Document:

Exhibit 4.2

 

COREBRIDGE FINANCIAL, INC.

 

TO

 

THE BANK OF NEW YORK MELLON,

Trustee

 

 

 

First Supplemental Indenture

 

Dated as of August 23, 2022

 

(Supplemental to Subordinated Indenture Dated
as of August 23, 2022)

 

 

 

6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052

 

     

     

    

 

Table
of Contents

	ARTICLE One Definitions and Other Provisions of General Application	2
	Section 1.01. Relation to Existing Indenture	2
	Section 1.02. Definitions	2
	ARTICLE Two General Terms and Conditions of the Notes	6
	Section 2.01. Forms of Notes Generally	6
	Section 2.02. Form of Notes	7
	Section 2.03. Form of Trustee’s Certificate of Authentication of the Notes	7
	Section 2.04. Designation and Principal Amount	7
	Section 2.05. Maturity	8
	Section 2.06. Depositary	8
	Section 2.07. Rate of Interest; Interest Payment Dates	8
	Section 2.08. Deferral	9
	Section 2.09. Events of Default	10
	Section 2.10. Security Registrar; Paying Agent; Place of Payment	10
	Section 2.11. No Sinking Fund	11
	Section 2.12. Subordination	11
	Section 2.13. Defeasance	11
	Section 2.14. Exchanges of Global Note for Non-Global Note	11
	Section 2.15. Restricted Legend	12
	Section 2.16. Exchange Offer	12
	Section 2.17. Reports by Company	12
	ARTICLE Three Covenants	13
	Section 3.01. Dividend and Other Payment Stoppages	13
	ARTICLE Four Redemption of the Notes	14
	Section 4.01. Redemption	14
	ARTICLE Five Original Issue of Notes	15
	Section 5.01. Calculation of Original Issue Discount	15
	ARTICLE Six Supplemental Indentures	15
	Section 6.01. Supplemental Indentures without Consent of Holders	15
	Section 6.02. Supplemental Indentures with Consent of Holders	16
	ARTICLE Seven Miscellaneous	17
	Section 7.01. Effectiveness	17
	Section 7.02. Successors and Assigns	17
	Section 7.03. Relationship to Existing Indenture	17
	Section 7.04. Modification of the Existing Indenture	17
	Section 7.05. Tax Treatment	17
	Section 7.06. Governing Law	17
	Section 7.07. Severability	17
	Section 7.08. Counterparts	18
	Section 7.09. Trustee Makes No Representation	18

 

    -i-

     

    

 

FIRST SUPPLEMENTAL
INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE, dated as of August
23, 2022 (the “Supplemental Indenture”), between Corebridge Financial, Inc., a corporation duly organized and existing
under the laws of the State of Delaware (the “Company”), and The Bank of New York Mellon, a New York banking corporation,
as trustee (together with its successors and assigns in such capacity, the “Trustee”);

 

RECITALS OF THE
COMPANY

 

WHEREAS, the Company has heretofore executed and
delivered to the Trustee, an Indenture, dated as of August 23, 2022 (the “Existing Indenture”), providing for the issuance
from time to time of the Company’s subordinated unsecured debt securities, debentures, notes, bonds or other evidences of indebtedness
(herein and therein called the “Securities”), to be issued in one or more series; and the Existing Indenture, as may
be amended or supplemented from time to time in respect of the Notes, including by this Supplemental Indenture, is hereinafter referred
to as the “Indenture”;

 

WHEREAS, Section 9.01 of the Existing Indenture permits
the Company and the Trustee to enter into an indenture supplemental to the Existing Indenture to establish the form and terms of additional
series of Securities;

 

WHEREAS, Sections 2.01, 3.01 and 9.01 of the Existing
Indenture permit the form and the terms of Securities of any additional series of Securities to be established pursuant to an indenture
supplemental to the Existing Indenture;

 

WHEREAS, the Company has authorized the issuance
of $1,000,000,000 in aggregate principal amount of its 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052 (the “Notes”);

 

WHEREAS, the Notes will be established as a series
of Securities under the Indenture;

 

WHEREAS, the Company has duly authorized the execution
and delivery of this Supplemental Indenture to establish the form and terms of the Notes; and

 

WHEREAS, all things necessary to make this Supplemental
Indenture a valid and legally binding agreement according to its terms have been done;

 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders
of the Notes, as follows:

    1 

     

    

 

ARTICLE
One

Definitions and Other Provisions of General Application

 

Section 1.01. Relation
to Existing Indenture

 

This Supplemental Indenture constitutes a part
of the Indenture (the provisions of which, as modified by this Supplemental Indenture, shall apply to the Notes) in respect of the Notes,
and shall not modify, amend or otherwise affect the Existing Indenture insofar as it relates to any other series of Securities or affect
in any manner the terms and conditions of the Securities of any other series.

 

Section 1.02. Definitions

 

For all purposes of this Supplemental Indenture,
the capitalized terms used herein (i) which are defined in the recitals or introductory paragraph hereof have the respective meanings
assigned thereto in the applicable provision of the recitals and introductory paragraph, and (ii) which are defined in the Existing Indenture
(and which are not defined in the recitals or introductory paragraph hereof) have the respective meanings assigned thereto in the Existing
Indenture. For all purposes of this Supplemental Indenture:

 

(a)           All
references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental
Indenture;

 

(b)           The
terms “herein,” “hereof,” and “hereunder” and words of similar import refer to this Supplemental Indenture;
and

 

(c)           The
following terms have the meanings set forth below:

 

“AIGLH” means AIG Life Holdings,
Inc., a Texas corporation.

 

“Business Day” means any day other
than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive
order to remain closed or (iii) a day on which the Corporate Trust Office of the Trustee is closed for business.

 

“Calculation Agent” means the
Company, an Affiliate of the Company selected by the Company, or any other firm appointed by the Company, in each case, in the Company’s
sole discretion, acting as calculation agent in respect of the Notes.

 

“Deferral Period” means the period
beginning on an Interest Payment Date with respect to which the Company defers interest pursuant to ‎Section
2.08 and ending on the earlier of (i) the fifth anniversary of that Interest Payment Date and (ii) the next Interest Payment Date on which
the Company has paid all deferred and unpaid amounts (including compounded interest on such deferred amounts) and all other accrued interest
on the Notes.

 

“Exchange Notes” means notes issued
by the Company hereunder containing terms identical to the Notes (except (i) that interest thereon shall accrue from the last date on
which interest was paid on the Notes or, if no such interest has been paid, from the Original Issue Date, (ii) that the legend or legends
relating to transferability and other related matters set forth on the Notes, including the Restricted Legend, shall be removed or appropriately
altered and (iii) as otherwise set forth herein), to be offered to holders of Notes in exchange for Exchange Notes pursuant to the Exchange
Offer.

 

    2 

     

    

 

“Exchange Offer” means a Registered
Exchange Offer as defined in the Registration Rights Agreement.

 

“Five-Year Treasury Rate” means,
as of any Reset Interest Determination Date, the average of the yields on actively traded U.S. Treasury securities adjusted to constant
maturity, for five-year maturities, for the most recent five Business Days appearing under the caption “Treasury Constant Maturities”
in the Most Recent H.15. If the Five-Year Treasury Rate cannot be determined pursuant to the preceding sentence, the Calculation Agent,
after consulting such sources as it deems comparable to any of the foregoing calculations, or any such source as it deems reasonable from
which to estimate the Five-Year Treasury Rate, will determine the Five-Year Treasury Rate in its sole discretion, provided that
if the Calculation Agent determines there is an industry-accepted successor Five-Year Treasury Rate, then the Calculation Agent will use
such successor rate. If the Calculation Agent has determined a substitute or successor base rate in accordance with the foregoing, the
Calculation Agent in its sole discretion may determine the Business Day convention, the definition of Business Day and the Reset Interest
Determination Date to be used and any other relevant methodology for calculating such substitute or successor base rate, including any
adjustment factor needed to make such substitute or successor base rate comparable to the Five-Year Treasury Rate, in a manner that is
consistent with industry-accepted practices for such substitute or successor base rate.

 

“Initial Interest Reset Date”
means December 15, 2027.

 

“Interest Period” means the period
from, and including August 23, 2022 to, but excluding, December 15, 2022, and the period from, and including, each Interest Payment Date
to, but excluding, the next Interest Payment Date or, if earlier, the Maturity Date.

 

“Interest Reset Date” means the
Initial Interest Reset Date and each date falling on the five-year anniversary of the preceding Interest Reset Date.

 

“Interest Reset Period” means
the period, from and including, the Initial Interest Reset Date to, but excluding, the next following Interest Reset Date and thereafter
each period from, and including, each Interest Reset Date to, but excluding, the next following Interest Reset Date.

 

“Most Recent H.15” means the H.15
published closest in time but prior to the close of business on the applicable Reset Interest Determination Date.

 

“Original Issue Date” means August
23, 2022.

 

“Pari Passu Securities”
means (i) AIGLH’s $55 million aggregate principal amount of 8.500% junior subordinated debentures due July 2030, (ii) AIGLH’s
$142 million aggregate principal amount of 8.125% junior subordinated debentures due March 2046 and (iii) AIGLH’s $31 million aggregate
principal amount of 7.570% junior subordinated debentures due December 2045.

 

    3 

     

    

 

“Parity Securities” means indebtedness
of the Company that by its terms ranks in right of payment upon liquidation of the Company on a parity with the Notes, and includes the
Notes and the Pari Passu Securities.

 

“Rating Agency Event” means that
any nationally recognized statistical rating organization within the meaning of Section 3(a)(62) under the Exchange Act that then
publishes a rating for the Company (a “rating agency”) amends, clarifies or changes the criteria it uses to assign
equity credit to securities such as the Notes, which amendment, clarification or change results in:

 

(i)              
the shortening of the length of time the Notes are assigned a particular level of equity credit by that rating agency compared
to the length of time they would have been assigned that level of equity credit by that rating agency or its predecessor on the date hereof;
or

 

(ii)             
the lowering of the equity credit (including up to a lesser amount) assigned to the Notes by that rating agency compared to the
equity credit assigned by that rating agency or its predecessor on the date hereof.

 

“Registration Rights Agreement”
means the Registration Rights Agreement, dated as of the Original Issue Date, between the Company and the representatives named therein.

 

“Regulatory Capital Event” means
that the Company becomes subject to capital adequacy supervision by a capital regulator and the capital adequacy guidelines that apply
to the Company as a result of being so subject set forth criteria pursuant to which the full principal amount of the Notes would not qualify
as capital under such capital adequacy guidelines, as the Company may determine at any time, in its sole discretion.

