Document:

Exhibit 10.10

 

“CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED BECAUSE IT IS BOTH (i) NOT MATERIAL, AND (ii) WOULD BE COMPETITIVELY HARMFUL IF PUBLICLY DISCLOSED”

 

Shareholders’ Agreement

 

This SHAREHOLDERS’ AGREEMENT (this “Agreement”) is entered into on December 11, 2015 among:

 

1.              Naxos International (Far East) Limited (“NFE”),  a company limited by shares incorporated and existing under the laws of Hong Kong having its Beijing Cathay Orient Information Technology Company Limited headquarter at [redacted];

 

2.              [redacted] (“Kuke”), a company limited by shares incorporated and existing under the laws of the People’s Republic of China (“PRC”) having its headquarter at [redacted]; and

 

3.              Naxos (Beijing) Culture & Communication Co., Ltd. (“NXC” or “Company”), a company established in accordance with this Agreement and company limited by shares incorporated and existing under the laws of the PRC having its headquarter at [redacted].

 

WHEREAS, NFE is a regional branch of Naxos Group which operates in the Hong Kong Special Administrative Region; and

 

WHEREAS, Kuke is a PRC music company which is engaged in the marketing, promotion and sales of audio and video products and provision of basic customer support services in mainland China.

 

NOW, THEREFORE, in consideration of the understandings and covenants with respect to the joint venture, the Parties hereto agree as follows:

 

Section 1 Interpretation

 

1.              In this Agreement, except as expressly inconsistent herewith or unless the context otherwise requires:

 

a.                  “Agreement” means, in particular, this Agreement and all written terms between the Shareholders and the Company and any amendments thereto;

 

b.                  “Articles” means the articles of association of the Company as amended from time to time as necessary;

 

c.                   “Board” means the board of directors of the Company;

 

d.                  “Director” means any director of the Company and where applicable, any alternate director;

 

e.                   “Party” or “Parties” means a party or the three parties to this Agreement;

 

f.                    “Shares” means the shares held by Shareholders of the Company; and

 

g.                   “Shareholders” means NFE, Kuke and any other person who may become a party to this Agreement. “Shareholder” means any one of those persons.

 

h.                  All references to the singular shall include the plural and vice versa.

 

2.              Sections and Headings

 

Sections and headings are inserted for convenience of reference only and shall not affect the meaning or interpretation of this Agreement;

 

 

3.              Shareholder Resolution

 

Any matters herein requiring actions or approval of Shareholders shall limit the discretion of Directors in the management of corporate issues.

 

Section 2 Incorporation of the Company

 

1.              Once this Agreement is executed, NFE and Kuke shall immediately incorporate a company limited by shares under the PRC laws, with an authorized capital of RMB[redacted] (RMB [redacted] yuan). The Articles of the Company shall be the Chinese version of the English Articles attached hereto as “Appendix A”. Both versions shall have the same legal effect.

 

2.              When incorporated and registered as specified above, NXC shall have a paid-up capital of RMB [redacted] yuan (RMB[redacted]) divided into [redacted] thousand ([redacted]) common voting Shares.

 

a.                  Kuke shall subscribe for all of the [redacted] Shares through contributing RMB [redacted] yuan (RMB[redacted]) in cash.

 

b.                  Within seven (7) days of subscription of the above Shares, Kuke shall transfer [redacted] Shares, representing [redacted]% of the share capital of the Company, to NFE as NFE’s contribution of RMB [redacted] and [redacted] yuan registered capital into the Company’s account under existing laws.

 

3.              Kuke acknowledges that NFE may transfer part of its Shares to other affiliates. Kuke shall give support to, and cause its designated Directors to approve such transfer. The transferee shall execute a shareholders’ agreement substantially the same as this Agreement, containing all provisions in relation to the new Shareholder. All matters herein applicable to NFE shall equally apply to the relevant Shareholder to which NFE transfers its Shares.

 

Section 3 Business

 

NXC is incorporated to: obtain a license to develop and market the audio or video recordings owned or controlled by NFE in PRC, and operate relevant business in PRC. The audio or video recordings owned or controlled by NFE are listed in Schedule A hereto. The license agreement shall be substantially in the form set out in Appendix B hereto.

 

Section 4 Director

 

1.              Unless otherwise required by the Articles of NXC or PRC laws, the Board of NXC shall manage, direct and control the Company. NFE and Kuke shall cause their respectively designated Directors to vote on acceptance and compliance of the terms and restrictions under this Agreement.

 

2A)    If NFE (including the person to which NFE transfers Shares in accordance with Section 2.3) and Kuke are the only Shareholders, any resolutions passed by the Board in relation to the following shall be subject to agreements executed by and approval of NFE and Kuke:

 

(a)             modification, change, amendment, revision and/or promulgation of major rules of NXC;

 

(b)             purchase or disposal of major assets and other properties of NXC;

 

(c)              determination of basic operational policies of NXC;

 

(d)             execution of major contracts; and

 

(e)              other issues indicated by either of NFE or Kuke to be significant to NXC or otherwise in relation to NXC.

 

2

 

2B)    With respect to admission of new Shareholders (other than the Shareholders under Section 2.3), Kuke shall, upon request by NFE, vote by poll of the Board at Shareholders’ meetings. If NFE determines to waive any right, such waiver shall only be for the purpose of postponement for such matter and shall not be construed that NFE will waive such matter or similar matters in the future. Matters subject to approval include:

 

i)                     authorizing a major change to the general nature of the business of the Company, or authorizing the Company to conduct business other than the specific business actives which are currently proposed to conduct;

 

ii)                  determining matters in relation to the relationship between the Company and any of its joint venture partners or associated companies or affiliates;

 

iii)               authorizing the Company to purchase or handle any asset, commitment or investment of or more than RMB[redacted] in value, or authorizing the Company to apply for pledge-backed facility of any limit, or authorizing the Company to create a mortgage, charge or other encumbrance over any of its assets, or authorizing the Company to provide any security or collateral for debts more than RMB [redacted] yuan (RMB[redacted]);

 

iv)              financial strategies of the Company including admission of new Shareholders and related terms;

 

v)                 approving the annual business plan and budget of the Company, whether such plan and budget are in writing or not;

 

vi)              modifying the business plan and budget of the Company, whether such plan and budget are in writing or not;

 

vii)           approving the Company to grant loans to any person, provided that NFE shall not authorize the Company to grant loans to NFE or any of its affiliates);

 

viii)        transactions among the Company, Directors and Shareholders and their respective subsidiaries; and

 

ix)              transactions valued more than RMB [redacted] yuan (RMB[redacted]) between the Company and the Directors, Shareholders or their respective affiliates other than the regular business, including transactions between the Company and NFE, NFE appointed Shareholders, or their respective affiliates;

 

2C)

 

i)                     Nothing in this Section 2 may be modified at the Shareholders’ meeting or by the Board without the express written consent of NFE;

 

ii)                  If any provisions of this Agreement of other agreements grant a power or decision-making authority to any person, which conflicts with Section 4.2 hereof, with respect to such conflict, Section 4.2B shall take precedence over Section 4.2A. Other power or decision-making authority granted under other provisions or laws shall apply only to the extent that NFE chooses to waive relevant rights;

 

iii)               Should Section 4.2B be inconsistent with other provisions of this Agreement or any other agreements among the Parties, Section 4.2B shall prevail.

 

3A)    The Company shall have four (4) directors of which, two (2) shall be appointed by Kuke, and two (2) by NFE. The Company shall also have one (1) statutory auditor which shall be appointed by the Shareholders by way of agreement. NFE and Kuke agree to appoint such persons through exercising the voting rights attached to the Shares held by them in the Company.

 

3

 

3B)    The Parties acknowledge that the Directors appointed by NFE are associated with other Naxos entities. NFE, as a Shareholder, and any of the Directors appointed by it:

 

i)                 shall not be deemed to have any conflict of interest, or affect the voting on resolutions in relation to NFE or the grant of license by NFE to the Company or the voting on any resolutions in relation to affiliates of NFE. In addition, the Directors appointed by NFE may vote on any resolution, or propose to conduct any act, whether such resolution or act is in the best interest of NXC or its Shareholders or employees.

