Document:

2010 Omnibus Incentive Plan

 Exhibit 10.14 

PRIMERICA, INC. 

2010 OMNIBUS INCENTIVE PLAN 
  

	1.	Purpose 

 The purposes of the Primerica,
Inc. 2010 Omnibus Incentive Plan (the “Plan”) are to (i) align the long-term financial interests of employees, directors, consultants, agents and other service providers of the Company and its Subsidiaries with those of the
Company’s stockholders; (ii) attract and retain those individuals by providing compensation opportunities that are competitive with other companies; and (iii) provide incentives to those individuals who contribute significantly to the
long-term performance and growth of the Company and its Subsidiaries. 
  

	2.	Term 

 (a) Effective
Date. The Plan was adopted by the Board on March 31, 2010, 2010, and shall become effective without further action as of the later of (a) the effectiveness of the Company’s registration statement on Form S-1 filed with the
U.S. Securities and Exchange Commission on November 5, 2009, as amended, and (b) the Common Stock being listed or approved for listing upon notice of issuance on the New York Stock Exchange. 

(b) Duration. Subject to the right of the Board to amend or terminate the Plan at any time pursuant to Section 20
hereof, the Plan shall remain in effect until the earlier of (a) the date all shares of Common Stock subject to the Plan have been purchased or acquired according to the Plan’s provisions or (b) the tenth anniversary of the date the
Plan becomes effective pursuant to Section 2(a) hereof. No Awards shall be granted under the Plan after such termination date but Awards granted prior to such termination date shall remain outstanding in accordance with their terms. 

 

	3.	Definitions 

 “Award”
shall mean an Option, SAR, Stock Award or Cash Award granted under the Plan. 
 “Award Agreement” shall mean any written
agreement, contract, or other instrument or document evidencing an Award. 
 “Board” shall mean the Board of Directors of the
Company. 
 “Cash Award” means cash awarded under Section 7(d) of the Plan, including cash awarded as a bonus or upon the
attainment of Performance Criteria or otherwise as permitted under the Plan. 
 “Cause” shall have meaning set forth in the
Participant’s employment agreement with the Company, as in effect on the date an Award is granted; provided that if no such agreement or definition exists, “Cause” shall mean, unless otherwise specified in the Award Agreement,
(i) a failure of the Participant to substantially perform his or her duties (other than as a result of physical or mental illness or injury); (ii) the Participant’s willful misconduct or gross negligence; (iii) a material breach
by the Participant of the Participant’s fiduciary duty or duty of loyalty to the Company or any affiliate; (iv) the plea of guilty or nolo contendere by the Participant to (or conviction of the Participant for the commission of) any felony
or any other serious crime 

 
involving moral turpitude; (v) a material breach of the Participant’s obligations under any agreement entered into between the Participant and the Company or any affiliate; or
(vii) a material breach of the Company’s written policies or procedures. 
 “Change of Control” shall have the
meaning set forth in Section 13. 
 “Citigroup” shall mean Citigroup, Inc. and its affiliates. 

“Code” shall mean the Internal Revenue Code of 1986, as amended, including any rules and regulations promulgated thereunder and any
successor thereto. 
 “Committee” shall mean the Board or a committee designated by the Board to administer the Plan. With
respect to Awards granted to Covered Employees (or individuals expected to become Covered Employees), such committee shall consist of two or more individuals, each of whom, unless otherwise determined by the Board, is an “outside director”
within the meaning of Section 162(m) of the Code and a “nonemployee director” within the meaning of Rule 16b-3 of the Exchange Act. 

“Common Stock” shall mean the common stock of the Company, par value $.01 per share. 

“Company” shall mean Primerica, Inc., a Delaware corporation. 

“Covered Employee” shall mean a “covered employee,” as such term is defined in Section 162(m)(3) of the Code. 

“Deferred Stock” shall mean an Award payable in shares of Common Stock at the end of a specified deferral period that is subject to the
terms, conditions and limitations described or referred to in Section 7(c)(iv). 
 “Disability” shall, unless otherwise
provided in an Award Agreement, mean that the Participant is (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be
expected to last for a continuous period of not less than twelve (12) months or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of Primerica; provided, that, if applicable to the Award,
“Disability” shall be determined in a manner consistent with Section 409A of the Code. 
 “Eligible Recipient”
shall mean (i) any employee (including any officer) of the Company or any Subsidiary, (ii) any director of the Company or any Subsidiary or (iii) any individual performing services for the Company or a Subsidiary in the capacity of a
consultant or otherwise. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, including the rules and
regulations promulgated thereunder and any successor thereto. 
 “Fair Market Value” shall mean, with respect to Common Stock
or other property, the fair 
  

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market value of such Common Stock or other property determined by such methods or procedures as shall be established from time to time by the Committee. Unless otherwise determined by the
Committee in good faith, the per share Fair Market Value of Common Stock as of a particular date shall mean (i) the closing price per share of Common Stock on the national securities exchange on which the Common Stock is principally traded, for
the last preceding date on which there was a sale of such Common Stock on such exchange, or (ii) if the shares of Common Stock are then traded in an over-the-counter market, the average of the closing bid and asked prices for the shares of
Common Stock in such over-the-counter market for the last preceding date on which there was a sale of such Common Stock in such market, or (iii) if the shares of Common Stock are not then listed on a national securities exchange or traded in an
over-the-counter market, such value as the Committee, in its sole discretion, shall determine. 
 “ISO” shall mean an Option
intended to be and designated as an incentive stock option within the meaning of Section 422 of the Code. 
 “Nonqualified Stock
Option” shall mean an Option that is granted to a Participant that is not designated as an ISO. 
 “Option” shall mean
the right to purchase a specified number of shares of Common Stock at a stated exercise price for a specified period of time subject to the terms, conditions and limitations described or referred to in Section 7(a). The term “Option”
as used in the Plan includes the terms “Nonqualified Stock Option” and “ISO.” 
 “Participant” shall mean
an Eligible Recipient who has been granted an Award under the Plan. 
 “Performance Criteria” shall mean performance criteria
based on the attainment by the Company or any Subsidiary (or any division or business unit of such entity) of performance measures pre-established by the Committee in its sole discretion, based on one or more of the following: (1) return on
total stockholder equity; (2) earnings per share of Common Stock; (3) net income (before or after taxes); (4) earnings before any or all of interest, taxes, minority interest, depreciation and amortization; (5) sales or revenues;
(6) return on assets, capital or investment; (7) market share; (8) cost reduction goals; (9) implementation or completion of critical projects or processes; (10) cash flow; (11) gross or net profit margin;
(12) achievement of strategic goals; (13) growth and/or performance of the Company’s sales force; (14) operating service levels; and (15) any combination of, or a specified increase in, any of the foregoing. The Performance
Criteria may be based upon the attainment of specified levels of performance under one or more of the measures described above relative to the performance of other entities. To the extent permitted under Section 162(m) of the Code (including,
without limitation, compliance with any requirements for stockholder approval) or to the extent that an Award is not intended to qualify as “performance-based compensation” under Section 162(m) of the Code, the Committee in its sole
discretion may designate additional business criteria on which the Performance Criteria may be based or adjust, modify or amend the aforementioned business criteria. Performance Criteria may include a threshold level of performance below which no
Award will be earned, a level of performance at which the target amount of an Award will be earned and a level of performance at which the maximum amount of the Award will be earned. The Committee, in its sole discretion, shall make equitable
adjustments to the Performance Criteria in 
  

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recognition of unusual or non-recurring events affecting the Company or any Subsidiary or the financial statements of the Company or any Subsidiary, in response to changes in applicable laws or
regulations, including changes in generally accepted accounting principles, or to account for items of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a
business or related to a change in accounting principles, as applicable. 
 “Person” shall have the meaning set forth in
Section 14(d)(2) of the Exchange Act. 
 “Plan Administrator” shall have the meaning set forth in Section 10.

 “Restricted Stock” shall mean an Award of Common Stock that is subject to the terms, conditions, restrictions and
limitations described or referred to in Section 7(c)(iii). 
 “SAR” shall mean a stock appreciation right that is subject
to the terms, conditions, restrictions and limitations described or referred to in Section 7(b). 
 “Section 16(a)
Officer” shall mean an Eligible Recipient who is subject to the reporting requirements of Section 16(a) of the Exchange Act. 

“Separation from Service” shall have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations. 

“Specified Employee” shall have the meaning set forth in Section 409A of the Code and the Treasury Regulations promulgated
thereunder. 
 “Stock Award” shall have the meaning set forth in Section 7(c)(i). 

“Stock Payment” shall mean a stock payment that is subject to the terms, conditions, and limitations described or referred to in
Section 7(c)(ii). 
 “Stock Unit” shall mean a stock unit that is subject to the terms, conditions and limitations
described or referred to in Section 7(c)(v). 
 “Subsidiary” means any corporation (other than the Company) in an unbroken
chain of corporations beginning with the Company, if each of the corporations (other than the last corporation) in the unbroken chain owns stock possessing fifty percent (50%) or more of the total combined voting power of all classes of stock
in one of the other corporations in the chain (or such lesser percent as is permitted by Section 1.409A-1(b)(5)(iii)(E) of the Treasury Regulations). 

“Treasury Regulations” shall mean the regulations promulgated under the Code by the United States Internal Revenue Service, as amended.

 “Warburg” shall mean, collectively, Warburg Pincus X Partners, L.P. (“Warburg LP”), Warburg Pincus Private
Equity X, L.P. (“Warburg PE”), Warburg Pincus LLC (“Warburg LLC”), Warburg Pincus & Co. and any Affiliates of Warburg PE, Warburg LP or Warburg LLC. 

