Document:

Stock Options (Non-executive Employees) under 2007 Stock Option Plan

 Exhibit 10.27B 
 For Non-Executive Officer Employees Only 
 PEOPLE’S UNITED FINANCIAL, INC. 
 2007 STOCK OPTION PLAN 
 STOCK OPTION
AGREEMENT 
 Granted to: 
 (“you” or the “Participant”) 
 In accordance with the terms of the People’s United Financial, Inc. 2007 Stock Option Plan
(the “Plan”), People’s United Financial, Inc. (“People’s United”) is pleased to grant you a Non-Qualified Stock Option (the “Option”) to purchase ________ shares of People’s United Common Stock (the
“Optioned Shares”). The Option shall consist of two parts: a retention award equal to ___% of the Optioned Shares (the “Retention Award”), and a recognition award equal to the remaining ___% of the Optioned Shares (the
“Recognition Award”). The Option is exercisable at the times specified in Section 3 of this Agreement, and is subject to the other terms and conditions contained in this Agreement and in the Plan. 
 You and People’s United agree that the Option is subject to the following terms and conditions: 
 1. Definitions. All of the terms and provisions of the Plan are deemed incorporated into this Agreement by reference to the same effect as if the
Plan were set forth herein in its entirety. All terms used in this Agreement and defined in the Plan shall, unless otherwise defined herein, have the same meanings as in the Plan. The term “Common Stock” refers to the Common Stock, par
value $.01 per share, of People’s United Financial, Inc., and includes any stock or other securities into which such shares of Common Stock may be changed, as contemplated by Section 7.3 of the Plan. The terms “affiliate”,
“directors”, “person”, and “security”, or any variations of such terms, shall have the broadest meanings assigned to them by the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act.
The terms “you” and “your” shall include, when the context requires, any persons entitled to exercise the Option by virtue of Section 6 of this Agreement. 
 2. Grant Date; Term of Option; Option Price. The Option is granted and made effective
                     (the “Grant Date”) and shall expire at the end of the Option Period as specified in Section 8 of this
Agreement. The Exercise Price for the Option is $             per share, which represents the Fair Market Value of the Common Stock on the Grant Date. 
 3. Exercise of Option. Provided that the Option has not sooner expired in accordance with the Plan or Section 8 hereof, the Option will be
exercisable with respect to twenty percent (20%) of the Optioned Shares on each anniversary of the Grant Date 

 
beginning on the first anniversary
(                        ) and continuing through the fifth anniversary of the Grant Date
(                        ). The Option will only be exercisable if you have continuously been an employee of an Employer
from the Grant Date through the exercise date; provided, however, that notwithstanding the foregoing, the Option will become immediately exercisable with respect to Optioned Shares that are not yet exercisable and that comprise the Recognition Award
as of the date of your termination of employment with an Employer by reason of your death or Disability. The Option relating to Optioned Shares that comprise the Retention Award that are not yet exercisable as of the date of your termination of
employment with an Employer shall not become exercisable upon termination of employment by reason of your death or Disability, and will be forfeited. Notwithstanding anything to the contrary in the foregoing, all Optioned Shares shall become fully
exercisable upon the occurrence of a Change of Control if you are an employee of an Employer at the time a Change of Control occurs. 
 Once Optioned Shares
have become available for purchase in accordance with the foregoing schedule, any unpurchased Optioned Shares included in an installment or part of an installment of Optioned Shares shall remain subject to purchase on a cumulative basis until the
Option expires in accordance with the Plan or Section 8 hereof. The Option may not be exercised for fractional shares of Common Stock, and all fractional shares shall be rounded to the nearest whole number below the actual number of shares.

