Document:

Exhibit 10.38

 

EXECUTION VERSION

 

INVESTMENT MANAGEMENT AGREEMENT

 

This Investment Management
Agreement (the “Agreement”), dated as of November 30, 2017, is by and between Front Street Re (Cayman) Ltd.,
a Cayman exempted company organized under the laws of the Cayman Islands (the “Company”) and Blackstone ISG-I
Advisors L.L.C., a Delaware limited liability company (the “Investment Manager”).

 

WHEREAS, the Company desires
that the Investment Manager supervise and direct the investment and reinvestment with respect to the assets in the Company's general
account and any other accounts of the Company, including any surplus or funds withheld accounts (the assets in such accounts, and
together with all additions, substitutions and alterations thereto, are collectively referred to herein as the “Account”),
and the Investment Manager wishes to accept such appointment on the terms and conditions set forth in this Agreement.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained, the parties hereto agree as follows:

 

1.            Appointment
of Investment Manager. On the terms and subject to the conditions set forth herein, the Company hereby appoints the Investment
Manager as investment manager of the Account with discretionary authority to manage the investment and reinvestment of the funds
and assets of the Account in accordance with the terms hereof, and the Investment Manager accepts such appointment. In the course
of providing the services contemplated by this Agreement, the Investment Manager shall act as a fiduciary and shall discharge its
fiduciary duties and exercise each of its powers under this Agreement with the care, skill and diligence that a registered investment
adviser, acting in a like capacity and familiar with insurance company matters, would use in the conduct of a like enterprise with
like aims, taking into consideration the facts and circumstances then prevailing, and such fiduciary duties shall specifically
include a duty (a) to act with good faith; (b) of loyalty to Company; (c) to provide full and fair disclosure of all material facts;
(d) to employ reasonable care to avoid misleading Company; and (e) to act in a manner consistent with the Investment Guidelines
for the Account as agreed to between Investment Manager and Company.

 

2.            Management
Services; Duties of and Restrictions on Investment Manager; Sub-Managers.

 

(a)          For
the avoidance of doubt and without limiting the generality of the powers conferred upon it by Section 1, the Investment Manager
shall be responsible for the investment and reinvestment of the assets of the Account in accordance with the Investment Guidelines
set forth in Schedule 1 attached hereto (as amended or supplemented from time to time by an agreement in writing of the Company
and the Investment Manager, the “Investment Guidelines”). In connection therewith, the Investment Manager shall
have full authority:

 

     

     

    

 

(i)          to
buy, sell, sell short, hold and trade, on margin or otherwise and in or on any market or exchange within or outside the United
States or otherwise, preferred and common stock of domestic and foreign issuers, securities convertible into preferred or common
stock of domestic and foreign issuers, debt securities of and/or loans to domestic and foreign governmental issuers (including
federal, state, municipal, governmental sponsored agency, global and regional development bank and export-import bank issuers)
and domestic and foreign corporate issuers, investment company securities, money-market securities, partnership interests, mortgage
and asset backed securities, foreign currencies and currency forwards, futures contracts and options thereon, bank and debtor-in-possession
loans, trade receivables, repurchase and reverse repurchase agreements, commercial paper, other securities, futures and derivatives
(including equity, interest rate and currency swaps, swaptions, caps, collars and floors), asset hedging, rights and options on
all of the foregoing and other investments, assets or property selected by the Investment Manager in its discretion;

 

(ii)         to
select, open, maintain or close one or more sub-accounts with any Custodian (as defined below) pursuant to the applicable Custodial
Agreement (as defined below);

 

(iii)        to
transfer funds (by wire transfer or otherwise) or securities (by transfer via the Depository Trust & Clearing Corporation or
otherwise) (A) between the Account's Custodians (if more than one), (B) between sub-accounts maintained by any Custodian for the
Account, (C) subject to Section 20(d), between the Account and any account owned by other clients of the Investment Manager or
(D) to or from any brokers or dealers engaged by the Investment Manager on behalf of the Company in connection with the investments
permitted herein;

 

(iv)        to
select and open, maintain, and close one or more trading accounts with brokers and dealers for the execution of transactions on
behalf of the Company and to negotiate, enter into, execute, deliver, perform, renew, extend, and terminate all contracts, agreements,
and other undertakings on behalf of the Company with brokers, dealers, prime brokers or other counterparties, including, but not
limited to, executing broker agreements; and

 

(v)         to
effect such other investment transactions involving the assets in the Company's name and solely for the Account, including without
limitation, to execute swaps, futures, options and other agreements with counterparties on the Company's behalf as the Investment
Manager deems appropriate from time to time in order to carry out the Investment Manager's responsibilities hereunder.

 

(b)          In
accordance with the Investment Manager's policies and procedures set forth in Schedule 3 attached hereto, the Investment
Manager or its agent is authorized, but shall not be required, to vote, tender or convert any securities in the Account; to execute
waivers, consents and other instruments with respect to such securities; to endorse, transfer or deliver such securities or to
consent to any class action, plan of reorganization, merger, combination, consolidation, liquidation or similar plan with reference
to such securities; and the Investment Manager shall not incur any liability to the Company by reason of any exercise of, or failure
to exercise, any such discretion in the absence of gross negligence or bad faith.

 

    	 	2	 

     

    

 

(c)          Notwithstanding
anything in this Agreement to the contrary, the Investment Manager may, in its own discretion, but with the prior verbal or written
consent of the Company, delegate any or all of its discretionary investment, advisory and other rights, powers, functions and obligations
hereunder to one or more investment advisers (each, a “Sub-Manager”), including its affiliates; provided that
(i) any such delegation shall be revocable by either the Investment Manager or the Company consistent with the terms and conditions
related to the appointment of such Sub-Manager, (ii) no such designation shall relieve the Investment Manager from any of its obligations
or liabilities hereunder, and the Investment Manager shall always remain responsible to the Company for all obligations or liabilities
of such Sub-Manager with regards to providing such service or services as if provided by the Investment Manager and (iii) the
Investment Manager shall be responsible for ensuring that any Sub-Manager complies with the Investment Guidelines. Except as otherwise
provided in Section 3(a), any fees and other remuneration payable to Sub-Managers (the “Sub-Manager Fees”)
will be payable out of the assets managed by such Sub-Managers.

