Document:

Exhibit 10.1

 

PROTECTIVE LIFE CORPORATION

LONG-TERM INCENTIVE PLAN

(Originally effective January 1, 2018)

(Amended and Restated as of January 1,
2020)

 

1.       Purpose.
The purpose of the Protective Life Corporation Long-Term Incentive Plan is to further the long-term growth in profitability of
Protective Life Corporation by offering long-term incentives to those key executives, officers and employees who will be largely
responsible for such growth.

 

2.       Definitions.

 

“Award”
shall mean any grant or award made under the Plan.

 

“Award
Agreement” shall mean any agreement, letter and/or other provisions document that evidences and/or governs an Award.

 

“Award
Period” shall mean the period of calendar years fixed by the Committee with respect to all Performance Unit Awards
with the same Date of Grant (but no more than five years) commencing with each Date of Grant, except that the Award Period for
a recently hired employee or an employee with a new position or title may be for such lesser period as determined by the Committee.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Cause”
shall mean (i) a conviction or plea of nolo contendere to a felony; (ii) an act or acts of extreme dishonesty or gross misconduct;
or (iii) a violation of the Company’s Code of Business Conduct.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended, and the regulations thereunder.

 

“Code Section
409A” shall mean Section 409A of the Code and any regulations, authorities, rulings, or guidance issued thereunder.

 

“Committee”
shall mean the Compensation and Management Succession Committee of the Board (or such other committee of the Board as the Board
shall designate from time to time) or any subcommittee thereof.

 

“Company”
shall mean Protective Life Corporation, a Delaware corporation.

 

“Company
Change in Control” shall mean, subject to Code Section 409A, as applicable, the occurrence of one or more of the
following: (i) any one person or more than one person acting as a group (as provided in Code Section 409A) other than Parent or
any of its affiliates (such person or group, an “Acquiring Person”) acquires beneficial ownership of the Company's
stock (within the meaning of Section 13(d) of the Securities Exchange Act of 1934, as amended) that, together with stock previously
held by the Acquiring Person, constitutes more than 50% of the total fair market value or more than 50% of the total voting power
of the Company, or (ii) an Acquiring Person acquires (or has acquired during the 12-month period ending on the date of the most
recent acquisition by such Acquiring Person) assets from the Company that have a total gross fair market value equal to or more
than 80% of the total gross fair market value of the Company's assets immediately before such acquisition or acquisitions.

 

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“Company
Change in Control Book Value Per Unit” shall mean (i) the PL Tangible Book Value, determined as of the date on which
the Company Change in Control occurs, divided by (ii) the Total PL Units as of the date on which the Company Change in Control
occurs.

 

“Date of
Grant” shall mean (i) with respect to a Performance Unit Award, as of January 1 of the year in which such Award is
made and (ii) with respect to a Restricted Unit Award or Parent-Based Award, the date of grant set forth in the Award Agreement
associated with such Award.

 

“Disability”
shall mean that the Participant (i) is unable to engage in any substantial gainful activity by reason of any medically determinable
physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of at
least 12 months, (ii) is, by reason of any medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of at least 12 months, receiving income replacement benefits for a
period of not less than 3 months under an accident and health plan covering employees of the Company, or (iii) has been determined
to be totally disabled by the Social Security Administration.

 

“Early
Retirement” shall mean retirement at or after the time at which the Participant obtains eligibility for early retirement,
but before Normal Retirement age, under the terms of the Pension Plan.

 

“Early
Vesting” shall mean “Early Vesting” as defined in the respective Award Agreement, as applicable.

 

“Eligible
Employee” shall mean any person (including any officer) employed by the Company or any Subsidiary.

 

“Employment”
shall mean continuous and regular salaried employment with the Company or a Subsidiary, which shall include (unless the Committee
shall otherwise determine) any period of vacation, any approved leave of absence and any salary continuation or severance pay period
and, at the discretion of the Committee, may include service with any former Subsidiary of the Company.

 

“Final
Parent Stock Value” shall mean the average of the closing prices of a share of common stock of the Parent as reported
on the Tokyo Stock Exchange for each trading day in the December immediately preceding the payment of a Parent-Based Award (or,
if applicable, as specified under Section 8(c), as of the date of a Company Change in Control or a Parent Change in Control), unless
the Committee otherwise determines in any Award Agreement.

 

“Initial
Parent Stock Value” shall mean the average of the closing prices of a share of common stock of the Parent as reported
on the Tokyo Stock Exchange for each trading day in the month immediately preceding the month containing the Date of Grant of any
Parent-Based Award, unless the Committee otherwise determines in any Award Agreement.

 

“Initial
Value” shall mean the initial dollar value assigned to a Participant’s Parent-Based Awards, as specified in
such Participant’s Award Agreement.

 

“Interim
Period” shall mean a period of calendar years chosen by the Committee commencing with any Date of Grant, which period
is less than the Award Period commencing on the Date of Grant.

 

“Merger”
means the merger of another subsidiary of the Parent with and into the Company as of February 1, 2015.

 

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“Normal
Retirement” shall mean retirement at or after the earliest age at which the Participant may retire and receive a
retirement benefit without an actuarial reduction for early commencement of benefits under the terms of the Pension Plan.

 

“Parent”
shall mean Dai-ichi Life Holdings, Inc., or any successor thereto.

 

“Parent-Based
Award” shall mean a cash-denominated Award granted under Section 7 based on the value of the common stock of the
Parent over the life of the Award.

 

“Parent
Change in Control” shall mean the occurrence of any one person or more than one person acting as a group acquiring
beneficial ownership of Parent's common stock that, together with stock previously held by such person or group, constitutes more
than 50% of the total fair market value or more than 50% of the total voting power of Parent.

