall mean the individual employee or former
employee for whose benefit the Plan is maintained and on whose behalf the
Contract is purchased. The Annuitant shall be the participant and, except as
otherwise provided under the Code and applicable regulations, the Annuitant
cannot be changed.

 

The trustee shall not distribute the
Contract to the Annuitant until the occurrence of a distributable event under
the Plan under which the Contract was purchased. If the Contract is distributed
to the Annuitant: (a) the Annuitant becomes the Owner; (b) all payments made
from the Contract while the Annuitant is alive must be made to the Annuitant; (c)
the provisions below apply to the Annuitant; and (d) the Annuitant may
designate a new Beneficiary. If the Annuitant does not designate a new
Beneficiary, then the estate of the Annuitant shall be the Beneficiary.

 

2.             NONTRANSFERABLE AND
NONFORFEITABLE

 

The Owner’s interest under the Contract
is nontransferable (within the meaning of Code section 401(g)) and is non-forfeitable.
In particular, except as permitted by federal tax law, the Contract may not be
sold, assigned, discounted or pledged as collateral for a loan or as security
for the performance of any obligation or for any other purpose, to any person
other than the Company.

 

3.             PLAN ADMINISTRATOR

 

The Plan Administrator is: (a) your
employer; or (b) the person(s) designated by your employer under the terms of
the Plan. Protective Life and Annuity Insurance Company (the “Company”) is not
the Plan Administrator or a plan fiduciary.

 

4.             PLAN PROVISIONS

 

The terms of the Contract and
this Endorsement are subject to the provisions of the Plan under which the
Contract is issued. The Owner’s ability to exercise any rights under this
Contract is subject to the terms of the Plan in connection with which this
Contract was issued. The Owner and Plan Administrator are responsible for
ensuring that any elections made under the Contract are made in accordance with
the terms of the Plan. Therefore, you should contact your Plan Administrator
before exercising any rights you may have under this Contract to ensure that
your actions are in accordance with the terms of the Plan. The Company assumes
that the exercise of all rights by the Owner of the Contract, and the
distribution of the Contract to a participant, are in accordance with the terms
of the Plan in connection with which this Contract was issued.

 

1

 

5.             LUMP SUM PAYMENTS

 

No amount may be paid from the Contract
in a lump sum unless such payment is allowed under both the Plan for which the
Contract is purchased and the Code, including the regulations thereunder. We
will not pay the Contract Value in one lump sum in lieu of any annuity income
payments if the Contract Value is greater than $5,000, as determined on the
first day of the month preceding the Annuity Commencement Date, in accordance
with the requirements of Code sections 411(a)(11) and 417, including the
regulations thereunder.

 

6.             PURCHASE PAYMENTS

 

All Purchase Payments may be paid only
under the Plan by the Owner who is a trustee of the Plan, and if the
Participant becomes the Owner of the Contact as a result of the Contract being
distributed to the participant, premiums may not be paid after the Contract is
distributed. Premium payments are subject to the terms of the Plan, including
the maximum limitations on contributions. The Company will not accept a
Purchase Payment that includes after-tax contributions.

 

7.             REQUIRED
DISTRIBUTIONS GENERALLY

 

The entire interest in the Contract shall be
distributed as required under Code sections 401(a)(9) and applicable federal
income tax regulations. The provisions of this Endorsement reflecting these
requirements override any provision of the Contract that is inconsistent with
such requirements.

 

8.             REQUIRED BEGINNING
DATE

 

As used in this Endorsement, the term “Required
Beginning Date” means April 1 of the calendar year following the calendar year
following the later of (1) the calendar year in which the participant attains
age 701⁄2; or (2) the calendar year in which the participant retires, or such
later date as provided by law. However, unless the participant’s interest in
the Contract is on account of his or her participation in a governmental plan
(as defined in Code section 414(d)) or church plan (as defined in Code section
401(a)(9)(C)), if the participant is a 5-percent owner (as defined in IRC
section 416) with respect to the plan year ending in the calendar year in which
the participant attains age 701⁄2, the Required Beginning Date is April 1 of the
calendar year following the calendar year in which the participant attains age
701⁄2.