 

3.            Compensation;
Expenses.

 

(a)          The
Company agrees to pay, from the assets of the Account, the Investment Manager or its designee a management fee (“Management
Fee”) for the services provided pursuant to this Agreement, calculated and paid in accordance with Schedule 2 attached
hereto. To the extent that the Investment Manager engages a sub-advisor to assist with the services to be provided by the Investment
Manager pursuant to this Agreement, the Investment Manager will be responsible for all fees and expenses payable to such sub-advisor
in connection with such engagement and the Company will not incur additional fees related to such engagement of a sub-advisor.

 

(b)          [Reserved].

 

(c)          The
Investment Manager will be responsible for all fees and expenses incurred by it in performing its obligations under this Agreement,
including any fees and expenses incurred by any sub-advisor engaged by the Investment Manager (which shall include internal costs
of the Company related to the management of the Account as may be invoiced to the Investment Manager by the Company or its Affiliates)
except, for the avoidance of doubt, (i) Sub-Manager Fees which shall be paid in accordance with Section 2(d) and (ii)
Account Trading and Investment Expenses, which shall be paid by the Company out of the assets of the Account. For purposes of this
Agreement, “Account Trading and Investment Expenses” shall mean all out-of-pocket brokerage fees, brokerage commissions
and all other brokerage transaction costs, stock borrowing and lending fees, interest on cash balances, custodial fees, reasonable
transaction legal expenses, regulatory fees or taxes payable in respect of the Account, professional expenses (including fees in
connection with the use of proxy voting services) and any other fees and expenses related to the trading and investment activity
of the Account as determined by the Investment Manager (or any Sub-Manager) in good faith.

 

(d)          Any
fees charged that are payable out of the assets of the Company managed by Sub-Managers that are Affiliates of the Investment Manager
or otherwise charged to the Company for separately-managed account or fund investments managed or developed by Sub-Managers that
are Affiliates of the Investment Manager will be at rates no less favorable than the fees charged with respect to comparably-sized
third-party investors, including, in the case of such Sub-Managers that are Affiliates of the Investment Manager, fees charged
to comparably-sized clients of Investment Manager or its affiliates pursuing similar investment strategies.

 

    	 	3	 

     

    

 

4.            Custodian.

 

(a)          The
assets of the Account shall be held by one or more custodians, trustees or securities intermediaries duly appointed by the Company
(each, a “Custodian”), in one or more accounts at each such Custodian pursuant to custodial, trust or similar
agreements approved by the Company (each, a “Custodial Agreement”). The Investment Manager may open new sub-accounts
under any Custodial Agreement, and cause the assets of the Account to be held in such sub-accounts established with the applicable
Custodian in accordance with such Custodial Agreement. The Investment Manager is authorized to give instructions to each Custodian,
in writing, with respect to all investment decisions regarding the Account. Nothing contained herein shall be deemed to authorize
the Investment Manager to take or receive physical possession of any of the assets for the Account, it being intended that sole
responsibility for safekeeping thereof (in such investments as the Investment Manager may direct) and the consummation of all purchases,
sales, deliveries and investments made pursuant to the Investment Manager's direction shall rest upon the Custodians. The Custodians
may be changed from time to time upon the written instructions of the Company.

 

(b)          The
Company shall instruct each Custodian to send the Investment Manager duplicate copies of all Account statements given to the Company
by the Custodian. The Company acknowledges that it receives Account statements from each Custodian at least quarterly.

 

5.            Brokerage.
The Company hereby delegates to the Investment Manager sole and exclusive authority to designate the brokers or dealers through
whom all purchases and sales on behalf of the Account will be made. To the extent permitted by applicable law, such brokers or
dealers may include affiliates of the Investment Manager. The Investment Manager will determine the rate or rates, if any, to be
paid for brokerage services provided to the Account. In selecting brokers or dealers to effect transactions on behalf of the Account,
the Investment Manager, subject to its overall duty to obtain “best execution” of Account transactions, will have authority
to and may consider the full range and quality of the ability of the brokers or dealers to execute transactions efficiently, their
responsiveness to the Investment Manager's instructions, their facilities, reliability and financial responsibility and the value
of any research or other services or products they provide. The Investment Manager will not be obligated to seek in advance competitive
bidding for the most favorable commission rate applicable to any particular transaction for the Account or to select any broker-dealer
on the basis of its purported posted commission rate. As long as the services or other products provided by a particular broker
or dealer (whether directly or through a third party) qualify as “brokerage and research” services within the meaning
of Section 28(e) of the Securities Exchange Act of 1934, as amended (and relevant Securities and Exchange Commission interpretations
of that section) and the Investment Manager determines in good faith that the amount of commission charged by such broker or dealer
is reasonable in relation to the value of such “brokerage and research services,” the Investment Manager may utilize
the services of that broker or dealer to execute transactions for the Account on an agency basis even if (i) the Account would
incur higher transaction costs than it would have incurred had another broker or dealer been used and (ii) the Account does not
necessarily benefit from the research or products provided by that broker or dealer.

 

    	 	4	 

     

    

 

6.            Limitation
of Liability; Indemnification.

 

(a)          The
Investment Manager does not guarantee the future performance of the Account or any specific level of performance, the success of
any investment decision or strategy that the Investment Manager may use, or the success of the Investment Manager's overall management
of the Account. The Investment Manager does not provide any express or implied warranty as to the performance or profitability
of the Account or any part thereof or that any specific investment objectives will be successfully met. The Company understands
that investment decisions made by the Investment Manager on behalf of the Account are subject to various market, currency, economic,
political and business risks, and that those investment decisions will not always be profitable.

