Number of Full Years. That May Be Exercised Less than 1 year 0 % 1 year 20 % 2 years An additional 20% 3 years An additional 20% 4 years An additional 20% 5 years An additional 20% Once a percentage of the Officer’s SARS becomes exercisable pursuant to the foregoing schedule, the Officer shall have five years to exercise such percentage of the Officer’s SARS (the “Exercise Period”) and upon the expiration of such five-year Exercise Period, such percentage of SARS, to the extent then unexercised, shall terminate and permanently cease to be exercisable. Provided, however, SARS may be exercised only while the Officer is an officer of the Company and will terminate and cease to be exercisable should the Officer no longer be an officer of the Company, except that:
Number of Full Years. Elapsed Withdrawal Charge as a Between Purchase Payment Contribution Percentage of Withdrawn And Date of Withdrawal Purchase Payment ------------------------------------- ----------------------- 0 7% 1 6% 2 6% 3 0% The Withdrawal Charge will be assessed against the Subaccounts and the Fixed Account Options in the same proportion that the remaining Contract Value is allocated unless You request that the withdrawal come from a particular Fixed Account Option or Subaccount. After a Withdrawal is taken, the remaining Contract Value must be sufficient to cover any Withdrawal Charge remaining upon full surrender of the Contract. PENALTY-FREE WITHDRAWALS As of any day, You may make a withdrawal of up to the Penalty-Free Withdrawal amount for that day without incurring a Withdrawal Charge. Any Penalty-Free Withdrawal made in excess of penalty-free earnings in the Contract is considered to be a withdrawal of future penalty-free earnings and is therefore not a withdrawal of the Total Invested Amount. On any day, penalty-free earnings in the Contract are calculated as the Contract Value at the end of that day less the Total Invested Amount. During the first Contract Year, the Penalty-Free Withdrawal amount is equal to the penalty-free earnings in the Contract as of the date of withdrawal. Alternatively, during the first Contract Year, You may make withdrawals of the Penalty-Free Withdrawal amount through the Systematic Withdrawal Program. The Penalty-Free Withdrawal amount as of any systematic withdrawal date is 10% of the Total Invested Amount less any withdrawals already made during the Contract Year. After the first Contract Year, the maximum Penalty-Free Withdrawal amount as of the date of the withdrawal is the greater of:
Number of Full Years. That May Be Purchased Less than 1 year 0 % 1 year or more 100 %
Number of Full Years. That May Be Purchased Less than 1 year 0 % 1 year 25 % 2 years 50 % 3 years 75 % 4 years or more 100 % This Option may be exercised only while Employee remains an employee of the Company and will terminate and cease to be exercisable upon Employee’s termination of employment with the Company, except that:
