Document:

Employment Agreement between NVR, Inc. and William J. Inman

 EXHIBIT 10.4 
  
 EMPLOYMENT AGREEMENT 
  
 EMPLOYMENT AGREEMENT (“Agreement”) made this first day of July 2005, between NVR, INC., a Virginia corporation (the “Company”) and WILLIAM J.
INMAN, (the “Executive”). References within this Agreement to the Company refer to NVR and its subsidiaries and affiliates. 
  
 WHEREAS, the parties wish to terminate all prior employment agreements and amendments thereto; and 
  
 WHEREAS, the parties wish to establish the terms of the Executive’s future employment with the Company. 
  
 ACCORDINGLY, the parties agree as follows: 
  

	1.	Employment, Duties and Acceptance. 

  

	 	1.1	 Employment by the Company. The Company hereby employs the Executive, for itself and its affiliates, to render exclusive and full-time services to the
Company. The Executive will serve in the capacity of President of NVR Mortgage of the Company. The Executive will perform such duties as are imposed on the holder of that office by the By-laws of the Company and such other duties as are customarily
performed by one holding such position in the same or similar businesses or enterprises as those of the Company. The Executive will perform such other related duties as may be assigned to him from time to time by the Company’s Board of
Directors. The Executive will devote his entire full working time and attention to the performance of such duties and to the promotion of the business and interests of the Company. This provision, however, will not prevent the Executive from
investing his funds or assets in any form or manner, or from 

 
acting as a member of the Board of Directors of any companies, businesses, or charitable organizations, so long as such investments or companies do not
compete with the Company, subject to the limitations set forth in Section 7.1. 
  

	 	1.2	Acceptance of Employment by the Executive. The Executive accepts such employment and shall render the services described above. 

  

	 	1.3	Place of Employment. The Executive’s principal place of employment shall be the Washington, D.C. metropolitan area, subject to such reasonable travel as the rendering of
services associated with such position may require. 

  

	 	1.4	Acknowledgement. By signing this Agreement, the Executive acknowledges that he has received copies of the Company’s current Code of Ethics and Standards of Business
Conduct (collectively, the “Code”), has read and understood the Code’s content, and agrees to comply with the Code in all respects. 

  

	2.	Duration of Employment. 

  
 This Agreement and the employment relationship hereunder will continue in effect for five and one half (5 1/2) years from July 1, 2005 through January 1,
2011. It may be extended beyond January 1, 2011 by mutual, written agreement at any time. In the event of the Executive’s termination of employment during the term of this Agreement, the Company will be obligated to pay all base salary, bonus
and other benefits then accrued, as well as cash reimbursement for all accrued but unused vacation, plus, if applicable, the additional payments provided for in Sections 6.1, 6.2, 6.3, 6.5 and 6.7 of this Agreement. 
  

	3.	Compensation. 

  

	 	3.1	 Base Salary. As compensation for all services rendered pursuant to this Agreement, the Company will pay to the Executive an annual base salary of THREE
HUNDRED AND NINETY THOUSAND DOLLARS ($390,000) 

	 	 
payable in equal monthly installments of THIRTY TWO THOUSAND FIVE HUNDRED DOLLARS ($32,500.00). The Company’s Board of Directors in its sole discretion
may increase, but may not reduce, the Executive’s annual base salary. 

  

	 	3.2	Bonuses. The Executive shall be eligible to be paid a bonus annually in cash pursuant to the Company’s annual incentive plan, as determined by the Compensation Committee
of the Board of Directors, in a maximum amount of 100% of the Executive’s annual base salary. This bonus shall be paid at the same time (or times) and in the same manner as other senior executives of the Company. Entitlement to the bonus is
dependent on the Executive meeting certain goals, which shall be established annually by the Company. 

  

	 	3.3	Participation in Employee Benefit Plans. The Executive shall be permitted during the term of this Agreement, if and to the extent eligible to participate in any group life,
hospitalization or disability insurance plan, health program, pension plan, Employee Stock Ownership Plan or similar benefit plan of the Company, which may be available to other comparable executives of the Company generally, on the same terms as
such other executives. The Executive shall be entitled to paid vacation and all customary holidays each year during the term of this Agreement in accordance with the Company’s policies. 

  

	 	3.4	Expenses. Subject to such policies as may from time to time be established by the Company’s Board of Directors, the Company shall pay or reimburse the Executive for all
reasonable expenses actually incurred or paid by the Executive in the performance of the Executive’s services under this Agreement upon presentation of expense statements or vouchers or such other supporting information as it may require.

