Document:

Exhibit 10.2

        

      EXECUTION
                VERSION

       

      
         

      

      

            STOCK PURCHASE AGREEMENT 

      BY AND
            BETWEEN

      AMERICAN
            INTERNATIONAL GROUP, INC.

      AND

      ARGON
            HOLDCO LLC

      DATED AS
            OF JULY 14, 2021

      
         

      

        

        
      
         

         

      

    

    

    
      
         

      

      TABLE OF CONTENTS

      
        	
                 

              	
                Page

              
	
                Article I
                      DEFINITIONS......................................................................................................................................................

              	
                4

              	
                 

              
	
                Section 1.1

              	
                Definitions.........................................................................................................................................

              	
                4

              	
                 

              
	
                Article II PURCHASE OF THE
                      SHARES..........................................................................................................................

              	
                13

              	
                 

              
	
                Section 2.1

              	
                Purchase and Sale of
                      Shares..............................................................................................................

              	
                13

              	
                 

              
	
                Section 2.2

              	
                Closing...............................................................................................................................................

              	
                13

              	
                 

              
	
                Section 2.3

              	
                Closing
                      Deliveries.............................................................................................................................

              	
                13

              	
                 

              
	
                Section 2.4

              	
                Withholding.......................................................................................................................................

              	
                14

              	
                 

              
	
                Section 2.5

              	
                Purchase Price
                      Adjustment................................................................................................................

              	
                14

              	
                 

              
	
                Section 2.6

              	
                Company
                      Capitalization....................................................................................................................

              	
                19

              	
                 

              
	
                Article III REPRESENTATIONS AND WARRANTIES OF
                      SELLER.............................................................................

              	
                19

              	
                 

              
	
                Section 3.1

              	
                Organization, Standing and Corporate
                      Power...................................................................................

              	
                19

              	
                 

              
	
                Section 3.2

              	
                Capital
                      Structure................................................................................................................................

              	
                20

              	
                 

              
	
                Section 3.3

              	
                Subsidiaries........................................................................................................................................

              	
                21

              	
                 

              
	
                Section 3.4

              	
                Authority............................................................................................................................................

              	
                21

              	
                 

              
	
                Section 3.5

              	
                Noncontravention;
                      Consents.............................................................................................................

              	
                21

              	
                 

              
	
                Section 3.6

              	
                Financial Statements; SEC
                      Reports...................................................................................................

              	
                22

              	
                 

              
	
                Section 3.7

              	
                No Undisclosed
                      Liabilities................................................................................................................

              	
                24

              	
                 

              
	
                Section 3.8

              	
                No Material Adverse Effect; Absence of
                      Changes............................................................................

              	
                24

              	
                 

              
	
                Section 3.9

              	
                Taxes..................................................................................................................................................

              	
                24

              	
                 

              
	
                Section 3.10

              	
                Compliance with Applicable Law;
                      Permits.......................................................................................

              	
                26

              	
                 

              
	
                Section 3.11

              	
                Litigation...........................................................................................................................................

              	
                26

              	
                 

              
	
                Section 3.12

              	
                Brokers..............................................................................................................................................

              	
                27

              	
                 

              
	
                Section 3.13

              	
                Sufficiency of
                      Assets.........................................................................................................................

              	
                27

              	
                 

              
	
                Section 3.14

              	
                Employee
                      Matters..............................................................................................................................

              	
                27

              	
                 

              
	
                Section 3.15

              	
                Insurance
                      Matters..............................................................................................................................

              	
                27

              	
                 

              
	
                Section 3.16

              	
                No Other Representation or
                      Warranty...............................................................................................

              	
                28

              	
                 

              
	
                Article IV REPRESENTATIONS AND WARRANTIES OF
                      BUYER..............................................................................

              	
                28

              	
                 

              
	
                Section 4.1

              	
                Organization and
                      Standing................................................................................................................

              	
                28

              	
                 

              
	
                Section 4.2

              	
                Authority............................................................................................................................................

              	
                28

              	
                 

              
	
                Section 4.3

              	
                Noncontravention;
                      Consents.............................................................................................................

              	
                28

              	
                 

              
	
                Section 4.4

              	
                Compliance with Applicable
                      Law.....................................................................................................

              	
                29

              	
                 

              
	
                Section 4.5

              	
                Purchase Not for
                      Distribution............................................................................................................

              	
                29

              	
                 

              
	
                Section 4.6

              	
                Litigation...........................................................................................................................................

              	
                29

              	
                 

              
	
                Section 4.7

              	
                Sufficiency of
                      Funds..........................................................................................................................

              	
                29

              	
                 

              
	
                Section 4.8

              	
                Limited
                      Guaranty...............................................................................................................................

              	
                30

              	
                 

              
	
                Section 4.9

              	
                Brokers..............................................................................................................................................

              	
                30

              	
                 

              
	
                Section 4.10

              	
                No Other Representation or
                      Warranty...............................................................................................

              	
                30

              	
                 

              

      

      
         

      

    

    

    
      
         

      

      
        	
                Article V
                      COVENANTS.....................................................................................................................................................

              	
                30

              
	
                Section 5.1

              	
                Conduct of
                      Business.........................................................................................................................

              	
                30

              
	
                Section 5.2

              	
                Access to
                      Information.......................................................................................................................

              	
                33

              
	
                Section 5.3

              	
                Reasonable Best
                      Efforts....................................................................................................................

              	
                33

              
	
                Section 5.4

              	
                Consents, Approvals and
                      Filings......................................................................................................

              	
                33

              
	
                Section 5.5

              	
                Public
                      Announcements.....................................................................................................................

              	
                36

              
	
                Section 5.6

              	
                Further
                      Assurances...........................................................................................................................

              	
                36

              
	
                Section 5.7

              	
                Company
                      Financing..........................................................................................................................

              	
                36

              
	
                Section 5.8

              	
                Stockholders
                      Agreement..................................................................................................................

              	
                36

              
	
                Section 5.9

              	
                Separation.........................................................................................................................................

              	
                37

              
	
                Section 5.10

              	
                Plan
                      Assets........................................................................................................................................

              	
                37

              
	
                Section 5.11

              	
                Corporate
                      Governance......................................................................................................................

              	
                38

              
	
                Section 5.12

              	
                Tax Matters...................................................................................................................................... 

              	
                38

              
	
                Section 5.13

              	
                SMA
                      Cooperation.............................................................................................................................

              	
                38

              
	
                Article VI CONDITIONS
                      PRECEDENT...........................................................................................................................

              	
                39

              
	
                Section 6.1

              	
                Conditions to Each Party’s
                      Obligations...........................................................................................

              	
                39

              
	
                Section 6.2

              	
                Conditions to Obligations of
                      Buyer..................................................................................................

              	
                39

              
	
                Section 6.3

              	
                Conditions to Obligations of
                      Seller..................................................................................................

              	
                40

              
	
                Article VII SURVIVAL;
                      INDEMNIFICATION................................................................................................................

              	
                40

              
	
                Section 7.1

              	
                Survival.............................................................................................................................................

              	
                40

              
	
                Section 7.2

              	
                Indemnification by
                      Seller.................................................................................................................

              	
                40

              
	
                Section 7.3

              	
                Indemnification by Buyer................................................................................................................ 

              	
                41

              
	
                Section 7.4

              	
                Claims
                      Procedure..............................................................................................................................

              	
                42

              
	
                Section 7.5

              	
                Payment............................................................................................................................................

              	
                45

              
	
                Section 7.6

              	
                Exclusive
                      Remedies..........................................................................................................................

              	
                45

              
	
                Section 7.7

              	
                Damages...........................................................................................................................................

              	
                45

              
	
                Section 7.8

              	
                Right to
                      Recover...............................................................................................................................

              	
                46

              
	
                Section 7.9

              	
                Double
                      Claims..................................................................................................................................

              	
                46

              
	
                Article VIII
                      TERMINATION.............................................................................................................................................

              	
                46

              
	
                Section 8.1

              	
                Termination of
                      Agreement...............................................................................................................

              	
                46

              
	
                Section 8.2

              	
                Effect of
                      Termination.......................................................................................................................

              	
                47

              
	
                Article IX GENERAL
                      PROVISIONS................................................................................................................................

              	
                48

              
	
                Section 9.1

              	
                Fees and
                      Expenses............................................................................................................................

              	
                48

              
	
                Section 9.2

              	
                Notices..............................................................................................................................................

              	
                48

              
	
                Section 9.3

              	
                Interpretation....................................................................................................................................

              	
                50

              
	
                Section 9.4

              	
                Entire Agreement; Third Party
                      Beneficiaries...................................................................................

              	
                51

              
	
                Section 9.5

              	
                Governing
                      Law.................................................................................................................................

              	
                51

              
	
                Section 9.6

              	
                Assignment.......................................................................................................................................

              	
                51

              
	
                Section 9.7

              	
                Jurisdiction;
                      Enforcement.................................................................................................................

              	
                51

              
	
                Section 9.8

              	
                Severability; Amendment;
                      Waiver...................................................................................................

              	
                52

              
	
                Section 9.9

              	
                Certain
                      Limitations...........................................................................................................................

              	
                53

              

      

      
        -2- 

      

    

    

    
      
         

      

       

      
        	
                Section 9.10

              	
                Non-Recourse....................................................................................................................................

              	
                54

              
	
                Section 9.11

              	
                No
                      Offset...........................................................................................................................................

              	
                54

              
	
                Section 9.12

              	
                Counterparts......................................................................................................................................

              	
                54

              

      

      
        -3- 

      

    

    

    
      
         

      

      STOCK PURCHASE AGREEMENT

      This
            STOCK PURCHASE AGREEMENT, dated as of July 14, 2021 (this “Agreement”),
            is made by and between American International Group, Inc., a Delaware
            corporation (“Seller”), and Argon Holdco LLC, a Delaware limited
            liability company (“Buyer”). 

      WHEREAS,
            Seller owns 100 shares of common stock (the “Common Stock”), par value
            $1.00 per share, of SAFG Retirement Services, Inc., a Delaware corporation (the “Company”), representing 100% of the issued and outstanding shares of
            Common Stock;

      WHEREAS,
            upon the terms and subject to the conditions set forth in this Agreement,
            Seller desires to (i) cause the Company to effect a stock split and
            recapitalization of the Common Stock into 90,100 shares of Class A common
            stock, par value $1.00 per share (the “New Class A Common Stock”), and
            9,900
            shares of Class B common stock, par value $1.00 per share (the “New Class B
              Common Stock” and, together with the New Class A Common Stock, the “New
              Common Stock”) and (ii) sell and convey to Buyer, and Buyer desires to
            purchase and acquire from Seller, 9,900 shares of New Class B Common Stock (the “Purchased Shares”), representing 9.9% of the issued and outstanding
            shares of New Common Stock following such purchase; and

      WHEREAS,
            at and in connection with the consummation of the transactions contemplated by
            this Agreement, (a) the applicable Company Subsidiaries will enter into
            separately managed account agreements with Blackstone ISG-I Advisors L.L.C., a
            Delaware limited liability company (“Investment Manager”), in the form
            attached hereto as Schedule A of the Seller Disclosure Schedule,
            pursuant to which Investment Manager will perform certain investment management
            services for such Company Subsidiaries (the “SMA Agreements”) and (b)
            the Investment Manager, Seller and the Company will enter into a commitment
            letter in connection with the SMA Agreements and this Agreement, in the form
            attached hereto as Schedule A of the Seller Disclosure Schedule,
            pursuant to which the Investment Manager and the Company will agree to certain
            terms and conditions associated with the SMA Agreements as set forth in such
            commitment letter (the “SMA Commitment Letter”). 

      NOW,
            THEREFORE, in consideration of the representations, warranties, covenants and
            agreements contained in this Agreement, the parties agree as follows:

      Article I

            DEFINITIONS

      Section 1.1       Definitions.  For purposes
            of this Agreement, the following terms have the respective meanings set forth
            below:  

      “Action”
            means (a) any civil, criminal or administrative action, suit, claim,
            litigation, audit, inquiry or examination, in each case, before a Governmental
            Entity or (b) any arbitration proceeding or similar proceeding.

      “Adjusted
              After Tax Income” has the meaning set forth in the Calculation
            Methodologies.

      
        -4- 

      

    

    

    
      
         

      

      “Adjusted Book Value”
            means shareholder’s equity, excluding Accumulated Other Comprehensive Income
            and adjusted for the cumulative unrealized gains and losses related to
            Fortitude Re funds withheld assets, calculated using the same methodologies,
            adjustments, procedures and assumptions as the Calculation Methodologies.

      “Adjusted
              Separation Balance Sheet” has the meaning set forth in Section 3.6(d). 

      “Affiliate”
            of any Person means another Person that directly or indirectly, through one or
            more intermediaries, controls, is controlled by or is under common control
            with, such first Person.  For the purposes of this definition, “control,”
            when used with respect to any Person, means the power to direct the management
            and policies of such Person, directly or indirectly through the ownership of
            voting securities, by contract, or otherwise, and the terms “controlling”
            and “controlled” have the meanings correlative to the foregoing.  For
            the avoidance of doubt, neither the Company nor any Company Subsidiary shall be
            deemed to be an “Affiliate” of Buyer.  For purposes of this Agreement, other
            than for purposes of the definition of “Buyer Indemnitee” and Section 9.10, neither Blackstone nor any investment
            funds or investment vehicles affiliated with, or managed or advised by, Blackstone
            or any portfolio company (as such term is commonly understood in the private
            equity industry) or investment of Blackstone or of any such investment fund or
            investment vehicle shall be deemed to be an “Affiliate” of Buyer.

      “Affiliate
              Contract” means any material Contract
            between any of the Company or any Company Subsidiary, on the one hand, and
            Seller or any Subsidiary of Seller (other than the Company or any Company
            Subsidiary), on the other hand.   

      “Agreement”
            has the meaning set forth in the Preamble. 

      “AH
              Distribution” has the meaning set forth in Section 5.1(b)(iv). 

      “AH
              Transaction” means the transactions contemplated by that certain Purchase
            Agreement, dated as of the date hereof, between Seller and Aztec Holdco LLC.

      “AICPA”
            means American Institute of Certified Public Accountants.

      “Applicable
              Law” means any law, statute, ordinance, written rule or regulation, order,
            injunction, judgment, decree, constitution or treaty enacted, promulgated,
            issued, enforced or entered by any Governmental Entity applicable to any Person
            or such Person’s businesses, properties, assets or rights, as may be amended
            from time to time.

      “Audit
              Opinion” means a report of independent auditors for an audit conducted in
            accordance with the standards of the AICPA of the balance sheets of the in-scope
            entities and partially in-scope entities as of March 31, 2021.

      “Audited
              Company Balance Sheet” has the meaning set forth in Section 2.5(c). 

      “Board”
            has the meaning set forth in Section 5.8 of the Seller Disclosure
            Schedule.

      “Blackstone”
            has the meaning set forth in Section 5.4(b). 

      
        -5- 

      

    

    

    
      
         

      

      “Business Day” means any day other than a Saturday,
            a Sunday or any other day on which banking institutions in New York, New York
            are required or authorized by Applicable Law to be closed.

      “Buyer”
            has the meaning set forth in the Preamble.

      “Buyer
              Indemnitee” means Buyer, each of its Subsidiaries and Affiliates, and its
            and their respective officers, directors, employees, agents, successors and
            permitted assigns. 

      “Buyer
              Material Adverse Effect” means any change, development, event or effect
            that is, individually or in the aggregate, materially adverse to the ability of
            Buyer to consummate the transactions contemplated hereby by the Outside Date.

      “Buyer
              Party” means Buyer or any Affiliate of Buyer that is a party to any
            Transaction Agreement.

      “Calculation
              Methodologies” are those line-item adjustments, methodologies, procedures
            and assumptions set forth on Section 1.1(d) of the Seller Disclosure Schedule.

      “Closing”
            has the meaning set forth in Section 2.2. 

      “Closing
              Adjusted Book Value” has the meaning set forth in Section 2.5(c). 

      “Closing
              Separation Balance Sheet” has the meaning set forth in Section 2.5(c). 

      “Closing
              Adjusted Separation Balance Sheet” has the meaning set forth in Section
              2.5(c). 

      “Closing
              Date” has the meaning set forth in Section 2.2. 

      “Closing
              Pro Forma Roll-Forward Balance Sheet” has the meaning set forth in Section
              2.5(c). 

      “Closing
              Purchase Price” has the meaning set forth in Section 2.5(c). 

      “Code”
            means the Internal Revenue Code of 1986, as amended.

      “Common
              Stock” has the meaning set forth in the Recitals.

      “Company”
            has the meaning set forth in the Preamble.

      “Company
              Balance Sheet” has the meaning set forth in Section 3.6(d). 

      “Company
              Business” means the life and retirement
            insurance business, with such adjustments as reflected in the Separation  Balance
            Sheet, (i) as
            conducted by Seller and its Subsidiaries as of immediately prior to the date
            hereof for purposes of the representations and warranties set forth in Article
              III (other than Section 3.13) and Article IV and the
            covenants and agreements set forth in Article V (as well as the
            provisions of this Article I and Article IX with respect to the
            foregoing), and (ii) as conducted by Seller and its Subsidiaries as of
            immediately prior to the Separation for purposes of the representations and
            warranties set forth in Section 3.13  

      
        -6- 

      

    

    

    
      
         

      

      and the
            Separation Principles (as well as the provisions of this Article I and Article
              IX with respect to the foregoing).

      “Company
              Subsidiaries” has the meaning set forth in Section 3.3. 

      “Confidentiality
              Agreement” means the confidentiality agreement, dated March 6, 2021,
            between Seller and Blackstone.

      “Contract”
            means any contract, agreement, indenture, note, bond, loan, instrument, license
            or other enforceable arrangement or agreement.

      “Covered
              Accounts” has the meaning set forth in Section 3.14(b). 

      “Deal
              Adjustments” has the meaning set forth in the Calculation Methodologies.  

      “Deal
              Perimeter Adjustments” has the meaning set forth in the Calculation
            Methodologies.  

      “Deductible”
            has the meaning set forth in Section 7.2(b). 

      “Dispute
              Notice” has the meaning set forth in Section 2.5(e). 

      “Disputed
              Item” has the meaning set forth in Section 2.5(e). 

      “Enforceability
              Exceptions” has the meaning set forth in Section 3.4. 

      “Equity
              Commitment Letter” has the meaning set forth in Section 4.7. 

      “Equity
              Provider” has the meaning set forth in Section 4.7. 

      “Equity
              Provider Related Persons” has the meaning set forth in Section 5.4(e). 

      “ERISA”
            means the Employee Retirement Income Security Act of 1974.

      “Exchange
              Act” has the meaning set forth in Section 3.6(h).  

      “Final
              Adjusted Book Value” has the meaning set forth in Section 2.5(f). 

      “Final
              Pro Forma Roll-Forward Balance Sheet” has the meaning set forth in Section
              2.5(f). 

      “Final
              Purchase Price” has the meaning set forth in Section 2.5(f). 

      “Financial
              Supplement” has the meaning set forth in Section 3.6(d). 

      “Fraud”
            means actual and intentional fraud by a party to this Agreement with the
            specific intent to deceive or mislead in connection with the making of the
            representations and warranties set forth in Article III or Article IV,
            as applicable.  For the avoidance of doubt, “Fraud” does not include
            constructive fraud or any torts based on negligence or recklessness.

      “GAAP”
            means generally accepted accounting principles in the United States.

      
        -7- 

      

    

    

    
      
         

      

      “Giveback Equity” has the meaning set forth in Section
              2.5(b). 

      “Governmental
              Entity” means any domestic or foreign court, tribunal, commission or
            governmental authority, instrumentality (including any legislature, commission,
            regulatory or administrative agency, governmental branch, bureau or department)
            or agency or any self-regulatory body. 

      “HSR
              Act” has the meaning set forth in Section 3.5. 

      “Hybrid
              Securities” has the meaning set forth in Section 5.7. 

      “Hybrid
              Securities Offering” has the meaning set forth in Section 5.7. 

      “Indemnification
              Cap” has the meaning set forth in Section 7.2(b). 

      “Indemnified
              Party” has the meaning set forth in Section 7.4(a). 

      “Indemnifying
              Party” has the meaning set forth in Section 7.4(a). 

      “Independent
              Firm” has the meaning set forth in Section 2.5(g). 

      “Insurance
              Company” means any Subsidiary of the Company that is required to be
            licensed as an insurer or reinsurer.   

      “Insurance
              Contracts” means the insurance or annuity policies and contracts (including
            side letters), together with all binders, slips, certificates, endorsements and
            riders thereto, issued, entered into, acquired or assumed (by reinsurance or
            otherwise) by any Insurance Company prior to the Closing.

      “Insurance
              Regulator” means, with respect to any jurisdiction, the Governmental Entity
            charged with the supervision of insurance companies in such jurisdiction.

      “Interim
              Adjusted Book Value” has the meaning set forth in Section 2.5(a). 

      “Interim
              Pro Forma Roll-Forward Balance Sheet” has the meaning set forth in Section
              2.5(a). 

      “Interim
              Purchase Price” has the meaning set forth in Section 2.5(a). 

      “Investment
              Assets” means the investment assets, including general account and separate
            account assets, of the Insurance Companies. 

      “Investment
              Manager” has the meaning set forth in the Recitals. 

      “IPO”
            means the consummation of an initial public offering of securities by the
            Company, whether pursuant to an initial underwritten public offering of
            securities that is registered under the Securities Act or an initial public
            offering of the Company Business structured as a secondary offering of
            securities by Seller or a distribution of securities by the Company to existing
          

      
        -8- 

      

    

    

    
      
         

      

      equityholders that would result in securities of the
            Company being registered under the Exchange Act.

      “Knowledge”
            means the actual knowledge of (a) with respect to Seller, those Persons listed
            in Section 1.1(a) of the Seller Disclosure Schedule, and (b) with respect to
            Buyer, those Persons listed in Section 1.1(b) of the Seller Disclosure
            Schedule.

      “Liability”
            means any liability, damage, expense or obligation of any kind, character or
            description (including in respect of Taxes), whether direct or indirect, known
            or unknown, absolute or contingent, accrued or unaccrued, disputed or
            undisputed, liquidated or unliquidated, secured or unsecured, joint or several,
            due or to become due, vested or unvested, asserted or unasserted, executory,
            determined or determinable or otherwise.

      “Liens”
            has the meaning set forth in Section 3.2(a). 

      “Limited
              Guaranty” has the meaning set forth in Section 4.8. 

      “Material
              Adverse Effect” means any change, development, event or effect that has a
            material adverse effect on the business, financial condition or results of
            operations of the Company Business, taken as a whole, but excluding any such
            change, development, event or effect resulting from or arising out of (a)
            general political, economic or securities or financial market conditions
            (including changes in interest rates or changes in equity or debt prices and
            corresponding changes in the value of the Investment Assets of the Company and
            the Company Subsidiaries), (b) any occurrence or condition generally affecting
            participants in any jurisdiction or geographic area in any segment of the
            industries or markets in which the Company or the Company Subsidiaries
            participate, including the deferred and immediate annuity, variable annuity or
            life insurance industries, (c) any change or proposed change after the date
            hereof in GAAP, SAP or Applicable Law, or the interpretation or enforcement
            thereof (including changes after the date hereof in GAAP or SAP prescribed or
            permitted by the applicable insurance regulatory authority and accounting
            pronouncements of the SEC, the National Association of Insurance Commissioners
            and the Financial Accounting Standards Board), (d) natural or man-made
            catastrophe events, hostilities, acts of war or terrorism, or any escalation or
            worsening thereof, (e) any epidemic, pandemic or similar outbreak, (f) the
            COVID-19 virus outbreak and efforts by Governmental Entities in response
            thereto and the consequences of such efforts, (g) the negotiation, execution
            and delivery of, or compliance with the express terms of, or the taking of any
            action expressly required by, this Agreement or any other Transaction
            Agreements, or the public announcement of, or consummation in accordance with
            the terms hereof of, any of the transactions contemplated hereby or thereby
            (including the Separation) (including the effect thereof on the relationships
            (contractual or otherwise) of the Company and the Company Subsidiaries and
            their respective Affiliates with policyholders, clients, customers, employees,
            suppliers, vendors, service providers or Governmental Entities) (it being
            understood that this clause (g) shall be disregarded for purposes of the
            representations and warranties set forth in the first sentence of Section
              3.5 and the related condition to the Closing), (h) the effects of any
            breach, violation or non-performance of any provision of this Agreement by
            Buyer or any of its Affiliates, (i) the identity of or facts related to Buyer
            or its Affiliates or the effect of any action taken by Seller, the Company or
            any of their respective Affiliates at the express written request of Buyer,
            (j) changes in the value of any Investment Assets of the Company or any
            Company Subsidiaries, (k) any downgrade or threatened 

      
        -9- 

      

    

    

    
      
         

      

      downgrade
            or change or development in the financial strength or other rating assigned to
            the Company or any Company Subsidiaries by any rating agency (provided,
            that this clause (k) shall not by itself exclude the underlying causes of any
            such downgrade, change, development, event or effect to the extent such
            underlying causes are not otherwise excluded by clauses (a) through (l) (other
            than this clause (k)) hereof), or (l) any failure of the Company or any of the
            Company Subsidiaries to meet any financial projections or targets, including
            any estimates or expectations of revenue, earnings or other financial
            performance or results of operations for any period, in and of itself, or any
            failure by the Company or any of the Company Subsidiaries to meet its internal
            or published projections, budgets, plans or forecasts of its revenues, earnings
            or other financial performance or results of operations (provided, that
            this clause (l) shall not by itself exclude the underlying causes giving rise
            or contributing to any such failure to the extent such underlying causes are
            not otherwise excluded by clauses (a) through (k), except, in the case of the
            foregoing clauses (a), (b), (c) and (d), to the extent that such change,
            development, event or effect has a disproportionately adverse effect on the
            Company Business, taken as a whole, as compared to other participants in the
            same industry (in which case the incremental disproportionately adverse effect
            may be taken into account determining whether there has been a Material Adverse
            Effect).

      “New
              Class A Common Stock” has the meaning set forth in the Recitals. 

      “New
              Class B Common Stock” has the meaning set forth in the Recitals. 

      “New
              Common Stock” has the meaning set forth in the Recitals. 

      “Notice
              Period” has the meaning set forth in Section 7.4(c). 

      “Organizational
              Documents” of a Person means the certificate of incorporation, bylaws or
            equivalent organizational documents of such Person. 

      “Outside
              Date” has the meaning set forth in Section 8.1(b). 

      “Permits”
            has the meaning set forth in Section 3.10(b). 

      “Permitted
              Lien” means, with respect to any asset, any (a) carriers’, mechanics’,
            materialmens’ or similar Lien arising in the ordinary course of business
            imposed by Applicable Law for amounts not yet due, (b) Lien arising from any
            act of Buyer or any of its Affiliates, (c) Lien that is disclosed in Section
            1.1(c) of the Seller Disclosure Schedule under the heading “Permitted Liens”,
            (d) Lien for Taxes, assessments or other governmental charges not yet due and
            payable or due and payable but not delinquent or the amount or validity of
            which is being contested in good faith and, in each case, for which adequate
            reserves are reflected in accordance with GAAP, (e) Lien arising under a
            conditional sales Contract or equipment lease with a third party, (f) Lien in
            favor of the Company or any Company Subsidiary, (g) restrictions under
            applicable federal and state securities laws and (h) Lien or other imperfection
            of title that does not materially detract from the current value or materially
            interfere with the current use of the properties or rights affected thereby.

      “Person”
            means an individual, corporation, partnership, joint venture, limited liability
            company, association, trust, unincorporated organization, Governmental Entity
            or other entity.

      
        -10- 

      

    

    

    
      
         

      

      “Plan Asset Issue” means that any assets of a
            Covered Account constitute Plan Assets.

      “Plan
              Assets” has the meaning set forth in Section 3.14(b). 

      “Pro
              Forma Roll-Forward Balance Sheet” has the meaning set forth in Section 3.6(d). 

      “Purchase
              Price” has the meaning set forth in Section 2.1.  

      “Purchase
              Price Cap” means $2,200,000,000. 

      “Purchased
              Shares” has the meaning set forth in the Recitals. 

      “Reconciliation”
            has the meaning set forth in Section 3.6(d). 

      “Representative”
            means any Person’s directors, officers, employees, agents, advisors, attorneys,
            accountants, consultants and other representatives.

      “Resolution
              Period” shall have the meaning set forth in Section 2.5(f). 

