AMENDMENT
TO
UNDERWRITING AGREEMENT
THIS AMENDMENT TO UNDERWRITING AGREEMENT is made and entered into on
this the 18th day of September, 2001, by and between Southern Farm Bureau Life
Insurance Company (hereinafter referred to as the "Insurer"), a Mississippi
insurance company, on its own behalf and on behalf of Southern Farm Bureau Life
Variable Account and Southern Farm Bureau Life Variable Life Account, each a
segregated asset account of the Insurer, and Southern Farm Bureau Fund
Distributor, Inc. (hereinafter referred to as the "Distributor), a Mississippi
corporation.
WHEREAS, the Insurer and the Distributor entered into an Underwriting
Agreement dated October 5, 1999 (hereinafter referred to as the "Underwriting
Agreement"), to facilitate distribution by the Distributor, as principal
underwriter, of certain variable insurance products issued by the Insurer and
WHEREAS, the Insurer and the Distributor desire to amend certain
Schedules of the Underwriting Agreement as provided for therein.
NOW THEREFORE, for and in consideration of the mutual promises of the
parties and other good and valuable consideration, the receipt and sufficiency
of all of which are hereby acknowledged, the Insurer and the Distributor hereby
agree as follows:
1. The Insurer and the Distributor hereby amend Schedule 1 of the
Underwriting Agreement by substituting in its place and stead Schedule 1
attached hereto and made a part hereof.
2. The Insurer hereby amends Schedule 2 of the Underwriting Agreement
by substituting in its place and stead Schedule 2 attached hereto and made a
part hereof.
3. Except as hereinabove expressly modified or amended, all of the
terms and conditions contained in the Underwriting Agreement shall remain
unchanged and in full force and effect.
IN WITNESS WHEREOF, each of the parties has caused this Amendment to be
executed in its name and on its behalf by its duly authorized representative as
of the date first set forth above.
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INSURER:
Southern Farm Bureau Life Insurance Company
/s/
By:_______________________________________
Xxxxxx X. Xxxxxx
Vice President, General Counsel and Secretary
DISTRIBUTOR:
Southern Farm Bureau Fund Distributor, Inc.
/s/
By:_______________________________________
Xxxxxxxx X. Xxxxxxx
President
SCHEDULE 1
To Underwriting Agreement
Contracts:
Flexible Premium Deferred Variable Annuity
2
Non-Participating Adjustable Premium Variable Life Insurance
Variable Accounts:
Southern Farm Bureau Life Variable Account
Southern Farm Bureau Life Variable Life Account
SCHEDULE 2
To Underwriting Agreement
Compensation for Flexible Premium Deferred Variable Annuity
Effective October 5, 1999
-------------------------------------------------------------------------------------------------------------
Issue Age 0-70
-------------------------------------------------------------------------------------------------------------
Yr 1 Yr 2-7 Yr 8+
% Prem % % Prem % % Prem %
-------------------------------------------------------------------------------------------------------------
3
Fund Fund Fund
(bp)* (bp)* (bp)*
-------------------------------------------------------------------------------------------------------------
4.19% 0 3.75% 3.0 1.25% 13.0
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Issue Age 71-75
-------------------------------------------------------------------------------------------------------------
Yr 1 Yr 2-7 Yr 8+
% Prem % % Prem % % Prem %
Fund Fund Fund
(bp)* (bp)* (bp)*
-------------------------------------------------------------------------------------------------------------
3.15% 0 2.81% 3.0 0.94% 13.0
-------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------------
Issue Age 76-80
-------------------------------------------------------------------------------------------------------------
Yr 1 Yr 2-7 Yr 8+
% Prem % % Prem % % Prem %
Fund Fund Fund
(bp)* (bp)* (bp)*
-------------------------------------------------------------------------------------------------------------
2.10% 0 1.88% 3.0 0.63% 13.0
-------------------------------------------------------------------------------------------------------------
*bp = basis point; 100 basis points = 1.00%
Compensation for Non-Participating Adjustable Premium Variable Life Insurance
Effective September 18, 2001
-----------------------------------------------------------------------------------------------------------------------
Policy Years 1-10
-----------------------------------------------------------------------------------------------------------------------
% Premium up to % Premium in excess
Basic Annual Premium of Basic Annual Premium
-----------------------------------------------------------------------------------------------------------------------
10% 3%
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Policy Years 11+
-----------------------------------------------------------------------------------------------------------------------
% Premium up to % Premium in excess
Basic Annual Premium of Basic Annual Premium
-----------------------------------------------------------------------------------------------------------------------
8% 3%
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