 

“Regulation S” means Regulation
S as promulgated under the Securities Act.

 

“Reset Interest Determination Date”
means, in respect of any Interest Reset Period, the day falling two Business Days prior to the beginning of such Interest Reset Period.

 

“Restricted Legend” means the
legends set forth on Annex A to this Supplemental Indenture under the heading “Restricted Legend.”

 

“Rule 144” means Rule 144 promulgated
under the Securities Act or any successor provision.

 

“Supplemental Indenture” means
this instrument as originally executed or as it from time to time may be supplemented or amended by one or more agreements supplemental
hereto.

 

    4 

     

    

 

“Tax Event” means the receipt
by the Company of an opinion of independent counsel experienced in such matters to the effect that, as a result of any:

 

(i)              
amendment to or change (including any officially announced proposed change) in the laws or regulations of the United States or
any political subdivision or taxing authority of or in the United States that is enacted or effective on or after the date hereof;

 

(ii)             
official administrative decision or judicial decision or administrative action or other official pronouncement (including a private
letter ruling, technical advice memorandum or other similar pronouncement) by any court, government agency or regulatory authority that
reflects an amendment to, or change in, the interpretation or application of those laws or regulations that is announced on or after the
date hereof; or

 

(iii)            
threatened challenge asserted in connection with an audit of the Company, or a threatened challenge asserted in writing against
any taxpayer that has raised capital through the issuance of securities that are substantially similar to the Notes, which challenge is
asserted against the Company or becomes publicly known on or after the date hereof,

 

there is more than an insubstantial increase
in the risk that interest payable by the Company on the Notes is not, or within 90 days of the date of such opinion will not be, deductible
by the Company, in whole or in part, for U.S. federal income tax purposes.

 

“Temporary Regulation S Legend”
means the third paragraph of the legend set forth on Annex A to this Supplemental Indenture under the heading “Temporary Regulation
S Legend.”

 

“Treasury Rate” means, with respect
to any redemption date, the yield determined by the Company in accordance with the following two paragraphs:

 

(i)              
The Treasury Rate shall be determined by the Company after 4:15 p.m., New York City time (or after such time as yields on U.S.
government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third Business Day preceding the
redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent statistical
release published by the Board of Governors of the Federal Reserve System designated as “Selected Interest Rates (Daily) - H.15”
(or any successor designation or publication) (“H.15”) under the caption “U.S. government securities–Treasury
constant maturities–Nominal” (or any successor caption or heading). In determining the Treasury Rate, the Company shall select,
as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the redemption date to the Reference
Date (the “Remaining Life”); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining
Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield
corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the
Reference Date on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places;
or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single
Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity
or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such
Treasury constant maturity from the redemption date.

 

    5 

     

    

 

(ii)             
If on the third Business Day preceding the redemption date H.15 or any successor designation or publication is no longer published,
the Company shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00
a.m., New York City time, on the second Business Day preceding such redemption date of the United States Treasury security maturing on,
or with a maturity that is closest to, the Reference Date, as applicable. If there is no United States Treasury security maturing on the
Reference Date but there are two or more United States Treasury securities with a maturity date equally distant from the Reference Date,
one with a maturity date preceding the Reference Date and one with a maturity date following the Reference Date, the Company shall select
the United States Treasury security with a maturity date preceding the Reference Date. If there are two or more United States Treasury
securities maturing on the Reference Date or two or more United States Treasury securities meeting the criteria of the preceding sentence,
the Company shall select from among these two or more United States Treasury securities the United States Treasury security that is trading
closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City
time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable
United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount)
at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

 

ARTICLE
Two

General Terms and Conditions of the Notes

 

Section 2.01. Forms
of Notes Generally

 

The Notes shall be in substantially the forms set
forth in this Article with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by
the Existing Indenture and this Supplemental Indenture and may have such letters, numbers or other marks of identification and such legends
or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary thereto, or as may,
consistent with the Existing Indenture and this Supplemental Indenture, be determined by the officers executing such Notes, as evidenced
by their execution of such Notes.

 

The Notes shall be issued initially in the form of
global notes (each, a “Global Note”), registered in the name of the Depositary or its nominee and deposited with the
Trustee, as custodian for the Depositary, for credit by the Depositary to the respective accounts of beneficial owners of the Notes represented
thereby (or such other accounts as they may direct). Each such Global Note will constitute a single Security for all purposes of the Indenture.

 

    6 

     

    

 

Section 2.02. Form
of Notes

 

The Notes shall be in substantially the form of Annex
A to this Supplemental Indenture.

 

Section 2.03. Form
of Trustee’s Certificate of Authentication of the Notes

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

This is one of the Notes of the series designated
therein referred to in the within-mentioned Indenture.

 

Dated:

 

	 	THE BANK OF NEW YORK MELLON.
	 	As Trustee

 

		By:	
	 	 	Authorized Signatory

 

Section 2.04. Designation
and Principal Amount

 

(a)              
Designation

 

Pursuant to Sections 2.01 and 3.01 of the Existing
Indenture, there is hereby established a series of Securities of the Company designated as the 6.875% Fixed-to-Fixed Reset Rate Junior
Subordinated Notes due 2052, the principal amount of which to be issued shall be in accordance with Section 2.04(b) and as set forth in
a Company Order for the authentication and delivery of Notes pursuant to the Existing Indenture, and the form and terms of which shall
be as set forth hereinafter.

 

(b)              
Principal Amount; Additional Notes

 

Notes in an initial aggregate principal amount of
$1,000,000,000 upon execution of this Supplemental Indenture, shall be executed by the Company and delivered to the Trustee, and the Trustee
shall thereupon authenticate and deliver said Notes in accordance with a Company Order. At any time and from time to time after the date
hereof, without the consent of any Holders of the Notes, the Company may execute and deliver additional Notes to the Trustee for authentication,
in an unlimited amount together with a Company Order for the authentication and delivery of such additional Notes, so long as such additional
Notes are issued either (i) pursuant to a “qualified reopening” of the original series, (ii) with less than the de minimis
threshold for original issue discount or (iii) otherwise as part of the same “issue” of debt instruments as the original series,
in each case for U.S. federal income tax purposes. Any additional Notes so issued shall have the same terms and conditions as the Notes
issued on the date hereof in all respects, except for any difference in the issue date, issue price, interest accrued prior to the issue
date of the additional Notes and first Interest Payment Date and shall be governed by this Supplemental Indenture and shall rank equally
and ratably in right of payment with the Notes issued on the date of this Supplemental Indenture and, together with the Notes issued as
of the date of this Supplemental Indenture, shall be treated as a single series of Notes for all purposes.

 

    7 

     

    

 

Section 2.05. Maturity

 

The Notes will mature on December 15, 2052 (the “Maturity
Date”). If the Maturity Date is not a Business Day, payment of principal and interest to be made on the Maturity Date shall
be made on the next Business Day (but no interest shall accrue as a result of such postponement).

 

Section 2.06. Depositary

 

The Notes shall be substantially in the form of Exhibit
A, shall include the Trustee’s certificate of authentication in the form required by Section 2.05 of the Existing Indenture and
shall be issued in fully registered definitive form without interest coupons.

 

The Notes initially are issuable solely as Global
Securities and shall bear the legend required by Section 2.04 of the Existing Indenture.

 

With respect to Notes issuable or issued in whole
or in part in the form of one or more Global Notes, the Depositary shall be The Depository Trust Company, for so long as it shall be a
clearing agency registered under the Exchange Act, or such successor (which shall be a clearing agency registered under the Exchange Act)
as the Company shall designate from time to time in an Officers’ Certificate delivered to the Trustee.

 

Section 2.07. Rate
of Interest; Interest Payment Dates

 

(a)              
Rate of Interest; Accrual

 

The Notes shall bear interest on their principal
amount: (i) from, and including, August 23, 2022, to, but excluding, the Initial Interest Reset Date at the rate of 6.875% per annum and
(ii) from and including the Initial Interest Reset Date, during each Interest Reset Period, at the rate equal to the Five-Year Treasury
Rate as of the most recent Reset Interest Determination Date, plus 3.846% per annum, computed on the basis of a 360-day year consisting
of twelve 30-day months. Defaulted Interest and interest deferred pursuant to ‎Section 2.08 will
bear interest, to the extent permitted by law, at the interest rate in effect from time to time provided in this ‎Section
2.07(a), from and including the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date.

 

(b)              
Calculation Agent

 

Unless the Company has redeemed all of the outstanding
Notes as of the Initial Interest Reset Date, the Company shall appoint a Calculation Agent with respect to the Notes prior to the Reset
Interest Determination Date preceding the Initial Interest Reset Date. The applicable interest rate for each Interest Reset Period will
be determined by the Calculation Agent as of the applicable Reset Interest Determination Date. If the Company or one of its affiliates
is not the Calculation Agent, the Calculation Agent shall notify the Company of the interest rate for the relevant Interest Reset Period
promptly upon such determination. The Company shall notify the Trustee of such interest rate, promptly upon making or being notified of
such determination. The Calculation Agent’s determination of any interest rate and its calculation of the amount of interest for
any Interest Reset Period beginning on or after the Initial Interest Reset Date will be conclusive and binding absent manifest error,
will be made in the Calculation Agent’s sole discretion and, notwithstanding anything to the contrary in the Indenture or this Note,
will become effective without consent from any other person or entity. Such determination of any interest rate and calculation of the
amount of interest will be on file at the Company’s principal offices and will be made available to any Holder upon request.

 

    8 

     

    

 

(c)              
Interest Payment Dates

 

Subject to ‎Section
2.08, accrued interest on the Notes shall be payable semi-annually in arrears on June 15 and December 15 of each year, commencing on December
15, 2022, and on the Maturity Date (each such date, an “Interest Payment Date”), or if any such day is not a Business
Day, the next Business Day (but no interest will accrue as a result of that postponement), to the Holders of the Notes at the close of
business on the immediately preceding June 1 and December 1 (in each case, whether or not a Business Day), as the case may be.

 

Section 2.08. Deferral

 

(a)              
Option to Defer Interest Payments

 

(i)              
So long as no Event of Default with respect to the Notes has occurred or is continuing, the Company shall have the right, at any
time and from time to time, to defer the payment of interest on the Notes for one or more consecutive Interest Periods that do not exceed
five years for any single Deferral Period, provided that no Deferral Period shall extend beyond the Maturity Date, any earlier
accelerated maturity date arising from an Event of Default or any other earlier redemption of the Notes. If the Company has paid all deferred
interest (including compounded interest thereon) on the Notes, the Company shall have the right to elect to begin a new Deferral Period
pursuant to this ‎Section 2.08(a).