  

	 	3.5	Stock Holding Requirement. The Executive is required to continuously hold at all times NVR, Inc. common stock with a value equal to four (4) times the Executive’s base
salary as then in effect, subject to adjustment at any time by the Company’s Board of Directors upon thirty days notice. 

	4.	Management Long-Term Stock Option Plans. 

  
 The Executive is a participant in the 1998 NVR, Inc. Management Long-Term Stock Option Plan, the 2000 Broadly Based Stock Option Plan and the 2005
Non-Qualified Stock Option Plan. The Executive has entered into separate agreements governing the terms of his participation in the Plans. 
  

	5.	Deferred Compensation Plan. 

  
 The Executive has certain amounts fully earned under previous annual and long-term incentive plans deferred within the Company’s Deferred
Compensation Plan. The amounts deferred are held in a fixed number of shares of NVR, Inc. common stock within a Rabbi Trust, and will be distributed to the Executive upon separation of service from the Company. All amounts held for the Executive by
the Rabbi Trust pursuant to the Deferred Compensation Plan are fully vested and not subject to forfeiture for any reason, regardless of the reason for termination. 
  

	6.	Termination, Disability or Retirement. 

  

	 	6.1	Termination Upon Death. If the Executive dies during the term hereof, this Agreement shall terminate, except that the Executive’s legal representatives shall be entitled
to receive the Executive’s base salary and accrued Bonus for the period ending on the last day of the second calendar month following the month in which the Executive’s death occurred. Accrued Bonus shall be calculated as one hundred
percent of Base Salary multiplied by the fraction (x) of the number of days in the calendar year up to last day of the second calendar month following the month in which Executive died divided by (y) 365 days. 

	 	6.2	Disability. If during the term hereof the Executive becomes physically or mentally disabled, whether totally or partially, so that the Executive is, in the discretion of the
Company’s Board of Directors, substantially unable to perform his services hereunder, the Executive shall transfer from active to disability status. Nothing in this Section 6.2 shall be deemed to in any way affect the Executive’s right to
participate in any disability plan maintained by the Company and for which the Executive is otherwise eligible. If the Executive transfers to disability status he would be entitled to receive the Executive’s Base Salary and accrued Bonus for
the period ending on the last day of the second calendar month following the month in which the Executive is transferred to disability status. Accrued Bonus shall be calculated as one hundred percent of Base Salary multiplied by the fraction (x) of
the number of days in the calendar year up to last day of the second calendar month following the month in which the Executive was transferred to disability status divided by (y) 365 days. 

  

	 	6.3	Retirement. If the Executive elects to terminate employment upon meeting the established criteria for Retirement prior to the term of this agreement, the Executive will be
entitled to receive the Executive’s Base Salary for the period ending on the last day worked. The payment of any Bonus amounts due to the Executive shall be payable, in the same form and at the same time that all other employees receive their
bonus payment. Bonus shall be calculated as one hundred percent of Base Salary multiplied by the fraction (x) of the number of days in the calendar year up to last day worked by the Executive divided by (y) 365 days. In addition, the Executive
shall be entitled to payment of ONE HUNDRED PERCENT (100%) of his then annual Base Salary, paid in twelve equal monthly installments beginning on the fifteenth day of the first month following the date of Retirement. Retirement means voluntary
termination of employment after attainment of age 65. However, the Board of Directors within its discretion may determine that the executive who terminates employment prior to age 65 has terminated by virtue of Retirement. 

	 	6.4	Termination for Cause. If the Executive is convicted of any felony or other crime involving moral turpitude, or any crime or offense which results in his incarceration for
more than three months, is guilty of gross misconduct in connection with the performance of his duties as described in Section 1.1 hereunder, or materially, breaches affirmative or negative covenants or undertakings set forth in Section 7, the
Company at any time by written notice to the Executive, may terminate the Executive’s employment hereunder. Any such termination shall be for Cause. 

  

	 	6.5	Termination Without Cause. In the event the Company on sixty (60) days’ notice terminates the Executive’s employment without Cause (as such term is defined in
Section 6.4) during the term of this Agreement, then as full satisfaction of the Company’s obligations to the Executive, the Executive shall be entitled to payment of TWO HUNDRED PERCENT (200%) of his then annual base salary, paid in twelve
equal monthly installments beginning on the fifteenth day of the first month following the date of termination. The Executive shall also be provided with outplacement services with a firm jointly selected by the Executive and the Company at a cost
not to exceed SIXTY THOUSAND DOLLARS ($60,000). 

  

	 	6.6	Voluntary Termination. The Executive may on ninety (90) days’ notice terminate his employment hereunder. In such event, he shall not be entitled to any severance pay
except in the circumstances described in Section 6.7 below. 