 

“Parent
Stock Percentage” shall mean the percentage derived from dividing the Final Parent Stock Value by the Initial Parent
Stock Value.

 

“Participant”
shall mean an Eligible Employee who is selected by the Committee to receive an Award under the Plan.

 

“Pension
Plan” shall mean the qualified Protective Life Corporation Pension Plan.

 

“Performance
Unit” shall mean any Award granted under Section 5 which becomes vested and nonforfeitable upon the attainment, in
whole or in part, of performance objectives determined by the Committee.

 

“PL Tangible
Book Value” as of any date shall mean the Company’s consolidated GAAP book value of equity less accumulated
other comprehensive income, less goodwill created by the Merger (net of impairments), less other intangible assets created by the
Merger (net of deferred taxes, accumulated amortization, and impairment), less any cumulative effect adjustments from new accounting
pronouncements, plus all dividends paid during the performance period, plus any management fee paid to the Parent.

 

“PL Tangible
Book Value Per Unit” as of any date shall mean the quotient of (i) PL Tangible Book Value as of the date of the most
recently reported quarterly balance sheet last preceding the date of determination, as specified below in various circumstances,
divided by (ii) the Total PL Units as of the date of determination.

 

“Plan”
shall mean this Protective Life Corporation Long-Term Incentive Plan as set forth herein and as may be amended from time to time.

 

“Regular
Vesting Schedule” shall mean “Regular Vesting Schedule” as defined in the respective Award Agreement,
as applicable.

 

“Restricted
Unit” shall mean any Award granted under Section 6 which becomes vested and nonforfeitable, in whole or in part,
upon the satisfaction of such conditions as shall be determined by the Committee.

 

“Specified
Employee” shall mean, subject to any Specified Employee Policy of the Company, with respect to April 1 of each calendar
year (beginning April 1, 2005) and for the 12-month period thereafter, any person who met the definition of a “key employee”
of the Company under Code Section 416(i) (without regard to Code Section 416(i)(5)) at any time during the preceding calendar year,
all as provided in Code Section 409A.

 

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“Subsidiary”
shall mean any corporation of which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined
voting power of all classes of stock of such corporation and any other business organization, regardless of form, in which the
Company possesses directly or indirectly fifty percent (50%) or more of the total combined equity interests in such organization.

 

“Termination
of Employment” shall mean a Participant’s “separation from service” with the Company and the Subsidiaries
and affiliates by which the Participant is employed, as defined in Code Section 409A (which definition does not include a termination
of employment due to death).

 

“Total
PL Units” shall be the number of units equal to (i) the number of units determined by dividing (x) PL Tangible Book
Value as of the most recently reported quarterly balance sheet preceding the Date of Grant by (y) $100; plus (ii) the number of
units determined by dividing (A) the dollar amount or value of any capital contribution made to the Company directly or indirectly
by the Parent during the Award period by (B) the PL Tangible Book Value Per Unit determined as of the date of the most recently
reported quarterly balance sheet preceding the date the capital contribution is made.

 

3.       Administration
of the Plan.

 

The Plan shall be administered
by the Committee which, subject to the provisions of the Plan, shall have the authority to select the Eligible Employees who are
to participate in the Plan, to determine the Awards to be made to each Participant, and to determine the conditions subject to
which Awards will become payable under the Plan. Notwithstanding anything else contained herein to the contrary, the Committee
may delegate any and all of its duties and responsibilities (including the selection of Eligible Employees to be Participants under
Section 4 hereof) in respect of all Participants other than the President and Chief Executive Officer and all members of the Company's
Performance and Accountability Committee to a committee of officers comprised of the President and Chief Executive Officer, and
any two or more of his or her direct reports, as determined from time to time in his or her sole discretion.

 

The Committee shall
have full power to administer and interpret the Plan and to adopt such rules and regulations consistent with the terms of the Plan
as the Committee deems necessary or advisable in order to carry out the provisions of the Plan. Except as otherwise provided in
the Plan, the Committee’s interpretation and construction of the Plan and the Award Agreements and its determination of any
conditions applicable to Awards or the granting of Awards to specific Participants shall be conclusive and binding on all Participants.

 

In connection with
its determination as to the extent to which any Performance Unit Award has been earned or the payment of any such Award, the Committee
has full discretion to adjust the calculation of any performance objective or criteria applicable to such Award, including, without
limitation, PL Tangible Book Value, in order to recognize special or nonrecurring situations or circumstances for the Company or
any other Subsidiary, corporation or entity (including, without limitation, changes in accounting principles) for the applicable
Award Period or any portion thereof. Additionally, in connection with its grant of any Award of Restricted Units, or its determination
as to the extent to which any such Award has been earned or the payment of any such Award, the Committee has full discretion to
adjust the definition and calculation of PL Tangible Book Value in order to recognize special or nonrecurring situations or circumstances
for the Company.

 

The Committee may employ
such legal counsel, consultants and agents (including counsel or agents who are employees of the Company or a Subsidiary) as it
may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel, consultant
or agent and any computation received from any such consultant or agent. All expenses incurred in the administration of the Plan,
including, without limitation, for the engagement of any counsel, consultant or agent, shall be paid by the Company. No member
or former member of the Board or the Committee shall be liable for any act, omission, interpretation, construction or determination
made in connection with the Plan other than as a result of such individual’s willful misconduct.

 

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The Plan shall be unfunded.
Benefits under the Plan shall be paid from the general assets of the Company.

 

4.             Participation.
Participants in the Plan shall be selected by the Committee from those Eligible Employees who, in the judgment of the Committee,
have a substantial opportunity to influence the long-term profitability of the Company.

