Document:

EX-10.5

 Exhibit 10.5 
 Execution Version 
  

 
  

SENIOR NOTE PURCHASE AGREEMENT 
 Dated as of July 13, 2012 
 among 

PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY, 
 as the Issuer and Fiscal Agent, 
 RGA WORLDWIDE REINSURANCE COMPANY, LTD.,

 as Noteholder, 
 RGA REINSURANCE COMPANY, 
 as Collateral Agent, 

PFASC HOLDINGS, LLC 
 (solely for purposes of Section 5.02 and Article VII of this Agreement) 
 and

 PHILADELPHIA FINANCIAL GROUP, INC. 
 (solely for purposes of Section 5.03, Article VIII and Section 11.05 of this Agreement) 
  

 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
		
	 Definitions
	  	 	1	  
			
	 SECTION 1.01.
	 	 Defined Terms.
	  	 	1	  
	 SECTION 1.02.
	 	 Terms Generally.
	  	 	1	  
	 SECTION 1.03.
	 	 Accounting Terms; GAAP.
	  	 	2	  
	
	ARTICLE II	  
		
	 Noteholder Obligation
	  	 	2	  
			
	 SECTION 2.01.
	 	 Obligation.
	  	 	2	  
	
	ARTICLE III	  
		
	 The Notes
	  	 	2	  
			
	 SECTION 3.01.
	 	 General.
	  	 	2	  
	 SECTION 3.02.
	 	 Forms of Notes.
	  	 	2	  
	 SECTION 3.03.
	 	 Legends.
	  	 	3	  
	 SECTION 3.04.
	 	 Cancellation.
	  	 	4	  
	 SECTION 3.05.
	 	 Exchange of Definitive Notes for Global Notes.
	  	 	5	  
	 SECTION 3.06.
	 	 Scheduled Maturity Date.
	  	 	5	  
	 SECTION 3.07.
	 	 Noteholder Representations, Acknowledgements and Agreements.
	  	 	5	  
	 SECTION 3.08.
	 	 Transfer.
	  	 	5	  
	 SECTION 3.09.
	 	 Registration, Transfer and Exchange.
	  	 	6	  
	 SECTION 3.10.
	 	 Transfer or Exchange of Definitive Notes.
	  	 	7	  
	 SECTION 3.11.
	 	 Fiscal Agent; Other Agents.
	  	 	7	  
	 SECTION 3.12.
	 	 Resignation, Removal and Appointment of Successor.
	  	 	8	  
	 SECTION 3.13.
	 	 Authentication.
	  	 	10	  
	 SECTION 3.14.
	 	 Accounts of the Issuer.
	  	 	11	  
	 SECTION 3.15.
	 	 Payment.
	  	 	12	  
	 SECTION 3.16.
	 	 Interest.
	  	 	12	  
	 SECTION 3.17.
	 	 Principal Repayment.
	  	 	13	  
	 SECTION 3.18.
	 	 Taxes.
	  	 	15	  
	 SECTION 3.19.
	 	 Conditions of Fiscal Agent’s Obligations.
	  	 	16	  
	 SECTION 3.20.
	 	 Meetings and Amendments.
	  	 	18	  
	
	ARTICLE IV	  
		
	 Collateral Agent
	  	 	20	  
			
	 SECTION 4.01.
	 	 Appointment.
	  	 	20	  
	 SECTION 4.02.
	 	 Obligations.
	  	 	20	  
	 SECTION 4.03.
	 	 Agents.
	  	 	21	  
	 SECTION 4.04.
	 	 Resignation, Removal and Appointment of Successor
	  	 	21	  
	 SECTION 4.05.
	 	 Fees and Indemnity.
	  	 	22	  

  
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	ARTICLE V	  
		
	 Representations and Warranties
	  	 	22	  
			
	 SECTION 5.01.
	 	 Issuer’s Representations and Warranties.
	  	 	22	  
	 SECTION 5.02.
	 	 Holding Company’s Representations and Warranties.
	  	 	25	  
	 SECTION 5.03.
	 	 Parent’s Representations and Warranties.
	  	 	27	  
	 SECTION 5.04.
	 	 Fiscal Agent’s Representations and Warranties.
	  	 	28	  
	 SECTION 5.05.
	 	 Collateral Agent’s Representations and Warranties.
	  	 	28	  
	
	ARTICLE VI	  
		
	 Covenants of the Issuer
	  	 	29	  
			
	 SECTION 6.01.
	 	 Compliance with Laws.
	  	 	29	  
	 SECTION 6.02.
	 	 Existence.
	  	 	29	  
	 SECTION 6.03.
	 	 Business of the Issuer.
	  	 	29	  
	 SECTION 6.04.
	 	 Transaction Documents.
	  	 	29	  
	 SECTION 6.05.
	 	 Dividends.
	  	 	29	  
	 SECTION 6.06.
	 	 Investments.
	  	 	30	  
	 SECTION 6.07.
	 	 Liens.
	  	 	30	  
	 SECTION 6.08.
	 	 Issuance of Securities.
	  	 	30	  
	 SECTION 6.09.
	 	 Subsidiaries.
	  	 	30	  
	 SECTION 6.10.
	 	 Indebtedness.
	  	 	30	  
	 SECTION 6.11.
	 	 Books and Records; Inspection Rights.
	  	 	30	  
	 SECTION 6.12.
	 	 Reporting Documents.
	  	 	30	  
	 SECTION 6.13.
	 	 Material Agreements, Expenses or Expenditures.
	  	 	31	  
	 SECTION 6.14.
	 	 Collections.
	  	 	31	  
	 SECTION 6.15.
	 	 Change in Payment Instructions to Obligors.
	  	 	31	  
	 SECTION 6.16.
	 	 Redemption; Recapitalization.
	  	 	31	  
	 SECTION 6.17.
	 	 Constituent Documents.
	  	 	31	  
	 SECTION 6.18.
	 	 Consultation.
	  	 	32	  
	 SECTION 6.19.
	 	 Non-Consolidation.
	  	 	32	  
	 SECTION 6.20.
	 	 Ratings.
	  	 	35	  
	 SECTION 6.21.
	 	 Taxes.
	  	 	35	  
	 SECTION 6.22.
	 	 Security Interest.
	  	 	36	  
	 SECTION 6.23.
	 	 Appointment of Independent Director.
	  	 	36	  
	 SECTION 6.24.
	 	 Insurance.
	  	 	36	  
	
	ARTICLE VII	  
		
	 Covenants of the Holding Company
	  	 	36	  
			
	 SECTION 7.01.
	 	 Compliance with Laws.
	  	 	36	  
	 SECTION 7.02.
	 	 Existence.
	  	 	36	  
	 SECTION 7.03.
	 	 Business Interference.
	  	 	36	  
	 SECTION 7.04.
	 	 Obligations.
	  	 	37	  
	 SECTION 7.05.
	 	 Dividends.
	  	 	37	  
	 SECTION 7.06.
	 	 Issuer Constituent Documents.
	  	 	37	  
	 SECTION 7.07.
	 	 Business of the Holding Company.
	  	 	37	  
	 SECTION 7.08.
	 	 Liens.
	  	 	37	  
	 SECTION 7.09.
	 	 Issuance of Securities.
	  	 	37	  

  
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	 SECTION 7.10.
	 	 Indebtedness.
	  	 	37	  
	 SECTION 7.11.
	 	 Redemption; Recapitalization.
	  	 	37	  
	 SECTION 7.12.
	 	 Constituent Documents.
	  	 	37	  
	 SECTION 7.13.
	 	 Non-Consolidation.
	  	 	38	  
	 SECTION 7.14.
	 	 Taxes.
	  	 	40	  
	 SECTION 7.15.
	 	 Security Interest.
	  	 	40	  
	 SECTION 7.16.
	 	 Appointment of Independent Manager.
	  	 	40	  
	 SECTION 7.17.
	 	 Tax Restructuring.
	  	 	41	  
	
	ARTICLE VIII	  
		
	 Covenants of the Parent
	  	 	41	  
			
	 SECTION 8.01.
	 	 Business Interference.
	  	 	41	  
	 SECTION 8.02.
	 	 Obligations.
	  	 	41	  
	 SECTION 8.03.
	 	 Redemption; Recapitalization.
	  	 	41	  
	 SECTION 8.04.
	 	 Broker-Dealer Services Agreement.
	  	 	41	  
	 SECTION 8.05.
	 	 Dividends.
	  	 	41	  
	 SECTION 8.06.
	 	 Constituent Documents of the Issuer and the Holding Company.
	  	 	41	  
	 SECTION 8.07.
	 	 Collections.
	  	 	42	  
	 SECTION 8.08.
	 	 Tax Restructuring.
	  	 	42	  
	
	ARTICLE IX	  
		
	 Conditions
	  	 	42	  
			
	 SECTION 9.01.
	 	 Conditions Precedent.
	  	 	42	  
	
	ARTICLE X	  
		
	 Events of Default
	  	 	43	  
			
	 SECTION 10.01.
	 	 Events of Default
	  	 	43	  
	 SECTION 10.02.
	 	 Remedies Upon an Event of Default.
	  	 	44	  
	 SECTION 10.03.
	 	 Limitation of Suits.
	  	 	45	  
	 SECTION 10.04.
	 	 Control by Noteholders.
	  	 	46	  
	
	ARTICLE XI	  
		
	 Miscellaneous
	  	 	46	  
			
	 SECTION 11.01.
	 	 Notices.
	  	 	46	  
	 SECTION 11.02.
	 	 Waivers; Amendments.
	  	 	49	  
	 SECTION 11.03.
	 	 Successors and Assigns.
	  	 	49	  
	 SECTION 11.04.
	 	 Indemnity.
	  	 	49	  
	 SECTION 11.05.
	 	 Assignment of Rights.
	  	 	50	  
	 SECTION 11.06.
	 	 Survival.
	  	 	50	  
	 SECTION 11.07.
	 	 Counterparts; Integration; Effectiveness.
	  	 	50	  
	 SECTION 11.08.
	 	 Severability.
	  	 	50	  
	 SECTION 11.09.
	 	 Governing Law; Jurisdiction; Consent to Service of Process.
	  	 	51	  
	 SECTION 11.10.
	 	 WAIVER OF JURY TRIAL.
	  	 	51	  
	 SECTION 11.11.
	 	 Headings.
	  	 	51	  

  
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 SCHEDULES: 
  

			
	Schedule I – Defined Terms
	Schedule II – Initial Noteholders and Original Issuance Amount
	Schedule III – Collection Banks and Collection Accounts
	Schedule IV – Insurance

 EXHIBITS: 
  

			
	Exhibit A – Form of the Notes
	Exhibit B – Amortization Schedule
	Exhibit C – Cash Flow Projections
	Exhibit D – Optional Repayment Schedule
	Exhibit E – Reporting Documents
	Exhibit F – Form of Annual Budget
	Exhibit G-1 – Opinion of McGuireWoods LLP regarding corporate matters, enforceability and security interest matters
	Exhibit G-2 – Opinion of McGuireWoods LLP regarding non-consolidation
	Exhibit H – Transfer Certificate

  
 iv 

 SENIOR NOTE PURCHASE AGREEMENT, dated as of July 13, 2012 (the “Closing
Date”), by and among Philadelphia Financial Administration Services Company (the “Issuer”), RGA Worldwide Reinsurance Company, Ltd., (the “Noteholder” and, together with any other person purchasing the
Notes, the “Noteholders”), Philadelphia Financial Administration Services Company, in its capacity as fiscal agent, (the “Fiscal Agent”), RGA Reinsurance Company (the “Collateral Agent”), PFASC
Holdings, LLC (the “Holding Company”) (solely for purposes of Section 5.02 and Article VII of this Agreement) and Philadelphia Financial Group, Inc. (the “Parent”) (solely for purposes of Section 5.03,
Article VIII and Section 11.05 of this Agreement). 
 W I T N E S S E T H : 

WHEREAS, the Issuer desires financing through the issuance of senior notes on the terms and conditions set forth herein; 

WHEREAS, the Noteholders are willing to acquire the Notes; 
 WHEREAS, the Issuer desires to appoint Philadelphia Financial Administration Services Company as Fiscal Agent hereunder; 
 WHEREAS, Philadelphia Financial Administration Services Company is willing to accept such appointment pursuant to the terms of this Agreement; 

WHEREAS, the Noteholders desire to appoint RGA Reinsurance Company to serve as Collateral Agent hereunder and under the Security
Agreements pursuant to the terms of this Agreement; and 
 WHEREAS, RGA Reinsurance Company is willing to serve as Collateral
Agent hereunder and under the Security Agreements pursuant to the terms of this Agreement, the Security Agreements and the Control Agreements and the Collateral (as defined herein) will be pledged to the Collateral Agent for the benefit of the
Noteholders pursuant to the terms of the Security Agreements and the Control Agreements. 
 NOW THEREFORE, in consideration of
the mutual covenants herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby expressly acknowledged, the parties hereto agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. Certain capitalized terms used herein that are not otherwise defined in the body of this Agreement shall have the meanings set forth in Schedule I hereof. 

SECTION 1.02. Terms Generally. The definitions of terms herein or in Schedule I hereof shall apply equally to the singular and
plural forms of such defined terms. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to
be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such 

  
 1 

 
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words
“herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles,
Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and
effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 
 SECTION 1.03. Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from
time to time; provided that if the Issuer notifies the Noteholders that the Issuer requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on
the operation of such provision (or if the Fiscal Agent notifies the Issuer that it requests an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision shall have been
amended in accordance herewith. 
 ARTICLE II 
 Noteholder Obligation 
 SECTION 2.01. Obligation. The Issuer hereby
agrees to sell to the Noteholders, and each Noteholder, upon the basis of the representations and warranties contained herein, but subject to the conditions hereinafter stated in Section 9.01, agrees, severally and not jointly, to purchase from
the Issuer the respective principal amount of Notes set forth in Schedule II hereto opposite its name. Payment for the Notes shall be made to the Issuer in funds immediately available in New York City against delivery of such Notes for the
respective accounts of the Noteholders at 10:00 a.m., New York City time, on the Closing Date. All proceeds of the Notes shall be used to pay the purchase price under the Master Transaction Agreement. 

ARTICLE III 

The Notes 

SECTION 3.01. General. This Agreement is made in respect of the senior notes issued by the Issuer on the Closing Date in the
aggregate original principal amount of $100,000,000 (the “Notes”). To the extent not provided for herein, payments of principal, interest and any other amounts on the Notes shall constitute direct obligations of the Issuer.

 SECTION 3.02. Forms of Notes. 
 (a) The Notes will be initially represented in definitive form registered in the name of the individual Noteholders or their nominees (“Definitive Notes”) and, solely under the
circumstances set forth in Section 3.05 below, may be exchangeable for registered notes in global form (“Global Notes”), with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by, and not inconsistent with, this Agreement. 

  
 2 

 (b) The Notes shall be executed by manual or electronic (including by
facsimile or in .pdf form) signature on behalf of the Issuer by any one Responsible Officer and if such officer shall have ceased, for any reason, to hold such office prior to the authentication and delivery of such Notes or did not hold such office
on the date upon which the Issuer issued any such Note, the Notes shall nevertheless be valid. The Notes shall be substantially in the form attached as Exhibit A hereto and (i) may also have such additional provisions, insertions, omissions,
variations or substitutions as are not inconsistent with the provisions of this Agreement, and (ii) may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply
with this Agreement, any law or with any rules made pursuant thereto or with the rules of any securities exchange, insurance regulatory or other governmental agency or depositary therefor or as may, consistently herewith, be determined by the
Responsible Officer executing such Notes, in each case as conclusively evidenced by such Responsible Officer’s execution of such Notes. Each Note shall be dated the date of its authentication by the Fiscal Agent. The Issuer shall notify the
Fiscal Agent and the Collateral Agent immediately following any payment by the Issuer of principal on the Notes. The Collateral Agent shall notify the Noteholders and shall record in the schedule to each such Note (i) the Note Outstanding
Amount on the Closing Date and (ii) in the event the Collateral Agent accepts the validity of the amount of any payment by the Issuer of principal on such Note, any reductions in the Note Outstanding Amount made in accordance with this
Agreement. 
 SECTION 3.03. Legends. 

(a) This Section 3.03 shall apply to all Definitive Notes. 

(b) The Issuer shall execute and the Fiscal Agent shall, in accordance with this Article III, authenticate and deliver one
or more Definitive Notes, which (i) shall be delivered to the Noteholders and (ii) shall bear legends substantially to the following effect: 
 THIS NOTE WILL BE OFFERED AND SOLD FOR INVESTMENT ONLY PURSUANT TO ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”)
IN COMPLIANCE WITH THE APPLICABLE SECURITIES LAWS OF THE STATES AND OTHER JURISDICTIONS WHERE THE OFFERING WILL BE MADE. THERE IS NO OBLIGATION ON THE PART OF ANY PERSON TO REGISTER THIS NOTE UNDER THE SECURITIES ACT OR UNDER THE SECURITIES LAWS OF
ANY STATE. 
 THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT, AND HAS NOT BEEN APPROVED OR
DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE. THIS NOTE HAS BEEN OFFERED AND SOLD PRIVATELY. IN ADDITION, THE ISSUER HEREOF HAS NOT BEEN AND WILL NOT BE REGISTERED AS AN INVESTMENT COMPANY
UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE “INVESTMENT COMPANY ACT”). 
 THE NOTEHOLDER ACKNOWLEDGES
THAT THIS SECURITY IS A “RESTRICTED SECURITY” THAT HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT AND AGREES FOR THE BENEFIT OF THE ISSUER AND ITS AFFILIATES THAT THIS SECURITY MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT TO A PERSON WHO IS AN “ACCREDITED INVESTOR” (AS DEFINED IN RULE 144 UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF PERSONS WHO ARE ACCREDITED INVESTORS IN A TRANSACTION MEETING THE REQUIREMENTS OF
RULE 144 (AN “ACCREDITED 

  
 3 

 
INVESTOR”), AND ONLY IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE UNITED STATES, ANY STATE OF THE UNITED STATES AND ANY OTHER APPLICABLE JURISDICTION. PROSPECTIVE PURCHASERS AND
SUBSEQUENT TRANSFEREES OF THIS NOTE WILL BE DEEMED TO HAVE REPRESENTED AND/OR AGREED TO CERTAIN REPRESENTATIONS AND AGREEMENTS AS SET FORTH IN THE SENIOR NOTE PURCHASE AGREEMENT BY AND AMONG PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY, AS
THE ISSUER, RGA WORLDWIDE REINSURANCE COMPANY, LTD., AS NOTEHOLDER, PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY, AS FISCAL AGENT, RGA REINSURANCE COMPANY, AS COLLATERAL AGENT, PFASC HOLDINGS, LLC (SOLELY FOR THE PURPOSES OF SECTION 5.02
AND ARTICLE VII SET FORTH THEREIN) AND PHILADELPHIA FINANCIAL GROUP, INC. (SOLELY FOR THE PURPOSES OF SECTION 5.03, ARTICLE VIII AND SECTION 11.05 SET FORTH THEREIN), DATED AS OF JULY 13, 2012. 

THE ISSUER SHALL NOT REGISTER OR ACKNOWLEDGE ANY PURPORTED TRANSFER TO A NOTEHOLDER THAT WAS NOT AN ACCREDITED INVESTOR AT THE TIME OF
SUCH PURPORTED TRANSFER. THIS NOTE WILL NOT BE ACCEPTED FOR REGISTRATION OF TRANSFER EXCEPT UPON PRESENTATION BY THE TRANSFEREE OF A TRANSFER CERTIFICATE SUBSTANTIALLY IN THE FORM OF EXHIBIT H TO THE SENIOR NOTE PURCHASE AGREEMENT TO THE TRANSFER
AGENT AND THE ISSUER CERTIFYING THAT THE TRANSFEREE IS AN ACCREDITED INVESTOR AND THE RESTRICTIONS ON TRANSFER SET FORTH IN THE SENIOR NOTE PURCHASE AGREEMENT HAVE BEEN COMPLIED WITH. THE ISSUER SHALL BE ENTITLED TO RELY ON SUCH CERTIFICATE IN
DETERMINING THAT THE TRANSFEREE IS AN ACCREDITED INVESTOR AT THE TIME OF THE TRANSFER, WITHOUT FURTHER INVESTIGATION. 

NOTWITHSTANDING THE FOREGOING, THIS NOTE MAY IN ANY CASE BE TRANSFERRED TO RGA OR AN AFFILIATE OF RGA IN COMPLIANCE WITH APPLICABLE
SECURITIES LAWS WITHOUT BEING SUBJECT TO ANY SUCH TRANSFER RESTRICTIONS SET FORTH IN THIS NOTE OR IN THE SENIOR NOTE PURCHASE AGREEMENT (IT BEING ACKNOWLEDGED THAT ANY SUBSEQUENT TRANSFER TO A PARTY OTHER THAN RGA OR AN AFFILIATE OF RGA SHALL BE
SUBJECT TO THE TRANSFER RESTRICTIONS SET FORTH IN THIS NOTE AND IN THE SENIOR NOTE PURCHASE AGREEMENT). 
 EACH NOTEHOLDER IS
DEEMED TO REPRESENT AND WARRANT THAT (1) AT THE TIME IT ACQUIRES THIS NOTE, IT IS AN ACCREDITED INVESTOR AND (2) IT WILL NOT SELL, PLEDGE OR OTHERWISE TRANSFER THIS NOTE EXCEPT TO AN ENTITY THAT IS AN ACCREDITED INVESTOR IN A TRANSACTION
THAT IS NOT SUBJECT TO THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, THE INVESTMENT COMPANY ACT OR ANY SECURITIES LAWS OF ANY JURISDICTION. 
 SECTION 3.04. Cancellation. All Notes delivered to the Fiscal Agent (or any other agent appointed by the Issuer pursuant to Section 3.11(b) hereof) for payment, redemption or registration of
transfer or exchange as provided in this Agreement or the Notes shall be marked “cancelled” and, if not already in the possession of the Fiscal Agent, forwarded to the Fiscal Agent. All such Notes shall be disposed of in accordance with
the Fiscal Agent’s standard procedures by the Fiscal Agent, which if requested by the Issuer shall thereupon furnish certificates of such disposition to the Issuer. 

  
 4 

 SECTION 3.05. Exchange of Definitive Notes for Global Notes. At the direction of the
Required Noteholders, the Fiscal Agent shall exchange all Definitive Notes for Global Notes registered in the name of The Depository Trust Company or such other clearinghouse as selected by the Required Noteholders (the “Clearing
Agency”). The Fiscal Agent shall make all appropriate and necessary arrangements and/or modifications with respect to this Agreement and the Notes which are required by the Clearing Agency for such exchange. Notwithstanding any other
provisions of this Agreement or the Notes, a Definitive Note shall not be exchanged for a Global Note unless the Clearing Agency has notified the Issuer or Fiscal Agent that the Clearing Agency is willing and able to serve as depositary for such
Global Note. Each Definitive Note shall be exchanged in whole and not in part. No service fees or other costs incurred by the Issuer shall be required to be reimbursed by the Noteholders for any registration of transfer or exchange, except that the
Issuer may require payment by the Noteholders (pro rata among the Noteholders) of a sum sufficient to cover any transfer tax or other governmental charge payable in connection with any registration of transfer or exchange. 

SECTION 3.06. Scheduled Maturity Date. The scheduled maturity date of the Notes shall be July 13, 2022 (the
“Scheduled Maturity Date”). 
 SECTION 3.07. Noteholder Representations, Acknowledgements and
Agreements. Each Noteholder, by its acceptance of a Note, shall be deemed to have represented, acknowledged and/or agreed to the following: 
 (a) It is an Accredited Investor. 
 (b) The Notes are
“restricted securities” that have not been registered under the Securities Act. It is deemed to agree for the benefit of the Issuer that (i) the Notes may not be offered, sold, pledged or otherwise transferred except to a Person whom
the seller reasonably believes is an Accredited Investor, in a transaction that is not subject to the registration requirements of the Securities Act or the Investment Company Act and (ii) the Fiscal Agent shall not be obligated or requested to
register or acknowledge any purported transfer to a Noteholder, as applicable, that was not an Accredited Investor at the time of such purported transfer. 
 (c) Any transfer of any interest in the Notes must be made in accordance with applicable securities law. 
 SECTION 3.08. Transfer. Any transfer of the Notes shall be subject to the terms of this Agreement (including this Section 3.08). In addition to the other restrictions set forth in this
Agreement, in the event that any Noteholder, as applicable, shall sell or otherwise transfer the Notes or any part thereof to any Person (other than the Issuer), the following provisions shall apply: 

(a) From and after the effective date of the transfer, such transferee Noteholder has the rights and obligations of the
transferring Noteholder under this Agreement, and the transferring Noteholder shall, to the extent of the interest so transferred, be released from its obligations, and not be entitled to its rights, under this Agreement related to the Note
Outstanding Amount so transferred (provided that such transfer shall not waive or otherwise affect any claim that the Issuer may have against the transferring Noteholder arising out of any act or omission of the transferring Noteholder that occurred
prior to the transfer). 
 (b) In the event any Noteholder transfers, disposes, sells or hypothecates a portion
of the Notes, such Noteholder may require the Issuer to issue a replacement note (the “Replacement Note”) to such Noteholder or transferee, as applicable, with a principal amount equal to the portion of the Notes transferred,
disposed, sold or hypothecated by the Noteholder and such Replacement Note shall be identical to the Notes except that such Replacement Note shall have a different principal amount and first Scheduled Payment Date. 

  
 5 

 (c) The Issuer will deliver executed or true and correct copies of each
amendment, waiver or consent to each holder of the Outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of the Notes. 

(d) In addition to the other requirements herein, the Transfer Agent and/or Issuer may request such additional documents
and certifications as it may reasonably deem necessary in order to verify that a transfer of Notes is exempt from or not subject to registration under the Securities Act and other applicable securities laws and would not require the Issuer to
register under the Investment Company Act. Either the Issuer or the Transfer Agent may deny any transfer of Notes if it reasonably determines that such transfer is subject to but not registered or exempt from registration under applicable securities
laws or would require the Issuer to register under the Investment Company Act. 
 (e) The Issuer shall be
entitled to require any Noteholder that is determined not to have been an Accredited Investor at the time of acquisition of such Note to sell such Note (within thirty (30) days after notice of the sale requirement is given) to a person that is
an Accredited Investor in a transaction meeting the requirements of an exemption to the Securities Act. If such Noteholder fails to effect the sale within such 30-day period, the Issuer may cause its Note to be transferred in a commercially
reasonable sale (conducted in accordance with Section 9-610, 9-611 and 9-627 of the Uniform Commercial Code (the “UCC”) as applied to securities that are sold on a recognized market) to a person that certifies to the Transfer
Agent and the Issuer that such Person is an Accredited Investor, together with the other acknowledgments, representations and agreements made or deemed to be made by the Noteholders as required herein. 

Notwithstanding anything herein to the contrary, in the event that any Noteholder transfers any Note to RGA or an Affiliate of RGA in
compliance with applicable securities laws, such transfer shall not be subject to any transfer restrictions set forth in any such Note or in this Agreement, including any restrictions set forth in this Section 3.08; provided, that
promptly following any such transfer to RGA or an Affiliate of RGA, a Responsible Officer of the transferring Noteholder shall provide to the Issuer a notice certifying that such transfer complied with all applicable securities laws. 

SECTION 3.09. Registration, Transfer and Exchange. 
 (a) Subject to this Section 3.09(a), upon presentation for transfer or exchange of any Notes at the office of any Transfer Agent accompanied by a written instrument of transfer or exchange in the
form approved by the Issuer (it being understood that, until notice to the contrary is given to the Noteholders and the Fiscal Agent, the Issuer shall be deemed to have approved the form of instrument of transfer or exchange, if any, attached to the
Notes), executed by the related Noteholder, in person or by such Noteholder’s attorney thereunto duly authorized in writing, the Notes shall be transferred in accordance with this Agreement. 

(b) Any notice required to be sent by the Issuer to any Noteholder pursuant to this Agreement may be sent by the Issuer to the Fiscal
Agent (if other than the Issuer) and the Collateral Agent with a request that the Fiscal Agent and the Collateral Agent deliver such notice to the Noteholders, who shall deliver such notice to the relevant Noteholders in accordance with such notice;
provided that such request is made, and such notice is delivered to the Fiscal Agent (if other than the Issuer) and the Collateral Agent, in a timely manner and, in no event later than five (5) Business Days prior to the date that such
notice is required to be given to the Noteholder. 
 (c) No transfer shall be effected under this Agreement or the Notes until,
and any transferee of a Note from a Noteholder shall succeed to the rights of such Noteholder only upon, registration of the transfer by the Fiscal Agent in the Register. 

  
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 SECTION 3.10. Transfer or Exchange of Definitive Notes. 

(a) If a Noteholder wishes at any time to transfer or exchange a Definitive Note, such transfer or exchange (other than an exchange of
Definitive Notes for Global Notes pursuant to Section 3.05) may be effected only in accordance with the provisions of this Section 3.10(a). Upon the receipt by the Transfer Agent at its Corporate Office in the City of Philadelphia,
Pennsylvania, of the Note accompanied by a written and executed instrument of transfer as provided in Section 3.09(a), the Fiscal Agent shall register the transfer or exchange of such Note and, if applicable, exchange such Note for an equal
principal amount of another Note, which replacement note shall contain the terms as specified in this Agreement. 
 (b) To
permit registrations of transfers and exchanges, the Issuer at the Fiscal Agent’s or any Transfer Agent’s request shall execute and the Fiscal Agent (or an authenticating agent appointed pursuant to Section 3.13(b)) shall authenticate
and deliver one or more Notes. Such Notes shall be deemed Replacement Notes. No service fees or other costs incurred by the Issuer shall be required to be reimbursed by the Noteholders for any registration of transfer or exchange, except that the
Issuer may require payment by the Noteholders (pro rata among the Noteholders) of a sum sufficient to cover any transfer tax or other governmental charge payable in connection with any registration of transfer or exchange. 

(c) All Notes issued upon any registration of transfer or exchange of any Note shall be the valid obligations of the Issuer, subject to
the conditions contained in the Note, evidencing the same debt, and the applicable provisions of this Agreement shall apply equally thereto, as the Note surrendered upon such registration of transfer or exchange. 

(d) Any Transfer Agent appointed pursuant to Section 3.11(b) hereof shall provide to the Fiscal Agent such information with respect
to the registration of transfer or exchange of any Notes as the Fiscal Agent may reasonably require in connection with the delivery by such Transfer Agent of such Notes upon their transfer or exchange. 

