Document:

EXHIBIT 10.1

 Exhibit 10.1 
 RAND WORLDWIDE, INC. 
 March 23, 2011 

Marc D. Dulude 
 4 Rowan Field Road 

Wayland, MA 01778 
 Dear Marc: 

We are pleased to offer you continued employment in the position of Chief Executive Officer of Rand Worldwide, Inc. (the “Company”) effective
as of January 1, 2011. 
 The terms of your employment will be as follows: 

 

	 	1.	Title – Chief Executive Officer of the Company, reporting to the Board of Directors. 

 

	 	2.	Starting Date – As of January 1, 2011. 

  

	 	3.	Responsibilities – You will have full responsibility for establishing the Company’s future direction and for serving otherwise as the Chief
Executive Officer of the Company. You will serve on the Board of Directors (the “Board”) of the Company as long as you are CEO of the Company. 

  

	 	4.	Compensation – Your compensation will consist of the following components: 

 

	 	A.	Annual base salary of $283,500 per year, subject to annual review by the Compensation Committee of the Board. Base salary will be paid in accordance with the
Company’s normal payroll practices as established or modified from time to time. 

  

	 	B.	You will be eligible to earn an annual target bonus of $125,000 each fiscal year, subject to meeting annual individual and Company goals established by the Board, as
evaluated by the Board, and prorated for the number of full months worked in fiscal year end June 30, 2011. Your target bonus will be subject to annual review by the Compensation Committee of the Board. 

 

	 	C.	You will be eligible to participate in the Company’s benefits programs to the same extent as, and subject to the same terms, conditions and limitations applicable
to, other employees of the Company. Benefits include 401(k) plan participation, life, health, dental, accident and short and long term disability insurance, and 20 days of paid time off, per annum, subject to Company usage and other policies.

  

	 	D.	You will be entitled to participate in the Company’s long term incentive plan, as and when approved by the Board. 

 

	 	5.	 Severance – In the event your employment with the Company is terminated by the Company without cause, or as a result of your death
or long term disability, you will be entitled to 12 months salary and benefits continuation, with no bonus, provided that you execute and deliver within 28 days following termination and do not revoke a release and waiver of claims acceptable to the
Company (the “Release”), and provided further that in the event of your long term disability, the salary continuation will be reduced by the amounts paid to you under the employee benefit plans on account of disability, and in the event of
your death or disability, the payments to which you are entitled under this Paragraph will be paid to your estate. For purposes of this Letter, “cause” means: (i) your arbitrary, unreasonable, or willful failure to follow the
reasonable instructions of the Board or otherwise perform your duties (other than as a result of disability) for 

 Marc L. Dulude Offer Letter 
 March 23, 2011 
  Page
 2
 
  

	 	 
five (5) days after a written demand for performance is delivered to you; (ii) your gross negligence or willful misconduct in the performance of your duties; (iii) other behavior
that is materially injurious to the Company (whether from a monetary perspective or otherwise), including without limitation, substance abuse; your willful commission of an act constituting fraud, embezzlement, breach of any fiduciary duty owed to
the Company or its stockholders or other material dishonesty with respect to the Company; (iv) your conviction of, or the filing of a plea of nolo contendere or its equivalent with respect to, a felony or any other crime involving dishonesty or
moral turpitude; or (v) your material breach of your obligations under this Letter or under the Confidentiality Agreement (see below). For purposes of this paragraph, any of the following will be deemed termination events provided that you
provide the Company written notice of the occurrence of such event and the Company does not cure the event within 30 days of receipt of such notice: (a) the Company substantially reduces or diminishes your duties and responsibilities without
cause; (b) the Company reduces your base salary (other than in connection with a proportional reduction of the base salaries of a majority of the executive employees of the Company); or (c) the Company permanently relocates you without
your consent to another primary office, unless your primary office following such relocation is within fifty (50) miles of your primary office immediately before the relocation or your permanent residence immediately before the date of the
relocation. 