 

5.             Performance
Units.

 

		(a)	Grant of Performance Units.

 

(i)        After
appropriate approval of the Plan, and thereafter from time to time, the Committee shall select Eligible Employees to receive Performance
Unit Awards in any year as of the Date of Grant. Any Eligible Employee may be granted more than one Performance Unit Award under
the Plan. An Award of Performance Units hereunder shall not be made unless such Award is in compliance with all applicable law.

 

(ii)        Payment
of a Performance Unit Award to any Participant shall be made in accordance with this Section 5 and shall be subject to such conditions
for payment as the Committee may prescribe in an Award Agreement or otherwise. The Committee may prescribe different conditions
for different Participants. The performance objectives with respect to such Award shall be related to at least one of the following
criteria, which may be determined solely by reference to the performance of the Company or a division or Subsidiary or based on
comparative performance relative to other companies: (i) pre-tax and/or after-tax adjusted operating income, operating earnings,
net income, operating income, book value, embedded value or economic value added of the Company or a Subsidiary, division
or business unit (including measures on a per share basis) or the accumulated earnings of any of the foregoing, (ii) return on
equity, assets or invested capital, (iii) assets, sales or revenues, or growth in assets, sales or revenues, of the Company or
a Subsidiary, division or business unit, (iv) efficiency or expense management (such as unit cost), (v) risk management or third-party
ratings, (vi) capital adequacy (including risk-based capital), (vii) investment returns or asset quality, (viii) premium income
or earned premium, (ix) value of new business or sales, (x) negotiation or completion of acquisitions, financings or similar transactions,
(xi) customer service metrics, and (xii) such other reasonable criteria as the Committee may determine. Except to the extent otherwise
expressly provided herein, the Committee may, at any time and from time to time, change the performance objectives applicable with
respect to any Performance Units to reflect such factors, including, without limitation, changes in a Participant’s duties
or responsibilities or changes in business objectives (e.g., from corporate to Subsidiary or division performance or vice versa),
as the Committee shall deem necessary or appropriate. In making any such adjustment, the Committee shall adjust the number of Performance
Units or take other appropriate actions to prevent any enlargement or diminution of the Participant’s rights related to service
rendered and performance attained prior to the effective date of such adjustment.

 

(iii)        Each
Performance Unit Award shall be made in writing and shall set forth the terms and conditions set by the Committee for payment of
such Award including, without limitation, the length of the Award Period and whether there will be an Interim Period with respect
to the Award and, if so, the length of the Interim Period. Except as provided in the immediately following sentence, no Performance
Unit Award may become payable based on a performance period of less than 12 months. The limitations in the immediately preceding
sentence shall not apply (1) in the event of a Participant’s (x) death, (y) Disability, or (z) Early Retirement or Normal
Retirement, or (2) in the event of a Company Change in Control.

 

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(b)          Payment
of Performance Unit Awards. Each Participant who is granted a Performance Unit Award shall be entitled to payment of the Award
as of the close of the Award Period applicable to such Award, but only if and after the Committee has determined that the conditions
for payment of the Award set by the Committee have been satisfied. At the time of grant of each Performance Unit Award, the Committee
shall decide whether there will be an Interim Period. If the Committee determines that there shall be an Interim Period for the
Award to any Participant, each such Participant granted a Performance Unit Award with an Interim Period shall be entitled to partial
payment on account thereof as of the close of the Interim Period, but only if and after the Committee has determined that the conditions
for partial payment of the Award set by the Committee have been satisfied. Performance Units paid to a Participant for an Interim
Period may be retained by the Participant and shall not be repaid to the Company, notwithstanding that based on the conditions
set for payment at the end of the Award Period such Participant would not have been entitled to payment of some or any of the Award.
Any Performance Units paid to a Participant for the Interim Period during an Award Period shall be deducted from the Performance
Units to which such Participant is entitled at the end of the Award Period.

 

As soon as practicable,
but not later than 60 days, after the end of the Award Period, the Committee will determine the extent to which any Performance
Unit Award has been earned. Unless otherwise directed by the Committee, the Company shall make payment of Performance Unit Awards
as soon as reasonably practicable after the Committee determines that payment has been earned, but not later than the March 15
following the end of the Award Period. Unless otherwise directed by the Committee, all payments of Performance Unit Awards to Participants
shall be made in cash. There shall be deducted from all Performance Unit Award payments all taxes to be withheld with respect to
such Awards.

 

Unless otherwise set
forth in an Award Agreement, for payment of each Performance Unit Award, the value of each earned Performance Unit shall equal
the PL Tangible Book Value Per Unit determined as of the date of the most recently reported quarterly balance sheet preceding the
date payment is made.

 

(c)          Termination.

 

(i)                
Termination Due to Death, Disability or Retirement. Unless the Committee determines to provide for treatment that
is more favorable to a Participant on such terms and conditions as the Committee may determine, if a Participant experiences a
Termination of Employment by reason of Disability, Early Retirement or Normal Retirement, or upon a Participant’s death,
such Participant (or, as applicable, such Participant’s legal representative or beneficiary) will receive a payment with
respect to a pro-rata portion of such Participant’s Performance Units, determined based on a fraction, the numerator of which
is such Participant’s period of employment during the Award Period and the denominator of which is the total number of days
in the Award Period. The amount in respect of such Participant’s pro-rated Performance Units will be determined by applying
the performance achieved through the end of the Award Period against the performance schedules set forth in the Award Agreement.
The remaining portion of such Participant’s Performance Units (i.e., the excess over the pro-rated portion) shall be forfeited
as of the date of such Participant’s Termination of Employment by reason of Disability, Early Retirement or Normal Retirement
or the date of such Participant’s death, as applicable.

