Document:

Agreement dated May 6, 2005 between the Registrant and David Shinnebarger

 Exhibit 10.51 
  
 AGREEMENT AND GENERAL RELEASE OF ALL CLAIMS 
  
 This Agreement and General Release of All Claims (“Agreement”) is entered into as of this 6th day of May, 2005 between Star Gas Partners, L.P. and all of its direct and indirect subsidiaries (collectively, the
“Company”) and David Anthony Shinnebarger (“Shinnebarger”). 
  
 WHEREAS, Shinnebarger was employed by the Company as its Executive Vice President of Marketing until the termination of his employment effective May 6, 2005 (the “Termination Date”); 
  
 WHEREAS, the parties to this Agreement wish to provide for a full and final
resolution of all claims and potential claims which Shinnebarger might have against the Company, its affiliates, successors, assigns, divisions, partners and related and affiliated entities, and any and all of their past and present partners,
shareholders, officers, directors, agents, representatives and employees (collectively, the “Releasees”), 
  
 NOW, THEREFORE, in consideration of the mutual promises, covenants, conditions and provisions set forth below, it is agreed as follows: 
  
 1. Effective on the Termination Date, Shinnebarger’s employment as the
Company’s Executive Vice President - Chief Marketing Officer as set forth in his October 17, 2003 letter agreement with the Company (the “Employment Agreement”) or otherwise is hereby terminated. Shinnebarger also acknowledges and
agrees that all other offices, positions and fiduciary or business relationships he holds with the Company and any of the Releasees are hereby terminated on the Termination Date. Shinnebarger acknowledges that he has no right to rehire by, or
consideration for future employment with, the Company or the Releasees and that the Company and the Releasees have no obligation to hire him or consider him for employment after the Termination Date. 
  
 2. In consideration of the releases and additional promises set forth herein,
the Company: 
  
 a. shall pay to Shinnebarger as
severance pay, $243,750.00 (90 days notice plus 6 months severance at his present salary), less applicable withholdings. Such severance pay shall be made in a single payment to Shinnebarger on the Effective Date (as defined herein); and 

 
 b. shall pay the cost of Shinnebarger’s monthly
premiums for COBRA continuation coverage for a period of nine (9) months after the Termination Date (through and including February 2006). 
  
 3. Shinnebarger acknowledges that payments contained in Paragraph 2 herein will fully discharge the Company and all of the Releasees from all liabilities
and obligations pursuant to any oral or written agreement between Shinnebarger and the Company, including but not limited to the Employment Agreement (and all provisions, terms and promises contained therein) or any other alleged promise or
understanding between the Company and Shinnebarger, provided however that nothing contained in this Agreement shall limit or alter the terms of coverage of the Company’s Director and Officer insurance policies so as to affect
Shinnebarger’s rights thereunder, if any. Shinnebarger specifically acknowledges that the payment promise contained in Paragraph 2 herein includes and is in excess of any amounts due Shinnebarger from the 

 
Company in connection with, directly or indirectly, Shinnebarger’s employment with the Company and the termination thereof, including, without
limitation, any wages, salary, bonus, vacation pay and any other benefit payment due Shinnebarger from the Company. 
  
 4. In consideration of the payments made hereunder, Shinnebarger, for himself, his heirs, dependents, executors, administrators, trustees, representatives
and assigns, hereby fully, finally and unconditionally waives and forever releases, discharges and forgives the Releasees from any and all claims, allegations, complaints, proceedings, charges, actions, causes of action, demands, debts, covenants,
contracts, liabilities or damages of any nature whatsoever, whether now known or claimed, to whomever made, which Shinnebarger had, has or may have against any or all of the Releasees for or by reason of any cause, nature or thing whatsoever, up to
the date of the execution of this Agreement, including, by way of example and without limiting the broadest application of the foregoing, any actions, causes of action or claims under any contract or any federal, state or local decisional law,
statutes, regulations or constitutions, any claims for notice or pay in lieu of notice, or for wrongful dismissal, discrimination, retaliation or harassment on the basis of any factor (including, without limitation, any claim arising under the Age
Discrimination in Employment Act (including the Older Workers Benefit Protection Act), Title VII of the Civil Rights Act of 1964, as amended, the Civil Rights Act of 1991, the Employee Retirement Income and Security Act of 1974, as amended, the Fair
Labor Standards Act, the Americans with Disabilities Act, the Family and Medical Leave Act, the Connecticut Fair Employment Practices Act, the New York Human Rights Law, the New York City Civil Rights Law, and any other federal, state or local
legislation), and any claims, asserted benefits or rights arising by or under contract or implied contract, any alleged oral or written contract or agreement for employment or services, any claims arising by or under promissory estoppel, detrimental
reliance, or under any asserted covenant of good faith and fair dealing, and any claims for defamation, fraud, fraudulent inducement, intentional infliction of emotional distress, or any other tortious conduct, including personal injury of any
nature and arising from any source or condition or attorney’s fees and costs of whatsoever nature related to any such claim described in this Paragraph 4. 
  