      “SAP”
            means, for each of the Company and each Company Subsidiary, the statutory
            accounting practices prescribed or permitted in respect of such Person by the
            applicable Insurance Regulator for such Person’s state of domicile.

      “SEC”
            means the U.S. Securities and Exchange Commission.

      “Securities
              Act” has the meaning set forth in Section 4.5. 

      “Seller”
            has the meaning set forth in the Preamble.

      “Seller
              Disclosure Schedule” means the disclosure schedule (including any
            attachments thereto) delivered by Seller to Buyer in connection with, and
            constituting a part of, this Agreement.

      “Seller
              Fundamental Representations” means those representations and warranties of
            the Seller and the Company set forth in Section 3.1 (Organization,
            Standing and Corporate Power), Section 3.2(a) (Capital Structure), Section
              3.4 (Authority), and Section 3.12 (Brokers).

      “Seller
              Indemnitee” means Seller, each of its Subsidiaries and Affiliates, and its
            and their respective officers, directors, employees, agents, successors and
            permitted assigns. 

      “Seller
              SEC Documents” has the meaning set forth in Section 3.6(h).  

      “Separation”
            has the meaning set forth in the Separation Principles.

      “Separation
              Balance Sheet” has the meaning set forth in Section 3.6(d).   

      “Separation
              Documentation” has the meaning set forth in Section 5.9(a).  

      “Separation
              Principles” has the meaning set forth in Section 5.9(a). 

      
        -11- 

      

    

    

    
      
         

      

      “SMA Agreements” has the meaning set forth in the
            Recitals. 

      “SMA
              Commitment Letter” has the meaning set forth in the Recitals. 

      “Specified
              Amount” means $19,176,000,000.  

      “Specified
              Transaction Agreements” means the SMA Agreements and the SMA Commitment
            Letter. 

      “Statutory
              Statements” has the meaning set forth in Section 3.6(b). 

      “Stockholders
              Agreement” has the meaning set forth in Section 5.8. 

      “Subsidiary”
            of any Person at the time in question means another Person more than 50% of the
            total combined voting power of all classes of capital stock or other voting
            interests of which, or more than 50% of the equity securities of which, is at
            such time owned directly or indirectly by such first Person.

      “Target
              Adjusted Book Value” means $20,202,000,000.

      “Tax
              Authority” means any Governmental Entity having jurisdiction over the
            assessment, determination, collection or imposition of any Tax. 

      “Tax
              Proceeding” means any audit, examination, contest, litigation, dispute or
            other proceeding with respect to Taxes or with or against any Tax Authority.

      “Tax
              Return” means any return, report, estimate, extension request, information
            statement, or claim for refund filed or required to be filed in connection with
            any Tax, including any schedule or attachment thereto, and any amendment
            thereof.

      “Taxes”
            means any and all federal, state, local, or foreign taxes charges, fees, levies
            or other assessments, including any income, franchise, profits, gains, premium,
            property (real or personal), sales, use, excise, employment, unemployment,
            payroll, withholding, gross receipts, license, stamp, occupation, social
            security (or similar, including FICA), disability, workers’ compensation,
            windfall profits, environmental, capital stock, transfer, stamp, registration,
            value added, alternative or add-on minimum, estimated, or other tax of any kind
            or any charge, assessment or deficiencies of any kind in the nature of taxes,
            including in each case any interest, penalties, or additions thereto, whether
            disputed or not.

      “third-party
              claim” has the meaning set forth in Section 7.4(a). 

      “Transaction
              Agreements” means this Agreement, the SMA Agreements, the SMA Commitment
            Letter and the Stockholders Agreement.

      “Transaction
              Expenses” means, without duplication, all liabilities incurred by a party
            for fees, expenses, costs or charges as a result of the contemplation,
            negotiation, efforts to consummate or consummation of the transactions
            contemplated by this Agreement, including any fees and expenses of investment
            bankers, attorneys, accountants, actuaries or other advisors, and any fees 

      
        -12- 

      

    

    

    
      
         

      

      payable by such party to Governmental Entities or other
            third parties, in each case, in connection with the consummation of the
            transactions contemplated by this Agreement.

      “Treasury
              Regulations” means all proposed, temporary and final regulations
            promulgated under the Code, as such regulations may be amended from time to
            time.

      “Willful
              Breach” means, with respect to any breaches of or failures to perform any
            of the covenants or other agreements contained in this Agreement, a material
            breach that is a consequence of an act or failure to act undertaken by the
            breaching party with actual knowledge that such party’s act or failure to act
            would result in or constitute a material breach of this Agreement.  

      Article II

            PURCHASE OF THE SHARES

      Section 2.1       Purchase and Sale of Shares.  Upon the terms and subject to the conditions of this
            Agreement, Seller agrees to sell and convey to Buyer, and Buyer agrees to
            purchase and acquire from Seller, the Purchased Shares for an aggregate
            purchase price equal to two billion two hundred million U.S. dollars
            ($2,200,000,000) (the “Purchase Price”), to be paid in cash by wire
            transfer of immediately available funds as contemplated by Section 2.3.  The Purchase Price shall be subject to
            adjustment after the Closing in accordance with Section 2.5. 

      Section 2.2       Closing.  The closing
            of the purchase and sale of the Purchased Shares (the “Closing”) shall
            take place remotely by exchange of documents and signatures (or their
            electronic counterparts) at 9:00 a.m., New York City time, the third (3rd)
            Business Day following the satisfaction or waiver of all of the conditions set
            forth in Article VI (other than those conditions that by their terms are
            to be satisfied at the Closing, but subject to the satisfaction or waiver of
            such conditions at the Closing), unless another date, time or place is agreed
            to in writing by the parties (it being agreed that at either party’s request,
            the other party shall consider in good faith whether the Closing Date shall be
            the last Business Day of a calendar month).  The Closing shall for all purposes
            under this Agreement be deemed effective as of 12:01 a.m. on the day on which
            the Closing occurs, and such date and time are herein referred to as the “Closing
              Date.” 

      Section
            2.3       Closing Deliveries.

      (a)                          Seller Closing Deliveries.  At the Closing, Seller shall deliver or cause to be delivered to
            Buyer:

      (i)         one or more certificates or book-entry notations
            representing the Purchased Shares;

      (ii)        the certificate contemplated by Section 6.2(d);  

      (iii)       counterparts of each Transaction Agreement other than this
            Agreement to which Seller or the Company is a party, duly executed by such
            Person; and

      (iv)       a duly executed IRS Form W-9 of Seller.

      (b)        Buyer’s Closing Deliveries.  At the Closing, Buyer shall deliver to Seller:

       

      
        -13- 

      

    

    

    
      
         

      

      (i)         in cash, by wire
            transfer of immediately available funds to an account designated in writing by
            Seller no later than two (2) Business Days prior to the Closing Date, an amount
            equal to the Purchase Price;

      (ii)        the certificate contemplated by Section 6.3(c);
            and

      (iii)       counterparts of each Transaction Agreement other than this
            Agreement to which a Buyer Party is a party, duly executed by such Buyer Party.

      Section 2.4       Withholding.  Buyer
            and any other applicable withholding agent shall be entitled to deduct and
            withhold from any payments made pursuant to this Agreement such amounts as it
            is required to deduct and withhold with respect to the making of any such
            payment under any applicable Tax Law. To the extent that amounts are so
            withheld, and paid to the proper Tax Authority pursuant to any applicable Tax
            Law, such withheld amounts shall be treated for all purposes of this Agreement
            as having been paid to such Person in respect of which such deduction and
            withholding was made.  Except to the extent
            otherwise required pursuant to a change in Applicable Law, provided Seller
            complies with its obligation pursuant to Section 2.3(a)(iv), no
            deduction or withholding of Tax shall be made from the Purchase Price.  Buyer
            shall promptly, and in no event later than three (3) Business Days prior to
            Closing, notify Seller of its intention to make any deduction or withholding
            required pursuant to a change in Applicable Law and shall cooperate with Seller
            to mitigate, reduce or eliminate any such deduction or withholding.

      Section
            2.5       Purchase Price Adjustment

      (a)        Seller shall deliver (or cause to be delivered) to Buyer,
            no later than sixty (60) calendar days following the consummation of the AH
            Transaction, a pro forma balance sheet of the Company as of the Closing that is
            presented in the same manner and that uses the same methodologies, adjustments,
            procedures and assumptions used in the Pro Forma Roll-Forward Balance Sheet,
            taking into account all information available at such time (including the actual
            amount of the AH Distribution) and calculated in accordance with the
            Calculation Methodologies (the “Interim Pro Forma Roll-Forward Balance Sheet”). 
            The Interim Pro Forma Roll-Forward Balance Sheet will set forth the Adjusted
            Book Value as of the Closing, after giving effect to the AH Distribution (the “Interim
              Adjusted Book Value”), and be accompanied by reasonable supporting detail
            reflecting the basis for such calculation.  The “Interim Purchase Price”
            shall be an amount equal to the Purchase Price, as adjusted on the basis of the
            Interim Adjusted Book Value pursuant to Section 2.5(b)(i) or Section
              2.5(b)(ii), as applicable.

      (b)        The procedures for dispute resolution set forth in Section
              2.5(e) through (g)  shall apply to the Interim Pro Forma Roll-Forward
            Balance Sheet mutatis mutandis.  Promptly, and in any event
            within five
            (5) Business Days, after the Interim Adjusted Book Value becomes final and
            binding on the parties hereto: 

      (i)         if the Interim Adjusted Book Value exceeds the Target
            Adjusted Book Value, then, subject to the proviso in this Section 2.5(b),
            Buyer shall deliver, or cause to be
            delivered, to the Seller (or another entity designated in writing by the
            Seller) payment, by wire transfer to a bank account designated in writing by
            the Seller (such designation to be made within three (3) Business Days after
            the Interim Adjusted Book Value becomes 

      
        -14- 

      

    

    

    
      
         

      

      final and binding on
            the parties hereto), of immediately available funds in an amount equal to 9.9% multiplied 
          by  the absolute value of the difference between the Interim Adjusted
            Book Value and the Target Adjusted Book Value; and

      (ii)        if the Target Adjusted Book Value exceeds the Interim
            Adjusted Book Value, then Seller shall deliver, or cause to be delivered, to the Buyer (or another entity
            designated in writing by Buyer) payment, by wire transfer to a bank account
            designated in writing by Buyer (such designation to be made within three (3)
            Business Days after the Interim Adjusted Book Value becomes final and binding
            on the parties hereto), of immediately available funds in an amount equal to
            9.9% multiplied by the following:

      (A)       if the AH Distribution has occurred and the Interim
            Adjusted Book Value (giving effect to the AH Distribution) is equal to or
            greater than the Specified Amount, 50% of the absolute value of the difference
            between the Interim Adjusted Book Value and the Target Adjusted Book Value;

      (B)       if the AH Distribution has occurred and the Interim
            Adjusted Book Value (giving effect to the AH Distribution) is less than the
            Specified Amount, the sum of (1) $500,000,000 and (2) 100% of the absolute
            value of the difference between the Interim Adjusted Book Value and the
            Specified Amount; or

      (C)       if the AH Distribution has not occurred, the absolute value
            of the difference between the Interim Adjusted Book Value and the Target
            Adjusted Book Value;

      provided, however,
            that to the extent that the Interim Purchase Price exceeds the Purchase Price
            Cap, such portion of such excess shall be satisfied by Buyer delivering, or
            causing to be delivered, to Seller (or another entity designated in writing by
            Seller), a number of Purchased Shares (such shares, the “Giveback Equity”)
            then held by Buyer, such that, following such delivery, the ownership
            percentage held by Buyer shall equal (A) (1) the Purchase Price Cap minus 
            (2) an amount equal to the aggregate dividends paid after the Closing and prior
            to the delivery of the Giveback Equity in respect of the Giveback Equity divided
              by (B) the excess of the Interim Adjusted Book Value over the Target
            Adjusted Book Value plus $22,222,000,000.

      (c)        Seller shall deliver (or cause to be delivered) to Buyer,
            no later than the tenth (10th) Business Day prior to the earlier of
            (x) the expected consummation of the IPO and (y) the thirty-six (36)-month
            anniversary of the Closing Date, (i) an audited balance sheet of the Company and
            the Company Subsidiaries, which balance sheet shall have been prepared in
            accordance with the Calculation Methodologies and GAAP and shall be accompanied
            by an Audit Opinion (the “Audited Company Balance Sheet”), (ii)
            a pro
            forma balance sheet of the Company and the Company Subsidiaries, which shall be
            the Audited Company Balance Sheet that is presented in the same manner and is
            calculated in accordance with the Calculation Methodologies, adjusted for the
            actual Deal Perimeter Adjustments that are not included in the Audited Company
            Balance Sheet (the “Closing Separation Balance Sheet”), (iii) a
            pro
            forma balance sheet of the Company and the Company Subsidiaries, which shall be
            the Closing Separation Balance Sheet that is 

       

      
        -15- 

      

    

    

    
      
         

      

      presented in
            the same manner and is calculated in
            accordance with the Calculation Methodologies, adjusted for the actual Deal
            Adjustments and any other adjustments required to reflect the actual terms of
            the Separation that are not included in the Closing Separation Balance Sheet
            (the “Closing Adjusted Separation Balance Sheet”), (iv) a pro
            forma
            balance sheet of the Company and the Company Subsidiaries, which shall be the
            Closing Adjusted Separation Balance Sheet rolled forward from March 31, 2021 to
            Closing to reflect the Roll-Forward Items, in each case, calculated in
            accordance with the Calculation Methodologies and based upon all information
            available at such time (the “Closing Pro Forma Roll-Forward Balance Sheet”),
            and, at Buyer’s request, an updated Reconciliation, bridging the amounts and
            calculations set forth in the Financial Supplement to the Audited Company Balance
            Sheet.  The Closing Pro Forma Roll-Forward Balance Sheet will be accompanied by
            reasonable supporting detail reflecting the basis for such calculation.  The
            Audited Company Balance Sheet, the Closing Separation Balance Sheet, the
            Closing Adjusted Separation Balance Sheet and the Closing Pro Forma
            Roll-Forward Balance Sheet (x) shall be calculated using the same financial
            accounting methods, principles, practices and principles (including actuarial,
            reserving and other methods, principles, practices and principles of the
            Insurance Companies), the same Tax classifications and Tax elections and
            valuations of assets used in preparing the Company Balance Sheet, the
            Separation Balance Sheet, the Adjusted Separation Balance Sheet and the Pro
            Forma Roll-Forward Balance Sheet, respectively, notwithstanding any changes
            subsequent to the date of the applicable balance sheet by the Company and any
            Company Subsidiaries thereto, and (y) in the case of the Closing Separation
            Balance Sheet, the Closing Adjusted Separation Balance Sheet and the Closing
            Pro Forma Roll-Forward Balance Sheet, shall reflect all legal entities
            considered (either in part or in full) in preparation of the Separation Balance
            Sheet.  In addition to the Audited Company Balance Sheet, Seller and Buyer will
            engage a mutually agreed-upon audit firm to conduct agreed-upon review
            procedures in accordance with AICPA Statement on Standards for Attestation
            Engagements 19 (“Review”) (the terms of which will be mutually
            agreed-upon by Buyer and Seller prior to the commencement of the Review) of the
            (i) Deal Adjustments and any other adjustments required to be taken to reflect
            the actual terms of the Separation that are not included in the Audited Company
            Balance Sheet reflected in either the Closing Separation Balance Sheet or the Closing
            Adjusted Separation Balance Sheet, and (ii) Adjusted After Tax Income for the
            Company and the Company Subsidiaries for the period from March 31, 2021 to
            Closing reflected in the Closing Pro Forma Roll-Forward Balance Sheet.  The
            Closing Pro Forma Roll-Forward Balance Sheet will set forth the Adjusted Book
            Value as of the Closing (the “Closing Adjusted Book Value”) and
            will not
            reflect the impact of any events or actions taken after the date of the Audited
            Company Balance Sheet, other than (1) the adjustments for events or actions
            contemplated to be taken after the date of the Audited Company Balance Sheet
            that are reflected as line items in the Separation Balance Sheet and the Pro
            Forma Roll-Forward Balance Sheet (including any changes or modifications as a
            result of the actual Separation and the Deal Adjustments), (2) any other
            separation adjustments required as a result of the actual Separation and (3)
            changes or modifications in Adjusted Book Value as a result of (but excluding
            any changes or modifications solely as a result of events or actions taken
            after the date of the Audited Company Balance Sheet) the audit of the Company
            and Company Subsidiaries and Review of the items described in clauses (i) and
            (ii) of the prior sentence.  The Closing Adjusted Book Value will be calculated
            based upon such Audited Company Balance Sheet and Review of Adjusted After Tax
            Income and the separation adjustments (including the Deal Adjustments) and, in
            each case, in a manner consistent with the provisions of this paragraph.  The “Closing
              Purchase Price” shall be an amount equal to the Purchase Price, as 

       

      
        -16- 

      

    

    

    
      
         

      

      adjusted on
            the basis of the Closing Book Value pursuant to
          Section 2.5(h), as applicable. The parties agree that any
            Liabilities as
            a result of a breach of Section 3.8(c) shall be included as an
            appropriate adjustment to the Interim Purchase Price and the Closing Purchase Price
            in lieu of Buyer’s remedies under Section 7.2, notwithstanding
            anything
            to the contrary herein.  

      (d)       Seller and the Company shall provide (and shall cause their
            Subsidiaries to provide) Buyer and its Affiliates and their respective
            Representatives with such access to their and their Affiliates’ financial
            records and information relating to, and their employees and Representatives
            that were involved in, the preparation of Interim Pro Forma Roll-Forward
            Balance Sheet, the Audited Company Balance Sheet, the Closing Separation Balance
            Sheet, the Closing Adjusted Separation Balance Sheet, the Closing Pro Forma Roll-Forward
            Balance Sheet and the adjustment process set forth in this Section 2.5
            as may be reasonably requested by the Buyer or any of its Affiliates and their
            respective Representatives for purposes of the adjustment process set forth in
            this Section 2.5. 

      (e)        Within thirty (30) days after the delivery of the Closing Pro
            Forma Roll-Forward Balance Sheet, Buyer may provide Seller with a written
            notice setting forth, in reasonable detail, its disagreement with one or more
            items on the Closing Pro Forma Roll-Forward Balance Sheet, including the
            calculation of the Closing Adjusted Book Value prepared by the Company as part
            of the Closing Pro Forma Roll-Forward Balance Sheet (a “Dispute Notice”). 
            Any Dispute Notice must set forth in reasonable detail (i) any item on the
            Closing Pro Forma Roll-Forward Balance Sheet which Buyer believes has not been
            prepared in accordance with this Agreement and the correct amount of such item
            (each, a “Disputed Item”) and (ii) Buyer’s alternative
            calculation of
            the Disputed Item, as applicable, calculated in accordance with the Calculation
            Methodologies.  All items on the Closing Pro Forma Roll-Forward Balance Sheet
            that are not Disputed Items shall be final, conclusive and binding on the
            parties hereto for purposes of this Section 2.5. 

      (f)        If Buyer fails to provide a Dispute Notice within thirty
            (30) days after the delivery of the Closing Pro Forma Roll-Forward Balance
            Sheet, the Closing Pro Forma Roll-Forward Balance Sheet and the Closing
            Adjusted Book Value and the resulting calculation of the Closing Purchase Price
            contained therein shall be deemed accepted and shall become the “Final Pro
              Forma Roll-Forward Balance Sheet”, the “Final Adjusted Book
              Value”
            and the “Final Purchase Price”, respectively, and shall be
            final and
            binding upon the parties hereto.  If, within thirty (30) days after the
            delivery of the Closing Pro Forma Roll-Forward Balance Sheet, Buyer provides
            Seller with a Dispute Notice, Buyer and Seller shall attempt in good faith to
            amicably resolve all matters set forth in the Dispute Notice during the thirty
            (30) day period following receipt of the Dispute Notice by Buyer (the “Resolution
              Period”).  To the extent any such disputes are resolved to the mutual
            satisfaction of Buyer and Seller during the Resolution Period, such resolutions
            shall be reflected on the Closing Pro Forma Roll-Forward Balance Sheet and the
            resulting calculation of the Closing Adjusted Book Value and the Closing
            Purchase Price contained therein and shall be deemed final and binding upon the
            parties hereto, and, if all such disputes are so resolved, the Closing Pro
            Forma Roll-Forward Balance Sheet and the resulting calculation of the Closing
            Adjusted Book Value and the Closing Purchase Price contained therein, as
            modified to reflect the resolution of such disputes, shall be deemed final and
            shall become the Final Pro Forma Roll-Forward Balance Sheet, the Final Adjusted
            Book Value and the Final Purchase Price, respectively.

       

      
        -17- 

      

    

    

    
      (g)        If any such disputes
            cannot, for any reason, be resolved prior to the expiration of the Resolution
            Period, then, within thirty (30) days after the end of the Resolution Period,
            Seller and Buyer shall (i) set forth in writing their respective positions on
            any such disputes still at issue and their determination of the calculation of
            the Closing Adjusted Book Value and the resulting calculation of the Closing
            Purchase Price and (ii) submit such written submissions regarding the
            unresolved disputes to a boutique specialty firm with an active practice area
            focused on post-merger and acquisitions purchase price dispute resolution
            selected jointly by Seller and Buyer (the “Independent Firm”). 
            The
            Independent Firm shall deliver its written determination to Buyer and Seller no
            later than forty five (45) days following the date on which the unresolved
            disputes are submitted in writing to the Independent Firm or such other date as
            the Independent Firm may determine in its discretion or as may be mutually
            agreed by Buyer and Seller.  The Independent Firm’s determination shall (A) be
            based solely on presentations and written submissions by Buyer and Seller to
            the Independent Firm made in accordance with this Section 2.5(g), and
            not by independent review and (B) set forth in reasonable detail the basis for
            the Independent Firm’s final determination of the Closing Adjusted Book Value
            in accordance with the Calculation Methodologies and the resulting calculation
            of Closing Purchase Price; provided  that the Independent Firm
            shall only
            be entitled to resolve Disputed Items, and in no event shall the Independent
            Firm determine, with respect to any item that remains an unresolved dispute submitted
            to it, an amount which is outside the range established by (1) the amount
            submitted by Seller in its submission under this Section 2.5(g)
            and (2)
            the amount submitted by Buyer in its submission under this Section 2.5(g). 
            Absent manifest arithmetical error, such determinations by the Independent Firm
            shall be conclusive and binding upon the parties and shall not be subject to
            appeal or review thereafter, and the Closing Pro Forma Roll-Forward Balance
            Sheet and the Closing Adjusted Book Value and the resulting calculation of the
            Closing Purchase Price contained therein, as modified by the Independent Firm’s
            final determination, shall be deemed final and shall become the Final Pro Forma
            Roll-Forward Balance Sheet, the Final Adjusted Book Value and the Final
            Purchase Price, respectively.  The fees and disbursements of the Independent
            Firm shall be borne by Seller and Buyer in inverse proportion to the absolute
            value of the difference between the Independent Firm’s determination the Final
            Adjusted Book Value and the other party’s calculation of Closing Adjusted Book
            Value in its submission under this Section 2.5(g) (i.e., so
            that each
            party will bear the Independent Firm’s fees and disbursements in proportion to
            the extent to which the other party prevails in respect of the difference
            between the parties’ aggregate calculations of the Closing Adjusted Book
            Value).

      (h)        Promptly, and in any event within five (5) Business Days,
            after the Final Adjusted Book Value becomes final and binding on the parties
            hereto pursuant to Section 2.5(f) or Section 2.5(g), as applicable,
            then either Buyer shall deliver, or cause
            to be delivered, to the Seller (or another entity designated in writing
            by the Seller), or Seller shall deliver, or
            cause to be delivered, to the Buyer (or another entity designated in
            writing by Buyer), as applicable, in either case a cash payment and/or a number
            of Purchased Shares (subject to the following proviso and the Purchase Price
            Cap) so that the Buyer and the Seller would be in the same position as they
            would have been, taking into account any cash dividends that have been (or
            should have been) received by Buyer or Seller in respect of Purchased Shares
            and any prior payment made by Buyer to Seller or Seller to Buyer pursuant to Section
              2.5(b), had the parties used (A) the Final Adjusted Book Value instead
            of the Interim Adjusted Book Value and (B) the final number of Purchased
            Shares (taking into account any Purchased Shares that shall constitute Giveback
            Equity) as a result of the purchase price adjustment in Section 2.5(b)
            and this Section 2.5(h), in each of cases (A) and (B), for

      
        -18-   

      

    

    

    
      
         

      

      purposes
            of the purchase price adjustment in Section 2.5(b); provided,
            that, with respect to any payment made to Buyer, such payment shall be made (i)
            in cash if Buyer owns 9.900% of the outstanding equity of the Company and (ii)
            in such number of Purchased Shares as would result in Buyer owning 9.900% of
            the outstanding equity of the Company, plus cash in excess of such amount.

      (i)         Section 2.5(i) of the Seller Disclosure Schedule sets forth
            illustrative calculations of the Interim Purchase Price and Final Purchase
            Price adjustments calculated in accordance with this Section 2.5. 

      (j)         The parties agree to treat any amounts paid (or deemed paid
            through the delivery of shares) under this Section 2.5 as an
            adjustment
            to (A) the Purchase Price per Purchased Share and/or (B) the number
            of Purchased Shares acquired hereunder for all applicable tax purposes, unless
            otherwise required by law.

      Section 2.6       Company Capitalization. 
            Prior to the Closing, Seller shall, and shall cause the Company to, cause the
            Organizational Documents of the Company to be amended, and take such other actions
            as are necessary, to effect a stock split and recapitalization of the
            outstanding Common Stock into 90,100 shares of New Class A Common Stock and 9,900
            shares of New Class B Common Stock.  Upon the
            completion of such stock split and recapitalization, the New Common Stock shall
            be the only authorized, issued and outstanding capital stock of the Company,
            and all of the outstanding shares of New Common Stock shall be pari passu and
            identical in all respects, other than with respect to the right of the New
            Class A Common Stock to receive one hundred percent (100%) of any AH
            Distribution.

      Article III

            REPRESENTATIONS AND WARRANTIES OF SELLER

      Except
            as (a) disclosed in any report, schedule, form, statement or other document
            filed with or furnished to the SEC by Seller since December 31, 2019 and
            publicly available prior to the date of this Agreement, other than disclosure
            contained in the “Risk Factors” or “Forward-Looking Statements” sections
            thereof, it being understood that any matter disclosed in any such report,
            schedule, form, statement or other document shall not be deemed disclosed for
            purposes of Section 3.1, Section 3.2
            or Section 3.4, (b) set forth in
            the Seller Disclosure Schedule (it being understood that any information set
            forth in one Section or subsection of the Seller Disclosure Schedule shall be
            deemed to apply to and qualify the Section or subsection of this Agreement to
            which it corresponds in number and each other Section or subsection of this
            Agreement or the Seller Disclosure Schedule to the extent the relevance to such
            Section or subsection is reasonably apparent on the face of such disclosure),
            Seller represents and warrants to Buyer as follows:  

      Section
            3.1       Organization, Standing and Corporate Power.

      (a)      
          Each of Seller and the Company is a corporation duly incorporated,
            validly existing and in good standing under the laws of the State of Delaware. 
            Each of Seller and the Company has the requisite corporate power and authority
            to own, lease or otherwise hold the assets, rights and properties owned, leased
            or otherwise held by it and to carry on its business as now being conducted,
            except where the failure to have such power and authority (i) has not had and
            would 

      
        -19-   

      

    

    

    
      
         

      

      not
            reasonably be expected to have, individually or in the aggregate, a Material
            Adverse Effect, (ii) would not reasonably be expected to be materially adverse
            to the ability of Seller to consummate the transactions contemplated hereby by
            the Outside Date and (iii) would not reasonably be expected to have a material
            adverse effect on the ability of Seller, the Company and the Company
            Subsidiaries, as applicable, to perform their obligations under the Transaction
            Agreements.  The Company is duly qualified as a foreign corporation to do
            business and is in good standing in each jurisdiction in which the nature of
            its business or the ownership, leasing or operation of its properties makes
            such qualification necessary, other than where the failure to be so qualified
            or in good standing has not had and would not reasonably be expected to have,
            individually or in the aggregate, a Material Adverse Effect.

      (b)        Seller or the Company has made available to Buyer true and
            complete copies of the Organizational Documents of the Company, each as amended
            to the date hereof.  The Organizational Documents of the Company that have been
            so delivered are in full force and effect, and neither Seller nor the Company
            is in breach of any provision thereof.