(e) Upon the transfer, exchange or replacement of Notes not bearing any legend, the Notes so issued shall not bear any legend. Upon the
transfer, exchange or replacement of any Notes bearing a legend, the Notes so issued shall bear such legend, unless there is delivered to the Issuer such reasonably satisfactory evidence, which may include an opinion of independent counsel, as may
be reasonably required by the Issuer that neither the legend nor the related restrictions on transfer set forth therein are required to ensure that transfers thereof comply with the Securities Act. Upon provision of such satisfactory evidence to the
Issuer, the Fiscal Agent, at the direction of the Issuer, shall authenticate and deliver Notes that do not bear any legend or may remove the legend, as the case may be. 
 SECTION 3.11. Fiscal Agent; Other Agents. 
 (a) The
Issuer hereby appoints Philadelphia Financial Administration Services Company, acting through its corporate office at 1650 Market Street, 54th Floor, Philadelphia, PA 19103 (together with the corporate office of any successor or successors of the Fiscal Agent
as may be qualified 

  
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and appointed from time to time in accordance with Section 3.12(c) hereof, (the “Corporate Office”), as fiscal agent of the Issuer in respect of the Notes upon the terms and
subject to the conditions herein set forth, and Philadelphia Financial Administration Services Company hereby accepts such appointment upon such terms and conditions. Philadelphia Financial Administration Services Company, and any successor or
successors of such fiscal agent qualified and appointed in accordance with Section 3.12(c) hereof, are herein called the “Fiscal Agent”. The Fiscal Agent shall have the powers and authority granted to and conferred upon it
under this Agreement and the Notes and such further powers and authority to act on behalf of the Issuer as may be mutually agreed upon in writing by the Issuer and the Fiscal Agent. The Fiscal Agent shall keep a copy of this Agreement available for
inspection during normal business hours at its Corporate Office. The Fiscal Agent shall also act as Transfer Agent. All of the terms and provisions with respect to such powers and authority contained in the Notes are subject to and governed by the
terms and provisions hereof. 
 (b) The Issuer or the Required Noteholders may, at their discretion, appoint one or more agents
(a “Paying Agent” or “Paying Agents”) for the payment, to the extent permitted in accordance with the Notes, of the principal of, any interest on and any other amounts owing under the Notes, and one or more agents
(a “Transfer Agent” or “Transfer Agents”) for the registration of transfer or exchange of the Notes, at such place or places as the Issuer may determine; provided, however, that the Issuer shall at all
times maintain a Paying Agent and Transfer Agent at corporate offices that are located in the United States; provided, further that upon the action of the Required Noteholders to appoint a Paying Agent or a Transfer Agent, the Issuer
may no longer appoint such agents. 
 (c) The Issuer hereby initially appoints the Fiscal Agent, at its Corporate Office, as
principal Paying Agent, Transfer Agent, authenticating agent and note registrar, and the Fiscal Agent hereby accepts such appointment. 
 (d) The Issuer shall promptly notify the Fiscal Agent of the name and address of any other Paying Agent or Transfer Agent appointed by it, and will notify the Fiscal Agent of the resignation or
termination of any such Paying Agent or Transfer Agent. Subject to the provisions of Section 3.12 hereof, the Issuer may vary or terminate the appointment of any such Paying Agent or Transfer Agent at any time and from time to time upon giving
not less than sixty (60) days’ notice to such Paying Agent or Transfer Agent, as the case may be, and to the Fiscal Agent. The Issuer shall cause notice of any resignation, termination or appointment of any Paying Agent or Transfer Agent
and of any change in the office through which any such Person will act to be provided to the Noteholders. 
 (e) The Fiscal
Agent, acting solely for this purpose as an agent of the Issuer, shall maintain at the Fiscal Agent’s office the names and addresses of the Noteholders, including Noteholders who acquire a Note via transfer, and the principal amounts of the
Notes registered in the names of each Noteholder (the “Register”). The entries in the Register shall be conclusive as to the identity of the Noteholders, and the Issuer, the Fiscal Agent and the Noteholders may treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Noteholder hereunder for all purposes of this Agreement, notwithstanding any notice to the contrary. Transfers of Notes pursuant to Section 3.09 of this Agreement shall
not be effective until recorded in the Register. The Register shall be available for inspection by the Issuer or any Noteholder at any reasonable time and from time to time upon reasonable prior notice. 

SECTION 3.12. Resignation, Removal and Appointment of Successor. 

(a) The Issuer agrees, for the benefit of the Noteholders from time to time, that there shall at all times be a Fiscal Agent hereunder,
and if the Fiscal Agent is an entity other than Philadelphia Financial Administration Services Company or an Affiliate thereof, such entity shall be a 

  
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bank or trust company organized and doing business under the laws of the United States or a State thereof, in good standing and having, either itself or through an Affiliate, an established place
of business in the City of New York, and authorized under such laws to exercise corporate trust powers, until all the Notes authenticated and delivered hereunder (i) shall have been delivered to the Fiscal Agent for cancellation or
(ii) have become payable and monies sufficient to pay the full principal of and any interest or any other amounts remaining unpaid on the Notes shall have been made available for payment and either paid or returned to the Noteholders as
provided herein and in such Notes. 
 (b) Resignation and Removal. The Fiscal Agent may at any time resign by giving
written notice to the Issuer of such intention on its part, specifying the date on which its desired resignation shall become effective, provided that such date shall not be less than sixty (60) days from the date on which such notice is given,
unless the Issuer agrees to accept shorter notice. The Fiscal Agent hereunder may be replaced, removed or terminated at any time by the filing with it of an instrument in writing signed on behalf of the Issuer or the Required Noteholders and
specifying such replacement, removal or termination and the date when it shall become effective; provided, however that upon the action of the Required Noteholders to replace, remove or terminate a Fiscal Agent, the Issuer may no
longer replace, remove or terminate such agents. Notwithstanding the dates of effectiveness of resignation, replacement, removal or termination, as the case may be, to be specified in accordance with the preceding sentences, such resignation,
replacement, removal or termination shall take effect only upon the appointment by the Issuer, as hereinafter provided, of a successor Fiscal Agent, with such appointment approved by the Required Noteholders (unless the successor Fiscal Agent is an
Affiliate of Philadelphia Financial Administration Services Company). Upon its resignation, replacement, removal or termination the Fiscal Agent shall be entitled to payment by the Issuer pursuant to Section 3.19(a) hereof of compensation for
services rendered and to reimbursement of reasonable out-of-pocket expenses incurred hereunder. If no successor Fiscal Agent shall have been so appointed and have accepted appointment within sixty (60) days after the mailing of such notice of
resignation or the filing with the Fiscal Agent of such instrument of replacement, removal or termination, the resigning Fiscal Agent may petition any court of competent jurisdiction for the appointment of a successor Fiscal Agent with respect to
the Notes, or any Noteholder who has been a bona fide holder of a Note or Notes for at least six (6) months may on behalf of itself and all others similarly situated, petition any such court for the appointment of a successor Fiscal Agent. Such
court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor Fiscal Agent. 
 (c)
Successors. In case at any time the Fiscal Agent (or any Paying Agent if such Paying Agent is the only Paying Agent located in a place where, by the terms of the Notes or this Agreement, the Issuer is required to maintain a Paying Agent)
shall resign, or shall be replaced, removed or terminated, or shall become incapable of acting, or shall be adjudged bankrupt or insolvent, or shall file a voluntary petition in bankruptcy or make an assignment for the benefit of its creditors or
consent to the appointment of a receiver of all or any substantial part of its property, or shall admit in writing its inability to pay or meet its debts as they severally mature, or if a receiver of it or of all or any substantial part of its
property shall be appointed, or if an order of any court shall be entered approving any petition filed by or against it under the provisions of applicable receivership, bankruptcy, insolvency or other similar legislation, or if any public officer
shall take charge or control of it or of its property or affairs, for the purpose of rehabilitation, conservation or liquidation, a successor Fiscal Agent or Paying Agent, as the case may be, qualified as aforesaid, shall be appointed by the Issuer
or the Required Noteholders by an instrument in writing, filed with the successor Fiscal Agent or Paying Agent, as the case may be, and the predecessor Fiscal Agent or Paying Agent, as the case may be; provided, however that upon the
action of the Required Noteholders to appoint a successor Fiscal Agent or Paying Agent, the Issuer may no longer appoint such successor agents. Upon the appointment as aforesaid of a successor Fiscal Agent or Paying Agent, as the case may be, and
acceptance by such successor of such appointment, the Fiscal Agent or Paying Agent, as the case may be, so succeeded shall cease to be Fiscal Agent or Paying Agent, as the 

  
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case may be, hereunder. If no successor Fiscal Agent or other Paying Agent, as the case may be, shall have been so appointed by the Issuer and shall have accepted appointment as hereinafter
provided within forty-five (45) days after such resignation, replacement, removal, termination or disqualification, and, in the case of such other Paying Agent, if such other Paying Agent is the only Paying Agent located in a place where, by
the terms of the Notes or this Agreement, the Issuer is required to maintain a Paying Agent, then the Noteholders who have been bona fide Noteholders for at least six (6) months (which Note, in the case of such other Paying Agent, is referred
to in this sentence), on behalf of itself and all others similarly situated, or the Fiscal Agent, may petition any court of competent jurisdiction for the appointment of a successor Fiscal Agent or Paying Agent, as the case may be. The Issuer shall
give prompt written notice to each other Paying Agent of the appointment of a successor Fiscal Agent. 
 (d)
Acknowledgement. Any successor Fiscal Agent appointed hereunder shall execute, acknowledge and deliver to its predecessor and to the Issuer an instrument accepting such appointment hereunder, and thereupon such successor Fiscal Agent, without
any further act, deed or conveyance, shall become vested with all the authority, rights, powers, trusts, immunities, duties and obligations of such predecessor with like effect as if originally named as Fiscal Agent hereunder and all provisions
hereof shall be binding on such successor Fiscal Agent, and such predecessor, upon payment of its compensation and reimbursement of its disbursements then unpaid, shall thereupon become obligated to transfer, deliver and pay over, and such successor
Fiscal Agent shall be entitled to receive, all monies, securities, books, records or other property on deposit with or held by such predecessor as Fiscal Agent hereunder. 
 (e) Merger, Consolidation, etc. If at any time the Fiscal Agent is an entity other than Philadelphia Financial Administration Services Company or an Affiliate thereof, then any bank or trust
company into which the Fiscal Agent may be merged, or any bank or trust company resulting from any merger or consolidation to which the Fiscal Agent shall be a party, or any bank or trust company to which the Fiscal Agent shall sell or otherwise
transfer all or substantially all the corporate trust business of the Fiscal Agent, provided that it shall be qualified as aforesaid, shall be the successor Fiscal Agent under this Agreement without the execution or filing of any paper or any
further act on the part of any of the parties hereto. 
 SECTION 3.13. Authentication. 

(a) The Fiscal Agent is authorized, upon receipt of Notes executed on behalf of the Issuer for the purposes of the original issuance of
Notes, to authenticate said Notes in an aggregate principal amount not in excess of $100,000,000 (unless otherwise agreed by the Required Noteholders by a notice to the Fiscal Agent), and to deliver said Notes in accordance with the written order or
orders of the Issuer signed on its behalf by a Responsible Officer. The signatures of Responsible Officers on behalf of the Issuer may be manual or electronic (including by facsimile or in .pdf form) signatures of individuals and Notes bearing the
manual or facsimile signatures of individuals who were authorized to execute or authenticate such Notes at the time of such signature shall bind such party notwithstanding that such individuals have subsequently ceased to be authorized.
Authentication by the Fiscal Agent shall only be provided by manual signature. All Notes shall be dated the date of their authentication. No Note shall be entitled to any benefit under this Agreement or be valid or obligatory for any purpose, unless
there appears on such Note a certificate of authentication executed by the Fiscal Agent by manual signature, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder and shall bind the Fiscal Agent notwithstanding that the individual whose manual signature appears on such certificate has subsequently ceased to be authorized. Upon payment by the Issuer of any principal, the Fiscal Agent shall
modify the applicable schedule to the Note to reflect such principal amount paid to the Noteholders. 

  
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 (b) The Fiscal Agent may, with the consent of the Issuer, appoint by an instrument or
instruments in writing one or more agents for the authentication of the Notes and, with such consent, vary or terminate any such appointment upon written notice and approve any change in the office through which any authenticating agent acts. The
Issuer (by written notice to the Fiscal Agent, if other than the Issuer, and the authenticating agent whose appointment is to be terminated) may also terminate any such appointment at any time. The Fiscal Agent hereby agrees to solicit written
acceptances from the entities concerned (in form and substance satisfactory to the Issuer) of such appointments. In its acceptance of such appointment, each such authenticating agent shall agree to act as an authenticating agent pursuant to the
terms and conditions of this Agreement. No Note shall be entitled to the benefits of this Agreement or be valid or obligatory for any purpose unless it has been validly executed and authenticated in accordance with this Section 3.13(b).

 SECTION 3.14. Accounts of the Issuer. 
 (a) The Issuer shall at all times maintain the Debt Service Coverage Account and the Working Capital Account. Assets in the Debt Service Coverage Account shall be held in a custody account established
pursuant to the Debt Service Coverage Account Custody Agreement. All funds in the Debt Service Coverage Account and Working Capital Account may be only invested in Permitted Investments. 

(b) On the Closing Date, the Issuer shall have initially deposited in the Debt Service Coverage Account funds in an amount not less than
$1,000,000. On each Scheduled Payment Date and at any other time that payments of principal, interest, fees, costs or other amounts are due under this Agreement or the Notes to the Noteholders, to the extent that payments of Accrued Interest,
principal on the Notes and any such other amounts would cause the aggregate amount of funds in the Working Capital Account to fall below $2,000,000, the Issuer may use funds in the Debt Service Coverage Account to make payments of Accrued Interest,
principal on the Notes and any other fees, costs or other amounts due to the Noteholders under this Agreement or the Notes. On any date on which the balance of the Debt Service Coverage Account exceeds the Debt Service Coverage Account Target
Amount, the Issuer may withdraw from the Debt Service Coverage Account any amounts in excess of the Debt Service Coverage Account Target Amount and deposit such excess in the Working Capital Account. Notwithstanding the foregoing, in making any
withdrawals pursuant to the immediately preceding sentence of this Section 3.14(b), the Issuer may not reduce the balance of the Debt Service Coverage Account below the Debt Service Coverage Account Target Amount. For the avoidance of doubt,
except as set forth in this Section 3.14(b), amounts held in the Debt Service Coverage Account may only be used to pay Accrued Interest, principal on the Notes and any other fees, costs or other amounts are due to the Noteholders under this
Agreement or the Notes, and may not be used by the Issuer for any other purpose. Any funds deposited in the Debt Service Coverage Account (and any investment or interest income on such funds) may only be withdrawn pursuant to the terms of this
Section 3.14(b), the Issuer Security Agreement and the Debt Service Coverage Account Custody Agreement. 
 (c) On the
Closing Date, the Issuer shall have initially deposited in the Working Capital Account funds in an amount not less than $4,000,000. Unless otherwise prohibited pursuant to this Agreement or any of the Transaction Documents, the Issuer may withdraw
funds from the Working Capital Account, including but not limited to, for the purpose of making payments of Accrued Interest, principal on the Notes and any other fees, costs or other amounts due under this Agreement or the Notes to the Noteholders.
Any funds in the Working Capital Account in excess of the Working Capital Account Target Amount shall be applied by the Issuer to fund the Debt Service Coverage Account until the amount held in the Debt Service Coverage Account equals the Debt
Service Coverage Account Target Amount. For this purpose, the Issuer shall calculate and submit to the Collateral Agent Issuer’s calculation of funds in the Working Capital Account that are in excess of the Working Capital Target

  
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Amount on each day that the Issuer receives fees or other compensation from any other party to the Acquisition Transaction Documents or any new deposits, in each case, in an amount greater than
$50,000 (other than those deposits which result from the transfer of funds between the accounts of the Issuer) and the Issuer shall transfer any such excess over the Working Capital Target Amount to the Debt Service Coverage Account on the Business
Day following such calculation. Any funds deposited in the Working Capital Account (and any investment or interest income on such funds) may only be withdrawn in compliance with this Section 3.14(c) and the Issuer Security Agreement.

 SECTION 3.15. Payment. 
 (a) For so long as the Fiscal Agent is acting as a Paying Agent hereunder, the Issuer, shall provide to the Fiscal Agent (if other than the Issuer), in immediately available funds on or prior to 10:00
a.m., New York city time, on each date on which any payments on the Notes are scheduled to be paid, such amount, in U.S. dollars, as is necessary to make such payments, and the Issuer hereby authorizes and directs the Fiscal Agent to make or cause
to be made, from funds so provided to it, payment of the principal of, any Accrued Interest on, and any other amounts due and owing on the Notes in the manner and at the times set forth herein and in the text of said Note; provided, that any
payment of principal of, any Accrued Interest on, and any other amounts due and owing on the Notes may be made by wire transfer to the Noteholder in whose names such Notes are registered at the close of business on the day (whether or not a Business
Day) immediately prior to the date on which such payment is scheduled to be paid on the Register maintained pursuant to Section 3.11(e) hereof. The Issuer shall pay any reasonable administrative costs in connection with making any such
payments. The Fiscal Agent shall arrange directly with any other Paying Agent who may have been appointed by the Issuer pursuant to the provisions of Section 3.11(b) hereof for the payment from funds so paid by the Issuer of any payments on the
Notes, in accordance with the Notes. Notwithstanding the foregoing, the Issuer may provide funds directly to a Paying Agent for the payment of any scheduled payment, in accordance with the Notes, under an agreement with respect to such funds
containing substantially the same terms and conditions set forth in this Section 3.15(a) and in Section 3.19(b) hereof; and the Fiscal Agent shall have no responsibility with respect to any funds so provided by the Issuer to any such
Paying Agent. 
 (b) All payments or prepayments of any Note Outstanding Amount, and all payments of Accrued Interest, or any
other amounts shall be made and applied pro rata across all outstanding Noteholders, based on the Note Outstanding Amount owned by each Noteholder. 
 SECTION 3.16. Interest. The Issuer agrees to pay interest on the Notes in the manner provided in this Agreement and in the Notes. Each interest payment shall be paid on each Scheduled Payment Date
in immediately available funds to each Noteholder entitled thereto as set forth in the Register at the close of business on the day (whether or not a Business Day) immediately prior to the date on which such payment is scheduled to be paid (pro rata
according to the portion of the Note Outstanding Amount held by the relevant Noteholders) in an amount equal to the sum of the following amounts for each day during the relevant day in the relevant Interest Accrual Period: the product of
(i) the Note Outstanding Amount for the relevant day in the relevant Interest Accrual Period, multiplied by (ii) the percentage derived by dividing (A) the sum of (1) the Interest Rate and (2) upon the notification of the
Fiscal Agent, the Required Noteholders or the Collateral Agent to the Issuer of the occurrence of and solely during the continuation of a Default Interest Rate Event, or as provided for in Section 3.17(d)(vii) (with respect to the Optional
Redemption Price not paid on the applicable Optional Redemption Date only), the Default Rate, if any, by (B) 360 (the “Accrued Interest”). The Fiscal Agent agrees to calculate the amount of interest on the Notes in the manner
provided in this Agreement and the Notes. No later than one (1) Business Day prior to the Scheduled Payment Date, the Fiscal Agent shall notify the Issuer (if other than the Fiscal Agent) and the Collateral Agent of the calculation and the
amount of Accrued Interest to be paid on such Scheduled Payment Date. Any unpaid Accrued Interest on the Notes shall also 

  
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be payable together with the payment of principal on the Notes at such times and on such terms as provided in this Agreement for the payment of principal (but only with respect to Accrued
Interest relating to such principal payment). 
 SECTION 3.17. Principal Repayment. 

(a) Scheduled Principal Repayment. On each Scheduled Payment Date, the Issuer shall pay an amount of principal on the Notes equal
to the Original Issuance Amount multiplied by the percentage applicable to such Scheduled Payment Date as set forth in the amortization schedule attached hereto as Exhibit B (such payment, a “Scheduled Principal Repayment”);
provided, however, that the Scheduled Principal Repayment cannot be greater than the Note Outstanding Amount as of such Scheduled Payment Date. 

(b) Extraordinary Revenue. Upon the receipt of Extraordinary Revenue by the Issuer, the Issuer shall, on the
second (2nd) Business Day immediately following
receipt of such Extraordinary Revenue, pay an amount of principal and interest (such amount of principal and interest to be apportioned according to the amount of Extraordinary Revenue) equal to such payment of Extraordinary Revenue (each, an
“Extraordinary Revenue Payment Amount”); provided, however, that such Extraordinary Revenue Payment Amount cannot be greater than the Note Outstanding Amount as of such date. 

(c) Loan-to-Value Event. 

(i) On or immediately prior to
January 31st of each calendar year and within thirty
(30) days of the occurrence of a Material Adverse Event, the Issuer shall submit to the Fiscal Agent (if other than the Issuer) and the Noteholders cash flow projections of the Business substantially in the form of Exhibit C (the “Cash
Flow Projections”). If, pursuant to the Cash Flow Projections, either (i) the Fifteen-Year Loan-to-Value Ratio exceeds seventy-five percent (75%) or (ii) the Loan-to-Value Ratio exceeds ninety percent (90%), then a
loan-to-value event (“Loan-to-Value Event”) shall be deemed to have occurred on the date the Issuer submitted the Cash Flow Projections to the Fiscal Agent (if other than the Issuer) and the Noteholders. Upon the occurrence and
continuation of a Loan-to-Value Event, the Issuer shall be required to make a Supplemental Principal Repayment on the Notes on the fifth (5th) Business Day immediately following the occurrence of such Loan-to-Value Event; provided, however,
that the Supplemental Principal Repayment cannot be greater than the Note Outstanding Amount as of such date. 

(ii) In the event any Noteholder or Collateral Agent (on behalf of any Noteholder) contests the validity of the Cash Flow
Projections, such Noteholder or Collateral Agent, as applicable, shall provide the Issuer and any other Noteholders written notice of such determination (the “Contested Cash Flow Projection”), within ten (10) Business Days of
the Noteholders’ receipt of such Cash Flow Projections. The Issuer, the Collateral Agent and the Noteholders agree to use good faith efforts to resolve any such contest; provided, however, that nothing in this Section 3.17(c)(ii) shall
affect the obligation of the Issuer to pay the Supplemental Principal Repayment initially calculated pursuant to Section 3.17(c)(i). If the Issuer, the Collateral Agent and the Noteholders have not succeeded in negotiating a resolution of the
contest, the Issuer, the Collateral Agent and the Noteholders shall seek assistance in such regard from a public accounting firm, other than any public accounting firm that serves as the independent auditor of the Issuer, the applicable Noteholder
or any of their respective Affiliates (the “Independent Expert”) to resolve the Contested Cash Flow Projection and the amount of the principal repayment, if any, that should have been paid in excess of the amount calculated pursuant
to Section 3.17(c)(i) (such amount, the “Additional Principal Repayment”). The 

  
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Independent Expert shall determine the amount of the Additional Principal Repayment, if any, within twenty (20) calendar days upon receiving notice of such dispute. The determination of the
Independent Expert shall be binding upon the Issuer, the Fiscal Agent and the Noteholders absent manifest error. The fees of the Independent Expert shall be shared equally by the Issuer, on the one hand, and the Noteholders, on the other hand (the
Noteholders share shall in turn be apportioned among the Noteholders pro rata). Following the resolution of such contest pursuant to this Section 3.17(c) or otherwise, the Issuer shall pay principal on the Notes relating to such contested
Loan-to-Value Event in an adjustment amount equal to the Additional Principal Repayment, if any. 
 (d)
Optional Prepayment. 
 (i) On any Scheduled Payment Date following the third
(3rd) anniversary of the Closing Date, the Issuer may
prepay all or any portion of the Note Outstanding Amount at the Optional Redemption Price. In addition to the Optional Redemption Price, on the Optional Redemption Date, the Issuer will pay the Noteholders any Accrued Interest on the principal
subject to redemption. Notwithstanding the foregoing, in the event the Note Outstanding Amount is less than or equal to $10,000,000 and the Issuer wishes to exercise its right to optionally prepay principal pursuant to this Section 3.17(d), the
Issuer shall prepay the entire Note Outstanding Amount. 
 (ii) If less than all of the Notes are to be redeemed
at the option of the Issuer in connection with an optional prepayment pursuant to this Section 3.17(d), the Notes shall be redeemed on a pro rata basis. 
 (iii) The Issuer shall provide to the Fiscal Agent (if other than the Issuer) and the Collateral Agent a written notice of redemption of any Notes pursuant to this Section 3.17(d), not less than
thirty (30) days nor more than seventy-five (75) days prior to the Optional Redemption Date. In case of any redemption at the election of the Issuer of less than all of the Notes such notice shall specify the Note Outstanding Amount of the
Notes to be redeemed. 
 (iv) All notices of redemption shall state (a) the Optional Redemption Date,
(b) the Optional Redemption Price, (c) that, on the Optional Redemption Date, the Optional Redemption Price shall become due and payable upon each such Note or portion thereof to be redeemed, and, if applicable, that interest thereon shall
cease to accrue on and after the Optional Redemption Date, (d) the place or places where each applicable Note is to be surrendered for payment of the Optional Redemption Price together with any unpaid Accrued Interest thereon to the Optional
Redemption Date and (e) the CUSIP number or any other numbers used to identify such Notes. All notices shall be deemed to have been given upon the mailing by first class mail, postage prepaid, of such notices to each Noteholder and the
Collateral Agent entitled thereto at such Noteholder’s registered address as recorded in the Register and the Collateral Agent’s address as specified in Section 11.01 of this Agreement. 

(v) On or prior to any Optional Redemption Date, the Issuer shall deposit, with respect to any Notes called for redemption
pursuant to this Section, with the relevant Paying Agent an amount of money sufficient to pay the Optional Redemption Price of, and (except if the Optional Redemption Date shall be a Scheduled Payment Date, unless otherwise specified in each Note)
any unpaid Accrued Interest to the Optional Redemption Date on all such Notes or portions thereof which are to be redeemed on the Optional Redemption Date. 

  
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 (vi) The Notes to be redeemed shall, on the Optional Redemption Date, become
due and payable at the Optional Redemption Price together with any unpaid Accrued Interest to the Optional Redemption Date on such Notes, and from and after such date (unless the Issuer shall default in the payment of the Optional Redemption Price
and any unpaid Accrued Interest on such Notes to the Optional Redemption Date) such Notes shall cease to bear interest. Upon surrender of any Note for redemption, such Note shall be paid by the Issuer at the Optional Redemption Price, together with
any unpaid Accrued Interest thereon to the Optional Redemption Date. 
 (vii) If any Note called for redemption
shall not be so paid upon surrender of the applicable Note for redemption, the Optional Redemption Price, until paid, shall bear interest from the Optional Redemption Date at the rate specified in such Note plus the Default Rate. Upon surrender of
any Note for partial redemption, the Issuer shall execute and the Fiscal Agent shall authenticate and deliver one or more new Notes of any authorized denomination representing an aggregate principal amount equal to the unredeemed portion of the
applicable Note or Notes. For the avoidance of doubt, if the Issuer shall fail to pay any portion of the Optional Redemption Price called for redemption pursuant to this Section 3.17(d), the Issuer shall be required to provide a new notice
pursuant to Section 3.17(d)(iii) in order to effect the optional prepayment of such amount it failed to pay in accordance with the original notice. 
 SECTION 3.18. Taxes. 
 (a) If Taxes are imposed on any payment by the
Issuer to a Noteholder pursuant to this Agreement and the Issuer is required by law to deduct or withhold any amount of such Taxes from such payment, the Issuer shall make such deduction or withholding, pay the full amount so deducted or
withheld to the relevant Governmental Authority, provide the Noteholder with receipt or other evidence thereof and, in the case of Taxes other than Excluded Taxes, pay to the Noteholder the amount due on the Notes as if any such withholding or
deduction for Taxes was not required. 
 (b) If, due to a change in law, regulation or practice of any relevant tax authority,
the Issuer becomes liable to make deductions or withholdings with respect to amounts payable by it under this Agreement or the Transaction Documents, it shall notify the Fiscal Agent, the Collateral Agent and the Noteholders promptly after it
becomes aware of such liability based on a good faith analysis of the change in law, regulation or practice of the relevant tax authority. 
 (c) The Issuer and each Noteholder shall treat the Notes as debt for U.S. federal and state income tax purposes. 
 (d) Without prejudice to the survival of any other agreement of the Issuer hereunder, the agreements and obligations of the Issuer contained in this Section 3.18 shall survive the termination of the
commitments and the payment in full of the Issuer’s obligations under this Agreement. 
 (e) The Issuer shall timely pay to
the relevant Governmental Authority in accordance with applicable law Other Taxes. 
 (f) The Issuer shall indemnify each
Noteholder, within ten (10) days after demand therefor, for the full amount of any Taxes other than Excluded Taxes (including Taxes other than Excluded Taxes imposed or asserted on or attributable to amounts payable under this Section) payable
or paid by such Noteholder in connection with this Agreement or the Notes or required to be withheld or deducted from a payment to such Noteholder hereunder or under the Notes, and any reasonable expenses arising therefrom or with respect thereto,
whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Noteholder by the Issuer shall be conclusive absent apparent
error. 

  
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 SECTION 3.19. Conditions of Fiscal Agent’s Obligations. The Fiscal Agent accepts
its obligations herein set forth upon the terms and conditions hereof, including the following, to all of which the Issuer agrees and all of which are applicable to the Notes and the Noteholders from time to time thereof: 

(a) Compensation and Indemnity. The Fiscal Agent shall be entitled to such compensation as shall be agreed upon by
the Issuer for all services rendered by it hereunder, and the Issuer agrees promptly to pay such compensation and to reimburse the Fiscal Agent for the reasonable out-of-pocket expenses (including reasonable counsel fees and expenses) incurred by it
in connection with or arising out of its appointment or services hereunder, or the issuance of the Notes. The Issuer also agrees to indemnify the Fiscal Agent for, and to hold it harmless against, any loss, damages, claim, liability or expense,
incurred without negligence or bad faith on their behalf, arising out of or in connection with its acting as Fiscal Agent or acting in its capacity as Transfer Agent hereunder, as well as the reasonable costs and expenses (including the reasonable
fees and expenses of counsel) of defending against any claim of liability in the premises so long as the Fiscal Agent has not acted negligently or in bad faith. Anything in this Agreement to the contrary notwithstanding, in no event shall the Issuer
be liable to the Fiscal Agent for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Issuer has been advised of the likelihood of such loss or damage and
regardless of the form of action. The obligations of the Issuer under this Section 3.19(a) shall survive payment of all the Notes, the resignation or removal of the Fiscal Agent and the termination of this Agreement for any reason. The Fiscal
Agent shall promptly notify the Issuer of any claim for which the Fiscal Agent may seek indemnity. The Issuer shall not be obligated to pay for any settlement of any such claim made without its consent. 

(b) Agency. In acting under this Agreement and in connection with the Notes, the Fiscal Agent is acting solely as
agent of the Issuer. Nothing set forth herein shall be deemed to render the parties as joint venturers or partners. The Fiscal Agent does not assume any responsibility for the correctness of the recitals in this Agreement or in the Notes (except for
the correctness of the statement in its certificate of authentication thereon) and owes no duties, fiduciary or otherwise, to any other Person, and assumes no relationship of agency or trust or any fiduciary obligation for any Noteholder except that
all funds held by the Fiscal Agent for the payment of principal of and any interest on the Notes, to the extent permitted under the Notes, shall be held in trust for Noteholders entitled thereto, as set forth herein and in the Notes;
provided, however, that monies held in respect of the Notes remaining unclaimed at the end of two (2) years after such principal and such interest shall have become payable in accordance with the Notes (whether at the Scheduled
Payment Date or otherwise) and monies sufficient therefor shall have been duly made available for payment shall, together with any interest made available for payment thereon, be repaid to the Issuer. Upon such repayment, the aforesaid trust with
respect to the Notes shall terminate and all liability of the Fiscal Agent and Paying Agents with respect to such funds shall thereupon cease. 
 (c) Advice of Counsel. The Fiscal Agent and any Paying Agent or Transfer Agent appointed by the Issuer pursuant to Section 3.11(b) hereof may consult with their respective counsel or other
counsel satisfactory to them, and the opinion of such counsel shall be full and complete authorization and protection in respect of any action taken or suffered by them hereunder in good faith in reliance thereon. 

  
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 (d) Reliance. The Fiscal Agent and any Paying Agent or Transfer Agent
appointed by the Issuer pursuant to Section 3.11(b) hereof each shall be protected and shall incur no liability for or in respect of any action taken or thing suffered by it in reliance upon any Note, notice, direction, consent, certificate,
affidavit, statement, or other paper or document believed by it, in good faith reliance thereon and in accordance therewith, to be genuine and to have been signed by the proper parties. 

