Document:

1

EXHIBIT 10.1

EIGHTH AMENDMENT TO LEASE

THIS EIGHTH AMENDMENT TO LEASE (this "Eighth Amendment") is made as of December 28, 2009 by and between 111 EAST WACKER, LLC, a Delaware limited liability company ("Landlord"), and FEDERAL HOME LOAN BANK OF CHICAGO, a corporation organized under the laws of the United States of America ("Tenant").

WITNESSETH:

	Landlord (as successor by assignment from Lincoln-Carlyle Illinois Center, L.L.C. ("Original Landlord") and Tenant are parties to a written lease between Original Landlord and Tenant dated December 30, 1997 (the "1997 Lease"), whereby Original Landlord leased to Tenant certain premises containing approximately 81,000 square feet of rentable area of office space (the "Premises") consisting of all of the office space on the seventh (7th) and eighth (8th) floors and a portion of the office space on the fourth (4th) floor of the building located at 111 East Wacker Drive, Chicago, Illinois 60601 (the "Building") for a lease term expiring on July 31, 2011.

	By a certain First Amendment (the "First Amendment") dated as of December 15, 2000, Landlord and Tenant added certain additional premises consisting of approximately 18,205 square feet of rentable area on the 4th Floor of the Building to the Premises governed by the terms of the 1997 Lease.

	By a certain Second Amendment (the "Second Amendment") dated as of October 29, 2003, Landlord and Tenant added certain further additional space to the Premises, containing approximately 33,068 rentable square feet on the 6th floor of the Building to the Premises governed by the terms of the 1997 Lease, as amended by the First Amendment.

	By a certain Third Amendment to Lease (the "Third Amendment") dated as of April 15, 2004, Landlord and Tenant temporarily added certain further space to the Premises, containing approximately 1,185 rentable square feet on the 5th floor of the Building to the Premises governed by the terms of the 1997 Lease, as amended by the First Amendment and Second Amendment.

	By a certain Fourth Amendment to Lease (the "Fourth Amendment") dated as of July 29, 2004, Landlord and Tenant temporarily added certain further space to the Premises, containing approximately 3,259 rentable square feet on the 5th Floor of the Building to the Premises governed by the terms of the 1997 Lease, as amended by the First Amendment, the Second Amendment and the Third Amendment.

	By a certain Fifth Amendment to Lease (the "Fifth Amendment") dated as of March 1, 2005, Landlord and Tenant temporarily added certain further space to the Premises, containing approximately 8,855 rentable square feet on the 5th Floor of the Building to the Premises governed by the terms of the 1997 Lease, as amended by the First Amendment, the Second Amendment, the Third Amendment and the Fourth Amendment.

	By a certain Sixth Amendment to Lease (the "Sixth Amendment") dated as of January 4, 2008, Landlord and Tenant deleted from the Premises that certain space containing 19,245 rentable square feet located on the 4th Floor of the Building and more particularly described in such Sixth Amendment.

	By a certain Seventh Amendment to Lease ( the "Seventh Amendment") dated as of July 18, 2008, Landlord and Tenant confirmed the lease of certain storage space and relocated such storage space from the 5th Floor to the 31st Floor of the Building (the 1997 Lease, as amended by the First Amendment, the Second Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, the Sixth Amendment and the Seventh Amendment, is sometimes referred to herein as the "Lease").

	Landlord and Tenant now desire to delete from the Premises all the space containing 99,204 rentable square feet located on the 6th, 7th, and 8th Floors of the Building and shown on Exhibit A attached hereto (the "Surrendered Space"), and to further modify the Lease on the terms and conditions contained in this Eighth Amendment.

NOW THEREFORE, in consideration of the above recitals, which by this reference are incorporated herein, the mutual covenants herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

	Definitions.  All capitalized terms used herein which are not defined in this Eighth Amendment shall have the meanings ascribed to such terms in the Lease.

	Representations and Warranties.  Tenant represents and warrants that (a) the Lease is in full force and effect, (b) the Lease has not been assigned or encumbered by Tenant, (c) Tenant knows of no defense or counterclaim to the enforcement of the Lease, (d) to Tenant's knowledge Tenant is not entitled to any offset, abatement or reduction of rent under the Lease, (e) Landlord has completed all work to be performed by Landlord and paid all contributions, other than as set forth herein, and other sums due to Tenant under the Lease, and (f) to Tenant's knowledge neither Landlord nor Tenant is in default under any of its obligations under the Lease. Landlord represents and warrants that to its knowledge neither Landlord nor Tenant is in default under any of its obligations under the Lease.  Tenant further acknowledges that simultaneously with the execution of this Eighth Amendment, Landlord is entering into a lease with Combined Insurance Company of America for the Surrendered Space and other space that requires Landlord to deliver possession of the Surrendered Space with all tenant improvements demolished and other work installed by April 1, 2010 and to meet this deadline, Landlord must have possession of the Surrendered Space on or before the applicable Premises Reduction Date for such space.

	Premises Reduction.  Effective January 31, 2010 for the Surrendered Space located on floors 7 and 8 and  February 28, 2010 for the Surrendered Space located on floor 6 (each a "Premises Reduction Date"), Tenant shall surrender possession of the applicable Surrendered Space to Landlord and vacate such Surrendered Space, pursuant to the provisions of the Lease relating to the surrender of the Premises, except that notwithstanding anything to the contrary in the Lease, Tenant shall: (a) repair, in accordance with the Lease, any intentional damage that Tenant caused to such Surrendered Space; (b) except as provided in the preceding clause (a), have no obligation to perform any work, alterations, demolition, or restoration in such Surrendered Space; and (c) otherwise deliver the Surrendered Space in its "as is" condition as of the date of the Premises Reduction Date.  On or before the applicable Premises Reduction Date, Tenant shall remove all of Tenant's furniture, equipment, and other personal property (collectively, the "Personalty") from the Surrendered Space.  Any Personalty in the Surrendered Space after the applicable Premises Reduction Date shall: (a) be deemed abandoned; (b) automatically pass to Landlord, and (c) Tenant shall be liable for all of Landlord's costs incurred to remove and/or dispose the Personalty.  Nothing in this Eighth Amendment shall limit Tenant's obligations under the Lease to remove the Personalty from the Surrendered Space whether before or after the applicable Premises Reduction Date.  If Tenant fails to surrender possession of the Surrendered Space on the applicable Premises Reduction Date, WITH TIME BEING OF THE ESSENCE, then without limiting Landlord's other rights and remedies, Tenant shall upon demand pay Landlord holdover rent and indemnify Landlord for damages all as provided in Section 15 of the Lease.  If Tenant has vacated the Surrendered Space and removed the Personalty before the applicable Premises Reduction Date, then Landlord may enter and take possession of the Surrendered Space free of any claims by Tenant and Tenant shall, except as expressly set forth in this Eighth Amendment, have no further rights or obligations with respect to such Surrendered Space.  Provided further, upon the occurrence of each Premises Reduction Date, Tenant shall, except as expressly set forth in this Eighth Amendment, have no further rights or obligations with respect to such Surrendered Space..

	Termination Fee.  As consideration for Landlord's agreement to the reduction in the Premises, Tenant shall pay to Landlord on or before February 28, 2010, an amount equal to $3,982,144.01 (99,204 rsf times $40.14/rsf).

	Lease Amendment.  The Lease is amended as set forth in Addendum I attached hereto.  The Rent Schedule attached to Addendum I and Tenant's Proportionate Share as set forth in Addendum I shall apply on and after March 1, 2010 notwithstanding anything to the contrary in the Lease.  Tenant acknowledges that it shall continue to pay Rent for the Surrendered Space on the 7th and 8th floors for February 2010 even though the Premises Reduction Date for such space is January 31, 2010.

	Real Estate Brokers.  Landlord agrees to pay any commissions due to Parkway Properties, Inc. and JF McKinney & Associates Ltd. (the "Brokers") arising out of this transaction.  Each party hereby agrees to indemnify and hold the other party harmless from and against any and all damages, liabilities, claims, actions, costs and expenses (including attorneys' fees) arising from either (i) any claims or demands resulting from the actions of the indemnifying party, of any broker, other than the Brokers, salesperson or finder for any fee or commission alleged to be due such broker, salesperson or finder in connection with this Eighth Amendment or (ii) claim of, or right to, any lien under the statutes of the State of Illinois relating to real estate broker liens with respect to any such broker, salesperson or finder resulting from the actions of the indemnifying party (excluding the Brokers).

	Binding Effect.  The terms, covenants and conditions contained in this Eighth Amendment shall be binding upon and inure to the benefit of the parties and their respective successors and assigns.

	Superseding Effect.  This Eighth Amendment supersedes all prior negotiations, representations, understandings and agreements of, by or between the parties, which shall be deemed fully merged therein; shall be construed and governed by the laws of the State of Illinois, and may not be changed or terminated orally.

	Other Lease Terms.  Except for the provisions of this Eighth Amendment, all of the terms, covenants, and conditions of the Lease, and all the rights and obligations of Landlord and Tenant thereunder, shall remain in full force and effect during the Term and any extension thereof, and are not otherwise altered, amended, revised, or changed.

	Submission.  Submission of this Eighth Amendment by Landlord to Tenant for examination and/or execution shall not in any manner bind Landlord and no obligations on Landlord shall arise under this Eighth Amendment unless and until this Eighth Amendment is fully signed and delivered by Landlord and Tenant.

	Limitation of Liability.  The liability of Landlord for Landlord's obligations under the Lease as amended by this Eighth Amendment ("Amended Lease") shall be limited to Landlord's interest in the Building and the land thereunder and Tenant shall not look to any other property or assets of Landlord or the property or assets of any partner, shareholder, director, officer, member, manager, principal, employee or agent, directly and indirectly, of Landlord (collectively, the "Parties") in seeking either to enforce Landlord's obligations under the Amended Lease or to satisfy a judgment for Landlord's failure to perform such obligations; and none of the Parties shall be personally liable for the performance of Landlord's obligations under the Amended Lease.

	Counterparts; Facsimile.  This Eighth Amendment may be executed in multiple counterparts and by facsimile transmission.

[signature page follows]

 

 

 

IN WITNESS WHEREOF, this Eighth Amendment is executed as of the day and year aforesaid.

	
LANDLORD:

111 EAST WACKER, LLC, a Delaware limited liability company

By: Parkway Chicago, LLC, its sole member
By: /s/ Jay Buckley

Name: Jay Buckley

Its: Senior Vice President

	
TENANT:

FEDERAL HOME LOAN BANK OF CHICAGO, a corporation organized under the laws of the United States of America

By: /s/ Matthew R. Feldman

Name: Matthew R. Feldman

Its: President and CEO

	By: /s/ William R. Flatt

Name: William R. Flatt

Its: Executive Vice President and COO

	 

 

 

Exhibit A

Floor Plan - Surrendered Space   

[Floor plans omitted in copy attached to this Form 8-K]

ADDENDUM I
I.Clauses 2, 3, 4 and 12B of Schedule to the Lease are amended for periods on and after March 1, 2010 to read as follows:
2.Premises:  The  portion of the 4th floor, of the Building as shown on Appendix A.

3.Rentable Square Feet of the Premises:  13,823 rentable square feet on the 4th floor.

4.Tenant's Proportionate Share:  1.4093%.

12B.Base Rent:   For the period March 1, 2010 through the end of the Term the Base Rent for the Premises shall be as set forth in attached Schedule 1 to this Addendum I.

II.For periods on and after March 1, 2010, Appendix A to the Lease shall be replaced with Appendix A attached to this Addendum I.

SCHEDULE 1

TO

ADDENDUM I

	

 

 

 

 

Period
	

 

 

 

Monthly Rent
	

 

 

 

Annualized Base Rent

	
3/1/10-7/31/10
	
$21,172.23
	
$ 254,066.76

	
8/1/10-3/31/11
	
$21,748.19
	
$ 260,978.28

	
4/1/11-7/31/11
	
$21,748.19
	
$ 260,978.28

 

 
APPENDIX A

[Floor plans omitted in copy attached to this Form 8-K]exhibit4a.htm

    

    Providentmutual
Life and Annuity Company of America

    A Stock
Life Insurance Company

    Philadelphia,
Pennsylvania

    

    
      	
               

              ANNUITANT

               

              CONTRACT
      NUMBER

            	
               

              JOHN
      DOE

               

              123456

               

            	
               

              02-01-92

               

              02-01-22

            	
               

              ISSUE
      DATE

               

              MATURITY
      DATE

            

    

    

    

    

    In this
Contract, Providentmutual Life and Annuity Company of America will be referred
to as "we," us" or "our." The Owner ("you," "your") is the Annuitant, unless
another person is named in the application or later becomes the Owner as allowed
by this Contract.

    

    We agree
to pay the proceeds as described in this Contract, subject to its
provisions.

    

    Annuity
payments and other values provided by this Contract, including any death benefit
that may be payable, when based on the investment experience of the Variable
Account may increase or decrease daily, depending upon the investment
performance of the Fund Portfolios in which your chosen Subaccounts are invested
and are not guaranteed as to fixed dollar amounts.  No minimum
Contract Account Value is guaranteed, except for any amounts in the Guaranteed
Account.

    

    PLEASE
READ THIS CONTRACT CAREFULLY

    It
is a legal contract between you and us.

    

    NOTICE
OF 10 DAY RIGHT TO EXAMINE CONTRACT

    

    Please
examine this Contract closely.  If for any reason you are not
satisfied with this Contract, you may return it to us for cancellation by
delivering or mailing it to:

    
      	
              1.  

            	
              our
      Home Office, 1600 Market Street, P.O. Box 7326, Philadelphia,
      Pennsylvania  19101;

            

    

    
      	
              2.  

            	
              one
      of our agency offices; or

            

    

    
      	
              3.  

            	
              the
      agent through whom it was
purchased.

            

    

    This
Contract must be returned to us no later than 10 days after you first receive
it.  Upon such delivery or mailing, this Contract will be void as of
the date we receive your Contract and request.  We will return the
greater of:  (i)  the amount of premiums you paid; (ii) the
Contract Account Value plus any charges we deducted, except the mortality and
expense risk charge and the advisory fees and expenses of the Fund.

    

    

    Signed
for the Company in Philadelphia, Pennsylvania

    

    ///////////s/////////////                                                                           ///////////s/////////////

         Secretary                                                                                        President

    

    

    FLEXIBLE
PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT

    Flexible
premiums as stated in the Premiums Provision.

    Policy
values are variable, except for amounts in the Guaranteed Account.

    After the
Maturity Date, Payment Options are on a guaranteed basis.

    Death
benefit payable upon death of Annuitant before Maturity Date.

    Non-participating
– Policy does not pay dividends.

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    A
GUIDE TO THE PROVISIONS OF THIS CONTRACT

    

    

    
      	 
      	
              Page

            	 
      	 
      	
              Page

            
	
              Contract
      Schedule........................

            	
              5

            	 
      	
              Guaranteed
      Account ............

            	
              8

            
	
              Description
      of Subaccounts ............

            	
              4

            	 
      	
              Allocations
      and Transfers......