      Section
            3.2       Capital Structure.

      (a)        As of the date hereof, (i) there are 1,000 authorized
            shares of capital stock of the Company, consisting of 1,000 shares of Common
            Stock, and (ii) the issued and outstanding capital stock of the Company
            consists of 100 shares of Common Stock.  Except as provided in the preceding
            clause (ii), no shares of capital stock or other equity interests of the
            Company are issued, reserved for issuance or outstanding.  As of the Closing,
            (A) there shall be 200,000 authorized shares of capital stock of the Company,
            consisting of 180,000 shares of New Class A Common Stock and 20,000 shares of
            New Class B Common Stock, and (B) the issued and outstanding capital stock of
            the Company shall consist of 90,100 shares of New Class A Common Stock and 9,900
            shares of New Class B Common Stock.  Except as provided in the preceding clause
            (B), as of the Closing, there shall be no shares of capital stock or other
            equity interests of the Company that are issued, reserved for issuance or
            outstanding.  All outstanding shares of capital stock of the Company were duly
            authorized and validly issued and are fully paid and non-assessable, and are
            not subject to, and were not issued in violation of, the Securities Act or
            other Applicable Law, any Contract or any preemptive, subscription or similar
            rights.  Seller is the record and beneficial owner of all of the shares of
            Common Stock issued and outstanding, free and clear of all pledges, liens,
            charges, encumbrances and security interests of any kind (collectively, “Liens”)
            other than restrictions on transfer or otherwise under applicable securities
            laws.  There are no restrictions upon the voting or transfer of the shares of
            Common Stock pursuant to the Organizational Documents of the Company or any
            agreement to which Seller or the Company is a party.  There are no securities,
            options, warrants, rights (including conversion, exchange, preemptive, rights
            of first refusal, redemption rights, “tag along” rights or “drag along” rights
            and subscription rights) or other commitments or agreements (other than this
            Agreement or any other Transaction Agreement) of any kind to which Seller or
            the Company is a party obligating either of them to issue, sell, purchase, redeem,
            transfer or deliver shares of capital stock or other equity interests of the
            Company.

      (b)        Neither the Company nor any Company Subsidiary has any
            outstanding bonds, debentures, notes or other indebtedness, the holders of
            which have the right to vote (or which are convertible into or exercisable for
            securities having the right to vote) with the stockholders of the 

       

      
        -20-   

      

    

    

    
      
         

      

      Company on any
            matter.  There are no voting trusts,
            proxies, “poison pills”, “stockholder rights plans” or similar Contracts to
            which the Company is a party with respect to the voting of any shares of
            capital stock or other equity interests of the Company.

      Section 3.3       Subsidiaries.  Each
            Subsidiary of the Company (a “Company Subsidiary”) is duly organized,
            validly existing and in good standing under the laws of its respective
            jurisdiction of incorporation, formation or organization and has the requisite
            power and authority to own, lease or otherwise hold the assets, rights and
            properties owned, leased or otherwise held by it and to carry on its business
            as now being conducted, in each case except where the failure to be in good
            standing or have such power and authority has not had and would not reasonably
            be expected to have, individually or in the aggregate, a Material Adverse
            Effect.  Each Company Subsidiary is duly qualified as a foreign corporation,
            limited liability company, partnership or other entity, as applicable, to do
            business and is in good standing in each jurisdiction in which the nature of
            its business or the ownership, leasing or operation of its properties makes
            such qualification necessary, other than in such jurisdictions where the
            failure to be so qualified or in good standing has not had and would not
            reasonably be expected to have, individually or in the aggregate, a Material
            Adverse Effect.  No Company Subsidiary is an insured depository institution
            within the meaning of section 3(c) of the Federal Deposit Insurance Act (12
            U.S.C. § 1813(c)).   

      Section 3.4       Authority.  Each of
            Seller, the Company and each applicable Company Subsidiary has the requisite
            corporate or other power and authority to enter into this Agreement and the
            other Transaction Agreements to which it is or will be a party and to
            consummate the transactions contemplated hereby and thereby, as applicable. 
            The execution and delivery by each of Seller, the Company and each applicable
            Company Subsidiary of this Agreement and the other Transaction Agreements to
            which it is or will be a party and the consummation by each of Seller, the
            Company and each applicable Company Subsidiary of the transactions contemplated
            hereby and thereby, as applicable, have been or, with respect to the
            Transaction Agreements to be executed and delivered after the date of this
            Agreement, will be, duly authorized by all necessary corporate action on the
            part of Seller, the Company or the applicable Company Subsidiary, as
            applicable.  Each of this Agreement and the other Transaction Agreements to
            which Seller, the Company or a Company Subsidiary is or will be a party has
            been or, with respect to the Transaction Agreements to be executed and
            delivered after the date of this Agreement, will be, duly executed and
            delivered by Seller, the Company or the applicable Company Subsidiary, as
            applicable, and, assuming this Agreement and such other Transaction Agreements
            constitute legal, valid and binding agreements of the other parties hereto and
            thereto, constitute legal, valid and binding obligations of Seller, the Company
            or the applicable Company Subsidiary, as applicable, enforceable against
            Seller, the Company or the applicable Company Subsidiary, as applicable, in
            accordance with their terms, except that (a) such enforcement may be subject to
            applicable bankruptcy, insolvency, reorganization, moratorium or other similar
            laws, now or hereafter in effect, affecting creditors’ rights generally and (b)
            the remedy of specific performance and injunctive and other forms of equitable
            relief may be subject to equitable defenses and to the discretion of the court
            before which any proceeding therefor may be brought (collectively, the “Enforceability
              Exceptions”). 

      Section 3.5       Noncontravention; Consents.  The execution and delivery by each of Seller, the
            Company and each applicable Company Subsidiary of this Agreement and the other Transaction
            Agreements to which it is or will be a party, and the consummation of the
            transactions contemplated hereby and thereby, will not (a) conflict with any of
            the provisions of the 

      
        -21-   

      

    

    

    
      
         

      

      Organizational Documents of
            Seller or the Company, (b) subject to the matters referred to in the next
            sentence, conflict with, result in a breach of or default (with or without
            notice or lapse of time or both) under, give any contracting party the right to
            terminate, modify, cancel or accelerate or receive any payment, or provide its
            consent, under, or result in the creation of any Lien (other than a Permitted
            Lien) on any property, asset or right of Seller, or the Company or the Company
            Subsidiaries, or the Company Business, as applicable, under, any Contract to
            which such Person is a party or (c) subject to the matters referred to in the
            next sentence, contravene any Applicable Law applicable to Seller, or the
            Company or the Company Subsidiaries, as applicable, except, in the case of
            clauses (b) and (c), as (I) has not had and would not reasonably be expected to
            have, individually or in the aggregate, a Material Adverse Effect, (II) would
            not reasonably be expected to be materially adverse to the ability of Seller to
            consummate the transactions contemplated hereby by the Outside Date and (III)
            would not reasonably be expected to have a material adverse effect on the
            ability of Seller, the Company and the Company Subsidiaries, as applicable, to
            perform their obligations under the Transaction Agreements.  No consent,
            approval or authorization of, or declaration or filing with, or notice to, any
            third party or Governmental Entity is required by or with respect to Seller or
            the Company in connection with the execution and delivery of this Agreement and
            the other Transaction Agreements by Seller or the Company, as applicable, or
            the consummation by Seller or the Company, as applicable, of the transactions
            contemplated hereby and thereby, except for (i) the filing required under the
            Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the “HSR
              Act”), (ii) filings with the SEC, (iii) consents, approvals,
            authorizations, declarations, filings or notices in connection with the
            Separation and (iv) such other consents, approvals, authorizations, declarations,
            filings or notices that, if not obtained or made, have not had and would not
            reasonably be expected to (A) have, individually or in the aggregate, a
            Material Adverse Effect, (B) be materially adverse to the ability of Seller to
            consummate the transactions contemplated hereby by the Outside Date or (III)
            have a material adverse effect on the ability of Seller, the Company and the
            Company Subsidiaries, as applicable, to perform their obligations under the
            Transaction Agreements.

      Section
            3.6       Financial Statements; SEC Reports.

      (a)        Section 3.6(a) of the Seller Disclosure Schedule sets forth,
            with respect to each Insurance Company that is required to file statutory
            financial statements, true and complete copies of (i) the audited annual
            statutory financial statements of the Insurance Companies (together with all
            notes thereto) as of and for the years ended December 31, 2020 and December 31,
            2019 and (ii) the unaudited interim statutory balance sheets of the Insurance
            Companies as of March 31, 2021 (collectively, the “Statutory Statements”). 

      (b)        The Company maintains, in all material respects, (i) books
            and records in compliance with Applicable Law and (ii) proper and adequate
            systems of internal accounting controls designed to provide reasonable
            assurance that:  (A) transactions are executed with management’s general or
            specific authorization, (B) transactions are recorded as necessary to permit
            preparation of its financial statements in conformity in all material respects
            with SAP, (C) access to its assets is permitted only in accordance with
            management’s general or specific authorization and (D) the recorded accountability
            for assets is compared with existing assets at reasonable intervals and
            appropriate actions are taken with respect to any differences.  To the
            Knowledge of Seller, since January 1, 2019, neither the Company nor Seller has
            received any material claim regarding the internal accounting controls of the
            Company.  The Company has 

      
        -22-   

      

    

    

    
      
         

      

      disclosed,
            based on the most recent evaluation of internal control over financial
            reporting prior to the date of this Agreement, to Seller’s auditors and the
            audit committee of the board of directors of Seller, (1) all “significant
            deficiencies” or “material weaknesses” in the design or operation of internal
            control over financial reporting which are reasonably likely to materially
            adversely affect the Company or any Company Subsidiaries’ ability to record,
            process, summarize and report financial information and (2) any fraud, whether
            or not material, that involves management or other employees who have a
            significant role in the Company or such Company Subsidiaries’ internal control
            over financial reporting.  No material weakness in the Company’s or any Company
            Subsidiaries’ internal control over financial reporting or reportable
            conditions existed as of December 31, 2020.

      (c)        The statutory policy reserves required by SAP to be held
            with respect to the Insurance Contracts reported in the Statutory Statements (i)
            were determined, in all material respects, in accordance with SAP, (ii) are
            fairly stated, in all material respects, in accordance with sound actuarial
            principles applied on a consistent basis, and (iii) include, in all material
            respects, provisions for all actuarial reserves required to be established in
            accordance with Applicable Law.

      (d)       Section 3.6(d)(i) of the Seller Disclosure Schedule sets
            forth an unaudited balance sheet of the Company as of March 31, 2021, prepared
            in accordance with GAAP, and fairly presents in all material respects the
            consolidated financial position of the Company as of such date (the “Company
              Balance Sheet”).  Section 3.6(d)(ii) of the Seller Disclosure Schedule sets
            forth a copy of the Company Balance Sheet adjusted to give effect to the assets
            and liabilities contemplated to be transferred to the Company and Company
            Subsidiaries in connection with the Separation in accordance with the
            Separation Principles (other than the Deal Adjustments), calculated in
            accordance with the Calculation Methodologies and prepared in good faith (the “Separation
              Balance Sheet”).  Section 3.6(d)(iii) of the Seller Disclosure Schedule sets
            forth a copy of the Separation Balance Sheet, adjusted to give effect to the
            Deal Adjustments (the “Adjusted Separation Balance Sheet”). 
            Section
            3.6(d)(iv) of the Seller Disclosure Schedule sets forth a copy of an
            illustrative Separation Balance Sheet, adjusted on an illustrative basis, to
            (A) include the results of Adjusted After Tax Income earned during the period
            from March 31, 2021 to an illustrative closing on August 31, 2021 (other than
            any contributions to Adjusted After Tax Income from sources that are not the
            Company or the Company Subsidiaries following Separation) and (B) reflect an illustrative
            dividend declared between March 31, 2021 and Closing (clauses (A) and (B), the “Roll-Forward Items”), in each case, calculated in accordance with the
            Calculation Methodologies and prepared in good faith (the “Pro Forma
              Roll-Forward Balance Sheet”).  The Adjusted Book Value set forth on the Pro
            Forma Roll-Forward Balance Sheet equals the Specified Amount.  Section
            3.6(d)(v) of the Seller Disclosure Schedule sets forth a reconciliation (the “Reconciliation”)
            from the Seller’s Quarterly Financial Supplement for the period ended March 31,
            2021 Financial Supplement (the “Financial Supplement”) through
            the
            Company Balance Sheet.   

      (e)        Seller has filed with or furnished to the SEC all reports,
            schedules, forms, statements or other documents (including all exhibits and
            financial statements required to be filed or furnished therewith and any other
            document or information required to be incorporated therein) required by the
            Securities Act or the Securities Exchange Act of 1934, as amended (the “Exchange
              Act”), to be filed or furnished by Seller with the SEC since December 31,
            2019 (collectively, together with any documents filed with or furnished to the
            SEC during such period by Seller to the SEC on a voluntary basis, the “Seller
              SEC Documents”). As of its respective date, or, if amended 

       

      
        -23-   

      

    

    

    
      
         

      

      prior to the
            date hereof, as of the date of the last such
            amendment, each Seller SEC Document complied when filed or furnished (or, if
            applicable, when amended) in all material respects with the Securities Act, the
            Exchange Act and the Sarbanes-Oxley Act, and none of the Seller SEC Documents
            when filed or furnished (or, in the case of a registration statement filed
            under the Securities Act, at the time it was declared effective or subsequently
            amended) contained any untrue statement of a material fact or omitted to state
            a material fact required to be stated therein or necessary in order to make the
            statements therein, in the light of the circumstances under which they were
            made, not misleading.  

      Section 3.7       No Undisclosed Liabilities.  Neither the Company nor any of the Company Subsidiaries
            has any liability, whether known or unknown, absolute, accrued, contingent or
            otherwise, that is required to be reflected in a balance sheet (or the notes
            thereto) of the Company and the Company Subsidiaries prepared in accordance
            with GAAP, except (a) those liabilities provided for or disclosed in the Company
            Balance Sheet, or in the notes thereto, (b) liabilities incurred in the ordinary
            course of business since March 31, 2021, (c) liabilities incurred in connection
            with the transactions contemplated by this Agreement (including the Separation)
            and the other Transaction Agreements, (d) liabilities that will no longer be
            liabilities of the Company and the Company Subsidiaries following the
            completion of the Separation and (e) other liabilities that would not
            reasonably be expected to have, individually or in the aggregate, a Material
            Adverse Effect.  

      Section 3.8       No Material Adverse Effect; Absence of Changes.  (a) Since December 31, 2020, there has not been any
            event or change that has had or would reasonably be expected have, individually
            or in the aggregate, a Material Adverse Effect, (b) since December 31, 2020 and
            prior to the date hereof, each of Seller, the Company and the Company
            Subsidiaries has conducted the Company Business in all material respects in the
            ordinary course of business (other than in connection with the execution and
            delivery of this Agreement, the transactions contemplated by this Agreement
            (including the Separation) and any alternatives thereto) and (c) since March
            31, 2021 and prior to the date hereof, the Company has not (i) taken any action
            that, if taken after the date of this Agreement, would require the consent of
            Buyer pursuant to Sections 5.1(b)(vi) and (vii)  or (ii) declared
            or paid any dividends; provided  that, notwithstanding anything to the
            contrary herein, compliance with this Section 3.8(c) shall not be a
            condition, and shall not be considered for purpose of determining the
            satisfaction of any condition, precedent to the Closing, and any breach of this
          Section 3.8(c) shall not give rise to any claim for indemnification
            pursuant to Article VII, but any breach of this Section 3.8(c)
            shall be treated in accordance with the final sentence of Section 2.5(c). 
             

      Section 3.9       Taxes.  Except as would not reasonably be expected to have,
            individually or in the aggregate, a Material Adverse Effect:

      (a)        (i) All Tax Returns required to be filed by or on behalf of
            the Company or any Company Subsidiary have been timely filed (after giving
            effect to any valid extensions of time in which to make such filings) with the
            appropriate Tax Authorities and are true and complete and (ii) all Taxes,
            whether or not shown on such Tax Returns, required to be paid by or with
            respect to the Company or any Company Subsidiary (including Taxes required to
            be withheld from payments to third parties) have been timely paid, except, in
            each case, with respect to Taxes or matters for which adequate reserves are
            reflected, in accordance with GAAP, in the Company’s and the 

       

      
        -24-   

      

    

    

    
      
         

      

      Company
            Subsidiaries’ financial statements. The Company and
            each Company Subsidiary has complied with Applicable Law relating to
            withholding and reporting (including information reporting) of Taxes and has
            duly and timely withheld and paid over to the appropriate Tax Authorities all
            amounts required to be so withheld and paid over.

      (b)        As of the date hereof, no deficiencies for Taxes have been
            proposed, asserted or assessed in writing against the Company or any Company
            Subsidiary that have not been resolved or paid in full.  No agreement, waiver
            or other document or arrangement is currently in effect waiving or extending the
            period for assessment or collection of Taxes (including any applicable statute
            of limitation) with respect to the Company or any Company Subsidiary. As of the
            date hereof, neither the Company nor any Company Subsidiary is under audit,
            examination or investigation by any Governmental Entity or the subject of any
            judicial or administrative proceeding in respect of Taxes.  During the past
            three years, neither the Company nor any Company Subsidiary has received
            written notice from any jurisdiction in which the Company or such Subsidiary
            has not filed income or franchise Tax Returns or paid income or franchise Taxes
            that the Company or such Company Subsidiary is required to file such Tax
            Returns or pay such Taxes in such jurisdiction.

      (c)        Except for (i) any existing Tax sharing or allocation
            agreements between (A) Seller or any of its Subsidiaries (other than the
            Company or any Company Subsidiaries), on the one hand, and (B) the Company
            or any Company Subsidiaries, on the other hand,
            which agreements are in substantially the same form as the Tax sharing
            agreements previously provided to Buyer or (ii) any Tax sharing or allocation
            agreements solely between or among the Company and any Company Subsidiaries,
            neither the Company nor any Company Subsidiaries is a party to or bound by any
            agreement dealing with Tax sharing, allocation, indemnity or distribution
            (other than an agreement entered into in the ordinary course of business or a
            lending arrangement that, in each case, does not relate primarily to Taxes)
            pursuant to which it will have any obligation to make any payments for any
            periods ending after the Closing.

      (d)       Neither the Company nor any Company Subsidiary (i) has
            during the past ten years  been a member of an affiliated group filing a
            consolidated Tax Return (other than the “affiliated group” as defined in
            Section 1504(a) of the Code, the common parent of which is or was Seller or any
            of its Subsidiaries) or (ii) has any liability for Taxes of any Person (other
            than Seller, any Subsidiary of the Seller or any Company Subsidiary) under
            Treasury Regulations Section 1.1502-6 or any similar provision of state, local
            or foreign law, or as a transferee or successor.  

      (e)        There are no Liens for Taxes upon the assets of the Company
            or any Company Subsidiaries, except for Permitted Liens.

      (f)        During the past two years, neither the Company nor any
            Company Subsidiaries has been a “distributing corporation” or a “controlled
            corporation” within the meaning of Section 355(a)(1)(A) of the Code.

      (g)        Within the past three years, neither the Company nor any
            Company Subsidiaries has participated in any “listed transactions” within the
            meaning of Treasury Regulations Section 1.6011-4(b)(2).

       

      
        -25-   

      

    

    

    
      
         

      

      (h)        Neither the Company
            nor any Company Subsidiaries has received or applied for a Tax ruling or
            entered into a closing agreement pursuant to Section 7121 of the Code, offer in
            compromise, or similar agreement with a Tax Authority, in any case, that would
            be binding upon the Company or any Company Subsidiaries after the Closing.

      Section 3.10     Compliance with Applicable Law; Permits.

      (a)        The Company and the Company Subsidiaries are, and, since
            December 31, 2019, have been, in compliance in with all Applicable Laws, except
            as would not reasonably be expected to be, individually or in the aggregate,
            material to the Company Business, taken as a whole, or materially adverse to
            the ability of Seller to consummate the transactions contemplated hereby. 
            Except as would not reasonably be expected to be, individually or in the
            aggregate, material to the Company Business, taken as a whole, or materially
            adverse to the ability of Seller to consummate the transactions contemplated
            hereby or have a material adverse effect on the ability of Seller, the Company
            and the Company Subsidiaries, as applicable, to perform their obligations under
            the Transaction Agreements, none of the Company or any of the Company
            Subsidiaries (i) has since December 31, 2019 received any written or, to the
            Knowledge of Seller, other communication from the Company or any Company
            Subsidiary regarding any actual or alleged violation of, or failure on the part
            of the Company or any Company Subsidiary to comply with, any Applicable Laws or
            order, injunction or decree of a Governmental Entity or (ii) to the Knowledge
            of Seller, is under investigation with respect to any material violation of any
            Applicable Laws or order, injunction or decree of a Governmental Entity other
            than any such item that has been cured or otherwise resolved to the
            satisfaction of such Governmental Entity.

      (b)        The Company and the Company Subsidiaries own, hold or
            possess all permits, licenses, approvals, authorizations, consents and
            registrations that are necessary for them to own or lease, operate and use
            their respective assets, rights or properties and to carry on and conduct their
            respective businesses as conducted on the date hereof (collectively, “Permits”),
            except as would not reasonably be expected to have, individually or in the
            aggregate, a Material Adverse Effect.  All such Permits are valid and in full
            force and effect and the Company and the Company Subsidiaries are in compliance
            with the requirements of all such Permits, in each case, except as would not
            reasonably be expected to have, individually or in the aggregate, a Material
            Adverse Effect or would not reasonably be expected to be materially adverse to
            the ability of Seller to consummate the transactions contemplated hereby by the
            Outside Date or have a material adverse effect on the ability of Seller, the
            Company and the Company Subsidiaries, as applicable, to perform their
            obligations under the Transaction Agreements.

      (c)        Except as would not
            reasonably be expected to have, individually or in the aggregate, a Material
            Adverse Effect, none of the Insurance Companies has, since December 31, 2019,
            received written notice of deficiencies or violations described in any reports
            of examination (including financial, market conduct and similar examinations)
            of any Insurance Company issued by any Insurance Regulator that have not been
            resolved to the reasonable satisfaction of the Insurance Regulator that noted
            such deficiencies or violations.

      Section 3.11     Litigation.  There are
            no Actions pending against the Company or the Company Subsidiaries that would
            reasonably be expected to be, individually or in the aggregate, material to the
            Company Business, taken as a whole.  There is no order of any Governmental
            Entity 

      
        -26-   

      

    

    

    
      
         

      

      in effect or, to the Knowledge of Seller,
            threatened against the Company or any Company Subsidiaries that would
            reasonably be expected to be, individually or in the aggregate, material to the
            Company Business, taken as a whole.

      Section
            3.12     Brokers.  Seller is
            solely responsible for the payment of the fees and expenses of any broker,
            investment banker, financial adviser or other Person acting in a similar
            capacity in connection with the transactions contemplated by this Agreement
            based upon arrangements made by or on behalf of Seller, the Company or any of
            their respective Affiliates.

      Section 3.13     Sufficiency of Assets.
            The assets, rights and properties held by the Company and the Company
            Subsidiaries as of the completion of the Separation, when taken together with
            all of the other agreements entered into in connection with the Separation
            (including in respect of transition services), shall be sufficient for the
            conduct of the Company Business in all material respects. 

      Section 3.14     Employee Matters.

      (a)        Except as would not reasonably be expected to be material
            to the Company and the Company Subsidiaries, taken as a whole, neither the
            execution and delivery of this Agreement nor the consummation of the purchase
            of the Purchased Shares contemplated hereby will result in, cause the
            accelerated vesting, funding or delivery of, or increase the amount or value
            of, any payment or benefit to any current or former employee, trustee, director
            or consultant of the Company or any of the Company Subsidiaries, or result in
            any payment that could reasonably be construed, individually or in combination
            with any other such payment, to constitute an “excess parachute payment” under
            Section 280G of the Code.

      (b)        No portion of the
            assets in any account of any direct or indirect subsidiary of the Company
            administered by the Investment Manager pursuant to the SMA Agreements in the
            forms attached hereto as Schedule A of the Seller Disclosure
            Schedule (each,
            a “Covered Account” and collectively, the “Covered Accounts”)
            constitutes “plan assets” within the meaning of ERISA and the regulations
            promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code
            (“Plan Assets”). 

      Section 3.15     Insurance Matters.  Except
            as has not had, and would not reasonably be expected to have, individually or
            in the aggregate, a Material Adverse Effect:

      (a)        Each reinsurance
            agreement to which the Company or any Company Subsidiary is a party and has any
            material existing rights or material obligations (each, a “Reinsurance
              Contract”) is a legal, valid and binding obligation of the Company or the
            applicable Company Subsidiary party thereto, and, to the Knowledge of Seller,
            each other party thereto, and is enforceable against the Company or the
            applicable Company Subsidiary party thereto, and, to the Knowledge of Seller,
            each other party thereto, in accordance with its terms, subject to the
            Enforceability Exceptions.

      (b)        Since December 31,
            2019, neither the Company nor the applicable Company Subsidiary, nor, to the
            Knowledge of Seller, any of the other parties to any Reinsurance Contract is in
            default or breach or has failed to perform any obligation under any such
            Reinsurance Contract.

       

      
        -27-   

      

    

    

    
      
         

      

      (c)        There are no pending
            or, to the Knowledge of Seller, threatened Actions with respect to any
            Reinsurance Contract. 

      SECTION
            3.16     No Other Representation or Warranty.  Except for the
            representations and warranties expressly contained in this Article III,
            none of Seller, the Company or any other Person on behalf of Seller or the
            Company makes any express or implied representation or warranty with respect to
            Seller, the Company, the Company Business or otherwise, or with respect to any
            information provided to Buyer or its Affiliates or its or their Representatives
            in connection with this Agreement or the transactions contemplated hereby, and
            Buyer hereby disclaims any reliance on any representations and warranties,
            except for the representations and warranties expressly contained in this Article
              III.  None of Seller, the Company or any other Person will have or be
            subject to any liability to Buyer or its Affiliates or any other Person
            resulting from the distribution to Buyer or its Affiliates or its or their
            Representatives, the use by any of the foregoing of, any such information,
            including any information, documents, projections, forecasts or any other
            material made available to Buyer or its Affiliates or its or their
            Representatives in certain “data rooms” or management presentations in
            connection with any consideration and review of this Agreement or the
            transactions contemplated hereby, unless any such information is expressly
            subject to a representation or warranty contained in this Article III. 

      Article IV

            REPRESENTATIONS AND WARRANTIES
            OF BUYER

      Buyer
            represents and warrants to Seller as follows:

      Section 4.1       Organization and Standing.  Buyer is a limited liability company, duly organized, validly existing
            and in good standing under the laws of the State of Delaware.

      Section 4.2       Authority.  Buyer has
            the requisite corporate power and authority to enter into this Agreement and
            the other Transaction Agreements to which it is or will be a party and to
            consummate the transactions contemplated hereby and thereby.  The execution and
            delivery by each Buyer Party of this Agreement and the other Transaction
            Agreements to which it is or will be a party and the consummation by each Buyer
            Party of the transactions contemplated hereby and thereby have been and, with
            respect to the Transaction Agreements to be executed and delivered after the
            date of this Agreement, will be, duly authorized by all necessary corporate
            action on the part of such Buyer Party.  Each of this Agreement and the other
            Transaction Agreements to which a Buyer Party is or will be a party has been
            or, with respect to the Transaction Agreements to be executed and delivered
            after the date of this Agreement, will be, duly executed and delivered by such
            Buyer Party and, assuming this Agreement and such other Transaction Agreements
            constitute legal, valid and binding agreements of the other parties hereto and
            thereto, constitute legal, valid and binding obligations of such Buyer Party,
            enforceable against such Buyer Party in accordance with their terms, subject to
            the Enforceability Exceptions.