 

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(ii)              
Special Termination. If a Participant experiences a Termination of Employment by reason of (1) the divestiture of
a business segment or a significant portion of the assets of the Company, or (2) a significant reduction by the Company in its
salaried work force, the determination of whether, to what extent, and on what conditions any payment shall be made with respect
to any unvested portion of such Participant’s Performance Unit Award shall be at the discretion of the Committee. Any portion
of such Participant’s Performance Units which the Committee determines is not eligible for payment under this Section 5(c)(ii)
shall be forfeited as of the date of such Participant’s Termination of Employment.

 

(iii)            
Other Termination. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment for any reason
not set forth in Sections 5(c)(i) or (ii), any unvested portion of such Participant’s Performance Unit Award shall be forfeited
as of the date of such Participant’s Termination of Employment.

 

(iv)             
Termination for Cause. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment for Cause
prior to the date such Participant’s Performance Units are paid pursuant to Section 5(b), all of such Participant’s
vested and unvested Performance Units will be forfeited.

 

6.            Restricted
Units.

 

(a)           Grant
of Restricted Units. The Committee may grant Awards of Restricted Units to Participants at such times and in such amounts,
and subject to such other terms and conditions not inconsistent with the Plan, as it shall determine. Except as provided in the
immediately following sentence, no Award of Restricted Units may become vested more rapidly than (i) ratably over a period of 36
months of service, if such Award would vest upon the passage of time and the continued performance of services or (ii) based on
a performance period of 12 months, if such Award would vest upon the achievement of specified performance conditions. The limitations
in the immediately preceding sentence shall not apply (i) in the event of a Participant’s (1) death, (2) Disability, or (3)
Early Retirement or Normal Retirement, or (ii) in the event of a Company Change in Control. Each grant of Restricted Units shall
be evidenced by an Award Agreement.

 

(b)          
Payment of Restricted Units.

 

(i)                
Restricted Units that become vested in accordance with the Regular Vesting Schedule shall be settled in cash following (but
not later than the March 15 immediately following) the date as of which such Restricted Units become vested based on PL Tangible
Book Value Per Unit determined as of the date of the most recently reported quarterly balance sheet preceding the date payment
is made.

 

(ii)              
Any Restricted Units that become vested by reason of Early Vesting shall nonetheless be settled in cash following (but not
later than the March 15 immediately following) the date as of which such Restricted Units would have become vested (but for such
Early Vesting) if you had remained in the Company's employment through each of the applicable dates in the Regular Vesting Schedule,
based on PL Tangible Book Value Per Unit determined as of the date of the most recently reported quarterly balance sheet preceding
the date payment is made.

 

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(c)           Termination.

 

(i)                
Termination Due to Death, Disability or Normal Retirement. If a Participant experiences a Termination of Employment
due to Disability or Normal Retirement or upon a Participant’s death, such Participant’s Restricted Units will immediately
vest in full.

 

(ii)              
Early Retirement. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment due to Early
Retirement, a pro-rated portion of such Participant’s Restricted Units, as more particularly set forth in the Participant’s
Award Agreement, will immediately vest. Any Restricted Units that do not vest upon Early Retirement pursuant to the preceding sentence
will be forfeited.

 

(iii)            
Special Termination. If a Participant experiences a Termination of Employment by reason of (1) the divestiture of
a business segment or a significant portion of the assets of the Company, or (2) a significant reduction by the Company in its
salaried work force, the determination of whether, to what extent, and on what conditions any payment shall be made with respect
to any unvested portion of such Participant’s Restricted Unit Award shall be at the discretion of the Committee. Any portion
of such Participant’s Restricted Units which the Committee determines is not eligible for payment under this Section 6(c)(iii)
shall be forfeited as of the date of such Participant’s Termination of Employment.

 

(iv)             
Other Termination. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment for any reason
not set forth in Sections 6(c)(i), (ii) or (iii), any unvested portion of such Participant’s Restricted Unit Award shall
be forfeited as of the date of such Participant’s Termination of Employment.

 

(v)               
Termination for Cause. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment for Cause
prior to the date such Participant’s Restricted Units are paid pursuant to Section 6(b), all of such Participant’s
vested and unvested Restricted Units will be forfeited.

 

7.            Parent-Based
Awards.

 

(a)           Grant
of Parent-Based Awards. The Committee may grant Parent-Based Awards to Participants at such times and in such amounts, and
subject to such other terms and conditions not inconsistent with the Plan, as it shall determine. Except as provided in the immediately
following sentence, no Parent-Based Award may become vested more rapidly than 36 months from the Date of Grant, if such Award would
vest upon the passage of time and the continued performance of services. The limitations in the immediately preceding sentence
shall not apply (i) in the event of a Participant’s (1) death, (2) Disability, or (3) Early Retirement or Normal Retirement,
or (ii) in the event of a Company Change in Control. Each grant of a Parent-Based Award shall be evidenced by an Award Agreement.

 

(b)           Payment
of Parent-Based Award.

 

(i)                
Any Parent-Based Award that becomes vested in accordance with the Regular Vesting Schedule shall be settled in cash following
(but not later than the March 15 immediately following) the date as of which such Parent-Based Award becomes vested. Such amount
payable shall be calculated in accordance with Section 7(b)(iii) below.

 

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(ii)              
Any Parent-Based Award that becomes vested by reason of Early Vesting shall nonetheless settled in cash following (but not
later than the March 15 immediately following) the date as of which such Parent-Based Award would have become vested (but for such
Early Vesting) if the Participant had remained in the Company's Employment through the applicable date specified in the Regular
Vesting Schedule. Such amount payable shall be calculated in accordance with Section 7(b)(iii) below.