 

ii)              without the prior consent of the Company’s Shareholders or Board, may conduct dealings with the Company in its own name or in the name NFE or any of NFE’s affiliates, provided that the Company shall have known such shareholding relationship or directorship and the commercial terms in the relevant contract are fair and equal. In accordance with other applicable laws, such Directors or Shareholders shall have the same rights and obligations as others who are not Directors or Shareholders.

 

4.              Each Director shall have the right to appoint an alternate director by way of notifying the Company in writing, subject to approval of the other Directors (such approval not to be unreasonably withheld by the Company). One person may be appointed as the alternate of multiple Directors and exercise voting rights on behalf of the appointers.

 

5.              General meetings shall be convened annually. Board meetings shall be held monthly at least in the first year. A Shareholder or Director may attend meetings by telephone or by any other communications equipment, provided that the Shareholder or Director, though not present in person, shall be aware of all deliberations during the meetings.

 

6                 Upon the requisition of a Shareholder individually holding, or Shareholders together holding, 20% or more of the Shares of the Company, the Directors shall convene Shareholders’ meetings within 7 days, so that the Shareholders will review Board resolutions or direct operational policies of the Board.

 

Section 5 Management

 

1.              NXC shall have one chairperson, one vice chairperson, one president and one vice president. The chairperson and vice president shall be nominated by NFE. The vice chairperson and the president shall be nominated by Kuke. The president shall be the representative Director of the Company and manage the Company’s daily operation in its name.

 

2.              NFE and Kuke shall cause their appointed Directors to select the chairperson, the vice chairperson, the president and the vice president by voting.

 

3.              The chairperson, the vice chairperson, the president and the vice president shall have the voting rights corresponding to relevant positions on the Board meetings and Shareholders’ meetings, provided that if he/she represents a Shareholder or a Director appointed under Section 4.3A) at the same time, he/she may also vote in the name of such Shareholder or Director.

 

4.              The chairperson, the vice chairperson, the president and the vice president shall procure the Company to keep proper and accurate account books and records which reflect all transactions (if any) of the Company and its subsidiaries, and all amounts held or owed by the Company and its subsidiaries.

 

4

 

Section 6 Accounting

 

1.              NXC’s accounting year ends at December 31 each year.

 

2.              NXC shall prepare and keep all account books and records in accordance with good accounting principles, and shall adopt the standards, processes and formats that are consistent with the PRC generally accepted accounting standards.

 

3.              Prior to commencement of each accounting year, NXC’s Board shall adopt a business plan for such year, which shall at least include:

 

a.              the monthly income statements which contain a forecasted income and expense list;

 

b.              the quarterly balance sheets;

 

c.               the monthly cash flow statements; and

 

d.              the statement of main accounting principles used for preparing budgets.

 

4.              NXC shall release its business report (including financial statements) for the previous month on the 20th day of each month, indicating the actual data of the previous month and the comparison between the budget and the actual data.

 

5.              NFE, Kuke and their respective representatives shall have the right to review the Company’s account books and records, and excerpt and photocopy such account books and records.

 

6.              NXC’s financial statements shall be audited by a certified public accountant on an annually basis. Such certified public accountant shall be appointed by NXC’s Board.

 

Section 7 Dividend Policy

 

The Parties understand and agree that the Board shall approve to pay dividends at the end of each year. The total amount of the dividends to be paid shall be at least two thirds (2/3) of the maximum amount of the declarable dividends, and shall be paid to each Shareholder in proportion to its shareholding.

 

Section 8 Financing

 

In accordance with Section 2, the Board shall consider to develop and implement NXC’s financing strategies. The Parties agree that the aforesaid strategies considered from time to time shall include the right to finance by selling Shares to other Shareholders. The shareholding of each of NFE and Kuke can be decreased to one third (1/3) of the Shares issued by the Company at the minimum.

 

Section 9 Limitations on Share Transfer

 

1.              Unless otherwise stated in this Agreement, if either NFE or Kuke intends to sell or transfer all or part of the Shares held by it in the Company, such Party shall notify the other Party in writing to give such other Party an opportunity to purchase. Then the Parties shall agree on the cash value of such Shares to be transferred. If the Parties fail to agree on the value of each Share within ninety (90) days of such notice, the Parties shall select an independent certified public accountant to determine. The receiver of such Share transfer notice may purchase such Shares within sixty (60) days after the value of each Share is determined. If the Shares are not purchased within such period, they may be sold to a third party within the subsequent sixty (60) days at a price not lower than the value of each Share as determined according the aforesaid method.

 

2.              The Parties acknowledge that, in accordance with the license agreement entered into by and between NXC and NFE, if Kuke sells part of the Shares held by it in the Company or the number of the Shares held by Kuke changes, NFE may terminate the license at its own discretion.

 

5

 

3.              Prior to transfer of any Shares to a third party in accordance with the preceding Section, NFE or Kuke (as applicable) shall provide the other Party with a guarantee and such third party’s written undertaking to ensure that the third party will comply with this Agreement as if it was a party to this Agreement.

 

Section 10 Enforcement

 

1.              Notwithstanding the Articles, if:

 

a.              a Shareholder or its ultimate controlling company is wound up, liquidated, or put under judicial management (whether temporarily or finally) or compromises with its general creditor;

 

b.              a Shareholder which exists in the form of a company or other similar institution ceases its business;

 

c.               a Shareholder is awarded to conduct any theft or fraud with respect to the Company, and the appeal or review of such award does not make award revoked;

 

d.              the actual controller of a corporate Shareholder is no longer the actual controller when such Shareholder becomes a Party to this Agreement, or has delegated a person other than the actual controller when such Shareholder becomes a Party to this Agreement;

 

e.               a Shareholder reach a compromise with any creditor;

 

f.                a Shareholder severely breaches this Agreement, and fails to rectify such breach within 30 days of receipt of the other Parties’ written unsatisfactory notice; or

 

g.               a Shareholder will be disqualified if its holding of all or any Shares and/or loan accounts may be adverse to the Company from time to time (each, a “Trigger Event”),

 

the Shareholder (“Offeror”) shall be deemed, from the date of the Trigger Event aforesaid, to have offered all Shares and creditor’s rights (“Selling Interests”) with respect to the Company in accordance with Section 10 hereof.

 

2.              In the case of sub-sections a, b, e or g above, the purchase price of the Selling Interests shall be equal to their fair market value; and in case of sub-sections c, d or f, the purchase price shall be the agreed fair market value decreased by a percentage as agreed by the Shareholder.

 

3.              For the purpose of this Agreement, the “fair market value” refers to:

 

a.              within seven (7) days of the written negotiation request proposed by any Shareholder, the price for each Share as agreed by various Shareholders in writing; or if the Shareholders fail to reach an agreement in writing, the price determined by an auditor (“Expert”) appointed by Shareholders as an expert instead of an arbitrator;

 

b.              the book value.

 

Section 11 Termination

 

1.              If either NFE or Kuke materially breaches this Agreement, resulting in severe damage to any undertakings under this Agreement, the other Party may terminate this Agreement at any time by giving a written notice. Such termination shall come into effect after three (3) months after such notice is delivered, unless such breach is remedied within such period.

 

6

 

2.              Unless the Parties to this Agreement have other written agreement, upon the termination of this Agreement, the authorization shall be terminated automatically and the Company shall be immediately dissolved and liquidated. To the reasonable extent, the net income after liquidation shall be distributed to each Shareholder according to the equity interests held by it in NXC as soon as practicable. Prior to the commencement of liquidation, NXC’s assets shall be disposed of as follows:

 

a.              if this Agreement is terminated due to a material breach by Kuke, NFE or its designated person shall have the right of first refusal with respect to all assets of the Company, and the purchase price shall be the cash value at the end of NXC’s last accounting year;

 

b.              if this Agreement is terminated due to a material breach by NFE, Kuke or its designated person shall have the right of first refusal with respect to all assets of NXC, and the purchase price shall be the cash value at the end of NXC’s last accounting year;

 

c.               if the Parties fail to reach an agreement upon the cash value of NXC’s assets, the Parties shall select an independent certified public accountant to determine such value. The value determined in this way shall be final and binding upon the Parties;

 

d.              the Parties acknowledge that, in accordance with the license agreement executed by NXC and NFE, if the shareholding of NXC or that of Kuke changes, NFE may terminate the license at its own discretion, and such license shall no longer constitute NXC’s assets;

 

e.               during the valid existence of the Company, if Kuke or any of its parent or affiliates conduct an initial public offering, or their shares are publicly traded (including on OCT platform), NFE shall have the right to unilaterally determine to convert all or part of NXC’s Shares into the shares of such listed company. The valuation standard shall be consistent with or similar to the standard applied to other assets injected into such listed company.