5. As of the date of, and upon execution of this Agreement and its waiver and release of all claims, Shinnebarger covenants, represents and warrants
that he has not asserted and will not assert, threaten or commence any claim, lawsuit, arbitration, complaint, charge or proceeding against the Company or the Releasees by reason of any cause, matter or thing, known or unknown, existing up to the
date of his execution of this Agreement (or if any such claim, lawsuit, arbitration, complaint, charge or proceeding is currently pending, Shinnebarger represents and warrants that he will immediately discontinue said action(s), or take any
necessary steps to otherwise effectuate the dismissal or withdrawal of said action(s), with prejudice). If Shinnebarger should, after the execution of this Agreement, make, pursue or commence (or threaten to make, pursue or commence) any claim,
lawsuit, arbitration, complaint, charge or proceeding against the Company, for or by reason of any cause, matter or thing whatsoever existing up to the date of his execution of this Agreement, this Agreement may be raised as, and shall constitute, a
complete bar to any such claim, lawsuit, arbitration, complaint, charge or proceeding, and the Company shall be entitled to recover from Shinnebarger all reasonable costs incurred by virtue of defending same, including reasonable attorney’s
fees, without altering or diminishing the effectiveness of the release provisions provided under this and the preceding Paragraph. In the event Shinnebarger is permitted by law to file or assert any charge or claim, he hereby waives any right to
equitable or monetary recovery therefrom; provided, however, that 

  

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nothing in this Agreement shall limit either Shinnebarger or the Company from enforcing their respective rights under this Agreement. 
  
 6. On or before the Termination Date, Shinnebarger shall return to the
Company all Company property in his possession or under his control, including any and all documents and electronic information in any form, any and all copies thereof, any other material containing confidential or proprietary Company information,
whether or not specifically designated as such material, and any all keys, passcards, credit cards or other Company property. 
  
 7. Shinnebarger shall keep any and all information concerning the Company any of the Releasees, other than information generally available to the public
(except for information that is or becomes public through Shinnebarger’s breach of this paragraph), including but not limited to this Agreement, its terms, provisions, and any and all underlying circumstances pertaining thereto (collectively,
“Confidential Information”), strictly confidential and shall not disclose or cause or permit to be disclosed any Confidential Information to any person, party or other entity, other than to Shinnebarger’s immediate family, attorney,
tax consultant, or the Internal Revenue Service, or as Shinnebarger may be compelled to disclose by law or formal legal process. In the event that Shinnebarger is requested to reveal the existence and contents of this Agreement to any person or
entity other than to the persons identified in this paragraph, he shall immediately notify the Company of any such request (and provide to the Company a copy of any written request), but shall not reveal the amount of any payment by the Company to
Shinnebarger provided for herein, unless required by law or otherwise ordered to do so by a Court of competent jurisdiction. Nothing herein shall prevent Shinnebarger from disclosing the terms and provisions of this Agreement to the extent
reasonably necessary to legally enforce the payments required to be made by the Company pursuant to Paragraph 2. 
  
 8. Shinnebarger hereby acknowledges his post-termination restrictions contained in Paragraph 5 of the Employment Agreement (the “Restrictive
Covenants”) and that such Restrictive Covenants survive the termination of his employment with the Company and remain enforceable after the Termination Date. Shinnebarger further acknowledges that if a court of competent jurisdiction holds that
the stated scope, duration or other restriction contained in the Restrictive Covenants are overbroad, unreasonable or otherwise unenforceable for whatever reason, such court shall substitute the maximum reasonable scope, duration and restriction in
place of the stated provision. 
  
