Document:

Document

Exhibit 10.22
Execution Version

AMENDED AND RESTATED REINSURANCE AGREEMENT (C)

[SLDI Direct business without LOCs] between
SECURITY LIFE OF DENVER INTERNATIONAL LIMITED

(referred to as the Company) and
HANNOVER LIFE REASSURANCE COMPANY OF AMERICA (BERMUDA) LTD.
(referred to as the Reinsurer) Effective as of July 1, 2011;
Amended and Restated Effective as of January 1, 2018

TABLE OF CONTENTS

Page

ARTICLE I    DEFINITIONS    2
Section 1.1.    Definitions    2
ARTICLE II    BASIS OF COINSURANCE AND BUSINESS COINSURED    7
Section 2.1.    Reinsurance.    7
Section 2.2.    Reinsurance Coverage    8
Section 2.3.    Reserves    8
Section 2.4.    Insurance Contract and Reserve Assumption Changes    9
ARTICLE III    TRANSFER OF ASSETS; ACCOUNTING; ADMINISTRATION    9
Section 3.1.    Payments by the Company    9
Section 3.2.    Settlement    10
Section 3.3.    Delayed Payments    10
Section 3.4.    Offset and Recoupment Rights    10
Section 3.5.    Administration    10
Section 3.6.    Certain Reports    10
ARTICLE IV    LICENSES; REPORTS; SECURITY    11
Section 4.1.    Licenses    11
Section 4.2.    Reports    11
Section 4.3.    Security.    11
ARTICLE V    OVERSIGHTS; COOPERATION; REGULATORY MATTERS    13
Section 5.1.    Oversights    13
Section 5.2.    Cooperation    13
Section 5.3.    Regulatory Matters    13
ARTICLE VI    DAC TAX    14
Section 6.1.    DAC Tax    14
ARTICLE VII    ARBITRATION    15
Section 7.1.    Arbitration    15
Section 7.2.    Arbitration Procedure    16
ARTICLE VIII    INSOLVENCY    17
Section 8.1.    Insolvency of the Company    17
ARTICLE IX    DURATION; RECAPTURE    17

Section 9.1.    Duration    17
Section 9.2.    Survival    17
Section 9.3.    Recapture.    17
Section 9.4.    Recapture Payments    18
Section 9.5.    Payment Upon Termination.    19
ARTICLE X    INDEMNIFICATION; DISCLAIMER    19
Section 10.1.   Reinsurer’s Obligation to Indemnify    19
Section 10.2.   Company’s Obligation to Indemnify    19
Section 10.3.  Indemnification Procedures    19
Section 10.4.   Disclaimer    20
ARTICLE XI    MISCELLANEOUS    21
Section 11.1.   Notices    21
Section 11.2.  Entire Agreement    22
Section 11.3.   Captions    22
Section 11.4.   Governing Law and Jurisdiction    22
Section 11.5.   No Third Party Beneficiaries    23
Section 11.6.   Expenses    23
Section 11.7.   Counterparts    23
Section 11.8.   Severability    23
Section 11.9.   Waiver of Jury Trial; Multiplied and Punitive Damages    23
Section 11.10. Treatment of Confidential Information    23
Section 11.11. Assignment    24
Section 11.12. Service of Process    24
Section 11.13. Excise Tax    24

AMENDED AND RESTATED REINSURANCE AGREEMENT (C)

THIS AMENDED AND RESTATED REINSURANCE AGREEMENT (C)
(the “Agreement”), is made and entered into on June 20, 2018, effective as of 12:01 a.m. New York time on January 1, 2018 (the “Amendment Effective Time”) by and between Security Life of Denver International Limited, an Arizona domiciled life insurance company domiciled (the “Company” or “SLDI”) and Hannover Life Reassurance Company of America (Bermuda), Ltd., a Bermuda-domiciled insurance company (“HLRAB” or the “Reinsurer”). Pursuant to the Master Novation Agreement (as hereinafter defined), and effective as of the Amendment Effective Time, Reinsurance Agreement (C) effective as of the Trifurcation Effective Time (the “Original Treaty (C)”) by and between the Company and Hannover Re (Ireland) DAC (formerly known as Hannover Re (Ireland) Limited and Hannover Life Reassurance (Ireland) Limited, “HLRI”) was novated to HLRAB.  Immediately following such novation, this Agreement amends and restates in its entirety Original Treaty (C) as of the Amendment Effective Time. All matters occurring under or in connection with this Agreement prior to the Amendment Effective Time shall be determined in accordance with the provisions of Original Treaty (C) as novated to HLRAB.

WHEREAS, the Company, Security Life of Denver Insurance Company, a Colorado-domiciled insurance company (“SLD” and together with the Company, the “ING Companies”), Scottish Re Group Limited (“SRGL”), Scottish Holdings, Inc. (“SHI”), Scottish Re (U.S.), Inc. (“SRUS”), Scottish Re Life (Bermuda) Limited, (“SRLB”), Scottish Re (Dublin) Limited (“SRD” and together with SRGL, SHI, SRUS and SRLB, the “Sellers”), the Reinsurer and Hannover Life Reassurance Company of America (“HLRUS” and together with Reinsurer, the “Buyers”) entered into a Master Asset Purchase Agreement, dated as of January 22, 2009 (the “Asset Purchase Agreement”), pursuant to which the Sellers, the Buyers and the ING Companies agreed to replace SRUS and SRLB with HLRUS and the Reinsurer as the reinsurers of certain of the individual life reinsurance business of SLD and the Company acquired by Sellers pursuant an Asset Purchase Agreement, by and among the ING Companies, SRGL, SRLB and SRUS, dated as of October 17, 2004, as amended (the “ING APA”); and

WHEREAS, as contemplated by the Asset Purchase Agreement, the Company ceded and retroceded to the Reinsurer, and the Reinsurer indemnity reinsured, on a one-hundred percent (100%) coinsurance/modified coinsurance or coinsurance/coinsurance with funds withheld basis, as set forth herein, the Covered Insurance Contracts (as hereinafter defined) and the “Covered Insurance Contracts” as defined in Reinsurance Agreement (A) and Reinsurance Agreement (B) being executed concurrently herewith, all under a single reinsurance agreement entered into on February 20, 2009, effective as of 12:01 a.m. New York time on January 1, 2009 (such time being referred to herein as the “Original Effective Time”, and such agreement, as amended prior to the date hereof, being referred to herein as the “Original Reinsurance Agreement”); and

WHEREAS, the Company and the Reinsurer separated the Original Reinsurance Agreement into three reinsurance agreements effective as of the Trifurcation Effective Time (the “ SLDI-Hannover Reinsurance Agreements”), each covering a block of business as described in such SLDI-Hannover Reinsurance Agreement and collectively covering all reinsured business under the Original Reinsurance Agreement; and

WHEREAS, as of the Amendment Effective Time, (i) Original Treaty (C) and the other SLDI-Hannover Reinsurance Agreements are being novated so that HLRAB replaces HLRI as a party thereto and immediately following the novation, such agreements are being amended and restated (the amended and restated Original Treaty (C), as set forth in this Agreement, together with the other amended and restated SLDI-Hannover Reinsurance Agreements, the “A&R SLDI-Hannover Reinsurance Agreements”);

WHEREAS, the Company wishes the Reinsurer to perform, or cause the performance of, certain administrative functions on behalf of the Company with respect to the Covered Insurance Contracts, and the Company, SLD and HLRUS previously entered into an Administrative Services Agreement dated as of February 20, 2009 (as amended from time to time, the “Administrative Services Agreement”) pursuant to which HLRUS provides, or causes the provision of, such administrative services; and

WHEREAS, the Administrative Services Agreement was amended concurrently with the execution of the SLDI-Hannover Reinsurance Agreements to reflect certain agreements among the parties thereto as to the administration of the SLDI-Hannover Reinsurance Agreements;

NOW THEREFORE, in consideration of the mutual and several promises and undertakings herein contained, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and the Reinsurer agree as follows:

ARTICLE I DEFINITIONS

Section 1.1. Definitions. Any capitalized term used but not defined herein shall have the meaning set forth in the Asset Purchase Agreement. The following terms shall have the respective meanings set forth below throughout this Agreement:

“180-Day Treasury Rate” means the annual yield rate, on the date to which the 180-Day Treasury Rate relates, of actively traded U.S. Treasury securities having a remaining duration to maturity of six (6) months, as such rate is published under “Treasury Constant Maturities” in Federal Reserve Statistical Release H.15(519).

“Accounting Period” means each calendar quarter during the term of this Agreement or any fraction thereof ending on the Recapture Date or the Termination Date, as applicable.

“Act” means the Bermuda Insurance Act of 1978, as amended, and the rules and regulations promulgated thereunder.

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“Additional Amount” has the meaning set forth in Exhibit A.

“Additional Reinsurance Premium” has the meaning set forth in Section 3.1(b) of this Agreement.

“Administrative Services Agreement” has the meaning set forth in the recitals.

“Agreement” has the meaning set forth in the preamble.

“Amendment Effective Time” has the meaning set forth in the preamble.

“A&R SLDI-Hannover Reinsurance Agreements” has the meaning set forth in the

“Asset Purchase Agreement” has the meaning set forth in the recitals.

“Benefit Payments” means, with respect to any Accounting Period, the aggregate

amount of payments that become due pursuant to Section 2.1(b) during such Accounting Period. “Buyers” has the meaning set forth in the recitals.
“Code” has the meaning set forth in Section 6.1(a) of this Agreement. “Company” has the meaning set forth in the preamble.
“Company Indemnified Parties” has the meaning set forth in Section 10.1 of this
Agreement.

“Confidential Information” means all documents and information concerning one
party, any of its Affiliates, the Reinsured Liabilities or the Covered Insurance Contracts, including any information relating to any person insured directly or indirectly under the Covered Insurance Contracts, furnished to the other party or such other party’s Affiliates or representatives in connection with this Agreement or the transactions contemplated hereby, except that Confidential Information shall not include information which: (a) at the time of disclosure or thereafter is generally available to and known by the public other than by way of a wrongful disclosure by a party hereto or by any representative of a party hereto; (b) was available on a nonconfidential basis from a source other than the parties hereto or their representatives, provided that such source is not and was not bound by a confidentiality agreement with a party hereto; or (c) was independently developed without violating any obligations under this Agreement and without the use of any Confidential Information.

“Covered Insurance Contracts” means all ING Insurance Contracts, whether or not executed, entered into by the Company and reinsured immediately prior to the Trifurcation Effective Time under the SLDI-SRLB Reinsurance Agreements, including without limitation the reinsurance agreements listed on Schedule 1.1(a) but excluding the reinsurance agreements identified as “Covered Insurance Contracts” in Reinsurance Agreement (A) and Reinsurance 
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Agreement (B). The parties agree to update Schedule 1.1(a) from time to time to reflect Covered Insurance Contracts entered into in accordance with the terms of this Agreement or discovered after the Trifurcation Effective Time.
“DAC Tax ” means the tax(es) as set forth in Article VI of this Agreement. “Existing Reinsurance” means all reinsurance agreements that the Company has
entered into with third parties in respect of the Covered Insurance Contracts, including without limitation the ING Retrocession Agreements entered into by the Company (other than the ING

Retrocession Agreements that were novated to HLRI in accordance with Section 7.11(b) of the Asset Purchase Agreement), and any reinsurance agreement entered into by the Company to replace any of such reinsurance agreements following any termination or recapture thereof, as all such reinsurance agreements may be in force from time to time and at any time.

“Financial Statements” means, with respect to any party, the annual and, if applicable, quarterly financial statements of such party to the extent such party is required by applicable Law in its jurisdiction of domicile to prepare and file such financial statements.

“HLRI” had the meaning set forth in the preamble. “HLRUS” has the meaning set forth in the recitals.
“IFRS” means the accounting principles for the preparation of financial statements in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union.
“Indemnified Party” has the meaning set forth in Section 10.3 of this Agreement. “Indemnifying Party” has the meaning set forth in Section 10.3 of this Agreement. “Independent Accountants” has the meaning set forth in Section 6.1(f) of this

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Agreement. Agreement.
“Independent Actuary” has the meaning set forth in Section 4.3(e) of this “ING APA” has the meaning set forth in the recitals.
“ING Companies” has the meaning set forth in the recitals.

“ING Insurance Contracts” means the life reinsurance contracts entered into by

SLD or the Company and covered immediately prior to the Original Effective Time under the SLD-SRUS Reinsurance Agreements and the SLDI-SRLB Reinsurance Agreements.

“Initial Security Amount Posting Date” has the meaning set forth in Section 4.3(a) of this Agreement.

“LIBOR” means, for any day, the rate for deposits in U.S. dollars having an overnight maturity, which rate appears on the Reuters Page LIBOR01 or any successor page at approximately 11:00 a.m., London time, on such day (or, if such day is not a Business Day, on the next preceding Business Day).

“Master Novation Agreement” means the Master Novation Agreement effective as of January 1, 2018, among Security Life of Denver Insurance Company, the Company, Voya Financial, Inc., Hannover Rück SE, HLRI, the Reinsurer, and HLRUS.

“Net Settlement” has the meaning set forth in Section 3.2 of this Agreement.

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“Original Effective Time” has the meaning set forth in the recitals. “Original Reinsurance Agreement” has the meaning set forth in the recitals. “Original Treaty (C)” has the meaning set forth in the recitals.
“Premiums” means premiums, considerations, deposits and similar receipts with respect to the Covered Insurance Contracts.

“Recapture Date” has the meaning set forth in Section 9.3 of this Agreement. “Recapture Triggering Event” means any of the following occurrences:
(i)the existence of an insolvency, rehabilitation, conservation or comparable proceeding by or against the Reinsurer;

(ii)the insurer financial strength rating of the Reinsurer is downgraded to below “BBB” by Standard & Poor’s Ratings Services;

(iii)the capital and surplus maintained by the Reinsurer as mandated by the Bermuda Monetary Authority falls below 120% of its “Enhanced Capital Requirement” as defined in the Act (“ECR”), and is not increased to at least 120% of ECR within thirty
(30) calendar days after the date upon which the Reinsurer is required to provide the Company the report pursuant to Section 3.7 of this Agreement; or

(iv)a Recapture Triggering Event has occurred under the SLD-HLRUS Reinsurance Agreement listed as item 1 on Schedule H to the Asset Purchase Agreement.

“Received Amounts” has the meaning set forth in Exhibit B.

“Reinsurance Agreement (A)” means that certain Reinsurance Agreement (A) effective as of the Trifurcation Effective Time, by and between the Company and the Reinsurer, as may be amended, modified, restated or supplemented from time to time.

“Reinsurance Agreement (B)” means that certain Reinsurance Agreement (B) effective as of the Trifurcation Effective Time, by and between the Company and the Reinsurer, as may be amended, modified, restated or supplemented from time to time.

