Document:

REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION  RIGHTS AGREEMENT,  dated as of the 30th day
of  December,  1999,  among the  entities  listed on  Schedule  A  (collectively
referred  to  as  the  "Investors"  and  along  with  the  Placement  Agent  (as
hereinafter  defined)  also  referred to as the  "Holders")  located at 760 U.S.
Highway  One,  Suite  206  North  Palm  Beach,  Florida  33408,  and  OBJECTSOFT
CORPORATION, a corporation incorporated under the laws of the State of Delaware,
having its principal place of business at Continental  Plaza III, 433 Hackensack
Avenue, Hackensack, New Jersey 07601 (the "Company").

                  WHEREAS, the Investors are purchasing from the Company and the
Company  is issuing  and  selling to the  Investors,  pursuant  to the terms and
conditions of a 6% Series G Convertible  Preferred Stock Subscription  Agreement
dated as of the date  hereof  (the  "Agreement"),  an  aggregate  value of up to
$2,500,000 of Series G Preferred  Stock and Warrants to purchase common stock of
the Company ("Common Stock");

                  WHEREAS,  Under the Agreement,  the Company shall issue to the
Placement Agent (as defined in the Agreement),  in return for services  rendered
(in  addition  to other  fees set forth in the  Agreement):  (i) that  number of
shares  of  Preferred  Stock  equal to six  percent  of the  number of shares of
Preferred  Stock  issued to the  Investors  and (ii)  Warrants  to  purchase  an
aggregate of up to 62,500 shares of Common Stock; and

                  WHEREAS,  the  Company  desires  to grant to the  Holders  the
registration  rights set forth herein with respect to the shares of Common Stock
underlying the Series G Preferred Stock (the "Underlying  Shares") and shares of
Common  Stock  underlying  the Warrants  (the  "Warrant  Shares")  (collectively
hereinafter  referred to as the "Stock" or "Securities"  of the Company),  which
shall not include the  Preferred  Stock.  All  capitalized  terms not  otherwise
defined  herein  shall  have  those  meanings  ascribed  to  such  terms  in the
Agreement.

                  NOW, THEREFORE, the parties hereto mutually agree as follows:

                  Section 1.  Registrable  Securities.  As used  herein the term
"Registrable  Security"  means any of the Underlying  Shares and Warrant Shares;
provided,  however,  that with respect to any particular  Registrable  Security,
such security  shall cease to be a Registrable  Security when, as of the date of
determination,  (i) it has been  effectively  registered  for  resale  under the
Securities  Act of 1933,  as amended  (the  "Securities  Act") and  disposed  of
pursuant  thereto,  (ii)  registration  under  the  Securities  Act is no longer
required for the immediate  public  distribution of such security as a result of
the provisions of Rule 144 with no limitations  promulgated under

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the  Securities  Act,  or  (iii)  it has  ceased  to be  outstanding.  The  term
"Registrable  Securities" means any and/or all of the securities  falling within
the  foregoing  definition  of a  "Registrable  Security."  In the  event of any
merger,  reorganization,  consolidation,  recapitalization  or other  change  in
corporate structure affecting the Common Stock, such adjustment shall be made in
the definition of  "Registrable  Security" as is appropriate in order to prevent
any dilution or enlargement of the rights granted pursuant to this Section 1.

                  Section 2. Restrictions on Transfer.  The Holders  acknowledge
and  understand  that prior to the  registration  of the  Securities as provided
herein,  the  Securities  are  "restricted  securities"  as  defined in Rule 144
promulgated under the Securities Act. The Holders understand that no disposition
or transfer of the  Securities  may be made by the Holders in the absence of (i)
an opinion of counsel to the Holders  reasonably  acceptable to the Company that
such transfer may be made without  registration under the Securities Act or (ii)
such registration.

                  Section 3.  Registration Rights.

                  (a) The Company  agrees that it will prepare and file with the
Securities  and Exchange  Commission  ("Commission"),  no later than thirty days
after the Subscription Date, a registration  statement on Form S-3 or other form
under the Securities Act (the "Registration Statement"),  at the sole expense of
the  Company  (except as  provided in Section  3(c)  hereof),  in respect of all
holders of Registrable  Securities,  initially  registering  at least  2,276,500
shares of Common Stock (the "Initial Number of Registered Shares").

                  The  Company  shall use its  reasonable  efforts  to cause the
Registration   Statement  to  become  effective  within  ninety  days  from  the
Subscription  Date.  In the event the  Commission  prohibits  the  Company  from
registering  the  number of shares  of  Common  Stock as set forth  above in the
Registration Statement, the Company will either amend the Registration Statement
or file other Registration Statements for the purpose of registering that number
of shares of Common Stock  necessary  pursuant to the terms of the Agreement and
this Registration Rights Agreement.

                  (b)  The  Company  will  maintain  the  effectiveness  of  any
Registration  Statement or  post-effective  amendment filed under this Section 3
under  the  Securities  Act until  the  earlier  of (i) the date that all of the
Registrable  Securities have been sold pursuant to the  Registration  Statement,
(ii) the date the holders  thereof receive an opinion of counsel that all of the
Registrable  Securities  may be sold  under the  provisions  of Rule 144 with no
limitations or (iii) five and one-half years after the Subscription Date. In the
event that the Initial  Number of  Registered  Shares shall be  insufficient  to
cover all  Registrable  Securities,  the Company shall file with the  Commission
such other  Registration  Statement(s)  necessary  to register  any  Registrable
Securities then outstanding or reasonably  expected to be issued which shall not
have been registered.

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<PAGE>

                  (c) All fees,  disbursements  and  out-of-pocket  expenses and
costs incurred by the Company in connection  with the  preparation and filing of
the  Registration  Statement  under  subparagraph  3(a)  and in  complying  with
applicable   securities  and  Blue  Sky  laws  (including  without   limitation,
reasonable  attorneys' fees thereof) shall be borne by the Company.  The Holders
shall  bear  the  cost  of  underwriting  discounts  and  commissions,  if  any,
applicable  to the  Registrable  Securities  being  registered  and the fees and
expenses of its counsel.  The Company  shall qualify any of the  securities  for
sale in such  states as such  Holders  reasonably  designate  and shall  furnish
indemnification in the manner provided in Section 6 hereof. However, the Company
shall not be  required to qualify  any of the  securities  for sale in any state
which will require an escrow or other restriction relating to the Company and/or
the  sellers.  The Company at its expense will supply the Holders with copies of
the  Registration  Statement and the  prospectus or offering  circular  included
therein and other  related  documents in such  quantities  as may be  reasonably
requested by the Holders.

                  (d) The Company  shall not be  required  by this  Section 3 to
include a Holder's Registrable Securities in any Registration Statement which is
to be filed if, in the opinion of counsel for all of the Holders and the Company
(or,  should they not agree,  in the opinion of another  counsel  experienced in
securities  law matters  acceptable  to counsel for the Holders and the Company)
the  proposed  offering  or other  transfer  as to which  such  registration  is
requested is exempt from applicable  federal and state securities laws and would
result  in all  Investors  or  transferees  obtaining  securities  which are not
"restricted  securities"  as defined in Rule 144 with no  limitations  under the
Securities Act.

                  (e) In the event the Registration Statement to be filed by the
Company  pursuant to Section 3(a) above is not filed with the Commission  within
thirty days from the Subscription Date and/or the Registration  Statement is not
declared effective by the Commission within one hundred and twenty days from the
Subscription  Date,  then the Company  will pay to the  Holders  (pro rated on a
daily basis) in cash upon demand by the Holders,  as liquidated damages for such
failure  and not as a penalty,  two  percent of the  Purchase  Price of the then
outstanding  Securities  for  every  thirty  day  period  thereafter  until  the
Registration Statement has been filed and/or declared effective,  provided that,
such demand is made by the Holders in writing  within ninety days of the date on
which the Company becomes liable for such liquidated  damages in accordance with
this Section 3(e).  Such payment of the liquidated  damages shall be made to the
Holders in cash promptly upon demand, provided however, that the payment of such
liquidated  damages  shall not  relieve  the  Company  from its  obligations  to
register the Securities pursuant to this Section. The aforementioned  liquidated
damages  shall  cease to  accrue  one year  after the  Subscription  Date on the
condition  that the  Holders  may rely on Rule 144 with no  limitations  for the
resale of all of the Securities then held by the Holders.

                  If the  Company  does not remit the  damages to the Holders as
set  forth  above,  the  Company  will  pay the  Holders'  reasonable  costs  of
collection,  including reasonable attorneys' fees, in addition to the liquidated
damages. The registration of the Securities pursuant to this

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provision  shall not affect or limit  Holders'  other  rights or remedies as set
forth in this Registration Rights Agreement.