 

9.             DISTRIBUTIONS DURING
ANNUITANT’S LIFE

 

A.                                   Unless
otherwise permitted under applicable law, the Annuitant’s entire interest in
the Contract shall be distributed, or commence to be distributed, no later than
the Required Beginning Date over:

 

(i)            the
life of the Annuitant, or the lives of the Annuitant and his or her designated
beneficiary (within the meaning of Code section 401(a)(9)), or

 

(ii)           a
period not extending beyond the life expectancy of the Annuitant, or the joint
and last survivor expectancy of the Annuitant and his or her designated
beneficiary.

 

Payments must
be made in periodic intervals of no longer than one year. In addition, payments
must be either non-increasing or they may increase only as provided by
applicable federal tax law.

 

2

 

B.                                     If
the Annuitant’s interest is to be distributed over a period greater than one
year, the amount to be distributed by December 31 of each year (including the
year in which the Required Beginning Date occurs) will be made in accordance
with the requirements of Code section 401(a)(9) and the regulations thereunder,
including the incidental death benefit requirements of Code section
401(a)(9)(G) and the regulations thereunder, including the minimum distribution
incidental benefit requirement under such regulations.

 

10.          DISTRIBUTIONS AFTER
DEATH OF THE ANNUITANT

 

A.                                   Unless
otherwise permitted under applicable federal tax law, if the Annuitant dies
before distribution of his or her interest in the Contract has begun,
distribution of the Annuitant’s entire interest will be distributed in
accordance with one of the following three provisions:

 

(i)                                    The entire interest
will be distributed by December 31 of the calendar year containing the fifth
anniversary of the Annuitant’s death.

 

(ii)                                 If the interest is
payable to an individual who is the Annuitant’s designated beneficiary, except
as provided in paragraph (iii) below, the entire interest will be distributed
beginning on or before December 31 of the calendar year immediately following
the calendar year in which the Annuitant died and will be made over the life of
the designated beneficiary or over a period not extending beyond the life
expectancy of the designated beneficiary. The irrevocable election of this
method of distribution must be made by the designated beneficiary no later than
December 31 of the calendar year immediately following the calendar year in
which the Annuitant died.

 

(iii)                              If the designated
beneficiary is the Annuitant’s surviving spouse, the spouse may irrevocably
elect to receive payments over the life of the surviving spouse or over a
period not extending beyond the life expectancy of the surviving spouse,
commencing at any date prior to the later of: (a) December 31 of the calendar
year immediately following the calendar year in which the Annuitant died; and
(b) December 31 of the calendar year in which the Annuitant would have attained
age 701⁄2. Such election by the surviving spouse must be made no later than the
earlier of December 31 of the calendar year containing the fifth anniversary of
the Annuitant’s death or the date distributions are required to begin pursuant
to the preceding sentence.

 

If the
surviving spouse dies before distributions begin, the limitations of this
section 10.A (without regard to this paragraph iii) shall be applied as if the
surviving spouse were the Annuitant.

 

B.            Unless otherwise
permitted under applicable federal tax law, if the Annuitant dies after
distribution of his or her interest in the Contract has begun, the remaining
portion of such interest, if any, will continue to be distributed at least as
rapidly as under the method of distribution being used at the time of the
Annuitant’s death.

 

3

 

C.            Distributions under
this section are considered to have begun if distributions are made on account
of the Annuitant reaching his or her Required Beginning Date or if prior to the
Required Beginning Date distributions irrevocably (except for acceleration)
commence to the Annuitant over a period permitted and in an annuity form
acceptable under applicable federal tax law.

 

11.          LIFE EXPECTANCY
CALCULATIONS

 

Unless otherwise provided by applicable
federal tax law, life expectancy is computed using the expected return
multiples in Tables V and VI of Section 1.72-9 of the Federal income tax
regulations in accordance with Code sections 401(a)(9) and the regulations
thereunder. Life expectancy will not be recalculated with respect to payments
under an annuity option under the Contract. In other situations, life
expectancy will not be recalculated unless otherwise permitted under Code
section 401(a)(9) and the regulations thereunder.