 

(ii)             
At the end of any Deferral Period, the Company shall pay all deferred interest (including compounded interest thereon) on the Notes
to the Persons in whose names the Notes are registered in the Security Register at the close of business on the Regular Record Date with
respect to the Interest Payment Date at the end of such Deferral Period.

 

(b)              
Notice of Deferral

 

The Company shall give written notice of its election
to commence or continue any Deferral Period to the Trustee and the Holders of the Notes at least one Business Day and not more than 60
Business Days before the next Interest Payment Date. Such notice shall be given to the Trustee and each Holder of Notes at such Holder’s
address appearing in the Security Register by first-class mail, postage prepaid (or, as long as the Notes are held through DTC, such notice
shall be transmitted in accordance with applicable procedures of DTC).

 

    9 

     

    

 

Section 2.09. Events
of Default

 

(a)              
Clauses (1) through (4) of Section 5.01 of the Existing Indenture shall not apply to the Notes. Clauses (5) and (6) of Section
5.01 of the Existing Indenture shall apply to the Notes.

 

(b)              
If an Event of Default specified in Clause (5) or (6) of Section 5.01 of the Existing Indenture occurs, the principal amount of
all the Notes shall automatically, and without any declaration or other action on the part of the Trustee or any Holder, become immediately
due and payable.

 

(c)              
The Trustee shall provide to the Holders of the Notes notice of any Event of Default or default with respect to the Notes within
90 days after the Trustee has knowledge (as provided in Section 6.03(11) of the Existing Indenture) of such Event of Default or default.
However, except in the case of a default in payment on the Notes, the Trustee will be protected in withholding the notice if the Trustee
determines that withholding of the notice is in the interest of such Holders.

 

(d)             
The Trustee shall have no right or obligation under the Indenture or otherwise to exercise any remedies on behalf of any Holders
of the Notes pursuant to the Indenture in connection with any default, unless such remedies are available under the Indenture and the
Trustee is directed to exercise such remedies pursuant to and subject to the conditions of Section 5.12 of the Existing Indenture, provided,
however, that this provision shall not affect the rights of the Trustee with respect to any Events of Default as set forth in ‎Section
2.09(b) that may occur with respect to the Notes. In connection with any such exercise of remedies the Trustee shall be entitled to the
same immunities and protections and remedial rights (other than acceleration) as if such default were an Event of Default.

 

(e)              
For purposes of this ‎Section 2.09, the term “default” means any of the following
events:

 

(i)              
default in the payment of interest, including compounded interest, in full on any Notes for a period of 30 days after the conclusion
of a five-year period following the commencement of any Deferral Period if such Deferral Period has not ended prior to the conclusion
of such five-year period;

 

(ii)             
default in the payment of principal of or premium, if any, on the Notes when due; or

 

(iii)            
default in the observance or performance of any covenant or agreement contained in the Indenture or the Notes.

 

Section 2.10. Security
Registrar; Paying Agent; Place of Payment

 

The Company appoints the Trustee as Security Registrar
and Paying Agent with respect to the Notes. The Place of Payment for the Notes will be as specified in the Notes.

 

    10 

     

    

 

Section 2.11. No
Sinking Fund

 

The Notes shall not be subject to Article XII of
the Existing Indenture.

 

Section 2.12. Subordination

 

The subordination provisions of Article XIV of the
Existing Indenture shall apply to the Notes, except that solely for purposes of the Notes, Section 14.03 of the Existing Indenture shall
be amended as follows:

 

(a)              
Clauses (1) and (2) of Section 14.03 of the Existing Indenture shall be deleted and replaced with the following:

 

“(1) (i) In the event and during the continuation of
any default in the payment of principal, premium, if any, or interest on any Senior Indebtedness beyond any applicable grace period with
respect thereto, (ii) in the event that any event of default with respect to any Senior Indebtedness shall have occurred and be continuing,
permitting the direct holders of that Senior Indebtedness (or a trustee on behalf of the holders thereof) to accelerate maturity of that
Senior Indebtedness, whether or not the maturity is in fact accelerated (unless, in the case of either subclause (i) or (ii) of this clause
(1), the payment default or event of default has been cured or waived or ceased to exist and any related acceleration has been rescinded),
or (iii) in the event that any judicial proceeding shall be pending with respect to a payment default or event of default described in
subclause (i) or (i) of this clause (1), no payment or distribution of any kind or character, whether in cash, securities or other property,
shall be made by the Company on account of the principal of or interest on the Notes unless and until all amounts then due and payable
in respect of such Senior Indebtedness, including any interest accrued after such event occurs, shall have been paid in full.”

 

(b)              
Clause “(3)” of Section 14.03 of the Existing Indenture shall be renumbered clause “(2)”; and

 

(c)              
Clause “(4)” of Section 14.03 of the Existing Indenture shall be renumbered clause “(3)”.

 

Section 2.13. Defeasance

 

The Notes shall be subject to the defeasance and
discharge provisions of Section 13.02 of the Existing Indenture and the provisions of Section 13.03 of the Existing Indenture regarding
defeasance of certain covenants and certain events of default.

 

Section 2.14. Exchanges
of Global Note for Non-Global Note

 

Notwithstanding any other provision in this Indenture,
no Global Note may be exchanged in whole or in part for Notes registered, and no transfer of a Global Note in whole or in part may be
registered, in the name of any Person other than the Depositary for such Global Note or a nominee thereof unless (A) such Depositary has
notified the Company that it is unwilling or unable or no longer permitted under applicable law to continue as Depositary for such Global
Note and the Company does not appoint another institution to act as Depositary within 90 days, (B) there shall have occurred and be continuing
an Event of Default with respect to such Global Note, or (C) the Company so directs the Trustee by a Company Order.

 

    11 

     

    

 

Section 2.15. Restricted
Legend

 

(a)              
Except as otherwise provided in paragraph ‎(d) of this ‎Section
2.15, or ‎Section 2.14, each Note shall bear the legend set forth in Section 2.04 of the Existing
Indenture and the Restricted Legend and any temporary Global Security authenticated and delivered for any Notes offered and sold in offshore
transactions in reliance on Regulation S shall bear the Temporary Regulation S Legend. Following the expiration of the distribution compliance
period set forth in Regulation S with respect to any temporary Global Securities, beneficial interests in such temporary Global Securities
shall be exchanged for one or more permanent Global Securities upon certification that the beneficial holder is not a U.S. person (within
the meaning of Regulation S).

 

(b)             
The Notes shall initially be issued in the form of one or more individual Securities registered in the name of the Depositary.
Any such Global Securities shall be Global Securities for purposes of the Existing Indenture and shall be subject to the provisions thereof
governing Global Securities, except as modified hereby.

 

(c)              
If the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably
require) that a Note is eligible for resale pursuant to Rule 144 without compliance with any limits thereunder and that the Restricted
Legend or Temporary Regulation S Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note
(or a beneficial interest therein) are effected in compliance with the Securities Act, the Company shall instruct the Trustee in a Company
Order to cancel the Note and to authenticate and deliver to the Holder thereof (or to its transferee) a new Note of like tenor and amount
of the same series, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend or Temporary
Regulation S Legend, and the Trustee, upon receipt of an Officers’ Certificate and an Opinion of Counsel pursuant to Section 1.02
of the Existing Indenture, will comply with such Company Order.

 

(d)              
By its acceptance of any Note bearing the Restricted Legend or Temporary Regulation S Legend (or any beneficial interest in such
a Note), each Holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and
any such beneficial interest) set forth in this Supplemental Indenture and in the Restricted Legend and Temporary Regulation S Legend
and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Supplemental Indenture and
such legend.

 

Section 2.16. Exchange
Offer

 

Upon the occurrence of the Exchange Offer, the Company
shall issue and, upon receipt of a Company Order, the Trustee shall authenticate (i) one or more Global Securities without the Restricted
Legend or the Temporary Regulation S Legend in an aggregate principal amount equal to the principal amount of the beneficial interests
in the Global Securities with the Restricted Legend or Temporary Regulation S Legend accepted for exchange in the Exchange Offer and (ii)
definitive Notes (if any) without the Restricted Legend or Temporary Regulation S Legend in an aggregate principal amount equal to the
principal amount of the definitive Notes with the Restricted Legend or Temporary Regulations S Legend accepted for exchange in the Exchange
Offer. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Global Securities
with the Restricted Legend or Temporary Regulation S Legend to be reduced accordingly and shall cause any definitive Notes with the Restricted
Legend or Temporary Regulation S Legend accepted for exchange in the Exchange Offer to be cancelled in accordance with Section 3.09 of
the Existing Indenture. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in connection
with an Exchange Offer, shall be treated as a single class of Notes under this Indenture.

 

Section 2.17. Reports
by Company

 

The Company has agreed that, for so long as any Notes
remain outstanding during any period when it is not subject to Section 13 or 15(d) of the Exchange Act, it will furnish to the holders
of the Notes and to prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act.

 

    12 

     

    

 

ARTICLE
Three

Covenants

 

Section 3.01. Dividend
and Other Payment Stoppages

 

So long as any Notes remain outstanding, (a) if the
Company has given notice of its election to defer interest payments on the Notes but the related Deferral Period has not yet commenced,
or (b) a Deferral Period is continuing, the Company shall not, and shall not permit any Subsidiary to:

 

(i)              
declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any
shares of capital stock of the Company;

 

(ii)             
make any payment of principal of, or interest or premium, if any, on, or repay, purchase or redeem any of the Company’s debt
securities that rank upon the Company’s liquidation on a parity with or junior to the Notes (including the Pari Passu Securities);
or

 

(iii)           
make any guarantee payments regarding any guarantee issued by the Company of securities of any Subsidiary if the guarantee ranks
upon the Company’s liquidation on a parity with or junior to the Notes;

 

provided, however, the restrictions in clauses (i), (ii)
and (iii) above do not apply to:

 

(A)            
any purchase, redemption or other acquisition of shares of its capital stock by the Company in connection with:

 

(1)             
any employment contract, benefit plan or other similar arrangement with or for the benefit of any one or more of its employees,
officers, directors, consultants or independent contractors;

 

(2)              
the satisfaction of the Company’s obligations pursuant to any contract entered into prior to the beginning of the applicable
Deferral Period;

 

(3)              
a dividend reinvestment or shareholder purchase plan; or

 

(4)             
the issuance of shares of the Company’s capital stock, or securities convertible into or exercisable for such capital stock,
as consideration in an acquisition transaction, the definitive agreement for which is entered into prior to the applicable Deferral Period;

 

(B)            
any exchange, redemption or conversion of any class or series of the Company’s capital stock, or shares of the capital stock
of one of its Subsidiaries, for any other class or series of the Company’s capital stock, or of any class or series of the Company’s
indebtedness for any class or series of the Company’s capital stock;

 

(C)             
any purchase of fractional interests in shares of the Company’s capital stock pursuant to the conversion or exchange provisions
of such capital stock or the securities being converted or exchanged;

 

(D)            
any declaration of a dividend in connection with any shareholder rights plan, or the issuance of rights, stock or other property
under any shareholder rights plan, or the redemption or purchase of rights pursuant thereto; or

 

(E)             
any dividend in the form of stock, warrants, options or other rights where the dividend stock issuable upon exercise of such warrants,
options or other rights is the same stock as that on which the dividend is being paid or ranks equally with or junior to such stock; or

 

(F)             
(i) any payment of current or deferred interest on Parity Securities that is made pro rata to the amounts due on such Parity
Securities (including the Notes) and (ii) any payments of principal or current or deferred interest on Parity Securities that, if not
made, would cause the Company to breach the terms of the instrument governing such Parity Securities.

