Document:

Exhibit 10.7

   

  EXECUTION VERSION

   

  SAFG Retirement Services, Inc.

    21650 Oxnard Street

    Suite 750

    Woodland Hills, CA 91367

   

  November 2, 2021

   

  Blackstone ISG-I Advisors L.L.C.

  c/o Blackstone Inc.

    345 Park Avenue

    New York, New York 10154

   

  SAFG Retirement Services, Inc.

    21650 Oxnard Street

    Suite 750

    Woodland Hills, CA 91367

   

  Commitment Letter

   

  Ladies and Gentlemen: 

   

  Reference is made to the Master SMA Agreements set forth on Exhibit A (as such agreements may be amended or modified
    from time to time, the “Master SMA Agreements”) between, on the one hand, American General Life Insurance Company (“L&R”), and certain current or future life insurance company Subsidiaries and/or Affiliates of L&R that are or may
    become (including, without limitation, pursuant to Section 6(d) below) party to such Master SMA Agreements (each of L&R and Parent, and such other current or future Subsidiaries of Parent, a “Company” and collectively, the “Companies”),

    and, on the other hand, Blackstone ISG-I Advisors L.L.C., a Delaware limited liability company (the “Investment Manager”), a wholly owned subsidiary of Blackstone Inc. (“Blackstone”). SAFG Retirement Services, Inc., a Delaware corporation
    (“Parent”) is an indirect Subsidiary of American International Group, Inc., a Delaware corporation (“AIG”), and L&R is an indirect Subsidiary of Parent.

   

  Reference is also made to the Stock Purchase Agreement, dated as of July 14, 2021 (the “Signing Date”), by and between
    Argon Holdco LLC (“Buyer”), and AIG (the “Stock Purchase Agreement”), pursuant to which AIG shall sell and convey to Buyer, and Buyer shall purchase and acquire from AIG, an amount of shares of common stock of Parent.  Notwithstanding
    anything to the contrary herein, for all purposes hereunder, this Agreement  (as  defined  below)  shall  be  effective  on  September  30,  2021  and  any reference to the “Effective Date,” “the date hereof” or “the date first written above,” shall be
    deemed to be references to September 30, 2021 as the context so requires.

   

  
     

    
      
 

  

  
   

  Pursuant to, and in consideration of the transactions contemplated by the Stock Purchase Agreement and the Investment
    Manager’s support of each Company’s investment strategy and the services required of it from and after the Effective Date (as defined in the Stock Purchase Agreement) (such date, the “Effective Date”), under the Master SMA Agreements, the
    Investment Manager has dedicated, and will dedicate, significant efforts and has expended, and will expend, significant resources, including by hiring employees, entering into service agreements and other contractual arrangements, investing  in
     information  technology systems,  making  regulatory  filings  and corresponding with regulators, expanding its office space and committing additional time and resources of personnel of the Investment Manager and its Affiliates, in each case, in
    developing and implementing each Company’s investment management and asset allocation strategy that is expected to result in significant benefits to the Companies and their respective Affiliates. In order to induce the Investment Manager to expend the
    resources necessary to successfully implement the arrangements contemplated by the Master SMA Agreements and to ensure the preservation of the covenants and agreements set forth in the Master SMA Agreements, and in consideration of the representations,
    warranties, covenants and agreements set forth in such Master SMA Agreements, and the expected benefits to be derived by the Companies from the relationship between the Investment Manager and the Companies under the applicable Master SMA Agreements,
    and any New Master SMA Agreements (as defined below) entered into with the Investment Manager or its Affiliates, Parent is entering into this agreement (this “Agreement”) on its own behalf and as the parent company of the Companies, with the
    Investment Manager and, solely for the purposes of Sections 4, 6, 8 and 13 hereof, AIG, as follows:

   

  1.            Defined Terms. Capitalized terms not otherwise defined in this Agreement shall have the meanings set
    forth in the applicable Master SMA Agreement.

   

  2.            Termination of the Master SMA Agreements. Except in accordance with the terms and conditions of Section

      3(c) hereof, Parent shall not cause, permit or suffer itself, any Company or any of their respective Affiliates or Subsidiaries to terminate the Master SMA Agreement that such Company is a party to for so long as any sub-manager agreement (“Sub-Manager

      Agreement”) pursuant to which any Sub-Manager manages assets of such Company remains effective.

   

  3.           Termination of Sub-Manager Agreements.  Parent shall not cause, permit or suffer itself, any Company or
    any of their respective Affiliates or Subsidiaries to terminate any Sub-Manager Agreement, except, following the Initial Term (as defined below), in accordance with the terms and conditions of Section 3(b) hereof.

   

  
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  (a)          The “Term” with respect to each Master SMA Agreement and Sub-Manager Agreement will be deemed to commence
    on the Effective Date, and will (i) initially end  on  the  earlier  of  the  sixth  (6th)  anniversary  of  the  (x)  Initial  AUM Satisfaction Date and (y) December 31, 2021 (the “Initial Term End Date”) and thereafter (ii) automatically renew
    (beginning on the sixth (6th) anniversary hereof) for additional two (2) year periods (any such subsequent two (2) year period, a “Renewal Term” and the end of any such Renewal Term, a “Renewal Term End”) unless terminated in accordance
    with Section 3(b) or Section 3(c).

   

  (b)            Termination for Adverse Performance:

   

  (i)  

  Following the Initial Term,
    Parent may make an election to cause, or permit, itself or a Company or any of their respective Affiliates or Subsidiaries to terminate any Sub-Manager Agreement on or after the sixth anniversary hereof (i.e., from the end of the Initial Term) (such
    date, an “SMA Termination Election Date”); provided, that:

   

  (1)  

  

  such  Company  has   provided  written 
     notice  to   the Investment Manager of such termination (an “SMA Termination Notice”);

   

  (2)  

  the SMA Termination Notice has been authorized
    by the affirmative vote of at least a majority of all of the directors of Parent, excluding Blackstone’s representative (the “Directors”), acting reasonably and in good faith (an SMA Termination Notice delivered with such approval, a “Valid
      SMA Termination Notice”); and

   

  (3)  

  no such termination shall be effective on any
    date earlier than the 6 month anniversary of the applicable SMA Termination Election  Date (the “SMA  Termination Effective Date”).

   

  
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  (ii)       Notwithstanding anything to the contrary set forth herein, Parent shall not cause, permit or suffer itself, any Company or
    any of their respective Affiliates or Subsidiaries to terminate any Sub-Manager Agreement  pursuant  to   Section   3(b)(i)  unless  a   majority  of  the independent  directors  of Parent,  excluding Blackstone’s representative (the “Independent

      Directors”), acting reasonably and in good faith, determine that “unsatisfactory long term performance” (as described in the two-part test in clause (1) below) has occurred and has not yet been cured in accordance with this Section 3(b)(ii):

   

  	
           

        	
          (1)

        	
          unsatisfactory long term performance by the Sub-Manager pursuant to such Sub-Manager Agreements shall be determined
            separately with respect to Existing AUM, on the one hand, and New AUM, on the other hand, in each case,  based  on  the  following two  required  testing conditions:

        

   

  (i) first, whether the performance on the Existing AUM or New AUM, as applicable, measured on a “total return” basis
     (calculated  in  accordance  with   Exhibit  G) underperformed   the  applicable  pro  forma   Benchmark return in respect of such Existing AUM portfolio or New AUM portfolio, as applicable, by at least 5% (or 5 basis points, if greater,
    solely in a scenario where the applicable Benchmark return is between -0.5% and 0.5%) calculated on a portfolio-wide basis (which, if true, shall trigger an asset class by asset class performance review of the individual Blackstone Asset Classes
    pursuant to clause (ii) below); and

   

