Document:

EX-10.4

 Exhibit 10.4 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this
“Agreement”) is made and entered into as of __________, 2018, between Vericity, Inc., a Delaware corporation (the “Company”), and __________ (“Indemnitee”). 

WHEREAS, the Board of Directors of the Company (the “Board” or “Board of Directors”) has concluded that to
retain and attract talented and experienced individuals to serve as directors and officers of the Company, it is necessary for the Company to contractually indemnify its directors and certain of its officers and to assume liability for expenses and
damages in connection with claims against such directors and officers in connection with their service to the Company, to the fullest extent permitted under Delaware law; 
 WHEREAS, Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) permits the Company to indemnify by agreement its directors, officers, employees and agents,
and persons who serve, at the request of the Company, as directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the indemnification provided by, or granted pursuant to, the DGCL is not exclusive;

 WHEREAS, the Company’s Amended and Restated Certificate of Incorporation (the “Certificate of
Incorporation”) authorizes the Company to provide indemnification and to advance expenses to the fullest extent permitted by Delaware law; 
 WHEREAS, Indemnitee is currently serving, or has been nominated to serve, as a director and/or officer of the Company and the Company wishes to secure Indemnitee’s service in such capacity without
concern of unwarranted personal liability arising out of or related to such services to the Company; and 
 WHEREAS, the
Company wishes to provide Indemnitee with an independent contractual right to indemnification and advancement of expenses in addition to those rights provided by the DGCL and the Certificate of Incorporation. 

NOW, THEREFORE, the Company and Indemnitee, intending to be legally bound, hereby agree as follows: 

1. Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the fullest extent permitted by
the DGCL as such may be amended from time to time. In furtherance of the foregoing, and without limiting the generality thereof: 
 (a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of
Indemnitee’s Corporate Status (as defined below), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as defined below) other than a Proceeding by or in the right of the Company. Pursuant to this
Section 1(a), Indemnitee shall be indemnified against all Expenses (as defined below), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the 

 
Company and, with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. 

(b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this
Section 1(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee
shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company; provided, however, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to
the Company unless and to the extent that the Delaware Court (as defined below) shall determine that despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity
for such Expenses which the Delaware Court shall deem proper. 
 (c) Indemnification for Expenses of a Party Who is Wholly
or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to any Proceeding and is successful, on the merits or otherwise, in such
Proceeding, Indemnitee shall be indemnified to the fullest extent permitted by the DGCL, as such may be amended from time to time, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is partly successful on the merits or has met the applicable standard for indemnification under this Agreement, as to one or more but less than all claims, issues or matters in
such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each claim, issue or matter that is successfully resolved or with respect
to which Indemnitee has met the applicable standard for indemnification under this Agreement. For purposes of this Section 1(c) and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or
without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 2. Indemnification for
Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 
 3. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by
reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 3 shall be unsecured and interest free. 

  
 2 

 4. Procedures and Presumptions for Determination of Entitlement to Indemnification.
It is the intent of this Agreement to secure for Indemnitee rights of indemnification that are as comprehensive as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly, the parties agree that the following
procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including such documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has
requested indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of
Section 4(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control (as defined below) shall have occurred, by Independent Counsel (as defined below) in
a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, unless Indemnitee shall request that such determination be made by the Board of Directors or the stockholders in which case the decision shall be made by
the individuals as provided for in clause (ii) of this Section 4(b); or (ii) by one of the following three methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors (as defined
below), even though less than a quorum, or by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (2) if there are no Disinterested Directors or if the
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (3) by the stockholders of the Company. 

(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4(b) hereof,
the Independent Counsel shall be selected as provided in this Section 4(c). The Independent Counsel shall be selected by the Board of Directors. Indemnitee may, within 10 days after such written notice of selection shall have been given to
Indemnitee, deliver to the Company, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of
“Independent Counsel” as defined in Section 10 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court determines that such objection is without
merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 4(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may
petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by
such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 4(b) hereof. The Company shall pay reasonable fees and
expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 4(b) hereof, and the Company 

  
 3 

 
shall pay the reasonable fees and expenses incident to the procedures of this Section 4(c), regardless of the manner in which such Independent Counsel was selected or appointed. 

(d) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of
the Enterprise (as defined below), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or
records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert or advisor selected, to the Indemnitee’s knowledge, with reasonable care by the Enterprise. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, employee, agent or fiduciary of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not
the foregoing provisions of this Section 4(d) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by a preponderance of the evidence. 
 (e) Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. 

(f) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption or uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by a preponderance of the evidence. 
 (g) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as
otherwise expressly provided in this Agreement), of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 
 5. Remedies of Indemnitee. 
 (a) In the event that (i) a
determination is made pursuant to Section 4 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3 of this Agreement,
(iii) no determination of entitlement to indemnification is made pursuant to Section 4(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification or (iv) payment of

  
 4 

 
indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant
to Section 4 of this Agreement, Indemnitee shall be entitled to an adjudication in the Delaware Court of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within 270 days
following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 5(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 

(b) In the event that Indemnitee, pursuant to this Section 5, seeks a judicial adjudication of Indemnitee’s rights under, or
to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all expenses
(of the types described in the definition of Expenses in Section 10 of this Agreement) actually and reasonably incurred by Indemnitee in such judicial adjudication, but only if Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of expenses or insurance recovery. If it shall be determined in said judicial adjudication that Indemnitee is entitled to receive part, but not all, of the indemnification or advancement of expenses sought, the expenses
incurred by Indemnitee in connection with such judicial adjudication shall be appropriately prorated. 
 (c) The Company shall
be precluded from asserting in any judicial proceeding commenced pursuant to this Section 5 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is
bound by all the provisions of this Agreement. 
 6. Non-Exclusivity; Survival of
Rights; Insurance; Subrogation. 
 (a) The rights of indemnification as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under the DGCL, the Certificate of Incorporation, the Company’s Amended and Restated Bylaws (the “Bylaws”), any agreement, a vote of stockholders, a
resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the
Certificate of Incorporation, the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries of the Company or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage provided under such policy or policies for any director, officer, employee, agent or 

  
 5 

 
fiduciary. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt
notice of the commencement of such proceeding to the insurer(s) in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
 (c) In the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d) The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or
otherwise. 
 (e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, employee, agent or fiduciary of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 
 7. Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim
made against Indemnitee: 
 (a) for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy, other indemnity provision, contract, agreement or otherwise, except with respect to any excess beyond the amount paid under any insurance policy, other indemnity provision, contract, agreement or otherwise; 

(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; 
 (c) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its
directors, officers, employees or other indemnitees, unless (i) the Board of Directors of the Company authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in
its sole discretion, pursuant to the powers vested in the Company under the DGCL; or 
 (d) if a final decision by a court of
law having jurisdiction in the matter shall determine that such indemnification is not lawful. 