                  (f) No provision  contained  herein shall preclude the Company
from selling  securities  pursuant to any Registration  Statement in which it is
required to include Registrable Securities pursuant to this Section 3.

                  (g) If at any time or from time to time after the Subscription
Date,  the  Company  notifies  the  Holders  in writing  of the  existence  of a
Potential  Material Event (as defined in Section 3(h) below),  the Holders shall
not offer or sell any Registrable  Securities or engage in any other transaction
involving or relating to Registrable Securities,  from the time of the giving of
notice with  respect to a Potential  Material  Event until such Holder  receives
written  notice from the Company that such  Potential  Material Event either has
been  disclosed  to the public or no longer  constitutes  a  Potential  Material
Event; provided,  however, that the Company may not so suspend the right to such
holders of  Securities  for more than one  twenty  day  period in the  aggregate
during any twelve month period, during the periods the Registration Statement is
required to be in effect. If a Potential Material Event shall occur prior to the
date the Registration  Statement is filed, then the Company's obligation to file
the  Registration  Statement  shall be delayed without penalty for not more than
twenty days.  The Company  must give each Holder  notice in writing at least two
business days prior to the first day of the blackout period.

                  (h) "Potential Material Event" means any of the following: (a)
the  possession by the Company of material  information  not for disclosure in a
registration  statement;  or (b) any  material  engagement  or  activity  by the
Company  which would be  adversely  affected  by  disclosure  in a  registration
statement at such time,  that the  Registration  Statement  would be  materially
misleading absent the inclusion of such information.

                  (i) If the Company  receives  notice from the SEC that the SEC
shall  not  review  the  Registration  Statement,  the  Company  will  cause the
Registration Statement to be declared effective no later than five calendar days
thereafter.

                  Section 4.  Cooperation  with Company.  Holders will cooperate
with the Company in all respects in  connection  with this  Registration  Rights
Agreement,  including timely supplying all information  reasonably  requested by
the Company and executing and  returning all documents  reasonably  requested in
connection with the registration and sale of the Registrable Securities.

                  Section  5.  Registration  Procedures.  If  and  whenever  the
Company  is  required  by any of the  provisions  of  this  Registration  Rights
Agreement to effect the registration of any of the Registrable  Securities under
the  Securities  Act, the Company  shall  (except as otherwise  provided in this
Registration Rights Agreement), as expeditiously as possible:

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<PAGE>

                  (a) prepare and file with the Commission  such  amendments and
supplements to the Registration  Statement and the prospectus used in connection
therewith as may be necessary to keep such registration  statement effective and
to comply with the  provisions of the Securities Act with respect to the sale or
other  disposition  of all  securities  covered by such  registration  statement
whenever the Holder of such securities shall desire to sell or otherwise dispose
of the same  (including  prospectus  supplements  with  respect  to the sales of
securities  from  time to  time  in  connection  with a  registration  statement
pursuant to Rule 415 promulgated under the Act);

                  (b) furnish to each Holder such numbers of copies of a summary
prospectus  or other  prospectus,  including  a  preliminary  prospectus  or any
amendment or supplement to any prospectus,  in conformity with the  requirements
of the Securities Act, and such other  documents,  as such Holder may reasonably
request in order to  facilitate  the  public  sale or other  disposition  of the
securities owned by such Holder;

                  (c)  register  and  qualify  the  securities  covered  by  the
Registration  Statement  under  such other  securities  or blue sky laws of such
jurisdictions  as  the  Holders  shall   reasonably   request  (subject  to  the
limitations set forth in Section 3(c) above),  and do any and all other acts and
things which may be  necessary or advisable to enable each Holder to  consummate
the public sale or other  disposition  in such  jurisdiction  of the  securities
owned by such Holder,  except that the Company shall not for any such purpose be
required to qualify to do business as a foreign  corporation in any jurisdiction
wherein it is not so qualified or to file therein any general consent to service
of process;

                  (d) list such  securities  on the  NASDAQ  SmallCap  Market or
other  national  securities  exchange on which any securities of the Company are
then listed if the listing of such  securities is then permitted under the rules
of such exchange or NASDAQ; and

                  (e) notify each Holder of  Registrable  Securities  covered by
the  Registration  Statement,  at any time when a  prospectus  relating  thereto
covered by the  Registration  Statement  is required to be  delivered  under the
Securities  Act, of the  happening  of any event of which it has  knowledge as a
result of which the prospectus included in the Registration  Statement,  as then
in effect,  includes an untrue  statement of a material fact or omits to state a
material fact required to be stated  therein or necessary to make the statements
therein not misleading in the light of the circumstances then existing.

                  Section 6.  Indemnification.

                  (a) The Company  agrees to  indemnify  and hold  harmless  the
Holders,  each and  every  officer,  director,  affiliate  and  employee  of the
Holders, and each person, if any, who controls each Holder within the meaning of
the Securities Act and each officer, director,  affiliate or employee of each of
the Holders  ("Distributing  Holder")  against any  losses,  claims,  damages or
liabilities,   joint  or  several  (which  shall,   for  all  purposes  of  this
Registration  Rights  Agreement,

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<PAGE>

include,  but not be limited to, all costs of defense and  investigation and all
reasonable attorneys' fees thereof), to which the Distributing Holder may become
subject, under the Securities Act or otherwise,  insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon any untrue  statement or alleged  untrue  statement  of any  material  fact
contained in the Registration  Statement, or any related preliminary prospectus,
final  prospectus,  offering  circular,  notification or amendment or supplement
thereto,  or arise out of or are based upon the omission or alleged  omission to
state therein a material fact required to be stated therein or necessary to make
the statements  therein not misleading;  provided however,  that the Company (i)
will not be liable in any such case to the  extent  that any such  loss,  claim,
damage  or  liability  arises  out of or is based  upon an untrue  statement  or
alleged  untrue   statement  or  omission  or  alleged   omission  made  in  the
Registration  Statement,  preliminary  prospectus,  final  prospectus,  offering
circular,  notification or amendment or supplement thereto in reliance upon, and
in  conformity  with,  written  information  furnished  to  the  Company  by the
Distributing  Holder specifically for use in the preparation  thereof,  and (ii)
will not be required to pay any amounts paid in settlement  of any loss,  claim,
damage or liability if such  settlement  is effected  without the consent of the
Company,  which consent shall not be  unreasonably  withheld.  This Section 6(a)
shall not inure to the benefit of any  Distributing  Holder with  respect to any
person  asserting  such loss,  claim,  damage or  liability  who  purchased  the
Registrable  Securities which are the subject thereof if the Distributing Holder
failed  to send or give (in  violation  of the  Securities  Act or the rules and
regulations  promulgated  thereunder) a copy of the prospectus contained in such
Registration Statement to such person at or prior to the written confirmation of
such person of the sale of such Registrable  Securities,  where the Distributing
Holder  was  obligated  to do so  under  the  Securities  Act or the  rules  and
regulations promulgated thereunder. This indemnity provision will be in addition
to any liability which the Company may otherwise have.

                  (b) Each  Distributing  Holder  agrees that it will  severally
(and not jointly)  indemnify  and hold  harmless the Company,  and each officer,
director,  affiliate and employee of the Company or person, if any, who controls
the  Company  within the  meaning of the  Securities  Act,  against  any losses,
claims,   damages  or  liabilities  (which  shall,  for  all  purposes  of  this
Registration  Rights  Agreement,  include,  but not be limited  to, all costs of
defense and investigation  and all reasonable  attorneys' fees thereof) to which
the Company or any such officer,  director,  affiliate,  employee or controlling
person may become subject under the Securities Act or otherwise, insofar as such
losses claims,  damages or liabilities (or actions in respect thereof) arise out
of or are based upon any untrue  statement  or alleged  untrue  statement of any
material  fact  contained  in  the  Registration   Statement,   or  any  related
preliminary  prospectus,  final prospectus,  offering circular,  notification or
amendment or supplement  thereto, or arise out of or are based upon the omission
or the alleged  omission to state  therein a material fact required to be stated
therein or necessary to make the statements therein not misleading,  but in each
case only to the extent that such untrue  statement or alleged untrue  statement
or  omission  or  alleged  omission  was  made  in the  Registration  Statement,
preliminary  prospectus,  final prospectus,  offering circular,  notification or
amendment  or  supplement  thereto in reliance  upon,  and in  conformity  with,
information  furnished to the Company by such Distributing Holder,

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<PAGE>

specifically for use in the preparation  thereof.  This indemnity provision will
be in addition to any  liability  which the  Distributing  Holder may  otherwise
have.