(e) Interest in Notes, etc. The Fiscal Agent, any Paying Agent or Transfer Agent appointed by the Issuer pursuant
to Section 3.11(b) hereof and their respective officers, directors and employees may become the owners of, or acquire any interest in, any Note, with the same rights that they would have if they were not the Fiscal Agent, such other Paying
Agent or Transfer Agent or such Person, and may engage or be interested in any financial or other transaction with, and perform the services for, the Issuer, and may act on, or as depositary, trustee or agent for, any committee or body of
Noteholders or other obligations of the Issuer, as freely as if they were not the Fiscal Agent, such other Paying Agent or Transfer Agent or such Person. 
 (f) Certifications. Whenever in the administration of this Agreement the Fiscal Agent shall deem it desirable that a matter of fact be proved or established prior to taking, suffering or omitting
any action hereunder, the Fiscal Agent (unless other evidence be herein specifically prescribed) may, in the absence of bad faith, willful misconduct or negligence on its part, rely upon a certificate signed by a Responsible Officer and delivered to
the Fiscal Agent as to such matter of fact. 
 (g) No Implied Obligations. Nothing in this Agreement shall
be construed to require the Fiscal Agent, acting in such capacity, to advance or expend its own funds or otherwise incur financial liability in the performance of any of its duties, or in the exercise of its rights and powers hereunder. The
permissive right of the Fiscal Agent to take or refrain from taking any actions enumerated in this Agreement shall not be construed as a duty. The Fiscal Agent, acting in such capacity, may request that the Issuer deliver a certificate setting forth
the names of individuals and/or titles of offices authorized to take specified actions pursuant to this Agreement. The Fiscal Agent, acting in such capacity, shall not be liable for any act, omission to act or sufferance to exist, unless the same
constitutes negligence, willful misconduct or bad faith. The Fiscal Agent, acting in such capacity, shall not be liable for any error of judgment made by it in the performance of its duties hereunder, unless the same constitutes negligence, willful
misconduct or bad faith. The Fiscal Agent, acting in such capacity, shall not be liable for any error of judgment made in good faith unless the Fiscal Agent shall have been negligent in ascertaining the pertinent facts. The Fiscal Agent, acting in
such capacity, shall have no obligation to monitor, or liability in respect of, the registration or exemption therefrom of the Notes under any federal or state securities laws. The Fiscal Agent, acting in such capacity, shall not be obligated to
take any legal action hereunder which might in its judgment involve any expense or liability, unless it shall have been furnished with indemnity satisfactory to it. The Fiscal Agent, acting in such capacity, shall not be liable for any action taken,
suffered or omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Agreement. 
 (h) Force Majeure. The Fiscal Agent, acting in such capacity, and any Paying Agent or Transfer Agent shall not be responsible or liable for any failure or delay in the performance of its
obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage;
epidemics; riots; acts of civil or military authority and governmental action. 
 (i) Limitation of Loss.
Anything in this Agreement to the contrary notwithstanding, in no event shall the Fiscal Agent, acting in such capacity, or any Paying Agent or Transfer Agent be liable for special, indirect, punitive or consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Fiscal Agent and any Paying Agent or Transfer Agent, as the case may be, has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
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 SECTION 3.20. Meetings and Amendments. 

(a) Calling of Meeting, Notice and Quorum. A meeting of Noteholders may be called at any time and from time to time to make, give
or take any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Agreement or the Notes to be made, given or taken by Noteholders or to modify, amend or supplement the terms of the Notes or this
Agreement as hereinafter provided. The Fiscal Agent may at any time call a meeting of Noteholders for any such purpose to be held at such time and at such place as determined by the Required Noteholders. Notice of every meeting of Noteholders,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, not less than thirty (30) nor more than sixty (60) days prior to the date fixed for the meeting;
provided, that, in the case of any meeting to be reconvened after adjournment for lack of a quorum, such notice shall be so given not less than ten (10) nor more than sixty (60) days prior to the date fixed for such meeting. In case
at any time the Issuer or the holders of at least ten percent (10%) in aggregate principal amount of the Note Outstanding Amount shall have requested the Fiscal Agent to call a meeting of the Noteholders for any such purpose, by written request
setting forth in reasonable detail the action proposed to be taken at the meeting, the Fiscal Agent shall call such meeting for such purposes by giving notice thereof. 
 To be entitled to vote at any meeting of Noteholders, a Person shall be a holder of Notes or a Person duly appointed by an instrument in writing as proxy for such Noteholder. The Persons entitled to vote
a majority in aggregate principal amount of the Outstanding Notes shall constitute a quorum. The Fiscal Agent may make such reasonable and customary regulations consistent herewith as it shall deem advisable for any meeting of Noteholders with
respect to the proof of the appointment of proxies in respect of Noteholders, the record date for determining the Persons in whose names such Notes are registered on the Register who are entitled to vote at such meeting (which date shall be
designated by the Fiscal Agent and set forth in the notice calling such meeting herein above referred to and which shall be not less than ten (10) nor more than sixty (60) days prior to such meeting; provided that nothing in this
paragraph shall be construed to render ineffective any action taken by holders of the requisite principal amount of Outstanding Notes on the date such action is taken), the adjournment and chairmanship of such meeting, the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 

(b) Approval. (i) At any meeting of Noteholders duly called and held as specified above, upon the affirmative vote, in person
or by proxy thereunto duly authorized in writing, of the Required Noteholders, or (ii) with the written consent of the Required Noteholders, in each case (i) or (ii) the Issuer and the Fiscal Agent may modify, amend or supplement the
terms of the Notes or this Agreement in any way, and the Noteholders may make, take or give any request, demand, authorization, direction, notice, consent, waiver (including waiver of future compliance or past failure to perform) or other action
provided by this Agreement or the Notes to be made, given or taken by Noteholders; provided, however, that no such action, modification, amendment or supplement, however effected, may, without the consent of each Noteholder affected
thereby, (A) change the Scheduled Payment Date of the principal of or any installment of interest on any Note, (B) reduce the principal amount of any Note or the interest rate thereon, (C) change the currency in which, or the required
place at which, payment with 

  
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respect to interest or principal in respect of the Notes is payable, (D) impair the right of any Noteholder to institute suit for the enforcement of any payment, if such payment is permitted
under the Notes, on or with respect the Notes, (E) reduce the above-stated percentage of the principal amount of Outstanding Notes, the vote or consent of the Required Noteholders of which is necessary to modify, amend or supplement this
Agreement or the terms and conditions of the Notes or to make, take or give any request, demand, authorization, direction, notice, consent, waiver (including waiver of any future compliance or past failure to perform) or other action provided hereby
or thereby to be made, taken or given, (F) reduce the percentage in aggregate principal amount of Outstanding Notes that constitutes the quorum required at any meeting of Noteholders at which a resolution is adopted, (G) amend or modify
the definition of “Outstanding” set forth in Section 3.20(d) of this Agreement or (H) change the restrictions on payment set forth in the Notes in a manner adverse to any Noteholder. 

The Issuer and the Fiscal Agent may, without the vote or consent of any Noteholder, amend this Agreement or the Notes for the purpose of
(1) adding to the covenants of the Issuer for the benefit of the Noteholders, (2) surrendering any right or power conferred upon the Issuer, (3) securing the Notes and (4) modifying the restrictions on, and procedures for, resale
and other transfers of the Notes to the extent required by any change in applicable law or regulation, or the interpretation thereof, or in practices relating to the resale or transfer of restricted notes generally. 

It shall not be necessary for the vote or consent of the Required Noteholders to approve the particular form of any proposed
modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action, but it shall be sufficient if such vote or consent shall approve the substance thereof. 

If any amendment or supplement is to be entered into without the consent of the Required Noteholders, the Fiscal Agent may request and
shall be entitled to receive an opinion of counsel, at the expense of the party requesting such amendment or supplement, to the effect that all conditions contained herein with respect to any amendment or supplement entered into hereunder have been
satisfied or waived and that such amendment or supplement is authorized or permitted by this Agreement. The Fiscal Agent may, but shall not be obligated to, enter into any such amendment or supplement which affects the Fiscal Agent’s own
rights, duties or immunities under this Agreement or otherwise. 
 (c) Binding Nature of Amendments, Notices, Notations,
etc. Any instrument given by or on behalf of any Noteholder in connection with any consent to or vote for any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action shall be
irrevocable once given and shall be conclusive and binding on all subsequent Noteholders or any Note issued directly or indirectly in exchange or substitution therefor or in lieu thereof. Any such modification, amendment, supplement, request,
demand, authorization, direction, notice, consent, waiver or other action taken, made or given in accordance with Section 11.02 hereof shall be conclusive and binding on all Noteholders, whether or not they have given such consent or cast such
vote or were present at any meeting, and whether or not notation of such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action is made upon the Notes. Notice of any modification or
amendment of, supplement to, or request, demand, authorization, direction, notice, consent, waiver or other action with respect to the Notes or this Agreement (other than for purposes of curing any ambiguity or of curing, correcting or supplementing
any defective provision hereof or thereof) shall be given to each Noteholder affected thereby by the Fiscal Agent, in all cases as provided in the Notes; provided, however, that any failure to provide such notice with respect to any
action taken in accordance with this Agreement shall not affect the validity thereof. 
 Notes authenticated and delivered after
the effectiveness of any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action 

  
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may bear a notation in the form approved by the Fiscal Agent and the Issuer as to any matter provided for in such modification, amendment, supplement, request, demand, authorization, direction,
notice, consent, waiver or other action. New Notes modified to conform, in the opinion of the Issuer, to any such modification, amendment, supplement, request, demand, authorization, direction, notice, consent, waiver or other action taken, made or
given in accordance with Section 11.02 hereof may be prepared by the Issuer, authenticated by the Fiscal Agent and delivered in exchange for Outstanding Notes. 
 (d) “Outstanding” Defined. For purposes of the provisions of this Agreement and the Notes, any Note authenticated and delivered pursuant to this Agreement shall, as of any date of
determination, be deemed to be “Outstanding”, except: 
 (i) Notes theretofore cancelled by the
Fiscal Agent or delivered to the Fiscal Agent for cancellation; 
 (ii) Notes, or any portion thereof, which have
or has become payable, to the extent permitted under the Notes, at the Scheduled Payment Date or otherwise, and with respect to which, in each case, monies sufficient to pay the principal thereof and any Accrued Interest shall have been paid;

 (iii) Notes, or any portion thereof, in lieu of or in substitution for which other Notes shall have been
authenticated and delivered pursuant to this Agreement; and 
 (iv) any Notes held by any Affiliate of the
Issuer. 
 ARTICLE IV 
 Collateral Agent 
 SECTION 4.01. Appointment. Each of the
Noteholders hereby irrevocably appoints the Collateral Agent as its agent and authorizes the Collateral Agent to (i) take such actions on its behalf, including execution of those Transaction Documents to which it is a party, upon the direction
of the Required Noteholders, (ii) exercise such powers as are delegated to the Collateral Agent by the terms of those Transaction Documents to which it is a party, together with such actions and powers as are reasonably incidental thereto and
(iii) take or give any request, demand, authorization, direction, notice, consent, waiver (including waiver of future compliance or past failure to perform) or take any other action upon the direction of the Required Noteholders. 

SECTION 4.02. Obligations. The entity serving as the Collateral Agent hereunder shall have the same rights and powers in its
capacity as a Noteholder and may exercise the same as though it were not the Collateral Agent. The Collateral Agent shall not have any duties or obligations except those expressly set forth in those Transaction Documents to which it is a party.
Without limiting the generality of the foregoing, (a) the Collateral Agent shall not be subject to any fiduciary or other implied duties, regardless of whether an Event of Default has occurred and is continuing, (b) the Collateral Agent
shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by those Transaction Documents to which it is a party to which the Collateral Agent is
required to exercise in writing as directed by the Required Noteholders, and (c) except as expressly set forth in those Transaction Documents to which it is a party, the Collateral Agent shall not have any duty to disclose, and shall not be
liable for the failure to disclose, any information relating to the Issuer that is communicated to or obtained by the entity serving as Collateral Agent or any of its Affiliates in any capacity. The Collateral Agent shall not be liable for any
action taken or not taken by it with the consent or at the request of the Required Noteholders or in the 

  
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absence of its own gross negligence or willful misconduct. The Collateral Agent shall be deemed not to have knowledge of any Event of Default unless and until written notice thereof is given to
the Collateral Agent by any Noteholder, and the Collateral Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with those Transaction Documents
to which it is a party, (ii) the contents of any certificate, report or other document delivered hereunder or in connection with those Transaction Documents to which it is a party, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in those Transaction Documents to which it is a party, (iv) the validity, enforceability, effectiveness or genuineness of those Transaction Documents to which it is a party or any
other agreement, instrument or document or (v) the creation, perfection or priority of Liens on the Collateral or the existence of the Collateral. The Collateral Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Collateral Agent also may rely upon any statement made
to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Collateral Agent may consult with legal counsel (who may be counsel for the Noteholders), independent
accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

SECTION 4.03. Agents. The Collateral Agent may perform any and all its duties and exercise its rights and powers by or through any
one or more sub-agents appointed by the Collateral Agent. The Collateral Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the
preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Collateral Agent and any such sub-agent, and shall apply to their respective activities in connection with this Agreement provided for herein as well as
activities as Collateral Agent. 
 SECTION 4.04. Resignation, Removal and Appointment of Successor 

(a) Resignation and Removal. The Collateral Agent may at any time resign by giving written notice to the Issuer and the
Noteholders of such intention on its part, specifying the date on which its desired resignation shall become effective, provided that such date shall not be less than sixty (60) days from the date on which such notice is given, unless the
Required Noteholders agree to accept shorter notice. The Collateral Agent hereunder may be replaced, removed or terminated at any time by the filing with it of an instrument in writing signed on behalf of the Required Noteholders and specifying such
replacement, removal or termination and the date when it shall become effective. Notwithstanding the dates of effectiveness of resignation, replacement, removal or termination, as the case may be, to be specified in accordance with the preceding
sentences, such resignation, replacement, removal or termination shall take effect only upon the appointment by the Required Noteholders, of a successor Collateral Agent. Upon its resignation, replacement, removal or termination the Collateral Agent
shall be entitled to payment by the Issuer pursuant to Section 4.05(a) hereof of compensation for services rendered and to reimbursement of reasonable out-of-pocket expenses incurred hereunder. If no successor Collateral Agent shall have been
so appointed by the Required Noteholders and shall have accepted such appointment within thirty (30) days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral Agent may, on behalf of the Noteholders,
appoint a successor Collateral Agent which shall be a commercial bank or an Affiliate of any such commercial bank. Upon the acceptance of its appointment as Collateral Agent hereunder by a successor, such successor shall succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Collateral Agent, and the retiring Collateral Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Noteholders to a successor Collateral Agent
shall be the same as those payable to its predecessor unless otherwise agreed between the Noteholders and such successor. After the Collateral Agent’s resignation 

  
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hereunder, the provisions of this Article shall continue in effect for the benefit of such retiring Collateral Agent, its sub-agents and their respective
Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Collateral Agent. 

SECTION 4.05. Fees and Indemnity. 
 (a) The Issuer shall pay all out-of-pocket expenses incurred by the Collateral Agent, including the fees, charges and disbursements of any counsel for the Collateral Agent, in connection with the
enforcement, collection or protection of its rights in connection with the Transaction Documents to which it is a party, including its rights under this Section 4.05. 
 (b) The Issuer shall indemnify the Collateral Agent, and each Related Party of the Collateral Agent (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, penalties, incremental taxes, liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee
arising out of, in connection with, or as a result of the execution or delivery of the Transaction Documents to which it is a party or any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective
obligations thereunder or the consummation of the transactions or any other transactions contemplated by the Transaction Documents; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses,
claims, damages, penalties, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee. Anything in this
Agreement to the contrary notwithstanding, in no event shall the Issuer be liable to any Indemnitee for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the
Issuer has been advised of the likelihood of such loss or damage and regardless of the form of action. 
 ARTICLE V

 Representations and Warranties 
 SECTION 5.01. Issuer’s Representations and Warranties. The Issuer represents and warrants to the Noteholders as of the date hereof: 

(a) Organization; Powers. The Issuer is duly organized, validly existing and in good standing (to the extent the
concept applies to the Issuer) under the laws of the State of Delaware and has all requisite power and authority to carry on its business as now conducted (including the Issuer Obligations). The Issuer is qualified to do business in, and is in good
standing in, every jurisdiction where such qualification is required, except as would not reasonably be expected to cause or constitute a Material Adverse Change. Prior to the date hereof, the Issuer has not entered into any transactions or
conducted any business unrelated to this Agreement, the Business or the Acquisition Transaction Documents. 
 (b)
Authorization; Enforceability. The Issuer Obligations are within the Issuer’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. Each of the Transaction Documents to which the
Issuer is a party has been duly executed and delivered by the Issuer and constitutes a legal, valid and binding obligation of the Issuer, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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 (c) Governmental Approvals; No Conflicts. The Issuer Obligations
(i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, other than those that have been obtained, filed or taken, (ii) will not violate the organizational documents of
the Issuer, any applicable law or regulation or any order of any Governmental Authority applicable to the Issuer except, with respect to a violation of any such law, regulation or order, as would not reasonably be expected to cause or constitute a
Material Adverse Change, (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Issuer or its assets, or give rise to a right thereunder to require any payment to be made by the Issuer,
and (iv) will not result in the creation or imposition of any Lien on any asset of the Issuer except pursuant to the Issuer Security Agreement. 
 (d) Licenses; Permits. The Issuer has all requisite licenses and permits to conduct its business except those licenses and permits that will be provided by PFLAC under the PFLAC Services Agreement,
and the use by the Issuer of such licenses and permits provided by PFLAC under the PFLAC Services Agreement will not violate the organizational documents of the Issuer, any applicable law or regulation or any order of any Governmental Authority
applicable to the Issuer except, with respect to a violation of any such law, regulation or order, as would not reasonably be expected to cause or constitute a Material Adverse Change. 

(e) Litigation Matters. There are no actions, suits or proceedings, including tax claims and insolvency
proceedings, by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Issuer, threatened against or affecting the Issuer. 

(f) Compliance with Laws and Agreements. The Issuer is in compliance with all laws, regulations and orders of any
Governmental Authority, including anti-money laundering laws, if any, and securities laws, applicable to it or its property and all indentures, agreements and other instruments binding upon it or its property, except as would not reasonably be
expected to cause or constitute a Material Adverse Change. No Event of Default has occurred and is continuing. 

(g) Securities Act; Investment Company Act. Assuming the representations and warranties of the Noteholders set
forth in the Notes are true and correct in all material respects, (i) the Notes are not required to be registered under the Securities Act and (ii) the Issuer is not required to register as an “investment company” as defined in
the Investment Company Act. 
 (h) Taxes. The Issuer (i) has timely filed or caused to be filed all
Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it and (ii) effective no later than the Closing Date, is not a member of any affiliated group (within the meaning of
Internal Revenue Code section 1504(a)) filing a consolidated federal income tax return. 
 (i) ERISA. The
Issuer does not sponsor and has not sponsored, and does not have and has not had, any obligation to contribute to a Plan. The Issuer does not have, and does not reasonably expect to have, any material liability under Section 412 of the Code,
Section 302 of ERISA or Title IV of ERISA. 
 (j) Disclosure. The Issuer has disclosed to the
Noteholders all material agreements, instruments, regulatory obligations and corporate or other restrictions to which it is subject, and all other material matters actually known to the Issuer relating to the Issuer and its ability to satisfy its
obligations under the Transaction Documents. None of the data, reports or analysis produced by the Issuer or any of its Affiliates and furnished to the Noteholders contained any 

  
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material misstatement of fact or omitted to state any fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading;
provided, that to the extent the Issuer has relied on information provided by Hartford in developing data, reports or analysis, the Issuer represents only that the Issuer (i) does not have actual knowledge that any such information
provided by Hartford is materially false, contains a material misstatement of material fact or omits a material fact and (ii) does not have any reason, in exercising its reasonable discretion in evaluating any such information provided by
Hartford, to believe that any such information is materially false, contains a material misstatement of fact or omits a material fact. For the avoidance of doubt, the Issuer makes no representation with respect to such portion of any data, reports
or analysis provided to the Issuer or any of its Affiliates by Hartford and made available to the Noteholders that has not been modified by the Issuer or any of its Affiliates. 

(k) Pro Forma Balance Sheet. No less than three (3) Business Days prior to the Closing Date, the Issuer has
provided the Noteholders with a pro forma balance sheet reflecting the assets and liabilities of the Issuer as of the date hereof and such pro forma balance sheet fairly reflects in all material respects, the assets and liabilities of the Issuer as
of the date hereof. 
 (l) Cash Flow Projections. No less than five (5) Business
Days prior to the Closing Date, the Issuer has provided the Noteholders with its best estimate of Cash Flow Projections as of May 31st, 2012 and such Cash Flow Projections have been prepared using reasonable assumptions and in a manner consistent with
the methodologies set forth in Exhibit C hereto. 
 (m) Subsidiaries. The Issuer does not have any
subsidiaries. 
 (n) Working Capital Account. (i) The Issuer has established the Working Capital
Account and the balance of the Working Capital Account on the date hereof is equal to at least $4,000,000; and (ii) all assets in the Working Capital Account are invested in Permitted Investments. 

(o) Debt Service Coverage Account. (i) The Issuer has established the Debt Service Coverage Account and the
balance of the Debt Service Coverage Account on the date hereof is equal to at least $1,000,000; and (ii) all assets in the Debt Service Coverage Account are invested in Permitted Investments. 

(p) Collections. The conditions and requirements set forth in Section 6.14 have at all times been satisfied
and duly performed. The names and addresses of all Collection Banks, together with the account numbers of the Collection Accounts of the Issuer at each Collection Bank are listed on Schedule III. The Issuer has not granted any Person,
other than the Collateral Agent as contemplated by the Issuer Security Agreement, dominion and control of any Collection Account, or the right to take dominion and control of any Collection Account at a future time or upon the occurrence of a future
event. 
 (q) Transactions Not Made in Contemplation of Insolvency; Sufficient Capital. The execution and
delivery by the Issuer of the Transaction Documents to which it is a party and the consummation of the transactions contemplated therein are not made (i) in contemplation of the insolvency of the Issuer or any of its Affiliates, (ii) with
the intent to hinder, delay or defraud creditors of the Issuer or any of its Affiliates, (iii) after the commission of any act of insolvency by the Issuer or any of its Affiliates, or (iv) without fair consideration. The Issuer is not
possessed of assets or capital unreasonably small in value in relation to the administration of the Business, and its assets or capital will not be unreasonably small in value after execution and delivery by the Issuer of the Transaction Documents
and the consummation of the transactions contemplated therein on the Closing Date. 

  
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 (r) Good Title; Absence of Liens. Except as may be provided in the
Transaction Documents, and except for those defects in title and Liens that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Change, the Issuer is the owner of, and has good and marketable title to,
all of its assets free and clear of all Liens and has the full power and authority to assign, transfer and pledge its assets (and any documents which are a part thereof), including all such substitutions therefor and additions thereto, delivered
under any Transaction Document. No Liens or other contractual obligations or Debt are chargeable to the Issuer other than those not prohibited by the Transaction Documents. 

(s) Security Interest. The Issuer has granted to the Collateral Agent a valid first priority perfected Lien
(subject to Permitted Liens) on the applicable Collateral pursuant to the Issuer Security Agreement and the Control Agreements. 
 (t) Business of the Issuer. The Issuer has not (i) conducted any business as of the Closing Date, (ii) entered into or incurred any contractual obligations or (iii) subjected itself
to any regulatory requirements, other than, in each case, as contemplated by, or resulting from entering into, the Transaction Documents. 
 (u) Administration. To the best of the Issuer’s knowledge based on commercially reasonable investigation and due diligence prior to the Closing Date, the Issuer owns sufficient and appropriate
assets and employs adequate personnel to administer the Business consistent with prudent industry standards on the Closing Date. 
 (v) Assignability. The Issuer is not aware of any limitation as to the assignability of the Administrative Services Agreement to RGA or any of its Affiliates (other than the requirements set forth
in the Acquisition Transaction Documents and assuming that the Collateral Agent and the Noteholders comply with the terms of the Transaction Documents and applicable law), and the Issuer has not taken or failed to take any action to limit or
preclude any such assignment. 
 (w) Insurance. As of the Closing Date, the Issuer maintains the insurance set forth on
Schedule IV attached hereto. 
 SECTION 5.02. Holding Company’s Representations and Warranties. The Holding Company
represents and warrants to the Noteholders as of the date hereof: 
 (a) Organization; Powers. The Holding
Company is duly organized, validly existing and in good standing (to the extent the concept applies to the Holding Company) under the laws of the State of Delaware and has all requisite power and authority to carry on its business as now conducted.
The Holding Company is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except as would not be reasonably be expected to cause or constitute a Material Adverse Change. Prior to the
date hereof, the Holding Company has not entered into any transactions or conducted any business unrelated to this Agreement or the Transaction Documents. 
 (b) Authorization; Enforceability. The execution, delivery and performance by the Holding Company of the Transaction Documents to which it is a party are within the Holding Company’s corporate
powers and have been duly authorized by all necessary limited liability 

  
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company and, if required, member action. Each of the Transaction Documents to which the Holding Company is a party has been duly executed and delivered by the Holding Company and constitutes a
legal, valid and binding obligation of the Holding Company, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to
general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 (c)
Governmental Approvals; No Conflicts. The execution, delivery and performance by the Holding Company of the Transaction Documents to which it is a party (i) do not require any consent or approval of, registration or filing with, or any
other action by, any Governmental Authority other than those that have been obtained, filed or taken, (ii) will not violate the organizational documents of the Holding Company, any applicable law or regulation or any order of any Governmental
Authority applicable to the Holding Company except, with respect to a violation of any such law, regulation or order, as would not reasonably be expected to cause or constitute a Material Adverse Change, (iii) will not violate or result in a
default under any indenture, agreement or other instrument binding upon the Holding Company or its assets, or give rise to a right thereunder to require any payment to be made by the Holding Company, and (iv) will not result in the creation or
imposition of any Lien on any asset of the Holding Company except pursuant to the Holding Company Security Agreement. 
 (d) Litigation Matters. There are no actions, suits or proceedings, including tax claims and insolvency proceedings, by or before any arbitrator or Governmental Authority pending against or, to the
knowledge of the Holding Company, threatened against or affecting the Holding Company. 
 (e) Compliance with
Laws and Agreements. The Holding Company is in compliance with all laws, regulations and orders of any Governmental Authority, including anti-money laundering laws, if any, and securities laws, applicable to it or its property and all
indentures, agreements and other instruments binding upon it or its property, except, with respect to a violation of any such law, regulation or order, as would not reasonably be expected to cause or constitute a Material Adverse Change. No Event of
Default has occurred and is continuing. 
 (f) Investment Company Act. The Holding Company is not required
to register as an “investment company” as defined in the Investment Company Act. 
 (g) Taxes.
The Holding Company has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it. 

(h) Transactions Not Made in Contemplation of Insolvency; Sufficient Capital. The execution and delivery by the
Holding Company of the Transaction Documents to which it is a party and the consummation of the transactions contemplated therein are not made (i) in contemplation of the insolvency of the Holding Company or any of its Affiliates,
(ii) with the intent to hinder, delay or defraud creditors of the Holding Company or any of its Affiliates, (iii) after the commission of any act of insolvency by the Holding Company or any or its Affiliates, or (iv) without fair
consideration. The Holding Company is not possessed of assets or capital unreasonably small in value in relation to its obligations contemplated by the Transaction Documents, and its assets or capital will not be unreasonably small in value after
execution and delivery by the Holding Company of the Transaction Documents and the consummation of the transactions contemplated therein on the Closing Date 

  
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 (i) Good Title; Absence of Liens. Except as may be provided in the
Transaction Documents, and except for those defects in title and Liens that, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Change, the Holding Company is the owner of, and has good and marketable
title to, all of its assets free and clear of all Liens and has the full power and authority to assign, transfer and pledge its assets (and any documents which are a part thereof), including all such substitutions therefor and additions thereto,
delivered under any Transaction Document. No Liens or other contractual obligations or Debt are chargeable to the Holding Company other than those not prohibited by the Transaction Documents. 

(k) Security Interest. The Holding Company has granted to the Collateral Agent a valid first priority perfected
Lien (subject to Permitted Liens) on the applicable Collateral pursuant to the Holding Company Security Agreement. 
 (j) No Other Business. The Holding Company has engaged in no other business since its inception other than the holding of the shares of the Issuer. The Holding Company has not entered into any
transaction, contract, agreement, instrument or other contractual obligation other than the Transaction Documents to which it is a party. 
 SECTION 5.03. Parent’s Representations and Warranties. The Parent represents and warrants to the Noteholders as of the date hereof: 

(a) Organization; Powers. The Parent is duly organized, validly existing and in good standing (to the extent the
concept applies to the Parent) under the laws of the State of Pennsylvania and has all requisite power and authority to carry on its business as now conducted. The Parent is qualified to do business in, and is in good standing in, every jurisdiction
where such qualification is required, except as would not be reasonably be expected to cause or constitute a Material Adverse Change. 
 (b) Authorization; Enforceability. The execution, delivery and performance by the Parent of the Transaction Documents to which it is a party are within the Parent’s corporate powers and have
been duly authorized by all necessary corporate and, if required, stockholder action. Each of the Transaction Documents to which the Parent is a party has been duly executed and delivered by the Parent and constitutes a legal, valid and binding
obligation of the Parent, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity,
regardless of whether considered in a proceeding in equity or at law. 
 (c) Governmental Approvals; No
Conflicts. The execution, delivery and performance by the Parent of the Transaction Documents to which it is a party (i) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental
Authority other than those that have been obtained, filed or taken, (ii) will not violate the organizational documents of the Parent or any applicable law or regulation or any order of any Governmental Authority applicable to the Parent except,
with respect to a violation of any such law, regulation or order, as would not reasonably be expected to cause or constitute a Material Adverse Change, and (iii) will not violate or result in a default under any indenture, agreement or other
instrument binding upon the Parent, except as would not reasonably be expected to cause or constitute a Material Adverse Change under clause (B)(ii) of the definition thereof. 

(d) Litigation Matters. There are no actions, suits or proceedings, including tax claims and insolvency
proceedings, by or before any arbitrator or Governmental Authority pending against or affecting the Parent that would reasonably be expected to cause or constitute a Material Adverse Change under clause (B)(ii) of the definition thereof. 

(e) Compliance with Laws and Agreements. The Parent is in compliance with all laws, regulations and orders of any
Governmental Authority, including anti-money laundering laws, if any, and securities laws, applicable to it and all indentures, agreements and other instruments binding upon it, except in each case as would not reasonably be expected to cause or
constitute a Material Adverse Change under clause (B)(ii) of the definition thereof. 

  
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 SECTION 5.04. Fiscal Agent’s Representations and Warranties. The Fiscal Agent
represents and warrants to the Issuer as of the date hereof that: 
 (a) Organization; Powers. The Fiscal
Agent is duly organized, validly existing and in good standing (to the extent the concept applies to the Fiscal Agent) under the laws of Delaware and has all requisite power and authority to carry on its business as now conducted. The Fiscal Agent
is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required, except as would not reasonably be expected to cause or constitute a Material Adverse Change. 

