Amendment 1 to Participation Agreement between DFA Investment Dimensions Group Inc. and MLIC dated January 1, 2022

Exhibit 10(v)(d)(i)

Amendment 1 to Participation Agreement

among

MEMBERS Life Insurance Company,

DFA Investment Dimensions Group Inc.,

Dimensional Fund Advisors LP and

DFA Securities LLC

This amendment to the Participation Agreement dated as of August 27, 2015, as amended (the “Agreement”), is effective as of the 1st day of January, 2022, among MEMBERS Life Insurance Company (“Company”) on its own behalf and on behalf of segregated asset accounts of the Company that may be established from time to time (individually, an “Account” and collectively, the “Accounts”), DFA Investment Dimensions Group Inc. (“Fund”), Dimensional Fund Advisors LP (“Adviser”), and DFA Securities LLC (“DFAS”) (individually, a “Party” and collectively, the “Parties”). Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Agreement.

WHEREAS, the Parties are parties to the Agreement;

WHEREAS, pursuant to the Agreement among the Parties, the Company is entitled to purchase, consistent with the terms of the prospectuses of the Portfolios, shares of the Portfolios of the Fund listed on Schedule 1.1 of the Agreement for the appropriate subaccount of each Account in connection with the Contracts that are offered to persons that are registered owners of such Contracts on the books and records of the Company (the “Contract holders”);

WHEREAS, the Accounts are registered as unit investment trusts under the Investment Company Act of 1940, as amended (the “1940 Act”);

WHEREAS, the Company, on behalf of the Accounts, is required by Rule 30e-2 under the 1940 Act to deliver Fund shareholder reports to Contract holders, which obligations the Company may satisfy by the Company’s compliance with Rule 30e-3 under the 1940 Act (“Rule 30e-3”);

WHEREAS, the Company intends to comply with the requirements, terms and conditions of Rule 30e-3 in order to satisfy its obligation to deliver Fund shareholder reports to Contract holders, including hosting the website for certain fund materials required by Rule 30e-3;

WHEREAS, Section 5(b)(2) of the Securities Act of 1933, as amended (the “1933 Act”) may require that a Statutory Prospectus (as defined in Rule 498A under the 1933 Act, “Rule 498A” and with Rule 30e-3, collectively, the “Rules”) for the Portfolios be delivered to Contract holders under certain circumstances;

WHEREAS, the Company intends to meet any Portfolio Statutory Prospectus delivery requirements under Section 5(b)(2) of the 1933 Act, as well as its responsibility to deliver Fund prospectuses under the Agreement by relying on and complying with paragraph (j) of Rule 498A for “on-line” delivery;

WHEREAS, paragraph (j) of Rule 498A requires, inter alia, that some of the Fund Documents (as defined in Section 1(a) below) be posted and maintained on a website specified on the cover page of the summary prospectus(es) for the Contracts, and the Company intends to host said website;

WHEREAS, in order for the Company to fulfill its obligations under the Rules and as required for the Company to rely on the Rules, the Company will need access to the Fund Documents specified in the Rules, in the format required by the Rules;

WHEREAS, the Company requests the Fund, the Adviser and DFAS to enter into this amendment to facilitate the Company’s reliance on the Rules; and

WHEREAS, the Fund, the Adviser and DFAS wish to take all reasonable steps to assist the Company in its intent to rely on the Rules.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, which consideration is full and complete, the Parties hereby agree to supplement and amend the Agreement as follows:

1.            Provision of Fund Documents; Website Posting.

(a).          Fund Documents. In order to assist the Company in the Company’s compliance with the Rules, including the Company’s obligation to host certain documents on its website (the “Company’s Website”), the Fund will provide or make available to the Company the “Fund Documents,” listed below as specified in paragraph (b)(1) of Rule 30e-3 and paragraph (j)(1)(iii) of Rule 498A.

(b).           Timing for Providing, and Currentness of, the Fund Documents.

(c).          Format of Fund Documents. The Fund shall provide the Fund Documents to the Company (or its designee) in an electronic format that is suitable for website posting, and in a format, or formats, that:

(d).          Website Hosting. The Company or its designee shall host and maintain the website specified in paragraph (j)(1)(iii) of Rule 498A, so that the Fund Documents are publicly accessible and free of charge at that website, in accordance with the conditions set forth in that paragraph, provided that the Fund and DFAS fulfill their obligations under this Amendment.

(a).           Meet the applicable standards of the 1933 Act, the Securities Exchange Act of 1934, as amended; the 1940 Act; and all rules and regulations under those Acts; and

(b).           Do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading.

(a).     the gross “Annual Portfolio Company Expenses” for each Portfolio calculated in accordance with Item 3 of Form N-1A, before any expense reimbursements or fee waiver arrangements for the time periods required in Form N-1A

(b).     the net “Annual Portfolio Company Expenses” (aka “Total Annual Portfolio Operating Expenses”) for each Portfolio calculated in accordance with Item 3 of Form N-1A, that include any expense reimbursements or fee waiver arrangements and the period for which the expense reimbursements or fee waiver arrangement is expected to continue and whether it can be terminated by the Portfolio (or Fund); and

(c). the “Average Annual Total Returns” for each Portfolio (before taxes) as calculated pursuant to Item 4(b)(2)(iii) of Form N-1A and made publicly available by the Fund.

(a).           This Amendment shall be interpreted in a manner that is consistent with Rule 30e-3 under the 1940 Act and Rule 498A (including paragraph (j) thereof) under the 1933 Act and any interpretations of those Rules by the SEC, its staff, courts, or other appropriate legal authorities.

(b).          To the extent the terms of this Amendment conflict with the terms of the Agreement, the terms of this Amendment shall control; otherwise, and except as otherwise specifically set forth in this Amendment, the terms of the Agreement shall continue to apply, and shall apply to the duties, responsibilities, rights and obligations of the Parties under and pursuant to this Amendment.

(a).     termination of the Agreement; or

(b).     thirty (30) days written notice from any Party to the other Parties.

[Signature Page is on the Following Page]

IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed as of the date first above written.

Company:
MEMBERS Life Insurance Company
By:

Fund:
DFA Investment Dimensions Group Inc.
By:

DFAS:
DFA Securities LLC
By:

Adviser:
Dimensional Fund Advisors LP
By: