Document:

EX-10.19

 Exhibit 10.19 

FORM OF AMENDMENT NO. 2 TO 

LIMITED PARTNERSHIP AGREEMENT 

This Amendment No. 2 to the Limited Partnership Agreement (this “Amendment”) of InPoint REIT Operating Partnership,
LP (the “Partnership”), dated as of [                ], 2021, is between InPoint Commercial Real Estate Income, Inc. (the “General
Partner”) and InPoint REIT Holdings, LLC (the “Limited Partner”). This Amendment amends the Limited Partnership Agreement of the Partnership dated October 7, 2016 between the General Partner and the Limited Partner, as
amended by Amendment No. 1 thereto dated January 30, 2017 (the “Partnership Agreement”). 
 W I T N E S S E T H

 WHEREAS, pursuant to Article 11 of the Partnership Agreement, the General Partner has the exclusive power, without the prior consent
of the Limited Partners, to amend the Partnership Agreement to issue additional Partnership Interests in one or more classes, or one or more series of any of such classes, on such terms and conditions as shall be established by the General Partner
in its sole and absolute discretion, without the approval of any Limited Partners, in accordance with Section 4.2 of the Partnership Agreement; and 

WHEREAS, the General Partner has determined that it is necessary and desirable to amend the Partnership Agreement to establish and set forth
the terms of a new series of Partnership Interests designated as “Series A Preferred Units,” and make certain related amendments. 

NOW, THEREFORE, the Partnership Agreement is hereby modified and amended as follows: 

1. Amendments to the Partnership Agreement. Except as set forth herein, the Partnership Agreement shall remain in full force and effect.

 (a) Capitalized terms used but not defined in this Amendment shall have the meanings ascribed to them in the Partnership Agreement. In
addition, the following defined terms are hereby added to Article 1 of the Partnership Agreement: 
 “Junior
Share” means a share of capital stock of the General Partner now or hereafter authorized or reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the REIT Shares. 

“Junior Unit” means a fractional share of the Partnership Interests that the General Partner has authorized
pursuant to Section 4.1, 4.2 or 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are junior in rank to the OP Units. 

“New Securities” means (i) any rights, options, warrants or convertible or exchangeable securities having
the right to subscribe for or purchase REIT Shares, Preferred Shares or Junior Shares, except that “New Securities” shall not mean any Preferred Shares, Junior Shares or grants under the Equity Incentive Plans or (ii) any debt issued
by the General Partner that provides any of the rights described in clause (i). 
 “OP Unit” means a
fractional share of the Partnership Interests of all Partners, but does not include any Preferred Unit, Junior Unit or any other Partnership Unit specified in a Partnership Unit Designation as being other than an OP Unit; provided, however, that the
General Partnership Interest and the Limited Partnership Interests shall have the differences in rights and privileges as specified in this Agreement. 

“Partnership Interest” means an ownership interest in the Partnership held by either a Limited Partner or the
General Partner and includes any and all benefits to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this
Agreement. A Partnership Interest may be expressed as a number of OP Units, Preferred Units, Junior Units or other Partnership Units. 

 “Partnership Unit” means an OP Unit, a Preferred Unit, a
Junior Unit or any other fractional share of the Partnership Interests that the General Partner has authorized pursuant to Section 4.1, 4.2 or 4.3 hereof. 

“Partnership Unit Designation” has the meaning set forth in Section 4.2(a) hereof. 

“Preferred Share” means a share of capital stock of the General Partner now or hereafter authorized or
reclassified that has dividend rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the REIT Shares. 

“Preferred Unit” means a fractional share of the Partnership Interests that the General Partner has authorized
pursuant to Section 4.1, 4.2 or 4.3 hereof that has distribution rights, or rights upon liquidation, winding up and dissolution, that are superior or prior to the OP Units. 

“REIT Share” means a share of the General Partner’s common stock, par value $0.01 per share. Where
relevant in this Agreement, “REIT Share” includes shares of the General Partner’s common stock, par value $0.001 per share, issued upon conversion of Preferred Shares. 

“Transfer” when used with respect to a Partnership Unit, or all or any portion of a Partnership Interest,
means any sale, assignment, bequest, conveyance, devise, gift (outright or in trust), pledge, encumbrance, hypothecation, mortgage, exchange, transfer or other disposition or act of alienation, whether voluntary or involuntary or by operation of
law. 
 (b) The definition of “Percentage Interest” in Article 1 of the Partnership Agreement is hereby deleted and replaced in its
entirety with the following: 
 “Percentage Interest” means, as to a Partner holding a class or series of
Partnership Interests, its interest in such class or series as determined by dividing the Partnership Units of such class or series owned by such Partner by the total number of Partnership Units of such class then outstanding as specified in
Exhibit A attached hereto, as such Exhibit A may be amended from time to time. If the Partnership issues additional classes or series of Partnership Interests other than as contemplated herein, the interest in the Partnership among the
classes or series of Partnership Interests shall be determined as set forth in the amendment to the Partnership Agreement setting forth the rights and privileges of such additional classes or series of Partnership Interest, if any, as contemplated
by Section 4.2. 
 (c) Article 4 of the Partnership Agreement is hereby deleted and replaced in its entirety with the following: 

4.1 Capital Contributions of the Partners. 

Each Partner has made a Capital Contribution to the Partnership and owns Partnership Units in the amount and designation set
forth for such Partner on Exhibit A, as the same may be amended from time to time by the General Partner to the extent necessary to reflect accurately sales, exchanges, conversions or other Transfers, redemptions, Capital Contributions, the
issuance of additional Partnership Units, or similar events having an effect on a Partner’s ownership of Partnership Units. Except as provided by law or in Section 4.3 hereof, the Partners shall have no obligation or right to make any
additional Capital Contributions or loans to the Partnership. 

  
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 4.2 Issuances of Additional Partnership Interests. 

(a) General. The General Partner may cause the Partnership to issue additional Partnership Interests, in the form
of Partnership Units, for any Partnership purpose, at any time or from time to time, to the Partners (including the General Partner) or to other Persons, and to admit such Persons as Additional Limited Partners, for such consideration and on such
terms and conditions as shall be established by the General Partner in its sole and absolute discretion, all without the approval of any Limited Partners. Without limiting the foregoing, the General Partner is expressly authorized to cause the
Partnership to issue Partnership Units (i) upon the conversion, redemption or exchange of any debt, Partnership Units or other securities issued by the Partnership, (ii) for less than fair market value, so long as the General Partner
concludes in good faith that such issuance is in the best interest of the General Partner’s stockholders and the Partnership and (iii) in connection with any merger of any other Person into the Partnership or any Subsidiary of the
Partnership if the applicable merger agreement provides that Persons are to receive Partnership Units in exchange for their interests in the Person merging into the Partnership or any Subsidiary of the Partnership. Subject to Delaware law, any
additional Partnership Interests may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties as shall be
determined by the General Partner, in its sole and absolute discretion without the approval of any Limited Partner, and set forth in a written document thereafter attached to and made an exhibit to this Agreement (each, a “Partnership Unit
Designation”). Without limiting the generality of the foregoing, the General Partner shall have authority to specify (a) the allocations of items of Partnership income, gain, loss, deduction and credit to each such class or series of
Partnership Interests; (b) the right of each such class or series of Partnership Interests to share in Partnership distributions; (c) the rights of each such class or series of Partnership Interests upon dissolution and liquidation of the
Partnership; (d) the voting rights, if any, of each such class or series of Partnership Interests; and (e) the conversion, redemption or exchange rights applicable to each such class or series of Partnership Interests. Upon the issuance of
any additional Partnership Interest, the General Partner shall amend Exhibit A as appropriate to reflect such issuance. 

(b) Issuances to the General Partner. No additional Partnership Units shall be issued to the General Partner unless
(i) the additional Partnership Units are issued to all Partners in proportion to their respective Percentage Interests with respect to the class of Partnership Units so issued, (ii) (a) the additional Partnership Units are (x) OP
Units issued in connection with an issuance of REIT Shares or (y) Partnership Units (other than OP Units) issued in connection with an issuance of Preferred Shares, Junior Shares, New Securities or other interests in the General Partner (other
than REIT Shares), which Preferred Shares, Junior Shares, New Securities or other interests have designations, preferences and other rights, terms and provisions that are substantially the same as the designations, preferences and other rights,
terms and provisions of the additional Partnership Units issued to the General Partner and (b) the General Partner directly or indirectly contributes or otherwise causes to be transferred to the Partnership the cash proceeds or other
consideration, if any, received in connection with the issuance of such REIT Shares, Preferred Shares, Junior Shares, New Securities or other interests in the General Partner or (iii) the additional Partnership Units are issued upon the
conversion, redemption or exchange of debt, Partnership Units or other securities issued by the Partnership. In the event that the Partnership issues additional Partnership Units pursuant to this Section 4.2(b), the General Partner shall make
such revisions to this Agreement as it determines are necessary to reflect the issuance of such additional Partnership Interests. 

(c) No Preemptive Rights. No Person, including, without limitation, any Partner or assignee, shall have any
preemptive, preferential, participation or similar right or rights to subscribe for or acquire any Partnership Interest. 

4.3. Additional Funds and Capital Contributions. 

(a) General. The General Partner may, at any time and from time to time, determine that the Partnership requires
additional funds (“Additional Funds”) for the acquisition, origination or development of additional Properties, for the redemption of Partnership Units or for such other purposes as the General Partner may determine in its sole and
absolute discretion. Additional Funds may be obtained by the Partnership, at the election of the General Partner, in any manner provided in, and in accordance with, the terms of this Section 4.03 without the approval of any Limited Partners.

  
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 (b) Additional Capital Contributions. The General Partner, on
behalf of the Partnership, may obtain any Additional Funds by accepting Capital Contributions from any Partners or other Persons. In connection with any such Capital Contribution (of cash or property), the General Partner is hereby authorized to
cause the Partnership from time to time to issue additional Partnership Units (as set forth in Section 4.2 above) in consideration therefor and the Percentage Interests of the General Partner and the Limited Partners shall be adjusted to
reflect the issuance of such additional Partnership Units. 
 (c) Issuance of Securities by the General Partner.
The General Partner shall not issue any additional REIT Shares, Preferred Shares, Junior Shares or New Securities unless the General Partner contributes directly or indirectly the cash proceeds or other consideration, if any, received from the
issuance of such additional REIT Shares, Preferred Shares, Junior Shares or New Securities, as the case may be, and from the exercise of the rights contained in any such additional New Securities, to the Partnership in exchange for (x) in the
case of an issuance of REIT Shares, Partnership Units or (y) in the case of an issuance of Preferred Shares, Junior Shares or New Securities, Partnership Units with designations, preferences and other rights, terms and provisions that are
substantially the same as the designations, preferences and other rights, terms and provisions of such Preferred Shares, Junior Shares or New Securities; provided, however, that notwithstanding the foregoing, the General Partner may issue REIT
Shares, Preferred Shares, Junior Shares or New Securities (a) pursuant to a dividend or distribution (including any stock split) wholly or partly of REIT Shares, Preferred Shares, Junior Shares or New Securities to all of the holders of REIT
Shares, Preferred Shares, Junior Shares or New Securities, as the case may be, (b) upon a conversion, redemption or exchange of Preferred Shares, (c) upon a conversion of Junior Shares into REIT Shares, (d) upon a conversion,
redemption, exchange or exercise of New Securities, or (e) pursuant to share grants or awards made pursuant to any Equity Incentive Plan of the General Partner. In the event of any issuance of additional REIT Shares, Preferred Shares, Junior
Shares or New Securities by the General Partner, and the direct or indirect contribution to the Partnership, by the General Partner, of the cash proceeds or other consideration received from such issuance, if any, the Partnership shall pay the
General Partner’s expenses associated with such issuance, including any underwriting discounts or commissions (it being understood that if the proceeds actually received by the General Partner are less than the gross proceeds of such issuance
as a result of any underwriter’s discount or other expenses paid or incurred by the General Partner in connection with such issuance, then the General Partner shall be deemed to have made a Capital Contribution to the Partnership in the amount
of the gross proceeds of such issuance and the Partnership shall be deemed simultaneously to have reimbursed the General Partner pursuant to Section 6.5(b) for the amount of such underwriter’s discount or other expenses). Nothing in this
Agreement shall prohibit the General Partner from issuing Partnership Units for less than fair market value if the General Partner concludes in good faith that such issuance is in the best interest of the Partnership and the General Partner’s
stockholders. 
 4.6. No Interest; No Return. 

No Partner shall be entitled to interest on its Capital Contribution or on such Partner’s capital account. Except as
provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution from the Partnership. 

  
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 4.8. Not Publicly Traded. 

The General Partner, on behalf of the Partnership, shall use its best efforts not to take any action which would result in the
Partnership being a “publicly traded partnership” under and as such term is defined in Code Section 7704(b), and by reason thereof, taxable as a corporation. 

4.9. No Third-Party Beneficiary. 

No creditor or other third party having dealings with the Partnership shall have the right to enforce the right or obligation
of any Partner to make Capital Contributions or loans or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the provisions of this Agreement shall be solely for the benefit of, and may be
enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital Contributions or loans to the Partnership shall be deemed an asset of the
Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the Partnership to secure any debt or other obligation of the
Partnership or of any of the Partners. In addition, it is the intent of the parties hereto that no distribution to any Limited Partner shall be deemed a return of money or other property in violation of the Act. However, if any court of competent
jurisdiction holds that, notwithstanding the provisions of this Agreement, any Limited Partner is obligated to return such money or property, such obligation shall be the obligation of such Limited Partner and not of the General Partner. Without
limiting the generality of the foregoing, a deficit capital account of a Partner shall not be deemed to be a liability of such Partner nor an asset or property of the Partnership. 