  
 6 

 8. Duration of Agreement. 

(a) All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director
of the Company (or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and shall continue
thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 5 hereof) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be provided under this Agreement. 
 (b) This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Company), assigns, spouses, heirs, executors, and personal and legal representatives. 
 9.
Enforcement. 
 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the
obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

 (b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 
 10. Definitions. For purposes of this Agreement: 
 (a) “Change in
Control” means a change in control of the Company shall be deemed to have occurred if after the Effective Date (i) any “person” other than principal shareholders or an affiliate thereof as of the Effective Date is or becomes
the “beneficial owner” directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; or (ii) the Company is a party to a merger,
consolidation, sale of assets or other reorganization, as a consequence of which members of the Board of Directors in office immediately prior to such a transaction or event constitute less than a majority of the Board of Directors thereafter.

 (b) “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent
or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the request of the Company. 

(c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in
respect of which indemnification is sought by Indemnitee. 
 (d) “Effective Date” means the date first set
forth above. 

  
 7 

 (e) “Enterprise” shall mean the Company and any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary. 

(f) “Expenses” shall include reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and other disbursements or expenses of the types customarily paid or incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including
without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. 
 (g) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently is, nor in the past five years has been,
retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements),
or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(h) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which
Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of the fact that Indemnitee is or was serving at the request of the Company as a
director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while
acting in any such capacity; in each case whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on
or before the date of this Agreement, but excluding one initiated by Indemnitee pursuant to Section 5 of this Agreement to enforce Indemnitee’s rights under this Agreement. 

11. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by the DGCL. In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 
 12. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute 

  
 8 

 
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 13. Notice By Indemnitee. Indemnitee agrees to notify the Company in writing within ten (10) days of being served with or otherwise receiving any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to
Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 
 14. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be delivered only via personal delivery, electronic mail or facsimile or via
nationally recognized overnight courier. Such notice shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of
the recipient, and if not so confirmed, then on the next business day, or (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall
be sent: 
 (a) To Indemnitee as set forth below Indemnitee’s signature. 

(b) To the Company at: 
 Vericity, Inc. 
 8700 W. Bryn Mawr Ave. 

Chicago, IL 60631 
 Attn: General Counsel 
 or to such other address as may have been furnished to Indemnitee by the
Company or to the Company by Indemnitee, as the case may be. 
 15. Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and 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. 
 16.
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

17. Governing Law and Consent to Jurisdiction. This Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the
exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) 

  
 9 

 
waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 Signature Page Follows

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written. 
  

					
	VERICITY, INC.
		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

  

			
	INDEMNITEE
	
	 

 
			
	Name:	 	 
		
	Address:	 	
	
	 
	
	 
	
	 
	
	 

  
 11EX-10.7

 Exhibit 10.7 
 INDEMNITY REINSURANCE AGREEMENT 
 (TRANSITION BLOCK) 

by and between 
 COMBINED INSURANCE COMPANY OF AMERICA (“REINSURER”) 

and 

FIDELITY LIFE ASSOCIATION (“COMPANY”) 

Effective as of Coinsurance Effective Date 

  
 1 

 INDEMNITY REINSURANCE AGREEMENT 

THIS INDEMNITY REINSURANCE AGREEMENT (the “Agreement”), effective as of the Coinsurance Effective Date, is made and entered
into by and between Fidelity Life Association, an Illinois domiciled life, accident and health insurance company (“Company”) and Combined Insurance Company of America, an Illinois domiciled accident and health insurance company
(“Reinsurer”). 
 ARTICLE I 
 Definitions 
 “Active Certificates” means certificates
under the Policies that have not lapsed, For which the Certificateholder is actively paying premium according to the Certificate’s payment schedule. 
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by or under common control with that Person. For the purposes of this definition,
“control” (including with correlative meanings, the terms “controlling”, “controlled by”, and “under common control with”) as applied to any person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of that Person, whether through ownership of voting securities or by contract or otherwise. 
 “Applicable Law” means all applicable federal laws and regulations, Illinois state law, ordinance or code, or any rules, regulations, administrative interpretations or orders issued by the
Governmental Authority pursuant to any of the foregoing, and any order, writ, injunction, directive, judgment or decree of a court of competent jurisdiction applicable to the parties hereto. 

“Business Day” means any day other than Saturday, Sunday or a day on which banking institutions in the State of Illinois are
permitted or obligated by Applicable Law to be closed. 
 “Certificateholder” means an insured who has been issued a
certificate under a policy, and who has been identified as the member of the Policyholder organization to which a Policy has been issued. 
 “Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder. 
 “Coinsurance Effective Date” means October 1, 2012. 

“Confidential Information” shall have the meaning set forth in Section 10.2 

“Execution Date” means the Closing Date. 

  
 2 

 “Extra-Contractual Obligations” means liabilities not covered under the Policies
or any other provision of this Agreement, but which arise from the business covered hereunder, such liabilities arising because of, but not limited to, the following: failure by Company to settle within the Policy limit, or by reason of alleged or
actual negligence, fraud or bad faith in claims handling or in rejecting an offer of settlement or in the preparation of the defense or in the trial of any action against its insured or reinsured or in the preparation or prosecution of an appeal
consequent upon such action. Extra-Contractual Obligations do not include any loss incurred due to a final legal adjudication of fraud of a member of the Board of Directors or a duly elected corporate officer of Company acting individually or
collectively or in collusion with any individual, corporation or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. 

“GAAP” means United States generally accepted accounting principles as in effect from time to time. 

“Governmental Authority” means the Illinois Insurance Department. 

“Illinois SAP” means the statutory accounting principles and procedures applicable under Applicable Law and the rules,
regulations and practices prescribed or permitted by the Governmental Authority relating thereto. 
 “Interim
Coverage” means the coverage provided by a Certificate between the date applied for by the proposed Certificateholder and the Certificate Effective Date, as approved by the underwriting and enrollment conditions applicable to that Certificate.

 “Loss Expense” means all costs incurred by Company in the investigation, adjustment, appraisal, defense or
settlements of all claims, alleged claims, or suits, including appeals, under or related to the Policies reinsured hereunder, including legal fees, expenses of determining coverage under a Policy (including declaratory judgment expenses),
subrogation, salvage and recovery expenses, both prejudgment and post-judgment interest, and any award of costs by a court of competent jurisdiction, excluding, however, office expenses and salaries of officials and employees of Company not
classified as loss adjusters. 
 “Loss In Excess of Policy Limits” means any amount payable in excess of the Policy
limit for reasons including alleged or actual negligence, fraud or bad faith in failing to settle or rejecting a settlement within the Policy limit, in preparation of the defense, in the trial of any action involving the insured or Company, or in
the preparation or prosecution of an appeal consequent upon such action. Loss in Excess of Policy Limits extends only to amounts that would have been covered had the limit of liability of the Policy been adequate. Loss In Excess of Policy Limits
does not include any loss incurred due to a final legal adjudication of fraud of a member of the Board of Directors or a duly elected corporate officer of Company acting individually or collectively or in collusion with any individual, corporation
or any other organization or party involved in the presentation, defense or settlement of any claim covered hereunder. 