  

	 	6.7	 Voluntary Termination-Change of Control. In the event the Executive voluntarily terminates his employment hereunder in connection with or within one (1) year
after a Change of Control of the Company (as defined below), the Executive shall receive a payment of TWO HUNDRED PERCENT (200%) of his then annual 

	 	 
base salary, as well as his accrued pro-rata bonus (on the assumption that the maximum annual bonus would have been paid pursuant to Section 3.2) through the
date of termination. Payment of such amount shall be in twelve equal monthly installments beginning on the first day of the first month following the date of termination. For purposes of this Agreement, “Change of Control” means (i) any
transaction or series of transactions (including, without limitation, a tender offer, merger or consolidation) the result of which is that any “person” or “group” (within the meaning of Section 13 (d) and 14 (d) (2) of the
Exchange Act), becomes the “beneficial owner” (as defined in rule 13d-3 under the Exchange Act) of more than 20 percent of the total aggregate voting power of all classes of the voting stock of the Company and/or warrants or options to
acquire such voting stock, calculated on a fully diluted basis, or (ii) if all or substantially all of the assets of the Company are sold or otherwise transferred to any individual, corporation, partnership, trust, association, joint venture, pool,
syndicate or similar organization or group acting in concert or (iii) the Company is liquidated or dissolved or adopts a plan of liquidation or (iv) a merger, consolidation or other reorganization or business combination with any party including a
leveraged buy-out or a going private transaction and where there has been a significant reduction in Executive’s responsibilities. 

  

	 	6.8	Voluntary Termination-Change in Senior Management Accompanied by Change in Business Philosophy. If the Company elects a new Chairman and/or Chief Executive Officer (the
“New Officer”) and provided that the New Officer enacts major changes in the Company’s business philosophy, mission or business strategies, the Executive may voluntarily terminate his employment. To provide sufficient time for a
transfer of the Executive’s responsibilities and duties, he shall be required to provide ninety (90) days notice prior to such voluntary termination and the Company shall have the option of extending the notice an additional thirty (30) days.
In the event the Executive voluntarily terminates his employment in connection with or within one year after the election of a New Officer accompanied by any of the changes described in this Section 6.8, he shall not be entitled to any severance pay
and shall not be bound by the “Covenant Not to Compete” described in Section 7. 

	 	6.9	Effectiveness. In the event any of the events described in this Section 6 should occur during the term of this Agreement, and result in payments to the Executive which would
in their normal course continue beyond the term of this Agreement, such payments shall be made at such times and in such amounts as if the term of this Agreement had not expired. 

  

	7.	Covenant Not to Compete. 

  
 The covenant set forth in Section 7.1 shall be applicable during the employment term and for a period of two (2) years after termination in the event the
Executive is terminated pursuant to Section 6.3 “Retirement”, Section 6.4 for “Cause”, Section 6.5 “Without Cause” or to Section 6.6 “Voluntary”. 
  
 In the event that the Executive terminates pursuant to Section 6.7 “Voluntary Termination – Change of
Control” or Section 6.8 “Voluntary Termination – Change in Senior Management Accompanied by Change in Business Philosophy”, the non-competition provisions of Section 7 become void. All other provisions in Section 7 remain in full
force and effect. 
  

	 	7.1	 Scope. During the term of Executive’s employment under this Agreement, and for the applicable period thereafter, Executive hereby covenants and agrees
that neither he nor any affiliate (as defined hereinbelow), at any time, directly or indirectly, will (i) engage, whether as an employee or otherwise, in the Homebuilding, Mortgage Financing or Settlement Services Businesses (as defined hereinbelow)
on behalf of himself or any other person or entity, whether conducted individually or through an affiliate; (ii) own, acquire an interest in, manage, operate, join or control, or participate in the ownership, acquisition, 

	 	 
management, operation or control of, or be a director, agent, representative, shareholder of more than 1% of the outstanding stock, partner, employee,
officer, or consultant of, any enterprise of any kind that is engaged in the Homebuilding Business or Mortgage Financing Business (“Competing Business”); investments made by the Executive in private equity or hedge funds/vehicles for which
the Executive does not hold a controlling financial or management interest is not considered a Competing Business; (iii) induce or attempt to induce any customer or potential customer of the Company to discontinue, in whole or in part, business, or
not to do business, with the Company, (iv) hire or attempt to hire any person now or hereafter employed by the Company, or (v) utilize the services of or attempt to acquire real property, goods or services from any developer or sub-contractor now or
hereafter utilized by the Company. 