            	
              9

            
	
              Definitions................................

            	
              5

            	 
      	
              Contract
      Values..................

            	
              9-10

            
	
              General
      Previsions .......................

            	
              5

            	 
      	
              Payment
      of Proceeds...........

            	
              11

            
	
              Premiums..................................

            	
              7

            	 
      	
              Payment
      Options.................

            	
              12-13

            
	
              Variable
      Account ........................

            	
              7-8

            	 
      	 
      	 
      

    

    

    

    

    A
copy of the Application and any riders are included between pages 12 and
13

    

    ENDORSEMENTS

    

    (To
be made by the Company only)

     

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    CONTRACT
SCHEDULE

    

    
      	
               

              ANNUITANT

               

              CONTRACT
      NUMBER

            	
               

                 
      JOHN DOE

               

                 
      123456

               

            	 
      	
               

              02-01-92

               

              02-01-22

            	
               

                 
      ISSUE DATE

               

                 
      MATURITY DATE

            

    

    

    

    
      	 
      	
              Initial
      Premium Payment:

            	
              $2,000

               

            
	 
      	
              Minimum
      Additional Premium Amount

            	
              $100

              [
      $50 for Qualified Contracts]

               

            
	 
      	
              Planned
      Periodic Premium:

            	
              $100
      monthly

               

            
	 
      	
              Minimum
      Withdrawal Amount:

            	
              $500

               

            
	 
      	
              Minimum
      Transfer Amount:

            	
              $500

               

            
	 
      	
              Minimum
      remaining Cash Surrender Value

                 After
      Withdrawal:

            	
              $2,000

            

    

    

    

    

    
      	
              Charges and Fees

               

            
	
              Annual
      Mortality and Expense Risk Charge:

               

            	
              Current
      –

              Maximum
      –

            	
              1.10%

              1.25%

               

            
	
              Annual
      Administration Fee

            	 
      	
              $30.00

               

            
	
              Transfer
      Processing Fee:

            	 
      	
              $25
      after 1st
      four in Contract Year

               

            
	
              Surrender
      Charges*

            	
              Contract Year

            	
              Charge

            	 
      
	 
      	
              1

            	
              6%

            	 
      
	 
      	
              2

            	
              5%

            	 
      
	 
      	
              3

            	
              4%

            	 
      
	 
      	
              4

            	
              3%

            	 
      
	 
      	
              5

            	
              2%

            	 
      
	 
      	
              6

            	
              1%

            	 
      
	 
      	
              7

            	
              0

            	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	
              *
      Applies to amount withdrawn or surrendered during Contract year in excess
      of 10% of Contract Account Value as of the beginning of such Contract
      Year.  See "Surrender Charge" on page 10 for details and
      restrictions.

            

    

    

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Contract Schedule –
continued

    

    

    Description
of Subaccounts of

    Providentmutual
Variable Annuity Separate Account

    

    

    Each
Subaccount listed invests in shares of its respective Portfolio of The Market
Street Fund, inc., a series type of mutual fund.

    

    Growth
Subaccount.  Investments of the Growth Portfolio will be,
primarily, common stocks of companies believed to offer above-average growth
potential over both the intermediate and long term.

    

    Money Market
Subaccount.  Investments of the money Market Portfolio will be,
primarily, money market instruments such as:  United States (U.S.)
Government Securities; bank obligations and instruments secured thereby;
commercial paper and certain debt obligations; repurchase agreements; and
certain other obligations.

    

    Bond
Subaccount.  Investments of the bond Portfolio will be,
primarily, a diversified portfolio of marketable debt securities.

    

    Managed
Subaccount.  Investments of the Managed Portfolio will be those
types of securities that are permissible investments of other
portfolios.  This portfolio may be invested solely in common stocks,
solely in money market instruments, solely in bonds, or in a combination of
these types of investments.

    

    Aggressive Growth
Subaccount.  Investments of the international Portfolio will
be, primarily, securities of non-United States companies selected primarily for
long-term capital growth.

    

     

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    DEFINITIONS

    

    ANNUITANT.  The
person whose life determines that annuity benefits payable under this contract
and whose death determines the death benefit.

    

    BENEFICIARY.  The
person to whom we will pay the proceeds payable on your death or on the death of
the Annuitant.

    

    CASH SURRENDER
VALUE.  The Contract Account Value less any applicable
surrender charge.

    

    CONTRACT ACCOUNT VALUE.
  The sum of the Variable Account Value and the guaranteed
Account Value.

    

    CONTRACT YEARS, MONTHS,
ANNIVERSARIES.   Are calculated from the Issue Date shown in
the Contract Schedule.

    

    GUARANTEED
ACCOUNT.  This account is part of our General Account and is
not part of nor depends upon investment performance of the Variable
Account.

    

    HOME OFFICE.   Our
office at 1600 Market Street, P.O. Box 7326, Philadelphia,
Pennsylvania  19101.

    

    MATURITY DATE.   The
date when the Contract Account Value will be applied under a Payment Option,
unless you have elected to receive a lump sum payment of the Cash Surrender
Value.  The (XXXX) Maturity Date is the later of:  the
Contract Anniversary nearest Annuitant's age 85, or 10 years after the 
Date of the Contract.

    

    NET PREMIUM.  The
premium paid less any premium tax levied for the year the premium is
paid.

    

    OWNER.  The person
entitled to exercise all rights and privileges provided in this
Contract.

    

    SUBACCOUNT.  The
Variable Account has Subaccounts; the assets of each Subaccount are invested in
a corresponding Portfolio of the Market Street Fund, Inc.

    

    VALUATION DAY.  Each
day on which valuation of the assets of a Subaccount is required by applicable
law.

    

    VALUATION PERIOD.  
The period that starts at the close of business on the Valuation Day and ends at
the close of business on the next succeeding Valuation Day.

    

    VARIABLE
ACCOUNT.  Providentmutual Variable Annuity Separate Account
which is not part of our general Account.  The Variable Account has
Subaccounts each of which is invested in a corresponding Portfolio of the Market
Street Fund, Inc.

    

    WRITTEN NOTICE.  A
written request or notice in a form satisfactory to us which is signed by you
and received at our Home Office.

     

    

    GENERAL
PROVISIONS

    

    THE CONTRACT.  We
have issued this Policy in consideration of your application and your payment of
the initial Premium.  The entire contract is made up of this policy
and the attached copy of the application.  The statements made in the
application are, in the absence of fraud, deemed representations and not
warranties.  We cannot use any statement in defense to a claim or to
void this policy unless it is contained in the attached
application.  Only our President, a Vice president, or Secretary may
modify this policy or waive any of our rights or requirements.  No
agent may bind us by making any promise not contained in this
policy.

    

    INCONTESTABILITY.  We
will not contest this contract after it has been in force during the Annuitant's
lifetime for two years from the Issue Date.

    

    OWNER.  During the
Annuitant's lifetime and before the maturity Date, you have all the rights and
privileges granted by this Contract.  During the Annuitant's lifetime
and before the Maturity Date, you may name a new Owner by giving us Written
Notice.  If you are not the Annuitant and you die before the maturity
Date and before the Annuitant, ownership will pass:

    
      	
              1.  

            	
              to
      your designated beneficiary, if any (as defined in "Proceeds On Death of
      Owner");

            

    

    
      	
              2.  

            	
              to
      your estate.

            

    

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    BENEFICIARY.    We
will pay the beneficiary any proceeds payable on your death or the death of the
Annuitant.  During the Annuitant's lifetime and before the maturity
Date, you may change the named Beneficiary by giving us Written Notice of such
change.