 

Section 12 Miscellaneous

 

1.              Unless the Parties execute and implement a written agreement,  any amendments, revisions, supplements or changes to this Agreement shall not be binding upon the Parties.

 

2.              Timing is essential to this Agreement. Any grace period or tolerance given by one Party to the other Parties shall not be deemed or construed in any way as waive of any right or remedy under this Agreement.

 

3.              Except for the aforesaid, any Party shall not transfer its rights or obligations hereunder.

 

4.              This Agreement constitutes the entire understanding between the Parties, and no other representations, warranties, clauses or conditions exist.

 

5.              If any one or more provisions under this Agreement are void or become void, illegal or unenforceable, the validity, legality, enforceability and performance of other provisions shall not be impacted or weakened in any way. This Agreement shall be construed as if such void, illegal or unenforceable provisions had never been included in this Agreement.

 

6.              Any notice required or permitted to be made under this Agreement shall be in writing, and shall be deemed to be fully served when it is delivered to the address aforesaid by air mail, with postage prepaid, by any post office in Hong Kong or the PRC (as the case may be). Any Party may change its address by giving the other Party a notice in a way as specified above.

 

7

 

7.              This Agreement shall be governed by laws of the Hong Kong Special Administrative Region.

 

8.              This Agreement may come into effect by photocopy, facsimile or otherwise. Each counterpart shall be deemed an original, and all of counterparts executed and implemented together shall constitute one and the same instrument.

 

9.              All disputes, controversies or disagreements among the Parties arising out of or in connection with this Agreement shall be first resolved through friendly negotiations among the Parties hereto. If the disputes, controversies or disagreements fail to be resolved through negotiations within a reasonable period, they shall be finally settled by arbitration in the Hong Kong Special Administrative Region in accordance with the commercial arbitration rules of the Hong Kong Commercial Arbitration Association, provided that Kuke or NFE is the applicant. Each Party to this Agreement shall be bound by the arbitral award.

 

IN WITNESS WHEREOF, each Party to this Agreement has duly executed this Agreement through its duly authorized signatory as of the date first above written.

 

 

	
Naxos International (Far East)   Limited
    	
 
    	
Beijing Cathay Orient   Information Technology Company Limited
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
(Authorized Signatory)
    	
 
    	
(Authorized Signatory)
    

 

 

Naxos (Beijing) Culture & Communication Co., Ltd. hereby agrees the aforesaid terms and conditions, and hereby undertakes and agrees to be bound by all said terms and conditions.

 

 

	
 
    	
Naxos   (Beijing) Culture & Communication Co., Ltd.
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
(Authorized Signatory)
    	
 
    

 

8

 

Appendix A

Articles of Association

 

9

 

Appendix B

License Agreement

 

10

 

Schedule A

Audio and Video List

 

The labels owned or controlled by NFE are listed below and may be updated by NFE from time to time. Email is an acceptable way to communicate any change:

 

[redacted]

 

11EX-4.1

 Exhibit 4.1 

CERTIFICATE OF DESIGNATIONS 
 OF

 4.875% FIXED-RATE 
 PERPETUAL
NON-CUMULATIVE PREFERENCE SHARES, SERIES D 
 OF 

ATHENE HOLDING LTD. 
 Athene
Holding Ltd., a Bermuda exempted company limited by shares (the “Company”), HEREBY CERTIFIES that, pursuant to the authority contained in its Thirteenth Amended and Restated Bye-Laws (as amended and
restated from time to time, the “Bye-Laws”) and to resolutions of the executive committee of the board of directors of the Company (the “Board of Directors”) adopted on December 11,
2020, the creation of the series of 4.875% Fixed-Rate Perpetual Non-Cumulative Preference Shares, Series D, US$1.00 par value per share, US$25,000 liquidation preference per share (the “Series D
Preference Shares”), was authorized and the designation, preferences and privileges, voting rights, relative, participating, optional and other special rights, and qualifications, limitations and restrictions of the Series D Preference Shares,
in addition to those set forth in the Memorandum of Association and the Bye-Laws of the Company, were fixed as follows: 

SECTION 1. DESIGNATION. The distinctive serial designation of the Series D Preference Shares is “4.875% Fixed-Rate Perpetual Non-Cumulative Preference Shares, Series D.” Each Series D Preference Share shall be identical in all respects to every other Series D Preference Share, except as to issue price, the date of issuance and the
respective dates from which dividends thereon shall accrue, to the extent such dates may differ as permitted pursuant to Section 4(a) herein. 

SECTION 2. NUMBER OF SHARES. The authorized number of Series D Preference Shares shall initially be 23,000. The Company may from time to time
elect to issue additional Series D Preference Shares, and all the additional shares so issued shall be a part of, and form a single series with, the Series D Preference Shares initially authorized hereby. Series D Preference Shares that are
redeemed, purchased or otherwise acquired by the Company shall have the status of authorized but unissued shares of the Company, without designation as to class or series. 

SECTION 3. DEFINITIONS. As used herein with respect to Series D Preference Shares: 

(a) “additional amounts” has the meaning specified in Section 5(a). 

(b) “Bermuda Business Day” means any day other than a day on which commercial banks in Bermuda are authorized or obligated by law,
executive order or regulation to close. 
 (c) “Business Day” means a day that is a Monday, Tuesday, Wednesday, Thursday or Friday
and is not a day on which banking institutions in New York City generally are authorized or obligated by law or executive order to close. 

 (d) “Capital Adequacy Regulations” means the solvency margin, capital adequacy
regulations or any other regulatory capital rules applicable to the Company from time to time on an individual or group basis pursuant to the laws of any applicable jurisdiction and which set out the requirements to be satisfied by financial
instruments to qualify as solvency margin or additional solvency margin or regulatory capital (or any equivalent terminology employed by the then applicable capital adequacy regulations). 

(e) “Capital Disqualification Event” means that the Series D Preference Shares do not qualify, as Tier 1 capital (or a substantially
similar concept) for purposes of the capital adequacy rules or regulatory standards of any Capital Regulator to which the Company is or will be subject; provided that the proposal or adoption of any criterion that is substantially the same as
the corresponding criterion in the capital adequacy rules of the Board of Governors of the Federal Reserve System applicable to bank holding companies as of the initial issuance of the Series D Preference Shares will not constitute a capital
disqualification event. 
 (f) “Capital Regulator” means any governmental agency, instrumentality or standard-setting organization
as may then have group-wide oversight of the Company’s regulatory capital. 
 (g) “Certificate of Designations” means this
Certificate of Designations relating to the Series D Preference Shares, as may be amended from time to time. 
 (h) “Change in Tax
Law” has the meaning specified in Section 7(d). 
 (i) “Code” means the Internal Revenue Code of 1986, as amended. 

(j) “Common Shares” means the Class A common shares, par value US$0.001 per share of the Company. 

(k) “Companies Act” means the Companies Act 1981 of Bermuda, as amended. 

(l) “Dividend Payment Date” has the meaning specified in Section 4(a). 

(m) “Dividend Period” has the meaning specified in Section 4(a). 

(n) “Dividend Record Date” has the meaning specified in Section 4(a). 

(o) “DTC” means The Depository Trust Company, together with its successors and assigns. 

(p) “Fixed-Rate” means an amount equal to 4.875% per annum. 

(q) “Issue Date” means December 18, 2020, the original date of issuance of the Series D Preference Shares. 

(r) “Junior Shares” means any class or series of shares of the Company that ranks junior to the Series D Preference Shares either as
to the payment of dividends or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Company. 

(s) “Liquidation Preference” has the meaning specified in Section 6(b). 

(t) “Memorandum of Association” means the memorandum of association of the Company, as it may be amended from time to time. 

 (u) “Nonpayment Event” has the meaning specified in Section 9(b). 