  

	 	7.2	Definitions. For purposes of this Agreement, (i) the term “affiliate” shall mean Executive, Executive’s spouse, and any minor children (“immediate
family”) and any entity that Executive and/or any members of his immediate family control, either directly or indirectly; (ii) “control” for purposes of the immediately preceding clause shall mean possession, directly or indirectly,
of power to direct or cause the direction of management or policies (whether through ownership of voting securities, by contract, or otherwise); and (iii) the term “Homebuilding Business” shall mean the business of designing and
constructing single family homes, the “Mortgage Financing Business” shall mean the origination, underwriting, placement or sale of residential home mortgages (new home construction only), and the “Settlement Services Business”
shall mean the brokering of title insurance and the performance of title searches in connection with the Mortgage Financing Business; at any location within any Standard Metropolitan Statistical Area (as determined by the Census Bureau, Department
of Commerce, United States Government) in which is located any office of the Company. 

	 	7.3	Reasonableness. The Executive acknowledges that the restrictions contained in this Section 7 are reasonable and necessary to protect the business and interests of the
Company, and that it would be impossible to measure in money the damages that would accrue to the Company by reason of the Executive’s failure to perform his obligations under this Section 7. Therefore, the Executive hereby agrees that in
addition to any other remedies that the Company may have at law or at equity with respect to this Section 7, the Company shall have the right to have all obligations, undertakings, agreements, and covenants set forth herein specifically performed,
and that the Company shall have the right to obtain an order of such specific performance (including preliminary and permanent injunctive relief to prevent a breach or contemplated breach of any provision of this Section 7) in any court of the
United States or any state or political subdivision thereof, without the necessity of proving actual damage; provided that the Company is not in breach of any of its obligations hereunder. 

  

	 	7.4	No Waiver. No waiver by the Company of a breach of, or of a default under, any of the provisions of this Agreement, nor their failure on one or more occasions, to enforce any
of the provisions of this Agreement or to exercise any right or privilege hereunder shall thereafter be construed as a waiver of any subsequent breach or default of a similar nature, or as to the waiver of any such provision, rights, or privileges
hereunder. 

  

	 	7.5	 Blue-Pencilling. If any part of any provision of this Section 7 shall be determined to be invalid or unenforceable under applicable law, such part shall be
ineffective to the extent of such invalidity or unenforceability only, without in any way affecting the remaining terms of such provision or the remaining provisions of this Section 7. The Executive hereby covenants and agrees that to the extent any
provision or portion of this Agreement shall be held, found, or deemed to be unreasonable, unlawful, or unenforceable, then any necessary modifications shall be made (but only to such extent) so that such provision or portion hereof shall be legally
enforceable to the fullest extent permitted by applicable law. The 

	 	 
Executive further agrees and authorizes any court of competent jurisdiction to enforce any such provision or portion hereof in order that such provision or
portion hereof shall be enforced by such court to the fullest extent permitted by applicable law. 

  

	 	7.6	Confidentiality. During the term of the Executive’s employment with the Company, he will acquire information of a proprietary or confidential nature and knowledge about
the operations of the Company. Accordingly, the Executive agrees not to use or to disclose to any third party, or cause to be used, in any manner, directly or indirectly, the information described immediately above during the term of the
Executive’s employment and for three years following his termination date. The Executive further agrees to return to the Company promptly upon the termination of the Executive’s employment with the Company, and all information of a
proprietary or confidential nature acquired by the Executive at any time during the course of his employment with the Company, to the extent such information has been reduced to writing or electronic media, together with any and all documents and
materials of any kind then in the possession or control of the Executive which may be the property of the Company or any affiliate, whether confidential or otherwise, including any copies in any format or media which may have been made by or for the
Executive. 

  

	 	7.7	No Conflict. The Covenant Not to Compete set forth in this Section 7 shall supersede and override any and all limitations on Executive’s right to compete with the
Company including, without limitation, any similar covenants not to compete in the Stock Option Agreements executed in conjunction with the 1998 NVR, Inc. Management Long-Term Stock Option Plans, 2000 Broadly Based Stock Option Plan and the 2005
Non-Qualified Stock Option Plan and shall be the sole standard by which Executive shall be bound. 

	8.	Other Provisions. 

  

	 	8.1	Notices. Any notice or other communication required or which may be given hereunder shall be in writing and shall be delivered personally, telegraphed, telexed, sent by
facsimile transmission or sent by certified, registered or express mail, postage prepaid, and shall be deemed given when so delivered personally, telegraphed, telexed, or sent by facsimile transmission, or if mailed, four days after the date of
mailing as follows: 

  

	 	(i)	if the Company, to: 

  
 NVR, Inc. 
 Attn: Senior Vice President of
Human Resources 
 11700 Plaza America Drive 
 Suite 500 
 Reston, VA 20190 
  

	 	(ii)	if the Executive, to: 

  
 William J. Inman 
 1314 Ballantrae Farm
Drive 
 McLean, VA 22101 
  

	 	8.2	Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements, written or
oral, with respect thereto. 

