Document:

Exhibit

Exhibit 10.31

CNO BOARD OF DIRECTORS
DEFERRED COMPENSATION PLAN
(Effective January 1, 2017)

Table of Contents
ARTICLE I DEFINITIONS        1
1.1    “Account” or “Accounts”    1
1.2    “Beneficiary” or “Beneficiaries”    1
1.3    “Board”    1
1.4    “Code”    1
1.5    “Committee”    1
1.6    “Compensation”    1
1.7    “Crediting Rate”    1
1.8    “Director”    1
1.9    “Director’s Fees”    1
1.10    “Distributable Amount”    1
1.11    “ERISA”    2
1.12    “Financial Hardship”    2
1.13    “Fund” or “Funds”    2
1.14    “Interest Rate”    2
1.15    “Participant”    2
1.16    “Participant Election(s)”    2
1.17    “Payment Date”    2
1.18    “Plan Year”    3
1.19    “Restricted Stock Units”    3
1.20    “Scheduled Distribution”    3
1.21    “Separation from Service”    3
1.22    “Stock”    3
1.23    “Trust”    3
ARTICLE II PARTICIPATION    3
2.1    Eligibility    3
2.2    Commencement of Participation    3
ARTICLE III CONTRIBUTIONS & DEFERRAL ELECTIONS    4
3.1    Elections to Defer Compensation    4
3.2    Timing of Deferral Elections; Effect of Participant Election(s)    4
(a)    General Timing Rule for Deferral Elections    4
(b)    Timing of Deferral Elections for New Plan Participants    4
(c)    Timing Rule for Deferral of Compensation Subject to 
Risk of Forfeiture    5
(d)    Separate Deferral Elections for Each Plan Year    5
3.3    Deemed Investments; Elections    5
(a)    Participant Designation for Deferrals of Director’s Fees    5
(b)    Investment Funds    6
(c)    Company Stock Unit Fund for Deferrals of Restricted Stock 
Units    6
3.4    Distribution Elections    7
(a)    Initial Election    7
(b)    Modification of Election    7

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ARTICLE IV ACCOUNTS    7
4.1    Participant Accounts    7
4.2    Trust    8
4.3    Statement of Accounts    8
ARTICLE V VESTING    8
ARTICLE VI DISTRIBUTIONS    8
6.1    Separation Distributions    8
6.2    Death Benefits    8
6.3    Scheduled Distributions    9
(a)    Scheduled Distribution Election    9
(b)    Relationship to Other Benefits    9
ARTICLE VII PAYEE DESIGNATIONS AND LIMITATIONS    9
7.1    Beneficiaries    9
(a)    Beneficiary Designation    9
(b)    Absence of Valid Designation    9
7.2    Payments to Minors    10
7.3    Payments on Behalf of Persons Under Incapacity    10
ARTICLE VIII ADMINISTRATION    10
8.1    Committee    10
8.2    Claims Procedure    10
ARTICLE IX TRUST    11
9.1    Establishment of the Trust    11
9.2    Interrelationship of the Plan and the Trust    11
9.3    Distributions From the Trust    11
ARTICLE X MISCELLANEOUS    11
10.1    Termination of Plan    11
10.2    Amendment    12
10.3    Unsecured General Creditor    12
10.4    Restriction Against Assignment    12
10.5    Withholding    12
10.6    Code Section 409A    12
10.7    Effect of Payment    12
10.8    Errors in Account Statements, Deferrals or Distributions    12
10.9    Domestic Relations Orders    13
10.10    Employment Not Guaranteed    13
10.11    No Guarantee of Tax Consequences    13
10.12    Successors of the Company    13
10.13    Notice    13
10.14    Headings    13
10.15    Gender, Singular and Plural    13
10.16    Governing Law    13
10.17    Entire Agreement    14
10.18    Binding Arbitration    14

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CNO FINANCIAL GROUP, INC.
CNO BOARD OF DIRECTORS DEFERRED COMPENSATION PLAN
CNO Financial Group, Inc., a Delaware corporation (the “Company”), hereby establishes the CNO Board of Directors Deferred Compensation Plan (the “Plan”), effective January 1, 2017 (the “Effective Date”), for the purpose of attracting and retaining high quality non-employee members of the board of directors by providing an opportunity to defer receipt of certain compensation provided by the Company.  The Plan is intended to, and shall be interpreted to, comply in all respects with Code Section 409A and is intended to be exempt from the requirements of ERISA.
ARTICLE I
DEFINITIONS

1.1“Account” or “Accounts”  shall mean the bookkeeping account or accounts established under this Plan for each Participant pursuant to Article IV.

1.2“Beneficiary” or “Beneficiaries”  shall mean the person, persons or entity designated as such pursuant to Section 7.1.

1.3“Board”  shall mean the board of directors of the Company.

1.4“Code”  shall mean the Internal Revenue Code of 1986, as amended, as interpreted by Treasury regulations and applicable authorities promulgated thereunder.

1.5“Committee”  shall mean the person or persons appointed by the Board to administer the Plan in accordance with Article VIII.

1.6“Compensation”  shall mean all amounts eligible for deferral for a particular Plan Year under Section 3.1.

1.7“Crediting Rate”  shall mean the notional gains and losses credited on the Participant’s Account balance that are based on the Participant’s choice among the investment alternatives made available by the Committee pursuant to Section 3.3.

1.8“Director”  shall mean a non-employee member of the Board.

1.9“Director’s Fees” shall mean compensation for services as a member of the Board, excluding equity awards, reimbursement of expenses or other nonregular forms of compensation, before reductions for contributions to or deferrals under any deferred compensation plan sponsored by the Company.

1.10“Distributable Amount” shall mean the vested balance in the Participant’s Account as determined under Article IV.

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1.11“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended, including Department of Labor and Treasury regulations and applicable authorities promulgated thereunder.

1.12“Financial Hardship” shall mean a severe financial hardship to the Participant resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent (as defined in Code Section 152, without regard to Code Section 152(b)(1), (b)(2), and (d)(1)(B))) of the Participant, loss of the Participant’s property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, but shall in all events correspond to the meaning of the term “unforeseeable emergency” under Code Section 409A and the regulations issued thereunder.

1.13“Fund” or “Funds” shall mean one or more of the investments selected by the Committee pursuant to Section 3.3.

1.14“Interest Rate” shall mean, for each Fund, the rate of return derived from the net gain or loss on the assets of such Fund, as determined by the Committee.

1.15“Participant” shall mean any Director who becomes a participant in this Plan in accordance with Article II.

1.16“Participant Election(s)” shall mean the forms or procedures by which a Participant makes elections with respect to (a) voluntary deferrals of his/her Compensation, (b) the Funds, which shall act as the basis for crediting of interest on Account balances, and (c) the form and timing of distributions from Accounts.  Participant Elections may take the form of an electronic communication followed by appropriate confirmation according to specifications established by the Committee.

1.17“Payment Date” shall mean the date by which a total distribution of the Distributable Amount shall be made or the date by which installment payments of the Distributable Amount shall commence.

(a)    For benefits triggered by the Participant’s Separation from Service or the death of a Participant, the Payment Date shall be the first business day of the month commencing after the month in which the event triggering the payout occurs, and the applicable amount shall be calculated as of the last business day of the month in which the event triggering the payout occurs.  Subsequent installments, if any, shall be calculated as of the last business day of each December, and shall be made in January of each Plan Year following the Plan Year in which the initial installment payment was payable.  In the case of death, the Committee shall be provided with documentation reasonably necessary to establish the fact of the Participant’s death; and
(b)    The Payment Date of a Scheduled Distribution shall be the first business day of January of the Plan Year in which the distribution is scheduled to commence, and the applicable Distributable Amount shall be calculated as of the last business day of the preceding December. Subsequent installments, if any, shall be calculated as of the last business day of December of each succeeding Plan Year after the initial calculation, and shall be made in January of each Plan Year following the Plan Year in which the initial installment payment was payable.

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Notwithstanding the foregoing, the Payment Date shall not be before the earliest date on which benefits may be distributed under Code Section 409A without violation of the provisions thereof, as reasonably determined by the Committee.
1.18“Plan Year” shall mean the calendar year.

1.19“Restricted Stock Units” shall mean rights to receive shares of Stock or cash selected by the Committee in its sole discretion and awarded to the Participant under a director compensation program, and the deferred amount shall be calculated using the closing price of Stock at the end of the business day closest to the date such Restricted Stock Unit would otherwise vest, but for the election to defer.  The portion of any Restricted Stock Unit deferred shall, at the time the Restricted Stock Unit would otherwise vest under the terms of the applicable director compensation program, but for the election to defer, be reflected on the books of the Company as an unfunded, unsecured promise to deliver to the Participant a specific number of actual shares of Stock or the cash equivalent of the actual shares of Stock in the future.

1.20“Scheduled Distribution” shall mean a scheduled distribution date elected by the Participant for distribution of amounts from his or her Account, including notional earnings thereon, as provided under Section 6.3.

1.21“Separation from Service” shall mean a termination of services provided by a Participant to the Company, whether voluntarily or involuntarily, other than by reason of death, as determined by the Committee in accordance with Treas. Reg. §1.409A-1(h).

1.22“Stock” shall mean the Company’s common stock, $0.01 par value per share, or any other equity securities of the Company designated by the Committee.

1.23“Trust” shall mean a trust which is established pursuant to Article IX.

ARTICLE II
PARTICIPATION

2.1Eligibility.  Each Director of the Company shall be eligible to participate in the Plan.  As a condition to participation, each Director shall complete, execute and return to the Committee the appropriate Participant Elections, as well as such other documentation and information as the Committee reasonably requests, by the deadline(s) established by the Committee.  In addition, the Committee shall establish from time to time such other enrollment requirements as it determines, in its sole discretion, are necessary.

2.2Commencement of Participation.  Each Director shall commence participation in the Plan on the date that the Committee determines that the Director has met all enrollment requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee within the specified time period.  If a Director fails to meet all requirements established by the Committee within the period required, that Director shall not be eligible to participate in the Plan during such Plan Year.

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ARTICLE III
CONTRIBUTIONS & DEFERRAL ELECTIONS

3.1Elections to Defer Compensation.  Elections to defer Compensation shall take the form of a whole percentage of up to a maximum of 100% of Director’s Fees and 100% of Restricted Stock Units and a minimum of 10% of Restricted Stock Units.

The Committee may, in its sole discretion, adjust for subsequent Plan Years on a prospective basis the maximum and minimum deferral percentages described in this Section for one or more types of Compensation and for one or more subsequent Plan Years; such revised deferral percentages shall be indicated on a Participant Election form approved by the Committee.  Notwithstanding the foregoing, in no event shall the maximum or minimum deferral percentages be adjusted after the last date on which deferral elections for the applicable type(s) of Compensation must be submitted and become irrevocable in accordance with Section 3.2 and the requirements of Code Section 409A.
The Committee may determine that one or more types of Compensation shall not be made available for deferral for one or more subsequent Plan Years and, consistent with such determination, the impacted types of Compensation shall not appear on a Participant Election form.
3.2Timing of Deferral Elections; Effect of Participant Election(s).

(a)General Timing Rule for Deferral Elections.  Except as otherwise provided in this Section 3.2, in order for a Participant to make a valid election to defer Director’s Fees, the Participant must submit Participant Elections on or before the deadline established by the Committee, which shall be no later than the December 31st preceding the Plan Year in which such Director’s Fees will be earned.  In the case of deferrals of Restricted Stock Units, except where otherwise permitted in accordance with this Section 3.2 and Code Section 409A, the Participant must submit such Participant Election on or before the deadline established by the Committee, which shall be no later than the December 31st preceding the Plan Year in which such Restricted Stock Units may be initially granted to the Participant under the terms of the applicable director compensation program.  Any deferral election made in accordance with this Section 3.2(a) shall be irrevocable.

(b)Timing of Deferral Elections for New Plan Participants.  A Director who first becomes appointed or elected to the Board, and therefore initially eligible to participate in the Plan on or after the beginning of a Plan Year, as determined in accordance with Treas. Reg. §1.409A-2(a)(7)(ii) and the “plan aggregation” rules provided in Treas. Reg. §1.409A-1(c)(2), may be permitted to make an election to defer the portion of Compensation attributable to services to be performed after such election, provided that the Participant submits Participant Elections on or before the deadline established by the Committee, which in no event shall be later than 30 days after the Participant first becomes eligible to participate in the Plan.

If a deferral election made in accordance with this Section 3.2(b) relates to compensation earned based upon a specified performance period, the amount eligible for deferral shall be equal to (i) the total amount of compensation for the performance period, multiplied by (ii) a fraction, 

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the numerator of which is the number of days remaining in the service period after the Participant’s deferral election is made, and the denominator of which is the total number of days in the performance period.
Any deferral election made in accordance with this Section 3.2(b) shall become irrevocable no later than the 30th day after the date the Participant first becomes eligible to participate in the Plan.
(c)Timing Rule for Deferral of Compensation Subject to Risk of Forfeiture.  With respect to Compensation (i) to which a Participant has a legally binding right to payment in a subsequent year, and (ii) that is subject to a forfeiture condition requiring the Participant’s continued services for a period of at least 12 months from the date the Participant obtains the legally binding right, the Committee may determine that an irrevocable deferral election for such compensation may be made by timely delivering Participant Elections to the Committee in accordance with its rules and procedures, no later than the 30th day after the Participant obtains the legally binding right to the compensation, provided that the election is made at least 12 months in advance of the earliest date at which the forfeiture condition could lapse, as determined in accordance with Treas. Reg. §1.409A-2(a)(5).

Any deferral election(s) made in accordance with this Section 3.2(c) shall become irrevocable no later than the 30th day after the Participant obtains the legally binding right to the compensation subject to such deferral election(s).
(d)Separate Deferral Elections for Each Plan Year.  In order to defer Compensation for a Plan Year, a Participant must submit a separate deferral election with respect to Compensation for such Plan Year by affirmatively filing Participant Elections during the enrollment period established by the Committee prior to the beginning of such Plan Year (or at such other time contemplated under this Section 3.2), which election shall be effective on the first day of the next following Plan Year (unless otherwise specified on the Participant Election).

3.3Deemed Investments; Elections.

(a)Participant Designation for Deferrals of Director’s Fees.  At the time of entering the Plan and/or of making a deferral election under the Plan, the Participant shall designate, on a Participant Election provided by the Committee, the Funds in which the Participant’s deferrals of Director’s Fees shall be deemed to be invested for purposes of determining the amount of earnings and losses to be credited to the Participant’s Account.  The Participant may specify that all or any percentage of his or her Account reflecting deferrals of Director’s Fees shall be deemed to be invested, in whole percentage increments, in one or more of the Funds selected as alternative investments under the Plan from time to time by the Committee pursuant to Section 3.3(b).  If a Participant fails to make an election among the Funds as described in this section, the portion of the Participant’s Account balance reflecting deferrals of Director’s Fees shall automatically be allocated into the lowest-risk Fund, as determined by the Committee in its sole discretion.  A Participant may change any designation made under this Section as permitted by the Committee by filing a revised election, on a Participant Election provided by the Committee. Notwithstanding the foregoing, the Committee, in its sole discretion, may impose limitations on the frequency with which one or more of the Funds elected in 

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accordance with this Section may be added or deleted by such Participant; furthermore, the Committee, in its sole discretion, may impose limitations on the frequency with which the Participant may change the portion of his or her Account balance allocated to each previously or newly elected Fund.

