Document:

Exhibit 10.11

 

D&O
RESERVE FUND

ESCROW
AGREEMENT

 

This
ESCROW AGREEMENT (this “Agreement”) is made and entered into as of December ___, 2021 by and among Blue World
Acquisition Corporation, a Cayman Islands corporation (the “Company”), and Continental Stock Transfer & Trust
Company, a New York corporation (the “Escrow Agent”). Each capitalized term used but not otherwise defined herein
shall have the meaning ascribed to such term (as defined below).

 

RECITALS

 

A. WHEREAS,
the Company will deposit with the Escrow Agent a total of $1,000,000 (the “Escrow Amount”) as a reserve fund in order
to provide source of funding for claims which fall under the Coverage Guidelines (the “Coverage Guidelines” see attached
Appendix I) for directors and officers of the Company. The Parties wish such deposits to be subject to the terms and conditions set forth
herein;

 

B. WHEREAS,
the Escrow Agent has agreed to establish a bank account (the “Bank Account”) at JPMorgan Chase Bank, N.A. (the “Bank”)
and an investment account (the “Investment Account”) at a brokerage institution (the “Broker”)
selected by the Escrow Agent and bearing the designation set forth on the Information Sheet (as defined herein), into which the Escrow
Funds are to be deposited.

 

AGREEMENT

 

NOW,
THEREFORE, in consideration of the premises and the mutual promises herein made, and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, agree as follows:

 

Section
1. Escrow.

 

1.1 
Appointment; Escrow Amount and Effective Period. The Company hereby appoints the Escrow Agent as their escrow agent for the
purposes set forth herein, and the Escrow Agent hereby accepts such appointment and agrees to act as escrow agent in accordance with
the terms and conditions set forth herein. No Later than one business day prior to the effective date of the registration statement of
the Company in connection with its initial public offering (such deposit date, the “Effective Date”), the Company
shall deposit or cause to be deposited with the Escrow Agent $500,000. No later than one business day prior to the date that the Company
entering into a definitive merger agreement, the Company shall deposit or cause to be deposited with the Escrow Agent an additional $500,000,
for an aggregate amount of $1,000,000 referred to herein as (the “Escrow Amount”). Unless released pursuant to Section
2, the Escrow Fund (defined below) will be held in the Escrow Account (defined below) from the Effective Date until the earlier of (i)
one year of the closing of the Company’s initial business combination, (ii) one year of the liquidation or windup of the Company
in accordance with the Company’s amended and restated memorandum and articles of association, and (iii) such date as may be approved
by the Company’s shareholders in accordance with the Company’s amended and restated memorandum and articles of association
(such period , the “Effective Period”).

 

    1

     

    

 

1.2 
Escrow Fund; Escrow Accounts.

 

(a) The Escrow Agent will issue its written confirmation of the receipt of the Escrow Amount and, upon delivery, shall hold the Escrow
Amount, together with all products and investment proceeds thereof, including all interest, dividends, gains and other income
(collectively, the “Escrow Earnings”) earned with respect thereto (collectively, the “Escrow
Fund”), and the Escrow Agent shall hold the Escrow Fund in an account established with the Escrow Agent, subject to the
terms of Section 3 below (the “Escrow Account”).

 

(b) For greater certainty, all Escrow Earnings shall be retained by the Escrow Agent and reinvested in the Escrow Fund and shall become
part of the Escrow Fund; and shall be disbursed as part of the Escrow Fund in accordance with the terms and conditions of this
Agreement.

 

1.3 
Investments. The Escrow Agent shall establish the Bank Account at the branch of the Bank and, if selected, an Investment Account
at the Broker selected by the Escrow Agent. The Escrow Agent, in a timely manner shall invest and reinvest the Escrow Funds in any open
ended investment company registered under the Investment Company Act of 1940, as amended (the “Investment Company Act”)
that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of
Rule 2a-7 promulgated under the Investment Company Act or any successor rule, which invests only in direct U.S. government treasury obligations,
as determined by the Company. The Escrow Agent may not invest in any other securities or assets, it being understood that the Bank Account
will earn no interest while the Escrow Funds are uninvested, and while the Escrow Funds are invested or uninvested, the Escrow Agent
may earn bank credits or other consideration.

 

1.4 
[Omitted]

 

Section
2. Release of Escrow Fund.

 

The
Parties shall act in accordance with, and the Escrow Agent shall hold and release the Escrow Fund as provided in, this Section 2 as
follows:

 

2.1 
Claims covered by the Coverage Guidelines. With regard to the Escrow Amount, the Escrow Agent will pay all amounts as instructed
based on a Joint Release Instruction defined below.

 

2.2 
Method of Payment. All payments of any part of the Escrow Fund to the Paying Agent or the Company, as the case may be, shall
be made by wire transfer of immediately available funds to an account designated in advance as set forth in a Joint Release Instruction
or Final Determination, as applicable.

 

2.3 
Call Back Authorized Individuals. In the event that a Joint Release Instruction is delivered to the Escrow Agent, whether
in writing, by telecopier, e-mail or otherwise, the Escrow Agent is authorized to seek confirmation of such instruction by telephone
call back to the
person or persons designated in Exhibits A-1 and or A-2 annexed hereto (the “Call Back Authorized Individuals”),
and the Escrow Agent may rely upon the confirmations of anyone purporting to be a Call Back Authorized Individual. To assure accuracy
of the instructions it receives, the Escrow Agent may record such call backs. If the Escrow Agent is unable to verify the instructions,
or is not satisfied with the verification it receives, it will not execute the instruction until all such issues have been resolved.
The persons and telephone numbers for call backs may be changed only in writing actually received and acknowledged by the Escrow Agent.

 

    2

     

    

 

2.4 Certain
Definitions.

 

(a) “Business Day” means any day that is not a Saturday, a Sunday or other day on which commercial banks located in New
York, New York, are obligated or authorized by applicable law to remain closed for business.

 

(b) “Final Determination” means a final non-appealable order of any court of competent jurisdiction which may be issued,
together with (A) a certificate of the prevailing party to the effect that such judgment is final and non-appealable and from a court
of competent jurisdiction having proper authority and (B) the written payment instructions of the prevailing party.

 

(c) 
“Joint Release Instruction” means a joint written instruction of Company and the Claims/Risk Manager, which is executed
by Company and the Claims/Risk Manager, to the Escrow Agent directing the Escrow Agent to disburse all or a portion of the Escrow Fund,
including wire instructions and tax forms as applicable.

 

(d) “Claims/Risk Manager” means Andros Risk Services LLC with contacts listed in Section 8.2 below or any other successor
appointed by the Company.

 

(e) “Person” means any individual, general or limited partnership, firm, corporation, limited liability company, association,
joint stock company, trust, joint venture, unincorporated organization other entity, including a Governmental Authority or any department,
agency or political subdivision thereof.

 

Section
3. Fees and Expenses. The Escrow Agent shall be entitled to receive, from time to time, fees in accordance with Schedule
1. In accordance with Schedule 1, the Escrow Agent will also be entitled to reimbursement for reasonable and documented out-of-pocket
expenses incurred by the Escrow Agent in the performance of its duties hereunder and the execution and delivery of this Agreement.

 

Section
4. Limitation of Escrow Agent’s Liability.

 

4.1  Duties
and Limitation of Liability. The Escrow Agent undertakes to perform such duties as are specifically set forth in this Agreement
only and shall have no duty under any other agreement or document, and no implied covenants or obligations shall be read into this
Agreement against the Escrow Agent. The Escrow Agent shall incur no liability with respect to any action taken by it or for any inaction
on its part in reliance upon any notice, direction, instruction, consent, statement or other document believed by it in good faith to
be genuine and duly authorized, nor for any other action or inaction except for its own gross negligence or willful misconduct. In all
questions arising under this Agreement and/or its interpretation hereof in conjunction with the Merger Agreement, the Escrow Agent may
rely on the advice of counsel, and for anything done, omitted or suffered in good faith by the Escrow Agent based upon such advice the
Escrow Agent shall not be liable to anyone. In no event shall the Escrow Agent be liable for incidental, punitive or consequential damages.

    3

     

    

 

4.2 Indemnity. The Company agrees to indemnify the Escrow Agent and its officers, directors, employees and agents for, and hold
it and them harmless against, any loss, liability or expense (including attorney fees) incurred without gross negligence or willful misconduct
on the part of the Escrow Agent (or its officers, directors, employees or agents), arising out of or in connection with the Escrow Agent’s
carrying out its duties hereunder. This right of indemnification shall survive the termination of this Agreement and the resignation
of the Escrow Agent.

 

Section
5. Termination. This Agreement shall terminate upon the release by the Escrow Agent of the final amounts held in the Escrow
Account in accordance with Section 2 or expiry of the Effective Period as set forth in Section 1, whichever is earlier.

 

Section
6. Successor Escrow Agent. In the event the Escrow Agent becomes unavailable or unwilling to continue as escrow agent under
this Agreement, the Escrow Agent may resign and be discharged from its duties and obligations hereunder by giving its written resignation
to the parties to this Agreement. Such resignation shall take effect not less than 30 days after it is given to all the other parties
hereto. In such event, the Company may appoint a successor Escrow Agent (acceptable to the Claims/Risk Manager, acting reasonably). If
the Company fails to appoint a successor Escrow Agent within 30 days after receiving the Escrow Agent’s written resignation, the
Escrow Agent shall have the right to apply to a court of competent jurisdiction for the appointment of a successor Escrow Agent. The
successor Escrow Agent shall execute and deliver to the Escrow Agent an instrument accepting such appointment, and the successor Escrow
Agent shall, without further acts, be vested with all the estates, property rights, powers and duties of the predecessor Escrow Agent
as if originally named as Escrow Agent herein. The Escrow Agent shall act in accordance with written instructions from Parent and Sellers’
Representative as to the transfer of the Escrow Fund to a successor Escrow Agent.