 Along with this letter, you shall have signed and delivered to the Company a Confidentiality, Assignment of
Inventions, Non-Competition and Non-Solicitation Agreement (“Confidentiality Agreement”), a copy of which is enclosed herewith. Severance payments referenced above are contingent upon your continued compliance with the Confidentiality
Agreement. 
 This letter (and any claim or controversy arising out of or relating to this letter) shall be governed by and construed in
accordance with the laws of the State of Delaware, without regard to conflict of law principles that would result in the application of any law other than the laws of the State of Delaware. You and the Company agree that any legal action or
proceeding arising out of this letter may be brought and determined in the courts of the State of Delaware, each party irrevocably submits to the exclusive jurisdiction of such courts, and each party irrevocably waives any claim that it is not
personally subject to the jurisdiction of the Delaware courts and that the suit, action or proceeding in any such court is brought in an inconvenient forum, the venue is improper and this letter, or the subject matter thereof, may not be enforced in
such courts. EACH PARTY FURTHER WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH LEGAL PROCEEDINGS AND ACKNOWLEDGES THAT EACH PARTY HAS BEEN INDUCED TO AGREE TO THIS LETTER BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS OF THIS PARAGRAPH. 

As an at-will employee, either you or the Company may terminate your employment at any time and for any reason or no reason, with or without cause and
with or without prior notice. 

 Marc L. Dulude Offer Letter 
 March 23, 2011 
  Page
 3
 
  
 If you decide to
accept this offer of employment as set forth above, we ask that you sign below and return this letter to me by March 31, 2011. 
 Please
call me if you have any questions. 
  

	
	Sincerely,
	
	/s/ Richard A. Charpie
	Richard A. Charpie
	Chairman

  

			
	ACCEPTED AND AGREED:
		
	 /s/ Marc L. Dulude
	 	 3/30/11

	Marc L. Dulude	 	DateExhibit (4)(e)

 EXHIBIT (4)(e)
 FORM OF POLICY RIDER 
 (RIC 1.5) 

					
		 	

	  	 Home Office:
 4333 Edgewood
Road N.E.
 Cedar Rapids, Iowa 52499

(319)355-8511

		 	 A Stock Company    (Hereafter called the Company, we, our or us)
	  	

 RETIREMENT INCOME CHOICE® 1.5 RIDER 

This rider is issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is attached to an
individual annuity or the group certificate if the rider is attached to a group annuity. 
 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:
	  	03/01/2011
	 Growth Rate Percentage:
	  	5.00%
		
	 Rider Fee Percentages:
	  	
	 Designated Allocation Model A:
	  	1.40%
	 Designated Allocation Model B:
	  	1.00%
	 Designated Allocation Model C:
	  	0.45%
		
	 Annuitant:
	  	John Doe
		
	 Annuitant’s Issue Age/Sex:
	  	35 / Male

 ARTICLE I 

You may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 

If you elect this rider, 100% of your policy value must be invested in one of the designated allocation models, designated for use with this rider.

 You can generally transfer between the designated allocation models as permitted under your policy; however, you cannot allocate policy value
to an investment option outside of the designated allocation models while this rider is in force. If the designated allocation model in which your policy value is allocated is no longer available, you will be required to reallocate 100% of your
policy value from that allocation model to a different designated allocation model in order to keep the guarantees of this rider. Failure to reallocate to a different designated allocation model will result in termination of this rider, as described
in Article IV. Also, if you wish to transfer any of your policy value to an investment option outside of the designated allocation models, you must terminate this rider prior to making the transfer. 

The Company will automatically rebalance amounts among investment options within the designated allocation models to maintain the allocations of the
policy value among the required investment options. Rebalancing will occur on a monthly basis. Failure to be enrolled in monthly asset rebalancing can result in termination of this rider. The dollar cost averaging option is not available with this
rider. 
 DEFINITIONS: 
 Terms
used that are not defined in this rider shall have the same meaning as those in your policy. 
 Designated Allocation Models 

Asset allocation models authorized for use with this rider and identified by us as designated allocation models. 

