EX-10.25.1



 Exhibit 10.25.1 

ATHENE HOLDING LTD. 

2014 SHARE INCENTIVE PLAN 

RESTRICTED SHARE AWARD AGREEMENT 

THIS RESTRICTED SHARE AWARD AGREEMENT (the “Agreement”), dated as of [•], 2015 (the “Effective
Date”), is made between ATHENE HOLDING LTD., a Bermuda exempted company limited by shares (the “Company”), and the Participant set forth on the signature page to this Agreement (the “Participant”).

 WHEREAS, the Company, acting through the Committee with the consent of the Company’s Board of Directors (the
“Board”), has agreed to grant to the Participant, effective on on [•], 2015 (the “Grant Date”), a restricted share award as a bonus with respect to the
[2015]1 compensation year (the “Bonus Year”) pursuant to the Athene Holding Ltd. 2014 Share Incentive Plan (the “Plan”) on the terms and subject to the conditions
set forth in this Agreement and the Plan; and 
 WHEREAS, except as otherwise specifically provided herein, Awards granted by the
Company are subject to the terms of the Sixth Amended and Restated Shareholders Agreement, by and among the Company and certain of its securityholders, dated as of April 4, 2014 (as it may be further amended from time to time, the
“Shareholders Agreement”). 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements
contained in this Agreement, the parties hereto hereby agree as follows: 
 Section 1. The Plan. 

The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth herein in their entirety. In the event of a
conflict between any provision of this Agreement and the Plan, the provisions of this Agreement shall control. A copy of the Plan may be obtained from the Company by the Participant upon request. Capitalized terms used herein and not otherwise
defined herein shall have the respective meanings ascribed thereto in the Plan or the Shareholders Agreement, as the case may be. 

Section 2. Grant. 

Effective on the Grant Date, on the terms and subject to the conditions of the Plan and this Agreement, the Company hereby grants to the
Participant an award to receive [•] Restricted Shares (the “Restricted Shares”) at a purchase price of $0.001 per share (the “Purchase Price”). The Participant agrees to promptly pay (and in all events not
later than thirty (30) days after the Grant Date) the Purchase Price in full, in a lump sum cash payment payable to the Company as a condition to the receipt of the Restricted Shares. 

 
  

	1 	Insert applicable compensation year. 

 [Management Bonus Class A Award Form] 







 Section 3. Dividend and Voting Rights. 

A Participant who holds Restricted Shares shall not have the rights of a shareholder with respect to such shares, including the right to vote
thereon, until such Restricted Shares vest in accordance with Section 4. In the event the Company declares a dividend or other distribution on its Class A shares after the Grant Date with respect to an Award, the Company will only
pay such dividend or other distribution with respect to the Restricted Shares when such Restricted Shares vest. If the Participant forfeits any unvested Restricted Shares, the Participant shall also forfeit any payments related to any dividends or
other distributions otherwise deliverable in connection with the forfeited Restricted Shares 
 Section 4. Vesting. 

Subject to the Participant not having a Termination of Relationship prior to the applicable vesting date (except as provided in
Sections 4(a), 4(b) and 4(c)), one-third (1/3) of the Restricted Shares granted hereunder shall become non-forfeitable and the restrictions imposed thereon pursuant to Section 5(a) shall lapse (any Restricted Shares that
shall have become non-forfeitable pursuant to this Section 4, the “Vested Shares”) on each of the 1st, 2nd and 3rd anniversaries of the January 1st immediately following the Bonus Year (each, a “Vesting Date”), and prior to becoming
vested, shall be subject to the restrictions set forth in Section 5. 
 (a) In the event of the consummation of a Sale of the
Company or upon the occurrence of a Change in Control prior to the Participant’s Termination of Relationship, the Restricted Shares granted hereunder which have not theretofore vested or been forfeited shall vest in full and shall become Vested
Shares. “Change in Control” means any event or series of events by which (i) the Apollo Group ceases to own, directly or indirectly, equity interests in the Company (“Equity Interests”) representing 40% or more
on a fully-diluted basis of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company, and (ii) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d)
of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of a greater percentage on a fully-diluted basis of
the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company than such percentage owned by the Apollo Group. For purposes of the definition of Change in Control, “Apollo Group” means
(i) Apollo Global Management, LLC (“Apollo”), any investment fund or managed account managed by Apollo, and any of their respective Affiliates (in each case, other than any operating portfolio companies of an Apollo managed
fund or the Company or any of the Company’s Subsidiaries), and (ii) any employees of or consultants to the entities described in clause (i). 