 

(b)          The
Investment Manager, any affiliate of the Investment Manager or any member, partner, shareholder, principal, director, officer,
employee or agent of the Investment Manager or any such affiliate (each, an “Investment Manager Party”) shall
not be liable for any loss, liability or damage (“Losses”) resulting from: (i) any act or omission (including
any such acts or omissions deemed to constitute willful misconduct, negligence, or bad faith) of any independent representative,
consultant, independent contractor, broker, agent or other person (other than any Sub-Manager) who is selected, engaged or retained
by the Investment Manager in connection with the performance of ministerial services, without investment management discretion,
under this Agreement, unless such person was selected, engaged or retained by the Investment Manager in a grossly negligent manner
or in bad faith; (ii) any act or failure to act by any Custodian or any other third party (other than any Sub-Manager); (iii) the
failure by the Investment Manager or any Sub-Manager to adhere to any limitations or restrictions contained in the Investment Guidelines
as a result of changes in market value, additions to or withdrawals from the Account, portfolio rebalancing or other non-volitional
acts of the Investment Manager or any Sub-Manager; or (iv) any act or omission by the Investment Manager or any Sub-Manager in
connection with the performance of its services under this Agreement, except in cases of willful misconduct, gross negligence,
bad faith or reckless disregard by the Investment Manager or such Sub-Manager of the obligations and duties of the Investment Manager
under this Agreement. The Investment Manager shall have no liability for any Losses suffered, and shall be fully indemnified by
the Company for any Losses it may suffer, as the result of any actions it takes or any actions it does not take based on instructions
received from any of the authorized persons of the Company reasonably believed by the Investment Manager to be genuine. The Investment
Manager may consult with legal counsel at its cost and expense concerning any question which may arise with reference to this Agreement
or its duties hereunder.

 

    	 	5	 

     

    

 

(c)          The
Investment Manager shall indemnify, defend, hold and save harmless the Company, any affiliate of the Company or any member, partner,
shareholder, principal, director, officer, employee or agent of the Company or any such affiliate (each, a “Company Party”)
against any Losses, costs and expenses (including, without limitation, any interest, penalties and reasonable attorneys’
fees incurred in connection with the defense of Proceedings) to the extent arising from: (i) any inaccuracy in or breach of the
representations and warranties made by the Investment Manager contained in Section 8(b) of this Agreement, (ii) any breach
or failure by the Investment Manager to perform any of its covenants or obligations contained in this Agreement, (iii) any act
or omission by the Investment Manager deemed to constitute a breach of the standard of care set forth in Section 1 of this
Agreement or (iv) any bad faith, willful misfeasance, gross negligence or reckless disregard of duties in connection with the performance
by Investment Manager, its officers, agents and employees of its obligations under this Agreement. The Investment Manager will
provide written notice to the Company promptly if the Investment Manager identifies any matter that is or is reasonably likely
to result in a breach of this Agreement.

 

(d)          The
federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore
nothing in this Agreement will waive or limit any rights that the Company may have under those laws.

 

7.            Termination.

 

(a)          Either
party may terminate this Agreement upon thirty (30) calendar days prior written notice (a “Termination Notice”)
or such shorter period of time as the parties may agree in writing.

 

(b)          Termination
of this Agreement shall not, however, affect liabilities and obligations incurred or arising from transactions initiated under
this Agreement prior to the termination date, or consummation of any transactions initiated prior to the receipt by one party of
the other party’s notice of termination. Following a Termination Notice, the Investment Manager shall work with the Company
to effect a prompt and orderly transition of the portfolio; provided, however, that the Investment Manager will have no
obligation to recommend any action with respect to, or to liquidate, the assets in the portfolio nor shall the Investment Manager
be required to incur any out of pocket expense.

 

8.            Representations,
Warranties and Covenants.

 

(a)          The
Company represents and warrants to the Investment Manager as follows:

 

(i)          the
Company has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

 

(ii)         this
Agreement constitutes a binding obligation of the Company, enforceable against the Company in accordance with its terms, except
as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar
laws relating to or affecting creditors' rights or by general equity principles, regardless of whether such enforceability is considered
in a proceeding in equity or at law;

 

(iii)        the
execution, delivery and performance of this Agreement by the Company do not violate (A) any law applicable to the Company, (B)
any provision of the constituent documents of the Company, or (C) any agreement or instrument to which the Company is a party,
except for such violations as would not have a material adverse effect on the ability of the Company to perform its obligations
under this Agreement;

 

    	 	6	 

     

    

 

(iv)        no
consent of any person, and no license, permit, approval or authorization of, exemption by, report to, or registration, filing or
declaration with, any governmental authority is required by the Company in connection with the execution, delivery and performance
of this Agreement other than those already obtained;

 

(v)         the
Company is an insurance company;

 

(vi)        the
Company is not an investment company (as that term is defined in the Investment Company Act of 1940, as amended) nor exempt from
the definition of investment company by reason of Section 3(c)(1) of such Act;

 

(vii)       the
Company is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities
Act of 1933, as amended, and the Company will promptly notify the Investment Manager if the Company ceases to be a QIB;

 

(viii)      the
Company is a “qualified eligible person” (“QEP”) as defined in Commodity Futures Trading Commission
Rule 4.7 (“CFTC Rule 4.7”), and the Company will promptly notify the Investment Manager if the Company ceases to be
a QEP, and hereby consents to be treated as an “exempt account” under CFTC Rule 4.7 by the Investment Manager or any
Sub-Manager, as the case may be;

 

(ix)         the
Company is a “qualified purchaser” (“QP”) as defined in Section 2(a)(51) of the Investment Company
Act of 1940, as amended, and the Company will promptly notify the Investment Manager if the Company ceases to be a QP;

 

(x)          none
of the assets contained in the Account are or will be “plan assets” of an employee benefit plan subject to the provisions
of the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended;

 

(xi)         the
Company has adopted appropriate anti-money laundering policies and procedures consistent with the applicable requirements of the
USA PATRIOT Act and any other applicable anti-money laundering laws and regulations; and

 

(xii)        the
Company has received a copy of the Investment Manager’s Form ADV Part 2A.

 

(b)          The
Investment Manager represents and warrants, and with respect to clause (vii) below, covenants, to the Company as follows:

 

    	 	7	 

     

    

 

(i)          the
Investment Manager has full corporate power and authority to execute and deliver this Agreement and to perform its obligations
hereunder;

 

(ii)         this
Agreement constitutes a binding obligation of the Investment Manager, enforceable against the Investment Manager in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other similar laws relating to or affecting creditors' rights or by general equity principles, regardless of whether such enforceability
is considered in a proceeding in equity or at law;

 

(iii)        the
execution, delivery and performance of this Agreement by the Investment Manager do not violate (A) any law applicable to the Investment
Manager, (B) any provision of the articles of incorporation or by-laws of the Investment Manager, or (C) any agreement or instrument
to which the Investment Manager is a party, except for such violations as would not have a material adverse effect on the ability
of the Investment Manager to perform its obligations under this Agreement;

 

(iv)        no
consent of any person, and no license, permit, approval or authorization of, exemption by, report to, or registration, filing or
declaration with, any governmental authority is required by the Investment Manager in connection with the execution, delivery and
performance of this Agreement other than those already obtained;

 

(v)         the
Investment Manager is registered under the Investment Advisers Act of 1940, as amended, as an “investment adviser”;

 

(vi)        the
Investment Manager has adopted appropriate anti-money laundering policies and procedures consistent with the applicable requirements
of the USA PATRIOT Act and any other applicable anti-money laundering laws and regulations; and

 

(vii)       the
Investment Manager shall continue to be registered under the Investment Advisers Act of 1940, as amended, as an “investment
adviser” for as long as this Agreement is in full force and effect or until this Agreement is otherwise terminated in accordance
with Section 7.

