Document:

EX-10.19

 Exhibit 10.19 

ATHENE HOLDING LTD. 

2014 SHARE INCENTIVE PLAN 

AMENDED AND RESTATED RESTRICTED SHARE AWARD AGREEMENT 

THIS AMENDED AND RESTATED RESTRICTED SHARE AWARD AGREEMENT (the “Agreement”), dated as of [●], 2016 (the
“Effective Date”), is made between ATHENE HOLDING LTD., a Bermuda exempted company limited by shares (the “Company”), and the Participant set forth on the signature page to this Agreement (the
“Participant”). 
 WHEREAS, the Company, acting through the Committee with the consent of the Company’s Board
of Directors (the “Board”), previously granted to the Participant effective on [●] (the “Grant Date”), a restricted share award pursuant to the Athene Holding Ltd. 2014 Share Incentive Plan (the
“Plan”), the terms and conditions of which were set forth in that certain amended and restated restricted share award agreement, dated [●], between the Company and the Participant (the “Prior Award
Agreement”); 
 WHEREAS, the Company, acting through the Committee with the consent of the Board, and the Participant have
agreed to amend and restate the Prior Award Agreement on the terms and subject to the conditions set forth in this Agreement and the Plan; and 

WHEREAS, except as otherwise specifically provided herein, Awards granted by the Company (including those being amended pursuant to
this Agreement) are subject to the terms of the Sixth Amended and Restated Shareholders Agreement, by and among the Company and certain of its securityholders, dated as of April 4, 2014 (as it may be further amended from time to time, the
“Shareholders Agreement”). 
 NOW, THEREFORE, in consideration of the promises and of the mutual agreements
contained in this Agreement, the parties hereto hereby agree as follows: 
 Section 1. The Plan. 

The terms and provisions of the Plan are hereby incorporated into this Agreement as if set forth herein in their entirety. In the event
of a conflict between any provision of this Agreement and the Plan, the provisions of this Agreement shall control. A copy of the Plan may be obtained from the Company by the Participant upon request. Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings ascribed thereto in the Plan or the Shareholders Agreement, as the case may be. 

Section 2. Grant. 

Effective on the Grant Date, on the terms and subject to the conditions of the Plan and the Prior Award Agreement, the Company granted to the
Participant an Award to receive Restricted Shares (the “Restricted Shares”) at a purchase price of $0.001 per share (the “Purchase Price”).

 
The Company acknowledges that the Participant has paid the Purchase Price in full. The Restricted Shares are separated into two tranches for vesting purposes, the Tranche 1 Restricted Shares
(“Tranche 1 Restricted Shares”) and Tranche 2 Restricted Shares (“Tranche 2 Restricted Shares”), in the amounts set forth on the signature page hereto. 

Section 3. Dividend and Voting Rights. 

A Participant who holds Restricted Shares shall not have the rights of a shareholder with respect to such shares, including the right to vote,
if any, thereon until such Restricted Shares vest in accordance with Section 4. Notwithstanding the foregoing, at any time after a Return of Investment (as defined below) has been achieved, in the event the Company pays a dividend on
Shares, the Participant shall be entitled to receive an Adjusted Dividend (as defined below) on the Restricted Shares (the “Specified Shares”) held by the Participant that would have been eligible to receive the dividend but for the
fact that such Shares were not vested. The Adjusted Dividend shall be payable, from time to time, within two and one-half months after all or any portion of the Specified Shares vest pursuant to Section 4(a); provided that under no
circumstances shall any such Adjusted Dividend be paid prior to the achievement of a Return on Investment (as defined below). An “Adjusted Dividend” means, with respect to each dividend declared and paid on Shares by the Company
following the achievement of a Return on Investment (including, with respect to the dividend which causes a Return of Investment to be achieved, the portion, if any, of such dividend in excess of the amount necessary to cause a Return of
Investment), the per share dividend calculated by determining the total amount of dividends that would have been payable on the Specified Shares, assuming, solely for this purpose, that the time hurdles under Section 4(a) below were fully
satisfied as of the time that such dividend was paid, and dividing this amount by the number of Specified Shares. “Return of Investment” shall be the time at which dividends (whether in cash or specie) or consideration in
redemption shall have been paid, or Realized Cash shall have been received, or deemed to have been received as determined in accordance with Exhibit A, with respect to the Class A Common Shares actually purchased on or after October 30, 2012 in an
amount equal to $13.46 per share. For the avoidance of doubt, after a Return of Investment, dividends on vested Restricted Shares shall be paid at the same time that such dividends are paid to other stockholders. 

If the Participant forfeits any unvested Restricted Shares, the Participant shall also forfeit any payments related to dividends otherwise
deliverable in connection with the forfeited Restricted Shares. 
 Section 4. Vesting. 

Subject to the Participant’s not having a Termination of Relationship prior to the applicable vesting date (except as provided in
Section 4(a)(ii) and Section 4(a)(iii)) the Restricted Shares shall become non-forfeitable and the restrictions imposed thereon pursuant to Section 6(a) shall lapse (any Restricted Shares that shall have become non-forfeitable
pursuant to Section 4, the “Vested Shares”) according to the following provisions: 
 (a) Tranche 1 Restricted
Shares. 
 (i) Twenty-percent (20%) of the Tranche 1 Restricted Shares shall become Vested Shares on each of the 1st, 2nd, 3rd, 4th and 5th anniversaries of [●], and prior to becoming vested, shall be subject to the restrictions set forth in Section 6(a). 

  
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 (ii) In the event of the consummation of a Sale of the Company or upon the
occurrence of a Change in Control (A) prior to the Participant’s Termination of Relationship or (B) within six (6) months following a Termination of Relationship of the Participant by the Company, its Subsidiaries and/or the Asset Management
Company without Cause, by the Participant for Good Reason or as a result of the Participant’s death or Disability (each, a “Qualifying Termination”) the Tranche 1 Restricted Shares which have not theretofore vested or been
forfeited shall vest in full and shall become Vested Shares. “Change in Control” means any event or series of events by which (i) the Apollo Group ceases to own, directly or indirectly, equity interests in the Company
(“Equity Interests”) representing 40% or more on a fully-diluted basis of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company, and (ii) any “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934) becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended),
directly or indirectly, of a greater percentage on a fully-diluted basis of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests of the Company than such percentage owned by the Apollo Group. For
purposes of the definition of Change in Control, “Apollo Group” means (i) Apollo Global Management, LLC, any investment fund or managed account managed by Apollo Global Management, LLC and any of their respective Affiliates (in each
case, other than any operating portfolio companies of an Apollo managed fund or the Company or any of the Company’s Subsidiaries), and (ii) any employees of or consultants to the entities described in clause (i) of this sentence. 

(iii) In the event that the Participant is party to a written employment agreement with either the Company, any of its
Subsidiaries or with the Asset Management Company, any vesting provisions applicable to the Tranche 1 Restricted Shares contained therein are hereby incorporated by reference into this Agreement. 

(iv) For the avoidance of doubt, any Tranche 1 Restricted Shares that are unvested on the date of the Participant’s
Termination of Relationship (excluding any Restricted Shares that are eligible to vest pursuant to Section 4(a)(iii)) shall be forfeited to the Company as of such date in accordance with Section 6; provided, that, any
Tranche 1 Restricted Shares that are eligible to vest following the Participant’s Qualifying Termination pursuant to Section 4(a)(ii) shall be forfeited to the Company on the date that is six (6) months following the date of the
Participant’s Qualifying Termination, to the extent then unvested. 
 (b) Tranche 2 Restricted Shares. 

All Tranche 2 Restricted Shares are non-forfeitable hereunder.

  
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 Section 5. Limitations upon Liquidation and Distributions. 

Notwithstanding anything to the contrary herein or in the Plan or the Shareholders Agreement, it is the intent and agreement of the parties
hereto that upon (i) a Liquidation of the Company, any distributions on or proceeds in respect of Vested Shares shall only be paid to the extent a Return of Investment has been achieved and (ii) Vested Shares shall not be entitled to any dividends
until the achievement of a Return of Investment. For this purpose, a Return of Investment shall be determined including sale proceeds and deemed sale proceeds which shall be determined as set forth on Exhibit A hereto. 

Section 6. Restrictions on Transfer. 

(a) Restrictions Prior to Vesting; Effect of Termination of Employment Prior to Vesting. Prior to the time that the Restricted
Shares have become Vested Shares pursuant to Section 4, the Restricted Shares, any interest therein or any amount payable in respect thereof shall not be sold or Transferred. Except as expressly provided in Section 4(a)(ii) and
Section 4(a)(iii) as to the Tranche 1 Restricted Shares, if the Participant ceases to be employed by or ceases to provide services to the Company, a Subsidiary or the Asset Management Company (other than by virtue of any transfer of the
Participant’s employment or services as among the Company, a Subsidiary and the Asset Management Company), the Participant’s Restricted Shares shall be forfeited to the Company to the extent such shares have not become Vested Shares
pursuant to Section 4 as of the date of the Participant’s Termination of Relationship (regardless of the reason for such termination of employment or service, whether with or without cause, voluntarily or involuntarily, or due to death
or Disability). Restricted Shares subject to Section 4(a)(ii) and Section 4(a)(iii) shall be forfeited on the date or dates such Restricted Shares are no longer eligible to vest pursuant to such provisions to the extent that such
Restricted Shares do not become Vested Shares prior to such date or dates. In addition, in the event of the earliest to occur of (i) a Sale of the Company, (ii) a Liquidation of the Company, or (iii) the 36-month anniversary of the Lock-Up End
Date, the Participant’s Restricted Shares shall be forfeited to the Company immediately prior to the occurrence of such event to the extent such shares have not become Vested Shares or to the extent that such shares shall not otherwise become
Vested Shares upon the consummation of the Sale of the Company or the Liquidation of the Company. Upon the occurrence of any forfeiture of Restricted Shares hereunder, such forfeited Restricted Shares shall be automatically transferred to the
Company as of the date of such forfeiture, without any other action by the Participant. The Company may exercise its powers under Section 10(d) hereof and take any other action necessary or advisable to evidence such transfer. The
Participant shall deliver any additional documents of transfer that the Company may request to confirm the transfer of such forfeited Restricted Shares to the Company. Within a reasonable period of time following the Company’s receipt of
such forfeited Restricted Shares, and any other documents required pursuant to the preceding sentence, the Company shall pay to the Participant (in the form of a check or by cancellation of money purchase indebtedness) an amount equal to the lesser
of (i) the original Purchase Price paid by the Participant for the forfeited Restricted Shares, or (ii) the Fair Market Value of the forfeited Restricted Shares determined as of date of such forfeiture. No interest shall be paid with respect to
and no other adjustments (other than adjustments in accordance with Article X of the Plan) shall be made to the repurchase amount determined pursuant to the preceding sentence. 

