1
Exhibit 10.21
Forest City Enterprises, Inc.
10800 Brookpark Road
Cleveland, OH 44130
Attention: Thomas G. Smith
Re: Split-Dollar Insurance Agreement
--------------------------------
Dear Tom:
This letter supplements the Split-Dollar Insurance Agreement and
Assignment of Life Insurance as Collateral (the "Agreement") dated June 26, 1996
between Forest City Enterprises, Inc. ("FCE") and the undersigned, with respect
to a certain second-to-die Northwestern Mutual Life Insurance Policy (the
"Policy") identified in such Agreement, insuring the lives of Albert Ratner and
Audrey Ratner.
Pursuant to Section 2 of the Agreement, FCE is obligated to pay
a portion of the annual premiums on the Policy each year the Agreement is in
effect, and Policy dividends are to be applied to purchase paid-up additions
(unless otherwise applied at the direction of the undersigned pursuant to
Section 3 of the Agreement).
If the financial performance of the Policy meets or exceeds the
projections attached hereto as Exhibit 1 (the "Projections") during any period
on or after the date when 15 annual premium payments have been made on the
Policy under the Agreement, then it has been (and is hereby) agreed between FCE
and the undersigned that, only during such period on or after such date that the
Policy meets or exceeds the Projections, (i) the undersigned shall waive premium
payments by FCE under the Agreement, and (ii) the undersigned shall elect to
apply Policy dividends when and as necessary to reduce premiums to keep the
Policy in force without premium payments by FCE during such period.
The terms of this letter are effective, along with the
Agreement, as of June 26, 1996.
Sincerely yours,
/s/ Brian J. Ratner December 6, 1996
---------------------------------------
Brian J. Ratner Date
Acknowledged and Agreed:
FOREST CITY ENTERPRISES, INC.
By: /s/ Thomas G. Smith
-------------------------
Title
Senior Vice President,
Chief Financial Officer,
and Secretary
2
EXHIBIT 1
Page 1 of 6
$2,500,000 JOINT COMPLIFE PLAN - INSURANCE PAYABLE ON SECOND DEATH
FOR AUDREY RATNER AGE 67 FEMALE. BASIC AMOUNT.............. $1,237,000
ALBERT RATNER AGE 68 MALE. ADDITIONAL PROTECTION..... $1,263,000**
INITIAL ANNUAL PREMIUM $120,899.50 (INCLUDES $69,524.00 ADDITIONAL PREMIUM) QUIK PAY PLUS
----DIVIDENDS PURCHASE ADDITIONS FOR 14 YEARS AND THEN REDUCE PREMIUMS WITH ANY EXCESS TO ADDITIONS----
CORP CORP EXEC EXEC
NET CORP NET EXEC NET NET
CORP AFTER NET CASH NET EXEC EXEC EXEC AFTER CASH
POLICY EXEC TAX DEATH SURR DEATH TAXABLE TAX POLICY TAX SURR
YEAR OUTLAY BONUS OUTLAY BENEFIT VALUE BENEFIT INCOME DUE OUTLAY OUTLAY VALUE
- ---- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
1 116984 3915 119333 116984 66619 2526086 3915 1566 3915 1566 0
2 116211 4688 119024 233195 178195 2547985 4688 1675 4688 1875 0
3 115305 5594 118662 348501 300293 2566079 5594 2238 5594 2238 0
4 114241 6658 118236 462742 431368 2580785 6658 2663 6658 2663 0
5 112992 7907 117737 575734 571927 2392540 7907 3163 7907 3163 0
6 111507 9393 117142 697241 687241 2601832 9393 3757 9393 3757 35327
7 109735 11141 116443 796999 796999 2609167 11141 4436 11141 4456 86979
8 107693 13206 115617 904693 904693 2615087 13206 5282 13206 5282 152119
9 105231 15669 114632 1009923 1009923 2620196 15669 6268 15669 6268 231982
10 102340 18560 113476 1112263 1112263 2625109 18560 7424 18560 7424 327738
------- ------- ------- ------- ------- ------- -------
1112263 96732 1170302 95,732 38693 96732 38693
11 98935 21965 112114 1211198 1211198 2630507 21965 8786 21965 8786 440405
12 94897 26003 110498 1306095 1306095 2637184 26003 1040* 26003 10401 573841
13 90099 30800 108379 1396195 1396195 2646055 30800 12320 30800 12320 725597
14 84430 36470 106312 1480624 1480624 2658148 36470 14388 36470 14588 896855
15 77248 43651 103439 1557873 1557873 2699320 43651 17460 43651 17460 1089485
16 0 0 0 1557873 1557873 2818042 53684 21473 0 21473 1256118
17 0 0 0 1557873 1557873 2945718 65984 26984 0 26394 1430906
18 0 0 -1557873 0 0 2500126 0 0 0 0 1581539
19 0 0 0 0 0 2542364 0 0 0 0 1665282
20 0 0 0 0 0 2586660 0 0 0 0 1731607
------- ------- ------- ------- ------- ------- -------
1557873 255620 153372 375288 150115 255620 130115
- -----------------------------------------------------------------------------------------------------------------------------------
ASSUMES THAT BOTH INSUREDS REMAIN ALIVE.