(b) Upon a Participant’s Termination of Relationship, the Restricted Shares which have not theretofore vested shall be forfeited to the
Company as of the date of the Participant’s Termination of Relationship (regardless of the reason for such Termination of Relationship) in accordance with the provisions of Section 5(a) hereof; provided, that in the event that a
Participant’s Termination of Relationship results from a termination by the Company, its Subsidiaries or the Asset Management Company without Cause or by the Participant for Good Reason or as a result of the Participant’s Retirement, death
or Disability (each, a “Qualifying  

  
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Termination”), at the option of the Board or the Committee, the Restricted Shares which have not theretofore vested prior to such Termination of Relationship may vest in full and
become Vested Shares as of the date of the Qualifying Termination or continue to vest and become Vested Shares in accordance with this Section 4 or any other procedures determined by the Board or the Committee thereof; provided, further
that neither the Board nor the Committee shall have any obligation to permit such Restricted Shares to vest or continue to vest, in whole or in part. For this purpose, “Retirement” shall mean the Participant’s voluntary
resignation from employment for any reason other than Cause and cessation of employment with any other employer. 
 (c) In the event that the
Participant is party to a written employment agreement with the Company, any of its Subsidiaries or with the Asset Management Company, any vesting provisions applicable to the Restricted Shares contained therein are hereby incorporated by reference
into this Agreement. 
 (d) For the avoidance of doubt, any Restricted Shares granted hereunder that are unvested on the date of the
Participant’s Termination of Relationship (excluding any Restricted Shares that are eligible to vest pursuant to Section 4(b) and 4(c)) shall be forfeited to the Company as of such date in accordance with Section 5(a).

 Section 5. Restrictions on Transfer. 

(a) Restrictions Prior to Vesting: Effect of Termination of Relationship Prior to Vesting. Prior to the time that the Restricted Shares
granted hereunder have become Vested Shares pursuant to Section 4, such Restricted Shares, any interest therein or any amount payable in respect thereof shall not be sold or Transferred. Except as expressly provided in
Section 4(b) and Section 4(c), if the Participant ceases to be employed by or ceases to provide services to the Company, all of its Subsidiary or the Asset Management Company, the Participant’s Restricted Shares shall be
forfeited to the Company to the extent such shares have not become Vested Shares pursuant to Section 4 as of the date of the Participant’s Termination of Relationship (regardless of the reason for such termination of employment or
service, whether with or without cause, voluntarily or involuntarily, or due to death or Disability). Restricted Shares subject to Section 4(b) and 4(c) shall be forfeited on the date or dates such Restricted Shares are no longer eligible to
vest pursuant to such provisions to the extent that such Restricted Shares do not become Vested Shares prior to such date or dates. Upon the occurrence of any forfeiture of Restricted Shares hereunder, such forfeited Restricted Shares shall be
automatically transferred to the Company (without consideration) as of the date of such forfeiture, without any other action by the Participant. The Company may exercise its powers under Section 9(d) hereof and take any other action
necessary or advisable to evidence such transfer. The Participant shall deliver any additional documents of transfer that the Company may request to confirm the transfer of such forfeited Restricted Shares to the Company. Within a reasonable period
of time following the Company’s receipt of such forfeited Restricted Shares, and any other documents required pursuant to the preceding sentence, the Company shall pay to the Participant (in the form of a check or by cancellation of money
purchase indebtedness) an amount equal to the lesser of (i) the original Purchase Price paid by the Participant for the forfeited Restricted Shares, or (ii) the Fair Market Value of the forfeited Restricted Shares determined as of date of
such forfeiture. No interest shall be paid with respect to and no other adjustments (other than adjustments in accordance with Article X of the Plan) shall be made to the repurchase amount determined pursuant to the preceding sentence. 

  
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 (b) Restrictions After Vesting. Upon and after the time that any Restricted Shares have
become Vested Shares pursuant to Section 4, such Vested Shares shall not continue to be subject to the restrictions set forth in Section 5(a), but such Vested Shares shall continue to be subject to the other limitations and
restrictions set forth herein (including Section 5(e) below), in the Plan, in the Shareholders Agreement and in the Registration Rights Agreement. 

(c) Transfers Void. Any sale or Transfer, or purported sale or Transfer, of any unvested Restricted Shares acquired pursuant to this
Agreement or any interest therein other than to the Company shall be null and void. 
 (d) Charter Documents. The Certificate of
Altered Memorandum of Association, the Bye-laws of the Company, the Subscription Agreement, the Registration Rights Agreement and the Shareholders Agreement (collectively, the “Other Agreements”), as any of them may be amended from
time to time, may provide for additional restrictions and limitations with respect to the Shares (including additional restrictions and limitations relating to the preference return on common equity of the Company to the shareholders of such equity
and on the transfer of Shares). To the extent that the restrictions and limitations set forth in the Other Agreements are greater than those set forth in this Agreement, such restrictions and limitations shall apply to the Restricted Shares as well
as any Restricted Shares that may become Vested Shares and are incorporated herein by this reference. The restrictions and limitations set forth in such Other Agreements are not, however, in lieu of, nor shall they in any way reduce or eliminate,
any limitation or restriction on the Shares imposed under the Plan or this Agreement, including Section 5(e) below. In the event of any conflict between the terms of the Other Agreements and the terms of the Plan or this Agreement, the
terms contained in the Plan or this Agreement shall be controlling. 
 (e) Call Rights. Notwithstanding anything herein or in the
Other Agreements to the contrary (including Section 3.7 of the Shareholders Agreement), the Participant and the Company agree that the provisions of this Section 5(e) shall apply with respect to the Vested Shares and any shares into
which such Vested Shares are exchanged or converted in connection with or prior to any IPO (collectively, the “Subject Shares”). 