  

					
	RGMB 42 0511	  	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 fees charged for the benefits under this rider. The fees will be charged on a rider quarterly basis by the Company. 

Rider Monthiversary 
 The same calendar
day of the month as the rider date, or the next business day if our Administrative Office or the New York Stock Exchange are closed. If a certain date does not exist in a given month, the first day of the following month will be used. 

Rider Quarter 
 Each three-month period
beginning on the rider date. 
 Rider Quarterversary 
 The same calendar day of each rider quarter as the rider date, or the next business day if our Administrative Office or the New York Stock Exchange are closed. If a certain date does not exist in a given
month, the first day of the following month will be used. 
 Rider Withdrawal Amount 

The maximum amount that can be withdrawn from the policy each rider year without causing an excess withdrawal under the terms of this rider and thus
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 
 RIDER FEES 
 The rider fee is deducted on the rider quarterversary in arrears. The fee is
calculated and stored at issue and at each subsequent rider quarter for the upcoming quarter. Fees will be deducted automatically from each investment option on a pro rata basis. The annual fee percentages for each designated allocation model are
shown on page 1, in the Rider Data Specification section. The rider fee percentage will not change during the first rider year, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee
percentage. 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 quarter. 
 The stored fee will be adjusted for new deposits, transfers among designated allocation models and excess withdrawals made during the rider quarter. 

The quarterly fee is calculated as follows: 

Multiply (1) by (2) by (3). 
  

	1)	Withdrawal Base; 

  

	2)	Designated allocation model rider fee percentage (based upon the designated allocation model chosen at the time of the quarterly fee calculation);

  

	3)	Number of days remaining in the rider quarter divided by the number of days within the applicable rider year. 

Please see the Appendix attached to this rider which illustrates how the rider fee is calculated. 

  

					
	RGMB 42 0511	  	2	  	(Income-Single)

 ARTICLE III 
 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee that you can receive
up to the rider withdrawal amount each rider year, regardless of the policy value, (first as withdrawals from your policy value and, if necessary, as payments from us) 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 automatic step-up. Upon automatic step-up, the withdrawal
percentage will be reset based on the attained age at the time of the automatic step-up. The withdrawal percentages are shown in the table below. 
  

					
	 	  	Withdrawal	 
	 Attained Age
	  	Percentage	 
	 0 - 58
	  	 	0.0	% 
	 59 - 64
	  	 	4.0	% 
	 65 - 74
	  	 	5.0	% 
	 75 +
	  	 	6.0	% 

 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 prior to age 59 1/2 will be subject to the 10% penalty tax. 

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. Also, if the policy value equals zero, you will need to request payments by selecting the amount and frequency in accordance with the policy provisions
to which this rider attaches, equal to the rider withdrawal amount. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 

ISSUE AGE AND SURVIVAL 
 The benefits
under this rider depend on the annuitant being alive at the time of withdrawal and the amount of the benefit depends on the issue age of the annuitant. Proof of survival and the issue ages 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, and any fees charged for this rider would be returned. 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 investment options 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, if any. 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. 

  

					
	RGMB 42 0511	  	3	  	(Income-Single)

 ARTICLE III CONTINUED 
 If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 
 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. 
 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 (not
including premium enhancements, if any), 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 for the current rider year; or 

 

	 	4)	The current withdrawal base immediately prior to rider 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 and withdrawal percentages may be changed due to an automatic step-up. Beginning
with the first rider anniversary, the rider fee percentage may be increased if there is an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentages shown on page 1. 