 

12.          ANNUITY OPTIONS AND
WITHDRAWALS

 

All annuity options under the Contract
must meet the requirements of Code sections 401(a), including sections
401(a)(9) and 401(a)(11), as applicable. The provisions of this Endorsement
reflecting the requirements of these Code sections override any annuity option
that is inconsistent with such requirements.

 

An Annuitant who is married must have the
consent of his spouse in order to: (i) withdraw all or part of the Contract
Value; or, (ii) choose an annuity option other than a qualified joint and
survivor annuity within the meaning of Code section 417. If no annuity option
is chosen, a qualified joint and survivor annuity will be automatic for a
married Annuitant. An unmarried Annuitant will be deemed to have elected a life
annuity unless a different election is made in the manner required under Code
section 417. Also, if a married Annuitant dies before the annuity starting date
(within the meaning of Code section 401(a)(11)(A)(ii)), the death benefit will
be paid as a qualified pre-retirement survivor annuity within the meaning of
Code section 417, unless the surviving spouse consents otherwise.

 

If guaranteed payments are to be made under an
annuity option, the period over which the guaranteed payments are to be made
must not exceed the period permitted under Q&A-3 of Section 1.401(a)(9)-6
of the Income Tax Regulations (except as otherwise provided by applicable
federal tax law).

 

13.          NOTICES, ELECTIONS, AND CONSENTS

 

We must receive written notice, in a form
and manner acceptable to us, of any request to take a partial or total
surrender, elect a payment option, or exercise any other right under this
Contract. Elections and consents made pursuant to this Contract and this
Endorsement may be made and revoked only in the form, time, and manner
prescribed in Code section 417 (and applicable regulations).

 

14.          DIRECT ROLLOVERS

 

A distributee may elect, at the time and
in the manner prescribed by us, to have any portion of an eligible rollover
distribution paid directly to an eligible retirement plan specified by the
distributee in a direct rollover.

 

4

 

A.            A distributee includes
an Annuitant. In addition, the Annuitant’s surviving spouse and the Annuitant’s
spouse or former spouse who is the alternative payee under a qualified domestic
relations order, as defined in Code section 414(p), are distributees with
regard to the interest of the spouse or former spouse.

 

B.            An eligible rollover
distribution is any distribution of all or any portion of the balance to the
credit of the distributee, except that an eligible rollover distribution does
not include (i) any distribution that is one of a series of substantially equal
periodic payments (not less frequently than annually) made for the life (or
life expectancy) of the distributee or the joint lives (or joint and last
survivor expectancies) of the distributee and the distributee’s designated
beneficiary, or for a specified period of ten years or more; (ii) any distribution
to the extent such distribution is required under Code section 401(a)(9); (iii)
the portion of any distribution that is not includible in gross income
(determined without regard to the exclusion for net unrealized appreciation
with respect to employer securities); (iv) any hardship distribution described
in Code section 401(k)(2)(B)(i)(IV) made to your after 1998; and (v) any other
amounts designated in published federal income tax guidance.

 

C.            An eligible retirement
plan is an individual retirement account described in Code section 408(a), an
individual retirement annuity described in Code section 408(b), an annuity plan
described in Code section 403(a), or a qualified trust described in Code
section 401(a), that accepts the distributee’s eligible rollover distribution. However,
in the case of an eligible rollover distribution to the surviving spouse, an
eligible retirement plan is an individual retirement account or individual
retirement annuity.

 

D.            A direct rollover is a
payment by us to the eligible retirement plan specified by the distributee.

 

E.             Except
as otherwise provided under applicable federal tax law, the following
provisions shall apply with respect to distributions after December 31, 2001,
for purposes of this section 14.