(i) Within 270 days following a Participant’s Termination of Relationship for any reason (or the date on which the
Restricted Shares become Vested Shares, if later), the Company shall have the right (but not the obligation) to repurchase all or any portion of the Subject Shares, and the Participant shall be obligated to sell any such Subject Shares in accordance
with this Section 5(e). Any Permitted Transferee that received Subject Shares pursuant to clause (b) of the definition of Permitted Transfer as set forth in the Shareholders Agreement shall be subject to this
Section 5(e) as if such Permitted Transferee and the Participant through which such Permitted Transferee received such Subject Shares are one and the same. For the avoidance of doubt, the Company’s repurchase of a portion of the
Subject Shares held by the Participant (or Permitted Transferee) shall not preclude the Company from repurchasing additional Subject Shares held by such Participant (or Permitted Transferee) at a later date or dates within the 270-day period(s)
described above. 

  
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 (ii) In the event that the Company wishes to exercise its rights pursuant to this
Section 5(e), the Company shall deliver to such Participant (or his or her heirs or representatives), a timely written notice (the “Repurchase Notice”) that sets forth (i) the number of Subject Shares the Company is
repurchasing, (ii) an indication of the price to be paid for each such Subject Shares and (iii) the anticipated closing date of such transaction. The Company shall have the right to revoke the Repurchase Notice at any time prior to the
consummation of such repurchase. 
 (iii) Any repurchase of Subject Shares by the Company pursuant to the terms of this
Section 5(e) shall be consummated on a date (the “Repurchase Date”) within thirty (30) calendar days following delivery of a Repurchase Notice. Any repurchase of Subject Shares by the Company pursuant to the terms
of this Section 5(e) shall be made: 
 (A) with respect to Subject Shares that are repurchased prior to an IPO,
in cash at a price per Subject Share equal to the Fair Market Value of a Class A Share as most recently reported to Shareholders by the Company; 

(B) with respect to Subject Shares that are repurchased after an IPO, in cash at a price per Subject Share equal to the volume
weighted average closing trading price on the principal exchange where the Subject Shares are traded during the 60-trading day period immediately preceding the date of the Repurchase Notice. 

(iv) The Repurchase Price (defined below) shall be paid in a lump sum cash payment on the Repurchase Date. The Participant (or
Permitted Transferee) hereby agrees that upon his or her receipt of such Repurchase Price, the outstanding Subject Shares then owned by such Participant (or Permitted Transferee) that are sold pursuant to this Section 5(e) shall
automatically be transferred, sold and assigned to the Company and the Secretary of the Company shall automatically and irrevocably be appointed to transfer such Subject Shares to the Company on the books of the Company with full power of
substitution. For purposes of this Section 5(e), the “Repurchase Price” means the price referred to in Section 5(e)(iii), as applicable. 

(v) The Participant (or Permitted Transferee) agrees to provide customary representations and warranties to the Company,
including (A) his or her power, authority and legal capacity to enter into such sale and to transfer valid right, title and interest in such Subject Shares; (B) his or her ownership of such Subject Shares and the absence of any liens,
pledges, and other encumbrances on such Subject Shares; and (C) the absence of any violation, default, or acceleration of any agreement or instrument pursuant to which such Participant (or Permitted Transferee) or the assets of such Participant
(or Permitted Transferee) are bound as the result of such sale. 

  
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 (vi) If the Participant (or Permitted Transferee) holds Subject Shares which the
Company wishes to repurchase in accordance with this Section 5(e), the Participant (or Permitted Transferee) shall be entitled to payment in accordance with this Section 5(e), but shall no longer be entitled to participation
in the Company or enjoy other rights as a shareholder with respect to the Subject Shares subject to such repurchase. To the maximum extent permitted by law, the Participant’s (or Permitted Transferee’s) rights following the Repurchase
Notice, with respect to the repurchase of Subject Shares covered thereby, shall be solely the rights that he or she has as a general creditor of the Company to receive the amount set forth in this Section 5(e). 

(vii) The provisions of this Section 5(e) shall automatically terminate and be of no further force or effect with
respect to any Subject Shares that are no longer subject to the Lock-up (as defined in the Company’s Third Amended and Restated Registration Rights Agreement dated April 4, 2014). 