  

	 	8.3.	 Waiver and Amendments. This Agreement may be amended, modified, superseded, cancelled, renewed or extended, and the terms and conditions hereof may be
waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver 

	 	 
thereof, nor shall any waiver on the part of any party of any right, power or privilege hereunder, nor any single or partial exercise of any right, power or
privilege hereunder, preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 

  

	 	8.4	Governing Law. This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Virginia. 

  

	 	8.5	Assignability. This Agreement, and the Executive’s rights and obligations hereunder, may not be assigned by the Executive. The Company shall assign this Agreement and
its rights, together with its obligations, to any entity which will substantially carry on the business of the Company subject to the Executive’s rights set forth in this Agreement, but the Company shall even after such assignment be fully
liable to the Executive for all obligations set forth herein. 

  

	 	8.6	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute one and the same
instrument. 

  

	 	8.7	Headings. The headings in this Agreement are for reference purposes only and shall not in any way affect the meaning or interpretation of this Agreement.

  

	 	8.8	Indemnification. The Company shall indemnify the Executive and hold him harmless for any acts or decisions made by him in good faith while performing services for the Company
or its affiliates to the fullest extent permitted by the laws of the Commonwealth of Virginia and shall use its best efforts to obtain coverage for him under an insurance policy (whether now in force or hereinafter obtained) during the term of this
Agreement covering the officers and directors of the Company or its affiliates. The Company will pay all expenses including attorney’s fees, actually and necessarily incurred by the Executive in connection with any appeal thereon including the
cost of court settlement arising or alleged to arise from his employment by the Company to the fullest extent permitted by the laws of the Commonwealth of Virginia. 

	9.	Arbitration. 

  
 Any controversy or claim arising out of or in connection with this Agreement shall be settled by arbitration in accordance with the rules then pertaining
of the American Arbitration Association. Such controversies shall be submitted to three arbitrators, one arbitrator being selected by the Company, one arbitrator being selected by the Executive, and the third being selected by the two so selected by
the Company and the Executive or, if they cannot agree upon a third, by the American Arbitration Association. In the event that either the Company or the Executive, within one month after any notification of any demand for arbitration hereunder,
shall not have selected its arbitrator and given notice thereof by registered or certified mail to the other, such arbitrator shall be selected by the American Arbitration Association. Confirmation of any award in any such arbitration may be held in
any court having jurisdiction of the person against whom such award is rendered. Regardless of the circumstances giving rise to the need for arbitration, until such arbitration shall be finally determined and ended, the base salary of the Executive
pursuant to Section 3.1, subject to the provisions of Section 6, shall be paid monthly until the expiration of the term of this Agreement, and Bonus pursuant to Section 3.2, subject to the provisions of Section 6, shall be earned and paid in
accordance with Section 3.2 until the expiration of the term of this Agreement. If the results of such arbitration are more favorable to the position taken by the Executive than that taken by the Company, in the opinion of the arbitrators, then all
costs and expenses incurred by the Executive in connection with such arbitration shall be paid by the Company. 
  

	10.	Effective Date. 

  
 This Agreement shall be effective as of July 1, 2005. 
  
 IN WITNESS WHEREOF, The parties hereto, intending to be legally bound hereby, have executed this Agreement as of the day and year first above mentioned. 

									
	 NVR, INC.
	 	 	 	 	 	 
					
	 By:
	 	 /s/ Dwight C. Schar

	 	 	 	 	 	 /s/ William J. Inman

	 	 	DWIGHT C. SCHAR	 	 	 	 	 	WILLIAM J. INMANForm of Subordinated Guarantee by Manulife Financial Corporation

 Exhibit 4(j) 
  
 SUBORDINATED NEW MVA GUARANTEE 
  
 SUBORDINATED NEW MVA GUARANTEE (the “Subordinated Guarantee”) dated as of
            , 2005, by MANULIFE FINANCIAL CORPORATION, a corporation organized under the laws of Canada (“MFC” or the “Guarantor”), in connection with certain deferred
combination fixed and variable annuity contracts (hereinafter, the “Contracts”) issued by JOHN HANCOCK VARIABLE LIFE INSURANCE COMPANY, a stock life insurance company organized under the laws of the Commonwealth of Massachusetts
(“JHVLICO”). 
  