(v) “Parity Shares” means any class or series of shares of the Company that ranks equally with the Series D Preference Shares as to
the payment of dividends and as to the distribution of assets on any liquidation, dissolution or winding-up of the Company. As of the Issue Date, the Series A Preference Shares, the Series B Preference Shares
and the Series C Preference Shares are the only Parity Shares of the Company outstanding. 
 (w) “Preference Shares” means any and
all series of preference shares of the Company, including the Series A Preference Shares, the Series B Preference Shares, the Series C Preference Shares and the Series D Preference Shares. 

(x) “Preference Shares Directors” has the meaning specified in Section 9(b). 

(y) “Rating Agency” means a nationally recognized statistical rating organization, as defined in Section 3(a)(62) of the U.S.
Securities Exchange Act of 1934, as amended, that publishes a rating for the Company. 
 (z) “Rating Agency Event” has the meaning
specified in Section 7(e). 
 (aa) “Redemption Date” means any date fixed for redemption in accordance with Section 7.

 (bb) “Relevant Date” has the meaning specified in Section 5(b)(i). 

(cc) “Relevant Taxing Jurisdiction” has the meaning specified in Section 7(d). 

(dd) “Senior Shares” means any class or series of shares of the Company that ranks senior to the Series D Preference Shares either
as to the payment of dividends or as to the distribution of assets upon any liquidation, dissolution or winding-up of the Company. As of the Issue Date, there are no Senior Shares of the Company outstanding.

 (ee) “Series A Preference Shares” means the Company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A, US$1.00 par value per share, US$25,000 liquidation preference per share. 

(ff) “Series B Preference Shares” means the Company’s 5.625% Fixed Rate Perpetual
Non-Cumulative Preference Shares, Series B, US$1.00 par value per share, US$25,000 liquidation preference per share. 

(gg) “Series C Preference Shares” means the Company’s 6.375% Fixed-Rate Reset Perpetual
Non-Cumulative Preference Shares, Series C, US$1.00 par value per share, US$25,000 liquidation preference per share. 

(hh) “Series D Preference Shares” has the meaning specified in the preamble. 

(ii) “Successor Company” means an entity formed by a consolidation, merger, amalgamation or other similar transaction involving the
Company or the entity to which the Company conveys, transfers or leases substantially all its properties and assets. 
 (jj) “Tax
Event” has the meaning specified in Section 7(d). 
 (kk) “Voting Preference Shares” means any other class or series of
Preference Shares ranking equally with the Series D Preference Shares with respect to dividends and the distribution of assets upon liquidation, 

 
dissolution or winding up of the Company and upon which like voting rights have been conferred and are exercisable. As of the Issue Date, the Series A Preference Shares, the Series B Preference
Shares and the Series C Preference Shares are the only other Voting Preference Shares of the Company outstanding. 
 SECTION 4. DIVIDENDS.

 (a) RATE AND PAYMENT OF DIVIDENDS. The holders of Series D Preference Shares will be entitled to receive, only when, as and if declared by
the Board of Directors or a duly authorized committee of the Board of Directors, out of lawfully available funds for the payment of dividends, non-cumulative cash dividends from, and including, the Issue Date,
quarterly in arrears, on the 30th day of March, June, September and December of each year (each, a “Dividend Payment Date”), commencing on March 30th, 2021; provided that, if any Dividend Payment Date falls on a day that is not a
Business Day and also a Bermuda Business Day, such dividend shall instead be payable on (and no additional dividends shall accrue on the amount so payable from such date to) the first Business Day that is also a Bermuda Business Day following such
Dividend Payment Date. In the event that the Company elects to issue additional Series D Preference Shares after the Issue Date of the Series D Preference Shares in accordance with Section 2, dividends on such additional Series D Preference
Shares, to the extent declared, shall accrue from and include the Issue Date or any other date as the Company shall specify at the time such additional Series D Preference Shares are issued. 

To the extend declared, dividends shall be payable, with respect to each Dividend Period in an amount per Series D Preference Share equal to
the Fixed-Rate of the Liquidation Preference per share per annum. Dividends payable on the Series D Preference Shares shall be computed on the basis of a 360-day year consisting of twelve 30-day months with respect to a full Dividend Period, and on the basis of the actual number of days elapsed during such Dividend Period with respect to a Dividend Period other than a full Dividend Period. 

Dividends, if so declared, that are payable on Series D Preference Shares on any Dividend Payment Date shall be payable to holders of record
of Series D Preference Shares as they appear on the books on the register of members of the Company at 5:00 p.m. (New York City time) on the applicable record date, which shall be the 15th calendar day before that Dividend Payment Date or such other
record date fixed by the Board of Directors or a duly authorized committee of the Board of Directors that is not more than 60 nor less than 10 days prior to such Dividend Payment Date (each, a “Dividend Record Date”). Any such day that is
a Dividend Record Date shall be a Dividend Record Date whether or not such day is a Business Day that is also a Bermuda Business Day. 

Each dividend period (a “Dividend Period”) shall commence on and include a Dividend Payment Date (other than the initial Dividend
Period, which shall commence on and include the Issue Date, provided that, for any Series D Preference Shares issued after the Issue Date, the initial Dividend Period for such shares may commence on and include such other date as the Board of
Directors or a duly authorized committee of the Board of Directors shall determine and publicly disclose at the time such additional shares are issued) and shall end on and include the calendar day preceding the next Dividend Payment Date. Dividends
payable in respect of a Dividend Period shall be payable in arrears (i.e., on the first Dividend Payment Date after such Dividend Period). 

Dividends on the Series D Preference Shares shall be non-cumulative. 

Accordingly, if the Board of Directors or a duly authorized committee of the Board of Directors does not authorize and declare a dividend on
the Series D Preference Shares for any Dividend Period on or before the Dividend Payment Date for such Dividend Period, in full or otherwise, then such undeclared dividends shall not accumulate and shall not accrue and shall not be payable, and the
Company shall have no obligation to 

 
pay such undeclared dividends for the applicable Dividend Period on the related Dividend Payment Date or at any future time or to pay interest with respect to such dividends, whether or not
dividends are declared for any future Dividend Period on Series D Preference Shares. 
 Holders of Series D Preference Shares shall not be
entitled to any dividends or other distributions, whether payable in cash, securities or other property, other than dividends (if any) declared and payable on the Series D Preference Shares as specified in this Section 4 (subject to the other
provisions of this Certificate of Designations). 
 Dividends on the Series D Preference Shares will not be declared, paid or set aside for
payment if the Company fails to comply, or if such act would cause the Company to fail to comply, with applicable laws, rules and regulations (including any applicable capital adequacy guidelines established by the Capital Regulator). 

(b) PRIORITY OF DIVIDENDS. So long as any Series D Preference Shares remain outstanding, unless the full dividend for the last completed
Dividend Period on all outstanding Series D Preference Shares and all outstanding Parity Shares has been declared and paid (or declared and a sum sufficient for the payment thereof has been set aside), (i) no dividend shall be declared or paid on
the Common Shares or any other Junior Shares or any Parity Shares (except in the case of the Parity Shares, on a pro rata basis with the Series D Preference Shares as described below), other than a dividend payable solely in Common Shares or other
Junior Shares or (solely in the case of Parity Shares) other Parity Shares, as applicable, and (ii) no Common Shares or other Junior Shares or Parity Shares shall be purchased, redeemed or otherwise acquired for consideration by the Company,
directly or indirectly (other than (A) as a result of a reclassification of Junior Shares for or into other Junior Shares, or a reclassification of Parity Shares for or into other Parity Shares, or the exchange or conversion of one Junior Share
for or into another Junior Share or the exchange or conversion of one Parity Share for or into another Parity Share, (B) through the use of the proceeds of a substantially contemporaneous sale of Junior Shares or (solely in the case of Parity
Shares) other Parity Shares, as applicable and (C) as required by or necessary to fulfill the terms of any employment contract, benefit plan or similar arrangement with or for the benefit of one or more employees, directors or consultants).