Section 6. Protective Covenants. 

(a) Confidential Information. The Participant shall not disclose or use at any time any Confidential Information (as defined below) of
which the Participant is or becomes aware, whether or not such information is developed by the Participant, except to the extent that such disclosure or use is directly related to and required by the Participant’s performance in good faith of
duties for the Company, the Asset Management Company or their respective Affiliates. The Participant shall take all appropriate steps to safeguard Confidential Information in the Participant’s possession and to protect it against disclosure,
misuse, espionage, loss and theft. The Participant shall deliver to the Company upon the Participant’s Termination of Relationship, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and
software and other documents and data (and copies thereof) relating to the Confidential Information or the business of the Company, the Asset Management Company or any of their respective Affiliates which the Participant may then possess or have
under his or her control. Notwithstanding the foregoing, the Participant may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible notice thereof, shall, as much in advance of the
return date as possible, make available to the Company and its counsel the documents and other information sought, and shall assist the Company and such counsel in resisting or otherwise responding to such process. As used in this Agreement, the
term “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by the Company, the Asset Management Company or their respective Affiliates in connection with their
businesses, including, but not limited to, information, observations and data obtained by the Participant while providing services to the Company, the Asset Management Company, their respective Affiliates or any predecessors thereof (including those
obtained prior to the date hereof) concerning (i) the business or affairs of the Company, the Asset Management Company or their respective Affiliates (or such predecessors), (ii) products or services, (iii) fees, costs and pricing
structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation,
(ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and
customer or client lists, (xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and related information in whatever form. Confidential Information will not
include any information 

  
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that has been published (other than a disclosure by the Participant in breach of this Agreement) in a form generally available to the public prior to the date the Participant proposes to disclose
or use such information. Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such information have been
published in combination. 
 (b) Restriction on Competition. The Participant acknowledges that, in the course of his or her service
with the Company, its Subsidiaries, the Asset Management Company and/or their predecessors (the “Protected Companies”), he or she has become familiar, or will become familiar, with the Protected Companies’ trade secrets and
with other confidential and proprietary information concerning the Protected Companies and that his or her services have been and will be of special, unique and extraordinary value to the Protected Companies. The Participant agrees that if the
Participant were to become employed by, or substantially involved in, the business of a competitor of the Protected Companies during the Restricted Period, it would be very difficult for the Participant not to rely on or use the Protected
Companies’ trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Protected Companies’ trade secrets and confidential information, and to protect such trade secrets and confidential information and the
Protected Companies’ relationships and goodwill with customers, during the Restricted Period, the Participant will not directly or indirectly through any other Person engage in, enter the employ of, render any services to, have any ownership
interest in, nor participate in the financing, operation, management or control of, any Competing Business. For purposes of this Agreement, the phrase “directly or indirectly through any other Person engage in” shall include, without
limitation, any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such
enterprise as an employee, consultant, director, officer or licensor of technology. For purposes of this Agreement, “Restricted Area” means anywhere in the United States, Bermuda and elsewhere in the world where the Protected
Companies engage in business, including, without limitation, jurisdictions where any of the Protected Companies reasonably anticipate engaging in business on the date of the Participant’s Termination of Relationship (provided that as of the
date of the Participant’s Termination of Relationship, to the knowledge of the Participant, such area has been discussed as a market that the Protected Companies reasonably contemplate engaging in within the twelve (12) month period
following the date of the Participant’s Termination of Relationship). For purposes of this Agreement, “Competing Business” means a Person that at any time during the Participant’s period of service has competed, or any
time during the twelve (12) month period following the date of the Participant’s Termination of Relationship begins competing with the Protected Companies anywhere in the Restricted Area and in the business of (i) annuity reinsurance,
focusing on contracts reinsuring a quota share of future premiums of various fixed annuity product lines, (ii) reinsuring closed blocks of existing business, (iii) managing investments held by ceding companies pursuant to funds withheld
coinsurance contracts with its affiliates, (iv) managing investments in the life insurance industry, or (v) any significant business conducted by the Protected Companies as of the date of the Participant’s Termination of Relationship
and any significant business the Protected Companies conduct in the twelve (12) month period after the Participant’s Termination of Relationship (provided that as of the date of the Participant’s Termination of Relationship, to the
knowledge of the Participant, such business has been discussed as a business that the Protected Companies reasonably contemplate engaging in within such twelve (12) month period). For purposes of this Agreement, “Restricted
Period” means the Participant’s period of service until his or her Termination of Relationship, and thereafter through and including twelve (12) months following the Participant’s Termination of Relationship. 

  
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 Nothing herein shall prohibit the Participant from (i) being a passive owner of not more
than 1% of the outstanding stock of any class of a corporation which is publicly traded, so long as the Participant has no active participation in the business of such corporation, or (ii) providing services to a subsidiary, division or
affiliate of a Competing Business if such subsidiary, division or affiliate is not itself engaged in a Competing Business and the Participant does not provide services to, or have any responsibilities regarding, the Competing Business. 