      Section 4.3       Noncontravention; Consents.  The execution and delivery by Buyer and each Buyer Party
            of this Agreement and the other Transaction Agreements by to which it is or
            will be a party, and the consummation of the transactions contemplated hereby
            and thereby by such Buyer Party will not (a) conflict with any of the
            provisions of the Organizational Documents of any Buyer Party, (b) subject to
            the matters referred to in the next sentence, conflict with, result in 

      
        -28-   

      

    

    

    
      
         

      

      a breach of or default (with or without notice or lapse
            of time or both) under, give any contracting party the right to terminate,
            cancel or accelerate any payment under, or result in the creation of any Lien
            (other than a Permitted Lien) on any property, asset or right of any Buyer
            Party under, any material Contract to which any Buyer Party is a party or (c)
            subject to the matters referred to in the next sentence, contravene any
            Applicable Law, except, in the case of clauses (b) and (c) above, as (i) has
            not had and would not reasonably be expected to have, individually or in the
            aggregate, a Buyer Material Adverse Effect and (ii) would not reasonably be
            expected to have a material adverse effect on the ability of Buyer and the
            Buyer Parties, as applicable, to perform their obligations under the
            Transaction Agreements.  No consent, approval or authorization of, or
            declaration or filing with, or notice to, any third party or Governmental
            Entity is required by or with respect to any Buyer Party in connection with the
            execution and delivery of this Agreement and the other Transaction Agreements
            by the Buyer Parties or the consummation by the Buyer Parties of any of the
            transactions contemplated hereby and thereby, except (i) for the filing
            required under the HSR Act, (ii) for such other consents, approvals,
            authorizations, declarations, filings or notices that, if not obtained or made,
            would not reasonably be expected to have, individually or in the aggregate, a
            Buyer Material Adverse Effect and (iii) as has not had and would not reasonably
            be expected to have a material adverse effect on the ability of Buyer and the
            Buyer Parties, as applicable, to perform their obligations under the
            Transaction Agreements.  

      Section 4.4       Compliance with Applicable Law.  Buyer is in compliance with all Applicable Law, except
            as would not reasonably be expected to have, individually or in the aggregate,
            a Buyer Material Adverse Effect.  

      Section 4.5       Purchase Not for Distribution.  The Purchased Shares will be acquired by Buyer for its
            own account and not with a view to distribution.  Buyer will not resell,
            transfer, assign, pledge or otherwise dispose of any Purchased Shares, except
            in compliance with the registration requirements of the Securities Act of 1933,
            as amended (the “Securities Act”), and any applicable state securities
            laws, or pursuant to an available exemption therefrom.  Buyer (a) has made its
            own inquiry and investigation into, and, based thereon, has formed an
            independent judgment concerning, the Company, the Company Subsidiaries and the
            Company Business and (b) has been furnished with or given access to certain
            information about the Company, the Company Subsidiaries and the Company
            Business.

      Section 4.6       Litigation.   There
            are no Actions pending or, to the Knowledge of Buyer, threatened in writing
            against or affecting Buyer or, to the Knowledge of Buyer, any of its
            Affiliates, that (a) seek to restrain or enjoin the consummation of any of the
            transactions contemplated by this Agreement or (b) would reasonably be expected
            to have a Buyer Material Adverse Effect. There is no order of any Governmental
            Entity in effect or, to the Knowledge of Buyer, threatened against Buyer or, to
            the Knowledge of Buyer, any of its Affiliates, that would reasonably be
            expected to have, individually or in the aggregate, a Buyer Material Adverse
            Effect.

      Section 4.7       Sufficiency of Funds.  Buyer
            is a party to and has accepted a fully executed equity commitment letter, dated
            as of the date hereof (the “Equity Commitment Letter”), from Blackstone Holdings II
            L.P. (the “Equity Provider”)
            pursuant to which the
            Equity Provider has agreed, on the terms and subject to the conditions set
            forth in the Equity Commitment Letter, to invest in Buyer the amounts set forth
            therein.  Buyer has delivered to Seller a true, complete and correct copy of
            the executed Equity Commitment Letter.  As of the date hereof, the Equity 

      
        -29-   

      

    

    

    
      
         

      

      Commitment Letter is in full force and effect and has not
            been amended, restated or otherwise modified or waived, and the commitments
            contained therein have not been withdrawn, modified or rescinded in any
            respect.  Assuming the conditions set forth in Section 6.1 and Section
              6.2 are satisfied at the Closing, Buyer will have at the Closing cash
            proceeds sufficient to pay the Purchase Price at the Closing.  The obligations
            of Buyer to effect the transactions contemplated by this Agreement are not
            conditioned upon the availability to Buyer or any of its Affiliates of any
            debt, equity or other financing in any amount whatsoever.  

      Section 4.8       Limited Guaranty.  Concurrently with the execution and delivery of
            this Agreement, Buyer has delivered to Seller the limited guaranty, dated as of
            the date hereof (the “Limited Guaranty”), addressed to Seller from the
            Equity Provider, guaranteeing certain obligations of Buyer under this Agreement
            on the terms set forth therein.  As of the date hereof, the Limited Guaranty is
            in full force and effect and constitutes a legal, valid and binding obligation
            of the Equity Provider, enforceable against the Equity Provider in accordance
            with its terms, subject to the Enforceability Exceptions.  

      Section 4.9       Brokers.  Buyer is
            solely responsible for the payment of the fees and expenses of any broker,
            investment banker, financial adviser or other Person acting in a similar
            capacity in connection with the transactions contemplated by this Agreement or
            any of the Transaction Agreements based upon arrangements made by or on behalf
            of Buyer or any of its Affiliates.

      Section 4.10     No Other Representation or Warranty.  Except for the representations and warranties expressly
            contained in this Article IV, none of Buyer or any other Person on
            behalf of Buyer makes any express or implied representation or warranty with
            respect to Buyer or otherwise, or with respect to any information provided to
            Seller, the Company or their Affiliates or their Representatives in connection
            with this Agreement or the transactions contemplated hereby, and Seller hereby
            disclaims any reliance on any representations and warranties, except for the
            representations and warranties expressly contained in this Article IV. 
            None of Buyer or any other Person will have or be subject to any liability to
            Seller, the Company or their Affiliates or any other Person resulting from the
            distribution to Seller, the Company or their Affiliates or their Representatives,
            the use by any of the foregoing of, any such information, including any
            information, documents, projections, forecasts or any other material made
            available to Seller, the Company or their Affiliates or their Representatives
            in certain “data rooms” or management presentations in connection with any
            consideration and review of this Agreement or the transactions contemplated
            hereby, unless any such information is expressly subject to a representation or
            warranty contained in this Article IV. 

      Article V

            COVENANTS

      Section
            5.1       Conduct of Business.

      (a)        Except (i) as required or expressly contemplated by this
            Agreement or the other Transaction Agreements, (ii) as required by Applicable
            Law, (iii) in connection with the Separation to the extent consistent with the
            Separation Principles, (iv) as reasonably required in response to COVID-19 or
            any actions of any Governmental Entity in response thereto, (v) as set forth in
          

       

      
        -30-   

      

    

    

    
      
         

      

      Section 5.1 of
            the Seller Disclosure Schedule or (vi) as
            Buyer otherwise consents in advance in writing (which shall include email)
            (which consent shall not be unreasonably withheld, conditioned or delayed),
            from the date of this Agreement to the Closing, Seller shall cause the Company
            to, and to cause the Company Subsidiaries and the Company Business to, use
            reasonable best efforts to carry on the Company Business in all material
            respects in the ordinary course and, to the extent consistent therewith, to
            preserve intact and maintain its current business organizations and its
            material relationships with third parties (including Governmental Entities,
            insureds and others having business dealings with them).

      (b)        Except (i) as required or expressly contemplated by this
            Agreement or the other Transaction Agreements, (ii) as required by Applicable
            Law, (iii) in connection with the Separation to the extent consistent with the
            Separation Principles, (iv) as reasonably required in response to COVID-19 or
            any actions of any Governmental Entity in response thereto, (v) as set forth in
            Section 5.1 of the Seller Disclosure Schedule or (vi) as Buyer otherwise
            consents in advance in writing (which shall include email) (which consent shall
            not be unreasonably withheld, conditioned or delayed), from the date of this
            Agreement to the Closing, Seller shall cause the Company, the Company
            Subsidiaries and the Company Business not to:

      (i)         (A) split, combine or reclassify any of the Company’s outstanding
            capital stock or equity securities or issue or authorize the issuance of any
            other stock or securities (including any derivatives securities) in respect of,
            in lieu of or in substitution for shares or other interests representing any of
            the Company’s outstanding capital stock or equity securities, (B) purchase,
            redeem or otherwise acquire any outstanding capital stock or equity securities
            of the Company or (C) consummate or adopt or enter into a plan of complete or
            partial liquidation, dissolution, merger, consolidation, restructuring,
            recapitalization, business combination or other reorganization of the Company
            or any of the Company Subsidiaries that are material to the Company
            Business;

      (ii)        issue, sell, convey, transfer, dispose of, pledge, grant
            any option, warrant or right to purchase or subscribe to or otherwise encumber
            any capital stock of or equity interests in the Company, or issue, sell, grant
            or enter into any subscription, warrant, option, conversion or other right,
            agreement, commitment, arrangement or understanding of any kind, contingent or
            otherwise, to purchase or otherwise acquire, any such capital stock or equity
            interests, or any securities convertible into or exchangeable for any such
            capital stock or equity interests; 

      (iii)       (A) amend the Company’s Organizational Documents or (B)
            amend (in any material respect) the Organizational Documents of any of Company
            Subsidiary that is material to the Company Business, in each case, in a manner
            that would disproportionately adversely affect the rights or obligations of
            Buyer, in its capacity as a holder of New Common Stock, relative to Seller, in
            its capacity as a holder of New Common Stock, in each case as if the Closing
            had occurred prior to such amendment;

      (iv)       declare, set a record date or set aside or pay any
            dividends on, or make any other distributions (whether in cash, stock or
            property) in respect of, the outstanding capital stock of or equity interests
            in the Company or otherwise transfer or make payments in respect of equity
            interests in the Company, except for (A) dividends or distributions in an 

       

      
        -31-   

      

    

    

    
      
         

      

      amount equal
            to Adjusted After Tax Income with respect to
            the period between March 31, 2021 and Closing (subject to any regulatory
            requirements) declared prior to the Closing and (B) as set forth on Item 1 of Section 5.1(b)(iv)  of the Seller Disclosure
            Schedule (the “AH Distribution”) (in each case, so long as the
            aggregate
            impact of the distributions set forth in clauses (A) and (B) are reflected in
            the calculation of Interim Adjusted Book Value and Final Adjusted Book Value in
            accordance with the Calculation Methodologies);

      (v)        other than (x) with respect to the Separation Documentation
            (which shall be governed by the terms of the Separation Principles), (y) any modification,
            amendment, or termination of, or entry into, any Affiliate Contract that is on
            arm’s length terms, fair and reasonable to the Company Business in all material
            respects or in the ordinary course of business consistent with historical
            practice, or (z) any modification, amendment or termination of, or entry into,
            any Affiliate Contract in connection with the Separation in accordance with the
            Separation Documentation, (A) modify, amend (in any material respect) or
            terminate (other than, as a result of the expiration of the term thereof) any
            Affiliate Contract, or waive, release or assign any material rights or claims
            thereunder or (B) enter into any Affiliate Contract, in each of cases (A) and
            (B), on terms that are adverse in any material respect to Buyer;

      (vi)       other than with respect to any Insurance Company or
            operating indebtedness (i.e., guaranteed investment contracts, FHLB short-term
            financings and other ordinary course operating indebtedness) incurred in the
            ordinary course of business consistent with past practice, incur, assume,
            guarantee, refinance, be allocated or become obligated with respect to any
            third-party indebtedness (including by issuance of debt securities of the
            Company or any Company Subsidiary), except as permitted pursuant to (and which
            shall be taken into account for purposes of) the Separation Principles, in each
            case, so long as such third-party indebtedness is reflected in full in the
            calculation of Final Adjusted Book Value;

      (vii)      (A) repay, forgive or otherwise cancel any intercompany
            indebtedness or payables between the Company or any Company Subsidiary (or
            otherwise with respect to the Company Business), on the one hand, and Seller or
            any of its Subsidiaries, on the other hand, (B) loan any amounts to Seller or
            its Subsidiaries (other than the Company and the Company Subsidiaries) or (C)
            incur any indebtedness or payables to Seller or its Subsidiaries (other than
            the Company and the Company Subsidiaries), in each case, other than (x)
            repayments of intercompany indebtedness and payables to Seller and its
            Subsidiaries in the ordinary course of business of business consistent with
            past practice (which repayments are not subject to limitation), (y) the
            incurrence of ordinary course intercompany indebtedness or payables consistent
            with historical practice, on terms (including with respect to interest rates)
            consistent with historical practice with respect to existing ordinary course
            intercompany indebtedness), (z) as permitted pursuant to (and which shall be
            taken into account for purposes of) the Separation Principles, in each case, so
            long as the aggregate amount of such intercompany indebtedness and payables and
            repayments are reflected in full in the calculation of Final Adjusted Book
            Value;

       

      
        -32-   

      

    

    

    
      
         

      

      (viii)     enter into any new
            material line of business that would subject Buyer or its Affiliates to
            obligations under the Bank Holding Company Act of 1956, as amended, or any
            other Applicable Law that governs banking or similar entities; or

      (ix)       enter into a binding agreement to take or commit to take
            any of the foregoing actions.

      Section 5.2       Access to Information. 
            From the date of this Agreement through the earlier of the Closing and such
            time as this Agreement is terminated in accordance with Article VIII,
            Seller shall cause the Company and the Company Subsidiaries to provide, solely
            in furtherance of the transactions contemplated by this Agreement and the other
            Transaction Agreements, Buyer and its Representatives with, upon reasonable
            advance notice and during regular business hours, reasonable access to the
            offices, properties, assets, books, Contracts, insurance policies and business,
            regulatory, financial and other records, and management and Representatives of
            the Company, as Buyer may request from time to time; provided  that any
            such access pursuant to this Section 5.2 shall be conducted in
            accordance with Applicable Law, under the supervision of Seller’s personnel and
            in such a manner as to not to unreasonably interfere with the normal operations
            of the Company and the Company Subsidiaries.  The foregoing notwithstanding,
            Seller shall not be required to cause the Company or the Company Subsidiaries
            to provide such access if it would unreasonably disrupt the operations of
            Seller or its Subsidiaries (including the Company and the Company
            Subsidiaries), would cause a violation of any Contract, would, in the
            reasonable judgment of Seller or the Company, result in a loss of privilege or
            trade secret protection or would constitute a violation of any Applicable Law,
            and in any such event, the parties shall use commercially reasonable efforts to
            make appropriate substitute arrangements in a manner that does not result in
            such loss or violation.  In addition, to the extent that Seller undertake and
            completes an appraisal of the assets of the Company or the Company Subsidiaries
            prior to the Closing, Seller shall promptly deliver a copy of such appraisal to
            Buyer and provide Buyer with access to such reasonable and supporting
            information underlying such appraisal, including any third-party provider
            involved in its preparation, as may be reasonably requested by Buyer.

      Section 5.3       Reasonable Best Efforts. 
            Upon the terms and subject to the conditions and other agreements set forth in
            this Agreement, other than with respect to obtaining permits, orders or other
            consents, approvals or authorizations of Governmental Entities (which shall be
            exclusively governed by Section 5.4), each party agrees to use its
            reasonable best efforts to take, or cause to be taken, all actions, and to do,
            or cause to be done, and to assist and cooperate with the other party in doing,
            all things necessary, proper or advisable to consummate and make effective, in
            the most expeditious manner practicable, the transactions contemplated by this
            Agreement and the other Transaction Agreements.

      Section
            5.4       Consents, Approvals and Filings.

      (a)        Each of Seller and Buyer shall use, and shall cause their
            respective Affiliates to use, their respective reasonable best efforts, and
            shall cooperate, and shall cause their respective Affiliates to cooperate,
            fully with each other, in each case to (i) comply as promptly as
            practicable with all requirements of Governmental Entities applicable to the
            transactions contemplated by this Agreement and the other Transaction
            Agreements and (ii) obtain as promptly as practicable all necessary permits,
            orders or other consents, approvals or authorizations of Governmental Entities 

       

      
        -33-   

      

    

    

    
      
         

      

      in connection
            with the consummation of the transactions
            contemplated by this Agreement and the other Transaction Agreements; provided,
            that each party shall be responsible for all fees and costs related to its own
            required filings with and approvals of other Governmental Entities.  In
            connection with the foregoing, each of Seller and Buyer shall, and shall cause
            their respective Affiliates to, make all legally required filings with, and
            requests for approval by, all applicable Governmental Entities (including
            insurance regulators) as promptly as practicable after the date hereof in order
            to facilitate prompt consummation of the transactions contemplated by this
            Agreement, including filing the notification and report form required under the
            HSR Act within fifteen (15) Business Days after the date hereof, and to use
            reasonable best efforts to take all steps that are necessary, proper or
            advisable to avoid any Action by any Governmental Entity with respect to the
            transactions contemplated by this Agreement.

      (b)        In connection with the foregoing, each of Seller and Buyer
            shall, and shall cause their respective Affiliates to, consent and commit to
            any condition, limitation or qualification imposed by any Governmental Entity
            on its grant of any such permit, order, consent, approval or authorization; provided,
            that notwithstanding the foregoing or anything to the contrary in this
            Agreement (including Section 5.3 and this Section 5.4) or any
            other Transaction Agreement, (i) neither Seller nor or any of its Affiliates
            shall be required to agree, consent or commit to any such conditions, limitations
            or qualifications in respect of Seller or any of its Affiliates, or any
            businesses, operations, assets or liabilities thereof, other than the Company
            and the Company Subsidiaries, (ii) none of Seller, Buyer or any of their
            respective Affiliates shall be required to consent to or comply with any such
            conditions, limitations or qualifications that (A) are not conditioned upon
            (and effective only after) the Closing, (B) individually or in the aggregate,
            would reasonably be expected to have a material adverse effect on the Company
            Business, taken as a whole, or (C) would impose any requirement on Buyer or any
            of its Affiliates relating to the contribution of capital, keep well or capital
            maintenance arrangements or maintaining certain risk based capital levels of
            the Insurance Companies, (iii) neither Buyer nor any of its Affiliates shall be
            required to agree, consent or commit to any such conditions, limitations or
            qualifications with respect to any of Buyer’s Affiliates (including, for these
            purposes, The Blackstone Group Inc. (“Blackstone”) and its
            Subsidiaries
            and any investment funds or investment vehicles affiliated with, or managed or
            advised by, Blackstone or any portfolio company (as such term is commonly
            understood in the private equity industry) or investment of Blackstone or of
            any such investment fund or investment vehicle), or any interest therein, other
            than, subject to the foregoing clause (C), with respect to the Company, the
            Company Subsidiaries and the Company Business, any such Person’s direct or
            indirect investment in or ownership of any interest in the foregoing, or this
            Agreement, the other Transaction Agreements or the transactions contemplated
            hereby or thereby; provided, that prior to Buyer or its
            Affiliates
            agreeing to any condition, limitation or qualification required pursuant to
            this Section 5.4, Buyer shall be entitled to engage in good
            faith
            discussions with the applicable Governmental Entity to seek to resolve any
            requests or objections, so long as such discussions would not reasonably be
            expected to prevent the consummation of the transactions contemplated hereby by
            the Outside Date.  In no event shall the either party propose, negotiate,
            effect or agree to any action contemplated above without the prior written
            consent of the other party.  

      (c)        Buyer and Seller shall cooperate and consult with each
            other in connection with the making of all filings, notifications,
            communications, submissions, and any other actions pursuant to this Section
              5.4 in connection with all necessary permits, orders or other consents,
            approvals or 

       

      
        -34-   

      

    

    

    
      
         

      

      authorizations
            of Governmental Entities in connection with
            the consummation of the transactions contemplated by this Agreement, and, to
            the extent not prohibited by Applicable Law, Buyer and Seller shall each keep
            the other apprised on a reasonably current basis of the status of in connection
            with all necessary permits, orders or other consents, approvals or
            authorizations of Governmental Entities in connection with the consummation of
            the transactions contemplated by this Agreement, including promptly furnishing
            the other with copies of substantive communications received by Buyer and
            Seller, as the case may be, or any of their respective Affiliates, from any
            Governmental Entity with respect to any such permits, orders or other consents,
            approvals or authorizations of Governmental Entities.  Subject to Applicable
            Law relating to the exchange of information, Buyer and Seller shall permit
            counsel for the other party a reasonable opportunity to review in advance, and
            consider in good faith the views of the other party in connection with, any
            proposed notifications or filings and any written communications or submissions
            to any Governmental Entity in connection with all necessary permits, orders or
            other consents, approvals or authorizations of Governmental Entities in
            connection with the consummation of the transactions contemplated by this
            Agreement; provided  that Buyer and Seller may, as each deems
            advisable
            and necessary, redact such materials to remove sensitive information, or
            reasonably designate any sensitive material provided to the other party under this
            Agreement as “outside counsel only.”

      (d)       Prior to the Closing, except as otherwise agreed by the parties,
            the parties shall cooperate and use reasonable best efforts to make or obtain
            the approval, authorization, consent, license or permission of, or waiver or
            other action by, or notification to, any third party (other than a Governmental
            Entity or an Affiliate of Seller, the Company or Buyer) required for the
            consummation of the transactions contemplated by this Agreement and the other
            Transaction Agreements; provided  that no party shall be
            required to
            make any payment or incur any liability or offer or grant any accommodation
            (financial or otherwise) or commence or participate in any Action in order to
            obtain such third-party consents.

      (e)        Buyer shall not be required to (i) provide (A) nonpublic or
            other financial or sensitive personally identifiable information of the Equity
            Provider, its respective affiliates and their respective directors, officers,
            employees, managers or partners, or its or their control persons or direct or
            indirect equityholders and their respective directors, officers, employees,
            managers or partners (collectively with the Equity Provider, the “Equity
            Provider Related Persons”) or (B) any other nonpublic, proprietary or other
            confidential information of an Equity Provider Related Person that exceeds the
            scope of information that such Equity Provider Related Person has historically
            supplied in connection with a similar governmental filing or notification, or
            (ii) disclose the identities of direct or indirect shareholders, members or
            beneficiaries of the Equity Provider or its affiliates that beneficially own
            less than 10% of any such entity, in each of cases (i) or (ii), (x) unless the
            failure to provide or disclose such information would reasonably be expected to
            (1) impede the Closing or (2) prevent the consummation of the transactions
            contemplated hereby by the Outside Date, in which case Buyer shall be required
            to provide or disclose such information and (y) except for National Association
            of Insurance Commissioners biographical information.  Without limiting the
            foregoing, Buyer (A) shall be entitled to enter into good-faith discussions
            with the applicable Governmental Entity and use reasonable best efforts to seek
            to promptly resolve such requests prior to providing such information and (B)
            may provide any such sensitive or confidential information directly to the
            applicable Governmental Entity requesting such information without being provided
            to the Seller or the Company to the extent permitted by the applicable
            Governmental Entity.  Without limiting the obligations of Buyer pursuant to
            this 

       

      
        -35-   

      

    

    

    
      
         

      

      Section 5.4, all
            appearances, submissions, presentations, briefs, and proposals made or
            submitted by or on behalf of the Equity Provider Related Persons before any
            Governmental Entity shall be controlled by Buyer.

      Section 5.5       Public Announcements. 
            Each of Buyer and Seller shall, and shall cause their respective Affiliates to,
            consult with the other party before issuing, and provide the other party with
            the opportunity to review and comment upon, any press release or other public
            statement with respect to this Agreement or the transactions contemplated
            hereby, and shall not issue any such press release or make any such public
            statement with respect to such matters unless the other party consents in
            advance in writing (which shall include email) (which consent shall not be
            unreasonably withheld, conditioned or delayed), except as may be required by
            Applicable Law or by the requirements of any securities exchange; provided 
            that, to the extent not prohibited by Applicable Law or the requirements of any
            such securities exchange and to the extent reasonably practicable, the
            disclosing party under this exception shall provide the non-disclosing party a
            reasonable opportunity to review any such disclosure; provided, however,
            that the foregoing shall not apply to any press release or other public
            statement to the extent the statements therein with respect to this Agreement
            or the transactions contemplated hereby are consistent in all material respects
            with statements previously issued in compliance with this Section 5.5. 

      Section 5.6       Further Assurances. 
            Each of Seller and Buyer shall execute and deliver, or shall cause to be
            executed and delivered, such documents, certificates, agreements and other
            writings and shall take, or shall cause to be taken, such further actions, in
            each case as may be reasonably requested by any other party to carry out the
            provisions of this Agreement.

      Section 5.7       Company
              Financing.  Buyer agrees that, in the
            event that, at any time before or after the Closing, the Company offers for
            sale in a private or public offering of securities (the “Hybrid Securities
              Offering”) subordinated debt securities (the “Hybrid Securities”),
            then Buyer shall (a) consider in good faith purchasing, or causing to be
            purchased, at least $250,000,000 aggregate principal amount of Hybrid
            Securities in or concurrently with the Hybrid Securities Offering, on the same
            terms and conditions as such Hybrid Securities are issued and sold to other
            investors in the Hybrid Securities Offering; provided, that any such
            purchase by Buyer shall require the mutual agreement of Buyer and the Company,
            and (b) use good faith efforts to assist the Company with the offering and sale
            of the Hybrid Securities in the Hybrid Securities Offering; provided 
            that such good faith efforts shall not require, or be construed to require,
            Buyer or its Affiliate to purchase any such Hybrid Securities in such Hybrid
            Securities Offering.

      Section 5.8       Stockholders Agreement. 
            Prior to the Closing, Seller and Buyer shall negotiate in good faith the form
            of a definitive stockholders agreement (the “Stockholders Agreement”),
            by and among the Company, Seller and Buyer, having the terms set forth in Section 5.8  of the Seller Disclosure Schedule; provided,
            that, until such time as such definitive form is completed, executed and delivered
            by the parties, the terms set forth in Section 5.8 
            of the Seller Disclosure Schedule shall control and be binding upon the
            Company, Seller and Buyer from and after the Closing, and references in this
            Agreement to the “Stockholders Agreement” shall be deemed to be references to
            such binding terms. 

      

      
        -36-   

      

    

    

    
      
         

      

      Section 5.9       Separation.

      (a)       As promptly as practicable after the date hereof, the Seller and
            the Company shall take certain actions to effect the Separation in accordance
            with the separation principles set forth in Section 5.9 
            of the Seller Disclosure Schedule hereto (the “Separation Principles”). 
            From and after the date hereof, Seller shall use commercially reasonable
            efforts to, and shall cause the Company and the Company Subsidiaries to use
            commercially reasonable efforts to, take all actions and do all things
            necessary, proper and advisable, subject to the requirements of Applicable Law
            and of any Governmental Entity, to prepare, execute and perform the separation
            agreement and other customary agreements for a separation on terms consistent
            with the Separation Principles (such agreements and other documentation, the “Separation
              Documentation”). 

      (b)        Seller shall provide drafts of the Separation Documentation
            to be filed with the SEC (including related exhibits and schedules) and other
            Separation Documentation reasonably requested by Buyer, in each case,
            reasonably in advance of the filing of forms of such Separation Documentation
            with the SEC or finalizing such other Separation Documentation and drafts of
            any separation steps memorandum or similar planning information regarding the
            Separation (the “Separation Materials”) and shall make its
            applicable
            Representatives available to Buyer’s Representatives a reasonable number of
            times upon reasonable prior notice (and during normal business hours) for
            purposes of discussing the draft Separation Documentation and Separation
            Materials and shall consider in good faith any comments of Buyer’s
            Representatives to such documents provided promptly following Buyer’s receipt
            thereof.  Seller shall keep Buyer apprised on a reasonably timely basis of the
            status of the Separation.  The Separation Documentation shall be (i) in form
            and substance consistent with the Separation Principles and (ii) negotiated and
            implemented in good faith. 

      (c)        The parties agree that, in connection with the Separation
            and the transactions contemplated by the SMA Agreements, Seller or one or more
            of its Subsidiaries (including the Company and the Company Subsidiaries) may
            transfer to Buyer or its Affiliates certain investment personnel that provide
            investment management services to the Company, provided  that
            any such
            transfer shall require the mutual agreement of Seller or the Company, on the
            one hand, and Buyer, on the other hand (in each case, in its sole discretion).

      (d)       Notwithstanding anything to the contrary herein, (i) Buyer
            acknowledges that the Separation is not expected to be completed prior to the
            Closing and the execution and performance of agreements and other documentation
            and taking of other actions required to effect the separation may not occur
            until after the Closing and (ii) the parties agree that the completion of the
            Separation or any part thereof is not a condition to the obligations of either
            party to effect the Closing (it being understood that the Company shall comply
            with its obligations relating to the Separation hereunder).