  
 3 

 “Paid Up Certificates” means certificates under the Policies that have lapsed and
have converted to a paid up status based on available Policy values. 
 “Person” means any natural person,
corporation, joint stock corporation, general partnership, limited partnership, limited liability company or partnership, proprietorship, other business organization, trust, union, association or Governmental Authority. 

“Policies” (each a “Policy”) means the group lifetime benefit term life insurance policies and/or certificates with
Certificate Effective Dates on or after the Coinsurance Effective Date, on forms identified on Schedule 1.2 which are issued by Company in any state, territory, district or commonwealth of the United States (collectively “the U.S.”).
Policies include all related enrollment forms, and certificates (including applications therefor and all supplements, endorsements, riders and ancillary agreements in connection therewith. However, any accidental death benefit riders are not
considered Policies and are specifically excluded from the reinsurance provided hereunder. 
 Example 1: A Certificate is
written with a Certificate Effective Date on or after the Coinsurance Effective Date. All riders or guaranteed increases that are part of this Certificate, whether at the time issue or in the future, will be subject to this Reinsurance Agreement.

 Example 2: A Certificate is written with a Certificate Effective Date before the Coinsurance Effective Date. All riders or
guaranteed increases that are part of this Certificate shall NOT be subject to this Reinsurance Agreement, whenever issued. 

“Policy Liabilities” means any and all gross liabilities and obligations arising out of or relating to the Policies issued on
or after the Coinsurance Effective Date, including Extra Contractual Obligations, Loss In Excess of Policy Limits and Loss Expense, and including claims during Interim Coverage; provided, however, Policy Liabilities shall not include
any Premium-related Taxes (as defined below in “Premium-related Taxes Allowances”) and fees, and any assessments and similar charges in connection with Company’s participation in any guaranty association(s). 

“Policyholder” means with respect to each Policy, the U.S. employer, group, association or other organization which has been
issued a Policy. 
 “Premiums” or “Premium” means premiums, considerations, deposits and similar receipts
with respect to the Policies including return premiums as a result of surrenders, cancellations, lapses and rescissions. 

“Premium-related Taxes Allowance” means the provision for the payment of premium taxes, assessments and fees on the Policies
coinsured hereunder as of the Coinsurance Effective Date, which Reinsurer allows Company in an amount equal to 2.25% of the Premium ceded hereunder. 

  
 4 

 “Producers” mean all brokers, agents, general agents, captive employed agents,
producers, third party administrators or other Persons who marketed, produced or serviced the Policies and are entitled to receive Commissions from Company. 
 “Producer Commissions” means mean all commissions, expense allowances, benefit credits, service fees, payments and other fees and compensation paid to Producers for sale or service of Policies.

 “Reinsurance Consideration” shall have the meaning set forth in Section 3.1. 

“Reserves” means the sum of all reserves and liabilities required to be maintained by Company for the Policies including,
without limitation, active life, incurred but not reported, claim and unearned premium reserves, in each case calculated: (a) consistent with the reserve requirements, statutory accounting rules, regulations, practices and actuarial principles
applicable to Company under Applicable Law; and (b) in accordance with a methodology agreed upon by both Company and Reinsurer and consistent with Illinois SAP, sound actuarial principles and any valuation bases and methods of determining
reserves as provided in the forms of Policies; provided, however, that Company makes no representations or warranties with respect to the adequacy of reserves under or related to the Policies. 

“Tax” or “Taxes” means any and all United States and foreign, federal, state, municipal or local net or gross income,
gross receipts, net proceeds, sales, use, ad valorem, value added, transfer, franchise, recapture, withholding, payroll, employment, excise, premium-related taxes and fees, property, alternative or add-on minimum, environmental, retaliatory or other
taxes, assessments, duties, fees, levies or other governmental charges of any nature whatsoever, but shall not include any assessments or other charges of guaranty funds or similar organizations. 

“TPA Fees” means all fees payable by Company to the third party administrator under the agreement set forth in Exhibit A.

 ARTICLE II 
 Coinsurance of the Policy Liabilities 
 2.1 Coinsurance.
Subject to the terms and conditions of this Agreement and as of the Coinsurance Effective Date, Company hereby cedes on a coinsurance basis to Reinsurer and Reinsurer hereby agrees to indemnity reinsure fifty percent (50%) of the Policy
Liabilities. The coinsurance provided for hereunder shall be effective as of the Coinsurance Effective Date. 
 2.2 Parties to
Coinsurance. Article II of this Agreement provides only for indemnity reinsurance solely between Company and Reinsurer and the acceptance of reinsurance under this Article II shall not create any right or legal relationship between Reinsurer and
any Policyholder or any other Person under a Policy. 

  
 5 

 2.3 Policy Changes or Reductions. Material changes in the provisions and conditions
of a Policy, except for those to Policy rates, Policy interest rates, mortality charges and other variable Policy provisions (“Non-Guaranteed Policy Elements”), a corresponding change in this Agreement and any appropriate Policy
Liabilities’ adjustments shall be made consistent with the terms of any Policy or prevailing underwriting practices, and at all times, in accordance with Applicable Law. If the benefit amount of a Policy is reduced or increased, whether as
required by Applicable Law or otherwise, the amount reinsured by Reinsurer hereunder shall be automatically reduced or increased accordingly. Company will review the Policy experience with Reinsurer annually to determine if any changes to the
Non-Guaranteed Policy Elements are necessary. Any dispute regarding the necessity of a Non-Guaranteed Policy Element shall be subject to Mini Dispute Resolution procedure under Section 9.2. 

2.4 Termination of Coinsurance. Coinsurance under this Article II will continue hereunder without reduction. Notwithstanding the
foregoing, coinsurance under this Article II shall terminate in the following circumstances: 
 (a) In the event any Policy, is
forfeited or surrendered and/or no further benefits are payable thereunder; in such event the coinsurance of such Policy Liabilities shall automatically terminate; or 
 (b) Upon written agreement by the parties hereto. 
 2.5 Maintenance of
Reserves. From and after the Coinsurance Effective Date, Reinsurer shall establish and maintain as a liability on its statutory financial statements, Reserves with respect to the Policy Liabilities calculated in a manner consistent with:
(a) the Reserve requirements, statutory accounting rules, regulations, practices and actuarial principles applicable to Company under Applicable Law; and (b) in accordance with a methodology agreed upon by both Company and Reinsurer and
consistent with Illinois SAP, sound actuarial principles and any valuation bases and methods of determining Reserves as provided in the forms of Policies. The Reinsurer shall provide Company, not less than annually, with copies of all actuarial
opinions and actuarial memoranda and all Reserve evaluations pertaining to the Reserves, including, without limitation, any actuarial opinions and Reserve evaluations performed by independent actuaries, auditors or other outside consultants.