 WITNESSETH: 
  
  WHEREAS, JHVLICO is or will be the issuer of Contracts which offer
holders thereof the option to earn a guaranteed fixed return for specified periods, which would result in such holders receiving certain guarantee period interests; and 
   
 WHEREAS, the offer and sale of certain of such guarantee period interests will be registered under the Securities Act of
1933 by JHVLICO and the issuance of this Subordinated Guarantee will be registered under the Securities Act of 1933 by the Guarantor; and 
  
  WHEREAS, this Subordinated Guarantee uses the term “Guarantee Period” to refer to any of the aforementioned specified periods that are
applicable to guarantee period interests that are sold pursuant to such a registered offering and commence on or after             , 2005 (the effective date of the registration statement);
and 
   
 WHEREAS, this Subordinated Guarantee is intended to
enable (i) John Hancock Financial Services, Inc. (“JHFS”), the indirect owner of all of JHVLICO’s outstanding stock, to be exempt from filing certain periodic reports under the Securities Exchange Act of 1934 (“1934 Act”),
which will relieve JHFS of costs and inconvenience, and (ii) JHVLICO to maintain its current exemption from filing certain periodic reports under the 1934 Act, which will relieve JHVLICO of costs and inconvenience; and 
  
 WHEREAS, as the indirect owner of all of JHFS’s and JHVLICO’s
outstanding stock, the Guarantor also will indirectly benefit from the benefits to JHFS and JHVLICO referred to above; 
  
 NOW, THEREFORE, in consideration of the premises set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the Guarantor hereby agrees as follows: 

 SECTION 1. Guarantee. The Guarantor hereby unconditionally and irrevocably guarantees, as a
principal and not merely as a surety, the full and punctual payment when due of all amounts payable by JHVLICO from a Guarantee Period to any holder, owner, annuitant or beneficiary under any Contract creating such interest, to any successor,
legatee, heir, or assignee of any such person, to any other account or option under the Contract, or to any other account of any such person (all of the foregoing persons, accounts and options being referred to herein as “Payees”). For
this purpose, amounts payable by JHVLICO to a Payee from a Guarantee Period 
  

	 	(a)	 	upon a full or partial transfer, withdrawal, surrender, maturity, annuitization, loan or other similar removal of assets will be the net amount of assets so removed, after (i)
increase for any interest or positive market value adjustment that would be credited to a Payee under the terms of the Contract for the transaction in question and (ii) reduction for any interest, fees, charges, outstanding loans, and negative
market value adjustments that would be charged against a Payee under the terms of the Contract for the transaction in question; or 

  

	 	(b)	 	upon payment of any other amount as a consequence of the death of any owner, holder, or annuitant under a Contract, will be an amount equal to the Contract’s account value then
allocated to one or more Guarantee Periods, increased by any accrued but uncredited interest attributable thereto and any positive market value adjustment that would have been payable upon any surrender of the Contract at that time.

  
 SECTION 2. Gross Up. All payments made by
the Guarantor to any Payee under this Subordinated Guarantee shall be made in full, free of and without withholding or deduction for, or on account of, any present or future Canadian Taxes (as defined below) (other than Excluded Taxes, as defined
below) unless the withholding or deduction of such taxes by the Guarantor is required by law or by the administration or interpretation of such law and provided that, if the Guarantor shall be required by law to deduct or withhold any Canadian Taxes
(other than Excluded Taxes) from or in respect of any payment or sum payable to the Payees, the payment or sum payable shall be increased as may be necessary so that after making all required deductions or withholdings (including deductions or
withholdings applicable to additional amounts payable under this Section) the Payee receives an amount equal to the sum it would have received if no deduction or withholding had been made (the “Guarantor Additional Amounts”), and the
Guarantor shall pay the full amount deducted or withheld to the relevant taxation or other authority in accordance with applicable law. 
  
 For the purposes of this Section, “Canadian Taxes” means “any taxes, duties, assessments or governmental charges of whatever nature imposed
or levied by or on 

  

 2 

 
behalf of the Government of Canada, or any province, territory or political subdivision thereof, or any authority therein or thereof having power to
tax” and ”Excluded Taxes” means any Canadian Taxes which are imposed on a Payee with respect to any Contract: (a) by or on behalf of a Payee who is liable for such taxes, duties, assessments or governmental charges in respect of such
Contract (i) by reason of his being a person with whom JHVLICO or the Guarantor is not dealing at arm’s length for the purposes of the Income Tax Act (Canada), or (ii) by reason of his having a connection with Canada or any province or
territory thereof other than the mere holding, use or ownership or deemed holding, use or ownership of such Contract; (b) by or on behalf of a Payee who would not be liable for or subject to such withholding or deduction by making a claim for
exemption to the relevant tax authority; or (c) more than 10 days after the Relevant Date (as defined below) except to the extent that the Payee thereof would have been entitled to Guarantor Additional Amounts on presenting the same for payment on
the last day of such period of 10 days. For the purposes of this Section, ”Relevant Date” means the date on which such payment first becomes due. 
  