 

(i)            An eligible retirement
plan shall also mean an annuity contract described in Code section 403(b) and
an eligible plan under Code section 457(b) which is maintained by a state,
political subdivision of a state, or any agency or instrumentality of a state
or political subdivision of a state and which agrees to separately account for
amounts transferred into such plan from the Plan. The definition of eligible
retirement plan shall also apply in the case of a distribution to a surviving
spouse, or to a spouse or former spouse who is the alternate payee under a
qualified domestic relation order, as defined in Code section 414(p).

 

(ii)           Any amount that is
distributed on account of hardship shall not be an eligible rollover
distribution and the distributee may not elect to have any portion of such a
distribution paid directly to an eligible retirement plan.

 

5

 

(iii)          To the extent permitted
by federal tax law, a portion of a distribution shall not fail to be an
eligible rollover distribution merely because the portion consists of after-tax
employee contributions that are not includible in gross income. However, such
portion may be transferred only to an individual retirement account or annuity
described in Code section 408(a) or (b), or to a qualified defined contribution
plan described in Code section 401(a) or 403(a) that agrees to separately
account for amounts so transferred, including separately accounting for the
portion of such distribution which is includible in gross income and the
portion of such distribution which is not so includible.

 

15.          CODE SECTION 72(s)

 

All references in the Contract
to Code section 72(s) are deleted.

 

16.          AMENDMENT OF THIS
ENDORSEMENT

 

The Company reserves the right, and the
Owner agrees the Company shall have such right, to make any amendments to this
Endorsement from time to time as may be necessary to comply with the Code, as
amended, and the regulations thereunder. We will obtain all necessary approvals
including, where required, that of the Owner and will send you a copy of the
endorsement that modifies your Contract. We will not be responsible for any
adverse tax consequences resulting from the rejection of such an amendment.

 

17.          GROUP CONTRACT

 

If this Endorsement is used
with a certificate issued under a group contract, the term “Owner” refers to
the Participant/Annuitant and the term “Contract” refers to your Certificate.

 

Signed for the Company as of
the Effective Date.

 

Protective Life and Annuity
Insurance Company

 

	
  

  	
   

  
	
  Deborah J. Long

  Secretary

  	
   

  

 

6Exhibit 4(1)

 

PROTECTIVE LIFE AND ANNUITY INSURANCE
COMPANY  •  {P. O. BOX 10648  • 
BIRMINGHAM,  ALABAMA  35202-0648}

 

RIDER
SCHEDULE

 

	
  Contract # { AFVA-000000001 }

  	
   

  	
  Owner 1 Name: { John C. Doe }

  
	
   

  	
   

  	
   

  
	
  Rider Effective Date: { May 1, 2008 }

  	
   

  	
  Benefit Cost on the Rider
  Effective Date: {
  0.50% }

  

 

Benefit Base on the Rider
Effective Date:  { $100,000.00 }

 

Initial Benefit Allocation Model:  { Growth  and Income }

 

LIFETIME
GUARANTEED MINIMUM WITHDRAWAL BENEFIT RIDER

 

We are amending the Contract to which this rider
is attached to add a lifetime Guaranteed Minimum Withdrawal Benefit (“GMWB”, or
“the Benefit”). The terms and conditions in this rider supersede any
conflicting provision in the Contact beginning on the Rider Effective Date and
continuing until the rider is terminated. Contract provisions not expressly
modified by this rider remain in full force and effect.

 

Lifetime Guaranteed Minimum
Withdrawal Benefit:  Subject to the terms and conditions of this
rider, beginning on the Benefit Election Date and continuing on each Contract
Anniversary thereafter during the lifetime of a Covered Person, you may take
aggregate annual withdrawals from the Contract that do not exceed the Annual
Withdrawal Amount regardless of the Contract Value at that time.

 

DEFINITIONS

 

Annual Withdrawal Amount - The maximum amount that may be withdrawn from
the Contract each Contract Year after the Benefit Election Date without
reducing the Benefit Base.

 

Benefit Allocation Model - One of the specific model portfolios available
as a required Contract allocation.

 

Benefit Base - The amount determined according to the terms
of this rider and used to calculate the Annual Withdrawal Amount and the
monthly fee. The maximum Benefit Base is $5,000,000 (5 million dollars).