** THE PREMIUM FOR THE ADDITIONAL PROTECTION PORTION OF THE TOTAL INSURANCE IS NOT GUARANTEED. INCREASED PREMIUM MAY BE REQUIRED
TO MAINTAIN COVERAGE.
* ILLUSTRATED VALUES AND BENEFITS INCLUDE DIVIDENDS. ILLUSTRATED DIVIDENDS REFLECT CURRENT (1996 SCALE) CLAIM, EXPENSE AND
INVESTMENT EXPERIENCE AND ARE NOT ESTIMATES OR GUARANTEES OF FUTURE RESULTS. DIVIDENDS ACTUALLY PAID MAY BE LARGER OR SMALLER
THAN THOSE ILLUSTRATED. THIS ILLUSTRATION DOES NOT REFLECT THAT MONEY IS PAID AND RECEIVED AT DIFFERENT TIMES. 7.39% VARIABLE
LOAN RATE PROVISION.
LUMP SUMS AND UNSCHEDULED INCREASES IN ADDITIONAL PREMIUMS ARE SUBJECT TO NEW UNDERWRITING AND SERVICE FEES.
NM STANDARD PLUS/STANDARD PLUS 1 MN 09/10/96 PRESENTED BY STEVEN A. KALIN, CLU
ILLUSTRATION NO. 091096-143152 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY - MILWAUKEE
3
EXHIBIT 1
Page 2 of 6
$2,500,000 JOINT COMPLIFE PLAN - INSURANCE PAYABLE ON SECOND DEATH
FOR AUDREY RATNER AGE 67 FEMALE. BASIC AMOUNT.............. $1,237,000
ALBERT RATNER AGE 68 MALE. ADDITIONAL PROTECTION..... $1,263,000**
INITIAL ANNUAL PREMIUM $120,899.50 (INCLUDES $69,524.00 ADDITIONAL PREMIUM) QUIK PAY PLUS
----DIVIDENDS PURCHASE ADDITIONS FOR 14 YEARS AND THEN REDUCE PREMIUMS WITH ANY EXCESS TO ADDITIONS----
CORP CORP EXEC EXEC
NET CORP NET EXEC NET NET
CORP AFTER NET CASH NET EXEC EXEC EXEC AFTER CASH
POLICY EXEC TAX DEATH SURR DEATH TAXABLE TAX POLICY TAX SURR
YEAR OUTLAY BONUS OUTLAY BENEFIT VALUE BENEFIT INCOME DUE OUTLAY OUTLAY VALUE
- ---- -------- -------- -------- -------- -------- -------- -------- -------- -------- -------- --------
21 0 0 0 0 0 2632383 0 0 0 0 1840781
22 0 0 0 0 0 2678991 0 0 0 0 1933313
23 0 0 0 0 0 2729179 0 0 0 0 2032594
24 0 0 0 0 0 2783047 0 0 0 0 2140166
25 0 0 0 0 0 2841125 0 0 0 0 2258127
26 0 0 0 0 0 2904463 0 0 0 0 2388752
27 0 0 0 0 0 2973292 0 0 0 0 2334709
28 0 0 0 0 0 3057641 0 0 0 0 2699738
29 0 0 0 0 0 3157620 0 0 0 0 2889937
30 0 0 0 0 0 3283612 0 0 0 0 3075922
------- ------- ------- ------- ------- ------- -------
1557873 255620 153372 375288 150115 255620 150115
31 0 0 0 0 0 3495454 0 0 0 0 3495454
------- ------- ------- ------- ------- ------- -------
1557873 255620 153372 375288 150115 255620 150115
- -----------------------------------------------------------------------------------------------------------------------------------
ASSUMES THAT BOTH INSUREDS REMAIN ALIVE.