 

Section
7. Representative. Unless and until Parent and Escrow Agent shall have received written notice of the appointment of a successor
Sellers’ Representative, each of Parent and Escrow Agent shall be entitled to rely on, and shall be fully protected in relying
on, the power and authority of Sellers’ Representative to act on behalf of the Sellers.

 

Section
8. Miscellaneous.

 

8.1 
Attorneys’ Fees. In any action at law or suit in equity to enforce or interpret this Agreement or the rights of any
of the parties hereunder, the prevailing party in such action or suit shall
be entitled to receive a reasonable sum for its attorneys’ fees and all other reasonable costs and expenses incurred in such action
or suit.

 

    4

     

    

 

8.2 
Notices. All notices, requests, demands, claims, and other communications hereunder will be in writing. Any notice, request,
demand, claim, or other communication hereunder shall be deemed duly given (a) when delivered personally to the recipient, (b) when sent
by electronic mail or facsimile, on the date of transmission to such recipient, (c) one Business Day after being sent to the recipient
by reputable overnight courier service (charges prepaid), or (d) four (4) Business Days after being mailed to the recipient by certified
or registered mail, return receipt requested and postage prepaid, and addressed to the intended recipient as set forth below:

 

	If
    to Company	Blue
                           World Acquisition Corporation

    255
    Fifth Avenue, Suite B-88

    New
    York, NY 10001

    Attention:
    Simon Shi

    Email:
    liang.shi@zeninpartners.com

    Phone
Number: 212-726-2880

	 	 
	With
    a copy, which shall not constitute notice, to:	Hunter
Taubman Fischer & Li LLC

    800
    Third Avenue, Suite 2800

    New
    York, NY 10022

    Attention:
    Arila Zhou, Esq. 

    Email:
    azhou@htflawyers.com

    Phone
    Number : 212-530-2232

	 	 
	If
    to Claims/Risk Manager:	Andros
Risk Services LLC

    205
    Trenton Avenue

    Point
    Pleasant Beach, NJ 08742-3257

    Attention:
    Larry Goanas

    Email:
    lgoanas@androsriskservices.com

    Phone
Number: 917-716-3964

	 	 
	If
    to Continental Stock Transfer & Trust Company in its capacity as Escrow Agent:	Continental
        Stock Transfer & Trust Company

    1
    State Street, 30th Floor

    New
    York, NY 10004

    Attention:
    Trust Services, Francis E. Wolf, Jr. & Jaswinder Goraya

    Facsimile:
+1 212 616 7620

E-mail:
fwolf@continentalstock.com &

jgoraya@continentalstock.com

    

 

    5

     

    

 

Any
party may change the address to which notices, requests, demands, claims, and other communications hereunder are to be delivered by giving
the other parties notice in the manner herein set forth. Notwithstanding the foregoing, notices addressed to the Escrow Agent shall be
effective only upon receipt. If any notice or other document is required to be delivered to the Escrow Agent and any other Person, the
Escrow Agent may assume without inquiry that notice or other document was received by such other Person on the date on which it was received
by the Escrow Agent.

 

8.3 
Headings. The section headings contained in this Agreement are inserted for convenience only and shall not affect in
any way the meaning or interpretation of this Agreement.

 

8.4 
Counterparts. This Agreement may be executed in one or more counterparts (including by means of electronic mail or facsimile),
each of which shall be deemed an original but all of which together will constitute one and the same instrument. Facsimile and pdf signatures
shall be treated as original signatures for all purposes hereunder.

 

8.5 
Governing Law. This Agreement and any claim, controversy or dispute arising out of or related to this Agreement, any
of the transactions contemplated hereby, the relationship of the parties, and/or the interpretation and enforcement of the rights and
duties of the parties, whether arising in contract, tort, equity or otherwise, shall be governed by and construed in accordance with
the domestic Laws of the State of New York.

 

8.6 
Waiver of Jury Trial. COMPANY WAIVES THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM OR CAUSE OF ACTION BASED UPON
OR ARISING OUT OR RELATED TO THIS AGREEMENT IN ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST
ANY OTHER PARTY OR ANY AFFILIATE OF ANY OTHER SUCH PARTY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE. THE PARTIES
AGREE THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES
FURTHER AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR
OTHER PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT.

 

8.7 
Succession and Assignment. This Agreement shall be binding upon and shall inure to the benefit of each of the parties
hereto and each of their respective permitted successors and assigns, if any.

 

8.8 
 Amendments and Waivers. No amendment of any provision of this Agreement shall be valid unless the same shall be in
writing and signed by the Escrow Agent, Parent and Sellers’ Representative. No waiver by any party hereto of any provision of this
Agreement or any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not, shall be valid
unless the same shall be in writing and signed by the party making such waiver nor shall such waiver be deemed to extend to any prior
or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising by virtue
of any prior or subsequent such occurrence.

 

    6

     

    

 

8.9 
Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any jurisdiction
shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the
offending term or provision in any other situation or in any other jurisdiction.

 

8.10  
No Third-Party Beneficiaries. Except as expressly provided herein, this Agreement shall not confer any rights or remedies
upon any Person other than the parties hereto and their respective successors and permitted assigns.

 

8.11  
Entire Agreement. This Agreement set forth the entire agreement among the parties hereto relating to the subject matter
hereof and supersede any prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the
extent they relate in any way to the subject matter hereof. In the event of a conflict between this Agreement and the Merger Agreement,
the Merger Agreement shall govern.

 

8.12  
Cooperation. Sellers’ Representative and Parent agree to cooperate fully with each other and the Escrow Agent and to
execute and deliver such further documents, certificates, agreements, stock powers and instruments and to take such other actions as
may be reasonably requested by Parent, Sellers’ Representative or the Escrow Agent to evidence or reflect the transactions contemplated
by this Agreement and to carry out the intent and purposes of this Agreement.

 

8.13  Construction.

 

(a) 
For purposes of this Agreement, whenever the context requires: the singular number shall include the plural, and vice versa; the masculine
gender shall include the feminine and neutral genders; the feminine gender shall include the masculine and neutral genders; and the neutral
gender shall include masculine and feminine genders.

 

(b) 
The parties hereto agree that any rule of construction to the effect that ambiguities are to be resolved against the drafting party shall
not be applied in the construction or interpretation of this Agreement.

 

(c) As used in this Agreement, the words “include” and “including,” and variations thereof, shall not be deemed to
be terms of limitation, but rather shall be deemed to be followed by the words “without limitation.”

 

(d) Except as otherwise indicated, all references in this Agreement to “Sections” and “Schedules” are intended to
refer to Sections of this Agreement and Schedules to this Agreement.

 

[Remainder
of page intentionally left blank]

 

    7

     

    

 

IN
WITNESS WHEREOF, the parties hereto have duly caused this Agreement to be executed as of the day and year first above written.

 

	 	COMPANY
	 	 
	 	BLUE WORLD ACQUISITION CORPORATION 
	 	 
	 	By:	 
	 	Name: 	Liang Simon Shi 
	 	Title:	Chief Executive Officer
	 	 	 
	 	ESCROW AGENT
	 	 
	 	CONTINENTAL STOCK TRANSFER & TRUST

 COMPANY, a New York corporation
	 	 
	 	By:	 
	 	Name: 	Francis Wolf
	 	Title:	Vice President

 

    8

     

    

 

Schedule
1

 

[●]

 

    9

     

    

 

APPENDIX
I

 

Coverage
Guidelines

 

    10

     

    

 

Exhibit
A-1

 

Company
Call-Back Authorized Individuals

 

	Name 	 	Phone
	 	 	 
	 	 	 
	 	 	 

 

    11

     

    

 

Exhibit
A-2

 

Risk
Manager Representative Call-Back Authorized Individuals

 

	Name	 	Phone
	CLAIMS/RISK
    MANAGER	 	917-716-3964
	Larry
    Goanas	 	 

 

    	 	12	 

    

    

 

BLUE WORLD
ACQUISTION CORPORATION

(“COVERAGE
PROVIDER”)

 

DECLARATIONS

 

DIRECTORS
AND OFFICERS LIABILITY COVERAGE GUIDELINES

 

THESE ARE CLAIMS MADE AND REPORTED
COVERAGE GUIDELINES. SUBJECT TO THEIR TERMS, THESE COVERAGE GUIDELINES APPLY ONLY TO ANY CLAIM FIRST MADE, ANY INVESTIGATION
FIRST COMMENCED, ANY INQUIRY FIRST RECEIVED AND ANY BOOKS AND RECORDS DEMAND FIRST RECEIVED DURING THE COVERAGE GUIDELINES
PERIOD PROVIDED SUCH CLAIM, INVESTIGATION, INQUIRY AND BOOKS AND RECORDS DEMAND IS REPORTED TO COVERAGE PROVIDER
IN ACCORDANCE WITH THE TERMS OF CLAUSE VII.

 

AMOUNTS INCURRED AS COSTS,
CHARGES AND EXPENSES AND INQUIRY COSTS SHALL REDUCE AND MAY EXHAUST THE LIMIT OF LIABILITY OR THE SUBLIMIT OF LIABILITY, IF
APPLICABLE, AND ARE SUBJECT TO THE RETENTIONS. THESE COVERAGE GUIDELINES DO NOT PROVIDE FOR ANY DUTY BY COVERAGE PROVIDER TO DEFEND ANY
OF THE INSUREDS.

