Document:

Exhibit 10.1

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the "Agreement") made this 15th day of January, 2008 between SED INTERNATIONAL HOLDINGS, INC., a Georgia corporation (“SED”) and Jean Diamond, an individual resident of the State of Georgia (the "Employee").  

 

WITNESSETH:

 

WHEREAS, Employee and SED INTERNATIONAL, INC. (formerly known as Southern Electronics Distributors, Inc., a Delaware corporation) (the “Subsidiary”), a Georgia corporation and a wholly-owned subsidiary of SED, have entered into an employment agreement on November 7, 1989 (the “Employment Agreement”) setting forth the terms and conditions of Employee’s employment with the Subsidiary and have subsequently amended the Employment Agreement on September 24, 1991, June 29, 1998, December 16, 1998, June 7, 1999, September 11, 2002 and July 6, 2005.  Collectively, the Subsidiary and SED are referred to in this Agreement as the “Company”

 

WHEREAS, the Employee and the Subsidiary desire to make certain modifications to the Employment Agreement, as amended to date; and

 

WHEREAS, SED wishes to assume the Employment Agreement as amended to date, and become the contracting party thereunder, and employee agrees to such assumption subject to a guaranty of SED’s obligations by the Subsidiary.

 

NOW, THEREFORE, in consideration of the foregoing, the continued employment of the Employee, and the mutual covenants and agreements hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

	
    1.
 	
  Definitions.
 

 

(a)    "Affiliate" or "Affiliated" means any person, firm, corporation, partnership, association or entity, either directly or indirectly, that controls, is controlled by, or is under common control with a specified person, firm, corporation, partnership, association or entity.

 

(b)     "Associate" means (1) any corporation, partnership or other entity of which a specified person is an officer or partner, or is, directly or indirectly, the beneficial owner of ten percent (10%) or more of any class of equity securities thereof, (2) any trust or estate in which the specified person has a substantial beneficial interest or as to which the specified person serves as trustee or in a similar fiduciary capacity, (3) any relative or spouse of such specified person, or any relative of such spouse, who has the same home as such specified person, and (4) any person who is a trustee, officer or partner of such specified person or of any corporation, partnership or other entity that is an Affiliate of such specified person.

 

(c)    "Applicable Period" means two (2) years following the last day on which Employee provides her services to SED following the giving of any notice of termination or resignation of Employee's employment.

 

(d)    "Area" means the states of Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maine, Michigan, Mississippi, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas and Virginia, the collective geographic area where a substantial portion of the Business has been and will be conducted.  This definition of Area shall be amended in writing promptly after SED determines that the Business is conducted in any area not encompassed within the definition of Area, as may be amended, to include such additional areas.

 

(e)    "Atlanta, Georgia Metropolitan Area" means the counties of Clayton, Cobb, DeKalb, Fulton and Gwinnett, Georgia.

 

 

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(f)    "Beneficial Owner" shall be defined by reference to Rule 13d-3 under the Exchange Act as such Rule is in effect on the date hereof; provided, however, that any individual, corporation, partnership, Group, association or other person or entity which, directly or indirectly, owns or has the right to acquire any of SED's or the Subsidiary's outstanding securities entitled to vote generally in the election of directors at any time in the future, whether such right is contingent, absolute, direct or indirect, pursuant to any agreement, arrangement or understanding or upon exercise of conversion rights, warrants or options or otherwise, shall be deemed the Beneficial Owner of such securities.

 

(g)     "Business" means the business of the Company, including, without limitation, the business of selling computer products and peripherals and cellular telephone products wholesale to retailers and other distributors, or any successor business of the Company.

 

(h)   "Cause" means conduct of the Employee amounting to fraud, dishonesty, gross or willful neglect of duties, a conviction of any federal, state or local laws involving a felony, or crime involving fraud or moral turpitude (other than pursuant to actions taken at the direction or with the approval of the Board of Directors of the Subsidiary or SED), or engaging in activities prohibited by Sections 5, 6, 7, 8, 9 and 10 hereof.

 

(i)    "Change of Control" shall be deemed to have occurred if and when (1) any individual, corporation, partnership, Group, association or other person or entity, together with his, its or their Affiliates or Associates (other than a trustee or other fiduciary holding securities under an employee benefit plan of SED) hereafter becomes the Beneficial Owner of securities of SED representing thirty percent (30%) or more of the combined voting power of SED's then outstanding securities entitled to vote generally in the election of directors; (2) the Continuing Directors of SED shall at any time fail to constitute a majority of the members of the Board of Directors of SED; (3) all or substantially all of the assets of SED are sold, conveyed, transferred or otherwise disposed of, whether
through one event or a series of related events, without being Duly Approved by the Continuing Directors of SED; (4) any individual, corporation, partnership, Group, association or other person or entity, together with his, its or their Affiliates or Associates, other than a trustee or other fiduciary holding securities under an employee benefit plan of the Subsidiary, becomes the Beneficial Owner of securities of the Subsidiary representing thirty percent (30%) or more of the combined voting power of the Subsidiary's then outstanding securities entitled to vote generally in the election of directors; or (5) all or substantially all of the assets of the Subsidiary are sold, conveyed, transferred or otherwise disposed of, whether through one event or a series of related events, without being Duly Approved by the Continuing Directors of the Subsidiary.

 

(j)    "Code" means
the Internal Revenue Code of 1986, as amended.

 

(k)   "Competing Business" means any business or enterprise which is engaged in a business that is the same or essentially the same as the Business.

 

(l)    "Continuing Director" means a director who either was a member of the Board of Directors of either SED or the Subsidiary, as the case may be, on the date hereof, or who becomes a member of the Board of Directors of either SED or the Subsidiary, as the case may be, subsequent to such date and whose election or nomination for election by the Board of Directors of either SED or the Subsidiary, as the case may be, was Duly Approved by the Continuing Directors of either SED or the Subsidiary, as the case may be, at the time of such election or nomination, either by a specific vote or by approval of the proxy statement issued by that company on behalf of the Board of Directors of either SED or the Subsidiary, as the case may be, in which such person is named as a nominee for director.

 

(m)  "Disability" or "Disabled" means the inability of the Employee to perform substantially and continuously those duties of her employment hereunder for a period in excess of 120 consecutive days (vacation days excepted) out of any consecutive twelve (12) month period because of physical or emotional incapacity or illness.  The determination of Disability shall be made by unanimous vote of the Board of Directors of SED.

 

 

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(n)   "Duly Approved by the Continuing Directors" means an action approved by the vote of at least a majority of the Continuing Directors then on the Board of Directors of either SED or the Subsidiary, as the case may be; provided, however, if the votes of such Continuing Directors in favor of such action would be insufficient to constitute an act of the entire Board of Directors of either SED or the Subsidiary, as the case may be, if a vote by all of its members had been taken, or if the number of persons constituting the Continuing Directors of either SED or the Subsidiary, as the case may be, shall be equal to or less than three, then the term Duly Approved by the Continuing Directors shall mean an action approved by the unanimous vote of the Continuing Directors then on the Board of
Directors of either SED or the Subsidiary, as the case may be.

 

(o)    "Exchange
        Act" means the Securities Exchange Act of 1934,
as amended.

 

(p)     “Good Reason” means and shall be deemed to exist if, without the prior express written consent of the Employee: (a) if SED breaches this Agreement in any material respect (it being acknowledged that a change in the location of the principal offices of Company beyond that contemplated in Section 2(b) of this Agreement would be material); (b) the Employee is assigned duties materially inconsistent with his position as contemplated by Section 2(a) of this Agreement, or a material change occurs in the Employee’s reporting responsibilities, or the Employee’s title, position, duties or responsibilities as contemplated by Section 2(a) are changed in a material manner; or (c) SED purports to terminate the Employee’s employment for Cause and
such purported termination of employment is not effected in accordance with the requirements of this Agreement, provided, however, that with respect to items (a) or (b) above, the Employee provides written notice of termination to SED based upon the condition described in items (a) or (b) above within ninety (90) days after the initial existence of such condition and within thirty (30) days of such written notice of termination by the Employee, SED has not cured such failure or breach.

 

(q)   "Group" means persons who act in concert as described in Section 13(d)(3) of the Exchange Act as in effect on the date hereof.

 

(r)    "Proprietary Information" means information related to the Company that (a) derives economic value, actual or potential, from not being generally known to other persons who can obtain economic value from its disclosure or use; and (b) is the subject of efforts by the Company that are reasonable under the circumstances to maintain its secrecy, including without limitation (i) with respect to information which has been reduced to tangible form, marking such information clearly and conspicuously with a legend identifying its confidential or proprietary nature; (ii) with respect to any oral presentation or communication, denominating such information as confidential immediately before, during or after such oral presentation or communication; or (iii) otherwise treating such
information as confidential.  Assuming these two criteria are met, Proprietary Information includes, without limitation, technical and nontechnical data related to the formulas, patterns, designs, compilations, programs, Inventions, methods, techniques, drawings, processes, finances, actual or potential customers and suppliers, research, development, existing and future products, and employees of the Company.  Proprietary Information includes (x) information that has been disclosed to the Company by a third party, which the Company is obligated to treat as confidential, and (y) information which is proprietary to an Affiliate of the Company.

 

	
    2.  
 	
  Terms and Conditions of Employment.
 

 

(a)   SED hereby employs Employee to serve as the Chief Executive Officer of SED and shall perform the duties required of the Chief Executive Officer (as described in the Bylaws of SED) and  such other duties of an executive, managerial or administrative nature as are from time to time assigned or delegated to the Employee by the Board of Directors of SED including, but not limited to, serving as the Chief Executive Officer of the Subsidiary and Employee hereby accepts employment with SED subject to the terms and conditions set forth in this Agreement.  

 

(b)   Throughout her employment hereunder, the Employee shall devote substantially all of her time, energy and skill to perform the duties of her employment (vacations as provided hereunder and reasonable absences because of illness excepted), shall faithfully and industriously perform such duties, 

 

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and shall use her best efforts to follow and implement all management policies and decisions of the Board of Directors of SED.  The Employee shall not become personally involved in the management of any other company, partnership, proprietorship or other entity, other than any Affiliate of the Company, without the consent of the Board of Directors of the SED; provided, however, that so long as it does not interfere with the Employee's employment hereunder, the Employee may serve as a director in a company that does not compete with the Business of the Company or any Affiliate, and serve as an officer, director or otherwise participate in educational, welfare, social, religious or civic organizations.  The executive offices of the Company shall, during the term of this Agreement, be located in the Atlanta, Georgia Metropolitan Area and in any event no farther than 35 miles from the present location of the
executive offices.  The Employee shall not be required to relocate from the Atlanta, Georgia Metropolitan Area in connection with the performance of her duties hereunder.

 

	
    3.  
 	
  Compensation.
 

 

(a) For her services hereunder, SED shall pay to the Employee an annual salary of TWO HUNDRED NINTY FIVE THOUSAND THREE HUNDRED FORTY NINE AND 59/100 DOLLARS ($295,349.59).  Such salary shall be paid in accordance with the normal payroll payment practices of SED and shall be subject to such deductions and withholdings as are required by law or by policies of SED, from time to time in effect.

 

(b) Commencing on July 1, 2008 and on each July 1 thereafter during the term of this Agreement, the annual salary shall be increased (but not decreased) by an amount equal to the percentage, if any, by which the Consumer Price Index (All Items Less Shelter), Urban Wage Earners and Clerical Workers, for the Southeast Region/Population Size Class B, published by the United States Government for the month preceding July 1 exceeds such index for the comparable month in the preceding year, together with such other increases, if any, as shall be approved by the Board of Directors of SED.

 

(c) In addition to the annual salary payable to Employee hereunder, the Employee shall be permitted during the term of this Agreement to participate or to continue to participate in any bonus programs designed for the Employee and any present or future group life, health and hospitalization or disability insurance plans, pension or retirement plans or similar benefits as are available to management employees of the Company, on the same terms as such other employees, in each case to the extent that the Employee is eligible under the terms of such plans or programs.  The Employee shall also be entitled during the term of this Agreement to the use of a Mercedes-Benz S-Class automobile, with the premiums for the automobile insurance coverage thereon, together with the reasonable cost of maintenance and other expenses (including gasoline) being payable by SED. The Employee shall have the
option to have the use of a new (replacement) automobile each year, commencing first on December 1, 2001. The amount of insurance coverage shall be determined by SED in accordance with the policies of SED, from time to time in effect. As a condition to the use of such automobile, Employee shall cooperate fully with the Company in connection with obtaining and maintaining in effect any such policy of insurance. The Employee shall also be entitled to receive a paid vacation of six (6) weeks per fiscal year.  During the term of this Agreement, the Company shall maintain disability insurance contracts naming the Employee as the beneficiary of the contracts that insure Employee against disability, which insurance contracts shall total an amount not to exceed fifty percent (50%) of Employee's annualized salary in effect immediately prior to such disability for each year of such disability (“Incentive Compensation”).

 

(d) The Employee shall be reimbursed in accordance with the policies of the Company, as adopted and amended from time to time, for all reasonable and appropriate expenses incurred by her in connection with the performance of her duties of employment hereunder; provided, however, Employee shall as a condition of such reimbursement, submit verification of the nature and amount of such expenses in accordance with the reimbursement policies from time to time adopted by the Company.

 

(e) The Employee shall not be entitled to receive any compensation in addition to that set forth in this Section 3 for any services provided by her in any capacity to Company, including, without limitation, as Chief Executive Officer of the Subsidiary, unless agreed to in writing by the Board of Directors of SED.

 

 

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(f) If a Change of Control occurs during the term of this Agreement, or during any extension thereof, and: 

 

(1)           the Employee’s employment is terminated involuntarily, or voluntarily by the Employee based on (i) material changes in the nature or scope of the Employee’s duties or employment, (ii) a reduction in compensation of the Employee made without the Employee’s consent, (iii) a relocation of the Company’s executive offices other than in compliance with the provisions of Section 2(b) of this Agreement, or (iv) a good faith determination made by the Employee, upon consultation with the Board of Directors of SED, that it is necessary or appropriate for the Employee to relocate from the Atlanta, Georgia Metropolitan Area to enable Employee to perform her duties hereunder, the Employee may, in her sole discretion, give written notice within thirty (30) days after the date
of termination of employment to the Secretary or Assistant Secretary of the Company that she is exercising her rights hereunder and requests payment of the amounts provided for under this Section 3(f); or 

 

(2)           the Employee gives written notice of her termination of employment for any reason concurrently with the time a Change of Control occurs or any time within thirty (30) days after the date the Change of Control becomes effective to the Secretary or Assistant Secretary of the Company, she may exercise her rights hereunder and request payment of the amounts provided for under this Section 3(f) (the notice provided pursuant to Subsection (f)(1) or Subsection (f)(2) is referred to as the “Notice of Exercise”).

 

If the Employee gives a Notice of Exercise to receive the payments provided for hereunder, the Company shall pay to or for the benefit of the Employee, immediately upon the Company’s receipt of the Notice of Exercise, a single cash payment for damages suffered by the Employee by reason of the Change in Control (the “Executive Payment”) in an amount equal to the aggregate present value (as determined in accordance with Section 280G(d)(4) of the Code) of all annual salary, Incentive Compensation and any other benefits pursuant to Section 3 hereof from the effective date of termination hereunder through the remainder of the Initial Term; provided, however, in the event the period from the date of Employee's termination hereunder through the remainder of the Initial Term is less than twelve (12) months, then the Employee shall receive a lump sum payment equal to the sum of the present value (as
determined in accordance with Section 280G(d)(4) of the Code) of (i) the current annual salary and the value of the Incentive Compensation and all other benefits payable to the Employee annualized for a twelve (12) month period, and (ii) an amount equal to any bonus that would have been paid for such period of less than twelve (12) months in accordance with the terms of any such bonus arrangement between the Employee and SED.