 

(c)          The
Company acknowledges and agrees that, in accordance with Section 4, the Investment Manager shall under no circumstances
act as custodian of the assets of the Account or any securities or other investments purchased or sold for the Account or cash
pending contribution to or distribution from any such investment or take or have title to or possession of the assets of the Account
or any securities or other investments purchased or sold for the Account. The Investment Manager shall not have the power or authority
to amend the terms of any of the Company’s custody arrangements with respect to the Account or related cash or to appoint
a custodian without the Company’s prior written consent.

 

    	 	8	 

     

    

 

9.            Asset
Hedging Activities. The Company hereby authorizes the Investment Manager to enter into, in the name, and on behalf, of the
Company, such over-the-counter, exchange traded and other asset hedging and derivative transactions with respect to the Account
(including executing any and all contracts or agreements related thereto) as are permitted pursuant to the Investment Guidelines
and in accordance with the Company’s derivative use plan as adopted by the Company’s Board of Directors (each such
transaction, a “Derivative Transaction”) and any such Derivative Transaction shall be the responsibility
of the Company.

 

10.           Notices.
All notices, requests, demands and other communications hereunder must be in writing and shall be deemed to have been duly given
if delivered by hand, facsimile, e-mail, or mailed by first class, registered mail, return receipt requested, postage and registry
fees prepaid and addressed as follows:

 

(a)          If
to the Company:

Front Street Re (Cayman) Ltd.

1001 Fleet Street, 6th Floor

Baltimore, Maryland 21202

Email: legalgovernance@fglife.bm

Attention: General Counsel

 

(b)          If
to the Investment Manager:

Blackstone ISG-I Advisors L.L.C.

345 Park Avenue

New York, New York 10154

Email: jeffrey.iverson@blackstone.com

Attention: Jeffrey Iverson

                  Managing Director and Chief Compliance Officer

 

Addresses may be changed by notice in writing signed by the addressee.

 

11.          No
Assignment. This Agreement may not be assigned by any party to this Agreement without the prior written consent of the other
parties hereto. For purposes of the preceding sentence, the term “assign” shall have the meaning given the term “assignment”
in Section 202(a)(1) of the Advisers Act and Rule 202(a)(1)-1 thereunder. Subject to the foregoing, this Agreement shall inure
to the benefit of and be binding on the parties hereto and their successors and permitted assigns, in each case provided that
such successor or assignee agrees to be bound by the terms and conditions of this Agreement.

 

12.          Governing
Law. To the extent consistent with any mandatorily applicable federal law, this Agreement shall be governed by the laws of
the State of New York without giving effect to any principles of conflicts of law thereof that would permit or require the application
of the law of another jurisdiction and are not mandatorily applicable by law.

 

13.          [Reserved].

 

14.          Arbitration.
Any controversy arising out of or in connection with this Agreement shall be settled by arbitration in New York City in accordance
with the Commercial Arbitration Rules of the American Arbitration Association then in effect, and any award rendered thereon shall
be enforceable in any court of competent jurisdiction. Without giving effect to Section 12, any such arbitration and this Section
14 shall be governed by Title 9 of the U.S. Code (Arbitration).

 

    	 	9	 

     

    

 

15.          Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or
otherwise, that the other would not, in the event of a proceeding, seek to enforce the forgoing waiver and (ii) acknowledges that
it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.

 

16.          Right
to Audit. The Company and it representatives shall have the right, at its own expense, to conduct an audit of the relevant
books, records and accounts of the Investment Manager related to the Account during normal business hours upon giving reasonable
notice of their intent to conduct such an audit. In the event of such audit, the Investment Manager shall comply with the reasonable
requests of the Company and its representatives and provide access to all books, records and accounts necessary to the audit and
the Company shall reimburse the Investment Manager for its reasonable costs and expenses in connection with such audit.

 

17.          Books
and Records. The Investment Manager shall keep and maintain proper books and records wherein shall be recorded the business
transacted by it on behalf of, in the name of, or on account of the Company in respect of the Account.

 

18.          Reports.
The Investment Manager shall furnish the Company with such reports relating to the Account as the Company shall from time to time
reasonably require.

 

19.          Force
Majeure. No party to this Agreement shall be liable for damages resulting from delayed or defective performance when such delays
arise out of causes beyond the control and without the fault or gross negligence of the offending party. Such causes may include,
but are not restricted to, acts of God or of the public enemy, terrorism, acts of the state in its sovereign capacity, fires, floods,
earthquakes, power failure, disabling strikes, epidemics, quarantine restrictions and freight embargoes.

 

20.          Non-Exclusive
Dealings with and by Investment Manager Parties; Conflicts of Interest.

 

(a)          Although
nothing herein shall require the Investment Manager to devote its full time or any material portion of its time to the performance
of its duties and obligations under this Agreement, the Investment Manager shall furnish continuous investment management services
for the Account and, in that connection, devote to such services such of its time and activity (and the time and activity of its
employees) during normal business days and hours as it shall reasonably determine to be necessary for the Account to achieve its
investment objective(s); provided, however, that nothing contained in this Section 20(a) shall preclude the Investment Manager
Parties from acting, consistent with the foregoing, either individually or as a member, partner, shareholder, principal, director,
trustee, officer, official, employee or agent of any entity, in connection with any type of enterprise (whether or not for profit),
regardless of whether the Company, Account or any Investment Manager Party has dealings with or invests in such enterprise.