 

Benefit Base Anniversary Value - After the Rider Effective Date, the Contract
Value as of each Contract Anniversary minus Purchase Payments credited to the
Contract on or after the 2nd anniversary of the Rider Effective
Date.

 

Benefit Election Date - The date as of which we first calculate the
Annual Withdrawal Amount and the date on which guaranteed withdrawals may begin.

 

Benefit Period - The period of time between the Benefit
Election Date and the earlier of the Annuity Commencement Date or the rider
termination date.

 

Covered Person - The person or persons upon whose lives the benefits
of this rider are based. There may not be more than two Covered Persons.

 

RightTimesm - The option to
purchase the Benefit after the Contract’s Effective Date, if we are offering it
at that time.

 

1

 

GMWB
COST AND FEES

 

Benefit Cost - On the Rider Effective Date, the annualized
Benefit Cost as a percentage of the Benefit Base is shown in the ‘Schedule’ of
this rider. We have the right to change the Benefit Cost at any time. The new
Benefit Cost will be the Benefit Cost in effect on that date for that option. The
annualized Benefit Cost will never exceed 0.95% of the Benefit Base. We will notify
you of the new Benefit Cost in writing at the address contained in our records not
less than 30 days prior to the date on which the new Benefit Cost becomes
effective.

 

You may avoid changes in the Benefit Cost. We
must receive your Written Notice declining the change before the end of the
Valuation Period during which the new Benefit Cost becomes effective. However if
you decline a Benefit Cost change, you will no longer be eligible for the
Benefit Base Step-Up on Contract Anniversaries.

 

Monthly Fee - Beginning on the Rider Effective Date and
continuing monthly until the Benefit terminates, we will calculate the fee for
this rider and deduct that amount from the Contract Value. The monthly fee is
calculated as of the end of the Valuation Period that includes the same day of
the month as the Contract Effective Date, or the last Valuation Period of the
month if that date does not occur during the month. We calculate the monthly
fee using the formula:

 

Monthly
Fee = [1 – (1 –
Benefit Cost)1/12] x  Benefit Base
as of the calculation date.

 

Deducting the Monthly Fee - We deduct the monthly fee as of the
Valuation Period immediately following the Valuation Period during which it was
calculated. The monthly fee is deducted from the Allocation Options in the same
proportion that the value of each bears to the total Contract Value on that
date. Deduction of the monthly fee is a partial surrender for the purpose of
determining the Contract Value, but we will not assess a surrender charge on
these deductions and the monthly fee will not reduce any penalty free surrender
amount available under the Contract.

 

GENERAL
PROVISIONS

 

Restrictions on Allocation and
Transfers of Contract Value - We restrict the Contract’s Allocation Options to one of the available
Benefit Allocation Models. The Benefit Allocation Model you selected on the
Rider Effective Date is shown above.

 

You may allocate all or part of any Purchase
Payment according to the Benefit Allocation Model or to one or more of the DCA
Fixed Accounts available at that time, subject to the limitations in the ‘Dollar
Cost Averaging’ provision in the Contract. We systematically and automatically transfer
amounts allocated to the DCA Fixed Accounts to the Variable Account according
to the Benefit Allocation Model.

 

You may not transfer Contract Value among the
Allocation Options, but you may change the Benefit Allocation Model by Written
Notice. You may select only one Benefit Allocation Option from among those
available at that time. If you change your Benefit Allocation Model, we will
re-allocate the Variable Account Value according to the new Benefit Allocation
Model as of end of the Valuation Period during which we process the change. In
addition, automatic transfers made to facilitate dollar cost averaging after
that date will be allocated according to the new Benefit Allocation Model.

 

We rebalance the Variable Account Value to
the Benefit Allocation Model semi-annually based on the Rider Effective Date,
unless you instruct us to rebalance quarterly or annually.

 

Partial surrenders and withdrawals including applicable
surrender charges, if any, are deducted from the Allocation Options in the same
proportion that the value of each bears to the total Contract Value on that
date.