** THE PREMIUM FOR THE ADDITIONAL PROTECTION PORTION OF THE TOTAL INSURANCE IS NOT GUARANTEED. INCREASED PREMIUM MAY BE REQUIRED
TO MAINTAIN COVERAGE.
* ILLUSTRATED VALUES AND BENEFITS INCLUDE DIVIDENDS. ILLUSTRATED DIVIDENDS REFLECT CURRENT (1996 SCALE) CLAIM, EXPENSE AND
INVESTMENT EXPERIENCE AND ARE NOT ESTIMATES OR GUARANTEES OF FUTURE RESULTS. DIVIDENDS ACTUALLY PAID MAY BE LARGER OR SMALLER
THAN THOSE ILLUSTRATED. THIS ILLUSTRATION DOES NOT REFLECT THAT MONEY IS PAID AND RECEIVED AT DIFFERENT TIMES. 7.39% VARIABLE
LOAN RATE PROVISION.
LUMP SUMS AND UNSCHEDULED INCREASES IN ADDITIONAL PREMIUMS ARE SUBJECT TO NEW UNDERWRITING AND SERVICE FEES.
NM STANDARD PLUS/STANDARD PLUS 1 MN 09/10/96 PRESENTED BY STEVEN A. KALIN, CLU
ILLUSTRATION NO. 091096-143152 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY - MILWAUKEE
4
EXHIBIT 1
Page 3 of 6
$2,500,000 JOINT COMPLIFE PLAN - INSURANCE PAYABLE ON SECOND DEATH
FOR AUDREY RATNER AGE 67 FEMALE. BASIC AMOUNT.............. $1,237,000
ALBERT RATNER AGE 68 MALE. ADDITIONAL PROTECTION..... $1,263,000**
INITIAL ANNUAL PREMIUM $120,899.50 (INCLUDES $69,524.00 ADDITIONAL PREMIUM) QUIK PAY PLUS
----DIVIDENDS PURCHASE ADDITIONS FOR 14 YEARS AND THEN REDUCE PREMIUMS WITH ANY EXCESS TO ADDITIONS----
1 2 3 4 5 6 7 8 9
END ANNUAL ------- CASH VALUES -------
OF TOTAL CASH TOTAL ANNUAL PAID-UP
YEAR INSURANCE* OUTLAY* PAYMENTS* PREMIUM* DIVIDENDS* TOTAL* AP/LS* GUAR. INSURANCE*
- -------------------------------------------------------------------------------------------------------------------------------
1 2643070 120900 120900 120900 4449 71068 66619 0 152625
2 2781180 120900 241799 120900 11763 189958 133351 38037 394039
3 2914580 120900 362699 120900 17609 317903 206763 76595 637425
4 3043527 120900 483598 120900 24033 455402 280199 113461 883384
5 3168274 120900 604498 120900 31095 603022 353769 154468 1132713
6 3289073 120900 725397 120900 38786 761354 453374 193464 1386246
7 3406166 120900 846297 120900 47028 931006 512926 232419 1644771
8 3519779 120900 967196 120900 55866 1112678 594357 271286 1909096
9 3630119 120900 1088096 120900 65255 1307160 677630 310128 2180017
10 3737372 120900 1208995 120900 75107 1515108 762703 348957 2458035
11 3841705 120900 1329895 120900 88183 1739786 849473 387725 2747913
12 3943279 120900 1450794 120900 98451 1978386 937828 426294 3044655
13 4042249 120900 1571694 120900 109453 2231244 1027538 464419 3348909
14 4163158 120900 1692593 120900 121324 2498802 1118363 501875 3661571
15 4375915 120900 1813493 120900 134130 2730113 1210037 538429 3910049
16 4503591 0 1813493 51376 142486 2905101 1236691 574029 4070993
17 4638299 0 1813493 51376 149523 3086926 1262669 608740 4236791
18 2542364 -1557873 255620 51376 82769 1612933 0 642695 2170050
19 2586660 0 255620 51376 84940 1698846 0 676168 2242021
20 2632383 0 255620 51376 86679 1786910 0 709693 2314261
- -------------------------------------------------------------------------------------------------------------------------------
ASSUMES THAT BOTH INSUREDS REMAIN ALIVE.