(d) Article 5 of the Partnership Agreement is hereby deleted and replaced in its entirety with the following: 

5.1 Distributions 

(a) Except for distributions pursuant to Section 5.1(b) or 5.3 of this Agreement in connection with the dissolution
and liquidation of the Partnership, and subject to the terms of any Partnership Unit Designation, the General Partner may cause the Partnership to make distributions at such times and in such amounts as the General Partner shall determine in its
sole and absolute discretion to the Partners who are Partners on the Partnership Record Date with respect to such distribution period: (i) first, with respect to any Partnership Interests that are entitled to any preference in distribution, in
accordance with the rights of such class(es) of Partnership Interests (and, within such class(es), pro rata in proportion to the respective Percentage Interests on such Partnership Record Date) and (ii) second, with respect to any Partnership
Interests that are not entitled to any preference in distribution, in accordance with the rights of such class of Partnership Interests (and, within such class, pro rata in proportion to the respective Percentage Interests on such Partnership Record
Date). At the election of the General Partner, distributions payable with respect to any Partnership Units that were not outstanding during the entire period in respect of which any distribution is made may be prorated based on the portion of the
period that such Partnership Units were outstanding. 
 (b) If the General Partner shall elect to purchase from its
stockholders common stock of the General Partner for any purpose, the Partnership shall distribute to the General Partner in reduction of its Capital Contributions the purchase price paid by the General Partner for such common stock and any other
expenses incurred by the General Partner in connection with such purchase shall be considered expenses of the Partnership and shall be reimbursed to the General Partner. 

(c) In the event that the Partnership issues additional Partnership Interests to the General Partner or any additional
Limited Partner pursuant to Article 4 hereof, the General Partner shall make such revisions to this Article 5 as it deems necessary to reflect the issuance of such additional Partnership Interests. 

  
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 5.2 REIT Distribution Requirements. 

The General Partner shall use its commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to
enable the General Partner to make stockholder distributions that will allow the General Partner to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal
income or excise tax liability imposed by the Code. 
 5.3 Distributions Upon Liquidation. 

Upon liquidation of the Partnership, after payment of, or adequate provision for, debts and obligations of the Partnership,
including any Partner loans, any remaining assets of the Partnership shall be distributed in accordance with Section 5.1(a). To the extent deemed advisable by the General Partner, appropriate arrangements (including the use of a liquidating
trust) may be made to assure that adequate funds are available to pay any contingent debts or obligations. 
 (e) Exhibit A to the
Partnership Agreement is hereby amended as set forth in Exhibit A hereto. 
 (f) A new Exhibit B is hereby added as set forth
in Exhibit B hereto. 
 2. Construction. The provisions of this Amendment shall be governed by and construed in
accordance with the laws of the State of Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 3. 

3. Entire Amendment. This Amendment may not be amended or modified except in writing signed by all parties. 

4. Governing Law. The provisions of this Amendment shall be governed by and construed in accordance with the laws of the State of
Delaware; provided, however, that any cause of action for violation of federal or state securities laws shall not be governed by this Section 4. 

5. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an
original against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Amendment shall become binding when one or more counterparts hereof, individually or taken together, shall bear
the signatures of all of the parties reflected hereon as the signatories. 
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blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 2 to the
Partnership Agreement as of the date and year first above written. 
  

			
	GENERAL PARTNER:
	
	InPoint Commercial Real Estate Income, Inc.
		
	By:	 	          

	Name:	 	
	Title:	 	
	
	LIMITED PARTNER:
	
	InPoint REIT Holdings, LLC
	
	By: InPoint Commercial Real Estate Income, Inc., its manager
		
	By:	 	          

	Name:	 	
	Title:	 	

 [Signature Page to Amendment No. 2 to Limited Partnership Agreement] 

 EXHIBIT A 

PARTNERS AND PARTNERSHIP UNITS 
  

							
	Partners	  	Address	  	 Partnership Units1

(Type and Amount)
	  	 Capital

Contributions

	 GENERAL PARTNER
	  		  		  	
	 InPoint Commercial Real Estate Income, Inc.
	  	 2901 Butterfield Rd.

Oak Brook, IL 60523
	  	 [    ] OP Units

[    ] Series A Preferred Units
	  	$ [    ]
				
	 LIMITED PARTNER
	  		  		  	
				
	 InPoint REIT Holdings, LLC
	  	 2901 Butterfield Rd.

Oak Brook, IL 60523
	  	[    ] OP Units	  	$ [    ]
				
	 Totals
	  		  		  	$ [    ]

  

	1 	 The sum of the Partnership Units held by the General Partner and the Limited Partner is equal to the number of
REIT Shares outstanding on the date hereof. 

  
 A-1 

 EXHIBIT B 

SERIES A PREFERRED UNITS 

Series A Preferred Units. Pursuant to the authority granted under Section 4.2 of the Limited Partnership Agreement of InPoint REIT
Operating Partnership, LP (the “Partnership Agreement”), the General Partner hereby establishes a series of Preferred Units designated as the [•]% Series A Cumulative Preferred Units (the “Series A Preferred
Units”) on the terms set forth in this Exhibit B. Capitalized terms used herein without definition have the meanings given to them in the Partnership Agreement. 

1. Designation and Number. The number of authorized units of the Series A Preferred Units shall be
[                ] and shall at all times be equal to the number of [•]% Series A Cumulative Redeemable Preferred Stock (“Series A Preferred
Stock”) issued by the General Partner and then outstanding. Series A Preferred Units shall be issued only to and held only by the General Partner. 

2. Rank. The Series A Preferred Units will, with respect to distribution rights and rights upon liquidation, dissolution or winding up
of the Partnership, rank: (a) senior to all classes or series of Partnership Units expressly designated as ranking junior to the Series A Preferred Units as to distribution rights and rights upon liquidation, dissolution or winding up
(collectively, “Junior Units”); (b) on parity with any other class or series of Partnership Units expressly designated as ranking on parity with the Series A Preferred Units as to distribution rights and rights upon liquidation,
dissolution or winding up (collectively, “Parity Units”); and (c) junior to any class or series of Partnership Units expressly designated as ranking senior to the Series A Preferred Units as to distribution rights and rights
upon liquidation, dissolution or winding up. For purposes of the terms of the Series A Preferred Units, the term “Partnership Units” does not include convertible or exchangeable debt securities, including convertible or exchangeable debt
securities that rank senior to the Series A Preferred Units prior to conversion or exchange. The Series A Preferred Units will also rank junior in right of payment to the Partnership’s other existing and future indebtedness. 

3. Distributions. 
 (a)
From and including [•], 2021 to, but excluding, [•], 2026, subject to the preferential rights of holders of any class or series of Partnership Units expressly designated as ranking senior to the Series A Preferred Units as to distribution
rights, the General Partner, as the holder of the Series A Preferred Units, shall be entitled to receive, when, as and if authorized by the General Partner out of assets legally available for the payment of distributions, cumulative cash
distributions at the rate of [•]% per annum of the $25.00 liquidation preference per Series A Preferred Unit (equivalent to a fixed annual amount of $[•] per Series A Preferred Unit) (the “Initial Rate”). 

If either (i) a “Change of Control” (as defined in the Articles Supplementary setting forth the terms of the Series A Preferred
Stock (the “Articles Supplementary”)) occurs on or prior to [•], 2022, or (ii) any shares of Series A Preferred Units are outstanding on and after [•], 2026, the Partnership shall thereafter accrue cumulative cash
distributions on each then-outstanding Series A Preferred Unit at a rate equal to the Initial Rate per annum plus an additional [•]% of the liquidation preference per annum, which will increase by an additional [•]% of the liquidation
preference per annum on each subsequent Adjustment Date (as defined in the Articles Supplementary) thereafter, subject to a maximum annual distribution rate of [•]% while the Series A Preferred Units remains outstanding (the “Enhanced
Rate”). In the event that distributions begin to accrue at the Enhanced Rate because a Change of Control occurs on or prior to [•], 2022, clause (ii) of the immediately prior sentence will be of no effect. 

Distributions on each Series A Preferred Unit shall accrue and be cumulative from and including, the original date of issuance of such Series
A Preferred Unit and shall be payable quarterly in equal amounts in arrears on or about [•], [•], [•] and [•] of each year, beginning on [•], 2021 (each such day being hereinafter called, a “Payment Date”);
provided, however, if any Payment Date is not a Business Day (as defined below), then the distribution which would otherwise have been payable on such Payment Date may be paid on the next succeeding Business Day with the same force and effect as if
paid on such Payment Date, and no interest or additional distributions or other sums shall accrue on the amount so payable from such Payment Date to such next succeeding Business Day; provided, further, that the General Partner, as the holder of the
Series A Preferred Units, shall not be entitled to receive any distributions paid or payable on the Series A Preferred Units with a Payment Date before the date such shares of Series A Preferred Units are issued. 

  
 B-2 

 The amount of any distribution payable on the Series A Preferred Units for any partial
distribution period or for any full period during which an Adjustment Date related to a distribution adjustment occurs shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. Distributions shall be payable to the General Partner, as the holder of the Series A Preferred Units. 

(b) No distributions on the Series A Preferred Units shall be authorized by the General Partner or declared, paid or set apart for payment by
the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits such authorization, declaration, payment or setting apart for payment or provides that such
authorization, declaration, payment or setting apart for payment would constitute a breach thereof, or a default thereunder, or if such authorization, declaration, payment or setting apart shall be restricted or prohibited by law. 

(c) Notwithstanding anything to the contrary contained herein, distributions on the Series A Preferred Units shall accrue whether or not the
restrictions referred to in Section 3(b) exist, whether or not the Partnership has earnings, whether or not there are assets legally available for the payment of such distributions and whether or not such distributions are authorized or
declared. 
 (d) Except as provided in Section 3(e) below, no distributions shall be declared and paid or set apart for payment, and no
other distributions of cash or other property may be declared and made, directly or indirectly, on or with respect to, Parity Units or Junior Units (other than a distribution paid in Junior Units or options, warrants or rights to subscribe for or
purchase Junior Units) for any period, nor shall Parity Units or Junior Units be redeemed, purchased or otherwise acquired for any consideration (other than a redemption, purchase or acquisition of Common Units made for purposes of and in compliance
with requirements of any incentive, benefit or stock purchase plan of the General Partner or any subsidiary thereof, or a redemption, purchase or acquisition of Parity Units or Junior Units in connection with a redemption, purchase or acquisition of
REIT Shares as permitted under Article VI of the General Partner’s Articles of Amendment and Restatement (the “Charter”), as may be amended or supplemented from time to time), nor shall any assets be paid or made available
for a sinking fund for the redemption of any such shares by the Partnership, directly or indirectly (except by conversion into or exchange for Junior Units or options, warrants or rights to purchase or subscribe for Junior Units, and except for
purchases or exchanges pursuant to a purchase or exchange offer made on the same terms to the General Partner, as holder of the Series A Preferred Units, and all holders of Parity Units), unless full cumulative distributions on the Series A
Preferred Units for all past distribution periods shall have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof is set apart for such payment. 

(e) When cumulative distributions are not paid in full (or a sum sufficient for such full payment is not so set apart) on the Series A
Preferred Units and any Parity Units, all distributions declared on the Series A Preferred Units and any other Parity Units shall be declared pro rata so that the amount of distributions declared per Series A Preferred Unit and per Parity Unit shall
in all cases bear to each other the same ratio that accrued distributions per Series A Preferred Unit and per Parity Unit (which shall not include any accrual in respect of unpaid distributions on any Parity Units for prior distributions periods if
such Parity Units does not have a cumulative distribution) bear to each other. No interest, or sum of money in lieu of interest, shall be payable in respect of any distribution payment or payments on the Series A Preferred Units which may be in
arrears. 
 (f) If, for any taxable year, the General Partner elects to designate as “capital gain distributions” (as defined in
Section 857 of the Internal Revenue Code of 1986, as amended) any portion of the distributions (as determined for federal income tax purposes) paid or made available for the year to holders of all classes or series of Partnership Units, then
the portion of the capital gains amount that shall be allocable to the General Partner, as holder of the Series A Preferred Units, shall be the amount that the total distributions (as determined for federal income tax purposes) paid or made
available to the General Partner, as holder of the Series A Preferred Units, for the year bears to the total distributions (as determined for federal income tax purposes) paid or made available for the year to holders of all classes of Partnership
Units. 
 (g) The General Partner, as holders of the Series A Preferred Units, shall not be entitled to any distribution, whether payable in
cash, property or Partnership Units, in excess of full cumulative distributions on the Series A Preferred Units as described above. Any distribution payment made on the Series A Preferred Units shall first be credited against the earliest accrued
but unpaid distributions due with respect to such shares which remain payable. Accrued but unpaid distributions on the Series A Preferred Units will accumulate as of the Payment Date on which they first become payable or on the date of redemption,
as the case may be. 

  
 B-3 

 (h) “Business Day” shall mean any day, other than a Saturday or Sunday,
that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order to close. 

(i) “Set apart for payment” shall be deemed to include (without limitation): the recording by the Partnership in its
accounting ledgers of any accounting or bookkeeping entry which indicates, pursuant to an authorization by the General Partner and a declaration of distributions by the Partnership, the allocation of funds to be so paid on any series or class of
Partnership Units; provided, however, that if any funds for any class or series of Junior Units or Parity Units are placed in a separate account of the Partnership or delivered to a disbursing, paying or other similar agent, then “set apart for
payment” with respect to the Series A Preferred Units shall mean placing such funds in a separate account or delivering such funds to a disbursing, paying or other similar agent. 