(c) Non-Solicitation of Employees and Consultants. During the Participant’s period of service and for a period of twelve
(12) months after the date of the Participant’s Termination of Relationship, the Participant shall not directly or indirectly through any other Person (i) induce or attempt to induce any employee or independent contractor of the
Protected Companies to leave the employ or service, as applicable, of the Protected Companies, or in any way interfere with the relationship between the Protected Companies, on the one hand, and any employee or independent contractor thereof, on the
other hand, or (ii) hire any person who was an employee of the Protected Companies, in each case, until six (6) months after such individual’s employment relationship with the Protected Companies has been terminated. 

(d) Non-Solicitation of Customers. During the Participant’s period of service and for a period of twelve (12) months after the
date of the Participant’s Termination of Relationship, the Participant shall not directly or indirectly through any other Person influence or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, ceding
companies, associates, consultants, agents, or partners of the Protected Companies to divert their business away from the Protected Companies, and the Participant will not otherwise interfere with, disrupt or attempt to disrupt the business
relationships, contractual or otherwise, between the Protected Companies, on the one hand, and any of their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees, consultants, managers, partners, members
or investors, on the other hand. 
 (e) Understanding of Covenants. The Participant represents and agrees that he or she (i) is
familiar with and carefully considered the foregoing covenants set forth in this Section 6 (together, the “Restrictive Covenants”), (ii) is fully aware of his or her obligations hereunder, (iii) agrees to the
reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Restrictive Covenants are necessary to protect the Protected Companies’ confidential and proprietary
information, good will, stable workforce and customer relations, and (v) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 6 regardless of whether the
Participant is then entitled to receive severance pay or benefits from any of the Protected Companies. The Participant understands that the Restrictive Covenants may limit his or her ability to earn a livelihood in a business similar to the business
of the Protected Companies, but he or she nevertheless believes that he or she has received and will receive sufficient consideration and other benefits as an employee of or other service provider to the Company and as otherwise provided hereunder
to clearly justify such restrictions which, in any event (given his or her education, skills and ability), the Participant does not believe would prevent him or her from otherwise earning a living. The Participant agrees that the Restrictive
Covenants do not confer a benefit upon the Protected Companies disproportionate to the detriment of the Participant. 

  
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 (f) Enforcement. The Participant agrees that the Participant’s services are unique
and that he or she has access to Confidential Information. Accordingly, the Participant agrees that a breach by the Participant of any of the covenants in this Section 6 would cause immediate and irreparable harm to the Company that
would be difficult or impossible to measure, and that damages to the Company for any such injury would therefore be an inadequate remedy for any such breach. Therefore, the Participant agrees that in the event of any breach or threatened breach of
any provision of this Section 6, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive
relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 6, as the case may be, or require the Participant to account for and pay over to
the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of this Section 6, if and when final judgment of a court of competent
jurisdiction is so entered against the Participant. The Participant further agrees that the applicable period of time any Restrictive Covenant is in effect following the date of the Participant’s Termination of Relationship, as determined
pursuant to the foregoing provisions of this Section 6, shall be extended by the same amount of time that the Participant is in breach of any Restrictive Covenant. 

  
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 Section 7. Limitation on Benefits. 

(a) Notwithstanding anything contained in this Agreement to the contrary, except as provided in Section 7(d), to the extent that
any payment, benefit or distribution of any type to or for the benefit of the Participant by the Company or any of its Affiliates, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this
Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively, the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of
the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the
amount which would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of the Code. Unless the Participant shall have given prior written notice to the Company to effectuate a reduction in the Total Payments if such
a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to avoid the imputation of any tax, penalty or interest thereunder, the Company shall reduce or eliminate the Total Payments by first reducing
or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock options or similar awards, then by reducing or eliminating any
accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining Total Payments. This Section 7 shall take precedence over the provisions of any other plan, arrangement or agreement governing
the Participant’s rights and entitlements to any benefits or compensation. 
 (b) Any determination that Total Payments to the
Participant must be reduced or eliminated in accordance with Section 7(a) and the assumptions to be utilized in arriving at such determination, shall be made by the Board in the exercise of its reasonable, good faith discretion based
upon the advice of such professional advisors it may deem appropriate in the circumstances. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial determination by the Board hereunder, it is
possible that Total Payments to the Participant which will not have been made by the Company should have been made (“Underpayment”) or that Total Payments to the Participant which were made should not have been made
(“Overpayment”). If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant. In the event of an Overpayment, then the Participant shall
promptly repay to the Company the amount of any such Overpayment together with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any successor thereto), from the
date the reimbursable payment was received by the Participant to the date the same is repaid to the Company. 
 (c) If any portion of the
Total Payments would otherwise be subject to the excise tax imposed by Section 4999 of the Code (before giving effect to any reduction in Total Payments contemplated by Section 7(a)), the Company shall use its reasonable efforts to
obtain (in a manner which satisfies all applicable requirements of such Section 280G(b)(5)(B) of the Code and the Treasury Regulations thereunder, including Q-7 of Section 1.280G-1 of such Treasury Regulations) the approval by such number
of shareholders of the Company as is required by the terms of Section 280G(b)(5)(B) of the Code so as to render the parachute payment provisions of Section 280G of the Code inapplicable to the Total Payments that would be reduced or
eliminated by operation of Section 7(a) if such shareholder approval was not obtained. 