(b)Investment Funds.  The Committee may select, in its sole and absolute discretion, each of the types of commercially available investments communicated to the Participant pursuant to Section 3.3(a) to be the Funds.  The Interest Rate of each such commercially available investment shall be used to determine the amount of earnings or losses to be credited to the Participant’s Account reflecting deferrals of Director’s Fees under Article IV.  The Participant’s choice among investments shall be solely for purposes of calculation of the Crediting Rate on Accounts.  The Company shall have no obligation to set aside or invest amounts as directed by the Participant and, if the Company elects to invest amounts as directed by the Participant, the Participant shall have no more right to such investments than any other unsecured general creditor.
(c)Company Stock Unit Fund for Deferrals of Restricted Stock Units.

(1)A Participant’s Restricted Stock Unit deferrals will be automatically and irrevocably allocated to a Fund that tracks the performance of the Company’s Stock (the “Company Stock Unit Fund”).  Participants may not select any other Fund to be used to determine the amounts to be credited or debited to their Restricted Stock Unit deferrals.  Furthermore, no other portion of the Participant’s Account can be either initially allocated or re-allocated to the Company Stock Unit Fund.  Amounts allocated to the Company Stock Unit Fund may be distributable in actual shares of Stock or cash, as determined by the Committee.

(2)A Participant shall not be entitled to any adjustment of his or her Account or any other benefit in the event of the declaration of any stock dividends, cash dividends or other non-cash dividends that would have been payable on the Stock credited to the Company Stock Unit Fund.

(3)The number of shares of Stock credited to the Participant’s Account may be adjusted by the Committee, in its sole discretion, to prevent dilution or enlargement of Participants’ rights with respect to the portion of his or her Account allocated to the Company Stock Unit Fund in the event of any reorganization, reclassification, stock split, or other unusual corporate transaction or event which affects the value of the Stock, provided that any such adjustment shall be made taking into account any crediting of shares of Stock to the Participant under this Section.

(4)For purposes of this Section, the fair market value of the Stock shall be, in the event the Stock is traded on a recognized securities exchange, an amount equal to the closing price of the Stock on such exchange on the date set for valuation or, if no sales of Stock were made on said exchange on that date, the closing price of the Stock on the next preceding day on which sales were made on such exchange; or, if the Stock is not so traded, the value determined, in its sole discretion, by the Committee in compliance with Code Section 409A.

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3.4Distribution Elections.

(a)Initial Election.  At the time of making a deferral election under the Plan, the Participant shall designate the time and form of distribution of deferrals made pursuant to such election (together with any earnings credited thereon) from among the alternatives specified under Article VI for the applicable distribution.  Such distribution election(s) for a given Plan Year shall relate solely to that Plan Year.  A new distribution election may be made at the time of subsequent deferral elections with respect to deferrals in Plan Years beginning after the election is made, in accordance with the Participant Election forms.

(b)Modification of Election.  A distribution election with respect to previously deferred amounts may only be changed under the terms and conditions specified in Code Section 409A and this Section.  Except as permitted under Code Section 409A, no acceleration of a distribution is permitted.  A subsequent election that delays payment or changes the form of payment of amounts distributable as a Scheduled Distribution or upon Separation from Service shall be permitted if and only if all of the following requirements are met:

(1)the new election does not take effect until at least 12 months after the date on which the new election is made;

(2)the new election delays payment for at least five years from the date that payment would otherwise have been made, absent the new election; and 

(3)in the case of amounts subject to a Scheduled Distribution, the new election is made not less than 12 months before the date on which payment would have been made (or, in the case of installment payments, the first installment payment would have been made) absent the new election.

For purposes of application of the above change limitations, installment payments shall be treated as a single payment under Code Section 409A.  Election changes made pursuant to this Section shall be made in accordance with rules established by the Committee and shall comply with all requirements of Code Section 409A and applicable authorities.

ARTICLE IV
ACCOUNTS

4.1Participant Accounts.  The Committee shall establish and maintain an Account for each Participant under the Plan.  Each Participant’s Account shall be further divided into separate subaccounts, each of which corresponds to a Fund designated pursuant to Section 3.3 and, where applicable, the Company Stock Unit Fund (“Fund Subaccounts”).  A Participant’s Account shall be credited as follows:

(a)    As soon as reasonably possible after amounts are withheld and deferred from a Participant’s Compensation, the Committee shall credit the Fund Subaccounts of the Participant’s Account with an amount equal to Compensation deferred by the Participant in accordance with the designation under Section 3.3 or, in the case of deferrals of Restricted Stock Units, the Company Stock Unit Fund; that is, the portion of the Participant’s deferred 

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Compensation designated to be deemed to be invested in a Fund shall be credited to the Fund Subaccount to be invested in that Fund;
(b)    Each business day, each Fund Subaccount of a Participant’s Account shall be credited with earnings or losses in an amount equal to that determined by multiplying the balance credited to such Fund Subaccount as of the prior day, less any distributions valued as of the end of the prior day, by the Interest Rate for the corresponding Fund as determined by the Committee; and
(c)    In the event that a Participant elects for a given Plan Year’s deferral of Compensation a Scheduled Distribution, all amounts attributed to the deferral of Compensation for such Plan Year shall be accounted for in a manner which allows separate accounting for the deferral of Compensation and investment gains and losses associated with amounts allocated to each such separate Scheduled Distribution.
4.2Trust.  The Company shall be responsible for the payment of all benefits under the Plan.  At its discretion, the Company may establish one or more grantor trusts for the purpose of providing for payment of benefits under the Plan.  Such trust or trusts may be irrevocable, but the assets thereof shall be subject to the claims of the Company’s creditors.  Benefits paid to the Participant from any such trust or trusts shall be considered paid by the Company for purposes of meeting the obligations of the Company under the Plan.

4.3Statement of Accounts.  The Committee shall provide each Participant with electronic statements at least quarterly setting forth the Participant’s Account balance as of the end of each applicable period.

ARTICLE V
VESTING

The Participant shall be vested at all times in amounts credited to the Participant’s Account.
ARTICLE VI
DISTRIBUTIONS

6.1Separation Distributions.  Except as otherwise provided herein, in the event of a Participant’s Separation from Service, the Distributable Amount credited to the Participant’s Account shall be paid to the Participant in a lump sum on the Payment Date following the Participant’s Separation from Service, unless the Participant has made an alternative benefit election on a timely basis to receive substantially equal annual installments over up to ten years.  In accordance with a Participant Election approved by the Committee, for each Plan Year the Participant may elect a separate form of distribution applicable upon Separation from Service for the deferrals attributable to such Plan Year. A Participant may delay and/or change the form of a distribution applicable upon Separation from Service, provided such revised election complies with the requirements of Section 3.4.

6.2Death Benefits.  Notwithstanding any provision in this Plan to the contrary, in the event that the Participant dies prior to complete distribution of his or her Account under the Plan, the Participant’s Beneficiary shall receive a death benefit equal to the Distributable Amount (or 

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remaining Distributable Amount in the event installment payments have commenced) credited to the Participant’s Account in a lump sum on the Payment Date following the Participant’s death.

6.3Scheduled Distributions.

(a)Scheduled Distribution Election.  Each Participant shall be entitled to elect to receive a Scheduled Distribution from his or her Account for each Plan Year.  In the case of a Participant who has elected to receive a Scheduled Distribution, on the applicable Payment Date such Participant shall receive the Distributable Amount with respect to the applicable Plan Year’s deferrals, including earnings thereon, which have been elected by the Participant to be subject to such Scheduled Distribution election in accordance with Section 3.4.  The Committee shall determine the earliest commencement date that may be elected by the Participant for each Scheduled Distribution and such date shall be indicated on the Participant Election.  The Participant may elect to receive the Scheduled Distribution in a single lump sum or substantially equal annual installments over a period of up to five years, or in any combination of the two. A Participant may delay and/or change the form of a Scheduled Distribution, provided such revised election complies with the requirements of Section 3.4.

(b)Relationship to Other Benefits.

(1)A Scheduled Distribution election shall not be impacted by the occurrence of a Participant’s Separation from Service.