4. Liquidation Preference. 

(a) In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Partnership, before any distribution or payment
shall be made to the holders of shares of any Junior Units, the General Partner, as holder of the Series A Preferred Units, shall be entitled to be paid, or have the Partnership declare and set apart for payment, out of the assets of the Partnership
legally available for distribution, after payment or provision for payment of all debts and other liabilities of the Partnership, a liquidation preference in cash or property at fair market value, as determined by the General Partner, of $25.00 per
unit, plus an amount equal to any accrued and unpaid distributions (whether or not declared) to, but not including, the date of payment or the date the amount for payment is set apart (the “Liquidating Distributions”). 

(b) If, upon any such voluntary or involuntary liquidation, dissolution or winding up of the Partnership, the available assets of the
Partnership are insufficient to pay the full amount of the Liquidating Distributions on all outstanding Series A Preferred Units and the corresponding amounts payable on all outstanding Parity Units, then the General Partner, as holder of the Series
A Preferred Units, and the holders of such Parity Units shall share ratably in any such distribution of assets in proportion to the full Liquidating Distributions to which they would otherwise be respectively entitled. 

(c) After payment of the full amount of the Liquidating Distributions to which it is entitled, the General Partner, as holder of the Series A
Preferred Units, will have no right or claim to any of the remaining assets of the Partnership. 
 (d) For the avoidance of doubt, the
consolidation, merger or conversion of the Partnership with or into another entity, the merger of another entity with or into the Partnership, a statutory unit exchange by the Partnership or the sale, lease, transfer or conveyance of all or
substantially all of the assets or business of the Partnership shall not be considered a liquidation, dissolution or winding up of the Partnership. 

5. Redemption. 
 (a)
Optional Redemption. 
 (i) The Series A Preferred Units are not redeemable prior to [•], 2023, except to the
extent that the Series A Preferred Stock are permitted to be redeemed pursuant to Article VI of the Charter and as otherwise provided in this Section 5. Subject to Section 5(c), on and after [•], 2023 but before [•], 2024, the
General Partner, at its option, may redeem the Series A Preferred Units, in whole or from time to time in part, for cash, at a redemption price of $25.00 per unit, plus (i) an amount equal to any accrued and unpaid dividends (whether or not
declared) to, but not including, the date of redemption (other than any dividend with a Partnership Record Date before the applicable redemption date and a Payment Date after the applicable redemption date, which will be paid on the Payment Date
notwithstanding prior redemption of such units) and (ii) an amount equal to the Third 

  
 B-4 

 
Year Redemption Penalty (as defined below). Subject to Section 5(c), on and after [•], 2024, but before [•], 2025, the General Partner, at its option, may redeem the Series A
Preferred Units, in whole or from time to time in part, for cash, at a redemption price of $25.00 per unit, plus (i) an amount equal to any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption
(other than any dividend with a Partnership Record Date before the applicable redemption date and a Payment Date after the applicable redemption date, which will be paid on the Payment Date notwithstanding prior redemption of such units) and
(ii) an amount equal to the Fourth Year Redemption Penalty. Subject to Section 5(c), on and after [•], 2025, the General Partner, at its option, may redeem the Series A Preferred Units, in whole or from time to time in part, for cash,
at a redemption price of $25.00 per unit, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption (other than any dividend with a Partnership Record Date before the applicable redemption date and
a Payment Date after the applicable redemption date, which will be paid on the Payment Date notwithstanding prior redemption of such units). 

The “Third Year Redemption Penalty” shall be equal to (i) unpaid dividends (whether or not declared) from, and including,
the date of redemption through, and excluding, [•], 2025, treating the Series A Preferred Units that are subject to the redemption as if such units were outstanding through such date for purposes of this calculation, multiped (ii) by 50%.

 The “Fourth Year Redemption Penalty” shall be equal to (i) unpaid dividends (whether or not declared) from, and
including, the date of redemption through, and excluding, [•], 2025, treating the Series A Preferred Units that are subject to the redemption as if such units were outstanding through such date for purposes of this calculation, multiped
(ii) by 25%. 
 The aforementioned redemption rights set forth in this Section 5(a)(i) are collectively referred to as the
“Regular Redemption Right.” 
 (ii) Unless full cumulative dividends on all Series A Preferred Units shall
have been or contemporaneously are declared and paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods, (i) no Series A Preferred Units shall be redeemed unless all outstanding Series A
Preferred Units are simultaneously redeemed, and (ii) the General Partner shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for the
redemption of, any Series A Preferred Units (except by conversion into or exchange for Junior Units or options, warrants or rights to purchase or subscribe for Junior Units). 

(iii) In connection with any redemption of Series A Preferred Units pursuant to the Regular Redemption Right, if the redemption
date falls after a Partnership Record Date and prior to the corresponding Payment Date, then the General Partner, as the holder of the Series A Preferred Units, at the close of business on such Partnership Record Date shall be entitled to the
dividend payable on such units on the corresponding Payment Date (including any accrued and unpaid dividends for prior dividend periods) notwithstanding the redemption of such units before such Payment Date. Except as provided above and in
Section 5(b)(iii), the General Partner will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Units for which a notice of redemption has been given. 

(iv) Any Series A Preferred Units that shall at any time have been redeemed pursuant to the Regular Redemption Right or
otherwise acquired shall, after such redemption or acquisition, have the status of authorized but unissued units of Preferred Units, without designation as to class or series until such units are once more classified and designated as part of a
particular class or series by the General Partner. 

  
 B-5 

 (b) Special Optional Redemption. 

(i) Subject to Section 5(c), upon the occurrence of a “Change of Control” as defined in the Articles
Supplementary, the General Partner or the acquiring or surviving entity, as applicable, at its option, may redeem the Series A Preferred Units, in whole or in part, within 120 days after the first date on which such Change of Control occurred, for
cash at a redemption price equal to $25.00 per unit, plus an amount equal to any accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date (“Special Optional Redemption Right”). 

(ii) Unless full cumulative dividends on all Series A Preferred Units shall have been or contemporaneously are declared and
paid or declared and a sum sufficient for the payment thereof set apart for payment for all past dividend periods, (i) no Series A Preferred Units shall be redeemed pursuant to the Special Optional Redemption Right unless all outstanding Series
A Preferred Units are simultaneously redeemed, and (ii) the General Partner shall not purchase or otherwise acquire directly or indirectly for any consideration, nor shall any monies be paid to or be made available for a sinking fund for the
redemption of, any Series A Preferred Units (except by conversion into or exchange for Junior Units or options, warrants or rights to purchase or subscribe for Junior Units). 

(iii) In connection with any redemption of Series A Preferred Units pursuant to the Special Optional Redemption Right, if a
redemption date falls after a Partnership Record Date and prior to the corresponding Payment Date, then the General Partner, as holder of the Series A Preferred Units, at the close of business on such Partnership Record Date shall be entitled to the
dividend payable on such units on the corresponding Payment Date (including any accrued and unpaid dividends for prior dividend periods) notwithstanding the redemption of such units before such Payment Date. Except as provided above, the General
Partner will make no payment or allowance for unpaid dividends, whether or not in arrears, on Series A Preferred Units for which a notice of redemption has been given. 

(iv) Any Series A Preferred Units that shall at any time have been redeemed pursuant to the Special Optional Redemption Right
or otherwise acquired shall, after such redemption or acquisition, have the status of authorized but unissued Preferred Units, without designation as to class or series until such units are once more classified and designated as part of a particular
class or series by the General Partner. 
 (c) Procedures of Redemption. Notwithstanding any other provision hereof, the General
Partner may only exercise its right to redeem all or any of the Series A Preferred Units to the extent that the General Partner exercises its right to redeem all or any of the Series A Preferred Stock, and at any time that the General Partner
exercises its right to redeem the Series A Preferred Stock, the General Partner shall exercise its right to cause the Partnership to redeem an equal number of Series A Preferred Units. 

6. Conversion. At any time that a holder of the Series A Preferred Stock exercises its right to convert all or any of the Series A
Preferred Stock into REIT Shares, the General Partner shall exercise its right to cause the Partnership to convert an equal number of Series A Preferred Units into a number of OP Units equal to the corresponding number of REIT Shares received by
such exercising holder of the Series A Preferred Stock, such that following such conversion the aggregate number of outstanding Series A Preferred Units shall be equal to the aggregate number of outstanding shares of Series A Preferred Stock and the
aggregate number of OP Units held by the General Partner shall be equal to the aggregate number of outstanding REIT Shares. 
 7. Voting
Rights. Except as required by law, the General Partner, in its capacity as the holder of the Series A Preferred Units, shall not be entitled to vote at any meeting of the Partners or for any other purpose or otherwise to participate in any
action taken by the Partnership or the Partners, or to receive notice of any meeting of the Partners. 
 8. General. The rights of the
General Partner, in its capacity as holder of the Series A Preferred Units, are in addition to and not in limitation of any other rights or authority of the General Partner, in any other capacity, under the Partnership Agreement. In addition,
nothing herein shall be deemed to limit or otherwise restrict any rights or authority of the General Partner other than in its capacity as the holder of the Series A Preferred Units. 

  
 B-6[]

    The Lincoln National Life Insurance Company

    (the “Company”)

    A Stock Company

    Home Office Location:  [Fort Wayne, Indiana]

    Administrator Mailing Address:  The Lincoln National Life
        Insurance Company

    [100 North Greene Street

    P.O. Box 21008

    Greensboro, NC 27420-1008]

     

     

    The Lincoln National Life Insurance Company agrees to: (a) pay the Death Benefit Proceeds to the Beneficiary after receipt of Due Proof of
      Death that the Insured’s death occurred while this Policy is In Force; and (b) to provide the other rights and benefits according to the terms of this Policy.

    Read this Policy Carefully

    This is a legal contract between you and us.  The application for coverage is accepted and this Policy is issued and accepted subject to the terms set forth
      on the following pages, which are made a part of this Policy.  In consideration of the application and the payment of premiums as provided, this Policy is executed by us as of the Policy Date at the Administrator Mailing Address shown above.  Pay
      particular attention to the Policy Specifications as they are specific to you and may contain important terms and conditions.

    Right to Examine this Policy

    You may return this Policy for any reason to the insurance agent through whom it was purchased, to any other insurance agent of the Company or to us at the
      Administrator Mailing Address listed above within [10] days after its receipt ([30] days after its receipt if this Policy is issued in replacement of other insurance).  During
        this period (the "Right to Examine Period"), any Net Premium Payment received by us will be placed in a [money market Sub-Account] as designated by us. If returned, this Policy will be considered void from the Policy Date and we will
      refund, as of the date the returned Policy is received by us, the greater of total premium paid less Debt and withdrawals or the Accumulation Value less Debt plus
      any charges and fees taken under the Policy’s terms. If this Policy is not returned, the premium payment will be processed as directed by you after the "Right to Examine
        Period" expires.

    ANY BENEFITS, INCLUDING DEATH BENEFITS, AND VALUES PROVIDED BY THIS POLICY MAY INCREASE OR DECREASE DAILY DEPENDING ON THE
      INVESTMENT EXPERIENCE OF THE SEPARATE ACCOUNT AND ARE NOT GUARANTEED AS TO DOLLAR AMOUNT.

    The Death Benefit Proceeds on the Policy Date will be at least equal to the Initial Life Insurance Amount of this Policy
      if there are no outstanding loans or withdrawals. Thereafter, the Death Benefit Proceeds may vary under the conditions described in the “Insurance Coverage and Death Benefit Provisions” of this Policy.

    [] []

    [President] [Secretary]

    	
            Insured:

          	
            [INSURED NAME]

          
	
            Policy Number:

          	
            [SPECIMEN]

          

    

    

    INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE LIFE INSURANCE POLICY

    Death Benefit Proceeds are payable upon the death of the Insured while this Policy is In Force.  Investment results are reflected in Policy benefits.  The
      Cash Value is payable upon surrender of this Policy.  Flexible premiums are payable to the earlier of the Insured’s Attained Age 121 or the Insured’s death. The Death Benefit Option may be changed and may result in change(s) to the Life Insurance
      Amount. Planned Premium Amount and additional Riders and/or benefits are shown in the Policy Specifications.  This Policy is non-participating; it is not eligible for dividends.

    For information or assistance regarding this Policy please write to us at email address [LifeGoalsSupport@lfg.com] or call
      us at [800-487-1485].

    
      
        

    

    Table of Contents

    Provision Page*

    Summary of Policy Features. 2a

    Individual Flexible Premium Variable Adjustable Life Insurance; Coverage Duration; Accumulation Value; Persistency Bonus; Separate Account
      Performance; No-Lapse Provision; Monitoring Your Policy’s Performance

    Policy Specifications3

    Summarizes benefits that you purchased including charges and expenses.