  
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 (d) Notwithstanding Section 7(a), the Company will pay the full amount of the Total
Payments to the Participant if the Participant makes the Company and its Affiliates whole on an after tax basis for any adverse tax consequences imposed on the Company and its Affiliates under Section 280G of the Code as a result of paying the
Total Payments to the Participant. The Company acknowledges that the adverse tax consequences to it will be limited by the extent to which it is subject to U.S. income tax. 

Section 8. Participant’s Employment or Service. 

Nothing in this Agreement shall confer upon the Participant any right to continue in the employ or service of the Company, any of its
Subsidiaries or the Asset Management Company or interfere in any way with the right of the Company, its Subsidiaries or the Asset Management Company, as the case may be, in its sole discretion, to terminate the Participant’s employment or
service or to increase or decrease the Participant’s compensation at any time. 
 Section 9. Delivery of Shares. 

(a) Form. The Company shall, in its discretion, issue the Restricted Shares either: (1) in certificate form as provided in clause
(b) below; or (2) in book entry form, registered in the name of the Participant with notations regarding the applicable restrictions on transfer imposed under this Agreement. 

(b) Certificates to be Held by the Company; Legend. Any certificates representing the Restricted Shares that may be delivered to the
Participant by the Company prior to vesting of the Restricted Shares pursuant to Section 4 shall be redelivered to the Company to be held by the Company or its designee until the shares represented thereby vest pursuant to
Section 4. Any such certificates will bear a legend making appropriate reference to the restrictions imposed hereunder. 
 (c)
Delivery of Certificates Upon Vesting. Promptly after the date any Restricted Shares become Vested Shares pursuant to Section 4, the Company shall, at its election, either remove the notations regarding restrictions on transfer on
any such Vested Shares issued in book entry form or deliver to the Participant a certificate or certificates evidencing the number of such Vested Shares (or, in either case, such lesser number of shares as may be permitted pursuant to the tax
withholding provisions referred to in Section 17). The Participant shall deliver to the Company any representations or other documents or assurances as the Company may deem necessary or reasonably desirable to ensure compliance with all
applicable legal and regulatory requirements. The shares so delivered shall no longer be restricted pursuant to Section 5(a) but shall continue to be subject to the restrictions referred to in Sections 5(b), 5(d) and 5(e).

 (d) Power of Attorney. The Participant, by acceptance of the Award, shall be deemed to appoint, and does so appoint by execution of
this Agreement, the Company and each of its authorized representatives as the Participant’s attorney(s)-in-fact to (1) effect any transfer to the Company (or other purchaser, as the case may be) of the Restricted Shares acquired pursuant
to this Agreement that are repurchased by or forfeited to the Company (or other permitted purchaser), and (2) execute such documents as the Company or such representatives deem necessary or advisable in connection with any such transfer. 

  
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 (e) Share Legend Generally. The certificate(s) representing the Restricted Shares as well
as any Restricted Shares that may become Vested Shares shall bear the legend set forth in Section 7.2 of the Plan and/or any other appropriate or required legends under applicable laws. Such legends shall remain on the certificate(s)
representing the Restricted Shares until the later of (1) an IPO (or such later date that counsel to the Company may reasonably determine is advisable to help ensure the Company’s compliance with all applicable legal and regulatory
requirements) or (2) as to any legend referencing the forfeiture provisions of Section 5(a), until the date that such shares become Vested Shares pursuant to Section 4. 

Section 10. Securities Law Representations. 

The Participant hereby represents and warrants to the Company as set forth on Attachment A hereto. 

Section 11. Notices. 