 

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	4.	Administration 

 (a)
Committee Authority. The Committee shall have full and exclusive power to administer and interpret the Plan, to grant Awards and to adopt such administrative rules, regulations, procedures and guidelines governing the Plan and the
Awards as it deems appropriate, in its sole discretion, from time to time. The Committee’s authority shall include, but not be limited to, the authority to (i) determine the type of Awards to be granted under the Plan; (ii) select
Award recipients and determine the extent of their participation; (iii) determine Performance Criteria no later than such time as required to ensure that an underlying Award which is intended to comply with Section 162(m) of the Code so
complies; and (iv) establish all other terms, conditions, and limitations applicable to Awards, Award programs and, if applicable, the shares of Common Stock issued pursuant thereto. The Committee may accelerate or defer the vesting or payment
of Awards, cancel or modify outstanding Awards, waive any conditions or restrictions imposed with respect to Awards or the Common Stock issued pursuant to Awards and make any and all other determinations that it deems appropriate with respect to the
administration of the Plan, subject to (A) the limitations contained in Section 4(d) of the Plan and Section 409A of the Code with respect to all Participants and (B) the provisions of Section 162(m) of the Code with respect
to Covered Employees. 
 (b) Administration of the Plan. The administration of the Plan shall be managed by the
Committee. All determinations of the Committee shall be made by a majority of its members either present in person or participating by conference telephone at a meeting or by written consent. The Committee shall have the power to prescribe and
modify the forms of Award Agreement, correct any defect, supply any omission or clarify any inconsistency in the Plan and/or in any Award Agreement and take such actions and make such administrative determinations that the Committee deems
appropriate in its sole discretion. Any decision of the Committee in the administration of the Plan, as described herein, shall be final, binding and conclusive on all parties concerned, including the Company, its stockholders and Subsidiaries and
all Participants. 
 (c) Delegation of Authority. To the extent permitted by applicable law, the Committee may at
any time delegate to one or more officers or directors of the Company some or all of its authority over the administration of the Plan, with respect to individuals who are not Section 16(a) Officers or Covered Employees. 

(d) Prohibition Against Repricing. Except as set forth in Section 6(e) hereof, the terms of outstanding Awards may not
be amended to reduce the exercise price of outstanding Options or SARs or cancel outstanding Options or SARs in exchange for cash, other Awards, or Options and SARs with an exercise price that is less than the exercise price of the original Options
or SARs without shareholder approval. 
 (e) Indemnification. No member of the Committee or any other Person to
whom any duty or power relating to the administration or interpretation of the Plan has been delegated shall be personally liable for any action or determination made with respect to the Plan, except for his or her own willful misconduct or as
expressly provided by statute. The members of the Committee and its delegates, including any employee with responsibilities relating to the 

 

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administration of the Plan, shall be entitled to indemnification and reimbursement from the Company, to the extent permitted by applicable law and the By-laws and policies of the Company. In the
performance of its functions under the Plan, the Committee (and each member of the Committee and its delegates) shall be entitled to rely upon information and advice furnished by the Company’s officers, accountants, counsel and any other party
they deem appropriate, and neither the Committee nor any such Person shall be liable for any action taken or not taken in reliance upon any such advice. 
  

	5.	Participation 

 (a)
Eligible Employees. Subject to Section 7 hereof, the Committee shall determine, in its sole discretion, which Eligible Recipients shall be granted Awards under the Plan. 

(b) Participation outside of the United States. In order to facilitate the granting of Awards to Employees who are foreign
nationals or who are employed outside of the U.S., the Committee may provide for such special terms and conditions, including, without limitation, substitutes for Awards, as the Committee may consider necessary or appropriate to accommodate
differences in local law, tax policy or custom. The Committee may approve any supplements to, or amendments, restatements or alternative versions of, this Plan as it may consider necessary or appropriate for the purposes of this Section 5(b)
without thereby affecting the terms of this Plan as in effect for any other purpose, and the appropriate officer of the Company may certify any such documents as having been approved and adopted pursuant to properly delegated authority; provided,
that no such supplements, amendments, restatements or alternative versions shall include any provisions that are inconsistent with the intent and purpose of this Plan, as then in effect; and further provided that any such action taken with respect
to a Covered Employee shall be taken in compliance with Section 162(m) of the Code and that any such action taken with respect to an Employee who is subject to Section 409A of the Code shall be taken in compliance with Section 409A of
the Code. 
  

	6.	Available Shares of Common Stock 

(a) Shares Subject to the Plan. Common Stock issued pursuant to Awards granted under the Plan may be shares that have been
authorized but unissued, or have been previously issued and reacquired by the Company, or both. Reacquired shares of Common Stock may consist of shares purchased in open market transactions or otherwise. Subject to the following provisions of this
Section 6, the aggregate number of shares of Common Stock that may be issued to Participants pursuant to Awards shall not exceed 8,800,000 shares of Common Stock, all of which may be granted as ISOs. 

(b) Forfeited and Expired Awards. Awards (or a portion of an Award) made under the Plan which, at any time, are forfeited,
expire or are canceled or settled without issuance of shares of Common Stock shall not count towards the maximum number of shares that may be issued under the Plan as set forth in Section 6(a) and shall be available for future Awards under the
Plan. Notwithstanding the foregoing, any and all shares of Common Stock that are (i) tendered in payment of an Option exercise price (whether by attestation or by other means); (ii)

 

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withheld by the Company to satisfy any tax withholding obligation; (iii) repurchased by the Company with Option exercise proceeds; or (iv) covered by a SAR (to the extent that it is
exercised and settled in shares of Common Stock, without regard to the number of shares of Common Stock that are actually issued to the Participant upon exercise) shall be considered issued pursuant to the Plan and shall not be added to the maximum
number of shares that may be issued under the Plan as set forth in Section 6(a). 
 (c) Other Items Not Included in
Allocation. The maximum number of shares that may be issued under the Plan as set forth in Section 6(a) shall not be affected by (i) the payment in cash of dividends or dividend equivalents in connection with outstanding Awards;
(ii) the granting or payment of stock-denominated Awards that by their terms may be settled only in cash or the granting of Cash Awards; or (iii) Awards that are granted in connection with a transaction between the Company or a Subsidiary
and another entity or business in substitution or exchange for, or conversion adjustment, assumption or replacement of, awards previously granted by such other entity to any individuals who have become Eligible Recipients as a result of such
transaction. 
 (d) Other Limitations on Shares that May be Granted under the Plan. Subject to Section 6(e),
the aggregate number of shares of Common Stock that may be granted to any Covered Employee during a calendar year in the form of Options, SARs, and/or Stock Awards intended to qualify as “performance-based compensation” under
Section 162(m) of the Code shall not exceed 1,000,000 shares. Determinations made under this Section 6(d) with respect to Covered Employees shall be made in a manner consistent with Section 162(m) of the Code. 

(e) Adjustments. In the event of any change in the Company’s capital structure, including, but not limited to, a
change in the number of shares of Common Stock outstanding, on account of (i) any stock dividend, stock split, reverse stock split or any similar equity restructuring or (ii) any combination or exchange of equity securities, merger,
consolidation, recapitalization, reorganization, or divesture or any other similar event affecting the Company’s capital structure, to reflect such change in the Company’s capital structure, the Committee shall make appropriate equitable
adjustments to the maximum number of shares of Common Stock that may be issued under the Plan as set forth in Section 6(a) and (but, with respect to Covered Employees, only to the extent permitted under Section 162(m) of the Code) to the
maximum number of shares that may be granted to any single individual pursuant to Section 6(d). In the event of any extraordinary dividend, divestiture or other distribution (other than ordinary cash dividends) of assets to stockholders, or any
transaction or event described above, to the extent necessary to prevent the enlargement or diminution of the rights of Participants, the Committee shall make appropriate equitable adjustments to the number or kind of shares subject to an
outstanding Award, the exercise price applicable to an outstanding Award (subject to the limitation contained in Section 4(d)), and/or any measure of performance that relates to an outstanding Award, including any applicable Performance
Criteria. Any adjustment to ISOs under this Section 6(e) shall be made only to the extent not constituting a “modification” within the meaning of Section 424(h)(3) of the Code, and any adjustments under this Section 6(e)
shall be made in a manner that does not adversely affect the exemption provided pursuant to Rule 16b-3 under the Exchange Act. With respect to Awards subject to Section 409A of the Code, any adjustments under this Section 6(e) shall
conform to the requirements of Section 409A of the 
  

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Code. Furthermore, with respect to Awards intended to qualify as “performance-based compensation” under Section 162(m) of the Code, such adjustments shall be made only to the
extent that the Committee determines that such adjustments may be made without causing the Company to be denied a tax deduction on account of Section 162(m) of the Code. Notwithstanding anything set forth herein to the contrary, the Committee
may, in its discretion, decline to adjust any Award made to a Participant, if it determines that such adjustment would violate applicable law or result in adverse tax consequences to the Participant or to the Company. 

 

	7.	Awards Under The Plan 

 Awards under the
Plan may be granted as Options, SARs, Stock Awards or Cash Awards, as described below. Awards may be granted singly, in combination or in tandem as determined by the Committee, in its sole discretion. 