(2)Notwithstanding the foregoing, in the event of a Participant’s death prior to complete distribution of an amount subject to a Scheduled Distribution, the Distributable Amount of such Scheduled Distribution(s) (or remaining Distributable Amount where installment payments have commenced) shall be distributed in accordance with Section 6.2.

ARTICLE VII
PAYEE DESIGNATIONS AND LIMITATIONS

7.1Beneficiaries.

(a)Beneficiary Designation.  The Participant shall have the right, at any time, to designate any person or persons as Beneficiary (both primary and contingent) to whom payment under the Plan shall be made in the event of the Participant’s death.  If the Participant names someone other than his or her spouse as a Beneficiary, the Committee may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the Committee, executed by such Participant’s spouse and returned to the Committee.  The Beneficiary designation shall be effective when it is submitted to and acknowledged by the Committee during the Participant’s lifetime in the format prescribed by the Committee.

(b)Absence of Valid Designation.  If a Participant fails to designate a Beneficiary as provided in Section 7.1(a) or, if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his or her surviving spouse.  If the Participant has no surviving spouse, the benefits remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s estate.

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7.2Payments to Minors.  In the event any amount is payable under the Plan to a minor, payment shall not be made to the minor, but instead such payment shall be made (a) to that person’s living parent(s) to act as custodian, (b) if that person’s parents are then divorced, and one parent is the sole custodial parent, to such custodial parent, to act as custodian, or (c) if no parent of that person is then living, to a custodian selected by the Committee to hold the funds for the minor under the Uniform Transfers or Gifts to Minors Act in effect in the jurisdiction in which the minor resides.  If no parent is living and the Committee decides not to select another custodian to hold the funds for the minor, then payment shall be made to the duly appointed and currently acting guardian of the estate for the minor or, if no guardian of the estate for the minor is duly appointed and currently acting within 60 days after the date the amount becomes payable, payment shall be deposited with the court having jurisdiction over the estate of the minor.

7.3Payments on Behalf of Persons Under Incapacity.  In the event that any amount becomes payable under the Plan to a person who, in the sole judgment of the Committee, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the Committee may direct that such payment be made to any person found by the Committee, in its sole judgment, to have assumed the care of such person.  Any payment made pursuant to such determination shall constitute a full release and discharge of any and all liability of the Committee and the Company under the Plan.

ARTICLE VIII
ADMINISTRATION

8.1Committee.  The Plan shall be administered by a Committee appointed by the Board, which shall have the exclusive right and full discretion (a) to appoint agents to act on its behalf, (b) to select and establish Funds, (c) to interpret the Plan, (d) to decide any and all matters arising hereunder (including the right to remedy possible ambiguities, inconsistencies, or admissions), (e) to make, amend and rescind such rules as it deems necessary for the proper administration of the Plan and (f) to make all other determinations and resolve all questions of fact necessary or advisable for the administration of the Plan, including determinations regarding eligibility for benefits payable under the Plan.  All interpretations of the Committee with respect to any matter hereunder shall be final, conclusive and binding on all persons affected thereby.  No member of the Committee or agent thereof shall be liable for any determination, decision, or action made in good faith with respect to the Plan.  The Company will indemnify and hold harmless the members of the Committee and its agents from and against any and all liabilities, costs, and expenses incurred by such persons as a result of any act, or omission, in connection with the performance of such persons’ duties, responsibilities, and obligations under the Plan, other than such liabilities, costs, and expenses as may result from the bad faith, willful misconduct, or criminal acts of such persons.

8.2Claims Procedure.  Any Participant or Beneficiary may file a written claim for a Plan benefit with the Committee or with a person named by the Committee to receive claims under the Plan.  In the event of a denial or limitation of any benefit or payment due to or 

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requested by any Participant or Beneficiary (a “claimant”), the claimant shall be given a written notification containing specific reasons for the denial or limitation of his benefit.  The written notification shall contain specific reference to the pertinent Plan provisions on which the denial or limitation of his benefit is based.  No Participant or Beneficiary shall have the right to seek judicial review of a denial of benefits, or to bring any action in any court to enforce a claim for benefits prior to filing a claim for benefits or exhausting his rights to review under this Section 8.2.

ARTICLE IX
TRUST

9.1Establishment of the Trust.  In order to provide assets from which to fulfill its obligations to the Participants and their Beneficiaries under the Plan, the Company may establish a so-called “rabbi” trust by a trust agreement with a third party, the trustee, to which the Company may, in its discretion, contribute cash or other property, including securities issued by the Company, to provide for the benefit payments under the Plan.

9.2Interrelationship of the Plan and the Trust.  The provisions of the Plan shall govern the rights of a Participant to receive distributions pursuant to the Plan.  The provisions of the Trust shall govern the rights of the Company, Participants and the Company’s creditors to the assets transferred to the Trust.

9.3Distributions From the Trust.  The Company’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust, and any such distribution shall reduce the Company’s obligations under this Plan.

ARTICLE X
MISCELLANEOUS

10.1Termination of Plan.  Although the Company anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that the Company will continue the Plan or will not terminate the Plan at any time in the future.  Accordingly, the Company reserves the right to terminate the Plan.  In the event of a Plan termination, no new deferral elections shall be permitted for the affected Participants.  However, after the Plan termination the Account balances of such Participants shall continue to be credited with deferrals attributable to any deferral election that was in effect prior to the Plan termination to the extent deemed necessary to comply with Code Section 409A and related Treasury Regulations, and additional amounts shall continue to be credited or debited to such Participants’ Account balances pursuant to Article IV.   In addition, following a Plan termination, Participant Account balances shall remain in the Plan and shall not be distributed until such amounts become eligible for distribution in accordance with the other applicable provisions of the Plan.  Notwithstanding the preceding sentence, to the extent permitted by Treas. Reg. §1.409A-3(j)(4)(ix) or as otherwise permitted under Code Section 409A, the Company may provide that upon termination of the Plan, all Account balances of the Participants shall be distributed, subject to and in accordance with any rules established by the Company deemed necessary to comply with the applicable requirements and limitations of Code Section 409A.

11

10.2Amendment.  The Company may, at any time, amend or modify the Plan in whole or in part.  Notwithstanding the foregoing, no amendment or modification shall be effective to decrease the value of a Participant’s vested Account balance in existence at the time the amendment or modification is made.

10.3Unsecured General Creditor.  The benefits paid under the Plan shall be paid from the general assets of the Company, and the Participant and any Beneficiary or their heirs or successors shall be no more than unsecured general creditors of the Company with no special or prior right to any assets of the Company for payment of any obligations hereunder. It is the intention of the Company that this Plan be unfunded for purposes of the Code.

10.4Restriction Against Assignment.  The Company shall pay all amounts payable hereunder only to the person or persons designated by the Plan and not to any other person or entity.  No part of a Participant’s Account shall be liable for the debts, contracts, or engagements of any Participant, Beneficiary, or their successors in interest, nor shall a Participant’s Account be subject to execution by levy, attachment, or garnishment or by any other legal or equitable proceeding, nor shall any such person have any right to alienate, anticipate, sell, transfer, commute, pledge, encumber, or assign any benefits or payments hereunder in any manner whatsoever.  No part of a Participant’s Account shall be subject to any right of offset against or reduction for any amount payable by the Participant or Beneficiary, whether to the Company or any other party, under any arrangement other than under the terms of this Plan.

10.5Withholding.  The Participant shall make appropriate arrangements with the Company for satisfaction of any federal, state or local income tax withholding requirements, Social Security and other employee tax or other requirements that may be applicable to the granting, crediting, vesting or payment of benefits under the Plan. There shall be deducted from each payment made under the Plan or any other compensation payable to the Participant (or Beneficiary) all taxes, if any, that are required to be withheld by the Company in respect to such payment or this Plan.  To the extent permissible under Code Section 409A, the Company shall have the right to reduce any payment (or other compensation) by the amount of cash sufficient to provide the amount of said taxes.