 

(iii)            
The aggregate amount payable in respect of any vested Parent-Based Award under Section 7(b)(i) or (ii) shall be equal to
the percentage of such Parent-Based Award that has become vested multiplied by the product of the Initial Value and Parent Stock
Percentage.

 

(c)           Termination.

 

(i)                
Termination Due to Death, Disability or Normal Retirement. If a Participant experiences a Termination of Employment
due to Disability or Normal Retirement or upon a Participant’s death, such Participant’s Parent-Based Award will immediately
vest in full.

 

(ii)              
Early Retirement. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment due to Early
Retirement, a pro-rated portion of such Participant’s Parent-Based Award, as more particularly set forth in the Participant’s
Award Agreement, will immediately vest. Any portion of a Participant’s Parent-Based Award that does not vest upon Early Retirement
pursuant to the preceding sentence will be forfeited.

 

(iii)            
Special Termination. If a Participant experiences a Termination of Employment by reason of (1) the divestiture of
a business segment or a significant portion of the assets of the Company, or (2) a significant reduction by the Company in its
salaried work force, the determination of whether, to what extent, and on what conditions any payment shall be made with respect
to any unvested portion of such Participant’s Parent-Based Award shall be at the discretion of the Committee. Any portion
of such Participant’s Parent-Based Award which the Committee determines is not eligible for payment under this Section 7(c)(iii)
shall be forfeited as of the date of such Participant’s Termination of Employment.

 

(iv)             
Other Termination. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment for any reason
not set forth in Sections 7(c)(i), (ii) or (iii), any unvested portion of such Participant’s Parent-Based Award shall be
forfeited as of the date of such Participant’s Termination of Employment.

 

(v)               
Termination for Cause. Unless the Committee determines to provide for treatment that is more favorable to a Participant
on such terms and conditions as the Committee may determine, if a Participant experiences a Termination of Employment for Cause
prior to the date such Participant’s Parent-Based Award is paid pursuant to Section 7(b), all vested and unvested portions
of such Participant’s Parent-Based Award will be forfeited.

 

(d)           Adjustments
in Respect of Parent Common Stock. If prior to the last vesting date of a Participant’s Regular Vesting Schedule, there
shall occur a change in the Parent's common stock as a result of a stock dividend, extraordinary cash dividend, recapitalization,
reorganization, merger, consolidation, split-up, spin-off, combination, exchange of shares, warrants or rights offering to purchase
such common stock at a price substantially below fair market value, or other similar event such that an adjustment is required
to preserve, or to prevent enlargement of, the benefits or potential benefits made available under this Plan, then the Committee
or the Board shall adjust the Final Parent Stock Value so that it is equal to the value of such number of whole or fractional shares
of Parent common stock or other property (including other securities or cash) as a Parent shareholder immediately prior to such
event held or was entitled to receive in respect of one share of Parent common stock immediately after such an event. Any determination
by the Committee or the Board as to the value of any property other than Parent common stock shall be final, binding and conclusive
on all parties.

 

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8.            Change
in Control.

 

(a)          Performance
Units. In the event of a Company Change in Control, the Award Period shall be deemed to have ended on the date of the Company
Change in Control and the Participant shall be deemed to have earned the greater of (i) 100% of the Performance Units, or (ii)
the percentage of Performance Units with respect to such Participant’s Award based upon performance through the date of the
Company Change in Control (instead of over the duration of the Award Period). Each Performance Unit so earned shall be paid within
45 days following the date on which the Company Change in Control occurs, based on the Company Change in Control Book Value Per
Unit, if available within 10 days before such payment date; or, if the Company Change in Control Book Value Per Unit is not then
available, then 90% of the value of each Performance Unit, based on the PL Tangible Book Value Per Unit determined as of the most
recently reported quarterly balance sheet preceding such Company Change in Control, shall be paid within 45 days of the Company
Change in Control, followed by an additional payment in respect of each such Performance Unit within 75 days of such Company Change
in Control equal to the excess, if any, of (i) the Change in Control Book Value Per Unit over (ii) 90% of the PL Tangible Book
Value Per Unit determined as of the most recently reported quarterly balance sheet preceding such Company Change in Control.

 

(b)           Restricted
Units. In the event of a Company Change in Control, all Restricted Units will immediately vest and shall be settled in cash
within 45 days following the date on which the Company Change in Control occurs, based on the Company Change in Control Book Value
Per Unit, if available within 10 days before such payment date; or, if the Company Change in Control Book Value Per Unit is not
then available, then 90% of the value of each Restricted Unit based on the PL Tangible Book Value Per Unit determined as of the
most recently reported quarterly balance sheet preceding such Company Change in Control, shall be paid within 45 days of the Company
Change in Control, followed by an additional payment within 75 days of such Company Change in Control equal to the excess, if any,
of (i) the Change in Control Book Value Per Unit over (ii) 90% of the PL Tangible Book Value Per Unit determined as of the most
recently reported quarterly balance sheet preceding such Company Change in Control.

 

(c)           Parent-Based
Awards.

 

(i)                
In the event of a Company Change in Control, all Parent-Based Awards will immediately vest and shall be settled in cash,
based on the Parent Stock Percentage, but the Final Parent Stock Value shall be determined based on the average of the closing
prices of the Parent common stock on all trading days during the 30-calendar day period ended on the date on which the Company
Change in Control occurs. Payment of the amount so determined will be paid within 60 days following the date on which the Company
Change in Control occurs.