                  (c) Promptly after receipt by an indemnified  party under this
Section 6 of notice of the commencement of any action,  such  indemnified  party
will, if a claim in respect thereof is to be made against the indemnifying party
under this Section 6, notify the indemnifying party of the commencement thereof;
but the  omission  so to notify  the  indemnifying  party will not  relieve  the
indemnifying party from any liability which it may have to any indemnified party
otherwise than as to the  particular  item as to which  indemnification  is then
being  sought  solely  pursuant  to this  Section 6. In case any such  action is
brought against any indemnified party, and it notifies the indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate
in,  and, to the extent that it may wish,  jointly  with any other  indemnifying
party similarly notified,  assume the defense thereof, subject to the provisions
stated herein and after notice from the  indemnifying  party to such indemnified
party of its election so to assume the defense thereof,  the indemnifying  party
will not be liable to such indemnified  party under this Section 6 for any legal
or other expenses  subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable  costs of  investigation,  unless
the indemnifying party shall not pursue the action to its final conclusion.  The
indemnified  party shall have the right to employ  separate  counsel in any such
action and to participate in the defense  thereof,  but the fees and expenses of
such  counsel  shall  not be at the  expense  of the  indemnifying  party if the
indemnifying party has assumed the defense of the action with counsel reasonably
satisfactory to the indemnified  party;  provided that, if the indemnified party
is the  Distributing  Holder,  the fees and expenses of such counsel shall be at
the expense of the  indemnifying  party if the named  parties to any such action
(including any impleaded  parties) include both the Distributing  Holder and the
indemnifying  party and the Distributing  Holder shall have been advised by such
counsel  that  there  may  be  one  or  more  legal  defenses  available  to the
indemnifying  party  different from or in conflict with any legal defenses which
may be  available  to the  Distributing  Holder (in which case the  indemnifying
party shall not have the right to assume the defense of such action on behalf of
the Distributing  Holder,  it being understood,  however,  that the indemnifying
party  shall,   in  connection   with  any  one  such  action  or  separate  but
substantially similar or related actions in the same jurisdiction arising out of
the same general allegations or circumstances, be liable only for the reasonable
fees and expenses of one  separate  firm of  attorneys  for the all  indemnified
parties,  which firm shall be designated in writing by the indemnified parties).
No settlement of any action against an  indemnified  party shall be made without
the prior written consent of the indemnified  party,  which consent shall not be
unreasonably withheld.

                  Section  7.  Contribution.  In order to  provide  for just and
equitable  contribution  under the  Securities  Act in any case in which (i) the
indemnified party makes a claim for indemnification pursuant to Section 6 hereof
but is judicially  determined  (by the entry of a final  judgment or decree by a
court of  competent  jurisdiction  and the  expiration  of time to appeal or the
denial  of the last  right  of  appeal)  that  such  indemnification  may not be
enforced in such case  notwithstanding  the fact that the express  provisions of
Section 6 hereof provide for

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indemnification  in such case or (ii) contribution  under the Securities Act may
be  required  on the part of any  indemnified  party,  then the  Company and the
applicable Distributing Holder shall contribute to the aggregate losses, claims,
damages  or  liabilities  to which  they may be subject  (which  shall,  for all
purposes of this Registration Rights Agreement,  include, but not be limited to,
all costs of  defense  and  investigation  and all  reasonable  attorneys'  fees
thereof),  in either such case (after  contribution from others) on the basis of
relative  fault as well as any  other  relevant  equitable  considerations.  The
relative fault shall be determined by reference to, among other things,  whether
the untrue or alleged  untrue  statement  of a material  fact or the omission or
alleged omission to state a material fact relates to information supplied by the
Company on the one hand or the applicable Distributing Holder on the other hand,
and  the  parties'  relative  intent,  knowledge,   access  to  information  and
opportunity  to correct or prevent such  statement or omission.  The Company and
the  Distributing  Holder  agree  that it  would  not be just and  equitable  if
contribution  pursuant to this Section 7 were  determined by pro rata allocation
or by any  other  method  of  allocation  which  does  not take  account  of the
equitable  considerations  referred  to in this  Section 7. The  amount  paid or
payable by an indemnified  party as a result of the losses,  claims,  damages or
liabilities (or actions in respect thereof)  referred to above in this Section 7
shall be deemed to include any legal or other  expenses  reasonably  incurred by
such  indemnified  party in connection with  investigating or defending any such
action or claim.  No person guilty of fraudulent  misrepresentation  (within the
meaning  of  Section  11(f)  of  the  Securities   Act)  shall  be  entitled  to
contribution   from  any  person   who  was  not   guilty  of  such   fraudulent
misrepresentation.

                  Section 8. Notices. All notices, demands, requests,  consents,
approvals,  and other communications required or permitted hereunder shall be in
writing and, unless otherwise specified herein,  shall be (i) personally served,
(ii) deposited in the mail,  registered or certified,  return receipt requested,
postage  prepaid,  (iii) delivered by reputable air courier service with charges
prepaid, or (iv) transmitted by hand delivery, telegram, or facsimile, addressed
as set forth below or to such other  address as such party shall have  specified
most recently by written notice. Any notice or other  communication  required or
permitted to be given hereunder shall be deemed effective (a) upon hand delivery
or  delivery  by  facsimile,   with  accurate  confirmation   generated  by  the
transmitting  facsimile  machine,  at the address or number designated below (if
delivered on a business day during normal business hours where such notice is to
be received),  or the first  business day following  such delivery (if delivered
other than on a business day during normal  business  hours where such notice is
to be received) or (b) on the second  business day following the date of mailing
by reputable courier service, fully prepaid,  addressed to such address, or upon
actual receipt of such mailing, whichever shall first occur.  The addresses for
such communications shall be:

                  If to the Company:

                           ObjectSoft Corporation
                           Continental Plaza III
                           433 Hackensack Avenue

                                      -8-
<PAGE>

                           Hackensack, New Jersey  07601
                           Attention: Mr. David E. Y. Sarna, Chairman
                           Telephone: (800) 816-8171
                           Facsimile No.:  (201) 343-0056

                  with a copy to:

                           Parker Chapin Flattau & Klimpl, LLP
                           1211 Avenue of the Americas
                           New York, New York  10036
                           Attention:  Melvin Weinberg, Esq.
                           Telephone: (212) 704-6000
                           Facsimile No.: (212) 704-6288

                           After January 28, 2000:
                           Parker Chapin, LLP
                           405 Lexington Ave
                           New York, NY 10174

                  If to the  Investors at the  addresses set forth on Schedule A
attached hereto.

                  Either  party  hereto may from time to time change its address
or facsimile  number for notices under this Section by giving at least ten days'
prior written  notice of such changed  address or facsimile  number to the other
party hereto.

                  Section 9. Assignment.  This Registration  Rights Agreement is
binding  upon  and  inures  to the  benefit  of the  parties  hereto  and  their
respective  heirs,  successors  and permitted  assigns.  The rights  granted the
Holders under this  Registration  Rights Agreement shall not be assigned without
the written  consent of the Company,  which consent  shall not be  unnecessarily
withheld.  In  the  event  of a  transfer  of  the  rights  granted  under  this
Registration  Rights  Agreement,  the Holders agree that the Company may require
that the  transferee  comply with  reasonable  conditions  as  determined in the
discretion of the Company.

                  Section  10.   Counterparts;   Facsimile;   Amendments.   This
Registration Rights Agreement may be executed in multiple counterparts,  each of
which may be  executed by less than all of the parties and shall be deemed to be
an original  instrument which shall be enforceable  against the parties actually
executing such  counterparts  and all of which together shall constitute one and
the same instrument.  Except as otherwise stated herein, in lieu of the original
documents,  a facsimile  transmission or copy of the original documents shall be
as effective and enforceable as the original. This Registration Rights Agreement
may be amended  only by a writing  executed  by the  Company  and a majority  in
interest of the Investors.

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<PAGE>

                  Section 11.  Termination of  Registration  Rights.  The rights
granted  pursuant to this  Registration  Rights  Agreement shall terminate as to
each Holder (and permitted  transferees or assignees) upon the occurrence of any
of the following:

                  (a) all  Holder's  Securities  subject  to  this  Registration
Rights Agreement have been registered;

                  (b)  all  of  such   Holder's   Securities   subject  to  this
Registration Rights Agreement may be sold without such registration  pursuant to
Rule 144 with no  limitations  promulgated by the SEC pursuant to the Securities
Act without any restrictions; or

                  (c)  all  of  such   Holder's   Securities   subject  to  this
Registration Rights Agreement can be sold pursuant to Rule 144(k).