    Riders and Benefits
        Charges3a

    Table of Expense Charges
        and Fees3b

    Cost of Insurance; Mortality and Expense Risk (“M&E”) Charge Rate; Transfer Fee

    Table of Monthly
        Administrative Fees3c

    Table of Guaranteed
        Maximum Cost of Insurance Rates3d

    Corridor Percentages Table3e

    Death Benefit Qualification Test

    No-Lapse Provision;
        Overloan Protection3f

    Definitions5

    The Contract7

    Entire Contract; Changes to Contract Terms; Non-Participating; Misstatement of Age or Sex; Incontestability

    Ownership7

    Rights of Owner; Transfer of Ownership; Assignment; Some Important Things You Should Do

    Beneficiary8

    Beneficiary; Change of Beneficiary

    Insurance Coverage and Death Benefit
        Provisions8

    Date of Coverage; Termination of Coverage; Death Benefit Proceeds; Death Benefit Options; Notice of Claim; Income Tax on Death Benefits;
      Suicide; Method of Payment; Interest on Death Benefit; Continuation of Coverage After Insured’s Attained Age 121

    Changes in Insurance Coverage10

    Change in Death Benefit Option; Rider and/or Benefit Additions; Policy Split Prohibition

    Premium and Allocation Provisions10

    Payment of Premiums; Planned Premiums; Additional Premiums; No-Lapse Provision; Premium Refund at Death; Account Allocation Instructions;
      Optional Sub-Account Allocation Program

    Grace Period, Continuation of Insurance and
        Reinstatement Provisions12

    Grace Period; Continuation of Insurance; Reinstatement

    Policy Values Provisions13

    Accumulation Value; Separate Account Value; Variable Accumulation Unit Value; Loan Account Value; Interest Credited Under Loan Account;
      M&E Charge; Fees Associated with the Underlying Funds; Persistency Bonus; Persistency Bonus Rate; Monthly Deduction; Cost of Insurance; Cost of Insurance Rates; Basis of Values; Changes to Non-Guaranteed Elements (NGEs)

    Separate Account Provisions15

    Separate Account; Sub-Accounts; Investments of the Sub-Accounts; Investment Risk; Underlying Fund Withdrawal and Substituted Securities

    Transfer Privilege Provisions15

    Transfer Privilege; Transfer Fees; Transfers From a Sub-Account; Change of Terms and Conditions

    Surrender Provisions16

    Surrender; Withdrawal; Effect of Withdrawals on Accumulation Value and Life Insurance Amount

    
      
        

    

    Loan Provisions17

    Loans; Loan Account; Interest Rate Charged on Loan Account; Loan Repayment; Debt

    Overloan Protection Provisions18

    Overloan Protection Feature; Overloan Death Benefit; Conditions; Impact of Overloan Protection Feature Activation on Policy

    General Provisions18

    Annual Report; Compliance with the Internal Revenue Code; Deferment of Payments; Modified Endowment; Payment of Proceeds

    Effect of Riders on Policy Provisions19

    Settlement Options20

    *Page 4 is intentionally blank.

    Amendments, Endorsements, or Riders, if any, and a copy of the application follow Page 20.

    

    

    
      
        

    

    Summary of Policy Features

    This summary is an overview of the important features and operations of your Policy.  It is meant to give you a basic understanding of your
      Policy.  Specific details regarding these features are only provided in the Policy provisions and cannot fully be described in a summary.  This summary is not a substitute for reading the entire Policy carefully.

    Individual Flexible Premium Variable Adjustable Life Insurance   This title is our generic name for variable universal life insurance. “Flexible premium” means that you may pay premiums
      by any method agreeable to us, and in any amount in accordance with this Policy, at any time prior to the Insured’s Attained Age 121.  It is important to pay sufficient premium in order to keep your Policy In Force.  “Adjustable life insurance” means
      that you, with our agreement, can change the Death Benefit Option to meet your changing needs.

    At the time of application, you specified a Target Age that best suited your insurance needs. The Target Age you elected reflects the
      Insured’s Attained Age to which you intend to pay premiums and when you intend to change to Death Benefit Option 1. You have no obligation to pay premiums to the Target Age or change to Death Benefit Option 1 at the Target Age. Unless You elect a
      change to the Death Benefit Option the Life Insurance Amount will not change. If you change to Death Benefit Option 1, the Life Insurance Amount may increase or decrease. Please refer to the “Change in Death Benefit Option” provision. Note that the
      length of time your Policy remains In Force will vary by the items described in this Summary’s “Coverage Duration” section below.

    The Policy allows you to allocate premium payments to a Separate Account.  We will direct any premium payment into the Separate Account
      according to the account allocation instructions you provide.

    The investment performance of Separate Account assets is kept separate from the Company's General Account and will fluctuate due to the
      performance of the Sub-Accounts you invest in.  Please see the “Separate Account Provisions” and Policy Specifications for more details.

    Coverage Duration   The duration of
      coverage will vary based upon changes in the amount, timing and frequency of your premium payments, changes to the coverage under your Policy and any Riders attached to your Policy, and the other items described in the following sections.

    The length of time your Policy remains In Force will vary in accordance with changes in the following items, which may include, but are not
      limited to:

    
      	
              •

            	
              Frequency, timing, and amount of any premium payment(s).

            

    

    
      	
              •

            	
              Policy changes such as loans, withdrawals, Death Benefit Option change and any resulting increase or decrease of the Life Insurance Amount, and the
                addition or removal of Riders.

            

    

    
      	
              •

            	
              If the “No-Lapse Provision” is In Force and the No-Lapse Test is met.

            

    

    
      	
              •

            	
              Separate Account performance.

            

    

    
      	
              •

            	
              Monthly Deductions.

            

    

    
      	
              •

            	
              If the Overloan Protection Feature is activated.

            

    

    Accumulation Value   The Accumulation
      Value is a key component of your Policy.  The Accumulation Value is the total of the Separate Account and the Loan Account.  We add each premium you pay to the Separate Account according to your account allocation instructions.

    On a monthly basis, we deduct a charge called the Cost of Insurance charge (see the “Cost of Insurance” provision) and charges for any
      additional benefits and/or Riders and administrative charges.  We will also deduct a monthly Mortality and Expense Risk ("M&E") Charge, if any, from each Sub-Account.  The sum of these charges is known as the “Monthly Deduction” and is subtracted
      from the Accumulation Value as explained in the “Monthly Deduction” provision.

    Subject to the guaranteed maximums and guaranteed minimums shown in the Policy, we can change these charges and/or rates used to calculate
      the components of the Monthly Deduction in accordance with this Policy.  We can also change the Persistency Bonus Rates at any time in accordance with this Policy.

    Simply put, additions consisting of premium payments, Persistency Bonus additions, and positive Separate Account performance increase the
      Accumulation Value. Deductions, including charges described above and negative Separate Account performance, decrease the Accumulation Value.  If additions exceed deductions, your Accumulation Value increases; if deductions exceed additions, your
      Accumulation Value decreases.  If the Cash Value (Accumulation Value less Debt) becomes so small that we cannot subtract an entire Monthly Deduction, your Policy may terminate; see, however, the “Grace Period” provision and the “No-Lapse Provision”.

    Persistency Bonus   We may change the
      Persistency Bonus Rates at any time in accordance with this Policy subject to a guaranteed minimum rate shown in the Policy Specifications.

    
      
        

    

    Separate Account Performance   Separate Account
      performance can vary greatly, may increase or decrease on a daily basis, and is not guaranteed.  You are able to select, monitor, and change Sub-Account choices according to your objectives or investment conditions.

    No-Lapse Provision   Your Policy
      provides for a “No-Lapse Provision” at no extra charge, which can ensure that your Policy will remain In Force during the No-Lapse Period even if the Cash Value is insufficient to cover the cost of a Monthly Deduction.  The length of the No-Lapse
      Period is shown in the Policy Specifications.

    This Policy will not enter the grace period during the No-Lapse Period if the No-Lapse Provision is In Force and the No-Lapse Test is met as
      described in the Policy Specifications.

    Note conditions that can impact whether the “No-Lapse Provision” will remain In Force include:

    
      	
              •

            	
              Policy changes such as loans, withdrawals, and Death Benefit Option change. A Death Benefit Option change will terminate the “No
                Lapse Provision”; and

            

    

    
      	
              •

            	
              Continued payment of required No-Lapse Premium.

            

    

    Monitoring Your Policy’s Performance   We
      will send you an Annual Report (Statement of Account) of your Policy to help you monitor your Policy values and compare it to your objectives when you purchased your Policy.  Ask your insurance agent to explain anything you do not understand.  You
      may need to adjust your premiums to achieve your insurance objectives.  While your Policy is In Force, you may access your self-service account portal to review an In Force projection of future death benefits and Policy values.  We encourage you to
      review an In Force projection at least once each Policy Year.  We are also available to answer your questions and assist you in making changes to your Policy.

    This Policy contains Non-Guaranteed Elements (NGEs).  We may make changes to each of these NGEs as described in this Policy.  A change to one
      or more of these NGEs can affect your Policy’s performance, including coverage duration, premiums required to keep your Policy In Force, and Cash Value.

    
      
        

    

    (This Page Left Intentionally Blank)

    
      
        

    

    Definitions

    Accumulation Value   The sum of (1)
      the Separate Account Value plus (2) the Loan Account Value under this Policy, as described in the “Policy Values Provisions”.

    Administrator Mailing Address   The
      Administrator Mailing Address for this Policy is shown on the front cover.

    Attained Age (Age)   The Insured’s
      Issue Age plus the number of completed Policy Years that have elapsed since the Policy Date.  The Insured’s Attained Age increases by one on each Policy Anniversary.  For purposes of this Policy, the Insured’s Attained Age increase will always occur
      on the Policy Anniversary regardless of when the Insured’s actual birthday occurs.

    Beneficiary   The person(s) or
      entity(ies) named in the application for this Policy, unless later changed as provided for by this Policy, to whom we will pay the Death Benefit Proceeds upon the death of the Insured.

    Cash Value   The Accumulation Value
      less any Debt.

    Class(es)   Group(s) of policies that
      were considered together for the purposes of the initial determination of each NGE.  Classes were determined by us, and consisted of policies with similar characteristics, which may have included one or more characteristics but were not limited to:
      Life Insurance Amount, Target Age, Death Benefit Option, Policy Date, Policy Duration, premiums paid, source of premium, Policy ownership structure, sales distribution method, the Insured’s Age, and sex, issue state, policy form, and the presence and
      attributes of Policy features and benefits and optional Riders.

    Cost of Insurance   The monthly
      charge associated with the amount of death benefit provided under this Policy as defined on Page 14.

    Date of Issue   The date from which
      Suicide and Incontestability periods are measured.  The Date of Issue is shown in the Policy Specifications.

    Death Benefit Proceeds   The amount
      payable upon the Insured’s death as described in the “Death Benefit Proceeds” provision.

    Debt   The total of any outstanding
      loans against this Policy, including loan interest accrued but not yet charged.  May also be referred to as “Indebtedness”.

    Due Proof of Death   A certified copy
      of an official death certificate, a certified copy of a decree of a court of competent jurisdiction as to the finding of death, or any other proof of death satisfactory to us.

    Evidence of Insurability   Evidence
      satisfactory to us related to the health, lifestyle, financial, and other circumstances that may impact the insurability of the Insured.

    General Account   An account
      consisting of all assets owned by us other than those assets in segregated investment accounts.

    In Force   Not terminated for any
      reason.

    In Writing   This term means a written
      form of communication satisfactory to us and received at our Administrator Mailing Address. We retain the right to agree in advance to accept communication by telephone, by electronic means including by email or text or some other form of
      transmission, in a manner we prescribe, and doing so does not waive our right to require that future communications be in written form. Before we receive your communication at our Administrator Mailing Address, we will not be responsible for any
      action we take or allow that conflicts with your communication.  With respect to any written communication from us to you or any other person, this term means a written form of communication by ordinary mail to such person at the most recent address
      in our records. If agreed to in advance by you, we may also send communication to you by some other form of transmission. Any notice, election or request required or permitted under the terms of this Policy stated as “Notice”, “Request” or “Election”
      are communications required to be In Writing as provided by this definition.

    Insured   The person whose life is
      insured under this Policy.

    Irrevocable Beneficiary   A
      Beneficiary who is named by you as irrevocable which you cannot change or remove from the Policy without their consent.  Any Beneficiary that you designate as irrevocable must provide consent for you to exercise ownership rights which might adversely
      affect the Beneficiary’s interest.

    Issue Age   The Insured’s age on
      their birthday prior to the Policy Date.

    Lapse   Terminate without value.

    
      
        

    

    Life Insurance Amount   The amount you chose which is
      used to determine the amount of death benefit and the amount of Rider benefits, if any.  If you change the Death Benefit Option, the Life Insurance Amount may increase or decrease. Please refer to the “Change in Death Benefit Option” provision.

    Loan Account   The account in which
      amounts equal to amounts loaned under this Policy, including charged loan interest, accrue once transferred out of the Sub-Account(s), as applicable.  The Loan Account is part of our General Account.

    Monthly Anniversary Day   The same
      day in each month shown in the Policy Specifications when we deduct the Monthly Deduction, or the next Valuation Day if the Monthly Anniversary Day is not a Valuation Day.

    Monthly Deduction   The amount
      deducted on each Monthly Anniversary Day from the Accumulation Value for certain charges, fees, and the Cost of Insurance for the current Policy Month, as described in the “Monthly Deduction” provision.

    1940 Act   The Investment Company Act
      of 1940, as amended.

    No-Lapse Premium   The required amount
      of premium which must be paid to guarantee that this Policy will not Lapse during the specified No-Lapse Period as described in the “No-Lapse Provision”, if applicable.

    Non-Guaranteed Elements (NGEs)   Any
      element within this Policy that affects the costs or values of the Policy and which may be changed at our discretion after this Policy is issued.  NGEs include the Cost of Insurance Rates and Persistency Bonus Rate.

    Owner   The person(s) or entity(ies)
      shown in the Policy Specifications who may exercise rights under this Policy, unless later changed as provided for by this Policy.  If no Owner is designated, the Insured will be the Owner.

    Policy Anniversary   The same month
      and day as the Policy Date for each succeeding year this Policy remains In Force, or the next Valuation Day if the Policy Anniversary is not a Valuation Day.

    Policy Date   The date on which life
      insurance coverage begins if the necessary premium has been paid.  This is also the date from which Monthly Anniversary Days, Policy Anniversaries, Policy Months, Policy Years, and Planned Premium Amount due dates are determined.

    Policy Duration   The number of full
      or partial Policy Years that have elapsed since the Policy Date.

    Policy Month   The period from one
      Monthly Anniversary Day up to, but not including, the next Monthly Anniversary Day.