 

2

 

Determining the Benefit Base
Prior to the Benefit Election Date - On the Rider Effective Date, the Benefit Base is equal to the initial
Purchase Payment, or the Contract Value as of the end of the Valuation Period
that includes the Rider Effective Date if you purchase the Benefit by
exercising the RightTimesm option. Thereafter,
we increase the Benefit Base dollar-for-dollar for Purchase Payments credited
to the Contract within 2 years of the Rider Effective Date, if any. We reduce
the Benefit Base pro-rata for each partial surrender. The pro-rata reduction
for each partial surrender is the amount that reduces the Benefit Base in the
same proportion that the partial surrender including applicable surrender
charges, if any, reduced the Contract Value as of the Valuation Period during
which the partial surrender was deducted.

 

Benefit Base Step-Up on Contract
Anniversaries - On
each Contract Anniversary following the Rider Effective Date, we compare the
Benefit Base to the Benefit Base Anniversary Value. If the Benefit Base
Anniversary Value is greater than the Benefit Base, we step-up the Benefit Base
to equal the Benefit Base Anniversary Value as of the end of the Valuation
Period that contains that Contract Anniversary.

 

Termination - This rider, every benefit it provides, and
deduction of the monthly fee terminate at the end of the Valuation Period
during which any of the following first occur.

 

1.     We receive your instruction to:

(a)                allocate a Purchase Payment to an Allocation
Option other than a DCA Fixed Account or the Benefit Allocation Model; or,

(b)               dollar cost average into an Allocation Option
other than the Benefit Allocation Model; or,

(c)                transfer any Contract Value to an Allocation
Option other than the Benefit Allocation Model; or,

(d)               deduct a partial surrender or withdrawal from
a specific Allocation Option; or,

(e)                stop portfolio rebalancing.

 

2.               We receive your instruction to terminate this
rider more than 10 years after its Rider Effective Date.

 

3.               We receive your instruction to change a
Covered Person after the Benefit Election Date.

 

4.               We receive your instruction to annuitize the Contract.

 

5.               We receive any instruction that terminates
the Contract to which this rider is attached.

 

We will notify you in writing that the rider
has terminated and identify the cause. If this rider terminated as a result of a
prohibited instruction described in item #1 of this provision, you may
reinstate it within 30 days of the rider termination date unless
the rider terminated after the Benefit Election Date and a Purchase Payment was
applied to the Contract since the rider termination date.

 

We must receive your Written Notice
requesting reinstatement and instructing us to allocate the Contract Value to a
current Benefit Allocation Model and/or resume portfolio rebalancing within 30
days of this rider’s termination date. We will deduct any fees and make any
other adjustments that were scheduled during the period of termination so that
after the reinstatement, the Contract and this rider will be as though the
termination never occurred.

 

Exercising the RightTimesm Option After the Rider Terminates - If the rider terminates as a result of any of
the reasons in the ‘Terminations’ provision other than annuitization or termination
of the Contract to which it is attached, you may purchase the Benefit using the
 RightTimesm
option, if:

 

1.     we are offering the RightTimesm
option when we receive your request to purchase it; and,

 

2.     5 years or more have elapsed since this rider terminated; and,

 

3.     the oldest Owner or Annuitant will not be older than age 85 on the new
Rider Effective Date; and,

 

4.     the Contract has not reached the Annuity Commencement Date.

 

If this rider terminates because you instruct
us to change a Covered Person, we will waive the 5-year waiting period as
described in item #2 of this provision.

 

3

 

BENEFIT
PERIOD

 

Establishing the Benefit Election
Date - You must
establish the Benefit Election Date to start the Benefit Period and access the
guaranteed withdrawals provided by this rider. To establish the Benefit
Election Date, you must send a Written Notice that instructs us to calculate
the Annual Withdrawal Amount based on either one or two lives, and include proof
of age for each Covered Person. The Benefit Election Date may not be earlier
than the date on which the Covered Person (or the younger of the two Covered
Persons) attains age 59 1⁄2, nor later than the Annuity Commencement Date.