 SECTION 3. Guarantee Absolute. The Guarantor agrees that this Subordinated Guarantee is a guarantee of payment and not of collection or
collectibility, and that the obligations of the Guarantor hereunder shall be primary, absolute and unconditional and, without limiting the generality of the foregoing, shall not be released, discharged or otherwise affected by: 
  
 (i) any extension, renewal, settlement, compromise, waiver
or release in respect of any obligation of JHVLICO under the Contracts, or by operation of law or otherwise; 
  
 (ii) any modification, amendment, supplement, endorsement or rider to the Contracts; 
  
 (iii) any change in the corporate existence, structure or
ownership of JHVLICO, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting JHVLICO or its assets or any resulting release or discharge of any obligation of JHVLICO contained in the Contracts; 
  
 (iv) the existence of any defense, claim, set-off or other
rights which the Guarantor may have at any time against JHVLICO, or any other person, whether in connection herewith or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or
compulsory counterclaim or with respect to obligations of the Guarantor other than obligations hereunder; 
  
 (v) any invalidity or unenforceability relating to or against JHVLICO for any reason under the Contracts, or any provision of applicable
law or regulation purporting to prohibit the payment by JHVLICO of any amount payable by JHVLICO under the Contracts; or 
  

 3 

 (vi) any other act or omission to act or delay of any kind by JHVLICO or any other person
or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of the Guarantor’s obligations hereunder. 
  
 SECTION 4. Representations and Warranties. The Guarantor hereby represents and warrants that: 
  
 (a) Authorization; No Contravention. The execution,
delivery and performance by the Guarantor of this Subordinated Guarantee is within the Guarantor’s powers, has been duly authorized by all necessary action, requires no action by or in respect of, or filing with, any governmental body, agency
or official and does not contravene, or constitute a default under, any provision of applicable law or regulation, as amended from time to time, or the Letters Patent of Incorporation or by-laws of the Guarantor or of any agreement, judgment,
injunction, order, decree or other instrument binding upon the Guarantor or result in or require the creation or imposition of any lien on any asset of the Guarantor. 
  
 (b) Binding Effect. This Subordinated Guarantee constitutes a valid and binding agreement of the
Guarantor, enforceable against the Guarantor in accordance with its terms. 
  
 SECTION 5. Enforcement of Guarantee. Without limiting any other provision of this Subordinated Guarantee, in no event shall any Payee have any obligation to proceed against JHVLICO or any other person or
property before seeking satisfaction from the Guarantor. Any Payee may enforce the Subordinated Guarantee directly against the Guarantor, subject to no preconditions other than failure by JHVLICO to pay when due any guaranteed amount. 
  
 SECTION 6. Waiver. Without limiting any other provision of this
Subordinated Guarantee, the Guarantor hereby irrevocably waives promptness, diligence, or notice of acceptance hereof, presentment, demand, protest and any and all other notice not provided for herein and any requirement that at any time a Payee or
any other person exhaust any right or take any action against JHVLICO and any other circumstances whatsoever that might otherwise constitute a legal or equitable discharge, release or defense of the Guarantor or that might otherwise limit recourse
against the Guarantor. 
  
 SECTION 7. Compliance with
Regulation S-X. This Subordinated Guarantee shall be interpreted in such a manner that the Subordinated Guarantee will be “full and unconditional” as those words are used in Rule 3-10 of Regulation S-X of the United States Securities
and Exchange Commission, as currently in effect, and as they may be amended from time to time. Payees shall automatically have any additional rights and remedies against the Guarantor that may be necessary to yield that result. 
  

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 SECTION 8. No Waiver; Remedies. No failure on the part of a Payee to exercise, and no delay in
exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. 
  
 SECTION 9. Continuing Guarantee; Reinstatement in Certain Circumstances. This Subordinated Guarantee is a continuing guarantee and the Guarantor’s obligations hereunder shall (i) remain in full force and effect until the
indefeasible payment in full of all amounts payable by JHVLICO from all Guarantee Periods and (ii) be binding upon the Guarantor and its successors and assigns. If at any time any payment by JHVLICO of any amounts payable by JHVLICO from any
Guarantee Period is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of JHVLICO or otherwise, the Guarantor’s obligations hereunder with respect to such payment shall be reinstated as though
such payment had been due but not made at such time. 
  