 2.6 Reserve Credits. Reinsurer shall, at all times during the term of this Agreement, maintain all licenses,
authorizations or otherwise take any and all reasonable action necessary under the Applicable Law in which the Policies are outstanding to ensure that Company shall be permitted to take full Reserve credit on its statutory financial statements with
respect to the indemnity reinsurance by Reinsurer under this Article II of the Policy Liabilities. 

  
 6 

 ARTICLE III 
 Reinsurance Consideration 
 3.1 Reinsurance Payments.

 (a) In consideration of Reinsurer’s coinsurance of the Policy Liabilities, Company shall pay to Reinsurer consideration
equal to the: 
 (i) Total of all Premiums, with respect to the Policies and recoveries from inuring third-party
reinsurers, if any, collected from and after the Coinsurance Effective Date until the Execution Date with respect to the Policy Liabilities; less 
 (ii) Total of Policy Liabilities paid by Company during the period from and after the Coinsurance Effective Date until the Execution Date; less 

(iii) Ceding Allowance and Expense Allowance (as defined in 3.2); and less 

(iv) Producer Commissions, Reinsurer’s share of the National Benefit Parter’s (NBP) Producer bonuses and TPA
Fees paid by Company during the period from and after the Coinsurance Effective Date until the Execution Date; and less 
 (v) Premium-related Taxes Allowance incurred by Company during the period from and after the Coinsurance Effective Date until the Execution Date. Company may adjust this Allowance upon demonstration that
the applicable state premium tax rates for the Policies have increased, from the later of inception or the last such measurement, such that the blended premium tax rate has increased to the greater of 2.5% or .25% more than the current allowance.
Such change shall be implemented in the 2nd monthly
quarterly cash settlement following notice and satisfactory demonstration thereof to the Reinsurer. 
 Reinsurer’s share of
the NBP Producer bonus shall be calculated based on the proportion of Premium used in calculating the bonus that is attributable to Reinsurer divided by the total Premium used by Company in the bonus calculation. 

The consideration set forth under items (i) through (vi) above, referred to as the “Reinsurance Consideration.”

 (b) No later than fifteen (15) days following the end of each calendar quarter, positive cash flow on the Policies will
result in payment of the Reinsurance Consideration by Company in cash in immediately available funds to Reinsurer, or if quarterly cash flow from the Policies is negative, Reinsurer shall make payment to Company. 

  
 7 

 3.2 Ceding and Expense Allowance. Company shall be entitled to a Ceding Allowance of
two percent (2.00%) of paid premium for the Policies, inclusive of all Policy and associated rider premium and fees. Reinsurer shall be entitled to a two and seventy five hundredths percent (2.75%) expense allowance. Net, Company shall pay
seventy five hundredths percent (.75%) to Reinsurer. The Ceding Allowance shall be credited to Company as a reduction (in this case, as an increase) in the Reinsurance Consideration in accordance with Section 3.1, above. 

3.3 Reports. On a monthly basis following from and after the Coinsurance Effective Date, Company shall provide Reinsurer, in an
electronic format such as EXCEL no later than the tenth business day following the close of each month, with the following informational report: 
  

	 	(i)	 Premiums collected during the period, split between first year and renewal; 

 

	 	(ii)	 Ceding Allowances applied to (i), as applicable; 

 

	 	(iii)	 Producer Commissions, split between advances, first year, and renewal, paid during the period; and 

 

	 	(iv)	 TPA Fees paid during the period; and 

  

	 	(v)	 Policy Liabilities paid by Company, including but not limited to all losses and loss expenses paid; 

 

	 	(vi)	 Pending claims, including accelerated and extension of benefits long term care claims; 

 

	 	(vii)	 Claim Reserves, computed on a statutory basis, including reserves on acceleration and extension of benefits long term care claims;

  

	 	(viii)	 An estimate of incurred but not reported claims, including acceleration and extension of benefits long term care claims;

  

	 	(ix)	 Total Policy Reserves ceded on a statutory basis to Reinsurer; 

 

	 	(x)	 Premiums due and unpaid at the end of the reporting period; and 

 

	 	(xi)	 Premiums paid in advance at the end of the reporting period. 

3.4 Marketing & Underwriting Services. Effective the start of this treaty, Reinsurer will assume responsibility for
marketing and underwriting services on the Transition Block. Such services will consist of reviewing new business proposals, underwriting new business submissions, underwriting or reenrollments on existing groups, support for the enrollment process,
and other services required to continue new business as may be identified and agreed upon by Company and Reinsurer in writing from time to time. Such services will performed in accordance with standards agreed to be the Company and consistent with
the existing contracts with Vision and NBP. The compensation for such services is included in the expense allowances included in Section 3.2 of which allowance rates were based on the rates used to price the product. All business records
created by the reinsurer in the performance of the services for the block are the property of the Company and will be maintained in the State of Illinois. 

  
 8 

 3.5 Marketing and Underwriting Expenses. Reinsurer shall reimburse Company for underwriting expenses
and marketing expenses incurred by Company over the time period from 10/1/2012 through 12/31/2012. Such expenses shall include: 
  

	 	(i)	 time and expenses for underwriting and marketing activities performed by designated persons; 

 

	 	(ii)	 filing of new forms by Vision Financial; 

  

	 	(iii)	 printing of new marketing materials as requested by Combined and/or distribution. 

Company shall provide, and Reinsurer shall pay, a monthly invoice of expenses subject to this section. 

ARTICLE IV 

Other Covenants and Undertakings 
 4.1 Arm’s Length Agreement. This Agreement is entered into at arm’s length without duress or coercion, and is to be interpreted as an agreement between two parties of equal bargaining
strength. It shall not be construed against either party hereto. 
 4.2 Fees and Expenses. Except as otherwise
specifically provided herein, each party shall pay all costs incurred by it for legal, actuarial and other services used in connection with this Agreement. 
 ARTICLE VI 
 Representations and Warranties of Company

 Company hereby represents and warrants to Reinsurer as follows: 

5.1 Organization and Standing of Company. Company is a corporation duly organized, validly existing and in good standing under the
laws of the State of Illinois and has all requisite power and authority to carry on the business and operation of Company as now being and as heretofore conducted. 
 5.2 Authorization. Company has all requisite corporate power and authority to enter into this Agreement, and to perform its obligations hereunder subject to receipt of any approvals and consents
described herein. The execution and delivery by Company of this Agreement and the performance by Company of its obligations hereunder have been duly authorized and will be a valid and binding obligation of Company, enforceable against it in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other similar laws affecting creditors rights generally or by the principles governing the availability of equitable remedies. 

  
 9 

 5.3 No Conflict or Violation. The execution, delivery and performance of this
Agreement will not: (a) violate any provision of the Articles or Certificate of Incorporation, By-laws or other organizational document of Company; (b) violate, conflict with or result in the breach of any of the terms of, result in any
modification of, give any counterpart the right to terminate, or constitute a default under, any contract or other agreement to which Company is a party; (c) violate any order, judgment, injunction, award or decree of the Governmental Authority
body against, or binding upon, or any agreement with, or condition imposed by, the Governmental Authority binding upon Company; or (d) subject to the receipt of any required approvals and consents, violate Applicable Law. 