         We
will pay the proceeds under the beneficiary designation in effect at the date of
death.  The proceeds will be paid to the surviving Beneficiaries
equally unless you have indicated otherwise.  If no Beneficiary is
living when the Annuitant dies, or if none has been named, the proceeds will be
paid to you or your estate.  If no Beneficiary is living when you die,
any proceeds will be paid to your estate.

    

    CHANGE OF OWNER OR
BENEFICIARY.  Written Notice must be signed by you, dated, and
of a form and content acceptable to us.  Your Written notice will not
be effective until we receive and file it at our Home
office.  However, the change provided in your Written notice will then
be effective as of the date you signed such notice:

    
      	
              1.  

            	
              subject
      to any payments mad or other action we take before we receive and file
      your Written Notice; and

            

    

    
      	
              2.  

            	
              whether
      or not you or the Annuitant are alive when we receive and file your
      Written Notice.

            

    

    

    ASSIGNMENT.  You may
assign this policy or an interest in it at any time before the Maturity Date
during the lifetime of the Annuitant.  An assignment must be in a
Written Notice acceptable to us.  It will not be binding on us until
we receive and file it at our Home Office.  We are not responsible for
the validity or sufficiency of any assignment.  Your rights and the
rights of any beneficiary will be affected by an assignment.

    

    MISSTATMENT OF AGE OR
SEX.  If the age or sex off the Annuitant has been misstated,
we will pay the amount which the proceeds would have purchased at the correct
age and sex.  If we make an overpayment because of an error in age or
sex, the overpayment plus interest at 3% compounded annually will be a debt
against this contract.  If the debt is not repaid, future payments
will be reduced accordingly.

     

    If we
make an underpayment because of an error in age or sex, any annuity payments
will be recalculated at the correct age and sex, and future payments will be
adjusted.  The underpayment with interest at 3% compounded annually
will be paid in a single sum.

     

    

    PERIODIC
REPORTS.  We will mail you a report showing the following
items.

    
      	
              1.  

            	
              the
      number of units credited to this Contract and the dollar value of a
      unit;

            

    

    
      	
              2.  

            	
              the
      Contract Account Value and Cash Surrender
Value.

            

    

    
      	
              3.  

            	
              any
      premiums paid, withdrawals, and charges made since the last report
      and

            

    

    
      	
              4.  

            	
              any
      other information required by law.

            

    

    The
information in the report will be as of a date not more than two months before
the date of the mailing.  We will mail the report to you;

    
      	
              1.  

            	
              at
      least annually, or more often as required by law;
  and

            

    

    
      	
              2.  

            	
              to
      your last address known to us.

            

    

    

    MODIFICATION. Upon notice to
you, we may modify the contract, but only if such modification:

    
      	
              1.  

            	
              is
      necessary to make the Contract or the Variable Account comply with any law
      or regulation issued by a governmental agency to which we are subject;
      or

            

    

    
      	
              2.  

            	
              is
      necessary to assure continued qualification of the contract under the
      Internal Revenue Code or other federal or state laws relating to
      retirement annuities or variable annuity policies;
  or

            

    

    
      	
              3.  

            	
              is
      necessary to reflect a change in the operation of the Variable Account;
      or

            

    

    
      	
              4.  

            	
              provides
      additional variable account and or fixed accumulation
    options.

            

    

         In
the event of any such modification, we may make appropriate endorsement to the
contract.

    

    NON-PARTICIPATION.  This
Contract is non-participating and does not share in our profits or surplus
earnings.

    

    PROTECTION OFF
PROCEEDS.  No beneficiary may commute, encumber or alienate any
payments under this Contract before they are due.  No annuity payments
shall be subject to the debts, contract or engagements of any Beneficiary nor to
any judicial process to levy upon or attach the same for payment of such
debts.

    

    CREDITOR CLAIMS.  To
the extent permitted baby applicable laws, no right or benefit under this
Contract shall be subject to claims of creditors, except as may be provided by
an Assignment.

    

    DISCHARGE OF
LIABILITY.  We shall be discharged from all liability to the
extent of any withdrawal, surrender or death benefit paid.  Any
payments made by us under any Payment Option shall discharge our liability to
the extent of each such payment.

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    

    PREMIUMS

    

    INITIAL
PREMIUM.    The Initial Premium is shown in the
Contract Schedule and is payable on or before the Contract Date.

    

    ADDITIONAL
PREMIUMS.  You may make additional premium payments at any time
during the Annuitant's lifetime and before the maturity date.  The
amount of additional premium payments may vary.  The minimum
additional premium that we will accept is shown in the Contract
Schedule.

    

    NET
PREMIUM.    The Net premium is the premium paid less
any premium tax levied on us relating to this Contract for the year the premium
is paid.

    

    

    THE
VARIABLE ACCOUNT

    

    

    VARIABLE
ACCOUNT.  We have established the Providentmutual Variable
Annuity Separate Account (the "Variable Account").  The variable
Account is registered with the Securities and Exchange Commission as a unit
investment trust under the Investment Company Act of 1940.  The
Variable Account is also subject to the laws of the Commonwealth of
Pennsylvania.

         Although
we own the assets in the Variable Account, these assets are held separately from
our other assets and are not part of our General Account.  The assets
in the Variable Account are used to support the operation of and provide the
variable values and benefits for this contract and similar
Contracts.

         The
portion of the assets of the Variable Account equal to the reserves and other
contract liabilities of the Variable Account will not be charged with
liabilities that arise from any other business that we conduct.  We
have the right to transfer to our General Account any assets of the Variable
Account which are in excess of such reserves and other liabilities.

    

    SUBACCOUNTS.  The
Variable Account currently consists of the Subaccount listed in the Contract
Schedule and in the current Prospectus you received.  Each Subaccount
invests in shares of a corresponding series of The Market Street Fund, Inc (the
"Fund"). Shares of a series are purchased and redeemed for a Subaccount as their
net asset value.  Any amounts of income, dividends and gains
distributed from the shares of a series will be reinvested in additional shares
of that series at its net asset value.  The Fund prospectuses you
received define the net asset value and describe each portfolio of the
Fund.

         The
dollar amounts of values and benefits of this policy provided by the Variable
Account depend on the investment performance of the portfolios of the Fund in
which your selected Subaccounts are invested.  We do not guarantee the
investment performance of the portfolios.  You bear the full
investment risk for amounts applied to the selected Subaccounts.

    

    VARIABLE ACCOUNT
VALUE.  This Contract's Variable Account Value for any
Valuation Period before
the Maturity Date is determined by multiplying:

    
      	
              1.  

            	
              the
      amount of units credited to this Contract for each Subaccount as of the
      end of the Valuation Period; by

            

    

    
      	
              2.  

            	
              the
      current unit value for each
Subaccount.

            

    

      The
sum of these amounts equals the Variable Account Value.

    

    UNITS.  We credit
net Premiums in the form of units.  We will credit units for the
initial net Premium on the issue date.  The number of units of each
Subaccount credited under this contract is determined by dividing:

    
      	
              1.  

            	
              the
      net premium allocated to that Subaccount
by

            

    

    
      	
              2.  

            	
              the
      unit value for that Subaccount at the end of the Valuation Period during
      which we receive and accept the premium at our Home
  Office.

            

    

      We
will adjust the unit for any transfers (including any Transfer Fee) in or out of
a Subaccount.  We will cancel the appropriate number of units based on
the unit value at the end of the Valuation Period in which any of the following
events occurs;

    
      	
              1.  

            	
              the
      Annual Administration Fee showing the Contract Schedule is
      assessed;

            

    

    
      	
              2.  

            	
              the
      date we receive and file your Written Notice for a withdrawal or a cash
      surrender;

            

    

    
      	
              3.  

