Exhibit 10.2


 


CLASS A COMMON STOCK REPURCHASE AGREEMENT


 


THIS CLASS A COMMON
STOCK REPURCHASE AGREEMENT (the “Agreement”) is entered into as of December 11, 2021 by and between Jackson Financial
Inc., a Delaware corporation (the “Company”), and Athene Co-Invest Reinsurance Affiliate 1A Ltd., a Bermuda Class C
insurer under the Bermuda Insurance Act 1978 (the “Stockholder”).


 


RECITALS


 


WHEREAS,
Prudential plc, a company incorporated and registered in England and Wales (“Prudential”), and the Company
have entered into a Class A Common Stock Repurchase Agreement dated as of the date hereof, whereby the Company will repurchase two
million two hundred forty-two thousand five hundred sixteen (2,242,516) shares of the Company’s Class A Common Stock, $0.01
par value (“Class A Common Stock”) from Prudential (the “Prudential Repurchase”), at the same
price per share of Class A Common Stock as the price per Share (as defined below) set forth in Section 1.1;


 


WHEREAS,
the Stockholder is the holder of shares of the Company’s Class A Common Stock and shares of Company’s Class B
Common Stock, $0.01 par value (“Class B Common Stock”); and


 


WHEREAS,
concurrently with the Prudential Repurchase, the Stockholder desires to sell, and the Company desires to repurchase, the Shares
(as defined below) on the terms and subject to the conditions set forth in this Agreement (the “Repurchase”).


 


NOW, THEREFORE, in consideration
of the promises, covenants and agreements herein contained, the parties agree as follows:


 


AGREEMENT


 


SECTION 1.
REPURCHASE OF SHARES.


 


1.1
Repurchase. At the Closing (as defined below), the Company hereby agrees to repurchase from the Stockholder, and the Stockholder
hereby agrees to sell, assign and transfer to the Company, all of the Stockholder’s right, title and interest in and to an aggregate
of one million one hundred thirty-four thousand seven hundred sixty-seven (1,134,767) shares of Class A Common Stock (the “Shares”)
at a price per Share of $37.01, which represents the closing share price on the New York Stock Exchange of the Class A Common Stock
on December 10, 2021, discounted by 5%, for an aggregate repurchase price of $41,997,726.67 (the “Repurchase Amount”).
Upon the execution of this Agreement, the Stockholder shall execute an Assignment Separate from Certificate, in the form attached hereto
as Exhibit A (the “Stock Assignment”). At the Closing, (i) the Company shall pay the Repurchase Amount
in US Dollars by wire transfer of immediately available funds to such account as the Stockholder shall have specified in writing, (ii) the
Company and the Stockholder shall cause the Shares to be transferred to the Company’s account at the Company’s transfer agent
and (iii) the Stockholder shall deliver the Stock Assignment to the Company.


 


1.2
Closing. The closing of the Repurchase (the “Closing”) shall take place at the offices of the Company,
1 Corporate Way, Lansing, Michigan on December 13, 2021, or at such other time and place as the parties hereto shall mutually agree.


 


1.3
Termination of Rights to the Shares. Upon payment of the Repurchase Amount, the Shares shall cease to be outstanding for
any and all purposes, and the Stockholder shall no longer have any rights with respect to the Shares.


 


1.4 Conversion. After
the Closing, the Company and the Stockholder acknowledge and agree to cooperate reasonably with each other in connection with any steps
required to be taken to cause any required conversion of Class B Common Stock into Class A Common Stock pursuant to the terms
of the Company’s Second Amended and Restated Certificate of Incorporation.


 






     


     


    

 


1.5
No Withholding. The Company acknowledges and agrees that no amount is required to be withheld from the Repurchase Amount
under the U.S. Internal Revenue Code of 1986, as amended, or any provision of foreign, state or local tax law, and that no such withholding
shall be made.


 


SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE STOCKHOLDER.


