Document:

Exhibit

CONFIDENTIAL

April 7, 2017

NAME
DEPARTMENT

Dear NAME:

This letter replaces and supersedes the letter you received on January 20, 2016, regarding a Transaction Bonus.  

As you know, Fidelity & Guaranty Life (“FGL” or “we” or “Company”) entered into an Agreement and Plan of Merger with Anbang Insurance Group Co., Ltd. (“Anbang”) and certain other parties, pursuant to which FGL will become a subsidiary of Anbang (the “Anbang Transaction”), effective as of the closing of the merger (the “Closing”).

In recognition of your ongoing contributions toward a Closing, FGL hereby grants to you a one-time cash transaction bonus in the amount of $X,XXX (the “Transaction Bonus”).  The Transaction Bonus will be paid to you, less applicable withholding taxes, within 30 days following the Closing, subject to your continued employment with FGL through the Closing.

Notwithstanding the foregoing, if the Closing does not occur and FGL enters into an agreement with a new party that would result in a “Change in Control” (as defined in the FGL 2013 Stock Incentive Plan, and such transaction, the “Subsequent Transaction”), then the Transaction Bonus will be paid to you, less applicable withholding taxes, within 30 days following the closing of the Subsequent Transaction, subject to your continued employment with FGL through such closing date.   

If your employment with FGL terminates for any reason prior to the closing of the Anbang Transaction or a Subsequent Transaction, as applicable, or if neither transaction is consummated, you will not be entitled to receive payment of the Transaction Bonus.

HRG Group, Inc. and I thank you again for your hard work and dedication on this critical project.  If you have any questions about the terms of this letter, please feel free to contact me.  

Sincerely,

Chris Littlefield
CEO & President

Fidelity & Guaranty Life Insurance Company | Two Ruan Center | 601 Locust St, Suite #1400, Des Moines, IA 50309
1 888 697 LIFE | 515 244 1199 (fax) | www.fglife.comExhibit

April 20, 2017
Name
Department
Dear Name:
This letter replaces and supersedes the letter you received dated April 7, 2017, regarding a Retention Award.  You are a highly valued team member and your commitment and contributions will be particularly important in the period ahead of us.  We are therefore pleased to inform you that pursuant to the terms of this letter agreement (the "Award Agreement"), Fidelity & Guaranty Life (the “Company”) is offering you a retention incentive bonus in the form of a cash payment on the terms set forth herein (the “Retention Award”).  Capitalized terms that are used but not defined herein will have the meaning ascribed to such terms in the Fidelity & Guaranty Life 2015 Severance Plan (the “Severance Plan”).
Retention Award

		
	•
	Payment of the Retention Award is contingent upon the consummation of a transaction that results in a Change in Control.  If consummation of a Change in Control transaction (the “Closing Date”) does not occur on or before December 31, 2017, the Retention Award will expire.  

		
	•
	If you remain employed by the Company or one of its subsidiaries or an acquirer through the one year anniversary of the Closing Date (or your employment is terminated by the Company or one of its subsidiaries or an acquirer without Cause or your position is eliminated and you are not offered Comparable Employment before the one year anniversary of the Closing Date), you will receive a Retention Award in the amount of $X,XXX, which represents XX% of your base salary as of the date of this letter.  This amount is payable on the first regular pay date immediately following the one year anniversary of the Closing Date or, if applicable, the first regular pay date after your employment terminates without Cause or the date you resign following not being offered Comparable Employment.

		
	•
	The Retention Award will not be paid if (a) you voluntarily terminate your employment prior to the one year anniversary of the Closing Date (unless you voluntarily terminate your employment and are eligible for the Change in Control Context severance benefit under Section 2 of the Severance Plan, in which case your Retention Award will be paid on the first regular pay date after your employment terminates) or (b) your employment is terminated by the Company or any of its subsidiaries for Cause.

		
	•
	The Retention Award is offered to you in addition to any other compensation or payments you may be eligible for under plans, contracts or programs of the Company and is subject to all legally required taxes and withholding amounts.

		
	•
	Except as otherwise stated under any employee benefit plan, policy or program, the Retention Award shall not be treated as compensation for purposes of calculating your rights under any such plan, policy or program.