10.6Code Section 409A.  The Company intends that the Plan comply with the requirements of Code Section 409A (and all applicable Treasury Regulations and other guidance issued thereunder) and shall be operated and interpreted consistent with that intent. Notwithstanding the foregoing, the Company makes no representation that the Plan complies with Code Section 409A.  

10.7Effect of Payment.  Any payment made in good faith to a Participant or the Participant’s Beneficiary shall, to the extent thereof, be in full satisfaction of all claims against the Committee, its members and the Company. 
 
10.8Errors in Account Statements, Deferrals or Distributions.  In the event an error is made in an Account statement, such error shall be corrected on the next statement following the date such error is discovered.  If any portion of a Participant’s Account under this Plan is required to be included in income by the Participant prior to receipt due to a failure of this Plan to comply with the requirements of Code Section 409A, the Committee may determine that such 

12

Participant shall receive a distribution from the Plan in an amount equal to the lesser of (a) the portion of his or her Account required to be included in income as a result of the failure of the Plan to comply with the requirements of Code Section 409A, or (b) the unpaid vested Account balance.

10.9Domestic Relations Orders.  Notwithstanding any provision in this Plan to the contrary, in the event that the Committee receives a domestic relations order, as defined in Code Section 414(p)(1)(B), pursuant to which a court has determined that a spouse or former spouse of a Participant has an interest in the Participant’s benefits under the Plan, the Committee shall have the right to immediately distribute the spouse’s or former spouse’s vested interest in the Participant’s benefits under the Plan to such spouse or former spouse to the extent necessary to fulfill such domestic relations order, provided that such distribution is in accordance with the requirements of Code Section 409A.

10.10Employment Not Guaranteed.  Nothing contained in the Plan nor any action taken hereunder shall be construed as a contract of employment or as giving any Participant any right to continue the provision of services in any capacity whatsoever to the Company.

10.11No Guarantee of Tax Consequences.  The Company and Committee make no commitment or guarantee to any Participant that any federal, state or local tax treatment will apply or be available to any person eligible for benefits under the Plan and assume no liability whatsoever for the tax consequences to any Participant.

10.12Successors of the Company.  The rights and obligations of the Company under the Plan shall inure to the benefit of, and shall be binding upon, the successors and assigns of the Company.

10.13Notice.  Any notice or filing required or permitted to be given to the Company or the Participant under this Agreement shall be sufficient if in writing and hand-delivered, or sent by registered or certified mail, in the case of the Company, to the principal office of the Company, directed to the attention of the Committee, and in the case of the Participant, to the last known address of the Participant indicated on the employment records of the Company.  Such notice shall be deemed given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification.  Notices to the Company may be permitted by electronic communication according to specifications established by the Committee.

10.14Headings.  Headings and subheadings in this Plan are inserted for convenience of reference only and are not to be considered in the construction of the provisions hereof.

10.15Gender, Singular and Plural.  All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or neuter, as the identity of the person or persons may require.  As the context may require, the singular may be read as the plural and the plural as the singular.

10.16Governing Law.  The provisions of this Plan shall be construed and interpreted in accordance with the internal laws of the State of Indiana without regard to its conflicts of law principles.

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10.17Entire Agreement.  Unless specifically indicated otherwise, this Plan supersedes any and all prior communications, understandings, arrangements or agreements between the parties, including the Company, the Board, the Committee and any and all Participants, whether written, oral, express or implied relating thereto.

10.18Binding Arbitration.  Any claim, dispute or other matter in question of any kind relating to this Plan which is not resolved by the claims procedures under this Plan shall be settled by arbitration in accordance with the applicable employment dispute resolution rules of the American Arbitration Association.  Notice of demand for arbitration shall be made in writing to the opposing party and to the American Arbitration Association within a reasonable time after the claim, dispute or other matter in question has arisen.  In no event shall a demand for arbitration be made after the date when the applicable statute of limitations would bar the institution of a legal or equitable proceeding based on such claim, dispute or other matter in question.  The decision of the arbitrators shall be final and may be enforced in any court of competent jurisdiction.  The arbitrators may award reasonable fees and expenses to the prevailing party in any dispute hereunder and shall award reasonable fees and expenses in the event that the arbitrators find that the losing party acted in bad faith or with intent to harass, hinder or delay the prevailing party in the exercise of its rights in connection with the matter under dispute.
[Signature Page Follows]

14

IN WITNESS WHEREOF, the Board of Directors of the Company has approved the adoption of this Plan as of the Effective Date and has caused the Plan to be executed by its duly authorized representative this 17th day of November, 2016.

	
		
	CNO FINANCIAL GROUP, INC.

	 
	 

	By:
	/s/ Edward J. Bonach

	Name:
	Edward J. Bonach

	Title:
	Chief Executive Officer

	 
	 

[Signature Page to Directors Deferred Compensation Plan]

15EX-10.1

 Exhibit 10.1 
  

 
 4553 GLENCOE AVENUE, SUITE 300 

LOS ANGELES, CA 90292 

February 21, 2017 
 Jeffrey A. Leddy 

c/o Global Eagle Entertainment Inc. 
 4553 Glencoe Ave., Suite 300

 Los Angeles, CA 90292 
  

	 	Re:	Offer of Employment 

 Dear Jeff: 

Global Eagle Entertainment Inc. (the “Company”) is pleased to offer you employment on the following terms: 

1. Position. Your initial title will be Chief Executive Officer, reporting to the Company’s Board of Directors (the
“Board”). For no additional compensation, you will also serve as the Company’s principal financial officer for an interim period to be determined by the Board, and you will also report to the Board in that capacity. 

2. Commencement Date. The Company expects your first day of employment will be February 21, 2017. We refer to your actual first day
of employment herein as your “Employment Commencement Date.” 
 3. Base Salary. Your initial base salary will
be at a rate of $625,000 per year (“Base Salary”). Your Base Salary will be payable in accordance with the Company’s standard payroll schedule from time to time and subject to all tax withholdings. 

4. Annual Bonus. You will be eligible for an annual performance bonus under the Company’s Annual Incentive Plan (as in effect from
time to time) with an initial target of 100% of your Base Salary (the “Annual Bonus”). Your actual Annual Bonus will however be subject to the achievement of individual and Company performance objectives and metrics to be
established by the Board’s Compensation Committee for you and other members of the Company’s Executive Leadership Team from time to time, and the final calculation and bonus determination (including determinations of achievement of
performance objectives) will be in the sole discretion of the Board’s Compensation Committee. The Company typically pays its Annual Bonuses in March following each performance-year end, e.g., in March 2018 for the 2017 performance year,
but the Company will determine the actual date of payment in its sole discretion. You must have Continuous Service (as defined below) with the Company on the payment date to receive any Annual Bonus, and if you do not have such Continuous Service
for any reason on the payment date (subject to any severance plan for which are eligible), then you will not be entitled to any Annual Bonus or any portion of it. 

 5. Signing Bonus and Initial Equity Incentive. You will receive an initial equity grant
consisting of (i) as a signing bonus, a non-qualified stock option to purchase 350,000 shares of the Company’s common stock (the “Signing Bonus”), (ii) an additional non-qualified stock option to purchase 650,000 shares of the Company’s common stock (the “Initial Option Award”) and (iii) the Company’s traditional time-based restricted stock
units (the “Initial RSU Award”) representing 200,000 shares of the Company’s common stock, in each case granted under a new equity incentive plan that will be submitted for stockholder approval at the Company’s 2017
annual stockholders’ meeting (the “Equity Incentive Plan”). Each of the Signing Bonus, the Initial Option Award and the Initial RSU Award will be granted subject to the condition subsequent that the Company’s
stockholders approve the Equity Incentive Plan at the Company’s 2017 annual stockholders’ meeting, and if such stockholder approval is not obtained, then each of the Signing Bonus, the Initial Option Award and the Initial RSU Award will be
automatically forfeited (and be deemed to have been void ab initio) on the date of such stockholder meeting. Although each such award is subject to the above-mentioned condition subsequent, vesting for your Initial Option Award and your
Initial RSU Award will commence on your Employment Commencement Date, and the exercise price of your Signing Bonus and your Initial Option Award is the per-share price of the Company’s common stock at the
close of trading on the Nasdaq Stock Market on February 17, 2017 (the date of the associated Compensation Committee approval). Your Signing Bonus, your Initial Option Award and your Initial RSU Award will otherwise be subject to the terms and
conditions applicable to such awards under the Equity Incentive Plan and the relevant form of equity award agreement.  