5.4 Actions and Proceedings. There are no outstanding orders, decrees or judgments by or with the Governmental Authority, or
arbitration tribunal which, individually or in the aggregate, have or could reasonably be expected to have a material adverse effect on the Policies. There are no actions, suits or claims or legal, administrative or arbitration proceedings pending
or, to the best knowledge of Company, threatened against or involving Company, or any of its directors, officers, employees, properties or assets in connection with the Policies which, individually or in the aggregate, have or could reasonably be
expected to have a material adverse effect on the Policies. 
 5.5 Consents and Approvals. Notwithstanding any filing
required under Illinois law or regulation, the execution, delivery and performance of this Agreement does not require Company to obtain any consent, approval or action from, or make any filing with or give any notice to, any Person under any
Applicable Law. Company shall be responsible for making any required filings with the Illinois Insurance Department and obtain all necessary approvals of this Agreement. 
 5.6 Financial Statements. Prior to the Coinsurance Effective Date, Company has made available to Reinsurer true, correct and complete copies of: (a) the Annual Statement of Company as filed
with the Governmental Authority for the years ended December 31, 2009, 2010 and 2011; and (b) the Quarterly Statement of Company as filed with the Governmental Authority for the quarters ended March 31, 2012 and June 30, 2012.
Each such Annual Statement and Quarterly Statement complied in all material respects with Applicable Law when so filed. No material deficiencies have been asserted by the Governmental Authority with respect to any Annual Statement or any Quarterly
Statement referred to in (a) and (b) of this Section 5.6. 
 5.7 Brokers and Finders. Company has not
employed any broker or finder or incurred any liability for any brokerage fees, commissions or finders’ fees in connection with the transactions contemplated by this Agreement. 

5.8 Licensing. Company is duly licensed to underwrite the same type of insurance provided under the Policies in the State of
Illinois where the Policies were issued or Policyholders or certificate-holders reside. 

  
 10 

 5.9 U.S. Tax Status. Company is subject to U.S. taxation under either the provisions
of Subchapter L of Chapter 1 or Subpart F of Part III of Subchapter N of Chapter 1 of the Code. 
 5.10 Survival. All
representations and warranties of Company contained in this Agreement will be true, accurate and complete at the time of the Coinsurance Effective Date and will survive the Coinsurance Effective Date. 

ARTICLE VI 

Representations and Warranties of Reinsurer 
 Reinsurer hereby represents and warrants to Company as follows: 
 6.1
Organization and Standing of Reinsurer. Reinsurer is a corporation duly organized, validly existing and in good standing under the laws of the State of Illinois and has all requisite power and authority to carry on the business and operation
of Reinsurer as now being and as heretofore conducted. 
 6.2 Authorization. Reinsurer has all requisite corporate power
and authority to enter into this Agreement, and to perform its obligations hereunder subject to receipt of any approvals and consents described herein. The execution and delivery by Reinsurer of this Agreement and the performance by Reinsurer of its
obligations hereunder have been duly authorized and will be a valid and binding obligation of Reinsurer, enforceable against it in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, moratorium or other
similar laws affecting creditors rights generally or by the principles governing the availability of equitable remedies. 
 6.3
No Conflict or Violation. The execution, delivery and performance of this Agreement will not: (a) violate any provision of the Articles or Certificate of Incorporation, By-laws or other organizational document of Reinsurer;
(b) violate, conflict with or result in the breach of any of the terms of, result in any modification of, give any counterpart the right to terminate, or constitute a default under, any contract or other agreement to which Reinsurer is a party;
(c) violate any order, judgment, injunction, award or decree of the Governmental Authority against, or binding upon, or any agreement with, or condition imposed by, the Governmental Authority binding upon Reinsurer; or (d) subject to the
receipt of any required approvals and consents, violate Applicable Law. 
 6.4 Actions and Proceedings. There are no
outstanding orders, decrees or judgments by or with the Governmental Authority, or arbitration tribunal which, individually or in the aggregate, have or could reasonably be expected to have a material adverse effect on Reinsurer. There are no
actions, suits or claims or legal, administrative or arbitration proceedings pending or, to the best knowledge of Reinsurer, threatened against or involving Reinsurer, or any of its directors, officers, employees, properties or assets which,
individually or in the aggregate, have or could reasonably be expected to have a material adverse effect on Reinsurer. 

  
 11 

 6.5 Consents and Approvals. The execution, delivery and performance of this Agreement
does not require Reinsurer to obtain any consent, approval or action from, or make any filing with or give any notice to, any Person under any Applicable Law. 
 6.6 Financial Statements. Prior to the Coinsurance Effective Date, Reinsurer has made available to Company true, correct and complete copies of: (i) the Annual Statement of Reinsurer as filed
with the Governmental Authority for the years ended December 31, 2009, 2010 and 2011; and (ii) the Quarterly Statement of Reinsurer as filed with the Governmental Authority for the quarters ended March 31, 2012 and June 30, 2012.
Each such Annual Statement and Quarterly Statement complied in all material respects with Applicable Law when so filed and was timely filed with the Governmental Authority. No material deficiencies have been asserted by any Governmental Authority
with respect to any Annual Statement or any Quarterly Statement referred to in (i) and (ii) of this Section 6.6. 

6.7 Brokers and Finders. Reinsurer has not employed any broker or finder or incurred any liability for any brokerage fees,
commissions or finders’ fees in connection with the transactions contemplated by this Agreement. 
 6.8 Licensing.
Reinsurer is duly licensed and/or authorized to underwrite and reinsure the same type of insurance provided under the Policies in the State of Illinois where the Policies were issued or Policyholders or certificate-holders reside. 

6.9 U.S. Tax Status. Reinsurer is subject to U.S. taxation under the provisions of Subchapter L of Chapter 1 of the Code.

 6.10 Survival. All representations and warranties of Reinsurer contained in this Agreement will be true, accurate and
complete at the time of the Coinsurance Effective Date and will survive the Coinsurance Effective Date. 
 ARTICLE VII

 Conditions Precedent to Coinsurance Effective Date 

7.1. Company’s Conditions Precedent. The obligation of Company to cede the Policy Liabilities as contemplated by Article II
hereunder as of the Coinsurance Effective Date is subject to the satisfaction or, at Company’s sole option, waiver of, the following conditions as of the Coinsurance Effective Date: 

(a) (i) The representations and warranties of Reinsurer contained in this Agreement shall be true and correct in all material
respects (but without regard to any materiality or material adverse effect qualifications contained in any specific representation or warranty), except that any such representations and warranties that are given as of a particular date and which
relate solely to a particular date or period shall be true and correct in all material respects as of such date or period, (ii) Reinsurer shall have 

  
 12 

 
performed and complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by Reinsurer on or prior to the Coinsurance Effective
Date, and (iii) the parties shall have established the U.S. Trust Agreement. 
 (b) There shall not have been any action
taken by the Governmental Authority prohibiting or making illegal the transactions contemplated by this Agreement. 
 (c) No
action, suit or proceeding shall have been instituted and be continuing or be threatened in writing by the Governmental Authority or any other Person or entity to restrain, modify or prevent the carrying out of the transactions contemplated hereby,
or to seek damages in connection with such transactions, that has or is reasonably likely to have a material adverse effect on the Policies or the business, property, prospects, results of operations or financial condition of Company. 

