Document:

Exhibit 4.K

 EXHIBIT (4)(k) 
  
 FORM OF POLICY RIDER 
 (5 FOR LIFE – GROWTH – WITH DEATH 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	 	 
	    A Stock Company (Hereafter called the Company, we, our or us)	  	 	  	 	  	(319) 398–8511	 	 

  
 GUARANTEED MINIMUM
WITHDRAWAL BENEFIT PLUS 
 GROWTH AND DEATH BENEFIT RIDER 
  
 This rider is issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is
attached to an individual annuity or the group certificate if the rider is attached to a group annuity. 
  
 Rider Data Specification 
  

										
	 Policy Number:
	  	 	  	07 – 12345	 	 	 	  	 
	 Rider Date:
	  	 	  	09–01–2005	 	 	 	  	 
	 Growth Rate Percentage:
	  	 	  	5.00	%	 	 	  	 
	 “For Life” Withdrawal Percentage:*
	  	 	  	5.00	%	 	 	  	 
	 Rider Fee Percentage:
	  	 	  	0.85	%	 	 	  	 

  

	*	lf the annuitant is not yet 59 on the rider date, then this percentage will be zero until the January 1st following the annuitant’s 59th birthday.

  
 ARTICLE I 
  
 This benefit provides a minimum withdrawal benefit that guarantees, upon election, a
series of withdrawals from the contract equal to the “For Life” Withdrawal Percentage shown above of 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 benefit 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 any time after the third rider anniversary. 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. After the third rider anniversary, if you wish to make a transfer to a non-designated fund, this rider must be terminated 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. 
  
 Gross Partial Withdrawal 
  
 The amount which will be deducted from your policy value as a result of each partial
withdrawal. 
  
 Maximum Annual Withdrawal Amount 
  
 The maximum amount you may withdraw, under this rider, each year regardless of the policy
value until the death of the annuitant. 
  
 Rider Anniversary 

 
 The anniversary of the rider date. 
  
 Rider Fee 
  
 The rider fee is the rider fee percentage referenced above, multiplied by the total withdrawal base at the time the fee is deducted. This
fee will be deducted from each subaccount in proportion to the amount of policy value in that subaccount on each rider anniversary. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have
elapsed since it was last deducted. 
  

					
	RGMB 15 0905 (NY)	  	(1)	  	 

 ARTICLE I CONTINUED 
  
 Rider Year 
  
 Each twelve–month period following the rider date. 
  
 Total Withdrawal Base 
  
 The total withdrawal base 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 total withdrawal base during the growth period (as described in “Growth Benefit and Growth Period” in Article II) is equal to:

  

	 	A)	the total withdrawal base on the rider date; plus 

  

	 	B)	any premiums added during the growth period, 

  

	 	C)	all of which are accumulated daily to the end of the growth period at an annual effective rate equal to the growth rate percentage shown on page 1. 

  
 The total withdrawal base after the growth period is equal to: 
  

	 	A)	the total withdrawal base at the end of the growth period, plus 

  

	 	B)	any premiums added after the growth period; less 

  

	 	C)	any adjustments for withdrawals (as described under “Total Withdrawal Base Adjustments” below) including the withdrawal at the end of the growth period, if any.

  
 ARTICLE II 
  
 GROWTH BENEFIT AND GROWTH PERIOD 
  
 The total withdrawal base will accumulate, using the growth rate percentage shown in the
Rider Data Specifications, as described in Article I. The growth period is the period of time from the rider date until the earlier of the first withdrawal or the [10th] rider anniversary. 
  
 FOR LIFE GUARANTEED MINIMUM WITHDRAWAL BENEFIT 
  
 Under this rider, we guarantee that you can withdraw up to the maximum annual withdrawal
amount each year, regardless of the policy value, until the annuitant’s death. 
  
 Withdrawals will reduce the policy value of the policy to which this rider is attached. Once the policy value equals zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are terminated
except those provided by this rider. Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency of payment in a manner acceptable to us. Once the payment amount and frequency are established, they cannot be changed
and no additional withdrawals will be paid. 
  
 We guarantee that you may withdraw
up to the maximum annual withdrawal amount each year regardless of the policy value until the annuitant’s death. Any amount you withdraw in excess of the maximum annual withdrawal amount may impact the total withdrawal base, and minimum
remaining withdrawal amount on a greater than dollar–for–dollar basis. 
  
 Example (Based on a 5% “For Life” withdrawal percentage) 
  
 Assume you are the owner and annuitant and make a single premium payment of $100,000 when you are 60 years old. Assume you do not make any withdrawals or
additional premium payments. Assume that after ten rider years, your policy value has declined to $50,000 solely because of negative investment performance. You could still withdraw up to $8,144 each rider year for the rest of your life (assuming
that you do not withdraw more that $8,144 in any one rider year). 
  
 Please see
the Appendix attached to this rider which illustrates the withdrawal benefit. 
  
 The Guaranteed Minimum Withdrawal Benefit can only be taken as a withdrawal benefit and it does not increase the policy value. 
  