(a) Options. Options granted under the Plan shall be designated as Nonqualified Stock Options or ISOs. Options shall expire
after such period, not to exceed ten years, as may be determined by the Committee. If an Option is exercisable in installments, such installments or portions thereof that become exercisable shall remain exercisable until the Option expires or is
otherwise canceled pursuant to its terms. Except as otherwise provided in this Section 7(a), Options shall be subject to the terms, conditions, restrictions, and limitations determined by the Committee, in its sole discretion, from time to
time. 
 (i) ISOs. The terms and conditions of ISOs granted hereunder shall be subject to the
provisions of Section 422 of the Code and the terms, conditions, limitations and administrative procedures established by the Committee from time to time in accordance with the Plan. At the discretion of the Committee, ISOs may be granted only
to an employee of the Company, its “parent corporation” (as such term is defined in Section 424(e) of the Code) or a Subsidiary. 

(ii) Exercise Price. The Committee shall determine the exercise price per share for each Option, which shall
not be less than 100% of the Fair Market Value of the Common Stock for which the Option is exercisable at the time of grant. 

(iii) Exercise of Options. Upon satisfaction of the applicable conditions relating to vesting and
exercisability, as determined by the Committee, and upon provision for the payment in full of the exercise price and applicable taxes due, the Participant shall be entitled to exercise the Option and receive the number of shares of Common Stock
issuable in connection with the Option exercise. The shares of Common Stock issued in connection with the Option exercise may be subject to such conditions and restrictions as the Committee may determine, from time to time. The exercise price of an
Option and applicable withholding taxes relating to an Option exercise may be paid by methods permitted by the Committee from time to time including, but not limited to, (1) a cash payment; (2) tendering (either actually or by attestation)
shares of Common Stock owned by the Participant (for any minimum period of time that the Committee, in its discretion, may specify), valued at the Fair Market Value at the time of exercise; (3) arranging to have the appropriate number of shares
of Common Stock issuable upon the 
  

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exercise of an Option withheld or sold; or (4) any combination of the above. Additionally, the Committee may provide that an Option may be “net exercised,” meaning that upon the
exercise of an Option or any portion thereof, the Company shall deliver the greatest number of whole shares of Common Stock having a Fair Market Value on the date of exercise not in excess of the difference between (x) the aggregate Fair Market
Value of the shares of Common Stock subject to the Option (or the portion of such Option then being exercised) and (y) the aggregate exercise price for all such shares of Common Stock under the Option (or the portion thereof then being
exercised) plus (to the extent it would not give rise to adverse accounting consequences pursuant to applicable accounting principles) the amount of withholding tax due upon exercise, with any fractional share that would result from such equation to
be payable in cash, to the extent practicable, or canceled. 
 (iv) ISO Grants to 10% Stockholders.
Notwithstanding anything to the contrary in this Section 7(a), if an ISO is granted to a Participant who owns stock representing more than ten percent of the voting power of all classes of stock of the Company, its “parent
corporation” (as such term is defined in Section 424 (e) of the Code) or a Subsidiary, the term of the Option shall not exceed five years from the time of grant of such Option and the exercise price shall be at least 110 percent of
the Fair Market Value (at the time of grant) of the Common Stock subject to the Option. 
 (v) $100,000 Per
Year Limitation for ISOs. To the extent the aggregate Fair Market Value (determined at the time of grant) of the Common Stock for which ISOs are exercisable for the first time by any Participant during any calendar year (under all plans of
the Company) exceeds $100,000, such excess ISOs shall be treated as Nonqualified Stock Options. 
 (vi)
Disqualifying Dispositions. Each Participant awarded an ISO under the Plan shall notify the Company in writing immediately after the date he or she makes a “disqualifying disposition” of any shares of Common Stock acquired
pursuant to the exercise of such ISO. A “disqualifying disposition” is any disposition (including any sale) of such Common Stock before the later of (i) two years after the time of grant of the ISO and (ii) one year after the
date the Participant acquired the shares of Common Stock by exercising the ISO. The Company may, if determined by the Committee and in accordance with procedures established by it, retain possession of any shares of Common Stock acquired pursuant to
the exercise of an ISO as agent for the applicable Participant until the end of the period described in the preceding sentence, subject to complying with any instructions from such Participant as to the sale of such Stock. 

(b) Stock Appreciation Rights. A SAR represents the right to receive a payment in cash, Common Stock, or a combination
thereof, in an amount equal to the excess of the Fair Market Value of a specified number of shares of Common Stock at the time the SAR is exercised over the exercise price of such SAR, which shall be no less than 100% of the Fair Market Value of the
same number of shares at the time the SAR was granted. Except as otherwise provided in this Section 7(b), SARs shall be subject to the terms, conditions, restrictions and limitations determined by the Committee, in its sole discretion, from
time to time. A SAR may only be granted to an Eligible Recipient to whom an Option could be granted under the Plan. 
  

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 (c) Stock Awards. 

(i) Form of Awards. The Committee may grant Awards that are payable in shares of Common Stock or denominated
in units equivalent in value to shares of Common Stock or are otherwise based on or related to shares of Common Stock (“Stock Awards”), including, but not limited to, Restricted Stock, Deferred Stock and Stock Units. Stock Awards shall be
subject to such terms, conditions (including, without limitation, service-based and performance-based vesting conditions), restrictions and limitations as the Committee may determine to be applicable to such Stock Awards, in its sole discretion,
from time to time. 
 (ii) Stock Payment. If not prohibited by applicable law, the Committee may
issue unrestricted shares of Common Stock, alone or in tandem with other Awards, in such amounts and subject to such terms and conditions as the Committee shall from time to time in its sole discretion determine; provided, however, that to the
extent Section 409A of the Code is applicable to the grant of unrestricted shares of Common Stock that are issued in tandem with another Award, then such tandem Awards shall conform to the requirements of Section 409A of the Code. A Stock
Payment may be granted as, or in payment of, a bonus (including, without limitation, any compensation that is intended to qualify as “performance-based compensation” for purposes of Section 162(m) of the Code), or to provide
incentives or recognize special achievements or contributions. 
 (iii) Restricted Stock.
Restricted Stock shall be subject to the terms, conditions, restrictions, and limitations determined by the Committee, in its sole discretion, from time to time. The number of shares of Restricted Stock allocable to an Award under the Plan shall be
determined by the Committee in its sole discretion. 
 (iv) Deferred Stock. Subject to
Section 409A of the Code to the extent applicable, Deferred Stock shall be subject to the terms, conditions, restrictions and limitations determined by the Committee, in its sole discretion, from time to time. A Participant who receives an
Award of Deferred Stock shall be entitled to receive the number of shares of Common Stock allocable to his or her Award, as determined by the Committee in its sole discretion, from time to time, at the end of a specified deferral period determined
by the Committee. Awards of Deferred Stock represent only an unfunded, unsecured promise to deliver shares in the future and do not give Participants any greater rights than those of an unsecured general creditor of the Company. 

(v) Stock Units. A Stock Unit is an Award denominated in shares of Common Stock that may be settled either
in shares of Common Stock or in cash, in the discretion of the Committee, and, subject to Section 409A of the Code to the extent applicable, shall be subject to such other terms, conditions, restrictions and limitations determined by the
Committee from time to time in its sole discretion. 
  

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 (d) Cash Awards. The Committee may grant Awards that are payable to
Participants in cash, as deemed by the Committee to be consistent with the purposes of the Plan, and, except as otherwise provided in this Section 7(d), such Cash Awards shall be subject to the terms, conditions, restrictions, and limitations
determined by the Committee, in its sole discretion, from time to time. Awards granted pursuant to this Section 7(d) may be granted with value and payment contingent upon the achievement of Performance Criteria, and, if so granted, such
criteria shall relate to periods of performance equal to or exceeding one calendar year. The maximum amount that any Covered Employee may receive with respect to a Cash Award granted pursuant to this Section 7(d) in respect of any annual
performance period is $10,000,000 and for any other performance period in excess of one year, such amount multiplied by a fraction, the numerator of which is the number of months in the performance period and the denominator of which is twelve.
Payments earned hereunder may be decreased or, with respect to any Participant who is not a Covered Employee, increased in the sole discretion of the Committee based on such factors as it deems appropriate. No payment shall be made to a Covered
Employee under this Section 7(d) prior to the certification by the Committee that the Performance Criteria have been attained. The Committee may establish such other rules applicable to Cash Awards to the extent not inconsistent with
Section 162(m) of the Code. 
  

	8.	Forfeiture Provisions Following a Termination of Employment or Service as a Consultant or Independent Contractor 

Except where prohibited by applicable law or where otherwise determined by the Committee, in any instance where the rights of a Participant with respect
to an Award extend past the date of termination of a Participant’s service to the Company or its Subsidiaries, all of such rights shall terminate and be forfeited, if, in the determination of the Committee, the Participant, at any time
subsequent to his or her termination of service, engages, directly or indirectly, either personally or as an employee, agent, partner, stockholder, officer or director of, or consultant to, any Person engaged in any business in which the Company or
its Subsidiaries is engaged, in conduct that breaches any obligation or duty of such Participant to the Company or a Subsidiary or that is in material competition with the Company or a Subsidiary or is materially injurious to the Company or a
Subsidiary, monetarily or otherwise, which conduct shall include, but not be limited to, (i) disclosing or misusing any confidential information pertaining to the Company or a Subsidiary; (ii) any attempt, directly or indirectly, to induce
any employee, agent, insurance agent, insurance broker or broker-dealer of the Company or any Subsidiary to be employed or perform services elsewhere; (iii) any attempt by a Participant, directly or indirectly, to solicit the trade of any
customer or supplier or prospective customer or supplier of the Company or any Subsidiary; or (iv) disparaging the Company, any Subsidiary or any of their respective officers or directors. The Committee shall make the determination of whether
any conduct, action or failure to act falls within the scope of activities contemplated by this Section 8, in its sole discretion. For purposes of this Section 8, a Participant shall not be deemed to be a stockholder of a competing entity
if the Participant’s record and beneficial ownership amount to not more than one percent of the outstanding capital stock of any company subject to the periodic and other reporting requirements of the Exchange Act. 

 

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	9.	Dividends and Dividend Equivalents 

 The
Committee may, in its sole discretion, provide that Stock Awards shall earn dividends or dividend equivalents, as applicable. Such dividends or dividend equivalents may be paid currently or may be credited to an account maintained on the books of
the Company. Any payment or crediting of dividends or dividend equivalents will be subject to such terms, conditions, restrictions and limitations as the Committee may establish, from time to time, in its sole discretion, including, without
limitation, reinvestment in additional shares of Common Stock or common share equivalents; provided, however, if the payment or crediting of dividends or dividend equivalents is in respect of a Stock Award that is subject to Section 409A of the
Code, then the payment or crediting of such dividends or dividend equivalents shall conform to the requirements of Section 409A of the Code and such requirements shall be specified in writing. Notwithstanding the foregoing, dividends or
dividend equivalents may not be paid or accrue with respect to any Stock Award subject to the achievement of Performance Criteria, unless and until the relevant Performance Criteria have been satisfied, and then only to the extent determined by the
Committee, as specified in the Award Agreement. 
  

	10.	Voting 

 The Committee shall determine
whether a Participant shall have the right to direct the vote of shares of Common Stock allocated to a Stock Award. If the Committee determines that a Stock Award shall carry voting rights, the shares allocated to such Stock Award shall be voted by
such Person as the Committee may designate (the “Plan Administrator”) in accordance with instructions received from Participants (unless to do so would constitute a violation of fiduciary duties or any applicable exchange rules). In such
cases, shares subject to Awards as to which no instructions are received shall be voted by the Plan Administrator proportionately in accordance with instructions received with respect to all other Awards (including, for these purposes, outstanding
awards granted under any other plan of the Company) that are eligible to vote (unless to do so would constitute a violation of fiduciary duties or any applicable exchange rules). 

 

	11.	Payments and Deferrals 

(a) Payment of vested Awards may be in the form of cash, Common Stock or combinations thereof as the Committee shall determine, subject to
such terms, conditions, restrictions and limitations as it may impose. The Committee may (i) postpone the exercise of Options or SARs (but not beyond their expiration dates), (ii) require or permit Participants to elect to defer the
receipt or issuance of shares of Common Stock pursuant to Awards or the settlement of Awards in cash (including Cash Awards) under such rules and procedures as it may establish, in its discretion, from time to time, (iii) provide for deferred
settlements of Awards including the payment or crediting of earnings on deferred amounts, or the payment or crediting of dividend equivalents where the deferred amounts are denominated in common share equivalents, (iv) stipulate in any Award
Agreement, either at the time of grant or by subsequent amendment, that a payment or portion of a payment of an Award be delayed in the event that Section 162(m) of the Code (or any successor or similar provision of the Code) would disallow a
tax deduction by the Company for all or a portion of such payment; provided, that the period of 
  

 12 

 
any such delay in payment shall be until the payment, or portion thereof, is tax deductible, or such earlier date as the Committee shall determine in its sole discretion. Notwithstanding the
foregoing, with respect to any Award subject to Section 409A of the Code, the Committee shall not take any action described in the preceding sentence unless it determines that such action will not result in any adverse tax consequences under
Section 409A of the Code. 
 (b) If, pursuant to any Award granted under the Plan, a Participant is entitled to receive a
payment on a specified date, such payment shall be deemed made as of such specified date if it is made (i) not earlier than 30 days before such specified date and (ii) not later than December 31 of the year in which such specified
date occurs or, if later, the fifteenth day of the third month following such specified date, in each case provided that, to the extent necessary to avoid the imposition of additional taxes or penalties under Section 409A of the Code, the
Participant shall not be permitted, directly or indirectly, to designate the taxable year in which such payment is made. 
 (c)
Notwithstanding the foregoing, to the extent necessary to avoid the imposition of additional taxes or penalties under Section 409A of the Code, if a Participant is a Specified Employee at the time of his or her Separation from Service, any
payment(s) with respect to any Award subject to Section 409A of the Code to which such Participant would otherwise be entitled by reason of such Separation from Service shall be made on the date that is six months after the Participant’s
Separation from Service (or, if earlier, the date of the Participant’s death). 
 (d) If, pursuant to any Award granted
under the Plan, a Participant is entitled to a series of installment payments, such Participant’s right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment.
For purposes of the preceding sentence, the term “series of installment payments” has the same meaning as provided in Section 1.409A-2(b)(2)(iii) of the Treasury Regulations. 

 

	12.	Nontransferability 

 Awards granted under
the Plan, and during any period of restriction on transferability, shares of Common Stock issued in connection with the exercise of an Option or a SAR, may not be sold, pledged, hypothecated, assigned, margined or otherwise transferred in any manner
other than by will or the laws of descent and distribution, unless and until the shares underlying such Award have been issued, and all restrictions applicable to such shares have lapsed or have been waived by the Committee. No Award or interest or
right therein shall be subject to the debts, contracts or engagements of a Participant or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means
whether such disposition be voluntary or involuntary or by operation of law, by judgment, lien, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy and divorce), and any attempted disposition thereof shall
be null and void, of no effect, and not binding on the Company in any way. Notwithstanding the foregoing, the Committee may, in its sole discretion, permit (on such terms, conditions and limitations as it may establish) Nonqualified Stock Options
and/or shares issued in connection with an Option or a SAR exercise that are subject to restrictions on transferability, to be transferred to a member of a Participant’s immediate family or to a trust or similar vehicle for the benefit of a
Participant’s 
  

 13 

 
immediate family members. During the lifetime of a Participant, all rights with respect to Awards shall be exercisable only by such Participant or, if applicable pursuant to the preceding
sentence, a permitted transferee. 
  

	13.	Change of Control 

 (a)
Unless otherwise determined in an Award Agreement, in the event of a Change of Control: 
 (i) With respect to
each outstanding Award that is assumed or substituted in connection with a Change of Control, in the event of a termination of a Participant’s employment or service without Cause during the 24-month period following such Change of Control,
(i) such Award shall become fully vested and exercisable, (ii) the restrictions, payment conditions, and forfeiture conditions applicable to any such Award granted shall lapse, and (iii) and any performance conditions imposed with
respect to Awards shall be deemed to be achieved at target performance levels. 
 (ii) With respect to each
outstanding Award that is not assumed or substituted in connection with a Change of Control, immediately upon the occurrence of the Change of Control, (i) such Award shall become fully vested and exercisable, (ii) the restrictions, payment
conditions, and forfeiture conditions applicable to any such Award granted shall lapse, and (iii) and any performance conditions imposed with respect to Awards shall be deemed to be achieved at target performance levels. 

(iii) For purposes of this Section 13, an Award shall be considered assumed or substituted for if, following the
Change of Control, the Award remains subject to the same terms and conditions that were applicable to the Award immediately prior to the Change of Control except that, if the Award related to shares of Common Stock, the Award instead confers the
right to receive common stock of the acquiring entity. 
 (iv) Notwithstanding any other provision of the Plan,
in the event of a Change of Control, except as would otherwise result in adverse tax consequences under Section 409A of the Code, the Committee may, in its discretion, provide that each Award shall, immediately upon the occurrence of a Change
of Control, be cancelled in exchange for a payment in cash or securities in an amount equal to (i) the excess of the consideration paid per share of Common Stock in the Change of Control over the exercise or purchase price (if any) per share of
Common Stock subject to the Award multiplied by (ii) the number of shares of Common Stock granted under the Award. 
 (b) A
“Change of Control” shall be deemed to occur if and when the first of the following occurs: 
 (i) any
Person, other than Citigroup or Warburg, is or becomes a beneficial owner (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 35 percent or more of the combined voting
power of the Company’s then outstanding securities (other than through acquisitions from Citigroup or the Company); 
  

 14 

 (ii) any plan or proposal for the dissolution or liquidation of the Company
is adopted by the stockholders of the Company; 
 (iii) individuals who, as of the Effective Date, constituted
the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election
by the Company’s stockholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding for this purpose
any such individual whose initial assumption of office occurs as a result of either an actual or threatened election contest (as such terms are used in Rule 14a-11 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board; 
 (iv) all or
substantially all of the assets of the Company are sold, transferred or distributed; or 
 (v) there occurs a
reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), in each case, with respect to which the stockholders of the Company immediately prior to such Transaction do not, immediately
after the Transaction, own more than 50 percent of the combined voting power of the Company or other entity resulting from such Transaction (disregarding, in each case, Citigroup) in substantially the same respective proportions as such
stockholders’ ownership of the voting power of the Company immediately before such Transaction; provided, however, that a Transaction shall not constitute a Change in Control if the Transaction occurs at such time that Citigroup owns more than
50% of the combined voting power of the Company. 
 (c) Notwithstanding the foregoing, no event shall constitute a Change of
Control if, immediately following such event, (x) Warburg beneficially owns, directly or indirectly, 20% or more of the combined voting power of the Company’s then outstanding securities (or, in the case of clause (v) above, voting
securities of the entity resulting from the applicable Transaction entitled to vote generally in the election of directors), and (y) no person (other than the Company or any employee benefit plan (or related trust) of the Company or the
resulting entity) owns, directly or indirectly, more of the combined voting power of the Company’s then outstanding securities (or, in the case of clause (v) above, voting securities of the entity resulting from the applicable Transaction
entitled to vote generally in the election of directors) than Warburg. 
 (d) Notwithstanding the foregoing, for each Award that
constitutes deferred compensation under Section 409A of the Code, a Change of Control shall be deemed to have occurred under the Plan with respect to such Award only if a change in the ownership or effective control of the Company or a change
in ownership of a substantial portion of the assets of the Company shall also be deemed to have occurred under Section 409A of the Code. 
  

