Amendment to Fund Participation AgreementFund Participation Agreement • June 9th, 2008 • National Variable Life Insurance Account
This amendment, dated as of _____________, 2008, between NATIONAL LIFE INSURANCE COMPANY, a life insurance company organized under the laws of the State of Vermont (“LIFE COMPANY”), NEUBERGER BERMAN ADVISORS MANAGEMENT TRUST, a Delaware business trust (“TRUST”), and NEUBERGER BERMAN MANAGEMENT, INC., a New York Corporation (“NB MANAGEMENT”), is made to the Fund Participation Agreement, dated as of May 1, 1998 as amended, among LIFE COMPANY, TRUST, and NB MANAGEMENT (the “Agreement”). Terms defined in the Agreement are used herein as therein defined. WHEREAS, the LIFE COMPANY desires to amend the Appendixes A and B to the Agreement to add one or more new Portfolios. NOW, THEREFORE, in consideration of the promises and mutual covenants hereinafter contained, the parties agree as follows:
VIA Regular Mail Todd Campo Neuberger Berman Management Inc. 605 Third Avenue New York, NY 10158-0180Services Agreement • June 9th, 2008 • National Variable Life Insurance Account
Dear Mr. Campo: This letter sets forth an amendment to the terms and conditions of the services agreement between Neuberger Berman Management Inc. (“NBMI”) and National Life Insurance Company (the “Company”), with an effective date of May 1, 1997 (the “Agreement”). The seventh paragraph in the body of the Agreement is hereby replaced, in its entirety, with the following language: In consideration of the Services, NBMI agrees to pay to the Company a service fee at an annual rate equal to twenty (20) basis points (0.20%) of the average daily value of the Shares held in Separate Accounts. For purposes of computing the payment to the Company under this paragraph, the average daily value of Shares held in Separate Accounts over a monthly period shall be computed by totaling such Separate Accounts’ aggregate investment (Share net asset value multiplied by total number of Shares held by such Separate Accounts) on each business day during the calendar month, and dividing by th
ContractVariable Life Insurance Policy • June 9th, 2008 • National Variable Life Insurance Account
We, National Life Insurance Company, agree to pay the Death Benefit to the Beneficiary, subject to the terms of this policy, when we receive at our Home Office due proof that the Insured died while this policy was in force. Flexible Premium Adjustable Benefit Variable Life Insurance. Unisex Version. Flexible premiums are payable through the end of the Premium Payment Period or until the death of the Insured. The adjustable Death Benefit is payable upon the death of the Insured. This policy is non-participating. The amount and duration of the Death Benefit may increase or decrease daily, as described in the DEATH BENEFIT AND POLICY CHANGES section of this policy. The dollar amount of the Death Benefit is not guaranteed. The Cash Surrender Value of this policy is dependent on the Accumulated Value in the Separate Account, which fluctuates according to the investment experience of the Sub-Accounts of the Separate Account chosen by the Owner. The Cash Surrender Value may in