(d) Reinsurer is developing its own group lifetime benefit term life insurance product which is similar to the Policies reinsured
hereunder. Reinsurer shall designate Vision Financial as its third party administrator, and shall enter into an agreement regarding the provision of administrative services for such products no later than February 1, 2013. 

7.2. Reinsurer’s Conditions Precedent. The obligation of Reinsurer to coinsure the Policy Liabilities as contemplated by
Article II hereunder as of the Coinsurance Effective Date is subject to the satisfaction or, at Reinsurer’s sole option, waiver of, the following conditions prior to the Coinsurance Effective Date: 

(a) (i) The representations and warranties of Company contained in this Agreement shall be true and correct in all material respects (but
without regard to any materiality or material adverse effect qualifications contained in any specific representation or warranty), except that any such representations and warranties that are given as of a particular date and which relate solely to
a particular date or period shall be true and correct in all material respects as of such date or period, and (ii) Company shall have performed and complied in all material respects with all covenants and agreements required by this Agreement
to be performed or complied with by Company on or prior to the Coinsurance Effective Date. 
 (b) There shall not have been any
action taken by the Governmental Authority prohibiting or making illegal the transactions contemplated by this Agreement. 
 (c)
No action, suit or proceeding shall have been instituted and be continuing or be threatened in writing by the Governmental Authority or any other Person or entity to restrain, modify or prevent the carrying out of the transactions contemplated
hereby, or to seek damages in connection with such transactions, that has or is reasonably likely to have a material adverse effect on the Policies or the business, property, prospects, results of operations or financial condition of Reinsurer.

  
 13 

 ARTICLE VIII 
 Insolvency 
 8.1 Insolvency. Reinsurer hereby agrees that, as
to all reinsurance made, ceded, renewed or otherwise becoming effective hereunder, the reinsurance shall be payable by Reinsurer on the basis of the liability of Company with respect to the Policy Liabilities, without diminution because of the
insolvency of Company, directly to Company or to its liquidator, receiver or other statutory successor immediately upon demand. It is agreed that in the event of Company’s insolvency, the liquidator, receiver or statutory successor of Company
shall give prompt written notice to Reinsurer of the pendency or submission of a claim filed in the insolvency proceeding under the Policies. During the pendency of such claim, Reinsurer may investigate such claim and interpose, at its own expense,
in the proceeding where such claim is to be adjudicated any defense(s) available to Company or its receiver. The expense thus incurred by Reinsurer is chargeable against Company as a part of the expense of liquidation to the extent of a
proportionate share of the benefit which may accrue to Company solely as a result of the defense undertaken by Reinsurer. 

ARTICLE IX 

Arbitration and Mini Dispute Resolution 
 9.1 Disputes Subject to Arbitration. 
 (a) Except for any disputes regarding
the calculation of the Reinsurance Consideration, in the event of any dispute or difference of opinion arising hereafter with respect to this Agreement or any dispute hereunder, it is hereby mutually agreed upon by the parties that such dispute or
difference of opinion shall be submitted to mandatory and binding arbitration. One arbiter shall be chosen by Company, the other by Reinsurer, and an umpire shall be chosen by the two arbiters before they enter upon arbitration. The arbiters and the
umpire shall all be active or retired disinterested executive officers of life, accident and health insurance or reinsurance companies that write the type of business that is the subject matter of this Agreement. In the event that either party shall
fail to choose an arbiter within thirty (30) days following a written request by the other party to do so, the requesting party’s arbiter may choose a second arbiter, and the two (2) arbiters shall, in turn, choose an umpire before
entering upon arbitration. If the two arbiters fail to agree upon the selection of an umpire within thirty (30) days following their appointment, the American Arbitration Association shall be named to appoint the umpire. 

(b) Each party shall present its case to the arbiters within thirty (30) days following the date of appointment of the umpire. No
discovery shall be permitted. The decision of the arbiters shall be final and binding on both parties. In the event that the arbiters fail to reach an agreement, the umpire shall cast the deciding vote, which shall be final and binding upon both
parties. Judgment upon the final decision of the arbiters may be entered in any court of competent jurisdiction. Each party shall bear the expense of one (1) arbiter and shall jointly and equally bear with the other the expenses of the umpire
and of the arbitration. 

  
 14 

 (c) Any arbitration proceeding shall take place at a location mutually agreed upon by the
parties to this Agreement. If the parties to this Agreement fail to agree upon a location, such arbitration proceedings shall take place in Chicago, Illinois. 
 9.2 Disputes Subject to Mini Dispute Resolution. With respect to disputes regarding the calculation of the Reinsurance Consideration, the parties’ sole method for resolving such disputes shall
be the procedure set forth under this Section 9.2. If the respective parties at Company and Reinsurer responsible for preparing and reviewing the Reinsurance Consideration under Section 3.1 (a) are unable to reach agreement within
five (5) Business Days after provision of the Reinsurance Consideration calculation under 3.1 (a), the matter shall be referred to the respective Chief Financial Officers of the parties. The Chief Financial Officers shall meet and confer within
five (5) Business Days of having the dispute referred to them, and shall use commercially reasonable efforts to come to a resolution of the dispute. If the Chief Financial Officers still are unable to reach agreement as to the Reinsurance
Consideration within such five (5) Business Day period, the dispute shall be sent to a mutually agreed upon third party financial consultant for final resolution. The parties shall use their respective commercially reasonable best efforts to
ensure that such third party financial consultant resolves the dispute within ten (10) Business Days and the decision of such third party financial consultant shall be final and binding the parties. The cost of the third party financial
consultant shall be borne equally by the parties. All payments of disputed amounts shall be paid with Interest. If the Chief Financial Officers of the parties are unable to mutually agree on a third party financial consultant, the parties shall
refer the dispute to the arbitration provision set forth under Section 9.1 above. 
 ARTICLE X 

PRIVACY AND CONFIDENTIALITY 
 10.1 Privacy. Reinsurer recognizes that, in the performance of its obligations under this Agreement, it may obtain from Company and other sources personal or privileged information about
individuals collected or received in connection with insurance transactions. Each party agrees to maintain the confidentiality of such information in accordance with all Applicable Laws and not to re-disclose such information further without the
individual’s written authorization unless such disclosure is otherwise permitted by Applicable Law. The parties will not disclose such information to any other unrelated party without the required written consent, except; as necessary for
retrocession purposes, as requested by external auditors, as required by court order, or as required or allowed by law or regulation. 