 

    	 	10	 

     

    

 

(b)          The
Company understands that the Investment Manager will continue to furnish investment management and advisory services to others,
and that the Investment Manager shall be at all times free, in its discretion, to make recommendations to others which may be the
same as, or may be different from those made to the Account. The Company further understands that the Investment Manager Parties
may or may not have an interest in the securities whose purchase and sale the Investment Manager may recommend. Actions with respect
to securities of the same kind may be the same as or different from the action which the Investment Manager Parties or other investors
may take with respect thereto. Furthermore, the Company understands and agrees that each Investment Manager Party shall have the
right to engage, directly or indirectly, in the same or similar business activities or lines of business as the Investment Manager
and any other Investment Manager Party and no knowledge or expertise of any Investment Manager Parties or any opportunities available
to such Investment Manager Parties shall be imputed to the Investment Manager or any other Investment Manager Parties.

 

(c)          The
Company agrees that the Investment Manager may refrain from rendering any advice or services concerning securities of companies
of which any of the Investment Manager Parties are directors or officers, or companies as to which the Investment Manager Parties
have any substantial economic interest or possesses material non-public information, unless the Investment Manager either determines
in good faith that it may appropriately do so without disclosing such conflict to the Company or discloses such conflict to the
Company prior to rendering such advice or services with respect to the Account.

 

(d)          From
time to time, when determined by the Investment Manager to be in the best interest of the Company, the Account may purchase securities
from or sell securities to another account (including, without limitation, public or private collective investment vehicles) managed,
maintained or trusteed by the Investment Manager or an affiliate at prevailing market levels in accordance with applicable law
and utilizing such pricing methodology determined to be fair and equitable to the Company in the Investment Manager's good faith
judgment.

 

(e)          Consistent
with applicable law, the Company hereby authorizes the Investment Manager to effect securities transactions on behalf of the Account
with its affiliated broker-dealers, and understands that such affiliated broker-dealers may retain commissions in connection with
effecting any transactions for the Account. The Investment Manager and any affiliated broker-dealers are also hereby authorized,
consistent with applicable law, by the Company to execute agency cross transactions on behalf of the Account. Agency cross transactions
may facilitate a purchase or sale of a block of securities for the Account at a predetermined price and may avoid unfavorable price
movements which might otherwise be suffered if the purchase or sale order were exposed to the market. However, the Investment Manager
and its affiliated broker-dealers may receive commissions from, and therefore may have a potentially conflicting division of loyalties
and responsibilities regarding, both parties to an agency cross transaction. The Company understands that its authority to the
Investment Manager to effect agency cross transactions for the Company is terminable at will without penalty, effective upon receipt
by the Investment Manager of written notice from the Company.

 

    	 	11	 

     

    

 

21.          Aggregation
and Allocation of Orders. The Company acknowledges that circumstances may arise under which the Investment Manager determines
that, while it would be both desirable and suitable that a particular security or other investment be purchased or sold for the
account of more than one of the Investment Manager's clients' accounts, there is a limited supply or demand for the security or
other investment. Under such circumstances, the Company acknowledges that, while the Investment Manager will seek to allocate the
opportunity to purchase or sell that security or other investment among those accounts on a fair and reasonable basis, the Investment
Manager shall not be required to assure equality of treatment among all of its clients (including that the opportunity to purchase
or sell that security or other investment will be proportionally allocated among those clients according to any particular or predetermined
standards or criteria). Where, because of prevailing market conditions, it is not possible to obtain the same price or time of
execution for all of the securities or other investments purchased or sold for the Account, the Investment Manager may average
the various prices and charge or credit the Account with the average price.

 

22.           Investment
Manager Independent. For all purposes of this Agreement, the Investment Manager shall be deemed to be an independent contractor
and shall have no authority to act for, bind or represent the Company or the Company's shareholders in any way, except as expressly
provided herein, and shall not otherwise be deemed to be an agent of the Company. Nothing contained herein shall create or constitute
the Investment Manager and the Company as a member of any partnership, joint venture, association, syndicate, unincorporated business
or other separate entity, nor shall anything contained herein be deemed to confer on any of them any express, implied, or apparent
authority to incur any obligation or liability on behalf of any other person, except as expressly provided herein.

 

23.          Anti-Money
Laundering. Upon request from the Company no more than once per calendar year, the Investment Manager shall promptly provide
to the Company a signed, written certification in the Investment Manager’s standard form with respect to the Investment Manager’s
compliance of their services rendered to the Company with the Investment Manager’s anti-money laundering policies and procedures.
If the Investment Manager fails to deliver to the Company an accurate certification of compliance with the Investment Manager’s
anti-money laundering policies and procedures as required by this Section 23, the Company shall have the right to audit
the Investment Manager for compliance with the Investment Manager’s anti-money laundering policies and procedures, as determined
by the Company’s Anti-Money Laundering Officer.

 

24.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement
and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject
matter of this Agreement. There are no understandings between the parties with respect to the subject matter of this Agreement
other than as expressed herein.

 

25.          Severability.
To the extent this Agreement may be in conflict with any applicable law or regulation, this Agreement shall be construed to the
greatest extent practicable in a manner consistent with such law or regulation. The invalidity or illegality of any provision of
this Agreement shall not be deemed to affect the validity or legality of any other provision of this Agreement.

 

    	 	12	 

     

    

 

26.          Counterparts;
Amendment. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. This Agreement may not be modified or amended, except by
an instrument in writing signed by the party to be bound or as may otherwise be provided for herein.

 

27.          Business
Day. For the purpose of this Agreement, “Business Day” shall mean any day other than a Saturday, Sunday
or any other day on which banking institutions are authorized or required by law or executive order to close in New York, New York.

 

[Remainder of page intentionally left blank.]

 

    	 	13	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be executed by their respective duly authorized officers as of the date and year first above written.

 

PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES
TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED
TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING
IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES
TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.

 

	 	Blackstone ISG-I Advisors L.L.C.
	 	 	 
	 	/s/ Jeffrey C. Iverson
	 	Name:	Jeffrey C. Iverson
	 	Title:	Chief Compliance Officer and General Counsel
	 	 	 
	 	Front Street Re (Cayman) Ltd.
	 	 	 
	 	/s/ John Tweedie
	 	Name:  	John Tweedie
	 	Title:	Chief Executive Officer

 

Signature Page

Investment Management Agreement 

     

     

    

 

Schedule I

 

Investment Guidelines

 

Capitalized terms used but not otherwise
defined in these Investment Guidelines have the meanings ascribed to such terms in the Investment Management Agreement.

 

Account Investment Guidelines

 

The following Investment Guidelines shall apply
to the assets in the Account.