 


In connection with the transactions
provided for hereby, the Stockholder represents and warrants to the Company as follows:


 


2.1
Existence and Authorization. The Stockholder is a company incorporated and registered in Bermuda, and has all necessary
power and authority to execute, deliver and perform the Stockholder’s obligations under this Agreement and all agreements, instruments
and documents contemplated hereby and to sell and deliver the Shares being sold hereunder. This Agreement constitutes a legal, valid
and binding obligation of the Stockholder, enforceable against the Stockholder in accordance with its terms, except as may be limited
by bankruptcy, insolvency or other equitable remedies.


 


2.2 Waiver and Consent.
The Stockholder has delivered a waiver and consent to Prudential, dated December 10, 2021 (the “Waiver”), duly
executed by the Stockholder, relating to the Repurchase and the Prudential Repurchase. A copy of the fully executed Waiver has been delivered
to the Company.


 


2.3
Ownership of Shares. The Stockholder has good and marketable right, title and interest (legal and beneficial) in and to
all of the Shares, free and clear of all liens, pledges, security interests, charges, claims, equity or encumbrances of any kind (“Encumbrances”).
Upon paying for the Shares in accordance with this Agreement, the Company will acquire good and marketable title to the Shares, free
and clear of all Encumbrances.


 


2.4
No Conflict; No Approval. The execution and delivery of this Agreement by the Stockholder and the consummation of
the transactions contemplated hereby will not result in a breach by the Stockholder of, or constitute a default by the Stockholder under,
any agreement, instrument, decree, judgment or order to which the Stockholder is a party or by which the Stockholder may be bound. No
authorization, approval or consent, except such as have been obtained, is required in connection with the execution and delivery of this
Agreement by the Stockholder and the consummation of the transactions contemplated hereby.


 


2.5
Experience and Evaluation. The Stockholder acknowledges and agrees that, except as set forth in this Agreement, the Company
is not making any express or implied warranties in connection with the transactions contemplated hereby, and the Company hereby disclaims
any other express or implied representations or warranties with respect to itself. The Stockholder acknowledges that by reason of the
Stockholder’s business or financial experience or the business or financial experience of the Stockholder’s professional
advisers who are unaffiliated with the Company and who are not compensated by the Company, the Stockholder has the capacity to protect
the Stockholder’s own interests in connection with the sale of the Shares to the Company and to make an informed investment decision.
The Stockholder is capable of evaluating the potential risks and benefits of the sale hereunder of the Shares.


 


2.6
Access to Information. The Stockholder has received all of the information that the Stockholder considers necessary or
appropriate for deciding whether to sell the Shares hereunder and perform the other transactions contemplated hereby. The Stockholder
further represents that the Stockholder has had an opportunity to ask questions and receive answers from the Company regarding the business,
properties, prospects and financial condition of the Company and to seek from the Company such additional information as the Stockholder
has deemed necessary to verify the accuracy of any such information furnished or otherwise made available to the Stockholder by or on
behalf of the Company.


 






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2.7
No Future Participation. The Stockholder acknowledges that the Stockholder will have no future participation in any Company
gains, losses, profits or distributions with respect to the Shares. If the Shares increase in value by any means, the Stockholder acknowledges
that the Stockholder is voluntarily forfeiting any opportunity to share in any resulting increase in value from the Shares.


 


2.8
Tax Matters. The Stockholder has had an opportunity to review with the Stockholder’s tax advisers the federal, state,
local and foreign tax consequences of the Repurchase and the transactions contemplated by this Agreement. The Stockholder is relying
solely on such advisers and, other than as set forth in Section 1.5, not on any statements or representations of the Company or
any of its agents. Subject to, and without limiting, Section 1.5, the Stockholder understands that the Stockholder (and not the
Company) shall be responsible for the Stockholder’s tax liability and any related interest and penalties that may arise as a result
of the transactions contemplated by this Agreement.


 


SECTION 3. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.


 


In connection with the transactions
provided for hereby, the Company represents and warrants to the Stockholder as follows:


 


3.1
Existence and Authorization. The Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Delaware and has all necessary power and authority to execute, deliver and perform the Company’s obligations
under this Agreement and all agreements, instruments and documents contemplated hereby. This Agreement constitutes a legal, valid and
binding obligation of the Company enforceable against the Company in accordance with its terms, except as may be limited by bankruptcy,
insolvency or other equitable remedies.