 When dividends are not paid (or declared and a sum sufficient for payment thereof set aside) in full on any Dividend Payment Date (or, in
the case of Parity Shares having dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within a Dividend Period) on the Series D Preference Shares and any Parity Shares, all dividends declared by the
Board of Directors or a duly authorized committee thereof on the Series D Preference Shares and all such Parity Shares and payable on such Dividend Payment Date (or, in the case of Parity Shares having dividend payment dates different from the
Dividend Payment Dates, on a dividend payment date falling within the Dividend Period related to such Dividend Payment Date) shall be declared by the Board of Directors or such committee thereof pro rata in accordance with the respective aggregate
liquidation preferences of the Series D Preference Shares and any Parity Shares so that the respective amounts of such dividends shall bear the same ratio to each other as all declared but unpaid dividends per Series D Preference Share and all
Parity Shares payable on such Dividend Payment Date (or, in the case of Parity Shares having dividend payment dates different from the Dividend Payment Dates, on a dividend payment date falling within the Dividend Period related to such Dividend
Payment Date) bear to each other. 
 (c) RESTRICTIONS ON PAYMENT OF DIVIDENDS. Pursuant to and subject to the Companies Act, the Company may
not lawfully declare or pay a dividend if the Company has reasonable grounds for believing that the Company is, or would after payment of the dividend be, unable to pay its liabilities as they become due, or that the realizable value of the
Company’s assets would, after payment of the dividend, be less than the aggregate value of the Company’s liabilities. 

 SECTION 5. PAYMENT OF ADDITIONAL AMOUNTS. 

(a) The Company shall make all payments on the Series D Preference Shares free and clear of and without withholding or deduction at source for,
or on account of, any present or future taxes, fees, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of any Relevant Taxing Jurisdiction, unless such taxes, fees, duties, assessments or governmental
charges are required to be withheld or deducted by (i) the laws (or any regulations or rulings promulgated thereunder) of any Relevant Taxing Jurisdiction or (ii) an official position regarding the application, administration,
interpretation or enforcement of any such laws, regulations or rulings (including, without limitation, a holding by a court of competent jurisdiction or by a taxing authority in any Relevant Taxing Jurisdiction). If a withholding or deduction at
source is required, the Company shall, subject to certain limitations and exceptions described below, pay to the holders of the Series D Preference Shares such additional amounts (the “additional amounts”) as dividends as may be necessary
so that every net payment, after such withholding or deduction (including any such withholding or deduction from such additional amounts), shall be equal to the amounts the Company would otherwise have been required to pay had no such withholding or
deduction been required. 
 (b) The Company shall not be required to pay any additional amounts for or on account of: 

(i) any tax, fee, duty, assessment or governmental charge of whatever nature that would not have been imposed but for the fact that such
holder was a resident, domiciliary or national of, or engaged in business or maintained a permanent establishment or was physically present in, the Relevant Taxing Jurisdiction or any political subdivision thereof or otherwise had some connection
with the Relevant Taxing Jurisdiction other than by reason of the mere ownership of, or receipt of payment under, such Series D Preference Shares or any Series D Preference Shares presented for payment (where presentation is required for payment)
more than 30 days after the Relevant Date (except to the extent that the holder would have been entitled to such amounts if it had presented such shares for payment on any day within such 30 day period). The “Relevant Date” means, in
respect of any payment, the date on which such payment first becomes due and payable, but if the full amount of the moneys payable has not been received by the dividend disbursing agent on or prior to such due date, it means the first date on which
the full amount of such moneys having been so received and being available for payment to holders and notice to that effect shall have been duly given to the holders of the Series D Preference Shares; 

(ii) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or other governmental charge or any tax,
assessment or other governmental charge that is payable otherwise than by withholding or deduction from payment of the liquidation preference or of any dividends on the Series D Preference Shares; 

(iii) any tax, fee, duty, assessment or other governmental charge that is imposed or withheld by reason of the failure by the holder of such
Series D Preference Shares to comply with any reasonable request by the Company addressed to the holder within 90 days of such request (a) to provide information concerning the nationality, residence or identity of the holder or (b) to
make any declaration or other similar claim or satisfy any information or reporting requirement that is required or imposed by statute, treaty, regulation or administrative practice of the Relevant Taxing Jurisdiction as a precondition to exemption
from all or part of such tax, fee, duty, assessment or other governmental charge;
 (iv) any tax, fee, duty, assessment or governmental
charge required to be withheld or deducted under Sections 1471 through 1474 of the Code (or any Treasury regulations or other administrative guidance thereunder); or 

 (v) any combination of items (i), (ii), (iii) and (iv). 

(c) In addition, the Company shall not pay additional amounts with respect to any payment on any such Series D Preference Shares to any holder
that is a fiduciary, partnership, limited liability company or other pass-through entity other than the sole beneficial owner of such Series D Preference Shares if such payment would be required by the laws of the Relevant Taxing Jurisdiction to be
included in the income for tax purposes of a beneficiary or partner or settlor with respect to such fiduciary or a member of such partnership, limited liability company or other pass-through entity or a beneficial owner to the extent such
beneficiary, partner or settlor would not have been entitled to such additional amounts had it been the holder of the Series D Preference Shares. 

SECTION 6. LIQUIDATION RIGHTS. 

(a) VOLUNTARY OR INVOLUNTARY LIQUIDATION. In the event of any liquidation, dissolution or winding-up of
the Company, whether voluntary or involuntary, holders of the Series D Preference Shares shall be entitled to receive, out of the assets of the Company available for distribution to shareholders of the Company, after satisfaction of all liabilities
and obligations to creditors and Senior Shares of the Company, if any, but before any distribution of such assets is made to the holders of Common Shares and any other Junior Shares, a liquidating distribution in the amount equal to US$25,000 per
Series D Preference Share, plus declared and unpaid dividends, if any, to the date fixed for distribution. 
 (b) PARTIAL PAYMENT. After
payment of the full amount of any distribution described in 6(a) above to which holders are entitled, holders of the Series D Preference Shares will have no right or claim to any of the Company’s remaining assets. If in any distribution
described in Section 6(a) above, the assets of the Company are not sufficient to pay the Liquidation Preferences (as defined below) in full to all holders of Series D Preference Shares and all holders of any Parity Shares, the amounts payable
to the holders of Series D Preference Shares and to the holders of all such other Parity Shares shall be paid pro rata in accordance with the respective aggregate Liquidation Preferences of the holders of Series D Preference Shares and the holders
of all such other Parity Shares, but only to the extent the Company has assets available after satisfaction of all liabilities to creditors and holder of Senior Shares. In any such distribution, the “Liquidation Preference” of any holder
of Series D Preference Shares or Parity Shares of the Company shall mean the amount otherwise payable to such holder in such distribution (assuming no limitation on the assets of the Company available for such distribution), including any declared
but unpaid dividends (and any unpaid, accrued cumulative dividends, whether or not declared, in the case of any holder of shares on which dividends accrue on a cumulative basis). 

(c) RESIDUAL DISTRIBUTIONS. If the Liquidation Preference has been paid in full to all holders of Series D Preference Shares and any holders
of Parity Shares, the holders of Junior Shares of the Company shall be entitled to receive all remaining assets of the Company according to their respective rights and preferences. 

(d) STRUCTURAL SUBORDINATION. The Series D Preference Shares shall be structurally subordinated in right of payment to all obligations of the
Company’s subsidiaries including all existing and future policyholders’ obligations of such subsidiaries. 
 (e) MERGER,
CONSOLIDATION AND SALE OF ASSETS NOT LIQUIDATION. For purposes of this Section 6, the consolidation, amalgamation, merger, arrangement, reincorporation, de-registration, reconstruction, reorganization or
other similar transaction involving the Company or the sale or transfer of all or substantially all of the shares or the property or business of the Company shall not be deemed to constitute a liquidation, dissolution or winding-up. 

 SECTION 7. OPTIONAL REDEMPTION. 

(a)    REDEMPTION ON OR AFTER DECEMBER 30, 2025. The Series D Preference Shares may not be redeemed by the Company
prior to December 30, 2025, subject to the exceptions set forth in Sections 7(b), (c), (d) and (e) herein. On and after December 30, 2025, the Company may redeem, in whole or from time to time in part, the Series D Preference Shares,
upon notice given as provided in Section 7(h) herein, at a redemption price equal to US$25,000 per Series D Preference Share, plus declared and unpaid dividends, if any, to but excluding the Redemption Date, without interest on such unpaid
dividends. 
 (b)    VOTING EVENT. The Company may redeem the Series D Preference Shares in whole, but not in part, upon
notice given as provided in Section 7(h) herein, if at any time prior to December 30, 2025 the Company notifies the holders of Common Shares a proposal for an amalgamation or any proposal for any other matter that requires, as a result of
any changes in Bermuda law after the Issue Date, an affirmative vote of the holders of the Series D Preference Shares at the time outstanding, whether voting as a separate series or together with any other series of Preferred Shares as a single
class, at a redemption price of $26,000 per Series D Preference Share, plus declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without accumulation of any undeclared dividend, and without interest. 

