An income-averaging contract for artists that meets the following conditions:

• The annuity is acquired through a single payment.
• The annuity must be paid in equal annual or more frequent periodic payments sufficient to ensure its full payment over a period not exceeding seven years from the date on which the first payment is made.
• The first annuity payment is made no later than ten months after the date of the single payment made to acquire the annuity.
• The artist is entitled to request full or partial commutation of the annuity at any time.
• The annuity can be paid only to the artist or, if the artist dies, to his or her succession or designated beneficiary, as the case may be.
• Except in the case of the artist's death, the artist's interest in the contract cannot be disposed of other than by the redemption or cancellation of the annuity by the authorized person.
• The artist's interest in the contract cannot be pledged or transferred as security in any manner.
• The contract complies with the standard contract we previously approved.