                  Section 12. Headings. The headings in this Registration Rights
Agreement  are for  reference  purposes only and shall not affect in any way the
meaning or interpretation of this Registration Rights Agreement.

                  Section  13.   Governing  Law;   Venue;   Jurisdiction.   This
Registration Rights Agreement shall be construed and enforced in accordance with
and  governed by the laws of the State of New York,  except for matters  arising
under the Securities Act, without reference to principles of conflicts or choice
of law thereof.  Each of the parties  consents to the  jurisdiction  of the U.S.
District Court sitting in the Southern  District of the State of New York or the
state courts of the State of New York sitting in  Manhattan in  connection  with
any dispute arising under this Registration  Rights Agreement and hereby waives,
to the maximum extent  permitted by law, any objection,  including any objection
based on forum non  conveniens,  to the bringing of any such  proceeding in such
jurisdictions.   Each  party  hereby  agrees  that  if  another  party  to  this
Registration   Rights  Agreement  obtains  a  judgment  against  it  in  such  a
proceeding,  the party which  obtained such judgment may enforce same by summary
judgment in the courts of any country having jurisdiction over the party against
whom such  judgment  was  obtained,  and each party  hereby  waives any defenses
available  to it  under  local  law  and  agrees  to the  enforcement  of such a
judgment.  Each party to this Registration Rights Agreement irrevocably consents
to the  service  of  process  in any such  proceeding  by the  mailing of copies
thereof by registered or certified mail,  postage prepaid,  to such party at its
address set forth herein.  Nothing herein shall affect the right of any party to
serve process in any other manner  permitted by law. Each party waives its right
to a trial by jury.

                  Section   14.   Severability.   If  any   provision   of  this
Registration   Rights  Agreement  shall  for  any  reason  be  held  invalid  or
unenforceable,  such invalidity or  unenforceability  shall not affect any other
provision hereof and this Registration Rights Agreement shall be construed as if
such invalid or unenforceable provision had never been contained herein.

                                      -10-
<PAGE>

                  Section  15.  Entire  Agreement.   This  Registration   Rights
Agreement,  together with all  documents  referenced  herein,  embody the entire
agreement  and  understanding  between  the parties  hereto with  respect to the
subject matter hereof and  supersedes  all prior oral or written  agreements and
understandings   relating  to  the  subject   matter   hereof.   No   statement,
representation,  warranty,  covenant or agreement of any kind not  expressly set
forth  in  this  Registration  Rights  Agreement  shall  affect,  or be  used to
interpret,  change  or  restrict,  the  express  terms  and  provisions  of this
Registration Rights Agreement.

                                      -11-
<PAGE>

         IN WITNESS  WHEREOF,  the parties hereto have caused this  Registration
Rights Agreement to be executed by the  undersigned,  thereunto duly authorized,
as of the date first set forth above.

                                             OBJECTSOFT CORPORATION

                                             By: /s/ David E. Y. Sarna
                                                -------------------------------
                                                 Name:
                                                 Title:<PAGE>

                                     [LOGO]
                       PROTECTIVE LIFE INSURANCE COMPANY
                              Nashville, Tennessee
                           (A Stock Insurance Company)

    INDIVIDUAL FLEXIBLE PREMIUM DEFERRED FIXED AND VARIABLE ANNUITY CONTRACT
                               (NON-PARTICIPATING)

Protective Life Insurance Company agrees to provide the benefits described in
this Contract.

                       THIS IS A VARIABLE ANNUITY CONTRACT

THE VALUE OF THIS CONTRACT AND THE ANNUITY INCOME PAYMENTS, WHEN BASED ON THE
INVESTMENT EXPERIENCE OF THE PROTECTIVE VARIABLE ANNUITY SEPARATE ACCOUNT, IS
VARIABLE. NO MINIMUM VALUE IS GUARANTEED FOR AMOUNTS ALLOCATED TO THE SEPARATE
ACCOUNT.

                                 RIGHT TO CANCEL

YOU HAVE THE RIGHT TO RETURN THIS CONTRACT. You may cancel this Contract within
ten days after you receive it by returning the Contract to our administrative
office, or to the agent who sold the Contract, with a written request for
cancellation. Return of this Contract by mail is effective on being post-marked,
properly addressed and postage pre-paid. We will promptly return the Contract
Value plus any amount deducted for premium taxes. This amount may be more or
less than the Purchase Payments.

             /s/ John D. Johns                  /s/ Deborah J. Long

               John D. Johns                      Deborah J. Long
                 President                          Secretary

                            THIS IS A LEGAL CONTRACT
                                READ IT CAREFULLY

                             ADMINISTRATIVE OFFICE:
                        PROTECTIVE LIFE INSURANCE COMPANY
                             2801 Highway 280 South
                                 P. O. Box 10648
                         Birmingham, Alabama 35202-0648
                                 (800) 456-6330

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<PAGE>

                       THIS PAGE INTENTIONALLY LEFT BLANK.

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<PAGE>

                                    SCHEDULE

CONTRACT NUMBER                                   EFFECTIVE DATE
{PVA20000001}                           {October 1, 1999}

OWNER                                             BIRTH DATE OF OWNER
{John J. Doe}                                     {November 5, 1953}

JOINT OWNER                             BIRTH DATE OF JOINT OWNER
{N/A}                                             {N/A}

ANNUITANT                                         BIRTH DATE OF ANNUITANT
{John J. Doe}                                     {November 5, 1953}

BENEFICIARY                                       ANNUITY COMMENCEMENT DATE
{As contained in our records}                     {November 5, 2038}

INITIAL PURCHASE PAYMENT: {$100,000.00}
<TABLE>
<S><C>
ANNUAL EFFECTIVE INTEREST RATE FOR THE FIXED ACCOUNT ON THE EFFECTIVE DATE:  {4.00%}

ANNUAL EFFECTIVE INTEREST RATE FOR DCA FIXED ACCOUNT 1 ON THE EFFECTIVE DATE:  {11.00%}

ANNUAL EFFECTIVE INTEREST RATE FOR DCA FIXED ACCOUNT 2 ON THE EFFECTIVE DATE:  {8.00%}
</TABLE>
BENEFIT PACKAGE: {Standard}

CONTRACT MAINTENANCE FEE: {$30}
The contract maintenance fee is deducted prior to the Annuity Commencement Date
on each Contract Anniversary and on any day that the Contract is surrendered
other than the Contract Anniversary. The contract maintenance fee will be
deducted from the Allocation Options in the same proportion as their values are
to the Contract Value. The contract maintenance fee will be waived by the
Company in the event the Contract Value or the aggregate Purchase Payments
reduced by surrenders equals or exceeds $50,000 on the date the contract
maintenance fee is to be deducted.

MORTALITY AND EXPENSE RISK CHARGE: {1.10%} per annum prior to the Annuity
Commencement Date, and {1.10%} per annum on or after the Annuity Commencement
Date.

ADMINISTRATION CHARGE: {0.15%} per annum.

TRANSFER FEE: {$25} per transfer in excess of 12 in any Contract Year.

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<PAGE>

                                SURRENDER CHARGE

<TABLE>
<CAPTION>
    NUMBER OF FULL YEARS ELAPSED BETWEEN           SURRENDER CHARGE PERCENTAGE
   THE DATE PURCHASE PAYMENT WAS ACCEPTED
          AND THE DATE OF SURRENDER
<S>                                                <C>
                    0                                          {7%}

                    1                                          {6%}

                    2                                          {6%}

                    3                                          {5%}

                    4                                          {4%}

                    5                                          {3%}

                    6                                          {2%}

                    7+                                         {0%}
</TABLE>

               ALLOCATION OPTIONS AVAILABLE ON THE EFFECTIVE DATE

{PROTECTIVE LIFE GUARANTEED ACCOUNT}         {OPPENHEIMERFUNDS}
     {Fixed Account}                              {Aggressive Growth}
     {DCA Fixed Account 1}                        {Global Securities}
     {DCA Fixed Account 2}                        {Capital Appreciation}
                                                  {Main Street Growth & Income}
{GOLDMAN SACHS/PIC}                               {High Income}
     {International Equity}                       {Strategic Bond}
     {Small Cap Value}                            {Money Fund}
     {Capital Growth}
     {CORE U.S. Equity}                      {VAN KAMPEN LIFE INVESTMENT TRUST}
     {Growth and Income}                          {Emerging Growth}
     {Global Income}                              {Enterprise}
                                                  {Comstock}
{MASSACHUSETTS FINANCIAL SERVICES (MFS)}          {Growth and Income}
     {New Discovery}                              {Strategic Stock}
     {Emerging Growth}                            {Asset Allocation}
     {Research}
     {Growth With Income}                    {CALVERT}
     {Utilities}                                  {Social Small Cap Growth}
     {Total Return}                               {Social Balanced}
     {Growth Series}
                                             {VAN ECK}
                                                  {Worldwide Hard Assets}
                                                  {Worldwide Real Estate}