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, however you are eligible for future automatic step-ups. Changes as a result of the automatic step-up feature will be reversed. Any increase in the rider fee or withdrawal
percentages 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 42 0511	  	4	  	(Income-Single)

 ARTICLE IV 
 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 rider continues. 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, as described in your policy, you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each year. 
 TERMINATION 
 This rider will terminate upon the earliest of: 

 

	1)	the date the policy to which this rider is attached terminates; 

  

	2)	the date the policy to which this rider is attached is assigned or if the owner is changed without our approval; 

 

	3)	the date of the annuitant’s death; 

  

	4)	the date you elect to receive annuity payments under your policy; 

  

	5)	the date you notify us in writing of your intention to terminate this rider (this date must be within 30 days after the fifth rider anniversary and every fifth rider
anniversary thereafter); and 

  

	6)	the date any of your policy value is not invested in one of the designated allocation models. 

 Termination of the rider will result in the loss of all benefits provided by the rider. 
 Signed for us at our home office. 
  

					
	

	  		  	

	SECRETARY	  		  	PRESIDENT

  

  

					
	RGMB 42 0511	  	5	  	(Income-Single)

 APPENDIX 
 The quarterly fee is calculated as follows: 
 Multiply (1) by (2) by
(3) where: 
  

	1)	Withdrawal Base 

  

	2)	Designated allocation model rider fee percentage (based upon the designated allocation model chosen at the time of the quarterly fee calculation)

  

	3)	Number of days in the rider quarter divided by the number of days within the applicable rider year 

The fee adjustment for additional premium payments and excess withdrawals is calculated as follows: 

Multiply (1) by (2) by (3) where: 
  

	1)	Withdrawal base change (i.e. withdrawal base after the transaction minus the withdrawal base before the transaction) 

 

	2)	Designated allocation model rider fee percentage (based upon the designated allocation model chosen at the time of the transaction) 

 

	3)	Number of days remaining in the rider quarter divided by the number of days within the applicable rider year 

The fee adjustment for a change between Designated Allocation Models is calculated as follows: Multiply (1) by (2) by (3) where:

  

	1)	Withdrawal base 

  

	2)	Designated allocation model fee percentage after the change minus designated allocation model fee percentage prior to the change 

 

	3)	Number of days remaining in the rider quarter divided by the number of days within the applicable rider year 

The following progressive examples assume an annualized rider fee percentage of 1.40%. The assumed rider year is not a leap year. 

Example 1: Calculation at rider issue for first quarter rider fee assuming an initial withdrawal base of $100,000. 

= 100,000 * 0.0140 * (91/365) 
 = 1,400 * (91/365) 
 = $349.04 

Example 2: Calculation for first quarter fee assuming initial withdrawal base from Example 1 above, plus adjustment for additional premium payment
of $10,000 made with 20 days remaining in the first rider quarter. The withdrawal base change equals $10,000. 
 Fee adjustment as follows:

 = 10,000 * 0.0140 * (20/365) 
 = 140 * (20/365) 
 = $7.67 

Total fee assessed at end of the first rider quarter (assuming no further rider fee adjustments): 

= 7.67 + 349.04 

= $356.71 

  

					
	RGMB 42 0511	  	A-1	  	(Income-Single)

 Example 3: Calculation for second quarter rider fee at beginning of second rider quarter, assuming
withdrawal base of $110,000. 
 = 110,000 * 0.0140 * (91/365) 

= 1,540 * (91/365) 
 = $383.95 
 Example 4: Calculation for second quarter fee from Example 3 above, plus
adjustment for partial withdrawal of $10,000 taken with 40 days remaining in the second rider quarter. Assumes withdrawal percentage of 5%, policy value of $97,000 prior to the transaction and pre-transaction withdrawal base of $110,000. Change in
withdrawal base calculated as follows: 
 Rider Withdrawal Amount (RWA) = Withdrawal Base * Withdrawal Percentage = 110,000 * .05 = $5,500

 Excess Withdrawal = Difference between assumed withdrawal amount and RWA = 10,000 - 5,500 = $4,500 