 

The Executive Payment shall be in addition to and shall not be offset or reduced by (i) any other amounts that have been earned or accrued or that have otherwise become payable or will become payable to the Employee or her beneficiaries, but have not been paid by the Company at the time the Employee gives the Notice of Exercise including, without limitation, salary, bonuses, severance pay, consulting fees, disability benefits, termination benefits, retirement benefits, life and health insurance benefits or any other compensation or benefit payment that is part of any previous, current or future contract, plan or agreement, written or oral, and (ii) any indemnification payments that may have accrued but not paid or that may thereafter become payable to the Employee pursuant to the provisions of either or both of SED’s and the Subsidiary’s Articles of Incorporation, Bylaws or similar policies, plans
or agreements relating to indemnification of directors and officers of SED and the Subsidiary under certain circumstances.  The Executive Payment shall not be reduced by any present value calculations.  

 

In the event the Employee dies during the term of this Agreement, the Employee’s legal representative shall be entitled to receive the Executive Payment, provided that the Notice of Exercise has been or is given either by the Employee or her legal representative, as the case may be.

 

(g)   The parties agree and understand that it is not the intention of the parties that the obligations of the Company pursuant to the provisions of this Agreement be met by both SED or the Subsidiary to the extent duplicative and the Company’s obligations pursuant to this Agreement may be fulfilled by either SED or Subsidiary at SED’s sole and absolute discretion.  

 

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    4.
 	
  Term and Termination of this Agreement.
 

 

(a)   Term. The term of this Agreement and of Employee's employment hereunder shall commence as of the effective date, with the effective date being the effective date of the Employment Agreement, and shall continue for a period of five (5) years (the "Initial Term") unless earlier terminated as provided in Section 4(b) of this Agreement.  The Initial Term of this Agreement and of Employee's employment hereunder will automatically be extended for an additional one-year period following the expiration of each year of employment under this Agreement without further action by Employee or SED unless notice not to renew for an additional one-year period is given by either SED or Employee to the other not less than six months prior to the expiration of any year of employment under this Agreement.  In the event a
notice not to renew is given by one party to the other as provided in the immediately preceding sentence, then the automatic extension of the term of employment under this Agreement shall thereafter be of no further force and effect.

 

(b)    Termination.

 

(i)          For Cause.  Notwithstanding any provision contained herein, SED may terminate this Agreement at any time during the Initial Term for “Cause”.  Termination pursuant to this subsection 4(b)(i) shall be effective immediately upon giving the Employee written notice thereof stating the reason or reasons therefor.  In the event of a termination pursuant to this subsection 4(b)(i), the Employee shall be entitled to: (i) payment of all annual salary, Incentive Compensation and any other benefits earned or accrued pursuant to Section 3 hereof (including insurance benefits) and unpaid at the effective date of such termination, and (ii) any indemnification payments that may become payable to the Employee pursuant to the provisions of SED's or the Subsidiary's,
if necessary, Charter, Bylaws or similar policies, plans or agreements relating to indemnification of directors and officers of SED or the Subsidiary under certain circumstances; provided, however, that nothing in this subsection (b) shall limit SED's obligations under Section 3(f) of this Agreement for which notice has been properly given by the Employee.

 

 (ii)         Due to Disability.  In the event this Agreement is terminated due to the Employee’s disability, the Employee shall be entitled to (i) be paid in one lump sum payment as soon as practicable following such termination an amount equal to the aggregate present value (as determined in accordance with Section 280G(d)(4) of the Code) of all annual salary, Incentive Compensation and any other benefits pursuant to Section 3 hereof from at the effective date of such termination for the remainder of the Initial Term; (ii) any indemnification payments that may have accrued but not paid or that may thereafter become payable to the Employee pursuant to the provisions of SED's and the Subsidiary's, if necessary, Charter, Bylaws or similar policies, plans or agreements
relating to indemnification of directors and officers of SED and the Subsidiary under certain circumstances; and (iii) continue to participate in any health and hospitalization or disability insurance plans or similar benefits as are available to management employees of the Company pursuant to subsection 3(c), to the extent available, for twelve (12) months following the date of such termination; provided, however, that any compensation to be paid to the Employee pursuant to this subsection 4(b)(ii) shall be offset against any payments received by the Employee pursuant to any policy of disability insurance the premiums of which are paid for by the Company.  

 

(iii)         Termination Without Cause or Termination For Good Reason.  If SED terminates the Employee’s employment hereunder without Cause, other than due to death or Disability, or if the Employee terminates her employment for “Good Reason” (as defined below), the Employee shall be paid in one lump sum payment as soon as practicable following such termination:  (1) an amount equal to the aggregate present value (as determined in accordance with Section 280G(d)(4) of the Code) of all annual salary, Incentive Compensation and any other benefits pursuant to Section 3 hereof from the effective date of termination hereunder through the remainder of the Initial Term; provided, however, in the event the period from the date of Employee's termination hereunder through
the remainder of the Initial Term  is less than twelve (12) months, then the Employee shall receive a lump sum payment equal to the sum of the present value (as determined in accordance with Section 280G(d)(4) of the Code) of  (i) the current annual salary and the value of the Incentive Compensation and all other benefits payable to the Employee annualized for a twelve (12) month period, and (ii) an amount equal to any bonus that would have been 

 

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paid for such period of less than twelve (12) months in accordance with the terms of any such bonus arrangement between the Employee and SED.  This payment shall be in addition to and shall not be offset or reduced by (i) any other amounts that have been earned or accrued or that have otherwise become payable or will become payable to the Employee or her beneficiaries, but have not been paid by SED at the time of termination including, without limitation, salary, bonuses, severance pay, consulting fees, disability benefits, termination benefits, retirement benefits, life and health insurance benefits or any other compensation or benefit payment that is part of any previous, current or future contract, plan or agreement, written or oral, and (ii) any indemnification payments that may have accrued but not paid or that may thereafter become payable to the Employee pursuant to the provisions of SED's and the
Subsidiary's, if necessary, Charter, Bylaws or similar policies, plans or agreements relating to indemnification of directors and officers of SED and the Subsidiary under certain circumstances.  

 

Notwithstanding the foregoing, all amounts received by the Employee and constituting the lump sum payment shall be reduced by mitigation to the extent of the Employee's earned income (within the meaning of Section 911(d)(2)(A) of the Code) during the remainder of the period in which this Agreement would have been in effect had the Employee's employment hereunder not been terminated without Cause or for Good Reason.  Any earned income received by Employee during the remainder of the period in which this Agreement would have been in effect had the Employee's employment hereunder not been terminated without Cause or for Good Reason shall promptly be forwarded to SED to mitigate the amount of the lump sum payment so paid to the Employee until the earlier of (i) the lump sum payment is repaid in full, or (ii) the expiration of the term of this Agreement had it so remained in effect.

 

(iv)          Termination Other Than For Good Reason.  If the Employee terminates her employment other than for Good Reason, the Employee shall be paid:  (a) her annual salary at the rate in effect at the time of termination, through the date of such termination of employment; (b) the share of any Incentive Compensation to which she would have been entitled for the portion of the year in which such termination occurs; (c) any accrued vacation pay; and (d) any other compensation and benefits as may be provided in accordance with the terms and provisions of any applicable plans or programs of SED.  It is the intention and agreement of SED that the Employee shall not be deprived by reason of termination under this Section of any payments, options or
benefits which have been vested or have been earned or to which the Employee is entitled as of the termination date.

 

(v)           Death Benefit.  Notwithstanding any other provision of this Agreement, this Agreement shall terminate on the date of the Employee’s death.  In such event SED shall pay (i) in one lump sum payment as soon as practicable following such termination an amount equal to the aggregate present value (as determined in accordance with Section 280G(d)(4) of the Code) of all annual salary, Incentive Compensation and any other benefits pursuant to Section 3 hereof from at the effective date of such termination for the remainder of the Initial Term; and (ii) any indemnification payments that may have accrued but not paid or that may thereafter become payable to the Employee pursuant to the provisions of SED's and the Subsidiary's, if necessary, Charter, Bylaws or
similar policies, plans or agreements relating to indemnification of directors and officers of SED and the Subsidiary under certain circumstances; provided, however, that any compensation to be paid to the Employee pursuant to this subsection 4(b)(v) shall be offset against any payments received by the Employee’s estate pursuant to any Life Insurance policy of which the premiums are paid for by the Company as of the date of such termination.  

 

(c)   Payment.  Except as otherwise provided in this Agreement, any payments to which the Employee shall be entitled under this Section 4 and subsection 3(f) above, including, without limitation, any economic equivalent of Incentive Compensation and any other benefits, shall be made as promptly as possible following any termination date provided for in this Section 4 and in subsection 3(f) above, each being referred to herein as a “termination date” provided, however, that if the Employee is a “specified employee” of SED within the meaning of Section 409A(a)(2)(B)(i) of the Code (or any successor provision), no payment under this Section 4 or subsection 3(f) above, in connection with the
Employee’s termination of employment (other than a payment of salary through the date of such termination, and payments on account of termination of employment by reason of death) shall be made until the date which is six (6) months after the date of the termination of the employment of the Employee (or, if earlier, the date of death of the Employee); provided further, if SED determines based upon written advice of 

 

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counsel that any such payment if made during the calendar year that includes the termination date would not be deductible in whole or in part by reason of Code Section 162(m), such payment shall be made on January 2 of the following calendar year (or such later date as may be required under the preceding proviso if the Employee is a "specified employee").  Any payment deferred as provided for in this subsection (c) shall include, when paid, an incremental earnings factor payment equal to ten (10%) percent of the amount deferred multiplied by a fraction the numerator of which is the number of days that such payment is deferred and the denominator of which is 365; provided, however, that in no event shall the amount of interest contracted for, charged or received hereunder exceed the maximum non-usurious amount of interest allowed by applicable law.

 

If the amount of any payment due to the Employee cannot be finally determined within thirty (30) days after the termination date, such amount shall be estimated on a good faith basis by SED and the estimated amount shall be paid thirty (30) days after such termination date (or on such later date as may be determined under the immediately preceding sentence).  As soon as practicable thereafter, the final determination of the amount due shall be made and any adjustment requiring a payment to or from the Employee shall be made as promptly as practicable.

 

(d)   No Mitigation.  The Employee shall not be required to mitigate the amount of any payments provided for by this Agreement by seeking employment or otherwise, nor shall the amount of any payment or benefit provided in this Agreement be reduced by any compensation or benefit earned by the Employee after the termination date.

 

(e)   Survival.  The covenants of the Employee contained in Sections 5, 6, 7, 8, 9, 10, 11 and 12 shall survive the termination of this Agreement and the Employee's employment under this Agreement and shall not be extinguished thereby.  The covenants of SED contained in this Agreement shall survive the termination of this Agreement and the Employee's employment hereunder and shall not be extinguished thereby.

 

5.            Agreement Not to Compete.  The Employee agrees that during her employment hereunder and for the Applicable Period following the termination of such employment, she will not, without the prior written consent of SED, (i) within the Area, either directly or indirectly, on her own behalf or in the service or on behalf of others as an officer, trustee, consultant, or executive or managerial employee, engage in or be employed by any Competing Business in which the Employee is expected to perform duties and activities similar to those performed by the Employee for SED prior to her termination of employment with SED, or (ii) acquire beneficial ownership of any securities of any Competing Business conducting business within the Area; provided, however, the Employee may
acquire beneficial ownership of securities of a Competing Business whose securities are traded on any national securities exchange or quoted by the National Association of Securities Dealers, Inc, automated quotation system if the Employee (A) is not a controlling person of, or a member of a group that controls, the Competing Business and (B) does not, directly or indirectly, own five percent (5%) or more of any class of securities of the Competing Business.

 

6.            Agreement Not to Solicit Customers.  The Employee agrees that during her employment hereunder and for the Applicable Period following the termination of such employment, she will not, without the prior written consent of  SED, within the Area, either directly or indirectly, on her own behalf or in the service or on behalf of others, solicit, divert or appropriate, or attempt to solicit, divert or appropriate, to any Competing Business as a customer any person or entity whose account with the Company was sold or serviced by or under the supervision of the Employee during the period of twelve (12) months or any portion thereof prior to the date of Employee's termination of employment with SED.

 

7.            Agreement Not to Solicit Employees.  Employee agrees that during her employment hereunder and for the Applicable Period following the termination of such employment, she will not, either directly or indirectly, on her own behalf or in the service or on behalf of others, solicit, divert or hire away, or attempt to solicit, divert or hire away, to any Competing Business any person employed by the Company, whether or not such employee is a full-time employee or a temporary employee of the Company, whether or not such employment is pursuant to written agreement, and whether or not such employment is for a 

 

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determined period or is at will.

 

	
    8.
 	
  Ownership and Protection of Proprietary Information.
 

 

(a)   All Proprietary Information and all physical embodiments thereof are confidential to and are and will remain the sole and exclusive property of the Company.  The Employee must:  (1) immediately disclose to SED all Proprietary Information developed in whole or in part by the Employee during the term of her employment with SED, (2) assign to SED any right, title or interest the Employee may have in such Proprietary Information, and (3) at the request and expense of SED, do all things and sign all documents or instruments reasonably necessary in the opinion of SED to eliminate any ambiguity as to the ownership by and rights of SED in such Proprietary Information including, without limitation, providing to SED the Employee's full cooperation in any litigation or other proceeding to establish or protect such rights.

 

(b)   Except to the extent necessary to perform the services to be provided hereunder, the Employee will not reproduce, use, distribute, disclose or otherwise disseminate the Proprietary Information or any physical embodiments thereof and will in no event take any action causing, or fail to take the action necessary in order to prevent, any Proprietary Information disclosed to or developed by the Employee to lose its character or cease to qualify as Proprietary Information.  Each reproduction of any of the Proprietary Information must prominently contain a legend identifying its confidential or proprietary nature.

 

(c)     The
  Employee represents and warrants that any information disclosed by the Employee
  to SED is not confidential or proprietary to the Employee or to any third
  party. Accordingly, no obligation of any kind is assumed by or to be implied
  against the Company by virtue of any information received, in whatever form
  or whenever received, from the Employee relating to the subject matter hereof,
  and SED will be free to reproduce, use and disclose to others such information
  without limitation.

 

(d)     Upon
  request by SED, and in any event upon termination of the employment of the
  Employee with the SED for any reason, as a prior condition to receiving any
  final compensation, including bonuses, hereunder, the Employee will promptly
  deliver to SED all property belonging to SED, including, without limitation,
  all Proprietary Information and all embodiments thereof then in her custody,
  control or possession.

 

(e)     The
  covenants of confidentiality set forth herein will apply on and after the
  date hereof to any Proprietary Information disclosed by the Company to or
  developed by the Employee prior to or after the date hereof and will continue
  and be maintained by the Employee (1) with respect to the Proprietary Information
  consisting of technical or scientific information, at any and all times following
  the termination of Employee's employment hereunder for any reason whatsoever,
  and (2) with respect to all other Proprietary Information, for the Applicable
  Period following such termination of employment, unless a longer period of
  protection is provided by law.

 

	
    9.
 	
  Inventions and Patents.
 

 

(a)   The Employee agrees that all processes, technologies and inventions (collectively, the "Inventions"), including new contributions, improvements, ideas and discoveries, whether patentable, copyrightable, registrable or not, conceived, developed, invented or made by her during her employment by SED shall belong to the Company; provided that such Inventions grew out of the Employee's work with the Company or in conjunction with any employees thereof, are related in any manner, commercial or experimental, to the Business, or are conceived or made on the Company’s time or with the use of the Company’s facilities or materials.  The Employee shall further:  (i) promptly disclose such Inventions to the Company; (ii) assign to the Company, without additional compensation, all patent, copyright, trademark or other rights to such
Inventions; (iii) execute all documents necessary or desirable to carry out the foregoing; (iv) assist the Company in obtaining and enforcing any patents, copyrights, trademarks or other rights relating to the Inventions; and (v) take such other action as the Company shall reasonably request.

