Document:

EX-10.32

 Exhibit 10.32 

CERTAIN INFORMATION IN THIS DOCUMENT, MARKED BY [***] HAS BEEN EXCLUDED 

PURSUANT TO REGULATION S-K, ITEM 601(b)(10)(iv). SUCH EXCLUDED INFORMATION IS NOT 

MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF 

PUBLICLY DISCLOSED. 

AMENDMENT TO QUOTA SHARE REINSURANCE AGREEMENT BETWEEN 

OSCAR INSURANCE COMPANY 

AND 
 AXA
FRANCE VIE 
 This Amendment to the Quota Share Reinsurance Agreement between Oscar Insurance Company (formerly known as Oscar Insurance Company of
Texas) (the “Ceding Company”) and AXA France Vie (“AXA”), (this “Amendment”) is made as of January 1, 2019. 

WHEREAS, the Ceding Company, on the one hand, and AXA, on the other hand, have entered into a quota share reinsurance agreement, dated as of
December 21, 2017 (the “Reinsurance Agreement”), pursuant to which AXA has agreed to provide quota share reinsurance to the Ceding Company on the terms set forth in the Reinsurance Agreement; 

WHEREAS, the Ceding Company and AXA desire to enter into this Amendment to clarify the terms of their mutual understanding relating to certain
provisions of the Reinsurance Agreement and correct typographical errors therein; 
 WHEREAS, the Ceding Company and AXA wish to indicate
their understanding of their respective rights and obligations with respect to the scope of any “excess of loss recoveries” referenced in Article 5.2 and Annex 7 of the Reinsurance Agreement; 

WHEREAS, the Ceding Company and AXA wish to clarify their respective rights and obligations with respect to the calculation of their liability
limitation referenced in Article 5.3; and 
 WHEREAS, the Ceding Company and AXA wish to clarify the definition of the Reinsurer’s Quota
Share referenced in Article 34.3. 
 WHEREAS, the Ceding Company and AXA wish to extend the territorial scope of the Quota Share Reinsurance
Agreement referenced in Annex 2 of the Reinsurance Agreement 
 NOW THEREFORE, in consideration of the foregoing, and the representations,
warranties, covenants and conditions set forth below, the parties hereto hereby agree as set forth herein. 
  

	 	I.	 Definitions. Capitalized terms used but not otherwise defined in this Amendment shall have the meanings
ascribed to such terms in the Reinsurance Agreement, as may be amended from time to time. 

  

	 	II.	 Clarification of Article 5.2 and Annex 7. The parties hereto agree and confirm that the term
“excess of loss recoveries” where it appears in Article 5.2 and Annex 7 of the Reinsurance Agreement includes, but is not limited to, any profit-share that may be received by the Ceding Company from any excess of loss reinsurance
arrangement applicable to the Policies. 

  

	 	III.	 Modification of Article 5.3. Article 5.3 of Reinsurance Agreement is hereby deleted and replaced in its
entirety by the following: 

 “Notwithstanding Article 5, Section 1, the total
Reinsurance Claims paid hereunder and under the Companion Agreements by the Reinsurer for any given Subscription Year will be limited to the Stop Loss Percentage of the Reinsurer Premium for such Subscription Year under this Agreement and under each
of the Companion Agreements, on a consolidated basis. For the avoidance of doubt, in no event shall the Reinsurance Claims paid by the Reinsurer hereunder for any Subscription Year be less than the Reinsurer’s Quota Share of the total claims of
the Ceding Company for such Subscription Year, provided that the Consolidated MLR for such Subscription Year does not exceed the Stop Loss Percentage for such Subscription Year. If the Consolidated MLR for any Subscription Year exceeds the Stop Loss
Limit Percentage and the Medical Loss Ratio for such Subscription Year exceeds the Stop Loss Percentage, the Ceding Company shall retain claims for such Subscription Year in an amount equal to [***]. 

The Stop Loss Percentage is defined as set forth: 
  

					
	 For Subscription Years 2017 - 2019
	  	 	[***	] 
	 For Subscription Year 2020 and each year thereafter
	  	 	[***	] 

 An illustrative example of the preceding calculation is attached hereto as Annex 8 – Limitation
of Liability Calculation. The “Companion Agreements” shall mean the following agreements: 
  

	 	i.	 Quota Share Reinsurance Agreement, effective October 1, 2017, Aon Benfield reference O01D-1002, between the
Reinsurer and Oscar Insurance Corporation; 

  

	 	ii.	 Quota Share Reinsurance Agreement, effective January 1, 2018, Aon Benfield reference O02M-1002, between
the Reinsurer and Oscar Garden State Insurance Corporation; 

  

	 	iii.	 Quota Share Reinsurance Agreement, effective October 1, 2017, Aon Benfield reference O020 -1002, between the
Reinsurer and Oscar Health Plan of California; 

  

	 	iv.	 Quota Share Reinsurance Agreement, effective January 1, 2020, between the Reinsurer and Oscar Insurance
Company of Florida; 

  

	 	v.	 Quota Share Reinsurance Agreement, effective January 1, 2020, between the Reinsurer and Oscar Buckeye
State Insurance Corporation; 

  

	 	vi.	 Quota Share Reinsurance Agreement, effective January 1, 2020, between the Reinsurer and Oscar Health Plan,
Inc.; 

	 	vii.	 Quota Share Reinsurance Agreement, effective January 1, 2020, between the Reinsurer and Oscar Health Plan
of Georgia; and 

  

	 	viii.	 Quota Share Reinsurance Agreement, effective January 1, 2020, between the Reinsurer and Oscar Health Plan
of Pennsylvania 

 To the extent the Parties (or their Affiliates) agree to enter into additional reinsurance agreements
between the Parties (or their Affiliates), the Parties shall amend this Agreement to include such additional agreements as Companion Agreements. 

This limit will be implemented through the provisions of Article 12. For the avoidance of doubt, the first Subscription Year will last
for a period of three (3) months, beginning on October 1, 2017 and concluding on December 31, 2017. Contracts in force as of October 1, 2017 that were issued by the Ceding Company for calendar year 2017 in accordance with
Annex 1 – Scope and Annex 2 – Territorial Scope shall be ceded for this first Subscription Year; provided, that the Reinsurer shall not be liable for any losses incurred under such Contracts prior to the Effective Time.”

  

	 	IV.	 Modification of Article 7.2. Article 7.2 of Reinsurance Agreement is hereby deleted and replaced in its
entirety by the following: 

 “As used in this Agreement, “Net Reinsurance Premium” means an amount equal
to: 
 [***] 
 [***] 

[***] 
 = Net Reinsurance
Premium 
 [***] 
 [***] 

 

	 	V.	 Original Earned Net Premium In Article 5.2 of the Reinsurance Agreement, the term “Original Earned
Net Premium” is hereby deleted and replaced by “Gross Premiums Earned, as defined in Article 7.2”. 

  

	 	VI.	 Clarification of Article 12.2. 

 

	 	a.	 The table in Article 12.2 i is hereby deleted and replaced by the following: 

 

									
	 For policies issued by the Ceding Company in Texas rating regions [***], the ceding commission,
brokerage fee and reinsurer fee are defined as below:
	  	 	2019	 	  	 
	2020 and each
year thereafter	 
 
	 C OSCAR commissions (% of total Reinsurer Premium)
	  	 	[***	] 	  	 	[***	] 
	 Broker Commission
	  	 	[***	] 	  	 	[***	] 
	 F (Reinsurer fee (% of total Reinsurer Premium))
	  	 	[***	] 	  	 	[***	] 
	 r (distribution rate)
	  	 	[***	] 	  	 	[***	] 

  

									
	 For policies issued by the Ceding Company in Texas rating regions [***], and in Tennessee rating
regions [***], the ceding commission, brokerage fee and reinsurer fee are defined as below:
	  	 	2019	 	  	 
	2020 and each
year thereafter	 
 
	 C OSCAR commissions (% of total Reinsurer Premium)
	  	 	[***	] 	  	 	[***	] 
	 Broker Commission
	  	 	[***	] 	  	 	[***	] 
	 F (Reinsurer fee (% of total Reinsurer Premium))
	  	 	[***	] 	  	 	[***	] 
	 r (distribution rate)
	  	 	[***	] 	  	 	[***	] 

  

	 	b.	 The Profit Sharing Formula in Article 12.2 ii is hereby deleted and replaced by the following:

  

			
		  	The “Profit Sharing Formula” is as set forth below:
		
	2017 to 2019	  	[***]
		
		  	[***]
		
		  	R [***]
		
	2020 and each year thereafter	  	[***]
		
		  	[***]
		
		  	[***]
		
		  	R [***]

  

	 	c.	 The Partial Reimbursement Formula in Article 12.2 iii is hereby deleted and replaced by the following:

  

			
		  	The “Partial Reimbursement Formula” is as set forth below:
	2017 to 2019	  	[***]
		
		  	[***]
		
	2020 and each year thereafter	  	[***]
		
		  	[***]
		
		  	[***]

  

	 	VII.	 Modification of Annex 2. Annex 2 of the Reinsurance Agreement is hereby deleted and replaced in its
entirety by the following table: 

 “This Agreement shall only apply to Policies issued by the Ceding Company as set forth below:

  

			
	In 2018	  	[***]
		
	In 2019	  	[***]
		
	In 2020 and each year thereafter	  	[***]

	 	VIII.	 Modification of Article 34.3 xxxvii: 

a. Article 34.3 xxxvii is hereby deleted and replaced by the following 

“Reinsurer’s Quota Share” shall mean [***]% for Subscription Year 2017, [***]% for Subscription Years 2018 and 2019, [***]% for
Subscription Year 2020 and any Subscription Year subsequent to Subscription Year 2020. 
  

	 	IX.	 Modification of Annex 7. Annex 7 of the Reinsurance Agreement is hereby deleted and replaced in its
entirety with Exhibit A attached hereto. 

  

	 	X.	 Excess of Loss Agreements. The Ceding Company hereby agree to submit for approval to AXA any amendment
to the Excess of Loss Agreements. 

  

	 	XI.	 Miscellaneous. 

 

	 	a.	 Entire agreement; Third Parties. This Amendment and the other agreements referred to herein set forth
the entire understanding among the parties with respect to the subject matter hereof. Except as expressly provided in this Amendment, nothing in this agreement is intended to confer upon any party, other than the parties hereto and their respective
successors and permitted assigns, any rights under this Amendment. 

	 	b.	 Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be
deemed an original but all of which shall together constitute one and the same instrument. 

 The Parties have executed
this Amendment as of March 16 2020. 
  

			
	Oscar Insurance Company
		
	By:	 	 /s/ Sid Sankaran

	Sid Sankaran
	Printed Name
	Chief Financial Officer
	Title

  

			
	AXA FRANCE VIE
		
	By:	 	 /s/ Jacques de Peretti

	Jacques de Peretti
	Printed Name

 Appendix 

Exhibit A : 
 (1) Income: quota share
of: 
 [***] 
 (2)
Outgo: quota share of: 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

Reinsurance balance = (1) - (2) 

(3) [***] 
 (4) [***] 

(5) [***] 
 (6) [***] 

Technical result (for information) = (1) - (2) – ((4) - (3)) – ((6) - (5)) 

 CERTAIN INFORMATION IN THIS DOCUMENT, MARKED BY [***] HAS BEEN EXCLUDED PURSUANT 

TO REGULATION S-K, ITEM 601(b)(10)(iv). SUCH EXCLUDED INFORMATION IS NOT MATERIAL AND 

WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. 

Execution Version 

QUOTA SHARE REINSURANCE AGREEMENT 

BETWEEN 
 OSCAR
INSURANCE COMPANY OF TEXAS 
 AND 

AXA FRANCE VIE 
 Dated
December 21, 2017 

 TABLE OF CONTENTS 

 

					
	 ARTICLE 1 OBJECT AND SCOPE OF THIS REINSURANCE AGREEMENT
	  	 	1	 
		
	 ARTICLE 2 EFFECTIVE TIME – DURATION
	  	 	2	 
		
	 ARTICLE 3 TERRITORIAL SCOPE
	  	 	2	 
		
	 ARTICLE 4 RETENTION OF THE CEDING COMPANY
	  	 	2	 
		
	 ARTICLE 5 LIABILITY AND SHARE OF THE REINSURER
	  	 	2	 
		
	 ARTICLE 6 CHANGE IN LAW AND CHANGE OF CIRCUMSTANCES
	  	 	4	 
		
	 ARTICLE 7 REINSURER PREMIUMS
	  	 	4	 
		
	 ARTICLE 8 REINSURANCE COMMISSIONS
	  	 	5	 
		
	 ARTICLE 9 CLAIMS
	  	 	5	 
		
	 ARTICLE 10 RESERVES, REINSURANCE CREDIT
	  	 	7	 
		
	 ARTICLE 11 SUNSET CLAUSE
	  	 	10	 
		
	 ARTICLE 12 PROFIT SHARING AND PARTIAL REIMBURSEMENT
	  	 	10	 
		
	 ARTICLE 13 FOLLOW THE FORTUNES
	  	 	13	 
		
	 ARTICLE 14 INFORMATION
	  	 	13	 
		
	 ARTICLE 15 ACCOUNTS
	  	 	14	 
		
	 ARTICLE 16 CURRENCY
	  	 	15	 
		
	 ARTICLE 17 SET OFF
	  	 	15	 
		
	 ARTICLE 18 RIGHT OF INSPECTION, COORDINATION
	  	 	15	 
		
	 ARTICLE 19 ERRORS AND OMISSIONS
	  	 	16	 
		
	 ARTICLE 20 ARBITRATION
	  	 	16	 
		
	 ARTICLE 21 JURISDICTION - APPLICABLE LAW
	  	 	18	 
		
	 ARTICLE 22 NORMAL TERMINATION
	  	 	19	 
		
	 ARTICLE 23 SPECIAL TERMINATION
	  	 	19	 
		
	 ARTICLE 24 CONFIDENTIALITY
	  	 	22	 

					
	 ARTICLE 25 SEVERABILITY, LAPSE
	  	 	23	 
		
	 ARTICLE 26 ENTIRE AGREEMENT, ASSIGNMENT
	  	 	23	 
		
	 ARTICLE 27 UTMOST GOOD FAITH
	  	 	23	 
		
	 ARTICLE 28 SANCTION CLAUSE
	  	 	24	 
		
	 ARTICLE 29 ANTI BRIBERY
	  	 	24	 
		
	 ARTICLE 30 ANTI-MONEY LAUNDERING
	  	 	24	 
		
	 ARTICLE 31 DATA PRIVACY
	  	 	25	 
		
	 ARTICLE 32 CORPORATE RESPONSIBILITY
	  	 	25	 
		
	 ARTICLE 33 INSOLVENCY
	  	 	26	 
		
	 ARTICLE 34 NOTICES, CONSTRUCTION, DEFINITIONS
	  	 	27	 

 QUOTA SHARE REINSURANCE AGREEMENT 

This QUOTA SHARE REINSURANCE AGREEMENT (this “Agreement”) is made and entered into on December 21, 2017 and effective as of
the Effective Time by and between OSCAR INSURANCE COMPANY OF TEXAS, a Texas life, accident and health insurance company, (the “Ceding Company”) and AXA FRANCE VIE, a limited company registered in the Commercial Register of Nanterre
under company number 310 499 959 00891, governed by the French Insurance Code (the “Reinsurer”). For purposes of this Agreement, the Ceding Company and the Reinsurer will each be deemed a “Party”, and collectively,
the “Parties”. 
 ARTICLE 1 

OBJECT AND SCOPE OF THIS REINSURANCE AGREEMENT 
  

	 	1)	 This Agreement refers to all policies properly underwritten and issued by the Ceding Company as set out in the
attached Annex 1 – Scope (the “Policies”). This Agreement does not apply to any other business underwritten by the Ceding Company. 

 

	 	2)	 This Agreement consists of this agreement, the Annexes hereto and any future amendments. The attached Annexes
form and any future amendments will form integral parts of this Agreement and shall be equally binding. In the event of any discrepancy between this Agreement, an Annex or a future amendment, the terms of the respective Annex or future amendment
will prevail. 

  

	 	3)	 Copies of current and accurate specimen policy forms, policy premium information, application forms and rate
tables with respect to the Policies (“Policy Documentation”) shall be furnished to the Reinsurer. The Ceding Company shall provide the Reinsurer with the updated version of the Policy Documentation for each year beginning with
calendar year 2019 as part of the governance process described in Article 1, Section 4 below. The Policies shall be issued in accordance with the requirements of the applicable Policy Documentation.