  
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 (b) Restrictions After Vesting. Upon and after the time that any Restricted Shares
have become Vested Shares pursuant to Section 4, such Vested Shares shall not continue to be subject to the restrictions set forth in Section 6(a), but such Vested Shares shall continue to be subject to the other limitations and
restrictions set forth herein (including Section 6(e) below), in the Plan and in the Shareholders Agreement. 
 (c) Transfers
Void. Any sale or transfer, or purported sale or transfer, of any Restricted Shares acquired pursuant to this Agreement or any interest therein other than to the Company shall be null and void except to the extent transferred in accordance
with the Company’s estate planning policy. 
 (d) Charter Documents. The Certificate of Altered Memorandum of Association,
the Bye-laws of the Company, the Subscription Agreement, the Registration Rights Agreement and the Shareholders Agreement (collectively, the “Other Agreements”), as any of them may be amended from time to time, may provide for
additional restrictions and limitations with respect to the Shares (including additional restrictions and limitations relating to the preference return on common equity of the Company to the shareholders of such equity and on the transfer of
Shares). To the extent that the restrictions and limitations set forth in the Other Agreements are greater than those set forth in this Agreement, such restrictions and limitations shall apply to the Restricted Shares as well as any Restricted
Shares that may have become Vested Shares and are incorporated herein by this reference. The restrictions and limitations set forth in such Other Agreements are not, however, in lieu of, nor shall they in any way reduce or eliminate, any
limitation or restriction on the Shares imposed under the Plan or this Agreement, including Section 6(e) below. In the event of any conflict between the terms of the Other Agreements and the terms of the Plan or this Agreement, the terms
contained in the Plan or this Agreement shall be controlling. 
 (e) Call Rights. Notwithstanding anything herein or in the
Other Agreements to the contrary (including Section 3.7 of the Shareholders Agreement), the Participant and the Company agree that the provisions of this Section 6(e) shall apply with respect to the Vested Shares (“Subject
Shares”).
 (i) Within 270 days following a Participant’s Termination of Relationship for any reason (or
the date on which the Restricted Shares become Vested Shares, if later), the Company shall have the right (but not the obligation) to repurchase all or any portion of the Subject Shares, and the Participant shall be obligated to sell any such
Subject Shares in accordance with this Section 6(e). Any Permitted Transferee that received Subject Shares pursuant to clause (b) of the definition of Permitted Transfer as set forth in the Shareholders Agreement shall be subject to
this Section 6(e) as if such Permitted Transferee and the Participant through which such Permitted Transferee received such Subject Shares are one and the same. For the avoidance of doubt, the Company’s repurchase of a portion of
the Subject Shares held by the Participant (or Permitted Transferee) shall not preclude the Company from repurchasing additional Subject Shares held by such Participant (or Permitted Transferee) at a later date or dates within the 270-day period(s)
described above. 

  
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 (ii) In the event that the Company wishes to exercise its rights pursuant to this
Section 6(e), the Company shall deliver to such Participant (or his or her heirs or representatives), a timely written notice (the “Repurchase Notice”) that sets forth (i) the number of Subject Shares the Company is
repurchasing, (ii) an indication of the price to be paid for each such Subject Shares and (iii) the anticipated closing date of such transaction. The Company shall have the right to revoke the Repurchase Notice at any time prior to
the consummation of such repurchase. 
 (iii) Any repurchase of Subject Shares by the Company pursuant to the terms of this
Section 6(e) shall be consummated on a date (the “Repurchase Date”) within thirty (30) calendar days following delivery of a Repurchase Notice. Any repurchase of Subject Shares by the Company pursuant to the terms
of this Section 6(e) shall be made: 
 (A) with respect to Vested Shares which are repurchased prior to an IPO, if the
Termination of Relationship occurred for any reason other than Cause, in cash at a price per Vested Share equal to the Fair Market Value of a Class A Share as most recently reported to Shareholders by the Company less the Group 3 Preference
Amount (defined below); 
 (B) with respect to Vested Shares which are repurchased following an IPO, if the Termination of
Relationship occurred for any reason other than Cause, in cash at a price per Vested Share equal to the volume weighted average closing trading price of a Class A Share on the principal exchange where the Class A Shares are traded during the
60-trading day period immediately preceding the date of the Repurchase Notice less the Group 3 Preference Amount; and 

(C) with respect to Vested Shares which are repurchased following a Termination of Relationship for Cause, in cash at a price
per Vested Share equal to the original per Share Purchase Price paid by the Participant for such Vested Shares. 
 For purposes of this
Section 6(e)(iii), “Group 3 Preference Amount” shall have the meaning ascribed to it in Bye-laws of the Company. 

(iv) The Repurchase Price (defined below) shall be paid in a lump sum cash payment on the Repurchase Date. The Participant
(or Permitted Transferee) hereby agrees that upon his or her receipt of such Repurchase Price, the outstanding Subject Shares then owned by such Participant (or Permitted Transferee) that are sold pursuant to this Section 6(e) shall
automatically be transferred, sold and assigned to the Company and the Secretary of the Company shall automatically and irrevocably be appointed to transfer such Subject Shares to the Company on the books of the Company with full power of
substitution. For purposes of this Section 6(e), the “Repurchase Price” means the price referred to in Section 6(e)(iii), as applicable.

(v) The Participant (or Permitted Transferee) agrees to provide customary representations and warranties to the Company,
including (A) his or her power, authority and legal capacity to enter into such sale and to transfer valid right, title and interest in 

  
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such Subject Shares; (B) his or her ownership of such Subject Shares and the absence of any liens, pledges, and other encumbrances on such Subject Shares; and (C) the absence of any
violation, default, or acceleration of any agreement or instrument pursuant to which such Participant (or Permitted Transferee) or the assets of such Participant (or Permitted Transferee) are bound as the result of such sale. 

(vi) If the Participant (or Permitted Transferee) holds Subject Shares which the Company wishes to repurchase in accordance
with this Section 6(e), the Participant (or Permitted Transferee) shall be entitled to payment in accordance with this Section 6(e), but shall no longer be entitled to participation in the Company or enjoy other rights as a shareholder
with respect to the Subject Shares subject to such repurchase. To the maximum extent permitted by law, the Participant’s (or Permitted Transferee’s) rights following the Repurchase Notice, with respect to the repurchase of Subject
Shares covered thereby, shall be solely the rights that he or she has as a general creditor of the Company to receive the amount set forth in this Section 6(e). 

(vii) For the avoidance of doubt, the provisions of this Section 6(e) shall cease to apply to Vested Shares that have
been exchanged for Class A Common Shares pursuant to Section 11. The provisions of this Section 6(e) shall automatically terminate and be of no further force or effect with respect to a Termination of Relationship occurring on or after
the IPO Date. 
 Section 7. Protective Covenants. 

(a) Confidential Information. The Participant shall not disclose or use at any time any Confidential Information (as defined
below) of which the Participant is or becomes aware, whether or not such information is developed by the Participant, except to the extent that such disclosure or use is directly related to and required by the Participant’s performance in good
faith of duties for the Company, the Asset Management Company or their respective Affiliates. The Participant shall take all appropriate steps to safeguard Confidential Information in the Participant’s possession and to protect it against
disclosure, misuse, espionage, loss and theft. The Participant shall deliver to the Company upon the Participant’s Termination of Relationship, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer
tapes and software and other documents and data (and copies thereof) relating to the Confidential Information or the business of the Company, the Asset Management Company or any of their respective Affiliates which the Participant may then possess
or have under his or her control. Notwithstanding the foregoing, the Participant may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible notice thereof, shall, as much in
advance of the return date as possible, make available to the Company and its counsel the documents and other information sought, and shall assist the Company and such counsel in resisting or otherwise responding to such process. As used in
this Agreement, the term “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by the Company, the Asset Management Company or their respective Affiliates in
connection with their businesses, including, but not limited to, information, observations and data obtained by the Participant while providing services to the Company, the Asset Management Company, their respective Affiliates or any predecessors
thereof (including those obtained prior to the date hereof) concerning (i) the business or affairs of 

  
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the Company, the Asset Management Company or their respective Affiliates (or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses,
(vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions,
devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and customer or client lists, (xiii) other copyrightable works, (xiv) all production methods,
processes, technology and trade secrets, and (xv) all similar and related information in whatever form. Confidential Information will not include any information that has been published (other than a disclosure by the Participant in breach of this
Agreement) in a form generally available to the public prior to the date the Participant proposes to disclose or use such information. Confidential Information will not be deemed to have been published merely because individual portions of the
information have been separately published, but only if all material features comprising such information have been published in combination. 