 

9

 

 

 

(b)   If any Invention is described in a patent, copyright or trademark application or is disclosed to third parties, directly or indirectly, by the Employee within the Applicable Period following termination of Employee's employment, it is to be presumed that the Invention was conceived, developed, invented or made during the term of the Employee's employment hereunder.

 

(c)   The Employee agrees that she will not assert any rights to any Invention as having been conceived, developed, invented, made or acquired by her prior to the date of this Agreement, except for Inventions, if any, disclosed to the Company in writing prior to the date hereof.

 

10.          Intellectual Property.  The Company shall be the owner of all the products and proceeds of the Employee's services hereunder, including, but not limited to, all materials, ideas, concepts, formats, suggestions, developments, arrangements, packages, programs and other intellectual properties that the Employee may acquire, obtain, develop or create in connection with, and during the term of, the Employee's employment hereunder, free and clear of any claims by the Employee or anyone claiming under the Employee of any kind or character whatsoever, other than the Employee's right to receive payments hereunder.  The Employee shall, at the reasonable request of the Company, execute such assignments, certificates or other instruments as the Company from time to time shall deem
necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its right, title or interest in or to any such properties.

 

	
    11.
 	
  Rights and Remedies upon Breach.
 

 

(a)   Employee agrees that the covenants, representations and agreements contained in Sections 5, 6, 7, 8, 9 and 10 of this Agreement are of the essence of this Agreement; that each of such covenants, representations and agreements is reasonable and necessary to protect and preserve the interest, properties and Business of the Company; that the Company is engaged in and throughout the Area in the Business; that irreparable loss and damage will be suffered by the Company should Employee breach any of such covenants, representations and agreements; that each of such covenants, representations and agreements is separate, distinct and severable not only from the other of such covenants, representations and agreements but also from the other provisions of this Agreement; and that the unenforceability of any covenant, representation or
agreement shall not affect the validity or enforceability of any other covenant, representation or agreement or any other provision of this Agreement.

 

(b)   If the Employee breaches, or threatens to commit a breach of, any of the covenants, representations or agreements contained in Sections 5, 6, 7, 8, 9 or 10 of this Agreement, the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity:

 

(1)           the right and remedy to have the covenants, representations or agreements specifically enforced by any court having equity jurisdiction, including, without limitation, the right to an entry against the Employee of restraining orders and injunctions (preliminary, mandatory, temporary and permanent) against violations, threatened or actual, and whether or not then continuing, of such covenants, representations or agreements, it being acknowledged and agreed that any such breach or threatened breach will cause irreparable injury to the Companyand that money damages will not provide an adequate remedy to the Company; and

 

(2)           the right and remedy to require the Employee to account for and pay over to the Company all compensation, profits, monies, accruals, increments or other benefits derived or received by her primarily as a result of any transactions constituting a breach of the covenants, representations or agreements, and the Employee shall account for and pay over such compensation, profits, monies, accruals, increments or other benefits to the Company.

 

 

10

 

 

 

(c)   In the event that the Employee shall breach any of the covenants, representations or agreements contained in Sections 5, 6, 7, 8, 9 or 10 hereof, the running of the period of the restrictions set forth in any such Section shall be tolled during the continuation of any such breach by the Employee, and  the running of the period of such restrictions shall commence only upon compliance by the Employee with the terms of the applicable Section.

 

(d)   In the event the Company should seek an injunction under this Section 11, Employee hereby waives any requirement that the Company submit proof of the economic value of any Proprietary Information or that the Company post a bond or any other security.  In the event of any litigation between the parties hereto arising out of or relating to this Section 11, the prevailing party therein shall be allowed all reasonable attorneys' fees expended or incurred in such litigation to be recovered as part of the costs therein.

 

12.          No Set-Off by Employee.  The existence of any claim, demand, action or cause of action by the Employee against the Company, whether predicated upon this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of any of its rights hereunder.

 

13.          Employee's Expenses.  All costs and expenses, including reasonable legal, accounting and other advisory fees, incurred by the Employee to (a) contest any determinations made by the Company concerning the amounts payable by the Company to the Employee under this Agreement, or (b) prepare responses to an Internal Revenue Service audit of, and otherwise defend, her personal income tax return for any year that is the subject of any such audit or an adverse determination, administrative proceeding or civil litigation arising therefrom that is occasioned by, or related to, an audit by the Internal Revenue Service of the Company’s consolidated income tax returns are, upon written demand by the Employee explaining the basis for the request for such reimbursement or
advancement, to be promptly advanced or reimbursed to the Employee or paid directly, on a current basis, by the Company or its successors.

 

Except as otherwise provided in Section 11(d) of this Agreement, if at any time during the term of this Agreement or afterwards there should arise any litigation, hearing or arbitration as to the interpretation or application of any term or condition of this Agreement, the Company agrees, upon written demand by the Employee (and the Employee shall be entitled upon application to any court of competent jurisdiction, to the entry of a mandatory injunction, without the necessity of posting any bond with respect thereto, compelling the Company) promptly to provide sums sufficient to pay on a current basis, either directly or by reimbursing the Employee, the Employee's costs and reasonable attorneys' fees, including, without limitation, expenses of investigation and disbursements for the fees and expenses of experts, incurred by the Employee in connection with any such litigation, hearing or
arbitration regardless of whether the Employee is the prevailing party in such litigation, hearing or arbitration; provided, however, if a court of competent jurisdiction finally determines with respect to this obligation, upon application by the Company made in good faith, that the Employee initiated such litigation frivolously, then the Company shall not be obligated to pay or reimburse the Employee for such costs and reasonable attorney's fees incurred by the Employee in connection with such litigation, hearing or arbitration, and Employee shall be obligated to pay or reimburse the Company for its costs and reasonable attorney's fees, including, without limitation, expenses of investigation and disbursements for the fees and expenses of experts (other than Affiliates), incurred by the Company in connection with any such litigation, hearing or arbitration.  Except as provided in the immediately preceding sentence, under no circumstances shall the Employee be obligated to pay or
reimburse SED or the Company for any attorneys' fees, costs or expenses incurred by the Company.

 

14.         Notices.  All notices, requests, demands and other communications permitted or required hereunder shall be in writing and shall be deemed to have been duly given: (i) on the date of delivery, if delivered personally, by facsimile or electronic mail; (ii) the next business day, if delivered by overnight courier; and (iii), on the third calendar day subsequent to the postmark date thereof, if mailed, by United States certified or registered mail, postage prepaid, to the party to which the same is directed at the following addresses, or at such other addresses as shall be given in writing by the parties to one another:

 

 

11

 

 

 

	
    If to the Company:
 	
        SED International Holdings, Inc.

        4916
          North Royal Atlanta Drive

        Tucker,
          Georgia 30084

        Attention:
          Mr. Lyle Dickler, VP of Finance

        Facsimile:
          (770) 243-1196

        Email:
  ldickler@SEDintl.com

      

 

	
    With a copy to:
 	
  Morse Zelnick Rose & Lander, LLP
 
	
       
 	
  405 Park Avenue, Suite 1401
 
	
       
 	
  New York, New York 10022
 
	
       
 	
  Attention: Stephen A. Zelnick, Esq.
 
	
       
 	
  Facsimile: (212) 838-9190
 
	
       
 	
  Email: szelnick@mzrl.com
 

 

	
    If to the Employee:
 	
  Jean Diamond

    325
      Riverhall Court

    Atlanta,
  Georgia 30350

  Facsimile:
  (770) 938-2814

  Email: bgay@sedintl.com

  

 

 

	
    15.
 	
  Miscellaneous Provisions.
 

 

(a)   Severability.  In case any one or more of the provisions of this Agreement shall, for any reason, be held or found by final judgment of a court of competent jurisdiction to be invalid, illegal or unenforceable in any respect, (1) such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, (2) this Agreement shall be construed as if such invalid, illegal or unenforceable provision had never been contained herein, and (3) if the effect of a holding or finding that any such provision is either invalid, illegal or unenforceable is to modify to the Employee's detriment, reduce or eliminate any compensation, reimbursement, payment, allowance or other benefit to the Employee intended by SED and the Employee in entering into this Agreement, SED shall promptly
negotiate in good faith and enter into an agreement with the Employee containing alternative provisions reasonably acceptable to the Employee that will restore to the Employee, to the extent legally permissible, substantially the same economic, substantive and tax benefits the Employee would have enjoyed had any such provision of this Agreement been upheld as legal, valid and enforceable.  Failure to insist upon strict compliance with any provision of this Agreement shall not be deemed a waiver of such provision or of any other provision of this Agreement.  Notwithstanding anything to the contrary contained herein, Employee and SED each covenant and agree that she or it, as appropriate, shall not challenge in any manner, before any person, panel, proceeding, hearing, court or other entity, the validity or enforceability of this Agreement, and that the covenant and agreement set forth in this sentence shall survive the expiration or termination of this Agreement.

 

(b)   Entire Agreement.  The Employee acknowledges receipt of a copy of this Agreement, together with any attachments hereto, which has been executed in duplicate and agrees that, with respect to the subject matter hereof, this Agreement is the entire agreement with SED.  Any other oral or written representations, understandings or agreements with the Company and its directors, officers or representatives covering the same subject matter that are in conflict with this Agreement are hereby merged into and superseded by the provisions of this Agreement.

 

(c)   No Set-Off.  The Employee shall have no right of set-off or counterclaim in respect of any debt or other obligation of the Employee to the Company against payment or other obligation of the Company to the Employee provided for in this Agreement.

 

(d)   Modification and Waiver.  No provision of this Agreement may be amended, modified or waived unless such amendment, modification or waiver shall be agreed to in writing and signed by the Employee and by a person duly authorized by the Board of Directors of SED.

 

12

 

 

 

(e)   No Assignment of Compensation.  Except as otherwise provided in this Agreement, no right to or interest in any compensation or reimbursement payable hereunder shall be assignable or divisible by the Employee; provided, however, that this provision shall not preclude the Employee from designating one or more beneficiaries to receive any amount that may be payable after her death and shall not preclude her executor or administrator from assigning any right hereunder to the person or persons entitled thereto.

 

(f)    No Attachment.  Except as required by law, no right to receive payments under this Agreement shall be subject to anticipation, commutation, alienation, sale, assignment, encumbrance, charge, pledge or hypothecation, or to execution, attachment, levy or similar process or assignment by operation of law, and any attempt, voluntary or involuntary, to affect any such action shall be null, void and of no force and effect.

 

(g)   Headings.  The headings of Sections and subsections hereof are included solely for convenience of reference and shall not control the meaning or interpretation of any of the provisions of this Agreement.

 

(h)   Governing Law.  This Agreement has been executed and delivered in the State of Georgia and shall be construed in accordance with and governed for all purposes by the laws of the State of Georgia.

 

(i)    No Assignment of Agreement.  This Agreement may not be assigned, partitioned, subdivided, pledged, or hypothecated in whole or in part without the express prior written consent of the Employee and SED.  This Agreement shall not be terminated either by the voluntary or involuntary dissolution or the winding up of the affairs of SED or the Subsidiary, or by any merger or consolidation involving SED wherein SED is not the surviving entity, or by any transfer of all or substantially all of the assets on a consolidated basis of SED or the assets of the Subsidiary.  In the event of any such merger, consolidation or transfer of assets, the provisions of this Agreement shall be binding upon the surviving entity or to the entity to which such assets shall be transferred.

 

(j)    Interest on Amounts Payable.  If any amounts that are required or determined to be paid or payable or reimbursed or reimbursable to the Employee under this Agreement (or after a Change of Control, under any other plan, agreement, policy or arrangement with SED) are not paid promptly at the times provided herein or therein, such amounts shall accrue interest at an annual percentage rate of ten percent (10%) from the date such amounts were required or determined to have been paid or payable or reimbursed or reimbursable to the Employee until such amounts and any interest accrued thereon are finally and fully paid; provided, however, that in no event shall the amount of interest contracted for, charged or received hereunder exceed the maximum non-usurious amount of interest allowed by applicable law.

 

(k)   Federal Income Tax Withholding.  SED may withhold from any benefits payable under this Agreement all federal, state, city or other taxes, other than excise taxes, as shall be required pursuant to any law or governmental regulation or ruling.

 

[SIGNATURE PAGE TO FOLLOW]

 

13

 

 

 

IN WITNESS WHEREOF, the parties have duly executed and delivered this Amended and Restated Employment Agreement as of the date first indicated above.

 

	
            /s/ Jean Diamond
 	
             
 	
            SED International Holdings, Inc.,                                                                                                                       

a Georgia corporation

 

By: /s/ Lyle Dickler
 
	
            Jean Diamond
 	
             
 	
            Name: Lyle Dickler

Title: Vice President of Finance
 

 

 

GUARANTY

In consideration for the entering into the Agreement by SED and the Employee and as an added inducement to the Employee to enter into the Agreement and for other good and valuable consideration, the receipt and legal sufficiency of which are hereby acknowledged, the Subsidiary does hereby irrevocably and unconditionally guarantee to Employee and her successors and assigns the payment and performance of SED’s obligations (“Guaranteed Obligations”) pursuant to the Agreement as and when the same shall be due and payable.  Subsidiary hereby irrevocably and unconditionally covenants and agrees that it is liable for the Guaranteed Obligations as a primary obligor.

 

SED International, Inc., 

a Georgia corporation

 

By:  /s/ Mark DiVito                    

Name: Mark DiVito

Title: Vice President of Operations

 

 

14EXHIBIT 4.6

                                   SCHEDULE II

                       SCHEDULE OF ADDITIONAL PROVISIONS

EXTENSION ELECTION:

         This Note will mature on the Initial Stated Maturity Date, unless the
maturity of all or any portion of the principal amount of this Note is extended
in accordance with the procedures described below. In no event will the maturity
of this Note be extended beyond the Final Stated Maturity Date.

         During a notice period relating to an Election Date (as defined below)
the Holder may elect to extend the maturity of all or any portion of the
principal amount of this Note (in any multiple of $1,000) so that the maturity
of this Note will be extended to the date (the "Corresponding Maturity Date")
which is 366 calendar days from and including the 15th calendar day of the month
immediately following the month in which the applicable Election Date occurs;
provided, however, if such maturity date is not a Business Day, the maturity of
this Note will be the immediately preceding Business Day. The "Election Dates"
are the 15th day of each March, June, September, and December, or, if such day
is not a Business Day, the next day that is a Business Day, commencing on March
15, 2008 and ending on December 15, 2010. If no election is made, the maturity
date of the Notes is the Corresponding Maturity Date for the immediately
preceding Election Date. In no event shall the maturity date be more than 397
days.

         To make an effective election, the Holder must deliver a notice of
election during the notice period for an Election Date substantially in the form
attached hereto as Exhibit A (an "Election Notice") duly completed and, in the
event of an election to extend the maturity of only a portion of the principal
of this Note, this Note. The notice period for an Election Date begins on the
6th Business Day prior to the Election Date and ends on the Business Day
immediately preceding the Election Date. The Holder's Election Notice must be
delivered to the Paying Agent through the normal clearing system channels, no
later than the close of business in New York City on the last Business Day in
the notice period, at which time such notice becomes irrevocable.