 

These Declarations along with the completed and signed
Application and the Coverage Guidelines with endorsements shall constitute the contract between the Insureds and Coverage
Provider.

 

	Item A.	Parent Company: Blue World Acquisition Corporation
	 	 
	 	Principal Address: 244 Fifth Avenue, Suite B-88, 

New York, NY 10001
	 	 
	 	Place of Incorporation: Cayman Islands

 

    Page 1

     

    

 

	Item B.	Coverage Guidelines Period:
	 	 
	 	From:	The effective date of the Form S-1 (File No. 333- [   ]) filed with the U.S. Securities and Exchange Commission in connection with the initial public offering of Parent Company
	 	 	 
	 	To:	The earlier of (i) the closing of a business combination of Parent Company and (ii) the liquidation or windup of Parent Company
	 	 	 
	Both days 12.01 a.m. Local Time at the Principal Address stated in Item A.

                                                                   

	Item C.	Limit of Liability:
	 	 
		1. $1,000,000.00 USD in the aggregate for the Coverage Guidelines Period 

 

    Page 2

     

    

 

	Item D.	Insured Percentage:
	 	 
	 	100% of Loss in excess of retention under Insuring Clause I.A.
	 	 
	 	100% of Loss in excess of retention under Insuring Clause I.B.
	 	 
	 	
    100% of Loss in excess of retention under Insuring Clause I.C.

     

    100% of Security Holder Demand Investigatory
    Costs and Books and Records Costs under Insuring Clause I.D.

	 	 
	Item E.	Funds Placed Into Escrow:       USD $1,000,000.00           for the Coverage Guidelines Period
	 	 
	Item F.	Length of Predetermined Run-Off Period:          12 months
	 	 
	 	From the effective date of the Form S-1 (File No. 333- [   ]) until the earlier of (i) one year of the closing of a business combination of Parent Company, (ii) one year of the liquidation or windup of Parent Company in accordance with its amended and restated memorandum and articles of association, and (iii) such date as may be approved by shareholders of Parent Company in accordance with the its amended and restated memorandum and articles of association. 
	 	 
	Item H.	Notification pursuant to Clause VII. shall be given to:

Larry Goanos 

Andros Risk Services, LLC

 lgoanos@androsriskservices.com

 

    Page 3

     

    

 

	Item K.	Prior and Pending Litigation Date:
	 	 
	 	Inception date of these Coverage Guidelines
	 	 
	Item L.	Outside Entities:
	 	 
	 	None

 

    Page 4

     

    

 

DIRECTORS
AND OFFICERS LIABILITY COVERAGE GUIDELINES

 

	I.	INSURING CLAUSES

 

		A.	Coverage Provider shall pay on behalf of the Insured Persons:

 

		1.	Loss resulting from any Claim first made against
the Insured Persons during the Coverage Guidelines Period for a Wrongful Act; or

 

		2.	Loss resulting from any Investigation of the
Insured Persons first commenced during the Coverage Guidelines Period; or

 

		3.	Inquiry Costs
                                            resulting from any Inquiry first received by the Insured Persons during the
                                            Coverage Guidelines Period.

 

		B.	Coverage Provider shall pay on behalf of the Company:

 

		1.	Loss which the Company, the Sponsor,
or in the event the Company no longer exists as a viable entity, its Successor is required or permitted or has agreed to
pay as indemnification to any of the Insured Persons resulting from any Claim first made against the Insured Persons
during the Coverage Guidelines Period for a Wrongful Act; or

 

		2.	Loss which the Company, the Sponsor,
or in the event the Company no longer exists as a viable entity, its Successor is required or permitted or has agreed to
pay as indemnification to any of the Insured Persons resulting from any Investigation of the Insured Persons first
commenced during the Coverage Guidelines Period; or

 

		3.	Inquiry Costs which the Company, the Sponsor,
or in the event the Company no longer exists as a viable entity, its Successor is required or permitted or has agreed to
pay as indemnification to any of the Insured Persons resulting from any Inquiry first received by the Insured Persons
during the Coverage Guidelines Period.

 

		C.	Coverage Provider shall pay on behalf of the Company:

 

		1.	Loss resulting from any Securities Claim, other
than a Derivative Suit, first made against the Company during the Coverage Guidelines Period for a Wrongful Act;
or

 

		2.	Costs, Charges and Expenses incurred by the Company
in seeking the dismissal of any Derivative Suit first made during the Coverage
Guidelines Period, but only to the extent:

 

		(a)	the Company is named as a nominal defendant in such Derivative
Suit; and

 

		(b)	the Insured Persons
                                            are named and continuously maintained in such Derivative Suit for a Wrongful
                                            Act; or

 

		3.	plaintiff attorney
                                            fees and expenses awarded or approved by the court in a Derivative Suit first made
                                            during the Coverage Guidelines Period.

 

    Page 5

     

    

 

 

		D.	Coverage Provider shall pay on behalf of the Company:

 

		1.	all Security Holder Demand Investigatory Costs resulting from any Security Holder Demand
first made during the Coverage Guidelines Period for a Wrongful Act; or

 

		2.	all Books and Records Costs resulting from any Books and Records Demand first
                                                                received by the Company during the Coverage Guidelines Period.

 

		II.	DEFINITIONS

 

The following terms whenever used in these Coverage
Guidelines in boldface type shall have the meanings indicated.

 

		A.	“Application” means:

 

		1.	the application for these Coverage Guidelines (if any) including any materials submitted therewith, and

 

		2.	any public documents filed by the Company with the Securities
and Exchange Commission during the twelve (12) month period prior to the inception date of these Coverage Guidelines, all of which shall
be deemed part of these Coverage Guidelines, as if physically attached.

 

		B.	“Books and Records Costs” means reasonable and necessary fees
and expenses incurred by the Company in response to a Books and Records Demand, but shall not include salaries, wages, overhead
or benefit expenses associated with directors, officers or employees of the Company.

 

		C.	“Books and Records Demand” means a written demand made by one
or more security holders of the Company solely to inspect the books and records of the Company pursuant to Section 220 of
the Delaware General Corporation Law or any similar statute in any other jurisdiction.

 

		D.	“Business Combination” means the Company’s initial
acquisition of one or more assets or operating businesses as defined in the Parent Company’s Form S-1 Registration Statement
under the Securities Act of 1933 (or any similar act in any foreign jurisdiction).

 

		E.	“Claim” means:

 

		1.	any written demand for monetary damages, non- monetary relief, injunctive relief
or other relief against any of the Insureds, or any civil, criminal, administrative, regulatory, arbitration or mediation proceeding
or other alternative dispute resolution process initiated against any of the Insureds, including:

 

		(a)	any appeal from any such proceeding;

 

		(b)	any proceeding before the Equal Employment Opportunity Commission or any similar
federal, state, local or foreign governmental body;

 

		(c)	in respect of Insuring Clause I.A. only, any formal demand or proceeding arising
out of any statutory liability of the Insured Persons due to the failure of the Company to deduct, withhold or remit taxes
(including non-resident withholding taxes, goods and services taxes, salary or withholding taxes and employee source deductions), unemployment
insurance contributions, or pension plan contributions; or

 

    Page 6

     

    

 

		(d)	in respect of Insuring Clause I.A. only, any formal demand or proceeding arising
out of any statutory liability of the Insured Persons due to the failure of the Company to pay debts for services performed
by an employee of the Company for salary, wages or related amounts such as vacation pay or holiday pay; or

 

		2.	any extradition proceeding initiated against any of the Insured Persons,
or the arrest and detainment or incarceration for more than twenty-four (24) hours of any of the Insured Persons solely with respect
to their status as Insured Persons of the Company, by any law enforcement authority in a foreign jurisdiction in conjunction
with any proceeding described in 1. above or an Investigation or Inquiry; or

 

		3.	in respect of Insuring Clause I.D., any Security Holder Demand,
but shall not include any Investigation or Inquiry.

 

		F.	“Class Certification Fees” means reasonable and necessary expert
fees incurred by the Insureds to conduct an event study to be filed with the court in opposition to class certification in any
Securities Claim.

 

		G.	“Company” means:

 

		1.	the Parent Company; and

 

		2.	any Subsidiary.

 

		H.	“Costs, Charges
                                            and Expenses” means:

 

		1.	reasonable and necessary legal fees and expenses incurred by the Insureds in
defense, settlement and appeal of any Claim or in responding to any Investigation and cost of attachment or similar bonds,
including:

 

		(a)	reasonable and necessary expert fees and Class Certification Fees incurred
by the Insureds in defense, settlement and appeal of any Claim or in responding to any Investigation, and

 

		(b)	reasonable and necessary legal fees and expenses incurred by the Insureds in
defense, settlement and appeal of:

 

		(i)	any Claim made against the chief executive officer or chief financial officer
of the Parent Company seeking repayment of compensation as a result of a financial restatement of the Company pursuant to
Section 304(a) of the Sarbanes-Oxley Act of 2002, or

 

		(ii)	any Claim made against the Insured Persons seeking repayment of
compensation as a result of a financial restatement of the Company pursuant to Section 954 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act or any internal policy of the Company promulgated in accordance therewith;

 

		2.	reasonable fees and expenses incurred by the Insureds at the Underwriter’s
request to assist Coverage Provider in investigating a Claim or Investigation;

 

		3.	reasonable and necessary legal fees and expenses incurred by any Insured Person
where deposed as a witness in connection with any Claim against any other of the Insureds or Investigation or
Inquiry of any other Insured Person; and

 

    Page 7

     

    

 

		4.	in
respect of coverages afforded under Clause II.E.2., reasonable costs (other than collateral) for a bond or other financial instrument
to guarantee the contingent obligation of the Insured Persons for bail or its equivalent required by a court in any foreign jurisdiction,

 

but shall not include salaries, wages, overhead or benefit
expenses associated with directors, officers or employees of the Company.

 

		I.	“Derivative Suit” means any lawsuit brought derivatively on behalf of the Company
by a security holder of the Company.

 

		J.	“Employment Practice Violation” means any actual or alleged:

 

		1.	wrongful dismissal, discharge or termination of employment whether actual or constructive;

 

		2.	employment related misrepresentation;

 

		3.	violation of any federal, state, local or foreign law prohibiting discrimination
in employment, including the Americans with Disabilities Act of 1990, the Civil Rights Act of 1991, the Age Discrimination in Employment
Act of 1967, Title VII of the Civil Rights Law of 1964, the Pregnancy Discrimination Act of 1978, the Civil Rights Act of 1866, the Equal
Pay Act of 1963, the Genetic Information Nondiscrimination Act of 2008, the Family and Medical Leave Act of 1993, the Older Workers Benefit
Protection Act of 1990, or any rule or regulation promulgated thereunder;

 

		4.	sexual or other harassment in the workplace;

 

		5.	abusive or hostile work environment;

 

		6.	wrongful deprivation of career opportunity, failure to hire, promote, or grant
tenure, or wrongful demotion;

 

		7.	wrongful discipline or evaluation;

 

		8.	breach of an implied employment contract or promissory estoppels;

 

		9.	failure to adopt adequate employment or workplace policies and procedures;

 

		10.	retaliation against any of the Insured Persons including retaliation for
filing claims under the Federal False Claims Act, retaliation in connection with whistleblowing, retaliation for exercising civil rights,
retaliation for union activities or in connection with strikes or lockouts; or

 

		11.	negligent hiring or negligent supervision of others, including wrongful failure
to provide adequate training, in connection with 1. through 10. above.

 

		K.	“Facilitation Costs” means reasonable and necessary fees, costs and expenses (including
the premium or origination fee for a loan or bond) incurred by:

 

		1.	the chief executive officer or chief financial officer of the Parent Company
solely to facilitate the return of amounts required to be repaid pursuant to Section 304(a) of the Sarbanes-Oxley Act of 2002, or

 

		2.	the Insured Persons solely to facilitate the return of
amounts required to be repaid pursuant to Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any internal
policy of the Company promulgated in accordance therewith, provided that such fees, costs or expenses do not include the payment,
return, reimbursement, disgorgement or restitution of any such amounts requested or required to be repaid pursuant to Section 304(a)
of the Sarbanes-Oxley Act of 2002 or Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act or any internal policy
of the Company promulgated in accordance therewith.

 

    Page 8

     

    

 

		L.	“Inquiry” means:

 

		1.	(a) a request by a Regulatory Authority for any of the Insured Persons to appear for
an interview or meeting or to provide sworn testimony or to produce documents,

 

		(b)	a request by or on behalf of the Company for any of the Insured Persons
to appear for an interview or meeting or to provide sworn testimony or to produce documents in connection with:

 

		(i)	an inquiry or investigation of any of the Insureds by a Regulatory Authority, or

 

		(ii)	a
                                            Security Holder Demand or a Derivative
                                            Suit,

 

		(c)	a request by or on behalf of the Company or by a Regulatory Authority
for any of the Insured Persons to appear as a witness in a trial or a court hearing of any criminal proceeding against the
Company under the UK Corporate Manslaughter & Homicide Act 2007 or its equivalent in any jurisdiction,

 

		(d)	a request by any court-appointed trustee, examiner, receiver, liquidator, conservator,
rehabilitator or similar official of the Company for any of the Insured Persons to appear for an interview or meeting or
to provide sworn testimony or to produce documents in connection with any bankruptcy proceeding by or against the Company, or

 

		(e)	in respect of Insuring Clause I.A. only, a request by or on
behalf of a party to any litigation, arbitration or other type of proceeding against the Company for any of the Insured Persons
to appear for an interview or meeting or to provide sworn testimony or to produce documents in connection with such litigation, arbitration
or proceeding, or regarding such Insured Person’s capacity as such or the business of the Company, or

 

		2.	any informal investigation of any of the Insured Persons by a Regulatory Authority after
such Insured Person becomes aware that he or she is the subject of such investigation and, as a consequence of such investigation,
retains legal counsel.

 

		M.	“Inquiry Costs” means reasonable and necessary fees and expenses
incurred by the Insured Persons solely in connection with such Insured Persons preparation for and response to an Inquiry,
but shall not include:

 

		1.	salaries, wages, overhead or benefit expenses associated with directors, officers or employees of the
Company;

 

		2.	costs of complying with any discovery or other request seeking documents (including
electronic information) in the possession or control of the Company or for which the Company has the direct financial responsibility
to produce; or

 

		3.	any amounts incurred prior to the time that the Inquiry is reported to Coverage
Provider in accordance with Clause VII.B.

 

    Page 9

     

    

 

		N.	“Insured Persons” means:

 

		1.	all persons who were, now are, or shall be directors, officers or risk managers
of the Company and all persons serving in a functionally equivalent role for the Parent Company or any Subsidiary
operating or incorporated outside the United States;

 

		2.	all persons who were, now are, or shall be managers or functionally equivalent
roles of any limited liability company as defined in Clause II.II.;

 

		3.	all persons who were,
                                            now are, or shall be members of the board of managers of the Company;

 

		4.	all persons who were, now are, or shall be employees of the Company, but
only to the extent:

 

		(a)	any Claim or Investigation is for an Employment Practice Violation or is a Securities Claim, or

 

		(b)	such employee is named as a co-defendant in any Claim or Investigation with any of the
persons set forth in the above provisions of this definition;

 

		5.	any de facto or alleged de facto director of the Company; and

 

		6.	the lawful spouse or domestic partner of any of the persons
set forth in the above provisions of this definition, but only to the extent the spouse or domestic partner is a party to any Claim
or Investigation solely because of his or her status as the spouse or domestic partner of any such persons and only for the
purposes of any Claim or Investigation seeking damages recoverable from marital community property, property jointly held
by any such person and the spouse or domestic partner, or property transferred from any such person to the spouse or domestic partner,
including their estates, heirs, legal representatives, trusts, estate planning vehicles or assigns in the event of their death, incapacity
or bankruptcy.

 

		O.	“Insureds” means the Company and the Insured Persons.

 

		P.	“Interrelated Wrongful Acts” means Wrongful Acts which
have as a common nexus any fact, circumstance, situation, event, transaction or series of facts, circumstances, situations, events or
transactions.

 

		Q.	“Investigation”
                                            means any formal investigation of any of the Insured Persons by a Regulatory
                                            Authority:

 

		1.	once any such Insured Persons are identified in writing by such Regulatory
Authority as a person against whom a Claim may be brought, including without limitation receipt of a target letter, or

 

		2.	after the service of a subpoena or other similar written request compelling testimony
or document production upon any such Insured Persons, or

 

		3.	after any such Insured Persons have been identified in a Wells Notice, target
letter or other written notice describing actual or alleged violations of securities laws or other laws by any such Insured Persons.

 

    Page 10

     

    

 

		R.	“Loss” means:

 

		1.	(a) damages, judgments, including pre and post-judgment interest, and settlements,

 

		(b)	Inquiry Costs and
                                            Costs, Charges and Expenses, and

 

		(c)	punitive, exemplary or multiplied damages where the applicable law allows coverage
for punitive, exemplary or multiplied damages, incurred by any of the Insureds, and

 

		2.	Facilitation Costs, and

 

		3.	with respect to Insuring Clause I.C.3., plaintiff attorney fees and expenses awarded or approved by
the court in a Derivative Suit. and

 

		4.	with respect to Insuring Clause I.D., Security Holder Demand
Investigatory Costs or Books and Records Costs incurred by the Company, but shall not include (other than Inquiry
Costs and Costs, Charges and Expenses):

 

		(i)	taxes or the loss of tax benefits except:

 

		a.	with respect to that portion of any tax assessment imposed on any of the Insured
Persons by a foreign jurisdiction based on Coverage Provider’s payment of such damages, judgments, settlements, Inquiry Costs
or Costs, Charges and Expenses as a foreign or non-admitted carrier; or

 

		b.	with respect to any statutory liability for such taxes owed by any of the Insured
Persons as described in Clause II.E.1.(d);

 

		(ii)	criminal or civil fines or penalties imposed by law, except:

 

		a.	fines or civil penalties assessed against any of the Insureds pursuant to
Section 78dd 2(g)(2)(B) or Section 78ff (c)2(B) of the Foreign Corrupt Practices Act, 15 U.S.C. or Section 11(1)(a) of the United Kingdom
Bribery Act of 2010, Chapter 23 or any statute or law similar to the foregoing in any jurisdiction;

 

		b.	civil penalties assessed against any of the Insureds
for the benefit of shareholders pursuant to Section 308 of the Sarbanes Oxley Act of 2002;

 

		c.	under Insuring Clause I.A. only, any other fine or civil penalty imposed against
any of the Insured Persons where the applicable law allows coverage for such fine or civil penalty, subject to a maximum sublimit
of USD 10,000 each of the Insured Persons but in no event exceeding USD 100,000 in the aggregate for the Coverage Guidelines
Period all Insured Persons, such sublimit shall be part of, and not in addition to, the Limit of Liability stated in Item C.1.
of the Declarations;

 

		(iii)	matters deemed uninsurable under the law pursuant to which these Coverage Guidelines
shall be construed;

 

		(iv)	any wages, salary or benefits owed pursuant to the terms of any employment contract
except with respect to any statutory liability for such wages, salary or benefits owed by any Insured Persons as described in Clause
II.E.1.(e); or

 

    Page 11

     

    

  

		(v)	damages, judgments or settlements that represent or are substantially equivalent
to an increase in the consideration paid (or proposed to be paid) in connection with the purchase of any securities or assets of any entity,
including the Company, except where such damages, judgments or settlements are payable under Insuring Clause I.A.