Nothing herein (including, without limitation, any provision of this Section 7) shall, or is intended to, limit the Participant’s right
to file a proceeding with, or provide truthful evidence or other information, to any federal, state or local governmental agency. 
 (b)
Restriction on Competition. The Participant acknowledges that, in the course of his or her service with the Company, its Subsidiaries, the Asset Management Company and/or their predecessors (the “Protected Companies”), he or
she has become familiar, or will become familiar, with the Protected Companies’ trade secrets and with other confidential and proprietary information concerning the Protected Companies and that his or her services have been and will be of
special, unique and extraordinary value to the Protected Companies. The Participant agrees that if the Participant were to become employed by, or substantially involved in, the business of a competitor of the Protected Companies during the
Restricted Period, it would be very difficult for the Participant not to rely on or use the Protected Companies’ trade secrets and confidential information. Thus, to avoid the inevitable disclosure of the Protected Companies’ trade secrets
and confidential information, and to protect such trade secrets and confidential information and the Protected Companies’ relationships and goodwill with customers, during the Restricted Period, the Participant will not directly or indirectly
through any other Person engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the financing, operation, management or control of, any Competing Business. For purposes of this Agreement, the
phrase “directly or indirectly through any other Person engage in” shall include, without limitation, any direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner,
joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant, director, officer or licensor of technology. For purposes of this Agreement, “Restricted Area” means
anywhere in the United States, Bermuda and elsewhere in the world where the Protected Companies engage in business, including, without limitation, jurisdictions where any of the Protected Companies reasonably anticipate engaging in business on the
date of the Participant’s Termination of Relationship (provided that as of the date of the Participant’s Termination of Relationship, to the knowledge of the Participant, such area has been discussed as a market that the Protected
Companies reasonably contemplate engaging in within the twelve (12) month period following the date of the Participant’s Termination of Relationship). For purposes of this 

  
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Agreement, “Competing Business” means a Person that at any time during the Participant’s period of service has competed, or any time during the twelve (12) month period
following the date of the Participant’s Termination of Relationship begins competing with the Protected Companies anywhere in the Restricted Area and in the business of (i) annuity reinsurance, focusing on contracts reinsuring a quota share of
future premiums of various fixed annuity product lines, (ii) reinsuring closed blocks of existing business, (iii) managing investments held by ceding companies pursuant to funds withheld coinsurance contracts with its affiliates, (iv) managing
investments in the life insurance industry, or (v) any significant business conducted by the Protected Companies as of the date of the Participant’s Termination of Relationship and any significant business the Protected Companies conduct in the
twelve (12) month period after the Participant’s Termination of Relationship (provided that as of the date of the Participant’s Termination of Relationship, to the knowledge of the Participant, such business has been discussed as a
business that the Protected Companies reasonably contemplate engaging in within such twelve (12) month period). For purposes of this Agreement, “Restricted Period” means the Participant’s period of service until his or her
Termination of Relationship, and thereafter through and including: (A) twelve (12) months following the Participant’s Termination of Relationship with respect to any Participant with a title of CEO, President or EVP at the time of the
Termination of Relationship; (B) nine (9) months following the Participant’s Termination of Relationship with respect to any Participant with a title of SVP at the time of the Termination of Relationship and (C) six (6) months following the
Participant’s Termination of Relationship with respect to any Participant with a title of VP at the time of the Termination of Relationship. 

Nothing herein shall prohibit the Participant from (i) being a passive owner of not more than 1% of the outstanding stock of any class of a
corporation which is publicly traded, so long as the Participant has no active participation in the business of such corporation, or (ii) providing services to a subsidiary, division or affiliate of a Competing Business if such subsidiary, division
or affiliate is not itself engaged in a Competing Business and the Participant does not provide services to, or have any responsibilities regarding, the Competing Business. 

(c) Non-Solicitation of Employees and Consultants. During the Participant’s period of service and for a period of twelve (12)
months after the date of the Participant’s Termination of Relationship, the Participant shall not directly or indirectly through any other Person (i) induce or attempt to induce any employee or independent contractor of the Protected Companies
to leave the employ or service, as applicable, of the Protected Companies, or in any way interfere with the relationship between the Protected Companies, on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii)
hire any person who was an employee of the Protected Companies, in each case, until six (6) months after such individual’s employment relationship with the Protected Companies has been terminated. 

(d) Non-Solicitation of Customers. During the Participant’s period of service and for a period of twelve (12) months after the
date of the Participant’s Termination of Relationship, the Participant shall not directly or indirectly through any other Person influence or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, ceding
companies, associates, consultants, agents, or partners of the Protected Companies to divert their business away from the Protected Companies, and the Participant will not otherwise interfere with, disrupt or attempt to disrupt the business
relationships, contractual or otherwise, between the Protected Companies, on the one hand, and any of their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees, consultants, managers, partners, members
or investors, on the other hand. 

  
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 (e) Understanding of Covenants. The Participant represents and agrees that he or she (i)
is familiar with and carefully considered the foregoing covenants set forth in this Section 7 (together, the “Restrictive Covenants”), (ii) is fully aware of his or her obligations hereunder, (iii) agrees to the
reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the Restrictive Covenants are necessary to protect the Protected Companies’ confidential and proprietary
information, good will, stable workforce and customer relations, and (v) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 7 regardless of whether the Participant is then
entitled to receive severance pay or benefits from any of the Protected Companies. The Participant understands that the Restrictive Covenants may limit his or her ability to earn a livelihood in a business similar to the business of the Protected
Companies, but he or she nevertheless believes that he or she has received and will receive sufficient consideration and other benefits as an employee of or other service provider to the Company and as otherwise provided hereunder to clearly justify
such restrictions which, in any event (given his or her education, skills and ability), the Participant does not believe would prevent him or her from otherwise earning a living. The Participant agrees that the Restrictive Covenants do not confer a
benefit upon the Protected Companies disproportionate to the detriment of the Participant. 
 (f) Enforcement. The Participant agrees
that the Participant’s services are unique and that he or she has access to Confidential Information. Accordingly, the Participant agrees that a breach by the Participant of any of the covenants in this Section 7 would cause immediate
and irreparable harm to the Company that would be difficult or impossible to measure, and that damages to the Company for any such injury would therefore be an inadequate remedy for any such breach. Therefore, the Participant agrees that in the
event of any breach or threatened breach of any provision of this Section 7, the Company shall be entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to
obtain specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Section 7, as the case may be, or require the
Participant to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived from or received as a result of any transactions constituting a breach of this Section 7, if and when
final judgment of a court of competent jurisdiction is so entered against the Participant. The Participant further agrees that the applicable period of time any Restrictive Covenant is in effect following the date of the Participant’s
Termination of Relationship, as determined pursuant to the foregoing provisions of this Section 7, shall be extended by the same amount of time that the Participant is in breach of any Restrictive Covenant. 

Section 8. Limitation on Benefits. 

(a) Notwithstanding anything contained in this Agreement to the contrary, except as provided in Section 8(d), to the extent that any
payment, benefit or distribution of any type to or for the benefit of the Participant by the Company or any of its Affiliates, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this

  
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Agreement or otherwise (including, without limitation, any accelerated vesting of stock options or other equity-based awards) (collectively, the “Total Payments”) would be
subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments shall be reduced (but not below zero) so that the maximum amount of the Total Payments
(after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of the Code. Unless the Participant shall have given prior written notice to the Company
to effectuate a reduction in the Total Payments if such a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to avoid the imputation of any tax, penalty or interest thereunder, the Company shall
reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced first), then by reducing or eliminating any accelerated vesting of stock options
or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining Total Payments. This Section 8 shall take precedence over the provisions of
any other plan, arrangement or agreement governing the Participant’s rights and entitlements to any benefits or compensation. 
 (b)
Any determination that Total Payments to the Participant must be reduced or eliminated in accordance with Section 8(a) and the assumptions to be utilized in arriving at such determination, shall be made by the Board in the exercise of its
reasonable, good faith discretion based upon the advice of such professional advisors it may deem appropriate in the circumstances. As a result of the uncertainty in the application of Section 4999 of the Code at the time of the initial
determination by the Board hereunder, it is possible that Total Payments to the Participant which will not have been made by the Company should have been made (“Underpayment”) or that Total Payments to the Participant which were
made should not have been made (“Overpayment”). If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid by the Company to or for the benefit of the Participant. In the event of an Overpayment,
then the Participant shall promptly repay to the Company the amount of any such Overpayment together with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any
successor thereto), from the date the reimbursable payment was received by the Participant to the date the same is repaid to the Company. 

(c) If any portion of the Total Payments would otherwise be subject to the excise tax imposed by Section 4999 of the Code (before giving
effect to any reduction in Total Payments contemplated by Section 8(a)), the Company shall use its reasonable efforts to obtain (in a manner which satisfies all applicable requirements of Section 280G(b)(5)(B) of the Code and the Treasury
Regulations thereunder, including Q-7 of Section 1.280G-1 of such Treasury Regulations) the approval by such number of shareholders of the Company as is required by the terms of Section 280G(b)(5)(B) of the Code so as to render the parachute payment
provisions of Section 280G of the Code inapplicable to the Total Payments that would be reduced or eliminated by operation of Section 8(a) if such shareholder approval was not obtained. 

(d) Notwithstanding Section 8(a), the Company will pay the full amount of the Total Payments to the Participant if the Participant
makes the Company and its Affiliates whole on an after tax basis for any adverse tax consequences imposed on the Company and its Affiliates under Section 280G of the Code as a result of paying the Total Payments to the Participant. The Company
acknowledges that the adverse tax consequences to it will be limited by the extent to which it is subject to U.S. income tax. 