            	
              the
      maturity Date occurs;

            

    

    
      	
              4.  

            	
              the
      date we receive due proof of the Annuitant's death;
  or

            

    

    
      	
              5.  

            	
              the
      date the Contract Account Value is distributed upon your
      death.

            

    

    

    UNIT VALUE.  The
unit value for each Subaccount for the first Valuation period is set at
$1.  The unit value for each subsequent Valuation period is determined
by multiplying.

    
      	
              1.  

            	
              the
      unit value at the end of the immediately preceding Valuation Period;
      by

            

    

    
      	
              2.  

            	
              the
      net investment factor for the Valuation Period for which the value is
      being determined.

            

    

      The
unit value for a Valuation Period applies to each day in that
period.  The unit value may increase or decrease from one Valuation
Period to the next.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    NET INVESTMENT
FACTOR.  The net Investment Factor is an index that measures
the investment performance of a Subaccount from the one Valuation Period to the
next.  Each Subaccount has a net investment Factor for each Valuation
period, which may be greater than or less than one.

    The net investment Factor for each
Subaccount for a Valuation period equals 1 plus the fraction obtained by
dividing (a) by (b) where:

    (a) is
the net result of:

    1.  the investment income,
dividends, and capital gains, realized or unrealized, credited during the
current Valuation period; plus

    2.  any amount credited or
released from reserves for taxes attributable to the operation of the Subaccount
minus

    3.  the capital losses,
realized or unrealized charged during the current Valuation Period;
minus

    4.  any amount charged for
taxes of any amount we set aside during the Valuation period as a reserve for
taxes attributable to the operation or maintenance of the Subaccount
minus

    5.  the amount charged for
mortality and expense risk for that Valuation Period.  This charge
will not exceed the maximum annualized mortality and expense risk charge shown
in the Contract Schedule; and

               (b)
is the value of the asset; in the Subaccount at the end of the preceding
Valuation period, adjusted for allocations and transfers to and withdrawals and
transfers from the Subaccount occurring during that preceding Valuation
Period.

     

    RESERVED
RIGHTS.  When permitted by law, we reserve the right
to:

    
      	
              1.  

            	
              create
      new variable accounts;

            

    

    
      	
              2.  

            	
              combine
      variable accounts, including the Providentmutual Variable Annuity Separate
      Account;

            

    

    
      	
              3.  

            	
              remove,
      combine or add Subaccounts and make the new Subaccounts available to
      contract owners at our discretion;

            

    

    
      	
              4.  

            	
              substitute
      shares of another portfolio of the Fund or shares of another investment
      company for those of the fund

            

    

    
      	
              5.  

            	
              add
      new portfolios to the Fund;

            

    

    
      	
              6.  

            	
              deregister
      the Variable account under the Investment Company Act of 1940 if
      registration is no longer required;

            

    

    
      	
              7.  

            	
              make
      any changes required by the investment Company Act of 1940
    and

            

    

    
      	
              8.  

            	
              operate
      the Variable Account as a managed investment company under the Investment
      Company Act of 1940 or any other form permitted by
  law.

            

    

         If
a change is made, we will send you a revised prospectus and any notice required
by law.

    

    CHANGE IN INVESTSMENT
POLICY.  The investment policy of a Subaccount may not be
changed unless:

    
      	
              1.  

            	
              the
      change is approved, if required, by the Pennsylvania Insurance Department;
      and

            

    

    
      	
              2.  

            	
              a
      statement of such approval is filed, if required, with the insurance
      department of the state in which this contract is
    delivered.

            

    

    

    THE
GUARANTEED ACCOUNT

    

    GUARANTEED ACCOUNT. Amounts in
the Guaranteed Account are part of our General Account.  The
Guaranteed Account is not part of and does not depend on the investment
performance of the Variable Account.

         We
credit interest to amounts in the Guaranteed Account at rates we
determine.  We guarantee that the effective annual interest rate will
not be less than 4%. We may credit a higher current interest
rate.  For the amount in the Guaranteed Account at the beginning of a
calendar year, we will determine such inertest rates in advance off each
calendar year.  Such rates will apply to the calendar year which
follows the date of determination.  For amounts allocated or
transferred to the Guaranteed Account during a calendar year, we will determine
interest rates applicable to such amounts in advance of the date such amount is
received or transferred.  Such rates will apply to the end of the
calendar year in which the payment is received or the transfer is
made.

    

    GUARANTEED ACCOUNT VALUE. This
Contract's Guaranteed Account Value for any Valuation Period before the Maturity
Date is:

    
      	
              1.  

            	
              the
      sum of the net Premiums allocated to the Guaranteed Account;
      plus

            

    

    
      	
              2.  

            	
              any
      amount transferred to the Guaranteed Account from a Subaccount of the
      Variable Account; minus

            

    

    
      	
              3.  

            	
              any
      amounts withdrawn or transferred from the Guaranteed Account together with
      any associated charges; minus

            

    

    
      	
              4.  

            	
              any
      Annual Administration Fee deducted from the amount in the Guaranteed
      Account; plus

            

    

    
      	
              5.  

            	
              interest
      we credit to the amount in the Guaranteed
  Account.

            

    

    For the
purpose off crediting interest, amounts deducted, transferred, and withdrawn
form the Guaranteed Account will be accounted for on a lasting, first-out
basis.

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ALLOCATIONS
AND TRANSFERS

    

    NET PREMIUM
ALLOCATION.  In your application you selected how you wanted
your Initial Net Premium to be allocate among the Subaccounts and the guaranteed
Account.

    

    We will
allocate that portion of the Initial net premium which is to be allocated to the
Variable Account to the Money market Subaccount for a 15-day
period.  At the end of such period, we will allocate the amount in the
monetary market Subaccount to each of the chosen Subaccounts based on the
proportion that the allocation percentage for such Subaccount bears to the sum
of the Subaccount premium allocation percentages.  You may change the
allocation schedule by Written notice.  Any additional net Premiums
will be allocated in accordance with the allocation schedule in effect when such
premium is received, unless at the time of payment we receive Written notice to
the contrary.  The portion of a Net Premium too be applied to each
elected Subaccount and the guaranteed account must be a whole
percentage.

    

    TRANSFER PRIVILEGE. Before the
Maturity Date, you may transfer all or part of the amount in the Subaccount(s)
to another Subaccount(s) or to the Guaranteed Account, or transfer a part of an
amount in the Guaranteed Account to the Subaccount(s), subject to the
availability of a Subaccount or shares of a portfolio and subject to these
general restrictions and the additional restrictions below:

    
      	
              1.  

            	
              the
      minimum transfer amount is shown in the Policy Schedule (or the entire
      amount in the Subaccount or the Guaranteed Account, if less);
      and

            

    

    
      	
              2.  

            	
              a
      transfer request that would reduce the amount in that Subaccount or the
      Guaranteed Account below $500 will be treated as a transfer request for
      the entire amount in that Subaccount or the Guaranteed
      Account.

            

    

    

    RESTRICTIONS ON TANSFERS FROM A
GUARANTEED ACCOUNT.  You may transfer a pert of the amount in
the Guaranteed Account to the Subaccount(s) of the Variable Account, subject to
these additional restrictions.

    
      	
              1.  

            	
              we
      allow only one transfer each year and this transfer must be within the
      period that is 30 days after the contract Anniversary.  An
      unused transfer option does not carry over to the next year;
      and

            

    

    
      	
              2.  

            	
              the
      maximum transfer amount is 25% of the Contract's Guaranteed Account Value
      on the date of the transfer unless the balance after the transfer is less
      than $500.