 

For the avoidance of doubt, notwithstanding anything
herein to the contrary, no terms of the Notes will restrict in any manner the ability of any of the Subsidiaries to pay dividends or make
any distributions to the Company or to any other Subsidiaries.

 

    13 

     

    

 

ARTICLE
Four

Redemption of the Notes

 

Section 4.01. Redemption

 

(a)              
The Notes shall be redeemable in accordance with the procedures set forth in Article XI of the Existing Indenture:

 

(i)              
in whole at any time or in part from time to time, during the three-month period prior to, and including, December 15, 2027, or
the three-month period prior to, and including, each subsequent Interest Reset Date thereafter (each such period, a “Par Call Period”),
in each case at 100% of the principal amount of the Notes being redeemed;

 

(ii)             
in whole at any time or in part from time to time, on any date that is not within a Par Call Period, at a redemption price equal
to the greater of (i) the principal amount of the Notes being redeemed and (ii) the sum of the present values of the remaining scheduled
payments of principal of and interest on the Notes being redeemed discounted to the redemption date (assuming the Notes matured on the
next following Interest Reset Date (the “Reference Date”)) on a semi-annual basis (assuming a 360-day year consisting of twelve
30-day months) at the Treasury Rate, plus 50 basis points, less interest accrued to the redemption date;

 

(iii)            
in whole, but not in part, at any time within 90 days after the occurrence of a Tax Event or a Regulatory Capital Event at 100%
of the principal amount of the Notes being redeemed; or

 

(iv)            
in whole, but not in part, at any time within 90 days after the occurrence of a Rating Agency Event at 102% of the principal amount
of the Notes being redeemed;

 

plus, in each case, accrued and unpaid interest to
but excluding the Redemption Date.

 

provided, in each case, that no partial redemption
shall be effected unless at least $25 million aggregate principal amount of the Notes, excluding any Notes held by the Company or any
of its Affiliates, shall remain outstanding after giving effect to such redemption.

 

provided, further, in each case, that
all accrued and unpaid interest, including deferred interest (and compounded interest) shall have been paid in full on all Outstanding
Notes for all Interest Periods ending on or before the Redemption Date.

 

(b)              
In the case of a partial redemption, selection of the Notes for redemption shall be made, by lot by the Trustee; provided that
for so long as the notes are held by DTC (or another Depositary), selection of the Notes for redemption shall be done in accordance with
the policies and procedures of the Depositary. No Notes of a principal amount of $2,000 or less shall be redeemed in part. If any definitive
Note is to be redeemed in part only, the notice of redemption that relates to such definitive Note shall state the portion of the principal
amount of the Note to be redeemed. A new definitive Note in a principal amount equal to the unredeemed portion of such Note shall be issued
in the name of the Holder of the Note upon surrender for cancellation of the original definitive Note.

 

    14 

     

    

 

(c)              
The Company’s actions and determinations in determining the redemption price, including those of any agent designated by
the Company, shall be conclusive and binding for all purposes, absent manifest error.

 

(d)              
In no event, shall the Trustee be responsible for monitoring the ratings of the Notes or an occurrence of a Rating Agency Event.

 

(e)              
The Trustee shall have no responsibility to calculate, or to verify the Company’s calculation of, the redemption price.

 

ARTICLE
Five

Original Issue of Notes

 

Section 5.01. Calculation
of Original Issue Discount

 

If during any calendar year any original issue discount
shall have accrued on the Notes, the Company shall file with each Paying Agent (including the Trustee if it is a Paying Agent) promptly
at the end of each calendar year (a) a written notice specifying the amount of original issue discount (including daily rates and accrual
periods) accrued on Outstanding Notes as of the end of such year and (b) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to time, or Treasury Regulations enacted
thereunder, or other administrative or judicial guidance.

 

ARTICLE
Six

Supplemental Indentures

 

Section 6.01. Supplemental
Indentures without Consent of Holders

 

Solely for purposes of the Notes, Section 9.01 of
the Existing Indenture shall be deleted and replaced with the following:

 

“Section 9.01. Supplemental Indentures without
Consent of Holders.

 

Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may supplement or amend the Indenture
for any of the following purposes:

 

(1)            
to evidence the succession of another Person to the Company and the assumption by any such successor of the covenants of the Company
herein and in the Notes; or

 

(2)            
to add to or modify the covenants of the Company for the benefit of the Holders of Notes or to surrender any right or power herein
conferred upon the Company (including the Company’s surrendering, without limitation, of any redemption right, including the Company’s
right to redeem the Notes upon the occurrence of the Rating Agency Event); provided that no such amendment or modification may
add Events of Default or acceleration events with respect to the Notes; or

 

    15 

     

    

 

(3)             
to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Notes; or

 

(4)             
to cure any ambiguity, to correct or supplement any provision herein which may be defective or inconsistent with any other provision
herein or in any supplemental indenture, or to make any other provisions with respect to matters or questions arising under this Indenture,
provided such action shall not adversely affect the interests of the Holders of Notes in any material respect; or

 

(5)            
to make any changes to the Indenture in order to conform the Indenture to the final offering memorandum provided to investors in
connection with the offering of the Notes.”

 

Section 6.02. Supplemental
Indentures with Consent of Holders

 

Solely for purposes of the Notes, clauses (1) through
(3) of Section 9.02(a) of the Existing Indenture shall be deleted and replaced with the following clauses (1) through (8):

 

“(1)            change the Stated Maturity
of any payment of principal of or interest (including any additional interest) on the Notes;

 

(2)              change
the manner of calculating payments due on the Notes in a manner adverse to Holders (it being understood that making changes to the Five-Year
Treasury Rate as provided in the definition therein will not be deemed adverse to the Holders);

 

(3)              reduce
the requirements contained in the Indenture for quorum or voting;

 

(4)              change
the Place of Payment for any payment on the Notes that is adverse to the Holders or change the currency in which any payment on the Notes
is payable;

 

(5)              impair
the right of any Holder to institute suit for the enforcement of any payment on the Notes;

 

(6)              reduce
the percentage in principal amount of Outstanding Notes, the consent of whose Holders is required for any such supplemental indenture,
or the consent of whose Holders is required for any waiver of compliance with any provision of this Indenture or any defaults hereunder
and the consequences provided for hereunder;

 

(7)              reduce
the principal amount of, the rate of interest on or any premium payable upon the redemption of the Notes; or

 

(8)              modify
any of the provisions of this Article IX.”

 

    16 

     

    

 

ARTICLE
Seven

Miscellaneous

 

Section 7.01. Effectiveness

 

This Supplemental Indenture will become effective
upon its execution and delivery.

 

Section 7.02. Successors
and Assigns

 

All covenants and agreements in the Existing Indenture,
as supplemented and amended by this Supplemental Indenture, by the Company shall bind its successors and assigns, whether so expressed
or not.

 

Section 7.03. Relationship
to Existing Indenture

 

This Supplemental Indenture is a supplemental indenture
within the meaning of the Existing Indenture. The Existing Indenture, as supplemented and amended by this Supplemental Indenture, is in
all respects ratified, confirmed and approved and, with respect to the Notes, the Existing Indenture, as supplemented and amended by this
Supplemental Indenture, shall be read, taken and construed as one and the same instrument.

 

Section 7.04. Modification
of the Existing Indenture

 

Except as expressly modified by this Supplemental
Indenture, the provisions of the Existing Indenture shall govern the terms and conditions of the Notes.

 

Section 7.05. Tax
Treatment

 

The Company and, by acceptance of the Notes or a
beneficial interest in the Notes, each Holder and beneficial owner of a Note agree to treat the Notes as indebtedness for United States
federal income tax purposes.

 

Section 7.06. Governing
Law

 

This Supplemental Indenture and the Notes shall be
governed by and construed in accordance with the laws of the State of New York.

 

Section 7.07. Severability

 

If any provision of the Existing Indenture, as supplemented
and amended by this Supplemental Indenture, shall be held or deemed to be or shall, in fact, be illegal, inoperative or unenforceable,
the same shall not affect any other provision or provisions herein contained or render the same invalid, inoperative or unenforceable
to any extent whatever.

 

    17 

     

    

 

Section 7.08. Counterparts

 

This instrument may be executed in any number
of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but
one and the same instrument. Receipt by telecopy or electronic mail of any executed signature page to this instrument shall constitute
effective delivery of such signature page. Electronic signatures may be used in lieu of signatures affixed by hand, and such electronic signature shall
have the same validity and effect as signatures affixed by hand.

 

Section 7.09. Trustee
Makes No Representation

 

The recitals contained herein are made by the Company
and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as
to the validity or sufficiency of this Supplemental Indenture other than its certificates of authentication.

 

    18 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this First Supplemental Indenture to be duly executed all as of the day and year first above written.

 

	 	COREBRIDGE FINANCIAL, INC.