 

We will not accept additional Purchase
Payments on or after the Benefit Election Date. Therefore, any Automatic Purchase
Payment Plan in effect on the Benefit Election Date will be terminated as of
that date.

 

Partial Automatic Withdrawals established
prior to the Benefit Period terminate as of the Benefit Election Date.

 

Individuals Eligible to be a
Covered Person - A
Covered Person must be a living person who is either:

 

1.               an Owner of the Contract; or,

 

2.               if the spouse of the sole Owner of the
Contract, the sole Primary Beneficiary.

 

If there is one Owner, the Owner is the Covered
Person.

 

If there is one Owner and the sole Primary
Beneficiary is the Owner’s spouse, the Owner is the Covered Person if the
Annual Withdrawal Amount is based on one life. If there is one Owner and the
sole Primary Beneficiary is the Owner’s spouse, both are Covered Persons if the
Annual Withdrawal Amount is based on two lives.

 

If there are two Owners and they are married
to each other, the older of the two is the Covered Person if the Annual
Withdrawal Amount is based on one life. If there are two Owners and they are married
to each other, both are Covered Persons if the Annual Withdrawal Amount is
based on two lives.

 

If there are two Owners and they are not
married to each other, only the older of the two is the Covered Person.

 

For the purposes of the GMWB, the terms ‘married’
and ‘spouse’ include bona fide domestic partners in states that afford legal
recognition to same-sex Civil Unions.

 

Calculating the Annual Withdrawal
Amount - We calculate
the initial Annual Withdrawal Amount as of the end of the Valuation Period during
which we receive your Written Notice establishing the Benefit Election Date. The
initial Annual Withdrawal Amount is equal to the Benefit Base on that date
multiplied by the applicable GMWB withdrawal percentage from the table below. The
GMWB withdrawal percentage is based on the number and age(s) of the Covered
Person(s) on the Benefit Election Date, and the number of full years that have
elapsed since the Rider Effective Date.

 

GMWB WITHDRAWAL
PERCENTAGES

 

	
   

  	
   

  	
  And the Benefit Election Date is:

  	
   

  
	
  Age of (younger) Covered Person
  

  on the Benefit Election Date 

  	
   

  	
  less than 10 years after 

  the Rider Effective Date 

  	
   

  	
  10 years or more after 

  the Rider Effective Date 

  	
   

  
	
  at least 59 1⁄2 but less than 70 (One Covered
  Person)

  	
   

  	
  5.00

  	
  %

  	
  6.00

  	
  %

  
	
  at least 59 1⁄2 but less than 70 (Two Covered
  Persons)

  	
   

  	
  4.50

  	
  %

  	
  5.50

  	
  %

  
	
  70-years old or more (One Covered Person)

  	
   

  	
  6.00

  	
  %

  	
  7.00

  	
  %

  
	
  70-years old or more (Two Covered Persons)

  	
   

  	
  5.50

  	
  %

  	
  6.50

  	
  %

  

 

4

 

During the Benefit Period, aggregate
withdrawals in any Contract Year that do not exceed the Annual Withdrawal
Amount do not reduce the Benefit Base.

 

We re-calculate the Annual Withdrawal Amount only
on a Contract Anniversary and only if the Benefit Base changed since the prior
Contract Anniversary. The new Annual Withdrawal Amount is equal to the Benefit
Base on the Contract Anniversary multiplied by the GMWB withdrawal percentage established
on the Benefit Election Date.

 

Accessing the Annual Withdrawal
Amount - During the
Benefit Period, you may request withdrawals individually or instruct us to send
you specific amounts periodically. Your Written Notice must include all the
information necessary for us to complete and remit the requested amounts.

 

Withdrawals made during the Benefit Period
reduce the Contract Value in the same manner as partial surrenders made prior
to the Benefit Election Date. We do not assess surrender charges on aggregate withdrawals
during a Contract Year that do not exceed the Annual Withdrawal Amount. However,
withdrawals count against any penalty free surrender amounts that would
otherwise be available.

 

The Annual Withdrawal Amount is not
cumulative. You may take the entire Annual Withdrawal Amount each Contract
Year, but if you do not, the remaining portion does not carry forward.