 Maximum Annual Withdrawal Amount 
  
 On the rider date the maximum annual withdrawal amount will be equal to the greater of 1 and 2 where: 
  

	1)	is A multiplied by B multiplied by C where: 

  

	 	A)	is the total withdrawal base on the rider date, 

  

	 	B)	is the “For Life” withdrawal percentage shown on page 1. If the annuitant is not yet 59 on the rider date, this percentage will be equal to 0%, and

  

	 	C)	is equal to the number of days between the rider date and January 1st of the next calendar year, divided by the number of days in the current calendar year.

  

					
	RGMB 15 0905 (NY)	  	(2)	  	 

 ARTICLE II CONTINUED 
  

	2)	is an amount equal to the minimum required distribution amount (based on the premium paid to the policy to which this rider is attached) for the current calendar year using the
annuitant’s age only 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 calendar year. Amounts carried over from past calendar 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 maximum annual withdrawal amount. 
  
 An amount in addition to the
amount described in 2 above, may need to be taken to satisfy minimum required distributions, in certain situations. Such additional withdrawal amount will be considered an excess gross partial withdrawal (as described under “Total Withdrawal
Base” below). 
  
 On January 1st of each subsequent calendar year
following the rider date, the maximum annual withdrawal amount will be reset equal to the greater of 1 and 2 where: 
  

	1)	is A multiplied by B where: 

  

	 	A)	is the total withdrawal base as of this date, and 

  

	 	B)	is the “For Life” withdrawal percentage shown on page 1. If the annuitant is not yet 59 on January 1st of the current calendar year, this percentage will be equal to
0%. 

  

	2)	is an amount equal to the minimum required distribution amount for the policy for the current calendar year using the annuitant’s age only 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 calendar year. Amounts carried over from past calendar years are not considered. 

  
 If any of the above are not true, then 2) is equal to zero and the minimum
required distribution is not available as a maximum annual withdrawal amount. 
  
 An amount in addition to the amount described in 2 above, may need to be taken to satisfy minimum required distributions. Such additional withdrawal amount will be considered an excess gross partial withdrawal (as described under
“Total Withdrawal Base Adjustments” below). 
  
 Minimum Remaining
Withdrawal Amount 
  
 The minimum remaining withdrawal amount is the total
minimum dollar amount of guaranteed withdrawals you have remaining, provided withdrawals do not exceed the maximum annual withdrawal amount each rider year. The minimum remaining withdrawal amount 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 minimum remaining withdrawal amount after the rider date is equal to the minimum remaining withdrawal amount on the rider date plus any premiums added after the rider
date (not including premium enhancements, if any) less any adjustments for withdrawals (as described under “Minimum Withdrawal Amount Adjustments” below). 
  

					
	RGMB 15 0905 (NY)	  	(3)	  	 

 ARTICLE II CONTINUED 
  
 Minimum Remaining Withdrawal Amount Adjustments 
  
 Gross partial withdrawals up to the maximum annual withdrawal amount will reduce the minimum remaining withdrawal amount by the same amount
(dollar for dollar). Gross partial withdrawals in excess of the maximum annual withdrawal amount will reduce the minimum remaining withdrawal amount by the greater of: 
  

	1)	the excess gross partial withdrawal amount; and 

  

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

  

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

  

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

  

	 	C	is the minimum remaining withdrawal amount after the maximum annual withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount. 

 
 Total Withdrawal Base Adjustments 
  
 Gross partial withdrawals up to the maximum annual withdrawal amount will not reduce the
total withdrawal base. Gross partial withdrawals in excess of the maximum annual withdrawal amount will reduce the total withdrawal base by the greater of: 
  

	1)	the excess gross partial withdrawal amount; and 

  

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

  

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

  

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

  

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

  
 Please see the Appendix attached to this rider which illustrates the withdrawal benefit.  
  
 Death Benefit 
  
 Upon the death of the annuitant, we will pay an additional death benefit amount equal to the excess, if any, of the minimum remaining withdrawal amount over the base
policy death benefit and this rider will then terminate. 
  
 Designated Funds

  
 If you elect this rider, you must allocate 100% of your initial premium
payment and any subsequent premium payments into one or more of the designated funds. You can generally transfer between the designated funds as permitted under your policy. 
  
 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 and no additional death benefit will be paid under this rider. 
  
 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 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 maximum annual 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 minimum remaining withdrawal amount equals zero, the annuitant’s beneficiary will
receive a death benefit equal to the minimum remaining withdrawal amount. 
  

					
	RGMB 15 0905	  	(4)	  	 

 ARTICLE III CONTINUED 
  
 RIDER UPGRADE 
  
 You may elect, in writing, to upgrade the total withdrawal base to the policy value, after the third rider anniversary, subject to the 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 also have its own Rider Fee Percentage which may be higher than this rider’s rider fee percentage. 
  
 At the time of upgrade, the minimum remaining withdrawal amounts will also be upgraded to the policy value and the maximum annual withdrawal amounts will be recalculated
based on the new total withdrawal base. 
  
 The new rider effective date will be
the date the Company receives all information necessary, in a written form acceptable to the Company, to process the upgrade. The Company currently allows an upgrade at any time after the third rider anniversary. After your fourth rider anniversary,
the Company reserves the right to limit upgrade requests to 30 calendar days after each rider anniversary. 
  
 Signed for us at our home office. 
  