  

	 	4)	 In the second calendar quarter of each calendar year beginning in 2018, the Ceding Company will provide to the
Reinsurer the proposed rating plans, pricing and related targeted Medical Loss Ratio with respect to each individual health policy product to be written within the territorial scope for the subsequent calendar year (“Annual Business
Update”). Within thirty (30) days following delivery of the Annual Business Update, the Parties will meet to discuss the Reinsurer’s views with respect thereto and the economic impact to the Reinsurer under this Agreement. The
Ceding Company will take into account the Reinsurer’s reasonable views with respect to the finalization of the plans and rates to be submitted to the state insurance department for review and approval. Following the approval of the plan and
rates by the state insurance department, which generally occurs in the third calendar quarter, the Ceding Company shall provide without any delay the Reinsurer with the final Annual Business update for the subsequent calendar year. The Parties agree
that, if, in good faith, the Reinsurer is not satisfied with the final Annual Business Update for Subscription Year 2019, the Reinsurer shall have the right to terminate this Agreement on 31 December 2018 in accordance with Article 23.

  
 1 

	 	5)	 This Agreement applies only to those Policies properly underwritten and issued directly by the Ceding Company.
Insurance policies assumed by the Ceding Company through reinsurance, acquisitions, mergers or portfolio transfers will not be reinsured automatically under this Agreement. The inclusion, for purposes of this Agreement, of any such other insurance
policies, requires prior approval by the Reinsurer and appropriate terms and conditions will be mutually agreed upon between the Parties. 

ARTICLE 2 
 EFFECTIVE
TIME – DURATION 
  

	 	1)	 This Agreement will take effect as of 12:01 a.m. Eastern Standard Time on October 1, 2017 (the
“Effective Time”) and will remain in force for a duration of two (2) years and three (3) months from the Effective Time (the “Initial Term”). 

 

	 	2)	 This Agreement shall renew automatically each year for one (1) year after expiry of
the Initial Term. 

 ARTICLE 3 

TERRITORIAL SCOPE 
 This
Agreement only covers Policies issued in the territories listed in Annex 2 – Territorial Scope. 
 ARTICLE 4 

RETENTION OF THE CEDING COMPANY 
  

	 	1)	 Except as permitted by this Section, the Ceding Company is obligated to retain for its own account the share of
the Policies not reinsured by the Reinsurer and is not entitled to adjust, sell, reinsure, assign, charge, or alienate its retention under this Agreement in any way without the Reinsurer’s prior written consent, which consent may be withheld in
the Reinsurer’s sole discretion. If the Ceding Company seeks any such reinsurance, the Ceding Company shall inform and seek the Reinsurer’s prior written consent accordingly. The foregoing shall in no way apply to any excess of loss
coverage covering the Policies in the excess of the limit of liability of USD [***] at [***]% per person per year including the Medical Per Person Excess of Loss Reinsurance Agreement and any replacement thereof. 

 

	 	2)	 If the Ceding Company is in breach of Article 4, Section 1, the Reinsurer may
terminate the Agreement on a run-off basis in accordance with Article 23 on thirty (30) days’ prior written notice to the Ceding Company. 

ARTICLE 5 
 LIABILITY AND
SHARE OF THE REINSURER 
  

	 	1)	 Pursuant to the terms and conditions of this Agreement, the Ceding Company shall cede to the Reinsurer and the
Reinsurer shall accept and reinsure, automatically, the Reinsurer’s Quota Share of liabilities in respect of the Policies set forth in Annex 1 – Scope and in compliance with the Policy Documentation. 

  
 2 

	 	2)	 The Reinsurer’s Quota Share of liabilities ceded hereunder shall be protected by an excess of loss per
person and per year underwritten by the Ceding Company with a priority of USD [***] at [***]% and unlimited capacity. The Reinsurer’s Quota Share of this Excess of Loss premium paid by the Ceding Company shall be deducted by the Ceding Company
from the Original Earned Net Premium in accordance with Article 7, Section 2 below. The Reinsurer shall benefit from the Reinsurer’s Quota Share of the Excess of Loss recoveries. 

 

	 	3)	 Notwithstanding Article 5, Section 1, the total Reinsurance Claims paid
hereunder and under the Companion Agreements by the Reinsurer for any given Subscription Year will be limited to [***]% of the Reinsurer Premium for such Subscription Year under this Agreement and under each of the Companion Agreements, on a
consolidated basis. For the avoidance of doubt, in no event shall the Reinsurance Claims paid by the Reinsurer hereunder for any Subscription Year be less than the Reinsurer’s Quota Share of the total claims of the Ceding Company for such
Subscription Year, provided that the Consolidated MLR for such Subscription Year does not exceed [***]% for such Subscription Year. If the Consolidated MLR for any Subscription Year exceeds [***]%, and the Medical Loss Ratio for such Subscription
Year exceeds [***]%, the Ceding Company shall retain claims for such Subscription Year in an amount equal to [***]. An illustrative example of the preceding calculation is attached hereto as Annex 8 – Limitation of Liability Calculation.
The “Companion Agreements” shall mean the following agreements: 

  

	 	i.	 Quota Share Reinsurance Agreement, effective October 1, 2017, Aon Benfield reference O01D-1002, between
the Reinsurer and Oscar Insurance Corporation; 

  

	 	ii.	 Quota Share Reinsurance Agreement, effective January 1, 2018, Aon Benfield reference O02M-1002, between
the Reinsurer and Oscar Garden State Insurance Corporation; and 

  

	 	ii.	 Quota Share Reinsurance Agreement, effective October 1, 2017, Aon Benfield reference O020-1002, between
the Reinsurer and Oscar Health Plan of California. 

 To the extent the Parties (or their Affiliates) agree to enter into
additional reinsurance agreements between the Parties (or their Affiliates), the Parties shall amend this Agreement to include such additional agreements as Companion Agreements. 

  
 3 

 This limit will be implemented through the provisions of Article
12.    For the avoidance of doubt, the first Subscription Year will last for a period of three (3) months, beginning on October 1, 2017 and concluding on December 31, 2017. Policies in force as of October 1,
2017 that were issued by the Ceding Company for calendar year 2017 in accordance with Annex 1 – Scope and Annex 2 – Territorial Scope shall be ceded for this first Subscription Year; provided, that the Reinsurer shall
not be liable for any losses incurred under such Policies prior to the Effective Time. 
  

	 	4)	 The maximum period of insurance of any one Policy shall not exceed [***]. Except as required by applicable law,
no Policy may be issued for a period of insurance of less than [***] without the prior written approval of the Reinsurer, which approval may be withheld in the Reinsurer’s sole discretion. All Policies covered under this Agreement [***].

  

	 	5)	 The Reinsurer shall not be liable under this Agreement for risks which are excluded under the Policy
Documentation unless otherwise agreed in writing between the Reinsurer and the Ceding Company. 

  

	 	6)	 This Agreement is solely between the Ceding Company and the Reinsurer, and, subject to Articles 10,
26, 33 and 34, nothing in this Agreement is intended or shall be construed to give any person or entity, other than the Parties, any legal or equitable right, remedy or claim under or in respect of this Agreement or any
provision contained herein. Such persons and entities include, but are not limited to, the intermediary (if any), policyholders of Policies, beneficiaries of Policies and other reinsurers of the Ceding Company or its affiliates.

 ARTICLE 6 

CHANGE IN LAW AND CHANGE OF CIRCUMSTANCES 

ln the event of any change in the law, regulation or administrative practice applicable to this Agreement, the Policy Documentation or the
Parties, whether arising from legislation, administrative acts, decisions of the courts or otherwise, at any time after commencement of this Agreement that materially increases or extends the Reinsurer’s liability during the then current
calendar year, the Ceding Company shall so inform the Reinsurer immediately following the Ceding Company’s awareness of such change and the Ceding Company shall have thirty (30) days to cure the impact of such change on the Reinsurer. If
the Ceding Company is unable to cure the impact of such change to the satisfaction of the Reinsurer within the thirty (30) day period, it is agreed that the Reinsurer shall have the right to terminate this Agreement with immediate effect on a cut-off basis in accordance with Article 23. 
 ARTICLE 7 

REINSURER PREMIUMS 
  

	 	1)	 Corresponding to the ceded liability, the Reinsurer Premiums due by the Ceding Company to the Reinsurer shall
be entered into the account for the relevant calendar quarter. The “Reinsurer Premium” shall mean the Reinsurer’s Quota Share of the Net Reinsurance Premiums. 

  
 4 

	 	2)	 As used in this Agreement, “Net Reinsurance Premium” means an amount equal to:

 [***] 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 = Net Reinsurance
Premium 
 ARTICLE 8 

REINSURANCE COMMISSIONS 
  

	 	1)	 The Reinsurer shall pay the Ceding Company reinsurance commissions, based on the Reinsurer Premium, as set out
for each applicable Subscription Year on Annex 3 – Reinsurance Commissions & Profit Share Information. 

  

	 	2)	 If any Reinsurer Premium or installments of Reinsurer Premium are returned to the Ceding Company, any
corresponding reinsurance commissions previously credited to the Ceding Company shall be reimbursed to the Reinsurer. 

ARTICLE 9 
 CLAIMS

  

	 	1)	 A condition precedent to any settlement of a claim due by the Reinsurer hereunder (a “Reinsurance
Claim”) is that the respective Reinsurer Premium has been paid to or entered into the relevant account of the Reinsurer in accordance with the terms of this Agreement. 

 

	 	2)	 Subject to Article 9, Section 1, the Reinsurer will reimburse the Ceding
Company for the Reinsurer’s Quota Share of claims paid by the Ceding Company during the applicable calendar quarter in accordance with the settlement procedures set out in Article 15. 

 

	 	3)	 The Ceding Company is responsible for the assessment of claims in a prudent and professional way and in
accordance with the underlying Policy Documentation. The Ceding Company is furthermore responsible for the fulfillment of the claims information requirements agreed upon and as set out in the Annex 4 – Data Reporting. Any claims payment
made is binding on the Reinsurer to the extent of its liability for claims hereunder. 

  

	 	4)	 The Ceding Company shall provide the Reinsurer with claims data for the Policies in accordance with the
template set forth at Annex 4 – Data Reporting and shall provide the Reinsurer with any further claims information upon request. 

  
 5 

	 	5)	 The Reinsurer shall follow the fortunes of the Ceding Company for the Reinsurer’s Quota Share of any
Policy claim including interest and any legal costs and expenses incurred in investigating and assessing such claim (both medical and non-medical). Any salaries and travel expenses of the Ceding Company’s
employees or employees of any third party administrator designated by the Ceding Company as well as any internal Policy claims assessment costs are excluded. 

  

	 	6)	 Subject to the above provisions of this Article, the decisions of the Ceding Company on claims payments are
binding on the Reinsurer with the exception of any payments made by the Ceding Company on an ex-gratia basis (i.e., those payments which the Ceding Company is not required to make according to the
underlying Policy Documentation). Such payments will not be binding on the Reinsurer without its expressly stated prior written consent, which may be withheld in its sole discretion. Notwithstanding the foregoing, it is also acknowledged by the
Reinsurer that due to the nature of the individual health insurance business, regulatory authorities may require the Ceding Company, from time to time, to pay claims for medically necessary services where coverage may otherwise have been denied. If
the Ceding Company is formally required by a regulatory authority to make such a claims payment, such payment shall not be deemed as an “ex-gratia” payment and shall be reinsured hereunder. The
Ceding Company shall provide the Reinsurer with a copy of the formal requirement by the regulatory authority. 

  

	 	7)	 Relief and recoveries, whether recovered or received prior or subsequent to loss settlement under this
Agreement shall be shared proportionately with the Reinsurer based on the Reinsurer’s Quota Share. 

  

	 	8)	 The Reinsurer will not be liable for Extra-Contractual Obligations. For purposes of this Agreement,
“Extra-Contractual Obligations” means all liabilities to any person or entity arising out of or relating to the Policies (other than liabilities arising under the express terms and conditions and within the policy limits of the
Policies), including, without limitation, any loss in excess of the limits arising under or covered by any Policy, any liability for fines, penalties, taxes, fees, forfeitures, compensatory, consequential, punitive, exemplary, special, treble, bad
faith, tort, statutory or any other form of extra-contractual damages, as well as all legal fees and expenses relating thereto, which liabilities arise out of, result from or relate to, any act, error or omission, whether or not intentional,
negligent, fraudulent, in bad faith or otherwise (actual or alleged), arising out of or relating to the Policies, including, without limitation, (i) the form, sale, marketing, distribution, underwriting, production, issuance, cancellation or
administration of the Policies, (ii) the investigation, defense, prosecution, trial, settlement (including the failure to settle) or handling of claims, benefits, or payments under the Policies, (iii) the failure to pay or the delay in
payment or errors in calculating or administering the payment of benefits, claims or any other amounts due or alleged to be due under or in connection with the Policies or (iv) fines or other penalties associated with escheat and unclaimed
property liabilities, including any interest thereon, arising under or relating to the Policies. 

  

	 	9)	 Except with respect to any third party administration arrangements in place as of the date hereof, the Ceding
Company shall not delegate any administration with respect to the Policies to a third party without the Reinsurer’s prior written consent, such consent not to be unreasonably withheld. In the case of any such permitted delegation, the Ceding
Company remains liable for the compliance with all the conditions stated in this Article 9. 

  
 6 

	 	10)	 If the Ceding Company is in breach of Article 9, Section 9, the Reinsurer may
terminate the Agreement on a run-off basis in accordance with Article 23 on thirty days’ prior written notice to the Ceding Company. 

ARTICLE 10 
 RESERVES,
REINSURANCE CREDIT 
  

	 	1)	 The Reinsurer shall provide to the Ceding Company acceptable forms of security to secure the Statutory Reserves
corresponding to the Reinsurer’s Quota Share of the Policies reinsured pursuant to this Agreement and to provide full reinsurance reserve credit to the Ceding Company for the reinsurance hereunder. The Reinsurer’s obligation to provide
acceptable forms of security shall be satisfied by holding assets in one or more credit for reinsurance trust accounts (pursuant to this Article 10). The Statutory Reserves shall be calculated on the basis set forth on Annex 5 –
Statutory Reserves & IBNR Calculation Methodology. 

  

	 	2)	 MAINTENANCE OF THE RESERVE AND TRUST ACCOUNT. 

 

	 	i.	 The Ceding Company will provide to the Reinsurer a good faith written estimate of the Statutory Reserves
(calculated in accordance with Annex 5 – Statutory Reserves & IBNR Calculation Methodology) by no later than the twentieth (20th) day of the last month of each calendar quarter for increase or decrease to
the assets in the Trust Account and/or the Trusts Funds Withheld Account. If the Reinsurer disagrees with the estimated Statutory Reserves, it will within five (5) Business Days notify the Ceding Company. The Parties shall be expeditious and
reasonable in resolving any such dispute; provided that despite any continuing dispute between the Parties with respect to the estimated statutory reserve amount, the Reinsurer shall provide for the increase/decrease of assets in the Trust Account
and/or the Trusts Funds Withheld Account as of the relevant calendar quarter end to ensure sufficient reserve credit to the Ceding Company; provided, further, that any such provision of assets shall not be deemed a waiver or release of any rights of
the Reinsurer with respect to any continuing dispute hereunder. 

  

	 	ii.	 The Ceding Company will provide to the Reinsurer a written notice of the actual Statutory Reserves as of each
calendar quarter end no later than the twentieth (20th) Business Days following the end of such calendar quarter. The amount of security provided by the Reinsurer through Qualifying Assets held in the Trust Account and the Trust Funds Withheld
Account shall be adjusted appropriately to reflect the actual Statutory Reserves as of such calendar quarter end. If any such adjustment necessitates a decrease in the amount of Qualifying Assets held in the Trust Account, then the Ceding Company
shall promptly direct the Trustee, in accordance with the terms of the Trust Agreement, to distribute Qualifying Assets equaling the amount of any such decrease to the Reinsurer, as the designee of the Ceding Company. 

  
 7 

	 	3)	 STATUTORY TRUST AGREEMENT. 

 

	 	i.	 The Ceding Company and the Reinsurer will enter into a statutory trust agreement in compliance with the credit
for reinsurance laws and regulations of the State of Texas in connection with reinsurance ceded to an unauthorized reinsurer (the “Trust Agreement”) with a trustee (the “Trustee”) establishing a trust account for
the sole benefit of the Ceding Company (the “Trust Account”). The Trustee shall be a qualified United States financial institution authorized to act as a fiduciary of a trust. The institution shall not be a parent, subsidiary or
affiliate of the Ceding Company or the Reinsurer. The Reinsurer and the Ceding Company may enter into more than one such Trust Agreement for purposes of providing reinsurance reserve credit to the Ceding Company. 

 

	 	4)	 QUALIFYING ASSETS. 