    Policy Specifications   The pages of
      this Policy which show your benefits, premium, costs, and other Policy information.

    Policy Year(s)   The one year period
      beginning on the Policy Date and ending one day before the Policy Anniversary and each subsequent one year period beginning on a Policy Anniversary.

    Redetermination Class(es)   Group(s)
      of policies that are considered together for the purpose of adjusting (also known as redetermining) each NGE.  Redetermination Classes will be determined by us, and may be different than the Class or Classes used when the NGEs were initially
      determined for this Policy.  Different Redetermination Classes may be used when adjusting each NGE or when adjusting an NGE at different points in time. Redetermination Classes will consist of policies with similar characteristics, which may include
      one or more characteristics but are not limited to: Life Insurance Amount, Target Age, Death Benefit Option, Policy Date, Policy Duration, premiums paid, source of premium, Policy ownership structure, sales distribution method, the Insured’s Age, and
      sex, issue state, policy form, and the presence and attributes of Policy features and benefits and optional Riders.

    SEC   The Securities and Exchange
      Commission.

    Separate Account   A segregated
      account including the Sub-Account(s) thereunder, to which premium payments are, or have been allocated.  Separate Account assets are not charged with the general liabilities of the Company.  The investment performance of Separate Account assets is
      kept separate from the Company's General Account.

    Separate Account Value   The value of
      the portfolio shares reported to us, as of the end of each Valuation Day, by the investment companies in whose shares the Separate Account invest.

    Sub-Account(s)   Divisions of the
      Separate Account created by the Company to which you may allocate your premium payments and among which amounts may be transferred.

    Target Age   The Insured’s Attained
      Age listed in the Policy Specifications. The Target Age that you elected reflects the Insured’s Attained Age to which you intend to pay premiums and when you intend to change to Death Benefit Option 1. You have no obligation to pay premiums to the
      Target Age or change to Death Benefit Option 1 at the Target Age.

    

    

    
      
        

    

    Underlying Fund(s)   The Underlying Funds are the
      investments within the Sub-Account(s) to which the premium payments may be allocated.  See “Investments of the Sub-Accounts” provision for additional details.

    Valuation Day   Any day on which the
      New York Stock Exchange is open for business, except a day during which trading on the New York Stock Exchange is restricted or on which an SEC-determined emergency exists or on which the valuation or disposal of securities is not reasonably
      practicable, as determined under applicable law

    Valuation Period   The period
      beginning immediately after the close of business on a Valuation Day and ending at the close of business on the next Valuation Day.

    Variable Accumulation Unit   A unit
      of measure used to calculate the value of a Sub-Account as described in the “Variable Accumulation Unit Value” provision.

    We, our, us   The Company.

    You, your   The Owner(s) of this
      Policy.

    The Contract

    Entire Contract   This Policy, the
      application for this Policy, and any Amendment(s), Endorsement(s), Rider(s), and supplemental application(s) that may be attached are the entire contract between you and us.  All statements made in the application will, in the absence of fraud, be
      deemed representations and not warranties.  We will not use any statement to contest this Policy unless it is contained in an application and a copy of the application is attached to this Policy.

    Changes to Contract Terms   Only an
      authorized Officer of the Company may make or modify the terms of the Policy or any of its Amendments, Endorsements or Riders.  Any such changes must be provided in a Notice in order to be effective.

    We reserve the right to make changes in this Policy or to make distributions from this Policy to the extent we deem necessary, in our sole
      discretion, to continue to qualify this Policy as life insurance.  You will be given advance Notice of such changes.

    Upon Notice to you, we may, at any time, modify this Policy to conform with any law or regulation issued by any government agency to which
      this Policy or we (the Company) are subject.

    Non-Participating   This Policy is
      not entitled to share in surplus distribution.

    Misstatement of Age or Sex   If the
      date of birth or sex of the Insured is misstated, we will adjust the Death Benefit Proceeds to the amounts that would have been purchased by the most recent Cost of Insurance deduction at the correct Issue Age and sex. No adjustment will be made to
      the Accumulation Value of the Policy.

    Incontestability   Except for
      nonpayment of premium, this Policy will be incontestable after it has been In Force for 2 years from the Date of Issue shown in the Policy Specifications.  This means that we will not use any material misstatement in the application to challenge a
      claim or contest liability after that time.

    If this Policy is reinstated, the basis for contesting after reinstatement will be:

    
      	
              a.

            	
              limited to the remainder of the original contestable period, if any, for material misrepresentations made in the original
                application; and

            

    

    
      	
              b.

            	
              limited to a period of 2 years from the date of reinstatement for material misrepresentations made in the reinstatement application.

            

    

    Ownership

    Rights of Owner   Except as provided
      below and subject to any applicable state law, you may exercise all rights under this Policy while the Insured is living including, but not limited to, the right to:

    
      	
              a.

            	
              return this Policy under the “Right to Examine this Policy” provision;

            

    

    
      	
              b.

            	
              surrender this Policy;

            

    

    
      	
              c.

            	
              agree with us to any change in or amendment to this Policy;

            

    

    
      	
              d.

            	
              transfer all your rights to another person or entity;

            

    

    
      	
              e.

            	
              change the Beneficiary (unless you specifically submit a Request to not to reserve this right);

            

    

    
      	
              f.

            	
              assign this Policy;

            

    

    
      	
              g.

            	
              effect a loan;

            

    

    
      	
              h.

            	
              effect a transfer to or from the Sub-Account(s);

            

    

    
      	
              i.

            	
              make premium payments that are to be allocated to the Sub-Account(s);

            

    

    
      	
              j.

            	
              effect a withdrawal; and

            

    

    
      	
              k.

            	
              effect a reinstatement.

            

    

    
      
        

    

    Except for the right to change the Beneficiary, you must have the consent of any assignee recorded with us to exercise all other rights under this Policy. 
      You may exercise your rights subject to the consent of any Irrevocable Beneficiary, subject to any applicable law.

    Unless provided otherwise, if you are not the Insured and you die before the Insured, all of your rights under this Policy will transfer and
      vest in your executors, administrators or assigns.

    If there is more than one Owner, ownership shall be shared jointly, unless specifically stated otherwise, and the consent of all joint Owners
      will be necessary to exercise any right. Upon the death of a joint Owner, the remaining Owner or joint Owners shall succeed to the rights and privileges of the deceased joint Owner. Upon the death of the Owner or all joint Owners, any contingent
      Owner or Owners designated shall become the Owner or Owners. If no contingent Owner is designated, the estate of the Owner or the estate of the last joint Owner to die will succeed to all the rights and privileges of ownership.

    Transfer of Ownership   You may
      transfer all of your rights under this Policy by submitting a Request.  The Request does not need to be signed by the Beneficiary unless you have designated an Irrevocable Beneficiary.  You may revoke any transfer prior to it being recorded by us by
      submitting a Request.  A transfer of ownership, or a revocation of transfer, will not take effect until recorded by us.  Once we have recorded the transfer or revocation of transfer, unless a future date is specified by you, it will take effect as of
      the date of the latest signature on the Request.  Any payment made or any action taken or allowed by us before we record the transfer or revocation of transfer will be without prejudice to us.

    On the effective date of transfer, the transferee will become the Owner and will have all the rights and be subject to the limitations of the
      Owner as described under the “Rights of Owner” provision of this Policy.  Unless you direct us otherwise, a transfer will not affect the interest of any Beneficiary designated prior to the effective date of transfer.

    Assignment   Assignment of this
      Policy must be submitted by Request and, unless a future date is specified by you, will take effect as of the date the assignment is signed.  Any payment made or any action taken or allowed by us before we receive a communication at our Administrator
      Mailing Address will be without prejudice to us. We will not be responsible for the validity or sufficiency of any assignment.  While an assignment is in effect, to the extent provided under the terms of the assignment, an assignment will:

    
      	
              a.

            	
              transfer the interest of any designated transferor; and

            

    

    
      	
              b.

            	
              transfer the interest of any Beneficiary, unless an Irrevocable Beneficiary has been designated.

            

    

    Some Important Things You Should Do

    
      	
              a.

            	
              Provide us with any change in your mailing address and other contact information in a timely manner.

            

    

    
      	
              b.

            	
              Pay sufficient premiums on time to keep your Policy In Force.

            

    

    
      	
              c.

            	
              Notify us of any change in Beneficiary.

            

    

    Beneficiary

    Beneficiary   You may designate one
      Beneficiary or more than one Beneficiary.  If you designate more than one Beneficiary, any Death Benefit Proceeds payable will be paid in equal shares to the survivors in the appropriate Beneficiary designation (primary, contingent, and second
      contingent), unless you submit a Request otherwise.  If no Beneficiary is alive when the Death Benefit Proceeds become payable or in the absence of any Beneficiary designation, the Death Benefit Proceeds will transfer and vest in you or in your
      executors, administrators or assigns.

    Change of Beneficiary   While the
      Insured is alive, you may change the Beneficiary by submitting a Request.   Unless a future date is specified by you, any change will take effect as of the date the Request is signed by you subject to any payments we make or other actions we take
      before we receive it.  The Insured need not be living when the requested change is recorded by us, however the requested change must be delivered to us prior to the death of the Insured. The Beneficiary does not have to sign the Request unless you
      have designated an Irrevocable Beneficiary.  Any payment made or any action taken or allowed by us before we record the change of Beneficiary will be without prejudice to us.

    Insurance Coverage and Death Benefit Provisions

    Date of Coverage   The dates of
      coverage under this Policy will be as follows:

    
      	
              a.

            	
              For all coverages provided in the original application, the effective date of coverage will be the Policy Date provided the first
                premium has been paid and the Policy has been accepted by you (1) while the Insured is living and (2) prior to any change in the Insured’s health or any other characteristic affecting insurability of the Insured as represented in the
                application for this Policy.

            

    

    
      	
              b.

            	
              For any insurance that has been reinstated, the effective date of coverage will be the date as described in the “Reinstatement” provision.

            

    

    
      
        

    

    Termination of Coverage   All coverage under this
      Policy terminates on the first of the following to occur:

    
      	
              a.

            	
              surrender of this Policy;

            

    

    
      	
              b.

            	
              the Insured’s death; or

            

    

    
      	
              c.

            	
              failure to pay the amount of premium necessary to avoid termination before the end of any applicable grace period.

            

    

    No action by us after this Policy has terminated, including any Monthly Deduction made effective after termination of coverage, will
      constitute a reinstatement of this Policy or waiver of the termination.  Any such deduction will be refunded.

    Death Benefit Proceeds   If the
      Insured dies while this Policy is In Force and upon Notice of Claim, we will pay Death Benefit Proceeds equal to the greater of:

    
      	
              a.

            	
              the amount determined under the Death Benefit Option in effect on the date of the Insured’s death, plus any amount payable upon
                death from Riders or benefits, less any Debt and withdrawals processed after the Insured’s date of death; or

            

    

    
      	
              b.

            	
              an amount equal to the Accumulation Value on the date of the Insured’s death multiplied by the applicable percentage shown in the
                Corridor Percentages Table in the Policy Specifications, plus any amount payable upon death from Riders or benefits, less any Debt and withdrawals processed after the Insured’s date of death.

            

    

    Death Benefit Options   Death Benefit
      Option 2 is the Death Benefit Option in effect on the Policy Date as shown in the Policy Specifications and as described below. Death Benefit Option 1 will be available if you choose to elect a change during the Death Benefit Option Change Period as
      described in the Changes in Insurance Coverage provision.

    
      	
              a.

            	
              Death Benefit Option 1 (Level):
                The Life Insurance Amount on the date of the Insured’s death.

            

    

    
      	
              b.

            	
              Death Benefit Option 2 (Increasing):
                The Life Insurance Amount on the date of the Insured’s death plus the Accumulation Value on the date of death, less any withdrawals processed after the Insured’s date of death.

            

    

    If this Policy is In Force at the Insured’s Attained Age 121, the Death Benefit Option will change automatically as described below.

    Notice of Claim   You or someone on
      your behalf should provide us with Notice of Due Proof of Death of the Insured within 30 days or as soon as reasonably possible after the death of the Insured.

    Income Tax on Death Benefits   This
      Policy is intended to qualify as life insurance under the Internal Revenue Code so that the Death Benefit Proceeds, not including interest from the date of the Insured’s death, will not be taxable as income to the Beneficiary(ies).  To do so, this
      Policy must qualify under the Guideline Premium Test as defined in the Internal Revenue Code Section 7702 and shown in the Policy Specifications.  The Death Benefit Qualification Test for this Policy cannot be changed.

    Suicide   If the Insured commits
      suicide, whether sane or insane, within 2 years from the Date of Issue, the Death Benefit Proceeds will be limited to an amount equal to the premiums paid less any Debt and any withdrawals.

    Method of Payment   Upon the
      Insured’s death while this Policy is In Force, Death Benefit Proceeds may be paid in a lump sum or left with us for payment under a settlement option that we make available.

    Interest on Death Benefit   We will
      pay interest on any Death Benefit Proceeds payable only as required by applicable law.
        Interest on the Death Benefit Proceeds will be paid from the date of the Insured’s death until the date of payment. Interest will be calculated at the current rate of interest on Death Benefit Proceeds left on deposit with us.

    
      
        

    

    Continuation of Coverage After Insured’s Attained Age 121   Unless
      otherwise agreed to by you and us, if this Policy is In Force at the Insured’s Attained Age 121 (but not in the grace period), the Separate Account Value, if any, will be transferred to a [money market Sub-Account] on the next Policy Anniversary Day
      after the Insured’s Attained Age 121.  No further premium payments will be allowed and we will:

    
      	
              a.