“Reinsurance IMR” means the interest maintenance reserve required to be funded by the Company under the terms of the Covered Insurance Contracts.

“Reinsurance IMR Investment Income” for an Accounting Period shall be equal to the investment income earned during such Accounting Period on the assets supporting the Reinsurance IMR.

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“Reinsured Liabilities” means all gross liabilities and obligations arising out of or relating to the Covered Insurance Contracts arising on or after the Original Effective Time (including without limitation, to the extent arising on or after the Original Effective Time, (a) all

liabilities arising out of any changes to the terms and conditions of the Covered Insurance Contracts mandated by applicable Law, (b) Taxes due in respect of Premiums to the extent such Taxes relate to Premiums received by or accrued by the Reinsurer on or after the Original Effective Time, (c) assessments and similar charges in connection with participation by the Company or the Reinsurer whether voluntary or involuntary in any guaranty association established or governed by any U.S. state or other jurisdiction to the extent such assessments and charges relate to periods beginning on or after the Original Effective Time, (d) commissions payable with respect to the Covered Insurance Contracts to or for the benefit of the producers or intermediaries who marketed or produced the Covered Insurance Contracts to the extent such commissions relate to periods beginning on or after the Original Effective Time, (e) liabilities for returns or refunds of Premiums to the extent such returns or refunds relate to Premiums received by or accrued by the Reinsurer on or after the Original Effective Time, (f) expense allowances payable under the Covered Insurance Contracts to the extent such allowances relate to periods beginning on or after the Original Effective Time, (g) unclaimed property liabilities arising under or relating to the Covered Insurance Contracts, (h) Extra-Contractual Obligations and (i) experience refunds that relate to any Accounting Period completed after the Original Effective Time) other than Retained Reinsurance Liabilities, net of benefits collected under Existing Reinsurance attributable to periods on or after the Original Effective Time.

“Reinsurer” has the meaning set forth in the preamble.

“Reinsurer Indemnified Parties” has the meaning set forth in Section 10.2 of this
Agreement.

“Reserves” means the reserves and other liabilities of the Reinsurer in respect of
the Reinsured Liabilities calculated under IFRS in accordance with the assumptions set forth in Exhibit A; provided that, for the avoidance of doubt, “Reserves” shall be net of (a) deferred acquisition costs and(b) value of business acquired.

“Security Amount” means with respect to any Accounting Period during which an Initial Security Amount Posting Date occurs or beginning after an Initial Security Amount Posting Date and prior to the related Security Amount Release Date, the amount of the Reserves as of the end of the prior Accounting Period, updated to reflect the actual mortality experience under the Covered Insurance Contracts from the Original Effective Time to the date on which the Security Triggering Event giving rise to such Initial Security Amount Posting Date occurred.

“Security Amount Adjustment Date” has the meaning set forth in Section 4.3(b) of this Agreement.

“Security Amount Adjustment Notice” has the meaning set forth in Section 4.3(b) of this Agreement.
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“Security Amount Release Date” has the meaning set forth in Section 4.3(d) of this Agreement.

“Security Triggering Event” means the occurrence of the following: the insurer financial strength rating of the Reinsurer is downgraded to below “A-” by Standard & Poor’s Ratings Services.

“Sellers” has the meaning set forth in the recitals.

“Settlement Statement” has the meaning set forth in Section 3.2 of this

“SHI” has the meaning set forth in the recitals. “SLD” has the meaning set forth in the recitals.
“SLDI-Hannover Reinsurance Agreements” has the meaning set forth in the

“Special Duty” has the meaning set forth in Section 10.4 of this Agreement. “SRD” has the meaning set forth in the recitals.
“SRGL” has the meaning set forth in the recitals. “SRLB” has the meaning set forth in the recitals. “SRUS” has the meaning set forth in the recitals.
“Terminal Accounting Period” means the Accounting Period during which the

Recapture Date, if any, or the Termination Date, if any, occurs.

“Terminal Settlement Statement” has the meaning set forth in Section 9.4 of this
Agreement.

“Termination Date” means the date on which this Agreement is terminated in
accordance with the terms and conditions of Article IX hereof.
“Third Party Claim” has the meaning set forth in Section 10.3 of this Agreement. “Treasury Regulations” has the meaning set forth in Section 6.1(b) of this

Agreement.
“Trifurcation Effective Time” means 12:00 a.m. New York time on July 1, 2011. 

“Triggering Event” means a Recapture Triggering Event or a Security Triggering Event.
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ARTICLE II
BASIS OF COINSURANCE AND BUSINESS COINSURED

Section 2.1. Reinsurance.

(a)Subject to the terms and conditions of this Agreement, the Company

hereby cedes on a coinsurance basis to the Reinsurer as of the Trifurcation Effective Time, and the Reinsurer hereby accepts and agrees to assume and indemnity reinsure on such basis as of the

Trifurcation Effective Time, one hundred percent (100%) of all Reinsured Liabilities arising under or relating to the Covered Insurance Contracts. This Agreement is an agreement for indemnity reinsurance solely between the Company and the Reinsurer and shall not create any legal relationship whatsoever between the Reinsurer and any Person other than the Company. The reinsurance effected under this Agreement shall be maintained in force, without reduction, unless such reinsurance is terminated or reduced as provided herein.

a.On and after the Trifurcation Effective Time, the Reinsurer will have the responsibility for paying to or on behalf of the Company, as and when due, all Reinsured Liabilities arising under or attributable to the Covered Insurance Contracts.

b.Notwithstanding anything to the contrary herein, the Original Reinsurance Agreement shall remain in full force and effect with respect to the parties' respective rights and obligations thereunder arising prior to the Trifurcation Effective Time; provided, for the avoidance of doubt, that (i) Reinsured Liabilities not paid by the Reinsurer prior to the Trifurcation Effective Time are reinsured under this Agreement regardless of whether they arose or arise prior to or after the Trifurcation Effective Time, and (ii) neither party shall be required to pay any amount under this Agreement that it has paid pursuant to the Original Reinsurance Agreement or vice versa.

Section 2.2. Reinsurance Coverage. In no event shall the reinsurance provided hereunder with respect to a particular Covered Insurance Contract be in force and binding unless such Covered Insurance Contract was in force and binding as of the Original Effective Time; provided, however, that the Covered Insurance Contracts reinsured hereunder shall include (a) all lapsed or surrendered insurance contracts subject to the reinsurance hereunder, that are reinstated in accordance with their terms on and after the Original Effective Time and (b) all unexecuted Covered Insurance Contracts. Upon the reinstatement of any lapsed or surrendered policy included within Covered Insurance Contracts, such reinstated Covered Insurance Contract shall be automatically reinsured hereunder, when, and to the extent that, the Company is liable under such reinstated Covered Insurance Contract.

Section 2.3. Reserves. On and after the Trifurcation Effective Time, the Reinsurer shall establish and maintain as a liability on its Financial Statements, Reserves for the Covered Insurance Contracts ceded hereunder, calculated consistent with the reserve 
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requirements and actuarial principles applicable to the Reinsurer under IFRS. The Reinsurer shall provide the Company, no later than one-hundred and eighty (180) calendar days after the end of each calendar year, with copies of all actuarial opinions and actuarial memoranda and all reserve evaluations pertaining to the Reserves for the Covered Insurance Contracts, including, without limitation, any actuarial opinions and reserve evaluations performed by independent actuaries, auditors or other outside consultants. The Company may, at its own cost at any time, upon reasonable notice to the Reinsurer following the Trifurcation Effective Time, examine the Books and Records, and any other books and records that would have been included in the Books and Records had they been in existence at the Trifurcation Effective Time, maintained by the Reinsurer in accordance with the terms of this Agreement, and review the Reinsurer’s reserve procedures, in each case as applicable to the Reinsured Liabilities. If as a result of such examination the Company believes that the Reserves are not consistent with the requirements of the first sentence of this Section 2.3 in all material respects, the Reinsurer shall, at the

Company’s request and expense, obtain and deliver to the Company an actuarial opinion as to the adequacy of the Reserves for the Covered Insurance Contracts produced by an independent actuary reasonably acceptable to the Company. In the event that the actuarial opinion so rendered reasonably indicates a material inadequacy in the Reserves for the Covered Insurance Contracts, or in the Reinsurer’s reserve procedures, the Reinsurer shall promptly adjust the amount of the Reserves for the Covered Insurance Contracts, and implement appropriate changes to its procedures so as to avoid inadequacies in future periods; provided, however, the Reinsurer shall have the right to contest the findings of such actuarial opinion in accordance with the provisions of Article VII.

Section 2.4. Insurance Contract and Reserve Assumption Changes. The Company shall not change (a) the terms and conditions of any Covered Insurance Contracts or
(b)the assumptions and methods used to establish the reserves attributable to the Covered Insurance Contracts, except as required by applicable Law or with the consent of the Reinsurer (which consent shall not be unreasonably withheld), and, in the event such a change is required by applicable Law, the Company shall notify the Reinsurer promptly upon becoming aware of the requirement to effect any such change and provide the Reinsurer the opportunity to contest such requirement.

ARTICLE III
TRANSFER OF ASSETS; ACCOUNTING; ADMINISTRATION

Section 3.1. Payments by the Company.

(i)As consideration for the Reinsurer’s agreement to provide reinsurance pursuant to the Original Reinsurance Agreement between the Company and the Reinsurer, the Company transferred, as of the Original Effective Time, to the Reinsurer as an initial reinsurance premium, cash and securities in accordance with Section 2.2 of the Asset Purchase Agreement in an amount equal to $998,994,222.

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(ii)The Reinsurer shall be entitled prior to the Recapture Date, as additional reinsurance premium (the “Additional Reinsurance Premium”), to payment of amounts equal to Premiums received by the Company (and attributable to periods) on and after the Trifurcation Effective Time that are attributable to the Covered Insurance Contracts, net of premiums due to be paid to third party reinsurers for Existing Reinsurance in respect of the Covered Insurance Contracts; provided, however, that following the occurrence of a Recapture Triggering Event, the Company shall be entitled to retain such amounts as funds withheld under this Agreement, and following the occurrence of a Security Triggering Event, the Company shall be entitled to retain such amounts as funds withheld under this Agreement until such time as the Reinsurer posts security in accordance with Section 4.3. For the avoidance of doubt, the parties acknowledge and agree that the Company retains all right, title and interest to all Premiums and other amounts received with respect to the Covered Insurance Contracts, subject to its contractual obligations under this Agreement to pay corresponding amounts over to the Reinsurer in accordance with Section 3.2 of this Agreement.

(iii)To the extent that the Company recovers amounts from any third party attributable to the Covered Insurance Contracts and to periods beginning on or after the

Trifurcation Effective Time (including, without limitation, Premiums in arrears from a policyholder or ceding company with respect to a reinstated Covered Insurance Contract net of any amounts due to third parties under Existing Reinsurance, litigation recoveries, and experience refunds, but excluding amounts recovered under Existing Reinsurance), the Company shall transfer such amounts to the Reinsurer and provide the Reinsurer with any pertinent information that the Company may have relating thereto in accordance with Section 3.2 hereof.

Section 3.2.  Settlement.  During the term of this Agreement, a settlement amount between the Company and the Reinsurer as of the last day of each Accounting Period (the “Net Settlement”) shall be calculated by the Reinsurer in accordance with Exhibit B, and a statement setting forth such calculation (the “Settlement Statement”) shall be delivered by the Reinsurer to the Company within thirty (30) calendar days of the end of such Accounting Period in accordance with the Administrative Services Agreement. Subject to Section 3.4, if the amount of the Net Settlement for an Accounting Period is positive, the Company shall pay such amount to the Reinsurer within 5 Business Days of its receipt of the Settlement Statement for such Accounting Period.  Subject to Section 3.4, if the amount of the Net Settlement for an Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Company at the time it delivers the Settlement Statement for such Accounting Period to the Company.

Section 3.3. Delayed Payments. If there is a delayed settlement of any payment due hereunder, interest will accrue on such payment at the 180-Day Treasury Rate then in effect until settlement is made. For purposes of this Section 3.3, a payment will be considered overdue, and such interest will begin to accrue, on the first day immediately following the date such payment is due.  For greater clarity, (i) a payment shall be deemed to be due hereunder on the last date on which such payment may be timely made under the applicable provision, and (ii) 
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interest will not accrue on any payment due the Reinsurer hereunder unless the delayed settlement thereof was caused by the Company.

Section 3.4. Offset and Recoupment Rights. Any debits or credits incurred on and after the Trifurcation Effective Time in favor of or against either the Company or Reinsurer with respect to this Agreement, Reinsurance Agreement (A), Reinsurance Agreement (B) or any other reinsurance agreements or trust agreements that are deemed mutual debits or credits, as the case may be, shall be set off and recouped, and only the net balance shall be allowed or paid.
This Section 3.4 shall apply notwithstanding the existence of any insolvency, rehabilitation, conservatorship or comparable proceeding by or against the Company or the Reinsurer.

Section 3.5. Administration. The Reinsurer will administer, or cause the administration of, the Covered Insurance Contracts and cause quarterly accountings with respect thereto to be provided to the Company in accordance with the Administrative Services Agreement. All reports, remittances and payments due to or from a party hereto shall be made in accordance with the procedures set forth in the Administrative Services Agreement.

Section 3.6. Certain Reports(i) Beginning with the Accounting Period ending December 31, 2018, for each Accounting Period ending on December 31, the Reinsurer shall provide the Company with a copy of the Reinsurer’s audited Statutory Financial Statements (as defined in the Act), along with the amount of the Bermuda Statutory Capital Requirement and

ratio of available capital as reported by the Reinsurer to the BMA, not later than five (5) Business Days after the Reinsurer files such statements with the Bermuda Monetary Authority, but in any event no later than one hundred fifty (150) days following any calendar year end.
(ii)On or before September 30, 2018, the Reinsurer shall provide the Company with a copy of the Reinsurer’s quarterly management reports, including its statutory balance sheet, statutory statement of income, and statutory statement of capital and surplus, for the Accounting Periods ending March 31, 2018, and June 30, 2018.
(iii)Beginning with the Accounting Period ending on September 30, 2018, no later than ninety
(90) calendar days after the end of any Accounting Period other than an Accounting Period ending on December 31, the Reinsurer shall provide to the Company with a copy of the Reinsurer’s quarterly management reports, including its statutory balance sheet, statutory statement of income, and statutory statement of capital and surplus.
(iv)Also, at the same time that the Reinsurer provides the Company with the statements contemplated by the immediately preceding items (ii) or (iii), the Reinsurer shall provide the Company with a calculation of the Reinsurer’s BSCR ratio on a management’s pro forma basis for each quarter end other than December 31 and on an actual basis for any calendar year end.