 

	 	i.	 The Reinsurer shall arrange for assets to be deposited into the Trust Account. Prior to depositing non-cash assets with the Trustee, the Reinsurer shall execute assignments, endorsements in blank or transfer legal title to the Trustee or the Trustee’s nominee of all shares, obligations or any other assets
requiring assignment in order that the Ceding Company or the Trustee, upon direction of the Ceding Company, may, whenever necessary, negotiate any such assets without consent or signature from the Reinsurer or any other person or entity in
accordance with the terms of the Trust Agreement. 

  

	 	ii.	 Assets deposited in the Trust Account shall be valued according to their current fair market value. The Trust
Account shall consist only of the following (“Qualifying Assets”): cash (United States legal tender), certificates of deposit (issued by a United States bank and payable in United States legal tender), and/or investments of the
types permitted by the Texas Insurance Code; provided that such investments are issued by an institution that is not the parent, subsidiary or affiliate of either the Ceding Company or the Reinsurer. 

 

	 	5)	 DRAWING ON THE TRUST ACCOUNT. 

 

	 	i.	 Qualifying Assets in the Trust Account established hereunder may be withdrawn by the Ceding Company at any
time, notwithstanding any other provision of this Agreement, and shall be utilized and applied by the Ceding Company or any successor in interest by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or
conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding Company or the Reinsurer, only for the following purposes: 

 

	 	A.	 To reimburse the Ceding Company for the Reinsurer’s Quota Share of premiums returned, but not yet
recovered from the Reinsurer, to the owners of Policies reinsured under this Agreement on account of cancellations of such Policies; 

  

	 	B.	 To reimburse the Ceding Company for the Reinsurer’s Quota Share of surrenders and benefits or losses paid
by the Ceding Company, but not yet recovered from the Reinsurer, pursuant to the provisions of the Policies reinsured under this Agreement; 

  
 8 

	 	C.	 In the event of notice of termination of the trust, to fund an account with the Ceding Company in an amount at
least equal to the deduction, for reinsurance ceded, from the Ceding Company’s liabilities for the Policies reinsured hereunder. Such account shall include, but not be limited to, amounts for policy reserves, reserves for claims and losses
incurred (including losses incurred but not reported), loss adjustment expenses and unearned premiums reserves; and 

  

	 	D.	 To pay the Ceding Company for the Reinsurer’s Quota Share of any other amounts that the Ceding Company
claims are due under this Agreement. 

  

	 	ii.	 The Ceding Company shall return to the Trust Account or to the Reinsurer assets withdrawn in excess of the
actual amounts required in Article 10, Section 5(i)(A)-(C), or, in the case of Article 10, Section 5(D), assets that are subsequently determined not to be due. 

 

	 	iii.	 Any assets withdrawn by the Ceding Company pursuant to Article 10,
Section 5(i)(C) and any assets withdrawn from any Trust Account in excess of the actual amounts required for Article 10, Section 5(i)(A) and (B) or, in the case of Article 10,
Section 5(i)(D), any amounts that are subsequently determined not to be due shall be held by the Ceding Company (or any successor by operation of law of the Ceding Company, including, but not limited to, any liquidator,
rehabilitator, receiver or conservator of the Ceding Company) in trust for the benefit of the Reinsurer, subject to the Ceding Company’s right to apply such assets to amounts due and payable by the Reinsurer to the Ceding Company under this
Agreement, and shall at all times be maintained separate and apart from any assets of the Ceding Company in one or more designated funds withheld accounts (collectively the “Trust Funds Withheld Account”) for the sole purpose of
funding the payments and reimbursements described in subsections (i), (ii) and (iv). The Ceding Company (or any successor by operation of law of the Ceding Company, including, but not limited to, any liquidator, rehabilitator, receiver or
conservator of the Ceding Company) shall ensure that any assets held in the Trust Funds Withheld Account pursuant to this Article 10, Section 5 consist of Qualifying Assets in accordance with its fiduciary
obligations as trustee with respect to such amounts. 

  

	 	iv.	 For withdrawals by the Ceding Company pursuant to Article 10, Section 5(i)(C)
and, with respect to Article 10, Section 5(i)(A), (B) and (D), in excess of the actual amounts applied to payment or reimbursement under such subsections, the Ceding Company shall pay interest in cash to the
Reinsurer on the amount withdrawn at the then current prime rate as reported in the Federal Reserve Bulletin. Notwithstanding the foregoing, this Agreement permits the award, by any arbitration panel or court of competent jurisdiction, of:

  
 9 

	 	A.	 Interest at a rate different from that provided in this paragraph, 

 

	 	B.	 Court or arbitration costs, 

 

	 	C.	 Attorney’s fees, and 

 

	 	D.	 Any other reasonable expenses. 

 

	 	v.	 At the Reinsurer’s request, and the approval of the Ceding Company, which shall not be unreasonably or
arbitrarily withheld, the Ceding Company shall promptly direct the Trustee, in accordance with the terms of the Trust Agreement, to distribute to the Reinsurer, as the designee of the Ceding Company, all or any part of the assets contained in the
Trust Account, provided: 

  

	 	A.	 The Reinsurer shall, at the time of such withdrawal, replace the withdrawn assets with other Qualifying Assets
having a market value equal to the market value of the assets withdrawn, so as to maintain at all times the Reinsurer’s Quota Share of the Statutory Reserves; or 

 

	 	B.	 After such withdrawals and transfers, the aggregate market value of the Qualifying Assets in the Trust Account
shall be no less than [***]% of the Reinsurer’s Quota Share of the Statutory Reserves less the aggregate amount of assets held pursuant Article 10, Section 5 in the Trust Funds Withheld Account.

  

	 	vi.	 After all payments have been discharged in full by the Reinsurer under the terms of this Agreement, the Ceding
Company shall not unreasonably or arbitrarily withhold its approval to remit any remaining balance of funds in the Trust Account and Trust Funds Withheld Account to the Reinsurer. 

 

	 	6)	 This Article 10 shall survive termination of this Agreement. 

ARTICLE 11 
 SUNSET
CLAUSE 
 Notwithstanding Article 19 – Errors and Omissions of this Agreement, the Reinsurer shall not be liable for any
claim which the Ceding Company has not reported within 24 months from the date upon which the Ceding Company knew or should reasonably have known of circumstances likely to give rise to a claim covered under this Agreement. 

ARTICLE 12 
 PROFIT
SHARING AND PARTIAL REIMBURSEMENT 
  

	 	1)	 This Article 12 sets forth the methodology for calculating the following potential annual payments:
(i) a profit share payment from the Reinsurer to the Ceding Company, if the result of the Profit Sharing Formula equals a positive number, and (ii) a payment representing partial reimbursement of Reinsurance Claims, from the Ceding Company to
the Reinsurer, if the result of the Partial Reimbursement Formula equals a positive number. 

  
 10 

	 	2)	 Formulas. 

  

	 	i.	 The following abbreviations, as used in the Profit Sharing Formula and the Partial Reimbursement Formula, have
the respective meanings set forth below: 

 [***] 

[***] 
 [***] 

[***] 
 [***] 

The values of C",
F", and r, for any given Subscription Year, are as below, and as reflected in Annex 3 – Reinsurance Commissions & Profit Share Information: 

 

													
	 	  	2017	 	  	2018	 	  	2019 and each
year thereafter	 
	 C (commissions (% of total Reinsurer Premium))
	  	 	[***	] 	  	 	[***	] 	  	 	[***	] 
	 Broker Commission
	  	 	[***	] 	  	 	[***	] 	  	 	[***	] 
	 F (Reinsurer fee (% of total Reinsurer Premium))
	  	 	[***	] 	  	 	[***	] 	  	 	[***	] 
	 r (distribution rate)
	  	 	[***	] 	  	 	[***	] 	  	 	[***	] 

  
 11 

	 	ii.	 The “Profit Sharing Formula” is as set forth below: 

[***] 
 [***] 

[***] 
  

	 	iii.	 The “Partial Reimbursement Formula” is as set forth below: 

 

			
	[***]	 	[***]                    
		 	[***]

 [***] 
 For the purposes of this
Article 12, Section 2, “PR” means partial reimbursement and “PS” means profit sharing. 
  

	 	3)	 Within fifteen (15) Business Days after the confirmation of the accounts for the final calendar quarter of
each Subscription Year pursuant to Article 15, the Reinsurer shall deliver to the Ceding Company the Reinsurer’s calculation of the Profit Sharing Formula and Partial Reimbursement Formula for the prior Subscription Year for this
Agreement, using the available amounts of premiums, claims, risk adjustment, XOL premiums and claims and IBNR and in accordance with Annex 3 – Reinsurance Commissions & Profit Share Information, with each of the resulting amounts
reduced by [***]% to arrive at the “Provisional Profit Share Amount” and the “Provisional Partial Reimbursement Amount”. 

  

	 	4)	 If such Provisional Profit Share Amount is a positive number, the Reinsurer shall pay to the Ceding Company the
Provisional Profit Share Amount promptly following the calculation of the Provisional Profit Share Amount, but in any event no later than forty-five (45) days after the confirmation of the accounts for the final calendar quarter of each
Subscription Year pursuant to Article 15. 

  

	 	5)	 If such Provisional Partial Reimbursement Amount is a positive number, the Ceding Company shall remit to the
Reinsurer the Provisional Partial Reimbursement Amount promptly following the Ceding Company’s receipt of the calculation of the Provisional Partial Reimbursement Amount, but in any event no later than forty-five (45) days after the
confirmation of the accounts for the final calendar quarter of each Subscription Year pursuant to Article 15. 

  

	 	6)	 Within fifteen (15) Business Days after the confirmation of the accounts for the fourth quarter of the
year following the Subscription Year, the Reinsurer shall deliver to the Ceding Company the Reinsurer’s calculation of the Profit Sharing Formula and Partial Reimbursement Formula for such Subscription Year for this Agreement, using the
then-current amounts of premiums, claims, risk adjustment, XOL premiums, claims and IBNR and payment of any applicable amount shall be made in accordance with the terms of Article 12, Sections 6 to 10. The Provisional Profit
Share Amount shall be deducted from the Profit Sharing Formula result for such Subscription Year to arrive at the “Profit Sharing Adjustment”. The Provisional Partial Reimbursement Amount shall be deducted from the Partial
Reimbursement Formula result to arrive at the “Partial Reimbursement Adjustment”. 

  
 12 

	 	7)	 If such Profit Share Adjustment is a positive number, the Reinsurer shall pay to the Ceding Company the Profit
Share Adjustment promptly following the calculation of the Profit Share Adjustment, but in any event no later than forty-five (45) days after the confirmation of the account as set forth in Article 12,
Section 6. 

  

	 	8)	 If such Profit Share Adjustment is a negative number, the Ceding Company shall pay to the Reinsurer the Profit
Share Adjustment promptly following the calculation of the Profit Share Adjustment, but in any event no later than forty-five (45) days after the confirmation of the account as set forth in Article 12,
Section 6. 

  

	 	9)	 If such Partial Reimbursement Adjustment is a positive number, the Ceding Company shall remit to the Reinsurer
the Partial Reimbursement Adjustment promptly following the Ceding Company’s receipt of the calculation of the Partial Reimbursement Adjustment, but in any event no later than forty-five (45) days after the confirmation of the account as
set forth in Article 12, Section 6. 

  

	 	10)	 If such Partial Reimbursement Adjustment is a negative number, the Reinsurer shall remit to the Ceding Company
the Partial Reimbursement Adjustment promptly following the Ceding Company’s receipt of the calculation of the Partial Reimbursement Adjustment, but in any event no later than forty-five (45) days after the confirmation of the account as
set forth in Article 12, Section 6. 

  

	 	11)	 The Ceding Company shall continue to provide the Reinsurer with quarterly accounts with respect to a given
Subscription Year in accordance with Article 15 until the time of the first quarterly report that does not show any positive IBNR for such Subscription Year under this Agreement or any of the Companion Agreements. At such time, the Reinsurer
shall deliver final calculations of the Profit Sharing Formula and Partial Reimbursement Formula for such Subscription Year and payment of any applicable amount shall be made in accordance with the terms of Article 12, Sections 6 to
10. For purposes of this Section, such terms shall be applied mutatis mutandis, except that references in Article 12, Section 6 to “Provisional Profit Share Amount” shall be understood to mean
“Provisional Profit Share Amount plus any previously paid Profit Share Adjustment” and in Article 12, Section 6 “Provisional Partial Reimbursement Amount” shall be understood to mean
“Provisional Partial Reimbursement Amount plus any previously paid Partial Reimbursement Adjustment”. 

ARTICLE 13 
 FOLLOW THE
FORTUNES 
 In proportion to the Reinsurer’s Quota Share the Reinsurer shall, subject to the terms and conditions of this
Agreement, follow the fortunes of the Ceding Company in respect of risks which the Ceding Company has accepted under Policies covered under this Agreement. 

ARTICLE 14 
 INFORMATION

 The Ceding Company shall report to the Reinsurer all information in respect of the Policies as set out in Annex 4 – Data
Reporting. 

  
 13 

 ARTICLE 15 ACCOUNTS 

 

	 	1)	 Within thirty (30) days after 31st March, 30th June, 30th September and 31st December of each year, the
Ceding Company shall prepare and submit to the Reinsurer quarterly accounts showing the accounting items as specified in Annex 7 – Reinsurance Balance Calculation. For the avoidance of doubt, the quarterly account for any given
Subscription Year shall continue to be submitted by the Ceding Company following the end of such Subscription Year for so long as there is still a positive amount of IBNR for such Subscription Year. 

 

	 	2)	 Accounts shall be confirmed by the Reinsurer within thirty (30) days upon receipt. This also applies if
the confirmation can only be given for part of the accounts. Such partial confirmation shall also specify the objections to that part of the accounts on which confirmation cannot be given. 

 

	 	3)	 Any net balance of account, as described in Annex 7 – Reinsurance Balance Calculation, due in favor
of the Reinsurer shall be remitted by the Ceding Company promptly following receipt of the confirmation, but not later than forty-five (45) days after receipt of the accounts. Any balance, as described in Annex 7 – Reinsurance Balance
Calculation, due in favor of the Ceding Company shall be remitted by the Reinsurer promptly following receipt of the confirmation, but not later than forty-five (45) days after receipt of the accounts. 

 

	 	4)	 In case that confirmation can only be given for part of the accounts, the balance shall nevertheless be settled
in full without delay. Should there be any items incorrect in or missing from a statement of account, such errors or omissions shall be corrected in the next statement of account, unless the discrepancy is material. In such a case, correction and
settlement of the discrepancy shall be completed as promptly as possible. 

  

	 	5)	 If the balance is not paid in due time such outstanding balance shall accrue interest on late payment,
calculated from the confirmation date due to the date of actual payment, at the interest rate equal to the greater of (i) [***] and (ii) [***] plus [***]. If for any reason such rate is no longer published in the Wall Street Journal, the
Parties shall agree on a replacement index that most closely approximates such rate. 

 The Parties acknowledge and agree
that settlement of all amounts due from one Party to another hereunder for the period covering the Effective Time to the date hereof shall be settled as part of the first quarterly settlement following the date hereof. 

  
 14 

 ARTICLE 16 

CURRENCY 
 All payments
made, all amounts advised and all accounts prepared by either Party in accordance with the terms of this Agreement shall be in U.S. Dollars, with all payments paid in cash via wire transfer to an account designated by the receiving Party. 

ARTICLE 17 
 SET OFF

 Any debits or credits incurred on and after the Effective Time in favor of or against either the Ceding Company or the Reinsurer with
respect to this Agreement are deemed mutual debits or credits, as the case may be, and shall be set off and recouped, and only the net balance shall be allowed or paid. To the extent permitted by applicable law, this Article 17 shall apply
notwithstanding the initiation or commencement of a liquidation, insolvency, rehabilitation, conservation, supervision or similar proceeding by or against the Ceding Company or the Reinsurer. 

ARTICLE 18 
 RIGHT OF
INSPECTION, COORDINATION 
  

	 	1)	 The Reinsurer shall have the right, at any time, to inspect, through any duly authorized person or entity named
in advance, all papers, books, accounts, documents and other records referring to the business reinsured under this Agreement at the head office of the Ceding Company or at any other place mutually agreed upon during the Ceding Company’s normal
business hours. Notification of such visits shall be given two (2) weeks in advance but in urgent cases at least forty- eight (48) hours in advance. 

 

	 	2)	 Upon request, the Ceding Company shall supply or cause to be supplied to the Reinsurer, at the Reinsurer’s
expense, copies of the whole or any part of such papers, books, accounts, documents and ether records relating to the business covered under this Agreement. Notwithstanding a termination of this Agreement, the Reinsurer’s right of inspection
under this Article 18 will continue until all of the Reinsurer’s obligations under this Agreement have been terminated or fully discharged. 

  

	 	3)	 For the avoidance of doubt, all rights of inspection and any records requested or disclosed under this
Article 18 will be subject to Article 24. 