 

Notwithstanding the foregoing,
Coverage Provider shall not assert that the portion of any judgment, settlement or Costs, Charges and Expenses incurred in connection
with any Securities Claim alleging violations of Section 11 or 12 of the Securities Act of 1933 as amended, including without limitation
such Loss of any Insured Persons deemed to be a controlling person within the meaning of Section 15 of the Securities Act
of 1933, or any similar securities laws or common laws or regulations of any foreign jurisdiction, as amended, are uninsurable.

 

With respect to the coverage
for punitive, exemplary or multiplied damages, and the insurability of fines or penalties under exception (ii) above or matters under
exception (iii) above, any applicable law most favorable to the insurability of such damages, fines or penalties or matters shall apply,
and where the Insureds are able to demonstrate in good faith that such damages, fines, penalties or matters are insurable under
any applicable law, Coverage Provider shall not challenge that interpretation of insurability. For purposes of this provision, “any
applicable law” shall include but not be limited to the law: a) where the Claim seeking such damages was brought, b) where
the Wrongful Acts giving rise to the Claim seeking such damages took place, c) where the Insureds are incorporated,
have their principal place of business or reside, and d) where Coverage Provider is incorporated or have its principal place of business.
If any of the Insureds present a written legal opinion stating that such damages, fines, penalties or matters are insurable under
any applicable law, Coverage Provider shall not challenge that determination.

 

The determination of whether
any of the Insured Persons have incurred any Loss shall be made without regard to:

 

		(1)	any insurance (with the exception of insurance purchased by the Company), and

 

		(2)	any indemnification that any of the Insured Persons may have from any source
(other than from the Company, the Sponsor, or in the event the Company no longer exists as a viable entity, its Successor),
including without limitation from or as a result of any equity holder of the Company.

 

		S.	“Management Control” means:

 

		1.	owning interest representing more than fifty percent (50%) of the voting, appointment
or designation power for the selection of a majority of the board of directors of a corporation, the members of the management board of
a limited liability corporation or with respect to entities operating or organized outside the United States, persons serving in a functionally
equivalent role; or

 

		2.	having the right, pursuant to written contract or the bylaws, charter, operating
agreement or similar documents of the Company to elect, appoint or designate a majority of the board of directors of a corporation,
the management board of a limited liability corporation or with respect to entities operating or organized outside of the United States,
persons serving in a functionally equivalent role.

 

		T.	“Manslaughter Claim” means the prosecution of any of the Insured
Persons for involuntary, constructive or gross negligence manslaughter before the Crown Prosecution Service, the Procurator Fiscal
or any similar authority with jurisdiction over any corporate manslaughter violation.

 

    Page 12

     

    

 

		U.	“Optional Extension Period” means the period described in Clause X.B.

  

		V.	“Outside Entity” means:

 

		1.	any not-for-profit organization, community chest, fund or foundation; or

 

		2.	any other organization specified in Item L. of the Declarations.

 

		W.	“Parent Company” means the entity named in Item A. of the Declarations.

 

		Y.	“Coverage Guidelines Period” means the period specified in Item B. of the Declarations:

 

		Z.	“Predetermined Run-Off Period” means the period described in Clause X.A.

 

AA. “Regulatory
Authority” means any federal, state, local or foreign law enforcement or governmental authority (including the Department of
Justice, the Securities and Exchange Commission and any attorney general) or the enforcement unit of any securities exchange or similar
self-regulating body.

 

BB. “Related Party” means:

 

		1.	any person who is or was an executive officer, director or nominee
                                            for director of the Company or the Sponsor, or

 

		2.	any person who is or was an initial shareholder of the Company, or

 

		3.	any person who is or was an immediate family member of any person set forth in 1 . or 2. above, or

 

		4.	the Sponsor.

 

CC. “Related
Party Transaction” means any Business Combination or series of similar Business Combinations in which (i) the Company
is or will be a participant, and (ii) any Related Party has or will have a direct or indirect interest. Related Party Transaction
shall include any material amendment or modification to an existing Business Combination.

 

DD. “Securities Claim” means:

 

		1.	(a)	any demand or proceeding described in Clause II.E.1. against any of the Insureds, other than an administrative or regulatory proceeding,
or

 

		(b)	any administrative or regulatory proceeding initiated:

 

		(i)	against any of the Insured Persons, or

 

		(ii)	against any of the Insured Persons and the Company but only during
the time the Insured Persons and the Company are continuously maintained in such proceeding,

 

alleging any violation of the
Securities Act of 1933, the Securities Exchange Act of 1934, rules or regulations of the Securities and Exchange Commission under either
or both Acts, similar securities laws or regulations of any federal, state (including any state blue sky laws), local or any foreign jurisdiction,
any other laws, rules, regulations or statutes regulating securities or any common law arising out of, involving, or relating to the ownership,
purchase or sale of or offer to purchase or sell any securities of the Company, including any debt or equity securities, whether
on the open market or through a public or private offering, or

 

    Page 13

     

    

 

		2.	any demand or proceeding described in Clause II.E.1. against any of the Insureds
which is brought by a security holder of the Company in their capacity as such, including a Derivative Suit,

 

but shall not include any Security Holder Demand
or Books and Records Demand.

 

		EE.	“Security Holder Demand” means any written
demand made by one or more security holders of the Company upon the Company’s Board of Directors to bring a civil
proceeding against any of the Insured Persons for a Wrongful Act.

 

		FF.	“Security Holder Demand Investigatory Costs”
means reasonable fees and expenses incurred by the Company in connection with the investigation, review or evaluation of any
Security Holder Demand.

 

		GG.	Left intentionally blank.

 

		HH.	“Successor” means the person or entity who,
subsequent to a Business Combination, acquired more than fifty percent (50%) of the outstanding securities of the Parent Company
or merged with the Parent Company such that the Parent Company is not the surviving entity.

 

		II.	“Subsidiary” means any entity, including but not limited to any
limited liability company , over which the Parent Company directly or indirectly had or has Management Control, if the Parent
Company had Management Control of such entity prior to or on the inception date of these Coverage Guidelines, provided, that
these Coverage Guidelines only provide coverage for any Wrongful Act committed or any conduct undertaken while the Parent Company
had Management Control of such entity.

 

		JJ.	“Wrongful Act” means any actual or alleged
act, error, omission, misstatement, misleading statement, neglect or breach of duty:

 

		1.	by any of the Insured Persons, while acting in their capacity as such,
or any matter claimed against any of the Insured Persons solely by reason of their serving in such capacity;

 

		2.	by any of the Insured Persons, while acting in their capacity as, or any
matter claimed against any of the Insured Persons solely by reason of their serving as:

 

		(a)	a controlling person within the meaning of Section 15 of the Securities Act of 1933, as amended or
Section 20(a) of the Securities Exchange Act 1934, as amended; or

 

		(b)	a director, officer, manager, trustee, governor or executive director or in a functionally equivalent
position of any Outside Entity; and

 

		3.	by the Company involving a Securities Claim.

 

	III.	EXCLUSIONS

 

Coverage Provider shall not be liable to make any payment
in connection with:

 

		A.	that portion of any Claim, Investigation, Inquiry or Books
and Records Demand for actual or alleged sickness, disease, death, false arrest, false imprisonment, damage to or destruction of tangible
property (including loss of use thereof) or, except to the extent the Claim or Investigation is for an Employment Practice
Violation, for bodily injury, assault, battery, invasion of privacy, mental anguish, emotional distress, libel, slander or defamation;
provided, however, this exclusion shall not apply to:

 

    Page 14

     

    

 

		1.	the coverage afforded under Insuring Clause I.A.,

 

		2.	the coverage afforded under Insuring Clause I.B. or I.C. for a Securities Claim,

 

		3.	a Manslaughter Claim, or

 

		4.	an Inquiry brought by the Company or a Regulatory Authority for
any of the Insured Persons to appear as a witness in a trial or a court hearing of any criminal proceeding solely against the Company
under the UK Corporate Manslaughter & Homicide Act 2007 or its equivalent in any jurisdiction;

 

		B.	any Claim by, on behalf of, or at the direction of the Company, except and to the extent that:

 

		1.	such Claim is a Derivative Suit; or

 

		2.	such Claim is brought in the event of the appointment of a trustee, examiner,
receiver, liquidator, conservator, rehabilitator or similar official; or

 

		3.	such Claim is brought against any former Insured Persons; or

 

		4.	such Claim is brought :

 

		(a)	against
                                            the chief executive officer or chief financial officer of the Parent Company pursuant
                                            to Section 304(a) of the Sarbanes-Oxley Act of 2002, or

 

		(b)	against the Insured Persons pursuant to Section 954 of the Dodd-Frank W
all Street Reform and Consumer Protection Act or any internal policy of the Company promulgated in accordance therewith; or

 

		5.	such Claim is a Security Holder Demand; or

 

		6.	such Claim is brought subsequent to a Business Combination by the
person or entity who acquired more than fifty percent (50%) of the outstanding securities of the Parent Company or merged with
the Parent Company such that the Parent Company is not the surviving entity; or

 

		7.	such Claim is brought outside the United States of America, Canada, or any
other common law jurisdiction;

 

Notwithstanding the foregoing,
Exclusion E. shall not apply to Costs, Charges and Expenses incurred in connection with any Claim or Investigation
under Insuring Clause I.A.;