         If, with respect to any Election Date, the Holder does not make an
election to extend the maturity of all or a portion of the principal amount of
this Note, the principal amount of this Note for which the Holder has failed to
make such an election will become due and payable on the earlier of the Initial
Stated Maturity Date or such later Corresponding Maturity Date related to the
relevant Election Date on which the maturity of this Note was previously
extended or if such day is not a Business Day, the immediately preceding
Business Day. The principal amount of this Note for which such election is not
exercised will be represented by a new note substantially in the form attached
hereto as Exhibit B (each a "Short Term Note") issued as of such Election Date
and Schedule A hereto shall be annotated as of such Election Date to reflect the
corresponding decrease in the principal amount hereof. Each Short Term Note so
issued will have the same terms as this Note, except that it will not be
extendible, will have the relevant CUSIP number specified below and its maturity
date will be the earlier of the Initial Stated Maturity Date or such later
Corresponding Maturity Date related to the relevant Election Date on

                   Hartford Life Global Funding Trust 2008-001
                                     SII - 1

<PAGE>

which the maturity of this Note was not extended, or, if such day is not a
Business Day, the immediately preceding Business Day. The failure to elect to
extend the maturity of all or any portion of the principal of this Note will be
irrevocable and will be binding upon any subsequent holder of this Note.

         The Trust and the Indenture Trustee shall deem this Note canceled as to
any portion hereof for which a duly completed Election Notice and, if
applicable, this Note are not delivered to the Paying Agent during the notice
period for any Election Date.

         If, with respect to any Election Date under this Note, the Holder does
not extend the maturity of all of the principal amount of this Note, the Paying
Agent, on behalf of the Trust, shall immediately (but in no event later than the
third (3rd) Business Day following the relevant Election Date) notify Hartford
Life of the amount not extended which shall be the principal amount of the
Funding Agreement redeemed on the applicable maturity date.

SPREAD:

    The spread for the Notes for the indicated periods is as follows:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------
                                             PERIOD                                    SPREAD
--------------------------------------------------------------------------------------------------
<S>                                                                                     <C>
From and including the Issuance Date to but not including December 15, 2008           + 0.27%
--------------------------------------------------------------------------------------------------
From and including December 15, 2008 to but not including December 15, 2009           + 0.29%
--------------------------------------------------------------------------------------------------
From and including December 15, 2009 to but not including December 15, 2010           + 0.31%
--------------------------------------------------------------------------------------------------
From and including December 15, 2010 to but not the Final Stated Maturity Date        + 0.32%
--------------------------------------------------------------------------------------------------
</TABLE>

CUSIP NUMBERS:

         The CUSIP numbers for each possible Short Term Note shall be as follows
with regard to each possible maturity date for such Short Term Note:

           ---------------------------------------------------------
                 CUSIP NUMBER                 MATURITY DATE
           ---------------------------------------------------------
                   41659EGR2                 January 15, 2009
           ---------------------------------------------------------
                   41659EGS0                  April 15, 2009
           ---------------------------------------------------------
                   41659EGT8                   July 15, 2009
           ---------------------------------------------------------
                   41659EGU5                 October 15, 2009
           ---------------------------------------------------------
                   41659EGV3                 January 15, 2010
           ---------------------------------------------------------
                   41659EGW1                  April 15, 2010
           ---------------------------------------------------------
                   41659EGX9                   July 15, 2010
           ---------------------------------------------------------
                   41659EGY7                 October 15, 2010
           ---------------------------------------------------------
                   41659EGZ4                 January 15, 2011
           ---------------------------------------------------------
                   41659EHA8                  April 15, 2011
           ---------------------------------------------------------
                   41659EHB6                   July 15, 2011
           ---------------------------------------------------------
                   41659EHC4                 October 15, 2011
           ---------------------------------------------------------

                   Hartford Life Global Funding Trust 2008-001
                                     SII - 2

<PAGE>

                                   SCHEDULE A

         The initial aggregate principal amount of the Note evidenced by the
Certificate to which this Schedule is attached is $300,000,000. The notations on
the following table evidence decreases in the aggregate principal amount of the
Note evidenced by such Certificate:

<TABLE>
<S>                <C>                     <C>                             <C>
------------------------------------------------------------------------------------------------
Election Date      Decreases in Principal   Principal Amount of this        Notation by Security
                   Amount of this Note      Note Remaining After            Registrar
                                            Such Decrease
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
</TABLE>

                   Hartford Life Global Funding Trust 2008-001
                                     SII - 3

<PAGE>

                                    EXHIBIT A
                             FORM OF ELECTION NOTICE

The undersigned hereby elects to extend the maturity of the Hartford Life Global
Funding Trust 2008-001 Secured Medium-Term Note (CUSIP 41659EGQ4) (the "Note")
(or the portion thereof specified below) with the effect provided in said Note
by delivering this Election Notice duly completed by the Holder of said Note,
and in the event of an election to extend the maturity of only a portion of the
principal amount of said Note, by surrendering said Note to the Paying Agent at
the following address:

                  The Bank of New York - Mellon
                  Corporate Trust, 8th Floor
                  101 Barclay Street
                  New York, NY 10286

or such other address of which the Paying Agent shall from time to time notify
the Holders of the Notes.

If the option to extend the maturity of less than the entire principal amount of
said Note is elected, specify the portion of said Note (which shall be $1,000 or
an integral multiple of $1,000 in excess thereof) as to which the Holder elects
to extend the maturity: $_________; and specify the denomination or
denominations (which shall be $1,000 or an integral multiple of $1,000 in excess
thereof) of the Notes in the form attached to said Note as Exhibit B to be
issued to the Holder for the portion of said Note to which the option to extend
the maturity is not being elected (in absence of any such specification one such
Note in the form of said Exhibit B will be issued for the portion as to which
the option to extend maturity is not being made): $__________.

Date:____________________             __________________________________________
                                      NOTICE: The signature on this Election
                                      Notice must correspond with the name as
                                      written upon the face of the Note in every
                                      particular, without alteration or
                                      enlargement or any change whatever.

                   Hartford Life Global Funding Trust 2008-001
                                      A - 1

<PAGE>

                                    EXHIBIT B
                             FORM OF SHORT-TERM NOTE

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE (HEREINAFTER
DEFINED) AND IS REGISTERED IN THE NAME OF A DEPOSITARY (AS DEFINED IN THE
INDENTURE) OR A NOMINEE OF A DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES
REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER
OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY
OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE TRUST (HEREINAFTER
DEFINED) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
UNLESS ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT
IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

       REGISTERED NO.:          CUSIP NO.:          PRINCIPAL AMOUNT: U.S. $

<TABLE>
<S>                                                            <C>
Issuance Date:                                                 Floating Rate Note: [X] Yes [ ] No.
Settlement Date:                                               If yes, Regular Floating Rate Notes [X]/Inverse Floating
Issue Price: 100%                                              Rate Notes [ ]
Stated Maturity Date:  ___________, or if such day is not a         Fixed Interest Rate:
    Business Day, the immediately preceding Business Day.      Floating Rate/ Fixed Rate Notes: [ ]
Securities Exchange Listing: [ ] Yes [X] No. If yes,                Fixed Interest Rate:
indicate name(s) of Securities Exchange(s):                         Fixed Rate Commencement Date:
                                                               Interest Rate Basis(es):
----------------------------------.                            CD Rate [ ]
Depositary: The Depository Trust Company.                      CMT Rate [ ]
Authorized Denominations: $1,000 integral amounts.             Designated CMT Telerate Page:
Collateral held in the Trust: Hartford Life Insurance                    If Telerate Page 7052: [ ] Weekly Average
    Company Funding Agreement No. FA-408001, all proceeds                                       [ ] Monthly Average
    of the Funding Agreement and all rights and books and           Designated CMT Maturity Index:
    records pertaining to the foregoing.                            Commercial Paper Rate [ ]
Additional Amounts to be Paid: [ ] Yes [X] No                       Federal Funds Rate [ ]
Interest Rate or Formula:                                              LIBOR [X]
Fixed Rate Note: [ ] Yes [X] No. If yes,                               [X] LIBOR Reuters Page:  LIBOR 01
    Interest Rate:                                                     [ ] LIBOR Moneyline Telerate Page:
    Interest Payment Dates:                                            LIBOR Currency: U.S. Dollars
    Additional/Other Terms:                                         Prime Rate [ ]
Amortizing Note: [ ] Yes [X] No. If yes, Amortization               Treasury Rate [ ]
    schedule or formula:                                       Index Maturity: Three month.
    Additional/Other Terms:                                    Spread:  See attached Schedule II.
Discount Note: [ ] Yes [X] No. If yes, Total Amount of         Spread Multiplier: Not applicable.
    Discount:                                                  Initial Interest Rate, if any:
    Initial Accrual Period of Discount:
    Interest Payment Dates:
    Additional/Other Terms:
</TABLE>

                   Hartford Life Global Funding Trust 2008-001
                                      B - 1

<PAGE>

<TABLE>
<S>                                                            <C>
Redemption Provisions: [  ] Yes [X]  No.   If yes,             Initial Interest Reset Date: __________; provided
    Initial Redemption Date:                                       that if such day is not a Business Day, such
    Redemption Dates:                                              Interest Reset Date will be the next
    Initial Redemption Percentage:                                 succeeding day that is a Business Day, unless
    Annual Redemption Percentage Reduction, if any:                that succeeding Business Day would fall in the
    Additional/Other Terms:                                        next calendar month, in which case such
Repayment Provisions: [ ] Yes [X] No. If yes,                      Interest Reset Date will be the immediately
Repayment Date(s):                                                 preceding Business Day.
    Repayment Price:                                           Interest Reset Dates: The 15th day of each March,
    Additional/Other Terms:                                        June, September and December; provided that if
Regular Record Date(s): 15 days prior to each Interest             such day is not a Business Day, such Interest
Payment Date.                                                      Reset Date will be the next succeeding day
Sinking Fund: None.                                                that is a Business Day, unless that succeeding
Day Count Convention: Actual/360.                                  Business Day would fall in the next calendar
Specified Currency:  U.S. Dollars.                                 month, in which case such Interest Reset Date
Exchange Rate Agent: Not Applicable                                will be the immediately preceding Business
                                                                   Day.
                                                               Interest Determination Date(s):  As provided herein.
                                                               Interest Payment Dates: The 15th day of each
                                                                   March, June, September and December provided
                                                                   that (1) if such Interest Payment Date (other
                                                                   than the maturity date) is not a Business Day,
                                                                   such Interest Payment Date will be the next
                                                                   succeeding day that is a Business Day, unless
                                                                   that succeeding Business Day would fall in the
                                                                   next calendar month, in which case such
                                                                   Interest Payment Date will be the immediately
                                                                   preceding Business Day and (2) the final
                                                                   Interest Payment Date of this Note will be the
                                                                   maturity date of this Note.
                                                               Maximum Interest Rate, if any: Not applicable.
                                                               Minimum Interest Rate, if any: Not applicable.
                                                               Additional/Other Terms:  See attached Schedule II.
                                                               Calculation Agent:  The Bank of New York Trust Company, N.A.
</TABLE>

         The Hartford Life Global Funding Trust designated above (the "Trust"),
for value received, hereby promises to pay to Cede & Co., or its registered
assigns, the Principal Amount specified above on the Stated Maturity Date
specified above and, if so specified above, to pay interest thereon from the
Issuance Date specified above or from the most recent Interest Payment Date
specified above to which interest has been paid or duly provided for at the rate
per annum determined in accordance with the provisions on the reverse hereof and
as specified above, until the principal hereof is paid or made available for
payment. Unless otherwise specified above, payments of principal, premium, if
any, and interest hereon will be made in the lawful currency of the United
States of America ("U.S. Dollars" or "United States dollars"). If the Specified
Currency specified above is other than U.S. Dollars, the Holder (as defined in
the Indenture) shall receive such payments in such Foreign Currency (as
hereinafter defined). The "Principal Amount" of this Note at any time means (1)
if this Note is a Discount Note (as hereinafter defined), the Amortized Face
Amount (as hereinafter defined) at such time (as defined in SECTION 3(c) on the
reverse hereof) and (2) in all other cases, the Principal Amount hereof.
Capitalized terms not otherwise defined herein shall have their meanings set
forth in the Indenture, dated as of the Issuance Date (the "Indenture"), between
The Bank of New York Trust Company, N.A., as the indenture trustee (the
"Indenture Trustee"), and the Trust, or on the face hereof.

This Note will mature on the Stated Maturity Date, unless its principal (or any
installment of its principal) becomes due and payable prior to the Stated
Maturity Date, whether, as applicable, by the declaration of acceleration of
maturity, notice of redemption by the Trust or otherwise (the Stated Maturity
Date or any date prior to the Stated Maturity Date on which this Note becomes
due and payable, as the case may be, is referred to as the "MATURITY DATE").

A "DISCOUNT NOTE" is any Note that has an Issue Price that is less than 100% of
the Principal Amount thereof by more than a percentage equal to the product of
0.25% and the number of full years to the Stated Maturity Date.

                   Hartford Life Global Funding Trust 2008-001
                                      B - 2

<PAGE>

Unless otherwise specified above, the interest payable on each Interest Payment
Date or the Maturity Date will be the amount of interest accrued from and
including the Issuance Date or from and including the last Interest Payment Date
to which interest has been paid or duly provided for, as the case may be, to,
but excluding, such Interest Payment Date or the Maturity Date, as the case may
be.

Unless otherwise specified above, the interest payable on any Interest Payment
Date will be paid to the Holder on the Regular Record Date for such Interest
Payment Date, which Regular Record Date shall be the fifteenth (15th) calendar
day, whether or not a Business Day, immediately preceding the related Interest
Payment Date; PROVIDED that, notwithstanding any provision of the Indenture to
the contrary, interest payable on any Maturity Date shall be payable to the
Person to whom principal shall be payable; and PROVIDED, FURTHER, that unless
otherwise specified above, in the case of a Note initially issued between a
Regular Record Date and the Interest Payment Date relating to such Regular
Record Date, interest for the period beginning on the Issuance Date and ending
on such Interest Payment Date shall be paid on the Interest Payment Date
following the next succeeding Regular Record Date to the Holder on such next
succeeding Regular Record Date.

Payments of principal of, and premium, if any, and interest and other amounts
due and owing, if any, will be made through the Indenture Trustee to the account
of DTC or its nominee and will be made in accordance with depositary
arrangements with DTC.

Unless otherwise specified on the face hereof, the Holder hereof will not be
obligated to pay any administrative costs imposed by banks in making payments in
immediately available funds by the Trust. Unless otherwise specified on the face
hereof, any tax assessment or governmental charge imposed upon payments
hereunder, including, without limitation, any withholding tax, will be borne by
the Holder hereof.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME
EFFECT AS IF SET FORTH AT THIS PLACE.

Unless the certificate of authentication hereon shall have been executed by the
Indenture Trustee pursuant to the Indenture, this Note shall not be entitled to
any benefit under the Indenture or be valid or obligatory for any purpose.

                   Hartford Life Global Funding Trust 2008-001
                                      B - 3

<PAGE>

         IN WITNESS WHEREOF, the Trust has caused this instrument to be duly
executed, by manual or facsimile signature.

                             HARTFORD LIFE GLOBAL FUNDING TRUST 2008-001

Dated: [o]                   By: Wilmington Trust Company, not in its
                             individual capacity but solely as Delaware Trustee.

                             By: _______________________________________
                                           Authorized Officer

                          CERTIFICATE OF AUTHENTICATION

         This is one of the Notes of the Hartford Life Global Funding Trust
specified on the face of this Note and referred to in the within-mentioned
Indenture.