 15 

	14.	Award Agreements 

 Each Award under the
Plan shall be evidenced by an Award Agreement (as such may be amended from time to time) that sets forth the terms, conditions, restrictions and limitations applicable to the Award, including, but not limited to, the provisions governing vesting,
exercisability, payment, forfeiture, and termination of employment, all or some of which may be incorporated by reference into one or more other documents delivered or otherwise made available to a Participant in connection with an Award.

  

	15.	Tax Withholding 

 Participants shall be
solely responsible for any applicable taxes (including, without limitation, income, payroll and excise taxes) and penalties, and any interest that accrues thereon, which they incur in connection with the receipt, vesting or exercise of an Award. The
Company and its Subsidiaries shall have the right to require payment of, or may deduct from any payment made under the Plan or otherwise to a Participant, or may permit shares to be tendered or sold, including shares of Common Stock delivered or
vested in connection with an Award, in an amount sufficient to cover withholding of any federal, state, local, foreign or other governmental taxes or charges required by law or such greater amount of withholding as the Committee shall determine from
time to time and to take such other action as may be necessary to satisfy any such withholding obligations. It shall be a condition to the obligation of the Company to issue Common Stock upon the exercise of an Option or a SAR that the Participant
pay to the Company, on demand, such amount as may be requested by the Company for the purpose of satisfying any tax withholding liability. If the amount is not paid, the Company may refuse to issue shares. 

 

	16.	Other Benefit and Compensation Programs 

Awards received by Participants under the Plan shall not be deemed a part of a Participant’s regular, recurring compensation for purposes of
calculating payments or benefits from any Company benefit plan or severance program unless specifically provided for under the plan or program. Unless specifically set forth in an Award Agreement, Awards under the Plan are not intended as payment
for compensation that otherwise would have been delivered in cash, and even if so intended, such Awards shall be subject to such vesting requirements and other terms, conditions and restrictions as may be provided in the Award Agreement. 

 

	17.	Unfunded Plan 

 The Plan is intended to
constitute an “unfunded” plan for incentive and deferred compensation. The Plan shall not establish any fiduciary relationship between the Company and any Participant or other Person. To the extent any Participant holds any rights by
virtue of an Award granted under the Plan, such rights shall constitute general unsecured liabilities of the Company and shall not confer upon any Participant or any other Person any right, title, or interest in any assets of the Company.

  

 16 

	18.	Rights as a Stockholder 

 Unless the
Committee determines otherwise, a Participant shall not have any rights as a stockholder with respect to shares of Common Stock covered by an Award until the date the Participant becomes the holder of record with respect to such shares. No
adjustment will be made for dividends or other rights for which the record date is prior to such date, except as provided in Section 9. 
  

	19.	Future Rights 

 No Eligible Recipient
shall have any claim or right to be granted an Award under the Plan. There shall be no obligation of uniformity of treatment of Eligible Recipients under the Plan. Further, the Company and its Subsidiaries may adopt other compensation programs,
plans or arrangements as deemed appropriate or necessary. The adoption of the Plan, or grant of an Award, shall not confer upon any Eligible Recipient any right to continued employment or service in any particular position or at any particular rate
of compensation, nor shall it interfere in any way with the right of the Company or a Subsidiary to terminate the employment or service of Eligible Recipients at any time, free from any claim or liability under the Plan. 

 

	20.	Amendment and Termination 

(a) The Plan and any Award may be amended, suspended or terminated at any time by the Board, provided that no amendment shall be made
without stockholder approval if it would (i) materially increase the number of shares available under the Plan, (ii) materially expand the types of awards available under the Plan, (iii) materially expand the class of individuals
eligible to participate in the Plan, (iv) materially extend the term of the Plan, (v) materially change the method of determining the exercise price of an Award, (vi) delete or limit the prohibition against repricing contained in
Section 4(d), or (vii) otherwise require approval by the stockholders of the Company in order to comply with applicable law or the rules of the New York Stock Exchange (or, if the Common Stock is not traded on the New York Stock Exchange,
the principal national securities exchange upon which the Common Stock is traded or quoted). Notwithstanding the foregoing, with respect to Awards subject to Section 409A of the Code, any amendment, suspension or termination of the Plan or any
such Award shall conform to the requirements of Section 409A of the Code. Except as otherwise provided in Section 13(a) and Section 20(b) and (c), no termination, suspension or amendment of the Plan or any Award shall adversely affect
the right of any Participant with respect to any Award theretofore granted, as determined by the Committee, without such Participant’s written consent. 

(b) The Committee may amend or modify the terms and conditions of an Award to the extent that the Committee determines, in its sole
discretion, that the terms and conditions of the Award violate or may violate Section 409A of the Code; provided, however, that (i) no such amendment or modification shall be made without the Participant’s written consent if such
amendment or modification would violate the terms and conditions of a Participant’s offer letter or employment agreement, and (ii) unless the Committee determines otherwise, any such

  

 17 

 
amendment or modification of an Award made pursuant to this Section 20(b) shall maintain, to the maximum extent practicable, the original intent of the applicable Award provision without
contravening the provisions of Section 409A of the Code. The amendment or modification of any Award pursuant to this Section 20(b) shall be at the Committee’s sole discretion and the Committee shall not be obligated to amend or modify
any Award or the Plan, nor shall the Company be liable for any adverse tax or other consequences to a Participant resulting from such amendments or modifications or the Committee’s failure to make any such amendments or modifications for
purposes of complying with Section 409A of the Code or for any other purpose. To the extent the Committee amends or modifies an Award pursuant to this Section 20(b), the Participant shall receive notification of any such changes to his or
her Award and, unless the Committee determines otherwise, the changes described in such notification shall be deemed to amend the terms and conditions of the applicable Award and Award Agreement. 

(c) To the extent that a Participant and an Award are subject to Section 111 of the Emergency Economic Stabilization Act of 2008 and
any regulations, guidance or interpretations that may from time to time be promulgated thereunder (“EESA”), then any payment of any kind provided for by, or accrued with respect to, the Award must comply with EESA, and the Award Agreement
and the Plan shall be interpreted or reformed to so comply. If the making of any payment pursuant to, or accrued with respect to, the Award would violate EESA, or if the making of such payment, or accrual, may limit or adversely impact the ability
of the Company to participate in, or the terms of the Company’s participation in, the Troubled Asset Relief Program, the Capital Purchase Program, or to qualify for any other relief under EESA, the affected Participants shall be deemed to have
waived their rights to such payments or accruals. In addition, if applicable, an Award will be subject to forfeiture or repayment if the Award is based on performance metrics that are later determined to be materially inaccurate. Award Agreements
shall provide that, if applicable, Participants will grant to the U.S. Treasury Department (or other body of the U.S. government) and to the Company a waiver in a form acceptable to the U.S. Treasury Department (or other body) and the Company
releasing the U.S. Treasury Department (or other body) and the Company from any claims that Participants may otherwise have as a result of the issuance of any regulations, guidance or interpretations that adversely modify the terms of an Award that
would not otherwise comply with the executive compensation and corporate governance requirements of EESA or any securities purchase agreement or other agreement entered into between the Company and the U.S. Treasury Department (or other body)
pursuant to EESA. For purposes of this subsection 20(c), all references to the Company shall be deemed to refer to the Company and its affiliates. 
  

	21.	Reimbursement or Cancellation of Certain Awards. 

Without limiting the provisions of Section 20(c) above, in the event that the Board determines that an Award that was granted, vested or paid based
on the achievement of Performance Criteria or other performance metrics would not have been granted, vested or paid absent fraud or misconduct, or that would not have been granted, vested or paid absent events giving rise to a restatement of the
Company’s financial statements, or a significant write-off not in the ordinary course affecting the Company’s financial statements, the Board, in its discretion, shall take such action as it deems necessary or appropriate to address the
fraud, misconduct, write-off or restatement. Such actions may include, without limitation and to the extent permitted by 

 

 18 

 
applicable law, in appropriate cases, (i) requiring partial or full reimbursement of any Cash Award granted to the Participant, (ii) causing the partial or full cancellation of any
Award granted to the Participant or (iii) requiring partial or full repayment of the value of the Common Stock acquired on vesting or settlement of an Award, in each case as the Board determines to be in the best interests of the Company.

  

	22.	Successors and Assigns 

 The Plan and any
applicable Award Agreement shall be binding on all successors and assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee of such estate, or any receiver or trustee in
bankruptcy or representative of the Participant’s creditors. 
  

	23.	Governing Law 

 The Plan and all
agreements entered into under the Plan shall be construed in accordance with and governed by the laws of the State of Delaware. 
  

	24.	Section 409A of the Code 

 The intent
of the parties is that payments and benefits under the Plan comply with Section 409A of the Code to the extent subject thereto, and, accordingly, to the maximum extent permitted, the Plan shall be interpreted and be administered to be in
compliance therewith. 
  