Your Signing Bonus shall be fully vested on the date of grant thereof. Your Initial Option Award will vest in equal monthly installments over
the three-year period following your Employment Commencement Date (i.e., 1/36th per month), subject to your Continuous Service through each applicable vesting date. Your Initial RSU Award
will vest in three equal installments on the first, second and third anniversaries of the Employment Commencement Date, subject to your Continuous Service through each applicable vesting date. If the Company terminates your Continuous Service
without Cause (as defined below), then you will have 12 months following the end of your Continuous Service to exercise any vested portion of your Signing Bonus and Initial Option Award. For the avoidance of doubt however, you may not exercise any
vested portion of your Signing Bonus or Initial Option Award after the expiration of the term thereof. 
 For purposes hereof,
“Continuous Service” means any period during which you are serving as either an employee of the Company or a member of the Company’s Board (whether as an outside director or an employee director), and Continuous Service
shall not be deemed to have terminated for so long as you are serving in either capacity. 
 Also for purposes hereof,
“Cause” means (i) the commission of a felony or other crime involving moral turpitude or the commission of any other act or omission involving misappropriation, dishonesty, unethical business conduct, disloyalty, fraud
or breach of fiduciary duty, (ii) reporting to work under the influence of alcohol, (iii) the use of illegal drugs (whether or not at the workplace) or other conduct, even if not in conjunction with your duties hereunder,

  
 Page 2 of 4 

 
which could reasonably be expected to, or which does, cause the Company or any of its subsidiaries material public disgrace, disrepute or economic harm, (iv) the failure to perform duties as
reasonably directed by the Board, (v) gross negligence or willful misconduct with respect to the Company or its affiliates or in the performance of the your duties hereunder or as a member of the Board, (vi) obtaining any personal profit
not thoroughly disclosed to and approved by the Board in connection with any transaction entered into by, or on behalf of, the Company, its subsidiaries or any of their affiliates, (vii) violation or breach of any provision of the Restrictive
Covenant Agreement, (viii) a material violation of any of the terms of the Company’s, its subsidiaries’ or any of their affiliates’ rules or policies or (ix) any other breach of this letter or any other agreement between you
and the Company or any of its subsidiaries, which in the case of clauses (vii), (viii) and (ix), if curable, is not cured to the Board’s satisfaction within fifteen (15) days after written notice thereof to you. 

6. Severance Protection. You will be eligible to participate in any Company severance plan (as in effect from time to time) on the same
terms available to other members of the Company’s Executive Leadership Team. However, notwithstanding any terms to the contrary in such plan, you will receive full accelerated vesting of any unvested and then outstanding portion of your Initial
Option Award and Initial RSU Award if (and at such time as) the Company terminates your Continuous Service without Cause. 
 7. Employee
Benefits and Travel Reimbursement. You will be eligible to participate in customary employee benefit plans and programs made generally available by the Company to its employees from time to time. The Company reserves the right to add, terminate
and/or amend any employee benefit plans, policies, programs and/or arrangements from time to time without notice or consideration paid to you. The Company will also reimburse you for travel to and from your principal residence to the Company’s
office locations, together with related accommodations while traveling. 
 8. Employment Relationship. Your employment with the
Company will be “at will,” meaning that either you or the Company may terminate your employment at any time and for any reason, with or without cause. 

9. Director Service. During your tenure as Chief Executive Officer, the Board will nominate you to serve as a member of the Board, and
submit your nomination for stockholder approval at each annual stockholders’ meeting during that period. You will not receive any director compensation for your Board service with respect to any period during which you are a Company employee.
In addition, you agree to serve as a member of the Board for at least two years following your termination of employment, if the Board nominates you as a director during that period and if the Company’s stockholders so approve you as a
director. You will receive the Company’s standard director compensation package for your Board service with respect to any period during which you are no longer a Company employee. 

10. Restrictive Covenant Agreement. As a condition to your employment with the Company, you are required to concurrently enter into an
Employee Statement and Agreements Regarding Confidentiality, Proprietary Information, Invention Assignment, Non-Competition and Non-Solicitation (the
“Restrictive Covenant Agreement”), which is attached hereto as Attachment A. 

  
 Page 3 of 4 

 11. Employee Representations, Warranties and Covenants; Company Policies. You represent
and warrant that you have no contractual commitments or other legal obligations or restrictions (including to a current or prior employer) that would prohibit or impair you from performing your duties for the Company. You agree not to violate any
confidentiality, restrictive covenant (e.g., a non-solicitation or non-competition obligation) or other obligations that you owe to any other person (including to
a current or prior employer) during your employment with the Company. You agree to abide by the Company’s general employment policies and practices, including those set forth in its Employee Handbook, its Conflicts of Interest Policy, its Code
of Ethics and its Whistleblower Policy and Procedures (as each may be amended from time to time) as well as such other policies and procedures as the Company establishes from time to time. 

*** 

  
 Page 4 of 4 

 Please accept this offer by signing below and by signing the attached Restrictive Covenant
Agreement. 
  

			
	 Very truly yours,

	
	GLOBAL EAGLE ENTERTAINMENT INC.
		
	By:	 	 /s/ Stephen Ballas

	Name:	 	Stephen Ballas
	Title:	 	Executive Vice President & General Counsel

 I hereby accept this employment offer: 
  

	
	 /s/ Jeffrey A. Leddy

	Jeffrey A. Leddy

 Dated: February 21, 2017 
  

			
	Attachment	  	
		
	Attachment A:	  	Employee Statement and Agreements Regarding Confidentiality, Proprietary Information, Invention Assignment, Non-Competition and
Non-Solicitation

 Signature Page to Offer of Employment 

 Attachment A 

See attached. 

  
 Page 1 of 1 

 GLOBAL EAGLE ENTERTAINMENT INC. 

EMPLOYEE STATEMENT & AGREEMENTS REGARDING 

CONFIDENTIALITY, PROPRIETARY INFORMATION, INVENTION ASSIGNMENT, NON-COMPETITION AND NON-SOLICITATION 
 In consideration of and as a condition of my employment with Global Eagle Entertainment Inc.
(“Global Eagle”) and my receipt of the salary and other compensation to be paid to me by Global Eagle, I, the undersigned employee, do hereby agree to the following (this “Restrictive Covenant
Agreement”): 
 1. PROPRIETARY INFORMATION, COPYRIGHTS, MASK WORKS & INVENTIONS 

The success of Global Eagle, along with its subsidiaries, affiliates, successors and assigns (the “Company Group”) depends, among other
things, upon strictly maintaining confidential and secret information relating to its trade secrets, technology, accounting, costs, research, development, sales, manufacturing, methods, production, testing, implementation, marketing, financial
information, financial results, products, customers, suppliers, staffing levels, employees, shareholders, officers and other information peculiarly within the knowledge of and relating to Global Eagle’s business, and to which employees may
acquire knowledge or have access to during the course of their employment by the Company Group. All such information is hereinafter collectively referred to as “Proprietary Information.” Proprietary Information shall be
broadly defined. It includes all information, data, trade secrets or know-how that has or could have commercial value or other utility in Global Eagle’s business or in which the Company Group contemplates
engaging. Proprietary Information also includes all information the unauthorized disclosure of which is or could be detrimental to the interests of the Company Group, whether or not such information is identified as confidential or proprietary
information by the Company Group. 
 Notwithstanding the above, Proprietary Information shall not include any information, data, trade secrets or know-how that (i) I can prove was known by me prior to the commencement of my employment with the Company Group or (ii) is or becomes publicly known from another source that is under no obligation of
confidentiality to the Company Group without fault on my part. I do not know any information, data, trade secrets or know-how that would be Proprietary Information but for this provision. 