  

	 	4)	 The Reinsurer shall have full access to, and open lines of communications with, the senior management of the
Ceding Company in connection with this Agreement. Each Party shall appoint an individual as its primary point of operational contact for the administration and operation of this Agreement. The Reinsurer hereby appoints #### to act as its primary
point of operational contact (the “Reinsurer Manager”), who shall have overall responsibility for coordinating, on behalf of the Reinsurer, the performance of the Reinsurer’s obligations hereunder and acting as a day-to-day contact with the Ceding Company Manager (as defined below). The Ceding Company hereby appoints Bruce Gottlieb to act as its primary 

  
 15 

	 	point of operational contact (the “Ceding Company Manager”), who shall have overall responsibility for coordinating, on behalf of the Ceding Company, the performance of the Ceding Company’s
obligations hereunder and acting as a day- to-day contact with the Reinsurer Manager. Either Party may change its respective Manager hereunder by providing five
(5) days advance written notice to the other Party, provided that at all times the Ceding Company Manager shall be a senior officer of the Ceding Company. 

ARTICLE 19 
 ERRORS AND
OMISSIONS 
  

	 	1)	 ln the event that any error, omission or delay should occur in connection with the performance of this
Agreement, including any error or omission being reflected in the accounts, such error, omission or delay will not invalidate the rights and obligations of the Parties arising from this Agreement, even when this error or omission has been discovered
after the settlement of the respective balance. Any errors and omissions shall be corrected by the Parties promptly upon discovery. 

  

	 	2)	 An error or omission is defined as an unintentional failure and the result of an innocent oversight or
misunderstanding which needs to be demonstrated to the satisfaction of the Party not in default. Any unintentional failure and the result of an innocent oversight or misunderstanding which results from a faulty business organization or structure of
a party is not considered to be an error or an omission for the purposes of this Article 19. 

  

	 	3)	 Any liability of the Reinsurer shall be subject to the Ceding Company neither having committed gross negligence
and/or willful misconduct with respect to underwriting or claims assessment, but having complied with the usual business, insurance and reinsurance practices. Otherwise, the Reinsurer shall have the right to refuse its liability.

 ARTICLE 20 

ARBITRATION 
  

	 	1)	 If a dispute controversy or claim arises between the Parties in connection with or in relation to this
Agreement, the Parties undertake in good faith to use all reasonable best efforts to settle such dispute by oral or written consent directly with each other. 

  

	 	2)	 Where the Parties are unable to reach agreement in accordance with Article 20,
Section 1 above, any dispute, controversy or claim arising between the Parties in connection with or in relation to this Agreement, including formation and validity, and whether arising before or after termination of this
Agreement, shall be referred to an arbitration tribunal in the manner set out below. 

  

	 	i.	 To initiate arbitration, either Party shall notify the other Party in writing of its desire to arbitrate. The
notice shall identify the claimant, the contract at issue, and the nature of the claims and/or issues. The arbitration will be deemed to have been commenced on the date the notice of arbitration is received 

  
 16 

	 	ii.	 There will be three arbitrators who will each have no less than ten (10) years of insurance or industry
experience, who are knowledgeable regarding reinsurance and who are active or retired executive officers of insurance or reinsurance companies. The arbitrators shall not be under the control of any Party, shall not have ever worked for or performed
substantial services for either Party, nor shall any member of the panel have a financial interest in the outcome of the dispute. Within thirty (30) days following the commencement of the arbitration proceedings, each Party will provide the
other with the identification of their appointed arbitrator, and provide a copy of the arbitrator’s curriculum vitae. If either Party refuses or neglects to appoint an arbitrator within thirty (30) days, the other Party may appoint the
second arbitrator to act as the appointed arbitrator for the defaulting Party by providing notice and a copy of the arbitrator’s curriculum vitae. Each Party’s appointed arbitrator shall propose a candidate to serve as a third arbitrator
(the “Umpire”), which shall be subject to the other Party’s agreement. In the event the two Party-appointed arbitrators fail to reach an agreement on an Umpire within sixty (60) days of their appointment, then either Party
may petition ARIAS-U.S. to appoint the Umpire and each Party shall cooperate and take whatever action is required to give effect to the ARIAS-U.S. umpire appointment
procedures. Notwithstanding the previous sentence, the Parties may agree on an alternative Umpire appointment procedure. In the event any arbitrator fails, refuses, or becomes unable to act as such before an award has been rendered, a successor
shall be selected in the same manner as the original arbitrator. 

  

	 	iii.	 The three (3) arbitrators shall decide by majority. If no majority can be reached the opinion of the
Umpire shall prevail. He shall also act as chairman of the tribunal and conduct the arbitration proceedings. 

  

	 	iv.	 In the event of the death of an arbitrator or if an arbitrator is unable to continue, another shall in such
case be appointed in such arbitrator’s stead by the Party who made the original appointment. In the event of the death of the Umpire, or if the Umpire is unable to continue, the arbitrators shall agree upon the appointment of a new chairman
within thirty (30) days in accordance with the procedures set forth above. 

  

	 	3)	 The arbitration tribunal shall have power to fix all procedural rules for the holding of the arbitration
including discretionary power to make orders as to any matters which it may consider proper in the circumstances of the case with regard to pleadings, investigation of facts, the disclosure and inspection of documents, examination of witnesses and
any other matter whatsoever relating to the conduct of the arbitration and may receive and act upon such evidence, whether oral or written, strictly admissible or not, as it shall in its discretion think fit. 

 

	 	4)	 The cost of the arbitration shall be borne by the non-prevailing Party.
If a Party prevails in part, then the other Party shall bear the cost to that extent. Each Party shall, however, bear the costs of its own legal representation and assistance. The amount of the cost of the arbitration shall be determined as agreed
between the Parties and the arbitrators prior to the arbitration. The arbitration tribunal shall, as a part of its award, specifically state the cost of the arbitration and the manner of its payment. 

  
 17 

	 	5)	 The arbitration shall take place in New York, New York (USA) and the arbitration tribunal shall apply the law
of the State of New York as the proper law of this Agreement. In addition, the arbitration tribunal shall observe the customs and practices of the reinsurance business. 

 

	 	6)	 The award of the arbitration tribunal shall be in writing and state the reasons upon which it is based.
Judgment upon the award may be entered in any court having jurisdiction thereof. The award shall be final and binding and not subject to appeal. The Parties undertake to carry out the same without delay. If either of the Parties should fail to carry
out any award, the other may apply for its enforcement to a court of relevant jurisdiction in any territory in which the Party in default is domiciled or has assets or carries on business. 

 

	 	7)	 The arbitrators may consolidate an arbitration under this Agreement with any arbitration arising under or
relating to any of the Companion Agreements or any other agreement between the Parties entered into pursuant hereto, as the case may be, provided that the subject of the disputes thereunder arise out of or relate to the same or substantially similar
set of facts or transactions. Such consolidated arbitration shall be determined by the arbitrator appointed for the arbitration proceeding that was commenced first in time. 

 

	 	8)	 Notwithstanding the foregoing, a matter regarding the failure of a Party to settle a confirmed and undisputed
balance may be brought before a court of relevant jurisdiction. 

  

	 	9)	 This Article 20 shall survive termination of this Agreement. 

ARTICLE 21 
 JURISDICTION
- APPLICABLE LAW 
  

	 	1)	 EXCEPT AS OTHERWISE SET FORTH HEREIN, THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING AS TO
VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF NEW YORK 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. 

  

	 	2)	 The Reinsurer shall (i) submit itself to the jurisdiction of any arbitration panel or court of competent
jurisdiction within New York in accordance with Article 20, and (ii) comply with all the requirements necessary to give such court or arbitration panel jurisdiction over the Reinsurer. Furthermore, the Reinsurer shall designate the
Superintendent of Financial Services in the State of New York as its true and lawful attorney upon whom service of process may be effected within New York and simultaneous notification may, at the Reinsurer’s election, be provided to a
designated attorney in the event any such service of process is effected. The Reinsurer agrees to abide by the final decision of the arbitration panel in accordance with Article 20. 

 

	 	3)	 This Article 21 shall survive termination of this Agreement. 

  
 18 

 ARTICLE 22 

NORMAL TERMINATION 
  

	 	1)	 This Agreement may be terminated [***]. 

 

	 	2)	 Notice of termination shall be given in writing (registered letter, facsimile or any other means of
communication that leaves a record of such communication) and addressed to the head office of the Party to receive the notice, or to any other address indicated for that purpose. Such notice is considered served upon dispatch or where communications
between the Parties are interrupted upon attempted dispatch. 

  

	 	3)	 Termination of this Agreement at the end of the Initial Term or any renewal term shall not affect the Parties
obligations with respect to the Policies ceded hereunder prior to date of termination, but no additional Policies shall be ceded after the termination date. For the avoidance of doubt, the Reinsurer’s liability hereunder would not extend to any
claims incurred after the Agreement termination date because all Policies terminate on 31 December of the Subscription Year and any renewal of a ceded Policy after the Agreement termination date will not be ceded or covered under the Agreement.
For the further avoidance of doubt, the Reinsurer shall remain liable for any claims incurred under each such Policy on or prior to 31 December of the Agreement termination year but reported after such 31 December. 

 

	 	4)	 If the Parties agree to terminate this Agreement on a cut-off basis,
the Reinsurer shall be fully and finally released of its liability under this Agreement against payment of its share of any outstanding balances agreed upon by the Parties. 

ARTICLE 23 
 SPECIAL
TERMINATION 
  

	 	1)	 Either Party affected by one of the events mentioned in Article 23, Section 3
below shall notify the other Party in writing within thirty (30) days after its occurrence. The termination to be effective at the end of such thirty (30) days period. 

 

	 	2)	 Except in respect of termination by the Reinsurer pursuant to Article 23,
Section 3(viii) or for the Ceding Company’s failure to pay Reinsurer Premium pursuant to Article 23, Section 3(iv), termination of this Agreement in accordance with this Article
23 shall not affect the Parties obligations with respect to the Policies ceded hereunder prior to date of termination, but no additional new Policies shall be ceded after the termination date. For the avoidance of doubt, the Reinsurer’s
liability hereunder would not extend to any claims incurred after 31 December of the Subscription Year and any renewal of a ceded Policy after the termination date will not be ceded or covered under the Agreement. For the further avoidance of
doubt, the Reinsurer shall remain liable for any claims incurred under each such Policy on or prior to 31 December of the Agreement termination year but reported after such 31 December). 

  
 19 

	 	3)	 This Agreement may be terminated at any time (including during the Initial Term) on a run-off basis (except as otherwise stated in paragraphs (iv) and (viii) below which shall be terminated on a cut-off basis) with respect to Policies issued prior to the
applicable termination date by giving written notice to the other Party: 

  

	 	i.	 If the Ceding Company has become insolvent or is unable to pay its debts or has a Risk-Based Capital ratio of
[***] of its Authorized Control Level Risk Based Capital (each term as defined in the insurance laws and regulations in the Ceding Company’s state of domicile) or has had the authority to transact any class of insurance withdrawn, suspended or
made conditional by any court or regulatory authority. 

  

	 	ii.	 If the Reinsurer has become insolvent or is unable to pay its debts or has lost [***] of its paid up capital or
has had the authority to transact any class of insurance withdrawn, suspended or made conditional by any court or regulatory authority. 

  

	 	iii.	 If the other Party ceases writing insurance and/or reinsurance and elects to
run-off its existing business or if the performance of the whole or any part of this Agreement that materially affects the interests of either of the Parties is prohibited or rendered impossible de jure or de
facto for a period exceeding ninety (90) days. 

  

	 	iv.	 If the other Party fails to fulfill its material obligations under this Agreement within two (2) months
after being requested in writing to do so; provided, that this Agreement may be terminated with immediate effect on a cut-off basis by the Reinsurer upon written notice to the Ceding Company if the Ceding
Company fails to pay any Reinsurer Premium in accordance with Article 7, the Reinsurer notifies the Ceding Company in writing of such failure and such failure remains uncured five (5) days after such notice. 

 

	 	v.	 If the other Party merges with or becomes acquired or controlled by any company, corporation or individual(s)
who did not control it directly or indirectly at the inception of this Agreement and if (i) such company’s, corporation’s, or individual(s)’ financial strength rating is below A- Standard & Poor’s or A- A.M. Best and/or (ii) if such company, corporation, or individual(s) is not rated. 

  

	 	vi.	 If the Reinsurer’s financial strength rating is downgraded below A- Standard & Poor’s or A- A.M. Best and/or the Reinsurer loses its rating. 

  

	 	vii.	 If the Party giving notice or the other Party is definitively prevented from performing its obligations under
this Agreement because of a “force majeure” i.e. an event beyond the control of a Party, which could not reasonably have been foreseen at the time of the conclusion of this Agreement and whose effects cannot be avoided by
appropriate measures. If the prevention is temporary, this Agreement may be terminated by either Party by notification to the other Party after ninety (90) days of non- performance due to a “force
majeure”. 

  
 20 

	 	viii.	 This Agreement may be terminated with immediate effect on a cut-off
basis by the Reinsurer upon written notice to the Ceding Company pursuant to Article 6. 

  

	 	ix.	 If the Reinsurer terminates this Agreement pursuant to Article 9, Section 10
(with 30-day notice). 

  

	 	x.	 If the Reinsurer terminates this Agreement pursuant to Article 4, Section 2
(with 30-day notice). 

  

	 	xi.	 If the Reinsurer terminates this Agreement pursuant to Article 1, Section 4.

  

	 	xii.	 If the Reinsurer terminates this Agreement pursuant to Article 29, Section 3.

  

	 	4)	 Notice of termination shall be given in writing (registered letter, facsimile or any other means of
communication that leaves a record of such communication) and addressed to the head office of the Party to receive the notice, or to any other address indicated for that purpose. Such notice is considered served upon dispatch or where communications
between the Parties are interrupted upon attempted dispatch. 

  

	 	5)	 If the Parties agree to terminate this Agreement on a cut-off basis,
the Reinsurer shall be fully and finally released of its liability under this Agreement against payment of its share of any outstanding balances agreed upon by the Parties. 

 

	 	6)	 If this Agreement is terminated in accordance with the terms of this Article 23, the Reinsurer Premium
due to the Reinsurer to the termination date will be calculated pro rata temporis to the Reinsurer Premium payable in respect of the annual period during which the termination date falls. In the event this Agreement is terminated pursuant to
Article 23, Section 3(iv) or Section 3(viii), all figures relating to the Ceding Company used in the calculations set forth in Article 12 shall be based only on the period in which
the Agreement is in effect. 

  

	 	7)	 For the avoidance of doubt if this Agreement is terminated by the Reinsurer for the Ceding Company’s
failure to pay Reinsurer Premium pursuant to Article 23, Section 3(iv) and Section 3(viii), the Reinsurer shall remain liable for covered losses incurred up to and including the date of the Ceding
Company’s failure to pay such Reinsurer Premium under this Agreement, but the Reinsurer shall otherwise be fully and finally released from any liability under this Agreement. 

 

	 	8)	 Additionally, if any Companion Agreement is terminated, the Reinsurer shall have the right to terminate this
Agreement on 31 December of the termination year of the Companion Agreement (including during the Initial Term) in accordance with Article 23, Section 2 above. 

 

	 	9)	 If this Agreement is terminated by the Reinsurer pursuant to Article 23,
Section 3(viii) and/or (iv), the Reinsurer shall remain liable for covered losses incurred up to and including the termination date thereunder, but the Reinsurer shall otherwise be fully and finally released from any
liability under this Agreement and this Agreement shall be terminated on a cut-off basis. 

  
 21 

 ARTICLE 24 

CONFIDENTIALITY 
  

	 	1)	 The Parties agree that the Confidential Information constitutes confidential or proprietary information of the
disclosing party unless expressly indicated otherwise by the disclosing party and the Parties agree that they shall only use the Confidential Information for the purposes of this Agreement. 

 

	 	2)	 Neither Party, except with the express prior written consent of the other, shall directly or indirectly,
communicate, disclose or divulge to any third party any Confidential Information, subject always to compliance with all applicable Privacy and Security Laws. A “third party” is anyone other than the Parties or their subsidiaries,
affiliates, parent company, employees, retrocessionaire, agents, subcontractors, representatives, auditors or other professional advisers. For purposes of this Agreement, “Privacy and Security Laws” means any applicable data
privacy, data security, or data protection law or regulation in the United States of America, including, without limitation, Health Insurance Portability and Accountability Act of 1996, as amended, and its implementing regulations, including,
without limitation, the amendments and associated regulations enacted and implemented pursuant to the Health Information Technology for Economic and Clinical Health Act (HIPAA). 