      Section 5.10     Plan Assets. Prior to
            the Closing, Seller shall not allow, and shall cause the Company and the
            Company Subsidiaries to not allow, any portion of any assets in any Covered Account to constitute Plan
            Assets.    Prior to the Closing, Seller
            shall promptly notify Buyer in writing if Seller (or any of its Affiliates)
            becomes aware that there is a reasonable
            likelihood that any of the Covered Accounts’
            assets constitute Plan Assets, which notice shall identify the applicable
            Covered Account(s).  Seller and the Company
            shall use commercially reasonable efforts 

      
        -37-   

      

    

    

    
      
         

      

      to remediate
            any Plan Asset Issue as soon as reasonably as practicable following the date a
            Plan Asset Issue is identified or notified to the Company.  The parties
            expressly agree that compliance with this covenant shall not be a condition to
            Closing, and the presence of a Plan Asset Issue shall not be a basis not to
            consummate the Closing.  

      Section 5.11     Corporate Governance.

      (a)        Prior to the Closing, Seller shall take all actions necessary to
            cause the Board as of the Closing to be comprised of eleven (11) directors,
            consisting of nine (9) directors designated by Seller, one (1) director
            designated by Buyer and the Chief Executive Officer of the Company as of
            immediately prior to the Closing.

      (b)        Prior to the Closing, Seller shall take all
            actions necessary to cause the Board as of immediately following the Closing to
            have an audit committee.  The director designated by Buyer shall be entitled to
            serve on all committees of the Board, subject to eligibility requirements under
            Applicable Law, in accordance with the Stockholders Agreement.

      Section
            5.12     Tax Matters.

      (a)        In connection with
            the sale of the Purchased Shares
            contemplated by this Agreement, any other applicable transfer of equity of the
            Company, including any such transfer by Seller, or any transaction that causes
            the Company to cease to be a member of the affiliated group of which Seller is
            the common parent for U.S. federal income tax purposes, Seller agrees to make a
            valid and timely election under Treasury Regulations Section
            1.1502-36(d)(6)(i)(A) to elect to reduce its basis in Company shares to the
            extent necessary to avoid attribute reduction under Treasury Regulations
            Section 1.1502-36(d) and Seller also agrees not to make any election to
            reattribute attributes under Treasury Regulations Sections
            1.1502-36(d)(6)(i)(B) or (C).

      (b)        Until
            the date upon which the Company is no longer a member of the affiliated group
            of which Seller is the common parent for U.S. federal income tax purposes, the
            Company and the Company Subsidiaries shall be permitted to consummate
            transactions that accelerate taxable income up to an amount that does not
            materially exceed the amount of taxable income needed for Seller to utilize
            existing foreign tax credits.

      Section 5.13     SMA Cooperation.  Prior to the Closing, Seller shall use commercially
            reasonable efforts to cause the Existing AUM (as defined in the SMA Agreements)
            to equal $50,000,000,000 in accordance with the terms of the SMA Commitment
            Letter in the aggregate; provided, that it shall not be a condition to
            the closing of the transactions contemplated by this Agreement that the
            Existing AUM shall equal or exceed such amount.  Prior to the Closing, Buyer
            and Seller shall, Seller shall cause the Company and the Company Subsidiaries
            to, cooperate in good faith in connection with preparing for the appointment of
            the Investment Manager under, and successfully implementing the arrangements
            contemplated by, the SMA Agreements.

       

      
        -38-   

      

    

    

    
      
         

      

      Article VI

            CONDITIONS PRECEDENT

      Section 6.1       Conditions to Each Party’s Obligations.  The obligations of Buyer and Seller to consummate the
            transactions contemplated hereby shall be subject to the satisfaction or waiver
            in writing at or prior to the Closing of the following conditions:

      (a)        Approvals.  The
            waiting period (and any extension thereof) applicable to the transactions
            contemplated hereby under the HSR Act shall have been terminated or shall have
            otherwise expired.

      (b)        No Injunctions or Restraints.  No order, injunction or other order issued by any court
            of competent jurisdiction and no law, statute, rule or regulation of any
            Governmental Entity preventing or making illegal the consummation of the
            transactions contemplated hereby or the transactions contemplated by the
            Specified Transaction Agreements shall be in effect.

      Section 6.2       Conditions to Obligations of Buyer.  The obligations of Buyer to consummate the transactions
            contemplated hereby shall be subject to the satisfaction or waiver by Buyer in
            writing at or prior to the Closing of the following additional conditions:

      (a)        Representations and Warranties.  The representations and warranties of Seller set forth
            in Section 3.8(a) shall be true and correct in all respects as
            of the
            Closing Date as though made as of the Closing Date.  Other than the
            representations and warranties of Seller set forth in Section 3.8(a) and
            the Seller Fundamental Representations, the representations and warranties of
            Seller set forth in this Agreement shall be true and correct, without giving
            effect to any qualification set forth therein as to “materiality,” “Material
            Adverse Effect” or similar qualifications, as of the Closing Date as though
            made as of the Closing Date (except to the extent any such representation and
            warranty is made as of an earlier date, in which case as of such earlier date),
            except where the failure of all such representations and warranties to be so
            true and correct has not had and would not reasonably be expected to have,
            individually or in the aggregate, a Material Adverse Effect.  Other than the
            representations and warranties of Seller set forth in Section 3.2(a),
            the Seller Fundamental Representations shall be true and correct in all
            material respects, and the representations and warranties of Seller set forth
            in Section 3.2(a) shall be true and correct in all respects
            except for de
              minimis inaccuracies, in each case, as of the Closing Date as though made
            as of the Closing Date (except to the extent any such representation and
            warranty is made as of an earlier date, in which case as of such date).

      (b)        Performance of Obligations of Seller.  Seller shall have performed and complied in all material
            respects with the obligations and covenants required to be performed or
            complied with by it under this Agreement on or prior to the Closing. 

      (c)        Closing Certificate. 
            Seller shall have delivered to Buyer a certificate duly executed by an
            authorized officer of Seller, dated as of the Closing Date, certifying on
            behalf of Seller as to Seller’s compliance with the conditions set forth in Section
              6.2(a) and Section 6.2(b). 

        
       

       

      
        -39-   

      

    

    

    
      
         

      

      (d)       SMA Arrangements.  The SMA Agreements and the SMA Commitment Letter shall
            have been executed and delivered in the forms attached hereto as Schedule A
            of the Seller Disclosure Schedule and shall be in full force and effect such
            that the SMA Agreements and the SMA Commitment Letter shall be effective at and
            following the Closing.

      Section 6.3       Conditions to Obligations of Seller.  The obligations of Seller to consummate the transactions
            contemplated hereby shall be subject to the satisfaction or waiver by such
            Seller in writing at or prior to the Closing of the following additional
            conditions:

      (a)        Representations and Warranties.  The representations and warranties of Buyer set forth in
            this Agreement shall be true and correct, without giving effect to any
            qualification set forth therein as to “materiality,” “Buyer Material Adverse
            Effect” or similar qualifications, in all material respects as of the Closing
            Date as though made and as of the Closing Date (except to the extent any such
            representation and warranty is made as of an earlier date, in which case as of
            such date). 

      (b)        Performance of Obligations of Buyer.  Buyer shall have performed and complied in all material
            respects with the obligations and covenants required to be performed or
            complied with by it under this Agreement on or prior to the Closing.

      (c)        Closing Certificate. 
            Buyer shall have delivered to Seller a certificate duly executed by an
            authorized officer of Buyer, dated as of the Closing Date, certifying on behalf
            of Buyer as to Buyer’s compliance with the conditions set forth in Section
              6.3(a) and Section 6.3(b). 

      Article VII

            SURVIVAL; INDEMNIFICATION

      Section 7.1       Survival.  The representations, warranties, covenants and agreements of the
            parties hereto contained in or made pursuant to  this
            Agreement shall survive in full force and effect until the date
            that is twelve (12) months after the Closing Date, at which time they shall
            terminate (and no claims shall be made for indemnification under Section 7.2
            or Section 7.3 thereafter),
            except: (a) the Seller Fundamental
            Representations shall each survive in full force and effect until the date that
            is six (6) years after the Closing Date, (b) the representations and
            warranties made in Section 3.13 
            shall survive in full force and effect until the three (3)-month anniversary of
            the IPO, and (c) the covenants and agreements that by their terms apply or
            are to be performed in whole or in part after the Closing (including those
            relating to the Separation) shall survive in full force and effect to the
            extent they so apply or are to be performed after the Closing.

      Section 7.2       Indemnification by Seller.

      (a)        After the Closing and
            subject to this Article VII, Seller shall indemnify, defend
            and hold
            harmless the Buyer Indemnitees against, and reimburse the Buyer Indemnitees
            for, all Liabilities that the Buyer Indemnitees may at any time suffer or
            incur, or become subject to:

      (i)         as
            a result of or in connection with the breach or
            inaccuracy of any representation or warranty set forth in Article III or
            contained in any certificate or instrument delivered by Seller pursuant hereto
            (other than the representations and warranties of Seller set forth in Section 3.14(b)); 

      

      
        -40-   

      

    

    

    
      
         

      

      (ii)        as
            a result of or in connection with the breach or inaccuracy of the
            representations and warranties of Seller set forth in Section 3.14(b)  or contained in any
            certificate or instrument delivered by Seller pursuant hereto; or

      (iii)       as a result of or in
            connection with any breach or failure by any of Seller to perform any of its
            covenants, agreements or obligations contained in this Agreement.

      (b)        Notwithstanding
            anything to the contrary contained herein, Seller shall not be required to
            indemnify, defend or hold harmless the Buyer Indemnitees against, or reimburse
            the Buyer Indemnitees for, any Liabilities pursuant to Section 7.2(a)(i):
            (i) until the aggregate amount of the Buyer Indemnitees’ Liabilities for
            which the Buyer Indemnitees are finally determined to be otherwise entitled to
            indemnification under Section 7.2(a)(i) exceeds $100,000,000
            (the “Deductible),
            after which Seller shall be obligated for all the Buyer Indemnitees’ Liabilities
            for which the Buyer Indemnitees are finally determined to be otherwise entitled
            to indemnification under Section 7.2(a)(i) (but only
            Liabilities in
            excess of the Deductible) and (ii) in a cumulative aggregate amount with
            respect to indemnification under Section 7.2(a)(i) (other than
            with
            respect to Seller Fundamental Representations) exceeding $220,000,000 (the “Indemnification
              Cap).  For purposes of determining whether the threshold set forth in
            clause (ii) of this Section 7.2(b) 
            has been met or exceeded, any amount paid by Seller or any of its Affiliates
            (other than the Company and the Company Subsidiaries) for Liabilities pursuant
            to Section 7.2(a)(i)  only shall be
            taken into account. The foregoing limitations in this Section 7.2(b)
            shall not apply to any claim arising under Section 7.2(a)(ii) 
            or Section 7.2(a)(iii) or any claim arising from the Fraud of
            Seller and
            the limitation in Section 7.2(b)(ii) shall not apply to Seller
            Fundamental Representations.

      (c)        Seller shall not be
            required to indemnify, defend or hold harmless the Buyer Indemnitees against,
            or reimburse the Buyer Indemnitees for, any Liabilities pursuant to Section
              7.2(a)(i)  or Section 7.2(a)(ii) 
            in a cumulative aggregate amount exceeding the Purchase Price.  The foregoing
            limitation in this Section 7.2(c) shall not apply to any claim
            arising
            under Section 7.2(a)(iii)  or any
            claim from the Fraud of Seller.

      (d)       The representations, warranties, covenants, agreements and
            obligations of Seller and any Buyer Indemnitee’s right to indemnification with
            respect thereto shall not be affected or deemed waived by reason of
            (i) any investigation made by or on behalf of Buyer Indemnitees (including
            by any of their respective Representatives) or by reason of the fact that such
            Buyer Indemnitee or any of such Representatives knew or should have known that
            any such representation or warranty is, was or might be inaccurate,
            (ii) the waiver of any condition based on the accuracy of any
            representation or warranty, or on the performance of or compliance with any
            covenant, agreement or obligation or (iii) the Closing.

      Section
            7.3       Indemnification by Buyer.   

      (a)        After the Closing and subject to this
          Article VII, Buyer shall indemnify, defend and hold harmless the Seller Indemnitees
            against, and reimburse the Seller Indemnitees for, all Liabilities  that the Seller Indemnitees may at any time
            suffer or incur, or become subject to:

      

      
        -41-   

      

    

    

    
      
         

      

      (i)         as
            a result of or in connection with the breach or inaccuracy of any
            representation or warranty set forth in Article IV or
            contained in any
            certificate or instrument delivered by Buyer pursuant hereto; or

      (ii)        as a result of or in connection with any breach or failure
            by Buyer to perform any of its covenants, agreements or obligations contained
            in this Agreement.

      (b)        Notwithstanding
            anything to the contrary contained herein, Buyer shall not be required to
            indemnify, defend or hold harmless the Seller Indemnitees against, or reimburse
            the Seller Indemnitees for, any Liabilities pursuant to Section 7.3(a)(i):
            (i) until the aggregate amount of the Seller 
            Indemnitees’ Liabilities for which the Seller
            Indemnitees are finally determined to be otherwise entitled to
            indemnification under Section 7.3(a)(i) exceeds the
            Deductible, after
            which Buyer shall be obligated for all the Seller
            Indemnitees’ Liabilities for which the Seller Indemnitees are finally determined to be otherwise entitled
            to indemnification under Section 7.3(a)(i) (but only
            Liabilities in
            excess of the Deductible) and (ii) in a cumulative aggregate amount with
            respect to indemnification under Section 7.3(a)(i) exceeding
            the
            Indemnification Cap.  The foregoing
            limitation in this Section 7.3(b) shall not apply to any claim
            arising
            under Section 7.3(a)(ii)  or any
            claim arising from the Fraud of the Buyer.

      (c)        The Buyer shall not be
            required to indemnify, defend or hold harmless the Seller Indemnitees against,
            or reimburse the Seller Indemnitees for, any Liabilities pursuant to Section
              7.3(a)(i) in a cumulative aggregate amount exceeding the Purchase Price. 
            The foregoing limitation in this Section 7.3(c) shall not
            apply to any
            claim arising from the Fraud of the Buyer.

      (d)       The representations, warranties, covenants, agreements and
            obligations of Buyer and any Seller 
            Indemnitee’s right to indemnification with respect thereto shall not be
            affected or deemed waived by reason of (i) any investigation made by or on
            behalf of Seller Indemnitees (including by any of their respective
            Representatives) or by reason of the fact that such Seller Indemnitee or any of
            such Representatives knew or should have known that any such representation or
            warranty is, was or might be inaccurate, (ii) the waiver of any condition
            based on the accuracy of any representation or warranty, or on the performance
            of or compliance with any covenant, agreement or obligation or (iii) the
            Closing.

      Section 7.4       Claims Procedure.

      (a)        If any Person entitled
            to be indemnified under this Article VII (an “Indemnified Party”)
            becomes aware of any fact, matter or circumstance that may give rise to a claim
            for indemnification under this Article VII, the Indemnified
            Party shall
            promptly notify the party providing indemnification under this Article VII
            (the “Indemnifying Party”) in writing of any claim in respect
            of which
            indemnity may be sought under this Article VII, including any
            pending or
            threatened claim or demand made in writing by a non-affiliated third party that
            the Indemnified Party has determined has given or could reasonably give rise to
            a right of indemnification under this Agreement (including a pending or
            threatened claim or demand asserted by a non-affiliated third party against the
            Indemnified Party) (each, a “third-party claim”), setting out
            the
            provisions under this Agreement on which such claim is based, and such other information
            (to the extent available) as is reasonably necessary to enable the Indemnifying
            Party to assess the merits of the potential claim, to make such provision as it
            may consider reasonably necessary (including details 

       

      
        -42-   

      

    

    

    
      
         

      

      of the legal
            and factual basis of the claim and the
            evidence on which the party relies (including where the claim is the result of
            a third-party claim, evidence of the third-party claim)) and setting out its
            estimate of the amount of Liabilities to the extent ascertainable which are, or
            are to be, the subject of the claim; provided, however, that the
            failure to provide such notice shall not release the Indemnifying Party from
            any of its obligations under this Article VII except to the
            extent that
            the Indemnifying Party is actually prejudiced by such failure and, in any
            event, only to the extent of such prejudice.  The parties agree that
            (i) in this Article VII, they intend to shorten, in the case
            of the
            limited survival periods specified in Section 7.1, the
            applicable
            statute of limitations period with respect to certain claims; (ii) notices
            for claims in respect of a breach of a representation, warranty, covenant,
            agreement or obligation must be delivered prior to the expiration of the
            applicable survival period specified in Section 7.1 for such
            representation, warranty, covenant, agreement or obligation; and (iii) any
            claims for indemnification for which notice is not timely delivered in
            accordance with this Section 7.4(a) shall be expressly barred
            and are
            hereby waived; provided  further  that, if, prior to such
            applicable date, a party hereto shall have notified the other party hereto in
            accordance with the requirements of this Section 7.4(a) of a
            claim for
            indemnification under this Article VII (whether or not formal
            legal
            action shall have been commenced based upon such claim), such claim (but only
            such claim) shall continue to be subject to indemnification in accordance with
            this Article VII notwithstanding the passing of such
            applicable date
            until the final resolution thereof in accordance with this Article VII. 

      (b)        The Indemnified Party and the Indemnifying Party shall
            reasonably cooperate with each other and assist each other in determining the
            validity of any third-party claim for indemnity and in defending against such a
            third-party claim.  In connection with any fact, matter, event or circumstance
            that may give rise to a claim against any Indemnifying Party under this
            Agreement, the Indemnified Party shall ensure that the Indemnified Party and
            each of its Affiliates:  (i) shall use reasonable efforts to preserve all
            material evidence relevant to the claim, (ii) shall (upon the Indemnifying
            Party’s written request and at the Indemnifying Party’s expense) reasonably
            cooperate with the Indemnifying Party’s and its Representatives’ efforts to
            investigate the fact, matter, event or circumstance alleged to give rise to
            such claim and whether and to what extent any amount is payable in respect of
            such claim, and (iii) shall (at the Indemnifying Party’s expense) disclose
            to the Indemnifying Party and its Representatives all material of which it is
            aware which reasonably relates to the claim and provide (upon the Indemnifying
            Party’s written request and at the Indemnifying Party’s expense), all such
            information and assistance, including reasonable access to relevant premises
            and personnel during normal business hours, and the right to examine and copy
            or photograph any relevant assets, accounts, documents and records, as the
            Indemnifying Party or its Representatives may reasonably request, subject to
            the Indemnifying Party and its Representatives agreeing in such form as the
            Indemnified Party may reasonably require to keep all such information
            confidential and to use it only for the purpose of investigating and defending
            the claim in question.  The party in charge of the defense shall keep the other
            party reasonably apprised from time to time as to the status of the defense or
            any settlement negotiations with respect thereto.

      (c)        Upon receipt of a
            notice of a claim for indemnity from an Indemnified Party pursuant to Section
              7.4(a) in respect of a third-party claim, the Indemnifying Party may, by
            written notice to the Indemnified Party delivered within thirty (30)
            Business Days of the receipt of notice of such third-party claim (the “Notice
              Period”), assume the defense and control of any third-party claim, with its
            own counsel (which shall be reasonably acceptable to the Indemnified Party) and
            at its own expense, but shall allow the Indemnified Party a reasonable
            opportunity to participate 

       

      
        -43-   

      

    

    

    
      
         

      

      in the defense
            of such third-party claim with its own
            counsel and at its own expense (unless the Indemnified Party in good faith
            determines that there is an actual conflict of interest with the Indemnifying
            Party in respect of such third-party claim, in which case the Indemnifying
            Party shall be liable for the fees and expenses under this Agreement of one
            legal counsel for all the Indemnified Parties, in addition to one local counsel
            in each applicable jurisdiction, with respect to such third-party claim); provided,
            that the Indemnifying Party shall not have the right to assume the defense of
            any third-party claim that primarily relates to Buyer’s or its Affiliates’
            Taxes.  The Indemnifying Party shall not, without the prior written consent of
            the Indemnified Party (which shall not be unreasonably withheld, conditioned or
            delayed), consent to a settlement, compromise or discharge of, or the entry of
            any judgment arising from, any third-party claim, unless (i) such
            settlement, compromise, discharge or entry of any judgment does not involve
            (A) any finding or admission of any violation of Law or admission of any
            wrongdoing by an Indemnified Party or (B) the imposition of an order, injunction
            or decree of a Governmental Entity that would restrict the future activity or
            conduct of an Indemnified Party, (ii) such settlement or compromise is
            comprised solely of monetary damages (other than customary confidentiality and
            other ancillary obligations), and the Indemnifying Party shall obtain, as a
            condition of such settlement, compromise, discharge, entry of judgment (if
            applicable), or other resolution, a complete and unconditional release of each
            Indemnified Party from any and all liabilities in respect of such third-party
            claim and (iii) the Indemnifying Party pays all amounts arising from such
            settlement or compromise.

      (d)       If the Indemnifying Party elects not to defend the
            Indemnified Party against a third-party claim, whether by not giving the
            Indemnified Party timely notice of its desire to so defend within the Notice
            Period or by giving notice of its election not to defend against such
            third-party claim, the Indemnified Party shall have the right but not the
            obligation to assume its own defense at the expense of the Indemnifying Party.
            Unless and until the Indemnifying Party makes an election in accordance with Section
              7.4(c) to assume the defense of such third-party claim, the Indemnified
            Party may defend against such third-party claim in such manner as it may
            reasonably deem appropriate, with all of the Indemnified Party’s expenses
            arising out of the defense of such third-party claim subject to indemnification
            under this Agreement to the extent provided in this Article VII.
            The
            Indemnified Party shall not settle, compromise or consent to the entry of any
            judgment with respect to any claim or demand for which it is seeking
            indemnification from the Indemnifying Party or admit to any liability with
            respect to such claim or demand without the prior written consent of the
            Indemnifying Party (which may not be unreasonably withheld, conditioned or
            delayed). Notwithstanding anything to the contrary contained in this Article
              VII, no Indemnifying Party shall have any liability under this Article VII
            for any Liabilities arising out of or in connection with any third-party claim
            that is settled or compromised by an Indemnified Party without the consent of
            such Indemnifying Party.

      (e)        In the event any Indemnifying Party receives a notice of a
            claim for indemnity from an Indemnified Party pursuant to Section 7.4(a)
            that does not involve a third-party claim, the Indemnifying Party shall notify
            the Indemnified Party within thirty (30) Business Days following its
            receipt of such notice whether the Indemnifying Party disputes its liability to
            the Indemnified Party under this Article VII.

        
       

       

      
        -44-   

      

    

    

    
      
         

      

      (f)        Notwithstanding the
            foregoing provisions of this Section 7.4, (i) if a third-party
            claim relates to Taxes (other than Taxes of Buyer or
            its Affiliates) that are indemnified under Section 7.2, Seller
            shall
            have the exclusive right to conduct, at its own expense, such Tax Proceeding,
            and (ii) Seller shall have the exclusive right to control in all
            respects, and neither Buyer nor any of its Affiliates shall be entitled to
            participate in, any Tax Proceeding with respect to any Tax Return of
            (A) Seller or any of its Affiliates or (B) a consolidated, combined
            or unitary group that includes Seller or any of its Affiliates.

      Section 7.5       Payment.  In the event a claim for indemnification under this Article VII
            has been finally determined, the amount of such final determination shall be
            paid by the Indemnifying Party to the Indemnified Party on demand in
            immediately available funds.  Except to the extent otherwise required pursuant
            to a “determination” within the meaning of Section 1313(a) of the Code, the
            parties agree to treat, for income tax purposes, such payment as an adjustment to
            the purchase price.  Any claim, action, suit, arbitration or proceeding by or
            before any Governmental Entity, and the liability for and amount of damages
            therefor, shall be deemed to be “finally determined” for purposes of this Article
              VII when the parties hereto have so determined by mutual agreement or, if
            disputed, when an order, injunction or decree
            of a Governmental Entity that has become final and non-appealable has been entered into with respect to such claim,
            action, suit, arbitration or proceeding.

      Section 7.6       Exclusive Remedies.  Each party hereto acknowledges and agrees that other
            than Fraud, following the Closing, (a) the indemnification provisions of
            this Article VII shall be the
            sole and exclusive remedies of the parties
            hereto for any breach of the representations or warranties contained in this
            Agreement or any certificate or instrument delivered hereunder,
            (b) notwithstanding anything to the contrary contained herein, no breach
            of any representation, warranty, covenant,
            agreement or obligation contained herein
            shall give rise to any right on the part of any party hereto to rescind this
            Agreement or any of the transactions contemplated hereby, and (c)  the
            indemnification provisions of this Article VII shall be the sole and
            exclusive monetary remedies of the parties hereto for any breach or non‐fulfillment
            of any covenant, agreement or obligation contained in this
            Agreement; provided  that this
            clause (c) does
            not preclude any party from bringing an action for specific performance or
            other equitable remedy to require any party to perform its obligations under
            this Agreement.

      Section 7.7       Damages.  Seller and Buyer agree that with respect to each indemnification
            obligation set forth in this Article VII, the Indemnifying Party’s
            indemnification obligation shall not include Liabilities arising from any
            consequential (including consequential, lost profit damages and diminution in
            value), indirect, incidental, punitive, exemplary, incidental or special
            damages (and, in each case, whether or not foreseeable), except to the extent
            payable to a third party in respect of a third-party claim.  For purposes of
            calculating the amount of any Liability under this Article VII, each
            representation and warranty contained in this Agreement shall be read without
            regard to any “materiality,” “Material Adverse Effect,” “Buyer Material Adverse
            Effect” or other similar qualification contained in or otherwise applicable to
            such representation or warranty, other than the representation and warranty set
            forth in Section 3.8(a).  For
            purposes of determining whether a breach
            of any representation or warranty made in this Agreement has occurred, each
            representation and warranty contained in this Agreement shall be read with
            regard to any “materiality” or other similar qualification contained in or
            otherwise applicable to such representation or warranty but any “Material
            Adverse Effect” or other similar 

      
        -45-   

      

    

    

    
      
         

      

      qualification
            contained in or otherwise applicable to such representation or warranty shall
            be read as “material to the Company Business, taken as a whole”.

      Section 7.8       Right to
              Recover.
            If an Indemnifying Party has paid an amount in discharge of any claim under
            this Agreement and the Indemnified Party recovers (whether by payment,
            discount, credit, relief, insurance or otherwise) from a non-affiliated third
            party a sum which indemnifies or compensates the Indemnified Party (in whole or
            in part) in respect of the Liability 
            which is the subject matter of the claim, Buyer or Seller, as applicable, shall
            procure that all steps are taken as may reasonably be required to pay to Seller
            or Buyer, as applicable, as soon as practicable after receipt an amount equal
            to (a) any sum recovered from the non-affiliated third party less any
            reasonable costs and expenses incurred in obtaining such recovery or
            (b) if less, the amount previously paid by the Indemnifying Party to the
            Indemnified Party. The Indemnifying Party shall be subrogated to any right of
            action (whether pursuant to contract, arising under Applicable Law or
            otherwise) which the Indemnified Party may have against any other Person with
            respect to any matter giving rise to a claim for indemnification hereunder.

      Section 7.9       Double Claims.  No Indemnified Party shall be entitled to recover
            from an Indemnifying Party under this Article VII more than once in
            respect of the same Liability (notwithstanding that such Liability may result
            from breaches of multiple provisions of this Agreement).