            

    

    We will
make the transfer on the Contract Anniversary if your written request is
received prior to the Contract Anniversary; if your written request is received
after the Contract Anniversary, we will make the transfer as of the date we
receive your request at our Home Office.

    

    TRANSFER PROCESSING
FEE.  There is no limit to the number of transfers that you can
make between the Subaccounts or to the Guaranteed Account.  However,
we only allow one transfer each year from the guarnat3eeed Account (See
"Restrictions on Transfers from Guaranteed Account").  The first four
transfers during each Contract Year are free.  We will assess a
transfer fee for each additional transfer during that Contract
Year.  The amount of this fee is shown in the Contract
Schedule.  For the purposes of assessing the fee, each Written notice
of transfer is considered to be one transfer, regardless of the number of
Subaccounts or the Guaranteed Account deduced from the amount being
transferred.

    

    CONTRACT
VALUES

    

    CONTRAT ACCOUNT VALUE.
  The Contract Account Value is the sum of the Variable Account
Value and the Guaranteed Account Value.

    

    CASH SURRENDER
VALUE.  The Cash Surrender Value is the Contract Account Value,
less any applicable Surrender Charge. The Cash Surrender Value will be
determined on the date we receive your Written Notice for surrender and this
Contract at our Home office.

         You
may surrender this Contract for its Cash Surrender Value at any time before the
earlier of the death of the Annuitant or the maturity Date.  You may
elect to have the Cash Surrender Value (less any applicable deduction for
premium tax) paid in a single sum or under a Payment option.  This
Contract ends when we pay the Cash Surrender Value or apply such sum under a
Payment Option.

    

    WITHDRAWALS.  You
may withdraw part of the Cash Surrender Value at any time before the earlier of
the death of the annuitant or the Maturity Date, subject to these
limits:

    
      	
              1.  

            	
              withdrawals
      may not be made before the end of the first Contract
  year;

            

    

    
      	
              2.  

            	
              the
      minimum withdrawal amount is shown in the Contract
    Schedule;

            

    

    
      	
              3.  

            	
                the
      maximum withdrawal is the amount that would leave a minimum Cash Surrender
      Value of the amount shown in the Contract Schedule;
  and

            

    

    
      	
              4.  

            	
              a
      withdrawal request which would reduce the amount in a Subaccount or the
      guaranteed Account below $500 will be treated as a request for a full
      withdrawal of the amount in that Subaccount or Guaranteed
      Account.

            

    

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
 

    On the
date we receive your Written notice for a withdrawal at our Home Office, we will
withdraw the amount of the withdrawal from the Contract Account
Value.  We will then deduct any applicable Surrender Charge from the
remaining Contract Account Value.  No surrender charge will be applied
to a withdrawal if such is the first or second withdrawal during a Contract year
and the amount of the first withdrawal or the total amount of the first and
second withdrawals is not in excess of 10% of the contract Account Value as of
the beginning of such Contract year.

         You
may specify the amount to be withdrawn from certain Subaccounts or the
guaranteed Account for your partial withdrawal. If you do not specify this
information to us, or the amount in the designated Subaccounts or Guaranteed
Account is inadequate to comply with your request, we will make the withdrawal
based on the proportion that your Subaccount Values and the Guaranteed Account
Value bear to the Contract Account Value prior to the withdrawal.

    

    SURRENDER
CHARGE.  The applicable percentage from the Surrender Charge
Table in the Contract Schedule will be deducted upon any withdrawal or surrender
and will be applies as follows:

    
      	
              a.  

            	
              to
      the entire withdrawal amount if such withdrawal is the third or subsequent
      withdrawal in any one Contract
Year;

            

    

    
      	
              b.  

            	
              to
      that portion of the total amount of the first and second withdrawals
      during a Contract year which is in excess of 10% of the contract Account
      Value as of the beginning of the contract
year;

            

    

    
      	
              c.  

            	
              to
      the amount of a surrender paid in a single sum which is in excess of 10%
      of the Contract Account Value as of the beginning of the Contract year,
      less the amount withdrawn during the contract Year without imposition of
      the Surrender Charge.

            

    

         Any
Surrender Charge will be deducted from the Subaccount(s) and the Guaranteed
Account based on the proportion that your subaccount Values and the Guaranteed
Account Value immediately after the withdrawal or surrender.  In no
event will the surrender Charge exceed 89.5% of the total premiums received
under the contract.

    

    ANNUAL ADMINISTRATION
FEE.  We will assess the Annual Administration Fee shown in the
Policy Schedule:

    
      	
              1.  

            	
              for
      the prior contract year, on the contract Anniversary;
  or

            

    

    
      	
              2.  

            	
              for
      the current Contract year on the date this Contract is surrendered for its
      Cash Surrender Value or on the maturity Date (unless the Contract is
      surrendered on a Contract Anniversary or the Maturity Date is a Contract
      anniversary and the fee is assessed under 1
  above).

            

    

         The
fee will be assessed against the Subaccount(s) and Guaranteed Account based on
the proportion and the guaranteed Account based on the proportion that your
Subaccount Values and the Guaranteed Account Value bear to the Contract Account
Value.

         If
the fee is obtained from the Subaccounts, we will cancel the appropriate number
of units credited to this policy based on the Unit Value at the end of the
Valuation Period when the fee is assessed.  If the fee is obtained
from the guaranteed Account, we will reduce this Contract's Guaranteed Account
Value by the amount of the fee.

    

    MATURITY DATE.  No
Surrender Charge will be applied to the Contract Account Value on the maturity
Date if the proceeds are applied under a Payment option.  If the
proceeds are paid in a lump sum on the Maturity Date, the proceeds will equal
the Cash Surrender Value on such date.

         You
may change the Maturity Date, subject to these imitations:

    
      	
              1.  

            	
              we
      must receive your Written Notice at our Home Office at least 30 days after
      we receive your Written Notice; and

            

    

    
      	
              2.  

            	
              the
      requested maturity Date must be a date that is at least 30 days after we
      receive your Written notice; and

            

    

    
      	
              3.  

            	
              the
      requested maturity date must not be later than the first day of the month
      after the Annuitant's 90th
      birthday, or any earlier date required by
law.

            

    

    

    TERMINATION.  We may
pay you the Cash Surrender Value and end this policy if, before the Maturity
Date, all of these events simultaneously exist:

    
      	
              1.  

            	
              you
      have not paid any premiums for at least two
  years;

            

    

    
      	
              2.  

            	
              the
      Contract Account Value is less than 42,000;
and

            

    

    
      	
              3.  

            	
              the
      total premium paid, less any partial withdrawals, is less than
      $2,000.

            

    

         We
will mail you a notice of our intention to end this contract at least six months
in advance.  This Contract will automatically terminate on the date
specified in the notice, unless we receive an additional premium payment before
the termination date specified in the contract Schedule.

    

    BASIS OF
VALUES.  Any paid-up annuity, cash surrender or death benefits
that may be available are at least equal to the minimum required by law in the
state in which this Contract is delivered. A detailed statement of the method
used to compute the minimum values has been filed, where required, with the
insurance officials of the jurisdiction in which this Contract is
delivered.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

    PAYMENT
OF PROCEEDS

    

    

    PROCEEDS.  Proceeds
means the amount we will pay when the first of the following events
occurs:  the maturity Date; the Contract is surrendered; or we receive
due proof of death of the Annuitant or the owner.  This Contract ends
when we pay the proceeds.

         "Due
Proof of Death" is proof of death that is satisfactory to us.  Such
proof may consist of:

    
      	
              1.  

            	
              a
      certified copy of the death certificate;
and/or

            

    

    
      	
              2.  

            	
              a
      certified copy of the decree of a court of competent jurisdiction as to
      the finding of death.