(b)    The Reinsurer shall provide written notice of the occurrence of any Triggering Event within two (2) Business Days after its occurrence. The Company may request that the Reinsurer provide the Company with copies of its quarterly unaudited or annual audited, as applicable, Financial Statements to confirm the calculations provided by Reinsurer pursuant to this Section 3.6. In addition, Reinsurer shall cooperate fully with the Company and promptly 
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respond to the Company’s reasonable inquiries from time to time concerning the determination of whether a Triggering Event has occurred.

ARTICLE IV LICENSES; REPORTS; SECURITY

Section 4.1. Licenses. At all times during the term of this Agreement, the Reinsurer shall hold and maintain all licenses and authorizations required under applicable Law and otherwise take all commercially reasonable action that may be necessary to perform its obligations under this Section 4.1.

Section 4.2. Reports. At the Company’s request, the Reinsurer shall provide the Company with its audited annual Financial Statements along with the audit report thereon, as well as any quarterly reports required to be filed by the Reinsurer.  At the Reinsurer’s request, the Company shall provide the Reinsurer with its audited annual Financial Statements along with the audit report thereon, as well as any quarterly reports required to be filed by the Company.

Section 4.3. Security.

(a)Upon the occurrence of a Security Triggering Event, the Company shall have the right to require the Reinsurer to post security in an amount equal to the Security Amount. Not later than ten (10) Business Days following receipt by the Reinsurer of written notice from the Company requiring such security (the “Initial Security Amount Posting Date”), the Reinsurer shall calculate the Security Amount, provide written notice of such calculation to the Company and post security in such amount. At the option of the Reinsurer, such security

may take the form of either (x) a letter of credit issued by a bank, and in a form, reasonably acceptable to the Company naming the Company as beneficiary or (y) assets (complying with the investment guidelines attached to the ING Asset Management Services Agreement) deposited in a trust account established for the benefit of Company on terms reasonably acceptable to the Company and the Reinsurer. In connection with the foregoing, the Reinsurer shall take all actions as may be necessary or desirable, or that the Company may reasonably request, in order to grant the Company a security interest in any assets deposited in trust pursuant to the preceding sentence.

a.For each Accounting Period beginning after an Initial Security Amount Posting Date and prior to the related Security Amount Release Date, the Reinsurer shall calculate the Security Amount with respect to such Accounting Period and provide written notice of the calculation of the Security Amount to the Company (the “Security Amount Adjustment Notice”), not later than thirty (30) calendar days after the end of the prior Accounting Period (the “Security Amount Adjustment Date”). If the Security Amount is reduced as of any Security Amount Adjustment Date, then the excess portion of any letter of credit posted as security pursuant to this Section 4.3 shall be cancelled or the excess portion of the assets deposited in a trust account as security pursuant to this Section 4.3 shall be returned to the Reinsurer, as the case may be, within two (2) Business Days of the delivery of the Security Amount Adjustment Notice to the 
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Company.  If the Security Amount is increased as of any Security Amount Adjustment Date, then the Reinsurer shall post the required additional security (in the form described in Section 4.3(a)) promptly upon delivery of the Security Amount Adjustment Notice to the Company.

b.The Company hereby agrees that it shall draw on any letter of credit posted in respect of a Security Triggering Event or withdraw assets on deposit in a trust account in respect of a Security Triggering Event only if, and to the extent that, the Reinsurer fails to timely pay any material amount due to the Company hereunder and such amount remains unpaid for thirty (30) calendar days after notice to the Reinsurer of such nonpayment. Any amount drawn on a letter of credit or paid from a trust account pursuant to the preceding sentence shall be deemed to satisfy the Reinsurer’s requirement to make such payment.

c.In the event that following a Security Triggering Event the insurer financial strength rating of the Reinsurer increases to at least “A-” by Standard & Poor’s Ratings Services, then any letter of credit posted in respect of such Security Triggering Event shall be surrendered and cancelled or any amount held in trust in respect of such Security Triggering Event shall be returned to the Reinsurer, as the case may be, within two (2) Business Days after the date upon which the Reinsurer provides to the Company notice of such ratings increase (the “Security Amount Release Date”).

d.The Company may contest the Reinsurer’s calculation of the Security Amount by providing an alternative calculation to the Reinsurer in writing within thirty (30) calendar days after the date on which the Company receives the Reinsurer’s calculation. If the Company contests the Reinsurer’s calculation of the Security Amount with respect to any Accounting Period, the parties shall act in good faith to reach an agreement as to the correct Security Amount for such Accounting Period within fifteen (15) calendar days after the date on which the Company submits its alternative calculation. If the Company and the Reinsurer are unable to reach an agreement as to the calculation of the Security Amount during such period,

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the parties may submit the dispute regarding the calculation of the Security Amount for resolution to an independent third party actuary mutually acceptable to the Company and the Reinsurer (the “Independent Actuary”). Upon the selection of the Independent Actuary, and in any event within five (5) calendar days following such selection, the parties shall cause the Independent Actuary to review the calculation of the Security Amount and to deliver to the Reinsurer and the Company as promptly as practicable (but no later than thirty (30) calendar days after the commencement of the Independent Actuary’s review), a report setting forth the Independent Actuary’s calculation of the Security Amount. Such report shall also state the fees, costs and expenses of the Independent Actuary and indicate which of the parties shall bear such costs or in what percentage such costs shall be allocated to the parties. The Independent Actuary’s report shall be final and binding upon the Reinsurer and the Company.

a.The security required by this Section 4.3 shall be maintained separately for each of this Agreement , Reinsurance Agreement (A) and Reinsurance Agreement (B). The Company shall reimburse the Reinsurer for any amount by which the cost of providing three separate forms of security exceeds that which the Reinsurer would have incurred to maintain a single form of security; provided, that the Reinsurer shall use commercially reasonable efforts to minimize any such excess.

ARTICLE V
OVERSIGHTS; COOPERATION; REGULATORY MATTERS

Section 5.1. Oversights. Inadvertent delays, errors or omissions made in connection with this Agreement or any transaction hereunder shall not relieve either party from any liability which would have attached had such delay, error or omission not occurred, provided always that such error or omission is rectified as soon as possible after discovery, and provided, further, that the party making such error or omission or responsible for such delay shall be responsible for any additional liability which attaches as a result. If (a) the failure of either party to comply with any provision of this Agreement is unintentional or the result of a misunderstanding or oversight and (b) such failure to comply is promptly rectified, both parties shall be restored as closely as possible to the positions they would have occupied if no error or oversight had occurred.

Section 5.2. Cooperation. Each party hereto shall cooperate fully with the other in all reasonable respects in order to accomplish the objectives of this Agreement.

Section 5.3. Regulatory Matters. If the Company or the Reinsurer receives notice of, or otherwise becomes aware of, any regulatory inquiry, investigation or proceeding relating to the Covered Insurance Contracts that would reasonably be expected to have an adverse effect on the other party, the Company or the Reinsurer, as applicable, shall promptly notify the other party thereof, whereupon the parties shall cooperate in good faith and use their respective commercially reasonable efforts to resolve such matter in a mutually satisfactory manner, in light of all the relevant business, regulatory and legal facts and circumstances.

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ARTICLE VI DAC TAX

Section 6.1. DAC Tax.

(a)All uncapitalized terms used herein shall have the meanings set forth in the regulations under Section 848 of the Internal Revenue Code of 1986, as amended (the “Code”).

(b)The Reinsurer represents that it has made the election provided in section 953(d) of the Code to be subject to United States federal income tax. Each of the Company and the Reinsurer acknowledges that it is subject to taxation under Subchapter L of the Code and hereby makes the election contemplated by Section 1.848-2(g)(8) of the Treasury Regulations promulgated under section 848 of the Code (the “Treasury Regulations”) with respect to this Agreement. Each of the Company and the Reinsurer (i) agrees that such election is effective for the taxable year of each party that includes the Amendment Effective Time and for all subsequent years during which this Agreement remains in effect and (ii) warrants that it will take no action to revoke the election.

(c)Pursuant to Section 1.848-2(g)(8) of the Treasury Regulations, each of the Company and the Reinsurer hereby agrees (i) to attach a schedule to its federal income Tax return in the form of Schedule 6.1(c) for its first taxable year ending on or after the Second Amendment Effective Time that identifies this Agreement as a reinsurance agreement for which the joint election under Section 1.848-2(g)(8) has been made, (ii) that the party with net positive consideration for this Agreement for each taxable year will capitalize its specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code, and (iii) to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency or as otherwise required by the Internal Revenue Service. The Reinsurer shall prepare and execute duplicate copies of the schedule described in the preceding sentence as soon as practicable after the Amendment Effective Time and submit them to the Company for execution. The Company shall execute the copies and return one of them to the Reinsurer within thirty (30) calendar days of the receipt of such copies.

(d)The Company shall submit a schedule to the Reinsurer by May 1 of each year of its calculation of the net consideration under this Agreement for the preceding taxable year. This schedule of calculations shall be accompanied by a statement signed by an authorized representative of the Company stating that the Company shall report such net consideration in its federal income Tax return for the preceding taxable year.

(e)The Reinsurer may contest such calculation by providing an alternative calculation to the Company in writing within thirty (30) calendar days after the date on which the Reinsurer receives the Company’s calculation. If the Reinsurer does not so notify the Company, the Reinsurer shall report the net consideration under this Agreement as determined by the Company in the Reinsurer’s federal income Tax return for the preceding taxable year..
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a.If the Reinsurer contests the Company’s calculation of the net consideration under this Agreement, the parties shall act in good faith to reach an agreement as to the correct amount of net consideration within thirty (30) calendar days after the date on which the Reinsurer submits its alternative calculation. If the Reinsurer and the Company reach an agreement as to the amount of net consideration under this Agreement, each party shall report such amount in its federal income Tax return for the preceding taxable year. If, during such period, the Reinsurer and the Company are unable to reach an agreement, they shall promptly thereafter cause Deloitte & Touche USA LLP or, if Deloitte & Touche USA LLP is unable or unwilling to serve, another nationally recognized accounting firm mutually agreeable to the Company and the Reinsurer (the “Independent Accountants”) to promptly review (which review shall commence no later than five (5) calendar days after the selection of the Independent Accountants) this Agreement and the calculations of the Reinsurer and the Company for the purpose of calculating the net consideration under this Agreement. In making such calculation, the Independent Accountants shall consider only those items or amounts in the Company’s calculation as to which the Reinsurer has disagreed. The Independent Accountants shall deliver to the Reinsurer and the Company, as promptly as practicable (but no later than thirty (30) calendar days after the commencement of their review), a report setting forth such calculation, which calculation shall result in a net consideration between the amount thereof shown in the Company’s calculation delivered pursuant to Section 6.1(d) and the amount thereof shown in the Reinsurer’s calculation delivered pursuant to Section 6.1(e). Such report shall be final and binding upon the Reinsurer and the Company. The fees, costs and expenses of the Independent Accountants shall be borne (i) by the Company if the difference between the net consideration as calculated by the Independent Accountants and the Company’s calculation delivered pursuant to Section 6.1(d) is greater than the difference between the net consideration as calculated by the Independent Accountants and the Reinsurer’s calculation delivered pursuant to Section 6.1(e),
(ii)by the Reinsurer if the first such difference is less than the second such difference, and (iii) otherwise equally by the Reinsurer and the Company..

ARTICLE VII ARBITRATION

Section 7.1. Arbitration.

(1)After the Closing Date, any dispute between the parties with respect to the calculation of amounts that are to be calculated, reported, or that may be audited pursuant to this Agreement (other than disputes relating to: (i) the assets to be transferred to the Reinsurer pursuant to Section 2.2. of the Asset Purchase Agreement, (ii) calculations relating to DAC Tax, which shall be resolved in accordance with Article VI hereof, (iii) whether a Triggering Event has occurred or (iv) calculation of the Security Amount, which shall be resolved in accordance with Section 4.3 hereof), shall be decided through negotiation and, if necessary, arbitration as set forth in Section 7.2. For the avoidance of doubt, and without limiting the rights of the Reinsurer and its Affiliates under the Asset Purchase Agreement, the Reinsurer shall have no claim in arbitration or otherwise against the Company with respect to the amount or nature of the assets 
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transferred to the Reinsurer pursuant to Section 2.2 of the Asset Purchase Agreement or Section 3.1(a) of this Agreement.

1.The parties intend this Section 7.1 to be enforceable in accordance with the Federal Arbitration Act, including any amendments to such law which are subsequently adopted. In the event that either party refuses to submit to arbitration as required by Section 7.1(a), the other party may request the court specified in Section 11.4 to compel arbitration.

Section 7.2. Arbitration Procedure.  The Company and Reinsurer intend that any dispute between them arising under this Agreement (excluding those disputes identified in Section 7.1(a)) be resolved without resort to any litigation. Accordingly, the Company and Reinsurer agree that they will negotiate diligently and in good faith to agree on a mutually satisfactory resolution of any such dispute; provided, however, that if any such dispute cannot be so resolved by them within sixty (60) calendar days (or such longer period as the parties may agree) after commencing such negotiations, the Company and Reinsurer agree that they will submit such dispute to arbitration in the manner specified in, and such arbitration proceeding will be conducted in accordance with, the Supplementary Rules for the Resolution of Intra-Industry
U.S. Reinsurance and Insurance Disputes of the American Arbitration Association.

The arbitration hearing will be before a panel of three (3) disinterested arbitrators, each of whom must be a present or former officer of a life insurance or life reinsurance company familiar with the life reinsurance business, or other professionals with experience in life insurance or reinsurance, provided that such professionals shall not have performed services for either party within the previous five (5) years, and provided further that no arbitrator shall be a former employee of the Company or any of its Affiliates. The Company and Reinsurer will each appoint one arbitrator by written notification to the other party within thirty (30) calendar days after the date of the mailing of the notification initiating the arbitration. These two arbitrators will then select the third arbitrator within sixty (60) calendar days after the date of the mailing of the notification initiating arbitration.

If either the Company or Reinsurer fails to appoint an arbitrator, or should the two arbitrators be unable to agree upon the choice of a third arbitrator, the American Arbitration Association will appoint the necessary arbitrators within thirty (30) calendar days after the request to do so.