      Article VIII

            TERMINATION

      Section 8.1       Termination of Agreement.  This Agreement may be terminated at any time prior to the Closing:

      (a)        by Seller or Buyer, in writing, if there shall be any
            order, injunction or decree of any Governmental Entity that prohibits or
            restrains either party from consummating the transactions contemplated hereby or
            the transactions contemplated by the Specified Transaction Agreements and such
            order, injunction or decree shall have become final and non-appealable or there
            shall be a law, statute, rule or regulation of any Governmental Entity in
            effect that prevents or makes illegal the transactions contemplated hereby or
            the transactions contemplated by the Specified Transaction Agreements; provided,
            that the party seeking to terminate this Agreement pursuant to this Section 8.1(a) 
            shall have performed in all material respects its obligations under Section
              5.3 and Section 5.4; 

      (b)        by Seller or Buyer, in writing, if the Closing has not
            occurred on or prior to December 31, 2021 (the “Outside Date”);
          provided,
            that the party seeking to terminate this Agreement has not materially breached
            this Agreement in a manner that contributed materially to the failure of the
            Closing to occur on or prior to such date;

      (c)        by Seller, in writing, if a breach of any provision of this
            Agreement that has been committed by Buyer would cause the failure of a
            condition to Closing set forth in Section 6.3(a) or Section 6.3(b)
            and such breach is not capable of being cured or, if capable of being cured, is
            not cured before the earlier of (i) the Outside Date and (ii) the date that is
            twenty (20) Business Days after Buyer receives written notice from Seller that
            Seller intends to terminate this Agreement 

      
        -46-   

      

    

    

    
      
         

      

      pursuant to
            this Section 8.1(c); provided, that Seller is not then in
            material breach of this Agreement;

      (d)       by Buyer, in writing, if a breach of any provision of this
            Agreement that has been committed by Seller would cause the failure of a
            condition to Closing set forth in Section 6.2(a) or Section 6.2(b)
            and such breach is not capable of being cured or, if capable of being cured, is
            not cured before the earlier of (i) the Outside Date and (ii) the date that is
            twenty (20) Business Days after Seller receives written notice from Buyer that
            Buyer intends to terminate this Agreement pursuant to this Section 8.1(d);
          provided, that Buyer is not then in material breach of this
            Agreement;

      (e)        by Seller, in writing, if (i) all of the conditions to
            Buyer’s obligations under this Agreement set forth in Section 6.1 and
              Section 6.2 have been satisfied (other than those conditions that by their
            terms are to be satisfied at the Closing, provided that such conditions are
            then capable of being satisfied at the Closing), (ii) Seller has irrevocably
            confirmed in writing to Buyer that (A) all of the conditions to Seller’s
            obligations under this Agreement set forth in Section 6.1 and Section
              6.3 have been satisfied (other than those conditions that by their terms
            are to be satisfied at the Closing, provided that such conditions are then
            capable of being satisfied at the Closing) or that Seller is willing to
            irrevocably waive any such conditions that remain unsatisfied and (B) Seller is
            ready, willing and able to proceed with the Closing and (iii) Buyer fails to
            comply with its obligations under Article II  to consummate
            the
            Closing by the later of two (2) Business Days after (A) the date of delivery of
            the written confirmation contemplated by the foregoing clause (ii) and (B) the
            time specified in Section 2.2; or

      (f)        by mutual written agreement of Seller and Buyer.

      Section 8.2       Effect of Termination. 
            If this Agreement is terminated pursuant to Section 8.1, this Agreement shall become null and void
            and of no further force and effect without liability of either party (or any
            Representative of such party) to the other party to this Agreement; provided,
            that (a) subject to the two immediately following sentences, no such
            termination shall relieve a party from liability for any Fraud or Willful
            Breach of this Agreement, (b) Section 1.1,
          Section 5.5, this Section 8.2
            and Article IX shall survive termination and (c) if requested in writing
            by Seller, Buyer shall return to Seller or destroy (and provide a certificate
            of destruction) all documents received by Buyer or any of its Affiliates or its
            or their Representatives from or on behalf of Seller, the Company, their
            respective Affiliates and their respective Representatives relating to the
            transactions contemplated hereby, whether obtained before or after the
            execution hereof (it being agreed that the Confidentiality Agreement shall remain
            in full force and effect in accordance with its terms).  Notwithstanding
            anything to the contrary in this Agreement, solely in the event that the
            Closing does not occur, the maximum aggregate liability of Buyer and the Equity
            Provider for any Liability suffered as a result of any breach of this Agreement
            (including any Willful Breach), the Equity Commitment Letter or the Limited
            Guaranty, or the failure of the transactions contemplated hereby or thereby to
            be consummated, or in respect of any oral representation made or alleged to be
            have been made in connection herewith or therewith, whether in equity or at
            law, in contract, in tort or otherwise, shall not exceed and shall be limited
            to the Purchase Price, and in no event shall Seller seek to, and Seller shall
            cause its controlled Affiliates, directors, and officers not to seek to,
            recover any money damages (including consequential, indirect or punitive
            damages) in excess of such amount in respect of any such breach, failure or 

      
        -47-   

      

    

    

    
      
         

      

      representation.  In furtherance and not in limitation of
            the foregoing, solely in the event that the Closing does not occur and Seller
            commences an Action seeking monetary damages for any breach of this Agreement
            (including any Willful Breach), the Equity Commitment Letter or the Limited
            Guaranty, or the failure of the transactions contemplated hereby or thereby to
            be consummated, upon payment of damages in an amount up to the Purchase Price,
            Buyer and the Equity Provider shall not have any further liability or
            obligation to Seller or any of its equity holders, controlling persons,
            directors, officers, employees, agents, Affiliates, members, managers or
            general or limited partners or any former, current or future stockholder,
            controlling person, director, officer, employee, general or limited partner,
            member, manager, Affiliate or agent of any of the foregoing relating to or
            arising out of this Agreement, the Equity Commitment Letter or the Limited
            Guaranty, or the failure of the any transaction contemplated hereby or thereby
            to be consummated, whether in equity or at law, in contract, in tort or
            otherwise, and in such event, Seller shall not seek to, and shall cause its controlled Affiliates,
            directors, and officers not to seek to, recover any money damages (including
            consequential, indirect or punitive damages, or damages on account of a Willful
            Breach) from Buyer or the Equity Provider for any such breach or failure.

      Article IX

            GENERAL PROVISIONS

      Section 9.1       Fees and Expenses. 
            Except as otherwise expressly provided in this Agreement, whether or not the
            purchase and sale of the Purchased Shares is consummated, each party shall pay
            its own Transaction Expenses incident to preparing for, entering into and
            carrying out the Transaction Agreements and the consummation of the
            transactions contemplated thereby.  Notwithstanding anything to the contrary in
            this Agreement, Buyer shall pay, when due, and
            be responsible for,  any sales, use transfer, documentary, stamp, recording,
            value added, conveyance, goods and services or similar Taxes and fees imposed
            on or payable solely as  a result of  the transfer and sale of the Purchased
            Shares pursuant to this Agreement; provided, that Buyer shall not be
            responsible, and shall not bear any such taxes that would not have resulted if
            the transfer and sale of the Purchased Shares was the only relevant transaction
            for purposes of determining whether such Tax applies under Applicable Law.  The
            party required by Applicable Law to do so shall file all necessary Tax Returns
            and other documentation with respect to all Taxes referenced in the immediately
            preceding sentence and, if required by Applicable Law, the other party shall,
            or shall cause its respective Affiliates to, join in the execution of any such
            Tax Returns and other documentation.  

      Section 9.2       Notices.  All notices,
            requests, claims, demands and other communications under this Agreement shall
            be in writing and shall be deemed to have been given (a) when delivered by
            hand (with written confirmation of receipt), (b) when received by the addressee
            if sent by a nationally recognized overnight courier (receipt requested), (c)
            on the date sent by e-mail if sent during normal business hours of the
            recipient, and on the next Business Day if sent after normal business hours of
            the recipient, or (d) on the third day after the date mailed, by certified or
            registered mail, return receipt requested, postage prepaid.  Such
            communications must be sent to the respective parties at the following
            addresses (or at such other address for a party as shall be specified by like
            notice):

        
       

      
        -48-   

      

    

    

    
      
         

      

      if to Buyer, to:

      Argon
            Holdco LLC

            c/o The Blackstone Group Inc.

            345 Park Avenue

            New York, New York 10154 

            Attention:  John G. Finley 

            Email:       john.finley@blackstone.com 

            

          

      with a
            copy (which shall not constitute notice) to:

      Simpson
            Thacher & Bartlett LLP 

            425 Lexington Avenue 

            New York, New York 10017 

            Attention:  Elizabeth A. Cooper

                              Katherine M. Krause

            Email:       ecooper@stblaw.com

                              katherine.krause@stblaw.com

      and

      Skadden,
            Arps, Slate, Meagher & Flom LLP 

            One Manhattan West

            New York, New York 10001

            Attention:  Todd Freed

                              Jon Hlafter

            Email:       todd.freed@skadden.com

                              jon.hlafter@skadden.com

      if to
            Seller, to:

      American
            International Group, Inc. 

            1271 Avenue of the Americas

            41st Floor 

            New York, New York 10020 

            Attention:  General Counsel 

            Email:       lucy.fato@aig.com 

      
        -49-   

      

    

    

    
      
         

      

      with a copy (which shall not
            constitute notice) to:

      Wachtell, Lipton,
            Rosen & Katz 

            51 West 52nd Street 

            New York, New York 10019 

            Attention:  Edward D. Herlihy

                              David K. Lam

                        Mark
            A. Stagliano

            Email:       edherlihy@wlrk.com

                        dklam@wlrk.com

                              mastagliano@wlrk.com

      Section 9.3       Interpretation.  When
            reference is made in this Agreement to a Section, Exhibit or Schedule, such
            reference shall be to a Section of, or an Exhibit or Schedule to, this
            Agreement unless otherwise indicated.  All references herein to any agreement,
            instrument, statute, rule or regulation are to the agreement, instrument,
            statute, rule or regulation as amended, modified, supplemented or replaced from
            time to time (and, in the case of statutes, include any rules and regulations
            promulgated under said statutes) and to any section of any statute, rule or
            regulation including any successor to said section.  Any fact or item disclosed
            in any Section or subsection of each of the Seller Disclosure Schedule shall be
            deemed to apply to and qualify the Section or subsection of this Agreement to
            which it corresponds in number and each other Section or subsection of this
            Agreement or the Seller Disclosure Schedule to the extent the relevance to such
            Section or subsection is reasonably apparent on the face of such disclosure. 
            Disclosure of any item in the Seller Disclosure Schedule shall not be deemed an
            admission that such item represents a material item, fact, exception of fact,
            event or circumstance or that occurrence or non-occurrence of any change or
            effect related to such item has had or would reasonably be expected to have,
            individually or in the aggregate, a Material Adverse Effect.  The table of
            contents and headings contained in this Agreement are for reference purposes
            only and shall not affect in any way the meaning or interpretation of this
            Agreement.  Whenever the words “include,” “includes” or “including” are used in
            this Agreement, they shall be deemed to be followed by the words “without
            limitation.”  Whenever the words “hereof,” “hereto,” “hereby,” “herein” and “hereunder” and words of similar import are used in this Agreement, they shall
            be deemed to refer to this Agreement as a whole and not to any particular
            provision of this Agreement.  Whenever the word “or” is used in this Agreement,
            it shall not be exclusive.  Whenever the word “extent” in the phrase “to the
            extent” is used in this Agreement, it shall be deemed to mean the degree to
            which a subject or other thing extends and shall not mean simply “if.” 
            Whenever the singular is used herein, the same shall include the plural, and
            whenever the plural is used herein, the same shall include the singular, where
            appropriate.  Whenever the word “Dollars” or the “$” sign appear in this
            Agreement, they shall be construed to mean United States Dollars, and all
            transactions under this Agreement shall be in United States Dollars.  All
            percentages resulting from calculations pursuant to Section 2.5 of this
            Agreement will be set forth in decimals and rounded to the nearest thousandth. 
            This Agreement has been fully negotiated by both parties and shall not be
            construed by any Governmental Entity against either party by virtue of the fact
            that such party was the drafting party.

        
       

      
        -50-   

      

    

    

    
      
         

      

      Section 9.4       Entire Agreement; Third Party Beneficiaries.  This Agreement (including all Exhibits and Schedules
            hereto), the Confidentiality Agreement, the Equity Commitment Letter, the
            Limited Guaranty and the other Transaction Agreements constitute the entire
            agreement, and supersede all prior agreements, understandings, representations
            and warranties, both written and oral, among the parties with respect to the
            subject matter of this Agreement.  Except as otherwise expressly provided in
            this Article IX, this Agreement is not intended to confer upon any
            Person other than the parties to this Agreement any rights or remedies.

      Section 9.5    Governing Law.  This
            Agreement and any dispute arising hereunder shall be governed by, and construed
            in accordance with, the laws of the State of Delaware, without giving effect to
            its principles or rules of conflict of laws, to the extent such principles or
            rules are not mandatorily applicable by statute and would permit or require the
            application of the laws of another jurisdiction.

      Section 9.6    Assignment.  Neither
            this Agreement nor any of the rights, interests or obligations under this
            Agreement shall be assigned, in whole or in part, by operation of law or
            otherwise, by either party without the prior written consent of the other
            party, and any such assignment that is not consented to shall be null and void;
          provided  that Buyer may, without the prior written consent of Seller,
            assign its rights and interests, and delegate its obligations, under this
            Agreement to an Affiliate thereof; provided, however, that no
            such assignment or delegation shall (i) relieve Buyer of its obligations
            hereunder or (ii) impair or delay, in any material respect, the consummation of
            the transactions contemplated hereby.  Subject to the foregoing, this Agreement
            will be binding upon, inure to the benefit of, and be enforceable by, the
            parties and their respective successors and assigns.

      Section
            9.7       Jurisdiction; Enforcement.

      (a)      Each party hereby irrevocably and unconditionally  submits to the
            exclusive jurisdiction of the Court of Chancery of the State of Delaware, or,
            if (and only if) such court finds it lacks jurisdiction, the federal court of
            the United States of America sitting in Delaware, or if (and only if) such
            court finds it lacks jurisdiction, any other court located in the State of
            Delaware, and any appellate court from any thereof, for purposes of enforcing
            this Agreement or determining any claim arising from or related to the
            transactions contemplated by this Agreement.  In any such action, suit or other
            proceeding, each party irrevocably and unconditionally waives and agrees not to
            assert by way of motion, as a defense or otherwise any claim that it is not
            subject to the jurisdiction of such courts, that such action, suit or other
            proceeding is not subject to the jurisdiction of such courts, that such action,
            suit or other proceeding is brought in an inconvenient forum or that the venue
            of such action, suit or other proceeding is improper.  Each party also agrees
            that any final and non-appealable judgment against a party in connection with
            any action, suit or other proceeding will be conclusive and binding on such party
            and that such award or judgment may be enforced in any court of competent
            jurisdiction, either within or outside of the United States.  A certified or
            exemplified copy of such award or judgment will be conclusive evidence of the
            fact and amount of such award or judgment.  Any process or other paper to be
            served in connection with any action or proceeding under this Agreement shall,
            if delivered or sent in accordance with Section 9.2,
            constitute good, proper and sufficient service thereof.  Notwithstanding this Section
              9.7(a), the determination of the Closing Purchase Price shall be made 

      
        -51-   

      

    

    

    
      
         

      

      as set forth in Section 2.5; provided, that
            any dispute over the obligations of the parties under Section 2.5 shall
            be subject to this Section 9.7. 

      (b)        The parties agree that irreparable damage would occur in
            the event that any of the provisions of this Agreement were not performed in
            accordance with their specific terms or were otherwise breached.  It is
            accordingly agreed that, without the necessity of posting bond or other
            undertaking, the parties shall be entitled to an injunction or injunctions to
            prevent breaches of this Agreement and to enforce specifically the terms and
            provisions of this Agreement in accordance with this Agreement, this being in
            addition (subject to the terms of this Agreement, including the last sentence
            of this Section 9.7(b)) to any other remedy to which such
            party is
            entitled at law or in equity.  In the event that any Action is brought in
            equity to enforce the provisions of this Agreement, no party shall allege, and
            each party hereby waives any defense or counterclaim, that there is an adequate
            remedy at law.  The parties further agree that nothing contained in this Section
              9.7(b) shall require a party to institute any action for (or limit such
            party’s right to institute any action for) specific performance under this Section
              9.7(b) before exercising any other right under this Agreement. 
            Notwithstanding anything to the contrary in this Agreement, but without
            limiting Seller’s rights pursuant to Article VII,  while
            Seller may
            concurrently seek specific performance in accordance with and subject to this Section
              9.7(b) to cause Buyer to consummate the transactions contemplated hereby
            and to recover monetary damages from Buyer, subject to the limitations set
            forth in Section 8.2, under no
            circumstances shall Seller by permitted or entitled to receive both (i) a grant
            of specific performance causing Buyer to consummate the transactions
            contemplated hereby and (ii) monetary damages of any kind whatsoever.  

      (c)        EACH PARTY HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
            TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR
            THE TRANSACTIONS CONTEMPLATED HEREBY.  EACH PARTY CERTIFIES AND ACKNOWLEDGES
            THAT (I) NO OTHER PARTY OR REPRESENTATIVE, AGENT OR ATTORNEY THEREOF HAS
            REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE
            EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) IT UNDERSTANDS
            AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (III) IT MAKES SUCH WAIVER
            VOLUNTARILY AND (IV) IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG
            OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.7(C). 

      Section
            9.8       Severability; Amendment; Waiver.

      (a)        Whenever possible, each provision or portion of any
            provision of this Agreement will be interpreted in such manner as to be
            effective and valid under Applicable Law, but if any provision or portion of
            any provision of this Agreement is held to be invalid, illegal or unenforceable
            in any respect under any Applicable Law in any jurisdiction, such invalidity,
            illegality or unenforceability will not affect any other provision or portion
            of any provision in such jurisdiction, and this Agreement will be reformed,
            construed and enforced in such jurisdiction as if such invalid, illegal or
            unenforceable provision or portion of any provision had never been contained
            herein.

       

      
        -52-   

      

    

    

    
      
         

      

      (b)        This Agreement may be
            amended or a provision hereof waived only by a written instrument signed by
            each of Buyer and Seller.

      (c)        No delay on the part of a party in exercising any right,
            power or privilege hereunder shall operate as a waiver thereof, nor shall any
            waiver on the part of a party of any right, power or privilege, nor any single
            or partial exercise of any such right, power or privilege, preclude any further
            exercise thereof or the exercise of any other such right, power or privilege.

      Section
            9.9       Certain Limitations.

      (a)       With
            respect to any estimation,  valuation, appraisal, projection or forecast  made
            available to Buyer, its Affiliates or their respective Representatives with
            respect to Seller, the Company or their respective Affiliates, Buyer
            acknowledges and agrees that (i) there are uncertainties inherent in attempting
            to make such estimations, valuations, appraisals, projections and forecasts,
            (ii) it is familiar with such uncertainties, (iii) such estimations,
            valuations, appraisals, projections and forecasts are not and shall not be
            deemed to be representations or warranties of Seller, the Company or any of
            their respective Affiliates, except to the extent set forth in the
            representations and warranties set forth in Article III, and (iv) it
            shall have no claim against any Person with respect to any such valuation,
            appraisal, projection or forecast.

      (b)        Except to the extent expressly set forth in the
            representations and warranties of Seller set forth in Article III,
            neither Seller nor the Company makes any express or implied representation or
            warranty hereby or otherwise under this Agreement or any other Transaction
            Agreement as to the future experience, success or profitability of the Company
            Business, whether or not conducted in a manner similar to the manner in which
            the Company Business was conducted prior to the Closing, or that the reserves
            held by or on behalf of any the Company or any Company Subsidiaries or
            otherwise with respect to the Company Business or the assets supporting such
            reserves have been or will be adequate or sufficient for the purposes for which
            they were established or that the reinsurance recoverables taken into account
            in determining the amount of such reserves will be collectible or whether such
            reserves were calculated, established or determined in accordance with any actuarial,
            statutory or other standard, or concerning any financial statement line item or
            asset, Liability or equity amount that would be affected by any of the
            foregoing.

      (c)        Buyer further acknowledges and agrees that it (i) is a
            sophisticated party and understands the merits and risks of consummating the
            transactions contemplated by this Agreement and the other Transaction
            Agreements, (ii) has made its own inquiry and investigation into, has completed
            to its satisfaction its own due diligence investigation of, and, based thereon,
            has formed an independent judgment concerning the Company, the Company Subsidiaries
            and the Company Business, (iii) has been furnished or provided access to such
            information and documents about the Company, the Company Subsidiaries and the
            Company Business and the operations thereof or otherwise as it has deemed
            necessary to enable it to form such independent judgment and (iv) has been
            provided an opportunity to ask questions of Seller and the Company with respect
            to such information, documents and other materials and has received answers to
            such questions.  Buyer further acknowledges and agrees that none of Seller
            (except as expressly set forth in Article  III)
            the
            Company or any of their respective Affiliates, nor any other Person not a party
            to this Agreement, is making or has made any representations or warranties,
            express or implied, as 

      
        -53-   

      

    

    

    
      
         

      

      to the
            accuracy or completeness
            of any such information, documents and other materials, and hereby expressly
            disclaim any such representations or warranties or any reliance thereon, other
            than the representations and warranties expressly set forth in this Agreement.

      Section 9.10     Non-Recourse. 
            Notwithstanding anything to the contrary contained herein or otherwise, this
            Agreement may only be enforced against, and any claims or causes of action that
            may be based upon, arise out of or relate to this Agreement, or the
            negotiation, execution or performance of this Agreement or the transactions
            contemplated hereby, may only be made against, the Persons that are expressly
            identified as parties to this Agreement (in the preamble and signature pages
            hereto) in their capacities as parties to this Agreement or the Persons that
            are expressly identified as parties to any other Transaction Agreement, the
            Equity Commitment Letter or the Limited Guaranty in their capacities as parties
            to such agreements, and no former, current or future equity holders,
            controlling persons, directors, officers, employees, agents, Affiliates,
            members, managers or general or limited partners of any of the Persons that are
            expressly identified herein as parties to such agreements or any former,
            current or future stockholder, controlling person, director, officer, employee,
            general or limited partner, member, manager, Affiliate or agent of any of the
            foregoing, or any other non-party, shall have any liability for any obligations
            or liabilities of the parties or for any claim (whether in tort, contract or
            otherwise) based on, in respect of, or by reason of, the transactions
            contemplated hereby or thereby or in respect of any representations, warranties
            or statements made or alleged to be made in connection herewith or therewith
            (except to the extent such Person is expressly identified as a party to such
            other agreement).  Without limiting the rights of either party against the
            other party, in no event shall either party or any of its Affiliates seek to
            enforce this Agreement against, make any claims for breach of this Agreement
            against, or seek to recover monetary damages for breach of this Agreement from,
            any non-party, whether by or through attempted piercing of the corporate,
            limited partnership or limited liability company veil, by the enforcement of
            any assessment or by any legal or equitable proceeding, by virtue of any
            statute, regulation or Applicable Law, or otherwise.  The non-parties specified
            above shall be express third-party beneficiaries of this Section 9.10. 

      Section 9.11     No Offset.  No party
            to this Agreement may offset any amount due to any other party or any of such
            other party’s Affiliates against any amount owed or alleged to be owed from
            such other party or its Affiliates under this Agreement or any other
            Transaction Agreement without the written consent of such other party.

      Section 9.12     Counterparts.  This
            Agreement may be executed in counterparts, all of which shall be considered one
            and the same agreement and shall become effective when counterparts have been
            signed by each party and delivered to the other party.  Each party may deliver
            its signed counterpart of this Agreement to the other party by means of
            electronic mail or any other electronic medium utilizing image scan technology,
            and such delivery will have the same legal effect as hand delivery of an
            originally executed counterpart.

      [Remainder of page intentionally left
              blank] 

        
      
        -54-   

      

    

    

    
      
         

      

      IN WITNESS WHEREOF,
            Seller and
            Buyer have caused this Agreement to be signed by their respective duly
            authorized officers as of the date first written above.

                                                                             
            AMERICAN
            INTERNATIONAL GROUP, INC.

       

                                                                              By: 
          /s/ Mark Lyons                                        

      Name:  Mark Lyons

      Title:    Executive Vice
            President and Chief Financial
            Officer

                                                                                         
             

                                                                                                     
             

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      [Signature
              Page to L&R Stock Purchase Agreement] 

       

      
         

      

    

    

    
      
         

      

      ARGON HOLDCO LLC

       

      By: Blackstone Holdings II L.P., its
            sole member

       

      By: Blackstone Holdings I/II GP
            L.L.C., its general partner

       

      By:  /s/ Michael Chae                         

      Name:  Michael Chae

            Title:   Chief Financial Officer

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

      [Signature
              Page to L&R Stock Purchase Agreement]Exhibit 10.7

   

  EXECUTION VERSION

   

  SAFG Retirement Services, Inc.

    21650 Oxnard Street

    Suite 750

    Woodland Hills, CA 91367

   

  November 2, 2021

   

  Blackstone ISG-I Advisors L.L.C.

  c/o Blackstone Inc.

    345 Park Avenue

    New York, New York 10154

   

  SAFG Retirement Services, Inc.

    21650 Oxnard Street

    Suite 750

    Woodland Hills, CA 91367

   

  Commitment Letter

   

  Ladies and Gentlemen: 

   

  Reference is made to the Master SMA Agreements set forth on Exhibit A (as such agreements may be amended or modified
    from time to time, the “Master SMA Agreements”) between, on the one hand, American General Life Insurance Company (“L&R”), and certain current or future life insurance company Subsidiaries and/or Affiliates of L&R that are or may
    become (including, without limitation, pursuant to Section 6(d) below) party to such Master SMA Agreements (each of L&R and Parent, and such other current or future Subsidiaries of Parent, a “Company” and collectively, the “Companies”),

    and, on the other hand, Blackstone ISG-I Advisors L.L.C., a Delaware limited liability company (the “Investment Manager”), a wholly owned subsidiary of Blackstone Inc. (“Blackstone”). SAFG Retirement Services, Inc., a Delaware corporation
    (“Parent”) is an indirect Subsidiary of American International Group, Inc., a Delaware corporation (“AIG”), and L&R is an indirect Subsidiary of Parent.

   

  Reference is also made to the Stock Purchase Agreement, dated as of July 14, 2021 (the “Signing Date”), by and between
    Argon Holdco LLC (“Buyer”), and AIG (the “Stock Purchase Agreement”), pursuant to which AIG shall sell and convey to Buyer, and Buyer shall purchase and acquire from AIG, an amount of shares of common stock of Parent.  Notwithstanding
    anything to the contrary herein, for all purposes hereunder, this Agreement  (as  defined  below)  shall  be  effective  on  September  30,  2021  and  any reference to the “Effective Date,” “the date hereof” or “the date first written above,” shall be
    deemed to be references to September 30, 2021 as the context so requires.

   

  
     

    
      
 

  

  
   

  Pursuant to, and in consideration of the transactions contemplated by the Stock Purchase Agreement and the Investment
    Manager’s support of each Company’s investment strategy and the services required of it from and after the Effective Date (as defined in the Stock Purchase Agreement) (such date, the “Effective Date”), under the Master SMA 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, expanding its office space and committing additional time and resources of personnel of the Investment Manager and its Affiliates, in each case, in
    developing and implementing each Company’s investment management and asset allocation strategy that is expected to result in significant benefits to the Companies and their respective Affiliates. In order to induce the Investment Manager to expend the
    resources necessary to successfully implement the arrangements contemplated by the Master SMA Agreements and to ensure the preservation of the covenants and agreements set forth in the Master SMA Agreements, and in consideration of the representations,
    warranties, covenants and agreements set forth in such Master SMA Agreements, and the expected benefits to be derived by the Companies from the relationship between the Investment Manager and the Companies under the applicable Master SMA Agreements,
    and any New Master SMA Agreements (as defined below) entered into with the Investment Manager or its Affiliates, Parent is entering into this agreement (this “Agreement”) on its own behalf and as the parent company of the Companies, with the
    Investment Manager and, solely for the purposes of Sections 4, 6, 8 and 13 hereof, AIG, as follows:

   

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

   

  2.            Termination of the Master SMA Agreements. Except in accordance with the terms and conditions of Section

      3(c) hereof, Parent shall not cause, permit or suffer itself, any Company or any of their respective Affiliates or Subsidiaries to terminate the Master SMA Agreement that such Company is a party to for so long as any sub-manager agreement (“Sub-Manager

      Agreement”) pursuant to which any Sub-Manager manages assets of such Company remains effective.

   

  3.           Termination of Sub-Manager Agreements.  Parent shall not cause, permit or suffer itself, any Company or
    any of their respective Affiliates or Subsidiaries to terminate any Sub-Manager Agreement, except, following the Initial Term (as defined below), in accordance with the terms and conditions of Section 3(b) hereof.

   

  
    2

    
      
 

  

   

  (a)          The “Term” with respect to each Master SMA Agreement and Sub-Manager Agreement will be deemed to commence
    on the Effective Date, and will (i) initially end  on  the  earlier  of  the  sixth  (6th)  anniversary  of  the  (x)  Initial  AUM Satisfaction Date and (y) December 31, 2021 (the “Initial Term End Date”) and thereafter (ii) automatically renew
    (beginning on the sixth (6th) anniversary hereof) for additional two (2) year periods (any such subsequent two (2) year period, a “Renewal Term” and the end of any such Renewal Term, a “Renewal Term End”) unless terminated in accordance
    with Section 3(b) or Section 3(c).