 4. Method of Exercise. You (or such other person as is provided in Section 6 hereof) may exercise the Option only by
delivering written notice to People’s United setting forth your irrevocable election to purchase all or a designated part of any then exercisable installment or installments of Optioned Shares. Subject to Section 8 hereof, the notice of
exercise must be delivered to People’s United on or before the close of business on a date which is or precedes the last day of the Option Period, except that if the last day of the Option Period is a Saturday, Sunday or a day on which either
the corporate headquarters of People’s United or the markets for equity securities generally are closed, the notice shall be delivered before the close of business on the business day preceding the last day of the Option Period. 
 The notice shall contain specific reference to this Agreement and the Plan and must be signed by you (or by such other person as is provided in Section 6 hereof).
The notice shall be accompanied by payment in full of the Exercise Price by cash, certified or bank check or, if the Committee consents, payment in full or in part may also be made in the form of Common Stock already owned by you or in shares of
Restricted Stock, as provided in Section 6.1 of the Plan. Payment for any Optioned Shares to be purchased upon exercise of the Option may also be made by delivering a properly executed exercise notice to People’s United, together with a
copy of irrevocable instructions to a broker to deliver promptly to People’s United the amount of sale or loan proceeds to pay the purchase price. If at any time this Agreement is in effect, you are or potentially could be subject to
Section 16 of the Exchange Act, an election to make payment in full or in part in the form of Common Stock shall be subject to compliance with the provisions of Section 16 

 
of the Exchange Act and the rules and regulations of the Securities and Exchange Commission (the “SEC”) promulgated thereunder, as interpreted by
the Committee. No Optioned Shares shall be issued until full payment therefor has been made or the Committee has approved alternative arrangements for payment. 
 5. Withholding Taxes. Upon exercise of the Option in accordance with the terms of Section 4 hereof, People’s United will be entitled to deduct from all amounts paid to you with respect to the Option
the amount that is required to be withheld for federal, state, local or foreign withholding tax purposes. Where you are entitled to receive Optioned Shares pursuant to the exercise of the Option, you will be required to pay People’s United the
amount of any tax which People’s United is required to withhold with respect to such Optioned Shared or, at its option, People’s United may retain or sell a sufficient number of Optioned Shares to cover the minimum amount required to be
withheld under applicable law. If at any time this Agreement is in effect, you are or potentially could be subject to Section 16 of the Exchange Act, the method for settling withholding obligations described herein shall be subject to
compliance with the provisions of Section 16 of the Exchange Act and the rules and regulations of the SEC promulgated thereunder, as interpreted by the Committee. 
 6. Persons Entitled to Exercise. The Option, to the extent then exercisable, may be exercised prior to the expiration of the Option Period: 
 (a) except as provided below or in the Plan, only by you during your lifetime; 
 (b) in the event of your death while in the employment of an Employer, by the executor or other legal representative of your estate; and 
 (c) in the event of your Disability, by you or by your legal representative. 
 Any exercise of the Option by your legal representative or by the executor or other legal representative of your estate shall be subject to all of the terms and conditions of this Agreement and of the Plan and shall
entitle such representative to no greater part of the Optioned Shares than you could have acquired if you had exercised the Option at the time of termination of employment with an Employer by reason of your death or Disability. 
 7. Delivery of Certificates. People’s United may postpone the time of delivery of certificates for the Optioned Shares for such time as it
deems necessary or desirable to enable it to comply with the listing requirements of any securities exchange or stock quotation system upon which the Common Stock may be listed or quoted, the requirements of the Securities Act or the Exchange Act,
any rules or regulations of the SEC promulgated thereunder, or the requirements of applicable state laws relating to the authorization, issuance or sale of securities generally. Until certificates representing Optioned Shares are delivered to you or
transfer is effected by book entry on the stock transfer records of People’s United, you will have no right to vote or receive dividends with respect to the Optioned Shares. 

 8. Option Period. The Option shall lapse and terminate (i) on the date of termination of your
employment (or, if sooner, the expiration date of the ten-year period commencing on the Grant Date), as to all of the Optioned Shares that either (A) are not yet exercisable on the date of such termination or (B) do not become exercisable
at the time of such termination pursuant to the terms of this Agreement, and (ii) as to all of the Optioned Shares that are exercisable (but unexercised) on the date of termination of your employment, on the first to occur of the events listed
in (a) through (d) below: 
 (a) The last day of the ten-year period commencing on the Grant Date; or 
 (b) Immediately, upon Termination for Cause; or 
 (c) The close of business on the last day of the three-month period commencing on the date of termination of your employment with an Employer for any reason other than death, Disability, or Termination for Cause; or 
 (d) The close of business on the last day of the one-year period commencing on the date of termination of your employment with an Employer due to death
or Disability. 
 The Option Period may be suspended in connection with a possible Termination for Cause under the circumstances set forth and as described
in Section 5.5(c) of the Plan. 
 Upon expiration of the Option Period, this Agreement shall be of no further validity or effect, except with respect to
Optioned Shares previously purchased. 
 9. Reservation of Shares. During the Option Period, People’s United will reserve from
its authorized and unissued Common Stock, or from its treasury stock (or from both), a sufficient number of shares to provide for the delivery of the Optioned Shares upon exercise of the Option in accordance herewith and subject to the provisions of
Section 7 hereof. If the Option should expire, lapse or otherwise become unexercisable for any reason specified in or contemplated by this Agreement or the Plan, to the extent that the Option shall not have been exercised as to the full number
of the Optioned Shares subject thereto, the unpurchased Optioned Shares shall be deemed freed automatically from any such reservation and shall become immediately available for issuance and delivery pursuant to other option agreements under the
Plan. 
 10. Corporate Law Status of Shares. The shares of Common Stock issuable upon exercise of the Option in accordance herewith,
upon issuance, delivery and payment for such shares in accordance with this Agreement, shall constitute validly issued and outstanding shares of capital stock of People’s United. When so paid for, such shares will be fully paid and
non-assessable. Throughout the Option Period (subject to the shortening thereof under Section 8 hereof), People’s United will have full legal right and authority to issue and deliver the Optioned Shares as contemplated by this Agreement.