  
 11 

 Section 9. Participant’s Employment or Service. 

Nothing in this Agreement shall confer upon the Participant any right to continue in the employ or service of the Company, any of its
Subsidiaries or the Asset Management Company or interfere in any way with the right of the Company, its Subsidiaries or the Asset Management Company, as the case may be, in its sole discretion, to terminate the Participant’s employment or
service or to increase or decrease the Participant’s compensation at any time. 
 Section 10. Delivery of Shares. 

(a) Form. The Company shall, in its discretion, issue the Restricted Shares either: (1) in certificate form as provided in clause (b)
below; or (2) in book entry form, registered in the name of the Participant with notations regarding the applicable restrictions on transfer imposed under this Agreement. 

(b) Certificates to be Held by the Company; Legend. Any certificates representing the Restricted Shares that may be delivered to the
Participant by the Company prior to vesting of the Restricted Shares pursuant to Section 4 shall be redelivered to the Company to be held by the Company or its designee until the shares represented thereby vest pursuant to Section 4.
Any such certificates will bear a legend making appropriate reference to the restrictions imposed hereunder. 
 (c) Delivery of
Certificates Upon Vesting. Promptly after the date any Restricted Shares become Vested Shares pursuant to Section 4, the Company shall, as applicable, either remove the notations on any such Vested Shares issued in book entry form or
deliver to the Participant a certificate or certificates evidencing the number of such Vested Shares (or, in either case, such lesser number of shares as may be permitted pursuant to the tax withholding provisions referred to in Section 19). The
Participant shall deliver to the Company any representations or other documents or assurances as the Company may deem necessary or reasonably desirable to ensure compliance with all applicable legal and regulatory requirements. The shares so
delivered shall no longer be restricted pursuant to Section 6(a) but shall continue to be subject to the restrictions referred to in Section 6(b), Section 6(d) and Section 6(e). 

(d) Power of Attorney. The Participant, by acceptance of the Award, shall be deemed to appoint, and does so appoint by execution of
this Agreement, the Company and each of its authorized representatives as the Participant’s attorney(s)-in-fact to (1) effect any transfer to the Company (or other purchaser, as the case may be) of the Restricted Shares acquired pursuant to
this Agreement that are repurchased by or forfeited to the Company (or other permitted purchaser), and (2) execute such documents as the Company or such representatives deem necessary or advisable in connection with any such transfer. 

(e) Share Legend Generally. The certificate(s) representing the Restricted Shares as well as any Restricted Shares that may become
Vested Shares shall bear the legend set forth in Section 7.2 of the Plan and/or any other appropriate or required legends under applicable laws. 

  
 12 

 
Such legends shall remain on the certificate(s) representing the Restricted Shares until the later of (1) an IPO (or such later date that counsel to the Company may reasonably determine is
advisable to help ensure the Company’s compliance with all applicable legal and regulatory requirements) or (2) as to any legend referencing the forfeiture provisions of Section 6(a), until the date that such shares become Vested Shares
pursuant to Section 4. 
 Section 11. Exchange of Restricted Shares. 

(a) The Participant shall exchange all of the Restricted Shares that become Vested Shares prior to or as of the IPO Date, as applicable,
(“Pre-IPO Vested Shares”) into Class A Common Shares by surrendering a portion of the Vested Shares to be exchanged to the Company. Pre-IPO Vested Shares shall be exchanged for a number of Class A Common Shares of the Company
determined by the product of (i) the number of Vested Shares being exchanged multiplied by (ii) the quotient obtained by dividing (A) the result of (x) the value of a Class A Common Share determined using the Valuation Method elected as provided
below (the “Class A Value”) less (y) $13.46 less the per share dividends and other distributions, if any, paid by the Company in respect of the Class A Common Shares on or after October 30, 2012 by (B) the Class A Value. The
Participant shall within 10 days after the Effective Date (such tenth day, the “Election Date”) elect one or more of the following valuation methods (each, a “Valuation Method”) in ten percent increments using
Exhibit C hereto to effect the exchange of Pre-IPO Vested Shares: (a)(i) for all Pre-IPO Vested Shares that have vested on or before the Effective Date, the value of a Class A Common Share determined by the Company as of the Election Date or
(ii) for all Pre-IPO Vested Shares that vest following the Effective Date but prior to the IPO Date, the value of a Class A Common Share determined by the Company as of the applicable vesting date (“Private Valuation”); (b) the
price at which the Company and the underwriters agree to offer and actually sell Class A Common Shares to the public in the IPO (“IPO Price”) and (c) the Fair Market Value of a Class A Common Share on the applicable exchange date
(“Post-IPO Installments”). 
 (b) Exchanges using (i) the Private Valuation method will occur on the Election Date for all
Pre-IPO Vested Shares that have vested on or before the Effective Date and on the vesting date for all Pre-IPO Vested Shares that vest following the Effective Date but prior to the IPO Date, with settlement occurring as soon as reasonably
practicable thereafter, (ii) the IPO Price will occur on the IPO Date, with settlement occurring as soon as reasonably practicable following the IPO Date, and (iii) Post-IPO Installments will occur in six substantially equal installments on the 10th trading day of each of the first six calendar months beginning with the month following the month in which the IPO Date falls, with settlement occurring as soon as reasonably practicable following
the applicable 10th trading day. 
 (c) The Participant shall exchange Restricted
Shares that become Vested Shares after the IPO Date (“Post-IPO Vested Shares”) into Class A Common Shares within 30 days after the vesting date. The Participant may exchange Post-IPO Vested Shares by surrendering a portion of the
Vested Shares to be exchanged or by making a cash payment. If the Participant elects to surrender Vested Shares, the Post-IPO Vested Shares shall be exchanged for a number of Class A Common Shares of the Company determined by the product of
(i) the number of Vested Shares being exchanged multiplied by (ii) the quotient obtained by dividing (A) the result of (x) the Fair Market Value of a Class A Common Share less (y) $13.46 less the per share dividends

  
 13 

 
and other distributions, if any, paid by the Company in respect of the Class A Common Shares on or after October 30, 2012 by (B) the Fair Market Value of a Class A Common Share. If the
Participant elects to pay cash, the Participant shall pay to the Company $13.46 less the per share dividends and other distributions, if any, paid by the Company in respect of the Class A Common Shares on or after October 30, 2012 for each Post-IPO
Vested Share to be exchanged, and each Post-IPO Vested Share shall be exchanged for one Class A Common Share of the Company. If the Participant does not make a timely election, the exchange will occur by surrender of Vested Shares on the thirtieth
day following the vesting date as provided in this Section 11(c). 
 (d) Notwithstanding the foregoing, after achievement of a Return
of Investment (determined based on dividends and other distributions actually paid and Realized Cash actually received), each Post-IPO Vested Share shall be exchanged for one Class A Common Share of the Company without surrender of Shares to the
Company or payment, regardless of whether Class A Common Shares (or any securities attributable to such shares) are listed on a public exchange. 

(e) As a condition to an exchange the Company may require that the Participant deliver to the Company an agreement or certificate containing
such representations, warranties and covenants as the Company reasonably requires. 
 (f) Notwithstanding anything to the contrary in this
Section 11, the Company, in its sole discretion, may elect not to issue any fractional Class A Common Shares upon the exchange of Vested Shares for Class A Common Shares and, in lieu of issuing such fractional Class A Common Shares, may, in
its sole discretion, either (i) deliver to the Participant the number of Class A Common Shares equal to the next highest whole share or (ii) pay to the Participant, in cash, an amount equal to the value of such fractional Class A Common Shares
determined using the Class A Value for Pre-IPO Vested Shares, and the Fair Market Value for Post-IPO Vested Shares. 
 Section 12.
Securities Law Representations. 
 The Participant hereby represents and warrants to the Company as set forth on Exhibit
B hereto. 
 Section 13. Notices. 

All notices, claims, certifications, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been
duly given and delivered if personally delivered or if sent by nationally-recognized overnight courier, by telecopy, or by registered or certified mail, return receipt requested and postage prepaid, addressed as follows: 

If to the Company, to: 
 Athene
Holding Ltd. 
 c/o Athene Employee Services, LLC 

Attention: Kristi Burma, SVP of Human Resources 

7700 Mills Civic Parkway 
 West
Des Moines, Iowa 50266-3862 

  
 14 

 with copy to: 

Sidley Austin LLP 
 One South
Dearborn 
 Chicago, IL 60603 

Attention: Perry Shwachman 

Telephone: (312) 853-7061 

Facsimile: (312) 853-7036 
 Email:
pshwachman@sidley.com 
 If to the Participant, to him at the address set forth on the signature page hereto; or to such other address as the party
to whom notice is to be given may have furnished to the other party in writing in accordance herewith. Any such notice or other communication shall be deemed to have been received (a) in the case of personal delivery, on the date of such delivery
(or if such date is not a business day, on the next business day after the date of delivery), (b) in the case of nationally-recognized overnight courier, on the next business day after the date sent, (c) in the case of telecopy transmission, when
received (or if not sent on a business day, on the next business day after the date sent), and (d) in the case of mailing, on the third business day following that on which the piece of mail containing such communication is posted. 

Section 14. Waiver of Breach. 

The waiver by either party of a breach of any provision of this Agreement must be in writing and shall not operate or be construed as a waiver
of any other or subsequent breach. 
 Section 15. Participant’s Undertaking; Participant’s Release. 