   

  (b)            Termination for Adverse Performance:

   

  (i)  

  Following the Initial Term,
    Parent may make an election to cause, or permit, itself or a Company or any of their respective Affiliates or Subsidiaries to terminate any Sub-Manager Agreement on or after the sixth anniversary hereof (i.e., from the end of the Initial Term) (such
    date, an “SMA Termination Election Date”); provided, that:

   

  (1)  

  

  such  Company  has   provided  written 
     notice  to   the Investment Manager of such termination (an “SMA Termination Notice”);

   

  (2)  

  the SMA Termination Notice has been authorized
    by the affirmative vote of at least a majority of all of the directors of Parent, excluding Blackstone’s representative (the “Directors”), acting reasonably and in good faith (an SMA Termination Notice delivered with such approval, a “Valid
      SMA Termination Notice”); and

   

  (3)  

  no such termination shall be effective on any
    date earlier than the 6 month anniversary of the applicable SMA Termination Election  Date (the “SMA  Termination Effective Date”).

   

  
    3

    
      
 

  

   

  (ii)       Notwithstanding anything to the contrary set forth herein, Parent shall not cause, permit or suffer itself, any Company or
    any of their respective Affiliates or Subsidiaries to terminate any Sub-Manager Agreement  pursuant  to   Section   3(b)(i)  unless  a   majority  of  the independent  directors  of Parent,  excluding Blackstone’s representative (the “Independent

      Directors”), acting reasonably and in good faith, determine that “unsatisfactory long term performance” (as described in the two-part test in clause (1) below) has occurred and has not yet been cured in accordance with this Section 3(b)(ii):

   

  	
           

        	
          (1)

        	
          unsatisfactory long term performance by the Sub-Manager pursuant to such Sub-Manager Agreements shall be determined
            separately with respect to Existing AUM, on the one hand, and New AUM, on the other hand, in each case,  based  on  the  following two  required  testing conditions:

        

   

  (i) first, whether the performance on the Existing AUM or New AUM, as applicable, measured on a “total return” basis
     (calculated  in  accordance  with   Exhibit  G) underperformed   the  applicable  pro  forma   Benchmark return in respect of such Existing AUM portfolio or New AUM portfolio, as applicable, by at least 5% (or 5 basis points, if greater,
    solely in a scenario where the applicable Benchmark return is between -0.5% and 0.5%) calculated on a portfolio-wide basis (which, if true, shall trigger an asset class by asset class performance review of the individual Blackstone Asset Classes
    pursuant to clause (ii) below); and

   

  (ii)  second,  whether  any  individual  Blackstone Asset Class has underperformed the Benchmark opposite such Blackstone
    Asset Class on Exhibit B hereto by at least 10% (or 5 basis points, if greater, solely in a scenario where the  applicable  Benchmark  return  is  between  -0.5%  and 0.5%) (in each case, as calculated in the manner set forth on Exhibit G
    hereto);

   

  	
           

        	
          (2)

        	
          provided, that the determination of Existing AUM in clause (1) above shall be subject to Blackstone’s
            right, exercisable within one year of Closing, to develop a schedule of assets (not to exceed the Aggregate Exemption Cap (as defined below)), which shall be excluded from Existing AUM for purposes of the performance calculations and testing
            hereunder;

        

  	 	 	 
	
           

        	
          (3)

        	
          provided, that “unsatisfactory long term performance” with respect to any particular Blackstone Asset Class shall
            be determined on a “total return” basis (as calculated in accordance with Exhibit G) and calculated separately with respect to Existing AUM, on the one hand, and New AUM, on the other hand (using similar methodologies); provided
            further,  for  the  avoidance of  doubt,  that  “unsatisfactory long  term  performance”  with  respect  to  any  particular Blackstone Asset Class shall only be capable of being triggered if the conditions set forth in the tests in
            clause (i) and clause (ii) (as applied to such Blackstone Asset Class) are both satisfied;

        

   

  
    4

    
      
 

  

   

  	
           

        	
          (4)

        	
          provided, that for purposes of determining “unsatisfactory long term performance,” (1) the performance of each of
            (a) the applicable Benchmark and (b) each Blackstone Asset Class under the Sub-Manager  Agreements  shall be measured quarterly on a five-year rolling basis beginning on the earlier of (x) the fifth anniversary of the month-end of the date (the
            “Initial AUM Satisfaction Date”) on which the Companies have contributed Subject Assets to the Portfolio with an aggregate value at least equal to $50 billion, where the value of a Subject Asset for this purpose is fixed at the market
            value of such Subject Asset on the date of contribution to the Portfolio, and (y) December 31, 2026  (such  five-year period,  the “Performance Measurement Period”) and (2) the performance of any Subject Assets which a Company
            has directed the Investment Manager to buy, retain or sell in a circumstance where the Investment Manager has provided written notice to such Company delivered on or prior to the date of such purchase, retention or sale stating that the
            Investment Manager is not supportive of such purchase, retention or sale (in whole or in part) shall be excluded for purposes of performance testing;

        

  	 	 	 
	
           

        	
          (5)

        	
          provided, however, that in the case of the failure of both testing conditions described in clause (1) above, the
            Independent Directors shall deliver written notice of such finding (a “Performance Notice”) to the Investment Manager, and the Investment Manager shall thereafter be afforded a one-year cure period or such longer period of time as
            determined by a majority of the Independent Directors (a “Performance Cure Period”) to address the Independent Directors’ concerns pursuant to a cure strategy to be proposed in writing by the Investment Manager to the Independent
            Directors reasonably promptly following the delivery of the Performance Notice (but in no event delivered more than thirty (30) calendar days following delivery of the Performance Notice) and approved by the affirmative vote of a majority of
            the Independent Directors, acting reasonably and in good faith, prior to the commencement of such Performance Cure Period (it being understood that the Performance Cure Period shall be tolled until such affirmative vote unless the failure to
            achieve an affirmative vote is due to the failure of the Investment Manager to deliver a cure strategy within thirty (30) calendar days following delivery of the Performance Notice);

        

   

  
    5

    
      
 

  

   

  	
           

        	
          (6)

        	
          provided, that at the end of a Performance Cure Period, the Independent Directors, acting reasonably and in good
            faith, shall determine by majority affirmative vote whether a satisfactory cure has been achieved relative to the approved cure strategy (it being understood that (x) if the event described in clause (1)(ii) is no longer continuing with respect
            to the applicable Blackstone Asset Class, a satisfactory cure shall have been achieved with respect to such event and (y) a satisfactory cure of the event described in clause (1)(i) shall not automatically result in a deemed satisfactory cure
            with respect to any Blackstone Asset Class for which the event   described   in clause   (1)(ii)   is continuing); and

        

  	 	 	 
	
           

        	
          (7)

        	
          if the Independent Directors determine that a satisfactory cure  has  been  achieved  relative  to  the  approved  cure
            strategy in respect of any Performance Notice, then the applicable Performance Notice shall be deemed rescinded and no corresponding SMA Termination Notice shall be issued or deemed issued in respect thereof.

        

  	 	 	 
	
           

        	
          (8)

        	
          To  the  extent  a  termination  occurs  in  respect  of  any Blackstone Asset Class comprising the Existing AUM as a
            result of unsatisfactory long term performance with respect to such Blackstone Asset Class determined in accordance with this Section 3(b), (i) none of the Existing AUM comprising the Blackstone Asset Class subject to such termination
            shall be reinvested by the Investment Manager during the applicable cure period and transition period unless mutually agreed with the Directors of Parent and (ii) the Investment Manager will no longer charge Management Fees on the remaining
            Existing AUM comprising the Blackstone Asset Class subject to such termination and will not charge Management Fees with respect thereto from the date of delivery of the Performance Notice until such time as the Existing AUM comprising such
            Blackstone Asset Class matures or is sold and is thereafter reinvested in accordance with the terms of this Agreement or, if applicable, until such time as the unsatisfactory long term performance has been cured in accordance with this Section

              3(b) (it being understood, for the avoidance of doubt, that (i) nothing herein shall change the Subject Asset Minimums set  forth  on  Exhibit  C  and  (ii)  AIG’s  obligations  shall continue to operate independently of this
            clause (8) and shall not be affected hereby).

        

   

  
    6

    
      
 

  

   

  	
           

        	
          (9)

        	
          In  connection  with  this  Section  3(b),  the  Investment Manager shall deliver to Parent within 45 days after
            the end of the calendar quarter ending on December 31, 2021 and each calendar quarter thereafter during the Term a calculation of the performance of the Existing AUM and the  New  AUM  measured  on   a  “total  return”   basis calculated in
            accordance with Exhibit G and this Section 3(b), together with reasonable supporting detail, in each case in the form mutually agreed by Parent and the Investment Manager, which shall include information regarding the handling
            of realized gains or losses and how such items are utilized or spread over time (subject, in each case, to reasonable delays in the event of late receipt of necessary information).

        

  	 	 	 
	
           

        	
          (10)

        	
          For purposes of this Agreement, the “Aggregate Exemption Cap” shall mean the dollar amount, measured as of the Initial
            AUM Satisfaction Date, equal to the greater of (x) $5 billion and (y) the sum of (A) 20% of the Existing AUM allocated to the “Private high grade, project finance and other long-dated investments” Blackstone Asset Class and (B) 10% of the
            Existing AUM allocated to all other Blackstone Asset Classes.

        

   

  (iii)         From and after the Initial Term End Date, to the extent no Valid SMA Termination Notice has been delivered in accordance
    with this Section 3(b) and the SMA Termination Effective Date has not occurred, the Term with respect to each Sub-Manager Agreement (for which no Valid SMA Termination Notice has been delivered or the SMA Termination Effective Date has not
    occurred) shall continue.

   

  
    7

    
      
 

  

   

  (c)        Notwithstanding anything to the contrary in this Section 3, during or following the Initial Term, Parent
    may cause or permit the Companies to terminate the Master SMA Agreements and the Sub-Manager Agreements at any time by providing written notice to the Investment Manager that each of Parent and each Company has determined that an event described in
    clauses (i) through (iii) below has occurred, and Parent may cause or permit the Companies to terminate the applicable Sub-Manager Agreements (but not the Master SMA Agreements) as more fully provided in clause (v)(2) below at any time by providing
    written notice to the Investment Manager that each of Parent and each Company has determined that an event described in clause (iv) below has occurred.

   

  (i)              a Cause Event;

   

  (ii)             the occurrence of an Equity Hold Breach;

   

  (iii)         the  Investment  Manager  being  in  material  breach  of  a material covenant of a Master SMA Agreement (including, for
    the avoidance of doubt, the Investment Manager’s obligation to adhere to the Investment Guidelines); or

   

  (iv)         a  material  adverse   change  occurs   at   the   Investment Manager such that the Investment Manager or one of its
    Sub-Managers is unable to manage such Blackstone Asset Class as provided for in the applicable Master SMA Agreement due to a complete loss of capability with respect to a particular Blackstone Asset Class;

   

  (v)            provided, that

   

  	
           

        	
          (1)

        	
          solely with respect to any event described in clause (iii) above that neither constitutes nor results from a Cause
            Event, the Investment Manager shall have the right to cure such an event within thirty (30) days after receiving written notice of such event from the relevant Company (the “Cure Period”) and Parent shall, and shall cause each applicable
            Company to, cooperate in good faith with the Investment Manager as the Investment Manager seeks to cure any such breach;

        

  	 	 	 
	
           

        	
          (2)

        	
          with respect to any event described in clause (iv) above, (x) any determination of an event described in clause (iv)
            shall apply solely with respect to the affected Blackstone Asset Class and Parent may only cause or permit itself or a Company to terminate any Sub-Manager Agreement that relates  to  the  affected  Blackstone  Asset  Class,  (y)  the
            Investment Manager shall have the right to cure such event within three (3) months after the occurrence of such event and (z) Section 3(b) shall continue to apply with respect to any potential determination of “unsatisfactory long-term
            performance” and any cure periods related thereto with respect to all other Blackstone Asset Classes;

        

   

  
    8

    
      
 

  

   

  	
           

        	
          (3)

        	
          any  termination  by  the  Companies  as  provided  in  this Section 3(c) shall require the affirmative approval
            of at least a majority of the Directors of Parent 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; and

        

  	 	 	 
	
           

        	
          (4)

        	
          for the avoidance of doubt, any dispute as to the occurrence of an event described clauses (c)(i), (ii), (iii) or (iv)
            of this Section 3 or (solely in the case of clauses (iii) and (iv)) the cure thereof, shall be submitted to binding arbitration in accordance with Section 9 of this Agreement

        

   

  (d)          A “Cause Event” shall mean the Investment Manager (x) is no longer able to carry on its investment
    advisory business as a going concern under the U.S. Investment Advisers Act of 1940 or (y) is performing its obligations under any Master SMA Agreement with gross negligence, willful misconduct or reckless disregard of any of such obligations.

   

  
    9

    
      
 

  

   

  (e)          An  “Equity  Hold  Breach”  shall  be  deemed  to  occur  if  Buyer (together with its Affiliates) Sells
    (as defined in that certain Stockholders Agreement by and among Parent, AIG and Buyer dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Stockholders Agreement”))

    any Initial Shares (each of the foregoing, a “Buyer Share Sale”) such that it no longer retains the Minimum Ownership (as defined below). For the avoidance of doubt, a Buyer Share Sale shall not include any Sale (as defined in the Stockholders
    Agreement), disposition or other change in Share Ownership arising out of or resulting from (s) any Sale of the Initial Shares done with the prior written consent of Parent (or, if applicable, AIG) pursuant to Section 5.1(a)(vi) of the Stockholders
    Agreement, (t) the exercise by Buyer of its rights pursuant to the proviso set forth in Section 5.1(a)(ii) of the Stockholders Agreement, (u) the exercise by AIG of its rights pursuant to Section 5.2 (Drag-Along Right) of the Stockholders Agreement,
    (v) the exercise by Buyer of its rights pursuant to Section 5.3 (Tag-Along Right) of the Stockholders Agreement, (w) the exercise by Buyer of its rights pursuant to Section 6.1 (Exchange Right) of the Stockholders Agreement (and including any
    subsequent Sale of AIG Common Stock (as defined in the Stockholders Agreement)), (x) pro rata participation by Buyer or any Affiliate of Buyer in any share repurchase by AIG or Parent or any other action taken by AIG or
    Parent to cause Buyer and its Affiliates’ aggregate ownership of AIG or Parent,
    as applicable, to remain below 9.9% pursuant to Section 5.1(a)(iii) of the Stockholders Agreement, (y) the acquisition, directly or indirectly,
    by any Person (as defined in the Stockholders Agreement) or group (within the meaning of Section 13(d) of the Exchange Act) of Persons of more than 50% of the outstanding equity of Parent or all or substantially all of the consolidated assets of Parent and  its  Subsidiaries,  taken  as  a  whole,  in  each  case  whether  though  a  merger, consolidated, dissolution, liquidation, recapitalization, share exchange, business combination or similar transaction involving Parent (including a sale of Parent by its stockholders), other than any acquisition by a Person or group of Persons where more than 50% of the
    outstanding equity of the ultimate parent entity of such Person or group is, immediately after such acquisition, beneficially owned by the equityholders of Parent
      immediately prior to such acquisition (any
    such transaction described in this clause (y), an “Acquisition Transaction”);  provided that, if the consideration received by
    Buyer in any such Acquisition Transaction consists (in whole or in part) of freely tradeable marketable securities (as defined in Section 6.1 of the Stockholders Agreement) of a Person other than Parent (“Acquiror”), then such freely tradeable marketable securities shall be deemed for
      all purposes hereunder to be the “Initial Shares” subject to the Minimum Ownership provisions set forth herein; provided further, that the Share Ownership percentages shall be adjusted to give effect to such Acquisition Transaction and shall reflect the aggregate percentage of equity securities of Acquiror owned by Buyer and the Share Ownership percentage of Buyer immediately prior to such Acquisition Transaction and the exceptions in this definition set forth in this sentence shall apply, mutatis mutandis, with respect to any stockholders agreement (or similar organizational document) entered into with such Person or an Affiliate thereof in connection with
    or as a result of such Acquisition Transaction and/or the Acquiror, as applicable, or (z) any Sale or other direct or indirect transfer, assignment or other disposition or reallocation of the Initial Shares between or among Buyer and any Affiliate of Buyer, including any transfers to an Affiliate of Buyer of any interest or participation in any investment funds or investment vehicles affiliated with, or managed or advised by, the
       Buyer  or  any Affiliate  of  Buyer.  The  exceptions  set  forth  in  the  immediately preceding sentence shall apply to
    such Sales made by any Affiliate of Buyer, mutatis mutandis, following a Sale or other direct or indirect transfer, assignment or other disposition or reallocation of the Initial Shares between or among Buyer and any Affiliate of Buyer.

   

  
    10

    
      
 

  

   

  (f)             For purposes of this Agreement:

   

  (i)           “Initial Shares” shall mean (x) prior to the Separation (as used herein, such term shall have the meaning given
    thereto in the Stock Purchase Agreement) or the IPO (as used herein, such term shall have the meaning given thereto in the Stockholders Agreement) and, to the extent there is no IPO Corporation (as defined below), as of and following the Separation,
    the number of Purchased Shares (as defined in the Stock Purchase Agreement) and (y) as of and following the Separation or the IPO to the extent there is an IPO Corporation, the number of shares of the IPO Corporation issued to Buyer and its Affiliates
    in connection with the formation  of the  IPO  Corporation;  provided,  that  in  each  case,  such number of shares shall be adjusted appropriately to reflect the effect of any stock split, stock dividend, reverse stock split, any stock
    combination or other like changes with respect to the number of shares of Parent and the IPO Corporation, as applicable; provided, further that the number of Initial Shares (but not the proportion of Initial Shares held by the Buyer)
    shall be reduced by the number of shares sold pursuant to any sale, disposition or other change of Share Ownership that is excluded from the definition of Buyer Share Sale.

   

  (ii)          “Minimum Ownership”  means Share Ownership of at least (i) 100% with respect to any date prior to the first
    anniversary of the closing of the IPO, (ii) 75% with respect to any date beginning on the first anniversary of the closing of the IPO until the second anniversary of the closing of the IPO, (iii) 33% with respect to any date beginning on the second
    anniversary of the closing of the IPO until the third anniversary of the closing of the IPO, (iv) 25% with respect to any date beginning on the third anniversary of the closing of the IPO until the fifth anniversary of the closing of the IPO, and (v)
    0% with respect to any date beginning on the fifth anniversary of the closing of the IPO; provided that, in the event that the IPO is not consummated prior to the 24-month anniversary of the Closing Date, then the applicable anniversaries set
    forth in this definition shall be measured by reference to the two year anniversary of the Closing Date and not by reference to the closing of the IPO, mutatis mutandis.

   

  (iii)            “Share Ownership” shall mean the percentage, as of the date of calculation, of Initial Shares then held by
    Buyer and its Affiliates.

   

  (g)          For the avoidance of doubt, the provisions contained in Section 2 and  this  Section 3 do not and shall not 

    be deemed to constitute an  obligation  of a Company in respect of its rights to terminate the Master SMA Agreement to which it is a party, which rights are set forth solely therein. Any breach of this Agreement by Parent, and any termination by a
    Company of the Master SMA Agreement to which it is a party in any manner that is not consistent with the provisions of Section 2 or this Section 3, will give rise to remedies solely against Parent (or its successors or assigns) on
    behalf of itself and on behalf of any such Company, as described in Sections 4 and 5 below.

   

  
    11

    
      
 

  

   

  (h)          For the avoidance of doubt, (i) following the termination of any Master SMA Agreement pursuant to Section
      3(c)(i), Section 3(c)(ii) or Section 3(c)(iii) of this Agreement, the Investment Manager shall cease to be entitled to be paid its Management Fee from the effective date of such termination and the Subject Asset Minimums set forth
    on Exhibit C will be reduced to zero (0) from the such effective date and (ii) solely with respect to New AUM, following the termination of any Sub-Manager Agreement pursuant to Section 3(b) or Section 3(c)(iv) of this
    Agreement, with respect to any Blackstone Asset Class to which such terminated Sub-Manager Agreement relates, (x) the Investment Manager shall not make new investments for the relevant Blackstone Asset Class, except with respect to any investment that
    was reflected on the final pipeline report (or similar reporting document) delivered to the Company prior to the applicable SMA Termination Election Date, (y) the Investment Manager shall continue to manage and shall only be entitled to be paid its
    Management Fee with respect to New AUM following the effective date of such termination and until such time as the subject assets mature or are sold and (z) the amount of New AUM related to the terminated Blackstone Asset Class shall be deemed reduced
    as expressly provided in Section 6(i)(ii)(3) (it being understood, for the avoidance of doubt, that this clause (ii) shall not affect Subject Asset Minimums with respect to Existing AUM or any Blackstone Asset Class not subject to termination).
     For the avoidance of doubt, following the termination of any Sub-Manager Agreement pursuant to Section 3(b) of this Agreement with respect to Existing AUM allocated  to  any Blackstone  Asset  Class,  the  Investment  Manager  shall  cease  to
     be entitled to be paid its Management Fee with respect to such Existing AUM allocated to such Blackstone Asset Class from the commencement of any cure period related thereto; provided,  that  Management  Fees  shall  begin  to  accrue  once
     again  following  any successful cure.

   

  4.            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 pursuant to Section 9, 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, no 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
      4, 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 4 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 4 before exercising any other right under this Agreement.

   

  
    12

    
      
 

  

   

  5.            Remedy in the Event of Company Termination. If either (a) a Company or any of Parent’s Affiliates or
    Subsidiaries terminates the Master SMA Agreement that such Company is a party to or any Sub-Manager Agreement in any manner that is not consistent with the provisions of Section 2 or Section 3, above, or (b) a Company or any of Parent’s
    Subsidiaries breaches (or causes a breach of) the Master SMA Agreement that such Company is a party to or any Sub-Manager Agreement, in either case in a manner that causes the Investment Manager or any Sub-Manager, as applicable, to terminate such
    Master SMA Agreement or Sub-Manager Agreement, the Investment Manager shall be entitled to receive from Parent or such Company as compensation for the costs incurred in  performing  services  under,  and  the  failure  to  receive  the  benefits
     reasonably anticipated by, such Master SMA Agreement or Sub-Manager Agreement, as applicable, the full amount of damages available at law in the same manner and to the same extent as if such Master SMA Agreement or Sub-Manager Agreement, as
    applicable, had been terminated by or at the direction of Parent in violation of the terms of this Agreement.

   

  6.              Subject

      Assets.

   

  (a)          Each of AIG (for so long as Parent is a Subsidiary of AIG) and Parent, on behalf of itself and each of the
    Companies, covenants and agrees to and with the Investment Manager that, at all times during the Term, the Investment Manager shall be appointed pursuant to the Master SMA Agreements to supervise and direct the investment and reinvestment of all
    Subject Assets. Subject to the exclusions set forth in Section 6(b)(i), “Subject Assets” shall mean all assets allocated to the Blackstone Asset Classes  existing  as  of  the  date  hereof  and  any additional  assets  allocated  to
     the Blackstone Asset Classes thereafter (including, for the avoidance of doubt, at any future date),  in  each  case,  relating  to,  originating  from,  or  associated  with  the  Subject Companies and/or as otherwise provided herein; provided,
    that to the extent a termination relating to New AUM in respect of a Blackstone Asset Class pursuant to Section 3(b) has occurred, then such New AUM corresponding to such Blackstone Asset Class shall cease to be considered “Subject Assets” for
    purposes of this Section 6(a) from and after the date of such termination. Subject to the exclusions set forth in Section 6(b)(ii), “Subject Companies” shall mean Parent’s Subsidiaries that are life insurance companies (including
    their respective successors and assigns), in each case existing as of the Signing Date and thereafter (including, for the avoidance of doubt, as of any future date), and any other Subsidiaries of Parent as may be agreed from time to time by Parent and
    the Investment Manager in writing.  “Blackstone Asset Classes” shall mean the asset classes described in Exhibit  B.   For  the  avoidance  of  doubt,  allocation  of  Subject  Assets  among  the Blackstone Asset Classes shall be in
    accordance with the Allocation Guidelines and may result in 0% allocation to a specific Blackstone Asset Class listed on Exhibit B.

   

  
    13

    
      
 

  

   

  (b)          Subject Assets Exclusions.

   

  (i)            Subject  Assets  shall  not  include  assets  (x)  of  any  New York-domiciled insurance company Subsidiaries of Parent
    or any non- insurance company Subsidiaries of Parent (an “Excluded Company”), unless otherwise agreed by Parent and the Investment Manager in writing (in which case the Subsidiary to which such assets relate shall no longer constitute an
    Excluded Company), (y) managed by an Affiliate of Parent or (z) described on Schedule I. For the avoidance of doubt, Subject Assets shall not include assets not allocated (or no longer allocated) to the Blackstone Asset Classes. 

   

  (ii)           Subject Companies shall not include Excluded Companies.

   

  (c)           During the Term, Parent and, until such time as Parent is no longer a Subsidiary, AIG (i) shall not cause,
    permit or suffer any Subject Company to appoint, retain or otherwise designate any Person other than the Investment Manager or any wholly owned subsidiary of Parent (including through any sub-management or sub- advisory relationship) to provide
    investment management or advisory services with respect to Subject Assets or, except as described on Schedule I, any Blackstone Asset Class and (ii) shall not, and they shall cause each Subject Company not to, take any action,  including
     any action  with  respect  to  any  direct  or  indirect  inquiry,  offer  or proposal relating to the provision of investment management or advisory services (including through any sub-management or sub-advisory relationship) with respect to Subject
    Assets or, except as described on Schedule I, any Blackstone Asset Class to, from or by any other party, that would reasonably be expected to impede or interfere with, the obligations of AIG, Parent or the Subject Companies under this Section

      6. For the avoidance of doubt, nothing in this Section 6(c) shall prohibit or restrict a Subject Company from making investments or commitments directly or through a wholly owned Subsidiary of Parent acting as investment manager (the “AIG

      Affiliated Manager”) in any “Alternative asset” (as described in  Exhibit B) that is sponsored or managed by an entity that is not an affiliate of the Investment Manager (a “Non-Blackstone External Manager”) (a “Non-Blackstone
      Product”), which Non-Blackstone Product would, if acquired on the Effective Date, be listed on such Subject Company’s Schedule BA.

   

  (d)          In  furtherance  of  the  foregoing,  to  the  extent  that  a  Subject Company has not entered into a separate
    Master SMA Agreement with the Investment Manager on the date hereof with effect on the Effective Date, each of AIG (for so long as Parent is a Subsidiary of AIG) and Parent shall cause such Subject Company to promptly enter into a separate master SMA
    agreement with the Investment Manager substantially in the form of the Master SMA Agreements (each of such master SMA agreements, a “New Master SMA Agreement”), subject to such New Master SMA Agreement including terms (other than terms that
    would impede or interfere with the obligations relating to such Subject Company under Section 6(a)) that may be required (i) pursuant to any applicable reinsurance or other agreement(s) between such Subject Company and the applicable ceding
    company(ies), reinsurer(s) and/or other transaction party(ies),(ii) by any applicable governmental or regulatory authority as a condition to such governmental or regulatory authority approving the applicable reinsurance or other transaction or (iii) to
    comply with laws and regulations applicable to the Subject Company or its investments. Exhibit A hereto shall be amended by the parties to reflect any New Master SMA Agreement promptly following the execution of any New Master SMA Agreement.

   

  
    14

    
      
 

  

   

  (e)          For the avoidance of doubt, (i) a direct or indirect change of ownership or control of, or other merger or
    business combination (whether by acquisition of stock, merger, business combination, consolidation or otherwise) involving, Parent, L&R or any Subject Company shall not be a termination event with respect to this Agreement and/or any Master SMA
    Agreement to which any such Subject Company is party to, as applicable, and this Agreement and each Master SMA Agreement shall continue in accordance with its terms following any such change of ownership, control or other transaction and (ii)
    notwithstanding any transfer of a Subject Asset (including by means of any transaction in which a Subject Company is sold and its assets reacquired from the acquirer of such Subject Company), such Subject Asset shall remain a Subject Asset.