 

		C.	any Claim, Investigation, Inquiry or Books and Records
Demand brought about or contributed to by:

 

		1.	any deliberately fraudulent or deliberately criminal act or omission by any of
the Insure ds, or

 

		2.	any personal profit or financial advantage gained by any of the Insured Persons
to which they were not legally entitled,

 

as determined by a final non-appealable adjudication
in any action or proceeding (other than an action or proceeding initiated by Coverage Provider to determine coverage under these Coverage
Guidelines);

 

		D.	that portion of any Claim, Investigation, Inquiry or Books
and Records Demand for the return by any of the Insured Persons of any remuneration paid to them without the previous approval
of the appropriate governing body of the Company, which payment without such previous approval shall be determined by a final non-appealable
adjudication in any action or proceeding (other than an action or proceeding initiated by Coverage Provider to determine coverage under
these Coverage Guidelines) to be in violation of the law;

 

    Page 15

     

    

 

Notwithstanding the foregoing, Exclusions
F.2 and G. shall not apply to:

 

		1.	that portion of any Securities Claim alleging violations of Section 11
or 12 of the Securities Act of 1933 as amended including without limitation such Loss of any Insured Persons deemed to be
a controlling person within the meaning of Section 15 of the Securities Act of 1933, or any similar securities laws or common laws or
regulations of any foreign jurisdiction, as amended ; or

 

		2.	Facilitation Costs incurred in connection with that portion of any Claim
alleging violations of Section 304(a) of the Sarbanes-Oxley Act of 2002 or Section 954 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act or any internal policy of the Company promulgated in accordance therewith.

 

With respect to Exclusion F.1.
for acts or omissions which are treated as a criminal violation in a jurisdiction outside the United States of America that are not treated
as a criminal violation in the United States of America, the imposition of a criminal fine or other criminal sanction in such jurisdiction
will not, by itself, be conclusive proof that a deliberately fraudulent or deliberately criminal act or omission occurred.

 

		E.	1.	 any Claim, Investigation, Inquiry or Books and Records Demand based upon, arising out of, directly or indirectly,
resulting from or in consequence of, or in any way involving, any Wrongful Act actually or allegedly committed, or any conduct
actually or allegedly undertaken, in whole subsequent to a Business Combination; or

 

		2.	that portion of any Claim, Investigation, Inquiry
or Books and Records Demand based upon, arising out of, directly or indirectly, resulting from or in consequence of, or in
any way involving, any Wrongful Act actually or allegedly committed, or any conduct actually or allegedly undertaken, in part
subsequent to a Business Combination; or

 

		F.	any Claim, Investigation, Inquiry or
Books and Records Demand based upon, arising out of, directly or indirectly resulting from or in consequence of, or in any way
involving any Related Party Transaction; provided, however, this exclusion shall not apply if the Company receives an opinion
from an independent banking firm that is a member of FINRA or an independent accounting firm, confirming the fairness of such Related
Party Transaction to the Company from a financial point of view.

 

For the purpose of determining the applicability of any
of the Exclusions:

 

		(a)	in
                                            respect of Insuring Clause I.A., no facts pertaining to, no knowledge possessed by, and no                                            Wrongful Act of any of the Insureds shall be imputed to any other natural person

 

		(b)	in respect of Insuring Clause I.B., the Wrongful Act of any of the Insured
Persons shall be imputed to the Company only to the extent that the Company indemnifies such Insured Persons,
and

 

		(c)	in respect of Insuring Clause I.C., only the Wrongful Acts of any of the
Insured Persons who, at the time of the Wrongful Act, was the chief executive officer or chief financial officer of the
Parent Company shall be imputed to the Company.

 

	IV.	LIMIT OF LIABILITY, RETENTIONS AND ORDER OF PAYMENTS

 

		A.	Coverage Provider shall be liable to pay the percentage of Loss set forth
in Item E. of the Declarations in excess of the amount of the applicable Retention up to the Limit of Liability or Sublimit of Liability,
if applicable, it being warranted that the remaining percentage of Loss shall be uninsured. The Retention applicable to Insuring
Clause I.B. shall apply to Loss payable under Insuring Clause I.A. if indemnification by the Company, the Sponsor,
or in the event the Company no longer exists as a viable entity, its Successor is required by law or is legally permissible
to the fullest extent permitted by law, unless the Company, the Sponsor, or in the event the Company no longer exists
as a viable entity, its Successor is unable to make such actual indemnification by reason of its insolvency.

 

    Page 16

     

    

 

No Retention shall apply to any Loss under Insuring
Clause I.D.

 

		B.	The amount shown in Item C.1. of the Declarations shall be the maximum aggregate
Limit of Liability of Coverage Provider under the Coverage Guidelines.

 

Coverage Provider shall pay Loss
in the following order:

 

		1.	first, under Insuring Clause I.A.,

 

		2.	second, at the written request of the chief executive officer of the Parent
Company, Coverage Provider shall either pay or withhold Loss payable under Insuring Clause I.B.; and

 

		3.	lastly, at the written request of the chief executive officer of the Parent
Company, Coverage Provider shall either pay or withhold Loss payable under Insuring Clauses I.C. and I.D.

 

In the event Coverage Provider
withholds payment pursuant to sub-paragraphs 2. and 3. above, then Coverage Provider shall, at such time and in such manner as shall be
set forth in the instructions of the chief executive officer of the Parent Company, remit such payment to the Company or
directly to or on behalf of the Insured Persons.

 

Coverage Provider shall have
no obligation to pay Loss after exhaustion of the Limit of Liability or Sublimit of Liability, if applicable, regardless of whether
the Parent Company has withheld payment.

 

		C.	Coverage Provider shall pay Costs, Charges and Expenses or Inquiry Costs
on a current basis but no less than once every ninety (90) days.

 

	V.	MULTIPLE CLAIMS, INVESTIGATIONS, INQUIRIES AND BOOKS AND
RECORDS DEMANDS

 

		A.	More than one Claim involving the same Wrongful Act or Interrelated
Wrongful Acts shall be deemed to constitute a single Claim and shall be deemed to have been made at the date on which the earliest
Claim involving the same Wrongful Act or Interrelated Wrongful Acts is first made.

 

		B.	More than one Investigation having as a common nexus any fact, circumstance,
situation, event, transaction or series of facts, circumstances, situations, events or transactions shall be deemed to constitute a single
Investigation and shall be deemed to have been commenced at the date on which the earliest Investigation is first commenced.

 

		C.	If
                                            an Inquiry is first received by the Insured Persons during the Coverage
                                            Guidelines Period and is reported in accordance with Clause VII.B. then such Inquiry
                                            and any subsequent Inquiry having as a common nexus any fact, circumstance, situation,
                                            event, transaction or series of facts, circumstances, situations, events or transactions
                                            shall be deemed a single Inquiry first received on the date the earliest Inquiry
                                            is first received.

 

    Page 17

     

    

 

		D	If a Books and Records Demand is first received by the
Company during the Coverage Guidelines Period and is reported in accordance with Clause VII.C. then such Books and Records
Demand and any subsequent Books and Records Demand having as a common nexus any fact, circumstance, situation, event, transaction
or series of facts, circumstances, situations, events or transactions shall be deemed a single Books and Records Demand first
received on the date the earliest Books and Records Demand was first received.

 

		E.	Any Claim, Investigation, Inquiry or Books and Records
Demand having as a common nexus any fact, circumstance, situation, event, transaction or series of facts, circumstances, situations,
events or transactions shall be deemed a single Claim and shall be deemed to have been made at the earliest of the following dates:

 

		1.	the date on which the Books and Records Demand is first received;

 

		2.	the date on which the Inquiry is first received;

 

		3.	the date on which the Investigation is first commenced; or

 

		4.	the date on which the Claim is first made.

 

		F.	If following a Business Combination, the Predetermined Run-Off Period
is not purchased from Coverage Provider, then Clause V.A, V.B., V.C., V.D. and V.E. above shall no longer apply. Any Claim made,
Investigation commenced, Inquiry received or Books and Records De mands received on or after the date of the Business
Combination shall not constitute a single Claim, Investigation, Inquiry or Books and Records Demand in
accordance with Clause V. A, V. B., V.C., V.D. and V.E. above and such Claim made, Investigation commenced, Inquiry received
or Books and Records Demands received on or after the date of the Business Combination shall not be covered by these Coverage
Guidelines.

 

		VI.	SETTLEMENTS AND DEFENSE

 

		A.	No settlement shall be made and no Costs, Charges and Expenses, Facilitation
Costs, Inquiry Costs, Security Holder Demand Investigatory Costs or Books and Records Costs shall be incurred
without Coverage Provider’s consent, such consent not to be unreasonably withheld. However, Coverage Provider’s consent shall not
be required for a settlement where such settlement is for an amount below the applicable Retention (inclusive of Costs, Charges and
Expenses) provided the Insureds shall give Coverage Provider as soon as practicable details of the settlement amounts and the
date the settlement is confirmed by the court.

 

		B.	It shall be the duty of the Insureds and not the duty of the Coverage Provider
to defend Claims, Investigations or Inquiries, including the investigation, review and evaluation of any Security
Holder Demand or to respond to any Books and Records Demand.

 

		VII.	NOTIFICATION

 

		A.	The Insureds shall, as a condition precedent to their rights to payment
under these Coverage Guidelines, give to Coverage Provider notice in writing of any Claim or Investigation as soon as practicable
after the risk manager, general counsel, chief executive officer or chief financial officer or equivalent of the Parent Company first
becomes aware of such Claim or Investigation, but in no event later than ninety (90) days after the end of the Coverage
Guidelines Period, the Predetermined Run-Off Period or the Optional Extension Period (if purchased).