 

	 	3)	 Each Party shall use their best efforts to ensure that its respective employees, retrocessionaires, agents,
subcontractors, representatives and auditors and other professional advisors, are fully informed of the provisions of this Article 27 and that they will be bound by the provisions of this Article 27 as if a signatory hereto.

  

	 	4)	 Where disclosure is required by a court order or by an arbitrator or by a regulatory, legal or regulatory
authority, such disclosures will not constitute a breach of confidentiality, provided always that the Party from whom such disclosure is requested shall immediately advise the other Party in order to allow each Party the opportunity to take such
protective steps as may be appropriate. 

  

	 	5)	 Notwithstanding the foregoing, the Parties are not required to keep confidential Confidential Information
which: 

  

	 	i.	 was publicly known prior to the time of disclosure by one Party to the other Party; 

 

	 	ii.	 has become publicly known and made generally available after disclosure to one Party through no fault of such
Party; 

  

	 	iii.	 was already in the lawful possession of one Party at the time of the disclosure by the other Party;

  

	 	iv.	 has been obtained by a Party from a third party lawfully in possession of such information and without a breach
of such Party’s obligations of confidentiality; or 

  

	 	v.	 has been independently developed by one Party without use of or reference to other Party’s Confidential
Information. 

  
 22 

	 	6)	 The foregoing exceptions shall not apply to Personal Data. 

 

	 	7)	 Each of the Parties agrees that the other shall be fully informed of any breach in these confidentiality
provisions of which either Party becomes aware. 

  

	 	8)	 This Article 24 shall survive termination of this Agreement. 

ARTICLE 25 

SEVERABILITY, LAPSE 
 If
any provision of this Agreement is determined to be invalid or unenforceable, such determination shall not affect or impair the validity or the enforceability of the remaining provisions of the Agreement. The invalid or unenforceable provision shall
be construed by the Parties hereto in such manner that the economic aim originally pursued with this provision without being invalid or unenforceable can be reached as far as it is possible. This Article 25 shall survive termination of this
Agreement. 
 ARTICLE 26 

ENTIRE AGREEMENT, ASSIGNMENT 
  

	 	1)	 This Agreement sets forth the entire agreement between the Parties with respect to its subject matter. This
Agreement replaces and supersedes all other prior written, oral or electronic communications and treaties of any kind relating to the subject matter of this Agreement. 

 

	 	2)	 Any amendment to this Agreement shall be made by addendum attached to this Agreement, embodying such amendments
as may be agreed upon, and will be regarded as part of this Agreement and be equally binding. Notwithstanding the above, any amendment may also be made by issuing a revised and restated version of this Agreement. Any amendment shall be null and void
unless made in writing and signed by both Parties hereto. 

  

	 	3)	 This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors,
permitted assigns and legal representatives. Except as otherwise provided herein, neither this Agreement nor any right or obligation hereunder may be assigned or delegated by any Party (in whole or in part) to a third party without the prior written
consent of the other Party hereto. Any purported assignment or delegation not in compliance with the provisions of this Agreement will be void ab initio and of no force or effect. 

ARTICLE 27 
 UTMOST GOOD
FAITH 
 This Agreement is governed by the principle of utmost good faith and was concluded on mutual trust leading the relationship
between the Parties hereto as well as of usual insurance and reinsurance practice in terms of prudent and reasonable underwriting, claims assessment and administration. 

  
 23 

 ARTICLE 28 

SANCTION CLAUSE 
 Neither
the Reinsurer nor the Ceding Company shall be deemed to provide cover and neither the Reinsurer nor the Ceding Company shall be liable to pay any claim or provide any benefit hereunder to the extent that the provision of such cover, payment of such
claim or provision of such benefit would expose either the Reinsurer or the Ceding Company to any sanction, prohibition or restriction under United Nations resolutions or the trade or economic sanctions, laws or regulations of the European Union,
United Kingdom or United States of America. 
 ARTICLE 29 

ANTI BRIBERY 
  

	 	1)	 The parties acknowledge and agree that: 

 

	 	i.	 They are committed to prevent bribery; and 

 

	 	ii.	 They have implemented and will maintain within their organization policies to prevent any such actions by their
officers, representatives, employees or any other third party acting on their behalf. 

  

	 	2)	 To the extent permitted by applicable law, each Party shall notify the other Party immediately upon becoming
aware that an activity carried out in connection with this Agreement has or may have contravened this obligation or any applicable anti- bribery law or regulation. 

 

	 	3)	 Each party may terminate this Agreement on a run-off basis upon written
notice—as of right and without any judicial authorization—if during the term of the Agreement the other Party is convicted of an act of bribery or fails to comply with any anti-bribery law or regulation even if not connected to this
Agreement. To the extent permitted by applicable law, such Party shall indemnify the other Party, its officers, employees, affiliates, agents, subcontractors, or any other third party acting on its behalf, against any losses, liabilities, damages,
costs (including legal fees) and expenses incurred related thereto. 

 ARTICLE 30 

ANTI-MONEY LAUNDERING 
  

	 	1)	 The Reinsurer is not subject to anti-money laundering and counter-terrorist financing provisions. The Reinsurer
will not however provide services to individuals or entities that are subject to assets freeze measures. The Ceding Company shall therefore apply any appropriate measure to fight against money laundering and terrorist financing, as defined by the
FATF recommendations. 

  

	 	2)	 Pursuant to Article 30, Section 1 above and to the extent permitted by the
applicable law, the Reinsurer may at any time request evidence from the Ceding Company as to its policyholders, the Policies, or any other matters connected thereto in the context of anti-money laundering and counter-terrorism financing.

  
 24 

 ARTICLE 31 

DATA PRIVACY 
  

	 	1)	 The Parties acknowledge and agree that they: 

 

	 	i.	 are committed to protect Personal Data in accordance with applicable law and regulation; and

  

	 	ii.	 have implemented and will maintain within their organization policies and technical security measures
preventing any such privacy breaches (e.g., of confidentiality) by their officers, representatives, employees or any other third party acting on their behalf. 

 

	 	2)	 Personal Data received by either the Reinsurer or the Ceding Company from the other shall not be:

  

	 	i.	 used by the receiving party other than in connection with performing its obligations under this Agreement; or
for the purpose of any retrocession arrangements; or 

  

	 	ii.	 commercially exploited by the receiving party; or 

 

	 	iii.	 transferred abroad without the Ceding Company having implemented appropriate safeguards in accordance with the
applicable law and regulation; 

  

	 	3)	 In particular, without prejudice to the generality of the foregoing, the Ceding Company confirms that it has
obtained and undertakes that it will obtain on a continuing basis all requisite consents from its policyholders both for its own compliance purposes, for the purposes of this Agreement and for the purposes of any facultative business and
retrocession arrangements to be entered into by the Reinsurer. 

  

	 	4)	 To the extent permitted by the applicable law, each Party shall notify the other Party immediately upon
becoming aware of privacy breaches related to Personal Data. 

  

	 	5)	 The Parties shall establish a Technical Committee consisting of an equal number of one (1) or more
representative(s) of each of the Reinsurer and the Ceding Company, which shall meet on a quarterly basis to monitor the assessment and evolution of the ceded liabilities and risks. 

 

	 	6)	 This Article 31, Sections 1-4 shall survive termination
of this Agreement. 

 ARTICLE 32 

CORPORATE RESPONSIBILITY 
  

	 	1)	 The Parties acknowledges that the AXA Group adheres to certain principles designed to ensure that the AXA Group
does business in a socially responsible manner by promoting sustainable development in its business through commitments towards its principal stakeholders (customers, 

  
 25 

 suppliers, employees, environment, shareholders and community) as more fully set forth in
the AXA Compliance and Ethics Guide located at http://www.axa.com/en/governance/disclosure/ethics. The AXA Group encourages its suppliers to be socially and environmentally responsible. The AXA Compliance and Ethics Guide may be supplemented
or amended at any time at the sole discretion of the Reinsurer. In the event of any change to the AXA Compliance and Ethics Guide, the Reinsurer shall promptly send the newly revised version to the Ceding Company. 

 

	 	2)	 In addition, as part of AXA Group’s principles and practices of sustainable development, the AXA Group
requires its consultants to observe the following three main specific International Labour Organization (ILO) principles: (i) refrain from using, or accepting that their own suppliers and sub-contractors
make use of child labour (under 15 years of age) or forced labour; (ii) ensure staff safe and healthy working conditions and environment, respecting individual and collective liberties; and (iii) promote
non-discrimination (sex, race, religion or political conviction) as regards staff recruitment and management. For more information, see the ILO website: http://www.ilo.org/public/english/standards/index.htm

  

	 	3)	 The Ceding Company agrees to use commercially reasonable efforts to comply with these standards. The Parties
agree to negotiate in utmost good faith to resolve any dispute that may arise regarding the adequacy of such efforts. In the event such negotiations are not successful, such dispute shall be resolved in accordance with the terms of Articles
20 and 21. 

  

	 	4)	 In the event that either Party becomes aware that any of its business practices are contrary to the foregoing
ILO principles, such Party agrees to use its commercially reasonable efforts to remedy the practice in question and notify the other Party of the correction it made. In the event the Party does not appropriately address the issue in question or if
it commits subsequent violations, the other Party may as of right and without any prior formality to terminate this Agreement on a run-off basis for breach of this Article 32 without liability of any
kind (other than payment of amounts due and owing pursuant to this Agreement in connection with a run-off termination). 

ARTICLE 33 
 INSOLVENCY

  

	 	1)	 In the event of a receivership, any amounts due to the Ceding Company under this Agreement shall be payable by
the Reinsurer directly to the receiver, after reasonable provision for verification, on the basis of claims allowed against the insolvent Ceding Company by any court of competent jurisdiction having authority to allow such claims or allowed by the
receiver as a result of the conclusion of the claim filing, approval and appeal process before the receiver. Regardless of any provision in this Agreement or other agreement to the contrary, payment shall be made without diminution because of such
insolvency or because the receiver has failed to pay all or a portion of any claims. 

  
 26 

	 	2)	 The receiver of the Ceding Company shall give or arrange to give to the Reinsurer, written notice of the
pendency of a claim against the Ceding Company, within a reasonable period of time after the initiation of the receivership. Failure to give such notice shall not excuse the obligation of the Reinsurer unless it is substantially prejudiced thereby.
The Reinsurer may interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Ceding Company or its receiver. The reasonable expense thus incurred by the
Reinsurer shall be payable, subject to court approval, out of the estate of the insolvent Ceding Company as part of the expense of the receivership to the extent of a proportionate share of the benefit which may accrue to the Ceding Company in
receivership, solely as a result of the defense undertaken by the Reinsurer. 

  

	 	3)	 Payments by the Reinsurer shall be made directly to the receiver of the Ceding Company except where this
Agreement specifically provides another payee for such reinsurance in the event of the insolvency of the Ceding Company. 

ARTICLE 34 
 NOTICES,
CONSTRUCTION, DEFINITIONS 
  

	 	1)	 All notices, requests and other communications to any party hereunder shall be in writing (including registered
letter, facsimile transmission, electronic mail or any other means of communication that leaves a record of such communication) and shall be given: 

  

	 	i.	 if to the Ceding Company, to: 

Oscar Insurance Corporation 

295 Lafayette St. 
 6th Floor

 New York, NY 10012 

Attention: Legal 
 #### 

 

	 	ii.	 if to the Reinsurer, to: 

International Employee Benefits 

AXA France 
 313, Terrasses de
l’Arche, 92727 Nanterre Cedex, France 
 #### 

#### 
 or such other address or
facsimile number as such Party may hereafter specify for the purpose by notice to the other Parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received
prior to 5:00 p.m. on a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business Day in the place of receipt. 

  
 27 

	 	2)	 Interpretation of this Agreement shall be governed by the following rules of construction: (a) words in
the singular shall be held to include the plural and vice versa, and words of one gender shall be held to include the other gender as the context requires; (b) references to the terms Preamble, Recitals, Article, Section, paragraph, Annex,
Schedule and Exhibit are references to the Preamble, Recitals, Articles, Sections, paragraphs, Annexes, Schedules and Exhibits to this Agreement unless otherwise specified; (c) references to “$” shall mean U.S. dollars; (d) the
word “including” and words of similar import shall mean “including without limitation,” unless otherwise specified; (e) the word “or” shall not be exclusive; (f) the words “herein,”
“hereof,” “hereunder” or “hereby” and similar terms are to be deemed to refer to this Agreement as a whole and not to any specific Section; (g) the headings are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement; (h) this Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be
drafted; (i) if a word or phrase is defined, the other grammatical forms of such word or phrase have a corresponding meaning; (j) references to any statute, listing rule, rule, standard, regulation or other law include a reference to
(A) the corresponding rules and regulations and (B) each of them as amended, modified, supplemented, consolidated, replaced or rewritten from time to time; (k) references to any section of any statute, listing rule, rule, standard,
regulation or other law include any successor to such section; (l) references to any person or entity include such person’s or entity’s predecessors or successors, whether by merger, consolidation, amalgamation, reorganization or
otherwise; and (m) references to any contract (including this Agreement) or organizational document are to the contract or organizational document as amended, modified, supplemented or replaced from time to time, unless otherwise stated.

  

	 	3)	 For purposes of this Agreement, in addition to other terms operationally defined herein, the following terms
have the respective meanings set forth below: 

  

	 	i.	 “ACA Fees” means any “health insurer provider” or similar fee imposed by any
governmental authority in connection with the Patient Protection and Affordable Care Act (“ACA”), including under Section 9010 thereof and including any assessments or fees imposed by any governmental authority of any state or
other jurisdiction in connection with the existence or operation of, or participation in, any health insurance exchange or marketplace of such state or jurisdiction, or any other similar fee imposed under any other applicable law.

  

	 	ii.	 “Agreement” has the definition set forth in the Preamble. 

 

	 	iii.	 “Annual Business Update” has the definition set forth in Article 1,
Section 4. 

  

	 	iv.	 “ARIAS-U.S.” means the AIDA Reinsurance and Insurance
Arbitration Society. 

  

	 	v.	 “AXA Group” means the group of companies to which the Reinsurer is affiliated.

  

	 	vi.	 “Business Day” means any day other than a Saturday, a Sunday or any other day on which banking
institutions in New York City or in France are required or authorized by applicable law to be closed. Any reference herein to a day that is not a Business Day shall be deemed to be a calendar day. 

  
 28 

	 	vii.	 “Ceding Company” has the definition set forth in the Preamble. 

 

	 	viii.	 “Ceding Company Manager” has the definition set forth in Article 18,
Section 4. 

  

	 	ix.	 “Companion Agreements” has the definition set forth in Article 5,
Section 3. 

  

	 	x.	 “Confidential Information” means the information, data, analyses, studies, statements,
representations and any other materials provided by the Ceding Company or the Reinsurer to the other in connection with the placement of and the course of performance under this Agreement. 

 

	 	xi.	 “Consolidated MLR” has the definition set forth in Annex 6 – Current Year and
Consolidated Medical Loss Ratio Formulas. 

  

	 	xii.	 “Cut-off” means that the Ceding Company shall relieve
the Reinsurer of all liability hereunder for claims incurred after the date of termination of the Agreement. In case of cut-off termination, the Reinsurer shall refund to the Ceding Company the part of the
Premium paid to the Reinsurer applicable to the unexpired liability on Policies in force. 

  

	 	xiii.	 “Effective Time” has the definition set forth in Article 2,
Section 1. 

  

	 	xiv.	 “Extra-Contractual Obligations” has the definition set forth in Article 9,
Section 8. 

  

	 	xv.	 “FATF” means the Financial Action Task Force (on Money Laundering). 

 

	 	xvi.	 “IBNR” means reserves for claims incurred but not reported. 

 

	 	xvii.	 “Initial Term” has the definition set forth in Article 2,
Section 1. 

  

	 	xviii.	 “Insurance Companies” means collectively, the Ceding Company and each party to a Companion
Agreement, excluding the Reinsurer. 

  

	 	xix.	 “Medical Loss Ratio” has the definition set forth in Annex 6 – Current Year and
Consolidated Medical Loss Ratio Formulas. 

  

	 	xx.	 “Net Reinsurance Premium” has the definition set forth in Article 7,
Section 2. 

  

	 	xxi.	 “Party” or “Parties” has the definition set forth in the Preamble.

  

	 	xxii.	 “Partial Reimbursement Adjustment” has the definition set forth in Article 12,
Section 6. 

  

	 	xxiii.	 “Partial Reimbursement Formula” has the definition set forth in Article 12,
Section 2(iii). 