(b) Authorization; Enforceability. The execution, delivery and performance by the Fiscal Agent of the Transaction
Documents are within the Fiscal Agent’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. Each of the Transaction Documents to which the Fiscal Agent is a party have been duly
executed and delivered by the Fiscal Agent and constitutes a legal, valid and binding obligation of the Fiscal Agent, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 
 SECTION 5.05. Collateral Agent’s Representations and Warranties. The Collateral Agent represents and warrants to the Issuer as of the date hereof that: 

(a) Organization; Powers. The Collateral Agent is duly organized, validly existing and in good standing (to the
extent the concept applies to the Collateral Agent) under the laws of the State of Missouri, has all requisite power and authority to carry on its business as now conducted, is duly licensed under the laws of the State of Missouri and is qualified
to do business in, and is in good standing in, every jurisdiction where such qualification is required, except as would not be reasonably be expected to cause or constitute a Material Adverse Change. 

(b) Authorization; Enforceability. The execution, delivery and performance by the Collateral Agent of the
Transaction Documents to which it is a party are within the Collateral Agent’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. Each of the Transaction Documents to which the
Collateral Agent is a party have been duly executed and delivered by the Collateral Agent and constitutes a legal, valid and binding obligation of the Collateral Agent, enforceable in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

  
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 ARTICLE VI 
 Covenants of the Issuer 
 SECTION 6.01. Compliance with Laws. The
Issuer shall comply in all material respects with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its property. 
 SECTION 6.02. Existence. The Issuer shall do or cause to be done all things necessary to preserve and keep in full force and effect its separate existence, rights (statutory and pursuant to its
organizational documents) and franchises. 
 SECTION 6.03. Business of the Issuer. The Issuer shall (i) administer
the Business with due care and (ii) maintain (a) all licenses and permits necessary to perform the administration of the Business, (b) all material data related to the administration of the Business in a form consistent with prudent
industry standards and in accordance with the Administration Services Agreement and (c) all administrative systems related to the Business with appropriate security, business continuity testing, data retention and other internal controls
consistent with prudent industry standards. The Issuer shall not, without the prior written consent of the Required Noteholders (1) assign or otherwise attempt to assign or transfer the Business to another Person or (2) engage in or
acquire any new business, whether administrative or otherwise, unrelated to the Business. The Issuer shall not engage in any transaction unless the terms of such transaction are on an “arm’s length” commercial basis with any other
party to such transaction. 
 SECTION 6.04. Transaction Documents. With respect to each Transaction Document, the Issuer
shall comply with all of the material terms and conditions, perform its material obligations and enforce its material rights. The Issuer shall not agree to amend, modify, supplement, terminate or waive any part of any of the Transaction Documents
without the prior written consent of the Required Noteholders. 
 SECTION 6.05. Dividends. The
Issuer shall not pay or declare any dividends or other distributions to its shareholders on or prior to the third
(3rd) anniversary of the Closing Date;
provided, however, that on or prior to the third (3rd) anniversary of the Closing Date the Issuer shall be permitted to pay one or more dividends or other distributions to its shareholders in an aggregate amount not to exceed $2.5 million;
provided, further, that each such dividend or distribution would otherwise be permitted under this Agreement or the Issuer Security Agreement. The Issuer shall only pay or declare any dividends or other distributions to its
shareholders within forty (40) days following the end of any fiscal quarter and only to the extent that immediately following the payments of such dividend or other distribution (such determination shall be made pursuant to the Cash Flow
Projection most recently provided to the Noteholders prior to such dividend or distribution, subject to the last sentence of this Section 6.05), (a) the Fifteen-Year Loan-to-Value Ratio is less than seventy-five percent (75%) and the
Loan-to-Value Ratio is less than ninety percent (90%), (b) the amount of funds in the Debt Service Coverage Account exceeds the Debt Service Coverage Account Target Amount and (c) the amount of funds in the Working Capital Account minus
the amount of any accrued but unpaid taxes, inclusive of amounts contested pursuant to Section 6.21 exceeds the Working Capital Account Target Amount and (d) no Event of Default shall have occurred and be continuing. For the avoidance of
doubt, the Fifteen-Year Loan-to-Value Ratio and the Loan-to-Value Ratio shall be as calculated pursuant to a Cash Flow Projection calculated as of the last day of the immediately preceding fiscal quarter provided to the Noteholders not less than
thirty (30) calendar days prior to such proposed payment of a dividend or other distribution. 

  
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 SECTION 6.06. Investments. The Issuer shall invest the assets in the Debt Service
Coverage Account and the Working Capital Account only in Permitted Investments. 
 SECTION 6.07. Liens. The Issuer shall
not create or permit any Liens upon its assets and shall not otherwise utilize (by pledge, transfer or otherwise) its assets or cash flows from its assets to make capital expenditures or repay indebtedness for money borrowed or liabilities except
(a) as required by the Transaction Documents, (b) to otherwise engage in the Issuer Obligations and (c) Permitted Liens. 
 SECTION 6.08. Issuance of Securities. Except as provided by this Agreement or any other Transaction Document, the Issuer shall not issue or sell any shares of any class of its capital stock, or any
securities convertible into or exchangeable for any such shares, or any bonds, notes, debentures, or other debt securities of the Issuer, or any other securities of the Issuer, and shall not enter into any subscriptions, options, warrants,
conversion or other rights, agreements, commitments, arrangements or understandings of any kind, contingently or otherwise, for the sale of any such securities or any securities convertible into or exchangeable for any such securities without the
prior written consent of the Required Noteholders. Nothing in this Section 6.08 shall prohibit capital contributions to the Issuer by the shareholders of the Issuer in respect of its outstanding common stock. 

SECTION 6.09. Subsidiaries. The Issuer shall not form any subsidiaries, without the prior written consent of the Required
Noteholders. 
 SECTION 6.10. Indebtedness. The Issuer shall not incur or otherwise become liable for, directly or
indirectly, any Debt except for (i) the Notes, (ii) purchase money or capital lease obligations not to exceed $500,000 in the aggregate outstanding at any time and (iii) the PFASC Facility Lease. 

SECTION 6.11. Books and Records; Inspection Rights. The Issuer shall (i) maintain and implement reasonable administrative and
operating procedures with respect to records relating to its business and activities and (ii) keep and maintain all material documents, books and records in which true and correct entries are made and other information relating to its business
and activities. Upon the reasonable prior notice and at the expense of the Noteholders; provided, however, that upon the occurrence of an Event of Default such inspection shall be at the expense of the Issuer, and so long as the Issuer
is not in breach of this Section 6.11, the Issuer shall permit any representatives designated by the Noteholders (including but not limited to the Collateral Agent) to visit and inspect its properties once per quarter (subject to any applicable
site rules of the Issuer governing business visitors generally), to examine its books and records, records of board meetings, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable
times and during regular business hours; provided, that in the event that the Issuer materially breaches any covenant under this Section 6.11 and upon the reasonable prior notice and at the expense of the Issuer, the Issuer shall permit
such inspection by representatives designated by the Noteholders (including but not limited to the Collateral Agent) without limiting such inspection to once per quarter. 
 SECTION 6.12. Reporting Documents. The Issuer will furnish, or cause to be furnished, to the Noteholders each of the reports, documents, certifications and information in Exhibit E in accordance
with the timing set forth therein. 

  
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 SECTION 6.13. Material Agreements, Expenses or Expenditures. The Issuer shall not
enter into or terminate any agreement that would have a material effect on the cash flows of the Issuer or incur any expense or expenditure in excess of $1,000,000, which was not incorporated into the most recent Annual Budget delivered by the
Issuer without the prior written consent of the Required Noteholders. 
 SECTION 6.14. Collections. The Issuer shall
cause (i) all Collections to be remitted by the Obligors directly to a Collection Account, and (ii) each Collection Account shall be subject at all times to a Collection Account Agreement that is in full force and effect. In the event
any Collections are remitted directly to Issuer or any Affiliate of Issuer, Issuer will remit (or will cause all such payments to be remitted) directly to a Collection Bank and deposited into a Collection Account following receipt thereof, and, at
all times prior to such remittance, Issuer will itself hold or, if applicable, will cause such payments to be held in trust for the exclusive benefit of the Collateral Agent. Issuer will maintain exclusive ownership, dominion and control
(subject to the terms of the Security Agreement) of each Collection Account and shall not grant the right to take dominion and control of any Collection Account at a future time or upon the occurrence of a future event to any Person, except to the
Collateral Agent as contemplated by the Issuer Security Agreement. 
 SECTION 6.15. Change in Payment Instructions to
Obligors. Issuer shall not add or terminate any bank as a Collection Bank, or make any change in the instructions to Obligors regarding payments to be made to any Collection Account, unless the Collateral Agent shall have received, at least
ten (10) calendar days before the proposed effective date therefor, (i) written notice of such addition, termination or change and (ii) (A) with respect to the addition of a Collection Bank or a Collection Account, an executed
Collection Account Agreement with respect to the new Collection Account. 
 SECTION 6.16. Redemption; Recapitalization.
The Issuer shall not enter into or take any actions to cause the recapitalization, redemption, reorganization or distribution of any of its capital stock except in connection with the Tax Restructuring. 

SECTION 6.17. Constituent Documents. 
 (a) The Issuer’s governing documents shall allow the Noteholders to designate an observer to the board of directors and each of its committees. The Collateral Agent shall give reasonable prior notice
to the Issuer designating the name of the initial observer prior to the first meeting of the board of directors after the Closing Date and such designated person shall thereafter serve as the observer for purposes of this Section 6.17. If at
any time the Noteholders wish to designate a new observer, the Collateral Agent shall give reasonable prior notice of the decision to appoint a new observer to the Issuer prior to the next applicable meeting of the board of directors. The observer
shall have no voting rights but shall be entitled to attend all meetings of the board of directors and its committees called or organized in accordance with the constituent documents, including any executive sessions or other partial meetings. The
parties acknowledge that for any such meetings conducted by conference call, the observer’s attendance by telephone shall be sufficient. The observer shall be given reasonable prior notice of any meeting of the board of directors or any of its
committees or any proposed action by written consent and shall simultaneously be provided copies of all information provided generally to all members of the board of directors or its committees in their capacity as members of the board. No action
may be taken at any such meeting or by any such written consent unless such notice and information provision requirements have been complied with, unless such have observer shall have waived in writing such notice and information requirements or
shall have thereafter consent to or ratify any such action in writing. Notwithstanding the foregoing, (i) at the request of the Issuer, the observer will temporarily leave any such meeting if such action is reasonably necessary (as determined
by the unanimous vote of the board of directors (including the Independent Director) following confirmation with outside counsel) to preserve 

  
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attorney-client privilege with respect to such meeting or the information disseminated therein, and (ii) the Issuer shall not be required to provide materials and information to the observer
if such materials or information would waive the attorney-client privilege. The observer will maintain the confidentiality of any trade secrets or proprietary or confidential information of the Issuer or any of its Affiliates obtained through
attendance of such meetings; provided, that such information may be disclosed to the Collateral Agent, the Noteholders and any of their respective Affiliates, except that with respect to the Affiliates only, such information shall only be
disclosed to the extent reasonably necessary for the Collateral Agent or the Noteholders to enforce their rights and remedies under the Loan Documents; provided, further that each of the Collateral Agent, Noteholders and each of their
respective Affiliates agree to maintain the confidentiality of any trade secrets or proprietary or confidential information of the Issuer so obtained. 
 (b) The Issuer shall comply with all of the material terms and conditions of, and perform its obligations under, its governing documents. 

(c) The Issuer shall not at any time cause any amendments or modifications to be made to its governing documents, including but not
limited to the Issuer Constituent Documents, without the prior written consent of the Collateral Agent (on behalf of the Noteholders), such consent not to be unreasonably withheld, conditioned or delayed. 

SECTION 6.18. Consultation. The Issuer will notify the Collateral Agent of any of the following events, consult with the
Collateral Agent in connection therewith and follow recommendations of the Collateral Agent (for the benefit of the Noteholders) in good faith to remedy such matters: 

(a) in the event that due to a default or an alleged default under an Acquisition Transaction Document, (i) the
Administrative Services Agreement is reasonably expected to be terminated if such default is not cured or (ii) a payment, credit or reduction of $1,000,000 or more has been made by, or is reasonably expected to be made by the Issuer to any
Affiliate of The Hartford Financial Services Group, Inc.; 
 (b) in the event that the Baseline Debt Service Cash
Flows are reasonably likely to decrease by five percent (5%) from the previous Baseline Debt Service Cash Flows; 
 (c) in the event that total expenses (other than interest on the Notes) for the year-to-date period set forth in the Actual to Budget Expense Variance Analysis (as defined in Exhibit E attached hereto) is
greater than 110% of the respective budgeted total expenses set forth in the Annual Budget furnished to the Noteholders for the same period; or 
 (d) in the event that total revenues for the year-to-date period set forth in the Actual to Projected Revenue Variance Analysis (as defined in Exhibit E attached hereto)is less than 90% of the respective
projected total revenues set forth in the Cash Flow Projections most recently furnished to the Noteholders. 
 SECTION 6.19.
Non-Consolidation. 
 (a) The Issuer may enter into service agreements with its Affiliates, such that the employees of
such Affiliates act on behalf of the Issuer; provided, however, that such employees shall at all times hold themselves out to third parties as representatives of the Issuer while performing duties under such service agreements, except
where applicable state law requires the Issuer to conduct the Business through PFLAC except in the case of PFLAC acting pursuant to the PFLAC Services Agreement where applicable state law requires the Issuer to conduct the Business through PFLAC.

  
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 (b) Any Affiliate of the Issuer that acts as an agent of the Issuer shall so act solely
through express agencies; provided, however, that each such Person fully discloses to any third party the agency relationship with the Issuer; and provided, further, that such parties receive fair compensation or
compensation consistent with regulatory requirements, as appropriate, from the Issuer for the services provided, provided, however, that such compensation is subject to the restrictions of Section 6.13 hereof. 

(c) The Issuer shall not act as an agent for any of its Affiliates. 

(d) The Issuer shall not acquire any, merge into or consolidate with any Person or, to the fullest extent permitted by law, dissolve,
terminate or liquidate in whole or in part, transfer or otherwise dispose of any of its assets other than in accordance with the Transaction Documents, or change its legal structure, fail to preserve its existence as an entity duly organized,
validly existing and in good standing (if applicable) under the laws of the jurisdiction of its incorporation or to the fullest extent permitted by law, seek dissolution or winding up in whole, or in part; provided, however, that the
Issuer may merge into or consolidate with any Person with the prior written consent of the Required Noteholders or in connection with the Tax Restructuring. 
 (e) The Issuer shall maintain its bank accounts, books and records separate from those of its Affiliates and any other Person, use the name “PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES
COMPANY” in all correspondence, and use separate stationery, invoices and checks, except as otherwise required by applicable law. 
 (f) The Issuer shall, in accordance with its organizational documents, maintain its own records, books, resolutions and agreements, and such books and records shall be adequate and sufficient to identify
all of its assets. 
 (g) The Issuer shall prepare financial statements and accounting records for itself that are separate from
the financial statements and accounting records of its Affiliates that clearly identify the Issuer’s individual assets and liabilities and segregate them from those of its Affiliates; provided, that the Issuer also may permit such
financial statements to be part of consolidated financial statements of another entity which acknowledges that the Issuer is a separate entity. 
 (h) The Issuer shall not commingle funds or other assets of the Issuer with those of its Affiliates or any other Person, shall not maintain bank accounts or other depository accounts to which any of its
Affiliates is an account party, into which any of its Affiliates makes deposits or from which any of its Affiliates has the power to make withdrawals. 
 (i) The Issuer shall hold its assets in its own name. 
 (j) The Issuer shall not
permit any of its Affiliates to pay any of the Issuer’s operating expenses unless such operating expenses are paid by such Affiliate pursuant to an agreement between such Affiliate and the Issuer providing for the allocation of such expenses
and such expenses are reimbursed by the Issuer out of its own funds. The Issuer shall not allow any Person to pay its debts, liabilities and expenses except as permitted by the immediately preceding sentence or fail to pay its debts, liabilities and
expenses from its own assets (including, as applicable, shared personnel and overhead expenses). 
 (k) The Issuer shall
allocate fairly and reasonably any overhead expenses that it shares with any Affiliates or any other Person, including, but not limited to, paying for shared offices space and services performed by any employee of its Affiliates. 

  
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 (l) The Issuer shall at all times hold itself out to the public as a legal entity separate
and distinct from any other Person and shall act solely in its own name and through its duly authorized officers or agents and identify itself as a separate and distinct Person under its own name in order not to (i) mislead others as to the
Person with which such other party is transacting business, or (ii) suggest that the Issuer is responsible for the debts of any third party (including any Affiliate of the Issuer, or any shareholder, partner, member, principal or Affiliate
thereof). The Issuer shall correct any known misunderstandings regarding its separate identity from its Affiliates. 
 (m)
Following the date hereof, the Issuer shall not enter into any contract, agreement or arrangement with any of its Affiliates except in the ordinary course of its business and on terms and conditions at least as favorable to the Issuer as would be
obtainable by the Issuer at the relevant time in a comparable arm’s-length transaction or series of transactions with a Person other than an Affiliate thereof, as determined by the Issuer. 

(n) The Issuer shall not consent to any of its Affiliates granting consensual Liens on the Issuer’s property. 

(o) The Issuer shall maintain its assets in such a manner that it is or will not be unreasonably costly or difficult to segregate,
identify or ascertain its assets from those of any other Person. 
 (p) The Issuer shall not assume, guarantee, become obligated
for, pay, or hold itself out to be responsible for, the Debt or obligations of any Affiliate (other than as contemplated by the Transaction Documents) or other Person and shall not consent to any of its Affiliates assuming, granting, becoming
obligated for, paying or holding itself out to be responsible for the Debt or obligation of the Issuer. 
 (q) The Issuer shall
not make any loans or advances to its Affiliates. 
 (r) The Issuer shall not hold itself out as or be considered as a
department or division of (i) any shareholder, partner, principal, member or Affiliate of the Issuer, (ii) any Affiliate of a shareholder, partner, principal, member or Affiliate of the Issuer, or (iii) any other Person or allow any
Person to identify the Issuer as a department or division of that Person. 
 (s) The Issuer shall not conceal assets from any
creditor, or enter into any transaction with the intent to hinder, delay or defraud creditors of the Issuer or the creditors of any other Person. 
 (t) The Issuer shall not pledge its assets for the benefit of any other Person or make any loans or advances to any Person or acquire any obligations or securities of any Affiliates except as permitted or
required pursuant to the Transaction Documents. 
 (u) The Issuer shall observe all organizational and procedural formalities
required by this Agreement, its articles of organization, its by-laws and any other governing documents, and by applicable law, as the case may be, including, but not limited to, in paying dividends or transferring any of its assets to any of its
Affiliates. The Issuer complies and will comply with all the terms and provisions contained in its articles of organization and its by-laws. 
 (v) The Issuer shall ensure that all actions relating to (i) the dissolution or liquidation of the Issuer or (ii) the initiation of, participation in, acquiescence in or consent to any
bankruptcy, insolvency, reorganization or similar proceeding involving the Issuer, are duly authorized by unanimous vote of its directors (including the Independent Director). 

  
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 (w) The Issuer shall have a board of directors separate from that of its holders of common
stock and any other Person (provided that the foregoing shall not prohibit any person from sitting on the board of directors of the Issuer and the board of directors of any other Person simultaneously)and shall cause its board of directors to
observe all other corporate formalities. 
 (x) The Issuer shall have at least one Independent Director, except only during any
period in which no Independent Director serves in such capacity (other than as a result of action by the Issuer or its Affiliates in violation of this Agreement or the governing documents of the Issuer) and until a successor Independent Director is
identified and appointed by the Issuer in compliance with Section 6.23 of this Agreement. 
 For the avoidance of doubt,
nothing in this Section 6.19 or elsewhere in the Loan Documents shall prohibit the execution, delivery and performance of the Broker-Dealer Services Agreement. 
 SECTION 6.20. Ratings. At the request of the Required Noteholders, the Issuer shall use its best efforts to obtain a rating with respect to the Notes from a nationally recognized rating agency;
provided, that the Noteholders shall reimburse the Issuer for all out-of-pocket expenses and other costs incurred in connection with obtaining such rating. Once obtained, the Issuer shall comply in all material respects with any requirements
of such nationally recognized rating agency, including, but not limited to, any payment obligations, reporting obligations or obligations that are required by Rule 17g-5 of the Securities Exchange Act of 1934. 

SECTION 6.21. Taxes. 
 (a) The Issuer shall timely file or cause to be filed all Tax returns and reports required to be filed and shall pay or cause to be paid all Taxes required to be paid by it, in each case prior to
delinquency, unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the filing or enforcement of any Lien and for which adequate reserves are reflected on the Issuer’s books and records.

 (b) The Issuer shall not become a member of any affiliated group (within the meaning of Internal Revenue Code section
1504(a)) filing a consolidated federal income tax return before the Notes have been paid in full. 
 (c) The Issuer shall take
all actions necessary to change its corporate structure to a limited liability company organized under the laws of the State of Delaware such that the Issuer shall cease to be treated as a corporation for federal income tax purposes, or shall
otherwise take all such alternative actions necessary to prevent the consolidation of the Issuer with any other Person for federal income tax purposes (such change in corporate structure or alternative actions, the “Tax
Restructuring”) which Tax Restructuring shall be effective on or before July 13, 2013. The Issuer shall take all necessary actions to facilitate the Tax Restructuring including, without limitation, by entering into or consenting to
amendments to this Agreement or other Transaction Documents, making, or causing to be made, all filings and submissions and seeking any required regulatory approvals, executing and delivering such additional agreements, instruments or documents and
taking such other actions as shall be reasonably necessary, or otherwise reasonably requested by the Noteholders, in effecting any such Tax Restructuring; provided, that any such amendments or additional agreements, instruments or documents
entered into in order to consummate such Tax Restructuring shall (i) not adversely affect the economic position of the Noteholders and the rights of the Noteholders and the Collateral Agent under the Transaction Documents, (ii) be subject
to the prior written consent of the Collateral Agent (on behalf of the Required Noteholders), such consent not to be unreasonably withheld, delayed or conditioned, and (iii) be on commercial terms substantially identical to the terms of the
Transaction Documents as in effect immediately prior to the Tax 

  
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Restructuring. The Issuer shall reimburse the Collateral Agent and the Noteholders for all reasonable out-of-pocket expenses and other costs (including any attorneys’ fees) incurred in
connection with the negotiation, preparation or administration of any amendments, modifications or waivers to the Transaction Documents to implement the Tax Restructuring. 
 (d) Following the Tax Restructuring, if the Issuer is not treated as a corporation for income tax purposes, distributions by the Issuer to its owner or owners for payment of income taxes shall not exceed
the actual payment obligation of such owner or owners (if any) to a taxing authority attributable to net income of the Issuer for periods for which the Issuer is not treated as a corporation, provided, however, that such distributions may be
increased as necessary to compensate a regulated insurance company for the use of such company’s tax attributes to offset the net income of the Issuer. 
 SECTION 6.22. Security Interest. The Issuer shall grant to and maintain in favor of the Collateral Agent a valid first priority perfected Lien (subject to Permitted Liens) on the applicable
Collateral pursuant to the Issuer Security Agreement. 
 SECTION 6.23. Appointment of Independent Director. The Issuer
shall give notice to the Noteholders of the decision to appoint a new director of the Issuer as the Independent Director for purposes of this Agreement, such notice to be issued not less than fifteen (15) calendar days prior to the effective
date of such appointment which notice shall certify that the designated Person satisfies the criteria set forth in the definition herein of “Independent Director.” The Issuer shall not appoint such Independent Director without the written
acknowledgement by the Required Noteholders, such acknowledgement to be delivered within ten (10) Business Days after receipt of notice from the Issuer pursuant to this Section 6.23, that such Person conforms, to the reasonable
satisfaction of the Required Noteholders, with the criteria set forth in the definition herein of “Independent Director;” provided, that if the Required Noteholders do not deliver such acknowledgement within ten (10) Business
Days, the Noteholders will be deemed to have acknowledged that such Independent Director satisfies the criteria set forth in the definition herein of “Independent Director.” For the avoidance of doubt, the notice requirements set forth in
this Section 6.23 do not apply to the appointment of the initial Independent Director. 
 SECTION 6.24. Insurance.
The Issuer shall maintain in good faith insurance with respect to its business against loss or damage of the kinds customarily insured against by companies engaged in the same or similar business, of such types and in such coverage as are
customarily carried under similar circumstances by such other companies. 
 ARTICLE VII 

Covenants of the Holding Company 
 SECTION 7.01. Compliance with Laws. The Holding Company shall comply in all material respects with all laws, rules, regulations and orders of any Governmental Authority applicable to it or its
property. 
 SECTION 7.02. Existence. The Holding Company shall do or cause to be done all things necessary to preserve
and keep in full force and effect its separate existence, rights (statutory and pursuant to its organizational documents) and franchises. 
 SECTION 7.03. Business Interference. The Holding Company shall not impair the ability of the Issuer to administer its Business and shall not cause the Issuer to take actions inconsistent with its
obligations under the Transaction Documents. 

  
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 SECTION 7.04. Obligations. The Holding Company’s obligations under this
Agreement and the Transaction Documents to which it is a party shall continue and remain in full force and effect at all times until all of the obligations under this Agreement and the Notes have actually been paid in full. Subject to the foregoing,
the Holding Company’s liability under this Agreement and the Transaction Documents to which it is a party shall continue until all periods have expired within which the Issuer could be required to return, repay or disgorge any amount paid at
any time on account of the obligations under this Agreement. 
 SECTION 7.05. Dividends. The Holding Company shall
promptly, and in no event later than two (2) Business Days, return to the Issuer any dividends or other distributions made by the Issuer unless such dividends or distributions were made in accordance with Section 6.05 hereof. 

SECTION 7.06. Issuer Constituent Documents. The Holding Company shall not at any time cause any amendments or modifications to be
made to the Issuer’s governing documents, including, but not limited to, the Issuer Constituent Documents, without prior written consent of the Collateral Agent (on behalf of the Noteholders), such consent not to be unreasonably withheld,
conditioned or delayed. 
 SECTION 7.07. Business of the Holding Company. The Holding Company shall not at any time
engage in any business other than owning the capital stock of the Issuer. 
 SECTION 7.08. Liens. The Holding Company
shall not create or permit any Liens upon its assets and shall not otherwise utilize (by pledge, transfer or otherwise) its assets or cash flows from its assets to make capital expenditures or repay indebtedness for money borrowed or liabilities
except (a) as permitted or required by Section 7.15 or the Transaction Documents. 
 SECTION 7.09. Issuance of
Securities. Except as provided by this Agreement or any other Transaction Document, the Holding Company shall not issue or sell any shares of any class of its capital stock, or any securities convertible into or exchangeable for any such shares,
or any bonds, notes, debentures, or other debt securities of the Holding Company, or any other securities of the Holding Company, and shall not enter into any subscriptions, options, warrants, conversion or other rights, agreements, commitments,
arrangements or understandings of any kind, contingently or otherwise, for the sale of any such securities or any securities convertible into or exchangeable for any such securities without the prior written consent of the Required Noteholders.
Nothing in this Section 7.09 shall prohibit capital contributions to the Parent by the shareholders of the Parent in respect of its outstanding common stock. 
 SECTION 7.10. Indebtedness. The Holding Company shall not incur or otherwise become liable for, directly or indirectly, any Debt. 

SECTION 7.11. Redemption; Recapitalization. The Holding Company shall not enter into, consent to or take any actions to cause the
recapitalization, redemption, reorganization or distribution of any of the capital stock of the Issuer except in connection with the Tax Restructuring. 
 SECTION 7.12. Constituent Documents. The Holding Company shall not at any time cause any amendments or modifications to be made to its governing documents, including but not limited to the Limited
Liability Agreement, without the prior written consent of the Required Noteholders, such consent not to be unreasonably withheld, conditioned or delayed. 

  
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 SECTION 7.13. Non-Consolidation. 

(a) The Holding Company may enter into service agreements with its Affiliates, such that the employees of such Affiliates act on behalf
of the Holding Company; provided, however, that such employees shall at all times hold themselves out to third parties as representatives of the Holding Company while performing duties under such service agreements. 

(b) Any Affiliate of the Holding Company that acts as an agent of the Holding Company shall so act solely through express agencies;
provided, however, that each such Person fully discloses to any third party the agency relationship with the Holding Company; and provided, further, that such parties receive fair compensation or compensation consistent
with regulatory requirements, as appropriate, from the Holding Company for the services provided. 
 (c) The Holding Company
shall not act as an agent for any of its Affiliates. 
 (d) The Holding Company shall not acquire any, merge into or consolidate
with any Person or, to the fullest extent permitted by law, dissolve, terminate or liquidate in whole or in part, transfer or otherwise dispose of any of its assets other than in accordance with the Transaction Documents, or change its legal
structure, fail to preserve its existence as an entity duly organized, validly existing and in good standing (if applicable) under the laws of the jurisdiction of its incorporation or to the fullest extent permitted by law, seek dissolution or
winding up in whole, or in part; provided, however, that the Holding Company may merge into or consolidate with any Person with the prior written consent of the Required Noteholders. 

(e) The Holding Company shall maintain its bank accounts, books and records separate from those of its Affiliates and any other Person,
use the name “PFASC HOLDINGS, LLC” in all correspondence, and use separate stationery, invoices and checks, except as otherwise required by applicable law. 
 (f) The Holding Company shall, in accordance with its organizational documents, maintain its own records, books, resolutions and agreements, and such books and records shall be adequate and sufficient to
identify all of its assets. 
 (g) The Holding Company shall prepare financial statements and accounting records for itself that
are separate from the financial statements and accounting records of its Affiliates that clearly identify the Holding Company’s individual assets and liabilities and segregate them from those of its Affiliates; provided, that the Holding
Company also may permit such financial statements to be part of consolidated financial statements of another entity which acknowledges that the Holding Company is a separate entity. 

(h) The Holding Company shall not commingle funds or other assets of the Holding Company with those of its Affiliates or any other
Person, shall not maintain bank accounts or other depository accounts to which any of its Affiliates is an account party, into which any of its Affiliates makes deposits or from which any of its Affiliates has the power to make withdrawals.

 (i) The Holding Company shall hold its assets in its own name. 

(j) The Holding Company shall not permit any of its Affiliates to pay any of the Holding Company’s operating expenses unless such
operating expenses are paid by such Affiliate pursuant to an agreement between such Affiliate and the Holding Company providing for the allocation of such expenses and such expenses are reimbursed by the Holding Company out of its own funds. The

  
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Holding Company shall not allow any Person to pay its debts, liabilities and expenses except as permitted by the immediately preceding sentence or fail to pay its debts, liabilities and expenses
from its own assets (including, as applicable, shared personnel and overhead expenses). 
 (k) The Holding Company shall
allocate fairly and reasonably any overhead expenses that it shares with any Affiliates or any other Person, including, but not limited to, paying for shared offices space and services performed by any employee of its Affiliates. 

(l) The Holding Company shall at all times hold itself out to the public as a legal entity separate and distinct from any other Person
and shall act solely in its own name and through its duly authorized officers or agents and identify itself as a separate and distinct Person under its own name in order not to (i) mislead others as to the Person with which such other party is
transacting business, or (ii) suggest that the Holding Company is responsible for the debts of any third party (including any Affiliate of the Holding Company, or any shareholder, partner, member, principal or Affiliate thereof). The Holding
Company shall correct any known misunderstandings regarding its separate identity from its Affiliates. 
 (m) Following the date
hereof, the Holding Company shall not enter into any contract, agreement or arrangement with any of its Affiliates except in the ordinary course of its business and on terms and conditions at least as favorable to the Holding Company as would be
obtainable by the Holding Company at the relevant time in a comparable arm’s-length transaction or series of transactions with a Person other than an Affiliate thereof, as determined by the Holding Company. 

(n) The Holding Company shall not consent to any of its Affiliates granting consensual Liens on the Holding Company’s property.