(c)    CAPITAL DISQUALIFICATION EVENT. The Company may redeem, in whole, but not in part, all of the Series D Preference
Shares, upon notice given as provided in Section 7(h) herein, at a redemption price equal to US$25,000 per Series D Preference Share, plus all declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without interest on
such unpaid dividends, at any time within 90 days following the occurrence of the date on which the Company has reasonably determined that, as a result of (i) any amendment to, or change in, those laws or regulations of the jurisdiction of the
Company’s Capital Regulator that is enacted or becomes effective after the initial issuance of the Series D Preference Shares, (ii) any proposed amendment to, or change in, those laws or regulations that are announced or becomes effective
after the initial issuance of the Series D Preference Shares or (iii) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting or applying those laws or regulations that are
announced after the initial issuance of the Series D Preference Shares, a Capital Disqualification Event has occurred. 

(d)    CHANGE IN TAX LAW. The Company may redeem, in whole, but not in part, all of the Series D Preference Shares, upon
notice given as provided in Section 7(h) herein, at a redemption price equal to US$25,000 per Series D Preference Share, plus declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without interest on such unpaid
dividends, if as a result of a Change in Tax Law there is, in the Company’s reasonable determination, a substantial probability that the Company or any Successor Company would become obligated to pay additional amounts on the next succeeding
Dividend Payment Date with respect to the Series D Preference Shares and the payment of those additional amounts could not be avoided by the use of any reasonable measures available to the Company or any Successor Company (a “Tax Event”).
As used herein, “Change in Tax Law” means (i) a change in or amendment to laws, regulations or rulings of any Relevant Taxing Jurisdiction, (ii) a change in the official application or interpretation of those laws, regulations or
rulings, (iii) any execution of or amendment to any treaty affecting taxation to which any Relevant Taxing Jurisdiction is party or (iv) a decision rendered by a court of competent jurisdiction in any Relevant Taxing Jurisdiction, whether
or not such decision was rendered with respect to the Company, in each case described in clauses (i) - (iv) above, occurring after December 14, 2020; provided that in the case of a Relevant Taxing Jurisdiction other than Bermuda in which
a Successor Company is organized, such Change in Tax Law must occur after the date on which the Company consolidates, merges or amalgamates (or engages in a similar transaction) with the 

 
Successor Company, or conveys, transfers or leases substantially all of its properties and assets to the Successor Company, as applicable. As used herein, “Relevant Taxing Jurisdiction”
means (A) Bermuda or any political subdivision or governmental authority of or in Bermuda with the power to tax, (B) any jurisdiction from or through which the Company or its dividend disbursing agent is making payments on the Series D
Preference Shares or any political subdivision or governmental authority of or in that jurisdiction with the power to tax or (C) any other jurisdiction in which the Company or any Successor Company is organized or generally subject to taxation
or any political subdivision or governmental authority of or in that jurisdiction with the power to tax. Prior to any redemption upon a Tax Event, the Company shall file with its corporate records and deliver to the transfer agent for the Series D
Preference Shares a certificate signed by one of the Company’s officers confirming that a Tax Event has occurred and is continuing (as reasonably determined by the Company). The Company shall include a copy of this certificate with any notice
of such redemption. 
 (e)    RATING AGENCY EVENT. The Company may redeem, in whole, but not in part, all of the Series
D Preference Shares, upon notice given as provided in Section 7(h) herein, at a redemption price equal to US$25,500 per Series D Preference Share, plus declared and unpaid dividends, if any, to, but excluding, the Redemption Date, without
interest on such unpaid dividends, within 90 days after a Rating Agency amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series D Preference Shares, which amendment, clarification or change results
in a Rating Agency Event. As used herein, a “Rating Agency Event” occurs if any nationally recognized statistical rating organization, as defined in Section 3(a)(62) of the U.S. Securities Exchange Act of 1934, as amended, that then
publishes a rating for the Company amends, clarifies or changes the criteria it uses to assign equity credit to securities such as the Series D Preference Shares, which amendment, clarification, or change results in: 

(i) the shortening of the length of time the Series D Preference Shares are assigned a particular level of equity credit by that Rating Agency
as compared to the length of time they would have been assigned that level of equity credit by that Rating Agency or its predecessor on the initial issuance of the Series D Preference Shares; or 

(ii) the lowering of the equity credit (including up to a lesser amount) assigned to the Series D Preference Shares by that Rating Agency as
compared to the equity credit assigned by that Rating Agency or its predecessor on the initial issuance of the Series D Preference Shares. 

(f)    NO SINKING FUND. The Series D Preference Shares shall not be subject to any mandatory redemption, sinking fund,
retirement fund or purchase fund or other similar provisions. Holders of Series D Preference Shares shall have no right to require redemption, repurchase or retirement of any Series D Preference Shares. 

(g)    PROCEDURES FOR REDEMPTION. The redemption price for any Series D Preference Shares shall be payable on the
Redemption Date to the holders of such shares against book-entry transfer or surrender of the certificate(s) evidencing such shares to the Company or its agent. Any declared but unpaid dividends payable on a Redemption Date that occurs subsequent to
the Dividend Record Date for a Dividend Period shall not be paid to the holder entitled to receive the redemption price on the Redemption Date, but rather shall be paid to the holder of record of the redeemed shares on such Dividend Record Date
relating to the Dividend Payment Date as provided in Section 4 herein. Prior to delivering any notice of redemption as provided below, the Company shall file with its corporate records a certificate signed by one of the Company’s officers
affirming the Company’s compliance with the redemption provisions under the Companies Act relating to the Series D Preference Shares, and stating that there are reasonable grounds for believing that the Company is, and after the redemption will
be, able to pay its liabilities as they become due and that the redemption will not cause the Company to breach any provision of applicable Bermuda law or regulation. The Company shall mail a copy of this certificate with the notice of any
redemption. 

 (h)    NOTICE OF REDEMPTION. Notice of every redemption of Series D
Preference Shares shall be given by first class mail, postage prepaid, addressed to the holders of record of the Series D Preference Shares to be redeemed at their respective last addresses appearing on the share register of the Company. Such
mailing shall be at least 15 days and not more than 60 days before the date fixed for redemption. Any notice mailed as provided in this subsection shall be conclusively presumed to have been duly given, whether or not the holder receives such
notice, but failure duly to give such notice by mail, or any defect in such notice or in the mailing thereof, to any holder of Series D Preference Shares designated for redemption shall not affect the validity of the proceedings for the redemption
of any other Series D Preference Shares. Notwithstanding the foregoing, if the Series D Preference Shares or any depositary shares representing interests in the Series D Preference Shares are issued in book-entry form through DTC or any other
similar facility, notice of redemption may be given to the holders of Series D Preference Shares at such time and in any manner permitted by such facility. Each such notice given to a holder shall state: (i) the Redemption Date; (ii) the
number of Series D Preference Shares to be redeemed and, if less than all the Series D Preference Shares held by such holder are to be redeemed, the number of such Series D Preference Shares to be redeemed from such holder; (iii) the redemption
price; and (iv) that the Series D Preference Shares should be delivered via book-entry transfer or the place or places where certificates, if any, for such Series D Preference Shares are to be surrendered for payment of the redemption price.

 (i)    PARTIAL REDEMPTION. In case of any redemption of only part of the Series D Preference Shares at the time
outstanding, the Series D Preference Shares to be redeemed shall be selected either pro rata or by lot. Subject to the provisions hereof, the Company shall have full power and authority to prescribe the terms and conditions upon which Series D
Preference Shares shall be redeemed from time to time. 
 (j)    If the Series D Preference Shares are treated as Tier 1
capital (or a substantially similar concept) under the capital guidelines of a Capital Regulator, any redemption of the Series D Preference Shares may be subject to the Company’s receipt of any required prior approval from the Capital Regulator
and to the satisfaction of any conditions to the Company’s redemption of the Series D Preference Shares set forth in those capital guidelines or any other applicable regulations of the Capital Regulator. 