(a) The Participant hereby agrees to take whatever additional actions and execute whatever additional documents the Company may in its
reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Participant pursuant to the express provisions of this Agreement and the Plan; provided, however, that such
additional actions and documents are consistent with the terms of this Agreement. 
 (b) The Participant acknowledges and agrees that the
Participant is not relying (for purposes of accepting this Award, making any tax election related to this Award or otherwise) upon any information, advice, counsel or representations (whether written or oral) of the Company with respect to the
valuation of the Restricted Shares. The Participant has consulted with his or her own legal, regulatory, tax, business, investment, financial, and accounting advisers to the extent he or she has deemed necessary, and have made his or her own
decisions with respect to accepting this Award and making any tax election related to the Restricted Shares based upon his or her own judgment and upon any advice from such advisers he or she has deemed necessary and not upon any view expressed by
the Company. The Participant is accepting this Award with a full understanding of all the terms, conditions and risks hereof and 

  
 15 

 
thereof (economic and otherwise), and is capable of and willing to assume (financially and otherwise) those risks. The Participant agrees that neither the Company nor any of its Affiliates shall
have any liability to the Participant for any loss or liability that the Participant may suffer to the extent that it arises out of, or in connection with tax-related matters, including but not limited to any matter related to any decision by the
Participant to make a Section 83(b) election, any Section 83(b) filing made with the IRS or any income recognized by the Participant related to or arising out of the Restricted Shares. 

Section 16. Modification of Rights. 

The rights of the Participant are subject to modification and termination in certain events as provided in this Agreement and the Plan (with
respect to the Restricted Shares granted hereby). Notwithstanding the foregoing, the Participant’s rights under this Agreement and the Plan may not be materially impaired without the Participant’s prior written consent. 

Section 17. Governing Law. 

THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO ANY CHOICE OR
CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF DELAWARE OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF DELAWARE TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE
STATE OF DELAWARE WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 

Section 18. Arbitration. 

Except for suits seeking injunctive relief or specific performance or as otherwise prohibited by law, the parties hereby agree that any
dispute, controversy or claim arising out of, connected with and/or otherwise relating to this Agreement and the arbitrability of any controversy or claim relating hereto, will be finally settled by binding arbitration. The parties hereby knowingly
and voluntarily waive any rights that they may have to a jury trial for any such disputes, controversies or claims. The parties agree to resolve any dispute arising out of this Agreement before the American Arbitration Association (the
“AAA”) in accordance with the AAA’s then existing National Rules for the Resolution of Employment Disputes. The arbitration shall be administered by the AAA and the hearing shall be conducted in the State of Delaware before a
neutral arbitrator, who must have been admitted to the practice of law for at least the last ten years (the “Arbitrator”). Each party further agrees to pay its or his own arbitration costs, attorneys’ fees, and expenses, unless
otherwise required by the AAA’s then-existing arbitration rules. The Arbitrator shall issue an opinion within thirty (30) days of the final arbitration hearing and shall be authorized to award reasonable attorneys’ fees to the prevailing
party, which decision of the Arbitrator will be final, conclusive, unappealable and binding on the parties. The arbitration proceeding shall be confidential except that any arbitration award may be filed in a court of competent jurisdiction by
either party for the purpose of enforcing the award. 

  
 16 

 Section 19. Withholding and Other Tax Issues. 

The Company’s obligation to deliver the Restricted Shares or any certificates evidencing the Restricted Shares, or otherwise remove the
restrictive notations or legends on such shares or certificates that refer to the transfer restrictions set forth in Section 6(a), is subject to the condition precedent that the Participant either pay (in cash or Shares) or provide for the
amount of any such withholding obligations in such manner as may be authorized by the Committee under Article XV of the Plan. The Participant covenants and agrees to hold harmless and indemnify the Company, to the fullest extent permitted by
applicable law, for any and all withholding taxes, penalties, fines and amounts paid in settlement of obligations related to any federal, state, local or other income, employment or other taxes with respect to the grant, vesting or making an
election under Section 83(b) of the Code or other event with respect to the Restricted Shares. 
 Section 20. Adjustment. 

In the event of any event described in Article X of the Plan occurring after the Grant Date, the adjustment provisions as provided for under
Article X of the Plan shall apply to the Restricted Shares. If any adjustment is made to the Restricted Shares pursuant to Article X of the Plan, the restrictions applicable to the Restricted Shares will continue in effect with respect to any
consideration or other securities (the “Restricted Property” and, for the purposes of this Agreement, “Restricted Shares” shall include “Restricted Property,” unless the context otherwise requires) received in
respect of such Restricted Shares. Such Restricted Property shall vest at such times and in such proportion as the Restricted Shares to which the Restricted Property is attributable vest, or would have vested pursuant to the terms hereof if such
Restricted Shares had remained outstanding. 
 Section 21. Counterparts. 

This Agreement may be executed in one or more counterparts, and each such counterpart shall be deemed to be an original, but all such
counterparts together shall constitute but one agreement. 
 Section 22. Entire Agreement. 

This Agreement and the Plan (and the other writings referred to herein) constitute the entire agreement between the parties with respect to
the subject matter hereof and thereof and supersede all prior written or oral negotiations, commitments, representations and agreements with respect thereto, including the Prior Award Agreement. 

Section 23. Severability. 

It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under
the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court of competent jurisdiction to be invalid, prohibited or unenforceable
for any reason, such provision, as to such jurisdiction, shall be ineffective, without 

  
 17 

 
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. Notwithstanding the foregoing, if such provision
could be more narrowly drawn so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction. 
 Section 24. Waiver of Jury Trial. 

Each party hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, trial by jury in
any suit, action or proceeding arising hereunder. 
 [Signature Page Follows] 

  
 18 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

			
	THE COMPANY:
	
	ATHENE HOLDING LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE PARTICIPANT:
	
	  

	[NAME]
	
	  

	Date of Acceptance

  

					
	 Number of Shares subject to Tranche 1 Restricted Shares:
	  	 	[            	] 
		
	 Number of Shares subject to Tranche 2 Restricted Shares:
	  	 	[            	] 
		
	 Purchase Price for Tranche 1 Restricted Shares and Tranche 2 Restricted Shares:
	  	$	0.001 per share	  

 EXHIBIT A 

Deemed sale proceeds for purposes of determining Adjusted Dividends and the entitlement to dividends and distribution pursuant to Section 5 shall be
determined as follows: 
  

	1.	In the event that (x) any AAA Investor Shares remain unsold on each of the lock-up release dates occurring on the 7-1/2-month, 12-month and 15-month anniversary of the date of the IPO (the “IPO Date”),
and (y) the Class A Common Shares are traded on a national public securities exchange on or after such date (the “Relevant Exchange”), then, for purposes of determining whether the Return of Investment has been achieved as of such
release date, any unsold AAA Investor Shares shall be deemed sold (or, if such unsold shares are held in a form other than Class A Common Shares, then an equivalent number of Class A Common Shares shall be deemed sold), and the AAA Investor shall be
deemed to have received Realized Cash, on such release date equal to the product of (A) the number of the then unsold AAA Investor Shares, and (B) the volume weighted average closing trading price for the AAA Investor Shares on the Relevant Exchange
during the ninety (90) preceding trading days through and including such release date; provided that, for the avoidance of doubt, the calculation shall exclude any amounts deemed to have been received on any prior release date pursuant to this
provision as a result of such sale.

  

	2.	In the event that the AAA Investors do not sell or otherwise dispose of all of the AAA Investor Shares on or before the Lock-Up End Date, then, for purposes of determining whether the Return of Investment has been
achieved after the Lock-Up End Date until the 36-month anniversary of the Lock-Up End Date (the “Post Lock-up Period”), any unsold AAA Investor Shares shall be deemed sold, and the AAA Investors shall be deemed to have received
Realized Cash, on the 15th day of each calendar month during the Post Lock-up Period and on the 15th day of the calendar month immediately
following the end of the Post Lock-up Period (each such date, a “Testing Date”), equal to the product of (A) the number of the unsold AAA Investor Shares measured as of the end of the last trading day of the calendar month
immediately preceding the calendar month in which the determination is being made (or, with respect to the last Testing Date, measured as of the last day of the Post Lock-up Period), and (B) the highest single trading day VWAP (as defined below)
during the calendar month (or, with respect to the first and last Testing Date, during the portion of the calendar month within the Post Lock-up Period) immediately preceding the calendar month in which the determination is being made; provided
that, for the avoidance of doubt, the calculation shall exclude any amounts deemed to have been received on any prior Testing Date pursuant to this provision as a result of such sale. For the purposes hereof, “VWAP” shall be
determined on each trading day and means, with respect to each such trading day, the volume weighted average closing trading price for the AAA Investor Shares on the Relevant Exchange during the ninety (90) preceding trading days through and
including such trading day. 

  

	3.	For the avoidance of doubt, for purposes of this Agreement, (i) the AAA Investor Shares shall not include any Class A Common Shares of the Company acquired by the AAA Investor in connection with the Company’s 2014
private placement of such shares, and (ii) a distribution of AAA Investor Shares by the AAA Investor to its investors (including a distribution to the beneficial owners of AP Alternative Assets, L.P.) shall not be treated as a sale by the AAA
Investor. 

  
 Exh A-1 

	4.	In the event of a sale or deemed sale by the AAA Investor of less than 100% of the AAA Investor Shares, for purposes of determining Realized Cash, the AAA Investor will be deemed to sell such shares on a “first in,
first out” basis.

  

	5.	All decisions by the Committee with respect to any calculations pursuant to this Agreement including, without limitation, the determination of Realized Cash, Total Investor IRR, Total Invested Capital, AAA Investor
Investment and the date, if any, that Realized Cash exceeds any of the applicable targets, shall be reasonable and made in good faith and, absent manifest error, shall be final and binding on the Participant. 