 (o) The Holding Company shall maintain its assets in such a manner that it is or will not be unreasonably costly or difficult
to segregate, identify or ascertain its assets from those of any other Person. 
 (p) The Holding Company shall not assume,
guarantee, become obligated for, pay, or hold itself out to be responsible for, the Debt or obligations of any Affiliate (other than as contemplated by the Transaction Documents) or other Person and shall not consent to any of its Affiliates
assuming, granting, becoming obligated for, paying or holding itself out to be responsible for the Debt or obligation of the Holding Company. 
 (q) The Holding Company shall not make any loans or advances to its Affiliates. 

(r) The Holding Company shall not hold itself out as or be considered as a department or division of (i) any shareholder, partner,
principal, member or Affiliate of the Holding Company, (ii) any Affiliate of a shareholder, partner, principal, member or Affiliate of the Holding Company, or (iii) any other Person or allow any Person to identify the Holding Company as a
department or division of that Person. 
 (s) The Holding Company shall not conceal assets from any creditor, or enter into any
transaction with the intent to hinder, delay or defraud creditors of the Holding Company or the creditors of any other Person. 

(t) The Holding Company shall not pledge its assets for the benefit of any other Person or make any loans or advances to any Person or
acquire any obligations or securities of any Affiliates except as permitted or required pursuant to the Transaction Documents. 

  
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 (u) The Holding Company shall observe all organizational and procedural formalities required
by this Agreement, its articles of organization, its by-laws and any other governing documents, and by applicable law, as the case may be, including, but not limited to, in paying dividends or transferring any of its assets to any of its Affiliates.
The Holding Company complies and will comply with all the terms and provisions contained in its articles of organization and its by-laws. 
 (v) The Holding Company shall ensure that all actions relating to (i) the dissolution or liquidation of the Holding Company or (ii) the initiation of, participation in, acquiescence in or
consent to any bankruptcy, insolvency, reorganization or similar proceeding involving the Holding Company, are duly authorized by unanimous vote of its directors (including the Independent Manager). 

(w) The Holding Company shall have a board of managers separate from that of any other Person (provided that the foregoing shall not
prohibit any individual from sitting on the board of managers of the Holding Company and the board of directors of any other Person simultaneously) and shall cause its board of managers to observe all other corporate formalities. For the avoidance
of doubt, the Person serving as the Independent Director of the Issuer may also serve as the Independent Manager of the Holding Company. 
 (x) The Holding Company shall have at least one Independent Manager, except only during any period in which no Independent Manager serves in such capacity (other than as a result of action by the Holding
Company and its Affiliates in violation of this Agreement or the governing documents of the Holding Company) and until a successor Independent Manager is identified and appointed by the Holding Company in compliance with Section 7.16 of this
Agreement. 
 For the avoidance of doubt, nothing in this Section 7.13 or elsewhere in the Loan Documents shall prohibit
the execution, delivery and performance of any tax-sharing agreement entered into between or among any of the Holding Company and any of its Affiliates. 
 SECTION 7.14. Taxes. The Holding Company shall timely file or cause to be filed all Tax returns and reports required to be filed and shall pay or cause to be paid all Taxes required to be paid by
it, in each case prior to delinquency, unless the same are being contested in good faith by appropriate proceedings diligently prosecuted which stay the filing or enforcement of any Lien and for which adequate reserves are reflected on the Holding
Company’s books and records. 
 SECTION 7.15. Security Interest. The Holding Company shall grant to and maintain in
favor of the Collateral Agent a valid first priority perfected Lien on the applicable Collateral pursuant to the Holding Company Security Agreement. 
 SECTION 7.16. Appointment of Independent Manager. The Holding Company shall give notice to the Noteholders of the decision to appoint a new director of the Issuer as the Independent Manager for
purposes of this Agreement, such notice to be issued not less than fifteen (15) calendar days prior to the effective date of such appointment which notice shall certify that the designated Person satisfies the criteria set forth in the
definition herein of “Independent Manager.” The Holding Company shall not appoint such Independent Manager without the written acknowledgement by the Required Noteholders, such acknowledgement to be delivered within ten (10) days
after receipt of notice from the Holding Company pursuant to this Section 7.16, that such Person conforms, to the reasonable satisfaction of the Required Noteholders, with the criteria set forth in the definition herein of “Independent
Manager;” provided, that if the Required Noteholders do not deliver such acknowledgement within ten (10) Business Days, the Noteholders will be deemed to have acknowledged that such Independent Manager satisfies the criteria set
forth in the definition herein of “Independent Manager.” For the avoidance of doubt, the notice requirements set forth in this Section 7.16 do not apply to the appointment of the initial Independent Manager. 

  
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 SECTION 7.17. Tax Restructuring. The Holding Company shall cause the Issuer to effect
the Tax Restructuring on or before July 13, 2013. The Holding Company shall take or cause the Issuer to take all necessary actions to facilitate the Tax Restructuring including, without limitation, by entering into or consenting to amendments
to this Agreement or other Transaction Documents, making, or causing to be made, all filings and submissions and seeking any required regulatory approvals, executing and delivering such additional agreements, instruments or documents and taking such
other actions as shall be reasonably necessary, or otherwise reasonably requested by the Noteholders, in effecting any such Tax Restructuring; provided, that any such amendments or additional agreements, instruments or documents entered into
in order to consummate such Tax Restructuring shall (i) not adversely affect the economic position of the Noteholders and the rights of the Noteholders and the Collateral Agent under the Transaction Documents, (ii) be subject to the prior
written consent of the Collateral Agent (on behalf of the Required Noteholders), such consent not to be unreasonably withheld, delayed or conditioned, and (iii) be on commercial terms substantially identical to the terms of the Transaction
Documents as in effect immediately prior to the Tax Restructuring. 
 ARTICLE VIII 

Covenants of the Parent 
 SECTION 8.01. Business Interference. The Parent shall not impair the ability of the Issuer to administer its Business and shall not cause the Issuer to take actions inconsistent with its
obligations under the Transaction Documents. 
 SECTION 8.02. Obligations. The Parent’s obligations under this
Agreement and the Transaction Documents to which it is a party shall continue and remain in full force and effect at all times until all of the obligations under this Agreement and the Notes have actually been paid in full. Subject to the foregoing,
the Parent’s liability under this Agreement and the Transaction Documents to which it is a party shall continue until all periods have expired within which the Issuer could be required to return, repay or disgorge any amount paid at any time on
account of the obligations under this Agreement. 
 SECTION 8.03. Redemption; Recapitalization. The Parent shall not
enter into, consent to or take any actions to cause the recapitalization, redemption, reorganization or the distribution of any capital stock of the Issuer except in connection with the Tax Restructuring. 

SECTION 8.04. Broker-Dealer Services Agreement. The Parent shall cause the Broker-Dealer to perform its obligations under the
Broker-Dealer Services Agreement and the PFDC Services Agreement. 
 SECTION 8.05. Dividends. The Parent shall promptly,
and in no event later than five (5) Business Days, return to the Holding Company any dividends or other distributions made by the Issuer to the Holding Company and subsequently distributed to the Parent unless such dividends or distributions
were made by the Issuer in accordance with Section 6.05 hereof. 
 SECTION 8.06. Constituent Documents of the Issuer and
the Holding Company. The Parent shall not at any time cause any amendments or modifications to be made to the governing 

  
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documents of the Issuer or the Holding Company, including, but not limited to, the Issuer Constituent Documents and the Limited Liability Agreement, without prior written consent of the
Collateral Agent (on behalf of the Noteholders), such consent not to be unreasonably withheld, conditioned or delayed. 

SECTION 8.07. Collections. In the event any Collections are remitted directly to any Affiliate of the Issuer, the Parent will
cause all such payments to be remitted directly to a Collection Bank and deposited into a Collection Account and, at all times prior to such remittance, the Parent will cause such payments to be held in trust for the exclusive benefit of the
Collateral Agent.
 SECTION 8.08. Tax Restructuring. The Parent shall cause the Issuer to effect the Tax Restructuring on
or before July 13, 2013. The Parent shall take or cause the Issuer to take all necessary actions to facilitate the Tax Restructuring including, without limitation, by entering into or consenting to amendments to this Agreement or other
Transaction Documents, making, or causing to be made, all filings and submissions and seeking any required regulatory approvals, executing and delivering such additional agreements, instruments or documents and taking such other actions as shall be
reasonably necessary, or otherwise reasonably requested by the Noteholders, in effecting any such Tax Restructuring; provided, that any such amendments or additional agreements, instruments or documents entered into in order to consummate
such Tax Restructuring shall (i) not adversely affect the economic position of the Noteholders and the rights of the Noteholders and the Collateral Agent under the Transaction Documents, (ii) be subject to the prior written consent of the
Collateral Agent (on behalf of the Required Noteholders), such consent not to be unreasonably withheld, delayed or conditioned, and (iii) be on commercial terms substantially identical to the terms of the Transaction Documents as in effect
immediately prior to the Tax Restructuring. 
 ARTICLE IX 

Conditions 
 SECTION 9.01. Conditions Precedent. The obligations hereunder shall not become effective until each of the following conditions are satisfied, in each case, to the reasonable satisfaction of the
Noteholders (or waived in accordance with Section 11.02 hereof): 
 (a) The Noteholders (or its counsel) shall have
received from the Issuer, the Holding Company, the Parent and PFLAC, as applicable, (i) an executed counterpart of the Loan Documents and (ii) written evidence satisfactory to the Noteholders (which may include telecopy or electronic
transmission of signed signature pages) that the Acquisition Transaction Documents, including the Administrative Services Agreement, have been executed and consummated. 
 (b) The Noteholders shall have received favorable written opinions (addressed to the Noteholders and dated as of the Closing Date), substantially in the form of Exhibit G-1 and Exhibit G-2, and covering
such other matters relating to the Issuer, this Agreement or the Issuer Obligations as the Noteholders shall reasonably request. 
 (c) The Noteholders shall have received confirmation from the Issuer that all of the closing conditions set forth in Article VI and Article VII of the Master Transaction Agreement have been
fully satisfied and not waived (unless otherwise agreed in writing by the Noteholders). 
 (d) The Noteholders shall have
received such documents and certificates as the Noteholders or its counsel may reasonably request relating to (i) the organization, existence and good standing of the Issuer, the authorization by the Issuer of the Transaction Documents and the
Issuer Obligations and (ii) any other legal matters relating to the Issuer, or the Issuer Obligations, including documents evidencing the consummation of the Acquisition Transaction Documents and the acquisition contemplated therein.

  
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 (e) The representations and warranties contained in this Agreement are true and correct on
the Closing Date. 
 (f) The Noteholders (or its counsel) shall have received from the Issuer and the Holding Company written
evidence satisfactory to the Noteholders that the Issuer and the Holding Company have appointed an Independent Director and Independent Manager, as applicable. 
 (g) The Issuer shall have received capital contributions in the amount of $18,565,000 and $3,935,000 from the Holding Company and PFLAC, respectively. 

ARTICLE X 

Events of Default 
 SECTION 10.01. Events of Default If any of the following events shall occur, such event shall constitute an “Event of Default” hereunder: 

(a) the Issuer shall fail to pay any Accrued Interest when due subject to a grace period of one (1) Business Day from receipt of
notice by any Noteholder or the Collateral Agent of such failure; 
 (b) the Issuer shall fail to pay any principal when due,
other than an optional principal prepayment pursuant to Section 3.17(d), subject to (i) with respect to Scheduled Principal Repayments a grace period of thirty (30) calendar days and (ii) with respect to Supplemental Principal
Repayments and Additional Principal Repayments, a grace period of ninety (90) calendar days; provided, however, failure to make any payment of principal in the Extraordinary Revenue Payment Amount following the receipt of
Extraordinary Revenue within the time period specified in Section 3.17(b) hereof is not subject to a grace period. 
 (c)
the amount of funds in the Working Capital Account shall at any time fall below $2,000,000, subject to a grace period of thirty (30) calendar days; provided that once any such shortfall is cured within such thirty (30) calendar day grace
period, the Working Capital Account shall remain above $2,000,000 for sixty (60) consecutive days following the initial date of the cure; 
 (d) the Issuer, the Holding Company or the Parent shall fail to observe or perform in any material respect any covenant or agreement contained in this Agreement or the Notes subject to a grace period of
thirty (30) calendar days from receipt of notice by any Noteholder of such breach or actual knowledge of such breach by the Issuer, not including any covenant or agreement contained in this Agreement or the Notes for which an Event of Default
has been otherwise specified. For the avoidance of doubt, the thirty (30) calendar day grace period provided for pursuant to this Section 10.01(e) shall not be applicable to Section 6.05, Section 6.23, Section 7.05,
Section 7.16 and Section 8.05; 
 (e) the Issuer, the Holding Company, the Parent or PFLAC shall fail to observe or
perform in any material respect any material covenant or agreement contained in or incorporated by reference into any Transaction Document (other than this Agreement or the Notes) to which it is a party (subject to any applicable notice and cure
periods set forth in the applicable Transaction Document); 

  
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 (f) an Event of Default (as such term is defined in the applicable Security Agreement) shall
have occurred under the terms of any Security Agreement (subject to any applicable notice and cure period under the applicable Security Agreement); 
 (g) a default shall have occurred under the terms of the Administrative Services Agreement or the General Account COLI Administrative Services Agreement that gives any party thereto the right to terminate
the Administrative Services Agreement or a default shall have occurred under the terms of any other material agreement of the Issuer that gives any party thereto the right to terminate such other material agreement (subject to any applicable notice
and cure period under the Administrative Services Agreement or such other applicable material agreement); 
 (h) the notice of
termination of the Administrative Services Agreement; 
 (i) the Issuer, the Parent, the Holding Company or PFLAC shall
(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Debtor Relief Laws now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely
and appropriate manner, any proceeding or petition described in Section 10.01(k), (iii) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (iv) make a general assignment for the
benefit of creditors or (v) take any action for the purpose of effecting any of the foregoing; 
 (j) an involuntary
proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Issuer, the Parent, the Holding Company or PFLAC, or their respective debts, or of a substantial
part of their respective assets, under any Debtor Relief Laws now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator, liquidator or similar official for the Issuer, the Parent, the
Holding Company or PFLAC or for a substantial part of any of their respective assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the
foregoing shall be entered; 
 (k) the acceleration of the due date of any material liability in excess of $500,000 of the
Issuer; 
 (l) the Collateral Agent’s Liens on the Collateral granted pursuant to the Security Agreements shall cease to be
valid first priority perfected Liens (subject to Permitted Liens; provided, that the Holding Company shall have no Permitted Liens); or 
 (m) the Issuer or the Parent, as applicable, shall fail to or fail to cause, as applicable, any Collections to be remitted and deposited into a Collection Account pursuant to Section 6.14 and
Section 8.07, as applicable, within five (5) Business Days following receipt thereof. 
 SECTION 10.02. Remedies
Upon an Event of Default. If any Event of Default occurs and is continuing, the Collateral Agent may (and at the direction of the Required Noteholders shall), subject to Section 10.03 and Section 10.04, with written notice to the
Issuer, take any or all of the following actions at the same or different times, in each case without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Issuer: 

(a) accelerate the Notes and any principal, Accrued Interest or other amounts due thereon to become immediately due; 

(b) increase the Interest Rate by an amount equal to the Default Interest Rate; 

  
 44 

 (c) require the Issuer to cease the payment of any dividend or any other distribution to
shareholders; 
 (d) cause the foreclosure of any or all of the Collateral; 

(e) replace the Issuer as the administrator under the Administrative Services Agreement; 

(f) replace the Broker-Dealer as the broker-dealer under the Broker-Dealer Services Agreement; 

(g) direct the Issuer in the conduct of its business; 
 (h) cause the Issuer to consult with and obtain the consent of the Required Noteholders prior to the implementation of any remediating actions with respect to such Event of Default; 

(i) cause the assignment of Acquisition Transaction Documents by the Issuer to another entity selected by the Required Noteholders;

 (j) exercise any rights or remedies set forth in the Transaction Documents; or 

(k) (i) compel performance of the obligations of, or direct the exercise of rights of the Issuer against any party to a Transaction
Document (other than the Noteholders or the Collateral Agent) under any of the Transaction Documents to which the Issuer is a party, (ii) enforce in the name of the Issuer all rights of the Issuer against any party to any of the Transaction
Documents (other than the Noteholders or the Collateral Agent) and (iii) direct the Issuer to take, or refrain from taking, any other action; provided, that any such action compelled, enforced or directed shall not be in violation of
applicable law; provided, further that the parties hereto acknowledge and agree that the Issuer has appointed the Collateral Agent as the Issuer’s attorney-in-fact and proxy, with full authority in the place and stead of the
Issuer and in the name of the Issuer or otherwise to act pursuant to this 10.01(k). 
 provided, however, that in
the event of an Event of Default that arises as result of the events described in Section 10.01(i) or Section 10.01(j), neither the Noteholders nor the Collateral Agent shall be required to provide written notice to the Issuer before
taking any of the actions described immediately above in this Section 10.02. 
 SECTION 10.03. Limitation of Suits.
No Noteholder shall have any right to institute any Proceeding, judicial or otherwise, with respect to any of the Transaction Documents, or for any other remedy hereunder, unless: 

 

	 	(i)	such Noteholder has previously given written notice to the Collateral Agent of a continuing Event of Default; 

 

	 	(ii)	the Required Noteholders have made written request to the Collateral Agent to institute such Proceeding in respect of such Event of Default in its own name as
Collateral Agent hereunder; 

  

	 	(iii)	such Noteholder has offered to the Collateral Agent an indemnity and/or security satisfactory to the Collateral Agent against the reasonable costs, expenses and
liabilities to be incurred or in respect of which it may become liable in complying with such request; 

  
 45 

	 	(iv)	the Collateral Agent for thirty (30) days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceeding; and

  

	 	(v)	no direction inconsistent with such written request has been given to the Collateral Agent during such thirty (30) day period by the Required Noteholders.

 It is understood and intended that no one or more Noteholders shall have any right in any manner whatsoever by
virtue of, or by availing of, any provision of this Agreement to affect, disturb or prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholder or to enforce any right under this
Agreement, except in the manner herein provided. 
 SECTION 10.04. Control by Noteholders. The Required Noteholders shall
have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Collateral Agent pursuant to Section 10.02 with respect to the Notes or exercising any trust or power conferred on the Collateral
Agent; provided, that: 
  

	 	(i)	such direction shall not be in conflict with any rule of law or with this Agreement; and 

 

	 	(ii)	the Collateral Agent may take any other action deemed proper by the Collateral Agent that is not inconsistent with such direction. 

ARTICLE XI

Miscellaneous 
 SECTION 11.01. Notices. 
 (a) Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
  

	 	(i)	if to the Issuer: 

 Philadelphia Financial Administration Services Company 
 1650 Market Street, 54th Floor 
 Philadelphia, PA 19103 

Attention: Chief Executive Officer 

Phone: (484) 530-4800 
 Facsimile: (215) 977-7820 
 with copies to: 

Tiptree Financial Partners, L.P. 

780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: Geoffrey Kauffman

 Tiptree Financial Partners, L.P. 

780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: General Counsel 

  
 46 

	 	(ii)	if to the Holding Company: 

 PFASC Holdings, LLC 
 1650 Market Street,
54th Floor 

Philadelphia, PA 19103 
 Attention: Chief Executive Officer 
 Facsimile:
(215) 977-7820 
 with copies to: 
 Tiptree Financial Partners, L.P. 
 780 Third
Avenue, 21st Floor 

New York, New York 10017 
 Attention: Geoffrey Kauffman 
 Tiptree Financial Partners, L.P.

 780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: General Counsel 

 

	 	(iii)	if to the Parent: 

 Philadelphia Financial Group, Inc. 
 1650
Market Street, 54th Floor 

Philadelphia, PA 19103 
 Attention: Chief Executive Officer 
 Facsimile:
(215) 977-7820 
 with copies to: 
 Tiptree Financial Partners, L.P. 
 780 Third
Avenue, 21st Floor 

New York, New York 10017 
 Attention: Geoffrey Kauffman 
 Tiptree Financial Partners, L.P.

 780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: General Counsel 

 

	 	(iv)	if to the Fiscal Agent: 

 Philadelphia Financial Administration Services Company 
 1650 Market Street, 54th Floor 
 Philadelphia, PA 19103 

Attention: Chief Executive Officer 

Phone: (484) 530-4800 
 Facsimile: (215) 977-7820 

  
 47 

 with copies to: 

Tiptree Financial Partners, L.P. 

780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: Geoffrey Kauffman

 Tiptree Financial Partners, L.P. 

780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: General Counsel 

 

	 	(v)	if to the Noteholders: 

 RGA Worldwide Reinsurance Company, Ltd. 
 1370 Timberlake Manor
Parkway 
 Chesterfield, MO 63017 

Attention: President 
 Facsimile: 636-736-7554 
 with copies to: 

RGA Worldwide Reinsurance Company, Ltd. 

1370 Timberlake Manor Parkway 
 Chesterfield, MO 63017 
 Attention: General Counsel 

Facsimile: 636-736-7554 
  

	 	(iv)	if to the Collateral Agent: 

 RGA Reinsurance Company 
 1370 Timberlake Manor Parkway

 Chesterfield, MO 63017 

Attention: Senior Vice President, Global Acquisitions 

Facsimile: 636-736-7554 
 with copies to: 
 RGA Reinsurance Company 

1370 Timberlake Manor Parkway 
 Chesterfield, MO 63017 
 Attention: Senior Vice President,
Structured Finance 
 Facsimile: 636-736-7554 

(b) Any party hereto may change its address or telecopy number for notices and other communications hereunder by written notice to the
other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 

  
 48 

 SECTION 11.02. Waivers; Amendments. 

(a) No failure or delay by the parties hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any
single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and
remedies of the parties hereto hereunder are cumulative and are not exclusive of any rights or remedies that it would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the parties hereto therefrom shall in
any event be effective unless the same shall be permitted by paragraph (b) of this Section 11.02, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 

(b) While the Notes are outstanding, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant
to an agreement or agreements in writing entered into by the Issuer and the Noteholders. 
 SECTION 11.03. Successors and
Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns or transferees permitted hereby including any agent appointed pursuant to Sections 3.11
and 3.12, except that the Issuer may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Required Noteholders (and any attempted assignment or transfer by the Issuer without such
consent shall be null and void). A Noteholder may assign any of its rights under this Agreement or the Notes without the consent of the Issuer. A Transfer Agent or Paying Agent may not assign or transfer any of its rights under this Agreement except
in accordance with Sections 3.11 and 3.12. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, and, to the extent
expressly contemplated hereby, the Related Parties of the Noteholders or the Issuer) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
 SECTION 11.04. Indemnity. The Issuer agrees to indemnify and hold harmless the Noteholders and each of their respective Affiliates, officers, directors, employees, attorneys, agents, successors and
assigns from and against any and all claims, losses, liabilities, actions, suits, judgments, demands, damages, costs or expenses (including reasonable fees and expenses of legal counsel, consultants and other advisors and reasonable costs of
investigations) of any nature (collectively, “Losses”) arising out of or based on any assertion, claim, suit or proceeding made by any third party arising out of, resulting from or relating to the transactions contemplated by the
Transaction Documents, except for such Losses resulting from, arising out of or relating to (i) any claim involving fraud, gross negligence or willful misconduct of any of the Noteholders or their respective Affiliates or
(ii) any action taken or compelled by the Collateral Agent or the Noteholders, or taken by the Issuer or any of its Affiliates at the request of the Collateral Agent or the Noteholders, with respect to any Acquisition Transaction Document,
whether pursuant to Section 11.05 or otherwise. The Issuer agrees to indemnify and hold harmless the Noteholders against loss arising due to a failure of the Notes to be treated as indebtedness for federal income tax purposes. Anything in this
Section 11.04 to the contrary notwithstanding, in no event shall the Issuer be liable to the Noteholders or any of their respective Affiliates, officers, directors, employees, attorneys, agents, successors or assigns for special, indirect,
punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, lost profits), even if the Issuer has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
 49 

 SECTION 11.05. Assignment of Rights. 

The Issuer hereby agrees that the Collateral Agent, for the benefit of the Noteholders, shall have the right, and for such purposes
hereby assigns to the Collateral Agent the right, to compel performance of any obligation of, or direct the exercise of any right of the Issuer against Hartford and any other third party to any Transaction Document (other than any Transaction
Document to which the Noteholders or Collateral Agent are a party) under any of the Transaction Documents to which the Issuer is a party (other than any Transaction Document to which the Noteholders or Collateral Agent are a party) in the event of
the non-performance of or a breach by any such third party of such obligations and the failure of Issuer to take adequate (as determined by the Collateral Agent or Required Noteholders in their reasonable discretion) action, if such failure by the
Issuer would, in the reasonable judgment of the Collateral Agent or Required Noteholders, be expected to have a material adverse effect on either (i) the Issuer’s ability to repay principal, interest, fees, costs or other amounts when due
to the Noteholders under this Agreement or the Notes, without taking into account the balance of the Debt Service Coverage Account and the Working Capital Account as of the date of determination as a source of repayment, or (ii) the Baseline
Debt Service Cash Flows. Such rights shall comprise part of the Collateral under the Issuer Security Agreement and as such shall be collateral for the Issuer’s obligations hereunder. The Parent and the Issuer agree that none of the Issuer or
any of its respective Affiliates shall take any action that would impair the validity of the assignment set forth in this Section 11.05 of the ability of the Collateral Agent to enforce such assigned rights; provided that no enforcement actions
of Issuer described in Section 11.05 shall be deemed to effect such an impairment. 
 SECTION 11.06. Survival. All
covenants, agreements, representations and warranties made by any party herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties
hereto and shall survive the execution and delivery of this Agreement and the purchase of the Notes or the repayment thereof, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Noteholders may
have had notice or knowledge of any Event of Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any Accrued Interest on the Notes
or any fee or any other amount payable under this Agreement is outstanding and unpaid. 
 SECTION 11.07. Counterparts;
Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement together with the Loan Documents constitute the entire contract among the parties relating to the subject matter hereof and supersedes any and all previous agreements and understandings, oral or written, relating to the
subject matter hereof. Delivery of an executed counterpart of a signature page of this Agreement by telecopy or electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

SECTION 11.08. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular
provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. 

  
 50 

 SECTION 11.09. Governing Law; Jurisdiction; Consent to Service of Process.

 (a) THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK
(INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK). 
 (b) Each of the parties
hereto hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern
District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and
unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Noteholders or the
Issuer may otherwise have to bring any action or proceeding relating to this Agreement against the other party hereto or its properties in the courts of any jurisdiction. 
 (c) Each of the parties hereto hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section 11.09. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by
law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (d) Each party
to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 11.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by
law. 
 SECTION 11.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH
PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 11.11. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 [The Remainder of this Page is Intentionally Left Blank.] 

  
 51 

 IN WITNESS WHEREOF, the parties hereto have caused this Senior Note Purchase Agreement to be
duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY,
	as the Issuer
		
	By:	 	 /s/ John K. Hillman

		 	Name: John K. Hillman
		 	Title: President
	
	 PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY,
 as the Fiscal Agent

		
	By:	 	 /s/ John K. Hillman

		 	Name: John K. Hillman
		 	Title: President
	
	 PFASC HOLDINGS, LLC,

solely for purposes of Section 5.02 and Article VII of this Agreement

		
	By:	 	 /s/ John K. Hillman

		 	Name: John K. Hillman
		 	Title: President
	
	 PHILADELPHIA FINANCIAL GROUP, INC,
 solely for the purposes of Section 5.03, Article VIII and Section 11.05 of this Agreement

		
	By:	 	 /s/ John K. Hillman

		 	Name: John K. Hillman
		 	Title: President

  
 Senior Note
Purchase Agreement 

 
			
	RGA WORLDWIDE REINSURANCE COMPANY, LTD.
	as Noteholder
		
	By:	 	 /s/ Mark M. Hopfinger

		 	Name: Mark M. Hopfinger
		 	Title: Senior Vice President
		
	By:	 	 /s/ C. Evans

		 	Name: C. Evans
		 	Title: Vice President
	
	 RGA REINSURANCE COMPANY
 as Collateral Agent

		
	By:	 	 /s/ Richard Leblanu

		 	Name: Richard Leblanu
		 	Title: SVP, Global Acquisitions

  
 Senior Note
Purchase Agreement 

 SCHEDULE I 
 DEFINED TERMS 
 As used in the Agreement, the following terms have the meanings
specified below: 
 “Account Control Agreement” means that certain Account Control Agreement by and among
Wilmington Trust National Association, as custodian, the Collateral Agent and the Issuer, dated as of July 13, 2012. 

“Accredited Investor” has the meaning set forth in Rule 144 of the Securities Act. 

“Accrued Interest” has the meaning specified in Section 3.16. 

“Acquisition Transaction Documents” means the Master Transaction Agreement, the Administrative Services Agreement,
General Account COLI Administrative Services Agreement, Separate Account Support Services Agreement, Broker-Dealer Sales and Services Agreement, Transition Services Agreement, Patent License Agreement, Software License Agreement, Consent Agreement,
Assignment and Assumption Agreement and Cash Escrow Agreement. 
 “Additional Principal Repayment” has the
meaning specified in Section 3.17(c). 
 “Administrative Services Agreement” means that certain
Administrative Services Agreement by and among Hartford Life Insurance Company, Hartford Life and Annuity Insurance Company, Hartford Fire Insurance Company and the Issuer, dated as of July 13, 2012. 

“Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more
intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 

“Agreement” means this Senior Note Purchase Agreement, as amended, supplemented or otherwise modified from time to time.

 “Amended By-Laws” means the Amended By-Laws of the Issuer, effective as of July 13, 2012. 

“Annual Budget” means a financial budget for the following year identifying the Issuer’s best estimate of revenues,
expenses, taxes, capital expenditures and other information relevant to understanding the Issuer’s projected cash flows over the succeeding calendar year a form of which is attached hereto as Exhibit F. 

“Assignment and Assumption Agreement” means that certain Assignment and Assumption Agreement, dated as of July 13,
2012, by and among Hartford Life Insurance Company, Hartford Life and Annuity Insurance Company, Hartford Fire Insurance Company, Hartford Life Private Placement, LLC, Hartford Life, Inc. and the Issuer. 

“Baseline Debt Service Cash Flows” has the meaning specified in Exhibit C. 

“Blocked Account Control Agreement” means that certain Blocked Account Control Agreement by and among Manufacturers and
Traders Trust Company, the Collateral Agent and the Issuer, dated as of July 13, 2012. 

  
 I-1

 “Broker-Dealer” means PFDC. 

“Broker-Dealer Services Agreement” means that certain Broker-Dealer Sales and Services Agreement by and among Hartford
Life Insurance Company, Hartford Life and Annuity Insurance Company, Hartford Equity Sales Company, Inc. and the Broker-Dealer, dated July 13, 2012. 
 “Business” has the meaning specified in the Master Transaction Agreement. 
 “Business Day” means any day other than a Saturday, Sunday or a day on which commercial banks in New York, New York are authorized or required by law to remain closed. 

“Cash Escrow Agreement” means that certain Cash Escrow Agreement, by and among Hartford Life Insurance Company, Hartford
Life and Annuity Insurance Company, the Issuer and U.S. Bank National Association, dated as of July 13, 2013. 

“Cash Flow Projections” has the meaning specified in Section 3.17(c)(i). 

“Certificate of Amendment of the Certificate of Incorporation” means the Certificate of Amendment of the Certificate of
Incorporation of the Issuer effective as of July 11, 2012. 
 “Certificate of Incorporation” means the
Certificate of Incorporation of the Issuer dated November 21, 2012. 
 “Class A Option Agreement” means
that certain Option Agreement by and between the Holding Company and the Collateral Agent, for the benefit of Noteholders, dated July 13, 2012. 
 “Class B Option Agreement” means that certain Option Agreement by and between PFLAC and the Collateral Agent, for the benefit of Noteholders, dated July 13, 2012. 