					
			
	

	 	 	 	

	SECRETARY	 	 	 	PRESIDENT

  

					
	RGMB 15 0905 (NY)	  	(5)	  	 

 APPENDIX 
  
 EXAMPLE OF EFFECT OF WITHDRAWALS ON RIDER BENEFITS 
  
 The following examples illustrate the effect of withdrawals on Rider benefits. Inherent in the rider is a growth benefit, by which the total withdrawal base will
accumulate, using the growth rate percentage shown in the Rider Data Specifications, as described in Article I. The growth period is the period of time from the rider date until the earlier of the first withdrawal or the 10th rider anniversary.

  
 Scenario 1: 
  
 The initial Total Withdrawal Base and Minimum Remaining Withdrawal Amount are both
$100,000.00. For this example, no withdrawals are taken during the first 10 rider years. Withdrawals equal to the maximum annual withdrawal amount for the 5% For Life Withdrawal Guarantee are assumed at the end of rider years 10 and 11. For this
example, hypothetical policy values prior to each withdrawal are assumed to be $165,000.00 at the end of year 10 and $155,000.00 at the end of year 11. 
  
 The effects on the 5% For Life Withdrawal Guarantee are shown in succession in this example. Assume the rider is added to the policy on 7/2/2004 and the age of the
annuitant is 59 years old. 
  
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR
GUARANTEED MINIMUM WITHDRAWAL BENEFIT: 
  
 Total Withdrawal Base.
Gross partial withdrawals up to the maximum annual withdrawal amount will not reduce the total withdrawal base. Gross partial withdrawals in excess of the maximum annual withdrawal amount will reduce the total withdrawal base by the greater of the
excess gross partial withdrawal amount or pro rata. 
  
 Minimum Remaining
Withdrawal Amount. Gross partial withdrawals up to the maximum annual withdrawal amount will reduce the minimum remaining withdrawal amount by the same amount (dollar–for–dollar). Gross partial withdrawals in excess of the maximum
annual withdrawal amount will reduce the minimum remaining withdrawal amount by the greater of the excess gross withdrawal amount or pro rata. 
  
 When a withdrawal is taken, three parts of the guaranteed minimum withdrawal benefit can be effected: 
  

	 	1.	Minimum remaining withdrawal amount (MRWA) 

  

	 	2.	Total withdrawal base (TWB) 

  

	 	3.	Maximum annual withdrawal amount (MAWA) 

  
 Effects on 5% “For Life” MRWA, TWB, and MAWA: 
  
 Last day of Rider Year 10: 
  

	 	TWB = $100,000.00 * 1.05 to the power of (3652/365) = $162,933.02 

	 	(since 3652 days have passed during the 10 years, assuming the passage of 2 leap years) 

  

	 	MRWA = $100,000.00 

  

	 	MAWA = 5% Withdrawal (WD) would be $8,146.65 (5% of TWB $162,933.02) 

  

	 	Assumed WD = $8,146.65 

  

	 	Excess withdrawal (EWD) = $0.00 

  

	 	Assumed Policy Value (PV) = $165,000.00 

  

	Step One.	Is any portion of the total withdrawal greater than the maximum annual withdrawal amount? 

  

	 	No. 

  

	Step Two.	What is the minimum remaining withdrawal amount after the withdrawal has been taken? 

  

	 	1.	Total to deduct from the minimum remaining withdrawal amount is $8,146.65 (there is no excess to deduct). 

  

	 	2.	$100,000.00 – $8,146.65 = $91,853.35 

  

					
	RGMB 15 0905 (NY)	  	 (A-1)
	  	 

 Last Day of Rider Year 11: 
  

	 	TWB = $162,933.02 

  

	 	MRWA = $91,853.35 

  

	 	MAWA = 5% WD would be $8,146.65 (5% of TWB $162,933.02) 

  

	 	Assumed WD = $8,146.65 

  

	 	Excess withdrawal (EWD) = $0.00 

  

	 	Assumed Policy Value (PV) = $155,000.00 

  

	Step One.	Is any portion of the total withdrawal greater than the maximum annual withdrawal amount? 

  

	 	No. 

  

	Step Two.	What is the minimum remaining withdrawal amount after the withdrawal has been taken? 

  

	 	1.	Total to deduct from the minimum remaining withdrawal amount is $8,146.65 (there is no excess to deduct). 

  

	 	2.	$91,853.35 – $8,146.65 = $83,706.70 

  
 Scenario 2: 
  
 The Initial Total Withdrawal Base and Minimum Remaining Withdrawal Amount are both $100,000.00. For this example, no withdrawals are taken during the first 10 rider years. A withdrawal greater than the maximum annual
withdrawal amount for the 5% For Life Withdrawal Guarantee is assumed at the end of rider year 10. A withdrawal equal to the Minimum Required Distribution (MRD) is assumed at the end of calendar year 11. For this example, hypothetical policy values
prior to each withdrawal are assumed to be $130,000.00 at the end of rider year 10, and $85,000.00 at the end of calendar year 11. 
  
 The effects on the 5% For Life Withdrawal Guarantee are shown in succession in this example. Assume the rider is added to the policy on 7/2/2004 and the age of the
annuitant is 59 years old. Minimum Required Distribution begins in year 11 for this example since they are required by age 70 1/2. 
  