 9. Shinnebarger shall cooperate
with the Company and the Releasees in connection with any legal or administrative proceeding, claim, allegation, complaint, charge, action, cause of action or demand against the Company and/or any of the Releasees concerning any alleged measure of
damage or liability of any nature whatsoever against the Company and/or any of the Releasees or to which the Company and/or any of the Releasees is a party or otherwise involved (“Proceeding”). In connection with the Company’s and or
any of the Releasees’ defense against any Proceedings (other than any Proceeding by Shinnebarger to enforce this Agreement), Shinnebarger shall use his reasonable best efforts to: (1) respond and provide information (including accurately stated
affidavit(s)) concerning all matters in which he has knowledge (whether or not as a result of his employment or other relationship with the Company or any of the Releasees) to the Company and its representatives; (2) make himself available, upon
request by the Company or its representative at reasonable times, with at least fourteen (14) days prior notice, for meetings and depositions; (3) make himself available upon reasonable advance notice, to appear as a witness in connection with any
Proceeding, irrespective or other commitments or 
  

 3 

 schedule conflicts. The Company will reimburse Shinnebarger for reasonable travel, lodging, meals and other out of pocket
expenses he incurs (specifically excluding his attorney’s fees and personal or professional time charges) in complying with this Paragraph 9. 
  
 10. The parties acknowledge and agree that any material breach of this Agreement by Shinnebarger that is not cured by Shinnebarger within 10 days after
written notice to him by the Company or any of the Releasees of such material breach of this Agreement shall immediately release the Company from its obligations hereunder without altering or diminishing the effectiveness of the release provisions
provided herein. Furthermore, the parties recognize that any breach of this Agreement by Shinnebarger may damage the Company irreparably, the specific amount of which will be impossible to ascertain. The parties hereto acknowledge that in the event
of any such breach, the Company shall, in addition to such other relief as might be appropriate, be entitled to the following relief against Shinnebarger from a court or competent jurisdiction: (a) liquidated damages in the amount of $100,000.00;
(b) injunctive relief enjoining any such breach; (c) specific performance of Shinnebarger’s obligations hereunder; and (d) the costs incurred by the Company in obtaining such relief, including attorney’s fees. 
  
 11. Shinnebarger acknowledges that he has been given a period of twenty-one
(21) days from the receipt hereof to review and consider this Agreement before signing it. 
  
 12. Shinnebarger acknowledges that he may revoke this Agreement within seven (7) calendar days following the date of his execution of this Agreement as set forth on the last page hereof, and that this Agreement shall
not become effective or enforceable until such revocation period has expired (the “Effective Date”). No such revocation shall be effective unless it is made in writing, signed by Shinnebarger and delivered to the Company and its attorney,
Alan Shapiro, Esq., Phillips Nizer LLP, 666 Fifth Avenue, New York, New York 10103-0084, no later than the close of business on the seventh day following Shinnebarger’s execution of this Agreement. Shinnebarger understands that if he revokes
this Agreement, it shall be of no force and effect and he shall have no right to receive, and the Company shall have no obligation to provide, the consideration described herein. If Shinnebarger does not effectively revoke this Agreement pursuant to
and in accordance with this paragraph, it shall be effective and enforceable as of the expiration of the revocation period described in this Paragraph 12. 
  
 13. Shinnebarger acknowledges that he has been advised to consult with an attorney concerning this Agreement and that he has consulted with an attorney of
his choice concerning the Agreement prior to signing this Agreement. 
  
 14. Shinnebarger shall not disparage the Company or the Releasees in any manner. 
  
 15. This Agreement shall not constitute an admission of any wrongdoing by the Company or the Releasees, or of having caused any injury to Shinnebarger by any acts or omissions on the part of the Company or the
Releasees, or of a violation of any statutory, regulatory or common law obligation owed to Shinnebarger by the Company or the Releasees. 
  