All notices, claims, certifications, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been
duly given and delivered if personally delivered or if sent by nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 

If to the Company, to: 
 Athene
Holding, Ltd. 
 c/o Athene Employee Services, LLC 

Attention: Kristi Burma, VP of Human Resources 

7700 Mills Civic Parkway 
 West
Des Moines, IA 50266-3862 
 with copy to: 

Sidley Austin LLP 
 One South
Dearborn 
 Chicago, IL 60603 

Attention: Perry Shwachman 

Telephone: (312) 853-7061 

Facsimile: (312) 853-7036 

Email: pshwachman@sidley.com 
 If to the
Participant, to him at the address set forth on the signature page hereto; or to such other address as the party to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such notice or other
communication shall be deemed to have been received (a) in the case of personal delivery, on the date of such delivery (or if such date is not a business day, on the next business day after the date of delivery), (b) in the case of
a nationally-recognized overnight courier, on the next business day after the date sent, (c) in the case of telecopy transmission, when received (or if not sent on a business day, on the next business day after the date sent), and
(d) in the case of mailing, on the third business day following that on which the piece of mail containing such communication is posted. 

  
 12 








 Section 12. Waiver of Breach. 

The waiver by either party of a breach of any provision of this Agreement must be in writing and shall not operate or be construed as a waiver
of any other or subsequent breach. 
 Section 13. Participant’s Undertaking; Participant’s Release. 

(a) The Participant hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its
reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant to the express provisions of this Agreement and the Plan; provided, however, that such
additional actions and documents are consistent with the terms of this Agreement. 
 (b) The Participant acknowledges and agrees that the
Participant is not relying (for purposes of accepting this Award, making any tax election related to this Award or otherwise) upon any information, advice, counsel or representations (whether written or oral) of the Company with respect to the
valuation of the Restricted Shares. The Participant has consulted with his or her own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent he or she has deemed necessary, and has made his or her own
decisions with respect to accepting this Award and making any tax election related to the Restricted Shares based upon his or her own judgment and upon any advice from such advisers he or she has deemed necessary and not upon any view expressed by
the Company. The Participant is accepting this Award with a full understanding of all the terms, conditions and risks hereof and thereof (economic and otherwise), and is capable of and willing to assume (financially and otherwise) those
risks. The Participant agrees that neither the Company nor any of its Affiliates shall have any liability to the Participant for any loss or liability that the Participant may suffer to the extent that it arises out of, or in connection with
tax-related matters, including but not limited to any matter related to any decision by the Participant to make or not make a Section 83(b) election, any Section 83(b) filing made with the IRS or any income recognized by the Participant
related to or arising out of the Restricted Shares. 
 Section 14. Modification of Rights. 

The rights of the Participant are subject to modification and termination in certain events as provided in this Agreement and the Plan (with
respect to the Restricted Shares granted hereby). Notwithstanding the foregoing, the Participant’s rights under this Agreement and the Plan may not be materially impaired without the Participant’s prior written consent. 

  
 13 








 Section 15. Governing Law. 

THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR
CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE
STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 

Section 16. Arbitration. 

Except for suits seeking injunctive relief or specific performance or as otherwise prohibited by law, the parties hereby agree that any
dispute, controversy or claim arising out of, connected with and/or otherwise relating to this Agreement and the arbitrability of any controversy or claim relating hereto, will be finally settled by binding arbitration. The parties hereby knowingly
and voluntarily waive any rights that they may have to a jury trial for any such disputes, controversies or claims. The parties agree to resolve any dispute arising out of this Agreement before the American Arbitration Association (the
“AAA”) in accordance with the AAA’s then existing National Rules for the Resolution of Employment Disputes. The arbitration shall be administered by the AAA and the hearing shall be conducted in the State of Delaware before a
neutral arbitrator, who must have been admitted to the practice of law for at least the last ten years (the “Arbitrator”). Each party further agrees to pay its or his own arbitration costs, attorneys’ fees, and expenses, unless
otherwise required by the AAA’s then-existing arbitration rules. The Arbitrator shall issue an opinion within thirty (30) days of the final arbitration hearing and shall be authorized to award reasonable attorneys’ fees to the
prevailing party, which decision of the Arbitrator will be final, conclusive, unappealable and binding on the parties. The arbitration proceeding shall be confidential except that any arbitration award may be filed in a court of competent
jurisdiction by either party for the purpose of enforcing the award. 
 Section 17. Withholding and Other Tax Issues. 

The Company’s obligation to deliver the Restricted Shares or any certificates evidencing the Restricted Shares, or otherwise remove the
restrictive notations or legends on such shares or certificates that refer to the transfer restrictions set forth in Section 5(a), is subject to the condition precedent that the Participant satisfy the amount of any required withholding
obligations either in cash or by the methods described in clauses (ii) or (iii) of Article XV of the Plan. The Participant covenants and agrees to hold harmless and indemnify the Company, to the fullest extent permitted by applicable law,
for any and all withholding taxes, penalties, fines and amounts paid in settlement of obligations related to any federal, state, local or other income, employment or other taxes with respect to the grant, vesting or making an election under
Section 83(b) of the Code or other event with respect to the Restricted Shares. 
 Section 18. Adjustment. 