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR GUARANTEED MINIMUM WITHDRAWAL BENEFIT: 
  
 Total Withdrawal Base. Gross partial withdrawals up to the maximum annual withdrawal amount will not reduce the total withdrawal
base. Gross partial withdrawals in excess of the maximum annual withdrawal amount will reduce the total 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 maximum annual withdrawal amount remaining prior to the withdrawal); 

  

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

  

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

  
 Minimum Remaining Withdrawal Amount. Gross partial withdrawals up to the maximum annual withdrawal amount will reduce the minimum remaining withdrawal amount by
the same amount (dollar–for–dollar). Gross partial withdrawals in excess of the maximum annual withdrawal amount will reduce the minimum remaining withdrawal amount pro rata. The amount of the reduction due to 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 maximum annual withdrawal amount remaining prior to the withdrawal); 

  

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

	 	C	is the minimum remaining withdrawal amount after the maximum annual withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount. 

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

	 	1.	Minimum remaining withdrawal amount (MRWA) 

  

	 	2.	Total withdrawal base (TWB) 

  

	 	3.	Maximum annual withdrawal amount (MAWA) 

  

					
	RGMB 15 0905 (NY)	  	 (A-2)
	  	 

 Effects on 5% “For Life” MRWA, TWB, and MAWA: 
  
 Last Day of Rider Year 10: 
  

	 	TWB = $100,000.00 * 1.05 to the power of (3652/365) = $162,933.02 

	 	             (since 3652 days have passed during the 10 years, assuming the passage of 2 leap years)

  

	 	MRWA = $100,000.00 

  

	 	MAWA = 5% WD would be $8,146.65 (5% of TWB $162,933.02) 

  

	 	Assumed WD = $15,000.00 

  

	 	Excess withdrawal (EWD) = $6,853.35 ($15,000.00 – $8,146.65) 

  

	 	Assumed Policy Value (PV) = $130,000.00 

  
 “For Life” minimum remaining withdrawal amount after WD: 
  

	Step One.	Is any portion of the total withdrawal greater than the maximum annual withdrawal amount? 

  

	 	Yes. $15,000.00 – $8,146.65 = $6,853.35 (the excess withdrawal amount) 

  

	Step Two.	How much of the minimum remaining withdrawal amount is effected by the excess withdrawal? 

  

	 	1.	Formula for pro rata amount is (EWD / (PV – MAWA)) * (MRWA – MAWA) 

  

	 	2.	($6,853.35 / ($130,000.00 – $8,146.65)) * ($100,000 – $8,146.65) = $5,166.07 

  

	Step Three.	Which is larger, the actual $6,853.35 excess withdrawal or the $5,166.07 pro rata amount? 

  

	 	$6,853.35 excess withdrawal amount 

  

	Step Four.	What is the minimum remaining withdrawal amount after the withdrawal has been taken? 

  

	 	1.	Total to deduct from the minimum remaining withdrawal amount is $8,146.65 (MAWA) + $6,853.35 (excess withdrawal) = $15,000.00 

  

	 	2.	$100,000 – $15,000.00 = $85,000.00 

  
 “For Life” total withdrawal base after WD: 
  

	Step One.	The total withdrawal base is only reduced by amount of the excess or the pro rata amount if greater. 

  

	Step Two.	Calculate how much the total withdrawal base is effected by the excess withdrawal. 

  

	 	1.	The formula is (EWD / (PV – MAWA)) * TWB before any adjustments 

  

	 	2.	($6,853.35 / ($130,000 – $8,146.65)) * $162,933.02 = $9,163.78 

  

	Step Three.	Which is larger, the actual $6,853.35 excess withdrawal or the $9,163.78 pro rata amount? 

  

	 	$9,163.78 pro rata amount 

  

	Step Four.	What is the new total withdrawal base upon which the maximum annual withdrawal amount is based? 

  

	 	$162,933.02 – $9,163.78 = $153,769.24 

  

	Result.	The new “For Life” total withdrawal base is $153,769.24. 

  

					
	 RGMB 15 0905 (NY)
	  	(A-3)	  	 

 “For Life” maximum annual withdrawal amount after WD: 
  
 Because the “For Life” total withdrawal base was adjusted (due to excess
withdrawal), we have to calculate a new maximum annual withdrawal amount for the 5% “For Life” guarantee that will be available starting on the calendar anniversary. 
  

	Step One.	What is the “For Life” maximum annual withdrawal amount for the beginning of calendar year 11? 

  

	 	$153,769.24 (total withdrawal base at the beginning of calendar year 2) * 5% = $7,688.46 

  

	Result.	Beginning in calendar year 11, the maximum you can take out in the rider year is $7,688.46 annually without causing an excess withdrawal for the “For Life” guarantee and
further reduction of the “For Life” guarantee. 

  
 Last day of Calendar Year 11: 
  

	 	TWB = $153,769.24 

  

	 	MRWA = $85,000.00 

  

	 	Assumed MRD = $8,000.00 

  

	 	MAWA = 5% WD would be $7,688.46 (5% of TWB $153,769.24), maximum of MRD and 5% of TWB is the $8,000.00 MRD 

  

	 	Assumed WD = $8,000.00 

  

	 	Excess withdrawal (EWD) = 0 

  

	 	Assumed PV = $85,000.00 

  

	Step One.	Is any portion of the total withdrawal greater than the maximum annual withdrawal amount? 

  

	 	No. 