(k)    EFFECTIVENESS OF REDEMPTION. If notice of redemption of any Series D Preference Shares has been duly given and if
on or before the Redemption Date specified in the notice all funds necessary for such redemption have been set aside by the Company, separate and apart from its other funds, in trust for the pro rata benefit of the holders of the Series D Preference
Shares called for redemption, so as to be and continue to be available therefor, then, notwithstanding that Series D Preference Shares so called for redemption have not been surrendered for cancellation or transferred via book-entry, on and after
the Redemption Date, no further dividends shall be declared on all Series D Preference Shares so called for redemption, all shares so called for redemption shall no longer be deemed outstanding and all rights with respect to such Series D Preference
shall forthwith on such Redemption Date cease and terminate, except only the right of the holders thereof to receive the amount payable on such redemption, without interest. 

(l)    RESTRICTIONS ON REDEMPTION. Under Bermuda law, the Company may not lawfully redeem Preference Shares (including the
Series D Preference Shares) at any time if the Company has reasonable grounds for believing that the Company is or would after the redemption be unable to pay its liabilities as they become due. Preference Shares (including the Series D Preference
Shares) may not be redeemed except out of the capital paid up thereon, out of funds of the Company that would otherwise be available for dividends or 

 
distributions or out of the proceeds of a new issue of shares made for the purpose of the redemption or purchase. The premium, if any, payable on redemption or purchase must be provided for out
of funds of the Company that would otherwise be available for dividend or distribution or out of the Company’s share premium account before the Preference Shares are redeemed or purchased. In addition, if the redemption price is to be paid out
of funds otherwise available for dividends or distributions, no redemption may be made if the realizable value of the Company’s assets would thereby be less than the aggregate of the Company’s liabilities, issued share capital and share
premium accounts. 
 SECTION 8. SUBSTITUTION OR VARIATION 

(a) At any time following a Tax Event or at any time following a Capital Disqualification Event, the Company may, without the consent of any
holders of the Series D Preference Shares, vary the terms of the Series D Preference Shares such that they remain securities, or exchange the Series D Preference Shares with new securities, which (i) in the case of a Tax Event, would eliminate
the substantial probability that the Company or any Successor Company would be required to pay any additional amounts with respect to the Series D Preference Shares as a result of a Change in Tax Law or (ii) in the case of a Capital
Disqualification Event, for purposes of determining the solvency margin, capital adequacy ratios or any other comparable ratios, regulatory capital resource or level of the Company or any member thereof, where subdivided into tiers, qualify as Tier
1 capital (or a substantially similar concept) under the capital guidelines of the Company’s Capital Regulator. In either case, the terms of the varied securities or new securities considered in the aggregate cannot be less favorable to holders
than the terms of the Series D Preference Shares prior to being varied or exchanged; provided that no such variation of terms or securities received in exchange shall change the specified denominations of, dividend payable on, the Redemption
Dates (other than any extension of the period during which an optional redemption may not be exercised by the Company) or currency of, the Series D Preference Shares, reduce the liquidation preference thereof, lower the ranking in right of payment
with respect to the payment of dividends or the distribution of assets upon liquidation, dissolution or winding-up of the Series D Preference Shares, or change the foregoing list of items that may not be so
amended as part of such substitution or variation. Further, no such variation of terms or securities received in exchange shall impair the right of a holder of the securities to institute suit for the payment of any amounts due (as provided under
this Certificate of Designations), but unpaid with respect to such holder’s securities. 
 (b) Prior to any substitution or variation,
the Company shall be required to receive an opinion of independent legal advisers of recognized standing to the effect that holders and beneficial owners of the Series D Preference Shares (including as holders and beneficial owners of the varied or
exchanged securities) will not recognize income, gain or loss for United States federal income tax purposes as a result of such substitution or variation and will be subject to United States federal income tax on the same amounts, in the same manner
and at the same times as would have been the case had such substitution or variation not occurred. 
 (c) Any substitution or variation of
the Series D Preference Shares described above shall be made after notice is given to the holders of the Series D Preference Shares not less than 15 days nor more than 60 days prior to the date fixed for substitution or variation, as applicable.

 SECTION 9. VOTING RIGHTS. 

(a) GENERAL. The holders of Series D Preference Shares shall not have any voting rights except as set forth below or as otherwise from time to
time required by law. On any item on which the holders of the Series D Preference Shares are entitled to vote, such holders shall be entitled to one vote for each Series D Preference Share held. 

 (b) RIGHT TO ELECT TWO DIRECTORS UPON NONPAYMENT EVENTS. If and whenever dividends in
respect of any Series D Preference Shares shall have not been declared and paid for the equivalent of six or more Dividend Periods, whether or not consecutive (a “Nonpayment Event”), the holders of Series D Preference Shares, voting
together as a single class with the holders of any and all Voting Preference Shares then outstanding, shall be entitled to vote for the election of a total of two additional members of the Board of Directors (the “Preference Shares
Directors”); provided that it shall be a qualification for election for any such Preference Shares Director that the election of any such directors shall not cause the Company to violate the corporate governance requirements of the U.S.
Securities and Exchange Commission or the New York Stock Exchange (or any other securities exchange or other trading facility on which securities of the Company may then be listed or quoted) that listed or quoted companies must have a majority of
independent directors. The Company shall use its best efforts to increase the number of directors constituting the Board of Directors to the extent necessary to effectuate such right, and, if necessary, to amend the
bye-laws. Each Preference Shares Director shall be added to an already existing class of directors. 

In the event that the holders of the Series D Preference Shares, and any such other holders of Voting Preference Shares, shall be entitled to
vote for the election of the Preference Shares Directors following a Nonpayment Event, such directors shall be initially elected following such Nonpayment Event only at a special general meeting, or at any annual general meeting of shareholders, and
thereafter at the annual general meeting of shareholders. At any time when such special voting power has vested in the holders of any of the Series D Preference Shares and any such other holders of Voting Preference Shares as described above, the
chief executive officer of the Company shall, upon the written request of the holders of record of at least 10% of the Series D Preference Shares and Voting Preference Shares (taken together as a single class) then outstanding addressed to the
secretary of the Company, call a special general meeting of the holders of the Series D Preference Shares and Voting Preference Shares for the purpose of electing directors. Such meeting shall be held at the earliest practicable date in such place
as may be designated pursuant to the Bye-Laws (or if there be no designation, at the Company’s principal office in Bermuda). If such meeting shall not be called by the Company’s proper officers
within 20 days after the Company’s secretary has been personally served with such request, or within 60 days after mailing the same by registered or certified mail addressed to the Company’s secretary at the Company’s principal
office, then the holders of record of at least 10% of the Series D Preference Shares and Voting Preference Shares (taken together as a single class) then outstanding may designate in writing one such holder to call such meeting at the Company’s
expense, and such meeting may be called by such holder so designated upon the notice required for annual general meetings of shareholders and shall be held in Bermuda, unless the Company otherwise designates. Notwithstanding the foregoing, no such
special general meeting shall be called during the period within 90 days immediately preceding the date fixed for the next annual general meeting of shareholders. 

At any annual or special general meeting at which the holders of the Series D Preference Shares and any such other holders of Voting
Preference Shares shall be entitled to vote, voting together as a single class, for the election of the Preference Shares Directors following a Nonpayment Event, the presence, in person or by proxy, of the holders of 50% of such Series D Preference
Shares and Voting Preference Shares (taken together as a single class) shall be required to constitute a quorum of the Series D Preference Shares and Voting Preference Shares (taken together as a single class) for the election of any director by the
holders of the Series D Preference Shares and Voting Preference Shares (taken together as a single class). At any such meeting or adjournment thereof, the absence of a quorum of the Series D Preference Shares and Voting Preference Shares shall not
prevent the election of directors other than those to be elected by the Series D Preference Shares and Voting Preference Shares, voting together as a single class, and the absence of a quorum for the election of such other directors shall not
prevent the election of the directors to be elected by the Series D Preference Shares and Voting Preference Shares, voting together as a single class. 