            

    

         We
will deduct any applicable premium tax form the proceeds described below, unless
we already deducted the tax from the premiums when paid.  (See "Net
Premium" provision)

    

    PROCEEDS ON MATURITY DATE
..  If you have not elected to receive the proceeds in a lump
sum, the proceeds we pay is the contract Account Value, which we will apply
under a Payment Option on the Maturity date. (See the "Maturity Date" provision
and the "Payment Options" section.)  If the proceeds are paid in a
lump sum, we will pay the Cash Surrender Value.

    

    PROCEEDS ON
SURRENDER.  If you surrender this policy before the earlier of
the death of the Annuitant or the Maturity Date, the proceeds we will pay is the
Cash Surrender Value. (See the "Maturity Date" provision concerning changing the
Maturity Date and having the Contract Account Value applied under a Payment
Option.)

    

    PROCEEDS ON DEATH OF ANNUITANT BEFORE
MATURITY DATE.  If the Annuitant dies before the Maturity Date,
the proceeds we will pay to the beneficiary is the death benefit, which is the
greater of:

    
      	
              1.  

            	
              the
      premiums paid, less any partial withdrawals including applicable surrender
      charges; or

            

    

    
      	
              2.  

            	
              the
      Contract Account Value on the date we receive due proof of the Annuitant's
      death.

            

    

         The
proceeds will be paid in a lump sum or under a payment Option.  No
death benefit is payable if this Policy is surrendered before the Annuitant's
death.

    

    PROCEEDS ON DEATH OF OWNER.
  If you die before the Maturity Date, Federal tax law requires
that the contract Account Value be distributed to your beneficiary within five
years after the date of your death.

         If
you die on or after the maturity Date, any remaining payments must be
distributed at least as rapidly as under the Payment Option in effect on the
date of your death.

         These
distribution requirements will be considered satisfied as to any portion of the
proceeds:

    
      	
              1.  

            	
              payable
      to or for the benefit of a designated beneficiary;
  and

            

    

    
      	
              2.  

            	
              which
      is distributed over the life (or period not exceeding the life expectancy)
      of that beneficiary, provided that such distribution begin within one year
      of your death.

            

    

         Your
designated beneficiary is the person designated by you as beneficiary and to
whom the ownership of the policy passes by reason of your death and must be a
natural person.  However, if your spouse is the designated
beneficiary, the contract may be continued with your surviving spouse as the new
Owner.

    

    PAYMENTS.  We will
usually pay any proceeds, withdrawals, or cash surrenders within seven business
days after;

    
      	
              1.  

            	
              we
      receive and file your Written notice for withdrawal or a cash surrender;
      or

            

    

    
      	
              2.  

            	
              we
      receive and file due proof of death of the owner or
    Annuitant.

            

    

    However,
we can postpone the payment of proceeds, withdrawals, or cash surrenders or the
transfer of amounts between Subaccounts if:

    
      	
              1.  

            	
              the
      New York Stock Exchange is closed, other than customary weekend and
      holiday closings, or trading on the exchange is restricted as determined
      by the Securities and Exchange Commission;
or

            

    

    
      	
              2.  

            	
              the
      Securities and Exchange commission permits by an order the postponement
      for the protection of policy owners;
or

            

    

    
      	
              3.  

            	
              the
      Securities and Exchange Commission determines that an emergency exists
      that would make the disposal of securities held in the Variable account or
      the determination of their value not reasonably practicable;
      or

            

    

    
      	
              4.  

            	
              the
      Fund is permitted by law or regulation to postpone payment of
      proceeds.

            

    

         If
a recent check or draft has been submitted, we have the right to defer payment
of the contract Account Value, Cash Surrender Value or Death Benefit until such
check or draft has been honored.

         We
have the right to defer payment of any withdrawal, transfer or Cash Surrender
Value from the Guaranteed Account for up to six months from the date we receive
your Written Notice for a withdrawal or surrender.

    

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    INTEREST ON PROCEEDS. We will
pay interest on proceeds if we do not pay the proceeds in a single sum or begin
paying the proceeds under a Payment option:

    
      	
              1.  

            	
              within
      30 days after the proceeds become payable;
or

            

    

    
      	
              2.  

            	
              within
      the time required by the applicable jurisdiction, if less than 30
      days.

            

    

         This
interest will accrue from the date the proceeds become payable to the date of
payment, but not for more than one year, at an annual rate of 3% or the rate and
time required by law, if greater.

    

    CONFORMITY WITH
LAWS.   To the extend this Contract conflicts with any
applicable laws or the requirements of the internal Revenue Service concerning
distributions on death, this policy shall be considered to be amended to conform
with such requirements.

    

    

    PAYMENT
OPTIONS

    

    ELECTION OF
OPTION.   The following options are available to you
during your lifetime.  They are also available to the
Beneficiary  after your death, if you have not selected an option for
such Beneficiary.

         You
may elect to have the cash surrender Value, Contract Account Value or Death
Benefit paid in accordance with any one of the options described below or in any
other manner acceptable to us.  If no election has been made, the
automatic option shall be Option B.  The amount paid under these
options if fixed and dies not depend on the investment performance of the
variable Account.

    

    OTPION A – Life
Annuity:   An income payable during the lifetime or the Payee,
ceasing with the last payment due prior to the death of the Payee, according to
Option Table, Life Only column.

    

    OPTION
B – Life Annuity with 10 years Guaranteed:

         An
income payable during the lifetime of the Payee with the guaranteed that
payments shall be made for a period of not less than 10 years according to the
Option Table, 10 year Period Certain column.

         Under
Option B, if any beneficiary dies while receiving payment, the present value off
the current dollar amount on the date of death or any remaining guaranteed
payments shall be paid in one sum to the executors or administrators of the
beneficiary unless otherwise provided in writing.  Calculation of such
present value shall be at 3%, which is the rate of interest assumed in computing
the amount of annuity payments.

    

    ALTERNATE INCOME
OPTION.  In lieu of one of the above options you may elect to
settle the Cash Surrender Value, Contract Account Value or Death Benefit under
an alternate income option based on our single premium immediate annuity rates
in effect at the time of settlement.  Such rates will be adjusted to a
due basis and the income thus produced will be increased by 4%.  In no
case will the resulting income be less than which would be payable if the amount
were used to purchase a single premium immediate annuity adjusted to a due
basis.

    

    GENERAL
PROVISION.  Annuity payments shall commence and continue
subject to the following provisions:

    
      	
              A.  

            	
              This
      Contract shall be surrendered to us at our office.  We shall
      issue a Supplementary Contract stating the terms of payment under the
      option elected.

            

    

    
      	
              B.  

            	
              Proof
      satisfactory to us of the identity, birth date and sex of any person on
      whose life an annuity depends shall be provided to us before any annuity
      payments will be made.

            

    

    
      	
              C.  

            	
              We
      shall make each annuity payment by check which shall be personally
      endorsed by the person upon whose life the annuity depends or other
      evidence must be furnished that such person is
  alive.

            

    

    
      	
              D.  

            	
              No
      election of any option may be made under this Contract for any Payee
      unless such election would produce a periodic payment of at least $50 to
      that Payee.  If at any time, payments to be made become less
      than 450 each, we shall have the right to change the frequency of payments
      to such interval as shall result in the payment of at least
      $50.  Subject to this condition, payments may be made annually,
      semi-annually, quarterly or
monthly.

            

    

    
      	
              E.  

            	
              If
      the Payee is other than you, the electron of a Payment Option shall
      require our consent.

            

    

    
      	
              F.  

            	
              We
      shall deduct from the Cash Surrender Value or the contract Account Value
      any premium Tax at the time income payments
  commence.