 

In the event that the Insureds should have
notified Coverage Provider regarding a Claim or Investigation but were unable to do so due to being prohibited from
disclosing information by a Regulatory Authority or pursuant to the terms of a confidentiality agreement, then ‘as soon as
practicable’ shall mean as soon as the Insureds are permitted to disclose the information by the Regulatory Authority
or pursuant to the terms of the confidentiality agreement.

 

    Page 18

     

    

 

		B.	If the Insureds elect to seek coverage for Inquiry Costs in connection
with an Inquiry, the Insureds shall give to Coverage Provider notice in writing of such Inquiry, but in no event
later than sixty (60) days after the end of the Coverage Guidelines Period, the Predetermined Run-Off Period or the Optional
Extension Period (if purchased).

 

		C.	If the Company elect to seek coverage for Books and Records Costs in
connection with a Books and Records Demand, the Company shall give to Coverage Provider notice in writing of such Books
and Records Demand, but in no event later than sixty (60) days after the end of the Coverage Guidelines Period, the Predetermined
Run-Off Period or the Optional Extension Period (if purchased).

 

		D.	Notice to Coverage Provider provided for in Clause VII. shall only be deemed effective
if given to the firm shown under Item I. of the Declarations.

 

		VIII.	GENERAL CONDITIONS

 

		A.	Representations and Severability

 

The particulars and statements
contained in the Application are incorporated into and constitute a part of these Coverage Guidelines.

 

By acceptance of these Coverage Guidelines,
the Insureds agree:

 

		1.	that the statements in the Application are their representations and that
these Coverage Guidelines is issued in reliance upon the truth of such representations;

 

		2.	that in the event that the Application contains misrepresentations made
with the actual intent to deceive, or contains misrepresentations which materially affect either the acceptance of the risk or the hazard
assumed by Coverage Provider under these Coverage Guidelines,

 

Coverage Provider may only seek to void coverage,
ab initio, under the following Insuring Clauses with respect to Claims, Investigations or Inquiries arising
from such misrepresentations:

 

		(a)	with respect to Insuring Clause I.B. to the extent the Company indemnifies
any of the Insured Persons who had knowledge as at the Inception Date of these Coverage Guidelines of any such misrepresentations;
and

 

		(b)	with respect to Insuring Clause I.C. to the extent that the chief executive officer
or chief financial officer of the Parent Company had knowledge as at the Inception Date of these Coverage Guidelines of any such
misrepresentations; and

 

		3.	that, notwithstanding the above, the Application shall be construed as
a separate application for coverage by each of the Insured Persons and no knowledge possessed by any of the Insured Persons
shall be imputed to any other Insured Person.

 

Notwithstanding the foregoing:

 

		i)	these Coverage Guidelines shall not be voided, in whole or in
part, with respect to Insuring Clause I.A.; and

 

		ii)	these Coverage Guidelines shall be non-rescindable with respect
to the coverage afforded under Insuring Clauses I.A., I.B., I.C. and I.D.

 

    Page 19

     

    

 

Coverage Provider agree to advance
payments of Loss unless and until an order by a court of competent jurisdiction provides either that such advancement is not required
or that coverage is void ab initio, subject to the condition that such advance payments by Coverage Provider shall be repaid to
Coverage Provider by the Company or the Insured Persons according to their respective interests as soon as reasonably practicable
after an order provides that such advancement is not required or that coverage is void ab initio.

 

		B.	Company Authorization Clause

 

By acceptance of these Coverage
Guidelines the Insureds agree that the Parent Company will act on their behalf with respect to the giving of all notices
to Coverage Provider, the receiving of notices from Coverage Provider, the payment of the premium and the receipt of any return premium.

 

		C.	Valuation and Currency Clause

  

All premiums, limits, retentions
and Loss under these Coverage Guidelines are expressed and payable in the currency of the United States. If judgment is rendered,
settlement is denominated or another element of Loss under these Coverage Guidelines is stated in a currency other than United
States dollars or if Costs, Charges and Expenses or Inquiry Costs are paid in a currency other than United States dollars,
payment under these Coverage Guidelines shall be made in United States dollars at the rate of exchange published in the Wall Street
Journal on the date the judgment becomes final or payment of the settlement or other element of Loss is due or the date such
Costs, Charges and Expenses or Inquiry Costs are paid.

 

		D.	Bankruptcy Clause

 

Bankruptcy or insolvency of the Company or
any of the Insured Persons shall not relieve Coverage Provider of any of their obligations under these Coverage Guidelines.

 

The coverage provided under these Coverage Guidelines
is intended to protect and benefit the Insured Persons.

 

		E.	Recovery Clause

 

In the event the Coverage Provider
recover amounts they have paid under these Coverage Guidelines, the Coverage Provider will reinstate the Limit of Liability of these Coverage
Guidelines to the extent of such recovery, less its costs incurred in administering and obtaining such recovery. The Coverage Provider
assume no duty to seek a recovery of any amounts paid under these Coverage Guidelines.

 

		IX.	EXTENSIONS TO THE COVERAGE GUIDELINES PERIOD

 

		A.	Predetermined Run-Off Period

 

In the event of a Business
Combination during the Coverage Guidelines Period, it is a condition of these Coverage Guidelines that the Parent
Company pays to Coverage Provider the additional premium shown in Item G.1. of the Declarations for an extension of the coverage
granted by these Coverage Guidelines with respect to:

 

		1)	any Claim first made, Investigation first commenced, Inquiry
first received, or Books and Records first received, during the period of time set forth in Item G.2. of the Declarations after
the date of such Business Combination, but only with respect to any Wrongful Act committed or any conduct undertaken in
whole before the date of such Business Combination; or

 

    Page 20

     

    

 

		2)	that portion of any Claim first made, Investigation first commenced,
Inquiry first received, or Books and Records first received. during the period of time set forth in Item G.2. of the Declarations
after the date of such Business Combination, but only with respect to any Wrongful Act committed or any conduct undertaken
in part before the date of such Business Combination.

 

The Predetermined Run-Off Period
shall terminate in the event full payment of the premium for the Predetermined Run-Off Period is not given to Coverage Provider
within thirty (30) days after the date of the Business Combination.

 

		B.	Optional Extension Period

 

In the event i) there is no Business
Combination during the Coverage Guidelines Period and ii) the Company elects to liquidate and to return funds to shareholders,
then the Parent Company shall have the right, upon payment of an additional premium shown in Item H.1. of the Declarations, to
an extension of the coverage granted by these Coverage Guidelines with respect to:

 

		1)	any Claim first made, Investigation first commenced, Inquiry
first received, or Books and Records first received. during the period of time set forth in Item H.2. of the Declarations after
the Coverage Guidelines expiration date, but only with respect to any Wrongful Act committed or any conduct undertaken in whole
before the Coverage Guidelines expiration date; or

 

		2)	that portion of any Claim first made, Investigation first commenced,
Inquiry first received. or Books and Records first received. during the period of time set forth in Item H.2. of the Declarations
after the Coverage Guidelines expiration date, but only with respect to any Wrongful Act committed or any conduct undertaken in
part before the Coverage Guidelines expiration date.

 

The right to purchase the Optional
Extension Period shall terminate in the event written notice together with full payment of the premium for the Optional Extension
Period is not given to Coverage Provider within thirty (30) days after the Coverage Guidelines expiration date.

 

		X.	ASSISTANCE, COOPERATION AND SUBROGATION

 

The Insureds agree to provide
Coverage Provider with such information, assistance and cooperation as Coverage Provider or their counsel may reasonably request, and
they further agree that , after a Claim has been made against them, an Investigation has been commenced against them, an
Inquiry has been received by them or a Books and Records Demand has been received by them, they shall not take any action
which in any way increases Coverage Provider’s exposure under these Coverage Guidelines. In respect of Insuring Clause I.A., the failure
of any of the Insured Persons or the Company to give Coverage Provider or their counsel the information, assistance and
cooperation that they may reasonably request, shall not impair the rights of any other Insured Person under these Coverage Guidelines.
In respect of Insuring Clause I.B., the failure of any of the Insured Persons to give Coverage Provider or their counsel the information,
assistance and cooperation that they may reasonably request shall not impair the rights of the Company under these Coverage Guidelines
with respect to any indemnification provided to any other Insured Person.

 

The reporting of matters to,
and subsequent communication with a Regulatory Authority by the Company or any of the Insured Persons, whether pursuant
to law, regulation, negotiation under a deferred prosecution agreement or otherwise will not constitute a contravention of these provision
by the Company or such Insured Persons.

 

In the event of any payment under
these Coverage Guidelines, Coverage Provider shall be subrogated to the Insureds’ rights of recovery therefor against any person
or entity. The Insureds shall execute all papers required and shall do everything that may be necessary to secure and preserve
such rights including the execution of such documents as are necessary to enable Coverage Provider effectively to bring suit in their
name, and shall provide all other assistance and cooperation which Coverage Provider may reasonably require.

 

    Page 21

     

    

 

Notwithstanding the foregoing,
Coverage Provider agree to waive their rights of subrogation against any of the Insured Persons except where a final non-appealable
adjudication in any action or proceeding (other than an action or proceeding initiated by Coverage Provider to determine coverage under
these Coverage Guidelines) adverse to the relevant Insured Persons establishes that the relevant Insure d Persons have committed
a deliberately fraudulent or deliberately criminal act or omission.