                             THE BANK OF NEW YORK TRUST COMPANY, N.A.
                             As Indenture Trustee

Dated: [o]                   By: _______________________________________
                                           authorized officer

                   Hartford Life Global Funding Trust 2008-001
                                      B - 4

<PAGE>

                                [REVERSE OF NOTE]

SECTION 1. GENERAL. This Note is one of a duly authorized issue of Notes of the
Trust. The Notes are issued pursuant to the Indenture.

SECTION 2. CURRENCY.

     (a) Unless specified otherwise on the face hereof, this Note is denominated
in, and payments of principal, premium, if any, and/or interest, if any, will be
made in U.S. Dollars. If specified as the Specified Currency, this Note may be
denominated in, and payments of principal, premium, if any, and/or interest, if
any, may be made in a single currency other than U.S. Dollars (a "Foreign
Currency"). If this Note is denominated in a Foreign Currency, the Holder of
this Note is required to pay for this Note in the Specified Currency.

     (b) Unless specified otherwise on the face hereof, if this Note is
denominated in a Foreign Currency, the Trust is obligated to make payments of
principal of, and premium, if any, and interest, if any, on, this Note in the
Specified Currency. Any amounts so payable by the Trust in the Specified
Currency will be converted by the Exchange Rate Agent into U.S. Dollars for
payment to the Holder hereof unless otherwise specified on the face of this Note
or the Holder elects, in the manner described below, to receive these amounts in
the Specified Currency. If this Note is denominated in a Foreign Currency, any
U.S. Dollar amount to be received by the Holder hereof will be based on the bid
quotation in The City of New York received by the Exchange Rate Agent at
approximately 11:00 A.M., New York City time, on the second Business Day
preceding the applicable payment date from a recognized foreign exchange dealer
(which may be the Exchange Rate Agent) selected by the Exchange Rate Agent and
approved by the Trust for the purchase by the quoting dealer of the Specified
Currency for U.S. Dollars for settlement on that payment date in the aggregate
amount of the Specified Currency payable to all Holders of the Notes scheduled
to receive U.S. Dollar payments and at which the applicable dealer commits to
execute a contract. All currency exchange costs will be borne by the Holders of
the Notes by deductions from any payments. If a bid quotation is not available,
payments will be made in the Specified Currency. If this Note is denominated in
a Foreign Currency, the Holder of this Note may elect to receive all or a
specified portion of any payment of principal, premium, if any, and/or interest,
if any, in the Specified Currency by submitting a written request to the
Indenture Trustee at its Corporate Trust Office in The City of New York on or
prior to the applicable Regular Record Date or at least 15 calendar days prior
to the Maturity Date, as the case may be. This written request may be mailed or
hand delivered or sent by cable, telex or other form of facsimile transmission.
This election will remain in effect until revoked by written notice delivered to
the Indenture Trustee on or prior to a Regular Record Date or at least 15
calendar days prior to the Maturity Date, as the case may be. The Holder of a
Note denominated in a Foreign Currency to be held in the name of a broker or
nominee should contact their broker or nominee to determine whether and how an
election to receive payments in the Specified Currency may be made. Unless
specified otherwise on the face hereof, if the Specified Currency is other than
U.S. Dollars, a beneficial owner of a Note represented by a Global Note which
elects to receive payments of principal, premium, if any, and/or interest, if
any, in the Specified Currency must notify the participant through which it owns
its interest on or prior to the applicable Regular Record Date or at least 15
calendar days prior to the Maturity Date, as the

                   Hartford Life Global Funding Trust 2008-001
                                      B - 5

<PAGE>

case may be, of its election. The applicable participant must notify DTC of its
election on or prior to the third Business Day after the applicable Regular
Record Date or at least 12 calendar days prior to the Maturity Date, as the case
may be, and DTC will notify the Indenture Trustee of that election on or prior
to the fifth Business Day after the applicable Regular Record Date or at least
ten calendar days prior to the Maturity Date, as the case may be. If complete
instructions are received by the participant from the applicable beneficial
owner and forwarded by the participant to DTC, and by DTC to the Indenture
Trustee, on or prior to such dates, then the applicable beneficial owner will
receive payments in the Specified Currency.

     (c) The Trust will indemnify the Holder hereof against any loss incurred as
a result of any judgment or order being given or made for any amount due under
this Note and that judgment or order requiring payment in a currency (the
"Judgment Currency") other than the Specified Currency, and as a result of any
variation between: (i) the rate of exchange at which the Specified Currency
amount is converted into the Judgment Currency for the purpose of that judgment
or order; and (ii) the rate of exchange at which the Holder, on the date of
payment of that judgment or order, is able to purchase the Specified Currency
with the amount of the Judgment Currency actually received.

     (d) Unless otherwise specified on the face hereof, if payment hereon is
required to be made in a Foreign Currency and such currency is unavailable due
to the imposition of exchange controls or other circumstances beyond the Trust's
control, then the Trust will be entitled to make payments with respect hereto in
U.S. Dollars on the basis of the Market Exchange Rate (as hereinafter defined),
computed by the Exchange Rate Agent, on the second Business Day prior to the
particular payment or, if the Market Exchange Rate is not then available, on the
basis of the most recently available Market Exchange Rate.

     (e) The "Market Exchange Rate" for the Foreign Currency shall mean the noon
dollar buying rate in The City of New York for cable transfers for the Foreign
Currency as certified for customs purposes (or, if not so certified, as
otherwise determined) by the Federal Reserve Bank of New York.

     (f) All determinations made by the Exchange Rate Agent shall be at its sole
discretion and shall, in the absence of manifest error, be conclusive for all
purposes and binding on the Holder hereof.

     (g) All costs of exchange in respect of this Note, if denominated in a
Foreign Currency, will be borne by the Holder hereof.

SECTION 3. DETERMINATION OF INTEREST RATE AND CERTAIN OTHER TERMS.

     (a) FIXED RATE NOTES. If this Note is specified on the face hereof as a
"Fixed Rate Note":

          (i) This Note will bear interest at the rate per annum specified on
          the face hereof. Interest on this Note will be computed on the basis
          of a 360-day year of twelve 30-day months.

                   Hartford Life Global Funding Trust 2008-001
                                      B - 6

<PAGE>

          (ii) Unless otherwise specified on the face hereof, the Interest
          Payment Dates for this Note will be as follows:

                 INTEREST PAYMENT FREQUENCY       INTEREST PAYMENT DATES
                 -----------------------------    --------------------------
                 Monthly                          Fifteenth day of
                                                  each calendar month,
                                                  beginning in the
                                                  first calendar month
                                                  following the month
                                                  this Note was
                                                  issued.

                 Quarterly                        Fifteenth day of
                                                  every third calendar
                                                  month, beginning in
                                                  the third calendar
                                                  month following the
                                                  month this Note was
                                                  issued.

                 Semi-annual                      Fifteenth day of
                                                  every sixth calendar
                                                  month, beginning in
                                                  the sixth calendar
                                                  month following the
                                                  month this Note was
                                                  issued.

                 Annual                           Fifteenth day of
                                                  every twelfth
                                                  calendar month,
                                                  beginning in the
                                                  twelfth calendar
                                                  month following the
                                                  month this Note was
                                                  issued.

          (iii) If any Interest Payment Date or the Maturity Date of this Note
          falls on a day that is not a Business Day, the Trust will make the
          required payment of principal, premium, if any, and/or interest or
          other amounts on the next succeeding Business Day, and no additional
          interest will accrue in respect of the payment made on that next
          succeeding Business Day.

     (b) FLOATING RATE NOTES. If this Note is specified on the face hereof as a
         "Floating Rate Note":

          (i) INTEREST RATE BASIS. Interest on this Note will be determined by
          reference to the applicable Interest Rate Basis or Interest Rate
          Bases, which may, as described below, include the CD Rate, the CMT
          Rate, the Commercial Paper Rate, the Federal Funds Rate, LIBOR, the
          Prime Rate or the Treasury Rate (each as defined below) in accordance
          with a schedule attached hereto.

          (ii) EFFECTIVE RATE. The rate derived from the applicable Interest
          Rate Basis will be determined in accordance with the related
          provisions below. The interest rate in effect on each day will be
          based on: (1) if that day is an Interest Reset Date, the rate
          determined as of the Interest Determination Date immediately preceding
          that Interest Reset Date; or (2) if that day is not an Interest Reset
          Date, the rate determined as of the Interest Determination Date
          immediately preceding the most recent Interest Reset Date.

          (iii) SPREAD; SPREAD MULTIPLIER; INDEX MATURITY. The "Spread" is the
          number of basis points (one one-hundredth of a percentage point)
          specified on the face hereof to be added to or subtracted from the
          related Interest Rate Basis or Interest Rate Bases applicable to this
          Note. The "Spread Multiplier" is the percentage specified on the

                   Hartford Life Global Funding Trust 2008-001
                                      B - 7

<PAGE>

          face hereof of the related Interest Rate Basis or Interest Rate Bases
          applicable to this Note by which the Interest Rate Basis or Interest
          Rate Bases will be multiplied to determine the applicable interest
          rate. The "Index Maturity" is the period to maturity of the instrument
          or obligation with respect to which the related Interest Rate Basis or
          Interest Rate Bases will be calculated.

          (iv) REGULAR FLOATING RATE NOTE. Unless this Note is specified on the
          face hereof as a Floating Rate/Fixed Rate Note or an Inverse Floating
          Rate Note, this Note (a "Regular Floating Rate Note") will bear
          interest at the rate determined by reference to the applicable
          Interest Rate Basis or Interest Rate Bases: (1) multiplied by the
          applicable Spread Multiplier, if any; and/or (2) plus or minus the
          applicable Spread, if any. Commencing on the first Interest Reset
          Date, the rate at which interest on this Regular Floating Rate Note is
          payable will be reset as of each Interest Reset Date; PROVIDED,
          HOWEVER, that the interest rate in effect for the period, if any, from
          the Issuance Date to the first Interest Reset Date will be the Initial
          Interest Rate.

          (v) FLOATING RATE/FIXED RATE NOTES. If this Note is specified on the
          face hereof as a "Floating Rate/Fixed Rate Note", this Note will bear
          interest at the rate determined by reference to the applicable
          Interest Rate Basis or Interest Rate Bases: (1) multiplied by the
          applicable Spread Multiplier, if any; and/or (2) plus or minus the
          applicable Spread, if any. Commencing on the first Interest Reset
          Date, the rate at which this Floating Rate/Fixed Rate Note is payable
          will be reset as of each Interest Reset Date; PROVIDED, HOWEVER, that:
          (A) the interest rate in effect for the period, if any, from the
          Issuance Date to the first Interest Reset Date will be the Initial
          Interest Rate specified on the face hereof; and (B) the interest rate
          in effect commencing on the Fixed Rate - Commencement Date will be the
          Fixed Interest Rate, if specified on the face hereof, or, if not so
          specified, the interest rate in effect on the day immediately
          preceding the Fixed Rate Commencement Date.

          (vi) INVERSE FLOATING RATE NOTES. If this Note is specified on the
          face hereof as an "Inverse Floating Rate Note", this Note will bear
          interest at the Fixed Interest Rate minus the rate determined by
          reference to the applicable Interest Rate Basis or Interest Rate
          Bases: (1) multiplied by the applicable Spread Multiplier, if any;
          and/or (2) plus or minus the applicable Spread, if any; PROVIDED,
          HOWEVER, that interest on this Inverse Floating Rate Note will not be
          less than zero. Commencing on the first Interest Reset Date, the rate
          at which interest on this Inverse Floating Rate Note is payable will
          be reset as of each Interest Reset Date; PROVIDED, HOWEVER, that the
          interest rate in effect for the period, if any, from the Issuance Date
          to the first Interest Reset Date will be the Initial Interest Rate.

          (vii) INTEREST RESET DATES. The period between Interest Reset Dates
          will be the "Interest Reset Period." Unless otherwise specified on the
          face hereof, the Interest Reset Dates will be, in the case of this
          Floating Rate Note if by its terms it resets: (1) daily--each Business
          Day; (2) weekly--the Wednesday of each week, with the exception of any
          weekly reset Floating Rate Note as to which the Treasury Rate is an
          applicable Interest Rate Basis, which will reset the Tuesday of each
          week; (3) monthly--the fifteenth day of each calendar month; (4)
          quarterly--the fifteenth day

                   Hartford Life Global Funding Trust 2008-001
                                      B - 8

<PAGE>

          of every third calendar month, beginning in the third calendar month
          following the month in which the Issuance Date occurred; (5)
          semi-annually--the fifteenth day of every sixth calendar month,
          beginning in the sixth calendar month following the month in which the
          Issuance Date occurred; and (6) annually--the fifteenth day of every
          twelfth calendar month, beginning in the twelfth calendar month
          following the month in which the Issuance Date occurred; PROVIDED,
          HOWEVER, that, with respect to a Floating Rate/Fixed Rate Note, the
          rate of interest thereon will not reset after the particular Fixed
          Rate Commencement Date. If any Interest Reset Date for this Floating
          Rate Note would otherwise be a day that is not a Business Day, the
          particular Interest Reset Date will be postponed to the next
          succeeding Business Day, except that in the case of a Floating Rate
          Note as to which LIBOR is an applicable Interest Rate Basis and that
          Business Day falls in the next succeeding calendar month, the
          particular Interest Reset Date will be the immediately preceding
          Business Day.

          (viii) INTEREST DETERMINATION DATES. The interest rate applicable to a
          Floating Rate Note for an Interest Reset Period commencing on the
          related Interest Reset Date will be determined by reference to the
          applicable Interest Rate Basis as of the particular "Interest
          Determination Date", which will be: (1) with respect to the Commercial
          Paper Rate, Federal Funds Rate and the Prime Rate--the Business Day
          immediately preceding the related Interest Reset Date; (2) with
          respect to the CD Rate and the CMT Rate--the second Business Day
          preceding the related Interest Reset Date; (3) with respect to
          LIBOR--the second London Banking Day preceding the related Interest
          Reset Date, unless the applicable LIBOR Currency is (A) pounds
          sterling, in which case the Interest Determination Date will be the
          related Interest Reset Date, or (B) euro, in which case the Interest
          Determination Date will be the second TARGET Settlement Day (as
          defined below) preceding the applicable Interest Reset Date; and (4)
          with respect to the Treasury Rate--the day of the week in which the
          related Interest Reset Date falls on which day Treasury Bills (as
          defined below) are normally auctioned (i.e., Treasury Bills are
          normally sold at auction on Monday of each week, unless that day is a
          legal holiday, in which case the auction is normally held on the
          following Tuesday, except that the auction may be held on the
          preceding Friday); PROVIDED, HOWEVER, that if an auction is held on
          the Friday of the week preceding the related Interest Reset Date, the
          Interest Determination Date will be the preceding Friday. The Interest
          Determination Date pertaining to a Floating Rate Note, the interest
          rate of which is determined with reference to two or more Interest
          Rate Bases, will be the latest Business Day which is at least two
          Business Days before the related Interest Reset Date for the
          applicable Floating Rate Note on which each Interest Reset Basis is
          determinable. "TARGET SETTLEMENT DAY" means a day on which the TARGET
          System is open.

          (ix) CALCULATION DATES. The interest rate applicable to each Interest
          Reset Period will be determined by the Calculation Agent on or prior
          to the Calculation Date (as defined below), except with respect to
          LIBOR, which will be determined on the particular Interest
          Determination Date. Upon request of the Holder of a Floating Rate
          Note, the Calculation Agent will disclose the interest rate then in
          effect and, if determined, the interest rate that will become
          effective as a result of a determination made for the next succeeding
          Interest Reset Date with respect to such Floating Rate

                   Hartford Life Global Funding Trust 2008-001
                                      B - 9

<PAGE>

          Note. The "CALCULATION DATE", if applicable, pertaining to any
          Interest Determination Date will be the earlier of: (1) the tenth
          calendar day after the particular Interest Determination Date or, if
          such day is not a Business Day, the next succeeding Business Day; or
          (2) the Business Day immediately preceding the applicable Interest
          Payment Date or the Maturity Date, as the case may be.