** THE PREMIUM FOR THE ADDITIONAL PROTECTION PORTION OF THE TOTAL INSURANCE IS NOT GUARANTEED. INCREASED PREMIUM MAY BE REQUIRED
TO MAINTAIN COVERAGE.
* ILLUSTRATED VALUES AND BENEFITS INCLUDE DIVIDENDS. ILLUSTRATED DIVIDENDS REFLECT CURRENT (1996 SCALE) CLAIM, EXPENSE AND
INVESTMENT EXPERIENCE AND ARE NOT ESTIMATES OR GUARANTEES OF FUTURE RESULTS. DIVIDENDS ACTUALLY PAID MAY BE LARGER OR SMALLER
THAN THOSE ILLUSTRATED. THIS ILLUSTRATION DOES NOT REFLECT THAT MONEY IS PAID AND RECEIVED AT DIFFERENT TIMES. 7.39% VARIABLE
LOAN RATE PROVISION.
LUMP SUMS AND UNSCHEDULED INCREASES IN ADDITIONAL PREMIUMS ARE SUBJECT TO NEW UNDERWRITING AND SERVICE FEES.
NM STANDARD PLUS/STANDARD PLUS 1 MN 09/10/96 PRESENTED BY STEVEN A. KALIN, CLU
ILLUSTRATION NO. 091096-143152 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY - MILWAUKEE
5
EXHIBIT 1
Page 4 of 6
$2,500,000 JOINT COMPLIFE PLAN - INSURANCE PAYABLE ON SECOND DEATH
FOR AUDREY RATNER AGE 67 FEMALE. BASIC ACCOUNT............. $1,237,000
ALBERT RATNER AGE 68 MALE. ADDITIONAL PROTECTION..... $1,263,000**
INITIAL ANNUAL PREMIUM $120,899.50 (INCLUDES $69,524.00 ADDITIONAL PREMIUM) QUIK PAY PLUS
----DIVIDENDS PURCHASE ADDITIONS FOR 14 YEARS AND THEN REDUCE PREMIUMS WITH ANY EXCESS TO ADDITIONS----
1 2 3 4 5 6 7 8 9
END ANNUAL ------- CASH VALUES -------
OF TOTAL CASH TOTAL ANNUAL PAID-UP
YEAR INSURANCE* OUTLAY* PAYMENTS* PREMIUMS DIVIDENDS* TOTAL* AP/LS* GUAR. INSURANCE*
- -------------------------------------------------------------------------------------------------------------------------------
21 2678991 0 255,620 51376 88039 1877445 0 743103 2386633
22 2729179 0 255,620 51376 91601 1973539 0 777528 2462246
23 2783047 0 255,620 51376 95387 2076605 0 813438 2541651
24 2841125 0 255,620 51376 99783 2188373 0 851550 2625793
25 2904463 0 255,620 51376 105290 2312042 0 892631 2716088
26 2975292 0 255,620 51376 113031 2450408 0 937225 2814943
27 3057641 0 255,620 51376 124773 2608107 0 985369 2926182
28 3157620 0 255,620 51376 142702 2791065 0 1036655 3055486
29 3283610 0 255,620 51376 169403 3007964 0 1090700 3210892
30 3495454 0 255,620 51376 253131 3277677 0 1126771 3441564
31 3608157 0 255,620 51376 112703 3608157 0 1237000 3608157
- -------------------------------------------------------------------------------------------------------------------------------
ASSUMES THAT BOTH INSUREDS REMAIN ALIVE.
** THE PREMIUM FOR THE ADDITIONAL PROTECTION PORTION OF THE TOTAL INSURANCE IS NOT GUARANTEED. INCREASED PREMIUM MAY BE REQUIRED
TO MAINTAIN COVERAGE.