  

	Step Two.	What is the minimum remaining withdrawal amount after the withdrawal has been taken? 

  

	 	1.	Total to deduct from the minimum remaining withdrawal amount is $8,000.00 (there is no excess to deduct). 

  

	 	2.	$85,000.00 – $8,000.00 = $77,000.00 

  

	Result.	Beginning in calendar year 12, the total withdrawal base will stay at $153,769.24 but the minimum remaining withdrawal amount will be reduced to $77,000.00.

  
 First day of Calendar
Year 12: 
  
 Assume the Death occurs for the policy. Also, assume that
the Policy Value on the date of death is $75,000.00, and the base policy death benefit is $65,000.00. The additional death benefit for the rider would be equal to the excess of the MRWA over the base policy death proceeds. ($77,000.00 –
$65,000.00) = $12,000.00. 
  

					
	 RGMB 15 0905 (NY)
	  	(A-4)Exhibit 10.8

 Exhibit 10.8 
  
 Pulaski Financial Corp. 
 Cash-Based Deferred Compensation Plan 
  
 Article 1 
 Effective Date and Purpose 
  
 1.1 Effective Date. The Pulaski Financial Corp. Cash-Based Deferred
Compensation Plan (the “Plan”) is effective as of October 1, 2005. 
  
 1.2 Purpose. The Plan is a deferred compensation plan, the primary purpose of which is to provide key employees of Pulaski Bank (the “Bank”) and its affiliated companies with the opportunity to
voluntarily defer a portion of their compensation, subject to the terms of the Plan. By adopting the Plan, Pulaski Financial Corp. (the “Company”) and the Bank desire to enhance their ability to attract and retain employees of outstanding
competence by providing such individuals with an opportunity to accumulate additional sources of post-employment income on a tax-advantaged basis. 
  
 Article 2 
 Administration

  
 2.1 The Committee. The Plan shall be administered
by the Compensation Committee of the Board or any other successor committee appointed by the Board (the “Committee”). 
  
 2.2 Authority of the Committee. The Committee shall have authority to select eligible employees of the Bank for participation in the Plan;
determine the terms and conditions of each employee’s participation in the Plan; interpret the Plan; establish, amend, or waive rules and regulations for the Plan’s administration; and, subject to Article 8 herein, amend the terms and
conditions of the Plan and any agreement entered into under the Plan. Further, the Committee shall make all other determinations which may be necessary or advisable for the administration of the Plan. As permitted by law, the Committee may delegate
any of its authority granted under the Plan to such other person or entity it deems appropriate, including but not limited to, senior management of the Bank. 
  
 2.3 Guidelines. Subject to the provisions herein, the Committee may adopt written guidelines for the implementation and administration of the Plan.

  
 2.4 Decisions Binding. All determinations and decisions
of the Committee arising under the Plan shall be final binding, and conclusive upon all parties. 
  

 1 

 Article 3 
 Eligibility and Participation 
  
 3.1 Eligibility. Subject to Sections 3.2 and 3.3, persons eligible to be selected to participate in the Plan shall include full-time, salaried or commission-based employees of the Bank, its subsidiaries, and affiliates who are key
employees, as determined by the Committee in its sole discretion. 
  
 3.2 Limitation on Eligibility. It is the intent of the Company that the Plan qualify for treatment as a “top hat” plan under the Employee Retirement Income Security Act of 1974, as amended from time to time, or any
successor Act thereto (“ERISA”). Accordingly, to the extent required by ERISA to obtain such “top hat” treatment, eligibility shall be extended only to those executives who comprise a select group of management or highly
compensated employees. Further, the Committee may place such additional limitations on eligibility as it deems necessary and appropriate under the circumstances. 
  
 3.3 Participation. Participation in the Plan and the extent of such participation shall be determined by the
Committee based upon the criteria set forth in Sections 3.1 and 3.2 herein. An employee who is chosen to participate in the Plan in any Plan Year (a “Participant”) shall be so notified in writing. A Participant’s election to
participate in the Plan shall be effective on a Plan Year basis, except for newly eligible Participants as set forth in Section 3.4 of the Plan. 
  
 3.4 Partial Year Eligibility. In the event that an individual first becomes eligible to participate in the Plan during a Plan Year, such individual
shall, within thirty (30) calendar days of becoming eligible, be notified by the Bank of his or her eligibility to participate, and the Bank shall provide each such individual with an Election Form, which must be completed by the individual as
provided in Section 4.2 herein. 
  
 3.5 No Right to
Participate. Except as otherwise set forth in a Participant’s Deferred Compensation Agreement, no employee shall have the right to be selected as a Participant, or having been so selected for any given Plan Year, to be selected again as a
Participant for any other Plan Year. 
  
 3.6 Plan Year. For
purposes of this Plan, the Plan Year is defined as October 1st - September 30th. 
  

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 Article 4 
 Deferral Opportunity 
  
 4.1 Deferrals 
  
 (a) Amount Which May Be
Deferred by a Participant. A Participant may elect to defer, in any Plan Year, the eligible components of Compensation (as described below); provided, however, that the Committee shall have sole discretion to designate which components of
Compensation are eligible for deferral elections under the Plan in any given Plan Year. In addition, the Committee may, in its sole discretion, designate the maximum or minimum amount or increments of any single eligible component of Compensation
which may be deferred in any Plan Year or establish any other limitations as it deems appropriate in any Plan Year. 
  
 The components of “Compensation” shall include (i) “Salary” defined as all regular, basic wages, before reduction for
amounts deferred pursuant to the Plan or any other plan of the Bank or the Company, payable in cash to a Participant for services to be rendered, exclusive of any Bonus, other special fees, awards, or incentive compensation, allowances, or amounts
designated by the Bank as payment toward or reimbursement of expenses, (ii) “Bonus” defined as any incentive award based on an assessment of performance, payable by the Bank to a Participant with respect to the Participant’s
services during a Plan Year, and (iii) “Commissions” defined as fees earned in connection with loan originations and other transactions with the Bank or its affiliates. 
  
 (b) Non-Elective Deferrals. In addition to any elective deferral
contributions made by a Participant under subsection (a) hereof, the Bank, in it sole discretion, may, but shall not be required to, credit to a Participant’s Account as a nonelective deferral contribution (a “Bank Contribution”)
any amount it determines appropriate. The amount so credited, if any, may vary from Participant to Participant and may be zero even if a contribution is made on behalf of another Participant. The Bank may also express a Bank Contribution as a
matching contribution equal to a percentage of the Participant’s annual elective deferral contributions, if any. Subject to a written agreement between the Company, the Bank and the Participant, the Bank may require deferral of a portion of the
Participant’s Compensation on a non-elective basis and such deferral shall be treated as a Bank Contribution. 
  
 4.2 Time of Deferral Election. An election to defer a component of Compensation permitted by the Committee to be deferred by a Participant under
the Plan shall be given effect in accordance with the following timing rules: 
  
 (a) An election to defer Salary or Commissions shall apply only to Salary or Commissions earned for payroll periods beginning after a properly executed Election Form has been filed with the Committee. 
  

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 (b) An election to defer a Bonus for any Plan Year shall apply only if a properly executed Election Form
has been filed with the Committee before the beginning of the Plan Year to which the Bonus relates. 
  
 4.3 Content of Deferral Election. All deferral elections shall be irrevocable, and shall be made on a form or forms prescribed by the Committee (an
“Election Form”), as described herein. Participants shall make the following irrevocable elections on each Election Form: 
  
 (a) The amount to be deferred with respect to each eligible component of Compensation for the Plan Years; 
  
 (b) The length of the deferral period with respect to each eligible component
of Compensation, subject to the terms of Section 4.4 herein; and 
  
 (c) The method of distribution to be made to the Participant at the end of the deferral period(s), subject to the terms of Section 4.5 herein. 
  
 Notwithstanding the amounts requested to be deferred pursuant to subparagraph (a) above, the limits on deferrals set forth in Section 4.1 herein shall apply to
the requested deferrals each Plan Year. 
  
 4.4 Length of
Deferral. The deferral periods elected by each Participant with respect to deferrals of Compensation for any Plan Year shall be at least equal to one (1) year following the end of the Plan Year to which the deferral relates, unless such
deferral is a Bank Contribution subject to a vesting schedule. 
  
 4.5 Distribution of Deferred Amounts. Participants shall be entitled to elect to receive distribution of deferred amounts, at the end of the deferral period in a single lump sum distribution, by means of installments, or in such
other format approved by the Committee. Participants will elect their distribution option at the same time the deferral election is made. If a Participant desires to change an election to defer the payment of any benefit, then such election must be
made at least one (1) year prior to the original payment date and the distribution may not commence for at least five (5) years from the date the original distribution would have been made but for such change. 
  
 (a) Lump Sum Distribution. Such distribution shall be made in cash
within one hundred and twenty (120) calendar days of the date specified by the Participant as the date for distribution of deferred amounts as described in Sections 4.3 and 4.4 hereof, or as soon thereafter as practicable. 
  
 (b) Installment Distribution. Participants may elect distribution in
annual installments, with a minimum number of installments of two (2) and a maximum of ten (10). The initial distribution shall be made in the form of cash within one hundred and twenty (120) calendar days after the commencement date
selected by the Participant pursuant to Sections 4.3 
  

 4 

 and 4.4 hereof, or as soon thereafter as practicable. The remaining distributions shall be made in cash each year
thereafter, until the Participant’s entire deferred compensation account has been distributed. The amount of each installment shall be equal to the balance remaining in the Participant’s account immediately prior to such distribution,
multiplied by a fraction, the numerator of which is one (1), and the denominator of which is the number of installments remaining. If a Participant elects to receive his or her distribution in installments, then he or she may not later elect to
accelerate the payment of any installment thereunder. 
  
 (c)
Alternative Schedule. A participant may submit an alternate distribution schedule to the Committee for approval; provided, however, that no such alternate schedule shall be permitted unless approved by the Committee. 
  
 (d) Death Benefits; Beneficiary Designation. If a Participant dies
before the end of a deferral period or prior to termination of employment, or after distribution of the Participant’s account has commenced but prior to the distribution of all amounts to which the Participant is entitled under the Plan, the
Participant’s account shall be distributable or shall continue to be distributed in accordance with the Participant’s election under this Section 4.5 to the person or persons designated pursuant to this subsection (e). A Participant
may from time to time designate in writing on a form prescribed by the Committee for such purpose a person or persons (named contingently or successively) to receive benefits distributable under this Plan upon or after the Participant’s death.
Such designation may be changed from time to time by the Participant by filing a new designation. Each designation shall revoke all prior designations by the Participant. In the absence of a valid beneficiary designation, the Participant’s
benefits shall be distributable to his or her surviving spouse, or, if the Participant is not survived by a spouse, to his or her estate. 
  