 

(ii)              
In the event of a Parent Change in Control that results in the common stock of Parent no longer being actively traded on
a public securities exchange, all Parent-Based Awards shall be converted to Restricted Units as of the date of the Parent Change
in Control. Such conversion to Restricted Units shall be effected in the manner described below. First, the dollar value of the
Parent-Based Awards shall be determined as of the Parent Change in Control, with the Final Parent Stock Value used to determine
the Parent Stock Percentage determined using the average of the closing prices of the Parent common stock on all trading days during
the 30-calendar day period ended on the date on which the Parent Change in Control occurs. The resulting dollar value of the Parent-Based
Awards shall then be converted into Restricted Units by dividing such dollar value by the PL Tangible Book Value Per Unit determined
as of the most recently reported quarterly balance sheet preceding the Parent Change in Control. Notwithstanding the foregoing,
all terms and provisions of the Parent-Based Award Agreement shall otherwise be maintained, including, but not limited to, the
vesting schedule and payment timing provisions of such agreement.

 

    	 	Page 10 of 12	 

     

    

 

9.            General
Provisions.

 

(a)           Withholding.
The Company will withhold an amount in cash (whether under the Plan or otherwise) sufficient to satisfy any applicable federal,
state, and/or local tax withholding obligations in respect of Awards under the Plan.

 

(b)           Section
409A Compliance. To the extent that any Award constitutes “deferred compensation” under Section 409A of the Code,
such Award is intended in good faith to comply with Code Section 409A. The payment of any Award made hereunder that is subject
to Code Section 409A may not be accelerated or delayed, except as specifically allowed under Code Section 409A. Any Plan provision
to the contrary notwithstanding (and subject to any Company Specified Employee Policy), to the extent required by Code Section
409A, payments to be made to a Specified Employee upon a Termination of Employment may not be made before the date that is 6 months
after the date of the Termination of Employment (or, if earlier, the date of death of the Specified Employee). To the extent an
Award under this Plan is subject to Code Section 409A, the “specified time or fixed schedule” under Treasury Regulation
Sections 1.409A-3(a)(4) and 1.409A-3(i)(1) shall be the date on which payment is triggered to be settled in cash (but not later
than the March 15 immediately following).

 

(c)           Awards.
Each Award hereunder shall be evidenced in writing. The written agreement shall be delivered to the Participant and shall incorporate
the terms of the Plan by reference and specify the terms and conditions thereof and any rules applicable thereto.

 

(d)          Cancellation
of Performance Units. The Committee may cancel Performance Units granted to a Participant, provided the Participant has consented
thereto in writing. In the event of any such cancellation, all rights of the former holder of such cancelled Performance Units
in respect to such cancelled Performance Units shall immediately terminate.

 

(e)           No
Assignment of Interest. Unless the Committee shall permit (on such terms and conditions as it shall establish) an Award to
be transferred to a member of the Participant’s immediate family or to a trust or similar arrangement for the benefit of
such immediate family members (collectively, the “Permitted Transferees”), an Award or interest of any Participant
in the Plan shall not be assignable, either by voluntary assignment or by operation of law, and any assignment of such interest,
whether voluntary or by operation of law, shall render the Award void, except that cash payable under the Plan shall be transferable
by testamentary will or by the laws of descent and distribution. All rights with respect to Awards granted to a Participant under
the Plan shall be exercisable during the Participant’s lifetime only by such Participant, or, if applicable, the Permitted
Transferees.

 

(f)           Designation
of Beneficiary. Each Participant may designate a beneficiary or beneficiaries (which beneficiary may be an entity other than
a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed
or canceled at any time without the consent of any such beneficiary. Any such designation, change or cancellation must be made
in a form or manner approved by the Committee and shall not be effective until received by the Committee. If no beneficiary has
been named, or the designated beneficiary or beneficiaries shall have predeceased the Participant, the beneficiary shall be the
Participant’s spouse or, if no spouse survives the Participant, the Participant’s estate. If a Participant designates
more than one beneficiary, the rights of such beneficiaries shall be payable in equal shares, unless the Participant has designated
otherwise.

 

    	 	Page 11 of 12	 

     

    

 

(g)         
Employment Rights. An Award made under the Plan shall not confer any right on the Participant to continue in the employ
of the Company or any Subsidiary or limit in any way the right of the Participant’s employer to terminate his or her Employment
at any time.

 

(h)          Expenses.
The expenses of administering the Plan shall be borne by the Company.

 

(i)           No
Rights to Awards. No Participant or Eligible Employee shall have any claim to be granted any Award under the Plan, and there
is no obligation of uniformity of treatment of Participants and Eligible Employees.

 

(j)          
Construction of the Plan. The validity, construction, interpretation, administration and effect of the Plan and of its rules
and regulations, and rights relating to the Plan, shall be determined solely in accordance with the laws of the State of Delaware.

 

(k)          Effective
Date. The Plan was originally effective as of January 1, 2018.

 

(l)           Amendment
of Plan. The Board may amend, suspend or terminate the Plan or any portion thereof at any time, provided that no amendment
shall be made without shareholder approval if such amendment would (i) change the definition of Performance Unit; or (ii) remove
the administration of the Plan from the Committee. Without the written consent of an affected Participant, no termination, suspension
or modification of the Plan shall adversely affect any right of such Participant under the terms of an Award granted before the
date of such termination, suspension or modification.

 

(m)         Amendment
of Awards. The Committee shall have the authority to amend any Award to include any provision which, at the time of such amendment,
is authorized under the terms of the Plan; provided, however, that no outstanding Award may be revoked or altered in a manner
unfavorable to the Participant without the written consent of the Participant; provided, further, that the exercise by the
Committee of its authority under the third paragraph of Section 3 shall not constitute an amendment of an Award.