          (x) MAXIMUM OR MINIMUM INTEREST RATE. If specified on the face hereof,
          this Note may have either or both of a Maximum Interest Rate or a
          Minimum Interest Rate. If a Maximum Interest Rate is so designated,
          the interest rate for a Floating Rate Note cannot ever exceed such
          Maximum Interest Rate and in the event that the interest rate on any
          Interest Reset Date would exceed such Maximum Interest Rate (as if no
          Maximum Interest Rate were in effect) then the interest rate on such
          Interest Reset Date shall be the Maximum Interest Rate. If a Minimum
          Interest Rate is so designated, the interest rate for a Floating Rate
          Note cannot ever be less than such Minimum Interest Rate and in the
          event that the interest rate on any Interest Reset Date would be less
          than such Minimum Interest Rate (as if no Minimum Interest Rate were
          in effect) then the interest rate on such Interest Reset Date shall be
          the Minimum Interest Rate. Notwithstanding anything to the contrary
          contained herein, the interest rate on a Floating Rate Note shall not
          exceed the maximum interest rate permitted by applicable law.

          (xi) INTEREST PAYMENTS. Unless otherwise specified on the face hereof,
          the Interest Payment Dates will be, in the case of a Floating Rate
          Note which resets: (1) daily, weekly or monthly--the fifteenth day of
          each calendar month or on the fifteenth day of every third calendar
          month, beginning in the third calendar month following the month in
          which the Issuance Date occurred, as specified on the face hereof; (2)
          quarterly--the fifteenth day of every third calendar month, beginning
          in the third calendar month following the month in which the Issuance
          Date occurred; (3) semi-annually--the fifteenth day of every sixth
          calendar month, beginning in the sixth calendar month following the
          month in which the Issuance Date occurred; and (4) annually--the
          fifteenth day of every twelfth calendar month, beginning in the
          twelfth calendar month following the month in which the Issuance Date
          occurred. In addition, the Maturity Date will also be an Interest
          Payment Date. If any Interest Payment Date other than the Maturity
          Date for this Floating Rate Note would otherwise be a day that is not
          a Business Day, such Interest Payment Date will be postponed to the
          next succeeding Business Day, except that in the case of a Floating
          Rate Note as to which LIBOR is an applicable Interest Rate Basis and
          that Business Day falls in the next succeeding calendar month, the
          particular Interest Payment Date will be the immediately preceding
          Business Day. If the Maturity Date of a Floating Rate Note falls on a
          day that is not a Business Day, the Trust will make the required
          payment of principal, premium, if any, and interest or other amounts
          on the next succeeding Business Day, and no additional interest will
          accrue in respect of the payment made on that next succeeding Business
          Day.

          (xii) ROUNDING. Unless otherwise specified on the face hereof, all
          percentages resulting from any calculation on this Floating Rate Note
          will be rounded to the nearest one hundred-thousandth of a percentage
          point, with five one-millionths of a

                   Hartford Life Global Funding Trust 2008-001
                                      B - 10

<PAGE>

          percentage point rounded upwards. All dollar amounts used in or
          resulting from any calculation on this Floating Rate Note will be
          rounded, in the case of U.S. Dollars, to the nearest cent or, in the
          case of a Foreign Currency, to the nearest unit (with one-half cent or
          unit being rounded upwards).

          (xiii) INTEREST FACTOR. With respect to a Floating Rate Note, accrued
          interest is calculated by multiplying the principal amount of such
          Note by an accrued interest factor. The accrued interest factor is
          computed by adding the interest factor calculated for each day in the
          particular Interest Reset Period. The interest factor for each day
          will be computed by dividing the interest rate applicable to such day
          by 360, in the case of a Floating Rate Note as to which the CD Rate,
          the Commercial Paper Rate, the Federal Funds Rate, LIBOR or the Prime
          Rate is an applicable Interest Rate Basis, or by the actual number of
          days in the year, in the case of a Floating Rate Note as to which the
          CMT Rate or the Treasury Rate is an applicable Interest Rate Basis.
          The interest factor for a Floating Rate Note as to which the interest
          rate is calculated with reference to two or more Interest Rate Bases
          will be calculated in each period in the same manner as if only the
          Interest Rate Basis specified under "Additional/Other Terms" applied.

          (xiv) DETERMINATION OF INTEREST RATE BASIS. The Calculation Agent
          shall determine the rate derived from each Interest Rate Basis in
          accordance with the following provisions.

               (1) CD RATE NOTES. If the Interest Rate Basis is the CD Rate,
               this Note shall be deemed a "CD Rate Note." Unless otherwise
               specified on the face hereof, "CD Rate" means, from the Issuance
               Date to the first Interest Reset Date, the Initial Interest Rate,
               if any, and thereafter:

                    (A) the rate on the particular Interest Determination Date
                    for negotiable United States dollar certificates of deposit
                    having the Index Maturity specified on the face hereof as
                    published in H.15(519) (as defined below) under the caption
                    "CDs (secondary market)"; or

                    (B) if the rate referred to in clause (A) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date for negotiable United States dollar
                    certificates of deposit of the particular Index Maturity as
                    published in H.15 Daily Update (as defined below), or other
                    recognized electronic source used for the purpose of
                    displaying the applicable rate, under the caption "CDs
                    (secondary market)"; or

                    (C) if the rate referred to in clause (B) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date calculated by the Calculation Agent as
                    the arithmetic mean of the secondary market offered rates as
                    of 10:00 A.M., New York City time, on that Interest
                    Determination Date, of three leading non-bank dealers in
                    negotiable United States dollar certificates of

                   Hartford Life Global Funding Trust 2008-001
                                      B - 11

<PAGE>

                    deposit in The City of New York (which may include the
                    purchasing agent or its affiliates) selected by the
                    Calculation Agent for negotiable United States dollar
                    certificates of deposit of major United States money market
                    banks for negotiable United States certificates of deposit
                    with a remaining maturity closest to the particular Index
                    Maturity in an amount that is representative for a single
                    transaction in that market at that time; or

                    (D) if the dealers so selected by the Calculation Agent are
                    not quoting as mentioned in clause (C), the CD Rate in
                    effect on the particular Interest Determination Date;
                    provided that if no CD Rate is then in effect, the interest
                    rate for the next Interest Reset Period will be the Initial
                    Interest Rate.

               "H.15(519)" means the weekly statistical release designated as
               H.15(519), or any successor publication, published by the Board
               of Governors of the Federal Reserve System.

               "H.15 Daily Update" means the daily update of H.15(519),
               available through the world-wide-web site of the Board of
               Governors of the Federal Reserve System at
               http//www.federalreserve.gov/releases/H15/update, or any
               successor site or publication.

               (2) CMT RATE NOTES. If the Interest Rate Basis is the CMT Rate,
               this Note shall be deemed a "CMT Rate Note." Unless otherwise
               specified on the face hereof, "CMT Rate" means, from the Issuance
               Date to the first Interest Reset Date, the Initial Interest Rate,
               if any, and thereafter:

                    (A) if CMT Moneyline Telerate Page 7051 is specified on the
                    face hereof:

                         i.   the percentage equal to the yield for United
                              States Treasury securities at "constant maturity"
                              having the Index Maturity specified on the face
                              hereof as published in H.15(519) under the caption
                              "Treasury Constant Maturities", as the yield is
                              displayed on Moneyline Telerate (or any successor
                              service) on page 7051 (or any other page as may
                              replace the specified page on that service)
                              ("Moneyline Telerate Page 7051"), for the
                              particular Interest Determination Date; or

                         ii.  if the rate referred to in clause (i) does not so
                              appear on Moneyline Telerate Page 7051, the
                              percentage equal to the yield for United States
                              Treasury securities at "constant maturity" having
                              the particular Index Maturity and for the
                              particular Interest Determination Date as
                              published in H.15(519) under the caption "Treasury
                              Constant Maturities"; or

                   Hartford Life Global Funding Trust 2008-001
                                      B - 12

<PAGE>

                         iii. if the rate referred to in clause (ii) does not so
                              appear in H.15(519), the rate on the particular
                              Interest Determination Date for the period of the
                              particular Index Maturity as may then be published
                              by either the Federal Reserve System Board of
                              Governors or the United States Department of the
                              Treasury that the Calculation Agent determines to
                              be comparable to the rate which would otherwise
                              have been published in H.15(519); or

                         iv.  if the rate referred to in clause (iii) is not so
                              published, the rate on the particular Interest
                              Determination Date calculated by the Calculation
                              Agent as a yield to maturity based on the
                              arithmetic mean of the secondary market bid prices
                              at approximately 3:30 P.M., New York City time, on
                              that Interest Determination Date of three leading
                              primary United States government securities
                              dealers in The City of New York (which may include
                              the purchasing agent or its affiliates) (each, a
                              "Reference Dealer") selected by the Calculation
                              Agent from five Reference Dealers selected by the
                              Calculation Agent and eliminating the highest
                              quotation, or, in the event of equality, one of
                              the highest, and the lowest quotation or, in the
                              event of equality, one of the lowest, for United
                              States Treasury securities with an original
                              maturity equal to the particular Index Maturity, a
                              remaining term to maturity no more than one year
                              shorter than that Index Maturity and in a
                              principal amount that is representative for a
                              single transaction in the securities in that
                              market at that time; or

                         v.   if fewer than five but more than two of the prices
                              referred to in clause (iv) are provided as
                              requested, the rate on the particular Interest
                              Determination Date calculated by the Calculation
                              Agent based on the arithmetic mean of the bid
                              prices obtained and neither the highest nor the
                              lowest of the quotations shall be eliminated; or

                         vi.  if fewer than three prices referred to in clause
                              (iv) are provided as requested, the rate on the
                              particular Interest Determination Date calculated
                              by the Calculation Agent as a yield to maturity
                              based on the arithmetic mean of the secondary
                              market bid prices as of approximately 3:30 P.M.,
                              New York City time, on that Interest Determination
                              Date of three Reference Dealers selected by the
                              Calculation Agent from five Reference Dealers
                              selected by the Calculation Agent and eliminating
                              the highest quotation or, in the event of
                              equality, one of the highest and the lowest
                              quotation or, in the event of equality, one of the
                              lowest, for United States Treasury securities with
                              an original maturity greater than the particular
                              Index Maturity, a remaining term to

                   Hartford Life Global Funding Trust 2008-001
                                      B - 13

<PAGE>

                              maturity closest to that Index Maturity and in a
                              principal amount that is representative for a
                              single transaction in the securities in that
                              market at that time; or

                        vii.  if fewer than five but more than two prices
                              referred to in clause (vi) are provided as
                              requested, the rate on the particular Interest
                              Determination Date calculated by the Calculation
                              Agent based on the arithmetic mean of the bid
                              prices obtained and neither the highest nor the
                              lowest of the quotations will be eliminated; or

                        viii. if fewer than three prices referred to in clause
                              (vi) are provided as requested, the CMT Rate in
                              effect on the particular Interest Determination
                              Date; provided that if no CMT Rate is then in
                              effect, the interest rate for the next Interest
                              Reset Period will be the Initial Interest Rate; or

                    (B) if CMT Moneyline Telerate Page 7052 is specified on the
                    face hereof:

                        i.    the percentage equal to the one-week or one-month,
                              as specified on the face hereof, average yield for
                              United States Treasury securities at "constant
                              maturity" having the Index Maturity specified on
                              the face hereof as published in H.15(519) opposite
                              the caption "Treasury Constant Maturities", as the
                              yield is displayed on Moneyline Telerate (or any
                              successor service) (on page 7052 or any other page
                              as may replace the specified page on that service)
                              ("Moneyline Telerate Page 7052"), for the week or
                              month, as applicable, ended immediately preceding
                              the week or month, as applicable, in which the
                              particular Interest Determination Date falls; or

                        ii.   if the rate referred to in clause (i) does not so
                              appear on Moneyline Telerate Page 7052, the
                              percentage equal to the one-week or one-month, as
                              specified on the face hereof, average yield for
                              United States Treasury securities at "constant
                              maturity" having the particular Index Maturity and
                              for the week or month, as applicable, preceding
                              the particular Interest Determination Date as
                              published in H.15(519) opposite the caption
                              "Treasury Constant Maturities"; or

                        iii.  if the rate referred to in clause (ii) does not so
                              appear in H.15(519), the one-week or one-month, as
                              specified on the face hereof, average yield for
                              United States Treasury securities at "constant
                              maturity" having the particular Index Maturity as
                              otherwise announced by the Federal Reserve Bank of
                              New York for the week or month, as applicable,
                              ended immediately

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                                      B - 14

<PAGE>

                              preceding the week or month, as applicable, in
                              which the particular Interest Determination Date
                              falls; or

                         iv.  if the rate referred to in clause (iii) is not so
                              published, the rate on the particular Interest
                              Determination Date calculated by the Calculation
                              Agent as a yield to maturity based on the
                              arithmetic mean of the secondary market bid prices
                              at approximately 3:30 P.M., New York City time, on
                              that Interest Determination Date of three
                              Reference Dealers selected by the Calculation
                              Agent from five Reference Dealers selected by the
                              Calculation Agent and eliminating the highest
                              quotation, or, in the event of equality, one of
                              the highest, and the lowest quotation or, in the
                              event of equality, one of the lowest, for United
                              States Treasury securities with an original
                              maturity equal to the particular Index Maturity, a
                              remaining term to maturity no more than one year
                              shorter than that Index Maturity and in a
                              principal amount that is representative for a
                              single transaction in the securities in that
                              market at that time; or

                         v.   if fewer than five but more than two of the prices
                              referred to in clause (iv) are provided as
                              requested, the rate on the particular Interest
                              Determination Date calculated by the Calculation
                              Agent based on the arithmetic mean of the bid
                              prices obtained and neither the highest nor the
                              lowest of the quotations shall be eliminated; or

                         vi.  if fewer than three prices referred to in clause
                              (iv) are provided as requested, the rate on the
                              particular Interest Determination Date calculated
                              by the Calculation Agent as a yield to maturity
                              based on the arithmetic mean of the secondary
                              market bid prices as of approximately 3:30 P.M.,
                              New York City time, on that Interest Determination
                              Date of three Reference Dealers selected by the
                              Calculation Agent from five Reference Dealers
                              selected by the Calculation Agent and eliminating
                              the highest quotation or, in the event of
                              equality, one of the highest and the lowest
                              quotation or, in the event of equality, one of the
                              lowest, for United States Treasury securities with
                              an original maturity greater than the particular
                              Index Maturity, a remaining term to maturity
                              closest to that Index Maturity and in a principal
                              amount that is representative for a single
                              transaction in the securities in that market at
                              the time; or

                         vii. if fewer than five but more than two prices
                              referred to in clause (vi) are provided as
                              requested, the rate on the particular Interest
                              Determination Date calculated by the Calculation
                              Agent based on the arithmetic mean of the bid
                              prices obtained and neither

                   Hartford Life Global Funding Trust 2008-001
                                      B - 15

<PAGE>

                              the highest nor the lowest of the quotations will
                              be eliminated; or

                        viii. if fewer than three prices referred to in clause
                              (vi) are provided as requested, the CMT Rate in
                              effect on that Interest Determination Date;
                              provided that if no CMT Rate is then in effect,
                              the interest rate for the next Interest Reset
                              Period will be the Initial Interest Rate.

                    If two United States Treasury securities with an original
                    maturity greater than the Index Maturity specified on the
                    face hereof have remaining terms to maturity equally close
                    to the particular Index Maturity, the quotes for the United
                    States Treasury security with the shorter original remaining
                    term to maturity will be used.