  
 15 

 10.2 Confidentiality. 

(a) The parties agree that, other than as contemplated by this Agreement and to the extent permitted or required to implement the
transactions contemplated by this Agreement, the parties will keep confidential and will not use or disclose the other party’s Confidential Information (as defined below) and the terms and conditions of this Agreement, including, without
limitation, the exhibits and schedules hereto, except as otherwise required by Applicable Law or as may be agreed in writing by the parties hereto. 
 (b) “Confidential Information” means all documents and information concerning one party or any of its Affiliates or a Policyholder furnished to the other party or such other party’s
Affiliates or representatives in connection with this Agreement or the transactions contemplated hereby, except that Confidential Information shall not include information which: (i) at the time of disclosure or thereafter is generally
available to and known by the public other than by way of a wrongful disclosure by a party hereto or by any representative of a party hereto; (ii) was available on a nonconfidential basis from a source other than the parties hereto or their
representatives, provided that such source is not and was not bound by a confidentiality agreement with a party hereto; or (iii) was independently developed without violating any obligations under this Agreement and without the use of any
Confidential Information. 
 (c) The parties acknowledge and agree that Reinsurer may, in accordance with Applicable Law, use all
Confidential Information regarding a Policyholder, Certificateholder, the Policy Liabilities or the Policies in order to perform the Administrative Services under the Services Agreement. 

ARTICLE XI 

Miscellaneous 
 11.1 Co-operation. The parties hereto shall cooperate with each other and, individually or collectively, shall take such further action and execute such further documents as may be reasonably
necessary to effectuate the purposes of this Agreement. 
 11.2 Errors. Inadvertent delays, errors or omissions made in
connection with this Agreement by any party shall not relieve either party from any liability or duty which would have attached had such delay, error or omission not occurred, provided that such delay, error or omission shall have been rectified as
soon as possible after discovery. 
 11.3 Assignment. This Agreement shall not be assigned by operation of law or
otherwise by any party hereto without the prior written approval of the other party. Subject to the foregoing, the rights and obligations of the parties under this Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective transferees, successors and assigns. 

  
 16 

 11.4 Audit. Reinsurer reserves the right to audit all records related to the business
ceded, including premiums, case underwriting, claims and other related matters. Reinsurer can use its employees or contractors to perform such audits. All such audits will be performed during the Company’s regular working hours, as arranged
with the reinsurer. Reinsurer will bear all costs of the audits. 
 11.5 Notices. Any and all notices or other
communications required or permitted under this Agreement shall be in writing and shall be provided by any method that produces a written receipt or written evidence of its sending and of its receipt by the recipient to the persons and at the
addresses, facsimile numbers or e-mail addresses set forth below: 
 If to Reinsurer: 
 Combined Insurance Company of America 
 1000 N. Milwaukee Avenue 

Glenview, Illinois 60025 
 Attn: Chris Martin,
President, Worksite Solutions 
 Telephone No. (847) 953-8128 
 Fax No. (847) 953-8100 
 E-Mail: Chris.J.Martin@combined.com 

With a copy to: 
 Combined Insurance Company of
America 
 1000 N. Milwaukee Avenue 

Glenview, Illinois 60025 
 Attn: Chad Helin

 Telephone No. (847) 953-8114 

Fax No. (847) 953-1556 
 E-Mail:
Chad.Helin@combined.com 
 If to Company: 
 Fidelity Life Association 
 8700 W. Bryn Mawr Ave. Suite 900S 

Chicago, Illinois 60631 
 Attn: Jim Harkensee

 Telephone No. (312) 379 2927 

Fax # 866 375 8175 
 E-Mail:
jim.harkensee@fidelitylife.com 

  
 17 

 With a copy to: 
 Fidelity Life Association 
 8700 W. Bryn Mawr Ave. Suite 900S 

Chicago, Illinois 60631 
 Attn: Mark Wray

 Telephone No. (312) 379 2928 

Fax # 866 375 8175 
 E-Mail:
mark.wray@fidelitylife.com 
 Notice shall be deemed received on the first Business Day following actual receipt. Either party may change the
names or addresses where notice is to be given by providing notice to the other party of such change in accordance with this section. 
 11.6 Entire Contract. This Agreement is the entire contract between the parties hereto, and supersedes all prior oral discussions and written agreements between the parties with respect to the
subject matter hereof. 
 11.7 Non-Waiver. Except as otherwise specified herein, no act, delay, omission or course of
dealing by or between the parties to this Agreement shall constitute a waiver of any right or remedy under this Agreement. No waiver, change, modification or discharge, in whole or in part, of any provision of this Agreement shall be effective
unless made in writing and signed by a duly authorized officer of the party agreeing to said waiver, change, modification or discharge. The waiver of any right or remedy under this Agreement shall not constitute a continuing waiver, nor a waiver of
any other right or remedy, unless expressly provided in a writing to the contrary. 
 11.8 Amendment. This Agreement may
be modified or amended only by a writing duly executed by authorized officers of the parties hereto. 
 11.9 Counterparts.
This Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. 

11.10 Governing Law. This Agreement shall be governed by, construed and enforced in accordance with the laws of the State of
Illinois, without regard to principles of conflict of laws of any jurisdiction. 
 11.11 Severability. If any portion of
this Agreement shall be determined by any court of competent jurisdiction to be unenforceable, the unenforceable term or provision shall be stricken or interpreted in such manner as may be necessary to permit it to be enforceable, and the remaining
portions of this Agreement shall be enforced in accordance with their respective terms. 
 11.12 No Third Party
Beneficiaries. No Person not a party to this Agreement shall have any benefit under this Agreement nor have any third-party beneficiary rights under this Agreement. 
 11.13 U.S. Dollars. Any monetary amount described in this Agreement, including any schedules hereto, shall mean United States Dollars. 

  
 18 

 11.14 Public Announcements. At all times, Company and Reinsurer will each consult
with the other before issuing or making any reports, statements or releases to the public with respect to this Agreement or the transactions contemplated hereby and will use good faith efforts to obtain the other party’s approval of the form,
content and timing of any public report, statement or release to be made solely on behalf of a party. If Company and Reinsurer are unable to agree upon or approve the form, content and timing of any such public report, statement or release and such
report, statement or release is, in the opinion of legal counsel to the party, required by Applicable Law or by legal disclosure requirements, then such party may make or issue the legally required report, statement or release and shall provide to
the other party a copy of such report, statement or release along with the opinion of legal counsel permitting such release. For the avoidance of doubt, the release by a party of its publicly available financial statements shall not be subject to
this Section 11.13. 
 11.15 No Prejudice. The parties agree that this Agreement has been jointly negotiated and
drafted by the parties hereto and that the terms hereof shall not be construed in favor of or against any party on account of its participation in such negotiations and drafting. 

11.16 Set-Off. Any debts, amounts due or credits between the parties arising under this agreement are deemed mutual debts or
credits, as the case may be, and shall be netted or set off, as the case may be, and only the balance remaining shall be allowed or paid hereunder 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the Execution Date written below. 