                                       4
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<PAGE>

                                TABLE OF CONTENTS
<TABLE>
<S>                                                                         <C>
DEFINITIONS ................................................................  7

GENERAL PROVISIONS..........................................................  8
Entire Contract.............................................................  8
Modification of the Contract................................................  8
Incontestability ...........................................................  8
Assignment..................................................................  8
Notice......................................................................  8
Error in Age or Gender......................................................  9
Settlement..................................................................  9
Receipt of Payment..........................................................  9
Protection of Proceeds......................................................  9
Premium Tax ................................................................  9
Non-Participating ..........................................................  9
Minimum Values..............................................................  9
Application of Law..........................................................  9
Reports...................................................................... 9

PARTIES TO THE CONTRACT..................................................... 10
Company..................................................................... 10
Owner....................................................................... 10
Change of Owner............................................................. 10
Beneficiary................................................................. 10
Change of Beneficiary....................................................... 10
Annuitant................................................................... 10
Change of Annuitant......................................................... 10
Payee....................................................................... 10

PURCHASE PAYMENTS .......................................................... 11
Purchase Payment............................................................ 11
Allocation of Purchase Payments............................................. 11
No Default.................................................................. 11

GUARANTEED ACCOUNT ......................................................... 11
Guaranteed Account Value ................................................... 12

VARIABLE ACCOUNT............................................................ 12
General Description......................................................... 12
Sub-Accounts of the Variable Account........................................ 12
Variable Account Value...................................................... 13
</TABLE>

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<PAGE>

<TABLE>
<S>                                                                         <C>
Accumulation Unit Values.................................................... 13
TRANSFERS................................................................... 14

SURRENDERS.................................................................. 15
Free Withdrawal Amount...................................................... 15
Determining the Surrender Charge............................................ 15
Suspension or Delay in Payment of Surrender................................. 15

DEATH BENEFIT............................................................... 16
Death of an Owner........................................................... 16
Death of the Annuitant...................................................... 16
Death Benefit............................................................... 16
Suspension of Payment....................................................... 17

ANNUITIZATION............................................................... 17
Annuity Commencement Date................................................... 17
Annuity Income Payments..................................................... 17
Fixed Income Payments....................................................... 17
Variable Income Payments.................................................... 17
Annuity Unit Values......................................................... 17
Selection of Annuity Options................................................ 18
Annuity Options............................................................. 18
Minimum Amounts............................................................. 19
Guaranteed Purchase Rates................................................... 19
Fixed Annuity Tables........................................................ 19
</TABLE>

                                       6
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<PAGE>

                                   DEFINITIONS

ACCUMULATION UNIT: A unit of measure used to calculate the value of a
Sub-Account prior to the Annuity Commencement Date.

ALLOCATION OPTION: Any account to which Purchase Payments may be allocated or
Contract Value transferred under this Contract.

ANNUITY COMMENCEMENT DATE: The date as of which the Contract Value, less
applicable premium tax, is applied to an Annuity Option.

ANNUITY OPTION: The payout option pursuant to which the Company makes annuity
income payments.

ANNUITY UNIT: A unit of measure used to calculate the amount of the variable
income payments.

ASSUMED INVESTMENT RETURN: The assumed annual rate of return used to calculate
the amount of the variable income payments.

CONTRACT ANNIVERSARY: The same month and day as the Effective Date in each
subsequent year of the Contract.

CONTRACT VALUE: Prior to the Annuity Commencement Date, the sum of the Variable
Account value and the Guaranteed Account value.

CONTRACT YEAR: Any period of 12 months commencing with the Effective Date or any
Contract Anniversary.

EFFECTIVE DATE: The date as of which the initial Purchase Payment is credited to
the Contract and the date the Contract takes effect, as shown on the Schedule.

FUND: Any investment portfolio in which a corresponding Sub-Account invests.

GUARANTEED ACCOUNT: Includes any Allocation Option we may offer with interest
rate guarantees.

PURCHASE PAYMENT: The amount(s) paid by the Owner and accepted by the Company as
consideration for this Contract.

QUALIFIED CONTRACTS: Contracts issued in connection with retirement plans that
receive favorable tax treatment under Sections 401, 403, 408, 408A or 457 of the
Internal Revenue Code.

SUB-ACCOUNT: A separate division of the Variable Account.

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<PAGE>

SURRENDER VALUE: The amount available for a full surrender. It is equal to the
Contract Value minus any applicable surrender charge, contract maintenance fee
and premium tax.

VALUATION DAY: Each day on which the New York Stock Exchange is open for
business.

VALUATION PERIOD: The period which begins at the close of regular trading on the
New York Stock Exchange on any Valuation Day and ends at the close of regular
trading on the next Valuation Day.

VARIABLE ACCOUNT: The Protective Variable Annuity Separate Account, a separate
investment account of Protective Life.

WRITTEN NOTICE: A notice or request submitted in writing in a form satisfactory
to the Company that is received at the administrative office.

                               GENERAL PROVISIONS

ENTIRE CONTRACT - This Contract and its attachments, including the copy of your
Application and any endorsements and amendments, constitute the entire agreement
between you and us. All statements in the Application shall be considered
representations and not warranties.

MODIFICATION OF THE CONTRACT - No one is authorized to modify or waive any term
or provision of this Contract unless we agree to the modification or waiver in
writing and it is signed by our President, Vice-President or Secretary. We
reserve the right to change or modify the provisions of this Contract to conform
to any applicable laws, rules or regulations issued by a government agency, or
to assure continued qualification of the Contract as an annuity contract under
the Internal Revenue Code. We will send you a copy of the endorsement that
modifies the Contract, and where required we will obtain all necessary
approvals, including that of the Owner(s).

INCONTESTABILITY - We will not contest this Contract after it is issued.

ASSIGNMENT - You have the right to assign this Contract. We do not assume
responsibility for the assignment; any claim made under an assignment is subject
to proof of the nature and extent of the assignee's interest prior to payment by
us.

NOTICE - All instructions under this Contract and requests to change or assign
this Contract must be by Written Notice. The Written Notice is effective as of
the date it was signed, however, the Company is not

                                       8
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<PAGE>

responsible for following any instruction or making any change or assignment
before our receipt of the Written Notice.

ERROR IN AGE OR GENDER - When a benefit of this Contract is contingent upon any
person's age or gender, we may require proof of such. We may suspend payments
until proof is provided. When we receive satisfactory proof, we will make the
payments that were due during the period of suspension. Where the use of unisex
mortality rates is required, we will not determine or adjust benefits based upon
gender.

If after proof of age and gender (where applicable) is provided, it is
determined that the information you furnished was not correct, we will adjust
any benefit under this Contract to that which would be payable based upon the
correct information. If we have underpaid a benefit because of the error, we
will make up the underpayment in a lump sum. If the error resulted in an
overpayment, we will deduct the amount of the overpayment from any current or
future payment due under the Contract. Underpayments and overpayments will bear
interest at an annual effective interest rate of 3%.

SETTLEMENT - Benefits due under this Contract are payable from our
administrative office. The Owner may apply the settlement proceeds to any payout
option we offer for such payments at the time the election is made. Unless
directed otherwise in writing, we will make payments according to the Owner's
instructions as contained in our records at the time the payment is made. We
shall be discharged from all liability for payment to the extent of any payments
we make.

RECEIPT OF PAYMENT - If any Owner, Annuitant, Beneficiary or Payee is incapable
of giving a valid receipt for any payment, we may make such payment to whomever
has legally assumed his or her care and principal support. Any such payment
shall fully discharge us to the extent of that payment.

PROTECTION OF PROCEEDS - To the extent permitted by law and except as provided
by an assignment, no benefits payable under this Contract will be subject to the
claims of creditors.

PREMIUM TAX - Premium tax will be deducted, if applicable. Premium tax may be
deducted from the Purchase Payment(s) when accepted or from the Contract Value
upon a full or partial surrender, death or annuitization.

NON-PARTICIPATING - This Contract does not share in our surplus or profits, or
pay dividends.

MINIMUM VALUES - The values available under the Contract are at least equal to
the minimum values required in the state where the Contract is delivered.