  
 Exh A-2 

 EXHIBIT B 

Securities Law Representations 
 The Participant, by executing
this Agreement, hereby makes the following representations to the Company and acknowledges that the Company’s reliance on federal, state and foreign securities law exemptions from registration and qualification is predicated, in substantial
part, upon the accuracy of these representations: 
 (a) The Participant acknowledges that the Restricted Shares are not being registered under the
Securities Act of 1933, as amended (the “Securities Act”), based, in part, on either (i) reliance upon an exemption from registration under Securities and Exchange Commission Rule 701 promulgated under the Securities Act or
(ii) the fact that the Participant is an “accredited investor” (as defined under the Securities Act and the rules and regulations promulgated thereunder), and, in each of (i) and (ii) above, a comparable exemption from
qualification under applicable state securities laws, as each may be amended from time to time. 
 (b) The Participant is an “accredited investor”
within the meaning of Rule 501(a)(1), (2) or (3) of the Securities Act. 
 (c) The Participant has acquired the Restricted Shares solely for the
Participant’s own account, for investment purposes only, and not with a view to or an intent to sell, or to offer for resale in connection with any unregistered distribution, all or any portion of the Restricted Shares within the meaning of the
Securities Act and/or any applicable state securities laws. 
 (d) The Participant acknowledges that he has not acquired the Restricted Shares as a result
of any general solicitation or general advertising in the United States, including any meeting whose attendees have been invited by general solicitation or general advertising. 

(e) The Participant has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the Restricted Shares
and the restrictions imposed on any Shares. The Participant has been furnished with, and/or has access to, such information as he considers necessary or appropriate for deciding whether to purchase the Restricted Shares. However, in
evaluating the merits and risks of an investment in the Shares, the Participant has and will rely only upon the advice of his own legal counsel, tax advisors, and/or investment advisors. 

(f) The Participant is aware that the Restricted Shares may be of no practical value, that any value they may have depend on vesting as well as the
performance of the Company and the market generally, and that any investment in common shares of a closely held corporation such as the Company is non-marketable, non-transferable and could require capital to be invested for an indefinite period of
time, possibly without return, and at substantial risk of loss. 
 (g) The Participant understands that the Restricted Shares are being offered in a
transaction not involving any public offering within the United States within the meaning of the Securities Act and that the Restricted Shares have not been and will not be registered under the Securities Act,

  
 Exh B-1 

 
and that the Restricted Shares are “restricted securities” as defined by Rule 144(a)(3) under the Securities Act, and that, under such laws and applicable regulations, such securities
may be resold without registration under the Securities Act only in certain limited circumstances, including in accordance with the conditions of Rule 144 promulgated under the Securities Act or in an offshore transaction meeting the requirements of
Rule 903 or 904 of Regulation S under the Securities Act, each as presently in effect. The Participant acknowledges reviewing a copy of Rule 144 promulgated under the Securities Act and Regulation S under the Securities Act, as presently in
effect, and represents that he is familiar with such rule, and understands the resale limitations imposed thereby and by the Securities Act and the applicable state securities law. 

(h) The Participant agrees that he will comply with all applicable laws and regulations in effect in any jurisdiction in which he sells any of the securities
or otherwise transfers any interest therein. 
 (i) The Participant has read and understands the restrictions and limitations set forth in the Shareholders
Agreement, the Plan and this Agreement. 
 (j) The Participant understands and acknowledges that, if and the Restricted Shares vest, (a) any
certificate evidencing the Vested Shares (or evidencing any other securities issued with respect thereto pursuant to any share split, share dividend, merger or other form of reorganization or recapitalization) when issued shall bear any legends
which may be required by applicable federal and state securities laws, and (b) except as otherwise provided under the Shareholders Agreement, the Company has no obligation to register the Shares or file any registration statement under federal
or state securities laws. 

  
 Exh B-2 

 EXHIBIT C 

EXCHANGE ELECTION 
 I hereby elect to exchange my
Pre-IPO Vested Shares for Class A Common Shares using the following Valuation Method(s) to determine the number of Shares to be surrendered pursuant to Section 11 of the Amended and Restated Restricted Share Award Agreement. 

Private Valuation:     % 
 IPO
Price:    % 
 Post-IPO Installments:    % 

Please specify 10% increments. 
  

	
	  

	Participant Name
	
	  

	Signature
	
	  

	Date

  
 Exh C-1EX-10.27

 Exhibit 10.27 

ATHENE HOLDING LTD. 

2014 SHARE INCENTIVE PLAN 

NONQUALIFIED STOCK OPTION AWARD NOTICE 

[Name of Optionee] 
 You have been
awarded an option to purchase Class A common shares of Athene Holding Ltd., a Bermuda exempted company limited by shares (the “Company”), pursuant to the terms and conditions of the Athene Holding Ltd. 2014 Share Incentive Plan (the
“Plan”) and the Nonqualified Stock Option Agreement (together with this Award Notice, the “Agreement”). Copies of the Plan and the Nonqualified Stock Option Agreement are attached hereto. Capitalized terms
not defined herein shall have the meanings specified in the Plan or the Agreement. 
  

			
	Option:	  	You have been awarded an Option to purchase from the Company [                    ] Class A common shares, par value $0.001
per share (the “Common Shares”), subject to adjustment as provided in Section 4.2 of the Agreement.
		
	Option Date:	  	[            ,         ]
		
	Vesting Inception Date	  	[            ,         ]
		
	Exercise Price:	  	$[        ] per share, subject to adjustment as provided in Section 4.2 of the Agreement.
		
	Vesting Schedule:	  	Except as otherwise provided in the Plan, the Agreement or any other agreement between you and the Company or any of its Subsidiaries, the Option shall vest and become exercisable on (i) the first anniversary of the Vesting
Inception Date with respect to one-third of the number of shares subject thereto on the Option Date, (ii) on the second anniversary of the Vesting Inception Date with respect to an additional one-third of the number of shares subject thereto on the
Option Date and (iii) on the third anniversary of the Vesting Inception Date with respect to the remaining one-third of the number of shares subject thereto on the Option Date, in each case, provided you have not experienced a Termination of
Relationship prior to such date.
		
	Expiration Date:	  	Except to the extent earlier terminated pursuant to Section 2.2 of the Agreement or earlier exercised pursuant to Section 2.3 of the Agreement, the Option shall terminate at 5:00 p.m., U.S. Central time, on the tenth
(10th) anniversary of the Option Date.

 
			
	ATHENE HOLDING LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	

 Acknowledgment, Acceptance and Agreement: 

By signing below and returning this Award Notice to Athene Holding Ltd. at the address stated herein, I hereby acknowledge receipt of the Agreement and the
Plan, accept the Option granted to me and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan. 
  

	
	  

	Optionee
	
	  

	Date

 ATHENE HOLDING LTD. 

C/O ATHENE EMPLOYEE SERVICES, LLC 

ATTN: KRISTI BURMA, SVP OF HUMAN RESOURCES 

7700 MILLS CIVIC PARKWAY 

WEST DES MOINES, IA 50266-3862 

 ATHENE HOLDING LTD. 

2014 SHARE INCENTIVE PLAN 

Nonqualified Stock Option Agreement 

Athene Holding Ltd., a Bermuda exempted company limited by shares (the “Company”), hereby grants to the individual
(“Optionee”) named in the award notice attached hereto (the “Award Notice”) as of the “Option Date” (as defined in the Award Notice), pursuant to the provisions of the Athene Holding Ltd. 2014 Share
Incentive Plan (the “Plan”), a nonqualified stock option (the “Option”) to purchase from the Company the number of the Company’s Class A common shares, par value $0.001 per share (“Common
Shares”), set forth in the Award Notice at the price per share set forth in the Award Notice (the “Exercise Price”), upon and subject to the terms and conditions set forth below, in the Award Notice and in the
Plan. Capitalized terms not defined herein shall have the meanings specified in the Plan. 
 1. Option Subject to Acceptance of
Agreement. The Option shall be null and void unless Optionee shall accept this Agreement by executing the Award Notice in the space provided therefor and returning an original execution copy of the Award Notice to the Company (or
electronically accepting this Agreement pursuant to procedures established by the Committee).
 2. Time and Manner of Exercise of
Option. 
 2.1. Maximum Term of Option. In no event may the Option be exercised, in whole or in part, after the expiration
date set forth in the Award Notice (the “Expiration Date”). 
 2.2. Vesting and Exercise of Option. The Option
shall become vested and exercisable in accordance with the vesting schedule set forth in the Award Notice (the “Vesting Schedule”). The Option shall be exercisable following a Termination of Relationship according to the
following terms and conditions:
 (a) Termination of Relationship due to Death or Disability. If Optionee experiences a
Termination of Relationship by reason of Optionee’s death or Disability, the Option shall become immediately and fully vested as of the date of such Termination of Relationship and may thereafter be exercised by Optionee or Optionee’s
executor, administrator, legal representative, guardian or similar person until and including the earlier to occur of (i) the date which is one (1) year after the date of such Termination of Relationship and (ii) the Expiration Date.

(b) Termination by Company for Cause. Notwithstanding anything to the contrary in the Award Notice or this Agreement, if Optionee
experiences a Termination of Relationship by reason of the Company’s termination of Optionee’s employment for Cause, then the Option, whether or not vested, shall terminate immediately upon such Termination of Relationship and shall no
longer be exercisable as of the date of such Termination of Relationship. 

 (c) Termination of Relationship by the Company Other than for Cause, Death or Disability or by
Optionee. If Optionee experiences a Termination of Relationship for any reason other than those described in Section 2.2(a) and (b), the Option, to the extent vested on the effective date of such Termination of Relationship, may thereafter
be exercised by Optionee until and including the earlier to occur of (i) the date which is ninety (90) days after the date of such Termination of Relationship and (ii) the Expiration Date. The Option, to the extent unvested on the effective
date of such Termination of Relationship, shall terminate and no longer be exercisable as of the effective date of such Termination of Relationship. 