 

(n)          Compliance
with Legal Requirements. The Plan, the grant and exercise of Awards hereunder, and the other obligations of the Company under
the Plan, shall be subject to all applicable federal and state laws, rules, and regulations, and to such approvals by any regulatory
or governmental agency as may be required. The Company, in its discretion, may postpone the exercise of Awards or any other action
under the Plan to permit the Company, with reasonable diligence, to complete such required action under any federal or state law,
rule, or regulation. Any postponement of the settlement of any Award under this Section 9(n) shall not extend the term of such
Award, and the Company, its officers and employees, the Board and the Committee shall have no obligation or liability to a Participant
with respect to any Award because of any actions taken pursuant to the provisions of this Section 9(n).

 

    	 	Page 12 of 12Exhibit 10.2

 

PROTECTIVE LIFE CORPORATION

ANNUAL INCENTIVE PLAN

(Originally effective January 1, 2018)

(Amended and Restated as of January 1,
2020)

 

1.                 
Purpose.

 

The purpose of the
Plan is to enable the Company and its Subsidiaries to attract, retain, motivate and reward qualified officers and key employees
by providing them with the opportunity to earn competitive compensation directly linked to the Company's performance.

 

2.                 
Definitions.

 

Unless the context
requires otherwise, the following terms as used in the Plan shall have the meanings ascribed to each below.

 

"Board" shall
mean the Board of Directors of the Company.

 

"Committee"
shall mean the Compensation and Management Succession Committee of the Board (or such other committee of the Board as the Board
may designate from time to time) or any subcommittee thereof.

 

"Company"
shall mean Protective Life Corporation.

 

"Participant"
shall mean each officer or key employee of the Company or a Subsidiary whom the Committee designates as a participant in the Plan.

 

"Plan" shall
mean the Protective Life Corporation Annual Incentive Plan, as set forth herein and as may be amended from time to time.

 

"Subsidiary"
shall mean (a) any corporation of which the Company possesses directly or indirectly fifty percent (50%) or more of the total combined
voting power of all classes of stock of such corporation and (b) any other business organization, regardless of form, in which
the Company possesses directly or indirectly fifty percent (50%) or more of the total combined equity interests in such organization.

 

3.                 
Administration.

 

The Committee shall
administer and interpret the Plan. Any determination made by the Committee under the Plan shall be final and conclusive. The Committee
shall establish performance objectives in accordance with Section 4 and shall certify whether such performance objectives have
been achieved, subject to the Board's approval. Notwithstanding anything else contained herein to the contrary, the Committee may
delegate any and all of its duties and responsibilities (including the selection of Participants) in respect of all Participants
other than the President and Chief Executive Officer and all members of the Company's Performance and Accountability Committee
to a committee of officers comprised of the President and Chief Executive Officer, and any two or more of his or her direct reports,
as determined from time to time in his or her sole discretion. In the event that, at any time any of the aforementioned offices
shall be vacant (or the title associated with such position shall be changed), the person performing the duties of such position
shall be eligible to serve on such officer's committee.

 

    	 	1 of 4	 

     

    

 

The Committee may employ
such legal counsel, consultants and agents (including counsel or agents who are employees of the Company or a Subsidiary) as it
may deem desirable for the administration of the Plan and may rely upon any opinion received from any such counsel, consultant
or agent and any computation received from any such consultant or agent. All expenses incurred in the administration of the Plan,
including (without limitation) expenses for the engagement of any counsel, consultant or agent, shall be paid by the Company. No
member or former member of the Board or the Committee, or any other person involved in the administration of the Plan, shall be
liable for any act, omission, interpretation, construction or determination made in connection with the Plan other than as a result
of such individual's willful misconduct.

 

4.                 
Incentive
Payments.

 

(a)                
Establishing the Performance Criteria. On or before April 1 of each calendar year during which the Plan is in effect,
the Committee shall recommend for approval by the Board the performance objective or objectives that must be satisfied in order
for Participants to be eligible to receive an incentive payment for that year. The Committee may establish different performance
objectives for different Participants to qualify. The performance objective(s) may state, in terms of an objective formula or standard,
the method for computing the amount of the incentive funding eligible for payment to the Participants if the objective(s) are achieved.
With respect to any Participant, the Committee may establish multiple performance objectives. If the Committee establishes multiple
performance objectives, the Committee shall make clear whether (i) a specified percentage of the annual incentive opportunity will
be eligible for funding based on the achievement (in whole or in part) of a specified objective, (ii) funding of any amount is
contingent upon achievement (in whole or in part) of more than one such criteria, or (iii) the amount funded upon the achievement
of one objective may be reduced or increased based either on the level of achievement of a different objective or at the discretion
of the Committee or authorized division or business unit manager.

 

(b)                
Available Performance Criteria. Any performance objectives established under Section 4(a) shall be related to one
of the following criteria, which may be determined solely by reference to the performance of the Company or a Subsidiary or a division
or business unit or based on comparative performance relative to other companies: net income; operating income; book value; embedded
value or economic value added; return on equity, assets or invested capital; assets, sales or revenues or growth in assets, sales
or revenues; efficiency or expense management; capital adequacy (including risk-based capital); investment returns or asset quality;
completion of acquisitions, financings, or similar transactions; customer service metrics; the value of new business or sales;
or such other reasonable criteria as the Committee may recommend and the Board may approve.

 

(c)                
Amount Payable.

 

The Committee shall
establish a target amount for each Participant. Each Participant’s targeted amount may be aggregated to create a pool to
be allocated in the sole discretion of the Committee. The Committee may establish the pool in respect of any performance objective
based on the extent to which such objective (or such objective and any other linked performance objective) is met or exceeded,
or the extent to which such objective(s) are only partially achieved. The Committee may provide that amounts below or in excess
of the aggregate of all Participant targets for such performance objective will be funded for performance in excess of, or at stated
levels below, targeted performance. The Committee may establish a threshold level of achievement for any performance objective
below which no amount shall be funded in respect of such performance objective.