 The Preference Shares Directors so elected by the holders of the Series D Preference Shares
and Voting Preference Shares shall continue in office (i) until their successors, if any, are elected by such holders or (ii) unless required by applicable law to continue in office for a longer period, until termination of the right of
the holders of the Series D Preference Shares and Voting Preference Shares to vote as a class for directors, if earlier. If and to the extent permitted by applicable law, immediately upon any termination of the right of the holders of the Series D
Preference Shares and Voting Preference Shares to vote together as a single class for directors as provided herein, the terms of office of the directors then in office so elected by the holders of the Series D Preference Shares and Voting Preference
Shares shall terminate. 
 When dividends have been paid in full on the Series D Preference Shares for at least four consecutive Dividend
Periods after a Nonpayment Event, then the holders of the Series D Preference Shares shall be divested of the right to elect the Preference Shares Directors (subject to revesting of such voting rights in the event of each subsequent Nonpayment Event
pursuant to this Section 9) and the number of Dividend Periods in which dividends have not been declared and paid shall be reset to zero, and if and when the rights of holders of Voting Preference Shares to elect the Preference Shares Directors
shall have ceased, the terms of office of all the Preference Shares Directors shall forthwith terminate and the number of directors constituting the Board of Directors shall automatically be reduced accordingly. For purposes of determining whether
dividends have been paid for four consecutive Dividend Periods following a Nonpayment Event, the Company may take account of any dividend it elects to pay for such a Dividend Period after the Dividend Payment Date for the Dividend Payment Period has
passed. 
 Any Preference Shares Director may be removed at any time without cause by the holders of record of a majority of the aggregate
voting power, as determined under the Bye-Laws, of Series D Preference Shares and any other shares of Voting Preference Shares then outstanding (voting together as a single class) when they have the voting
rights described above. Until the right of the holders of Series D Preference Shares and any Voting Preference Shares to elect the Preference Shares Directors shall cease, any vacancy in the office of a Preference Shares Director (other than prior
to the initial election of Preference Shares Directors after a Nonpayment Event) may be filled by the written consent of the Preference Shares Director remaining in office, or if none remain in office, by a vote of the holders of record of a
majority of the outstanding Series D Preference Shares and any other shares of Voting Preference Shares (voting together as a single class) when they have the voting rights described above. Any such vote of holders of Series D Preference Shares and
Voting Preference Shares to remove, or to fill a vacancy in the office of, a Preference Shares Director may be taken only at a special meeting of such shareholders, called as provided above for an initial election of Preference Shares Directors
after a Nonpayment Event (unless such request is received less than 90 days before the date fixed for the next annual or special meeting of the shareholders of the Company, in which event such election shall be held at such next annual or special
meeting of shareholders). The Preference Shares Directors shall each be entitled to one vote per director on any matter. Each Preference Shares Director elected at any special general meeting of shareholders of the Company or by written consent of
the other Preference Shares Director shall hold office until the next annual general meeting of the shareholders of the Company if such office shall not have previously terminated as above provided. 

(c) VARIATION OF RIGHTS. Other than as provided for in Section 8(a) herein (which permits certain variations without consent by the
holders of the Series D Preference Shares), any or all of the special rights of the Series D Preference Shares may be altered or abrogated with the consent in writing of the holders of not less than three-quarters of the issued Series D Preference
Shares or with the sanction of a special resolution approved by at least a majority of the votes cast by the holders of the Series D Preference Shares at a separate 

 
general meeting in accordance with Section 47(7) of the Companies Act. The necessary quorum requirements for the separate general meeting shall be two or more persons holding or representing
by proxy more than fifty percent (50%) of the aggregate voting power of the Series D Preference Shares. The rights attaching to or the terms of issue of such shares or class of shares, as the case may be, shall not, unless otherwise expressly
provided by the terms of issue of such shares, be deemed to be varied by the creation or issue of Parity Shares. 
 (d) CHANGES FOR
CLARIFICATION. Without the consent of the holders of the Series D Preference Shares, so long as such action does not materially and adversely affect the special rights, preferences, privileges and voting powers, of the Series D Preference Shares
taken as a whole, the Board of Directors of the Company may, by resolution, amend, alter, supplement or repeal any terms of the Series D Preference Shares: 

(i) to cure any ambiguity, or to cure, correct or supplement any provision contained in this Certificate of Designations that may be defective
or inconsistent; or 
 (ii) to make any provision with respect to matters or questions arising with respect to the Series D Preference
Shares that is not inconsistent with the provisions of this Certificate of Designations; provided that any such amendment, alteration, supplement or repeal of any terms of the Series D Preference Shares shall be deemed not to materially and
adversely affect the special rights, preferences, privileges and voting powers of the Series D Preference Shares, taken as a whole. 
 (e)
CHANGES AFTER PROVISION FOR REDEMPTION. No vote or consent of the holders of Series D Preference Shares shall be required pursuant to Section 9(b), (c) or (d) above if, at or prior to the time when the act with respect to which such vote
would otherwise be required pursuant to such Section shall be effected, all outstanding Series D Preference Shares shall have been redeemed, or shall have been called for redemption upon proper notice and sufficient funds shall have been set aside
by the Company for such redemption, in each case pursuant to Section 7 herein. 
 (f) PROCEDURES FOR VOTING AND CONSENTS. The rules and
procedures for calling and conducting any meeting of the holders of Series D Preference Shares (including, without limitation, the fixing of a record date in connection therewith), the solicitation and use of proxies at such a meeting, the obtaining
of written consents and any other aspect or matter with regard to such a meeting or such consents shall be governed by any rules the Board of Directors or a duly authorized committee of the Board of Directors, in its discretion, may adopt from time
to time, which rules and procedures shall conform to the requirements of the Bye-Laws, applicable law and any national securities exchange or other trading facility on which the Series D Preference Shares is
listed or traded at the time. Whether the vote or consent of the holders of a plurality, majority or other portion of the Series D Preference Shares and any Voting Preference Shares has been cast or given on any matter on which the holders of Series
D Preference Shares are entitled to vote shall be determined by the Company by reference to the aggregate voting power, as determined by the Bye-Laws of the Company, of the shares voted or covered by the
consent. 
 SECTION 10. RANKING. The Series D Preference Shares shall, with respect to the payment of dividends and distributions of assets
upon liquidation, dissolution and winding-up, rank senior to Junior Shares, junior to any Senior Shares and pari passu with any Parity Shares of the Company, including those that the Company may issue from
time to time in the future. 
 SECTION 11. RECORD HOLDERS. To the fullest extent permitted by applicable law, the Company and the transfer
agent for the Series D Preference Shares may deem and treat the record holder of any Series D Preference Share as the true and lawful owner thereof for all purposes, and neither the Company nor such transfer agent shall be affected by any notice to
the contrary. 

 SECTION 12. NOTICES. All notices or communications in respect of Series D Preference Shares
shall be sufficiently given if given in writing and delivered in person or by first class mail, postage prepaid, or if given in such other manner as may be permitted in this Certificate of Designations,
Bye-Laws or by applicable law. Notwithstanding the foregoing, if Series D Preference Shares or depositary shares representing an interest in Series D Preference Shares are issued in book-entry form through
DTC, such notices may be given to the holders of the Series D Preference Shares in any manner permitted by DTC. 
 SECTION 13. NO PREEMPTIVE
RIGHTS. No Series D Preference Share shall have any rights of preemption whatsoever as to any securities of the Company, or any warrants, rights or options issued or granted with respect thereto, regardless of how such securities, or such warrants,
rights or options, may be designated, issued or granted.
 SECTION 14. LIMITATIONS ON TRANSFER AND OWNERSHIP. The Series D Preference Shares
shall be subject to the limitations on transfer and ownership contained in the Bye-laws. 
 SECTION
15. OTHER RIGHTS. The Series D Preference Shares shall not have any voting powers, preferences or relative, participating, optional or other special rights, or qualifications, limitations or restrictions thereof, other than as set forth herein or in
the Bye-Laws or as provided by applicable law. 
 [Signature Page Follows] 

IN WITNESS WHEREOF, ATHENE HOLDING LTD. has caused this certificate to be signed by Martin P. Klein, its Executive Vice President and Chief
Financial Officer, as of this 18th day of December, 2020. 
  

			
	ATHENE HOLDING LTD.
		
	By:	 	 /s/ Martin P. Klein

	Name:	 	Martin P. Klein                    
	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to Certificate of Designations]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00318-of-00352.parquet"}]]