* ILLUSTRATED VALUES AND BENEFITS INCLUDE DIVIDENDS. ILLUSTRATED DIVIDENDS REFLECT CURRENT (1996 SCALE) CLAIM, EXPENSE AND
INVESTMENT EXPERIENCE AND ARE NOT ESTIMATES OR GUARANTEES OF FUTURE RESULTS. DIVIDENDS ACTUALLY PAID MAY BE LARGER OR SMALLER
THAN THOSE ILLUSTRATED. THIS ILLUSTRATION DOES NOT REFLECT THAT MONEY IS PAID AND RECEIVED AT DIFFERENT TIMES. 7.39% VARIABLE
LOAN RATE PROVISION.
LUMP SUMS AND UNSCHEDULED INCREASES IN ADDITIONAL PREMIUMS ARE SUBJECT TO NEW UNDERWRITING AND SERVICE FEES.
NM STANDARD PLUS/STANDARD PLUS 1 MN 09/10/96 PRESENTED BY STEVEN A. KALIN, CLU
ILLUSTRATION NO. 091096-143152 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY - MILWAUKEE
6
EXHIBIT 1
Page 5 of 6
$2,500,000 JOINT COMPLIFE PLAN - INSURANCE PAYABLE ON SECOND DEATH
FOR AUDREY RATNER AGE 67 FEMALE. BASIC AMOUNT.............. $1,237,000
ALBERT RATNER AGE 68 MALE. ADDITIONAL PROTECTION..... $1,263,000**
INITIAL ANNUAL PREMIUM $120,899.50 (INCLUDES $69,524.00 ADDITIONAL PREMIUM) QUIK PAY PLUS
----DIVIDENDS PURCHASE ADDITIONS FOR 14 YEARS AND THEN REDUCE PREMIUMS WITH ANY EXCESS TO ADDITIONS----
10 11 12 13 14 15 16 17 18
END -------------------TOTAL INSURANCE------------------- --------------ANNUAL PREMIUM----------------
OF BASIC ----ADDITIONAL PROTECTION----- OUTSIDE BASIC --ADD. PROTECTION-- ADD. PREV.
YEAR AMOUNT TOTAL* TERMS* ADDITIONS* ADDITIONS* AMOUNT TERM* AP INSIDE* OUTSIDE
- --------------------------------------------------------------------------------------------------------------
1 1237000 1263000 1253445 9535 143070 51376 0 0 69524
2 1237000 1263000 1229044 33956 281180 51376 0 0 69524
3 1237000 1263000 1193735 69265 414580 51376 0 0 69524
4 1237000 1263000 1147114 115886 543527 51376 0 0 69524
5 1237000 1263000 1088705 174295 668274 51376 0 0 69524
6 1237000 1263000 1018084 244916 789073 51376 0 0 69524
7 1237000 1263000 935001 327999 906166 51376 0 0 69524
8 1237000 1263000 839147 423853 1019779 51376 0 0 69524
9 1237000 1263000 730318 532682 1130119 51376 0 0 69524
10 1237000 1263000 608468 634532 1237372 51376 0 0 69524
11 1237000 1263000 469186 793814 1341705 51376 0 0 69524
12 1237000 1263000 317674 945326 1443279 51376 0 0 69524
13 1237000 1263000 153394 1109606 1542249 51376 0 0 69524
14 1237000 1263000 0 1263000 1663158 51376 0 0 69524
15 1237000 1263000 0 1263000 1875915 51376 0 0 69524
16 1237000 1263000 0 1263000 2003591 51376 0 0 0
17 1237000 1263000 0 1263000 2138299 51376 0 0 0
18 1237000 1263000 0 1263000 42364 51376 0 0 0
19 1237000 1263000 0 1263000 86660 51376 0 0 0
20 1237000 1263000 0 1263000 132383 51376 0 0 0
- --------------------------------------------------------------------------------------------------------------
ASSUMES THAT BOTH INSUREDS REMAIN ALIVE.
** THE PREMIUM FOR THE ADDITIONAL PROTECTION PORTION OF THE TOTAL INSURANCE IS NOT GUARANTEED. INCREASED PREMIUM MAY BE REQUIRED
TO MAINTAIN COVERAGE.