Withdrawal Base Adjustment = Max (Excess Withdrawal, Excess Withdrawal * Withdrawal Base prior to withdrawal / Policy Value after RWA has been withdrawn
but before excess withdrawal) = Max [4,500, 4,500 * 110,000 / (97,000-5,500)] = Max (4,500, 5,409.84) = $5,409.84 
 Fee adjustment as follows:

 = -5,409.84 * 0.0140 * (40/365) 
 = -75.74 * (40/365)
 = $-8.30 

Total fee assessed at end of second rider quarter (assuming no further rider fee adjustments): 

= 383.95 - 8.30 

= $375.65 
 The new Withdrawal
Base = $110,000 - $5,409.84 = $104,590.16 
 Example 5: Calculation for third quarter fee assuming election to change from designated
allocation model A to designated allocation model B with 40 days remaining in the rider quarter. The assumed rider year is not a leap year. Assumed withdrawal base of $104,590.16 and policy value of $95,000 transferred to the following investment
allocations: 
  

									
	 Designated Allocation Model
	  	Fee	 	 	Fund Transfer	 
	 A
	  	 	1.40	% 	 	$	-95,000	  
	 B
	  	 	1.00	% 	 	$	95,000	  
	 C
	  	 	0.45	% 	 	$	0.00	  

 Rider fee calculation at beginning of
rider quarter: 
 = 104,590.16 * 0.0140 * (91/365) 
 = 1,464.26 * (91/365) 
 = $365.06 

Fee adjustment as follows: 
 =
104,590.16 * (0.010 - 0.0140) * (40/365) 
 = 104,590.16 * (-0.004) * (40/365) 

= -418.36 * (40/365) 
 = $-45.85 
 Total fee assessed at end of third rider quarter (assuming no further rider fee
adjustments): 
 = 365.06 - 45.85 
 = $319.21 

  

					
	RGMB 42 0511	  	A-2	  	(Income-Single)

					
		 	

	  	 Home Office:
 4333 Edgewood
Road N.E.
 Cedar Rapids, Iowa 52499

(319)355-8511

		 	 A Stock Company    (Hereafter called the Company, we, our or us)
	  	

 RETIREMENT INCOME CHOICE® 1.5 RIDER 

This rider is issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is attached to an
individual annuity or the group certificate if the rider is attached to a group annuity. 
 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:
	  	03/01/2011
	 Growth Rate Percentage:
	  	5.00%
		
	 Rider Fee Percentages:
	  	
	 Designated Allocation Model A:
	  	1.40%
	 Designated Allocation Model B:
	  	1.00%
	 Designated Allocation Model C:
	  	0.45%
		
	 Annuitant:
	  	John Doe
		
	 Annuitant’s Issue Age/Sex:
	  	35 / Male
	 Annuitant’s Spouse:
	  	Jane Doe
	 Annuitant’s Spouse’s Issue Age/Sex:
	  	35 / Female

 ARTICLE I 

You may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 

If you elect this rider, 100% of your policy value must be invested in one of the designated allocation models, designated for use with this rider.

 You can generally transfer between the designated allocation models as permitted under your policy; however, you cannot allocate policy value
to an investment option outside of the designated allocation models while this rider is in force. If the designated allocation model in which your policy value is allocated is no longer available, you will be required to reallocate 100% of your
policy value from that allocation model to a different designated allocation model in order to keep the guarantees of this rider. Failure to reallocate to a different designated allocation model will result in termination of this rider, as described
in Article IV. Also, if you wish to transfer any of your policy value to an investment option outside of the designated allocation models, you must terminate this rider prior to making the transfer. 