(d) Termination of Relationship Following a Change in Control. Notwithstanding anything to the contrary in Section 2.2(c), if
Optionee experiences a Termination of Relationship due to (i) an involuntary termination by the Company without Cause or (ii) resignation by Optionee for Good Reason, in each case, within eighteen (18) months following a Change in Control, the
Option shall become immediately and fully vested as of the date of such Termination of Relationship and may thereafter be exercised by Optionee until and including the earlier to occur of (i) the date which is ninety (90) days after the date of such
Termination of Relationship and (ii) the Expiration Date. 
 2.3. Method of Exercise. Subject to the limitations set forth in
this Agreement, the Option, to the extent vested, may be exercised by Optionee (a) by delivering to the Company an exercise notice in the form prescribed by the Company specifying the number of whole Common Shares to be purchased and by accompanying
such notice with payment therefor in full (or by arranging for such payment to the Company’s satisfaction) in cash or, following an IPO, by one of the following methods of payment: (i) by delivery to the Company (either actual delivery or by
attestation procedures established by the Company) of Common Shares having an aggregate Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price payable pursuant to the Option by reason of such exercise, (ii)
by authorizing the Company to withhold whole Common Shares which would otherwise be delivered having an aggregate Fair Market Value, determined as of the date of exercise, equal to the aggregate purchase price payable pursuant to the Option by
reason of such exercise, (iii) except as may be prohibited by applicable law, in cash by a broker-dealer acceptable to the Company to whom Optionee has submitted an irrevocable notice of exercise or (iv) by a combination of cash, (i), (ii) and
(iii), and (b) by executing such documents as the Committee may request. Any fraction of a Common Share which would be required to pay such purchase price shall be disregarded and the remaining amount due shall be paid in cash by
Optionee. No Common Shares shall be issued or delivered until the full purchase price therefor and any withholding taxes thereon, as described in Section 4.1, have been paid. 

2.4. Termination of Option. In no event may the Option be exercised after it terminates as set forth in this Section
2.4. The Option shall terminate, to the extent not earlier terminated pursuant to Section 2.2 or exercised pursuant to Section 2.3, on the Expiration Date. Upon the termination of the Option, the Option and all rights
hereunder shall immediately become null and void. 

 3. Transfer Restrictions and Investment Representations. 

3.1. Nontransferability of Option. The Option may not be transferred by Optionee other than by will or the laws of descent and
distribution, pursuant to the designation of one or more beneficiaries on the form prescribed by the Committee or, to the extent permitted by the Committee, to a trust or entity established by Optionee for estate planning purposes. During
Optionee’s lifetime, the Option is exercisable only by Optionee, unless Optionee becomes subject to a Disability in which case, the Option may be exercised by Optionee’s designated beneficiary or if no beneficiary has been designated in
writing, by Optionee’s executors or administrators. Except as permitted by this Section 3.1, the Option may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law
or otherwise) or be subject to execution, attachment or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Option, the Option and all rights hereunder shall immediately
become null and void. 
 3.2. Investment Representation. Optionee hereby represents and covenants that (a) any Common
Shares purchased upon exercise of the Option will be purchased for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), unless such purchase
has been registered under the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable
state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, Optionee shall submit a written statement, in a form satisfactory to the Company,
to the effect that such representation (x) is true and correct as of the date of any purchase of any shares hereunder or (y) is true and correct as of the date of any sale of any such shares, as applicable. As a further condition
precedent to any exercise of the Option, Optionee shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance or delivery of the shares and, in connection therewith, shall execute
any documents which the Company shall in its sole discretion deem necessary or advisable. 
 4. Additional Terms and Conditions. 

4.1. Withholding Taxes. (a) As a condition precedent to the issuance of Common Shares following the exercise of all or any
portion of the Option, Optionee shall, upon request by the Company, pay to the Company in addition to the purchase price of the shares, such amount as the Company may be required, under all applicable federal, state, local or other laws or
regulations, to withhold and pay over as income or other withholding taxes (the “Required Tax Payments”) with respect to such exercise of the Option. If Optionee shall fail to advance the Required Tax Payments after request by
the Company, the Company may, in its discretion, deduct any Required Tax Payments from any amount then or thereafter payable by the Company to Optionee. 

(b) Optionee may elect to satisfy his or her obligation to advance the Required Tax Payments by a cash payment to the Company or, following an
IPO, by any of the following means: (i) authorizing the Company to withhold whole shares of Common Shares which would otherwise be delivered to Optionee upon exercise of the Option having an aggregate Fair Market

 
Value, determined as of the date on which such withholding obligation arises (the “Tax Date”), equal to the Required Tax Payments, (ii) delivery to the Company (either actual
delivery or by attestation procedures established by the Company) of previously owned whole shares of Common Shares having an aggregate Fair Market Value, on the Tax Date, equal to the Required Tax Payments, (iii) except as may be prohibited by
applicable law, a cash payment by a broker-dealer acceptable to the Company to whom Optionee has submitted an irrevocable notice of exercise, or (iv) any combination of foregoing. Common Shares to be delivered or withheld may not have a Fair
Market Value in excess of the minimum amount of the Required Tax Payments except that any fraction of a Common Share which would be required to satisfy any such obligation shall be rounded up to the nearest whole number. No Common Share or
certificate representing a Common Share shall be issued or delivered until the Required Tax Payments have been satisfied in full. 
 4.2.
Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification Topic 718, Compensation—Stock Compensation) that causes the per share value of a
Common Share to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary dividend, the number and class of securities subject to the Option and the Exercise Price shall be appropriately
adjusted by the Committee, such adjustment to be made in accordance with Section 409A of the Code. In the event of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete
liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement of rights of Optionee. The decision of the
Committee regarding any such adjustment shall be final, binding and conclusive.
 4.3. Compliance with Applicable Law. The
Option is subject to the condition that if the listing, registration or qualification of the shares subject to the Option upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other
action incidental thereto is necessary or desirable as a condition of, or in connection with, the purchase or issuance of shares hereunder, the Option may not be exercised, in whole or in part, and such shares may not be issued, unless such listing,
registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company.

4.4. Issuance or Delivery of Shares. Upon the exercise of the Option, in whole or in part, the Company shall promptly issue or
deliver, subject to the conditions of this Agreement, the number of Common Shares purchased against full payment therefor. Such issuance shall be evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer
agent of the Company. The Company shall pay all original issue or transfer taxes and all fees and expenses incident to such issuance, except as otherwise provided in Section 4.1. 

4.5. Option Confers No Rights as Shareholder. Optionee shall not be entitled to any privileges of ownership with respect to the
shares subject to the Option unless and until such shares are purchased and issued upon the exercise of the Option, in whole or in part, and Optionee becomes a shareholder with respect to such issued shares. Optionee shall not be considered a
shareholder of the Company with respect to any such shares not so purchased and issued. 

 4.6. Option Confers No Rights to Continued Employment. In no event shall the granting
of the Option or its acceptance by Optionee, or any provision of this Agreement or the Plan, give or be deemed to give Optionee any right to continued employment by the Company, the Asset Management Company or any of their Subsidiaries or affiliates
or affect in any manner the right of the Company, the Asset Management Company or any of their Subsidiaries or affiliates to terminate the employment of any person at any time.

4.7. Decisions of Board or Committee. The Committee (or Board, as applicable) shall have the right to resolve all questions which
may arise in connection with the Option or its exercise. Any interpretation, determination or other action made or taken by the Committee (or Board, as applicable) regarding the Plan, the Award Notice or this Agreement shall be final, binding
and conclusive. 
 4.8. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors
of the Company and any person or persons who shall, upon the death of Optionee, acquire any rights hereunder in accordance with this Agreement or the Plan. 

4.9. Notices. All notices, requests or other communications provided for in this Agreement shall be made, if to the Company, to
Athene Holding Ltd., c/o Athene Employee Services, LLC, Attn: Kristi Burma, SVP Human Resources, 7700 Mills Civic Parkway, West Des Moines, IA 50266-3862, and if to Optionee, to the last known mailing address of Optionee contained in the records of
the Company. All notices, requests or other communications provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the
United States mails or (d) by express courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon
receipt by the party entitled thereto if by United States mail or express courier service; provided, however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall
be deemed to be received on the next succeeding business day of the Company. 
 4.10. Governing Law. This Agreement, the Option and
all determinations made and actions taken pursuant hereto and thereto, to the extent not governed by the Code or the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without
giving effect to principles of conflicts of laws. 
 4.11. Agreement Subject to the Plan. This Agreement is subject to the
provisions of the Plan and shall be interpreted in accordance therewith. In the event that the provisions of this Agreement and the Plan conflict, the Plan shall control. The Optionee hereby acknowledges receipt of a copy of the Plan. 

4.12. Entire Agreement. This Agreement, including the Award Notice, and the Plan constitute the entire agreement of the parties
with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and Optionee with respect to the subject matter hereof.

 4.13. Partial Invalidity. The invalidity or unenforceability of any particular
provision of this Agreement shall not effect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provisions were omitted. 

4.14. Amendment and Waiver. The provisions of this Agreement may not be amended without the written consent of Optionee where such
amendment would materially impair Optionee’s rights under this Agreement. No course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement.

 4.15. Counterparts. The Award Notice may be executed in two counterparts, each of which shall be deemed an original and both
of which together shall constitute one and the same instrument. 
 4.16. Option Subject to Reduction for 280G. The Option and
any Common Shares, other securities or other property delivered pursuant to the Option are subject to reduction pursuant to any policy which the Company may adopt from time to time to avoid the potential adverse tax consequences that may be imposed
on the Company or the Holder pursuant to Section 280G and/or Section 4999 of the Code. 
 5. Protective Covenants.