               (3) COMMERCIAL PAPER RATE NOTES. If the Interest Rate Basis is
               the Commercial Paper Rate, this Note shall be deemed a
               "Commercial Paper Rate Note." Unless otherwise specified on the
               face hereof, "Commercial Paper Rate" means, from the Issuance
               Date to the first Interest Reset Date, the Initial Interest Rate,
               if any, and thereafter:

                    (A) the Money Market Yield (as defined below) on the
                    particular Interest Determination Date of the rate for
                    commercial paper having the Index Maturity specified on the
                    face hereof as published in H.15(519) under the caption
                    "Commercial Paper--Nonfinancial"; or

                    (B) if the rate referred to in clause (A) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the Money Market Yield of the rate on the
                    particular Interest Determination Date for commercial paper
                    having the particular Index Maturity as published in H.15
                    Daily Update, or such other recognized electronic source
                    used for the purpose of displaying the applicable rate,
                    under the caption "Commercial Paper--Nonfinancial"; or

                    (C) if the rate referred to in clause (B) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date calculated by the Calculation Agent as
                    the Money Market Yield of the arithmetic mean of the offered
                    rates at approximately 11:00 A.M., New York City time, on
                    that Interest Determination Date of three leading dealers of
                    United States dollar commercial paper in The City of New
                    York (which may include the purchasing agent or its
                    affiliates) selected by the Calculation Agent for commercial
                    paper having the particular Index Maturity placed for
                    industrial issuers whose bond rating is "Aa", or the
                    equivalent, from a nationally recognized statistical rating
                    organization; or

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                                      B - 16

<PAGE>

                    (D) if the dealers so selected by the Calculation Agent are
                    not quoting as mentioned in clause (C), the Commercial Paper
                    Rate in effect on the particular Interest Determination
                    Date; provided that if no Commercial Paper Rate is then in
                    effect, the interest rate for the next Interest Reset Period
                    will be the Initial Interest Rate.

               "Money Market Yield" means a yield (expressed as a percentage)
               calculated in accordance with the following formula:

                         Money Market Yield =    D x 360      x 100
                                              -------------
                                              360 - (D x M)

               where "D" refers to the applicable per annum rate for commercial
               paper quoted on a bank discount basis and expressed as a decimal,
               and "M" refers to the actual number of days in the applicable
               Interest Reset Period.

               (4) FEDERAL FUNDS RATE NOTES. If the Interest Rate Basis is the
               Federal Funds Rate, this Note shall be deemed a "Federal Funds
               Rate Note." Unless otherwise specified on the face hereof,
               "Federal Funds Rate" means, from the Issuance Date to the first
               Interest Reset Date, the Initial Interest Rate, if any, and
               thereafter:

                    (A) the rate on the particular Interest Determination Date
                    for United States dollar federal funds as published in
                    H.15(519) under the caption "Federal Funds (Effective)" and
                    displayed on Moneyline Telerate (or any successor service)
                    on page 120 (or any other page as may replace the specified
                    page on that service) ("Moneyline Telerate Page 120"); or

                    (B) if the rate referred to in clause (A) does not so appear
                    on Moneyline Telerate Page 120 or is not so published by
                    3:00 P.M., New York City time, on the related Calculation
                    Date, the rate on the particular Interest Determination Date
                    for United States dollar federal funds as published in H.15
                    Daily Update, or such other recognized electronic source
                    used for the purpose of displaying the applicable rate,
                    under the caption "Federal Funds (Effective)"; or

                    (C) if the rate referred to in clause (B) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date calculated by the Calculation Agent as
                    the arithmetic mean of the rates for the last transaction in
                    overnight United States dollar federal funds arranged by
                    three leading brokers of United States dollar federal funds
                    transactions in The City of New York (which may include the
                    purchasing agent or its affiliates) selected by the
                    Calculation Agent prior to 9:00 A.M., New York City time, on
                    that Interest Determination Date; or

                    (D) if the brokers so selected by the Calculation Agent are
                    not quoting as mentioned in clause (C), the Federal Funds
                    Rate in effect on the particular Interest Determination
                    Date; provided that if no Federal Funds

                   Hartford Life Global Funding Trust 2008-001
                                      B - 17

<PAGE>

                    Rate is then in effect, the interest rate for the next
                    Interest Reset Period will be the Initial Interest Rate.

               (5) LIBOR NOTES. If the Interest Rate Basis is LIBOR, this Note
               shall be deemed a "LIBOR Note." Unless otherwise specified on the
               face hereof, "LIBOR" means, from the Issuance Date to the first
               Interest Reset Date, the Initial Interest Rate, if any, and
               thereafter:

                    (A) if "LIBOR Moneyline Telerate" is specified on the face
                    hereof or if neither "LIBOR Reuters" nor "LIBOR Moneyline
                    Telerate" is specified on the face hereof as the method for
                    calculating LIBOR, the rate for deposits in the LIBOR
                    Currency (as defined below) having the Index Maturity
                    specified on the face hereof, commencing on the related
                    Interest Reset Date, that appears on the LIBOR Page (as
                    defined below) as of 11:00 A.M., London time, on the
                    particular Interest Determination Date; or

                    (B) if "LIBOR Reuters" is specified on the face hereof, the
                    arithmetic mean of the offered rates, calculated by the
                    Calculation Agent, or the offered rate, if the LIBOR Page by
                    its terms provides only for a single rate, for deposits in
                    the LIBOR Currency having the particular Index Maturity,
                    commencing on the related Interest Reset Date, that appear
                    or appears, as the case may be, on the LIBOR Page as of
                    11:00 A.M., London time, on the particular Interest
                    Determination Date; or

                    (C) if fewer than two offered rates appear, or no rate
                    appears, as the case may be, on the particular Interest
                    Determination Date on the LIBOR Page as specified in clause
                    (A) or (B), as applicable, the rate calculated by the
                    Calculation Agent as the arithmetic mean of at least two
                    offered quotations obtained by the Calculation Agent after
                    requesting the principal London offices of each of four
                    major reference banks (which may include affiliates of the
                    purchasing agent) in the London interbank market to provide
                    the Calculation Agent with its offered quotation for
                    deposits in the LIBOR Currency for the period of the
                    particular Index Maturity, commencing on the related
                    Interest Reset Date, to prime banks in the London interbank
                    market at approximately 11:00 A.M., London time, on that
                    Interest Determination Date and in a principal amount that
                    is representative for a single transaction in the LIBOR
                    Currency in that market at that time; or

                    (D) if fewer than two offered quotations referred to in
                    clause (C) are provided as requested, the rate calculated by
                    the Calculation Agent as the arithmetic mean of the rates
                    quoted at approximately 11:00 A.M., in the applicable
                    Principal Financial Center, on the particular Interest
                    Determination Date by three major banks (which may include
                    affiliates of the purchasing agent) in that Principal
                    Financial Center selected by the Calculation Agent for loans
                    in the LIBOR Currency to leading European

                   Hartford Life Global Funding Trust 2008-001
                                      B - 18

<PAGE>

                    banks, having the particular Index Maturity and in a
                    principal amount that is representative for a single
                    transaction in the LIBOR Currency in that market at that
                    time; or

                    (E) if the banks so selected by the Calculation Agent are
                    not quoting as mentioned in clause (D), LIBOR in effect on
                    the particular Interest Determination Date; provided that if
                    no LIBOR is then in effect, the interest rate for the next
                    Interest Reset Period will be the Initial Interest Rate.

               "LIBOR Currency" means the currency specified on the face hereof
               as to which LIBOR shall be calculated or, if no currency is
               specified on the face hereof, United States dollars.

               "LIBOR Page" means either: (1) if "LIBOR Reuters" is specified on
               the face hereof, the display on the Reuter Monitor Money Rates
               Service (or any successor service) on the page specified on the
               face hereof (or any other page as may replace that page on that
               service) for the purpose of displaying the London interbank rates
               of major banks for the LIBOR Currency; or (2) if "LIBOR Moneyline
               Telerate" is specified on the face hereof or neither "LIBOR
               Reuters" nor "LIBOR Moneyline Telerate" is specified on the face
               hereof as the method for calculating LIBOR, the display on
               Moneyline Telerate (or any successor service) on the page
               specified on the face hereof (or any other page as may replace
               such page on such service), or if no such page is specified, on
               the Moneyline Telerate (or any successor service) page generally
               used for the purpose of displaying the London interbank rates of
               major banks for the LIBOR Currency.

               (6) PRIME RATE NOTES. If the Interest Rate Basis is the Prime
               Rate, this Note shall be deemed a "Prime Rate Note." Unless
               otherwise specified on the face hereof, "Prime Rate" means, from
               the Issuance Date to the first Interest Reset Date, the Initial
               Interest Rate, if any, and thereafter:

                    (A) the rate on the particular Interest Determination Date
                    as published in H.15(519) under the caption "Bank Prime
                    Loan"; or

                    (B) if the rate referred to in clause (A) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date as published in H.15 Daily Update, or
                    such other recognized electronic source used for the purpose
                    of displaying the applicable rate, under the caption "Bank
                    Prime Loan", or

                    (C) if the rate referred to in clause (B) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date calculated by the Calculation Agent as
                    the arithmetic mean of the rates of interest publicly
                    announced by each bank that appears on the Reuters Screen US
                    PRIME 1 Page (as defined

                   Hartford Life Global Funding Trust 2008-001
                                      B - 19

<PAGE>

                    below) as the applicable bank's prime rate or base lending
                    rate as of 11:00 A.M., New York City time, on that Interest
                    Determination Date; or

                    (D) if fewer than four rates referred to in clause (C) are
                    so published by 3:00 p.m., New York City time, on the
                    related Calculation Date, the rate calculated by the
                    Calculation Agent on the particular Interest Determination
                    Date as the arithmetic mean of the prime rates or base
                    lending rates quoted on the basis of the actual number of
                    days in the year divided by a 360-day year as of the close
                    of business on that Interest Determination Date by three
                    major banks (which may include affiliates of the purchasing
                    agent) in The City of New York selected by the Calculation
                    Agent; or

                    (E) if the banks so selected by the Calculation Agent are
                    not quoting as mentioned in clause (D), the Prime Rate in
                    effect on the particular Interest Determination Date;
                    provided that if no Prime Rate is then in effect, the
                    interest rate for the next Interest Reset Period will be the
                    Initial Interest Rate.

               "Reuters Screen US PRIME 1 Page" means the display on the Reuter
               Monitor Money Rates Service (or any successor service) on the "US
               PRIME 1" page (or any other page as may replace that page on that
               service) for the purpose of displaying prime rates or base
               lending rates of major United States banks.

               (7) TREASURY RATE NOTES. If the Interest Rate Basis is the
               Treasury Rate, this Note shall be deemed a "Treasury Rate Note."
               Unless otherwise specified on the face hereof, "Treasury Rate"
               means, from the Issuance Date to the first Interest Reset Date,
               the Initial Interest Rate, if any, and thereafter:

                    (A) the rate from the auction held on the Interest
                    Determination Date (the "Auction") of direct obligations of
                    the United States ("Treasury Bills") having the Index
                    Maturity specified on the face hereof under the caption
                    "Investment Rate" on the display on Moneyline Telerate (or
                    any successor service) on page 56 (or any other page as may
                    replace that page on that service) ("Moneyline Telerate Page
                    56") or page 57 (or any other page as may replace that page
                    on that service) ("Moneyline Telerate Page 57"); or

                    (B) if the rate referred to in clause (A) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the Bond Equivalent Yield (as defined
                    below) of the rate for the applicable Treasury Bills as
                    published in H.15 Daily Update, or another recognized
                    electronic source used for the purpose of displaying the
                    applicable rate, under the caption "U.S. Government
                    Securities/Treasury Bills/Auction High"; or

                    (C) if the rate referred to in clause (B) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the Bond

                   Hartford Life Global Funding Trust 2008-001
                                      B - 20

<PAGE>

                    Equivalent Yield of the auction rate of the applicable
                    Treasury Bills as announced by the United States Department
                    of the Treasury; or

                    (D) if the rate referred to in clause (C) is not so
                    announced by the United States Department of the Treasury,
                    or if the Auction is not held, the Bond Equivalent Yield of
                    the rate on the particular Interest Determination Date of
                    the applicable Treasury Bills as published in H.15(519)
                    under the caption "U.S. Government Securities/Treasury
                    Bills/Secondary Market"; or

                    (E) if the rate referred to in clause (D) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date of the applicable Treasury Bills as
                    published in H.15 Daily Update, or another recognized
                    electronic source used for the purpose of displaying the
                    applicable rate, under the caption "U.S. Government
                    Securities/Treasury Bills/Secondary Market"; or

                    (F) if the rate referred to in clause (E) is not so
                    published by 3:00 P.M., New York City time, on the related
                    Calculation Date, the rate on the particular Interest
                    Determination Date calculated by the Calculation Agent as
                    the Bond Equivalent Yield of the arithmetic mean of the
                    secondary market bid rates, as of approximately 3:30 P.M.,
                    New York City time, on that Interest Determination Date, of
                    three primary United States government securities dealers
                    (which may include the purchasing agent or its affiliates)
                    selected by the Calculation Agent, for the issue of Treasury
                    Bills with a remaining maturity closest to the Index
                    Maturity specified on the face hereof; or

                    (G) if the dealers so selected by the Calculation Agent are
                    not quoting as mentioned in clause (F), the Treasury Rate in
                    effect on the particular Interest Determination Date;
                    provided that if no Treasury Rate is then in effect, the
                    interest rate for the next Interest Reset Period will be the
                    Initial Interest Rate.

               "Bond Equivalent Yield" means a yield (expressed as a percentage)
               calculated in accordance with the following formula:

                         Bond Equivalent Yield =      D x N      x 100
                                                  -------------
                                                  360 - (D x M)

               where "D" refers to the applicable per annum rate for Treasury
               Bills quoted on a bank discount basis and expressed as a decimal,
               "N" refers to 365 or 366, as the case may be, and "M" refers to
               the actual number of days in the applicable Interest Reset
               Period.

     (c) DISCOUNT NOTES. If this Note is specified on the face hereof as a
"Discount Note":

                   Hartford Life Global Funding Trust 2008-001
                                      B - 21

<PAGE>

          (i) PRINCIPAL AND INTEREST. This Note will bear interest in the same
          manner as set forth in Section 3(a) above, and payments of principal
          and interest shall be made as set forth on the face hereof. Discount
          Notes may not bear any interest currently or may bear interest at a
          rate that is below market rates at the time of issuance. The
          difference between the Issue Price of a Discount Note and par is
          referred to as the "Discount".

          (ii) REDEMPTION; REPAYMENT; ACCELERATION. In the event a Discount Note
          is redeemed, repaid or accelerated, the amount payable to the Holder
          of such Discount Note will be equal to the sum of: (A) the Issue Price
          (increased by any accruals of Discount) and, in the event of any
          redemption of such Discount Note, if applicable, multiplied by the
          Initial Redemption Percentage (as adjusted by the Annual Redemption
          Percentage Reduction, if applicable); and (B) any unpaid interest
          accrued on such Discount Note to the Maturity Date ("Amortized Face
          Amount"). Unless otherwise specified on the face hereof, for purposes
          of determining the amount of Discount that has accrued as of any date
          on which a redemption, repayment or acceleration of maturity occurs
          for a Discount Note, a Discount will be accrued using a constant yield
          method. The constant yield will be calculated using a 30-day month,
          360-day year convention, a compounding period that, except for the
          Initial Period (as defined below), corresponds to the shortest period
          between Interest Payment Dates for the applicable Discount Note (with
          ratable accruals within a compounding period), a coupon rate equal to
          the initial coupon rate applicable to the applicable Discount Note and
          an assumption that the maturity of such Discount Note will not be
          accelerated. If the period from the date of issue to the first
          Interest Payment Date for a Discount Note (the "Initial Period") is
          shorter than the compounding period for such Discount Note, a
          proportionate amount of the yield for an entire compounding period
          will be accrued. If the Initial Period is longer than the compounding
          period, then the period will be divided into a regular compounding
          period and a short period with the short period being treated as
          provided above.