   

  (f)           Parent shall (i) use commercially reasonable efforts to ensure that the aggregate value of the Subject Assets
    equal or exceed the AUM Mandate, where the value of a Subject Asset for purposes of this clause (i) is fixed at the market value of such Subject Asset on the date of allocation, (ii) use commercially reasonable efforts to ensure that the aggregate
    value of the contributions of Subject Assets by the Companies to the Portfolio (either in cash or such other assets as mutually agreed) with respect to each calendar quarter equals or exceeds the Quarterly AUM Increase Amount, where the value of a
    Subject Asset for purposes of this clause (ii) is fixed at the market value of such Subject Asset on the date of contribution to the Portfolio and (iii) use commercially reasonable efforts, and cause each Subject Company to use commercially reasonable
    efforts, to provide in a timely manner such information and assistance as is reasonably requested by the Investment Manager in order to ensure the Investment Manager and each Sub-Manager are able to perform the services set forth in the Master SMA
    Agreements and Sub-Manager Agreements.   Notwithstanding anything to the contrary herein, the parties agree the Parent shall have a grace period from the Effective Date until December 31, 2021 during which the Parent shall not be in breach of its
    obligations under this Section 6(f) if the Subject Assets allocated do not exceed the AUM Mandate.  For purposes of this Agreement, the “AUM Mandate” means, with respect to a calendar quarter, the aggregate amount listed on Exhibit C
    with respect to such calendar quarter and the “Quarterly AUM Increase Amount” equals the difference between (x) the “Aggregate Subject Assets” set forth in  Exhibit C for such calendar quarter, minus (y) the “Aggregate Subject
    Assets” set forth in Exhibit C for the immediately prior calendar quarter.

   

  
    15

    
      
 

  

   

  (g)          No portion of the Subject Assets shall, and Parent and, until such time as Parent is no longer a Subsidiary, AIG
    shall not allow any Subject Assets to, constitute “plan assets” within the meaning of ERISA and the regulations promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code.  Parent and, until such time as Parent is no longer a
    Subsidiary, AIG shall promptly notify the Investment Manager  in  writing  if  AIG  or  any  of  its  Affiliates  becomes  aware  that  there  is  a reasonable likelihood that any of the Subject Assets are or will constitute “plan assets” within the
    meaning of ERISA and the regulations promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code, which notice shall identify the applicable account(s).  Parent and, until such time as Parent is no longer a Subsidiary, AIG shall use
    commercially reasonable efforts to remediate the occurrence of any Subject Assets constituting “plan assets” within the meaning of ERISA and the regulations promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code as soon as
    reasonably as practicable following the date such issue is identified or notified to the Investment Manager.

   

  (h)          With respect to AIG (for so long as Parent is a Subsidiary of AIG), Parent and each Subject Company, from the
    Effective Date until the termination of this Agreement, prior to entering into any agreement or arrangement with respect to, or effecting, directly or indirectly, any proposed change in ownership, sale of any voting securities or share exchange, or any
    proposed sale, exchange, dividend, transfer or other distribution or liquidation of all or a significant portion of its assets in one or a series of transactions, or any significant recapitalization, reclassification of its outstanding securities, or
    any acquisition or merger or business combination transaction (whether by acquisition of stock, assets, merger, business combination, consolidation or otherwise), Parent, on its own behalf or on behalf of any applicable Subject Company, will give
    reasonable advance notice to the Investment Manager in writing thereof and, if requested by the Investment Manager, shall use commercially reasonable efforts to arrange in connection therewith for proper provisions to be made upon terms and conditions
    satisfactory to the Investment Manager so that successors and assigns of the applicable Subject Company, or purchasers or recipients of such assets, in such transaction assume all of the obligations of Parent or any applicable Subject Company
    (including the obligation to appoint the Investment Manager to supervise and direct the investment and reinvestment of the assets of the Subject Companies allocated to the Blackstone Asset Classes) set forth in the Master SMA Agreement to which it is a
    party and/or this Agreement, as applicable; provided that in connection with any such assumption of obligations, Parent shall be released from the obligations assumed by such successors and assigns or purchasers or recipients and any Make Whole
    Amount payable by Parent shall be reduced proportionately.

   

  
    16

    
      
 

  

   

  (i)           True Up
      Payments.

   

  (i)           With  respect  to  each  Testing  Period,  if  the  Minimum Quarterly Fee exceeds the Actual Amount Invoiced (the
    difference thereof, the “Make Whole Amount”), Parent shall pay (or cause the payment of) the Make Whole Amount to the Investment Manager within ten (10) Business Days of the delivery to Parent of the invoice setting forth the Actual Amount
    Invoiced, subject to adjustment to take into account the principles set forth in clauses (ii)-(v) below and the application of the “corridor” below.  For the avoidance of doubt, the calculation of the Make Whole Amount shall be subject to the
    principles set forth below and in Section 6(i)(iv) to take into account changes in market values of securities relating to Existing AUM or New AUM. 

   

  		(ii)	For purposes of this Agreement:

   

  	
           

        	
          (1)

        	
          The “Actual Amount Invoiced” with respect to any Testing Period shall be equal to the Management Fees charged to
            the  Companies  during the  Testing  Period  in  accordance with Schedule 2 of the applicable Master SMA Agreements. The Actual Amount Invoiced will be calculated and tracked separately for Corridor AUM and Non-Corridor AUM. Beginning in the
            29th calendar quarter and thereafter, the Actual Amount Invoiced will be equal to the sum of (i) the Actual Amount Invoiced for Corridor AUM plus (ii) the Actual Amount Invoiced for Non-Corridor AUM, as set forth in Exhibit F.

        

  	 	 	 
	
           

        	
          (2)

        	
          The  “Minimum  Quarterly Fee”  shall  be  calculated  with respect to each calendar quarter separately with
            respect to Corridor AUM and Non-Corridor AUM, as applicable. For each  calendar  quarter  in  Corridor  Years  1  to  7,  the Minimum Quarterly Fee will equal the sum of (i) with respect to Non-Corridor AUM, the greater of (x) the Actual
            Amount      Invoiced   and  (y)  the   applicable   Minimum Quarterly Fee on Non-Corridor AUM set forth in Exhibit E, and (ii) with respect to Corridor AUM, the Corridor Minimum Quarterly Fee (as defined below) with respect to such
            calendar quarter based on the application of the “corridor” set forth in clause (iii) below. For each calendar quarter thereafter, the Minimum Quarterly Fee will equal the greater of (x) the Actual Amount Invoiced and (y) the applicable Minimum
            Quarterly Fee set forth on Exhibit F. The calculation of the Minimum Quarterly Fee with respect to any calendar quarter shall be reduced, as applicable, by the product of (x) the aggregate amount invested by the Companies directly in
            Blackstone Funds pursuant to any Master  SMA  Agreement  as  of  the  final  date  of  such calendar quarter and (y) 0.45% per annum (calculated on a quarterly basis). For the avoidance of doubt, the preceding sentence is designed to ensure
            that the Companies do not pay Blackstone two layers of management fees in connection with direct investments in Blackstone Funds.

        

   

  
    17

    
      
 

  

   

  	
           

        	
          (3)

        	
          Notwithstanding anything to the contrary herein, (x) for all calendar quarters following a SMA Termination Effective
            Date  for a  New  AUM  asset  class  strategy,  subject  to Section 3(h) (and including any termination pursuant to Section 3(c)(iv)), the applicable amounts of New AUM pertaining to such Blackstone Asset Class and the related
            fee amounts on Exhibits C, D, E and F shall be deemed reduced to reflect the termination of the applicable Sub- Manager Agreements based on the share of the New AUM allocated to such Blackstone Asset
            Class to which the Sub- Manager Agreements relate pursuant to the Allocation Guidelines over the five (5) year period ending on the SMA Termination Election Date, and (y) following the effective date of a termination pursuant to Section
              3(c)(i), Section 3(c)(ii) or Section 3(c)(iii) hereof, the applicable amounts of New AUM in Exhibit D and Exhibit E shall be deemed reduced to zero (0).

        

  	 	 	 
	
           

        	
          (4)

        	
          A  “Testing  Period”  shall  mean  a  calendar  quarter  (or portion thereof in the case of the first Testing
            Period and the final Testing Period, as applicable); provided that the first Testing Period shall begin on the earlier of (x) the Initial AUM Satisfaction Date and (y) December 31, 2021.

        
	 	 	 

  	
           

        	
          (5)

        	
          “Existing AUM” has the meaning set forth in Schedule 2 of the Master SMA Agreements.

        

  	 	 	 
	
           

        	
          (6)

        	
          “New AUM” has the meaning set forth in Schedule 2 of the Master SMA Agreements.

        

  	 	 	 
	
           

        	
          (7)

        	
          “Corridor AUM” means the amounts set forth on  Exhibit D under the heading “Corridor AUM”.

        

   

  
    18

    
      
 

  

   

  	
           

        	
          (8)

        	
          “Corridor Minimum Quarterly Fee” means (i) with respect to all Testing Periods of a Corridor Year other than the
            last Testing Period of a Corridor Year, the amount set forth under the heading “Base Fee” in Exhibit D and (ii) with respect  to  the  last  Testing  Period  of  Corridor  Year,  an amount equal to (x) the sum of the amounts set forth
            in the applicable column indicated in Exhibit D as the “Minimum Quarterly Fee” for each of the four Testing Periods of such Corridor Year based on the application of the “corridor” set forth in clause (iii) below minus (y) the
            sum of the amounts set forth under the heading “Base Fee” in  Exhibit D for each of the first three Testing Period of such Corridor Year. 

        

  	 	 	 
	
           

        	
          (9)

        	
          “Corridor Year” means the period beginning on the earlier of (x) the Initial AUM Satisfaction Date and (y)
            December 31, 2021 and ending on the last day of the calendar quarter in which one-year anniversary thereof occurs and the successive one-year periods following such initial period; provided that the final Corridor Year shall begin on
            the applicable anniversary thereof and end of the last day of the Term.

        

  	 	 	 
	
           

        	
          (10)

        	
          “Net Market Value Reduction” means with respect to any Testing Period, an amount equal to the excess, if any, of
            the total capital contributions with respect to each security in the Portfolio representing the purchase price or acquisition cost thereof over the then Average Month-End Net Asset Value thereof to the extent such decrease in the
            Average Month-End Net Asset Value is solely as a result of changes in the prices of such securities during such Testing Period.

        

  	 	 	 
	
           

        	
          (11)

        	
          “Non-Corridor AUM” means any new subsequent deposits of Subject  Assets  required  under this  Agreement  as  set
            forth on Exhibit E.

        

   

  (iii)          A “corridor” has been established in respect of the run-off of Existing AUM for purposes hereof which assumes a ratable
    7-year runoff and reinvestment of assets under management (with such run-off and reinvestment representing the Corridor AUM), as follows:

   

  (1)            Corridor Year 1: 14.29% expected but a corridor width of +/- 5% resulting in 13.57% to 15.00%

   

  (2)            Corridor Year 2: 14.29% expected but a corridor width of +/- 6.5% resulting in 13.36% to 15.21%

   

  (3)            Corridor Year 3: 14.29% expected but a corridor width of +/- 7.5% resulting in 13.21% to 15.36%

   

  
    19

    
      
 

  

   

  (4)            Corridor Year 4: 14.29% expected but a corridor width of +/- 8.5% resulting in 13.07% to 15.50%

   

  (5)            Corridor Year 5: 14.29% expected but a corridor width of +/- 10% resulting in 12.86% to 15.71%

   

  (6)            Corridor Year 6: 14.29% expected but a corridor width of +/- 10% resulting in 12.86% to 15.71%; and

   

  for the avoidance of doubt, the upper and lower bound Corridor AUMs calculated pursuant to this Section 6(i)(iii) will be calculated with
    reference to the Existing AUM as of the Effective Date of $50 billion.

   

  (iv)         In the event (x) the Companies have complied with the Subject Asset Minimums in accordance with Exhibit C, where
    the value of a Subject Asset for this purpose is fixed at the market value of such Subject Asset on the date of contribution to the Portfolio, and (y) a Make Whole Amount is due under Section 6(i), the amount of any such required Make Whole
    Amount with respect to any Testing Period in years 1 to 7 and thereafter shall be reduced (not below zero) by an amount equal to sum of (1) the product of (i) 0.30% per annum (calculated quarterly) and (ii) the Net Market Value Reduction then
    outstanding with respect to Existing AUM and (2) the product of (i) 0.45% per annum (calculated quarterly) and (ii) the Net Market Value Reduction then outstanding with respect to New AUM.

   

  (v)          In the event that a termination occurs pursuant to Section 3(b) in respect of any Blackstone Asset Class
    comprising the Existing AUM, the amount of any Makewhole Amount shall be reduced by an amount equal to the Management Fees on  such Existing AUM comprising such Blackstone Asset Class that would have been charged but for Investment Manager’s agreement
    not to charge such fees as set forth in Section 3(b)(ii)(8).

   

  (j)           In the event with respect to any year, the actual run-off of the Existing AUM is within the applicable “corridor” above
    for such Corridor Year, then the Minimum Quarterly Fee payable with respect to Corridor AUM for purposes of calculating the amounts in clause (ii) of the definition of “Corridor Minimum Quarterly Fee” shall equal the amount set forth under the heading
    “Base Fee” in Exhibit D (it being understood, for the avoidance of doubt, that during  any Corridor  Year  in  which  the  “corridor”  applies  in  respect  of  the Corridor AUM, in the event the Actual Amount Invoiced in respect of Corridor
    AUM is higher than such amount under the heading “Base Fee”, the Companies shall only be responsible for payment of the lower scheduled amount set forth under the heading “Base Fee” in  Exhibit D and as further described in clause (k)(i) below)
    except in the circumstance contemplated by clause (l) below where Parent has affirmatively consented).

   

  
    20

    
      
 

  

   

  (k)          In the event with respect to any Corridor Year, the actual run-off of the Existing AUM is not within the applicable
    “corridor” above for such Corridor Year, then the “Minimum Quarterly Fee” for purposes of calculating the amounts in clause (ii) of the definition of “Corridor Minimum Quarterly Fee” with respect thereto shall be calculated as follows:

   

  (i) in the event of an acceleration of run-off of the Existing AUM that is higher than the upper bound of the applicable “corridor”
    above, then the Minimum Quarterly Fee payable with respect to Corridor AUM shall equal the amounts set forth under the heading “High Corridor Fee” in Exhibit D (subject to adjustment pursuant to clause (l) below) with respect to the applicable
    Testing Periods (it being understood, for the avoidance of doubt, that in the event of an acceleration of run-off of the Existing AUM that is higher than the upper bound of the applicable “corridor”, in the event the Actual Amount Invoiced in respect
    of Corridor AUM is higher than such amount under the heading “High Corridor Fee”, the Companies shall only be responsible for payment of the lower scheduled amount set forth under the heading “High Corridor Fee” in  Exhibit D and as further
    described in this clause (k)(i)) except in the circumstance contemplated by clause (l) below where Parent has affirmatively consented); and

   

  (ii) in the event of a deceleration of run-off of the Existing AUM that is lower than the lower bound of the applicable “corridor”
    above, then the Minimum Quarterly Fee payable with respect to Corridor AUM shall equal the amounts set forth under the heading “Low Corridor Fee” in Exhibit D with respect to the applicable Testing Periods.

   

  (l)           Investment  Manager  shall  not  reposition  or  reinvest  more  than $7.143 billion of Existing AUM in any Corridor
    Year without Parent’s affirmative written consent; provided that in the case of clause (k)(i) where Parent has provided such consent for the Investment Manager to reposition or reinvest more than $7.143 billion of Existing AUM in any Corridor
    Year, to the extent the Actual  Amount  Invoiced  for  services  provided  by the  Investment  Manager exceeds the Minimum Quarterly Fee pursuant to clause (k)(i) above, then for the avoidance of doubt Parent or the Companies will pay the Actual Amount
    Invoiced in respect of such services (it being understood, for greater certainty, that any additional assets awarded to the Investment Manager by the Companies above such threshold shall be deemed to be consented to by Parent for purposes hereof).

   

  (m)          From the end of Corridor Year 6 and thereafter or, in the event of a complete runoff of the Existing AUM before the end
    of Corridor Year 6, the date of such complete runoff, then the Minimum Quarterly Fee shall equal the amount set forth under the heading “Base Fee” in  Exhibit D (calculated without regard to the “corridor” construct above).

   

  
    21

    
      
 

  

   

  (n)          All references to “value”, “fair value”, “fair market value” and “market value” for purposes of this Agreement, including
    the Exhibits hereto, shall mean value as determined in accordance with Schedule 2 to the applicable Master SMA Agreement.

   

  (o)          Allocation to Blackstone-Insurance Designed Products. The Investment Manager confirms, for the avoidance of doubt,
    that any Company invested in a fixed income product or strategy managed or sub-managed by the Investment Manager or its Affiliates and that is specifically designed for (or, as reasonably determined by Blackstone, is customarily held in investment
    portfolios of)  insurance  company investors  (“Blackstone-Insurance  Designed  Products”) will be allocated investment opportunities thereto on a fair and equitable basis, in each  case  in  accordance  with  the  Investment  Manager’s  or  its
     Affiliate’s applicable allocation policies and procedures related thereto. For the avoidance of doubt, the foregoing shall be applicable with respect to any Blackstone-Insurance Designed Products that any Company invests in following the Effective
    Date and shall apply to future Subject Companies.

   

  7.            AIG. AIG shall cause Parent and its Affiliates to comply with the terms of this Agreement and the Master
    SMA Agreements; provided, that AIG’s obligations pursuant to this Agreement shall automatically terminate at such time as Parent is no longer a Subsidiary of AIG.

   

  8.            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.

   

  9.            Arbitration. Any controversy arising out of or in connection with this Agreement or the breach or
    validity thereof (a “Dispute”) shall first be resolved through good faith negotiation by the parties, with the claiming party providing written notice of the Dispute (the “Notice of Dispute”) to the other party, which notice shall
    describe in sufficient detail the nature of the Dispute.   If the Dispute is not resolved between the parties within thirty (30) Business Days after the claiming party delivers the Notice of Dispute (provided that such thirty (30)-Business Day period
    may be extended upon agreement of the parties), then, at the election of either party, the Dispute shall be finally settled as follows:

   

  
    22

    
      
 

  

   

  (a)          The arbitration shall be conducted by a single (1) arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration
    Association (“AAA”) in effect at the time of the arbitration, except as they may be modified herein or by mutual agreement of the parties. The seat of the arbitration shall be New York, New York.

   

  (b)          The arbitrator shall be selected by the AAA from its list of qualified arbitrators and shall have no actual or potential conflict of
    interests in connection with deciding or hearing the Dispute.

   

  (c)          The arbitration shall be conducted in an expedited manner. There shall be one round of prehearing submissions by each party, whether
    simultaneous or sequential as directed by the tribunal, and no reply or rejoinder submissions shall be made unless the tribunal expressly so authorizes. The hearing shall be held within four (4) months of the constitution of the arbitral tribunal and
    shall continue, to the extent practicable, from Business Day to Business Day until completed. There shall be no post-hearing submissions except as directed by the tribunal, and before ordering such submissions, the tribunal shall identify for the
    parties, on the basis of its assessment of the case as of that time, the specific issues or matters it believes should be addressed. The tribunal shall endeavor to render its award within six (6) weeks of the last day of the hearing. The tribunal may
    modify this schedule for good cause shown. Failure to comply with any time period set out in this Section 9 shall not affect in any way the jurisdiction of the tribunal or the validity of its award.

   

  (d)          Any request for production of documents or other information is subject to the express authorization of the tribunal, which shall endeavor to
    ensure that any such requests  are as  limited and  disciplined  as  is  consistent  with  the just resolution of the dispute. The parties expressly waive any right to seek evidence under 9 U.S.C. § 7 or any similar provision. A party may request, and
    the tribunal should authorize, production only of specific documents or narrow and specific categories of documents that are critical to the fair presentation of a party’s case and reasonably believed to exist and be in the possession, custody or
    control of the other party.

   

  (e)          The parties agree that the arbitration shall be kept confidential and that the existence of the proceeding and any element of it (including
    any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions and any awards) shall not be disclosed beyond the arbitral tribunal, the AAA, the parties, their counsel, accountants and auditors, insurers and
    re- insurers or any person necessary to the conduct of the proceeding. These confidentiality obligations shall not apply (i) if disclosure is required by law or regulatory obligations or in judicial or administrative proceedings or as necessary for tax
    purposes (including in connection with an audit or other examination relating to taxes) or (ii) as far as disclosure is necessary to enforce the rights arising out of the award.

   

  
    23

    
      
 

  

   

  (f)           For the avoidance of doubt, the tribunal may grant specific performance or injunctive relief where authorized under this Agreement or
    applicable law. The tribunal shall have the authority to make orders for interim relief necessary to preserve a party’s rights, including preliminary injunctive relief. The parties agree that any ruling by the tribunal on interim measures shall be
    deemed to be a final award  with  respect  to  the  subject  matter  of  the  ruling  and  shall  be  fully enforceable as such. Each party hereby acknowledges that money damages may be an inadequate remedy for a breach or anticipated breach of this
    Agreement because  of  the  difficulty of  ascertaining the  amount  of  damage  that  will  be suffered in the event that this Agreement is breached. Therefore, in the event of a breach or anticipated breach of this Agreement by the other party or its
    Affiliates, and notwithstanding anything to the contrary contained herein, each party may, in addition to any other remedies available to it, seek an injunction to prohibit such breach or anticipated breach. Each party acknowledges and agrees that an
    injunction is a proper, but not exclusive, remedy available to each party and that the harm from any breach or anticipated breach of the covenants set forth in this Agreement would be irreparable and immediate.

   

  (g)          Notwithstanding Section 8 of this Agreement, the agreement to arbitrate set forth in this Section 9 and any arbitration
    conducted hereunder shall be governed by Title 9 (Arbitration) of the United States Code.

   

  (h)          The parties submit to the non-exclusive jurisdiction of the federal and state courts located within the County of New York, State of New
    York, as well as all appellate courts having jurisdiction over appeals from any of the foregoing, for the limited purpose of: (i) an application to compel arbitration or to resolve any dispute concerning the validity or effectiveness of this agreement
    to arbitrate; or (ii) an application for relief in aid of arbitration or enforcement of an arbitration award  (including  an  application  for  a  restraining order  and/or  injunction  to preserve the party’s rights). A request to a court for any of
    the foregoing remedies shall not be deemed incompatible with or a waiver of any party’s right to arbitrate. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy.

   

  (i)           The costs of administration of the arbitration and any arbitrator’s fees shall be borne equally by the parties, unless the arbitrator
    determines that such costs or a part thereof shall otherwise be borne by the parties.

   

  (j)           The award shall be in writing and shall be final and binding on the parties. Judgment upon the award may be entered by any court having
    jurisdiction thereof or having jurisdiction over the relevant party or its assets.

   

  
    24

    
      
 

  

   

  (k)          Notwithstanding the foregoing provisions, without having to amend this Agreement pursuant to Section 15, the parties may by written
    agreement: (i) vary the procedures set forth above in Sections 9(a)-(j) or (ii) otherwise utilize another form of dispute resolution to address any Dispute in lieu of the arrangement described in this Section 9.

   

  10.         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.

   

  11.         Assignment;  Successors;  Waivers.    Except  as  required  by  Section  12 below, this Agreement
    shall not be assigned by any party hereto without the prior written consent (not to be unreasonably withheld, conditioned or delayed) of Blackstone, in the case of a proposed assignment by Parent or AIG, or Parent, in the case of a proposed assignment
    by Blackstone (which, in the case of any assignment to an Affiliate of the Investment Manager, shall not be unreasonably withheld, conditioned or delayed). Any attempted assignment in violation of this Section 11 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.

   

  12.         IPO Corporation. In the event the Separation or the IPO results or is expected to result in the creation of
    a newly formed holding company which will be the direct or indirect parent of Parent and will own, directly or indirectly, all of the Company Business (as defined in the Stock Purchase Agreement) effective as of the Separation or the IPO (the “IPO
      Corporation”), then, in connection with such Separation or IPO, Parent shall cause the IPO Corporation to enter into a letter agreement with the Investment Manager in form and substance substantially identical to this Agreement under which the
    IPO Corporation shall be bound by, and subject to, all of the obligations of Parent as if the IPO Corporation were Parent under this Agreement, mutatis mutandis, and such letter agreement shall be binding on
    and enforceable against the IPO Corporation.

   

  
    25

    
      
 

  

   

  13.          Marketing. Without the prior written consent of the Investment Manager, neither AIG, Parent nor their
    respective insurance company Subsidiaries shall use or cause the use of any descriptive marketing language relating to the Investment Manager or any of its Affiliates (including Blackstone) in any advertising of any of the foregoing parties’ life and
    retirement or other products in the independent marketing organization (IMO), broker/dealer or bank channels. Without the prior written consent of Parent, neither the Investment Manager nor its Affiliates shall use or cause the use of any descriptive
    marketing language relating to AIG, Parent or their respective insurance company Subsidiaries in any advertising of the foregoing parties’ asset management or investment management services. Notwithstanding the foregoing, the parties each acknowledge
    that disclosures made in the ordinary course for non-advertising purposes, including in relation to an entity’s status as a public company disclosure and Blackstone’s obligations in respect of Blackstone Funds, shall not be deemed to violate the terms
    of this Section 13.

   

  14.         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.

   

  15.         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.

   

  16.         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 Parent:

   

  SAFG Retirement Services, Inc.

    21650 Oxnard Street

    Suite 750

    Woodland Hills, CA 91367

    Attention: General Counsel

    Email: chris.nixon@aig.com

   

  
    26

    
      
 

  

   

  (b)          If to AIG:

   

  American International Group, Inc.

    1271 Avenue of the Americas

    41st Floor

    New York, New York 10020

    Attention:  General Counsel

    Email: lucy.fato@aig.com

   

  	
           

        	
          (c)

        	
          If to the Investment Manager:

        

   

  Blackstone ISG-I Advisors L.L.C.

    345 Park Avenue

    New York, New York 10154

    Attention:  Robert Young, General Counsel

    Email: robert.young@blackstone.com

   

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

   

  17.         Certain Terms. The term “Subsidiary” shall mean, with respect to AIG or any Company (including, for
    the avoidance of doubt, Parent) any entity of which AIG or such Company or one or more of the other Subsidiaries of AIG or such Company (or a combination thereof), as applicable, directly or indirectly owns, beneficially or of record, 50% or more of
    the voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees, the voting interests, the economic interests, the general or limited partnership
    interests, the capital accounts or the distribution rights, as applicable, whether in the form of common stock, shares, membership, general, special or limited partnership interests or otherwise, “Affiliate” of any Person shall mean another
    Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, such first Person (and, for the purposes of this definition, “control,” when used with respect to any Person, means the
    power to direct the management and policies of such Person, directly or indirectly through the ownership of voting securities, by contract, or otherwise, and the terms “controlling” and “controlled” have the meanings correlative to the  foregoing),
     and  “Person”  shall  mean  any  natural  person,  general  or  limited partnership, corporation, limited liability company, limited liability partnership, firm, association or organization or other legal entity.

   

  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]

   

  
    27

    
      
 

  

   

  	
           

        	
          Sincerely,

        
	
           

        	
           

        	
           

        
	
           

        	
          SAFG RETIREMENT SERVICES, INC

        
	
           

        	
           

        	
           

        
	 	 	 
	
           

        	
          By:

        	
          /s/ Kevin T. Hogan

          

        
	
           

        	
          Name: 

        	
          Kevin T. Hogan

        
	
           

        	
          Title:

        	
          Chief Executive Officer & President

        

   

  [Signature Page to Commitment Letter]

   

  
     

    
      
 

  

   

  	
          ACCEPTED AND AGREED

        	
           

        
	
           

        	
           

        	
           

        
	
          BLACKSTONE ISG-I ADVISORS L.L.C.

        	
           

        
	
           

        	
           

        	
           

        
	 	 	 
	
          By:

        	
          /s/ Jeffrey Iverson

          

        	
           

        
	
          Name: 

        	
          Jeffrey Iverson

        	
           

        
	
          Title:

        	
          Managing Director and Chief Operating Officer

        	
           

        

   

  [Signature Page to Commitment Letter]

   

  
     

    
      
 

  

   

  	
          AMERICAN INTERNATIONAL GROUP, INC.

        	
           

        
	
           

        	
           

        	
           

        
	
          (solely for the purposes of Sections 4, 6, 8 and 13)

        	
           

        
	
           

        	
           

        	
           

        
	 	 	 
	
          By:

        	
          /s/ Mark Lyons

          

        	
           

        
	
          Name: 

        	
          Mark Lyons

        	
           

        
	
          Title:

        	
          Executive Vice President & Chief Financial Officer

        	
           

        

   

  [Signature Page to Commitment Letter]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00342-of-00352.parquet"}]]