5.1. Confidential Information. (a) Optionee shall not disclose or use at any time any Confidential Information (as defined
below) of which Optionee is or becomes aware, whether or not such information is developed by Optionee, except to the extent that such disclosure or use is directly related to and required by Optionee’s performance in good faith of duties for
the Company, its Subsidiaries, the Asset Management Company or their respective Affiliates. Optionee shall take all appropriate steps to safeguard Confidential Information in Optionee’s possession and to protect it against disclosure,
misuse, espionage, loss and theft. Optionee shall deliver to the Company upon Optionee’s Termination of Relationship, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and
other documents and data (and copies thereof) relating to the Confidential Information or the business of the Company, its Subsidiaries, the Asset Management Company or any of their respective Affiliates which Optionee may then possess or have under
his or her control. Notwithstanding the foregoing, Optionee may truthfully respond to a lawful and valid subpoena or other legal process, but shall give the Company the earliest possible notice thereof, shall, as much in advance of the return
date as possible, make available to the Company and its counsel the documents and other information sought, and shall assist the Company and such counsel in resisting or otherwise responding to such process. As used in this Agreement, the term
“Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by the Company, its Subsidiaries, the Asset Management Company or their respective Affiliates in
connection with their businesses, including, but not limited to, information, observations and data obtained by Optionee while providing services to the Company, its Subsidiaries, the Asset Management Company, their respective Affiliates or

 
any predecessors thereof (including those obtained prior to the date hereof) concerning (i) the business or affairs of the Company, its Subsidiaries, the Asset Management Company or their
respective Affiliates (or such predecessors), (ii) products or services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications
and program listings, (viii) flow charts, manuals and documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not
reduced to practice, (xii) customers and clients and customer or client lists, (xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and related information in whatever
form. Confidential Information will not include any information that has been published (other than a disclosure by Optionee in breach of this Agreement) in a form generally available to the public prior to the date Optionee proposes to
disclose or use such information. Confidential Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such
information have been published in combination. 
 (b) Nothing herein (including, without limitation, any provision of this Section
5.1 shall, or is intended to, limit Optionee’s right to file a proceeding with, or provide truthful evidence or other information to, any federal, state or local governmental agency. 

5.2. Restriction on Competition. (a) Optionee acknowledges that, in the course of his or her service with the Company, its
Subsidiaries, the Asset Management Company and/or their predecessors (the “Protected Companies”), he or she has become familiar, or will become familiar, with the Protected Companies’ trade secrets and with other confidential
and proprietary information concerning the Protected Companies and that his or her services have been and will be of special, unique and extraordinary value to the Protected Companies. Optionee agrees that if Optionee were to become employed
by, or substantially involved in, the business of a competitor of the Protected Companies during the Restricted Period, it would be very difficult for Optionee not to rely on or use the Protected Companies’ trade secrets and confidential
information. Thus, to avoid the inevitable disclosure of the Protected Companies’ trade secrets and confidential information, and to protect such trade secrets and confidential information and the Protected Companies’ relationships
and goodwill with customers, during the Restricted Period, Optionee will not directly or indirectly through any other Person engage in, enter the employ of, render any services to, have any ownership interest in, nor participate in the financing,
operation, management or control of, any Competing Business. For purposes of this Agreement, the phrase “directly or indirectly through any other Person engage in” shall include, without limitation, any direct or indirect ownership or
profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an employee, consultant, director, officer
or licensor of technology. For purposes of this Agreement, “Restricted Area” means anywhere in the United States, Bermuda and elsewhere in the world where the Protected Companies engage in business, including, without
limitation, jurisdictions where any of the Protected Companies reasonably anticipate engaging in business on the date of Optionee’s Termination of Relationship (provided that as of the date of Optionee’s Termination of Relationship, to the
knowledge of Optionee, such area has been discussed as a market that the Protected Companies reasonably contemplate engaging in within the twelve (12) month period 

 
following the date of Optionee’s Termination of Relationship). For purposes of this Agreement, “Competing Business” means a Person that at any time during
Optionee’s period of service has competed, or any time during the twelve (12) month period following the date of Optionee’s Termination of Relationship begins competing with the Protected Companies anywhere in the Restricted Area and in
the business of (i) annuity reinsurance, focusing on contracts reinsuring a quota share of future premiums of various fixed annuity product lines, (ii) reinsuring closed blocks of existing business, (iii) managing investments held by ceding
companies pursuant to funds withheld coinsurance contracts with its affiliates, (iv) managing investments in the life insurance industry, or (v) any significant business conducted by the Protected Companies as of the date of Optionee’s
Termination of Relationship and any significant business the Protected Companies conduct in the twelve (12) month period after Optionee’s Termination of Relationship (provided that as of the date of Optionee’s Termination of Relationship,
to the knowledge of Optionee, such business has been discussed as a business that the Protected Companies reasonably contemplate engaging in within such twelve (12) month period). For purposes of this Agreement, “Restricted
Period” means the Optionee’s period of service until his or her Termination of Relationship, and thereafter through and including: (A) twelve (12) months following the Optionee’s Termination of Relationship with respect to any
Optionee with a title of CEO, President or EVP at the time of the Termination of Relationship; (B) nine (9) months following the Optionee’s Termination of Relationship with respect to any Optionee with a title of SVP at the time of the
Termination of Relationship; (C) six (6) months following the Optionee’s Termination of Relationship with respect to any Optionee with a title of VP at the time of the Termination of Relationship; and (D) two (2) months following the
Optionee’s Termination of Relationship with respect to any Optionee with a title less senior than VP at the time of the Termination of Relationship. 

(b) Nothing herein shall prohibit Optionee from (i) being a passive owner of not more than 1% of the outstanding stock of any class of a
corporation which is publicly traded, so long as Optionee has no active participation in the business of such corporation, or (ii) providing services to a subsidiary, division or affiliate of a Competing Business if such subsidiary, division or
affiliate is not itself engaged in a Competing Business and Optionee does not provide services to, or have any responsibilities regarding, the Competing Business. 

5.3. Non-Solicitation of Employees and Consultants. During Optionee’s period of service and for a period of twelve
(12) months after the date of Optionee’s Termination of Relationship, Optionee shall not directly or indirectly through any other Person (a) induce or attempt to induce any employee or independent contractor of the Protected Companies to
leave the employ or service, as applicable, of the Protected Companies, or in any way interfere with the relationship between the Protected Companies, on the one hand, and any employee or independent contractor thereof, on the other hand, or (b)
hire any person who was an employee of the Protected Companies, in each case, until six (6) months after such individual’s employment relationship with the Protected Companies has been terminated. 

5.4. Non-Solicitation of Customers. During Optionee’s period of service and for a period of twelve (12) months after the date
of Optionee’s Termination of Relationship, Optionee shall not directly or indirectly through any other Person influence or attempt to influence customers, vendors, suppliers, licensors, lessors, joint venturers, ceding companies, associates,
consultants, agents, or partners of the Protected Companies to divert their business 

 
away from the Protected Companies, and Optionee will not otherwise interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Protected
Companies, on the one hand, and any of their customers, suppliers, vendors, lessors, licensors, joint venturers, associates, officers, employees, consultants, managers, partners, members or investors, on the other hand. 

5.5. Understanding of Covenants. Optionee represents and agrees that he or she (a) is familiar with and carefully considered the
foregoing covenants set forth in this Section 5 (together, the “Restrictive Covenants”), (b) is fully aware of his or her obligations hereunder, (c) agrees to the reasonableness of the length of time, scope and geographic
coverage, as applicable, of the Restrictive Covenants, (d) agrees that the Restrictive Covenants are necessary to protect the Protected Companies’ confidential and proprietary information, good will, stable workforce and customer relations, and
(e) agrees that the Restrictive Covenants will continue in effect for the applicable periods set forth above in this Section 5 regardless of whether Optionee is then entitled to receive severance pay or benefits from any of the Protected
Companies. Optionee understands that the Restrictive Covenants may limit his or her ability to earn a livelihood in a business similar to the business of the Protected Companies, but he or she nevertheless believes that he or she has received
and will receive sufficient consideration and other benefits as an employee of or other service provider to the Company and as otherwise provided hereunder to clearly justify such restrictions which, in any event (given his or her education, skills
and ability), Optionee does not believe would prevent him or her from otherwise earning a living. Optionee agrees that the Restrictive Covenants do not confer a benefit upon the Protected Companies disproportionate to the detriment of Optionee.

 5.6. Enforcement. Optionee agrees that Optionee’s services are unique and that he or she has access to Confidential
Information. Accordingly, Optionee agrees that a breach by Optionee of any of the covenants in this Section 5 would cause immediate and irreparable harm to the Company that would be difficult or impossible to measure, and that damages to
the Company for any such injury would therefore be an inadequate remedy for any such breach. Therefore, Optionee agrees that in the event of any breach or threatened breach of any provision of this Section 5, the Company shall be
entitled, in addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or other appropriate relief (without posting any bond or
deposit) in order to enforce or prevent any violations of the provisions of this Section 5, as the case may be, or require Optionee to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other
benefits derived from or received as a result of any transactions constituting a breach of this Section 5, if and when final judgment of a court of competent jurisdiction is so entered against Optionee. Optionee further agrees that the
applicable period of time any Restrictive Covenant is in effect following the date of Optionee’s Termination of Relationship, as determined pursuant to the foregoing provisions of this Section 5, shall be extended by the same amount of
time that Optionee is in breach of any Restrictive Covenant.

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