 

		XI.	ASSIGNMENTS AND ACTION AGAINST COVERAGE PROVIDER

 

No action shall lie against Coverage
Provider unless, as a condition precedent thereto, the Insureds shall have fully complied with all of the terms of these Coverage
Guidelines. Nothing contained herein shall give any person or organization any right to join Coverage Provider as a party to any Claim,
Investigation, Inquiry or Books and Records Demand against the Insureds to determine their liability, nor shall Coverage
Provider be impleaded by the Insureds or their legal representative in any Claim, Investigation, Inquiry or
Books and Records Demand. Assignment of interest under these Coverage Guidelines shall not bind Coverage Provider unless their
consent is endorsed hereon.

 

		XII.	ENTIRE AGREEMENT

 

By acceptance of these Coverage
Guidelines, the Insureds agree that these Coverage Guidelines embodies all agreements existing between them and Coverage Provider
or any of their agents relating to these Insurance. Notice to any agent or knowledge possessed by any agent or other person acting on
behalf of Coverage Provider shall not effect a waiver or a change in any part of these Coverage Guidelines or estop Coverage Provider
from asserting any right under the terms of these Coverage Guidelines, nor shall the terms be waived or changed except by written endorsement
or rider issued by Coverage Provider to form a part of these Coverage Guidelines.

 

		XIII.	ALLOCATION

 

If both Loss
covered by these Coverage Guidelines and loss uncovered by these Coverage Guidelines are incurred, either because the Claim,
Investigation or Inquiry includes both covered and uncovered allegations or because it includes both insured and uninsured
parties, then the Insureds and Coverage Provider agree to use their best efforts to fairly and reasonably allocate such amount
between covered Loss and uncovered loss.

 

In the event
that a method of allocation cannot be agreed upon by Coverage Provider and the Insureds, then:

 

		A.	in any arbitration, suit or other proceeding, no presumption shall exist concerning
what is a fair and reasonable allocation;

 

		B.	Coverage Provider shall advance the amount of Costs, Charges and Expenses or
Inquiry Costs which they deem fair and proper until a different amount is negotiated by the parties, determined pursuant to the
arbitration process set forth in subparagraph C. below, or determined judicially;

 

		C.	Coverage Provider, solely if requested by the Insureds, shall submit the
dispute to binding arbitration. The rules of the American Arbitration Association shall apply except with respect to the selection of
the arbitration panel, which shall consist of one arbitrator selected by the Insureds, one arbitrator selected by Coverage Provider,
and a third independent arbitrator selected by the first two arbitrators.

 

Any negotiated,
arbitrated or judicially determined allocation of Costs, Charges and Expenses or Inquiry Costs on account of a Claim,
Investigation or Inquiry shall be applied retroactively to all Costs, Charges and Expenses or Inquiry Costs on
account of such Claim, Investigation or Inquiry, notwithstanding any prior advancement to the contrary. Any allocation
or advancement of Costs, Charges and Expenses or Inquiry Costs on account of a Claim, Investigation or Inquiry
shall not apply to or create any presumption with respect to the allocation of other Loss on account of such Claim, Investigation
or Inquiry.

 

    Page 22

     

    

 

		XIV.	WORLDWIDE

 

These Coverage Guidelines applies
only to Claims first made, Investigations first commenced, Inquiries first received and Books and Records Demands
first received during the Coverage Guidelines Period anywhere in the world as permitted by law.

 

		XV.	CHOICE OF LAW

 

Except with respect to the insurability
of damages under Clause II.R., any dispute involving these Coverage Guidelines shall be resolved by applying New York law.

 

Page 23[]

    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]

    State of Issue Department of Insurance: [Alabama]

    Consumer Services Phone Number: [(334) 269-3550]

    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, or any longer period as may be required by the applicable law in the state where
      this Policy is delivered or issued for delivery).  During this period (the “Right to Examine Period”), any premium payment received will be allocated according to your account allocation instructions. 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 Accumulation Value less Debt plus any charges and fees taken under the Policy’s terms.

    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. This Policy includes an Overloan Protection Feature.  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; Conformity with Interstate Insurance Product Regulation Commission Standards;
      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 22.

    

    

    
      
        

    

    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. Interest shall accrue and will be paid from the date of the Insured’s death to the date when Death Benefit Proceeds are paid at a rate equal to the rate applied to Death Benefit Proceeds left on
      deposit with us.

    Additionally, we will pay interest on the Death Benefit Proceeds at an annual rate of 10.00% beginning with the date that is 31 days from the
      latest of a., b., or c. to the date when Death Benefit Proceeds are paid, where:

    
      	
              a.

            	
              is the date of our receipt of Due Proof of Death of the Insured;

            

    

    
      	
              b.

            	
              is the date we receive sufficient information to determine our liability, the extent of our liability, and the appropriate payee legally entitled to
                the Death Benefit Proceeds; and

            

    

    
      	
              c.

            	
              is the date that legal impediments to payment of Death Benefit Proceeds that depend on the action of parties other than us are resolved and
                sufficient evidence of the same is provided to us.

            

    

    Legal impediments to payment shall include, but are not limited to (a) the establishment of guardianships and conservatorships; (b) the
      appointment and qualification of trustees, executors and administrators; and (c) the submission of information required to satisfy any state or federal reporting requirements.

    
      
        

    

    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.

    The Cash Value on the date of reinstatement will equal:

    
      	
              1.

            	
              the Accumulation Value at the time of policy termination;

            

    

    
      	
              2.

            	
              plus any premiums credited at the time of reinstatement including the amounts stated in e. and f. above;

            

    

    
      	
              3.

            	
              minus any Debt at the time of reinstatement.

            

    

    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.

            

    

    Additional amounts credited are nonforfeitable. Additional amounts credited will become part of the Accumulation Value which is subject to
      charges, deductions, and the investment experience of the Separate Account.

    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 or pursuant to the NAIC Variable Life Insurance Regulation, model #270
      using Actuarial Guideline XXIV.  A detailed statement of the basis of the charges and the method of computation has been filed with the Interstate Insurance Product Regulation Commission.

    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, 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 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.

    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, this Policy will automatically become paid-up life insurance, 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 of:

    
      	
              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.

    Conformity with Interstate Insurance Product
        Regulation Commission Standards   This Policy was approved under the authority of the Interstate Insurance Product Regulation Commission (“the Commission”) and issued under the Commission Standards.  Any provision of this Policy that is in
      conflict with the applicable Commission Standards for this product type, which were in effect on the date of Commission approval of this Policy, is hereby amended to conform to the applicable Commission Standards which were in effect on the date of
      Commission approval.

    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, Death Benefit Proceeds will be paid in a lump sum unless you elect to receive Death Benefit Proceeds under a settlement option.  Any settlement option benefits at the time of their commencement will not be less than those
      that would be provided by the application of Death Benefit Proceeds to purchase a single consideration immediate annuity contract at the purchase rates offered by us at the time to annuitants with the same issue age and sex, if applicable, whether
      the annuity benefits are payable in fixed or variable amounts or both.  All or part of the Death Benefit Proceeds may be applied under one or more of the settlement options shown below.  The rights to elect and receive payments under a settlement
      option are subject to the conditions stated in this provision.

    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 elect 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.  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.

    Options

    
      	
              1.

            	
              Income for a Fixed Period  
                Monthly installments will be paid for a period agreed upon.

            

    

    
      	
              2.

            	
              Life Income   Monthly
                installments will be paid as elected under a., b., or c.:

            

    

    
      	
              a.

            	
              Life Only   Installments will be paid for as long as the payee lives.

            

    

    
      	
              b.

            	
              Guaranteed Period   Installments will be paid during the guaranteed period.  After that, installments will be paid for as long as
                the payee lives.

            

    

    
      	
              c.

            	
              Installment Refund   Installments will be paid until the sum of payments equals all Death Benefit Proceeds retained.  After that,
                installments will be paid for as long as the payee lives.

            

    

    The amount of each installment is determined by the payee’s age nearest birthday when payments begin.

    
      	
              3.

            	
              Income of Fixed Amount  
                Monthly installments will be paid in an amount agreed upon until Death Benefit Proceeds and interest are exhausted.

            

    

    
      	
              4.

            	
              Annuity Settlement Option  
                Instead of any other settlement option, the Death Benefit Proceeds may be used to provide an income which will not be less than the income provided by our Single Premium Immediate Annuity rates and rules in effect on the date the Death
                Benefit Proceeds are payable.  The amount of each installment will be adjusted to make it payable at the beginning of the payment period.

            

    

    The amount of each installment based on our Single Premium Immediate Annuity is determined by the payee’s age nearest birthday when
      installments begin.

    Guaranteed Basis of Calculation for Payment Option Installments:

    Option 1 and 3: 1.00% interest compounded annually.

    	

          	Option 2:	
            1.00% interest compounded annually and the Annuity 2000 Mortality Table projected to 2030 and then generational mortality improvement applied using projection scale G.

          

    When Installment Payments Begin  
      Payments are made at the beginning of each payment period.  Payments periods begin on the date Death Benefit Proceeds become due and payable.

    Guaranteed and Excess Interest  
      Payments are calculated at the Guaranteed Basis of Calculation for Payment Option Installments shown above.  When we declare more than that rate, the excess will be paid as part of each payment under Options 1 and 3 and under Option 2 for the
      Guaranteed Period and Installment Refund.

    
      
        

    

    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.

    Other Conditions and Provisions  
      Before payments begin under a settlement option, this Policy must be exchanged for a supplementary contract expressing the terms of settlement.

    Unless otherwise provided in the supplementary contract, the present value of any payments due after the death of the last surviving payee
      will be paid to the payee’s estate.

    Any Debt will decrease the amount placed under a settlement option unless the Debt is paid before installment payments begin.

    
      
        

    

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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.  This Policy includes an Overloan Protection Feature.  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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