            	
              no longer charge Monthly Deductions under this Policy;

            

    

    
      	
              b.

            	
              change the Death Benefit Option to Death Benefit Option I, if applicable, and not allow any more changes;

            

    

    
      	
              c.

            	
              not allow any changes to the Life Insurance Amount;

            

    

    
      	
              d.

            	
              allow loans and withdrawals to be taken.  Loan interest rates will
                  apply as shown in the Policy Specifications and loan repayments can continue to be made.  You may repay all or part of a loan at any time while this Policy is In Force; and

            

    

    
      	
              e.

            	
              continue this Policy In Force until it is surrendered or the Death Benefit Proceeds become payable.

            

    

    This provision will not continue any Rider attached to this Policy beyond the date for such Rider's termination, as provided in the Rider.

    If this Policy is in the grace period at the Insured’s Attained Age 121, you will need to pay the minimum amount required to remove this
      Policy from the grace period in order to guarantee continuation of this Policy beyond the Insured’s Attained Age 121.

    There is some uncertainty whether this Policy would continue to qualify as life insurance in the year the Insured reaches
      Attained Age 121. There is also some uncertainty whether you would be viewed as constructively receiving the Accumulation Value at any time when this Policy’s Accumulation Value is equal to the death benefit. You should consult a tax advisor
      concerning these issues.

    Changes in Insurance Coverage

    Upon your Request while the Insured is living, the insurance coverage may be changed as described in this section.

    Changes in insurance coverage will be effective on the Monthly Anniversary Day on or next following the date we approve your Request for the
      change, unless another date acceptable to us is requested. No increase or decrease in insurance coverage is allowed except for a change to the Death Benefit Option.

    Change in Death Benefit Option   You
      may change from Death Benefit Option 2 to Death Benefit Option 1 during the Death Benefit Option Change Period shown in the Policy Specifications. If you do, the following will occur:

    
      	
              a.

            	
              the Life Insurance Amount will be increased by the Accumulation Value. If there is no Accumulation Value, the Life Insurance Amount
                will not increase.

            

    

    
      	
              b.

            	
              if the Policy has a Guideline Level Premium not less than zero, and a decrease will not result in the Policy becoming a Modified
                Endowment Contract, the Life Insurance Amount will then be immediately decreased to the amount that will produce a Guideline Level Premium (as defined in Internal Revenue Code Section 7702) of zero unless the sum of premiums paid less
                withdrawals exceeds the cumulative sum of Guideline Level Premiums.  In that case, the Specified Amount will be decreased to the amount that will produce a Guideline Single Premium (as defined in Internal Revenue Code Section 7702) equal to
                the sum of paid premiums less withdrawals.

            

    

    Rider and/or Benefit Additions   If
      available, and subject to any underwriting guidelines and Evidence of Insurability requirements, you may submit a Request that Rider(s) and/or Benefits be added to this Policy after the Policy Date.

    Policy Split Prohibition   This
      Policy may not be split to create more than one individual life insurance policy on the life of the Insured.

    Premium and Allocation Provisions

    Payment of Premiums   The first
      premium payment is due on the Policy Date and is payable on or before delivery of this Policy. The first premium payment must be equal to or greater than the Minimum Initial Premium Payment shown on the Policy Specifications. All subsequent premium
      payments may be made at any time before the Insured’s Attained Age 121 and in any amount, subject to the following provisions, unless we agree by Notice. However, sufficient premium must be paid to keep this Policy In Force.  Your premiums are
      payable in United States currency. Upon your Request, we will provide a premium receipt signed by an officer of the Company as required by the laws of the state in which this Policy is delivered.  Please see “Planned Premiums” provision below.

    Premium payments, after the first, may be made through prearranged withdrawals from a checking account or other designated account by
      contacting us at the Administrator Mailing Address.

    
      
        

    

    Sufficient premium payments must be paid in order to keep this Policy In Force.  A change in the frequency, timing and amount of any premium payment(s) may
      decrease or increase the length of time this Policy will remain In Force and additional premium payments may be required.

    Planned Premiums   You choose how
      much premium you will pay and the frequency of such payments (the “Planned Premiums”). The Planned Premium Amount you elected is shown in the Policy Specifications. You may change the amount and frequency of premium payments.  Changes in the amounts
      or frequency of such payments are subject to our approval. Any change in the Planned Premiums may impact the Policy values and benefits.  We will send premium reminder notices for the amounts and frequency of payments you establish.

    Additional Premiums   You may make
      additional premium payments in an amount no less than the Minimum Additional Premium Payment Amount as shown on the Policy Specifications at any time before the Insured’s Attained Age 121.  We reserve the right to limit the amount or frequency of any
      such additional premium payments in accordance with the “Compliance with the Internal Revenue Code” and “Modified Endowment” provisions. Please refer to the “Compliance with the Internal Revenue Code” and “Modified Endowment” provisions for the
      handling of any excess premium. Any additional payment we receive will be applied as premium and not to repay any outstanding loans, unless you submit a Request otherwise.

    No-Lapse Provision   During the
      No-Lapse Period and subject to the limitations described in this provision, this Policy will not enter the grace period and Lapse if the No-Lapse Test is met.  The No-Lapse Period is shown in the Policy Specifications and varies by the Insured’s
      Target Age that you elected at the time of application.  The No-Lapse Test and No-Lapse Premium are shown in the Policy Specifications.  As long as you have satisfied the No-Lapse Test and you have not changed the Death Benefit Option, the No-Lapse
      Period applies for the entire length of the period but no longer.  Continuing to pay the No-Lapse Premium beyond the expiration of the No-Lapse Period does not guarantee that this Policy will not Lapse.

    If this provision is actively preventing the Policy from Lapse, Monthly Deductions will be subtracted from the Cash Value as described in the
      “Monthly Deduction” provision however, the Policy will not accumulate a negative Accumulation Value.  When this provision is not actively preventing the Policy from Lapse, the Cash Value may be insufficient to keep the Policy In Force unless
      additional premium is paid.

    This provision will terminate upon the earliest of the following:

    
      	
              a.

            	
              This Policy terminates due to Lapse. This provision cannot be reinstated;

            

    

    
      	
              b.

            	
              The end of the No-Lapse Period; or

            

    

    
      	
              c.

            	
              If you submit a Request to change the Death Benefit Option. If you change the Death Benefit Option, we will provide Notice to you of the termination
                of the No-Lapse Provision.

            

    

    Premium Refund at Death   Any premium
      paid after the Insured’s date of death will be refunded as part of the Death Benefit Proceeds, unless you submit a Request otherwise prior to our payment.

    Account Allocation Instructions   You
      must provide us with Notice of your account allocation instructions to give direction for allocating premiums among the Sub- Account(s).  These allocations must be made in whole percentages, and each set of allocations must total one hundred percent.
      Your allocations may be changed at any time.

    All premium payments received before the end of the Right to Examine Period will be allocated as described in the “Right to Examine this
      Policy” provision.

    Subsequent premium payments will be allocated on the same basis as the most recent premium payment unless you submit a Request otherwise.

    Optional Sub-Account Allocation Program

    Program Participation   You may elect
      to participate in Automatic Rebalancing. Transfers made in conjunction with  Automatic Rebalancing do not count against the free transfers available.

    We reserve the right to modify the terms and conditions of, or suspend, this program upon ninety (90) days advance Notice to you.

    Automatic Rebalancing   Automatic
      Rebalancing periodically restores the percentage of Accumulation Value allocated to each Sub-Account to a level pre-determined by you.  The pre-determined level is the allocation initially elected at the time of application, until changed by you.  If
      Automatic Rebalancing is elected, all premium payments allocated to the Sub-Accounts will be subject to Automatic Rebalancing.  Automatic Rebalancing will occur on a quarterly, semi-annual or annual basis, as elected by you.

    
      
        

    

    Grace Period, Continuation of Insurance and Reinstatement Provisions

    Grace Period   This Policy will enter
      the grace period if on any Monthly Anniversary Day:

    
      	
              a.

            	
              The Cash Value is less than the Monthly Deduction for the current Policy Month;

            

    

    
      	
              b.

            	
              The No-Lapse Test is not met during the No-Lapse Period or the “No-Lapse Provision” has terminated; and

            

    

    
      	
              c.

            	
              The Overloan Protection Feature is not activated.

            

    

    If on any Monthly Anniversary Day, the “No-Lapse Provision” is In Force and the No-Lapse Test is met, or the Overloan Protection Feature is
      activated, this Policy will not enter the grace period and will not be subject to termination under this provision.

    We allow a grace period of 61 days, beginning on the Monthly Anniversary Day this Policy enters the grace period, for payment of applicable
      required premium payment as follows:

    
      	
              1.

            	
              If the “No-Lapse Provision” has not terminated, we will require payment sufficient to satisfy the No-Lapse Test on the Monthly
                Anniversary Day immediately following the end of the grace period; or

            

    

    
      	
              2.

            	
              If the “No-Lapse Provision” has terminated, we will require payment sufficient to maintain coverage for three Policy Months from the date this
                Policy enters the grace period (this would include the cost of Monthly Deductions due and unpaid during the grace period plus an amount sufficient to restore the Cash Value to cover the cost of the Monthly Deduction due on the Monthly
                Anniversary Day immediately following the end of the grace period).

            

    

    If the total amount paid to us during the grace period is not sufficient, all coverage under this Policy will Lapse.  However a greater
      amount will be accepted, as additional premium will be due after the end of this period to maintain coverage for additional Policy Months.

    We will send a Notice to your last known address and to the last known address of any assignee of record at least 31 days before the end of
      the grace period. The Notice will state the amount of premium as noted above.  All coverage under this Policy will Lapse if you do not pay this amount on or before 61 days beginning on the date this Policy enters the grace period.  If the Insured
      dies within the grace period, we will deduct any overdue Monthly Deductions from the Death Benefit Proceeds.

    As described in the “Loan Provisions”, Debt reduces the Cash Value.  Any increase in Debt, including loan interest due but not yet charged,
      may reduce the Cash Value, and cause this Policy to enter the grace period.

    Continuation of Insurance   If
      premiums are discontinued on any date, the Cash Value on that date will be used to provide insurance under this provision. This Policy and any Amendments, Endorsements, and Riders will continue In Force according to their terms for as long as the
      Cash Value is sufficient to cover the Monthly Deduction. If the Cash Value is insufficient, this Policy will terminate according to the “Grace Period” provision.

    Reinstatement   If this Policy has
      Lapsed as described in the “Grace Period” provision, you may reinstate this Policy within 5 years from the date of Lapse provided:

    
      	
              a.

            	
              this Policy has not been surrendered;

            

    

    
      	
              b.

            	
              the Insured has not died since the date of Lapse;

            

    

    
      	
              c.

            	
              you submit an application for reinstatement while the Insured is living;

            

    

    
      	
              d.

            	
              you submit Evidence of Insurability;

            

    

    
      	
              e.

            	
              you pay premium equal to the Monthly Deductions due and unpaid during the grace period;

            

    

    
      	
              f.

            	
              you pay premium sufficient to keep this Policy and any reinstated Riders In Force for at least 2 Policy Months after the date of reinstatement.

            

    

    
      	
              g.

            	
              any loan interest accrued during the grace period is paid, and any remaining Debt is either paid or reinstated.

            

    

    If this Policy is reinstated, the “No-Lapse Provision” will not be reinstated.

    In addition to the minimum required payment to keep this Policy In Force as stated in e. and f. above, we recommend that you resume your
      Planned Premium to provide coverage beyond the initial period following the date of reinstatement.  Please contact us if you need assistance in determining an updated Planned Premium.

    The reinstated Policy will be effective as of the Monthly Anniversary Day on or next following the date on which we approve the application
      for reinstatement.  The period for which benefits are limited due to suicide is described in the "Suicide" provision and reinstatement of this Policy will not cause the period to re-commence.

    
      
        

    

    Policy Values Provisions

    This Policy provides Policy values which may be available to you for withdrawal, loans or surrender. They are also used to calculate your
      Death Benefit Proceeds.  The following provisions describe how these values are calculated.

    Accumulation Value   The Accumulation
      Value on the Policy Date will be equal to all premium payments made for this Policy as of the Policy Date, minus the Monthly Deduction for the first Policy Month.  The Accumulation Value of this Policy is the sum of the Separate Account Value and
      Loan Account Value.  Both of these are defined below.

    At any point in time, we adjust the Accumulation Value by:

    
      	
              a.

            	
              adding the amount of premium payments made.

            

    

    
      	
              b.

            	
              subtracting the amount of any withdrawals.

            

    

    
      	
              c.

            	
              adding any increases or subtracting any decreases as a result of market performance in the Sub-Account(s).

            

    

    
      	
              d.

            	
              adding interest credited under the Loan Account.

            

    

    
      	
              e.

            	
              adding any Persistency Bonus(es).

            

    

    
      	
              f.

            	
              subtracting Monthly Deductions.

            

    

    
      	
              g.

            	
              subtracting all other charges and fees as shown in the Table of Expense Charges and Fees in the Policy Specifications.

            

    

    Separate Account Value   The Separate
      Account Value, if any, for any Valuation Period is equal to the sum of the then stated values of all Sub-Account(s) under this Policy.  The stated value of each Sub-Account is equal to:

    
      	
              a.

            	
              the number of Variable Accumulation Units, if any, credited or debited to such Sub-Account with respect to this Policy;

            

    

    
      	
              b.

            	
              multiplied by the Variable Accumulation Unit Value of the particular Sub-Account for such Valuation Period.

            

    

    Variable Accumulation Unit Value   Premium
      payments, or any portion of premium payments, allocated, or amounts transferred, to each Sub-Account are converted into Variable Accumulation Units by dividing the amount allocated or transferred by the unit value of the applicable Sub-Account on the
      date of the conversion.