 

			
	FIDELITY LIFE ASSOCIATION
		
	By:	 	/s/ Mark S. Wray
	Name:	 	Mark S. Wray
	Title:	 	Sr VP & CFO
	Date:	 	1-7-13

  

			
	COMBINED INSURANCE COMPANY OF AMERICA
		
	By:	 	/s/ Chris Martin
	Name:	 	Chris Martin
	Title:	 	President, Combined Worksite Solutions
	Date:	 	1-4-13

  
 19 

 Exhibit A 

Vision Financial Agreement 
 (To Be Attached) 

  
 20 

 Schedule 1.2 
 Listing of Policy Form Numbers 
  

							
	 Fidelity Life Policy Form
 Numbers
 (To Be Attached)
	 		 		  	

  
 21 

 Amendment Number One 

To the 

Indemnity Reinsurance Agreement (“Agreement”) 
 by and between 
 Combined Insurance Company of America
(“Reinsurer”) 
 and 
 Fidelity Life Association (“Company”) 
 WHEREAS, Reinsurer and Company entered
into the Agreement as of the Coinsurance Effective Date of October 1, 2012; 
 WHEREAS, Reinsurer and Company desire to more clearly state
the terms of the reinsurance agreement; 
 NOW, THEREFORE, for and in consideration of the premises and for other good and valuable
consideration, the receipt of which is hereby acknowledged, Reinsurer and Company hereby agree to amend the Agreement: 
 1. Section 3.1(a)
is hereby deleted and replaced with the following: 
 (a) In consideration of Reinsurer’s coinsurance of the Policy
Liabilities, Company shall pay to Reinsurer consideration equal to the: 
 (i) Total of all Premiums, with
respect to the Policies and recoveries from inuring third-party reinsurers, if any, collected from and after the Coinsurance Effective Date until the Execution Date with respect to the Policy Liabilities, multiplied by the Coinsurance Percentage
(50%); less 
 (ii) Total of Policy Liabilities paid by Company during the period from and after the Coinsurance
Effective Date until the Execution Date, multiplied by the Coinsurance Percentage; less 
 (iii) Ceding
Allowance and Expense Allowance (as defined in 3.2) applied to Reinsurer’s share of Premium; and less 
 (iv) Producer Commissions and TPA Fees paid by Company, multiplied by the Coinsurance Percentage, and Reinsurer’s share of the National Benefit Parter’s (NBP) Producer bonuses paid by Company
during the period from and after the Coinsurance Effective Date until the Execution Date; and less 

  
 Page 1
of 2 

 (v) Premium-related Taxes Allowance applied to
Reinsurer’s share of Premium incurred by Company during the period from and after the Coinsurance Effective Date until the Execution Date. Company may adjust this Allowance upon demonstration that the applicable state premium tax rates for the
Policies have increased, from the later of inception or the last such measurement, such that the blended premium tax rate has increased to the greater of 2.5% or .25% more than the current allowance. Such change shall be implemented in the 2nd monthly quarterly cash settlement following notice and satisfactory
demonstration thereof to the Reinsurer. 
 Reinsurer’s share of the NBP Producer bonus shall be calculated based on the
proportion of Premium used in calculating the bonus that is attributable to Reinsurer divided by the total Premium used by Company in the bonus calculation. 
 The consideration set forth under items (i) through (vi) above, referred to as the “Reinsurance Consideration.” 
 2. All other terms and conditions of the Agreement will remain unchanged. 
 This Amendment may be
executed in counterparts, each of which shall be deemed original, but all of which, taken together, constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the Execution Date written below. 

 

			
	FIDELITY LIFE ASSOCIATION
		
	By:	 	/s/ Jim Harkensee
	Name:	 	Jim Harkensee
	Title:	 	President & COO
		
	Date:	 	8/27/2013

  

			
	COMBINED INSURANCE COMPANY OF AMERICA
		
	By:	 	/s/ Chris Martin
	Name:	 	Chris Martin
	Title:	 	President, Combined Worksite Solutions
		
	Date:	 	8-21-13

  
 Page 2
of 2 

 Amendment Number Two 

to the 
 Indemnity Reinsurance Agreement (“Agreement”) 
 by and
between 
 Combined Insurance Company of America (“Reinsurer”) 

and 

Fidelity Life Association (“Company”) 
 WHEREAS, Reinsurer and Company entered into the Agreement as of the Coinsurance Effective Date of October 1, 2012; 
 WHEREAS, Company and Reinsurer wish to increase the coinsurance percentage effective January 1, 2014 and later; 
 NOW, THEREFORE, for and in consideration of the premises and for other good and valuable consideration, the receipt of which is hereby acknowledged, Reinsurer and Company hereby agree to amend the
Agreement: 
  

	1.	 The existing Section 2.1 shall now be referred to as Section 2.1(a) and a new Section 2.1(b) is added as follows:

 2.1(b) Additional Coinsurance. Subject to the terms and conditions of this Agreement, Company hereby
cedes on a coinsurance basis to Reinsurer and Reinsurer hereby agrees to indemnity reinsure an additional thirty percent (30%) for a total of eighty percent (80%) of the Policy Liabilities, except that AD&D riders, LTC riders and Extension
riders shall be excluded from this additional coinsurance. The additional coinsurance provided hereunder shall be effective for new certificates with Certificate Effective Dates of January 1, 2014 or after. 

 

	2.	 Section 3.1(c) is added as follows after section 3.1(b): 

3.1(c) Cash Flow Calculations. Where, pursuant to this Amendment Number Two, Reinsurer has assumed a total of eighty percent (80%)
of the Policy Liabilities, eighty percent (80%) shall be used to calculate cash flows from after January 1, 2014. For Policy Liabilities for certificates with Certificate Effective Dates prior to January 1, 2014, fifty percent (50%) shall
be used to calculate cash flows. 
  

	3.	 The following definition if added to Article I: 

 “Certificate Effective Date” means the date listed on a certificate on which: (a) coverage under a Policy becomes effective for the Certificateholder, and (b) Premium for the Policy is
first due. 
  

	4.	 All other terms and conditions of the Agreement will remain unchanged. 

  
 Page 1
of 2 

	5.	 This Amendment may be executed in counterparts, each of which shall be deemed original, but all of which, taken together, constitute one and
the same instrument. 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly
authorized officers as of the Execution Date written below. 
  

									
	FIDELITY LIFE ASSOCIATION	 		  	COMBINED INSURANCE COMPANY OF AMERICA
					
	By:	 	 /s/ James E. Hohmann
	 		  	By:	  	 /s/ Chris Martin

	Name:	 	James E. Hohmann	 		  	Name:	  	Chris Martin
	Title:	 	CEO	 		  	Title:	  	President, Combined Worksite Solutions
	Date:	 	9/26/14	 		  	Date:	  	9/26/14

  
 Page 2
of 2

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]