* ILLUSTRATED VALUES AND BENEFITS INCLUDE DIVIDENDS. ILLUSTRATED DIVIDENDS REFLECT CURRENT (1996 SCALE) CLAIM, EXPENSE AND
INVESTMENT EXPERIENCE AND ARE NOT ESTIMATES OR GUARANTEES OF FUTURE RESULTS. DIVIDENDS ACTUALLY PAID MAY BE LARGER OR SMALLER
THAN THOSE ILLUSTRATED. THIS ILLUSTRATION DOES NOT REFLECT THAT MONEY IS PAID AND RECEIVED AT DIFFERENT TIMES. 7.39% VARIABLE
LOAN RATE PROVISION.
LUMP SUMS AND UNSCHEDULED INCREASES IN ADDITIONAL PREMIUMS ARE SUBJECT TO NEW UNDERWRITING AND SERVICE FEES.
NM STANDARD PLUS/STANDARD PLUS 1 MN 09/10/96 PRESENTED BY STEVEN A. KALIN, CLU
ILLUSTRATION NO. 091096-143152 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY - MILWAUKEE
7
EXHIBIT 1
Page 6 of 6
$2,500,000 JOINT COMPLIFE PLAN - INSURANCE PAYABLE ON SECOND DEATH
FOR AUDREY RATNER AGE 67 FEMALE. BASIC AMOUNT.............. $1,237,000
ALBERT RATNER AGE 68 MALE. ADDITIONAL PROTECTION..... $1,263,000**
INITIAL ANNUAL PREMIUM $120,899.50 (INCLUDES $69,524.00 ADDITIONAL PREMIUM) QUIK PAY PLUS
----DIVIDENDS PURCHASE ADDITIONS FOR 14 YEARS AND THEN REDUCE PREMIUMS WITH ANY EXCESS TO ADDITIONS----
10 11 12 13 14 15 16 17 18
END -------------------TOTAL INSURANCE------------------- ---------------BASIC PREMIUM----------------
OF BASIC ----ADDITIONAL PROTECTION----- OUTSIDE BASIC --ADD. PROTECTION-- ADD. PREV.
YEAR AMOUNT TOTAL* TERM* ADDITIONS* ADDITIONS* AMOUNT TERM* AP INSIDE* OUTSIDE
- --------------------------------------------------------------------------------------------------------------
21 1237000 1263000 0 1263000 178991 51376 0 0 0
22 1237000 1263000 0 1263000 229179 51376 0 0 0
23 1237000 1263000 0 1263000 283047 51376 0 0 0
24 1237000 1263000 0 1263000 341123 51376 0 0 0
25 1237000 1263000 0 1263000 404463 51376 0 0 0
26 1237000 1263000 0 1263000 475292 51376 0 0 0
27 1237000 1263000 0 1263000 557643 51376 0 0 0
28 1237000 1263000 0 1263000 657620 51376 0 0 0
29 1237000 1263000 0 1263000 783610 51376 0 0 0
30 1237000 1263000 0 1263000 995454 51376 0 0 0
31 1237000 1263000 0 1263000 1108157 51376 0 0 0
- --------------------------------------------------------------------------------------------------------------
ASSUMES THAT BOTH INSUREDS REMAIN ALIVE.
** THE PREMIUM FOR THE ADDITIONAL PROTECTION PORTION OF THE TOTAL INSURANCE IS NOT GUARANTEED. INCREASED PREMIUM MAY BE REQUIRED
TO MAINTAIN COVERAGE.
* ILLUSTRATED VALUES AND BENEFITS INCLUDE DIVIDENDS. ILLUSTRATED DIVIDENDS REFLECT CURRENT (1996 SCALE) CLAIM, EXPENSE AND
INVESTMENT EXPERIENCE AND ARE NOT ESTIMATES OR GUARANTEES OF FUTURE RESULTS. DIVIDENDS ACTUALLY PAID MAY BE LARGER OR SMALLER
THAN THOSE ILLUSTRATED. THIS ILLUSTRATION DOES NOT REFLECT THAT MONEY IS PAID AND RECEIVED AT DIFFERENT TIMES. 7.39% VARIABLE
LOAN RATE PROVISION.
LUMP SUMS AND UNSCHEDULED INCREASES IN ADDITIONAL PREMIUMS ARE SUBJECT TO NEW UNDERWRITING AND SERVICE FEES.
NM STANDARD PLUS/STANDARD PLUS 1 MN 09/10/96 PRESENTED BY STEVEN A. KALIN, CLU
ILLUSTRATION NO. 091096-143152 THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY - MILWAUKEE