The arbitrators shall base their decision on the terms and conditions of this Agreement. However, if the terms and conditions of this Agreement do not explicitly dispose of an issue in dispute between the parties, the arbitrators may base their decision on the customs and practices of the life insurance and life reinsurance industry together with an interpretation of the law. The vote or approval of a majority of the arbitrators will decide any question considered by the arbitrators. The place of arbitration will be determined by the arbitrators. Each decision (including, without limitation, each award) of the arbitrators will be final and binding on all parties and will be nonappealable, except that (at the request of either the Company or Reinsurer) any award of the arbitrators may be confirmed (or, if appropriate, vacated) by a judgment entered by the court specified in Section 11.4. No such award or judgment will bear interest except as 
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provided in Section 3.3. In no event may the arbitrators award punitive or exemplary damages. Each party will be responsible for paying (a) all fees and expenses charged by its respective counsel, accountants, actuaries, and other representatives in conjunction with such arbitration and (b) one-half of the fees and expenses charged by each arbitrator.

ARTICLE VIII INSOLVENCY

Section 8.1. Insolvency of the Company. In the event of the insolvency of the Company, all reinsurance made, ceded, renewed or otherwise becoming effective under this Agreement shall be payable by the Reinsurer directly to the Company or to its statutory liquidator, receiver or statutory successor on the basis of the liability of the Company under the Covered Insurance Contracts without diminution because of the insolvency of the Company. It is understood, however, that in the event of the insolvency of the Company, the liquidator, receiver or statutory successor of the Company shall give written notice of the pendency of a claim against the Company on a Covered Insurance Contract within a reasonable period of time after such claim is filed in the insolvency proceedings and that during the pendency of such claim the Reinsurer may investigate such claim and interpose, at its own expense, in the proceeding where such claim is to be adjudicated, any defense or defenses which it may deem available to the Company or its liquidator, receiver or statutory successor. It is further understood that the expense thus incurred by the Reinsurer shall be chargeable, subject to court approval, against the Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer.

ARTICLE IX DURATION; RECAPTURE

Section 9.1. Duration. This Agreement shall continue in force until such time as
(i) the Company’s liability with respect to all Covered Insurance Contracts reinsured hereunder is terminated in accordance with their respective terms, or the Company has elected to recapture the reinsurance of Covered Insurance Contracts in full in accordance with Section 9.3, and (ii) the Company has received payments which discharge such liability in full in accordance with the provisions of this Agreement. In no event shall the interpretation of this Section 9.1 imply any unilateral right of the Reinsurer to terminate this Agreement; provided, however, that in the event that the Company fails to timely pay any material amount due the Reinsurer hereunder or under Reinsurance Agreement (A) or Reinsurance Agreement (B), and such amount remains unpaid for thirty (30) calendar days, the Reinsurer shall have the right to terminate reinsurance hereunder upon the end of such period. In such case or in the event that following an insolvency of the Company, the statutory liquidator, receiver or statutory successor of the Company terminates this Agreement, the provisions of Section 9.3 and Section 9.4 shall apply as if the Termination Date were a Recapture Date and the Reinsurer shall be relieved of all liability under this Agreement to make future payments to the Company.

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Section 9.2. Survival. Notwithstanding the other provisions of this Article IX, the terms and conditions of Articles I, VI and X and the provisions of Sections 11.1, 11.4, 11.6,
11.9 and 11.10 shall remain in full force and effect after the Termination Date.

Section 9.3. Recapture.

(a)Upon the occurrence of a Recapture Triggering Event, the Company shall have the right to recapture all, and not less than all, of the reinsurance ceded under this

Agreement, Reinsurance Agreement (A) and Reinsurance Agreement (B), by providing the Reinsurer with written notice of its intent to effect recapture. Recapture of the Covered Insurance Contracts shall be effective on the tenth (10th) day following the day on which the Company has provided the Reinsurer with such notice (the “Recapture Date”).

a.In addition, all or a portion of the reinsurance ceded under this Agreement may be recaptured with the mutual written consent of the parties hereto, including in connection with the establishment of a Buyers Facility.

b.If any Covered Insurance Contract is terminated or liabilities thereunder are recaptured strictly in accordance with the terms of such Covered Insurance Contract and the consent of the Company is not required for such termination or recapture, the Company shall, upon ten (10) days’ prior written notice to the Reinsurer, recapture the liabilities ceded to the Reinsurer hereunder that are attributable to such terminated Covered Insurance Contract or to the liabilities recaptured under such Covered Insurance Contract, as the case may be.

c.Following any recapture pursuant to this Section 9.3, subject to Section
b.and to the payment obligations described in Section 9.4, both the Company and the Reinsurer will be fully and finally released from all rights and obligations under this Agreement in respect of the recaptured portion of the Covered Insurance Contract or Covered Insurance Contracts other than any payment obligations due hereunder prior to the Recapture Date but still unpaid on such date.

Section 9.4. Recapture Payments.

i.In connection with a recapture in full pursuant to Section 9.3(a), the Reinsurer shall prepare a Settlement Statement (the “Terminal Settlement Statement”) within sixty (60) calendar days of the Recapture Date setting forth the Net Settlement calculated in accordance with Exhibit B for the for the Terminal Accounting Period. If the amount of the Net Settlement for the Terminal Accounting Period is positive, the Company shall pay such amount to the Reinsurer within five (5) calendar days of its receipt of the Terminal Settlement Statement. If the amount of the Net Settlement for the Terminal Accounting Period is negative, the Reinsurer shall pay the absolute value of such amount to the Company at the time it delivers the Terminal Settlement Statement to the Company. In addition, on the Recapture Date or any other date on which all of the reinsurance ceded under this Agreement is recaptured, any letter of credit posted pursuant to Section 4.3 shall be immediately surrendered and cancelled and any 
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amount held in trust pursuant to Section 4.3 shall be immediately returned to the Reinsurer, as the case may be.

ii.No recapture fee shall be payable in connection with a recapture in connection with the establishment of a Buyers Facility pursuant to Section 9.3(b) and any recapture payment in connection therewith shall be as mutually agreed by the parties.

iii.In connection with a recapture due to the termination or recapture by an underlying ceding company of a Covered Insurance Contract pursuant to Section 9.3(c), the Company shall pay to the Reinsurer its quota share of any recapture fee received by the Company from such underlying ceding company in connection with the recapture and the

Reinsurer shall pay to the Company its quota share of any recapture payment paid by the Company to such underlying ceding company.

Section 9.5. Payment Upon Termination. Promptly following the termination of this Agreement other than a termination in connection with a recapture in accordance with Sections 9.3 and 9.4 or a termination in accordance with the proviso clause in Section 9.1 or the last sentence of Section 9.1 (i) the Company and the Reinsurer shall implement a Net Settlement in accordance with Exhibit B for the Terminal Accounting Period and (ii) the Company shall use its reasonable best efforts to collect amounts due from ceding companies under the Covered Insurance Contracts and pay to the Reinsurer any amounts collected (including all Received Amounts so collected from ceding companies). In addition, on the Termination Date, any letter of credit posted pursuant to Section 4.3 shall be immediately surrendered and cancelled and any amount held in trust pursuant to Section 4.3 shall be immediately returned to the Reinsurer, as the case may be.

ARTICLE X INDEMNIFICATION; DISCLAIMER

Section 10.1. Reinsurer’s Obligation to Indemnify. The Reinsurer hereby agrees to indemnify, defend and hold harmless the Company and its Affiliates and their respective directors, officers and employees (collectively, the “Company Indemnified Parties”) from and against all losses, liabilities, claims, expenses (including reasonable attorneys’ fees and expenses) and damages reasonably and actually incurred by the Company to the extent arising from (i) any breach of the covenants and agreements of the Reinsurer contained in this Agreement, except to the extent that such losses, liabilities, claims, expenses (including reasonable attorneys’ fees and expenses) and damages are attributable to acts or omissions of a person who is a director, officer, employee, agent, representative, successor, or permitted assign of the Company or any of its Affiliates, unless such person is acting at the direction or request of the Reinsurer, and (ii) any successful enforcement of this indemnity.

Section 10.2. Company’s Obligation to Indemnify. The Company hereby agrees to indemnify, defend and hold harmless the Reinsurer and its Affiliates and their respective directors, officers and employees (collectively, the “Reinsurer Indemnified Parties”) 
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from and against all losses, liabilities, claims, expenses (including reasonable attorneys’ fees and expenses) and damages reasonably and actually incurred by the Reinsurer to the extent arising from (i) any breach of the covenants and agreements of the Company contained in this Agreement, except to the extent that such losses, liabilities, claims, expenses (including reasonable attorneys’ fees and expenses) and damages are attributable to acts or omissions of a person who is a director, officer, employee (other than in such employee’s capacity as an employee of the Company), agent, representative, successor, or permitted assign of the Reinsurer or any of its Affiliates, and (ii) any successful enforcement of this indemnity.

Section 10.3. Indemnification Procedures.  In the case of any Litigation asserted by a third party (a “Third Party Claim”) against a party entitled to indemnification under this Agreement (the “Indemnified Party”), notice shall be given by the Indemnified Party to the party required to provide indemnification (the “Indemnifying Party”) promptly after such Indemnified Party has actual knowledge of such Third Party Claim, and the Indemnified Party

shall permit the Indemnifying Party (at the expense of such Indemnifying Party and so long as the Indemnifying Party acknowledges in writing its obligation to indemnify the Indemnified Party for Losses related to such Third Party Claim) to assume the defense of such Third Party Claim, provided that (a) counsel for the Indemnifying Party who shall conduct the defense of such Third Party Claim shall be reasonably satisfactory to the Indemnified Party, and the Indemnified Party may participate in such defense at such Indemnified Party’s expense, and (b) the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its indemnification obligation under this Agreement except to the extent that such failure results in a lack of actual notice to the Indemnifying Party and such Indemnifying Party is materially prejudiced as a result of such failure to give notice. If the Indemnifying Party does not promptly assume the defense of such Third Party Claim following notice thereof, the Indemnified Party shall be entitled to assume and control such defense and to settle or agree to pay in full such Third Party Claim without the consent of the Indemnifying Party without prejudice to the ability of the Indemnified Party to enforce its claim for indemnification against the Indemnifying Party hereunder. Except with the prior written consent of the Indemnified Party, no Indemnifying Party, in the defense of any such Third Party Claim, shall consent to entry of any judgment or enter into any settlement that (i) provides for injunctive or other nonmonetary relief affecting the Indemnified Party, (ii) does not include as an unconditional term thereof the giving by each claimant or plaintiff to such Indemnified Party of an irrevocable release from all liability with respect to such Third Party Claim, or (iii) would restrict such Indemnified Party’s ability to conduct its business in the ordinary course or would otherwise have a materially adverse impact on the business of the Indemnified Party. If the Indemnified Party in good faith determines that the conduct of the defense or any proposed settlement of any Third Party Claim would reasonably be expected to affect adversely the Indemnified Party’s Tax liability, or that the Indemnified Party may have available to it one or more defenses or counterclaims that are inconsistent with one or more of those that may be available to the Indemnifying Party in respect of such Third Party Claim, the Indemnified Party shall have the right at all times to take over and control the defense, settlement, negotiation or Litigation relating to any such Third Party Claim at the sole cost of the Indemnifying Party, provided that if the Indemnified Party does so take over and control, the Indemnified Party shall 
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not settle such Third Party Claim without the written consent of the Indemnifying Party, such consent not to be unreasonably withheld, conditioned or delayed.  In any event, the Reinsurer and the Company shall cooperate in the defense of any Third Party Claim subject to this Article X and the records of each shall be reasonably available to the other with respect to such defense.

Section 10.4. Disclaimer. The Reinsurer hereby acknowledges and agrees that the Reinsurer is not relying in any way upon any duty of utmost good faith or other similar duty of disclosure on the part of the Company (a “Special Duty”) in connection with the cession of liabilities from the Company to the Reinsurer as of the Trifurcation Effective Time or the amendment and restatement of the Original Treaty (C) as of the Amendment Effective Time.
Accordingly, as an inducement for the Company to enter into the transactions contemplated by this Agreement, the Reinsurer hereby agrees that it will not institute any arbitration or other proceeding against the Company or assert any claim or defense against the Company in any arbitration or other proceeding with respect to the liabilities assumed hereunder based in whole or in part upon any Special Duty as of the Trifurcation Effective Time or as of the Amendment Effective Time; provided, however, that the Reinsurer reserves all of its rights and remedies in respect of any Special Duty arising after the Original Effective Time other than any Special Duty

arising in connection with (i) the separation of the Original Reinsurance Agreement into this Agreement, Reinsurance Agreement (A) and Reinsurance Agreement (B) as of the Trifurcation Effective Time or (ii) the amendment and restatement of the Original Treaty (C) as of the Amendment Effective Time.

ARTICLE XI MISCELLANEOUS

Section 11.1. Notices. Any notice, request or other communication to be given by any party hereunder shall be in writing and shall be delivered personally, sent by registered or certified, postage prepaid, or by overnight courier with written confirmation of delivery. Any such notice shall be deemed given when so delivered personally, or if mailed, on the date shown on the receipt therefor, or if sent by overnight courier, on the date shown on the written confirmation of delivery. Such notices shall be given to the following address:

To Company:    Security Life of Denver International Limited
Attention: David Pendergrass, President c/o Voya Services Company
5780 Powers Ferry Road NW Atlanta, GA 30327

and

Security Life of Denver International Limited Attention: Mary Tuttle, Vice President
8055 East Tufts Avenue, Suite 710
Denver, CO 80237
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With concurrent
copies to:    Voya Services Company 5780 Powers Ferry Road NW Atlanta, GA 30327
Attention: John Price, Corporate General Counsel and
David A. Massey, Esq.
Eversheds Sutherland (US) LLP 700 Sixth Street, NW, Suite 700
Washington, DC 20001-3980

To the Reinsurer:
Hannover Life Reassurance Company of America (Bermuda) Ltd. c/o Appleby (Bermuda) Ltd.
Canon Court, 22 Victoria Street

Hamilton HM12, Bermuda Attention: General Counsel

With concurrent copies to:

Hannover Life Reassurance Company of America 800 North Magnolia Avenue, Suite 1400
Orlando, Florida 32803 Attention: President

and

Debevoise & Plimpton LLP 919 Third Avenue
New York, NY 10022
Attention: Nicholas F. Potter, Esq.

Section 11.2. Entire Agreement. This Agreement may not be amended or modified in any respect whatsoever except by instrument in writing signed by the parties hereto. This Agreement, Reinsurance Agreement (A), Reinsurance Agreement (B), the Original Reinsurance Agreement, the Asset Purchase Agreement, the Administrative Services Agreement, 
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the ING Ballantyne Administrative Services Agreement, the SLD-HLRUS Reinsurance Agreements, the ING Asset Management Services Agreement and the other documents delivered pursuant hereto, constitute the entire agreement between the parties hereto with respect to the subject matter hereof and supersede all prior agreements, understandings, negotiations, discussions, whether oral or written, of the parties and there are no general or specific warranties, representations or other agreements by or among the parties in connection with the entering into of this Agreement or the subject matter hereof except as specifically set forth or contemplated herein.