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<PAGE>

APPLICATION OF LAW - The provisions of the Contract are to be interpreted in
accordance with the laws of the state where the Contract is delivered, with the
Internal Revenue Code and with applicable regulations.

REPORTS - At least annually prior to the Annuity Commencement Date, we will send
to you at the address contained in our records a report showing the current
Contract Value and any other information required by law.

                             PARTIES TO THE CONTRACT

COMPANY - Protective Life Insurance Company, also referred to as "we", "us" and
"our".

OWNER - The person or persons who own the Contract and are entitled to exercise
all rights and privileges provided in the Contract. Two persons may own the
Contract together; they are designated as the Owner and the Joint Owner.
Individuals as well as non-natural persons, such as corporations or trusts, may
be Owners. The Owner is referred to as "you" and "your".

CHANGE OF OWNER - The Owner of this Contract may be changed by Written Notice
provided (1) any new Owner's 85th birthday is after the Effective Date, and (2)
any new Owner's 90th birthday is on or after the Annuity Commencement Date. For
a period of one year after any change of ownership involving a natural person,
the death benefit will equal the Contract Value.

BENEFICIARY - The person or persons who may receive the benefits of this
Contract upon the death of any Owner.
     PRIMARY - The Primary Beneficiary is the surviving Joint Owner, if any. If
     there is no surviving Joint Owner, the Primary Beneficiary is the person or
     persons designated by the Owner and named in our records.
     CONTINGENT - The Contingent Beneficiary is the person or persons designated
     by the Owner and named in our records to be Beneficiary if the Primary
     Beneficiary is not living.

If no Beneficiary designation is in effect or if no Beneficiary is living at the
time of an Owner's death, the Beneficiary will be the estate of the deceased
Owner. If any Owner dies on or after the Annuity Commencement Date, the
Beneficiary will become the new Owner.

CHANGE OF BENEFICIARY - Unless designated irrevocably, the Owner may change the
Beneficiary by Written Notice prior to the death of any Owner. An irrevocable
Beneficiary is one whose written consent is needed before the Owner can change
the Beneficiary designation or exercise certain other rights.

ANNUITANT - The person or persons on whose life annuity income payments may be
based. The Owner is the Annuitant unless the Owner designates another person as
the Annuitant.

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<PAGE>

CHANGE OF ANNUITANT - The Owner may change the Annuitant by Written Notice prior
to the Annuity Commencement Date. However, if any Owner is not an individual the
Annuitant may not be changed. The new Annuitant's 90th birthday may not be
earlier than the Annuity Commencement Date in effect when the change of
Annuitant is requested.

PAYEE - The person or persons designated by the Owner to receive the annuity
income payments under the Contract. The Annuitant is the Payee unless the Owner
designates another party as the Payee. The Owner may change the Payee at any
time.

                                PURCHASE PAYMENTS

PURCHASE PAYMENT - Purchase Payments are payable at our administrative office.
They may be made by check payable to Protective Life Insurance Company or by any
other method we deem acceptable. Your initial Purchase Payment is shown on the
Schedule. We reserve the right not to accept any Purchase Payment.

Subsequent Purchase Payments may be accepted by the Company. No Purchase Payment
will be accepted within 7 years of the Annuity Commencement Date then in effect.
The minimum subsequent Purchase Payment we will accept is $100. The maximum
aggregate Purchase Payment(s) we will accept without prior administrative office
approval is $1,000,000.

ALLOCATION OF PURCHASE PAYMENTS - We will allocate your Purchase Payments to the
Allocation Options according to your instructions as contained in our records at
the time the Purchase Payment is accepted at our administrative office. Your
initial allocation instructions are on the Application. You may change your
allocation instructions at any time by Written Notice. Allocations must be made
in whole percentages.

NO DEFAULT - This Contract will not be in default if subsequent Purchase
Payments are not made.

                               GUARANTEED ACCOUNT

The Guaranteed Account includes the Fixed Account and the DCA Fixed Accounts,
which are each a part of the Company's general account. You may allocate some or
all of your Purchase Payments and may transfer some of your Contract Value to an
account within the Guaranteed Account, except that transfers may not be made
into the DCA Fixed Accounts. Amounts allocated to an account within the
Guaranteed Account earn interest from the date the funds are credited to the
account.

The interest rate we apply to Purchase Payments and transfers into the Fixed
Account is guaranteed for one year from the date the Purchase Payment or
transfer is credited to the account. When an interest rate guarantee expires, we
will set a new interest rate, which may not be the same as the interest rate
then in

                                       11
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<PAGE>

effect for Purchase Payments or transfers allocated to the Fixed Account. The
new interest rate is also guaranteed for one year.

We will systematically transfer Purchase Payments allocated to the DCA Fixed
Accounts to other Allocation Options in equal amounts over a designated period.
The interest rate we apply to Purchase Payments allocated to a DCA Fixed Account
is guaranteed for the period over which transfers are allowed from that DCA
Fixed Account.

We, in our sole discretion, establish the interest rates for each account in the
Guaranteed Account. We will not declare a rate that is less than an annual
effective interest rate of 3.00%. Because these rates vary from time to time,
allocations made to the same account within the Guaranteed Account at different
times may earn interest at different rates.

GUARANTEED ACCOUNT VALUE - Any time prior to the Annuity Commencement Date, the
Guaranteed Account value is equal to: (1) Purchase Payments allocated to the
Guaranteed Account; plus (2) amounts transferred into the Guaranteed Account;
plus (3) interest credited to the Guaranteed Account; minus (4) amounts
transferred out of the Guaranteed Account; minus (5) the amount of any
surrenders removed from the Guaranteed Account, including any applicable
surrender charges and premium tax; minus (6) fees deducted from the Guaranteed
Account. For the purposes of interest crediting, amounts deducted, transferred
or withdrawn from accounts within the Guaranteed Account will be separately
accounted for on a "first-in, first-out" (FIFO) basis.

                                VARIABLE ACCOUNT

GENERAL DESCRIPTION - The variable benefits under the Contract are provided
through the Protective Variable Annuity Separate Account, which is registered
with the Securities and Exchange Commission as a unit investment trust under the
Investment Company Act of 1940. We own the assets in the Variable Account. The
portion of the assets of the Variable Account equal to the reserves and other
contract liabilities with respect to the Variable Account are not chargeable
with the liabilities arising out of any other business we may conduct. The
income, gains and losses, both realized and unrealized, from the assets of the
Variable Account shall be credited to or charged against the Variable Account
without regard to any other income, gains or losses of the Company. We have the
right to transfer to our general account any assets of the Variable Account that
are in excess of such reserves and other liabilities.

SUB-ACCOUNTS OF THE VARIABLE ACCOUNT - The Variable Account is divided into a
series of Sub-Accounts. The Sub-Accounts available on the Effective Date are
listed on the Schedule. Each Sub-Account invests in shares of a corresponding
Fund. The income, dividends, and gains, if any, distributed from the shares of a
Fund will be reinvested by purchasing additional shares of that Fund at its net
asset value.

When permitted by law, we may:

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<PAGE>

     (1)  create new variable accounts;
     (2)  combine variable accounts, including the Variable Account;
     (3)  add new Sub-Accounts to, or remove existing Sub-Accounts from the
          Variable Account, or combine Sub-Accounts;
     (4)  make new Sub-Accounts or other Sub-Accounts available to such classes
          of the Contracts as we may determine;
     (5)  add new Funds, or remove existing Funds;
     (6)  substitute a different Fund for any existing Fund if shares of a Fund
          are no longer available for investment, or if we determine that
          investment in a Fund is no longer appropriate in light of the purposes
          of the Variable Account;
     (7)  deregister the Variable Account under the Investment Company Act of
          1940 if such registration is no longer required;
     (8)  operate the Variable Account as a management investment company under
          the Investment Company Act of 1940 or as any other form permitted by
          law; and
     (9)  make any changes to the Variable Account or its operations as may be
          required by the Investment Company Act of 1940 or other applicable law
          or regulations.

The investment policy of the Variable Account will not be changed without
obtaining all necessary regulatory approvals.

The values and benefits of this Contract provided by the Variable Account depend
on the investment performance of the Funds in which the Sub-Accounts invests. We
do not guarantee the investment performance of the Funds. You bear the full
investment risk for amounts allocated or transferred to the Sub-Accounts.

We reserve the right to deduct taxes attributable to the operation of the
Variable Account.