 4.6. Change in Control. In the event of a Change in Control of the Bank or the Company Participants will receive a lump sum distribution of their
account balance as of the date of the Change in Control, including any value associated with unallocated shares pursuant to the pre-purchase of the profit sharing obligations. Payments from the Plan Trust will be made within seven (7) calendar
days from the Change in Control. For purposes of this Plan, a “Change in Control” shall mean an event of a nature that: (i) would be required to be reported in response to Item 1(a) of the current report on Form 8-K, as in effect
on the date hereof, pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”); or (ii) results in a Change in Control of the Bank or the Company within the meaning of the Change in Bank Control
Act and the Rules and Regulations promulgated by the Federal Deposit Insurance Corporation (“FDIC”) at 12 C.F.R. § 303.4(a), with respect to the Bank, and the Rules and Regulations promulgated by the Office of Thrift Supervision
(“OTS”) (or its predecessor agency), with respect to the Company, as in effect on the date of this Agreement; or (iii) without limitation such a Change in Control shall be deemed to have occurred at such time as (A) any
“person” (as the term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of voting securities of the Bank or
the Company representing 20% or more of the Bank’s or the Company’s outstanding voting securities or right to acquire such securities except for any voting 
  

 5 

 securities of the Bank purchased by the Company and any voting securities purchased by any employee benefit plan of the
Company or its Subsidiaries, or (B) individuals who constitute the Board on the date hereof (the “Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a director
subsequent to the date hereof whose election was approved by a vote of at least three-quarters of the directors comprising the Incumbent Board, or whose nomination for election by the Company’s stockholders was approved by a Nominating
Committee solely composed of members which are Incumbent Board members, shall be, for purposes of this clause (B), considered as though he were a member of the Incumbent Board, or (C) a plan of reorganization, merger, consolidation, sale of all
or substantially all the assets of the Bank or the Company or similar transaction occurs or is effectuated in which the Bank or Company is not the resulting entity, or (D) a proxy statement has been distributed soliciting proxies from
stockholders of the Company, by someone other than the current management of the Company, seeking stockholder approval of a plan of reorganization, merger or consolidation of the Company or Bank with one or more corporations as a result of which the
outstanding shares of the class of securities then subject to such plan or transaction are exchanged for or converted into cash or property or securities not issued by the Bank or the Company shall be distributed, or (E) a tender offer is made
for 20% or more of the voting securities of the Bank or Company then outstanding. 
  
 4.7 Key Employee Distributions. Notwithstanding any provision in the Plan to the contrary, lump sum distributions to Key Employees may not be made earlier than 6 months following the date of separation from
employment. For purposes of the Plan, a “Key Employee” means an employee who meets the definition of “key employee” as set forth in Section 416(i) of the Internal Revenue Code. 
  
 4.8 Hardship Distributions. Upon the written request of a Participant
and in the event the Company determines that an “unforeseeable emergency” has occurred with respect to a Participant. the Participant may be allowed to (i) suspend any deferrals required to me made by the Participant and/or
(ii) receive a full or partial payment from the Plan as long as the amounts distributed with respect to an emergency do not exceed the amounts necessary to satisfy such emergency plus amounts necessary to pay taxes reasonably anticipated as a
result of the distribution, after taking into account the extent to which such hardship can be relieved through reimbursement or compensation by insurance or otherwise or by liquidation of the Participant’s assets (to the extent the liquidation
of such assets in itself would not cause severe financial hardship). The payout shall not exceed the lesser of: (i) the amount the Company deems to be necessary to meet the emergency or (ii) the Participant’s Account. For this
purpose, an “unforeseeable emergency” shall mean a severe financial hardship resulting from an illness or accident of the Participant, the Participant’s spouse or dependent (as defined in Section 152(a) of the Internal Revenue
Code) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising beyond the control of the Participant. The need to pay a Participant’s child’s
tuition to college and the desire to purchase a home shall not be considered unforeseeable emergencies. 
  

 6 

 Article 5 
 Deferred Compensation Accounts 
  
 5.1 Participant Accounts. The Company shall establish and maintain an individual bookkeeping account for deferrals made by each Participant under Article 4 herein. Each account shall be credited as of the date the amount deferred
otherwise would have become due and payable to the Participant, or as otherwise determined in the Participant’s Deferred Compensation Agreement. Participant’s are 100% vested in all amounts deferred under Section 4.1(a) of this Plan.

  
 5.2 Valuation of Deferred Amounts. Amounts
credited to a Participant’s deferred compensation account shall be credited with an earnings adjustment in accordance with this Section 5.2. Amounts credited to a Participant’s account shall accrue interest at a rate of Wall
Street Prime plus 1%. Each Participant’s account shall be credited with interest on the last day of each calendar quarter, with interest computed on the average balance in the account during such quarter. Interest credited to
deferred amounts shall be distributed to the Participant at the same time and in the same manner as the underlying deferred amounts. [Set interest rate? Ramsey] 
  
 5.3 Charges Against Accounts. There shall be charged against each Participant’s deferred compensation account
any distributions made to the Participant or to his or her beneficiary. 
  