    The Variable Accumulation Unit Value for a Sub-Account for any Valuation Period after the inception of the Sub-Account is equal to i. minus
      ii., divided by iii., where:

    
      	
              i.

            	
              is the total value of Underlying Fund shares held in the Sub-Account, (calculated as (a) the number of Underlying Fund shares owned
                by the Sub-Account at the beginning of the Valuation Period multiplied by (b) the Underlying Fund’s value per share at the end of the Valuation Period, plus (c) any dividend or other distribution of the Underlying Fund made during the
                Valuation Period);

            

    

    
      	
              ii.

            	
              is the liabilities of the Sub-Account at the end of the Valuation Period.  Such liabilities may include a charge imposed on the Sub-Account, if any,
                with respect to any taxes paid or reserved for by the Company that we determine result from the operations of the Separate Account; and

            

    

    
      	
              iii.

            	
              is the number of Variable Accumulation Units for that Sub-Account outstanding at the beginning of the Valuation Period.

            

    

    The Variable Accumulation Unit value may increase or decrease from Valuation Period to Valuation Period.

    Loan Account Value   The Loan Account
      Value, if any, with respect to this Policy, is the amount of any outstanding loan(s), including any interest charged on the loan(s), less any amounts as described under the “Loan Repayment” provision taking into account the amounts described in the
      “Interest Credited Under Loan Account” provision.

    Interest Credited Under Loan Account   We
      will credit interest to the Loan Account daily.  The interest rate applied to the Loan Account is shown in the Policy Specifications.  Such loan interest amount will be transferred on each Monthly Anniversary Day on the same basis as the most recent
      account allocations.

    M&E Charge   We will subtract a
      monthly M&E charge, if any, on a pro-rata basis from each Sub-Account as part of the Monthly Deduction.  This charge will be equal to the following:

    
      	
              a.

            	
              the applicable Monthly M&E Charge Rate shown in the Policy Specifications;

            

    

    
      	
              b.

            	
              multiplied by the Separate Account Value.

            

    

    M&E charges are guaranteed not to reduce the Life Insurance Amount you have chosen.

    
      
        

    

    Fees Associated with the Underlying Funds   Underlying
      Fund operating expenses may be deducted by each Underlying Fund as set forth in its prospectus.

    Persistency Bonus   During the
      Persistency Bonus Duration shown in the Policy Specifications we will credit a Persistency Bonus on each Monthly Anniversary Day to the Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date the
      credit is applied.

    The Persistency Bonus for a Policy Month is equal to the
        Persistency Bonus Rate as described in the “Persistency Bonus Rate” provision below multiplied by the Separate Account Value.

    Persistency Bonus Rate   The monthly
      Persistency Bonus Rate is determined by us.  The Persistency Bonus Rate will be no less than the monthly Guaranteed Minimum Persistency Bonus Rate Credited to Sub-Account(s) shown in the Policy Specifications.  We may use rates higher than the
      guaranteed minimum rates.

    Monthly Deduction   Each Policy
      Month, beginning with the Policy Date and on each Monthly Anniversary Day thereafter, we will subtract the Monthly Deduction from the Accumulation Value.  The Monthly Deduction will be subtracted from the following portions of the Accumulation Value:
      from any Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) as of the date on which the deduction is made.  If the Cash Value is less than the Monthly Deduction for the current Policy Month, this Policy may
      enter the Grace Period as described in the “Grace Period” provision.

    The Monthly Deduction for a Policy Month equals:

    
      	
              a.

            	
              the Monthly Administrative Fee as described in the Table of Monthly Administrative Fees in the Policy Specifications;

            

    

    
      	
              b.

            	
              plus the M&E Charge as described in the “M&E Charge” provision;

            

    

    
      	
              c.

            	
              plus the Cost of Insurance as described in the “Cost of Insurance” provision;

            

    

    
      	
              d.

            	
              plus the monthly cost of any Riders and optional benefits.

            

    

    Cost of Insurance   This Policy’s monthly Cost of Insurance will be equal to (a) multiplied by the result of (b) minus (c), where:

    
      	
              (a)

            	
              is the applicable Cost of Insurance Rates as described in the “Cost of Insurance Rates” provision below;

            

    

    
      	
              (b)

            	
              is the death benefit at the beginning of the Policy Month, divided by 1,000; and

            

    

    
      	
              (c)

            	
              is the Accumulation Value at the beginning of the Policy Month after the deduction of the Monthly Administrative Fee and the M&E Charge but prior to the deduction for the monthly Cost of Insurance, divided by 1,000.

            

    

    Cost of Insurance Rates   The monthly
      Cost of Insurance Rates are determined by us by Class and Redetermination Class.  The Cost of Insurance Rates will not exceed the amounts described in the Policy Specifications.  We may use rates lower than the guaranteed maximum rates.

    Basis of Values   Minimum Policy
      values are based on the guaranteed minimum and maximum rates/amounts shown in the Policy Specifications.   The values of this Policy are at least equal to the minimum required by law.  If required, a detailed statement of the method used to determine Policy values and reserves has been filed with the state in which this Policy is delivered.

    Changes to Non-Guaranteed Elements (NGEs)  
      Subject to the guaranteed maximums and guaranteed minimums shown in this Policy, we may change (also known as redetermine) the NGEs that apply to your Policy. We will not make any changes to these NGEs in order to distribute past gains or recoup past
      losses.  We have no obligation to adjust the NGEs although in our discretion we may choose to do so.

    If we make a change to the Cost of Insurance Rate(s), or Persistency Bonus Rate we will use Redetermination Classes to make those changes.
      Such changes can be made in consideration of one or more future anticipated or emerging experience factors which may include, but are not limited to: mortality, interest rates, investment earnings, persistency, expenses (including reinsurance costs
      and taxes), policy funding, net amount at risk, loan utilization, Underlying Fund revenue, capital requirements, and reserve requirements.  Any change will apply consistently to all policies of the same Redetermination Class.

    
      
        

    

    Separate Account Provisions

    Separate Account   Your premium
      payments and Accumulation Value (except for Loan Account Value) are allocated to the Sub-Account(s), which are divisions of the Separate Account shown in the Policy Specifications.  The Separate Account was established by a resolution of our Board of
      Directors as a "separate account" under the insurance law of our state of domicile. The Separate Account under which there are Sub-Accounts is registered as a unit investment trust under the 1940 Act.  The assets of the Separate Account (except
      assets in excess of the reserves and other contract liabilities of the Separate Account) will not be chargeable with liabilities arising out of any other business conducted by us. The income, gains or losses from the Separate Account’s assets will be
      credited or charged against the Separate Account without regard to the income, gains or losses of the Company.  Separate Account assets are owned and controlled exclusively by us, and we are not a trustee with respect to such assets.

    We may change the investment policy of the Separate Account at any time. If required by the Insurance Commissioner, we will file any such
      change for approval with the Department of Insurance in our state of domicile, and in any other state or jurisdiction where this Policy is delivered.

    Sub-Accounts   The Separate Account
      is divided into Sub-Accounts.  The assets of each Sub-Account will be invested fully and exclusively in shares of the appropriate Underlying Fund for such Sub-Account. The investment performance of each Sub-Account will reflect the investment
      performance of the appropriate Underlying Fund.  For each Sub-Account, we will maintain Variable Accumulation Units as a measure of the investment performance of the Underlying Fund shares held in such Sub-Account. We may add or delete Sub-Accounts
      at any time.

    Investments of the Sub-Accounts   All
      amounts allocated or transferred to a Sub-Account will be used to purchase shares of the appropriate Underlying Fund.  Each Underlying Fund will at all times be registered under the 1940 Act as an open-end management investment company.  After due
      consideration of appropriate factors, we may eliminate or substitute Underlying Funds in accordance with the “Underlying Fund Withdrawal and Substituted Securities” provision. Any and all distributions made by an Underlying Fund will be reinvested in
      additional shares of that Underlying Fund at the Underlying Fund’s value per share.  Deductions by us from a Sub-Account will be made by redeeming a number of Underlying Fund shares at the Underlying Fund’s value per share equal in total value to the
      amount to be deducted.

    Investment Risk   Underlying Fund
      share values fluctuate, reflecting the risks of changing economic conditions and the ability of an Underlying Fund's investment adviser or sub-adviser to manage that Underlying Fund and anticipate changes in economic conditions.  You bear the entire
      investment risk of gain or loss of the Separate Account assets under this Policy.

    Underlying Fund Withdrawal and Substituted
        Securities   If a particular Underlying Fund ceases to be available for investment, or if we determine that further investment in a particular Underlying Fund is not appropriate in view of the purposes of the Separate Account (including
      without limitation that it is not appropriate in light of legal, regulatory or federal income tax considerations), we  may withdraw that particular Underlying Fund as a possible investment under the Separate Account and may substitute shares of a new
      or different Underlying Fund for shares of the withdrawn Underlying Fund.  We will obtain any necessary regulatory or other approvals prior to taking this action.  We may make appropriate Endorsements to this Policy to the extent reasonably required
      to reflect any withdrawal or substitution.

    Transfer Privilege Provisions

    Transfer Privilege   At any time
      while this Policy is In Force, other than during the “Right to Examine Period”, you have the right to transfer amounts among the Sub-Account(s) available under this
      Policy, subject to the “Rights of Owner” provision.  All transfers are subject to the following:

    
      	
              a.

            	
              Transfers may be made by Request, subject to our consent.  Our consent is revocable upon Notice to you.

            

    

    
      	
              b.

            	
              Transfers may be made by accessing your self-service account portal. Your Request must be received by us prior to the time of day set forth in the
                prospectus and on a Valuation Day in order to be processed on the date the Request is received; otherwise, the transfer will be processed on the next Valuation Day.

            

    

    
      	
              c.

            	
              We are available to answer questions and assist you. If you choose not to complete a transfer through the self-service account portal, transfer
                Requests must be sent to us and be received in a form acceptable to us at the Administrator Mailing Address prior to the time of day set forth in the prospectus and on a Valuation Day in order to be processed on the date the request is
                received; otherwise, the transfer will be processed on the next Valuation Day.

            

    

    
      	
              d.

            	
              We will not be responsible for (1) any liability for acting in good faith upon any transfer instructions given by internet or telephone, or (2) the
                authenticity of such instructions.

            

    

    
      	
              e.

            	
              A single transfer Request may consist of multiple transactions.

            

    

    
      	
              f.

            	
              The amount being transferred may not exceed the maximum transfer amount limit, if any then in effect as established by an Underlying Fund to which
                you have premium allocated.

            

    

    
      
        

    

    
      	
              g.

            	
              The amount being transferred may not be less than the Minimum Transfer Amount shown in the Policy Specifications unless the entire value of the
                Sub-Account is being transferred.

            

    

    
      	
              h.

            	
              Any value remaining in a Sub-Account following a transfer may not be less than the Minimum Remaining Value of any Sub-Account(s) After a Transfer as
                shown in the Policy Specifications.

            

    

    
      	
              i.

            	
              Transfers involving Sub-Account(s) will reflect the purchase or cancellation of Variable Accumulation Units having an aggregate value equal to the
                dollar amount being transferred to or from a particular Sub-Account. The purchase or cancellation of such units will be made using Variable Accumulation Unit Values of the applicable Sub-Account for the Valuation Period during which the
                transfer is effective.  Transfers involving Sub-Accounts will be subject to such additional terms and conditions as may be imposed by the corresponding Underlying Funds.

            

    

    Transfer Fees   We reserve the right
      to charge a fee for each transfer request in excess of the Policy Year’s maximum number of transfers as shown in Policy Specifications. The Transfer Fee will not exceed the Transfer Fee shown in the Table of Expense Charges and Fees of the Policy
      Specifications. Transfer fees may be deducted on a pro-rata basis from the Sub-Account(s) from which the transfer is being made.

    Transfers From a Sub-Account   Transfers
      which request that amounts be transferred from one or more Sub-Account(s) may be:

    
      	
              a.

            	
              refused if the Underlying Fund refuses a transfer request from us; or

            

    

    
      	
              b.

            	
              restricted or prohibited, based upon instructions received from the
                  Underlying Fund as a result of the review of information about your trading activity which we have provided to the Underlying Fund.

            

    

    Change of Terms and Conditions   We reserve the right to change the terms and conditions of the “Transfer Privilege Provisions” in response to changes in legal or regulatory requirements. Further, we reserve, at our sole discretion, the right to limit or modify transfers that may
      have an adverse effect on other Policy Owners.  Transfer rights may be restricted in any manner or terminated until the beginning of the next Policy Year if we determine that your use of the transfer right may disadvantage other Policy Owners.

    Surrender Provisions

    Surrender   Upon Request, you may
      surrender this Policy for its Cash Value while this Policy is In Force and the Insured is living.  Surrender of this Policy is effective on the Valuation Day we receive both this Policy and your Request for surrender.  All coverage under this Policy
      will terminate upon surrender for its Cash Value.

    The Cash Value will be paid in a lump sum unless you choose a settlement option we make available.  Any deferment of payments will be subject
      to the “Deferment of Payments” provision.

    Withdrawal   Upon Request and subject
      to our consent, you may make a withdrawal from this Policy on any Valuation Day while this Policy is In Force.  Our consent is revocable upon Notice to you.  Any deferment of payment of a withdrawal will be subject to the “Deferment of Payments”
      provision.

    The amount of the withdrawal requested is subject to the Amount of Withdrawals as shown in the Policy Specifications.

    The amount of the withdrawal will be withdrawn from the Sub- Account(s) in the same proportion as the balances invested in the total of such
      account(s) as of the date on which the deduction is made.