 

Excess Withdrawals - During the Benefit Period any portion of a
withdrawal that, when aggregated with all prior withdrawals during that
Contract Year, exceeds the Annual Withdrawal Amount constitutes an excess
withdrawal. We will not recalculate the Annual Withdrawal Amount until the next
Contract Anniversary, so any subsequent withdrawal taken that Contract Year is
also an excess withdrawal. We assess applicable surrender charges, if any, on
excess withdrawals.

 

Each excess withdrawal results in an immediate
reduction of the Benefit Base. If, immediately after the excess withdrawal, the
Contract Value minus any non-excess portion of the withdrawal is greater than
the Benefit Base, we reduce the Benefit Base by the amount of the excess
withdrawal including applicable surrender charges, if any. Otherwise, we reduce
the Benefit Base by the same proportion that the excess withdrawal including applicable
surrender charges, if any, reduced the Contract Value as of the Valuation
Period during which the excess withdrawal request was processed. If the excess
withdrawal including applicable surrender charges, if any, reduces the Contract
Value to $0, the Contract will terminate as of that date.

 

If you have instructed us to send you all or
a portion of the Annual Withdrawal Amount periodically in specific amounts, an
excess withdrawal automatically terminates those periodic withdrawals. If any
Contract Value remains after the excess withdrawal, you may resume periodic
withdrawals beginning on the next Contract Anniversary based on the
recalculated Annual Withdrawal Amount by sending us instructions in a Written
Notice.

 

Death of the Covered Person(s) - If the Annual Withdrawal Amount is based on
the life of one Covered Person, this rider terminates upon the Covered Person’s
death. If the Annual Withdrawal Amount is based on the lives of two Covered
Persons, this rider terminates upon the death of the last surviving Covered
Person.

 

Spousal Continuation - The surviving spouse of a sole Covered Person
who, pursuant to the Contract’s ‘Payment of the Death Benefit’ provision,
continues the Contract and becomes the new sole Owner may purchase the RightTimesm option immediately, if we are
offering at that time. If not purchased immediately, we will waive the 5-year
waiting period in described in item #2 of the ‘Exercising the RightTimesm Option After the Rider Terminates’
provision. However, regardless of when the RightTimesm
option is exercised, only the surviving spouse is eligible to be a Covered
Person under the new rider.

 

5

 

Annuity Commencement Date - You must begin periodic distributions of
the entire interest in the Contract not later than the Annuity Commencement
Date. If the Benefit Period has begun but you are not taking periodic
withdrawals, we will begin monthly withdrawals of the Annual Withdrawal Amount
on the Annuity Commencement Date. You may change the frequency of the
withdrawals, but must take the entire Annual Withdrawal Amount available each
Contract Year.

 

If the Benefit Period has not begun, we will notify
you in writing of the upcoming Annuity Commencement Date and request the
information necessary to establish the Benefit Election Date. If we have not
received your Written Notice with the necessary information and proof of age
for the Covered Person(s) by the Annuity Commencement Date and you have not
selected an Annuity Option, we will begin monthly payments to you based on the
greater of:

 

1.               the Annual Withdrawal Amount using the
withdrawal percentage associated with One Covered Person and  Owner 1’s age (or the younger of Owner 1 and
Owner 2 if there are two Owners of the Contract), and establishing the Annuity
Commencement Date as the Benefit Election Date; or,

 

2.               the application of the Contract Value plus any
applicable annuitization bonus to Annuity Option B with a 10-year Certain
Period based on the life of the named Annuitant.

 

If we have not received your Written Notice
with the information and proof of age for the Covered Person(s) by the Annuity
Commencement Date but you have previously selected an Annuity Option, we will
begin distributing the entire interest in the Contract according to the Annuity
Option you have selected.

 

Signed for the Company and made a part of the
Contract as of the Rider Effective Date.

 

PROTECTIVE LIFE AND ANNUITY INSURANCE COMPANY

 

	
  

  	
   

  
	
  { Secretary }

  	
   

  

 

6

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