 

The Investment Guidelines for the Account,
including specific Investment Guidelines for any sub-division of the Account, may be amended or supplemented from time to time
by an agreement in writing between the Company and the Investment Manager, to reflect duration, asset, sector, credit quality,
appropriate limits and excluded investments, and to conform to applicable regulatory investment requirements of all relevant jurisdictions
pertaining to the assets in the Account as may be reasonably requested by the Company. Upon any change or supplement to the Investment
Guidelines or determination of non-compliance with the Investment Guidelines, the Investment Manager will act to comply with the
Investment Guidelines within a reasonable period of time following notice to the Investment Manager of such change, supplement
or determination of non-compliance.

 

Both parties agree that the Investment Guidelines
will be amended to reflect any future changes in the Cayman Insurance Law with respect to reinsurance reserve credits or assets
eligible to back the legal reserves.

 

Investment Objectives

 

The Company’s investment objectives are
to ensure the prudent management of the Company’s investments, taking into account the safety of principal, investment yield
and return, stability in the value of the investment, and liquidity necessary to meet the Company’s obligations to policyholders,
expected business needs, and investment diversification, and to satisfy all applicable jurisdictions’ regulatory requirements
and related regulations governing capital, surplus, risk based capital and investment activities.

 

Board Oversight

 

The management of the Account shall at all
times remain under the oversight of the Board of Directors of the Company. The Company’s management will oversee the ongoing
activities of the Investment Manager to achieve the Company’s business goals within its risk, capital and liquidity tolerances.
The Company reserves the right to review and direct as needed specific investment activity to achieve its objectives.

 

    	 	IG-1	 

     

    

 

Schedule 2

 

Management Fee Schedule

 

Capitalized terms used but not otherwise
defined in this Schedule 2 have the meanings ascribed to such terms in the Investment Management Agreement.

 

		1.	Management Fee: In consideration of the services
performed under the Agreement, the Company shall pay the Investment Manager a management fee (the “Management Fee”)
equal to 0.30% per annum of the Average Month-End Net Asset Value of the Account, calculated and paid quarterly in arrears.

 

The “Average Month-End Net
Asset Value” shall be the average of the month-end net asset values of the Account during the calendar quarter with adjustments
for contributions to, or withdrawals from, the Account during such period.

 

If the period in respect of which
a Management Fee is payable is less than a calendar quarter, then the Management Fee shall be pro-rated accordingly.

 

		2.	Valuation. The Custodian shall be responsible
for determining the value of the Account and shall submit a proposed valuation of the Account as of each month-end to the Investment
Manager. The parties agree to negotiate in good faith as to any objections raised by the Investment Manager about the valuation
of assets in the Account for purposes of determining the Management Fee.

 

		3.	Payment of Fees: The Management Fee will
be calculated, billed, and paid quarterly in arrears, based on the Average Month-End Net Asset Value of the Account as of the
last business day of each and all of the three calendar months during the relevant quarter, or in the case of any partial quarterly
period, the last day of each calendar month during the relevant period and the last business day of such period. Any fee payable
by the Company hereunder will be paid by Company within 10 Business Days following receipt by the Company of an invoice for such
fee, detailing the calculation of such fee. Upon termination of the Agreement, any outstanding Management Fee shall become immediately
payable by the Company.

 

		4.	Sub-Manager Fees. For the avoidance of doubt,
nothing in this Schedule shall affect the provisions of the Agreement pursuant to which any Sub-Manager Fees (subject to the requirements
of the Investment Guidelines) shall be payable out of the assets managed by such Sub-Managers, which are in addition to any Management
Fees payable hereunder.

 

     

     

    

 

Schedule 3

 

Proxy Policies and Procedures Schedule

 

[See attached.]Exhibit 10.39

 

EXECUTION VERSION

 

CF Corporation

Sterling House

16 Wesley Street

Hamilton HM CX

Bermuda

 

November 30, 2017

 

Blackstone ISG-I Advisors L.L.C.

345 Park Avenue

New York, New York 10154

Email: jeffrey.iverson@blackstone.com

Attn: Jeffrey Iverson, Managing Director and Chief Compliance Officer

 

Investment Management Agreements

 

Ladies and Gentlemen:

 

Reference is made to the
Investment Management Agreements set forth on Exhibit A (as such agreements may be amended or modified from time to time,
the “Investment Management Agreements”) to be entered into between certain subsidiaries (individually, a “Company”
and collectively, the “Companies”) of CF Corporation, a Cayman Islands exempted corporation (“CF Corp.”),
that are party to such Investment Management Agreements, and Blackstone ISG-I Advisors L.L.C., a Delaware limited liability company
(the “Investment Manager”), and a wholly owned subsidiary of The Blackstone Group L.P. (“Blackstone”).

 

Pursuant to, and in anticipation
of entering into and performing the services required of it under, the Investment Management Agreements, the Investment Manager
has dedicated, and will dedicate, significant efforts and has expended, and will expend, significant resources, including by hiring
employees, entering into service agreements and other contractual arrangements, investing in information technology systems, making
regulatory filings and corresponding with regulators, securing office space, and committing time and resources of personnel of
the Investment Manager and its affiliates, in each case, in developing and implementing an investment management and asset allocation
strategy that will be intended to result in significant benefits to the Companies and their respective affiliates. In order to
induce the Investment Manager to devote the resources necessary to successfully implement the arrangements contemplated by the
Investment Management Agreements and to ensure the preservation of the covenants and agreements set forth in the Investment Management
Agreements, and in consideration of the representations, warranties, covenants and agreements set forth in such Investment Management
Agreements, and the expected benefits to be derived by the Companies from entering into the applicable Investment Management Agreements
with the Investment Manager, CF Corp., the ultimate parent company of the Companies, is entering into this agreement (this “Agreement”)
with you as follows:

 

     

     

    

 

1.          Defined
Terms. Capitalized terms not otherwise defined in this Agreement shall have the meanings set forth in the applicable Investment
Management Agreement.