The success of the Company Group also depends upon the timely disclosure of inventions made by the Company Group employees in the course of their employment
and, in appropriate circumstances, the full cooperation of employee inventors in filing, maintaining and enforcing United States and foreign country patent applications and patents covering such inventions. 

In view of the foregoing and in consideration of my employment by Global Eagle and as a further condition thereof, I agree as follows: 

 

	 	A.	PREVIOUS EMPLOYMENT 

 I acknowledge that it is the policy of Global Eagle to require that
its employees strictly honor all obligations regarding proprietary information of former employers. I acknowledge and agree that I have a continuing obligation to protect and safeguard the proprietary information of my former employer(s), if any.

  

	 	B.	PROPRIETARY INFORMATION 

 I shall exercise utmost diligence to protect and guard the
Proprietary Information of the Company Group. Neither during my employment by Global Eagle nor thereafter shall I, directly or indirectly, use for myself or another, or disclose to another, any Proprietary Information (whether acquired, learned,
obtained or developed by me alone or in 

  
 Page 1 of 7 

 
conjunction with others) of the Company Group except as such disclosure or use is (i) required in connection with my employment with Global Eagle, (ii) consented to in writing by Global
Eagle, or (iii) legally required to be disclosed pursuant to a subpoena or court order, and in the case of (iii), disclosure may only be made after I have informed Global Eagle of such requirement and assisted Global Eagle in taking reasonable
steps to seek a protective order or other appropriate action. Except in connection with the performance of my duties and responsibilities as provided for in the Offer of Employment to which this Restrictive Covenant Agreement is attached, I agree
not to remove any materials relating to the work performed at the Company Group without the prior written permission of the Chief Executive Officer (or his designee) of Global Eagle. Upon request by Global Eagle at any time, including in the event
of my termination of employment with Global Eagle, I shall promptly deliver to Global Eagle, without retaining any copies, notes or excerpts thereof, all memoranda, journals, notebooks, diaries, notes, records, plats, sketches, plans,
specifications, or other documents (including documents on electronic media and all records of inventions, if any) relating directly or indirectly to any Proprietary Information made or compiled by or delivered or made available to or otherwise
obtained by me. Each of the foregoing obligations shall apply with respect to Proprietary Information of customers, contractors and others with whom any member of the Company Group has a business relationship, learned or acquired by me during the
course of my employment by the Company Group. The provisions of this section shall continue in full force and effect after my termination of employment for whatever reason. Notwithstanding anything herein to the contrary, nothing in this Restrictive
Covenant Agreement shall (i) prohibit me from making reports or participating in the investigation of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules
promulgated under Section 21F of the Securities Exchange Act of 1934 or Section 806 of the Sarbanes-Oxley Act of 2002, or of any other whistleblower protection provisions of local, state or federal law or regulation, or (ii) require
notification to or prior approval by the Company Group of any reporting described in clause (i). 
  

	 	C.	COPYRIGHT & MASK WORKS 

 All rights in and to any copyrightable material
(including, but not limited to, computer programs) or material protectable as a mask work under the Semiconductor Chip Protection Act of 1984 which I may originate pursuant to or in connection with the Business, and which are not expressly released
by Global Eagle in writing, shall be deemed as a work for hire and shall be the sole and exclusive property of the Company Group. 
  

	 	D.	INVENTIONS 

 With the exception of “EXEMPT” inventions, as defined herein, any
and all inventions, including original works of authorship, concepts, trade secrets, improvements, developments and discoveries, whether or not patentable or registrable under copyright or similar laws, which I may conceive or first reduce to
practice (or cause to be conceived or first reduced to practice), either alone or with others during the period of my employment with the Company Group (hereinafter referred to as “Inventions”) shall be the sole and exclusive
property of the Company Group, its successors, assigns, designees, or other legal representatives (“Company Group Representatives”) and shall be promptly disclosed to Global Eagle in writing, and I hereby assign to the
Company Group all of my right, title and interest in such Inventions. 

  
 Page 2 of 7 

 I agree to keep and maintain adequate and current written records of all Inventions and their
development that I make (solely or jointly with others) during the period of employment. These records will be in the form of notes, sketches, drawings, and any other format that may be specified by the Company Group. The records will be available
to and remain the sole property of the Company Group at all times. 
 I shall, without further compensation or consideration, but at no
expense to me: 
  

	 	(a)	Communicate to Global Eagle any facts known by me respecting the Inventions; 

  

	 	(b)	do all lawful acts, including the execution and delivery of all papers and proper oaths and the giving of testimony deemed necessary or desirable by Global Eagle or the Company Group, with regard to said Inventions, for
protecting, obtaining, securing rights in, maintaining and enforcing any and all copyrights, patents, mask work rights or other intellectual property rights in the United States and throughout the world for said Inventions, and for perfecting,
affirming, recording and maintaining in the Company Group and Company Group Representatives sole and exclusive right, title and interest in and to the Inventions, and any copyrights, Patents, mask work rights or other intellectual property rights
relating thereto; and 

  

	 	(c)	generally cooperate to the fullest extent in all matters pertaining to said Inventions, original works of authorship, concepts, trade secrets, improvements, developments and discoveries, any and all applications,
specifications, oaths, assignments and all other instruments which Global Eagle shall deem necessary in order to apply for and obtain such rights and in order to assign and convey to Global Eagle, its successors, assigns and nominees the sole and
exclusive rights, title and interest in and to such Inventions, and any copyrights, patents, mask work rights or other intellectual property rights relating thereto. 

Compliance with California Labor Code Section 2870 — Inventions Made on Your Own Time — An
“EXEMPT” invention is one which: 
  

	 	(a)	was developed entirely on my own time without using Company Group equipment, supplies, facilities, or trade secret information; 

  

	 	(b)	does not relate at the time of conception or reduction to practice of the invention to the Business, or to its actual or demonstrably anticipated research or development; and 

 

	 	(c)	does not result from any work performed by me for the Company Group. 

 Inventions which I
consider to be “EXEMPT” but made solely or jointly with others during the term of my employment, shall be disclosed in confidence to Global Eagle for the purpose of determining such issues as may arise. 

I acknowledge and agree that my obligations with respect to the foregoing shall continue after the termination of my employment with Global
Eagle. If I am unable because of my mental or physical incapacity or for any other reason to secure my signature to apply for 

  
 Page 3 of 7 

 
or to pursue any application for any United States or foreign patents or copyright registrations covering Inventions or original works of authorship assigned to the Company Group as above, then I
hereby irrevocably designate and appoint Global Eagle and its duly authorized officers and agents as my agent and attorney in fact, to act for and in my behalf and stead to execute and file any such applications and to do all other lawfully
permitted acts to further the prosecution and issuance of letters, patents or copyright registrations thereon with the same legal force and effect as if executed by me. 

Pursuant to the Defend Trade Secrets Act of 2016, I understand that: (i) an individual may not be held criminally or civilly liable under
any U.S. federal or state trade secrets law for the disclosure of a trade secret that: (A) is made (x) in confidence to a federal, state or local government official, either directly or indirectly, or to any attorney and (y) solely
for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding; and (ii) further, an individual who files a lawsuit for
retaliation by an employer for reporting a suspected violation of law may disclose the employer’s trade secrets to the attorney and use the trade secret information in the court proceeding if the individual (A) files any document
containing the trade secret under seal and (B) does not disclose the trade secret except pursuant to court order. 
 Listed on the
attached sheet by descriptive title for purposes of identification only are all of the inventions made by me (conceived and reduced to practice) prior to my employment by Global Eagle that I consider to be my property and excluded from this
Restrictive Covenant Agreement. If I have not attached any such sheet, and it is not countersigned by the Company, then I acknowledge that there are no such inventions. 

