SUMMARY OF TERMS OF EMPLOYMENT

Exhibit 10.2

Summary of Terms of Employment of

Timothy G. Frommeyer

Timothy G. Frommeyer became Senior Vice President – Chief Financial Officer of Nationwide Financial Services, Inc. (NFS), Nationwide Life Insurance Company and Nationwide Life and Annuity Insurance Company on November 1, 2005. The following is a summary of the material terms of Mr. Frommeyer’s employment:

Mr. Frommeyer will receive a base salary of $290,000 per year, and he will be eligible for an annual incentive bonus with a target amount equal to 65% of his base salary. The payout is determined primarily on business unit and individual performance.

Mr. Frommeyer