 11. Adjustments in Optioned Shares. In the event of any changes in the capital structure or
reorganization of People’s United during the term of this Agreement, the provisions of Section 7.3 of the Plan shall apply. 
 12.
Restrictions on Transferability. Except as provided in Section 6 hereof, neither the Option nor any of your rights, interests or benefits thereunder or hereunder shall be subject to voluntary or involuntary assignment, transfer, pledge,
hypothecation or other form of absolute or conditional alienation or disposition, directly or indirectly. The Option shall be unexercisable during any period in which there is in effect, and may be terminated in all respects by the Committee in the
event of, a purported assignment of the Option or of any such rights, interests or benefits thereunder or under this Agreement, except as provided in Section 6 hereof. 
 13. Modification and Waiver. No modification or waiver of any of the provisions of this Agreement shall be binding upon either People’s
United or you unless made in writing and signed by you and countersigned on behalf of People’s United by an executive officer thereof (other than you, if you should be or become such an officer). 
 14. Binding Effect. Except as provided in Section 12 hereof, this Agreement shall be binding upon and inure to the benefit of the parties
hereto, their heirs, personal representatives, successors and assigns. 
 15. Resolution of Controversies. Any dispute or disagreement
that may arise under, or in any way may relate to, the interpretation, construction or application of this Agreement shall be subject to determination by the Committee after appropriate notice to the affected parties and reasonable opportunity to be
heard by the Committee. Any determination made by the Committee shall be final, binding and conclusive for all purposes. 
 16.
Notices. All notices, requests, demands, or other communications required, permitted or contemplated by this Agreement shall be deemed effectively served, delivered or otherwise made (a) upon receipt if manually delivered, or
(b) upon the delivery date shown on the returned receipt (or if delivery is refused on the date presented for delivery) if mailed by the United States registered or certified mail, postage prepaid, return receipt requested, and if intended for
People’s United, directed to the Committee’s attention at People’s United Bank, 850 Main Street, Bridgeport, Connecticut 06604; or if intended for you, directed to you at the address set forth below immediately following your
signature. Either party may, by notice delivered in accordance with this Section, notify the other party of a different address for all future notices, which will be effective upon delivery to the other party. 
 17. Severability. In case any covenant, condition, term or provision contained in this Agreement shall be held to be invalid, illegal or
unenforceable in any respect, in whole or in part, by a judgment, order or decree of any court of competent jurisdiction, from which judgment, order or decree no further appeal or petition for review is available, the validity of the remaining
covenants, conditions, terms and provisions contained in this Agreement, and the validity of the remaining part of any term or provision held to be partially invalid, illegal or unenforceable, shall in no way be affected, prejudiced or disturbed
thereby. 

 18. Entire Agreement. This Agreement and the Plan contain all understandings between you and
People’s United regarding the Option and Optioned Shares. No other communications regarding the Option or Optioned Shares are to be considered binding upon you and People’s United unless they are identified as amendments to this Agreement,
are in writing and are signed by you and People’s United as provided in this Agreement. 

 IN WITNESS WHEREOF, People’s United has caused this Agreement to be executed on its behalf by its President and
Chief Executive Officer, and you have executed this Agreement, intending to be legally bound hereby, effective the      day of
                    . 
  

			
	 PEOPLE’S UNITED FINANCIAL, INC.

		
	 By:
	 	  

		 	John A. Klein
		 	Its President and Chief Executive Officer
	
	  

	Your Signature
	
	Your Mailing Address
	  

	  

	  

	
	Employee ID #:Exhibit (4)(e)

 EXHIBIT 4(e) 
 Form of Policy Rider - Retirement Income Choice (Income - Single) 

			
	

	 	Home Office located at:
	 	4 Manhattanville Road, Purchase, New York 10577
	 	Adm. Office located at:
	 	 4333 Edgewood Road N.E. Cedar Rapids, Iowa 52499
 (319) 398-8511

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER 
 This rider is issued as a part of the policy (contract) to which it is attached. 
 All provisions of the policy that do not conflict with this rider apply to this rider. In the event of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the
provisions of the policy. 
 Rider Data Specification 
  

			
	 Policy Number:
	  	12345
	 Rider Date:
	  	09/01/2007
	 Growth Rate Percentage:
	  	5.00%
	 Initial Rider Fee Percentage:
	  	0.60%
	 Annuitant:
	  	John Doe
	 Annuitant’s Issue Age/Sex:
	  	65 / Male

 ARTICLE I 
 You may cancel this rider before midnight of the thirtieth day after you received it and no rider fees will be assessed. 
 This benefit
provides a minimum withdrawal benefit that guarantees, upon election, a series of withdrawals from the policy equal to the Withdrawal Percentage shown in Article II applied to the benefit base. The benefit base is established for the sole purpose of
determining the minimum withdrawal benefit and is not used in calculating the cash surrender value or other guaranteed benefits. 
 This rider will
terminate upon the annuitant’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider will also terminate if the policy to which this
rider is attached is assigned or if the owner is changed without our approval. You can terminate this rider within 30 days after the fifth rider anniversary and every fifth rider anniversary thereafter. Termination of the rider will result in the
loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value must be in one or more of the designated funds ( shown on
the application which is attached and made part of the policy). You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund while
this rider is in force. If you wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 A rider fee will be deducted on each rider anniversary and upon rider termination as described below. 
 DEFINITIONS: 
 Terms used that are not defined in this rider shall have the same meaning as those in your policy. 
 Designated Funds 
 Investment options authorized for use with this rider and identified by us as designated funds.

  

					
	RGMB 27 0108 AS NY	 	1	 	Income - Single

 ARTICLE I CONTINUED 
 Excess Withdrawal 
 The excess of a gross partial withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any.

 Gross Partial Withdrawal 
 The amount which will be
deducted from your policy value as a result of each partial withdrawal. 
 Rider Anniversary 
 The anniversary of the rider date. 
 Rider Fee 
 The rider fee is the rider fee percentage multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The
rider fee percentage will not change during the first five rider years, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each subaccount in
proportion to the amount of policy value in that subaccount on each rider anniversary prior to any increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have
elapsed since the previous rider anniversary. 
 Rider Monthiversary 
 The same day of the month as the rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 
 The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This
amount will change if the withdrawal base changes. 
 Rider Year 
 Each twelve-month period following the rider date. 
 Withdrawal Base 
 The amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 
 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s death. 
 The withdrawal percentage is determined by the attained age (age at last birthday) of the annuitant at the time of the first withdrawal of any amount from the policy
value taken on or after the rider anniversary following the annuitant’s 59th birthday. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are shown in
the table below. 
  

			
	Attained Age	 	Withdrawal
Percentage
	59 - 69	 	5.0%
	70 - 79	 	6.0%
	80 +     	 	7.0%

 If the annuitant is not yet 59 on the rider date, the withdrawal percentage will be zero until the rider
anniversary following the annuitant’s 59th birthday. 
 Withdrawals will reduce the policy value of the policy to which this rider is attached. If the
policy value equals zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency in
accordance with the policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 
  