    Any withdrawal from Sub-Account(s) will result in the cancellation of Variable Accumulation Units which have an aggregate value on the date
      of the withdrawal equal to the total amount by which each Sub-Account is reduced.  The cancellation of such units will be calculated using the Variable Accumulation Unit Value of each Sub-Account determined at the close of the Valuation Period during
      which the withdrawal is effective.

    Effect of Withdrawals on Accumulation Value
        and Life Insurance Amount   As of the end of the Valuation Day on which there is a withdrawal, the Accumulation Value will be reduced by the amount of the withdrawal.

    If Death Benefit Option 1 is in effect, the Death Benefit Proceeds will be reduced.  The Life Insurance Amount may also be reduced.  The
      amount of the reduction will be equal to the greater of:

    
      	
              a.

            	
              zero; or

            

    

    
      	
              b.

            	
              an amount equal to the amount of the withdrawal minus the greater of i) zero or ii) the result of {(1) minus (2)} divided by (3), where:

            

    

    
      	
              (1)

            	
              is an amount equal to the Accumulation Value on the Valuation Day immediately prior to the withdrawal multiplied by the applicable
                percentage shown in the Corridor Percentages Table in the Policy Specifications;

            

    

    
      	
              (2)

            	
              is the Life Insurance Amount immediately prior to the withdrawal; and

            

    

    
      	
              (3)

            	
              is the applicable percentage shown in the Corridor Percentages Table in the Policy Specifications.

            

    

    If Death Benefit Option 2 is in effect, the Death Benefit Proceeds will be reduced by the amount of the withdrawal. The Life Insurance Amount
      will not be reduced.

    
      
        

    

    Loan Provisions

    Loans   If this Policy has Cash Value
      available, we will grant a loan against the Policy provided:

    
      	
              a.

            	
              a loan agreement is properly executed; and

            

    

    
      	
              b.

            	
              you make a satisfactory assignment of this Policy to us.  The Cash Value of this Policy serves as the sole security for the loan.

            

    

    A loan may be for any amount up to the then current Cash Value.  The amount of the loan requested is subject to the Loan Amount as shown in
      the Policy Specifications.  The amount borrowed will be paid within 7 calendar days of our receipt of your loan Request, except as specified in the “Deferment of Payments” provision.

    The Minimum Loan Amount is shown in the Policy Specifications.

    We will withdraw such loan from the Sub-Account(s) in the same proportion as the balances invested in the total of such account(s). Such
      amounts will become part of the Loan Account. The outstanding loan balance at any time includes accrued interest.

    Loan Account   An amount equal to the
      amount of any loan will be transferred out of the Sub-Account(s), as described above, and into the Loan Account. Interest will be credited to the Loan Account as described in the “Interest Credited Under Loan Account” provision.  Please refer to the
      “Loan Account Value“ provision.

    Interest Rate Charged on Loan Account   Interest
      charged on the Loan Account will be at an annual rate as shown in the Policy Specifications, payable in arrears.  Interest charged on the Loan Account accrues daily and is payable on each Policy Anniversary or as otherwise agreed to In Writing by you
      and us.  If you do not pay the interest when it is due, the loan interest amount will be transferred out of the Sub-Account(s) in the same proportion as the balances invested in the total of such account(s) and into the Loan Account.

    Loan Repayment   Debt may be repaid
      at any time while this Policy is In Force.  Any loan repayment must be equal to or greater than the lesser of (a) the Minimum Loan Repayment Amount shown in the Policy Specifications; or (b) the amount of the outstanding Debt.  Every payment to us on
      this Policy will be considered a premium payment unless clearly marked for loan repayment or for payment of loan interest.

    The Debt and the Loan Account Value will be reduced by the amount of any loan repayment. Any repayment of Debt, other than loan interest,
      will be allocated to the Sub-Account(s) in the same proportion in which premium payments are currently allocated.

    Debt   A loan against this Policy,
      unless repaid, will have an effect on the Cash Value.  A loan reduces the then Cash Value while repayment of a loan increases the Cash Value.  Any Debt at time of settlement will reduce the Death Benefit Proceeds payable under this Policy.

    Subject to the Overloan Protection Provisions below, if at any time the total Debt against this Policy, including interest accrued but not
      due, equals or exceeds the then current Accumulation Value, this Policy will enter the grace period as described in the “Grace Period” provision.

    
      
        

    

    Overloan Protection Provisions

    Overloan Protection Feature   When
      the Overloan Protection Feature is activated, this Policy will not enter the grace period or Lapse due to insufficient Cash Value, and we will pay a death benefit as described in the “Overloan Death Benefit” provision below. If all of the conditions
      of the “Conditions” provision below are met, the Overloan Protection Feature will be automatically activated.

    If this Policy is reinstated prior to activation of the Overloan Protection Feature these Overloan Protection Provisions will also be
      reinstated.

    The Overloan Protection Feature will terminate upon the termination of this Policy.

    Overloan Death Benefit   After the
      Overloan Protection is activated, we will pay Death Benefit Proceeds equal to the greater:

    
      	
              a.

            	
              an amount equal to the Accumulation Value on the date of the Insured’s death multiplied by the applicable percentage shown in the
                Corridor Percentages Table in the Policy Specifications, plus any Riders or benefits that are payable, less any Debt; or

            

    

    
      	
              b.

            	
              the Residual Life Insurance Amount Percentage shown in the Policy Specifications multiplied by the current Life Insurance Amount.

            

    

    Conditions   If all of the following
      conditions are met, the Overloan Protection Feature will be automatically activated:

    
      	
              1.

            	
              This Policy is In Force and Insured has reached the Target Age;

            

    

    
      	
              2.

            	
              The Accumulation Value must be greater than the Life Insurance Amount;

            

    

    
      	
              3.

            	
              Death Benefit Option 1 must be in effect;

            

    

    
      	
              4.

            	
              Debt equals or exceeds the Percentage of Accumulation Value shown in the Policy Specifications.

            

    

    Impact of Overloan Protection Feature
        Activation on Policy   After the Overloan Protection Feature is activated, the following changes will be made to your Policy:

    
      	
              1.

            	
              We will no longer allow premium payments, withdrawals, or changes to Life Insurance Amount or Death Benefit Option;

            

    

    
      	
              2.

            	
              Any Separate Account Value will be transferred to the Loan Account as of the Effective Date.  No transfer charge will be assessed for such transfer,
                nor will it count against, or be subject to, any transfer limitations that may otherwise be in effect.  No further transfers will be allowed and Automatic Rebalancing will end. The Persistency Bonus will no longer be credited.

            

    

    
      	
              3.

            	
              All interest credited to the Loan Account will not be transferred and will remain in the Loan Account.

            

    

    
      	
              4.

            	
              Except for the M&E Charge, Monthly Deductions will continue and will be taken from the Loan Account Value. This may cause the Loan Account Value
                to be less than the amount of the outstanding loans on the policy.

            

    

    
      	
              5.

            	
              The Policy will provide a death benefit as described in the “Overloan Death Benefit” provision above.

            

    

    
      	
              6.

            	
              No further loans or loan repayments will be permitted.

            

    

    Once the Overloan Protection Feature is activated, we will send you Notice of the changes listed above.

    General Provisions

    Annual Report   We will send you a
      report at least once a year without charge showing the activity of this Policy for the past Policy Year. The report will show:

    
      	
              a.

            	
              The beginning and end dates of the report;

            

    

    
      	
              b.

            	
              the Accumulation Value as of the reporting date;

            

    

    
      	
              c.

            	
              premiums paid, Persistency Bonus, and amount credited to the Accumulation Value since the last report;

            

    

    
      	
              d.

            	
              the current death benefit;

            

    

    
      	
              e.

            	
              the current Policy values;

            

    

    
      	
              f.

            	
              any Administrative Fees, Monthly Deductions, Cost of Insurance, and withdrawals deducted since the last report; and

            

    

    
      	
              g.

            	
              outstanding Debt; and

            

    

    
      	
              h.

            	
              a notice if the Cash Value will not keep this Policy In Force until the end of the next Policy Year unless additional premium payments are paid.

            

    

    This report will also include any other information required under federal law and the laws and regulations of the state in which this Policy
      is delivered.

    
      
        

    

    Compliance with the Internal Revenue Code   This
      Policy is intended to qualify as life insurance under the Internal Revenue Code.  The Death Benefit Proceeds provided by this Policy are intended to qualify for the tax treatment accorded to life insurance under federal law.  If at any time the
      premium paid under this Policy exceeds the amount allowable for such qualification, we will refund the premium to you with interest within 60 days after the end of the Policy Year in which the premium was received.  The interest rate used on any
      refund will be the excess premium's pro rata rate of return on the contract (if greater than zero) until the date we send Notice to you that the excess premium and the earnings on such excess premium have been removed from this Policy.  Any interest
      may be taxable to you.

    We reserve the right to increase the death benefit (which may result in larger charges under this Policy) or to take any other action deemed
      necessary to maintain this Policy’s compliance with the federal tax definition of life insurance. We also reserve the right to refuse to make any change in the Life Insurance Amount or any other change if such change would cause this Policy to fail
      to qualify as life insurance under the Internal Revenue Code.

    Deferment of Payments   Any amounts
      payable as a result of loans, surrender, or withdrawals will be paid within 7 calendar days after we receive your Request.  However, payment of amounts from the Sub-Account(s) may be postponed until the next Valuation Day. A loan or withdrawal for
      payment of premium to us will not be deferred.

    Modified Endowment   We will not
      allow this Policy to become a modified endowment contract under the Internal Revenue Code. If at any time the premiums paid under this Policy exceed the limit for avoiding modified endowment contract status, the excess premium will be held in a
      separate deposit fund, credited with interest, and will be used to pay future premium payments. The funds held in the separate deposit fund are not considered part of your Accumulation Value, and any interest may be taxable and you should consult a
      tax advisor if you have questions regarding this. If you instead elect to have the excess premium refunded to you, we will refund the excess premium to you with interest within sixty days after the end of the Policy Year in which the premium was
      received. The interest rate used on any refund or credited to the separate deposit fund created by this provision will be a rate of interest that we declare from time to time.  Any interest may be taxable to you.

    Payment of Proceeds   “Proceeds” mean
      the amount payable:

    
      	
              a.

            	
              upon the surrender of this Policy; or

            

    

    
      	
              b.

            	
              upon the Insured’s death.

            

    

    Upon the Insured’s death, while this Policy is still In Force, the Proceeds payable will be the Death Benefit Proceeds.  Such Death Benefit
      Proceeds are payable subject to our receipt of Due Proof of Death of the Insured.  If the Insured dies within the grace period, we will deduct any overdue Monthly Deductions from the Death Benefit Proceeds plus interest, if applicable.

    If this Policy is surrendered before the Insured’s death, the Proceeds payable upon surrender will be the Cash Value.

    The Proceeds payable under this Policy are subject to the adjustments described in the following provisions:

    
      	
              a.

            	
              “Misstatement of Age or Sex”;

            

    

    
      	
              b.

            	
              “Incontestability”;

            

    

    
      	
              c.

            	
              “Suicide”;

            

    

    
      	
              d.

            	
              “Effect of Withdrawals on Accumulation Value and Life Insurance Amount”;

            

    

    
      	
              e.

            	
              “Grace Period”;

            

    

    
      	
              f.

            	
              “Debt”; and

            

    

    
      	
              g.

            	
              “Premium Refund at Death”.

            

    

    We may require return of this Policy when Death Benefit Proceeds are paid.  Proceeds will be paid in a lump sum unless you choose a
      settlement option we make available.

    Effect of Riders on Policy Provisions

    Effect of Riders on Policy Provisions   If
      any Riders are attached to and made part of this Policy, Policy provisions and definitions may be impacted, including those concerning premiums and Policy values.  READ YOUR POLICY AND RIDERS CAREFULLY.

    
      
        

    

    Settlement Options

     

     

    Payment   When the Insured dies while this Policy is In Force, the Death Benefit Proceeds may be paid in a lump sum or left with us for payment under a settlement option that we make available.

    You may make, change or revoke an Election at any time prior to the Insured’s death. Following the Insured’s death, a Beneficiary may elect
      an option if you have not elected one or if Death Benefit Proceeds are payable in one sum. A Beneficiary will always have the option to receive a lump sum payment, but otherwise may make a change in payment under a settlement option you elect only if
      you provided for it in your Election.

    A change of Beneficiary automatically cancels a previous Election of a settlement option.

    If this Policy is assigned, the assignee’s portion of Death Benefit Proceeds will be paid in one sum. Any balance of Death Benefit Proceeds
      may be applied under a settlement option.

    The amount applied under an option for the benefit of any Beneficiary must be at least $2,500.00. The amount of each payment under an option
      must be at least $25.00.

    If Death Benefit Proceeds are payable to an executor, administrator, trustee, corporation, partnership or association, payment will be in one
      sum unless we agree to payment under a settlement option.

    Claims of Creditors   The Death Benefit Proceeds and any income payments under this Policy will be exempt from the claims of creditors to the extent permitted by law.

    
      
        

    

    
      
        

    

    
      
        

    

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    The Lincoln National Life Insurance Company

    

    

    INDIVIDUAL FLEXIBLE PREMIUM VARIABLE ADJUSTABLE LIFE INSURANCE POLICY

    Death Benefit Proceeds are payable upon the death of the Insured while this Policy is In Force.  Investment results are reflected in Policy benefits.  The
      Cash Value is payable upon surrender of this Policy.  Flexible premiums are payable to the earlier of the Insured’s Attained Age 121 or the Insured’s death. The Death Benefit Option may be changed and may result in change(s) to the Life Insurance
      Amount.  Planned Premium Amount and additional Riders and/or benefits are shown in the Policy Specifications.  This Policy is non-participating; it is not eligible for dividends.

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