 

		By:	/s/ Elias Habayeb

		Name:	Elias Habayeb

		Title:	Executive Vice President and Chief Financial Officer

 

	 	THE BANK OF NEW YORK MELLON,

	 	as Trustee

 

		By:	/s/ Francine
                                            Kincaid

		Name:	Francine Kincaid
	 	Title: 	Vice President

 

    1 

     

    

 

EXHIBIT A

 

FORM OF NOTE

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE DEPOSITORY TRUST COMPANY (“DTC”), TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH
THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

Temporary Regulation S Legend

 

[[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL
40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER
(AS DEFINED IN THE SECURITIES ACT (AS DEFINED BELOW)) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR
SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

 

Restricted Legend

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN
THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

 

THE HOLDER OF THIS NOTE, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER
SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A NOTES: ONE YEAR
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON
WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE), IN THE CASE OF REGULATION
S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE) WAS
FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE
ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT,
(C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON
IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR
FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D)
PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S
AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE CERTIFICATION AND/ OR
OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE TRANSFER OF THIS NOTE PURSUANT TO
CLAUSE (B) ABOVE OR REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO IN THIS PARAGRAPH. IN THE CASE OF REGULATION S NOTES:
BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON
AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

    1 

     

    

 

BY ITS ACQUISITION OF THIS NOTE, THE HOLDER HEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS
NOTE CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT
OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975
OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (A “COVERED PLAN”) OR PROVISIONS UNDER ANY
OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR
LAWS”), OR OF AN ENTITY OR ACCOUNT WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN,
ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS NOTE WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER
SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

BY ITS ACQUISITION OF THIS NOTE, EACH PURCHASER
OF THIS NOTE THAT IS USING ASSETS OF ANY COVERED PLAN TO ACQUIRE OR HOLD THIS NOTE PURSUANT TO THE INITIAL OFFERING WILL BE DEEMED TO
REPRESENT THAT NONE OF THE ISSUER, THE INITIAL PURCHASERS OR ANY OF THE ISSUER’S OR THEIR RESPECTIVE AFFILIATES HAS ACTED AS THE
COVERED PLAN’S FIDUCIARY, OR HAS BEEN RELIED UPON FOR ANY ADVICE, WITH RESPECT TO THE PURCHASER’S DECISION TO ACQUIRE THE
NOTES.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DTC, A NEW YORK CORPORATION, TO COREBRIDGE FINANCIAL, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE
OF CEDE & CO. (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

    2 

     

    

 

COREBRIDGE FINANCIAL, INC.

 

6.875% FIXED-TO-Fixed
reset RATE Junior Subordinated Notes due 2052

 

No.

CUSIP No.: 

ISIN No.:

 

COREBRIDGE FINANCIAL, INC., a corporation duly organized
and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or its registered assigns, the principal sum of
______ dollars ($___________) on December 15, 2052 (the “Maturity Date”), or if such day is not a Business Day (as
defined below), the following Business Day and no interest will accrue as a result of the postponement.

 

The Company further promises to pay interest on said
principal sum (i) from and including December 15, 2022 to, but not including, December 15, 2027 at the rate of 6.875% per annum and (ii)
from and including December 15, 2027, during each Interest Reset Period, at the rate equal to the Five-Year Treasury Rate as of the most
recent Reset Interest Determination Date, plus 3.846% per annum (computed on the basis of a 360-day year consisting of twelve 30-day months)
semi-annually in arrears on June 15 and December 15 of each year, commencing on December 15, 2022, and on the Maturity Date (each such
date, an “Interest Payment Date”), subject to deferral as set forth herein. In the event that any Interest Payment
Date falls on a day that is not a Business Day, the interest payment due on that date will be postponed to the next day that is a Business
Day, and no interest will accrue as a result of that postponement. A “Business Day” shall mean any day other than (i)
a Saturday or Sunday, (ii) a day on which banking institutions in The City of New York are authorized or required by law or executive
order to remain closed or (iii) a day on which the Corporate Trust Office is closed for business. Defaulted Interest and interest deferred
pursuant to said Indenture will bear additional interest to the extent permitted by law, at the rate in effect from time to time, from
and including the relevant Interest Payment Date, compounded on each subsequent Interest Payment Date.

 

The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date, as provided in such Indenture, shall be paid to the Person in whose name this Note (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the
June 15 or December 15 (in each case, whether or not a Business Day), as the case may be, immediately preceding such Interest Payment
Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular
Record Date and may either be paid, in the case of deferred interest, as provided in the following paragraph, and otherwise to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the
payment of Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior
to such Special Record Date, or be paid at any time in any other lawful manner, all as more fully provided in said Indenture.

 

    1 

     

    

 

Unless the Company has redeemed all of the outstanding
Notes as of the Initial Interest Reset Date, the Company shall appoint a calculation agent (the “Calculation Agent”)
with respect to the Notes prior to the Reset Interest Determination Date preceding the Initial Interest Reset Date. The Company or any
of its affiliates may assume the duties of the Calculation Agent. The applicable interest rate for each Interest Reset Period will be
determined by the Calculation Agent as of the applicable Reset Interest Determination Date. If the Company or one of its affiliates is
not the Calculation Agent, the Calculation Agent shall notify the Company of the interest rate for the relevant Interest Reset Period
promptly upon such determination. The Company shall notify the Trustee of such interest rate, promptly upon making or being notified of
such determination. The Calculation Agent’s determination of any interest rate and its calculation of the amount of interest for
any Interest Reset Period beginning on or after the Initial Interest Reset Date will be conclusive and binding absent manifest error,
will be made in the Calculation Agent’s sole discretion and, notwithstanding anything to the contrary in the Indenture or this Note,
will become effective without consent from any other person or entity. Such determination of any interest rate and calculation of the
amount of interest will be on file at the Company’s principal offices and will be made available to any Holder upon request.

 

So long as no Event of Default with respect to this
Note has occurred or is continuing, the Company shall have the right at any time during the term of this Note to defer payment of interest
on this Note for one or more consecutive Interest Periods that do not exceed five years for any single Deferral Period, during which the
Company shall have the right to make partial payments of interest on any Interest Payment Date, and at the end of which the Company shall
pay all interest then accrued and unpaid; provided, however, that no Deferral Period shall extend beyond the Maturity Date
or the earlier accelerated maturity date arising from an Event of Default or redemption of this Note. Upon the termination of any Deferral
Period and upon the payment of all deferred interest then due, the Company may elect to begin a new Deferral Period, subject to the above
requirements.

 

So long as any Notes remain outstanding, if the Company
has given notice of its election to defer interest payments on the Notes but the related Deferral Period has not yet commenced or a Deferral
Period is continuing, the Company shall not, and shall not permit any Subsidiary to, (i) declare or pay any dividends or other distributions
on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of the Company’s capital stock, (ii)
make any payment of principal of, or interest or premium, if any, on or repay, purchase or redeem any debt securities of the Company that
rank upon the Company’s liquidation on a parity with this Note (including the Pari Passu Securities) or junior to this Note
or (iii) make any guarantee payments regarding any guarantee issued by the Company of securities of any Subsidiary if the guarantee ranks
upon the Company’s liquidation on a parity with or junior to this Note (other than (a) any purchase, redemption or other acquisition
of shares of its capital stock in connection with (1) any employment contract, benefit plan or other similar arrangement with or for the
benefit of any one or more of its employees, officers, directors, consultants or independent contractors, (2) the satisfaction of the
Company’s obligations pursuant to any contract entered into prior to the beginning of the applicable Deferral Period, (3) a dividend
reinvestment or shareholder purchase plan, or (4) the issuance of shares of the Company’s capital stock, or securities convertible
into or exercisable for such shares, as consideration in an acquisition transaction, the definitive agreement for which is entered into
prior to the applicable Deferral Period, (b) any exchange, redemption or conversion of any class or series of the Company’s capital
stock, or the capital stock of one of its Subsidiaries, for any other class or series of its capital stock, or of any class or series
of its indebtedness for any class or series of its capital stock, (c) any purchase of fractional interests in shares of the Company’s
capital stock pursuant to the conversion or exchange provisions of such shares or the securities being converted or exchanged, (d) any
declaration of a dividend in connection with any shareholder rights plan, or the issuance of rights, stock or other property under any
shareholder rights plan, or the redemption or purchase of rights pursuant thereto, (e) any dividend in the form of stock, warrants, options
or other rights where the dividend stock or stock issuable upon exercise of such warrants, options or other rights is the same stock as
that on which the dividend is being paid or ranks equally with or junior to such stock, or (f) (1) any payment of current or deferred
interest on Parity Securities that is made pro rata to the amounts due on such Parity Securities (including the Notes), and (2) any payments
of principal or current or deferred interest on Parity Securities that, if not made, would cause the Company to breach the terms of the
instrument governing such Parity Securities).

 

    2 

     

    

 

The Company shall give written notice of its election
to commence or continue any Deferral Period to the Trustee and the Holders of all Notes then Outstanding at least one Business Day and
not more than 60 Business Days before the next Interest Payment Date. Such notice shall be given to the Trustee and the Holder of this
Note at such Holder’s address appearing in the Security Register by first-class mail, postage prepaid (or, as long as the Notes
are held through DTC, such notice shall be transmitted in accordance with applicable procedures of DTC).

 

Payment of the principal of (and premium, if any)
and interest on this Note will be made at the paying agency office or agency of the Company maintained for that purpose in the United
States, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts; provided, however, that, at the option of the Company, payment of interest may be made (i) by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer in immediately available
funds at such place and to such bank account number as may be designated by the Person entitled thereto as specified in the Security Register
in writing not less than ten days before the relevant Interest Payment Date.

 

The indebtedness evidenced by this Note is, to the
extent provided in the Indenture, subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness,
and this Note is issued subject to the provisions of the Indenture with respect thereto. Each Holder of this Note, by accepting the same,
(a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on such Holder’s behalf to take such
actions as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee such Holder’s
attorney-in-fact for any and all such purposes. Each Holder hereof, by such Holder’s acceptance hereof, waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Indebtedness, whether now outstanding
or hereafter incurred, and waives reliance by each such holder upon said provisions.

 

    3 

     

    

 

The Company and, by acceptance of this Note or a
beneficial interest in this Note, each Holder and beneficial owner of this Note agree to treat this Note as indebtedness for United States
federal income tax purposes.

 

By acceptance of this Note or a beneficial interest
in this Note, each Holder hereof and any person acquiring a beneficial interest herein, agree that either (A) no portion of the assets
used by such purchaser to acquire and hold this Note or a beneficial interest in this Note constitutes assets of any (i) employee benefit
plan subject to Title I of the U.S. Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (ii) any
plan, individual retirement accounts and other arrangement subject to Section 4975 of the U.S. Internal Revenue Code of 1986, as amended
(the “Code”), or provisions under any federal, state, local, non-U.S. or other laws or regulations that are similar
to such provisions of ERISA or the Code (collectively, “Similar Laws”), and (iii) entities whose underlying assets
are considered to include “plan assets” of any such plan, account or arrangement within the meaning of Section 3(42) of ERISA
as modified by 29 CFR § 2510.3-101 or under any applicable Similar Laws or (B) the purchase and holding of this Note or a beneficial
interest in this Note by such purchaser will not constitute a non-exempt prohibited transaction under Section 406 of ERISA or Section
4975 of the Code or a similar violation under any applicable Similar Laws.