 SECTION
10. Termination. The Guarantor may terminate this Subordinated Guarantee as it would apply to any Guarantee Period commencing after the effective termination date (the “Termination Date”) by giving written notice to JHVLICO and the
holders of outstanding Contracts at least 14 days prior to the effective Termination Date specified in such notice. The termination of this Subordinated Guarantee with respect to Guarantee Periods commencing after the effective Termination Date
shall not in any way affect, modify, alter or amend the Guarantor’s continuing obligations with respect to Guarantee Periods commencing prior to the effective Termination Date. 
  
 SECTION 11. Successor Guarantor. In the event of any amalgamation or consolidation by the Guarantor with or merger by
the Guarantor into any other corporation or any transaction involving the transfer of all or substantially all of the Guarantor’s assets to any corporation or other entity and which as a matter of law or contract results in the successor
corporation or entity becoming bound by or assuming the Guarantor’s obligations under this Subordinated Guarantee, such successor corporation or other entity formed by such amalgamation or consolidation or into which the Guarantor is merged or
to which such transfer is made shall succeed to, and be substituted for, and may exercise every right and power of, the Guarantor under this Subordinated Guarantee, with the same effect as if it had been named herein as the Guarantor, and
thereafter, the predecessor corporation or entity shall be relieved of all obligations and covenants under this Subordinated Guarantee. 
  
 SECTION 12. Stay of Time Of Payment. Without limiting any other provision of this Subordinated Guarantee, if the time for payment of any amount
payable by JHVLICO 

  

 5 

 
under a Contract is stayed upon the insolvency, bankruptcy or reorganization of JHVLICO, all such amounts otherwise subject to payment under the terms of
this Subordinated Guarantee shall nonetheless be payable by the Guarantor hereunder forthwith on demand by the Payee. 
  
  SECTION 13. Subordination. The obligations under this Subordinated Guarantee shall be unsecured obligations of the Guarantor, and shall be
subordinated in right of payment in the event of bankruptcy, liquidation, dissolution, winding up or reorganization, or upon the acceleration of any senior indebtedness of the Guarantor and shall be subordinate in right of payment to the prior
payment in full of all other obligations of the Guarantor except for other guarantees or obligations of the Guarantor which by their terms are designated as ranking equally in right of payment with or subordinate to this Subordinated Guarantee.

   
 SECTION 14. Governing Law. This Subordinated
Guarantee shall be governed by, and construed in accordance with, the laws of the Commonwealth of Massachusetts. 
  
 SECTION 15. Agent for Service; Submission to Jurisdiction: Waiver of Immunities. The Guarantor: (i) acknowledges that it has, by separate written
instrument, irrevocably designated and appointed John Hancock Financial Services, Inc., John Hancock Place, Boston, Massachusetts 02116, as authorized agent for service (the “Agent for Service”) upon whom process may be served in any legal
action or proceeding against it arising out of or in connection with this Subordinated Guarantee that may be instituted in any state or federal court located in the City of Boston, Massachusetts (a “Massachusetts Court”); (ii) acknowledges
that the Agent for Service has accepted such designation; and (iii) agrees that service of process upon the Agent for Service shall be deemed in every respect effective service of process upon the Guarantor in any such action or proceeding.

  
 The Guarantor irrevocably: (i) agrees that any legal action or
proceeding against it arising out of or in connection with this Subordinated Guarantee or for recognition or enforcement of any judgment rendered against it in connection with this Subordinated Guarantee may be brought in any Massachusetts Court;
(ii) agrees that by execution and delivery of this Subordinated Guarantee, the Guarantor hereby irrevocably accepts and submits to the non-exclusive jurisdiction of any Massachusetts Court in personam, generally and unconditionally with
respect to any such action or proceeding for itself and in respect of its property, assets and revenues; (iii) waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of venue of any such action
or proceeding brought in any Massachusetts Court and any claim that any such action or proceeding has been brought in an inconvenient forum. 
  

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 SECTION 16. Severability. Any provision of this Subordinated Guarantee which is illegal, invalid,
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating the remaining provisions hereof and any such
illegality, invalidity, prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 17. Entire Agreement. This Subordinated Guarantee embodies the entire undertaking of the Guarantor with
respect to the subject matter hereof and supersedes any prior written or oral agreements and understandings relating to the subject matter hereof. 
  

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 IN WITNESS WHEREOF, the Guarantor has caused this Subordinated Guarantee to be duly executed and
delivered by its officer thereunto duly authorized as an instrument under seal as of the date first above written. 
  

					
	MANULIFE FINANCIAL CORPORATION
			
	By:	 	 	 	 
	 	 	Name:
	 	 	Title:

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