The Company will automatically rebalance amounts among investment options within the designated allocation models to maintain the allocations of the
policy value among the required investment options. Rebalancing will occur on a monthly basis. Failure to be enrolled in monthly asset rebalancing can result in termination of this rider. The dollar cost averaging option is not available with this
rider. 
 The annuitant’s spouse as of the rider date is hereafter referred to as the annuitant’s spouse. As it pertains to the
benefits of this rider, the annuitant’s spouse cannot be changed. The annuitant’s spouse must be the sole primary beneficiary and/or a joint owner. The only living owners allowed on the policy to which this rider is attached are the
annuitant and the annuitant’s spouse. 

  

					
	RGMB 42 0511	  	1	  	(Income-Joint)

 ARTICLE I CONTINUED 
 DEFINITIONS: 
 Terms used that are not defined in this rider shall have the same meaning as
those in your policy. 
 Designated Allocation Models 
 Asset allocation models authorized for use with this rider and identified by us as designated allocation models. 
 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 fees charged for the benefits under this rider. The fees will be charged on a rider quarterly basis by the Company. 

Rider Monthiversary 
 The same calendar
day of the month as the rider date, or the next business day if our Administrative Office or the New York Stock Exchange are closed. If a certain date does not exist in a given month, the first day of the following month will be used. 

Rider Quarter 
 Each three-month period
beginning on the rider date. 
 Rider Quarterversary 
 The same calendar day of each rider quarter as the rider day, or the next business day if our Administrative Office or the New York Stock Exchange are closed. If a certain date does not exist in a given
month, the first day of the following month will be used. 
 Rider Withdrawal Amount 

The maximum amount that can be withdrawn from the policy each rider year without causing an excess withdrawal under the terms of this rider and thus
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 
 RIDER FEES 
 The rider fee is deducted on the rider quarterversary in arrears. The fee is
calculated and stored at issue and at each subsequent rider quarter for the upcoming quarter. Fees will be deducted automatically from each investment option on a pro rata basis. The annual fee percentages for each designated allocation model are
shown on page 1, in the Rider Data Specification section. The rider fee percentage will not change during the first rider year, and will only change thereafter due to an automatic step-up. You will be notified of any increase in the rider fee
percentage. 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 quarter. 
 The stored fee will be adjusted for new deposits, transfers among designated allocation models and excess withdrawals made during the rider quarter. 

The quarterly fee is calculated as follows: 

  

					
	RGMB 42 0511	  	2	  	(Income-Joint)

 ARTICLE II CONTINUED 
 Multiply (1) by (2) by (3). 
  

	1)	Withdrawal base; 

  

	2)	Designated allocation model rider fee percentage (based upon the designated allocation model chosen at the time of the quarterly fee calculation);

  

	3)	Number of days remaining in the rider quarter divided by the number of days within the applicable rider year. 

Please see the Appendix attached to this rider which illustrates how the rider fee is calculated. 

ARTICLE III 
 GUARANTEED
LIFETIME WITHDRAWAL BENEFIT 
 Under this rider, we guarantee that you can receive up to the rider withdrawal amount each rider year,
regardless of the policy value, (first as withdrawals from your policy value and, if necessary, as payments from us) until the annuitant’s or the annuitant’s spouse’s death, whichever is later. 

The withdrawal percentage is determined by the attained age (age at last birthday) of the younger of the living spouses at the time of the first
withdrawal of any amount from the policy value taken on or after the rider anniversary following the younger of the living spouse’s 59th birthday. Once the withdrawal percentage is established, it may only be changed by an automatic step-up.
Upon automatic step-up, the withdrawal percentage will be reset based on the attained age of the younger of the living spouses at the time of the automatic step-up. The withdrawal percentages are shown in the table below. 