Confidentiality.  Because of the highly personal and confidential nature of the Retention Award, it is important that you do not disclose the details of this Award Agreement to any other employee, or discuss its contents with anyone other than your supervisor, your Human Resources representative, your immediate family and your legal counsel and personal tax advisors.  Failure to comply with this requirement may render you ineligible to receive the Retention Award.

No Right of Employment.  Neither this Award Agreement nor the payment of any benefits hereunder shall be construed as giving you, or any other person, the right to be retained in the service of the Company or its subsidiaries.  This Award Agreement is meant to supplement, and not supersede or amend, the terms of any employment agreement between you and the 

Fidelity & Guaranty Life Insurance Company | Two Ruan Center | 601 Locust St, Suite #1400, Des Moines, IA 50309
1 888 697 LIFE | 515 244 1199 (fax) | www.fglife.com

Company or any of its subsidiaries.  Except for the additional obligation relating to the Retention Award, nothing herein shall be interpreted or construed to modify, amend or otherwise alter the obligations of the either party under the terms of any employment agreement that may exist between you and the Company.  Except to the extent provided under an employment agreement with the Company, your employment with the Company is “at-will,” meaning that either you or the Company may terminate your employment at any time and for any reason.
Fidelity & Guaranty Life Insurance Company expressly guarantees the payment of the Retention Award by the Company.
We are pleased to be able to provide you with this incentive and look forward to your active participation during this important time for the Company.
Thanks for all you have done and will continue to do to make our company successful!
Sincerely,

Christopher J. Littlefield
President & CEO
Signed on behalf of Fidelity & Guaranty Life and 
Fidelity & Guaranty Life Insurance Company

Fidelity & Guaranty Life Insurance Company | Two Ruan Center | 601 Locust St, Suite #1400, Des Moines, IA 50309
1 888 697 LIFE | 515 244 1199 (fax) | www.fglife.comExhibit

February 1, 2017

Name
Department
Dear Name:
As you know, Fidelity & Guaranty Life (“FGL”) has entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Anbang Insurance Group Co., Ltd. (“Anbang”) and certain other parties, pursuant to which FGL will become a subsidiary of Anbang, effective as of the closing of the merger (the “Closing”).  

Under the terms of the Merger Agreement, we were not able to make our December 2015 and December 2016 ordinary course discretionary long-term equity incentive awards to employees.  We recognize, however, that our employees are our greatest assets and we would not be where we are today without your continued commitment and contributions to FGL.  Accordingly, in lieu of such awards, FGL hereby grants to you a cash-based award in the aggregate amount of $X,XXX, subject to the terms set forth below (the “2017 Incentive Award”).  This 2017 Incentive Award is intended to compensate you for the target value of the long-term equity incentive awards you otherwise would have been eligible to receive, less the portion already paid to you in December 2016 (the 2015 LTIP Bonus).

The 2017 Incentive Award will vest in three installments on the dates listed below (each date, a “Vesting Date”), subject to your continued employment with FGL through each Vesting Date:

		
	•
	December 1, 2017 - $X,XXX 

		
	•
	December 3, 2018 - $X,XXX

		
	•
	December 2, 2019 - $X,XXX

Your 2017 Incentive Award will remain outstanding and will be eligible to vest on each of the Vesting Dates whether or not the Closing occurs.
Notwithstanding the foregoing, your 2017 Incentive Award will vest in full in the event that your employment is terminated by FGL or one of its subsidiaries or an acquirer without Cause (as defined in the FGL 2015 Severance Plan (the “Severance Plan”)) or your position is eliminated and you are not offered Comparable Employment (as defined in the Severance Plan) prior to the final Vesting Date.  If your employment terminated for any other reason, you will forfeit the portion of your 2017 Incentive Award that is unvested as of the date of such termination of employment.  
The vested portion of your 2017 Incentive Award will be paid to you, less applicable withholding taxes, on the first regular pay date following each Vesting Date or, if applicable, the first regular pay date after your employment terminates without Cause or the date you resign following not being offered Comparable Employment.  

If you have any questions about the terms of your 2017 Incentive Award, please contact Karen Krug at (410) 895-0070.  
Sincerely,

Christopher J. Littlefield
President & CEO

Fidelity & Guaranty Life Insurance Company | Two Ruan Center | 601 Locust St, Suite #1400, Des Moines, IA 50309
1 888 697 LIFE | 515 244 1199 (fax) | www.fglife.com

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