 16. The provisions, sections and paragraphs, and the specific terms set forth therein, of this Agreement are severable. If any provision, section or
paragraph, or specific term contained therein, of this Agreement or the application thereof is determined by a court of competent jurisdiction to be illegal, invalid or unenforceable, that provision, section, paragraph or term shall not be a part of
this Agreement, and the legality, validity and enforceability of 
  

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remaining provisions, sections and paragraphs, and all other terms therein, of this Agreement shall not be affected thereby. 
  
 17. This Agreement embodies the entire agreement between parties hereto and
may not be amended, modified or terminated except by express written agreement between the parties. This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of New York. Shinnebarger hereby consents to the
exclusive jurisdiction and venue of the courts of the State of New York, New York County and the State of Connecticut, Fairfield County, for the enforcement of this Agreement and waives any rights he may have to a trial by jury in connection
therewith. 
  
 18. The Company may withhold from any amounts
payable under this Agreement such Federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
  
 19. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were
upon the same instrument. 
  
 IN SIGNING THIS AGREEMENT,
SHINNEBARGER ACKNOWLEDGES THAT HE HAS READ AND UNDERSTANDS THE ENTIRE AGREEMENT; THAT IT INCLUDES A FULL AND FINAL RELEASE OF ANY CLAIM HE MAY HAVE AGAINST THE COMPANY AND THE RELEASEES UNDER THE AGE DISCRIMINATION IN EMPLOYMENT ACT, 29 U.S.C.
§ 621 ET SEQ; AND THAT HE HAS BEEN ADVISED TO CONSULT WITH AN ATTORNEY AND HAS CONSULTED WITH AN ATTORNEY OF HIS CHOICE CONCERNING THIS AGREEMENT PRIOR TO SIGNING THIS AGREEMENT. SHINNEBARGER FURTHER ACKNOWLEDGES THAT IF HE SIGNS THIS AGREEMENT
PRIOR TO THE EXPIRATION OF THE 21-DAY PERIOD SET FORTH IN PARAGRAPH 10 OF THIS AGREEMENT, HE HAS KNOWINGLY AND VOLUNTARILY WAIVED HIS RIGHT TO CONSIDER THE TERMS OF THIS AGREEMENT FOR THE FULL 21-DAY PERIOD. 
  

			
	 /s/    DAVID ANTHONY
SHINNEBARGER

	  	Date:        5/6/05        
		
	 DAVID ANTHONY SHINNEBARGER
	  	 
		
	 STAR GAS LLC
	  	Date:        5/6/05        
		
	 BY:    ILLEGIBLE

	  	 

  

 5Exhibit 4.C

 EXHIBIT (4)(c) 
  
 FORM OF POLICY RIDER 
 (5 FOR LIFE – GROWTH – WITHOUT 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 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.
 
  
 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:
	 	 	  	0.60%	 	 

  

	*	If 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 14 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. 
  

					
	RGMB 14 0905 (NY)	 	(2)	 	 

 ARTICLE II CONTINUED 
  
 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.

  

	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
annuitants 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 Adjustments” 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). 
  

					
	RGMB 14 0905 (NY)	 	(3)	 	 

 ARTICLE II CONTINUED 
  
 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. 
  
 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. 
  
 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. 
  
 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 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 14 0905 (NY)	 	(4)	 	 

 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 is $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. 
  
 When a withdrawal is taken, two parts of the guaranteed minimum
withdrawal benefit can be effected: 
  

	 	1.	Total withdrawal base (TWB) 

  

	 	2.	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) 
  

	 	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 

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

	 	No. 

  

	Result.	Since the withdrawal is equal to the minimum annual withdrawal amount, the total withdrawal base will stay at $162,933.02. 

  
 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 

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

	 	No. 

  

					
	RGMB 14 0905 (NY)	 	(A-1)	 	 

 Scenario 2: 
  
 The Initial Total Withdrawal Base is $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. 

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

	 	1.	Total withdrawal base (TWB) 

  

	 	2.	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) 
  

	 	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” 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 14 0905 (NY)	 	(A-2)	 	 

 “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 

  

	 	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 

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

	 	No. 

  

	Result.	Beginning in calendar year 12, the total withdrawal base will stay at $153,769.24. 

  

					
	RGMB 14 0905 (NY)	 	(A-3)

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