“Clearing Agency” has the meaning specified in Section 3.05. 

“Closing Date” has the meaning set forth in the preamble of this Agreement. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means the Collateral, as defined in the Issuer Security Agreement, or the Pledged Collateral, as defined in
the Parent Security Agreement, as applicable. 
 “Collateral Agent” has the meaning specified in the preamble
to this Agreement and any successors, assigns or other entity appointed by the Required Noteholders pursuant to the terms of this Agreement. 
 “Collection Account” means initially, the Working Capital Account along with each concentration account, depositary account, lock-box account or similar account in which any Collections
are collected or deposited. 
 “Collection Account Agreement” means an agreement among the Issuer, the
Collateral Agent and a Collection Bank in form and substance acceptable to the Collateral Agent, pursuant to which the Collateral Agent is given “control” over one or more Collection Accounts within the meaning of Article 9 of the UCC.

  
 I-2

 “Collection Bank” means, at any time, any of the banks holding one or more
Collection Accounts. 
 “Collections” means, with respect to any Administrative Services Agreement, all cash
payments and collections and other cash proceeds owing to the Issuer in respect of such Administrative Services Agreement, including, without limitation, “Administrative Fees,” as such term is defined in the Administrative Services
Agreement. 
 “Consent Agreement” means that certain Consent Agreement, by and among Hartford Life Insurance
Company, Hartford Life and Annuity Insurance Company, Hartford Fire Insurance Company, Hartford International Life Reinsurance Corporation, the Issuer and PFLAC, dated as of July 13, 2013. 

“Contested Cash Flow Projection” has the meaning specified in Section 3.17(c)(ii). 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Control Agreements” means the Account Control Agreement and the Blocked Account Control Agreement. 

“Corporate Office” has the meaning specified in Section 3.11(a). 

“Debt” of any Person means, at any date, without duplication, (i) all obligations of such Person for borrowed
money, (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable
arising in the ordinary course of business, (iv) all obligations of such Person as lessee which are capitalized in accordance with GAAP, (v) all contingent and non-contingent obligations of such Person to reimburse any bank or other Person
in respect of amounts paid under a letter of credit or similar instrument, (vi) all Debt secured by a Lien on any asset of such Person, whether or not such Debt is otherwise an obligation of such Person, and (vii) all guarantees by such
Person of Debt of another Person (each such guarantee to constitute Debt in an amount equal to the amount of such other Person’s Debt guaranteed thereby). 
 “Debt Service Coverage Account” means the debt service coverage account established pursuant to the Debt Service Coverage Account Custody Agreement, which account shall be formally
designated as the “debt service coverage account” of the Issuer. 
 “Debt Service Coverage Account Custody
Agreement” means that certain Custody Account Agreement, by and between the Issuer and Wilmington Trust National Association, dated as of June 26, 2012. 
 “Debt Service Coverage Account Target Amount” means an amount equal to the product of the Note Outstanding Amount multiplied by fifty percent (50%) of the applicable Interest Rate
(including any Default Rate). 
 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all
other liquidation, conservation, dissolution, bankruptcy, assignment for the benefit of creditors, moratorium, rehabilitation, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States, any state of
the United States or any other applicable jurisdiction from time to time in effect and affecting the rights of creditors generally. 

  
 I-3

 “Default Interest Rate Event” means (a) the occurrence and
continuation of an Event of Default, including but not limited to, failure by the Issuer to make any payment obligation when due (until such default is cured) and (b) the failure by the Issuer to obtain all requisite licenses and permits on or
prior to December 31, 2012; provided that a Default Interest Rate Event under this clause (b) shall commence upon December 31, 2012 and end upon the date on which the Issuer has obtained all requisite licenses and permits. 

“Default Rate” means four percent (4.0%). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “Escrow Agreement” means that certain Escrow Agreement, by and among PFLAC, the Noteholder and Wilmington Trust National Association, dated as of July 13, 2012. 

“Event of Default” has the meaning specified in Section 10.01. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to any Noteholder or required to be
withheld or deducted from a payment to a Noteholder, (a) Taxes imposed on or measured by net income, franchise Taxes, and branch profits Taxes; (b) U.S. federal withholding Taxes imposed on amounts payable to or for the account of such
Noteholder with respect to a Note or any interest therein pursuant to a law in effect on the date on which (i) such Noteholder acquires such Note or interest therein or (ii) such Noteholder changes its lending office or its jurisdiction or
otherwise changes location, except in each case to the extent that, pursuant to Section 3.18, amounts with respect to such Taxes were payable either to such Noteholder’s assignor immediately before such Noteholder became a Noteholder or to
such Noteholder immediately before it changed its lending office or its jurisdiction or otherwise changed its location; (c) any U.S. federal withholding Taxes imposed pursuant to FATCA; and (d) Taxes attributable to such
Noteholder’s failure to deliver to the Issuer such properly completed and executed documents, certificates and forms as are required by law or reasonably requested by the Issuer to establish such Noteholder’s exemption from
(or reduction of) withholding Taxes with respect to any payments made under the Notes or any other Loan Document, as will permit such payments to be made without withholding or at a reduced rate of withholding. 

“Extraordinary Revenue” means (i) payments received by Issuer with respect to Section 20.03 of the
Administrative Services Agreement, (ii) indemnification payments received by the Issuer pursuant to the Acquisition Transaction Documents (except to the extent such indemnification payments reimburse Issuer for losses, damages and liabilities
constituting actual out-of-pocket payments made by Issuer to third parties) and (iii) payments of any purchase price adjustments released to the Issuer in accordance with Section 2.01(e) of the Master Transaction Agreement. 

“Extraordinary Revenue Payment Amount” has the meaning specified in Section 3.17(b). 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 

  
 I-4

 “Fifteen-Year Loan-to-Value Ratio” shall mean, as of any date of
determination, the ratio resulting from dividing the Note Outstanding Amount less the amount in the Debt Service Coverage Account by the Baseline Debt Service Cash Flows. 
 “Fiscal Agent” has the meaning specified in the preamble to this Agreement, and any successor appointed pursuant to Section 3.12(c) of this Agreement. 

“GAAP” means generally accepted accounting principles in the United States of America. 

“General Account COLI Administrative Services Agreement” means that certain General Account COLI Administrative Services
Agreement by and among Hartford Life Insurance Company, Hartford Life and Annuity Insurance Company, Hartford Fire Insurance Company and the Issuer, dated as of July 13, 2012. 

“Governmental Authority” means the government of the United States, any other nation or any political subdivision
thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining
to government. 
 “Global Notes” has the meaning specified in Section 3.02(a). 

“Hartford” means The Hartford Financial Services Group, Inc and its Affiliates. 

“Holding Company” has the meaning specified in the preamble of this Agreement. 

“Holding Company Security Agreement” means that certain Security Agreement, by and between the Collateral Agent and the
Holding Company, dated as of July 13, 2012. 
 “Indemnitee” has the meaning specified in
Section 4.05(b). 
 “Independent Director” means, with respect to the Issuer a director who
(i) (a) is not, or has not been within the last three (3) years, an employee of the Issuer or any of its Affiliates, or an immediate family member is not, or has not been within the last three (3) years, an executive officer, of
the Issuer or any of its Affiliates, (b) has not received, or does not have an immediate family member who has received, during any twelve-month period within the last three (3) years, more than $120,000 in direct compensation from the
Issuer and any of its Affiliates, other than director and committee fees and pension or other forms of deferred compensation for prior service (provided such compensation is not contingent in any way on continued service), (c) is not, or does
not have an immediate family member who is, (1) a current partner or employee of a firm that is the Issuer’s or any of its Affiliates’ internal or external auditor, (2) a current employee of such a firm and personally works on
the Issuer’s or any of its Affiliates’ audit or (3) within the last three (3) years a partner or employee of such a firm and personally worked on the Issuer’s or any of its Affiliates’ audit within that time,
(d) is not, or an immediate family member is not, or has not been with the last three (3) years, employed as an executive officer of another company where any of the Issuer’s or any of its Affiliates’ present executive officers
at the same time serves or served on that company’s compensation committee, (e) is not a current employee, or an immediate family member is not a current executive officer, of a company that has made payments to, or received payments from,
the Issuer or any of its Affiliates for property or services in an amount which, in any of the last three fiscal years, exceeds the greater of $1,000,000, or two percent (2%) of such other company’s consolidated gross revenues
(ii) has prior experience as a director or manager for a corporation or limited liability company; and (iii) has at least three (3) years of employment experience with one or more

  
 I-5

 
entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments, agreements
or securities. For the avoidance of doubt, no director shall qualify as “independent” unless the board of directors affirmatively determines that the director has no material relationship with the Issuer (either directly or as a
partner, shareholder or officer of an organization that has a relationship with the Issuer). 
 “Independent
Expert” has the meaning specified in Section 3.17(c)(ii). 
 “Independent Manager” means, with
respect to the Holding Company a member who (i) (a) is not, or has not been within the last three (3) years, an employee of the Holding Company or any of its Affiliates, or an immediate family member is not, or has not been within the
last three (3) years, an executive officer, of the Holding Company or any of its Affiliates, (b) has not received, or does not have an immediate family member who has received, during any twelve-month period within the last three
(3) years, more than $120,000 in direct compensation from the Holding Company and any of its Affiliates, other than director and committee fees and pension or other forms of deferred compensation for prior service (provided such compensation is
not contingent in any way on continued service), (c) is not, or does not have an immediate family member who is, (1) a current partner or employee of a firm that is the Holding Company’s or any of its Affiliates’ internal or
external auditor, (2) a current employee of such a firm and personally works on the Holding Company’s or any of its Affiliates’ audit or (3) within the last three (3) years a partner or employee of such a firm and personally
worked on the Holding Company’s or any of its Affiliates’ audit within that time, (d) is not, or an immediate family member is not, or has not been with the last three (3) years, employed as an executive officer of another
company where any of the Holding Company’s or any of its Affiliates’ present executive officers at the same time serves or served on that company’s compensation committee, (e) is not a current employee, or an immediate family
member is not a current executive officer, of a company that has made payments to, or received payments from, the Holding Company or any of its Affiliates for property or services in an amount which, in any of the last three fiscal years, exceeds
the greater of $1,000,000, or two percent (2%) of such other company’s consolidated gross revenues (ii) has prior experience as a director or manager for a corporation or limited liability company; and (iii) has at least three
(3) years of employment experience with one or more entities that provide, in the ordinary course of their respective businesses, advisory, management or placement services to issuers of securitization or structured finance instruments,
agreements or securities. For the avoidance of doubt, no manager shall qualify as “independent” unless the board of managers affirmatively determines that the manager has no material relationship with the Holding Company (either
directly or as a partner, shareholder or officer of an organization that has a relationship with the Holding Company). 

“Interest Accrual Period” means (i) each period from and including a Scheduled Payment Date, or in the case of the
first Interest Accrual Period, the Closing Date, to but excluding the immediately following Scheduled Payment Date, or in the case of the final Interest Accrual Period, the Maturity Date or (ii) in the case of an optional prepayment pursuant to
Section 3.17(d), the period from and including a Scheduled Payment Date, to and including the Optional Redemption Date. 

“Interest Rate” means (i) on and prior to July 13, 2022, twelve and two-thirds percent (12.66%) per annum
and (ii) at all times on and after July 13, 2022, fifteen percent (15%) per annum. 
 “Investment Company
Act” means the U.S. Investment Company Act of 1940, as amended from time to time. 
 “Issuer” has the
meaning specified in the preamble to this Agreement. 

  
 I-6

 “Issuer Constituent Documents” means the Certificate of Incorporation,
Certificate of Amendment of the Certificate of Incorporation, the Second Certificate of Amendment of the Certificate of Incorporation and Amended By-Laws. 
 “Issuer’s Payment Rights” has the meaning specified in Section 11.05 of this Agreement. 
 “Issuer Obligations” means the execution, delivery and performance by the Issuer of this Agreement and the issuance of the Notes hereunder and the performance by the Issuer of its
obligations under the Transaction Documents. 
 “Issuer Security Agreement” means that certain Security
Agreement, by and between the Collateral Agent and the Issuer, dated as of July 13, 2012. 
 “Lien” means,
with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, or (b) the interest of a vendor or a lessor under any conditional sale agreement,
capital lease or title retention agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset. 
 “Limited Liability Agreement” means the Limited Liability Agreement of the Holding Company dated as of July 12, 2012. 

“Loan Documents” means the documents, including all schedules and exhibits thereto, associated with the transactions
contemplated herein including this Agreement, the Notes, the Debt Service Coverage Account Custody Agreement, the Security Agreements, the Control Agreements, the PFLAC Letter Agreement, PFLAC Services Agreement, the PFDC Services Agreement, the
Option Agreements, the Escrow Agreement and the Master Operational Agreement. 
 “Loan-to-Value Event” shall
have the meaning specified in Section 3.17(c)(i). 
 “Loan-to-Value Ratio” shall mean, as of any date of
determination, the ratio resulting from dividing the product of the Note Outstanding Amount less the amount in the Debt Service Coverage Account by the lesser of (i) the Shock Lapse Debt Service Cash Flows and (ii) the Stressed Debt
Service Cash Flows. 
 “Master Operational Agreement” means that certain Master Operational Agreement, by and
between PFDC, PFLAC and Issuer, dated as of July 1, 2012. 
 “Master Transaction Agreement” means that
certain Master Transaction Agreement by and between Hartford Life Insurance Company, Hartford Life and Annuity Insurance Company and the Issuer, dated as of November 22, 2011, as amended by that certain First Amendment thereto, dated as of
July 13, 2012. 
 “Material Adverse Change” means (A) a material adverse change in the Business and
(B) with respect to any Person, a material adverse change, individually or in the aggregate, of (or any combination of) (i) the business, assets, properties, results of operations or condition (financial or otherwise of such Person), taken
as a whole or (ii) such Person’s ability to consummate the transaction contemplated by, or perform its obligations under, any Transaction Document to which it is a party. 

“Material Adverse Event” means any event that (a) is reasonably likely to cause a material decline in the revenue,
operating income or net income of the Business or financial condition of 

  
 I-7

 
the Issuer, including but not limited to a surrender of a significant portion of the underlying policies supporting the Business, or (b) that results in a material increase in the
Issuer’s obligation for Taxes (other than by reason of an increase in the Issuer’s revenue or reduction of the Issuer’s operating costs). 
 “Maturity Date” means, with respect to the principal (or any installment of principal) of the Notes, any date prior to the Scheduled Maturity Date on which such principal (or such
installment of principal) of the Notes becomes due and payable whether, as applicable, by the declaration of acceleration of maturity, notice of optional redemption at the option of the Issuer or otherwise. 

“Moody’s” means Moody’s Investors Service, Inc. 

“Note” has the meaning specified in Section 3.01. 

“Noteholders” means initially RGA Worldwide Reinsurance Company, Ltd. or its designee and shall include any assignee or
transferee of any portion or all of a Note as may be permitted pursuant to the terms of this Agreement. 
 “Note
Outstanding Amount” means, at any time, the outstanding principal amount of the Notes at such time and all Accrued Interest that is past due. 
 “Obligors” means Hartford Life and Annuity Insurance Company and Hartford Life Insurance Company. 
 “Option Agreements” shall mean the Class A Option Agreement and the Class B Option Agreement. 
 “Optional Redemption Date” means with respect to any Note to be redeemed pursuant to Section 3.17(d), the date of redemption of such Note specified in the relevant notice of
redemption provided to the Fiscal Agent pursuant to Section 3.17(d). 
 “Optional Redemption Price” means
an amount equal to the Note Outstanding Amount of the Notes to be redeemed as of the Optional Redemption Date multiplied by the make-whole percentage applicable to such date of determination as set forth in the optional repayment schedule
attached hereto as Exhibit D. 
 “Original Issuance Amount” means (i) $100,000,000 or (ii) with
respect to any Note the face amount of such Note on the Closing Date. 
 “Other Taxes” means all present or
future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security
interest under, or otherwise with respect to, any Loan Document. 
 “Outstanding” has the meaning specified in
Section 3.20(d). 
 “Parent” has the meaning specified in the preamble of this Agreement. 

“Patent License Agreement” means that certain Patent License Agreement, by and between Hartford Fire Insurance Company
and the Issuer, dated as of July 13, 2013. 
 “Paying Agent” has the meaning specified in
Section 3.11(b). 

  
 I-8

 “Permitted Investments” means (i) cash deposits with banks with a
short term credit rating of A-1 by S&P and P-1 by Moody’s, (ii) U.S. government securities with maturities less than one (1) year, (iii) money market mutual funds rated AAA by S&P or Aaa by Moody’s or
(iv) assets approved in writing by the Required Noteholders or the Collateral Agent. 
 “Permitted Liens”
means (a) liens for taxes not yet due or which are being contested in good faith and by appropriate proceedings diligently conducted and for which adequate reserves are reflected on its books and records, (b) licenses, sublicenses, leases
or subleases granted to other persons in the ordinary course of business not interfering in any material respect with the ordinary conduct of the Grantor’s business; (c) liens arising solely by virtue of any statutory or common law
provision relating to bankers’ liens, rights of setoff or similar rights and remedies as to deposit accounts or to other funds maintained with a depository institution; (d) liens of a collecting bank arising in the ordinary course of
business under Section 4-210 of the UCC covering only the items being collected upon; (e) liens in favor of a landlord arising under any lease or by virtue of any statutory or common law provision relating to distraint for or similar
rights and remedies and (f) Liens securing purchase money or capital lease obligations so long as (i) any such Lien attaches only to the property financed with the proceeds of such obligations and attaches substantially contemporaneously
with the incurrence of such obligations and (ii) the aggregate amount of purchase money or capital lease obligations secured by such Liens does not exceed $500,000 in the aggregate outstanding at any time. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “PFASC Facility Lease” means that certain lease dated
as of December 31, 1992 by and between Hartford Fire Insurance Company (“Hartford Fire”) and Sammis Morristown Associates, as amended through July 25, 2011, and as assigned by Hartford Fire to Issuer pursuant to that certain
Assignment and Assumption Agreement dated as of July 13, 2012, and any subsequent facility lease related thereto entered into by the Issuer with the prior written consent of the Collateral Agent. 

“PFDC” means Philadelphia Financial Distribution Company. 

“PFDC Services Agreement” means that certain Broker-Dealer Transition Agreement executed by PFDC, the Issuer and PFG,
dated as of July 11, 2012. 
 “PFG” means Philadelphia Financial Group. 

“PFLAC” means Philadelphia Financial Life Assurance Company. 

“PFLAC Letter Agreement” means that certain letter agreement between PFLAC and the Collateral Agent, dated as of
July 13, 2012. 
 “PFLAC Services Agreement” means that certain services agreement by and between PFLAC
and the Issuer, dated as of July 12, 2012. 
 “Plan” means any employee pension benefit plan subject to
the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Issuer is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an
“employer” as defined in Section 3(5) of ERISA. 
 “Proceeding” shall mean any suit in equity,
action at law or other judicial or administrative proceeding. 

  
 I-9

 “Register” has the meaning specified in Section 3.11(e). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Replacement
Note” has the meaning specified in Section 3.08(b). 
 “Required Noteholders” means Noteholders
holding Notes in an amount not less than a majority in aggregate of the principal amount of the then Outstanding Notes. 

“Responsible Officer” means an officer of the Issuer at the level of president, chief financial officer, treasurer,
assistant treasurer or controller. 
 “RGA” means Reinsurance Group of America, Incorporated. 

“S&P” means Standard & Poor’s Ratings Services, a Standard & Poor’s Financial Services
LLC business. 
 “Scheduled Maturity Date” has the meaning specified in Section 3.06. 

“Scheduled Payment Date” means the fifteenth (15th) of each month; provided that if such date is not a
Business Day, the next succeeding day that is a Business Day. 
 “Scheduled Principal Repayments” has the
meaning specified in Section 3.17(a). 
 “Second Certificate of Amendment of the Certificate of
Incorporation” means the Second Certificate of Amendment of the Certificate of Incorporation of the Issuer effective as of July 12, 2012. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time. 
 “Security Agreements” means the Issuer Security Agreement and the Holding Company Security Agreement. 
 “Separate Account Support Services Agreement” means that certain Separate Account Support Services Agreement by and between Hartford Life Insurance Company and the Issuer, dated as of
July 13, 2012. 
 “Shock Lapse Debt Service Cash Flows” has the meaning specified in Exhibit C.

 “Software License Agreement” means that certain Software License Agreement, by and between Hartford Fire
Insurance Company and the Issuer, dated as of July 13, 2012. 
 “Stressed Debt Service Cash Flows” has the
meaning specified in Exhibit C. 
 “Supplemental Principal Repayment” shall mean a payment in an amount equal
to the greatest of (i) zero, (ii) the amount required to reduce the Note Outstanding Amount such that the Fifteen-Year Loan-to-Value Ratio equals seventy-five percent (75%) and (iii) the amount required to reduce the Note
Outstanding Amount such that the Loan-to-Value Ratio equals ninety percent (90%). 
 “Taxes” means any and all
present or future taxes, levies, imposts, duties, deductions, withholdings or similar charges imposed by any Governmental Authority. 

  
 I-10

 “Tax Restructuring” shall have the meaning set forth in
Section 6.21(c). 
 “Transaction Documents” means, collectively, the Acquisition Transaction Documents and
the Loan Documents. 
 “Transfer Agent” has the meaning specified in Section 3.11(b). 

“Transferred Employees” has the meaning specified in the Master Transaction Agreement. 

“Transition Services Agreement” means that certain Transition Services Agreement by and between Hartford Life Insurance
Company and the Issuer, dated as of July 13, 2012. 
 “UCC” has the meaning specified in
Section 3.08(e). 
 “U.S.” or “United States” means the United States of America.

 “Working Capital Account” means, collectively, the working capital accounts, which working capital accounts
shall include each Collections Account, and each of which accounts shall be formally designated in Schedule III as a “working capital account” of the Issuer. For all purposes under this Agreement, the aggregate amount of funds in the
Working Capital Account shall be deemed to exclude amounts received from Hartford in connection with the acquisition of the Business which represent compensation, bonuses, severance payments or other such amounts for the benefit of Transferred
Employees. 
 “Working Capital Account Target Amount” means, (i) for the period occurring on and after the
Closing Date until December 15, 2012, an aggregate amount of funds not less than the greater of (A) $9 million and (B) an amount equal to 100% of its most recent three (3) month expenses (excluding interest on the Notes) as
reported in its most recent unaudited quarterly financial statements delivered by the Issuer to the Noteholders pursuant to Section 6.12(c) of this Agreement and (ii) for the period occurring on and after December 15, 2012, an amount
equal to an aggregate amount of funds not less than the greater of (A) $5 million and (B) an amount equal to 100% of its most recent three (3) month expenses (excluding interest on the Notes) as reported in its most recent unaudited
quarterly financial statements delivered by the Issuer to the Noteholders pursuant to Section 6.12(c) of this Agreement. 

  
 I-11EX-10.6

 Exhibit 10.6 
 EXECUTION VERSION 
  

 
  

TRANSITION SERVICES AGREEMENT 
 between 
 TRICADIA HOLDINGS, L.P. 

AND 

TIPTREE ASSET MANAGEMENT COMPANY, LLC 
 DATED AS OF June 30, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I
	 	 DEFINITIONS
	  	 	1	  
			
	 Section 1.01.
	 	 Certain Defined Terms
	  	 	1	  
	 Section 1.02.
	 	 Other Defined Terms
	  	 	3	  
	 Section 1.03.
	 	 Interpretation
	  	 	3	  
			
	 ARTICLE II
	 	 TRANSITION SERVICES
	  	 	4	  
			
	 Section 2.01.
	 	 Transition Services; Term
	  	 	4	  
	 Section 2.02.
	 	 Nature and Quality of Transition Services
	  	 	5	  
	 Section 2.03.
	 	 Policies and Procedures
	  	 	6	  
	 Section 2.04.
	 	 Cooperation and Information
	  	 	6	  
	 Section 2.05.
	 	 Intellectual Property and Software Licenses
	  	 	7	  
	 Section 2.06.
	 	 Insurance
	  	 	8	  
	 Section 2.07.
	 	 Business Continuity and Disaster Recovery
	  	 	8	  
	 Section 2.08.
	 	 Third-Party Service Providers
	  	 	8	  
			
	 ARTICLE III
	 	 COMPENSATION FOR SERVICES
	  	 	8	  
			
	 Section 3.01.
	 	 Fees and Actual Costs
	  	 	8	  
	 Section 3.02.
	 	 Third Party Charges
	  	 	9	  
	 Section 3.03.
	 	 Payments of Fees
	  	 	9	  
	 Section 3.04.
	 	 Invoices; Documentation
	  	 	9	  
	 Section 3.05.
	 	 Disputes
	  	 	9	  
	 Section 3.06.
	 	 Taxes
	  	 	10	  
			
	 ARTICLE IV
	 	 ACCESS AND SECURITY
	  	 	10	  
			
	 Section 4.01.
	 	 Security Level; Additional Security Measures
	  	 	10	  
	 Section 4.02.
	 	 Security Breaches
	  	 	10	  
	 Section 4.03.
	 	 Systems Security
	  	 	11	  
	 Section 4.04.
	 	 Information Security
	  	 	11	  
	 Section 4.05.
	 	 Records; Inspection and Audit Rights
	  	 	12	  
			
	 ARTICLE V
	 	 CONFIDENTIALITY
	  	 	12	  
			
	 Section 5.01.
	 	 Tricadia Confidentiality
	  	 	12	  
	 Section 5.02.
	 	 TAMCO Confidentiality
	  	 	13	  
			
	 ARTICLE VI
	 	 DISCLAIMER OF WARRANTIES; INDEMNIFICATION
	  	 	14	  
			
	 Section 6.01.
	 	 Disclaimer of Warranties
	  	 	14	  
	 Section 6.02.
	 	 Indemnification of Tricadia
	  	 	14	  
	 Section 6.03.
	 	 Indemnification of TAMCO
	  	 	14	  
	 Section 6.04.
	 	 Procedure
	  	 	14	  
	 Section 6.05.
	 	 Insurance
	  	 	15	  
	 Section 6.06.
	 	 No Double Recovery; No Limitation
	  	 	15	  

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 ARTICLE VII
	 	 TERM AND TERMINATION
	  	 	15	  
			
	 Section 7.01.
	 	 Effective Date and Final Term
	  	 	15	  
	 Section 7.02.
	 	 Termination
	  	 	15	  
	 Section 7.03.
	 	 Survival
	  	 	16	  
			
	 ARTICLE VIII
	 	 GENERAL PROVISIONS
	  	 	16	  
			
	 Section 8.01.
	 	 Amendment; Waiver
	  	 	16	  
	 Section 8.02.
	 	 Expenses; Payments
	  	 	16	  
	 Section 8.03.
	 	 Notices
	  	 	16	  
	 Section 8.04.
	 	 Severability
	  	 	17	  
	 Section 8.05.
	 	 Entire Agreement; Assignment
	  	 	17	  
	 Section 8.06.
	 	 Binding Effect
	  	 	18	  
	 Section 8.07.
	 	 No Third-Party Beneficiaries
	  	 	18	  
	 Section 8.08.
	 	 Governing Law
	  	 	18	  
	 Section 8.09.
	 	 Consent to Jurisdiction
	  	 	18	  
	 Section 8.10.
	 	 Waiver of Jury Trial
	  	 	18	  
	 Section 8.11.
	 	 Counterparts
	  	 	19	  
	 Section 8.12.
	 	 Further Assurances
	  	 	19	  
	 Section 8.13.
	 	 Relationship of the Parties
	  	 	19	  

 Appendix A - Form of Transition Service Schedule 

  
 ii 

 TRANSITION SERVICES AGREEMENT 

This TRANSITION SERVICES AGREEMENT, dated as of June 30, 2012, is by and among Tiptree Asset Management Company, LLC, a Delaware
limited liability company (“TAMCO”). Tricadia Holdings, L.P., a Delaware limited partnership (“Tricadia”). and, to the limited extent provided for herein, Tiptree Financial Partners, L.P.
(“Tiptree”). 
 W I T N E S S E T H: 
 WHEREAS, Tricadia, Tiptree and each of TFPLP Holdings I LLC, TFPLP Holdings II LLC and TFPLP Holdings III LLC (together, the “Contributors”) have entered into that certain Contribution
and Issuance Agreement dated as of the date hereof (the “Contribution Agreement”) pursuant to which the Contributors have agreed to contribute (the “Contribution”) to Tiptree 99% of the outstanding limited liability
company interests of TAMCO, and Tiptree has agreed to issue to the Contributors common limited partnership units in respect of their contribution; 
 WHEREAS, TAMCO will hold, immediately prior to and after the Contribution, all of the Limited Liability Company Interests (as defined in the Contribution Agreement) of each of Tiptree Capital Management,
LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC (each a “Management Entity” and, together, the “Management Entities”): 

WHEREAS, following the Contribution, Tiptree’s interests in TAMCO will be held by Tiptree Asset Management Holding Company, LLC
(“TAMCO Holding”), a wholly-owned subsidiary of Tiptree; and 
 WHEREAS, pursuant to the terms of the
Contribution Agreement, the Contributors desire that Tricadia, an affiliate of the Contributors, provides certain transition services to TAMCO and its Affiliates, including Tiptree and the Management Entities, for specified periods following the
Closing Date (as defined in the Contribution Agreement), all in accordance with, and subject to the terms and conditions of, this TSA (as defined below). 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants contained in this TSA and for other good and valuable consideration, the receipt and adequacy of which are hereby
acknowledged, TAMCO and Tricadia hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.01. Certain Defined Terms. 
 Capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Contribution Agreement. As used in this TSA, the following terms shall have the following meanings:

 “BCDR Plan” shall mean the written document which records a party’s logistical plan for the recovery
and restoration of partially or completely interrupted critical functions within a predetermined time following a disaster or extended disruption. 

 “Board” means the Board of Directors of Tiptree. 

“Change of Control” means (i) the acquisition by any Persons or group of Persons (other than an Affiliate of
Tricadia) of a majority of the issued and outstanding Tiptree Partnership Units (whether as a result of an issuance by Tiptree or sale by one or more Tiptree Partners); (ii) a merger, consolidation, recapitalization or reorganization of Tiptree
with or into a Person that is not an Affiliate of Tricadia; or (iii) the persons who were directors of the Tiptree on the date hereof (the “Incumbent Directors”) shall cease to constitute at least a majority of the Board or a
majority of the board of directors of any successor to Tiptree; provided, that, any director who was not a director as of the date hereof shall be deemed to be an Incumbent Director if such director was elected to the Board by, or on the
recommendation of or with the approval of, at least two-thirds of the directors who then qualified as Incumbent Directors either actually or by prior operation of this provision, unless such election, recommendation or approval was the result of an
actual or threatened election contest of the type contemplated by Regulation 14a-11 promulgated under the Exchange Act or any successor provision; provided, further, however, that no proposed merger or business contribution in
respect of which there are active discussions as of April 19, 2012 shall constitute a Change of Control of Tiptree. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Expenses” means, with respect to any Person, all fees, costs and expenses incurred in connection with such
Person’s activities. 
 “Hypothetical Fees” means the fees that would have been payable to the Management
Entities under the Management Agreements and the Tiptree Partnership Agreement if the fee rates (including performance fee rates) set forth in such agreements prior to the Closing Date continued to apply after the Closing Date. 

“Third Party Materials” shall mean all Intellectual Property owned by a Person other than Tricadia or its Affiliates
prior to the Closing Date, including all modifications and amendments thereto as of any date. 
 “Transition
Service” means each service provided under this TSA and described in a Transition Service Schedule. 