	25.	No Liability With Respect to Tax Qualification or Adverse Tax Treatment 

Notwithstanding any provision of the Plan to the contrary, in no event shall the Company or any affiliate be liable to a Participant on account of an
Award’s failure to (i) qualify for favorable U.S. or foreign tax treatment or (ii) avoid adverse tax treatment under U.S. or foreign law, including, without limitation, Section 409A of the Code. 

 

 19CoinsuranceTrust Agreement

 Exhibit 10.37 

Canadian Company - Life and P&C 

INDEX 

AGREEMENT MADE THE
15TH DAY OF MARCH, 2010 AMONG FINANCIAL REASSURANCE
COMPANY 2010, LTD., PRIMERICA LIFE INSURANCE COMPANY OF CANADA, RBC DEXIA INVESTOR SERVICES TRUST AND THE SUPERINTENDENT OF FINANCIAL INSTITUTIONS CANADA. 
  

					
	 PARAGRAPH
NUMBER
	 	 HEADING
	  	PAGE
NUMBER
			
	   1.
	 	APPOINTMENT OF TRUSTEE	  	4
			
	   2.
	 	AUTHORIZED ASSETS	  	4
			
	   3.
	 	ASSETS VESTED IN TRUST	  	4
			
	   4.
	 	VALUE OF ASSETS DETERMINED BY THE SUPERINTENDENT	  	5
			
	   5.
	 	VESTING, VARYING, EXCHANGING OR WITHDRAWING ASSETS	  	5
			
	   6.
	 	SECURITIES LENDING	  	5
			
	   7.
	 	ASSETS IN TRUSTEE’S NAME	  	6
			
	   8.
	 	POWERS AND AUTHORITY OF TRUSTEE	  	6
			
	   9.
	 	ACCOUNTABILITY OF TRUSTEE	  	6
			
	 10.
	 	DIRECTION OF REINSURER AND COMPANY	  	7
			
	 11.
	 	CANADIAN DEPOSITORY FOR SECURITIES LIMITED	  	7
			
	 12.
	 	PAYMENTS ON ACCOUNT OF AN INTEREST IN REAL ESTATE	  	7
			
	 13.
	 	EXERCISE OF RIGHTS ATTACHED TO AN ASSET	  	8
			
	 14.
	 	STATEMENT OF ASSETS	  	8
			
	 15.
	 	ACCESS	  	9
			
	 16
	 	DIRECTION TO VEST ASSETS IN THE COMPANY	  	9
			
	 17.
	 	DIRECTION TO VEST ASSETS IN THE SUPERINTENDENT	  	9

  

 - i - 

 Canadian Company - Life and P&C 

 

					
	 PARAGRAPH
NUMBER
	 	 HEADING
	  	PAGE
NUMBER
			
	 18.
	 	COMPENSATION OF TRUSTEE	  	10
			
	 19.
	 	INTEREST ON MONIES HELD IN TRUST	  	10
			
	 20.
	 	AMENDMENTS	  	10
			
	 21.
	 	TERMINATION	  	11
			
	 22.
	 	APPOINTMENT OF NEW TRUSTEE	  	11
			
	 23.
	 	WAIVER	  	12
			
	 24.
	 	FURTHER ASSURANCES	  	12
			
	 25.
	 	NOTICES	  	12
			
	 26.
	 	EXECUTION IN COUNTERPART	  	13
			
	 27.
	 	PARTIAL INVALIDITY	  	13
			
	 28.
	 	EFFECTIVE DATE	  	14
			
	 29.
	 	PROPER LAW	  	14
			
	 30.
	 	CONFLICTS OR INCONSISTENCIES	  	14
			
	 31.
	 	MISCELLANEOUS	  	15
			
		 	SCHEDULE	  	
		
	 SCHEDULE “A” – VESTING OF ASSETS
	  	14
		
	 SCHEDULE “B” – DECLARATION (MONTHLY)
	  	15

 AGREEMENT 

 THIS AGREEMENT made in quadruplicate on the
15th day of March, 2010. 

 

			
		
	AMONG:	 	 Financial Reassurance Company 2010, Ltd., a corporation duly organized and existing under the laws of Bermuda

(hereinafter called the “Reinsurer”)

  

 - ii - 

 Canadian Company - Life and P&C 

 

			
		
	AND:	 	 Primerica Life Insurance Company of Canada, a corporation duly organized and existing under the laws of Canada

(hereinafter called the “Company”)

		
	AND:	 	 RBC Dexia Investor Services Trust, a trust company incorporated under the laws of Canada and licensed to do business in the Province of
Ontario
 (hereinafter called the “Trustee”)

		
	AND:	 	 The Superintendent of Financial Institutions Canada

(hereinafter called the “Superintendent”)

		
	WHEREAS	 	 the Company is authorized under the Insurance Companies Act

(hereinafter called the “Act”) to insure risks;

		
	AND WHEREAS	 	the Company has caused itself to be reinsured by the Reinsurer against certain risks insured by it under one or more reinsurance agreements (hereinafter called the “Reinsurance
Agreements”);
		
	AND WHEREAS	 	the Reinsurer is not authorized under the Act to insure risks;
		
	AND WHEREAS	 	where the Reinsurer is not authorized under the Act to insure risks and is incorporated elsewhere than in Canada, a reduction in the Company’s Minimum Continuing Capital and
Surplus Requirements, in the Company’s Minimum Capital Test or in the assets to be maintained by the Company under the Act, as the case may be, may be made by the Company only to the extent that security is maintained in Canada, in respect of
the potential liabilities of the Reinsurer under the Reinsurance Agreements, in an amount, of a nature and under arrangements determined by the Superintendent to be satisfactory.

NOW THEREFORE in consideration of the premises and the mutual covenants and agreements contained in the Agreement, the parties hereto agree with
one another as follows: 
  

 3 

 Canadian Company - Life and P&C 

 

 APPOINTMENT OF TRUSTEE 

 

			
	1.	  	The Reinsurer appoints as trustee the Trustee to hold in trust for the Company, solely to secure the payment to the Company by the Reinsurer of the Reinsurer’s share of any
loss or liability or both sustained by the Company for which the Reinsurer is liable under the Reinsurance Agreements, such assets as the Reinsurer may vest in trust with the Trustee in accordance with the terms of this
Agreement.

 AUTHORIZED ASSETS 

 

			
	2.	  	Assets that may be vested in trust with the Trustee shall be cash or assets in which the Company may invest its funds or any portion thereof pursuant to the Company’s
investment and lending policies, standards and procedures established pursuant to the Act in force from time to time while this Agreement is in force.

ASSETS VESTED IN TRUST 
  

					
	3.	  	(a)	  	The Reinsurer shall vest and maintain with the Trustee assets valued in accordance with subparagraph (b) at all times at least equal to 100% of an amount equal to the greater
of (i) the Reinsurer’s quota share of the subject reserves with respect to the reinsured policies, and (ii) the amount of assets held in trust necessary at any particular point in time under the MCCSR Guideline in order for the
Company to take full financial statement credit for the unlicensed reinsurance in the same manner as if licensed reinsurance was being provided that enables the Company to maintain its target capital ratio as required by the Superintendent as well
as to be able to meet all Dynamic Capital Adequacy Testing adverse scenarios that may be required by the Superintendent with respect to the Reinsurer’s quota share of the subject reserves. For greater certainty, the amount of trust Assets held
in trust shall at no time be less than a minimum of an amount equal to 100% of the aggregate liability ceded (if greater than zero) plus 70% of the offsetting reserves ceded (MCCSR Guideline section 1.2.3.2) plus 150% of the Regulatory Required
Capital for the Ceded Business as defined by the MCCSR Guideline.
			
		  	(b)	  	The assets vested in trust shall be valued at market value.
			
		  	(c)	  	Assets vested in trust under this Agreement in respect of the class of life insurance shall be held by the Trustee in an account identified in its records as separate and distinct
from the assets vested in trust under this Agreement in respect of other classes.
			
		  	(d)	  	Assets vested in trust under this Agreement shall be held by the Trustee in an account identified in its records as separate and distinct from other accounts of the
Trustee.

  

 4 

 Canadian Company - Life and P&C 

 

					
		  	(e)	  	Assets vested in trust under this Agreement shall be free of all liens, charges and encumbrances of any nature except for the charge customarily required to be given by the relevant
participant in the Canadian Depository for Securities Limited under the rules governing participation in the Canadian Depository for Securities Limited on an asset deposited, and recorded in book-based form, with the Canadian Depository for
Securities Limited.

 VALUE OF ASSETS DETERMINED BY THE SUPERINTENDENT 

 

			
	4.	  	The Superintendent may determine from time to time the market value of the assets vested in trust or the liabilities for which the Reinsurer is liable under the Reinsurance
Agreements. Any determination made by the Superintendent under this paragraph shall be binding on the Reinsurer and the Company.
		
		  	This paragraph shall be effective only with respect to the obligations of the Reinsurer and the Company under this Agreement and shall not affect the contractual relationship
between the parties under the Reinsurance Agreements.

 VESTING, VARYING, EXCHANGING OR WITHDRAWING ASSETS 

  

					
	5.	  	(a)	  	Subject to paragraph 3 and subparagraph (b), prior to vesting an asset in trust or withdrawing an asset vested in trust, the Reinsurer shall obtain the written approval of the
Superintendent and, upon receipt of the written approval of the Superintendent, the Trustee shall follow the written direction of the Reinsurer.
			