 

					
	 Attained Age
	  	 Withdrawal

Percentage
	 
	0 - 58	  	 	0.0	% 
	59 - 64	  	 	3.5	% 
	65 - 74	  	 	4.5	% 
	75 +	  	 	5.5	% 

 If the younger of the annuitant and the
annuitant’s spouse is not yet 59 on the rider date, the withdrawal percentage will be zero until the rider anniversary following the younger of the living spouse’s 59th birthday. Withdrawals prior to age 59 1/2 will be subject to the 10%
penalty tax. 
 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. Also, if the policy value equals zero, you will need to request payments by selecting the amount and frequency in accordance with
the policy provisions to which this rider attaches, equal to the rider withdrawal amount. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 

ISSUE AGE AND SURVIVAL 
 The benefits
under this rider depend on the annuitant or annuitant’s spouse being alive at the time of withdrawal and the amount of the benefit depends on the issue age of the annuitant and annuitant’s spouse. Proof of survival and the issue ages may
be required by the Company. 
 If the younger of the spouses’ ages 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, and any fees charged for this rider would be
returned. 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 investment options was zero, the amount of that overpayment will be deducted from one or more
future payments until this amount is paid in full. 

  

					
	RGMB 42 0511	  	3	  	(Income-Joint)

 ARTICLE III CONTINUED 
 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, if any. 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 or the annuitant’s spouse if the annuitant is deceased. 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. 

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. 

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 (not including premium enhancements, if any), 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 for the current rider year; or 

 

	 	4)	The current withdrawal base immediately prior to rider 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 and withdrawal percentages may be changed due to an automatic step-up. Beginning
with the first rider anniversary, the rider fee percentage may be increased if there is an automatic step-up, but will not increase more than 0.75% from the initial rider fee percentages shown on page 1. 

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, however you are eligible for future automatic step-ups. Changes as a result of the automatic step-up feature will be reversed. Any increase in the rider fee or withdrawal
percentages will also be reversed. 

  

					
	RGMB 42 0511	  	4	  	(Income-Joint)

 ARTICLE III CONTINUED 
 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. 

ARTICLE IV 
 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 rider continues. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies and the surviving spouse is the sole beneficiary, the rider continues if the policy
to which this rider is attached is continued until the death of the surviving spouse. 
 ANNUITIZATION 

On the maximum annuity commencement date, as described in your policy, you will have the option to receive lifetime income payments that are no less than
your rider withdrawal amount each year. 
 TERMINATION 
 This rider will terminate upon the earliest of: 
  

	1)	the date the policy to which this rider is attached terminates; 

  

	2)	the date the policy to which this rider is attached is assigned or if the owner is changed without our approval; 

 

	3)	the later of the annuitant’s or annuitant’s spouse’s death; 

 

	4)	the date you elect to receive annuity payments under your policy; and 

  

	5)	the date you notify us in writing of your intention to terminate this rider (this date must be within 30 days after the fifth rider anniversary and every fifth rider
anniversary thereafter); and 

  

	6)	the date any of your policy value is not invested in one of the designated allocation models. 

 Termination of the rider will result in the loss of all benefits provided by the rider. 
 Signed for us at our home office. 
  

					
	

	 		  	

	SECRETARY	 		  	PRESIDENT

  

					
	RGMB 42 0511	  	5	  	(Income-Joint)

 APPENDIX 
 The quarterly fee is calculated as follows: 
 Multiply (1) by (2) by
(3) where: 
  

	1)	Withdrawal Base 

  

	2)	Designated allocation model rider fee percentage (based upon the designated allocation model chosen at the time of the quarterly fee calculation)

  

	3)	Number of days in the rider quarter divided by the number of days within the applicable rider year 

The fee adjustment for additional premium payments and excess withdrawals is calculated as follows: 

Multiply (1) by (2) by (3) where: 
  

	1)	Withdrawal base change (i.e. withdrawal base after the transaction minus the withdrawal base before the transaction) 

 

	2)	Designated allocation model rider fee percentage (based upon the designated allocation model chosen at the time of the transaction) 

 

	3)	Number of days remaining in the rider quarter divided by the number of days within the applicable rider year 

The fee adjustment for a change between Designated Allocation Models is calculated as follows: 
 Multiply (1) by (2) by (3) where: 
  

	1)	Withdrawal base 

  

	2)	Designated allocation model fee percentage after the change minus designated allocation model fee percentage prior to the change 

 

	3)	Number of days remaining in the rider quarter divided by the number of days within the applicable rider year 

The following progressive examples assume an annualized rider fee percentage of 1.40%. The assumed rider year is not a leap year. 