“Transition Service Schedule” means each of the completed and signed schedules to this TSA in the form attached hereto
as Appendix A. 
 “TSA” means this Transition Services Agreement. 

  
 2 

 SECTION 1.02. Other Defined Terms. 

The following terms have the meanings defined for such terms in the Sections set forth below: 

 

					
	 Term
	  	 Section
	  	  
	Contribution	  	Recitals	  	
	Contribution Agreement	  	Recitals	  	
	Contributors	  	Recitals	  	
	Final Term	  	7.01	  	
	Historical Records	  	4.05(a)	  	
	Incumbent Directors	  	1.01	  	
	Indemnified Party	  	6.04	  	
	Indemnifying Party	  	6.04	  	
	Management Entities	  	Recitals	  	
	Omitted Service	  	2.01(f)	  	
	Records	  	4.05(a)	  	
	Sales Taxes	  	3.06	  	
	Security Regulations	  	4.03(a)	  	
	Service Provider	  	2.01	  	
	Service Provider Policy	  	2.03(a)	  	
	Service Recipient	  	2.01	  	
	Service Recipient Policy	  	2.03(b)	  	
	Service Records	  	4.05(a)	  	
	Systems	  	4.03(a)	  	
	TAMCO	  	Preamble	  	
	TAMCO Holding	  	Recitals	  	
	TAMCO Indemnified Party	  	6.03	  	
	Term	  	2.01(b)	  	
	Tiptree	  	Preamble	  	
	Transition Services Fee(s)	  	3.01(a)	  	
	Tricadia	  	Preamble	  	
	Tricadia Indemnified Party	  	6.02	  	

 SECTION 1.03. Interpretation. When reference is made in this TSA to an Article, a Section, Exhibit
or Schedule, such reference shall be to an Article of, a Section of, or an Exhibit or Schedule to, this TSA unless otherwise indicated. When reference is made to any agreement (including this TSA), contract, statute (or section thereof) or
regulation (or section thereof), such reference shall be to such agreement (including this TSA), contract, statute (or section thereof) or regulation (or section thereof) as amended, modified, supplemented or replaced from time to time including (in
the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments incorporated therein. Whenever the words
“include”, “includes” or “including” are used in this TSA, they shall be deemed to be followed by the words “without limitation.” The words “hereof,” “herein,” “hereby” and
“hereunder” and words of similar import when used in this TSA shall refer to this TSA as a whole and not to any particular 

  
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provision of this TSA. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine as well as to the feminine and
neuter genders of such term. All pronouns and variations thereof will be deemed to refer to the feminine, masculine or neuter, singular or plural, as the identity of the Person referred to may require. All terms defined in this TSA shall have the
defined meanings when used in any document made or delivered pursuant hereto unless otherwise defined therein. The table of contents and headings contained in this TSA are for reference purposes only and shall not affect in any way the meaning or
interpretation of this TSA. It is the intention of the parties that every covenant, term and provision of this TSA shall be construed simply according to its fair meaning and not strictly for or against any party, it being understood and agreed that
this TSA is the product of negotiation by the parties having the assistance of counsel and other advisors, and, therefore, the parties waive, to the fullest extent permitted by Applicable Law, the benefit of any Applicable Law requiring construction
or interpretation against the party drafting or causing any instrument to be drafted. In the event of any conflict or alleged conflict between any Transition Service Schedule, on the one hand, and this TSA, on the other hand, the terms and
conditions of this TSA shall prevail. 
 ARTICLE II 
 TRANSITION SERVICES 
 SECTION 2.01. Transition Services; Term. 

(a) Tricadia shall provide, or shall cause its Affiliates or third-party service providers to provide, the Transition Services (each such
party providing a Transition Service being referred to herein as a “Service Provider”) to TAMCO and its Affiliates, including Tiptree, TAMCO Holding and the Management Entities (each such party receiving a Transition Service being
referred to herein as a “Service Recipient”) upon the terms and subject to the conditions set forth herein and on the Transition Services Schedules. A detailed description of each Transition Service is set forth in the relevant
Transition Service Schedule. 
 (b) Tricadia shall, or shall cause its Affiliates or third-party service providers to, provide,
and each Service Recipient shall receive, each Transition Service for such period as is specified for such Transition Service in the relevant Transition Service Schedule (each such period, a “Term”). The Term for each Transition
Service may be extended by mutual agreement of Tricadia and TAMCO, to be reflected by amendment to the relevant Transition Service Schedule. 
 (c) In the event that Tiptree internally restructures, reorganizes or transfers a Service Recipient (including Tiptree) to an Affiliate or a third party which, following such transaction is an Affiliate,
Tricadia shall continue to provide, or cause the provision of, the Transition Services to each Service Recipient to the extent provided prior to such restructuring, reorganization or transfer, but only insofar as each Service Recipient continues to
conduct its business. For the avoidance of doubt, the consummation of any merger or business contribution in respect of which there are active discussions as of April 19, 2012, shall not constitute a restructuring, reorganization or transfer of
Tiptree and Tricadia shall continue to provide, or cause the provision of, the Transition Services following the consummation of any such transaction. 

  
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 (d) Except as otherwise provided herein, Tricadia shall not, and shall cause its Affiliates
not to (without TAMCO’s prior written consent), cease providing or suspend the provision of any Transition Service during the Term for such Transition Service, including during the period of any good faith dispute between the parties.

 (e) Tricadia hereby represents and warrants to TAMCO that it has given due and proper consideration to the preparation of the
Transition Service Schedules to this TSA and the Transition Services described therein and that it is not aware of any services that had been provided to the Management Entities prior to the Closing Date that are omitted from such Transition
Services Schedules, other than the services provided by the Transferred Employees. Tricadia hereby acknowledges the parties’ intention that the scope of the Transition Services should reflect in full those services provided by Tricadia, or its
Affiliates or third-party service providers, to Tiptree, TAMCO Holding, TAMCO and the Management Entities in the ordinary course prior to the Closing Date, except to the extent provided by the Transferred Employees, and undertakes to TAMCO that the
Transition Services provided hereunder reflect all services provided to Tiptree, TAMCO Holding, TAMCO and the Management Entities in the ordinary course prior to the Closing Date, other than the services provided by the Transferred Employees.

 (f) If, at any time within one hundred and fifty (150) days following the Closing Date, either party becomes aware of
any service that had been provided to Tiptree, TAMCO Holding, TAMCO or a Management Entity prior to the Closing Date that is not included on a Transition Service Schedule and is not otherwise being provided by a Transferred Employee (each such
service, an “Omitted Service”), then upon notice to the other party, a Transition Service Schedule shall be added for such service and such service shall become a Transition Service. Tricadia shall resume provision of such
Transition Service as soon as reasonably practicable. The Omitted Service shall be provided without additional charge. 

SECTION 2.02. Nature and Quality of Transition Services. Tricadia shall, shall cause its Affiliates to and shall use its
reasonable best efforts to cause third-party service providers to, provide the Transition Services in a timely and workmanlike manner consistent with past practice; provided, that Tricadia shall not be liable under this TSA (i) for failing to
provide or make available a Transition Service as set forth herein if such failure was the result of personnel of Service Provider performing or failing to perform such Transition Service in accordance with instructions relating to such Transition
Service provided by the Service Recipient or (ii) for any action taken, or omission to act, by a representative of TAMCO, Tiptree, or any of their respective Affiliates. Other than as expressly agreed on the applicable Transition Service
Schedule, any determination as to which of Tricadia, its subsidiary or its Affiliates shall provide a Transition Service, as well as which employee(s) shall provide such Transition Service shall be made by the Service Provider in its sole
discretion. Tricadia will use its reasonable best efforts to ensure that each Transition Service is performed by its personnel, or the personnel of its Affiliates, to the extent that such Transition Service was performed by Tricadia personnel, or
the personnel of Tricadia’s Affiliates, prior to the Closing Date. Tricadia shall, or shall cause its Affiliates and use reasonable best efforts to cause third-party service providers to, provide the

  
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Transition Services in the same manner, scope, nature, frequency, functionality and quality (including the level of care exercised in the performance) as the manner in which such Transition
Services were provided to the Service Recipient immediately prior to the date hereof, except as otherwise provided in the applicable Transition Service Schedule and except for such variations in manner, scope, nature, frequency or functionality as
are reasonably warranted in the context of changes to the business of Tiptree and its Affiliates after the Closing Date. The Transition Services shall be used by the Service Recipient for substantially the same purposes and in substantially the same
manner (including as to volume, amount, level or frequency, as applicable) as the Transition Services were used immediately prior to the date hereof. In addition to any other rights or remedies to which TAMCO may be entitled, if Tricadia fails to
provide, or to cause to be provided, any Transition Service in accordance with the terms of this TSA, Tricadia shall, as promptly as reasonably practical, correct in all material respects such error or defect or re-perform in all material respects
such Transition Service at the request of TAMCO (and at the expense of Tricadia). 
 SECTION 2.03. Policies and
Procedures. Each Transition Service will be provided by a Service Provider in accordance with such Service Provider’s policies and procedures in effect on the date hereof, as may be amended from time to time, and with those policies and
procedures established by other Persons that are applicable to such Service Provider and/or the premises where such Transition Service is performed (each a “Service Provider Policy”); provided, however, that a copy of each Service
Provider Policy, to the extent written, shall be provided to TAMCO; provided further, however, that in no event shall any Service Provider Policy modify or alter any Transition Service in a manner that would be inconsistent with the obligations of
the Service Provider set forth in Section 2.02. If the Service Recipient acts in a manner that is inconsistent with a Service Provider Policy applicable to it, the Service Provider shall so inform the Service Recipient and the Service
Recipient shall then conform to the requirements of such Service Provider Policy to the extent commercially reasonable. 

SECTION 2.04. Cooperation and Information. 
 (a) During the Term, the Service Recipient shall provide the Service Provider with all information available to the Service Recipient and reasonably requested by the Service Provider as necessary or
desirable for the performance of the relevant Transition Services. Tricadia shall not be deemed to be in breach of its obligation to provide, or cause the provision of, any Transition Service to the extent that the Service Recipient has not provided
information that is reasonably necessary for the performance of such Transition Service. Service Recipient shall provide to the Service Provider reasonable access to the Service Recipient’s premises to the extent reasonably necessary for the
purpose of providing the Transition Services. 
 (b) Tricadia shall, and shall cause its Affiliates and use reasonable best
efforts to cause third-party service providers to, (i) reasonably cooperate with each Service Recipient in all matters relating to the provision of the Transition Services and (ii) not engage in any willful or intentional misconduct, gross
negligence, common law fraud or otherwise willfully or intentionally violate any Applicable Law in connection with the provisions of a Transition Service. Such cooperation shall include (1) the execution and delivery of such further instruments
or documents as may be reasonably requested by TAMCO or another Service 

  
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Recipient to enable the full performance of the Transition Services provided hereunder and (2) notifying TAMCO in advance of any changes to Tricadia’s or another Service Provider’s
operating environment or personnel (including changes with respect to employee status) to the extent material to the provision of services hereunder and working with the applicable Service Recipient to minimize the effect of such changes.

 SECTION 2.05. Intellectual Property and Software Licenses. 

(a) If the receipt or provision of any Transition Service hereunder requires the use by Tricadia, one of its Affiliates or any
third-party service provider of the Intellectual Property, technology or data of TAMCO or one of its Affiliates, or vice versa, then the party that needs to use such Intellectual Property, technology or data shall have the nonexclusive, irrevocable
(except as provided in this Section 2.05), royalty-free, non-sublicensable (except as and to the extent required for the provision or receipt of such Transition Service) right and license to use such Intellectual Property, technology or
data during the Term for the sole purpose of, and only to the extent necessary for, the receipt or provision of such Transition Service hereunder. 
 (b) Upon the expiration of the Term, or the earlier termination of any Transition Service in accordance with Section 7.02, (i) the license to the relevant Intellectual Property granted
under this Section 2.05 will terminate, and (ii) Service Recipient and/or Service Provider shall (1) cease all use of the Intellectual Property licensed under this Section 2.05 and (2) subject to Applicable Law
and the requirements of any Governmental Entity, return all confidential or proprietary information exchanged in connection with such license, or certify the destruction of the same. Notwithstanding anything to the contrary herein, the parties
acknowledge and agree that, subject to the confidentiality obligations set forth in Article V, any information in non-tangible form that is retained in the memories of any persons employed by a party as of the termination of any Transition
Service, or this Agreement, as the case may be, may be used by such party and its Affiliates on a non-exclusive basis solely in connection with their respective business. 
 (c) Except as set forth in this Section 2.05, Tricadia grants no rights to its Intellectual Property to TAMCO or its Affiliates, and TAMCO and its Affiliates grant no rights to Intellectual
Property to Tricadia; provided, however, that all data created in connection with the provision of a Transition Service and on behalf of the Service Recipient shall be owned by the Service Recipient and shall constitute its confidential information.

 (d) If a Service Provider and a Service Recipient collaborate to create any Intellectual Property (i) that is derived
from or based upon a party’s Intellectual Property, such Intellectual Property shall be owned by the party upon whose Intellectual Property it is based and the other party hereby agrees to assign and hereby assigns any rights, title or
interests that it may have therein to such party, and (ii) that is not derived from or based upon a party’s Intellectual Property, Tricadia and TAMCO shall agree in writing (before such creation to the extent feasible) which party shall
own such Intellectual Property, and the other party’s rights therein. 

  
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 (e) Each of TAMCO and Tricadia shall, and shall cause their respective Affiliates and, in
the case of Tricadia, third-party service providers, to, comply with their respective obligations under all applicable data protection and privacy laws. 
 SECTION 2.06. Insurance. With respect to the provision of Transition Services under this TSA, Tricadia shall maintain such insurance coverage and in such amounts covering itself and its Affiliates
as is commercially reasonable. Upon the reasonable request of TAMCO, Tricadia shall provide TAMCO with such information as it shall reasonably request relating to any insurance coverage relevant to a Transition Service provided under this TSA.

 SECTION 2.07. Business Continuity and Disaster Recovery. Tricadia will at all times throughout the Term have in place
a BCDR Plan that is at least as comprehensive in scope and detail as the BCDR Plan of Tricadia in effect on the date hereof. In the event that Tricadia invokes its BCDR Plan, it will notify TAMCO as soon as reasonably practicable following such
invocation and will maintain communication with TAMCO. 
 SECTION 2.08. Third-Party Service Providers. Tricadia shall, or
shall cause its Affiliates to, use its reasonable best efforts to (i) obtain any necessary consent from any third-party service provider in order to provide any Transition Service or (ii) if any such consent is not obtained, provide
acceptable alternative arrangements to provide such Transition Service sufficient for the purposes of Service Recipient. Where Transition Services are provided by Tricadia, or its Affiliates, through third-party service providers or through the use
of Third Party Materials, Tricadia shall, or shall cause its Affiliates to, (i) use its reasonable best efforts to ensure that the applicable third-party service provider complies with its obligations under its agreement with Tricadia or
Tricadia’s Affiliate, (ii) enforce the terms of its agreement with the applicable third-party service provider as necessary and in accordance with TAMCO’s reasonable instructions to enable TAMCO, or the applicable Service Recipient,
to receive the benefit of any rights contained therein, and (iii) comply with any obligations placed on Tricadia, or its Affiliates, pursuant to such agreement. 
 ARTICLE III 
 COMPENSATION FOR SERVICES 

SECTION 3.01. Fees and Actual Costs. 
 (a) Subject to Section 3.01(b), as compensation for each Transition Service to be provided to TAMCO and any Service Recipient pursuant hereto, TAMCO shall pay Tricadia the amount specified on each
applicable Transition Service Schedule, as such amount may be adjusted pursuant thereto (each such amount, a “Transition Service Fee” and collectively, the “Transition Service Fees”). 

(b) If the aggregate increases to Transition Service Fees to be made in any year pursuant to this Agreement (including the Transition
Service Schedules hereto) would, if they had occurred in the previous year, have caused the aggregate Expenses of TAMCO Holding and its Subsidiaries for such previous year to have exceeded 50% of the Hypothetical Fees for

  
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such previous year, then such increases shall be reduced to an aggregate amount such that if they had applied for the previous year, the aggregate Expenses of TAMCO Holding and its Subsidiaries
for such previous year would have been equal to 50% of such Hypothetical Fees, provided, that the aggregate Transition Service Fees will in no event be less than the aggregate Transition Service Fees in effect on the effective date of this
Agreement, and provided further, that this Section 3.01(b) shall not apply to the extent that such increase is due to (i) a material change in the business of Tiptree or its Subsidiaries, as determined by the Board acting
reasonably, as a result of a merger, business combination, acquisition or other similar transaction, (ii) Expenses determined by the Board acting reasonably to be extraordinary, one-time Expenses, (iii) litigation, or (iv) any
increase in the out-of-pocket costs of Service Providers relating to the provision of employee benefits, insurance or office space to the Service Recipients or strategic advisory services requested by a Service Recipient. 

SECTION 3.02. Third Party Charges. TAMCO shall be responsible for, and shall pay or reimburse each Service Provider for, any
actual third party costs, fees, levies or charges that a Service Provider may incur in connection with the provision of the relevant Transition Service (without duplication of any fees set forth on a Transition Service Schedule and taking into
account any applicable discounts or rebates available to the Service Provider), including charges from vendors, suppliers, carriers and contractors, without (a) any markup or administrative fees or expenses of the Service Provider or
(b) any profit component for the Service Provider. 
 SECTION 3.03. Payments of Fees. Any payments pursuant to this
TSA shall be made as soon as reasonably practicable, but in any event no later than fifteen (15) calendar days after the date of receipt by TAMCO of an invoice from Tricadia. For the avoidance of doubt, (i) if any part of the Transition
Services is provided by an Affiliate or third-party service provider of Tricadia, the charges payable in respect of such Transition Services shall be invoiced by Tricadia to TAMCO and payable by TAMCO to Tricadia and (ii) TAMCO shall not
receive any invoices directly from, or be obligated to pay any fees or charges directly to, any Affiliate or third-party service provider of Tricadia. 
 SECTION 3.04. Invoices; Documentation. Tricadia shall invoice TAMCO promptly after the end of each calendar quarter for all charges for all Transition Services provided to TAMCO and its Affiliates
in the preceding calendar quarter pursuant to this TSA. Tricadia shall also deliver copies of all quarterly invoices to the Special Committee promptly after the end of each calendar quarter in the manner set forth in Section 8.03. From
time to time on written request by TAMCO in respect of a Transition Service, Tricadia shall provide to TAMCO such information in Tricadia’s possession with respect to such invoices as TAMCO may reasonably request for the purpose of supporting
the fees represented by such invoices and Tricadia shall make its personnel available to answer such questions as TAMCO may reasonably ask for such purpose. 
 SECTION 3.05. Disputes. TAMCO, including on behalf of any Service Recipient, may dispute any or all charges for sixty (60) days after the receipt of the applicable invoice. If TAMCO disputes
any charges, TAMCO and Tricadia shall work together in good faith to resolve such dispute during the thirty (30) day period after TAMCO provides Tricadia with notice of such dispute and then in accordance with Section 8.09. If the
resolution of such a 

  
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dispute is that TAMCO owes an amount of money to Tricadia, such amount shall be due and payable upon resolution. If the resolution of such a dispute is that Tricadia owes money to TAMCO, Tricadia
shall deduct the amount owed from the next invoice; provided, that if no further invoices are due, Tricadia shall pay such amount to TAMCO upon resolution of the dispute. A failure by TAMCO to dispute a charge within sixty (60) days after
receipt of an invoice shall not waive TAMCO’s audit and collection rights under Section 4.05. The existence of a dispute shall not excuse either party from any other obligation under this TSA, including Tricadia’s obligations
to continue to provide, or cause the provision of, Transition Services hereunder. 
 SECTION 3.06. Taxes. The fees and
charges payable by TAMCO under this TSA and set forth on the Transition Service Schedules shall be exclusive of any taxes which may be imposed by any Governmental Entity in connection with the purchase or delivery of the Transition Services
(“Sales Taxes”). Any such Sales Taxes shall be separately stated on the relevant invoice to TAMCO. All taxable goods and services for which TAMCO is compensating, or reimbursing, Tricadia hereunder shall be set out separately from
non-taxable goods and services, if practicable. TAMCO shall be responsible for any such Sales Taxes and shall either (i) remit such Sales Taxes to Tricadia (and Tricadia shall remit such amounts to the applicable Governmental Entity) or
(ii) provide Tricadia with a certificate or other acceptable proof evidencing an exemption from liability for such Sales Taxes. In the event Tricadia fails timely to invoice Sales Taxes on taxable goods or services covered by this TSA, Tricadia
shall notify TAMCO in a timely manner and TAMCO shall remit such Sales Taxes to Tricadia; provided, however, that, notwithstanding the definition of “Sales Taxes” as used herein, TAMCO shall not be responsible for the payment of any
additions to such Sales Taxes, including penalties and interest imposed due to a failure by Tricadia to remit or cause to be remitted such Sales Taxes in a timely manner to the appropriate Governmental Entity. 

ARTICLE IV 

ACCESS AND SECURITY 
 SECTION 4.01. Security Level; Additional Security Measures. Tricadia shall, and shall cause its Affiliates to, use reasonable best efforts to cause any third-party service provider to, maintain
their current level of physical and electronic security during the Term (including data security and data privacy). 
 SECTION
4.02. Security Breaches. In the event of a security breach that relates to the Transition Services, Tricadia shall, and shall cause its Affiliates to, use reasonable best efforts to cause any third-party service provider to, cooperate with
TAMCO and each other Service Recipient regarding the timing and manner of (i) any notification to clients, customers, potential customers, employees and/or agents of TAMCO or another Service Recipient, as the case may be, concerning a breach or
potential breach of security and (ii) disclosures to appropriate Governmental Entities. 

  
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 SECTION 4.03. Systems Security. 

(a) If any Service Provider, or its personnel, will be given access to any Service Recipient’s computer systems or software
(“Systems”) in connection with the performance of the Transition Services, Tricadia shall, or shall cause its Affiliates to, use reasonable best efforts to cause any third-party service provider, and their respective personnel, to
comply with all of such Service Recipient’s written system security policies, procedures and requirements (as amended from time to time, the “Security Regulations”), and will not tamper with, compromise or circumvent any
security or audit measures employed by such Service Recipient. 
 (b) Tricadia shall, and shall cause its Affiliates and
third-party service providers to, use its reasonable commercial efforts (i) to ensure that only those of its personnel who are specifically authorized to have access to the Systems of a Service Recipient gain such access and use such access
only to the extent needed to provide a Transition Service, and (ii) to prevent unauthorized access, use, destruction, alteration or loss of information contained therein. Tricadia shall, and shall cause its personnel, its Affiliates and
third-party service providers to, access and use only those Systems, and only such data and information within such Systems to which a Service Recipient has granted it the right to access and use. Tricadia and any other Service Provider will notify
TAMCO and/or a Service Recipient immediately upon becoming aware of any violations by any of its personnel of this Section 4.03(b). 
 (c) A Service Recipient shall have the right to deny the personnel of a Service Provider access to its Systems, after prior written notice, in the event the Service Recipient reasonably believes that such
personnel pose a security concern. 
 (d) All user identification numbers and passwords of a Service Recipient disclosed to a
Service Provider, and any information obtained from the use of the Systems, shall be deemed confidential information of TAMCO subject to Section 5.01. 
 (e) Tricadia will, and will cause its Affiliates to and will use reasonable best efforts to cause any third-party service provider to, cooperate with TAMCO and each other Service Recipient in
investigating any apparent unauthorized access of TAMCO’s or such other Service Recipient’s Systems or any apparent unauthorized release by a Service Provider or such Service Provider’s personnel of information of TAMCO or its
Affiliates that is deemed to be confidential under Section 5.01. If any Service Provider has revoked access to its own systems to any of its personnel that also have access to a Service Recipient’s Systems and it will immediately
revoke the access of such personnel to a Service Recipient’s Systems. 
 SECTION 4.04. Information Security.
Tricadia shall, and shall cause its Affiliates and third-party service providers to, provide information, data back-up procedures, and information security commensurate with that applicable to its own confidential information to ensure that any
confidential information running though its Systems provided by or for a Service Recipient is not lost, stolen, modified, disclosed to or accessed by any other party (other than those permitted parties under Article IV of this TSA) without
the Service Recipient’s prior written approval. Tricadia will promptly notify TAMCO upon becoming aware of: (i) any unauthorized possession, use, or knowledge or attempt thereof, of the data-processing files, transmission messages, or
other confidential information of a Service Recipient by any person or entity that may become known, (ii) the effect of such, and (iii) the corrective action taken in response thereto. 

  
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 SECTION 4.05. Records; Inspection and Audit Rights. 

(a) As required by Applicable Law, Tricadia shall maintain in an appropriate facility and format all existing data and records relating
to the Businesses of TAMCO and its Affiliates in whatever form in its possession including copies and back-up versions thereof (the “Historical Records”) for such periods required by Applicable Law. During the Term and for five
years thereafter, Tricadia agrees to maintain accurate records arising from or related to any Transition Service provided hereunder, including emails, data and documents, accounting records and documentation produced in connection with the provision
of any Transition Service and including copies and back-up versions thereof (the “Service Records”, and together with the Historical Records, the “Records”); provided, that Tricadia shall maintain the Service
Records for any longer duration required by Applicable Law and of which Tricadia has reasonable prior notice. 
 (b) Upon
reasonable written notice from TAMCO, Tricadia shall make available to TAMCO, its Affiliates, or its Representatives (at TAMCO’s sole expense) reasonable access to or, at Tricadia’s option and expense (unless requested by TAMCO, in which
case at TAMCO’s sole expense), copies of, the Records during regular business hours. Such Records shall include documents relating to the amounts charged by Tricadia, its Affiliates and third-party service providers and TAMCO shall have the
right (at TAMCO’s sole expense) to review and audit such records to verify such amounts. 
 (c) Tricadia shall permit the
auditors (including Governmental Entities and Self-Regulatory Organizations) of TAMCO and any of its Affiliates charged with evaluating TAMCO’s or any of its Affiliates’ compliance with Applicable Law reasonable access to Tricadia’s
relevant documentation, facilities and personnel, as applicable, at TAMCO’s sole expense, for purposes of auditing such Transition Services for compliance with Applicable Law. 

(d) In the event that an audit under this Section 4.05 identifies any noncompliance with Applicable Law, Tricadia shall
remedy such noncompliance in a commercially reasonable time and manner. 
 ARTICLE V 

CONFIDENTIALITY 

SECTION 5.01. Tricadia Confidentiality. All confidential information relating to TAMCO or any of its Affiliates which is provided
or conveyed to Tricadia or any of its Affiliates or third-party service providers in connection with the provision of any Transition Service pursuant to this TSA, including any technical, trade secret or other proprietary information of TAMCO or any
of its Affiliates or their third-party service providers or their respective Representatives, together with any reports, analyses, compilations, memoranda, notes and any other writings prepared by Tricadia or any of its Affiliates or their
third-party service providers 

  
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or any of their respective Representatives that contain, reflect or are based upon such confidential information relating to TAMCO or any of its Affiliates, shall be and continue to be kept
confidential by Tricadia and its Affiliates and their third-party service providers and their respective Representatives (except (i) pursuant to the order or demand of any Governmental Entity or Self-Regulatory Organization, as required in any
litigation or other proceeding, or as otherwise required by Applicable Law or administrative process (in which case, to the extent feasible, Tricadia shall provide TAMCO with prompt notice thereof and cooperate with TAMCO or its relevant Affiliate
so that TAMCO or its relevant Affiliate may seek a protective order or other appropriate remedy), (ii) for information that is or becomes generally available to the public other than as a result of a breach of this Section 5.01 and
(iii) to the extent that such information is or has become known to the Person receiving such information on a non-confidential basis from a source who is not breaching any contractual, legal or fiduciary obligation by making such disclosure),
and Tricadia shall not use, and shall cause its Affiliates and use its best efforts to cause third-party service providers not to use, the information described in this Section 5.01 for any purpose except (1) as required to provide
Transition Services hereunder, (2) for financial or Tax reporting or (3) as required by Applicable Law or any rule or regulation of any Governmental Entity or Self-Regulatory Organization. Notwithstanding anything to the contrary herein,
the tax treatment of the transactions contemplated by this TSA shall not be treated as confidential. 
 SECTION 5.02. TAMCO
Confidentiality. All confidential information relating to Tricadia or any of its Affiliates which is provided or conveyed to TAMCO or any of its Affiliates in connection with the receipt of any Transition Service pursuant to this TSA, including
any technical, trade secret or other proprietary information of Tricadia or any of its Affiliates, together with any reports, analyses, compilations, memoranda, notes and any other writings prepared by TAMCO or any of its Affiliates or any of their
respective Representatives that contain, reflect or are based upon such confidential information relating to Tricadia or any of its Affiliates, shall be and continue to be kept confidential by TAMCO and its Affiliates and their respective
Representatives (except (i) pursuant to the order or demand of any Governmental Entity or Self-Regulatory Organization, as required in any litigation or other proceeding, or as otherwise required by Applicable Law or administrative process (in
which case, to the extent feasible, TAMCO shall provide Tricadia with prompt notice thereof and cooperate with Tricadia so that Tricadia may seek a protective order or other appropriate remedy), (ii) for information that is or becomes generally
available to the public other than as a result of a breach of this Section 5.02 and (iii) to the extent that such information is or has become known to the Person receiving such information on a non-confidential basis from a source
who is not breaching any contractual, legal or fiduciary obligation by making such disclosure), and TAMCO shall not use, and shall cause its Affiliates not to use, the information described in this Section 5.02 for any purpose except
(1) as required to receive Transition Services hereunder, (2) for financial or Tax reporting or (3) as required by Applicable Law or any rule or regulation of any Governmental Entity or Self-Regulatory Organization. Notwithstanding
anything to the contrary herein, the tax treatment of the transactions contemplated by this TSA shall not be treated as confidential. 

  
 13 

 ARTICLE VI 
 DISCLAIMER OF WARRANTIES; INDEMNIFICATION 
 SECTION 6.01. Disclaimer of
Warranties. EXCEPT AS EXPRESSLY SET FORTH IN THIS TSA AND FOR THE PURPOSE FOR WHICH SUCH TRANSITION SERVICE WAS PROVIDED PRIOR TO THE CLOSING DATE, TRICADIA, ON BEHALF OF EACH SERVICE PROVIDER, MAKES NO WARRANTY, EXPRESS OR IMPLIED, AND HEREBY
DISCLAIMS ANY WARRANTIES OF ANY KIND WITH RESPECT TO THE NATURE OR QUALITY OF THE TRANSITION SERVICES TO BE PROVIDED BY SERVICE PROVIDER OR THE RESULTS THAT WILL BE OBTAINED BY USING OR APPLYING SUCH TRANSITION SERVICES, INCLUDING ANY WARRANTY OR
CONDITION OF NONINFRINGEMENT, MERCHANTABILITY, ACCURACY, SATISFACTORY QUALITY, OR FITNESS FOR ANY PARTICULAR PURPOSE. 
 SECTION
6.02. Indemnification of Tricadia. Subject to the terms of this Article VI, Tiptree shall indemnify, defend and hold harmless Tricadia and its Affiliates and their respective Representatives (each a “Tricadia Indemnified
Party”) from and against all Losses incurred by any Tricadia Indemnified Party that result from any breach by TAMCO or Tiptree of its covenants, agreements and undertakings in this TSA. 