Section 11.3. Captions. The captions of this Agreement are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

Section 11.4. Governing Law and Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts entered into therein, without reference to principles of choice of law or conflicts of laws. Each party hereto irrevocably and unconditionally submits to the exclusive jurisdiction of any State or Federal Court sitting in New York, over any suit, action or proceeding arising out of or relating to this Agreement. The Reinsurer agrees that service of any process, summons, notice or document by hand in Bermuda, addressed to such party, with a concurrent copy by U.S. registered mail, shall be effective service of process for any action, suit or proceeding brought against such party in such court. Each party hereto irrevocably and unconditionally waives any objection to the laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such action, suit or proceeding brought in any such court has been

brought in an inconvenient forum. Each party hereto agrees that final judgment in any such action, suit or proceeding brought in any such court shall be conclusive and binding upon such party and may be enforced in any other courts to whose jurisdiction such party may be subject, by suit upon such judgment.

Section 11.5. No Third Party Beneficiaries. Except as otherwise expressly set forth in any provision of this Agreement, nothing in this Agreement is intended or shall be construed to give any Person, other than the parties hereto, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein.

Section 11.6. Expenses. Except as otherwise provided herein, the parties hereto shall each bear their respective expenses incurred in connection with the negotiation, preparation, execution, and performance of this Agreement and the transactions contemplated hereby, including, without limitation, all fees and expenses of counsel, actuaries and other representatives.

Section 11.7. Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together 
25

signed by all of the parties hereto. Each counterpart may be delivered by facsimile transmission, which transmission shall be deemed delivery of an originally executed document.

Section 11.8. Severability. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction, so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. If any provision of this Agreement is so broad as to be unenforceable, that provision shall be interpreted to be only so broad as is enforceable.

Section 11.9. Waiver of Jury Trial; Multiplied and Punitive Damages. Each of the parties hereto irrevocably waives, with respect to any first party action filed by the other party (but not as to any action by one party against the other seeking indemnification for a third party claim against the party initiating the action, to the extent that such damages may be recoverable as part of the indemnification by the indemnified party) (i) any and all right to trial by jury, and (ii) any right to punitive, incidental, consequential or multiplied damages, either pursuant to common law or statute, in any legal proceedings arising out of or related to this Agreement or the transactions contemplated hereby.

Section 11.10. Treatment of Confidential Information.

(a)The parties agree that, other than as contemplated by this Agreement and to the extent permitted or required to implement the transactions contemplated by this Agreement, the parties will keep confidential and will not use or disclose the other party’s Confidential Information and the terms and conditions of this Agreement, including, without

limitation, the exhibits and schedules hereto, except as otherwise required by applicable Law or any order or ruling of any state or national insurance regulatory authority, the Securities and Exchange Commission or any other Governmental Entity.

a.The confidentiality obligations contained in this Agreement or in any other agreement between the parties hereto, as they relate to the reinsurance hereunder, shall not apply to the federal Tax structure or federal Tax treatment of this Agreement and each party hereto may disclose to any and all persons, without limitation of any kind, the federal Tax structure and federal Tax treatment of this Agreement; provided, that such disclosure may not be made until the earliest of (x) the date of the public announcement of discussions relating to this Agreement,
(y) the date of the public announcement of this Agreement, or (z) the date of the execution of this Agreement. The preceding sentence is intended to cause this Agreement to be treated as not having been offered under conditions of confidentiality for purposes of Section 1.6011-4(b)(3) (or any successor provision) of the Treasury Regulations promulgated under Section 6011 of the Internal Revenue Code of 1986, as amended, and shall be construed in a manner consistent with such purpose. Subject to the provision with respect to disclosure in the first sentence of this subsection (b), each party hereto acknowledges that it has no proprietary or exclusive rights to 
26

the federal Tax structure of this Agreement or any federal Tax matter or federal Tax idea related to this Agreement.

Section 11.11. Assignment. This Agreement will inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties. Except as provided below in this Section 11.11, neither party may assign any of its duties or obligations hereunder without the prior written consent of the other party. The Reinsurer shall be entitled to assign its administrative duties hereunder without the prior written consent of the Company, unless the person or entity to whom such duties are to be assigned is not, at the time of such assignment, a subsidiary of the Reinsurer, in which event the Reinsurer shall obtain the prior written consent of the Company, such consent not to be unreasonably withheld.

Section 11.12. Service of Process. The Reinsurer hereby designates The Corporation Trust Company as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted by or on behalf of the Company.

Section 11.13. Excise Tax. The Reinsurer shall reimburse the Company in full for any applicable federal excise Tax paid by the Company under section 4371 of the Code in connection with this Agreement, other than any such Tax payable as a result of any action or inaction by the Company (other than any action or inaction contemplated or required by this Agreement or the Asset Purchase Agreement).

[The rest of this page intentionally left blank.]

27

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed effective as of the Amendment Effective Time .

SECURITY LIFE OF DENVER INTERNATIONAL LIMITED
By: /s/ David S. Pendergrass    
Name: David S. Pendergrass
Title: Senior Vice President and Treasurer

By: /s/ Mary Tuttle    
Name: Mary Tuttle
Title: VP

HANNOVER LIFE REASSURANCE COMPANY OF AMERICA (BERMUDA) LTD.

By:     _
Name:
Title:
By:      
Name:
Title:

[A&R Reinsurance Agreement (C) - Signature Page]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed effective as of the Amendment Effective Time.

SECURITY LIFE OF DENVER INTERNATIONAL LIMITED

By:      
Name:
Title:

By:      
Name:
Title:

HANNOVER LIFE REASSURANCE COMPANY OF AMERICA (BERMUDA) LTD.

By: /s/Robert Meehan    
Name: Robert Meehan
Title: SVP Chief Actuary

By:  /s/ Jeffrey R. Burt                                                       
Name: Jeffrey R. Burt
Title: CEO

[A&R Reinsurance Agreement (C)- Signature Page]

EXHIBIT A

Funds Withheld Balance 21

“Funds Withheld Balance 2” means the sum of

a.product of (A) the excess of (x) 68% of the 2010 SLD APR over (y) the SLD-SLDI Loop Reserves as of the end of such Accounting Period, multiplied by (B) the Adjustment Factor (as shown in the table under the definition of “Adjustment Factor,” below without giving effect to any change pursuant to Section 3.3(c) of the Agreement and Section (b) of this definition) applicable to such Accounting Period (the “Minimum Amount”), and

a.an amount, if any, that may be included by the Reinsurer from time to time for each Accounting Period and maintained in accordance with Section 3.3(c) of the Agreement that is equal to

i.the product of the excess of 68% of the 2010 SLD APR over the SLD-SLDI Loop Reserves as of the end of such Accounting Period, multiplied by an Adjustment Factor higher than the value shown in the table under “Adjustment Factor” for such Accounting Period but not exceeding 1, which Adjustment Factor is specified in a notice provided by the Reinsurer to the Company in accordance with the notice requirement set forth in the definition of “Adjustment Factor”, less

i.the Minimum Amount (the amount determined under this clause (b) or any other amount consented to by SLDI under Section 3.3(c) of the Agreement being the “Additional Amount”).

For purposes of calculating the Funds Withheld Balance 2, the following terms shall have the respective meanings set forth below:

“2010 SLD APR” means the SLD APR with respect to the Accounting Period ending on December 31, 2010.

“Adjustment Factor” means, with respect to any Accounting Period, the percentage listed under the column “Adjustment Factor” in the table below opposite the date on which such Accounting Period ends, provided, that the Reinsurer may elect to use an Adjustment Factor with a higher value than the Adjustment Factor shown below, including for any Accounting Period after December 31, 2015, so long as the higher Adjustment Factor does not exceed 1.0 and the Reinsurer notifies the Company at least thirty (30) days prior to the end of the relevant Accounting Period that it elects to use a higher Adjustment Factor than the value shown below for such Accounting Period.
						
	Accounting Period Ending
	Adjustment Factor

	September 30, 2013
	0.45

	December 31, 2013
	0.40

						
		
		

1 Note: To check and confirm all statement blank references in Exhibits A and B.

						
	Accounting Period Ending
	Adjustment Factor

	March 31, 2014
	0.35

	June 30, 2014
	0.30

	September 30, 2014
	0.25

	December 31, 2014
	0.20

	March 31, 2015
	0.15

	June 30, 2015
	0.10

	September 30, 2015
	0.05

	December 31, 2015 and thereafter
	0.00

“SLD APR” means, with respect to any Accounting Period, the sum of (a) the SLD Modco APR as of the end of such Accounting Period and (b) the SLD Funds Withheld APR as of the end of such Accounting Period.

“SLD-SLDI Loop Reserves” means, with respect to any Accounting Period, the sum of (a) the Reserves as of the end of such Accounting Period for SLD Treaty 2774 and (b) the Reserves as of the end of such Accounting Period for SLD Treaty 2962. For clarity, upon the effectiveness of this Agreement, the SLD-SLDI Loop Reserves will take into account the SLD Recapture.

“SLD Funds Withheld APR” means, with respect to any Accounting Period, an amount equal to the sum of (a) and (b), in each case (x) calculated in a manner consistent with the calculation made by SLD and the Company in the administration of SLD Treaty 2962 as at December 31, 2008 (which, for the avoidance of doubt, shall include adjustments of the type set forth on Schedule A), and (y) minus the amount of any premium accruals in respect of SLD Treaty 2962 that are permitted by applicable statutory accounting requirements to be offset against collateral requirements for business ceded to unauthorized reinsurers, where:

a.is equal to the amount of “Contract claims: Life” with respect to the policies covered under SLD Treaty 2962 shown on line 4.1 of page 3 of the statutory financial statements filed by SLD with the Colorado Division of Insurance for such Accounting Period; and

a.is equal to the aggregate for all policies covered under SLD Treaty 2962 of the Company’s quota share of (i) the present value of future benefits on each such policy plus (ii) the present value of future expenses on each such policy minus (iii) the present value of future gross premiums on each such policy as of the end of such Accounting Period. The present value shall be calculated using the pricing assumptions used by SLD in pricing the reinsurance for such policy adjusted to provide for adverse deviation on a basis determined from time to time by SLD and the Company.

“SLD Modco APR” means, with respect to any Accounting Period, an amount equal to the sum of (a) and (b), in each case (x) calculated in a manner consistent with the calculation made by SLD and the Company in the administration of SLD Treaty 2774 as at December 31, 2008 (which, for the avoidance of doubt, shall include adjustments of the type set forth on Schedule A), and (y) minus the amount of any premium accruals in respect of SLD Treaty 2774 that are permitted by applicable statutory accounting requirements to be offset against collateral requirements for business ceded to unauthorized reinsurers, where:

a.is equal to the amount of “Contract claims: Life” with respect to the policies covered under SLD Treaty 2774 shown on line 4.1 of page 3 of the statutory financial statements filed by SLD with the Colorado Division of Insurance for such Accounting Period; and

a.is equal to the sum of (i) and (ii), where:

a.is equal to the aggregate for all policies covered under SLD Treaty 2774 that are ceded to SLD on a yearly renewable term or monthly renewable term basis for which the reinsurance premiums charged by SLD are guaranteed for more than one year of the Company’s quota share of the valuation net premium calculated as the tabular cost of insurance for each future policy year as of the end of such Accounting Period. For purposes of calculating the SLD Modco APR, the tabular cost of insurance is defined as the net single premium at the beginning of a policy year for one-year term insurance in the amount of the guaranteed death benefit in that policy year using an interest rate determined by SLD that does not exceed the maximum valuation interest rate and mortality set by SLD pursuant to Section 6(e) of National Association of Insurance Commissioners Valuation of Life Insurance Policies Model Regulation; and

a.is equal to the aggregate for all other policies covered under SLD Treaty 2774 of the Company’s quota share of (x) the present value of future benefits on each such policy plus (y) the present value of future expenses on each such policy minus (z) the present value of future gross premiums on each such policy, not to exceed the statutory reserve established by SLD in any jurisdiction. The present value shall be calculated using the pricing assumptions used by SLD in pricing the reinsurance for such policy adjusted to provide for adverse deviation on a basis determined from time to time by the SLD and the Company.

IFRS Reserve Methodology and Components

Methodology

An initial defined reserve method consistent with the requirements of US GAAP was employed to develop the IFRS liability. This was done over the 30 year period of the projections. A VOBA was determined following the development of the IFRS liability.

Components used in the calculation

Premiums Fee income Interest Mortality Persistency
Expense allowances Internal expenses
Third party retrocession cost, including adjustments for experience refunds and LCF’s. Assumed recaptures and experience refunds
Collateral costs

Pads were applied to interest, death benefits, NAR, third party retrocession costs, and collateral costs.

EXHIBIT B
Net Settlement

The Net Settlement with respect to any Accounting Period is equal to the following:

a)the Additional Reinsurance Premium; minus

b)the Benefit Payments; plus

c)the Reinsurance IMR Investment Income; minus

d)the Reinsurance IMR as of the close of such Accounting Period less the Reinsurance IMR as of the close of the preceding Accounting Period; minus

e)with respect to a Terminal Accounting Period ending on the Recapture Date only, an amount equal to the Reserves as of the close of the Terminal Accounting Period;

provided that with respect to the Reinsurance IMR for an Accounting Period, to the extent that the calculation thereof would result in an amount payable to the Reinsurer, only such amounts as are actually received by the Company from the ceding companies under the Covered Insurance Contracts by way of payment or offset or otherwise (“Received Amounts”) shall be included in the Net Settlement; provided further that to the extent that the Reinsurer makes any payments during an Accounting Period to or on behalf of the Company in respect of Reinsured Liabilities, the amount of any such payments shall be excluded from the Net Settlement; and provided further that to the extent the Reinsurer receives any Additional Reinsurance Premium in respect of an Accounting Period during such Accounting Period, the amount of any such Additional Reinsurance Premium received shall be excluded from the Net Settlement.