 

2.          Termination
of the Investment Management Agreements. CF Corp shall not cause, permit or suffer any Company to terminate the Investment
Management Agreement that such Company is a party to, except (x) in accordance with the terms and conditions of Section 2(b)
hereof (which, among other things, requires the delivery of a notice in connection with the end of the then-current Term and provides
the Investment Manager the opportunity to address any long-term performance concerns and adjust fees) or (y) in accordance with
the terms and conditions of Section 2(c) hereof:

 

(a)          The
“Term” with respect to each Investment Management Agreement will commence on the Closing Date (as defined in
the Merger Agreement, dated May 24, 2017, by and among CF Corp., Fidelity & Guaranty Life, a Delaware corporation, FGL US Holdings
Inc., a Delaware corporation, and FGL Merger Sub Inc., a Delaware corporation), and will (i) initially end on the third (3rd)
anniversary of the Closing Date (the “Initial Term”) and thereafter (ii) automatically renew on each anniversary of
the Closing Date (beginning on the third (3rd) anniversary of the Closing Date) for an additional one (1) year period
unless terminated in accordance with Section 2(b) or Section 2(c).

 

(b)          Termination
for Adverse Performance:

 

(i)          Following
the Initial Term, a Company may make an election to terminate the Investment Management Agreement to which it is a party on any
annual anniversary of the Closing Date (each, an “IMA Termination Election Date”) provided, that:

 

		(1)	such Company has provided written notice to the Investment
Manager of such termination (an “IMA Termination Notice”) at least thirty (30) days prior to the applicable
IMA Termination Election Date;

 

    	 	2	 

     

    

 

		(2)	the IMA Termination Notice has been authorized by the vote
of the Chief Executive Officer of CF Corp. and at least two-thirds (2/3) of the directors of CF Corp. who are not current officers
or employees of the Investment Manager and its corporate affiliates (which corporate affiliates shall not, for the avoidance of
doubt, include CF Corp. or its subsidiaries) or of investment funds sponsored by the Investment Manager and its corporate affiliates
(the “Non-Affiliated Directors”) in accordance with clause (ii) below (an IMA Termination Notice delivered
with such approval, a “Valid IMA Termination Notice”); and

 

		(3)	no such termination shall be effective on any date earlier
than the second (2nd) anniversary of the applicable IMA Termination Election Date (the “IMA Termination Effective
Date”).

 

(ii)         Notwithstanding
anything to the contrary set forth herein, no Company may approve any election to terminate the Investment Management Agreement
to which it is a party pursuant to Section 2(b)(i) unless the Chief Executive Officer of CF Corp. and at least two-thirds
(2/3) of the Non-Affiliated Directors, in their sole discretion and acting reasonably and in good faith, determine that one of
the following two events has occurred and is continuing:

 

		(1)	unsatisfactory long term performance by the Investment
Manager under such Investment Management Agreement, that is materially detrimental to such Company; or

 

		(2)	the fees charged by the Investment Manager under such Investment
Management Agreement are unfair and excessive compared to those that would be charged by a comparable asset manager (which for
these purposes shall mean an asset manager with personnel of experience, education and qualification, and whose services are of
a scale and scope, comparable to those of the Investment Manager (considered together with its affiliates) managing an investment
portfolio with a composition and asset allocation comparable to the Account) and under investment guidelines and restrictions
comparable to the applicable Investment Guidelines attached to such Investment Management Agreement;

 

    	 	3	 

     

    

 

		(3)	provided, however, in either such case, the Non-Affiliated
Directors shall deliver written notice of such finding to the Investment Manager, and the Investment Manager shall thereafter
reasonably cooperate until the applicable IMA Termination Effective Date (i.e., for 2 years) to address the Non-Affiliated Directors’
concerns and; provided further, that in the case of clause (2), the Investment Manager shall have the right to adjust its
fees so that they are no higher, in the aggregate, than the fees proposed by any comparable asset manager; and

 

		(4)	if the Investment Manager has addressed the Non-Affiliated
Directors’ concerns (with the assessment of whether the Non-Affiliated Directors’ concerns have been addressed being
rendered in good faith with the approval of at least a majority of the Non-Affiliated Directors) or, if applicable, adjusted its
fees to be not higher, in aggregate, than the fees proposed by a comparable asset manager, then the applicable IMA Termination
Notice shall be deemed rescinded and of no further force or effect and the corresponding IMA Termination Effective Date shall
not occur.

 

(iii)        
Beginning on the third (3rd) anniversary of the Closing Date, and on each anniversary thereafter, to the extent no Valid
IMA Termination Notice has been delivered in accordance with this Section 2(b) prior to such date, the Term with respect
to each Investment Management Agreement for which no Valid IMA Termination Notice has been delivered shall be extended automatically
without any further action or obligation by any persons (including, without limitation, the parties thereto or hereto) for one
(1) additional year.

 

(c)          Notwithstanding
anything to the contrary in this Section 2, a Company may terminate the Investment Management Agreement that it is a party
to at any time by providing written notice to the Investment Manager that such Company has determined that either:

 

(i)          the
Investment Manager is no longer able to carry on its investment advisory business as a going concern under the Investment Advisers
Act of 1940; or

 

(ii)         the
Investment Manager is unable to manage the applicable Account in all material respects as provided for in such Investment Management
Agreement; or

 

    	 	4	 

     

    

 

(iii)        the
Investment Manager is performing its obligations under such Investment Management Agreement with gross negligence, willful misconduct
or reckless disregard of any of such obligations; provided, that

 

(iv)        in
each case the Investment Manager shall have the right to dispute such Company’s determination within thirty (30) days after
receiving notice from such Company, in which case the parties to such Investment Management Agreement shall submit the question
as to whether the conditions of this clause (c)(i), (ii) or (iii) have been met to binding arbitration in accordance with Section
14 of such Investment Management Agreement, and such Investment Management Agreement shall continue to remain in effect during
the period of the arbitration; and

 

(v)         any
termination by such Company as provided in this Section 2(c) shall require the approval of at least two-thirds (2/3) of
the Non-Affiliated Directors and the delivery of written notice to the Investment Manager of such termination at least thirty (30)
days prior to the effective date of such termination.

 

(d)          For
avoidance of doubt, the provisions contained in this Section 2 do not and shall not be deemed to constitute an obligation
of a Company in respect of its rights to terminate the Investment Management Agreement to which it is a party, which rights are
set forth solely therein. Any breach of this Agreement by CF Corp., and any termination by a Company of the Investment Management
Agreement to which it is a party in any manner that is not in accordance with the provisions of this Section 2, will give
rise to remedies solely against CF Corp. (or any successor thereto) as described in Sections 3 and 4 below.