		  	(b)	  	Unless the Superintendent has otherwise directed by written notice to both the Reinsurer and the Trustee, the Reinsurer may, without the prior written approval of the
Superintendent:
			
		  		  	 (i)       vest in trust an asset listed in Schedule “A”; and

			
		  		  	 (ii)      withdraw an asset listed in Schedule “A” vested in trust on condition that the
asset withdrawn is replaced, either prior to or simultaneously, with an asset or assets listed in Schedule “A” the value of which on the date of the withdrawal, as determined under subparagraph 3(b), is and is certified by the Reinsurer to
the Trustee to be, at least equal to the value, as determined under subparagraph 3(b), of the asset withdrawn.

SECURITIES LENDING 
  

			
	6.	  	The assets vested pursuant to this Agreement may not be used as part of a securities lending program.

 

 5 

 Canadian Company - Life and P&C 

 

 ASSETS IN TRUSTEE’S NAME 

 

			
	7.	  	Subject to paragraph 11, the Trustee shall register in its name or, subject to the prior written approval of the Superintendent, in the name of its nominee, any asset vested in
trust that can be issued in registered form. Notwithstanding the foregoing but subject to the prior written approval of the Superintendent, the Reinsurer may vest with the Trustee, and the Trustee shall not be required to register in its name,
mortgages on real estate acquired by or on behalf of the Reinsurer under an agreement whereby the mortgages are to be administered by a third party.

POWERS AND AUTHORITY OF TRUSTEE 
  

					
	8.	  	(a)	  	Subject to paragraph 5, the Trustee, on the written direction of any of the persons authorized by the Reinsurer for that purpose for the time being and from time to time, shall
have, in respect of the assets vested in trust, the powers and authority authorized in that written direction.
			
		  	(b)	  	Subject to the prior written approval of the Reinsurer, which approval must not be unreasonably withheld, the Trustee may employ, at the expense of the Reinsurer, agents, counsel
(who may be counsel to the Reinsurer) and other professional advisors.
			
		  	(c)	  	The Trustee may, from time to time,
			
		  		  	 (i)      deal with securities of the same class and nature as may constitute the assets held in
trust in its own behalf or on behalf of accounts it manages;

			
		  		  	 (ii)     subject to Part XI of the Trust and Loan Companies Act, be affiliated with any party to whom or
from whom such securities may be sold or purchased; and

			
		  		  	 (iii)    use in other capacities knowledge gained in its capacity hereunder without being liable to account
therefor in law or in equity except where the use would be detrimental, prejudicial, or adverse to the best interests of the Company or the Reinsurer.

ACCOUNTABILITY OF TRUSTEE 
  

					
	9.	  	(a)	  	Subject to subparagraph (b), the Trustee will exercise its powers and carry out its obligations under this Agreement as Trustee honestly, in good faith and in the best interests of
the Company and in connection therewith will exercise that degree of care, diligence and skill that a reasonable and prudent person would exercise in comparable circumstances.

 

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 Canadian Company - Life and P&C 

 

					
		  	(b)	  	Where the Superintendent determines that an asset vested in trust is withdrawn other than in accordance with paragraph 5, the Superintendent shall so notify the Trustee. Within
thirty (30) days of the day on which the Trustee is notified by the Superintendent, the Trustee shall replace that asset with an asset or assets of the kind listed in Schedule “A” such that the value of the assets vested in trust on
the replacement date, as determined under subparagraph 3(b), is equal to the lesser of:
			
		  		  	 (i)      the total value of the assets required under the Agreement to be vested in trust on the
replacement date, as determined under subparagraph 3(b); and

			
		  		  	 (ii)     the total value of the assets, as determined under subparagraph 3(b), vested in trust on the
day when the asset vested in trust was withdrawn other than in accordance with paragraph 5, determined before giving effect to the withdrawal.

			
		  		  	In each instance where the Trustee replaces an asset in accordance with this paragraph, the Reinsurer shall immediately reimburse the Trustee for all losses, damages, expenses, and
costs incurred by the Trustee in respect of the replacement.

 DIRECTION OF REINSURER AND COMPANY

  

					
	10.	  	(a)	  	The Reinsurer shall identify to the Trustee, in writing, those Reinsurer representatives authorized to direct the Trustee in respect of a matter under this Agreement. The Trustee
shall act only upon the written directions of those Reinsurer representatives and shall have no duty to verify the appropriateness of any directions which shall be binding on the Reinsurer.
			
		  	(b)	  	The Company shall identify to the Trustee, in writing, those Company representatives authorized to direct the Trustee in respect of a matter under this Agreement. The Trustee shall
act only upon the written directions of those Company representatives and shall have no duty to verify the appropriateness of any directions which shall be binding on the Company.

CANADIAN DEPOSITORY FOR SECURITIES LIMITED 
  

			
	11.	  	Subject to the written approval of the Superintendent, the Trustee may deposit any of the assets vested in trust with the Canadian Depository for Securities Limited and shall have
the same responsibility for assets vested in trust whether in the possession of the Trustee or deposited with the Canadian Depository for Securities Limited.

PAYMENTS ON ACCOUNT OF AN INTEREST IN REAL ESTATE 
  

 7 

 Canadian Company - Life and P&C 

 

					
	12.	  	Unless the Reinsurer and the Trustee are otherwise directed in writing by the Superintendent, the Reinsurer may collect payments on account of any interest in real
estate by way of lease, mortgage or otherwise vested in trust with the Trustee, provided that the Reinsurer shall:
			
		  	(a)	  	forthwith pay to the Trustee any monies collected on account of the principal of any mortgage; and
			
		  	(b)	  	on or before the tenth day of each month, notify in writing the Trustee, the Company and the Superintendent of the balance of principal on any mortgage on account of which the
Reinsurer collected a payment and account for all monies collected hereunder, which information shall be contained in a statutory declaration of an officer of the Reinsurer.

EXERCISE OF RIGHTS ATTACHED TO AN ASSET 
  

					
	13.	  	Unless the Trustee is otherwise directed in writing by the Superintendent:
			
		  	(a)	  	the Trustee shall hand over to the Reinsurer all income upon the vested assets collected by the Trustee as the same is collected; and
			
		  	(b)	  	the Reinsurer shall be entitled at all times to exercise, through such officer or other person designated by it, the right of attending, acting and voting at meetings of
corporations or security holders or otherwise in respect of vested assets and the Trustee shall, at the request of the Reinsurer, execute and deliver such instruments of proxy or attorney as may be reasonably required to enable the Reinsurer through
such officer or person to exercise such rights.

 STATEMENT OF ASSETS 

 

					
	14.	  	Unless the Superintendent otherwise directs the Trustee in writing, the Trustee shall on or before the fifteenth day of each month, or, if the fifteenth day is not a
business day of the Trustee, on or before the first business day of the Trustee following the fifteenth day, and at such other times as requested by notice in writing to the Trustee from the Superintendent, file:
			
		  	(a)	  	with the Superintendent, and if the Reinsurer so elects, with the Reinsurer, a declaration in the form of Schedule “B”, or in such other form as may be prescribed by the
Superintendent from time to time, together with a diskette, containing that information as may be prescribed by the Superintendent from time to time of all assets held by the Trustee under this Agreement as at the close of business on the
Trustee’s last business day in the immediately preceding month; and

  

 8 

 Canadian Company - Life and P&C 

 

					
			
		  	(b)	  	where the Reinsurer does not elect under subparagraph (a), with the Reinsurer a statement containing that information as may be prescribed by the Reinsurer from time to time of all
assets held by the Trustee under this Agreement.
		
		  	The Trustee shall submit separate declarations in respect of the class of life insurance and in respect of classes of insurance other than life
insurance.

 ACCESS 
  

			
	15.	  	The Trustee shall at all times, upon reasonable notice, permit the Superintendent, the Reinsurer and the Company access, for purposes of examination, to all assets held in trust
under this Agreement and to the records of the Trustee in relation thereto.

 DIRECTION TO VEST ASSETS IN THE
COMPANY 
  

					
	16.	  	(a)	  	The Trustee shall, on notice in writing from the Company accompanied by the written approval of the Superintendent, without inquiry as to the correctness of any request made by the
Company, assign and deliver to the Company those assets held by it in trust that the Company specifies in its request after deduction by the Trustee of an amount equal to the aggregate of any unpaid compensation to the date of transfer and any
losses, damages, expenses and costs owing to the Trustee pursuant to paragraph 18 and subparagraph 9(b) respectively.
			
		  	(b)	  	The Company shall apply the assets assigned and delivered to it pursuant to subparagraph (a) without diminution on account of the insolvency of the Company for the following
purposes only:
			
		  		  	 (i)      to pay or reimburse itself for the Reinsurer’s share of any loss or liability or
both, including any loss or liability on account of claims incurred but not reported, sustained by the Company for which the Reinsurer is liable under the Reinsurance Agreements; and

			
		  		  	 (ii)     to make payment to the Reinsurer of any balance of the assets in excess of the actual amount
required by clause (i) above if requested by the Reinsurer.

 DIRECTION TO VEST ASSETS IN THE
SUPERINTENDENT 
  

					
	17.	  	(a)	  	If
			
		  		  	 (i)      the Company is no longer authorized under the Act to insure risks,

			
		  		  	 (ii)     a judgment against the Company in respect of which no further right of appeal exists remains
unsatisfied for thirty (30) days, or

  

 9 

 Canadian Company - Life and P&C 

 

					
		  		  	 (iii)    a liquidator or receiver of the Company or of any part of the insurance business of the Company is
appointed under the provisions of any statute or pursuant to any agreement between the Company and a third party

			
		  		  	the Superintendent may direct the Trustee and the Trustee shall, without inquiry into the correctness of any statement of the Superintendent, assign and transfer to the
Superintendent or the Superintendent’s appointee all assets held in trust under the terms of this Agreement after deduction by the Trustee of an amount equal to the aggregate of any unpaid compensation to the date of transfer and any losses,
damages, expenses and costs owing to the Trustee pursuant to paragraph 18 and subparagraph 9(b) respectively.
			