Schedule 1.1(a)
Covered Insurance Contracts
(including all amendments to such contracts through and including the Trifurcation Effective Time)

i.Treaty 0303-F002 between Berkshire Life Insurance Company of America and SLDI, effective 10/1/2003

ii.All Covered Insurance Contracts including without limitation, the following treaties:

															
	Treaty Number	Ceding Company	Reinsurer	Effective Date	Basis
	4706	Acadia International Ltd	SLDI	1/1/03	MRT
	6001-2167	Acadia Life Int’l Limited
(MRM Life Limited changed its name to Acadia Life Int’l Limited, effective May 9, 2002)
	SLDI	04/01/99	COINS
	6618-2497
and 0900-2404 which is a mirror of 2497
	Bermuda Life Insurance Company Limited	SLDI	05/10/00	YRT
	6617-3364-1	Citicorp International Life Insurance Company, Ltd.	SLDI	(date on LOI) 7/3/02	YRT
	6617-3364	Citicorp Intl Life Insurance Company Ltd.	SLDI	7/3/02	YRT
	6386-2540	MassMutual (Bermuda) Limited	SLDI	10/01/00	YRT
	6387-2539	MassMutual Int’l Bermuda Limited	SLDI	10/01/00	YRT
	6610-2545	Sun Life Assurance Company Canada	SLDI	8/15/00	MRT
	6610-2166	Sun Life Assurance Company of Canada	SLDI	11/11/95	MRT
	2919	TIAA-CREF Life Insurance Company	SLDI	4/1/02	COINS
	4246	Titan Life & Annuity Insurance Company	SLDI	12/1/02	YRT
	0232-6966	Transamerica Life International (Bermuda) Ltd.	SLDI	12/16/03	YRT
	0107-1288
0221-1440
	Travelers Insurance Company
Travelers Life & Annuity Company
	SLDI	(date on
LOI) 10/1/94
	COINS

Schedule 6.1(c) Section 1.848-2(g)(8) Election

Reinsurance agreements for which the joint election under Treasury Regulation Section 1.848-2(g)(8) Has Been Made

A joint election under Treasury regulation section 1.848-2(g)(8) has been made for the following reinsurance agreement(s):

1.Second Amended and Restated Reinsurance Agreement (A) effective January 1, 2018 between Security Life of Denver International Limited and Hannover Life Reassurance Company of America (Bermuda) Ltd.;

2.Amended and Restated Reinsurance Agreement (B) effective January 1 2018 between Security Life of Denver International Limited and Hannover Life Reassurance Company of America (Bermuda) Ltd.; and

3.Amended and Restated Reinsurance Agreement (C) effective January 1, 2018 between Security Life of Denver International Limited and Hannover Life Reassurance Company of America (Bermuda) Ltd.Document

Exhibit 10.44

VOYA SEVERANCE PAY PLAN
As Amended and Restated Effective as of January 4, 2021

GLG-676719.11

Exhibit 10.44

Voya Severance Pay Plan
Amended and Restated Effective as of January 4, 2021
Table of Contents
Page
						
	ARTICLE 1.  Definitions	1

	1.1    Affiliate
	1

	1.2    Cause
	1

	1.3    Code
	2

	1.4    Company
	2

	1.5    Comparable Pay
	2

	1.6    Eligible Employee
	2

	1.7    Eligible Pay
	3

	1.8    ERISA
	3

	1.9    Highly Leveraged Employee
	4

	1.10    Notice
	4

	1.11    Participating Employer
	4

	1.12    Plan
	4

	1.13    Plan Administrator
	4

	1.14    Qualified Termination
	4

	1.15    Release Date
	6

	1.16    Separation Pay Excess Benefit
	6

	1.17    Severance Benefits
	6

	1.18    Severance Period
	6

	1.19    Spouse
	6

	1.20    STD Program
	7

	1.21    Successor Employer
	7

	1.22    Temporary Employee
	7

	1.23    Years of Service
	7

	ARTICLE 2.  Eligibility	7

	2.1    Eligibility to Participate
	7

	2.2    Termination of Participation
	7

	ARTICLE 3.  Benefits	7

	3.1    Entitlement to Benefits
	7

	3.2    Basic Severance Pay Without a Release
	8

	3.3    Enhanced Severance With a Release
	8

	3.5    Reemployment and other Termination of Severance Benefits
	10

	3.6    Outplacement and Other Benefits
	10

	3.7    Death Before Payment
	10

	3.8    Withholding and Deductions
	11

    - 1 -
GLG-676719.11

Exhibit 10.44

						
	3.9    Other Benefits or Plans
	11

	3.10    Unemployment Benefits
	11

	3.11    No Duplication
	11

	ARTICLE 4.  Administration, Amendment And Termination	11

	4.1    Administration
	11

	4.2    Amendment
	12

	4.3    Termination of the Plan
	12

	ARTICLE 5.  Source of Benefit Payments	12

	5.1    Unfunded Obligation
	12

	ARTICLE 6.  Miscellaneous	12

	6.1    ERISA
	12

	6.2    Severability
	12

	6.3    409A Compliance
	12

	6.4    Construction
	13

	6.5    Nonalienation
	13

	6.6    No Employment Rights
	13

	6.7    No Enlargement of Rights
	13

	6.8    Claims Procedures
	13

    - 2 -
GLG-676719.11

VOYA SEVERANCE PAY PLAN
As Amended and Restated Effective as of January 4, 2021
Introduction
Voya Services Company (formerly known as ING North America Insurance Corporation) (the “Company”) adopted the ING Americas Severance Pay Plan (the “Plan”) as set forth below, to provide severance benefits to Eligible Employees whose employment is terminated in a Qualified Termination (as defined below).  This Plan was amended and restated effective as of January 1, 2008 and subsequently amended thereafter.  On December 19, 2013, the Plan was renamed the “ING U.S. Severance Pay Plan,” and again on July 31, 2014, the Plan was renamed the “Voya Severance Pay Plan.”  The Plan is now amended and restated in its entirety effective January 1, 2021.
This amended and restated Plan applies to terminations occurring on and after January 4, 2021.  The Company is the Plan Sponsor.  
1.ARTICLE 1.

Definitions
As used in the Plan, the following words and phrases and any derivatives thereof will have the meanings set forth below unless the context clearly indicates otherwise.
a.1.1    Affiliate
 means any corporation, association, joint venture, proprietorship, partnership or other legal entity (a) which is controlled (directly or indirectly) by the Company, or (b) of which at least fifty percent (50%) of the ownership interest is owned (directly or indirectly) or by a parent (direct or indirect) of the Company. 
b.1.2    Cause
 means that the Eligible Employee was terminated from employment with the Company or a Participating Employer for one or more of the following reasons: 
i.(a)    a violation of any law;
ii.(b)    insubordination;
iii.(c)    violation of Company policies;
iv.(d)    unsatisfactory attendance or performance;
v.(e)    refusal or failure to comply with a change in job conditions;

GLG-676719.11

Exhibit 10.44

vi.(f)    refusal to cooperate with transition or redeployment activities; each as determined by the Plan Administrator in its absolute discretion; or
vii.(g)    a similar act or reason for dismissal that is reasonably determined by the Company or a Participating Employer, it its sole discretion, to constitute cause for purposes of this Plan.
c.1.3    Code
 means the Internal Revenue Code of 1986, as amended from time to time, and the regulations and rulings issued thereunder.
d.1.4    Company
 means Voya Services Company (a Delaware corporation) or any successor to Voya Services Company.  Prior to September 1, 2014, the name of the Company was ING North America Insurance Corporation.
e.1.5    Comparable Pay
 means an annual base salary and annual incentive compensation target offered to an Eligible Employee which, in the aggregate, is at least 85% (or, in the case of a Highly Leveraged Employee, at least 80%) of the Eligible Employee’s highest aggregate annual base salary and annual incentive compensation target previously in effect at any time within the 6 months preceding the Release Date.  The Plan Administrator, in its sole discretion, shall determine comparability of pay.
f.1.6    Eligible Employee
 means an individual classified as an employee on the payroll of a Participating Employer who is scheduled to work on a full-time or part-time schedule (including employees on short term disability leave, family and medical leave, military leave or other approved leave) other than:
i.(a)    a Temporary Employee;
ii.(b)    employees of an outside agency, also known as leased employees;
iii.(c)    individuals designated by the Participating Employer as independent contractors even if later determined to be a common law employee;
iv.(d)    career agents and brokers, even if later determined to be a common law employee;
v.(e)    individuals subject to an agreement with a Participating Employer that provides for any form of salary continuation and/or severance pay unless that agreement specifically provides for payment under the Plan;
    - 2 -
GLG-676719.11

Exhibit 10.44

vi.(f)    employees on long-term disability; or
vii.(g)    employees covered by a collective bargaining agreement in which case participation is determined in accordance with the collective bargaining agreement.
Under no circumstances will the following individuals be treated as an Eligible Employee even if such individuals are treated as “employees” of a Participating Employer as a result of common law principles, or the leased employee rules under Code Section 414(n):  (i) an individual who performs services for a Participating Employer, but who is not classified as an employee on the payroll of such Participating Employer and with respect to whom no FICA taxes are withheld by such Participating Employer, by way of example only, an individual performing services for a Participating Employer under a leasing arrangement, and (ii) an individual who is treated as a statutory employee under Code Section 7701(a)(20).  Further, if an individual performing services for a Participating Employer is retroactively reclassified as a common law employee of a Participating Employer for any reason, the reclassified individual will not be treated as an Eligible Employee for any period prior to the actual date (and not the effective date) of the reclassification unless the Plan Administrator in its sole discretion determines the reclassification is necessary to effectuate the Participating Employer’s intent to provide benefits for such individual.
g.1.7    Eligible Pay
 means:
i.(a)    for each salaried Eligible Employee other than a Highly Leveraged Employee, one-fifty second (1/52) of the Eligible Employee’s annual rate of base salary on the Release Date.  Eligible Pay does not include overtime payments, shift differentials, bonuses, incentive pay, payments of previously deferred compensation under a nonqualified plan, program or arrangement, expense reimbursements, or unpaid time for personal leave;
ii.(b)    for each part-time nonexempt Eligible Employee, one-fifty second (1/52) of the product of (i) the Eligible Employee’s regularly scheduled weekly hours as of the Release Date, and (ii) the Eligible Employee’s regular hourly rate as of the Release Date; and
iii.(c)    for each Highly Leveraged Employee, one-fifty second (1/52) of the sum of the Eligible Employee’s annual rate of base salary on the Release Date plus amounts paid under the applicable performance-based pay program, excluding payments of previously deferred compensation under a nonqualified plan, program or arrangement, long-term incentive compensation and special recognition awards, during the 12 months immediately preceding the Release Date.  If the Highly Leveraged Employee is covered by a performance-based program and does not have 12 months of earnings history prior to the Release 
    - 3 -
GLG-676719.11

Exhibit 10.44

Date, the actual performance payments made during such period will be annualized and added to the annual rate of base salary in effect as of the Release Date to determine Eligible Pay.  If the Highly Leveraged Employee is covered by a performance-based program and has been directed to cease performing activities generating earnings following written notification to the Highly Leveraged Employee of his or her Qualified Termination, the component of the performance-based pay of Eligible Pay will be the greater of: (i) the actual amounts paid under the applicable performance-based program during the 12 months immediately preceding the Release Date; or (ii) the actual amounts paid under the applicable performance-based program during the 12 months immediately preceding the date that the Highly Leveraged Employee is provided written notification of his or her Qualified Termination.  The written notification to the Highly Leveraged Employee shall include an estimate of the number of weeks of severance benefits and the dollar amount of the severance benefits.
h.1.8    ERISA
 means the Employee Retirement Income Security Act of 1974, as amended, and the regulations and rulings issued thereunder.
i.1.9    Highly Leveraged Employee
 means generally those employees who are not eligible for participation in a regular broad-based annual Company incentive bonus program for salaried employees and are eligible for a “production” or performance-based bonus that is payable on a regular basis throughout the year (bi-weekly, semi-monthly, monthly, quarterly, semi-annually), when the performance-based bonus program is designed to represent a significant portion of the Eligible Employee’s compensation.  No employee of Voya Investment Management LLC shall be considered a Highly Leveraged Employee, irrespective of how that employee is compensated.  The Company, in its sole discretion, shall designate which employees are “highly leveraged” pursuant to the foregoing guidelines.
j.1.10    Notice
 means a written notice of job elimination, job change, transfer or termination and the Release Date provided to an Eligible Employee by the Company or a Participating Employer.
k.1.11    Participating Employer
 means the Company and each Affiliate identified by the Company as a Participating Employer, as set forth in Addendum A as amended from time to time. 
l.1.12    Plan
 means the Voya Severance Pay Plan, as set forth in this document and as it may be amended from time to time in accordance with Section 4.2.
    - 4 -
GLG-676719.11

Exhibit 10.44

m.1.13    Plan Administrator
 means the Company or its delegate.
n.1.14    Qualified Termination
 
1.14.1 Subject to Sections 1.14.2 and 1.14.3, “Qualified Termination” means with respect to each Eligible Employee:
i.(a)    Subject to Section 1.14.1(d), the Eligible Employee’s involuntary termination by the Company or a Participating Employer as a result of a reduction in workforce, an acquisition, a merger, divestiture or restructuring, outsourcing, or position elimination;
ii.(b)    Subject to Section 1.14.1(d), the Eligible Employee’s involuntary termination where his or her job is filled while the Eligible Employee is on an approved leave of absence, or if on short-term disability leave under the STD Program, the Eligible Employee has been released to return to work under the STD Program and there is no position for said Eligible Employee, except where otherwise required by law; or
iii.(c)    Subject to Section 1.14.1(e), the Eligible Employee’s voluntary resignation as a result of any of the following conditions: 
(i)    a Company or Participating Employer-requested job change where the Eligible Employee’s new role would not provide Comparable Pay, as determined by the Plan Administrator in its absolute discretion; 
(ii)    the Eligible Employee’s job function, or an operation in which the Eligible Employee works, being transferred by the Company or Participating Employer outside of a 50-mile radius from the Eligible Employee’s current work location; or
(iii)    the Company or a Participating Employer requiring the Eligible Employee to work from home for all or a significant part of the workweek, provided that the Company retains the right under this Plan to determine, in its sole discretion, that a voluntary resignation described in this Section 1.14(c)(iii) is not a Qualified Termination. 
(d)    For purposes of Section 1.14.1(a) and (b), an Eligible Employee will not be considered to be involuntarily terminated if an alternative placement is available with the Company, a Participating Employer, an Affiliate, an Outsourcer (as defined below) or a successor employer prior to his or her Release Date, provided that such alternative placement would not result in a condition that would permit the Eligible Employee to voluntarily resign under Section 1.14.1(c).
    - 5 -
GLG-676719.11