            

    

    

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Option
table

    GUARANTEED
AMOUNT OF MONTHLY PAYMENT FOR EACH $1,000 OF

    ANNUITY
VALUE APPLIED

    

    

    
      	
              GUARANTEED MONTHLY PAYMENTS

            	 
      	
              GUARANTEED
      MONTHLY PAYMENTS

            	 
      
	
              Age
      of Payee

            	
              10
      Year Period Certain (Option B)

            	
              Age
      of Payee

            	
              10
      Year Period Certain (Option B)

            
	
              Male

            	
              Female

            	
              Life
      Only (Option A)

            	
              Male

            	
              Female

            	
              Life
      Only (Option A)

            
	 
      	
              5

            	
              $2.79

            	
              $2.79

            	
              45

            	
              50

            	
              $4.08

            	
              $4.05

            
	 
      	
              6

            	
              2.80

            	
              2.80

            	
              46

            	
              51

            	
              4.15

            	
              4.12

            
	 
      	
              7

            	
              2.81

            	
              2.81

            	
              47

            	
              52

            	
              4.23

            	
              4.19

            
	 
      	
              8

            	
              2.82

            	
              2.82

            	
              48

            	
              53

            	
              4.31

            	
              4.27

            
	 
      	
              9

            	
              2.83

            	
              2.83

            	
              49

            	
              54

            	
              4.40

            	
              4.34

            
	
              5

            	
              10

            	
              2.84

            	
              2.84

            	
              50

            	
              55

            	
              4.48

            	
              4.43

            
	
              6

            	
              11

            	
              2.85

            	
              2.85

            	
              51

            	
              56

            	
              4.57

            	
              4.51

            
	
              7

            	
              12

            	
              2.87

            	
              2.87

            	
              52

            	
              57

            	
              4.67

            	
              4.60

            
	
              8

            	
              13

            	
              2.88

            	
              2.88

            	
              53

            	
              58

            	
              4.77

            	
              4.70

            
	
              9

            	
              14

            	
              2.89

            	
              2.89

            	
              54

            	
              59

            	
              4.89

            	
              4.80

            
	
              10

            	
              15

            	
              2.91

            	
              2.91

            	
              55

            	
              60

            	
              5.00

            	
              4.90

            
	
              11

            	
              16

            	
              2.92

            	
              2.92

            	
              56

            	
              61

            	
              5.13

            	
              5.01

            
	
              12

            	
              17

            	
              2.94

            	
              2.94

            	
              57

            	
              62

            	
              5.26

            	
              5.13

            
	
              13

            	
              18

            	
              2.95

            	
              2.95

            	
              58

            	
              63

            	
              5.41

            	
              5.25

            
	
              14

            	
              19

            	
              2.97

            	
              2.97

            	
              59

            	
              64

            	
              5.56

            	
              5.37

            
	
              15

            	
              20

            	
              2.99

            	
              2.99

            	
              60

            	
              65

            	
              5.72

            	
              5.50

            
	
              16

            	
              21

            	
              3.01

            	
              3.01

            	
              61

            	
              66

            	
              5.89

            	
              5.64

            
	
              17

            	
              22

            	
              3.02

            	
              3.02

            	
              62

            	
              67

            	
              6.07

            	
              5.77

            
	
              18

            	
              23

            	
              3.04

            	
              3.04

            	
              63

            	
              68

            	
              6.26

            	
              5.92

            
	
              19

            	
              24

            	
              3.06

            	
              3.06

            	
              64

            	
              69

            	
              6.47

            	
              6.07

            
	
              20

            	
              25

            	
              3.08

            	
              3.08

            	
              65

            	
              70

            	
              6.68

            	
              6.22

            
	
              21

            	
              26

            	
              3.11

            	
              3.11

            	
              66

            	
              71

            	
              6.91

            	
              6.38

            
	
              22

            	
              27

            	
              3.13

            	
              3.13

            	
              67

            	
              72

            	
              7.15

            	
              6.54

            
	
              23

            	
              28

            	
              3.15

            	
              3.15

            	
              68

            	
              73

            	
              7.41

            	
              6.70

            
	
              24

            	
              29

            	
              3.18

            	
              3.18

            	
              69

            	
              74

            	
              7.69

            	
              6.86

            
	
              25

            	
              30

            	
              3.20

            	
              3.20

            	
              70

            	
              75

            	
              7.98

            	
              7.03

            
	
              26

            	
              31

            	
              3.23

            	
              3.23

            	
              71

            	
              76

            	
              8.29

            	
              7.20

            
	
              27

            	
              32

            	
              3.26

            	
              3.26

            	
              72

            	
              77

            	
              8.62

            	
              7.37

            
	
              28

            	
              33

            	
              3.29

            	
              3.29

            	
              73

            	
              78

            	
              8.98

            	
              7.54

            
	
              29

            	
              34

            	
              3.32

            	
              3.32

            	
              74

            	
              79

            	
              9.35

            	
              7.71

            
	
              30

            	
              35

            	
              3.35

            	
              3.35

            	
              75

            	
              80

            	
              9.76

            	
              7.87

            
	
              31

            	
              36

            	
              3.39

            	
              3.39

            	
              76

            	
              81

            	
              10.19

            	
              8.03

            
	
              32

            	
              37

            	
              3.42

            	
              3.42

            	
              77

            	
              82

            	
              10.65

            	
              8.19

            
	
              33

            	
              38

            	
              3.46

            	
              3.45

            	
              78

            	
              83

            	
              11.14

            	
              8.34

            
	
              34

            	
              39

            	
              3.50

            	
              3.49

            	
              79

            	
              84

            	
              11.66

            	
              8.49

            
	
              35

            	
              40

            	
              3.54

            	
              3.53

            	
              80

            	
              85*

            	
              12.22

            	
              8.62

            
	
              36

            	
              41

            	
              3.58

            	
              3.57

            	
              81

            	 
      	
              12.83

            	
              8.75

            
	
              37

            	
              42

            	
              3.63

            	
              3.62

            	
              82

            	 
      	
              13.47

            	
              8.87

            
	
              38

            	
              43

            	
              3.68

            	
              3.66

            	
              83

            	 
      	
              14.16

            	
              8.98

            
	
              39

            	
              44

            	
              3.73

            	
              3.71

            	
              84

            	 
      	
              14.90

            	
              9.08

            
	
              40

            	
              45

            	
              3.78

            	
              3.76

            	
              85**

            	 
      	
              15.69

            	
              9.17

            
	
              41

            	
              46

            	
              3.83

            	
              3.82

            	 
      	 
      	 
      	 
      
	
              42

            	
              47

            	
              3.89

            	
              3.87

            	 
      	 
      	 
      	 
      
	
              43

            	
              48

            	
              3.95

            	
              3.93

            	 
      	 
      	 
      	 
      
	
              44

            	
              49

            	
              4.01

            	
              3.99

            	 
      	 
      	 
      	 
      
	
              *
      Payment show applies to all younger ages

            
	
              **Payment
      shown applies to all older ages.

            

    

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    

    

    

    

    

    

    

    

    FLEXIBLE
PREMIUM DEFERRED VARIABLE ANNUITY CONTRACT

    Flexible
premiums as stated in the Premiums Provision.

    Policy
values are variable, except for amounts in the Guaranteed Account.

    After the
Maturity Date, payment Options are on a guaranteed basis.

    Death
benefit payable upon death of Annuitant before maturity date.

    Non-participating
– Policy does not pay dividends.

    

    

    

    Providentmutual
Life and Annuity Company of America

    A Stock
Life insurance company

    1600
Market Street, Philadelphia, Pennsylvania  19103

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00167-of-00352.parquet"}]]