 Article 6 
 Rights of Participants 
  
 6.1 Contractual Obligation. The Plan shall create a contractual obligation on the part of the Company to make
distributions from the Participant’s accounts when due. 
  
 6.2 Unsecured Interest. No Participant or party claiming an interest in amounts deferred by a Participant shall have any interest whatsoever in any specific asset of the Company or the Bank. To the extent that any party acquires a
right to receive distributions under the Plan, such right shall be equivalent to that of an unsecured general creditor of the Company or the Bank. 
  
 6.3 Authorization for Trust. The Company may, but shall not be required to, establish one or more trusts, with such trustee as the Committee may
approve, for the purpose of providing for the distribution of deferred amounts. Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the creditors of the Bank or Company. To the extent any amounts
deferred under the Plan are actually paid from any such trust, the Company shall have no further obligation with respect thereto, but to the extent not so paid, such deferred amounts shall remain the obligation of, and shall be paid by, the Company
or the Bank. 
  

 7 

 6.4 Employment. Nothing in the Plan shall interfere with nor limit, in any way, the right of the
Bank or any affiliate of the Bank to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of the Bank or any affiliate of the Bank. 
  
 Article 7 
 Withholding of Taxes 
  
 The Company shall have the right to require Participants to remit to the Company an amount sufficient to satisfy any withholding tax requirements or to deduct from all distributions made pursuant to the Plan amounts
sufficient to satisfy withholding tax requirements. 
  
 Article
8 
 Amendment and Termination 
  
 The Company hereby reserves the right to amend, modify, or terminate the Plan at any time by action of the Board, provided, however, that no such
amendment or termination shall in any material manner adversely affect any Participant’s rights to amounts previously deferred hereunder without the consent of the Participant. 
  
 Article 9 
 Claims Procedure 
  
 (a) Claim. A person
who believes that he is being denied a benefit to which he is entitled under this Plan (hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Company, setting forth his claim. The request must be
addressed to the Secretary of the Board at the Company’s then principal place of business. 
  
 (b) Claim Decision. Upon receipt of a claim, the Committee shall advise the Claimant that a reply will be forthcoming within ninety (90) days
and shall, in fact, deliver such reply within such period. The Committee may, however, extend the reply period for an additional ninety (90) days for reasonable cause. If the claim is denied in whole or in part, the Committee shall adopt a
written opinion, using language calculated to be understood by the Claimant, setting forth: 
  
 (i) The specific reason or reasons for such denial; 
  
 (ii) The specific reference to pertinent provisions of this Plan on which such denial is based; 
  
 (iii) A description of any additional material or information necessary for the Claimant to perfect his claim and an explanation why such material or
such information is necessary; 
  

 8 

 (iv) Appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for
review; and 
  
 (v) The time limits for requesting a review of
the decision and for review of the decision. 
  
 (c) Request
for Review. Within sixty (60) days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Board review the determination of the Committee. Such request must be
addressed to the Secretary of the Board, at its then principal place of business. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the
Committee. If the Claimant does not request a review of the Committee’s determination by the Board within such sixty (60) day period, he shall be barred and stopped from challenging the Committee’s determination. 
  
 (d) Review of Decision. Within sixty (60) days after receipt of a
request for review, the Board will review the Committee’s determination. After considering all materials presented by the Claimant, the Board will provide the Claimant with a written opinion, written in a manner calculated to be understood by
the Claimant, setting forth the specific reasons for the decision and containing specific references to the pertinent provisions of this Plan on which the decision is based. If special circumstances require that the sixty (60) day time period
be extended, the Secretary of the Board will so notify the Claimant and will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review. 
  
 Article 10 
 Miscellaneous 
  
 10.1 Notice. Except as otherwise provided herein, any notice or filing required or permitted to be given to the Company under the Plan shall be sufficient if in writing and hand delivered, or sent by registered
or certified mail to the Secretary of the Company. Notice to the Secretary, if mailed, shall be addressed to the principal executive offices of the Company. Notice mailed to a Participant shall be at such address as is given in the records of the
Company. Notices shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. 
  
 10.2 Nontransferability. Participant’s rights to deferred amounts credited hereunder the Plan may not be sold,
transferred, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. In no event shall the Company make any distribution under the Plan to any assignee or creditor of a Participant.

  
 10.3 Severability. In the event any provision of the
Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included.

  

 9 

 10.4. Costs of the Plan. All costs of implementing and administering the Plan shall be borne by
the Company or an affiliate of the Company. 
  
 10.5 Status
under ERISA. The Plan is intended to be an unfunded plan which is maintained primarily to provide deferred compensation benefits for a select group of “management or highly compensated employees” within the meaning of Sections 201,
301, and 401 of ERISA, and to therefore be exempt from the provisions of Parts 2, 3, and 4 of Title 1 of ERISA. 
  
 10.6 Applicable Law. The Plan shall be governed by and construed in accordance with the laws of the State of Missouri. 
  
 10.7 Successors. All obligations of the Company or the Bank under the
Plan shall be binding on any successor to the Bank or the Bank, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of
the Bank or the Company. 
  

 10

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