 


3.2
No Conflict; No Approval. The execution and delivery of this Agreement by the Company and the consummation of the
transactions contemplated hereby will not result in a breach by the Company of, or constitute a default by the Company under, any agreement,
instrument, decree, judgment or order to which the Company is a party or by which the Company may be bound. No authorization, approval
or consent, except such as have been obtained, is required in connection with the execution and delivery of this Agreement by the Company
and the consummation of the transactions contemplated hereby.


 


SECTION 4. MISCELLANEOUS.


 


4.1
Successors and Assigns. Except as otherwise provided herein, the terms and conditions of this Agreement shall inure to
the benefit of and be binding upon the respective successors and assigns of the parties (including transferees of any Shares). Nothing
in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors
and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this
Agreement.


 


4.2
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
except the choice-of-law provisions thereof.


 


4.3
Entire Agreement. This Agreement contains the entire understanding of the parties, and there are no further or other agreements
or understandings, written or oral, in effect between the parties relating to the subject matter hereof, except as expressly referred
to herein.


 


4.4
Amendments and Waivers. Any term of this Agreement may be amended, and the observance of any term of this Agreement may
be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of
the Stockholder and the Company.


 


4.5
Further Action. Each party hereto agrees to execute any additional documents and to take any further action as may be necessary
or desirable in order to implement the transactions contemplated by this Agreement.


 






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4.6
Survival. The representations and warranties herein shall survive the Closing.


 


4.7
Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective
and valid under applicable law, but if any provision of this Agreement shall be held to be prohibited by or invalid under applicable
law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of
such provision or the remaining provisions of this Agreement.


 


4.8
Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Company shall be delivered to 1 Corporate
Way, Lansing, Michigan 48951, (telephone: (517) 381-5500); Attention: General Counsel. Notices to the Stockholder shall be delivered
to Washington House, Second Floor, 16 Church Street, Hamilton HM 11, Bermuda, (telephone: (441) 279-8400); Attention: Legal.


 


4.9
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but
all of which together shall constitute one and the same instrument.


 






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IN WITNESS WHEREOF, each
of the parties has executed this Class A Common Stock Repurchase Agreement as of the day and year first above written.


 


	 	COMPANY:
	 	 
	 	Jackson Financial Inc.
	 	 
	 	By:	/s/
    Marcia Wadsten
	 	Name:	Marcia Wadsten
	 	Title:	Executive Vice President, Chief Financial Officer
	 	 
	 	STOCKHOLDER:
	 	 
	 	Athene Co-Invest Reinsurance Affiliate
    1A Ltd.
	 	By: 	Apollo Insurance Solutions Group LP, its investment
    advisor
	 	By: 	AISG GP Ltd., its General Partner
	 	 
	 	By:	/s/ James R.
    Belardi
	 	Name:	James R. Belardi
	 	Title:	Chief Executive Officer



 






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EXHIBIT A


 


ASSIGNMENT SEPARATE FROM CERTIFICATE


 


FOR
VALUE RECEIVED, the Stockholder hereby sells, assigns and transfers unto Jackson Financial Inc. (the “Company”)
one million one hundred thirty-four thousand seven hundred sixty-seven (1,134,767) shares of the Company’s Class A
Common Stock, $0.01 par value standing in the Stockholder’s name and does hereby irrevocably constitute and appoint the Company's
secretary, Carrie Chelko, the Stockholder’s attorney-in-fact, to transfer such stock on the books of the Company with full power
of substitution in the premises.


 


	Dated:	 	 


 


(Signature page follows)


 






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	 	STOCKHOLDER
	 	 
	 	By:	                         
	 	Name:	 
	 	Title:	 



 


This
Assignment Separate from Certificate was executed pursuant to the terms of that certain Class A Common Stock Repurchase Agreement
by and between Jackson Financial Inc. and the Stockholder dated December 11, 2021.