  
 29 

	 	xxiv.	 “Personal Data” means and includes any of the following information that is acquired by,
provided to, created by or maintained by a Party or any third party acting on behalf of a Party in connection with this Agreement: (i) any information that identifies or can reasonably be used to identify an individual, such as first and last
name, social security number or other government issued number or identifier, date of birth, home or other physical address, e-mail address or other online contact information, financial account number, credit
or debit card number, biometric data, mother’s maiden name, or other personally identifiable information; and (ii) personally identifiable financial or insurance information, including but not limited to
“non-public personal information” as that term is defined in the Gramm-Leach-Bliley Act, as amended, and implementing regulations, 15 U.S.C. § 6809(4). 

 

	 	xxv.	 “Policies” has the definition set forth in Article 1,
Section 1. 

  

	 	xxvi.	 “Policies Documentation” has the definition set forth in Article 1,
Section 3. 

  

	 	xxvii.	 “Privacy and Security Laws” has the definition set forth in Article 24,
Section 2. 

  

	 	xxviii.	 “Profit Sharing Adjustment” has the definition set forth in Article 12, Section 6.

  

	 	xxix.	 “Profit Sharing Formula” has the definition set forth in Article 12,
Section 2(ii). 

  

	 	xxx.	 “Provisional Partial Reimbursement Amount” has the definition set forth in Article 12,
Section 3. 

  

	 	xxxi.	 “Provisional Profit Share Amount” has the definition set forth in Article 12,
Section 3. 

  

	 	xxxii.	 “Qualifying Assets” has the definition set forth in Article 10,
Section 4(ii). 

  

	 	xxxiii.	 “Reinsurance Claim” has the definition set forth in Article 9,
Section 1. 

  

	 	xxxiv.	 “Reinsurer” has the definition set forth in the Preamble. 

 

	 	xxxv.	 “Reinsurer Manager” has the definition set forth in Article 18,
Section 4. 

  

	 	xxxvi.	 “Reinsurer Premium” has the definition set forth in Article 7,
Section 1. 

  

	 	xxxvii.	 “Reinsurer’s Quota Share” shall mean [***]% for Subscription Year 2017 and [***]% for any
Subscription Year subsequent to Subscription Year 2017. 

  

	 	xxxviii.	 “Statutory Reserves” means, as of the date of determination, the aggregate amount of reserves
of the Ceding Company in respect of the Policies calculated in accordance with statutory accounting practices prescribed or permitted by the insurance regulator in the Ceding Company’s state of domicile and determined in accordance with the
methodology set forth on Annex 5 – Statutory Reserves & IBNR Calculation Methodology. 

  
 30 

	 	xxxix.	 “Subscription Year” means a calendar year during which Policies are issued.

  

	 	xl.	 “third party” has the definition set forth in Article 24,
Section 2. 

  

	 	xli.	 “Trust Account” has the definition set forth in Article 10,
Section 3(i). 

  

	 	xlii.	 “Trust Agreement” has the definition set forth in Article 10,
Section 3(i). 

  

	 	xliii.	 “Trust Funds Withheld Account” has the definition set forth in Article 10,
Section 5(iii). 

  

	 	xliv.	 “Trustee” has the definition set forth in Article 10,
Section 3(i). 

  

	 	xlv.	 “Umpire” has the definition set forth in Article 20,
Section 2(ii). 

  

	 	xlvi.	 “XOL” has the definition set forth in Article 7, Section 2.

  

	 	4)	 This Article 34 shall survive termination of this Agreement. 

[Reminder of page intentionally left blank. Signature page to follow.] 

  
 31 

 In witness whereof, the Parties hereto by their respective duly authorized representatives
have executed this Agreement in duplicate for and on behalf of: 
 The Ceding Company 

Date and place: 

December 21, 2017 New York, NY 

Signature: /s/ Mario Schlosser 

By: Mario
Schlosser                                       
      
 Title: CEO 

The Reinsurer 
 Date and place:

 December 21, 2017 Nanterre, France 

Signature: /s/ Jacques de Peretti 

By: Jacques de
Peretti                                       
  
 Title: CEO 

[Signature Page to Reinsurance Treaty- Oscar Insurance Company of Texas] 

 ANNEX 1 – SCOPE 

Policies Covered 
 This Agreement applies to all individual
health insurance policies corresponding to the Policy Documentation and issued or renewed by the Ceding Company in the State of Texas providing coverage commencing on January 1, 2017 or thereafter, and with a period of insurance expiring on 31
December. The Policies ceded under this Agreement are only those in effect as of October 1, 2017 or issued or renewed between October 1, 2017 and the date of termination of this Agreement. The Parties acknowledge and agree that the
Policies included on this Annex 1 will be subject to modification by the Ceding Company, per and in accordance with the provisions of this Agreement, each Subscription Year to reflect the product offerings and other modifications for the
applicable Subscription Year. 
 2017 Policies: 
  

	 	•	 	 Oscar Simple Secure 

  

	 	•	 	 Oscar Saver Bronze 

  

	 	•	 	 Oscar Classic Bronze 

  

	 	•	 	 Oscar Simple Silver 

  

	 	•	 	 Oscar Classic Silver 

  

	 	•	 	 Oscar Saver Silver 

  

	 	•	 	 Oscar Simple Gold 

  

	 	•	 	 Oscar Classic Gold 

Policy Documentation: 
 Copies of current and accurate
Policy Documentation shall be copied on a CD ROM that will be agreed as final by both Parties. 

 ANNEX 2 – TERRITORIAL SCOPE 

This Agreement shall only apply to Policies issued by the Ceding Company in [***] rating regions [***] or any successor regions to [***] rating regions [***]
to insureds having their principal residence in those territories. 

 ANNEX 3 - REINSURANCE COMMISSIONS & PROFIT SHARE INFORMATION 

[***] 

 ANNEX 4 – DATA REPORTING 

Monthly reporting dashboards: 
  

	 	-	 Portfolio : number of policies/persons by month covered by global/ metal/state 

 

	 	-	 Portfolio distribution (per gender/age) by global/metal/state 

 

	 	-	 Premiums by month global / per metal / per state 

 

	 	-	 Claims (split by % of reserves and paid by global/ metal/ state) (IBNR global / metal / state) (by month of
occurrence) 

  

	 	-	 Claims by benefits category split by global/ metal / state 

 

	 	o	 Inpatient hospital 

  

	 	o	 Outpatient hospital 

  

	 	o	 Professional 

  

	 	o	 Other medical 

  

	 	o	 Capitation 

  

	 	o	 Prescriptiondrug 

  

	 	-	 MLR by global / state / metal (current year, and n-1 year) 

Risk adjustment estimate 
 Quarterly Basis 

 

	 	-	 Cash flows (quarterly basis) 

On a bi-yearly basis (according to regulatory possibilities) 

Anonymized data set 
  

	 	-	 Information about the insureds (biometrical & contract related data): age (birthdate), gender, state &
address, subscription date, premium paid. 

 Information about claims: customer paths, medical facilities used, hospitalization
(length/costs), details about professional, other medical, prescription drug, fraud 

 ANNEX 5 – STATUTORY RESERVES & IBNR CALCULATION METHODOLOGY 

Statutory reserves include: 
  

	 	•	 	 Incurred but not reported claims (IBNR) 

 

	 	•	 	 Claims in course of settlement 

 

	 	•	 	 Claims due and unpaid 

  

	 	•	 	 Reserve margin 

Actuarial Process Narrative 
 The Ceding
Company’s current reserves processes include monthly valuations for all actuarial liabilities based on models developed in-house incorporating the most current views of the claim data available from our
data warehouse. 
 Reserves: 
 The In-house reserve model incorporates different methodologies based on the amount and recency of the claim. The completion factor development method is utilized for claims under $[***] and is supplemented by the
incurred claim methodology for the most recent incurral months. A seriatim methodology is utilized for claims over $[***], supplemented by case management data supplied by our medical and claims operations areas. Claims reserve triangle analytical
cohorts are segmented by metallic level within a given state and region, and all reserves are determined separately incorporating the current inventory of claims in course of settlement. The reserve model incorporates historical reserve testing and
detail on prior period development down to the incurral month. Reserves accrued are best-estimates with an explicit margin for adverse deviation as well as an accrual for unpaid claim adjustment expenses. All margins are reviewed at least annually
for appropriateness based on historical run-out. Claims reserve triangles are inclusive of medical and behavioral health claims only. Pharmacy claims are analyzed separately and assumed to not have any run-out. 

 ANNEX 6 – CURRENT YEAR AND CONSOLIDATED MEDICAL LOSS RATIO FORMULAS 

Medical Loss Ratio Definition 
 All claims and
premiums refer to the current Subscription Year 
 Numerator: [***] 

Denominator: [***] 
 Consolidated MLR Definition

 Numerator: [***] 
 Denominator: [***] 

 ANNEX 7 – REINSURANCE BALANCE CALCULATION 

 

	(1)	 Income: quota share of: 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 [***] 

= Net Reinsurance Premium 
  

	(2)	 Outgo: quota share of: 

[***] 
 [***] 

[***] 
 [***] 

[***] 
 Reinsurance balance = (1) - (2)

  

	(3)	 [***] 

  

	(4)	 [***] 

  

	(5)	 [***] 

  

	(6)	 [***] 

Technical result (for information) = (1) - (2) + (4) - (3) + (6) - (5) 

 ANNEX 8 – LIMITATION OF LIABILITY CALCULATION 

State A – [***] 
  

																					
	 State A
	  	State B	 	 	State C	 	 	Ceding Company	 	 	Total	 
	 Gross Premiums
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Gross Claims
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 MLR
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Ceded Premiums
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Ceded Claims
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 AXA Ceded MLR
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Retained Premiums
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Retained Claims
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
				
	 	  	Ceded Claims Calculation	 	 	 	 	 	 	 
	 Claims Ceded (up to local attachment point)
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Claims Ceded (above local attachment point)
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Allocation of Claims Retained
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 
	 Total Claims
	  	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	] 	 	 	[***	]EX-10.33

 Exhibit 10.33 

ENDORSEMENT NO. 1 TO QUOTA SHARE REINSURANCE AGREEMENT 

The parties to this Quota Share Reinsurance Agreement (“Agreement”) hereby mutually agree this Endorsement No. 1, effective January 1,
2020: 
 WHEREAS, the parties mutually agreed the terms of the Agreement effective
                , 2019; and 
 WHEREAS, with effect
from January 1 of 2020, the second underwriting year under the Agreement, the parties have agreed that Reinsurer’s affiliate, Berkshire Hathaway Specialty Insurance Company, shall be the reinsurer under this Agreement; 

NOW, THEREFORE, the parties mutually agree as follows: 
  

	 	1.	 With effect from January 1, 2020, National Indemnity Company shall be replaced as reinsurer by its
affiliate, Berkshire Hathaway Specialty Insurance Company; 

  

	 	2.	 The results of the 2020 and prior and subsequent underwriting years, if any, shall be combined for purposes of
evaluating and applying any margin sensitive or similar Agreement provisions under all underwriting years’; 

  

	 	3.	 All other terms and conditions remain unchanged. 

WHEREFOR, the parties have executed this Endorsement by their duly authorized representatives. 

Oscar Insurance Company of Florida 
  

			
		
	By:	 	/s/ Cornelia Miller
	Title:	 	Director of Strategic Finance

  

			
	NATIONAL INDEMNITY COMPANY
		
	By:	 	/s/ Brian Snover
	Title:	 	VP

  

			
	BERKSHIRE HATHAWAY SPECIALTY INSURANCE COMPANY
		
	By:	 	/s/ Brian Snover
	Title:	 	VP

 CERTAIN INFORMATION IN THIS DOCUMENT, MARKED BY [***] HAS BEEN EXCLUDED 

PURSUANT TO REGULATION S-K, ITEM 601(b)(10)(iv). SUCH EXCLUDED INFORMATION IS 

NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE 

REGISTRANT IF PUBLICLY DISCLOSED. 

QUOTA SHARE REINSURANCE AGREEMENT 
 This
Quota Share Reinsurance Agreement (the “Agreement”), effective as of the Coinsurance Effective Date, is made and entered into by and between Oscar Insurance Company of Florida, a Florida domiciled insurance company (the
“Reinsured”), and National Indemnity Company, a Nebraska domiciled insurance company (the “Reinsurer”) (the Reinsured and the Reinsurer each individually, a “Party”, and collectively, the
“Parties”). 
 RECITALS 

WHEREAS, the Reinsured is, among other things, engaged in the business of underwriting, marketing, selling, issuing, renewing and servicing commercial health
insurance products for individuals and small employers; 
 WHEREAS, the Reinsurer, among other things, is authorized under Applicable Law to assume
reinsurance of such commercial health insurance products; 
 WHEREAS, the Reinsured desires to cede on a [***] indemnity quota share reinsurance basis to
the Reinsurer, as of the Coinsurance Effective Date (as defined below), all of the commercial health insurance products for individuals and small employers that it writes in the United States (the “Subject Business”), subject to the
terms and conditions stated herein; 
 WHEREAS, the Reinsurer desires to reinsure on such basis the Subject Business; and 

WHEREAS, this Agreement is an agreement solely between the Reinsured and the Reinsurer and performance of the obligations of each Party under this Agreement
will be rendered solely to the other Party. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties hereby
agree as follows: 
 ARTICLE I [***] QUOTA SHARE REINSURANCE OF SUBJECT BUSINESS 

The reinsurance provided by the Reinsurer under this Agreement is in respect of all policies of the Subject Business effected, bound, sold, issued, entered
into, renewed or reinstated, as applicable, by the Reinsured on or after the Coinsurance Effective Date, through the Agreement Period, and on or prior to the Termination Date (as such terms are defined below) on the following basis: 

 

	 	(i)	 For calendar year 2019: 

 

	 	(a)	 In respect of all policies of the Subject Business written by the Reinsured that is not subject to the AXA
quota share reinsurance agreement entered into with the Reinsured for calendar year 2019 (the “Inuring AXA Ceded Reinsurance”) and the Odyssey Re excess of loss reinsurance agreement entered into with the Reinsured for calendar year
2019 (the “Inuring Ceded Odyssey Re XOL Reinsurance”), the reinsurance provided by the Reinsurer under this Agreement shall apply on a [***]% quota share basis; and 

	 	(b)	 In respect of all policies of the Subject Business written by the Reinsured that is subject to the Inuring AXA
Ceded Reinsurance and/or the Inuring Ceded Odyssey Re XOL Reinsurance, as applicable, in each case, for calendar year 2019, the reinsurance provided by the Reinsurer under this Agreement shall apply on a [***]% quota share basis to all such policies
of the Subject Business retained net and un-reinsured by the Reinsured after such cession under the Inuring AXA Ceded Reinsurance and/or the Inuring Ceded Odyssey Re XOL Reinsurance, as applicable.

  

	 	(ii)	 For calendar year 2020 and, if applicable, the remainder of the Agreement Period: 

In respect of all policies of the Subject Business written by the Reinsured that is subject to any excess of loss reinsurance agreement for
calendar year 2020 and, if applicable, the remainder of the Agreement Period 1 that may be entered into from time to time with the Reinsured, such excess of loss reinsurance to be substantially
similar to, in coverage and amount, as the Inuring Ceded Odyssey Re XOL Reinsurance that was in place for calendar year 2019 (such excess of loss reinsurance, the “Other Inuring Ceded XOL Reinsurance”), the reinsurance provided by
the Reinsurer under this Agreement shall apply on a [***]% quota share basis to all such policies of the Subject Business retained net and un-reinsured by the Reinsured after such cession under the
Other Inuring Ceded XOL Reinsurance. 
 For the avoidance of doubt, the Inuring Ceded Odyssey Re XOL Reinsurance for calendar year 2019, and the Other
Inuring Ceded XOL Reinsurance for calendar year 2020 and, if applicable, the remainder of the Agreement Period, shall each be maintained by the Reinsured during its applicable calendar year period, as specified immediately above in this ARTICLE
I, and shall be deemed, for purposes of this Agreement, as inuring to this Agreement and the reinsurance being provided hereunder by the Reinsurer during its applicable calendar year period specified above. 

ARTICLE II AGREEMENT PERIOD 
 The
reinsurance provided by the Reinsurer under this Agreement covers the Subject Business during the time period commencing at 12:01 AM Eastern Time on January 1, 2019 (the “Coinsurance Effective Date”) and terminating at 12:00 AM
(midnight) Eastern Time on December 31, 2020 (such period, the “Initial Agreement Period”). The Initial Agreement Period, together with any extensions thereof, if any, by the Reinsurer as provided in this ARTICLE II,
shall be referred to hereafter as the “Agreement Period”. Except as provided in ARTICLE XXX, this Agreement cannot be terminated during the Agreement Period by either Party. The Initial Agreement Period shall be subject to
the following unilateral right of the Reinsurer to extend it: the Reinsurer has the right, but not the obligation, to choose, by providing the Reinsured with prior 
  

 

	1 	 Note to Draft: This is to pick up any extension period of the Agreement Period by the Reinsurer.

  
 2 

 written notice no later than ten (10) days prior to the expiration of the then current Agreement
Period, to extend the Agreement Period for an additional one (1) year period should the Reinsurer not have realized a [***]% margin on its quota share participation in this Agreement at any time prior to the expiration of the then current
Agreement Period, as set forth in ARTICLE VII hereof. 
 ARTICLE III TERRITORIAL SCOPE 

The territorial scope of this Agreement shall be wherever in the United States the Reinsured issues the Subject Business. 