2. NON-COMPETITION AND NON-SOLICITATION 

I acknowledge that Global Eagle is making a substantial investment in time, money, effort, goodwill and other resources in the business of the Company Group,
and in my continued employment with Global Eagle. I acknowledge and agree that Global Eagle and the Company Group are entitled to protect their legitimate business interests and investments and prevent me from using my knowledge of its trade secrets
and Proprietary Information to the detriment of the Company Group. I also acknowledge that the nature of the business of the Company Group is such that the on-going relationship among each member of the
Company Group and their respective employees, clients and customers is material and has a significant effect on the ability of the Company Group to obtain business. In view of the foregoing and in consideration of my employment by Global Eagle and
as further condition thereof, I agree as follows: 
  

	 	A.	NON-COMPETITION 

 During the period of my
employment and for twelve (12) months following the termination thereof for any reason (the “Restricted Period”), I, on behalf of myself or any other person or organization, shall not, and shall cause any person or
organization not to, directly or indirectly, in any manner (whether on my or its own account, or as an owner, operator, manager, consultant, officer, director, employee, investor, agent or otherwise), render services for, accept compensation from,
or in any other manner engage in any business (including any new business started by him or her, either alone or with others) that competes with the Company Group in any jurisdiction where the Company Group has operations or customers; provided,
however, that the foregoing restriction shall not apply if I am employed by a company or organization that provides such a competing business so long as I am not directly or indirectly engaged by such company or

  
 Page 4 of 7 

 
organization in the provision thereof. In addition, if I am a resident of California when my employment terminates and have performed a substantial amount of my duties in the State of California,
then, as may be required by law, this Paragraph A shall not apply. 
  

	 	B.	NON-SOLICITATION OF EMPLOYEES 

 During the
Restricted Period, I will not, without Global Eagle’s prior written consent, directly or indirectly, on behalf of myself or any other person or organization, induce, knowingly solicit or encourage to leave the employment of any member of the
Company Group, any employee of any member of the Company Group, or any such person who has been an employee thereof for the six months preceding my termination of employment. 
  

	 	C.	NON-SOLICITATION OF CUSTOMERS OR CLIENTS 

 During
the Restricted Period, I will not solicit, induce or attempt to induce, on my own behalf or on behalf of any other person or organization, any of the Company Group’s customers or clients, who I solicited or with whom I dealt or became
acquainted while I was employed with Global Eagle for the purpose of either (i) inducing said client to terminate, diminish, or materially alter in a manner harmful to the Company Group its relationship with the Company Group or
(ii) providing, or offering to provide, services related to the business of the Company Group to said client. If I am a resident of California when my employment terminates, then this Paragraph C shall not apply. 

I acknowledge that the limits set forth herein are reasonable and properly required to adequately protect the Company Group’s legitimate business
interests and to prevent unfair competition. However, if in any proceeding, a court or arbitrator shall refuse to enforce this Restrictive Covenant Agreement, whether because the time limit is too long or because the restrictions contained herein
are more extensive (whether as to geographic area, scope of business or otherwise) than is necessary to protect the business of Global Eagle, it is expressly understood and agreed between the parties hereto that this Restrictive Covenant Agreement
is deemed modified to the extent necessary to permit this Restrictive Covenant Agreement to be enforced in any such proceedings. I further agree that if there is a breach or threatened breach of the provisions of this Section 2, the Company
Group shall be entitled to an injunction restraining me from such breach or threatened breach, in addition to any other relief permitted under applicable law or pursuant to my Offer of Employment. Global Eagle will not be required to post a bond or
other security in connection with, or as a condition to, obtaining such relief before a court of competent jurisdiction. Nothing herein shall be construed as prohibiting Global Eagle from pursuing any other remedies, at law or in equity, for such
breach or threatened breach. 
 3. ARBITRATION 
 Any and
all claims or controversies arising out of or relating to my employment, the termination thereof, or this Restrictive Covenant Agreement hereto shall, in lieu of a jury or other civil trial, be settled by final and binding arbitration before a
single arbitrator in Los Angeles, California, in accordance with then-current rules of the American Arbitration Association applicable to employment and related disputes. This agreement to arbitrate includes all claims whether arising in tort or
contract and whether arising under statute or common law including, but not limited to, any claim of breach of contract, discrimination or harassment of any kind. The obligation to arbitrate such claims shall continue forever, and the arbitrator
shall have jurisdiction to determine the arbitrability of any claim. The arbitrator shall have the authority to award any and all damages otherwise recoverable in a court of law. The arbitrator shall not have the authority to add to, subtract from
or modify any of the terms of this Agreement. 

  
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Judgment on any award rendered by the arbitrator may be entered and enforced by any court having jurisdiction thereof. Global Eagle shall be solely responsible for all costs of the arbitration,
provided that each party shall be responsible for paying its own costs for the arbitration process, including attorneys’ fees, witness fees, transcript costs, lodging and travel expenses, expert witness fees, and online research charges,
subject to the last sentence of this provision. I shall not be required to pay any type or amount of expense if such requirement would invalidate this agreement or would otherwise be contrary to the law as it exists at the time of the arbitration.
Notwithstanding and in addition to the foregoing, Global Eagle may seek injunctive or equitable relief to enforce the terms of this Restrictive Covenant Agreement in any court of competent jurisdiction. 

4. GENERAL PROVISIONS 
  

	 	A.	This Restrictive Covenant Agreement will be governed by the laws of the State of Delaware. 

  

	 	B.	Nothing contained herein shall be construed to require the commission of any act contrary to law. Should there be any conflict between any provisions hereof and any present or future statute, law, ordinance,
regulation, or other pronouncement having the force of law, the latter shall prevail, but the provision of this Restrictive Covenant Agreement affected thereby shall be curtailed and limited only to the extent necessary to bring it within the
requirement of the law, and the remaining provisions of this Restrictive Covenant Agreement shall remain in full force and effect. This Restrictive Covenant Agreement may not be assigned by me without the prior written consent of
Global Eagle. Subject to the foregoing sentence, this Restrictive Covenant Agreement will be binding upon my heirs, executors, administrators and other legal representatives and will be for the benefit of Global Eagle, its successors, and its
assigns, and may be assigned by Global Eagle and shall be binding and inure to the benefit of Global Eagle, its successors and assigns. 

  

	 	C.	The provisions of this Restrictive Covenant Agreement are severable, and if any one or more provisions may be determined to be illegal or otherwise unenforceable, in whole or in part, the remaining provisions or
parts thereof shall nevertheless be binding and enforceable. In the event that any provision of this Restrictive Covenant Agreement is deemed unenforceable, Global Eagle and I agree that a court or an arbitrator chosen pursuant to the terms hereof
shall reform such provision to the extent necessary to cause it to be enforceable to the maximum extent permitted by law. Global Eagle and I agree that each desires the court or arbitrator to reform such provision, and therefore agree that the court
or arbitrator will have jurisdiction to do so and that each will abide by the determination of the court or arbitrator. 

  
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	 	D.	I have had the opportunity to review this Restrictive Covenant Agreement and have had the opportunity to ask questions regarding the nature of my employment with Global Eagle I have also been advised that I have
been given the opportunity to allow legal counsel to assist me in the review of this Restrictive Covenant Agreement prior to my execution of this Restrictive Covenant Agreement. I represent that my performance of all the terms of this Agreement will
not breach any agreement to keep in confidence proprietary information acquired by me in confidence or in trust prior to my employment with Global Eagle. I have not entered into, and I agree I will not enter into any oral or written agreements in
conflict herewith. 

 *** 

  
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 I have read, and I understand and agree to comply with all terms and conditions above without any reservation
whatsoever. 
 Jeffrey A. Leddy 
  

					
	Signature:	 	/s/ Jeffrey A. Leddy                    	  	Date: February 21, 2017

  

			
	Global Eagle Entertainment Inc.
		
	By:	 	 /s/ Stephen Ballas

	Name:	 	Stephen Ballas
	Title:	 	Executive Vice President & General Counsel

 Signature Page to Restrictive Covenant Agreement

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