SECTION 6.03. Indemnification of TAMCO. Subject to the terms of this Article VI, Tricadia shall indemnify, defend and hold
harmless TAMCO and its Affiliates and their respective Representatives (each a “TAMCO Indemnified Party”) from and against all Losses incurred by any TAMCO Indemnified Party that result from (i) any breach by Tricadia of its
covenants, agreements and undertakings in this TSA, (ii) the infringement or misappropriation by Tricadia or one of its Affiliates in providing Transition Services, or in materials provided by Tricadia or one of its Affiliates, under this TSA
of a third party’s patents, copyrights, trademarks, trade secrets or other Intellectual Property rights and (iii) any gross negligence, willful or intentional misconduct (including any failure to provide Transition Services in knowing
breach of this TSA other than as directed by TAMCO or any of its Affiliates or any or their respective Representatives) or a dishonest, fraudulent or criminal act or omission by Tricadia or any of its Affiliates or third-party service providers or
any of their respective Representatives in connection with the provision of Transition Services hereunder; provided, however, that with respect to a claim for indemnification resulting from any gross negligence, willful or intentional
misconduct (including any failure to provide Transition Services in knowing breach of this TSA) or a dishonest, fraudulent or criminal act or omission by a third-party service provider or any of its Representatives, Tricadia shall be (i) liable
to indemnify a TAMCO Indemnified Party only to the extent that Tricadia is indemnified by, or otherwise recovers from, such third-party service provider in connection with the act or omission giving rise to such claim and (ii) obligated to
pursue any and all commercially reasonable remedies, contractual or otherwise, it may have against such third-party service provider in connection with the act or omission giving rise to such claim. 

SECTION 6.04. Procedure. In connection with any claim for indemnification under this Article VI, the party seeking
indemnification (the “Indemnified Party”) and the party liable for 

  
 14 

 
such indemnification (the “Indemnifying Party”) shall follow the indemnification procedures set forth in Section 9.4 of the Contribution Agreement which are incorporated
herein mutatis mutandis. 
 SECTION 6.05. Insurance. Notwithstanding anything contained in this Agreement to the
contrary, Losses shall be net of any insurance recoveries actually received by the Indemnified Party or its Affiliates. 

SECTION 6.06. No Double Recovery; No Limitation. The remedies provided in this Agreement shall not be cumulative of any
duplicative remedy available pursuant to the Contribution Agreement. Nothing contained in this Article VI shall limit or alter the obligation of any party to indemnify any other party pursuant to Article IX of the Contribution Agreement.

 ARTICLE VII 
 TERM AND TERMINATION 
 SECTION 7.01. Effective Date and Final Term. This
TSA shall become effective on the Closing Date and, unless terminated earlier pursuant to Section 7.02 below, shall remain in full force and effect until the latest date of expiration (the “Final Term”) of the Term for
any Transition Service hereunder. 
 SECTION 7.02. Termination. 

(a) This TSA, or any one or more of the Transition Services provided hereunder, may be terminated at any time prior to the Final Term
upon fifteen (15) days written notice from TAMCO to Tricadia for any reason or no reason, which notice may be by e-mail. 

(b) At any time prior to the Final Term, upon at least one hundred and fifty (150) days written notice from Tricadia to TAMCO or
otherwise upon consummation of a transaction that would constitute a Change of Control of Tiptree, Tricadia may terminate this TSA or any one or more of the Transition Services provided hereunder; provided, that, neither this TSA nor any Transition
Services provided for hereunder may be terminated by Tricadia if the termination would take effect on or prior to December 31, 2013, other than in connection with a Change of Control of Tiptree; and provided, further, that, such one hundred and
fifty (150) day notice period or permissible termination date (excluding in connection with a Change of Control of Tiptree) shall be modified to the extent provided for in any schedule hereunder. Any such termination may be for any reason or no
reason, and such notice may be by e-mail. 
 (c) If a party materially breaches this TSA, the other party may terminate the
provision or receipt of, as the case may be, the Transition Services affected by such material breach unless, within thirty (30) days of written notice thereof, such breaching party (i) cures such material breach to the reasonable
satisfaction of the other party (if such material breach is subject to cure) and (ii) demonstrates, to the other party’s reasonable satisfaction, that such breaching party has enacted remedial measures designed to prevent the breach from
occurring again. 

  
 15 

 (d) In the event of termination pursuant to this Section 7.02, Service Recipient
shall remit to Service Provider all outstanding compensation payable by Service Recipient to Service Provider pursuant to Article III above within fifteen (15) days following receipt of an invoice from Service Provider. 

(e) Subject to Section 4.05(a), upon request, Tricadia shall, and shall cause its Affiliates and third-party service
providers to (subject to the terms of Tricadia’s agreements with such third parties), return to TAMCO or destroy (and certify to the destruction of) all tangible personal property and books, records or files of TAMCO and its Affiliates held by
Tricadia or any of its Affiliates or third-party service providers and used in connection with the provision of the terminated Transition Services (and not required in connection with the provision of any Transition Service that has not been
terminated) that are in their possession as of the termination date. 
 SECTION 7.03. Survival. The provisions of
Sections 2.05(b), (c) and (d), Section 4.05 and Articles V, VI, VII and VIII shall survive the termination of this TSA. 

ARTICLE VIII 

GENERAL PROVISIONS 
 SECTION 8.01. Amendment; Waiver. No provision of this TSA may be amended, supplemented or modified except by a written instrument signed by all of the parties hereto (or their successors in
interest, if applicable). With respect to TAMCO or Tiptree, any amendment, supplement or modification of this TSA must be approved by a resolution of the Board of Directors of Tiptree, a certified copy of which shall be delivered to Tricadia prior
to the execution of such amendment, supplement or modification. No provision of this TSA may be waived except by a written instrument signed by the party against whom the waiver is to be effective. No failure or delay by any party hereto in
exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power
or privilege. Except as otherwise provided in this TSA, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law. 

SECTION 8.02. Expenses; Payments. Except as otherwise provided herein, each party shall bear and pay all costs and expenses which
it incurs, or which may be incurred on its behalf, in connection with this TSA and the transactions contemplated hereby. Unless otherwise indicated, all dollar amounts stated in this TSA are stated in U.S. currency, and all payments required under
this TSA shall be paid in U.S. currency in immediately available funds. 
 SECTION 8.03. Notices. All notices, requests,
claims, demands and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile with receipt
confirmed (followed by delivery of an original via overnight courier service), by e-mail with receipt confirmed (followed by delivery of an original via 

  
 16 

 
overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following addresses (or at such other address for a
party as shall be specified by like notice): 
  

	 	(a)	if to TAMCO or Tiptree: 

 c/o
Tiptree Financial Partners, L.P. 
 780 Third Avenue, 29th Floor 

New York, New York 10017 
 Attention: Richard Price, Jr., Chairman of the Special Committee 
 E-mail:
richardpricejr@gmail.com; provided that the Board of Directors of 
 Tiptree, by appropriate resolution, may change this notice
provision. 
 with a copy to: 
 Bingham McCutchen LLP 
 399 Park Avenue 

New York, New York 10022 
 Attention: Floyd I. Wittlin, Esq. 
 Email: floyd.wittlin@bingham.com 

 

	 	(b)	if to Tricadia: 

 Tricadia
Holdings, L.P. 
 780 Third Avenue, 29th Floor 
 New York, New York 10017 

			
	Attention:	 	 Julia Wyatt, Chief Financial Officer &
 James McKee, General Counsel

	E-mail:	 	 jwyatt@tricadiacapital.com

jmckee@tricadiacapital.com

 SECTION 8.04. Severability. If any term or other provision of this TSA is held to be
invalid, illegal or incapable of being enforced by any rule of law or public policy, the validity, legality and enforceability of all other conditions and provisions of this TSA shall not be affected or impaired thereby so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall
negotiate in good faith to modify this TSA so as to effect the original intent of the parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the fullest extent possible and if the
parties cannot come to an agreement, such term or provision shall be deemed reformed to the extent necessary to conform to Applicable Law and to give maximum effect to the intent of the parties hereto. 

SECTION 8.05. Entire Agreement; Assignment. This TSA (including the Transition Service Schedules hereto) and the Contribution
Agreement constitute the entire agreement 

  
 17 

 
among the parties with respect to the subject matter hereof and supersede all prior agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the
subject matter hereof. Neither this TSA nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties without the prior written consent of the other party.
Any purported assignment in violation of this TSA is void. For the avoidance of doubt, the PMC Merger does not constitute an assignment under this TSA. 
 SECTION 8.06. Binding Effect. This TSA and all of the provisions hereof shall be binding upon and inure solely to the benefit of each party and their respective successors and permitted assigns.

 SECTION 8.07. No Third-Party Beneficiaries. Except as set forth in Article VI, nothing in this TSA, express or
implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this TSA. 
 SECTION 8.08. Governing Law. This TSA shall be governed by, and construed in accordance with, the laws of the State of New York (without giving effect to choice of law principles that would cause
the laws of another jurisdiction to apply). 
 SECTION 8.09. Consent to Jurisdiction. Each of the parties hereto
(i) consents to submit itself and its property to the exclusive jurisdiction of the courts of the State of New York sitting in the County of New York or, if under Applicable Law exclusive jurisdiction over such matter is vested in the federal
courts, any court of the United States located in the Southern District of the State of New York, in the event any dispute arises out of this TSA or any of the transactions contemplated herein, (ii) agrees that it shall not attempt to deny or
defeat such personal jurisdiction by motion or other request for leave from any such court, (iii) agrees that it shall not bring any action relating to this TSA or any of the transactions contemplated herein in any court other than the State of
New York sitting in the County of New York or, if under Applicable Law exclusive jurisdiction over such matter is vested in the federal courts, any court of the United States located in the Southern District of the State of New York, and
(iv) consents to service being made through the notice procedures set forth in Section 8.03. Each of Tricadia, Tiptree and TAMCO hereby agrees, to the fullest extent permitted by law, that service of any process, summons, notice or
document by U.S. registered mail to the respective addresses set forth in Section 8.03 shall be effective service of process for any suit or proceeding in connection with this TSA or the transactions contemplated hereby. 

SECTION 8.10. Waiver of Jury Trial. EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE UNDER THIS TSA
IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF OR
RELATING TO THIS TSA OR THE TRANSACTIONS CONTEMPLATED BY THIS TSA OR THE FORMATION, BREACH, TERMINATION OR VALIDITY OF THIS TSA. EACH OF TRICADIA, TIPTREE AND TAMCO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE,

  
 18 

 
AGENT OR ATTORNEY OR ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (II) EACH OF
TRICADIA, TIPTREE AND TAMCO UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (III) EACH OF TRICADIA, TIPTREE AND TAMCO MAKES THIS WAIVER VOLUNTARILY AND (IV) EACH OF TRICADIA, TIPTREE AND TAMCO HAS BEEN INDUCED TO ENTER INTO THIS TSA
BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION 8.10. ANY OF TRICADIA, TIPTREE OR TAMCO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS TSA WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO
THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 SECTION 8.11. Counterparts. This TSA may be executed and delivered
(including by facsimile or other electronic transmission) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but all of which taken together shall
constitute one and the same agreement. 
 SECTION 8.12. Further Assurances. Each of Tricadia, Tiptree and TAMCO shall,
and shall cause their respective Affiliates to, use good faith efforts to cooperate with each other in all matters relating to the provision and receipt of the Transition Services. Such cooperation shall include exchanging information, performing
true-ups and adjustments and seeking all third party consents, licenses, sublicenses or approvals necessary to permit each party to perform its obligations hereunder. 
 SECTION 8.13. Relationship of the Parties. Nothing contained in this TSA will be deemed or construed as creating a joint venture or partnership between the parties hereto. No party is by virtue of
this TSA authorized as an agent, employee or legal representative of the other party. Except as reasonably required for the parties to fulfill their obligations hereunder, no party will have the power to control the activities and operations of the
other and their status is, and at all times will continue to be, that of independent contractors with respect to each other. No party will have any power or authority to bind or commit the other party. No party will hold itself out as having any
authority or relationship in contravention of this Section 8.13. 
 [Remainder of this page intentionally left
blank. Signature page follows.] 

  
 19 

 IN WITNESS WHEREOF, this TSA has been signed on behalf of each of the parties hereto as of
the date first written above. 
  

			
	TIPTREE ASSET MANAGEMENT COMPANY, LLC
		
	By:	 	  /s/ Geoffrey Kauffman

		 	Name: Geoffrey Kauffman
		 	Title: Chief Executive Officer
	
	TRICADIA HOLDINGS, L.P.
		
	By:	 	 /s/ Julia Wyatt

		 	Name: Julia Wyatt
		 	Title: Chief Financial Officer

 [Signature Page Transition Services Agreement] 

 
					
	For purposes of Section 6.02 and Article VIII of this TSA:
	
	TIPTREE FINANCIAL PARTNERS, L.P.
		
	By:	 	 /s/ Richard Price

		 	Name:	 	Richard Price
		 	Title:	 	Chairman, Special Committee of Independent Directors

 [Signature Page Transition Services Agreement] 

 Appendix A 

TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: 

  

	2.	Service Recipient: 

  

	3.	Start/End Date: 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

		  		  	
		  		  	
		  		  	
		  		  	

 [THE NEXT PAGE IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	  
	 		 	By:	 	  

					
	Name:	 	  
	 		 	Name:	 	  

					
	Title:	 	  
	 		 	Title:	 	  

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. 

  

	3.	Start/End Date: The Transition Services start on the Closing Date and end on December 31, 2013, but shall automatically continue in effect thereafter unless
terminated pursuant to Section 7.02 of the TSA. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Services of Michael Barnes	  	Service Provider will provide Tiptree with the services of Michael Barnes, who shall initially be the Chairman of the Board of Directors of Tiptree. In his capacity as the Executive
Chairman, Mr. Barnes shall perform the duties and have the responsibilities that are customary for an Executive Chairman of the Board of Directors or as otherwise reasonably assigned by the Board of Directors of Tiptree and shall devote such time to
such office as reasonably necessary and appropriate.	  	$100,000 per annum*

  

	*	It is anticipated that the Executive Chairman of Tiptree will be eligible to receive directly from Tiptree incentive compensation pursuant to Tiptree’s Long-Term
Incentive Plan as determined by Tiptree’s Board of Directors (or compensation committee thereof) from time to time. In addition, Tiptree and/or its Affiliates may pay additional amounts in respect of any incentive compensation for the Executive
Chairman of Tiptree. 

 [THE NEXT PAGE IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	  /s/ Geoffrey Kauffman
	 		 	By:	 	  /s/ Julia Wyatt

					
	Name:	 	 Geoffrey Kauffman
	 		 	Name:	 	 Julia Wyatt

					
	Title:	 	 Chief Executive Officer
	 		 	Title:	 	 Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and the following subsidiaries thereof: Tiptree Asset Management Company, LLC, Tiptree Asset Management
Holding Company, LLC, Tiptree Capital Management, LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC. 

  

	3.	Start/End Date: The Transition Services start on the Closing Date and end on December 31, 2013, but shall automatically continue in effect thereafter unless
terminated pursuant to Section 7.02 of the TSA. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Provision of Chief Financial Officer of Tiptree and certain other finance/accounting personnel for Tiptree and the subsidiaries designated above.	  	Service Provider will provide Tiptree with a Chief Financial Officer, initially Julia Wyatt, as well as other personnel with respect to servicing Tiptree’s finance and
accounting requirements, on substantially the same basis as currently provided by Service Provider or its Affiliates to Tiptree and its subsidiaries. The Chief Financial Officer and other finance/accounting personnel shall provide all of the finance
and accounting services needed by Tiptree and the above-named subsidiaries to the extent not provided by the Transferred Employees, including the following: (i) preparing the general ledger, (ii) general accounting, (iii)	  	$350,000 per annum, in the aggregate; provided, however, (i) if Tiptree or its subsidiaries acquire additional Businesses the parties will negotiate in good faith an increase
in such fee based on the estimated additional time required to be spent on Tiptree matters; and (ii) subject to Section 3.01 of the TSA, for calendar year 2013 and each calendar year thereafter (x) no later than sixty (60) days after the
beginning of such calendar year, Tricadia may make a proposal to Tiptree for an increase in the fee based on an increase in the actual documented costs of Tricadia in providing this Transition Service and (y)
the

					
		  	invoicing, (iv) payment of payables, (v) collection of receivables, (vi) budget and financial analysis, (vii) payroll, (viii) preparation of financial statements, (ix) interfacing
with outside auditors, (x) banking relationships and (xi) financing arrangements. The Chief Financial Officer of Tiptree shall report to the Chief Executive Officer of Tiptree, and such other finance/accounting personnel shall report to the Chief
Financial Officer of Tiptree.	  	independent directors of Tiptree and Tricadia shall negotiate in good faith any increase in the fee based on the actual documented costs of Tricadia. If, with respect to item (ii)
of the preceding sentence, the independent directors of Tiptree and Tricadia, acting in good faith, are not able to agree on the increase in the fee within thirty (30) days after Tricadia makes its proposal, then the independent directors of Tiptree
shall select an independent accounting firm of national reputation within three (3) Business Days of the end of such thirty (30) day period to determine the increase in the fee, if any, based on the increase in actual documented costs of Tricadia.
Such independent accounting firm shall then determine, within thirty (30) days of its appointment, the increase in the fee. Any such determination shall be final and binding on Tiptree, TAMCO and Tricadia. In connection with any determination of the
increase in the fee, the cost of the independent accounting firm shall be allocated to and borne by TAMCO and Tricadia in the same proportion that the amount submitted to the independent accounting firm that is unsuccessfully disputed by such party
(as finally determined by the independent

					
		 		 	accounting firm) bears to the total disputed amount. For illustration purposes only, if (a) Tricadia proposes a fee increase of 6%, (b) Tiptree proposes a fee increase of 3%, and
(c) the independent accounting firm determines that the fee increase should actually be 5%, then (x) for purposes of the previous sentence, the total disputed amount is 3%, (y) the Tiptree disputed amount is 2% (i.e., the total disputed amount minus
the Tiptree proposed increase), and (z) the Tricadia disputed amount is 1% (i.e., the Tricadia proposed increase minus the total disputed amount). In this example, the Tiptree disputed amount is 2/3 of the total disputed amount (i.e., 2% ÷
3%), so Tiptree would bear 2/3 of the cost of the independent accounting firm and Tricadia would bear 1/3 of such expense.

  

	*	It is anticipated that the Chief Financial Officer of Tiptree will be eligible to receive directly from Tiptree incentive compensation pursuant to Tiptree’s
Long-Term Incentive Plan as determined by Tiptree’s Board of Directors (or compensation committee thereof) from time to time. In addition, Tiptree and/or its Affiliates may pay additional amounts in respect of any incentive compensation for
such financial or accounting personnel provided hereunder. 

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	 /s/ Geoffrey Kauffman
	 		 	By:	 	 /s/ Julia Wyatt

					
	Name:	 	 Geoffrey Kauffman
	 		 	Name:	 	 Julia Wyatt

					
	Title:	 	 Chief Executive Officer
	 		 	Title:	 	 Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and the following subsidiaries thereof: Tiptree Asset Management Company, LLC, Tiptree Asset Management
Holding Company, LLC, Tiptree Capital Management, LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC. 

  

	3.	Start/End Date: The Transition Services start on the Closing Date and end on December 31, 2013, but shall automatically continue in effect therafter unless
terminated pursuant to Section 7.02 of the TSA. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Legal and compliance services	  	Service Provider will provide Service Recipient with access to Service Provider’s internal legal counsel and compliance personnel, whom Service Provider shall instruct to
devote such time to the affairs of the Service Recipient from time to time as may be reasonably necessary or appropriate, as determined by the Service Recipient, to result in the Service Recipient receiving the same quality and scope of legal and
compliance services as was provided by Service Provider or its Affiliates prior to the date hereof.	  	$300,000 per annum, in the aggregate*; provided, however, (i) if Tiptree or its subsidiaries acquire additional Businesses the parties will negotiate in good faith an
increase in such fee based on the estimated additional time required to be spent on Tiptree matters; and (ii) subject to Section 3.01 of the TSA, for calendar year 2013 and each calendar year thereafter (x) no later than sixty (60) days after
the beginning of such calendar year, Tricadia may make a proposal to Tiptree for an increase in the fee based on an increase in the actual documented costs of Tricadia in providing this Transition Service and (y) the

					
		 		 	independent directors of Tiptree and Tricadia shall negotiate in good faith any increase in the fee based on the actual documented costs of Tricadia. If, with respect to item (ii)
of the preceding sentence, the independent directors of Tiptree and Tricadia, acting in good faith, are not able to agree on the increase in the fee within thirty (30) days after Tricadia makes its proposal, then the independent directors of Tiptree
shall select an independent accounting firm of national reputation within three (3) Business Days of the end of such thirty (30) day period to determine the increase in the fee, if any, based on the increase in the actual documented costs of
Tricadia. Such independent accounting firm shall then determine, within thirty (30) days of its appointment, the increase in the fee. Any such determination shall be final and binding on Tiptree, TAMCO and Tricadia. In connection with any
determination of the increase in the fee, the cost of the independent accounting firm shall be allocated to and borne by TAMCO and Tricadia in the same proportion that the amount submitted to the independent accounting firm that is unsuccessfully
disputed by such party (as finally determined by the independent

					
		 		 	accounting firm) bears to the total disputed amount. For illustration purposes only, if (a) Tricadia proposes a fee increase of 6%, (b) Tiptree proposes a fee increase of 3%, and
(c) the independent accounting firm determines that the fee increase should actually be 5%, then (x) for purposes of the previous sentence, the total disputed amount is 3%, (y) the Tiptree disputed amount is 2% (i.e., the total disputed amount minus
the Tiptree proposed increase), and (z) the Tricadia disputed amount is 1% (i.e., the Tricadia proposed increase minus the total disputed amount). In this example, the Tiptree disputed amount is 2/3 of the total disputed amount (i.e., 2% ÷
3%), so Tiptree would bear 2/3 of the cost of the independent accounting firm and Tricadia would bear 1/3 of such expense.

  

	*	Tiptree and/or its Affiliates may pay additional amounts in respect of any incentive compensation for such legal and compliance personnel provided hereunder.

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 	 	 	TRICADIA HOLDINGS, L.P.
					
	By:	 	 /s/ Geoffrey Kauffman
	 		 	By:	 	 /s/ Julia Wyatt

					
	Name:	 	 Geoffrey Kauffman
	 		 	Name:	 	 Julia Wyatt

					
	Title:	 	 Chief Executive Officer
	 		 	Title:	 	 Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and the following subsidiaries thereof: Tiptree Asset Management Company, LLC, Tiptree Asset Management
Holding Company, LLC, Tiptree Capital Management, LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC. 

  

	3.	Start/End Date: The Transition Services start on the Closing Date and end on December 31, 2013, but shall automatically continue in effect thereafter unless
terminated pursuant to Section 7.02 of the TSA. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Provision of human resources, information technology and other personnel	  	Service Provider will provide Service Recipient with human resources, information technology and other personnel from time to time as may be reasonably necessary or appropriate, as
reasonably determined by the Service Recipient, to enable the Service Recipient (including the Management Entities) to manage its Businesses on substantially the same basis as prior to the date hereof. The human resources, information technology and
other personnel shall devote such time to the affairs of the Service Recipient from time to time as may be reasonably necessary or appropriate, as determined by Service Recipient.	  	$ 112,000 per annum, in the aggregate; provided, however, (i) if Tiptree or its subsidiaries acquire additional Businesses the parties will negotiate in good faith an
increase in such fee based on the estimated additional time required to be spent on Tiptree matters; and (ii) subject to Section 3.01 of the TSA, for calendar year 2013 and each calendar year thereafter (x) no later than sixty (60) days after
the beginning of such calendar year, Tricadia may make a proposal to Tiptree for an increase in the fee based on an increase in the actual documented costs of Tricadia in providing this Transition Service and (y) the

					
		  		  	independent directors of Tiptree and Tricadia shall negotiate in good faith any increase in the fee based on the actual documented costs of Tricadia. If, with respect to item (ii)
of the preceding sentence, the independent directors of Tiptree and Tricadia, acting in good faith, are not able to agree on the increase in the fee within thirty (30) days after Tricadia makes its proposal, then the independent directors of Tiptree
shall select an independent accounting firm of national reputation within three (3) Business Days of the end of such thirty (30) day period to determine the increase in the fee, if any, based on the increase in the actual documented costs of
Tricadia. Such independent accounting firm shall then determine, within thirty (30) days of its appointment, the increase in the fee. Any such determination shall be final and binding on Tiptree, TAMCO and Tricadia. In connection with any
determination of the increase in the fee, the cost of the independent accounting firm shall be allocated to and borne by TAMCO and Tricadia in the same proportion that the amount submitted to the independent accounting firm that is unsuccessfully
disputed by such party (as finally determined by the independent

					
		  		  	accounting firm) bears to the total disputed amount. For illustration purposes only, if (a) Tricadia proposes a fee increase of 6%, (b) Tiptree proposes a fee increase of 3%, and
(c) the independent accounting firm determines that the fee increase should actually be 5%, then (x) for purposes of the previous sentence, the total disputed amount is 3%, (y) the Tiptree disputed amount is 2% (i.e., the total
disputed amount minus the Tiptree proposed increase), and (z) the Tricadia disputed amount is 1% (i.e., the Tricadia proposed increase minus the total disputed amount). In this example, the Tiptree disputed amount is 2/3 of the total disputed
amount (i.e., 2% ÷ 3%), so Tiptree would bear 2/3 of the cost of the independent accounting firm and Tricadia would bear 1/3 of such expense.

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	 /s/ Geoffrey Kauffman
	 		 	By:	 	 /s/ Julia Wyatt

					
	Name:	 	 Geoffrey Kauffman
	 		 	Name:	 	 Julia Wyatt

					
	Title:	 	 Chief Executive Officer
	 		 	Title:	 	 Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and the following subsidiaries thereof: Tiptree Asset Management Company, LLC, Tiptree Asset Management
Holding Company, LLC, Tiptree Capital Management, LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC. 

  

	3.	Start/End Date: To the extent permitted under the terms of each applicable employee benefit plan, the Transition Services start on the Closing Date and end on
December 31, 2013, but shall automatically continue in effect thereafter unless terminated pursuant to Section 7.02 of the TSA; provided, that, with respect to any particular benefit, the term shall be subject to the term, of such
benefit plan. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Provisions of employee benefits	  	Service Provider will provide Service Recipient with coverage under the following employee benefit plans (to the extent permitted under the terms thereof): (i) Defined Contribution
Plan (401(k) plan), (ii) medical plan, (iii) dental plan and (iv) flexible spending plan. The foregoing plans will be administered by the same human resources personnel who administer these plans on behalf of Service Provider.	  	The pro rata cost based on the per employee cost designated by each employee benefit plan provider for the employees of the Service Recipient. This fee is subject to increase
at any time as a result of any third-party benefit provider increasing the out-of-pocket fees, costs, levies or charges applicable to the employees of the Service Recipient.

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	 /s/ Geoffrey Kauffman
	 		 	By:	 	 /s/ Julia Wyatt

					
	Name:	 	 Geoffrey Kauffman
	 		 	Name:	 	 Julia Wyatt

					
	Title:	 	 Chief Executive Officer
	 		 	Title:	 	 Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and the following subsidiaries thereof: Tiptree Asset Management Company, LLC, Tiptree Asset Management
Holding Company, LLC, Tiptree Capital Management, LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC. 

  

	3.	Start/End Date: The Transition Services start on the Closing Date and end upon the expiration or termination of the applicable insurance policy referred to
below. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Provision of D&O/E&O insurance coverage	  	To the extent permissible under the relevant policy, Service Provider will continue to keep Tiptree and the Management Entities and their directors and officers named as an
additional insureds under Service Provider’s director and officer liability insurance policies and errors and omissions insurance policies with substantially the same coverage for the Service Recipient, its Affiliates and their respective
directors and officers as in effect prior to the date hereof. No policy retention fee or deductible shall be applicable to the coverage of Service Recipient, its Affiliates or their respective directors, which retention or deductible shall
be	  	Fee: $168,646 per annum in the aggregate for so long as the applicable policy remains in effect on its current
terms.

					
		  	paid by Service Provider, except for any per-claim deductible that may be payable and attributable exclusively to a claim pertaining to a Service Recipient, its Affiliates or their
respective directors. For the avoidance of doubt, no such policy retention fee or deductible that is applicable to any E&O policy generally without distinction among insureds shall be applicable to the coverage of Service Recipient, its
Affiliates or their respective directors.	  	

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	 /s/ Geoffrey Kauffman
	 		 	By:	 	 /s/ Julia Wyatt

					
	Name:	 	 Geoffrey Kauffman
	 		 	Name:	 	 Julia Wyatt

					
	Title:	 	 Chief Executive Officer
	 		 	Title:	 	 Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and its subsidiaries. 

 

	3.	Start/End Date: The Transition Services start on the Closing Date and end on December 31, 2013, but shall automatically continue in effect thereafter unless
terminated pursuant to Section 7.02 of the TSA. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Provision of strategic advisory services	  	Service Provider will provide Service Recipient access, to the extent necessary or desirable, to Service Provider’s investment personnel to provide Service Recipient with
appropriate strategic advice with respect to the business and operations (including investment activity) of Service Recipient, subject to the compliance policies of Service Provider and Service Recipient.	  	As determined by Service Provider and Service Recipient on a case-by-case basis, subject to Section 3.01 of the TSA.

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	/s/ Geoffrey Kauffman	 		 	By:	 	/s/ Julia Wyatt
					
	Name:	 	Geoffrey Kauffman	 		 	Name:	 	Julia Wyatt
					
	Title:	 	Chief Executive Officer	 		 	Title:	 	Chief Financial Officer

 TRANSITION SERVICE SCHEDULE 
 This is a Transition Service Schedule relating to that certain Transition Services Agreement (the “TSA”), dated as of June 30, 2012, between Tricadia Holdings, L.P., Tiptree Asset
Management Company, LLC and, to the limited extent provided for therein, Tiptree Financial Partners, L.P. Capitalized terms used but not defined herein shall have such meanings ascribed to them in the TSA. 

 

	1.	Service Provider: Tricadia Holdings, L.P. 

  

	2.	Service Recipient: Tiptree Financial Partners, L.P. and the following subsidiaries thereof: Tiptree Asset Management Company, LLC, Tiptree Asset Management
Holding Company, LLC, Tiptree Capital Management, LLC, Muni Capital Management, LLC, Tricadia Loan Management LLC and TREIT Management, LLC. 

  

	3.	Start/End Date: The Transition Services start on the Closing Date and end on December 31, 2013, but shall automatically continue in effect thereafter unless
terminated pursuant to Section 7.02 of the TSA. 

  

	4.	Summary of Services: 

  

					
	 Service Name
	  	 Description
	  	 Fee

	Provision of office space	  	Service Provider will provide Service Recipient with office space. The office space will consist of that currently occupied by Tiptree and each of the Management Entities, and may
be expanded as future needs dictate upon mutual agreement of the parties.	  	$228,000 for 2012 and $245,000 for 2013, subject to increase if additional space is required, based on the ratio of the leased space occupied by Service Recipient employees to the
lease space occupied by all persons.

  
 [THE NEXT PAGE
IS THE SIGNATURE PAGE] 

 Upon execution of this Transition Service Schedule by the undersigned, this Transition Service Schedule is
hereby deemed incorporated into and made part of the TSA effective as of June 30, 2012. 
  

									
	TIPTREE ASSET MANAGEMENT COMPANY, LLC	 		 	TRICADIA HOLDINGS, L.P.
					
	By:	 	 /s/ Geoffrey Kauffman
	 		 	By:	 	 /s/ Julia Wyatt

					
	Name:	 	Geoffrey Kauffman	 		 	Name:	 	Julia Wyatt
					
	Title:	 	Chief Executive Officer	 		 	Title:	 	Chief Financial Officer

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