ARTICLE IV REINSURANCE PREMIUM AND CEDING COMMISSION 

In consideration of the reinsurance provided by the Reinsurer under this Agreement, the Reinsured shall pay to the Reinsurer its quota share participation in
all Premiums received by the Reinsured in connection with the Subject Business which shall be payable to the Reinsurer in cash in accordance with ARTICLE XIII. The only deduction allowable from the Reinsurer’s quota share participation
in the Premiums shall be a [***]% ceding commission payable by the Reinsurer to the Reinsured (the “Ceding Commission”). 
 ARTICLE V
PREMIUM ADJUSTMENTS 
 The Reinsurer’s quota share participation in all Premiums, which Premiums were received by the Reinsurer, that are
required to be refunded, rebated or otherwise repaid by the Reinsured to a Policyholder or Governmental Authority due to, (i) changes in or cancellations of any policy of the Subject Business, (ii) contractual requirements under the terms
of the policies of the Subject Business, or (iii) Applicable Law including the ACA Risk Adjustment Program, and any such refunds, rebates or payments resulting from (x) a finding in a commercial risk adjustment audit by any federal
Governmental Authority or a self-audit performed by the Reinsured that the Premiums were incorrect, and (y) any ACA Rebates (to the extent such rebates are related to the policies of the Subject Business, as solely determined by the Reinsured)
(paragraphs (i), (ii), and (iii) of this ARTICLE V, collectively, the “Premium Adjustments”), shall be refunded by the Reinsurer to the Reinsured in accordance with ARTICLE XIII. The Parties shall promptly make
all necessary financial adjustments between them with respect to the Maximum Combined Ratio, Profit Commission, and the Reinsurer’s Margin necessitated by any such Premium Adjustments in a manner consistent with the terms herein. 

This ARTICLE V will survive the termination or expiration of this Agreement. 

ARTICLE VI MAXIMUM COMBINED RATIO 
 Under no
circumstances whatsoever, howsoever arising, will the Reinsurer be liable for any sums in excess of a combined ratio of Ultimate Net Loss to the Reinsurer’s quota share participation in the Premiums actually received by the Reinsurer (i.e.,
after deducting the Ceding Commission from such Premiums) of [***]% in the aggregate during any calendar year period (the “Maximum Combined Ratio”), For the avoidance of doubt, any Ceding Commission paid to the Reinsured or other
deductions from the Reinsurer’s quota share participation in the Premiums payable to the Reinsurer hereunder shall be first deducted from such ceded Premiums in calculating the Maximum Combined Ratio, [***]. 

  
 3 

 ARTICLE VII PROFIT COMMISSION 

Reinsured shall be paid a profit commission by the Reinsurer in an amount equal to any profit resulting from this Agreement from a [***]% or better combined
ratio during any calendar year period (the “Profit Commission”) (i.e., the Reinsurer shall retain a margin of [***]% (the “Reinsurer’s Margin”)). Payment to the Reinsured of the Profit Commission shall be made
in accordance with ARTICLE XIII. 
 ARTICLE VIII DEFINITIONS 

In this Agreement, (i) the singular includes the plural, and the plural the singular; (ii) words importing any gender include the other gender;
(iii) the words “including”, “includes” and “include” will be deemed to be followed by the words “without limitation” (where “including”, “includes”, and “include” are not
followed by “without limitation”); and (iv) when a reference is made in this Agreement to an article or a section, exhibit, or schedule, such reference will be to an article or a section of, or an exhibit or schedule to, this
Agreement, unless otherwise indicated. Any agreement, instrument, statute or regulation defined or referenced to herein or in any agreement or instrument that is referred to herein means such agreement, instrument, statute or regulation as from time
to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes or regulations) by succession of comparable successor statutes. References to any Person include the
successors and permitted assigns of such Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. The following terms will have the respective meanings set forth below
throughout this Agreement. 
 (A) The term “ACA” shall mean the Patient Protection and Affordable Care Act as amended by the
Health Care and Education Reconciliation Act of 2010 and its implementing regulations and any written and published or released sub-regulatory guidance. 

(B) The term “ACA Rebate” shall mean any rebate required by Section 2718 of ACA. 

(C) The term “ACA Risk Adjustment Program” shall mean any mandatory state or federal risk adjustment program created pursuant
to Section 1343 of ACA. 
 (D) The term “Allocated Loss Adjustment Expenses” shall mean all expenses including court
costs, attorneys’ fees, expenses, and interest accrued prior to judgment where such interest is not added to the judgment, and interest accrued after judgment, which are actually paid by the Reinsured (excluding salaries of officers and
permanent employees of the Reinsured) in connection with any investigation, adjustment, defense, resistance to, compromise, settlement, or negotiations that are allocated to a specific loss occurrence with respect to a policy of the Subject Business
for which reimbursement is due the Reinsured under this Agreement. Allocated Loss Adjustment Expenses shall be apportioned in proportion to the respective Parties’ quota share participation under this Agreement, as finally determined by the
Parties. All costs and expenses that are not Allocated Loss Adjustment Expenses shall be Unallocated Loss Adjustment Expenses. 

  
 4 

 The Allocated Loss Adjustment Expenses shall be a part of, and included in, the Ultimate Net Loss. 

(E) The term “Applicable Interest Rate” shall mean as of any date of determination, a rate of interest equal to the three
(3) month U.S. Treasury Note, as published in the Wall Street Journal on such date, [***]. 
 (F) The term “Applicable
Law” shall mean any domestic or foreign federal, state or local statute, law, ordinance or code, or any rules, regulations, administrative interpretations or orders issued by any Governmental Authority pursuant to any of the foregoing, and
any order, writ, injunction, directive, judgment or decree of a court of competent jurisdiction, in each case solely to the extent applicable to the Parties hereto or the performance of their respective obligations under this Agreement. 

(G) The term “Business Day” shall mean any day other than a Saturday, Sunday or other day on which commercial banks in the
then current state of domicile of either Party are required or authorized by law to be closed. 
 (H) The term “Change in
Control” shall mean a transaction or series of related transactions for the acquisition by one or more Persons that are not affiliates of the Reinsured of more than 50% of the outstanding common stock of the Reinsured. 

(I) The term “Claim” shall mean with respect to each individual policy of the Subject Business, any and all claims, requests,
demands or notices made by or on behalf of any Policyholder or any other Person for the payment of benefits under the policy including return of Premiums or any other payments or benefits due or alleged to be due under or in connection with any
policy of the Subject Business including interest payable thereon in accordance with Applicable Law. 
 (J) The term “Governmental
Authority” shall mean any domestic government, any national, state or other political subdivision thereof or any self-regulatory authority, and any entity exercising executive, legislative, judicial, regulatory or administrative functions
of or pertaining to government. 
 (K) The term “Person” shall mean any natural person, corporation, partnership, joint
venture, limited liability company, association, trust, unincorporated organization or other legal entity. 
 (L) The term
“Policyholders” shall mean policyholders, insureds, beneficiaries, subscribers, members, certificate holders and assignees, and eligible dependents of each of the foregoing, under policies of the Subject Business. 

(M) The terms “Premiums” shall mean all premiums, fees and contributions received by the Reinsured in connection with the
issuance of the policies of the Subject Business, net of such amounts paid or payable by the Reinsured under the Inuring AXA Ceded Reinsurance, the Inuring Ceded Odyssey Re XOL Reinsurance, and the Other Inuring Ceded XOL Reinsurance, as applicable,
and subject, in each case, to Premium Adjustments. 

  
 5 

 (N) The term “Ultimate Net Loss” shall mean the sum which is payable or has
in fact been paid in cash by the Reinsurer to the Reinsured for Claims under the policies of the Subject Business after making deductions for all recoveries, all salvages, and all claims upon the Inuring AXA Ceded Reinsurance, the Inuring Ceded
Odyssey Re XOL Reinsurance, and the Other Inuring Ceded XOL Reinsurance, in each case, to the extent applicable, whether collected or not from the reinsurers thereunder. Ultimate Net Loss shall include Allocated Loss Adjustment Expenses. Ultimate
Net Loss shall not include any Unallocated Loss Adjustment Expenses. All salvages, recoveries and payments recovered or received subsequent to reimbursement to the Reinsured of Ultimate Net Loss by the Reinsurer under this Agreement shall be
regarded as if recovered or received prior to said reimbursement and all necessary adjustments shall be undertaken by the Parties hereto. Nothing, however, in this paragraph (N) of this ARTICLE VIII shall be construed to mean that
Ultimate Net Losses are not reimbursable from the Reinsurer until the Ultimate Net Loss has been determined. 
 (0) The term
“Unallocated Loss Adjustment Expenses” shall mean all expenses including court costs, attorneys’ fees, expenses, and interest that are not allocated to a specific loss occurrence with respect to a policy of the Subject
Business. Unallocated Loss Adjustment Expenses shall also include salaries of officers and permanent employees of the Reinsured. 
 (P) The
term “United States” shall mean the United States of America, including all of its states, the District of Columbia, its territories, possessions and commonwealths. 

ARTICLE IX INTERLOCKING 
 It is understood
and mutually agreed as between the Reinsurer, on the one hand, and the Reinsured and its insurance-issuing affiliates on the other hand, the list of all such entities being, as of the Coinsurance Effective Date: Oscar Insurance Corporation, Oscar
Garden State Insurance Corporation, Oscar Insurance Company, Oscar Health Plan of California, Oscar Buckeye State Insurance Corporation, Oscar Insurance Company of Florida, and Oscar Health Plan, Inc. (each, an “Oscar Reinsured”),
that: (i) each and every one of the Oscar Reinsureds is a reinsured under a separate quota share reinsurance agreement issued by the Reinsurer that is identical to this Agreement with respect to all of the economic terms and conditions included
herein; (ii) all such quota share reinsurance agreements shall be interlocked and applied in the aggregate as between the Reinsurer and the Oscar Reinsureds for all economic purposes hereunder and thereunder, including with respect to the
determination by the Parties of the Maximum Combined Ratio, Profit Commission, and the Reinsurer’s Margin, such that the economic results of all such quota share reinsurance agreements for such purposes shall be aggregated and applied as though
all Oscar Reinsureds were subject to one and the same quota share reinsurance agreement; and (iii) all Oscar Reinsureds jointly appoint each other as agent and representative of the others so that communications, negotiations, accommodations
and agreements as between the Reinsurer and any Oscar Reinsured shall bind all Oscar Reinsureds to the extent and for so long as they remain affiliates, unless expressly stated otherwise. 

  
 6 

 ARTICLE X SUBROGATION AND SALVAGE 

(A) The Reinsurer shall be subrogated, as respects any Ultimate Net Loss for which the Reinsurer shall actually pay or become liable to pay,
but only to the extent of the amount of payment by, or the amount of liability of, the Reinsurer, to all rights of the Reinsured against any Person who may be legally responsible in damages for said Ultimate Net Loss. The Reinsured hereby agrees to
use commercially reasonable efforts to enforce such rights. In the event the Reinsured shall fail or neglect to do so, the Reinsurer is hereby authorized and empowered to bring any commercially reasonable appropriate action in the name of the
Reinsured or in the name of a Policyholder under an insurance policy of the Subject Business reinsured hereunder to enforce such rights. 

(B) Any rights of subrogation, recoveries, salvages or reimbursements applying to loss occurrences reinsured under this Agreement shall always
be used to reimburse the reinsurers excess of the Reinsurer (from the last to the first, beginning with the reinsurer of the last excess) according to their participation, before being used in any way to reimburse the Reinsurer. The Reinsured shall
recover for the retention from recoveries, salvages or reimbursements only after the Reinsurer has been reimbursed in full for its Ultimate Net Loss reimbursement payment. In determining the amount of recoveries, salvages or reimbursements, there
shall first be deducted from any amount recovered the expenses incurred in effecting the recovery (excluding salaries and expenses of officers and employees of the Reinsured). 

(C) All salvages, recoveries or reimbursements, after deduction of all expenses allowed under paragraph (B) of this ARTICLE
X applicable thereto, recovered or received subsequent to an Ultimate Net Loss reimbursement to the Reinsured by the Reinsurer under this Agreement shall be applied as if recovered or received prior to the aforesaid settlement and all necessary
adjustments shall be made by the Parties hereto; provided that nothing in this ARTICLE X shall be construed to mean that Ultimate Net Losses under this Agreement are not recoverable until all salvage, recovery and reimbursement has been
determined. 
 ARTICLE XI INURING THIRD PARTY CEDED REINSURANCE 

The amount of the Reinsurer’s liability in respect of any Ultimate Net Loss shall not be increased by the inability of the Reinsured to collect from any
other reinsurer(s), whether specific or general, any amounts which may have become due from them regardless of whether such inability arises from the insolvency of such other reinsurers or for any other reason whatsoever. 

ARTICLE XII CURRENCY 
 Wherever the word
“Dollars” of the symbol “.$.” appears in this Agreement, it shall mean United States dollars. All payments under this Agreement shall be made in Dollars. 

  
 7 

 ARTICLE XIII REPORTS AND REIMBURSEMENTS 

Accounts shall be submitted by the Reinsured to the Reinsurer on a quarterly basis, in arrears. Within 30 days of the end of each calendar quarter, the
Reinsured shall submit to the Reinsurer a statement setting forth the Reinsurer’s quota share participation in the Premiums payable to the Reinsurer hereunder, Premium Adjustments, Ultimate Net Loss activity, reserves (including IBNR reserves),
etc., in each case, for the prior calendar quarter, and within thirty (30) days of the end of each calendar year, the Reinsured shall submit to the Reinsurer a statement setting forth the Profit Commission due the Reinsured, if any, under
ARTICLE VII for the prior calendar year. Any net balance payable to or from either Party shall be paid by the debtor Party within 15 days of the receipt of such statement. The form of the quarterly and calendar year statements and the
information set out therein shall be mutually agreed as between the Parties, and subject to the Parties’ mutual amendments, as the Parties may agree from time to time. This ARTICLE XIII will survive the termination or expiration of this
Agreement. 
 ARTICLE XIV LIABILITY AND PAYMENT 

The Reinsured’s good faith determinations regarding its liabilities under the policies of the Subject Business, including the Reinsured’s decisions
to adjust, settle, and compromise all Claims will bind the Reinsurer. Notwithstanding anything contained in this Agreement to the contrary, the liability of the Reinsurer with respect to Claims will follow the liability of the Reinsured in all
respects and will be subject to all good faith interpretations of contract provisions in the policies of the Subject Business by the Reinsured including interpretations resulting in the payment of Claims. Notwithstanding anything contained in this
Agreement to the contrary, all such adjustments, settlements and compromises will be unconditionally binding upon the Reinsurer in proportion to the Reinsurer’s quota share participation, the true intent of this Agreement being that the
Reinsurer will, in every case to which this Agreement applies, follow the fortunes, and follow the settlements of the Reinsured. 
 ARTICLE XV
AUDIT AND INSPECTION 
 The Parties will maintain complete and correct books and records relating to the policies of the Subject Business, Claims
and their respective obligations under this Agreement (the “Books and Records”). The Books and Records will be open to audit and reproduction by the Reinsured and Reinsurer and their respective designated representatives
(collectively, the “Auditing Parties,” and individually, the “Auditing Party”) at the expense of the Auditing Party at the office of the Audited Party (as defined below) during the Agreement Period, the Run-Off Period and until one (1) year following the expiration of the Run-Off Period, upon reasonable advance written notice and for the sole purpose of confirming the
compliance of the Party being audited (the “Audited Party”) with Applicable Law and/or its obligations, in each case, with respect to or under this Agreement; provided, that such audits shall be limited to not more than two
(2) audits during any twelve (12) calendar month period; provided, further, that such temporal limitation will not apply to any such audit that is required by Applicable Law. Such audits will occur only during normal business hours using
reasonable care not to cause damage and not to interrupt the normal business operations of the Audited Party and will be subject to, (i) such security procedures as the Audited Party may reasonably impose, and (ii) such limitations as may
be required under Applicable Law governing the conduct of the Audited Party’s business, or as may be otherwise reasonably required in order to protect from disclosure information of the Audited Party that does not relate to the policies of the
Subject Business, Claims and the Audited Party’s obligations under this Agreement. 