SECTION 4. REDEMPTION. If no redemption right is set forth on the face hereof,
this Note may not be redeemed prior to the Stated Maturity Date, except as set
forth in the Indenture. If a redemption right is set forth on the face of this
Note, the Trust shall redeem this Note on the Interest Payment Date on or after
the Initial Redemption Date set forth on the face hereof on which the Funding
Agreement is to be redeemed in whole or in part by Hartford Life Insurance
Company ("HARTFORD LIFE") (each, a "REDEMPTION DATE"), in which case this Note
must be redeemed on such Redemption Date in whole or in part, as applicable,
prior to the Stated Maturity Date, in increments equal to the Authorized
Denominations (provided that any remaining Principal Amount hereof shall be at
least equal to the Authorized Denomination) at the applicable Redemption Price
(as defined below), together with unpaid interest, if any, accrued thereon to,
but excluding, the applicable Redemption Date. "REDEMPTION PRICE" shall mean an
amount equal to the Initial Redemption Percentage (as adjusted by the Annual
Redemption Percentage Reduction, if applicable) multiplied by the unpaid
Principal Amount of this Note to be redeemed (or in the case of Discount Notes,
multiplied as set forth in Section 3(c)(ii) above). The unpaid Principal Amount
of this Note to be redeemed shall be determined by multiplying (1) the
Outstanding Principal Amount of this Note by (2) the quotient derived by
dividing (A) the outstanding principal amount of the Funding Agreement to be
redeemed by Hartford Life by (B) the outstanding principal amount of the Funding
Agreement.

                   Hartford Life Global Funding Trust 2008-001
                                      B - 22

<PAGE>

The Initial Redemption Percentage, if any, applicable to this Note shall decline
at each anniversary of the Initial Redemption Date by an amount equal to the
applicable Annual Redemption Percentage Reduction, if any, until the Redemption
Price is equal to 100% of the unpaid amount thereof to be redeemed. Notice must
be given not more than seventy-five (75) nor less than thirty (30) calendar days
prior to the proposed Redemption Date. In the event of redemption of this Note
in part only, a new Note for the unredeemed portion hereof shall be issued in
the name of the Holder hereof upon the surrender hereof.

SECTION 5. SINKING FUNDS AND AMORTIZING NOTES. Unless specified on the face
hereof, this Note will not be subject to, or entitled to the benefit of, any
sinking fund. If this Note is specified on the face hereof as an "Amortizing
Note", this Note will bear interest in the same manner as set forth in Section
3(a) above, and payments of principal, premium, if any, and interest will be
made as set forth on the face hereof and/or in accordance with Schedule I
attached hereto. The Trust will make payments combining principal, premium (if
any) and interest, if applicable, on the dates and in the amounts set forth in
the table appearing in SCHEDULE I, attached to this Note or in accordance with
the formula specified on the face hereof. Payments made hereon will be applied
first to interest due and payable hereon and then to the reduction of the unpaid
principal amount hereof.

SECTION 6. REPAYMENT. If no repayment right is set forth on the face hereof,
this Note may not be repaid at the option of the Holder hereof prior to the
Stated Maturity Date. If a repayment right is granted on the face of this Note,
this Note may be subject to repayment at the option of the Holder on any
Interest Payment Date on and after the date, if any, indicated on the face
hereof (each, a "Repayment Date"). On any Repayment Date, unless otherwise
specified on the face hereof, this Note shall be repayable in whole or in part
in increments equal to the Authorized Denominations (provided that any remaining
Principal Amount hereof shall be at least equal to the Authorized Denomination)
at the option of the Holder hereof at the Repayment Price equal to the
percentage of the Principal Amount to be repaid specified on the face hereof,
together with interest thereon payable to the Repayment Date. For this Note to
be repaid in whole or in part at the option of the Holder hereof, the Indenture
Trustee (or the Paying Agent on behalf of the Indenture Trustee) must receive,
at its Corporate Trust Office, or at such other place or places of which the
Trust shall from time to time notify the Holder of this Note, not more than
seventy-five (75) nor less than thirty (30) days prior to a Repayment Date,
shown on the face of this Note, (I) this Note with the form entitled "Option to
Elect Repayment", attached hereto, duly completed by the Holder or (II) a
telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange or the National Association of Securities Dealers, Inc. or a
commercial bank or a trust company in the United States setting forth the name
of the holder of this Note, the principal amount hereof, the certificate number
of this Note or a description of this Note's tenor and terms, the principal
amount hereof to be repaid, a statement that the option to elect repayment is
being exercised thereby and a guarantee that this Note, together with the form
entitled "Option to Elect Repayment" duly completed, will be received by the
Indenture Trustee (or the Paying Agent on behalf of the Indenture Trustee) not
later than the fifth (5th) Business Day after the date of such telegram, telex,
facsimile transmission or letter; PROVIDED, that such telegram, telex, facsimile
transmission or letter shall only be effective if this Note and form duly
completed are received by the Indenture Trustee (or the Paying Agent on behalf
of the Indenture Trustee) by such fifth (5th) Business Day. Exercise of such
repayment option by the Holder hereof shall be irrevocable. In the event of
repayment of this Note in part only, a new

                   Hartford Life Global Funding Trust 2008-001
                                      B - 23

<PAGE>

Note or Notes for the amount of the unpaid portion hereof shall be issued in the
name of the Holder hereof upon the cancellation hereof.

SECTION 7. MODIFICATIONS AND WAIVERS. The Indenture contains provisions
permitting the Trust and the Indenture Trustee (1) at any time and from time to
time without notice to, or the consent of, the Holders of any Notes issued under
the Indenture to enter into one or more supplemental indentures for certain
enumerated purposes and (2) with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Notes affected thereby, to enter
into one or more supplemental indentures for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, the Indenture or of modifying in any manner the rights of Holders of Notes
under the Indenture; PROVIDED, that, with respect to certain enumerated
provisions, no such supplemental indenture shall be entered into without the
consent of the Holder of each Note affected thereby. Any such consent or waiver
by the Holder of this Note shall be conclusive and binding upon such Holder and
upon all future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note or such other
Notes.

SECTION 8. OBLIGATIONS UNCONDITIONAL. No reference herein to the Indenture and
no provisions of this Note or of the Indenture shall impair the right of each
Holder of any Note, which is absolute and unconditional, to receive payment of
the principal of, and any interest on, and premium, if any, on, such Note on the
respective Stated Maturity Date or redemption date thereof and to institute suit
for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

SECTION 9. EVENTS OF DEFAULT. If an Event of Default with respect to the Notes
shall occur and be continuing, the principal of, and all other amounts payable
on, the Notes may be declared due and payable, or may be automatically
accelerated, as the case may be, in the manner and with the effect provided in
the Indenture. In the event that this Note is a Discount Note, the amount of
principal of this Note that becomes due and payable upon such acceleration shall
be equal to the amount calculated as set forth in Section 3(c) hereof.

SECTION 10. WITHHOLDING; TAX EVENT. All amounts due in respect of this Note will
be made free and clear of any applicable withholding or deduction for or on
account of any present or future taxes, duties, levies, assessments or other
governmental charges of whatever nature imposed or levied by or on behalf of any
governmental authority, unless such withholding or deduction is required by law.
Unless otherwise specified on the face hereof, the Trust will not pay any
additional amounts to the Holder of this Note in respect of any such withholding
or deduction, any such withholding or deduction will not give rise to an Event
of Default or any independent right or obligation to redeem this Note and the
Holder will be deemed for all purposes to have received cash in an amount equal
to the portion of such withholding or deduction that is attributable to such
Holder's interest in this Note as equitably determined by the Trust.

If Hartford Life will be required to pay additional amounts to the Trust to
reflect any required withholding or deduction under the Funding Agreement and
Hartford Life is required, or based on an opinion of independent legal counsel
selected by Hartford Life more than an insubstantial

                   Hartford Life Global Funding Trust 2008-001
                                      B - 24

<PAGE>

risk exists that Hartford Life will be required to pay additional amounts in
respect of such withholding or deduction, Hartford Life will have the right to
redeem the Funding Agreement and, if Hartford Life elects to so redeem the
Funding Agreement, the Trust will redeem this Note, subject to the terms and
conditions of Section 2.04 of the Indenture.

     If (1) a Tax Event (defined below) as to the relevant Funding Agreement
occurs and (2) Hartford Life elects to redeem the Funding Agreement in whole or
in part, the Trust will redeem this Note, subject to the terms and conditions of
Section 2.04 of the Indenture, at the Tax Event Redemption Price (defined below)
together with unpaid interest accrued thereon to the applicable redemption date.
"TAX EVENT" means that Hartford Life shall have received an opinion of
independent legal counsel stating in effect that as a result of (A) any
amendment to, or change (including any announced prospective change) in, the
laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority thereof or therein or (B) any amendment to, or
change in, an interpretation or application of any such laws or regulations by
any governmental authority in the United States, which amendment or change is
enacted, promulgated, issued or announced on or after the effective date of the
relevant Funding Agreement, there is more than an insubstantial risk that (I)
the Trust is, or will be within ninety (90) days of the date thereof, subject to
U.S. federal income tax with respect to interest accrued or received on the
relevant Funding Agreement or (II) the Trust is, or will be within ninety (90)
days of the date thereof, subject to more than a de minimis amount of taxes,
duties or other governmental charges. "TAX EVENT REDEMPTION PRICE" means an
amount equal to the unpaid principal amount of this Note to be redeemed, which
shall be determined by multiplying (1) the Outstanding Principal Amount of this
Note by (2) the quotient derived by dividing (A) the outstanding principal
amount to be redeemed by Hartford Life of the Funding Agreement by (B) the
outstanding principal amount of the Funding Agreement.

SECTION 11. LISTING. Unless otherwise specified on the face hereof, this Note
will not be listed on any securities exchange.

SECTION 12. COLLATERAL. The Collateral for this Note includes the Funding
Agreement specified on the face hereof.

SECTION 13. NO RECOURSE AGAINST CERTAIN PERSONS. No recourse shall be had for
the payment of any principal, interest or any other sums at any time owing under
the terms of this Note, or for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Indenture or any indenture supplemental
thereto, against the Nonrecourse Parties, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such personal liability being, by the acceptance hereof and as
part of the consideration for issue hereof, expressly waived and released.

SECTION 14. MISCELLANEOUS.

     (a) This Note is issuable only as a registered Note without coupons in
denominations of $1,000 and any integral multiple of $1,000 in excess thereof
unless otherwise specified on the face of this Note.

                   Hartford Life Global Funding Trust 2008-001
                                      B - 25

<PAGE>

     (b) Prior to due presentment for registration of transfer of this Note, the
Trust, the Indenture Trustee, the Registrar, the Paying Agent, any Agent, and
any other agent of the Trust or the Indenture Trustee may treat the Person in
whose name this Note is registered as the owner hereof for the purpose of
receiving payment as herein provided and for all other purposes, whether or not
this Note shall be overdue, and none of the Trust, the Indenture Trustee, the
Registrar, the Paying Agent, any Agent, or any other agent of the Trust or the
Indenture Trustee shall be affected by notice to the contrary.

     (c) The Notes are being issued by means of a book-entry-only system with no
physical distribution of certificates to be made except as provided in the
Indenture. The book-entry system maintained by DTC will evidence ownership of
the Notes, with transfers of ownership effected on the records of DTC and its
participants pursuant to rules and procedures established by DTC and its
participants. The Trust and the Indenture Trustee will recognize Cede & Co., as
nominee of DTC, as the registered owner of the Notes, as the Holder of the Notes
for all purposes, including payment of principal, premium (if any) and interest,
notices and voting. Transfer of principal, premium (if any) and interest to
participants of DTC will be the responsibility of DTC, and transfer of
principal, premium (if any) and interest to beneficial holders of the Notes by
participants of DTC will be the responsibility of such participants and other
nominees of such beneficial holders. So long as the book-entry system is in
effect, the selection of any Notes to be redeemed or repaid will be determined
by DTC pursuant to rules and procedures established by DTC and its participants.
Neither the Trust nor the Indenture Trustee will be responsible or liable for
such transfers or payments or for maintaining, supervising or reviewing the
records maintained by DTC, its participants or persons acting through such
participants.

     (d) This Note or portion hereof may not be exchanged for Definitive Notes,
except in the limited circumstances provided for in the Indenture. The transfer
or exchange of Definitive Notes shall be subject to the terms of the Indenture.
No service charge will be made for any registration of transfer or exchange, but
the Trust may require payment of a sum sufficient to cover any tax or other
governmental charge payable in connection therewith.

SECTION 15. GOVERNING LAW. THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                   Hartford Life Global Funding Trust 2008-001
                                      B - 26

<PAGE>

                            OPTION TO ELECT REPAYMENT

The undersigned hereby irrevocably request(s) and instruct(s) the Trust to repay
this Note (or portion hereof specified below) pursuant to its terms at a price
equal to the Principal Amount hereof together with interest to the repayment
date, to the undersigned, at:

_______________________________________________________________________________

________________________________________________________________________(Please
print or typewrite name and address of the undersigned).

If less than the entire Principal Amount of this Note is to be repaid, specify
the portion hereof (which shall be in increments of $1,000) which the Holder
elects to have repaid and specify the denomination or denominations (which shall
be $______ or an integral multiple of $1,000 in excess of $______) of the Notes
to be issued to the Holder for the portion of this Note not being repaid (in the
absence of any such specification, one such Note will be issued for the portion
not being repaid).

$ ________________________________    NOTICE: The signature on this Option to
                                      Elect Repayment must correspond with the
Date:  ___________________________    name as written upon the face of this
                                      Note in every particular, without
                                      alteration or enlargement or any change
                                      whatever.

Principal Amount to be repaid, if     Fill in for registration of Notes if to
amount to be repaid is less than      be issued otherwise than to the
the Principal Amount of this Note     registered Holder:
(Principal Amount remaining must
be an authorized denomination)

                                      Name:  __________________________________

$___________________________          Address:  _______________________________

                                                _______________________________
                                                (Please print name and address
                                                 including zip code)

SOCIAL SECURITY OR OTHER TAXPAYER ID NUMBER:  _________________________________

                   Hartford Life Global Funding Trust 2008-001
                                      B - 27

<PAGE>

                                   SCHEDULE I

                          AMORTIZATION TABLE OR FORMULA

                                 Not applicable.

                   Hartford Life Global Funding Trust 2008-001
                                     SI - 1

<PAGE>

                                   SCHEDULE II

SPREAD:

      The spread for the Notes for the indicated periods is as follows:

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------
                                             PERIOD                                          SPREAD
--------------------------------------------------------------------------------------------------------
<S>                                                                                        <C>
From and including the Issuance Date to but not including December 15, 2008                 + 0.27%
--------------------------------------------------------------------------------------------------------
From and including December 15, 2008 to but not including December 15, 2009                 + 0.29%
--------------------------------------------------------------------------------------------------------
From and including December 15, 2009 to but not including December 15, 2010                 + 0.31%
--------------------------------------------------------------------------------------------------------
From and including December 15, 2010 to but not including the Final Stated Maturity Date    + 0.32%
--------------------------------------------------------------------------------------------------------
</TABLE>

                   Hartford Life Global Funding Trust 2008-001
                                     SII - 1

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