VARIABLE ACCOUNT VALUE - At any time prior to the Annuity Commencement Date, the
Variable Account value is equal to: (1) Purchase Payments allocated to the
Variable Account; plus (2) amounts transferred into the Variable Account; plus
or minus (3) investment performance; minus (4) amounts transferred out of the
Variable Account; minus (5) the amount of any surrenders removed from the
Variable Account including any applicable surrender charges and premium tax;
minus (6) fees deducted from the Variable Account. The Variable Account value
also equals the total of the Sub-Account values.

Amounts allocated to the Variable Account, including, but not limited to
Purchase Payments and transfers, are used to purchase Accumulation Units of one
or more Sub-Accounts as directed by the Owner. To calculate the value of a
Sub-Account, we multiply the number of Accumulation Units attributable to each
Sub-Account by the Accumulation Unit value for that Sub-Account as of the
Valuation Period on which the value is being determined.

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<PAGE>

Events that will result in the cancellation of an appropriate number of
Accumulation Units of a Sub-Account include, but are not limited to: (1)
transfers from a Sub-Account; (2) a full or partial surrender; (3) payment of
the death benefit; (4) annuitization; (5) the deduction of the contract
maintenance fee. Accumulation Units will be canceled as of the end of the
Valuation Period during which the transaction occurs.

ACCUMULATION UNIT VALUES - The Accumulation Unit value for each Sub-Account on
any Valuation Day is determined by multiplying the Accumulation Unit value on
the prior Valuation Day by the net investment factor for the Valuation Period.
The net investment factor is used to measure the investment performance of a
Sub-Account from one Valuation Period to the next. A net investment factor is
determined for each Sub-Account for each Valuation Period. The net investment
factor may be greater or less than one, so the value of an Accumulation Unit can
increase or decrease. The net investment factor for any Sub-Account for any
Valuation Period is determined by dividing (1) by (2) and subtracting (3),
where:

(1)  is the result of:

     a.   the net asset value per share of the Fund held in the Sub-Account,
          determined at the end of the current Valuation Period; plus

     b.   the per share amount of any dividend or capital gain distributions
          made by the Funds held in the Sub-Account, if the "ex-dividend" date
          occurs during the current Valuation Period.

(2)  is the net asset value per share of the Fund held in the Sub-Account,
     determined at the end of the most recent prior Valuation Period.

(3)  is a factor representing the mortality and expense risk charge and the
     administration charge for the number of days in the Valuation Period and a
     charge or credit for any taxes attributed to the investment operations of
     the Sub-Account, as determined by the Company.

                                    TRANSFERS

Prior to the Annuity Commencement Date, you may instruct us to transfer amounts
among the Allocation Options. You must transfer at least $100 or, if less, the
entire amount in the Allocation Option each time you make a transfer. If after
the transfer the amount remaining in any of the Allocation Options from which
the transfer is made is less than $100, we may transfer the entire amount
instead of the requested amount. We may also limit the number of transfers to no
more than 12 per year. For each additional transfer over 12 during each Contract
Year, we may charge a transfer fee as shown on the Schedule. The transfer fee,
if any, will be deducted from the amount being transferred.

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IPV-2048V                                                                  12/99
<PAGE>

The maximum amount that may be transferred from the Fixed Account in any
Contract Year is the greater of (a) $2,500; or (b) 25% of the Contract Value in
the Fixed Account. Transfers into a DCA Fixed Account are not permitted.

The DCA Fixed Accounts are available only for Purchase Payments designated for
dollar cost averaging. Purchase Payments may not be allocated into any DCA Fixed
Account when that DCA Fixed Account value is greater than $0 and all amounts
must be transferred from a DCA Fixed Account prior to allocating a Purchase
Payment to that DCA Fixed Account. Any Purchase Payment allocated to a DCA Fixed
Account must include instructions regarding the number and frequency of the
dollar cost averaging transfers, and the Allocation Option(s) into which the
transfers are to be made. If transfers from a DCA Fixed Account are terminated,
we will transfer any amount remaining in that DCA Fixed Account into the Fixed
Account unless you have otherwise instructed us how to allocate the remaining
amount.

We reserve the right to limit amounts transferred into any account within the
Guaranteed Account.

                                   SURRENDERS

A full surrender of the Contract may be made any time prior to the Annuity
Commencement Date. Partial surrenders may be made prior to the Annuity
Commencement Date provided the Contract Value remaining after the surrender is
at least $2,000. The amount we pay upon a full or partial surrender is equal to
the Contract Value surrendered minus any applicable surrender charge, premium
tax and contract maintenance fee. We will withdraw amounts pro-rata from the
Allocation Options.

FREE WITHDRAWAL AMOUNT - During the first Contract Year you may withdraw an
amount equal to 15% of your initial Purchase Payments without incurring a
surrender charge. In any subsequent Contract Year you may withdraw, without
incurring a surrender charge, an amount equal to the greatest of: (1) the
earnings in your Contract as of the prior Contract Anniversary, if any; or, (2)
15% of your cumulative Purchase Payments as of the prior Contract Anniversary;
or, (3) 15% of the Contract Value as of the prior Contract Anniversary. This is
called the 'free withdrawal amount'. For the purpose of determining the free
withdrawal amount, earnings equal the Contract Value on the prior Contract
Anniversary minus Purchase Payments not previously assessed with a surrender
charge. Withdrawals in excess of the free withdrawal amount in any Contract Year
are subject to the surrender charge.

DETERMINING THE SURRENDER CHARGE - We calculate the surrender charge by first
allocating surrendered Contract Value in excess of any free withdrawal amount to
Purchase Payments not previously assessed with a surrender charge using a
"first-in, first-out" (FIFO) basis. We then allocate any remaining surrendered
Contract Value pro-rata to these Purchase Payments. The surrender charge is the
total of each of the allocated amounts of surrendered Contract Value multiplied
by its applicable surrender charge percentage, as shown on the Schedule. If the
surrendered Contract Value exceeds any free withdrawal amount and if no
surrendered Contract Value was allocated to Purchase Payments, the surrender
charge on the surrendered Contract Value is determined by applying the surrender
charge percentage associated with the most recent Purchase Payment we accepted.
The cumulative surrender

                                       15
IPV-2048V                                                                  12/99
<PAGE>

charges assessed will never exceed 8.5% of the total Purchase Payments accepted
by us under this Contract.

SUSPENSION OR DELAY IN PAYMENT OF SURRENDER - The Company may suspend or delay
the date of payment of a partial or full surrender from the Variable Account
value for any period:

     1)   when the New York Stock Exchange is closed; or
     2)   when trading on the New York Stock Exchange is restricted; or
     3)   when an emergency exists (as determined by the Securities and Exchange
          Commission) as a result of which: (a) the disposal of securities in
          the Variable Account is not reasonably practical; or (b) it is not
          reasonably practical to determine fairly the value of the net assets
          of the Variable Account; or
     4)   when the Securities and Exchange Commission, by order, so permits for
          the protection of security holders.

The Company may delay payment of a partial or full surrender from the Guaranteed
Account for up to six months where permitted.

                                  DEATH BENEFIT

DEATH OF AN OWNER - If any Owner dies before the Annuity Commencement Date and
while this Contract is in force, we will pay the death benefit, less any
applicable premium tax, to the Beneficiary. If any Owner dies on or after the
Annuity Commencement Date, the Beneficiary will become the new Owner and
remaining payments must be distributed at least as rapidly as under the Annuity
Option in effect at the time of the Owner's death.

DEATH OF THE ANNUITANT - If the Annuitant is not an Owner and dies prior to the
Annuity Commencement Date, the Owner will become the new Annuitant unless the
Owner designates otherwise. If any Owner is not an individual, the death of the
Annuitant will be treated as the death of an Owner.

DEATH BENEFIT - The death benefit will be determined as of the end of the
Valuation Period during which we receive due proof of death. The death benefit
will equal the greater of: (1) the Contract Value; or (2) aggregate Purchase
Payments less aggregate amounts surrendered. Only one death benefit is payable
under this Contract, even though the Contract may, in some circumstances,
continue beyond the time of an Owner's death.

The death benefit may be taken in one sum immediately and the Contract will
terminate. If the death benefit is not taken in one sum immediately, the death
benefit will become the new Contract Value as of the end of the Valuation Period
during which we receive due proof of death and the entire interest in the
Contract must be distributed under one of the following options:

     (1)  the entire interest must be distributed over the life of the
          Beneficiary, or over a period not extending beyond the life expectancy
          of the Beneficiary, with distribution beginning within one year of the
          Owner's death; or,

                                       16
IPV-2048V                                                                  12/99
<PAGE>

     (2)  the entire interest must be distributed within 5 years of the Owner's
          death.