 

Reference is hereby made to the further provisions
of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual, facsimile or electronic signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    4 

     

    

 

IN WITNESS WHEREOF, the Company has caused this instrument
to be duly executed.

 

Date:

 

	 	COREBRIDGE FINANCIAL, INC.

 

		By:	

	 	Name:
	 	Title:

  

    5 

     

    

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the series designated
therein referred to in the within mentioned Indenture.

 

Date:

  

	 	THE BANK OF NEW YORK MELLON,

                           as Trustee

 

	 	By	 
	 	 	Authorized Officer

 

    1 

     

    

 

(FORM OF REVERSE
OF NOTE)

 

This Note is one of a duly authorized issue of Securities
of the Company designated as the 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052 (herein called the “Notes”),
issued under the Indenture, dated as of August 23, 2022 (the “Existing Indenture”), between the Company and The Bank
of New York Mellon, as trustee (the “Trustee”), as amended and supplemented by the First Supplemental Indenture, dated
as of August 23, 2022, between the Company and the Trustee (the “Supplemental Indenture,” and together with the Existing
Indenture, the “Indenture”), to which Indenture and all other indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the
Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered.

 

All terms used in this Note that are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

 

The Notes shall be redeemable at the election of
the Company in accordance with the terms of the Indenture. In particular, this Note is redeemable:

 

(a)       in
whole at any time or in part from time to time, during the three-month period prior to, and including, December 15, 2027, or the three-month
period prior to, and including, each subsequent Interest Payment Date thereafter (each such period, a “Par Call Period”),
in each case at 100% of the principal amount of the Notes being redeemed;

 

(b)     
in whole at any time or in part from time to time, on any date that is not within a Par Call Period, at a redemption price equal to the
greater of (i) the principal amount of the Notes being redeemed and (ii) the sum of the present values of the remaining scheduled payments
of principal of and interest on the Notes being redeemed discounted to the redemption date (assuming the Notes matured on the Reference
Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 50 basis points,
less interest accrued to the redemption date;

 

(c)       in
whole, but not in part, at any time within 90 days after the occurrence of a Tax Event or a Regulatory Capital Event, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed; or

 

(d)       in
whole, but not in part, at any time within 90 days after the occurrence of a Rating Agency Event, at a redemption price equal to 102%
of the principal amount of the Notes being redeemed.

 

plus, in each case, accrued and unpaid interest to
but excluding the Redemption Date; provided that if the Notes are not redeemed in whole, at least $25 million aggregate principal
amount of the Outstanding Notes remain outstanding after giving effect to such redemption.

 

Notwithstanding the foregoing, the Company may not
redeem the Notes unless all accrued and unpaid interest, including deferred interest (and compounded interest), has been paid in full
on all Outstanding Notes for all Interest Periods ending on or before the Redemption Date.

 

    2 

     

    

 

The Trustee shall have no responsibility to calculate,
or to verify the Company’s calculations of, the redemption price.

 

In the event of a redemption of this Note in part
only, a new Note or Notes and of a like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the
cancellation hereof.

 

No sinking fund is provided for the Notes.

 

The Indenture contains provisions for satisfaction
and discharge of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth in the Indenture.

 

The Indenture permits, with certain exceptions as
therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying
in any manner the rights and obligations of the Company and of the Holders of the Notes, with the consent of the Holders of not less than
a majority in principal amount of the Outstanding Notes to be affected by such supplemental indenture. The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the Notes at the time Outstanding, on behalf of the Holders of all
Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their
consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

 

As provided in and subject to the provisions of the
Indenture, if an Event of Default as set forth in the Indenture occurs, the principal amount of the Notes shall automatically become due
and payable; provided that in any such case the payment of principal and interest on such Notes shall remain subordinated to the
extent provided in Article XIV of the Existing Indenture.

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Note is registrable in the Security Register, upon surrender of this Note for registration
of transfer at the office or agency of the Company maintained under Section 10.02 of the Existing Indenture duly endorsed by, or accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration
of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable
in connection therewith.

 

    3 

     

    

 

Prior to due presentment of this Note for registration
of transfer, the Company, the Trustee and any agent of the Company or the Trustee shall have the right to treat and shall treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Notes are issuable only in registered form without
coupons in minimum denominations of $2,000 and any integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject
to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes of a different authorized
denomination, as requested by the Holder surrendering the same.

 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

    4 

     

    

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

(Print or type assignee’s name, address and zip
code) (Insert assignee’s soc. sec. or tax I.D. No.)

 

and irrevocably appoint               agent to transfer this Note
on the books of the Issuer. The agent may substitute another to act for him.

 

 

 

	Date:	 		Your Signature:	 

 

Sign exactly as your name appears on the other side of
this Note.

 

Signature Guarantee*:

 

*       Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustees).

 

    5 

     

    

 

CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER RESTRICTED
NOTES

 

This certificate relates to $       principal
amount of Notes held in (check applicable space)             book-entry or            definitive form by the undersigned.

 

The undersigned (check one box below):

 

	 	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in a Global Note held by the Depositary
a Note or Notes in definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial
interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or

 

	 	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes.

 

In connection with any transfer
of any of the Notes evidenced by this certificate, the undersigned confirms that such Notes are being transferred in accordance with its
terms:

 

CHECK ONE BOX BELOW

 

		(1)	 ̈ 	to the Issuer or subsidiary thereof; or
	 	 	 	 
		(2)	 ̈ 	under a registration statement that
has been declared effective under the Securities Act of 1933, as amended (the “Securities Act”); or
	 	 	 	 
		(3)	 ̈ 	for so long as the Notes are eligible
for resale under Rule 144A, to a person seller reasonably believes is a qualified institutional buyer that is purchasing for its own account
or the account of another qualified buyer that is purchasing for its own account or for the account of another qualified institutional
buyer and to whom notice is given that the transfer is being made in reliance on Rule 144A; or
	 	 	 	 
		(4)	 ̈ 	through
offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act;
or
	 	 	 	 
		(5)	 ̈ 	under
any other available exemption from the registration requirements of the Securities Act.

 

Unless one of the boxes is
checked, the Trustee shall refuse to register any of the Notes evidenced by this certificate in the name of any Person other than
the registered Holder thereof; provided, however, that if box (5) is checked, the Issuer or the Trustee may require, prior to
registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer or the Trustee
has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject
to, the registration requirements of the Securities Act of 1933.

 

    6 

     

    

 

 

	 	Your Signature

 

	Signature of Signature Guarantee	 

 

	Date: 	 	 

 

 

	 	Signature of Signature Guarantor

 

 

TO BE COMPLETED BY PURCHASER IF (3) ABOVE
IS CHECKED.

 

The undersigned represents and warrants
that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that
it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933,
and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding
the Company, the Issuer and the Subsidiary Guarantors as the undersigned has requested pursuant to Rule 144A or has determined not to
request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in
order to claim the exemption from registration provided by Rule 144A.

 

	Dated:	 
	 	NOTICE: To be executed by an executive officer
	 	 
	 	Name:
	 	Title:

 

Signature Guarantee*:

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable
to the Trustee).

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

    7 

     

    

 

SCHEDULE OF INCREASES OR DECREASES
IN GLOBAL NOTE

 

The initial principal amount of
this Global Note is $[       ]. The following increases or decreases in this Global Note have been made:

 

	
    Date of Exchange
	
    Amount of 

decrease in

 Principal Amount
    

of this Global

 Note
	
    Amount of

 increase in 

Principal Amount
    

of this Global 

Note
	
    Principal amount

 of this Global

 Note
    following

 such decrease or

 increase
	
    Signature of

 authorized

 signatory
    of U.S. 

Trustee or 

Custodian

 

    1Exhibit 10.1

 

Ucommune International Ltd

2020 SHARE INCENTIVE PLAN

(Amended and Restated Effective May 6, 2021;

Second Amended and Restated Effective August 19, 2022)

 

Section 1 Purpose.

 

The purpose of the Ucommune
International Ltd 2020 Share Incentive Plan (as amended from time to time, “2020 Plan”) is to enhance the ability of
Company to attract and retain exceptionally qualified individuals and to encourage them to acquire a proprietary interest in the growth
and performance of the Company.

 

This 2020 Plan is adopted
by the Company in connection with the anticipated consummation of the Business Combination and the assumption by the Company pursuant
to the Business Combination of outstanding awards (“Assumed Awards”) previously granted to the Participants under the
Ucommune Group Holdings Limited 2019 Share Incentive Plan (“Prior Plan”).

 

This 2020 Plan is intended
to constitute an amendment and restatement and continuation of the Prior Plan, such that from and after the assumption of the Assumed
Awards by the Company in the Business Combination, the Assumed Awards shall be deemed granted under and governed by this 2020 Plan, it
being understood that the adoption of this 2020 Plan is not intended to modify the terms and conditions of any Assumed Awards. In connection
with the Business Combination, the Assumed Awards are being adjusted as required under the terms of the Prior Plan, as set forth in a
written notice provided or to be provided to each applicable Participant, and the terms and conditions of such Assumed Awards shall otherwise
continue to be as set forth in the applicable Award Agreements covering each of the Assumed Awards.

 

In addition to the Assumed
Awards, from and after the time of the Business Combination, the Company intends to use this 2020 Plan to grant new Awards to eligible
Participants from time to time, subject to and in accordance with the terms and conditions described herein.

 

Section 2. Structure.

 

Each Award (as defined below)
granted by the Company pursuant to the terms of this 2020 Plan, shall be granted to each participant, and the corresponding Shares issuable
upon the exercise of such Award (the “Award Shares”) shall be issued to the participants or an entity designated by
the participants.

 

    1

     

    

 

Section 3. Definitions.

 

As used in this 2020 Plan
and any Award Agreement (as defined below), the following terms shall have the meanings set forth below:

 

(a) “2020
Plan” shall have the meaning set forth in Section 1.

 

(b) “Affiliate”
shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the Company has a significant
equity interest, in either case as determined by the Administrator.

 

(c) “Applicable
Laws” shall mean all laws, statutes, regulations, ordinances, rules or governmental requirements that are applicable to this
2020 Plan or any Award granted pursuant to this 2020 Plan, including but not limited to applicable laws of the People’s Republic
of China (“PRC”), the United States and the Cayman Islands, and the rules and requirements of any applicable securities
exchange.

 

(d) “Assumed
Awards” shall have the meaning set forth in Section 1.

 

(e) “Award”
shall mean any Option, award of Restricted Share, Restricted Share Unit or Other Share-Based Award granted under this 2020 Plan.