Exhibit 10.44

(e)    For purposes of Section 1.14.1(c), such resignation shall not constitute a Qualified Termination unless: (i) the Eligible Employee provides written notice to the Company or Participating Employer within 30 days following his or her knowledge of the condition set forth in Section 1.14.1(c)(i-iii); (ii) the Company or Participating Employer fails to remedy such condition within 30 days following its receipt of such notice; and (iii) the Eligible Employee resigns no more than 90 days following the date such notice is delivered to the Company or Participating Employer.
1.14.2  “Qualified Termination” does not include the following:
(a)    The Company or Participating Employer transfers the Eligible Employee’s job function or transfers an operation in which the Eligible Employee is or could be employed, sells, spins off or otherwise separates a part of the Company or an Affiliate, and the Eligible Employee is offered employment or the opportunity to continue employment with the transferee or other successor entity, whether or not the Eligible Employee accepts the offer or opportunity; provided, however, the Eligible Employee’s employment with the transferee or successor entity does not result in a condition that would permit the Eligible Employee to voluntarily resign under Section 1.14.1(c); 
(b)    At the Eligible Employee’s manager’s discretion, the Eligible Employee is placed in a position with Comparable Pay compared to the Eligible Employee’s then present position, which may or may not require additional development and training, with any Affiliate or Successor Employer, provided the Eligible Employee’s employment with the transferee or successor entity does not result in a condition that would permit the Eligible Employee to voluntarily resign under Section 1.14.1(c); 
(c)    The Eligible Employee’s position is eliminated or transferred to another employer (the “Outsourcer”) through an outsourcing arrangement, provided the Eligible Employee’s employment with the Outsourcer does not result in a condition that would permit the Eligible Employee to voluntarily resign under Section 1.14.1(c); 
(d)    The Eligible Employee’s employment is terminated for Cause;
1.(e)    The Eligible Employee’s employment is terminated as a result of a voluntary resignation or retirement not covered by Section 1.14.1(c); 
2.(f)    The Eligible Employee’s employment is terminated on a pre-established date at the end of a short-term period of employment;
(g)    The Eligible Employee is not released to return to work under the STD Program, notwithstanding the fact that the Eligible Employee’s position has been eliminated.
    - 6 -
GLG-676719.11

Exhibit 10.44

1.14.3    For the avoidance of doubt, an Eligible Employee will be considered to have incurred a Qualified Termination only if the termination constitutes an “involuntary separation from service” within the meaning of Treasury Regulation Section 1.409A-1(n). 
o.1.15    Release Date
 means for each Eligible Employee, the official last date at work established by the Company or his or her Participating Employer. With respect to Eligible Employees who are involuntarily terminated as described in Section 1.14.1(b), “Release Date” shall be the first day the Eligible Employee is released to return to work under the STD Program. 
p.1.16    Separation Pay Excess Benefit
 means, with respect to an Eligible Employee who incurs a Qualifying Termination, any portion of the Eligible Employee’s Severance Benefits in excess of the amount which exceeds two times the lesser of (a) the Eligible Employee’s annualized compensation based on the annual rate of pay for the year preceding the year in which the Qualified Termination occurs, or (b) the maximum amount that may be taken into account under Code Section 401(a)(17) for the year in which the Qualified Termination occurs. 
q.1.17    Severance Benefits
 means the benefits described in Article 3.
r.1.18    Severance Period
 means for each Eligible Employee who is entitled to Severance Benefits, the period beginning on the day immediately following his or her Release Date (the “Beginning Date”) and ending on that weekly anniversary of the Beginning Date that corresponds with his or her number of weeks during which he or she is eligible for weekly Severance Benefits under Sections 3.2 or 3.3.  For example, if an Eligible Employee is eligible for 6 weeks severance and his or her Release Date is Wednesday, February 10, 2021, his or her Severance Period begins on Thursday, February 11, 2021 and ends on Thursday, March 25, 2021 (the 6th week anniversary of Thursday, February 11).  In no event shall the Severance Period exceed 52 weeks. 
s.1.19    Spouse
 means the individual to whom an Eligible Employee is legally married at the time of his or her incurring a Qualified Termination.  An individual will be deemed to be legally married, regardless of state of domicile, if the person is recognized by the laws of the state or country where the relationship is formed as being legally joined with the Eligible Employee in marriage.  For purposes of the Plan, a domestic partner will also be treated as the Eligible Employee’s surviving spouse, if an Affidavit of Domestic Partnership was on file with the Company or Participating Employer on the date of death.
t.1.20    STD Program
    - 7 -
GLG-676719.11

Exhibit 10.44

 means the Voya Short-Term Disability program, as in effect from time to time.
u.1.21    Successor Employer
 means an unaffiliated entity that acquires the Company or an Affiliate or substantially all of the assets of the Company or an Affiliate and is the surviving entity.
v.1.22    Temporary Employee
 means an individual who is classified on the payroll of a Participating Employer as a temporary employee, even if later determined to be a fulltime or part-time common law employee.
w.1.23    Years of Service
 is calculated by dividing the number of days of employment from the Eligible Employee’s most recent date of hire by 365 and rounding to one decimal place.  If an Eligible Employee has worked for the Company during multiple periods, and the break in service between the Eligible Employee’s most recent date of hire and previous termination date is less than six (6) months, the Eligible Employee’s service period immediately preceding the current service period will be taken into account for purposes of determining his or her Years of Service.  If the break in service is six (6) months or more, any service earned prior to the break will be excluded for purposes of determining an Eligible Employee’s Years of Service.  For these purposes, an Eligible Employee who received notice of his or her Qualified Termination during calendar year 2007, but who has a termination date in 2008, will have his or her Years of Service determined under the Severance Plan as in effect in 2007. 

2.ARTICLE 2.

Eligibility
a.2.1    Eligibility to Participate
.  All Eligible Employees who have a Qualified Termination will be eligible to participate in the Plan and receive the benefits described in Article 3.
b.2.2    Termination of Participation
.  An individual’s participation in the Plan will cease when he or she ceases to be an Eligible Employee or if he or she incurs a Qualified Termination and he or she has received all benefits due under the Plan as a result of such Qualified Termination.
3.ARTICLE 3.

Benefits
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GLG-676719.11

Exhibit 10.44

a.3.1    Entitlement to Benefits
.
i.(a)    General.  Benefits are payable under this Plan to Eligible Employees who have a Qualified Termination and satisfy the requirements of this Article 3.
ii.(b)    Right to Establish Release Date.  The Company or Participating Employer shall have the right to establish a projected Release Date for an Eligible Employee and to postpone or accelerate the projected Release Date in its sole discretion consistent with business needs.  The Eligible Employee must remain in active employment with the Company or Participating Employer and continue to satisfactorily perform all the duties of his or her position until his or her actual Release Date in order to be eligible for Severance Benefits.  Notwithstanding receipt of a Notice, an Eligible Employee will not be entitled to Severance Benefits if he or she takes action or fails to take action prior to the Release Date that would prevent his or her termination from being a Qualified Termination or that would result in a loss of Severance Benefits under Section 3.6.
iii.(c)    Release.  An Eligible Employee who otherwise satisfies the requirements of this Section 3 will be eligible for Severance Benefits described in Section 3.3 only if he or she executes and does not rescind a release in a form acceptable to the Plan Administrator, and such release becomes effective no later than 60 days following the date of the Eligible Employee’s Qualified Termination. 
iv.(d)    Redeployment.  The Plan Administrator or the Company or Participating Employer shall have the right to transfer the Eligible Employee to a new position with the Company, a Participating Employer or an Affiliate at any time before his or her actual Release Date, in which case the Eligible Employee will not be eligible for Severance Benefits unless the Eligible Employee incurs a Qualified Termination in accordance with Section 1.14.1(c).  An Eligible Employee’s refusal to cooperate in the transition and redeployment will be considered a voluntary termination and the Eligible Employee will not be eligible for Severance Benefits unless the Eligible Employee incurs a Qualified Termination in accordance with Section 1.14.1(c).
v.(e)    No Severance Benefits.  A Eligible Employee will not be entitled to any benefits whatsoever under this Plan if he or she
1.(1)    Terminates employment for a reason other than by a Qualified Termination;
2.(2)    Fails to continue in active employment with the Company or Participating Employer and to satisfactorily perform all duties of his or her position until the actual Release Date established for such Eligible Employee by the Company or Participating Employer; or
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GLG-676719.11

Exhibit 10.44

3.(3)    Is terminated for Cause.
b.3.2    Basic Severance Pay Without a Release
.  If an Eligible Employee does not execute a release or after signing a release he or she rescinds the release during the applicable rescission period, he or she will be paid only two (2) weeks of Eligible Pay in connection with a Qualified Termination.
c.3.3    Enhanced Severance With a Release
.
i.(a)    Amount.  Each Eligible Employee who has a Qualified Termination and executes the release in accordance with Section 3.1 will be eligible for Severance Benefits equal to the greatest of:
(1)    Six (6) weeks of Eligible Pay;
(2)    Two (2) weeks of Eligible Pay per Year(s) of Service; or
(3)    Two (2) weeks of Eligible Pay per $10,000 of Eligible Pay.  For purposes of determining the number of weeks of Eligible Pay under this paragraph, the Eligible Employee’s annualized rate of Eligible Pay as of the Release Date is divided by $10,000 and rounded to one decimal place; provided that if the Eligible Employee is a part-time nonexempt employee, the product of (i) his or her regularly scheduled weekly hours as of the Release Date, (ii) his or her regular hourly rate as of the Release Date, and (iii) 52, is divided by $10,000 and rounded to one decimal place. 
Severance paid under this Section 3.3 shall be no less than six (6) weeks and no more than fifty-two (52) weeks of Eligible Pay (the “Enhanced Severance Pay”).  Notwithstanding anything in this Section 3.3 to the contrary, for Highly Leveraged Employees, the maximum amount of Severance Benefits payable shall not exceed the greater of (i) $250,000 or (ii) the Eligible Employee’s annual base salary in effect on the Release Date.
3.4    Form and Time of Severance Benefits
.
ii.(a)    Basic Severance Pay.  With respect to any Eligible Employee who incurs a Qualified Termination but does not execute, or who executes and rescinds, a release, the Company or Participating Employer will pay the amount payable in accordance with Section 3.2, less withholding for applicable taxes, in a single, lump sum payment after the expiration of the rescission period applicable to the release, but in no event later than 2 1⁄2 months following December 31 of the year in which the Qualified Termination occurs.
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GLG-676719.11

Exhibit 10.44

(b)    Enhanced Severance Pay.  Except as otherwise provided for in Section 3.4(c) below, the Company or Participating Employer will pay Enhanced Severance Pay pursuant to Section 3.3, less withholding for applicable taxes, to any Eligible Employee who incurs a Qualified Termination, provided such Eligible Employee has executed a release and such release becomes effective no later than 60 days following the date of the Qualified Termination.  Payments under this Section 3.4(b) shall be made in substantially equal, semi-monthly payments at the same time as the regular payroll, for the duration of his or her Severance Period. No lump sum payments of Enhanced Severance Pay under this Section 3.4(b) shall be permitted. Subject to Section 3.4(c) below, payment of Enhanced Severance Pay will begin on the first regular payroll date to occur after the date the Eligible Employee’s release becomes effective. 
iii.(c)    Separation Pay Excess Benefits.  Notwithstanding anything herein to the contrary, if the Company determines that any portion of an Eligible Employee’s Severance Benefits is a Separation Pay Excess Benefit, such Separation Pay Excess Benefit shall be paid in a lump sum on the first day of the seventh month following the Eligible Employee’s Qualified Termination.  
d.3.5    Reemployment and other Termination of Severance Benefits
.
i.(a)    Reemployment.  If a former Eligible Employee is reemployed by the Company, a Participating Employer, or an Affiliate in any capacity, including, but not limited to part-time, full-time, regular or temporary employment, or as an independent contractor, before the end of the Severance Period, his or her Severance Benefits will cease effective as of the date of his or her reemployment.  The former Eligible Employee shall forfeit any unpaid severance benefits.  The former Eligible Employee shall be required to repay any severance amounts, irrespective of how such severance amounts were paid, that are attributable to a period after which the former Eligible Employee has been reemployed by the Company, a Participating Employer, or an Affiliate.  Notwithstanding the foregoing, this paragraph shall not apply to any former Eligible Employee who as an independent contractor and before the end of the Severance Period becomes a registered representative through Voya Financial Advisors, Inc. for the purpose of selling Voya products and/or rendering investment advisory services.
ii.(b)    Other Termination of Severance Benefits.  Severance Benefits will also terminate if:
(1)    The former Eligible Employee accepts a position with Comparable Pay (as determined by the Plan Administrator in its sole discretion) with a Successor Employer; or
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GLG-676719.11

Exhibit 10.44

1.(2)    The former Eligible Employee accepts a position with Comparable Pay (as determined by the Plan Administrator in its sole discretion) with an Outsourcer.
The former Eligible Employee shall be required to repay any severance amounts attributable to a period after which the former Eligible Employee has been reemployed by a Successor Employer or an Outsourcer, irrespective of how such severance amounts were paid. 
e.3.6    Outplacement and Other Benefits
.  Outplacement services and other benefits, such as support services, may be provided to Eligible Employees experiencing a Qualified Termination.  The Plan Administrator in its sole and absolute discretion will determine the type, manner and extent of outplacement services and other benefits, if any, provided such benefits shall be provided in a manner in accordance with, or exempt from, Code Section 409A.
f.3.7    Death Before Payment
.  If an Eligible Employee who satisfies the requirements for benefits under this Article 3 dies after receiving notice of a Qualified Termination and release date, but before he or she receives payment of the entire amount due him or her under this Plan, the Company or Participating Employer will pay the remaining Severance Benefits to his or her surviving spouse or domestic partner, if any, or if there is no surviving spouse or domestic partner, to his or her estate, in a lump sum or in semi-monthly payments as if the Eligible Employee had survived until the end of the Severance Period, provided that the Eligible Employee’s Section 409A Benefit (if any) will be paid in a lump sum.  All lump sum payments described in this paragraph shall be made no later than 2-1/2 months after the date of death. 
g.3.8    Withholding and Deductions
.  The Company or Participating Employer will make deductions from each payment of Severance Benefits for income and employment taxes, as required by applicable law.  The Company or Participating Employer will have the right to make deductions, in accordance with Code Section 409A, from Severance Benefits to satisfy any indebtedness that a former Eligible Employee has to the Company, Participating Employer, or an Affiliate as of his or her Release Date, but a decision by the Company or Participating Employer not to reduce Severance Benefits to satisfy such indebtedness shall not constitute a waiver of its claim for such recovery of said indebtedness.  
h.3.9    Other Benefits or Plans
.  Eligible Employees entitled to Severance Benefits may be entitled to other benefits during the Severance Period, for example, annual incentive bonuses, medical, dental and vision coverage and life insurance.  However, the entitlement to and the amount of such other benefits shall be governed by the terms of the plan or employment policy under which such benefits are provided, 
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GLG-676719.11

Exhibit 10.44

as such plan or policy is in effect from time to time.  Nothing in this Plan shall affect the operation of any other plan maintained by the Company, Participating Employer or an Affiliate for the benefit of an Eligible Employee. 
i.3.10    Unemployment Benefits
.  The Company or Participating Employer reserves the right to contest a former Eligible Employee’s claim for unemployment benefits for any period for which payments are made to him or her under this Plan.
j.3.11    No Duplication
.  If the Plan Administrator determines, in its sole discretion, that all or a portion of the benefit payable or previously paid to an Eligible Employee under any other plan, program, employment contract or other agreement with the Company, a Participating Employer, an Affiliate or a successor employer (other than payments made under any such plan that is intended to be tax exempt under Code Section 401(a)) is intended to provide severance, salary continuation or other benefits duplicative of the benefits provided under this Plan, the Plan Administrator shall have the right to reduce, in accordance with Code Section 409A, the benefit otherwise payable under this Plan to the extent deemed necessary to eliminate any unintended duplication of benefits. 
4.ARTICLE 4.