If the Beneficiary is the deceased Owner's spouse, the surviving spouse may
elect, in lieu of receiving a death benefit, to continue the Contract and become
the new Owner, provided the deceased Owner's spouse's 85th birthday is after the
Effective Date and 90th birthday is after the Annuity Commencement Date then in
effect. The surviving spouse may select a new Beneficiary. Upon this spouse's
death, the Beneficiary may take the death benefit in one sum immediately and the
Contract will terminate. If the death benefit is not taken in one sum
immediately, the death benefit will become the new Contract Value as of the end
of the Valuation Period during which we receive due proof of death and must be
distributed to the new Beneficiary according to either paragraph (1) or (2),
above.

If there is more than one Beneficiary, the foregoing provisions apply to each
Beneficiary individually.

The death benefit provisions of this Contract shall be interpreted to comply
with the requirements of Section72(s) of the Internal Revenue Code. We reserve
the right to endorse this Contract, as necessary, to conform with regulatory
requirements. We will send you a copy of any endorsement containing such
Contract modifications.

SUSPENSION OF PAYMENT - Payment of the death benefit may be suspended or delayed
under the circumstances described in the provision "Suspension or Delay in
Payment of Surrender".

                                  ANNUITIZATION

ANNUITY COMMENCEMENT DATE - On the Effective Date, the Annuity Commencement Date
is the later of: (1) the oldest Owner's or Annuitant's 90th birthday, or (2) the
10th Contract Anniversary. It is shown on the Schedule. The Owner may change the
Annuity Commencement Date by Written Notice. The proposed Annuity Commencement
Date must be at least 30 days beyond the date the written request is received by
the Company, and at least 7 years after the most recent Purchase Payment. The
new Annuity Commencement Date may not be later than: (1) the oldest Owner's or
Annuitant's 90th birthday, or (2) the 10th Contract Anniversary.

On the Annuity Commencement Date, we will apply your Contract Value, less any
applicable premium tax, to the Annuity Option you have selected to determine an
annuity income payment.

ANNUITY INCOME PAYMENTS - You may elect to receive a fixed income payment, a
variable income payment, or a combination of both using the same Annuity Option
and certain period.

FIXED INCOME PAYMENTS - Fixed income payments are periodic payments from the
Company to the designated Payee, the amount of which is fixed and guaranteed by
the Company. It is not in any way dependent upon the investment experience of
the Variable Account.

                                       17
IPV-2048V                                                                  12/99
<PAGE>

VARIABLE INCOME PAYMENTS - Variable income payments are periodic payments from
the Company to the designated Payee, the amount of which varies from one payment
to the next as a reflection of the net investment experience of the
Sub-Account(s) you select to support the payments.

Using an Assumed Investment Return of 5%, we determine the dollar amount of the
variable income payment as if a payment were to be made on the Annuity
Commencement Date. However, no payment is actually made on that date. We then
allocate that dollar amount among the Sub-Accounts you selected to support your
variable income payments. Based on the Annuity Unit values of the selected
Sub-Accounts on that date, we determine the number of Annuity Units attributable
to each Sub-Account. The number of Annuity Units attributable to each
Sub-Account remains constant unless there is a transfer of Annuity Units between
Sub-Accounts.

To calculate the amount of each variable income payment, we multiply the number
of Annuity Units attributable to each Sub-Account by the Annuity Unit value for
that Sub-Account as of the Valuation Period on which the payment is being
determined. We then total results of these calculations for each Sub-Account.

ANNUITY UNIT VALUES - The Annuity Unit value of each Sub-Account for any
Valuation Period is equal to (1) multiplied by (2) divided by (3) where:

     (1)  is the net investment factor for the Valuation Period for which the
          Annuity Unit value is being calculated using the mortality and expense
          risk charge and the administration charge shown on the Schedule.

     (2)  is the Annuity Unit value for the preceding Valuation Period: and

     (3)  is a daily Assumed Investment Return factor adjusted for the number of
          days in the Valuation Period.

You may transfer Annuity Units between Sub-Accounts. This is done by converting
Annuity Units of a Sub-Account into a dollar amount using the Annuity Unit value
for that Sub-Account on the Valuation Period during which the transfer occurs
and reconverting that dollar amount into the appropriate number of Annuity Units
of another Sub-Account using its Annuity Unit value for the same Valuation
Period. Thus, on the date of the transfer, the dollar amount of the portion of a
variable income payment generated from the Annuity Units of either Sub-Account
would be the same. Only one transfer between Sub-Accounts is allowed in any
calendar month, and no transfers are allowed involving the Guaranteed Account.

SELECTION OF ANNUITY OPTIONS - You may select an Annuity Option, or change your
selection by Written Notice received by the Company not later than 30 days
before the Annuity Commencement Date. If you have not selected an Annuity Option
within 30 days of the Annuity Commencement Date, we will apply your Contract
Value to Option B - Life Income with Payments for a 10 Year Certain Period, with
the

                                       18
IPV-2048V                                                                  12/99
<PAGE>

Variable Account value used to purchase variable income payments and the
Guaranteed Account value used to purchase fixed income payments.

ANNUITY OPTIONS - You may select from among the following Annuity Options:

OPTION A - PAYMENTS FOR A CERTAIN PERIOD: Payments will be made for the period
you select. No certain period may be longer than 30 years. Payments under this
Annuity Option do not depend on the life of an Annuitant. Fixed income payments
under Option A may not be surrendered, but you may fully surrender variable
income payments under Option A.

OPTION B - LIFE INCOME WITH OR WITHOUT A CERTAIN PERIOD: Payments are based on
the life of an Annuitant. We reserve the right to demand proof that the
Annuitant(s) is living prior to making any income payment. If you elect to
include a certain period, payments will be made for the lifetime of the
Annuitant, with payments guaranteed for the certain period you select. No
certain period may be longer than 30 years. Payments stop at the end of the
selected certain period or when the Annuitant(s) dies, whichever is later. If no
certain period is selected, payments will stop upon the death of the
Annuitant(s). Neither fixed nor variable income payments under Option B may be
surrendered.

ADDITIONAL OPTION: The Contract Value, less applicable premium tax, may be used
to purchase any annuity contract that we offer on the date this option is
elected.

MINIMUM AMOUNTS - If your Contract Value is less than $5,000 on the Annuity
Commencement Date, we reserve the right to pay the Contract Value in one lump
sum. If at any time your annuity income payments are less than the minimum
payment amount according to the Company's rules then in effect, we reserve the
right to change the frequency of your income payments to an interval that will
result in a payment amount at least equal to the minimum.

GUARANTEED PURCHASE RATES - The guaranteed interest basis, which is not
applicable to variable income payments, is 3%. The mortality basis is the 1983
Individual Annuitant Mortality Table A projected 14 years. One year will be
deducted from the attained age of the Annuitant for every 3 completed years
beyond the year 1997. Upon request, we will furnish you the guaranteed purchase
rates for ages and periods not shown below. Annuity benefits available on the
Annuity Commencement Date will not be less than those provided by the
application of an equivalent amount to the purchase of a single premium
immediate annuity contract offered by us on the Annuity Commencement Date to the
same class of Annuitants for the same Annuity Option.

                              FIXED ANNUITY TABLES

     OPTION A TABLE                                         OPTION B TABLE
     --------------                                         --------------

     Payments for a                                           Life Income

                                       19
IPV-2048V                                                                  12/99
<PAGE>

     Certain Period                                         with or without a
                                                             Certain Period
<TABLE>
<CAPTION>
                                                                               LIFE WITH 10 YEAR
                                                   LIFE ONLY                     CERTAIN PERIOD
                                               ------------------              -----------------
         MONTHLY           AGE OF
YEARS    PAYMENT          ANNUITANT            MALE        FEMALE               MALE    FEMALE
-----    -------          ---------            ----        ------               ----    ------
<S>      <C>              <C>                 <C>          <C>                 <C>      <C>
    5      17.91             60                4.77         4.25                4.68        4.21
   10       9.61             65                5.46         4.78                5.28        4.70
   15       6.87             70                6.44         5.53                6.03        5.36
   20       5.51             75                7.79         6.63                6.90        6.21
   25       4.71             80                9.70         8.26                7.81        7.22
   30       4.18             85 &             12.38        10.70                8.60        8.20
                             over
</TABLE>

These tables illustrate the minimum fixed monthly annuity payments rates for
each $1,000 applied.

    INDIVIDUAL FLEXIBLE PREMIUM DEFERRED FIXED AND VARIABLE ANNUITY CONTRACT
                                NON-PARTICIPATING

                                       20
IPV-2048V                                                                  12/99

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