 

(f) “Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under this
2020 Plan. For the avoidance of doubt, award agreements previously entered into with respect to Assumed Awards shall constitute Award
Agreements for all purposes hereunder.

 

(g) “Board”
shall mean the board of directors of the Company.

 

(h) “Business
Combination” shall mean the transactions contemplated by that certain Merger Agreement (“Merger Agreement”)
dated as of June 29, 2020, by and among the Company, Ucommune Group Holdings Limited, and certain parties thereto, as amended from time
to time.

 

(i) “Committee”
shall mean a compensation committee of the Board or another board committee designated by the Board to administer this 2020 Plan.

 

(j) “Company”
shall mean Ucommune International Ltd, a company incorporated under the laws of the Cayman Islands, together with any successor thereto.

 

(k) “Consultant”
means any individual, including an advisor, who is engaged by the Company or an Affiliate to render services and is compensated for such
services, and any director of the Company whether or not compensated for such services.

 

(l) “Discharge”
shall mean that the relationship between the Participant and the Company or an Affiliate, whether it is employment or consultancy, is
terminated due to economic layoffs or restructuring of the Company or an Affiliate, as the case may be.

 

    2

     

    

 

(m) “Fair
Market Value” shall mean, with respect to any property (including, without limitation, any Shares or other securities) the fair
market value of such property determined by such methods or procedures as shall be established from time to time by the Administrator.

 

(n) “Option”
shall mean an option granted under Section 7 hereof.

 

(o) “Other
Share-Based Award” shall mean a right granted under Section 9 hereof.

 

(p) “Participant”
shall mean an individual granted an Award under this 2020 Plan.

 

(q) “Prior
Plan” shall have the meaning set forth in Section 1.

 

(r) “Restricted
Share” shall mean any Share granted under Section 8 hereof.

 

(s) “Restricted
Share Unit” shall mean a contractual right granted under Section 8 hereof that is denominated in Shares, each of which represents
a right to receive the value of a Share (or a percentage of such value, which percentage may be higher than 100%) upon the terms and conditions
set forth in this 2020 Plan and the applicable Award Agreement.

 

(t) “Shares”
shall mean Class A Ordinary Shares of the Company, par value US$0.0001 per share.

 

(u) “Share
Consolidation” shall mean the share consolidation of 20 ordinary shares with par value of US$0.0001 each in the Company’s
issued and unissued share capital into one ordinary share with par value of US$0.002 each of the Company effective on April 21, 2022.

 

(v) “Substitute
Awards” shall mean Awards granted in assumption of, or in substitution for, outstanding awards previously granted by, or held
by the employees of, a company or other entity or business acquired (directly or indirectly) by the Company or with which the Company
combines, which shall not include the Assumed Awards.

 

Section 4. Eligibility.

 

(a) Employees (each,
an “Employee”) and Consultants of the Company or an Affiliate are eligible to participate in this 2020 Plan. An Employee
or Consultant who has been granted an Award may, if he or she is otherwise eligible, be granted additional Awards.

 

(b) An individual
who has agreed to accept employment by, or to provide services to, the Company or an Affiliate shall be deemed to be eligible for Awards
hereunder.

 

    3

     

    

 

Section 5.
Administration.

 

(a) This 2020
Plan shall be administered by the Administrator formed in accordance with applicable laws and stock exchange rules, unless otherwise determined
by the Board. The term “Administrator” shall refer to the Board or the Committee, as applicable. The Administrator may delegate
its duties and powers under this 2020 Plan in whole or in part to a person or a board committee designated by it.

 

(b) Subject to the
terms of this 2020 Plan and Applicable Laws, the Administrator shall have full power and authority to: (i) designate Participants; (ii)
determine the type or types of Awards (including Substitute Awards) to be granted to each Participant under this 2020 Plan; (iii) determine
the number of Shares to be covered by (or with respect to which payments, rights, or other matters are to be calculated in connection
with) Awards; (iv) determine the terms and conditions of any Award including, but not limited to, any restrictions or limitations on the
Award, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of an Award, and accelerations or waivers
thereof, any provisions related to non-competition and recapture of gain on an Award, based in each case on such considerations as the
Administrator in its sole discretion determines; (v) determine whether, to what extent, and under what circumstances Awards may be settled
or exercised in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited or suspended, and the method or
methods by which Awards may be settled, exercised, canceled, forfeited or suspended; (vi) determine whether, to what extent, and under
what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award under
this 2020 Plan shall be deferred either automatically or at the election of the holder thereof or of the Administrator; (vii) interpret
and administer this 2020 Plan and any instrument or agreement relating to, or Award made under, this 2020 Plan; (viii) establish, amend,
suspend or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of this
2020 Plan; (ix) determine whether and to what extent Awards should comply or continue to comply with any requirement of statute or regulation;
and (x) make any other determination and take any other action that the Administrator deems necessary or desirable for the administration
of this 2020 Plan.

 

(c) All decisions
of the Administrator shall be final, conclusive and binding upon all persons, including the Company, the shareholders of the Company and
the Participants and their beneficiaries.

 

(d) The Administrator
may impose restrictions on any Award with respect to non-competition, confidentiality, lock-up and any other events that it considers
to be detrimental to the Company, and impose other restrictive covenants as it deems necessary or appropriate in its sole discretion.
In the event that these restrictions are breached, the Administrator may request the Participants to return all benefits made available
to them under this 2020 Plan and such Participants shall cease to be entitled to potential benefits intended to be made available to them
under this 2020 Plan.

 

    4

     

    

 

Section 6. Shares
Available for Awards.

 

(a) Subject to adjustment
as provided below, the maximum aggregate number of Shares that may be issued pursuant to all Awards shall initially not exceed 859,434
Shares (which has reflected the Share Consolidation) (including the Assumed Awards). For the avoidance of doubt, pursuant to the Merger
Agreement the number of Shares underlying the Assumed Awards shall be equal to the product of: (i) the number of shares of Ucommune Group
Holdings Limited subject to Prior Plan multiplied by (ii) 0.478333.

 

(b) If, after the
effective date of this 2020 Plan, any Shares covered by an Award, or to which such an Award relates, are forfeited, cancelled or if such
an Award otherwise terminates without the delivery of Shares or of other consideration, then the Shares covered by such Award, or to which
such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available for issuance under
this 2020 Plan.

 

(c) In the event
that any Option or other Award granted hereunder (other than a Substitute Award) is exercised through the delivery of Shares, or in the
event that withholding tax liabilities arising from such Option or Award are satisfied by the withholding of Shares by the Company, the
number of Shares available for Awards under this 2020 Plan shall be increased by the number of Shares so surrendered or withheld.

 

(d) Any Shares delivered
pursuant to an Award may consist, in whole or in part, of authorized and unissued Shares, treasury Shares or Shares purchased on the open
market.

 

(e) In the event
that the Administrator shall determine that any dividend or other distribution (whether in the form of cash, Shares, other securities,
or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other
securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined, in
its absolute discretion, by the Administrator to be appropriate in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under this 2020 Plan, then the Administrator shall, in such manner as it may deem appropriate,
adjust any or all of (i) the number and type of Shares (or other securities or property) which thereafter may be made the subject of Awards,
including the aggregate limit specified in Section 6(a) hereof, (ii) the number and type of Shares (or other securities or property) subject
to outstanding Awards, (iii) the grant price, purchase price, or exercise price with respect to any Award or, if deemed appropriate, make
provision for a cash payment to the holder of an outstanding Award, and (iv) the minimum number of Shares which may be acquired by the
holder of an outstanding Award at any one time; provided, however, that the number of Shares subject to any Award denominated
in Shares shall always be a whole number.

 

(f) Shares underlying
Substitute Awards shall not reduce the number of Shares remaining available for issuance under this 2020 Plan.

 

(g) Except as expressly
provided in this 2020 Plan, no Participant shall have any rights by reason of any subdivision or consolidation of Shares of any class,
the payment of any dividend, any increase or decrease in the number of shares of any class or any dissolution, liquidation, merger, or
consolidation of the Company or any other corporation. Except as expressly provided in this 2020 Plan or pursuant to action of the Administrator
under this 2020 Plan, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect,
and no adjustment by reason thereof shall be made with respect to, the number of shares subject to an Award or the grant or exercise price
of any Award.

 

    5

     

    

 

Section 7. Options.

 

The Administrator is hereby
authorized to grant Options to Participants with the following terms and conditions and with such additional terms and conditions, in
either case not inconsistent with the provisions of this 2020 Plan, as the Administrator shall determine and set forth in the Award Agreement:

 

(a) The purchase
price per Share under an Option shall be determined by the Administrator.

 

(b) The term of
each Option shall be fixed by the Administrator.

 

(c) The Administrator
shall determine the time or times at which an Option may be exercised in whole or in part, and the method or methods by which, and the
form or forms, including, without limitation, cash, Shares, other Awards, or other property, or any combination thereof, having a Fair
Market Value on the exercise date equal to the relevant exercise price, in which, payment of the exercise price with respect thereto may
be made or deemed to have been made.

 

Section 8. Restricted
Shares and Restricted Share Units.

 

(a) The Administrator
is hereby authorized to grant Awards of Restricted Shares and Restricted Share Units to Participants.

 

(b) Restricted Shares
and Restricted Share Units shall be subject to such restrictions as the Administrator may impose (including, without limitation, any limitation
on the right to vote a Restricted Share or the right to receive any dividend or other right or property), which restrictions may lapse
separately or in combination at such time or times, in such installments or otherwise, as the Administrator may deem appropriate.

 

(c) Any Restricted
Share granted under this 2020 Plan may be evidenced in such manner as the Administrator may deem appropriate including, without limitation,
book-entry registration or issuance of a share certificate or certificates, creation of a new class of shares or amendment of the Memorandum
and/or Articles of Association of the Company. In the event any share certificate is issued in respect of Restricted Shares granted under
this 2020 Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to
the terms, conditions, and restrictions applicable to such Restricted Share.

 

    6

     

    

 

Section 9. Other
Share-Based Awards.

 

The Administrator is hereby
authorized to grant to Participants such other Awards (including, without limitation, share appreciation rights and rights to dividends
and dividend equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related
to, Shares (including, without limitation, securities convertible into Shares) as are deemed by the Administrator to be consistent with
the purposes of this 2020 Plan. Subject to the terms of this 2020 Plan, the Administrator shall determine the terms and conditions of
such Awards. Shares or other securities delivered pursuant to a purchase right granted under this Section 9 shall be purchased for such
consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other
securities, other Awards, or other property, or any combination thereof, as the Administrator shall determine.