In the event of any event described in Article X of the Plan occurring after the Grant Date, the adjustment provisions as provided for
under Article X of the Plan shall apply to the Restricted Shares. If any adjustment is made to the Restricted Shares pursuant to Article X of the Plan, the restrictions applicable to the Restricted Shares will continue in effect with
respect to 

  
 14 








 
any consideration or other securities (the “Restricted Property” and, for the purposes of this Agreement, “Restricted Shares” shall include “Restricted
Property,” unless the context otherwise requires) received in respect of such Restricted Shares. Such Restricted Property shall vest at such times and in such proportion as the Restricted Shares to which the Restricted Property is attributable
vest, or would have vested pursuant to the terms hereof if such Restricted Shares had remained outstanding 
 Section 19.
Counterparts. 
 This Agreement may be executed in one or more counterparts, and each such counterpart shall be deemed to be an
original, but all such counterparts together shall constitute but one agreement. 
 Section 20. Entire Agreement. 

This Agreement and the Plan (and the other writings referred to herein) constitute the entire agreement between the parties with respect to the
subject matter hereof and thereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto. 

Section 21. Severability. 

It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under the
laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable for
any reason, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the
foregoing, if such provision could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this
Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 
 Section 22. Waiver of Jury
Trial. 
 Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so,
trial by jury in any suit, action or proceeding arising hereunder. 
 [Signature Page Follows] 

  
 15 








 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	THE COMPANY:
	
	ATHENE HOLDING LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE PARTICIPANT:
	
	  

[NAME]










 ATTACHMENT A 

Securities Law Representations 
 The Participant,
by executing this Agreement, hereby makes the following representations to the Company and acknowledges that the Company’s reliance on federal, state and foreign securities law exemptions from registration and qualification is predicated, in
substantial part, upon the accuracy of these representations: 
 (a) The Participant acknowledges that the Restricted Shares are not being registered under
the Securities Act of 1933, as amended (the “Securities Act”), based, in part, on either (i) reliance upon an exemption from registration under Securities and Exchange Commission Rule 701 promulgated under the Securities Act or
(ii) the fact that the Participant is an “accredited investor” (as defined under the Securities Act and the rules and regulations promulgated thereunder), and, in each of (i) and (ii) above, a comparable exemption from
qualification under applicable state securities laws, as each may be amended from time to time. 
 (b) The Participant is an “accredited investor”
within the meaning of Rule 501(a)(1), (2) or (3) of the Securities Act. 
 (c) The Participant has acquired the Restricted Shares solely for the
Participant’s own account, for investment purposes only, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the Restricted Shares within the meaning of the
Securities Act and/or any applicable state securities laws. 
 (d) The Participant acknowledges that he has not acquired the Restricted Shares as a result of
any general solicitation or general advertising in the United States, including any meeting whose attendees have been invited by general solicitation or general advertising. 

(e) The Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Restricted Shares
and the restrictions imposed on any Shares. The Participant has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to purchase the Restricted Shares. However, in evaluating the
merits and risks of an investment in the Shares, the Participant has and will rely only upon the advice of his own legal counsel, tax advisors, and/or investment advisors. 

(f) The Participant is aware that the Restricted Shares may be of no practical value, that any value they may have depend on vesting as well as the performance
of the Company and the market generally, and that any investment in common shares of a closely held corporation such as the Company is non-marketable, non-transferable and could require capital to be invested for an indefinite period of time,
possibly without return, and at substantial risk of loss. 
 (g) The Participant understands that the Restricted Shares are being offered in a transaction
not involving any public offering within the United States within the meaning of the Securities Act and that the Restricted Shares have not been and will not be registered under the Securities Act, 







 
and that the Restricted Shares are “restricted securities” as defined by Rule 144(a)(3) under the Securities Act, and that, under such laws and applicable regulations, such securities
may be resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions of Rule 144 promulgated under the Securities Act or in an offshore transaction meeting the requirements of
Rule 903 or 904 of Regulation S under the Securities Act, each as presently in effect. The Participant acknowledges reviewing a copy of Rule 144 promulgated under the Securities Act and Regulation S under the Securities Act, as presently in effect,
and represents that he is familiar with such rule, and understands the resale limitations imposed thereby and by the Securities Act and the applicable state securities law. 

(h) The Participant agrees that he will comply with all applicable laws and regulations in effect in any jurisdiction in which he sells any of the securities
or otherwise transfers any interest therein. 
 (i) The Participant has read and understands the restrictions and limitations set forth in the Shareholders
Agreement, the Plan and this Agreement. 
 (j) The Participant understands and acknowledges that, if and the Restricted Shares vest, (a) any certificate
evidencing the Vested Shares (or evidencing any other securities issued with respect thereto pursuant to any share split, share dividend, merger or other form of reorganization or recapitalization) when issued shall bear any legends which may be
required by applicable federal and state securities laws, and (b) except as otherwise provided under the Shareholders Agreement, the Company has no obligation to register the Shares or file any registration statement under federal or state
securities laws.