		  	(b)	  	The Superintendent or his appointee shall apply the assets assigned and delivered pursuant to subparagraph (a) without diminution on account of the insolvency of the Company
for the following purposes only:
			
		  		  	 (i)      to pay or reimburse the Company for the Reinsurer’s share of any loss or liability or
both, including any loss or liability on account of claims incurred but not reported, sustained by the Company for which the Reinsurer is liable under the Reinsurance Agreements; and

			
		  		  	 (ii)     to make payment to the Reinsurer of any balance of the assets in excess of the actual amount
required by clause (i) above if requested by the Reinsurer.

 COMPENSATION OF TRUSTEE 

 

			
	18.	  	The Trustee is entitled to reasonable compensation for its services and expenses under this Agreement as may be agreed upon by the Reinsurer and the Trustee, and if no such
agreement is reached, either the Reinsurer or the Trustee may on ten (10) days notice in writing apply to a court of competent jurisdiction to fix the compensation that the Reinsurer shall pay the Trustee.

INTEREST ON MONIES HELD IN TRUST 
  

			
	19.	  	The Trustee shall pay the Reinsurer such interest on monies held in trust as is paid by the Trustee on the same or similar accounts.

AMENDMENTS 
  

					
	20.	  	(a)	  	This Agreement may be amended only by a written agreement executed by the Company, the Reinsurer, the Trustee and the Superintendent.

 

 10 

 Canadian Company - Life and P&C 

 

					
		  	(b)	  	The Company, the Reinsurer and the Trustee shall make those amendments to this Agreement that the Superintendent reasonably requires.

TERMINATION 
  

			
	21.	  	The Trustee and, subject to the prior written approval of the Superintendent, the Company or the Reinsurer may terminate this Agreement on at least thirty (30) days notice in
writing to the Superintendent and the other parties specifying in the notice the date of termination. Upon the date of termination specified in the notice, the Trustee shall be discharged from any further responsibilities to carry out the terms
provided in this Agreement save for its obligations under paragraph 22.

 APPOINTMENT OF NEW TRUSTEE

  

					
		
	22.	  	As soon as practicable
			
		  	(i)	  	on the Trustee ceasing to carry on business, or refusing to act as a trustee,
			
		  	(ii)	  	on the Trustee becoming insolvent, being deemed insolvent or admitting that it is insolvent within the meaning of any statute, or becoming (whether voluntarily or involuntarily)
subject to any proceedings for its winding-up, liquidation or dissolution,
			
		  	(iii)	  	on the Superintendent taking control of the assets of, or taking control of, the Trustee under the Trust and Loan Companies Act,
			
		  	(iv)	  	on the Trustee defaulting in its duties or obligations or any of them hereunder and not commencing to rectify the default within thirty (30) days after written notice from
another party specifying the default and requiring the Trustee to remedy the same, or
			
		  	(v)	  	after giving or receiving a notice under paragraph 21,
		
		  	the Reinsurer shall appoint another trust company approved by the Superintendent and authorized to act as a trustee and the Trustee shall execute all documents that the
Reinsurer shall deem necessary to vest in that trust company the assets vested in trust in the Trustee and transfer in writing to that trust company all its rights and obligations under this Agreement after deduction by the Trustee of an amount
equal to the aggregate of any unpaid compensation to the date of the transfer and any losses, damages, expenses and costs owing to the Trustee pursuant to paragraph 18 and subparagraph 9(b) respectively.

 

 11 

 Canadian Company - Life and P&C 

 

 WAIVER 

 

			
	23.	  	No waiver by any party of any breach of any of the covenants, provisos, conditions, restrictions or stipulations contained in this Agreement shall take effect or be binding upon
that party unless the same is expressed in writing under the authority of that party and is approved in writing by the Superintendent and any waiver so given and approved shall extend only to the particular breach so waived and shall not limit or
affect any rights with respect to any other future breach.

 FURTHER ASSURANCES 

 

			
	24.	  	Each of the parties to this Agreement shall execute and deliver all such instruments and assurances and do all other acts and things as are necessary to give full effect to and
carry out their respective obligations under this Agreement.

 NOTICES 

 

					
	25.	  	(a)	  	Notices under this Agreement shall be served either
			
		  		  	 (i)       personally by delivering them to the party on whom they are to be served at that
party’s address hereinafter given, provided such delivery shall be during the addressee’s normal business hours. Personally served notices shall be deemed received by the addressees when actually delivered as
aforesaid,

			
		  		  	 (ii)      by telex or facsimile (or by any other like method by which a written and recorded
message may be sent) directed to the party on whom they are to be served at that party’s address hereinafter given. Notices so served shall be deemed received by the addressee: i) when actually received by the addressee if received within the
normal working hours of the addressee’s business day; or ii) at the commencement of the next ensuing business day of the addressee following transmission thereof, whichever is the earlier, or

			
		  		  	 (iii)    by prepaid first class mail addressed to the party on whom they are to be served at that
party’s address hereinafter given. Notices so served shall be deemed received on the fifth (5th) day following the day on which they are so mailed, provided however that if delivery by prepaid first class mail of any notice required or
permitted under this Agreement is or is likely to be delayed due to interruption or suspension of the postal service because of a mail strike, slowdown or other labour dispute which might affect the delivery of the notice, then the notice shall be
effective only if delivered personally or by telex or facsimile (or by any other like method by which a written and recorded message may be sent).

 

 12 

 Canadian Company - Life and P&C 

 

					
		  	(b)	  	Unless changed by written notice to the other parties, the addresses for service of notice hereunder of each of the respective parties shall be as follows:

 

			
	Reinsurer	  	 Financial Reassurance Company 2010, Ltd.

44 Church Street
 PO. Box 2274

Hamilton HMJX, Bermuda

Attention:    David Pickering, Director

Facsimile:    #441-295-6448

		
	Company	  	 Primerica Life Insurance Company of Canada

2000 Argentina Road, Plaza V, Suite 300

Mississauga, Ontario
 L5N 2R7

Attention:    Heather Koski, VP Finance & CFO

Facsimile:    (905) 813-5316

		
	Trustee	  	 RBC Dexia Investor Services Trust

155 Wellington Street West,
5th Floor

P.O. Box 7500, Station “A”
 Toronto,
Ontario
 M5W 1P9

Attention:    Head of Client Service

Facsimile:    (416) 955-2600

	
	 Superintendent of Financial Institutions Canada

121 King Street West, 22nd Floor
 Toronto,
Ontario
 M5H 3T9

Attention:    Assistant Superintendent, Supervision

Facsimile:    (416) 973-1171

EXECUTION IN COUNTERPART 
  

			
	26.	  	This Agreement may be executed and delivered in counterpart, each of which, when so executed and delivered, shall be deemed to be an original. All counterparts together shall
constitute one and the same agreement.

 PARTIAL INVALIDITY 

 

			
	27.	  	If at any time any provision of this Agreement is or becomes illegal, invalid or unenforceable in any respect under the law of any jurisdiction, neither the legality, validity or
enforceability of the remaining provisions of this Agreement nor the legality, validity or

  

 13 

 Canadian Company - Life and P&C 

 

			
		  	enforceability of such provision under the law of any other jurisdiction shall in any way be affected or impaired thereby.

EFFECTIVE DATE 
  

			
	28.	  	This Agreement shall take effect as of the date and year first above written.

PROPER LAW 
  

			
	29.	  	This Agreement shall be governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein.

CONFLICTS OR INCONSISTENCIES 
  

			
	30.	  	In the event of a conflict or inconsistency between the terms and conditions of this Agreement and the terms and conditions of the Reinsurance Agreements, the former shall in each
and every instance prevail, except that, to the extent that the investment guidelines referenced in any Reinsurance Agreement are more restrictive than the list of assets in Schedule “A”, it shall be the responsibility of the Company and
the Reinsurer to ensure compliance with such restrictions.

  

 14 

 Canadian Company - Life and P&C 

 

 MISCELLANEOUS 

 

			
	31.	  	Paragraph headings and other headings or captions or the index or the title hereto shall not be used in construing or interpreting any provision of this Agreement or the
relationship of the parties to this Agreement.

 IN WITNESS WHEREOF the Reinsurer, the Company, the Trustee and the
Superintendent has executed this Agreement. 
  

					
	Financial Reassurance Company 2010, Ltd.	 		 	Primerica Life Insurance Company of Canada
			
	 /s/ Reza Shah
	 		 	 /s/ John A. Adams

	Name	 	(Seal)	 	Name
	Reza Shah	 		 	 EVP and CEO

	 Head of Citi Reinsurance
	 		 	Title
	Title	 		 	
			
	  
	 		 	 /s/ Heather Koski

	Name	 		 	Name
	  
	 		 	 VP Finance and CFO

	Title	 		 	Title
			
	RBC Dexia Investor Services Trust	 		 	Superintendent of Financial Institutions
			
	 /s/ Lydia Moffitt
	 		 	
	Name	 		 	
	Lydia Moffitt	 		 	 /s/ D. Bruce Thompson

	 Senior Manager, Client Service
	 		 	D. Bruce Thompson, Director
	Title	 		 	
			
	 /s/ David Fraser
	 		 	
	Name	 		 	
	David Fraser	 		 	
	 /s/ Client Service Manager
	 		 	
	Title	 		 	

  

 15

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