 

Section 10. General
Provisions Applicable to Awards.

 

(a) All Awards shall
be evidenced by an Award Agreement between the Company and each Participant.

 

(b) Awards shall
be granted for no cash consideration or for such minimal cash consideration as may be required by Applicable Laws.

 

(c) Awards may,
in the discretion of the Administrator, be granted either alone or in addition to or in tandem with any other Award or any award granted
under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with
awards granted under any other plan of the Company, may be granted either at the same time as or at a different time from the grant of
such other Awards or awards.

 

(d) Subject to the
terms of this 2020 Plan, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be made in
such form or forms as the Administrator shall determine including, without limitation, cash, Shares, other securities, other Awards, or
other property, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis,
in each case in accordance with rules and procedures established by the Administrator. Such rules and procedures may include, without
limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting
of dividend equivalents in respect of installment or deferred payments.

 

(e) Unless the Board
or the Administrator shall otherwise determine, no Award and no right under any such Award, shall be assignable, alienable, saleable or
transferable by a Participant otherwise than by will or by the laws of descent and distribution; provided, however, that, if so determined
by the Administrator or the Board, a Participant may, in the manner established by the Administrator, designate a beneficiary or beneficiaries
to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the
Participant. Each Award, and each right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant
or, if permissible under Applicable Laws and the applicable Award Agreement, by the Participant’s guardian or legal representative.
No Award and no right under any such Award, may be pledged, charged, mortgaged, alienated, attached, or otherwise encumbered, and any
purported pledge, charge, mortgage, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company.
The provisions of this paragraph shall not apply to any Award which has been fully exercised, earned or paid, as the case may be, and
shall not preclude forfeiture of an Award in accordance with the terms hereof and of the applicable Award Agreement.

 

(f) All certificates
for Shares or other securities delivered under this 2020 Plan pursuant to any Award or the exercise thereof shall be subject to such stop
transfer orders and other restrictions as the Administrator may deem advisable under this 2020 Plan or the rules, regulations, and other
requirements of the United States Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are
then listed, and any Applicable Laws, and the Administrator may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

 

(g) No Shares shall
be delivered under the 2020 Plan to any Participant until such Participant has made arrangements acceptable to the Administrator for the
satisfaction of any income and employment tax withholding obligations under Applicable Laws. The Company or any of its subsidiaries shall
have the authority and the right to deduct or withhold, or require a Participant to remit to the Company or its subsidiaries, an amount
sufficient to satisfy all applicable taxes (including the Participant’s payroll tax obligations) required or permitted by Applicable
Laws to be withheld with respect to any taxable event concerning a Participant arising as a result of the 2020 Plan. The Administrator
may in its discretion and in satisfaction of the foregoing requirement allow a Participant to elect to have the Company withhold Shares
otherwise issuable under an Award (or allow the return of Shares) having a Fair Market Value equal to the sum required to be withheld.
Notwithstanding any other provision of the 2020 Plan, the number of Shares which may be withheld with respect to the issuance, vesting,
exercise or payment of any Award (or which may be repurchased from the Participant of such Award after such Shares were acquired by the
Participant from the Company) in order to satisfy any income and payroll tax liabilities applicable to the Participant with respect to
the issuance, vesting, exercise or payment of the Award shall, unless specifically approved by the Administrator, be limited to the number
of Shares which have a Fair Market Value on the date of withholding or repurchase equal to the aggregate amount of such liabilities based
on the minimum statutory withholding rates for the applicable income and payroll tax purposes that are applicable to such supplemental
taxable income.

 

    7

     

    

 

Section 11. Amendment
and Termination.

 

(a) Except to the
extent prohibited by Applicable Laws and unless otherwise expressly provided in an Award Agreement or in this 2020 Plan, the Administrator
may amend, alter, suspend, discontinue or terminate this 2020 Plan, or any Award Agreement hereunder or any portion hereof or thereof
at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be made
without (i) shareholder approval with such legally mandated threshold for a resolution of the shareholders of the Company, if such approval
is necessary to comply with any tax or regulatory requirement for which or with which the Administrator deems it necessary or desirable
to qualify or comply, and (ii) with respect to any Award Agreement, the consent of the affected Participant, if such action would materially
and adversely affect the rights of such Participant under any outstanding Award.

 

(b) The Administrator
may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore
granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award; provided,
however, that no such action shall materially and adversely affect the rights of any affected Participant or holder or beneficiary
under any Award theretofore granted under this 2020 Plan; and provided further that, except as provided in Section 6(e)
hereof, no such action shall reduce the exercise price of any Option established at the time of grant thereof.

 

(c) The Administrator
shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual
or nonrecurring events (including, without limitation, the events described in Section 6(e) hereof affecting the Company, or the financial
statements of the Company, or of changes in Applicable Laws or accounting principles); whenever the Administrator determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available
under this 2020 Plan.

 

(d) Any provision
of this 2020 Plan or any Award Agreement to the contrary notwithstanding, with the affected Participant’s consent, the Administrator
may cause any Award granted hereunder to be canceled in consideration of a cash payment or alternative Award made to the holder of such
canceled Award equal in value to the Fair Market Value of such canceled Award as of the time of the cancellation.

 

(e) The Administrator
may correct any defect, supply any omission, or reconcile any inconsistency in this 2020 Plan or any Award in the manner and to the extent
it shall deem desirable to carry this 2020 Plan into effect.

 

    8

     

    

 

Section 12. Withholding
Taxes.  The exercise of each Award granted under this 2020 Plan shall be subject to the condition that, if at any time, the Administrator
shall determine that the satisfaction of withholding tax is necessary or desirable in respect of such exercise, such exercise shall not
be effective unless such withholding has been effected to the satisfaction of the Administrator. In such circumstances, the Administrator
may require the exercising Participant to pay to the Company, in addition to and in the same manner as the exercise price for the Award
Shares, such amount as the Company or any Affiliate is obliged to remit to the relevant taxing authority in respect of the exercise of
the Awards. Alternatively, the Administrator may direct the Company or an Affiliate thereof to withhold the appropriate amount of tax
from the applicable Participant’s salary in connection with a requested exercise.  Any such additional payment shall be due
no later than the date as of which any amount with respect to the Award exercised first becomes includable in the gross income of the
exercising Participant for tax purposes.

 

Section 13. Miscellaneous.

 

(a) No employee,
independent contractor, Participant or other person shall have any claim to be granted any Award under this 2020 Plan, and there is no
obligation for uniformity of treatment of employees, independent contractors, Participants, or holders or beneficiaries of Awards under
this 2020 Plan. The terms and conditions of Awards need not be the same with respect to each recipient.

 

(b) Nothing contained
in this 2020 Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such
arrangements may be either generally applicable or applicable only in specific cases.

 

(c) The grant of
an Award shall not be construed as giving a Participant the right to be retained in the employ or service of the Company or any Affiliate.
Further, the Company or the applicable Affiliate may at any time dismiss a Participant from employment or terminate the services of an
independent contractor, free from any liability, or any claim under this 2020 Plan, unless otherwise expressly provided in this 2020 Plan
or in any Award Agreement or in any other agreement binding upon the parties.

 

(d) If any provision
of this 2020 Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or as to any person
or Award, or would disqualify this 2020 Plan or any Award under any Applicable Laws, such provision shall (to the fullest extent permitted
by Applicable Laws) be construed or deemed amended to conform to Applicable Laws, or if it cannot be so construed or deemed amended without,
in the determination of the Administrator, materially altering the intent of this 2020 Plan or the Award, such provision shall be stricken
as to such jurisdiction, person or Award, and the remainder of this 2020 Plan and any such Award shall remain in full force and effect.

 

(e) Awards payable
under this 2020 Plan shall be payable in Shares or from the general assets of the Company, and no special or separate reserve, fund or
deposit shall be made to assure payment of such awards. No Participant, beneficiary or other person shall have any right, title or interest
in any fund or in any specific asset (including Shares, except as expressly otherwise provided) of the Company or one of its subsidiaries
by reason of any award hereunder.

 

(f) Neither this
2020 Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between
the Company and a Participant. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award,
such right shall be no greater than the right of any unsecured general creditor of the Company.

 

(g) No fractional
Shares shall be issued or delivered pursuant to this 2020 Plan or any Award, and the Administrator shall determine whether cash, other
securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights
thereto shall be canceled, terminated or otherwise eliminated.

 

(h) This 2020 Plan
shall be submitted to the competent foreign exchange regulatory authority and tax authority of the PRC for registration if Applicable
Laws require, and shall be implemented in accordance with the applicable rules of these authorities with respect to Participants
who are PRC residents.

 

    9

     

    

 

(i) In order to
assure the viability of Awards granted to Participants employed in various jurisdictions, the Administrator may, in its sole discretion,
provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy, or custom
applicable in the jurisdiction in which the Participant resides or is employed. Moreover, the Administrator may approve such supplements
to, amendments, restatements or alternative versions of this 2020 Plan as it may consider necessary or appropriate for such purposes without
thereby affecting the terms of this 2020 Plan as in effect for any other purpose; provided, however, that no such supplements,
restatements or alternative versions shall increase the share limitations contained in Section 6 hereof. Notwithstanding the foregoing,
the Administrator may not take any actions hereunder, and no Awards shall be granted, that would violate any Applicable Laws.

 

(j) The Company
shall not be obligated to grant any Awards, permit the exercise of any Awards, issue any Award Shares upon the exercise of any Awards,
make any payments or take any other action pursuant to this 2020 Plan if, in the opinion of the Administrator, such action would conflict
or be inconsistent with any Applicable Law or the Company’s trading policies, and the Administrator reserves the right to refuse
to take such action for so long as such conflict or inconsistency or issue remains outstanding.

 

(k) The Company
shall maintain a register of Awards granted to the Participants and Award Shares issued to the Participants or an entity designated by
the Participants, including the dates of grant of such Awards and the exercise of such Awards and any other details as the Administrator
may deem appropriate.

 

(l) The 2020 Plan
and all Award Agreements shall be governed by and construed in accordance with the laws of the Cayman Islands.

 

Section 14. Effective
Date of 2020 Plan.

 

The 2020 Plan shall be effective
upon the closing the Business Combination with its approval by the Board of the Company (the “Effective Date”).

 

Section 15. Term
of 2020 Plan.

 

No Award shall be granted
under this 2020 Plan after the tenth anniversary of the Effective Date. However, unless otherwise expressly provided in this 2020 Plan
or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and the authority of the Administrator
to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award,
and the authority of the Board to amend this 2020 Plan, shall extend beyond such date.

 

    10

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