					
	RGMB 27 0108 IS NY	 	2	 	Income - Single

 ARTICLE II CONTINUED 
 We guarantee that you may withdraw up to the rider withdrawal amount each year regardless of the policy value until the annuitant’s death. Any amount you withdraw in excess of the rider withdrawal amount may impact the withdrawal base
on a greater than dollar-for-dollar basis. 
 Example 
 Assume you are the owner and annuitant and make a single premium payment of $100,000 when you are 60 years old. Assume you do not make any withdrawals or additional premium payments. Assume that after ten rider years,
your policy value has declined to $50,000 solely because of negative investment performance. Assuming a withdrawal percentage of 6%, you could still withdraw up to $9773 each rider year for the rest of your life (assuming that you do not withdraw
more than $9773 in any one rider year). 
 Please see the Appendix attached to this rider which illustrates the withdrawal benefit. 
 The Guaranteed Lifetime Withdrawal Benefit can only be taken as a withdrawal benefit and it does not increase the policy value. 
 ISSUE AGE AND SURVIVAL 
 The benefits under this rider depend on the
annuitant being alive at the time of withdrawal and the amount of die benefit depends on the issue age of the annuitant. Proof of survival and the issue age may be required by the Company. 
 If the annuitant’s age has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the correct age.
However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider withdrawal
amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the
accumulated values in all the designated funds was zero, the amount of that overpayment will be deducted from one or more future payments until this amount is paid in full. 
 RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this
time, the minimum required distribution is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

  

	 	D)	the minimum required distributions are based on age of the living annuitant. The minimum required distributions can not be based on the age of someone who is deceased,

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

 If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. An amount in addition to the amount described in 2)
above, may need to be taken to satisfy minimum required distributions, in certain situations. Such additional withdrawal amount will be considered an excess withdrawal. 
 If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 
  

					
	RGMB 27 0108 IS NY	 	3	 	Income - Single

 ARTICLE II CONTINUED 
 WITHDRAWAL BASE 
 The withdrawal base is used to calculate the rider withdrawal amount. On the rider date, the initial withdrawal base is
equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by subsequent premium payments (less any premium enhancements), and is reduced for
excess withdrawals. 
 On each rider anniversary, the withdrawal base will be set to the greatest of: 
  

	 	1)	The current withdrawal base; 

  

	 	2)	The policy value on the rider anniversary; 

  

	 	3)	The highest policy value on a rider monthiversary; or 

  

	 	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

 Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the 10th rider anniversary or
if there have been any withdrawals in the current rider year. 
 AUTOMATIC STEP-UP FEATURE 
 The rider receives an automatic step-up on the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider
monthiversary. This feature does not require the termination of the existing rider. This rider will continue with the same rider date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in
the rider fee percentage during the first five rider years. Following the fifth rider anniversary, the rider fee percentage may be increased due to an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentage
shown on page l. 
 You have the right to reject an automatic step-up within 30 days following a rider anniversary, if the rider fee percentage increases. If
you reject an automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic step-up feature will be reversed. And any increase in the rider fee percentage will also be reversed. 
 WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals, taken in a
rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1) and 2),
where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	RGMB 27 0108 IS NY	 	4	 	Income - Single

 ARTICLE III 
 CONTINUATION 
 In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the
surviving spouse is the sole beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies, this rider will terminate.

 In the case of non-spousal joint owners where an owner who is not the annuitant dies, the surviving owner (who is also the sole designated beneficiary)
may elect to receive lifetime income payments under this rider instead of receiving any benefits applicable to the policy. The lifetime income payments must begin no later than 1 year after the owner’s death and will be equal to the rider
withdrawal amount divided by the number of payments made per year. Once the payments begin, no additional premium payments will be accepted and no additional withdrawals will be paid. 
 ANNUITIZATION 
 On the maximum annuity commencement date, you will have the option to receive lifetime income payments
that are no less than your rider withdrawal amount each year. This option will also guarantee that the sum of all income payments received over time will equal or exceed the policy value on the maximum annuity commencement date. If the annuitant
should die before the sum of all income payments received equals or exceeds the policy value on the maximum annuity commencement date, the annuitant’s beneficiary will receive a final payment equal to the difference. 
 RIDER UPGRADE 
 You may elect, in writing, to upgrade the withdrawal
base to the policy value within 30 days after the fifth rider anniversary and every fifth rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with
the same features will be issued with a new rider date. The new rider will have its own rider fee percentage which may be higher than this rider’s rider fee percentage. Other riders with different features may be chosen, if available by the
Company. 
 At the time of upgrade, the rider withdrawal amount will be recalculated based on the new withdrawal base. 
 The new rider date will be the date the Company receives all information necessary, in a written form acceptable to the Company, to process the upgrade. 
 Signed for us at our home office. 
  