 

    	 	2 of 4	 

     

    

 

The Committee may,
in its discretion, allocate the pool among divisions or business units. The authorized manager of each division or business unit,
shall then (i) make individual determinations regarding the contribution of each Participant in his or her respective division
or business unit to the achievement of the overall stated performance objectives, and (ii) recommend, for approval by the Committee,
the amount payable, if any, from such division or business unit allocation to each such Participant.

 

Any other provision
in the Plan to the contrary notwithstanding, (i) the Committee shall have the right, in its sole discretion, to pay to any Participant
an annual incentive payment for such year in an amount based on individual performance or any other criteria or the occurrence
of any such event that the Committee shall deem appropriate, and (ii) the Committee may, in its sole discretion, provide for a
minimum incentive payment to any or all, or any class of, Participants in respect of any calendar year, regardless of whether any
applicable performance objectives are attained.

 

(d)               
Effect of Termination of Employment. Except as provided in the following sentence, unless the Committee shall determine
to authorize a payment, no amount shall be payable to a Participant as an annual incentive award unless the Participant is still
an employee of the Company or one of its Subsidiaries on the date payment is made or such earlier date as the Committee may specify.
Unless the Committee shall otherwise determine to pay the Participant a greater amount, if a Participant's employment terminates
due to death, disability (as determined in accordance with generally applicable Company policies) or, if after at least six (6)
months of employment service to the Company during such year, due to normal or early retirement under the terms of the qualified
Protective Life Corporation Pension Plan, such Participant shall receive an annual incentive payment equal to the amount the Participant
would have received if the Participant had remained employed through the end of the year, multiplied by a fraction, the numerator
of which is the number of days that elapsed during the year in which the termination occurs before and including the date of the
Participant's termination of employment and the denominator of which is 365; provided, however, no such Participant shall be eligible
to receive an annual incentive payment for such year if such Participant is subject to a reduction in force or the recipient of
severance from the Company.

 

5.                  Payment.

 

Payment of any incentive
payment determined under Section 4 shall be made to each Participant (subject to any valid deferral election made by the Participant)
as soon as practicable after the Committee certifies that the applicable performance objectives have been achieved (or, in the
case of any incentive payment payable under the final paragraph of Section 4(c), after the Committee determines the amount of any
such payment or that any condition to such payment has been satisfied), but in no event later than the March 15 immediately following
the calendar year during which such incentive payment was earned. The provisions of this Section 5 shall be administered so that
the Plan is not a plan of deferred compensation as provided in Section 409A of the Internal Revenue Code of 1986, as amended.

 

6.                  General
Provisions.

 

(a)                
Effectiveness of the Plan. The Plan was originally effective with respect to the calendar year beginning January
1, 2018, and shall continue in effect until otherwise amended or terminated in accordance with Section 6(b).

 

(b)               
Amendment and Termination. Upon the recommendation of the Committee, the Board may at any time amend, suspend, discontinue
or terminate the Plan; provided that no such amendment, suspension, discontinuance or termination shall adversely affect the rights
of any Participant with respect to any calendar year that has already commenced.

 

    	 	3 of 4	 

     

    

 

(c)                
Designation of Beneficiary. Each Participant may designate a beneficiary or beneficiaries (which beneficiary may
be an entity other than a natural person) to receive any payments that may be made after the Participant's death. Such designation
may be changed or canceled at any time without the consent of any such beneficiary. Any such designation, change or cancellation
must be made on a form or in a manner approved by or acceptable to the Committee and shall not be effective until received by the
Committee. If no beneficiary has been named, or the designated beneficiary or beneficiaries shall have predeceased the Participant,
the beneficiary shall be the Participant's spouse or, if no spouse survives the Participant, the Participant's estate. If a Participant
designates more than one beneficiary, the payment shall be made to such beneficiaries in equal shares, unless the Participant has
designated otherwise.

 

(d)                 
No Right of Continued Employment. Nothing in the Plan shall be construed as conferring upon any Participant any right
to continue in the employment of the Company or its Subsidiaries.

 

(e)                  
No Limitation to Corporate Action. Nothing in the Plan shall preclude the Company from authorizing the payment to
the eligible employees of other compensation, including (without limitation) base salaries, awards under any other plan of the
Company or its Subsidiaries, any other incentive payments or bonuses (whether or not based on the attainment of performance objectives)
and retention or other special payments.

 

(g)                 
Nonalienation of Benefits. Except as expressly provided herein, no Participant or beneficiary shall have the power
or right to transfer, anticipate, or otherwise encumber the Participant's interest under the Plan. The Company's obligations under
the Plan are not assignable or transferable except to (i) a corporation which acquires all or substantially all of the Company's
assets, or (ii) any corporation into which the Company may be merged or consolidated. The provisions of the Plan shall inure to
the benefit of each Participant and the Participant's beneficiaries, heirs, executors, administrators or successors in interest.

 

(h)                 
Withholding. Any amount payable to a Participant or a beneficiary under the Plan shall be subject to any applicable
federal, state and local income and employment taxes and any other amounts that the Company or a Subsidiary is required by law
to deduct and withhold from such payment.

 

(i)                   
Severability. If any provision of the Plan is held unenforceable, the remainder of the Plan shall continue in full
force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were
not contained in the Plan.

 

(j)                
Governing Law. The Plan shall be construed in accordance with and governed by the laws of the State of Delaware,
without reference to the principles of conflict of laws.

 

(k)               
Headings. Headings are inserted in the Plan for convenience of reference only and are to be ignored in the construction
of the provisions of the Plan.

 

    	 	4 of 4

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