  
 8 

 ARTICLE XVI ERRORS AND OMISSIONS 

Any inadvertent error or omission on the part of either Party hereto shall not relieve the other Party from any liability which would have attached hereunder,
provided that such error or omission is rectified promptly upon discovery, and shall not impose any greater liability on the Reinsurer than would have attached hereunder if the error or omission had not occurred. 

ARTICLE XVII ADJUSTMENTS 
 Notwithstanding
anything contained herein to the contrary, if the Reinsured’s liability under any policy of the Subject Business is changed because of a misstatement of age, sex, marital status, smoking status, amount or nature of coverage, or any other
material fact by any Policyholder or its representative (including any employer, sponsor, group policyholder, broker, agent or other Person acting on behalf of the Policyholder), or in good faith by the Reinsured or by a Governmental Authority, the
Reinsurer will, (i) assume that portion of any increase in reinsured liabilities resulting from the change, and (ii) receive credit for that portion of any decrease in reinsured liabilities resulting from the change, and the Reinsured and
the Reinsurer will make all appropriate adjustments to amounts due each other under this Agreement. 
 ARTICLE XVIII CHANGES IN THE
AGREEMENT 
 The terms of this Agreement shall not be waived or changed except by written amendment executed by a duly authorized officer of the
Reinsurer and by a duly authorized officer or representative of the Reinsured. 
 ARTICLE XIX OFFSET CLAUSE 

The Reinsured or the Reinsurer may offset any balance(s) which may become due between them under this Agreement or any reinsurance agreement with an Oscar
Reinsured that is subject to the Interlocking provision herein. This offset right shall apply regardless of whether the balances arose on account of Premiums, commission, claims, losses, Allocated Loss Adjustment Expense, salvage or any other
amount(s) due from one Party to the other. 
 ARTICLE XX NO THIRD PARTY RIGHTS 

Except with respect to the Oscar Reinsureds, in no event shall anyone other than the Reinsurer or the Reinsured have any rights under this Agreement.

 ARTICLE XXI PRACTICES CHANGES IN OWNERSHIP AND ADMINISTRATIVE 

The Reinsured undertakes not to voluntarily make any material change in its established acceptance and underwriting policy in respect of the Subject Business,
nor to undergo any Change in Control, without, in each case, the prior consent of the Reinsurer, such consent not to be unreasonably withheld, denied or conditioned; provided, however, that such consent shall not be required if such
change is required by Applicable Law. It is furthermore understood and agreed that should a new affiliate to the Oscar Reinsureds be established for purposes of writing business similar to the Subject Business, the Parties hereto shall, subject to
Applicable Law and regulatory approval, mutually agree on a quota share reinsurance agreement in respect of such new affiliate and such business that shall be consistent with the terms and conditions hereof and subject to the same Interlocking
provision and principles set forth here. 

  
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 ARTICLE XXII NON-WAIVER CLAUSE 

The failure of the Reinsured or the Reinsurer to insist on compliance with this Agreement or to exercise any right or remedy hereunder shall not constitute a
waiver of any rights or remedies contained herein nor estop either Party from thereafter demanding full and complete compliance nor prevent either Party from exercising such rights or remedy in the future. 

ARTICLE XXIII INSOLVENCY 
 In the event of
the Reinsured’s insolvency, any payments due the Reinsured from the Reinsurer pursuant to the terms of this Agreement will be made directly to the statutory successor of the Reinsured or its conservator, liquidator, or receiver without
diminution because of the insolvency of the Reinsured for those claims reported and allowed against the Reinsured by any court of competent jurisdiction or by the liquidator, rehabilitator, receiver or statutory successor having authority over such
claims. The conservator, liquidator, receiver or statutory successor of the Reinsured will give the Reinsurer written notice of the pendency of a claim against the Reinsured on any policy of the Subject Business within a reasonable time after such
claim is filed in the insolvency proceeding. During the pendency of any such claim, the Reinsurer may investigate such claim and interpose in the Reinsured’s name (or in the name of the Reinsured’s conservator, liquidator, receiver or
statutory successor), in the proceeding where such claim is to be adjudicated, any defense or defenses which the Reinsurer may deem available to the Reinsured or its conservator, liquidator, receiver or statutory successor. The expense thus incurred
by the Reinsurer will be chargeable, subject to court approval, against the Reinsured as a part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Reinsured solely as a result of the defense
undertaken by the Reinsurer. 
 ARTICLE XXIV NO INTERMEDIARY 

This Reinsurance has been negotiated and agreed solely between the Parties hereto and no broker or intermediary has represented either Party or is entitled to
any remuneration. 
 ARTICLE XXV PAYMENTS 

All ceded Premiums and Ultimate Net Loss reimbursement settlements shall be made directly between the Reinsurer and the Reinsured; provided that the
Reinsured may appoint as Reinsured’s agent for the payment of ceded Premiums and acceptance of Ultimate Net Loss settlements any one Oscar Reinsured it so chooses, from time to time, by providing written notice thereof to the Reinsurer. 

  
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 ARTICLE XXVI DELAYED PAYMENTS 

For purposes of any payments due hereunder, if there is a delayed settlement of a payment due, interest will accrue on such payment at the Applicable Interest
Rate. Interest will be calculated on the basis of actual days for a 365-day year based on the actual number of days elapsed. For purposes of this Agreement, a payment will be considered overdue, and such
interest will begin to accrue, on the date which is thirty (30) days after the date such payment is due. 
 ARTICLE XXVII CREDIT FOR
REINSURANCE 
 The Parties intend that the Reinsured will receive, from and after the Coinsurance Effective Date, full statutory reserve financial
statement credit for the reinsurance provided under this Agreement in the Reinsured’s state of domicile. If the Reinsured nevertheless loses statutory reserve financial statement credit in the Reinsured’s state of domicile due to any
reason attributable to the Reinsurer, the Reinsurer’s business, operations, condition, licenses and/or authorizations (including any losses thereof or restrictions thereon) or to a change in Applicable Law (collectively, a “Coinsurance
Credit Event”), or if the Reinsured is notified in writing by a Governmental Authority that it will not receive statutory reserve financial statement credit for the reinsurance provided under this Agreement due to a Coinsurance Credit
Event, the Reinsurer will promptly, and in any event will no later than thirty (30) calendar days following receipt of written notice from the Reinsured that a Coinsurance Credit Event has occurred, (i) cure such Coinsurance Credit Event
to the Parties’ mutual satisfaction and at the Reinsurer’s sole cost and expense, and/or (ii) establish for the benefit of the Reinsured, at the Reinsurer’s sole cost and expense, such trust accounts, letters of credit, funds
withheld, or other security permitted by Applicable Law to allow the Reinsured to obtain full statutory reserve financial statement credit for reinsurance provided under this Agreement in the Reinsured’s state of domicile. Subject to the
preceding two sentences, in the event of a Coinsurance Credit Event, the Reinsurer will have the option of determining the method of security to be utilized for such purpose. If such method elected by the Reinsurer requires any change to this
Agreement in order for the Reinsured to obtain such statutory reserve financial statement credit, the Parties will cooperate in good faith to promptly amend this Agreement to incorporate such change. Any trust accounts, letters of credit, funds
withheld, or other security established by the Reinsurer under this ARTICLE XXVII to address a Coinsurance Credit Event as set forth herein shall only be required to be maintained for so long a period as the Reinsured cannot receive full
statutory reserve financial statement credit for the reinsurance provided under this Agreement in the Reinsured’s state of domicile, and the Reinsured shall reasonably cooperate in the release of any such security should the Reinsured’s
ability to receive full statutory reserve financial statement credit for the reinsurance provided under this Agreement in the Reinsured’s state of domicile without such security be fully restored. This ARTICLE XXVII will survive the
termination or expiration of this Agreement. 
 ARTICLE XXVIII ARBITRATION CLAUSE 

This Clause shall form a separate agreement between the Reinsured and the Reinsurer from the main Agreement. 

  
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 All matters in difference between the Reinsured and the Reinsurer (hereinafter referred to as the
“Disputing Parties”) in relation to this reinsurance, including its formation and validity, and whether arising during or after the period of this reinsurance, shall be referred to an Arbitration Tribunal in the manner hereinafter
set out. 
 Unless the Disputing Parties agree upon a single Arbitrator within thirty days of one receiving a written request from the other for
Arbitration, the Claimant (the Disputing Party requesting Arbitration) shall appoint its Arbitrator and give written notice thereof to the Respondent. Within thirty days of receiving such notice the Respondent shall appoint its Arbitrator and give
written notice thereof to the Claimant, failing which the Claimant may nominate an Arbitrator on behalf of the Respondent. 
 Should the Arbitrators fail to
agree, they shall appoint, by mutual agreement or by a mutually agreed selection process, an Umpire to whom the matter in difference shall be referred. 

Unless the Disputing Parties otherwise agree, the Arbitration Tribunal shall consist of persons employed or engaged in a senior position in insurance or
reinsurance underwriting or claims. 
 The Arbitration Tribunal shall have the power to fix all procedural rules for the holding of the Arbitration
including discretionary power to make orders as to any matters which it may consider proper in the circumstances of the case with regard to pleadings, discovery, inspection of documents, examination of witnesses and any other matter whatsoever
relating to the conduct of the Arbitration and may receive and act upon such evidence whether oral or written strictly admissible or not as it shall in its discretion think fit. 

All costs and expenses including attorneys’ fees, arbitrator fees, and expert fees of the Arbitration shall be in the discretion of the Arbitration
Tribunal who may direct to and by whom and in what manner they shall be paid. 
 The seat of the Arbitration shall be in New York, NY and the Arbitration
Tribunal shall apply the laws of the state of domicile of the Reinsured, without regard to such state’s principles of conflict of laws that could compel the application of the laws of another jurisdiction, as the proper law of this reinsurance.

 The Arbitration Tribunal may not award exemplary, punitive, multiple or other damages of a similar nature. 

The award of the Arbitration Tribunal shall be in writing and binding upon the Disputing Parties who covenant to carry out the same. If either of the
Disputing Parties should fail to carry out any award the other may apply for its enforcement to a court of competent jurisdiction in any territory in which the Disputing Party in default is domiciled or has assets or carries on business. 

ARTICLE XXIX TERM 
 This Agreement will
commence on the Coinsurance Effective Date and run indefinitely unless earlier terminated as provided in ARTICLE XXX (the “Term”). 

  
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 ARTICLE XXX TERMINATION 

Notwithstanding anything contained to the contrary in this Agreement, this Agreement may only be terminated as follows: 

 

	 	(b)	 If either Party to this Agreement fails to pay (the “Non-paying
Party”) the other Party an amount due within thirty (30) days after the due date provided in this Agreement, the other Party (the “Terminating Party”) may terminate this Agreement, subject to thirty (30) days
prior written notice to the Non-paying Party of the Terminating Party’s intention to terminate; provided, however, that the Non-paying Party may avoid termination
of this Agreement pursuant to this paragraph by paying all undisputed amounts that are delinquent and then due, including any interest owing thereon pursuant to ARTICLE XXVI, on or before the termination date specified in the written notice;

  

	 	(c)	 In the event that a Governmental Authority with jurisdiction over the Reinsured denies or revokes the ability
of the Reinsured to take full statutory reserve financial statement credit for the reinsurance provided under this Agreement due to a Coinsurance Credit Event, the Reinsured may terminate this Agreement, subject to thirty (30) days prior
written notice to the Reinsurer of the Reinsured’s intention to terminate; provided, however, that the Reinsurer may avoid termination of this Agreement pursuant to this paragraph by fully complying with ARTICLE XXVII prior
to the end of such thirty (30) day notice period; 

  

	 	(d)	 This Agreement may be terminated by either Party by giving written notice of termination to the other Party if
such termination is required by any Governmental Authority under Applicable Law; 

  

	 	(e)	 This Agreement may be terminated by either Party at any time after the third (3rd) year anniversary of the
Coinsurance Effective Date by giving written notice of termination to the other Party; and 

  

	 	(f)	 If one or more of the reinsurance agreements between the Reinsurer and the Oscar Reinsureds that are subject to
the Interlocking provision herein is terminated for reasons other than that such termination was required by a Governmental Authority under Applicable Law, either Party may terminate this Agreement within thirty (30) days following the
termination of such reinsurance agreement that is subject to the Interlocking provision herein by giving the other Party written notice of termination of this Agreement. 

  
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 The effective date of termination of this Agreement (the “Termination Date”) for any notice
of termination properly delivered in accordance with this ARTICLE XXX, will be the date specified in such notice. 
 Upon the Termination Date of
this Agreement, subject to all other terms and conditions hereof including the Maximum Combined Ratio, the Reinsurer will remain liable for all reinsured liabilities under this Agreement with respect to each policy of the Subject Business that was
effected, bound, sold, issued, entered into, renewed or reinstated, as applicable, by the Reinsured on or prior to the Termination Date of this Agreement and the Reinsurer will remain liable for all such reinsurance until the end of the “Run-Off Period,” which will mean the period beginning on the Termination Date of this Agreement and continuing until the date on which the Reinsured has no further liabilities or obligations under any
policy of the Subject Business effected, bound, sold, issued, entered into, renewed or reinstated, as applicable, by the Reinsured on or prior to the Termination Date of this Agreement. For the avoidance of doubt, the Reinsured’s and the
Reinsurer’s respective obligation to pay the other all amounts due hereunder, as applicable, in accordance with the terms of this Agreement, with respect to the policies of the Subject Business that were effected, bound, issued, entered into,
renewed or reinstated, as applicable, by the Reinsured on or prior to the Termination Date of this Agreement, will extend during the Run-Off Period, as provided herein. The Parties hereto expressly agree that
they will reasonably cooperate with each other in the handling of all run-off obligations with respect to the policies of the Subject Business reinsured hereunder. 

Upon the Termination Date of this Agreement, no policies of the Subject Business effected, bound, sold, issued, renewed or reinstated, as applicable, by the
Reinsured after the Termination Date of this Agreement will be reinsured under this Agreement. 
 This ARTICLE XXX will survive the termination or
expiration of this Agreement. 
 ARTICLE XXXI NOTICES 

All notices, demands and other communications hereunder will be in writing and will be sent by certified mail return receipt requested, by hand or by
nationally recognized overnight courier service addressed to the Party to whom such notice or other communication is to be given or made at such Party’s address as set forth below, or to such other address as such Party may designate in writing
to the other Parties from time to time in accordance with the provisions hereof and will be deemed given five (5) calendar days after being sent by certified mail and one (1) Business Day after being sent by any other method described
above, as follows: 
 (i) If to Reinsurer: 
 National Indemnity
Company 
 100 First Stamford Place 
 Stamford, CT 06902 

Attn: General Counsel 
 #### 

  
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 (ii) If to Reinsured: 

Oscar Insurance Company of Florida 
 75 Varick Street, 5th Floor

 New York, NY 10013 
 Attn: Legal 

#### 
 (iii) provided, however, if any of the above
Parties will have designated a different address by notice to the other Parties, then to the last address so designated. 
 ARTICLE XXXII
GOVERNING LAW 
 This Agreement will be governed by and construed in accordance with the laws of the state of domicile of the Reinsured without
regard to such state’s principles of conflict of laws that could compel the application of the laws of another jurisdiction. 
 ARTICLE
XXXIII ENTIRE AGREEMENT 
 This Agreement, and each of the reinsurance agreements between the Reinsurer and the Oscar Reinsureds that are
subject to the Interlocking provision herein, and the schedules and exhibits hereto and thereto, which are expressly incorporated by reference herein and made a part hereof, constitute the entire agreement of the Parties with respect to the subject
matter hereof and supersedes all other prior understandings and agreements between the Parties with respect to the subject matter hereof, whether written or oral. 

ARTICLE XXXIV ASSIGNMENT AND DELEGATION 

This Agreement will be binding upon and inure solely to the benefit of the Parties and their respective successors and permitted assigns. This Agreement, and
the rights and obligations hereunder, cannot be assigned or delegated, in whole or in part, by the Reinsurer or the Reinsured without, except as otherwise expressly permitted under this Agreement, the prior written consent of the other;
provided, however, that no such assignment or delegation will relieve either the Reinsurer or the Reinsured from any liability or obligation hereunder. Any assignment or delegation in violation of this ARTICLE XXXIV will be null
and void ab initio. 
 ARTICLE XXXV EXPENSES 

Unless otherwise specifically provided herein, all costs and expenses incurred in connection with this Agreement and the transactions and obligations
contemplated herein will be paid by the Party incurring such cost or expense. 

  
 15 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed in duplicate by their duly
authorized representatives 
  

							
	This 13 day of August 2019	 		 	by Oscar Insurance Company of Florida
			
		 		 	 /s/ Siddhartha Sankaran

		 		 	Title: Chief Financial Officer
			
	This 13 day of August 2019	 		 	by National Indemnity Company
			
		 		 	 /s/ Brian Snover

		 		 	Title: Senior Vice President

  
 16

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