Administration, Amendment And Termination
a.4.1    Administration
.  The Plan Administrator or its delegate has the exclusive responsibility and complete discretionary authority to control the operation, management and administration of this Plan, with all powers necessary to enable it properly to carry out those responsibilities, including but not limited to, the power to construe this Plan, to determine eligibility for benefits, to settle disputed claims and to resolve all administrative, interpretive, operational, equitable and other questions that arise under this Plan.  The decisions of the Plan Administrator on all matters will be final and binding on all interested parties.  To the extent a discretionary power or responsibility under this Plan is expressly assigned to a person by the Plan Administrator, that person will have complete discretionary authority to carry out that power or responsibility and that person’s decisions on all matters within the scope of that person’s authority will be final and binding on all interested parties.
b.4.2    Amendment
.  The Company reserves the right to amend the Plan from time to time, without prior notice.
c.4.3    Termination of the Plan
.  The Company reserves the right to terminate the Plan at any time.  After termination of the Plan, the Company will continue making payments of Severance Benefits due to each former 
    - 13 -
GLG-676719.11

Exhibit 10.44

Eligible Employee who became entitled to those benefits under Article 3 before the effective date of the Plan termination, under the terms of the Plan as it existed immediately before it was terminated.
5.ARTICLE 5.

Source of Benefit Payments
a.5.1    Unfunded Obligation
.  The obligations of the Company or a Participating Employer to provide any benefits under this Plan shall be unfunded and unsecured.  All Severance benefits shall be paid solely from the general assets of the Company or Participating Employer employing the Eligible Employee on the Release Date.
6.ARTICLE 6.

Miscellaneous
a.6.1    ERISA
.  The Company intends that this Plan constitute a “welfare plan” under ERISA and any ambiguities in this Plan shall be construed to affect that intent.
b.6.2    Severability
.  If any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining provisions of this Plan, and this Plan shall be construed and enforced as if said illegal and invalid provision had never been included herein.
c.6.3    409A Compliance
.  Notwithstanding anything herein to the contrary, to the extent any payment under this Plan is determined to be “deferred compensation” subject to Code Section 409A, this Plan shall be administered such that such payment complies, at all times, with the requirements of Code Section 409A.  The Plan Administrator has the sole discretion to interpret the terms of the Plan and to administer the Plan in such a manner that Code Section 409A is satisfied with respect to any payment payable hereunder to the extent it is determined that Code Section 409A applies to such payment; provided, however, that the Plan Administrator does not guarantee such compliance. For purposes of Code Section 409A, each “payment” (as defined by Code Section 409A) made under this Plan is considered a separate payment. 
d.6.4    Construction
.  This Plan shall be construed in accordance with ERISA and to the extent ERISA does not preempt state law, with the laws of the State of Georgia (without giving effect to conflict of law provisions).  Headings and subheadings have been added only for convenience of reference and 
    - 14 -
GLG-676719.11

Exhibit 10.44

shall have no substantive effect whatsoever.  All references to sections shall be to sections of this Plan unless otherwise stated.  The masculine pronoun includes the feminine.  All references to the singular shall include the plural and all references to the plural shall include the singular.
e.6.5    Nonalienation
.  No benefit or payment under this Plan shall be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, levy or charge, and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber, levy upon or charge the same shall be void.
f.6.6    No Employment Rights
.  Coverage under the Plan will not give any individual the right to be retained in the Company’s, Participating Employer’s or an Affiliate’s employment, or upon termination any right or interest in the Plan except as provided in the Plan.
g.6.7    No Enlargement of Rights
.  No person will have any right to or interest in any benefit except as specifically provided in the Plan.  The legal status of each Eligible Employee or beneficiary who has a claim to Severance Benefits will be that of a general unsecured creditor of the Company or applicable Participating Employer.
h.6.8    Claims Procedures
.  
(a)A written claim must be filed within one year after a claimant knew or reasonably should have known of the principal facts upon which the claim is based.  If any claim for benefits under the Plan is wholly or partially denied, the claimant shall be given notice in writing of the denial.  This notice shall be furnished in writing or electronically, within a reasonable period of time after receipt of the claim by the Plan Administrator.  This period shall not exceed 90 days after receipt of the claim, except that if special circumstances require an extension of time, written notice of the extension (which shall not exceed 90 days) shall be furnished to the claimant.  This notice shall be written in a manner calculated to be understood by the claimant and shall set forth the following information:

(1)the specific reasons for the denial,

(2)specific reference to the Plan provisions on which the denial is based,

(3)a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why this material or information is necessary,
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GLG-676719.11

Exhibit 10.44

(4)an explanation that a full and fair review by the Company (excluding the individuals who initially reviewed the denied claim) of the decision denying the claim may be requested by the claimant or an authorized representative by filing with the Plan Administrator, within 60 days after the notice has been received, a written request for the review,

(5)an explanation that if an appeal is requested, the claimant or an authorized representative may review pertinent documents and submit issues and comments in writing within the same 60-day period specified in subsection (d),

(6)statement of the claimant’s right to bring suit under ERISA, and

(7)such other information as may be required under ERISA.

(b)The decision of the Company upon review shall be made promptly and not later than 60 days after the Plan Administrator’s receipt of the request for review, unless special circumstances require an extension of time for processing.  In this case the claimant shall be so notified, and a decision shall be rendered as soon as possible, but not later than 120 days after receipt of the request for review.  If the claim is denied, wholly or in part, the claimant shall be given a copy of the decision promptly.  Notice of the decision shall be written in a manner calculated to be understood by the claimant and shall set forth the following information:

(1)the specific reasons for the denial, 

(2)specific reference to the Plan provisions on which the denial is based, 

(3)statement that the claimant is entitled to receive pertinent documents and information, 

(4)statement of the claimant’s right to bring suit under ERISA, and 

(5)such other information as may be required under ERISA.  
The review by the Company on an appeal of a claim denial shall be made by persons who were not involved in the original decision, and in a manner that complies with the ERISA appeals procedures.  Any subsequent litigation on a final determination on appeal shall be brought no later than one year after the date the notice of the final determination is sent to the claimant or his or her attorney or representative. 

    - 16 -
GLG-676719.11

Exhibit 10.44

IN WITNESS WHEREOF, Voya Services Company has caused this amended and restated Plan to be executed by its duly authorized officers effective as of January 4, 2021.

    
By:    __/s/ Kimberly D. Shattuck________ _________
                    Kimberly D. Shattuck

Date: December 31, 2020

 By:    __/s/ Howard F. Greene _____ _____________
    Howard F. Greene

Date: December 31, 2020    

    - 17 -
GLG-676719.11

Exhibit 10.44

VOYA SEVERANCE PAY PLAN
ADDENDUM A
PARTICIPATING EMPLOYERS

Voya Retirement Insurance and Annuity Company
Voya Institutional Plan Services, LLC
Voya Investment Management LLC
Voya Services Company
ReliaStar Life Insurance Company
Voya Institutional Trust Company
ReliaStar Life Insurance Company of New York
Voya Financial Advisors, Inc.

    - 18 -

Exhibit 10.44

VOYA SEVERANCE PAY PLAN
ADDENDUM B
PROVISIONS APPLICABLE TO TRANSFERRED PEN-CAL EMPLOYEES

1.Employees Covered by this Addendum. This Addendum applies to Eligible Employees who are Transferred Pen-Cal Employees, which is defined as the Pen-Cal Administrators, Inc. employees who continued to be employed with a Participating Employer immediately after the closing pursuant to the Agreement and Plan of Merger among Voya Financial, Inc., Voya California Holdings Inc., Pen-Cal Administrators, Inc., shareholders of Pen-Cal Administrators, Inc. and Kirk Penland, as shareholders’ representative dated as of May 10, 2018 (referenced therein as “Continued Employees”). 
2.Service. Notwithstanding any Plan provision herein to the contrary, including but not limited to Section 1.23, effective June 29, 2018, each Transferred Pen-Cal Employee shall have his or her Years of Service include years of service with Pen-Cal Administrators, Inc., calculated as if his or her such service was with a Participating Employer.

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Exhibit 10.44

VOYA SEVERANCE PAY PLAN
ADDENDUM C
PROVISIONS APPLICABLE TO QUALIFYING EMPOWER EMPLOYEES
    
1.    Employees Covered by this Addendum. This Addendum applies to any Eligible Employee who: (a) was actively employed by Empower Retirement on November 4, 2019; (b) was hired by a Participating Employer on November 5, 2019; and (c) remains continuously employed with a Participating Employer between November 5, 2019 and the date of his or her Qualified Termination (a “Qualifying Empower Employee”). 

2.    Service. Notwithstanding any Plan provision herein to the contrary, including but not limited to Section 1.23, effective November 5, 2019 each Qualifying Empower Employee’s Years of Service will be calculated by dividing the number of days of employment from the Qualifying Empower Employee’s most recent date of hire with Empower Retirement by 365 and rounding to one decimal place.

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Exhibit 10.44

VOYA SEVERANCE PAY PLAN
ADDENDUM D
HISTORICAL PROVISIONS RELATED TO CITISTREET SEVERANCE
The Plan previously provided severance to certain Transferred CitiStreet Employees (as defined herein).  The provisions of this Addendum D summarize the historical terms of the Plan applicable to Transferred CitiStreet Employees, and are included solely for reference purposes.  
1.    For purposes of this Addendum D, the following terms shall have the following meanings:
    (a)    Citigroup means Citigroup LLC.
(b)    CitiStreet means CitiStreet LLC, which was acquired by Lion Connecticut Holdings Inc., on July 1, 2008.
(c)    CitiStreet Severance Formula means the amount of severance benefits described in Section 3 of this Addendum D.  The following individuals were not eligible for the CitiStreet Severance Formula:  (a) Transferred CitiStreet Employees who were not eligible for severance benefits under the Citigroup Separation Pay Plan, as in effect on June 30, 2008, or the State Street Severance Pay Plan, as in effect on that date; and (b) any CitiStreet Transferred Employee who fails to sign or rescinds the release provided for in Section 3.1.
(d)    State Street means State Street Bank and Trust Company.
(e)    Transferred CitiStreet Employee means an employee who (a) was employed by State Street or Citigroup, (b) who was assigned to work at CitiStreet, (c) who was an active employee on June 30, 2008 (or was on an approved leave on that date) with State Street or Citigroup, and (d) who became an active employee of the Company or a Participating Employer on July 1, 2008 (or the date the Eligible Employee’s leave of absence expired, if later).
(f)    Years of Service has the same meaning as provided in the Plan, provided that for purposes of determining Years of Service for a Transferred CitiStreet Employee, his or her latest date of hire with State Street or Citigroup shall be used and not the date he or she became an active employee with the Company or a Participating Employer.
2.    The following special provisions applied to Transferred CitiStreet Employees:
(a)    Any Transferred CitiStreet Employee who incurred a Qualified Termination during the period beginning on July 1, 2008 and ending on June 30, 2010, was entitled to receive the amount determined under the CitiStreet Severance Formula described in this Addendum D if such amount was greater than the amount determined under Section 3.3 of the Plan.
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Exhibit 10.44

(b)    Payments under Section 3.5 of the Plan to an Eligible Employee who was a Transferred CitiStreet Employee who was employed by State Street were made in substantially equal, semi-monthly payments at the same time as the regular payroll, for the duration of his or her Severance Period.  Payments under Section 3.5 of the Plan to an Eligible Employee who was a Transferred CitiStreet Employee who was employed by Citigroup were made as soon as practicable after the expiration of any rescission period applicable to the Eligible Employee’s executed release, or if later, the date of the release.
3.    The CitiStreet Severance Formula was as follows:
A.    Citigroup Employees:  For those Transferred CitiStreet Employees who were active employees of Citigroup scheduled to work 20 or more hours per week, and would be eligible to receive severance benefits pursuant to the Citigroup Severance Pay Plan as in effect on June 30, 2008, the CitiStreet Severance Formula shall equal the greater of:
(1)    two weeks of base pay (exclusive of bonuses, overtime, shift differential, or any other compensation above the Eligible Employees then current weekly base of pay) for each full 12 months of service with Citigroup (including participating companies), up to a maximum of 52 weeks; or
(2)    the amount determined based on the following table:
						
	Annual base pay	Minimum Separation Pay Amount
	Up to $50,000	4 weeks of base pay
	$50,001 to $100,000	8 weeks of base pay
	$100,001 or more	12 weeks of base pay

In addition, if the Eligible Employee meets the following service requirements, the Eligible Employee shall be eligible for the following additional Supplemental Benefit:
						
	Length of service	Supplemental Benefit
	At least 10 but less than 15 completed Years of Service	Lump sum equal to 8 weeks of base pay
	At least 15 but less than 20 completed Years of Service	Lump sum equal to 16 weeks of base pay
	20 or more completed Years of Service	Lump sum equal to 26 weeks of base pay

B.    State Street Employees:  For those Transferred CitiStreet Employees who were active employees of State Street on June 30, 2008, and would be eligible to receive severance benefits pursuant to the State Street Corporation Severance Plan, as in effect on June 30, 2008, the CitiStreet Severance Formula shall equal:
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Exhibit 10.44

						
	Job Titles	Severance
	Associate 1; Associate 2; 
Senior Associate	A base of 8 weeks with an additional 1 week per year of service  up to a maximum of 52 weeks in total

	Officer and Assistant Vice President	A base of 8 weeks with an additional 2 weeks per year of service  up to a maximum of 52 weeks in total

	Vice President	A base of 12 weeks with an additional 2 weeks per year of service  up to a maximum of 52 weeks in total

	Senior Vice President	A base of 24 weeks with an additional 3 weeks per year of service  up to a maximum of 78 weeks in total 

	Executive Vice President	A base of 50 weeks with an additional 4 weeks per year of service up to a maximum of 104 weeks in total

Pay for these purposes means the Transferred CitiStreet Employee’s annual rate of base pay or wages for the scheduled number of hours he or she was working on his or her Termination Date plus any shift differential, if payable on the Termination Date.  Specifically excluded are overtime, incentive bonus, and any other type of compensation.  The Transferred CitiStreet Employee’s job title as in effect at State Street on June 30, 2008, shall be used for these purposes.

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