 

3.          Specific
Performance. Each of the parties hereto agrees that irreparable damage would occur and that the other party would not have
any adequate remedy at law in the event that any provision of this Agreement were not performed in accordance with its specific
terms or were otherwise breached and that money damages or other legal remedies would not be an adequate remedy for any such failure
to perform or breach. It is accordingly agreed that, without posting a bond or other undertaking, each party shall be entitled
to injunctive or other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement in the courts of the State of New York sitting in the County of New York, the federal courts for the Southern
District of New York, and appellate courts having jurisdiction of appeals from any of the foregoing, this being in addition to
any other remedy to which they are entitled at law or in equity. In the event that any such action is brought in equity to enforce
the provisions of this Agreement, neither party shall allege, and each party hereby waives the defense or counterclaim, that there
is an adequate remedy at law. The parties hereto further agree that (a) by seeking any remedy provided for in this Section 3,
a party hereto shall not in any respect waive its right to seek any other form of relief that may be available to such party hereto
under this Agreement and (b) nothing contained in this Section 3 shall require any party hereto to institute any action
for (or limit such party’s right to institute any action for) specific performance under this Section 3 before exercising
any other right under this Agreement.

 

    	 	5	 

     

    

 

4.          Remedy
in the Event of Company Termination. If a Company exercises its rights to terminate the Investment Management Agreement that
such Company is a party to in any manner that is not in accordance with the provisions set forth in Section 2, above, the
Investment Manager shall be entitled to receive from CF Corp. as compensation for the costs incurred in performing services under,
and the failure to receive the benefits reasonably anticipated by, such Investment Management Agreement, the full amount of damages
available at law in the same manner and to the same extent as if such Investment Management Agreement had been terminated by or
at the direction of CF Corp. in violation of the terms of this Agreement.

 

5.          Governing
Law; Submission to Jurisdiction. This Agreement and its enforcement will be governed by, and interpreted in accordance with,
the laws of the State of New York applicable to agreements made and to be performed entirely within such State, without regard
to any principles of conflicts of laws principles of such State that would provide for the application of the laws of any other
jurisdiction. Each of the parties hereto irrevocably and unconditionally submits for itself and its property in any dispute arising
out of or relating to this Agreement, the transactions contemplated hereby, the formation, breach, termination or validity of this
Agreement or the recognition and enforcement of any judgment in respect of this Agreement, to the exclusive jurisdiction of the
courts of the State of New York sitting in the County of New York, the federal courts for the Southern District of New York, and
appellate courts having jurisdiction of appeals from any of the foregoing, and all claims in respect of any such dispute shall
be heard and determined in such New York courts or, to the extent permitted by law, in such federal court. Any such dispute may
and shall be brought in such courts and each of the parties hereto irrevocably and unconditionally waives any objection that it
may now or hereafter have to the venue or jurisdiction of any such dispute in any such court or that such dispute was brought in
an inconvenient court and shall not plead or claim the same.

 

6.          Waiver
of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A
TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly
or otherwise, that the other would not, in the event of a proceeding, seek to enforce the forgoing waiver and (ii) acknowledges
that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.

 

    	 	6	 

     

    

 

7.          Assignment;
Successors; Waivers. This Agreement shall not be assigned by any party hereto without the prior written consent of the other
party hereto. Any attempted assignment in violation of this Section 7 shall be void. This Agreement shall be binding upon,
shall inure to the benefit of, and shall be enforceable by the parties hereto and their successors and permitted assigns. Any term
or provision of this Agreement may be waived, or the time for its performance may be extended, in writing at any time by the party
or parties entitled to the benefit thereof. Any such waiver shall be validly and sufficiently authorized for the purposes of this
Agreement if, as to any party, it is authorized in writing by an authorized representative of such party. The failure of any party
hereto to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any
way to affect the validity of this Agreement or any part hereof or the right of any party thereafter to enforce each and every
such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any preceding or subsequent breach.

 

8.          Severability.
To the extent this Agreement may be in conflict with any applicable law, this Agreement shall be construed to the greatest extent
practicable in a manner consistent with such law. The invalidity or illegality of any provision of this Agreement shall not be
deemed to affect the validity or legality of any other provision of this Agreement.

 

9.          Counterparts;
Amendment. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. This Agreement may not be modified or amended, except by
an instrument in writing signed by the party to be bound or as may otherwise be provided for herein.

 

If the above correctly
reflects our understanding and agreement with respect to the foregoing matters, please so confirm by signing a copy of this letter,
and returning it to us, in the space provided below.

 

[Remainder of page intentionally left blank;
signature pages follow]

 

    	 	7	 

     

    

 

	 	Sincerely,
	 	 	 
	 	CF CORPORATION
	 	 	 
	 	By:	/s/ Chinh E. Chu
	 	Name:	Chinh E. Chu
	 	Title:	Co-Executive Chairman

 

    	 	8	 

     

    

 

	ACCEPTED AND AGREED
	 
	BLACKSTONE ISG-I ADVISORS L.L.C.
	 
	By:	/s/ Jeffrey C. Iverson	 
	Name:	Jeffrey C. Iverson	 
	Title:	Chief Compliance Officer and General Counsel	 

 

    	 	9	 

     

    

 

Exhibit A

Investment Management Agreements

  

		·	Investment Management Agreement, dated as of the date hereof, by and between FGL US Holdings Inc. and Blackstone ISG-I Advisors
L.L.C.

 

		·	Investment Management Agreement, by and between FGL Holdings and Blackstone ISG-I Advisors L.L.C.

 

		·	Investment Management Agreement, dated as of the date hereof, by and between Fidelity & Guaranty Life Holdings, Inc. and
Blackstone ISG-I Advisors L.L.C.

 

		·	Investment Management Agreement, dated as of the date hereof, by and between Front Street Re (Cayman) Ltd. and Blackstone ISG-I
Advisors L.L.C.

 

		·	Investment Management Agreement, dated as of December 4, 2017, by and between F&G Re Ltd and Blackstone ISG-I Advisors
L.L.C.

 

		·	Investment Management Agreement, by and between CF Bermuda Holdings Limited and Blackstone ISG-I Advisors L.L.C.

 

		·	Investment Management Agreement, dated as of the date hereof, by and between Fidelity & Guaranty Life Insurance Company
and Blackstone ISG-I Advisors L.L.C.

 

    	 	A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00277-of-00352.parquet"}]]