Example 1: Calculation at rider issue for first quarter rider fee assuming an initial withdrawal base of $100,000. 

= 100,000 * 0.0140 * (91/365) 
 = 1,400 * (91/365)
 = $349.04 

Example 2: Calculation for first quarter fee assuming initial withdrawal base from Example 1 above, plus adjustment for additional premium payment
of $10,000 made with 20 days remaining in the first rider quarter. The withdrawal base change equals $10,000. 
 Fee adjustment as follows:

 = 10,000 * 0.0140 * (20/365) 
 = 140 * (20/365)
 = $7.67 
 Total fee assessed at end of the first rider quarter (assuming no further rider fee adjustments): 
 = 7.67 + 349.04 
 = $356.71 

  

					
	RGMB 42 0511	  	A-1	  	(Income-Joint)

 Example 3: Calculation for second quarter rider fee at beginning of second rider quarter, assuming
withdrawal base of $110,000. 
 = 110,000 * 0.0140 * (91/365) 

= 1,540 * (91/365)

= $383.95 
 Example 4:
Calculation for second quarter fee from Example 3 above, plus adjustment for partial withdrawal of $10,000 taken with 40 days remaining in the second rider quarter. Assumes withdrawal percentage of 5%, policy value of $97,000 prior to the
transaction and pre-transaction withdrawal base of $110,000. Change in withdrawal base calculated as follows: 
 Rider Withdrawal Amount (RWA) =
Withdrawal Base * Withdrawal Percentage = 110,000 * .05 = $5,500 
 Excess Withdrawal = Difference between assumed withdrawal amount and RWA =
10,000 - 5,500 = $4,500 
 Withdrawal Base Adjustment = Max (Excess Withdrawal, Excess Withdrawal * Withdrawal Base prior to withdrawal / Policy
Value after RWA has been withdrawn but before excess withdrawal) = Max [4,500, 4,500 * 110,000 / (97,000-5,500)] = Max (4,500, 5,409.84) = $5,409.84 
 Fee adjustment as follows: 
 = -5,409.84 * 0.0140 * (40/365) 

= -75.74 * (40/365)
 = $-8.30 
 Total fee assessed at end of second rider quarter (assuming no further rider fee
adjustments): 
 = 383.95 - 8.30 
 = $375.65 
 The new Withdrawal Base = $110,000 - $5,409.84 = $104,590.16 

Example 5: Calculation for third quarter fee assuming election to change from designated allocation model A to designated allocation model B with
40 days remaining in the rider quarter. The assumed rider year is not a leap year. Assumed withdrawal base of $104,590.16 and policy value of $95,000 transferred to the following investment allocations: 

 

									
	 Designated Allocation Model
	  	Fee	 	 	Fund Transfer	 
	 A
	  	 	1.40	% 	 	$	-95,000	  
	 B
	  	 	1.00	% 	 	$	95,000	  
	 C
	  	 	0.45	% 	 	$	0.00	  

 Rider fee calculation at beginning of
rider quarter: 
 = 104,590.16 * 0.0140 * (91/365) 
 = 1,464.26 * (91/365) 
 = $365.06 

Fee adjustment as follows: 
 =
104,590.16 * (0.010 - 0.0140) * (40/365) 
 = 104,590.16 * (-0.004) * (40/365) 

= -418.36 * (40/365) 
 = $-45.85 
 Total fee assessed at end of third rider quarter (assuming no further rider fee
adjustments): 
 = 365.06 - 45.85 
 = $319.21 

  

					
	RGMB 42 0511	  	A-2	  	(Income-Joint)

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