					
			
	/s/ Craig D. Vermie	 		 	/s/ Mark W. Mullin
	SECRETARY	 		 	PRESIDENT

  

					
	RGMB 27 0108 IS NY	 	5	 	Income - Single

 APPENDIX 
 EXAMPLE
OF EFFECT OF WITHDRAWALS ON RIDER BENEFITS 
 The following examples illustrate the effect of withdrawals on Rider benefits. A withdrawal greater than
the rider withdrawal amount is assumed at the end of year 1. A withdrawal equal to the rider withdrawal amount is assumed at the end of year 2. 
 The
Withdrawal Base on the rider date is $100,000. For this example, hypothetical policy values prior to each annual withdrawal are assumed to be $94,000 at the end of rider year 1, and $90,000 at the end of rider year 2. Assume the rider is added to
the policy on 12/1/2007 and the age of the annuitant is 65 years old. Since the annuitant is age 66 when they take their first withdrawal, their withdrawal percentage is assumed to be 5.0% in this example. 
 The effects on the withdrawal percentage, and on the Guaranteed Lifetime Withdrawal Benefit are shown in succession in this example. 
 ADJUSTED PARTIAL WITHDRAWAL CALCULATIONS FOR GUARANTEED LIFETIME WITHDRAWAL BENEFITS: 
 Withdrawal Base. Gross partial withdrawals up to the rider withdrawal amount will not reduce the withdrawal base. Gross partial withdrawals in excess of the rider withdrawal amount will reduce the withdrawal
base pro rata. The amount of the reduction due to the excess withdrawal is equal to the greater of: 
  

	 	1).	The excess gross partial withdrawal amount; and 

  

	 	2).	The result of (A / B) * C, where: 

  

	 	A	is the excess gross partial withdrawal (the amount in excess of the rider withdrawal amount remaining prior to the withdrawal); 

  

	 	B	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess amount; and 

  

	 	C	is the withdrawal base prior to the withdrawal of the excess amount. 

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

	 	1.	Withdrawal base (“WB”) 

  

	 	2.	Rider withdrawal amount (“RWA”) 

 Effects on WB and RWA: 

 Year 1: 
 WB = $100,000 
 5% Withdrawal (WD) would be $5,000 (5% of WB $100,000) 
 Assumed WD = $7,000 
 Excess withdrawal (“EWD”) = $2,000 ($7,000 - $5,000) 
 Assumed Policy Value (PV) = $94,000 
  

					
	RGMB 27 0108 IS NY	 	A-1	 	

 Withdrawal Base after WD: 
 Step One. The withdrawal base is only reduced by amount of the excess or the pro rata amount if greater. 
 Step Two. Calculate how much the
withdrawal base is effected by the excess withdrawal. 
  

	 	1.	The formula is (EWD / (PV - 5% WD)) * WB before any adjustments 

  

	 	2.	($2,000 / ($94,000 - $5,000)) * $100,000 = $2,247.19 

 Step Three. Which is
larger, the actual $2,000 excess withdrawal or the $2,247.19 pro rata amount? 
 $2,247.19 pro rata amount 
 Step Four. What is the new withdrawal base upon which the rider withdrawal amount is based? 
 $100,000 - $2,247.19 = $97,752.81 
 Result. The new withdrawal base is $97,752.81. 
 Rider Withdrawal Amount after WD: 
 Because the withdrawal base was
adjusted (due to excess withdrawal), we have to calculate a new rider withdrawal amount based on 5% for the guarantee that will be available starting in the second rider year. 
 Step One. What is the rider withdrawal amount for rider year 2? 
 $97,752.81 (the adjusted withdrawal base) *
5% = $4,887.64 
 Result. Beginning in rider year 2, the maximum you can take out in a rider year is $4,887.64 annually without causing an excess withdrawal
for the guarantee and further reduction of the withdrawal base. 
 Year 2: 
 WB = $97,752.81 
 5% WD would be $4,887.64 (5% of WB $97,752.81) 
 Assumed WD = $4,887.64 
 Excess withdrawal
(“EWD”) = none 
 Assumed PV = $90,000 
 Since no portion of the total withdrawal exceeded the rider withdrawal amount, then the withdrawal base will stay at $97,752.81. 
  

					
	RGMB 27 0108 IS NY	 	A-2

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