  (ii)  second,  whether  any  individual  Blackstone Asset Class has underperformed the Benchmark opposite such Blackstone
    Asset Class on Exhibit B hereto by at least 10% (or 5 basis points, if greater, solely in a scenario where the  applicable  Benchmark  return  is  between  -0.5%  and 0.5%) (in each case, as calculated in the manner set forth on Exhibit G
    hereto);

   

  	
           

        	
          (2)

        	
          provided, that the determination of Existing AUM in clause (1) above shall be subject to Blackstone’s
            right, exercisable within one year of Closing, to develop a schedule of assets (not to exceed the Aggregate Exemption Cap (as defined below)), which shall be excluded from Existing AUM for purposes of the performance calculations and testing
            hereunder;

        

  	 	 	 
	
           

        	
          (3)

        	
          provided, that “unsatisfactory long term performance” with respect to any particular Blackstone Asset Class shall
            be determined on a “total return” basis (as calculated in accordance with Exhibit G) and calculated separately with respect to Existing AUM, on the one hand, and New AUM, on the other hand (using similar methodologies); provided
            further,  for  the  avoidance of  doubt,  that  “unsatisfactory long  term  performance”  with  respect  to  any  particular Blackstone Asset Class shall only be capable of being triggered if the conditions set forth in the tests in
            clause (i) and clause (ii) (as applied to such Blackstone Asset Class) are both satisfied;

        

   

  
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          (4)

        	
          provided, that for purposes of determining “unsatisfactory long term performance,” (1) the performance of each of
            (a) the applicable Benchmark and (b) each Blackstone Asset Class under the Sub-Manager  Agreements  shall be measured quarterly on a five-year rolling basis beginning on the earlier of (x) the fifth anniversary of the month-end of the date (the
            “Initial AUM Satisfaction Date”) on which the Companies have contributed Subject Assets to the Portfolio with an aggregate value at least equal to $50 billion, where the value of a Subject Asset for this purpose is fixed at the market
            value of such Subject Asset on the date of contribution to the Portfolio, and (y) December 31, 2026  (such  five-year period,  the “Performance Measurement Period”) and (2) the performance of any Subject Assets which a Company
            has directed the Investment Manager to buy, retain or sell in a circumstance where the Investment Manager has provided written notice to such Company delivered on or prior to the date of such purchase, retention or sale stating that the
            Investment Manager is not supportive of such purchase, retention or sale (in whole or in part) shall be excluded for purposes of performance testing;

        

  	 	 	 
	
           

        	
          (5)

        	
          provided, however, that in the case of the failure of both testing conditions described in clause (1) above, the
            Independent Directors shall deliver written notice of such finding (a “Performance Notice”) to the Investment Manager, and the Investment Manager shall thereafter be afforded a one-year cure period or such longer period of time as
            determined by a majority of the Independent Directors (a “Performance Cure Period”) to address the Independent Directors’ concerns pursuant to a cure strategy to be proposed in writing by the Investment Manager to the Independent
            Directors reasonably promptly following the delivery of the Performance Notice (but in no event delivered more than thirty (30) calendar days following delivery of the Performance Notice) and approved by the affirmative vote of a majority of
            the Independent Directors, acting reasonably and in good faith, prior to the commencement of such Performance Cure Period (it being understood that the Performance Cure Period shall be tolled until such affirmative vote unless the failure to
            achieve an affirmative vote is due to the failure of the Investment Manager to deliver a cure strategy within thirty (30) calendar days following delivery of the Performance Notice);

        

   

  
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          (6)

        	
          provided, that at the end of a Performance Cure Period, the Independent Directors, acting reasonably and in good
            faith, shall determine by majority affirmative vote whether a satisfactory cure has been achieved relative to the approved cure strategy (it being understood that (x) if the event described in clause (1)(ii) is no longer continuing with respect
            to the applicable Blackstone Asset Class, a satisfactory cure shall have been achieved with respect to such event and (y) a satisfactory cure of the event described in clause (1)(i) shall not automatically result in a deemed satisfactory cure
            with respect to any Blackstone Asset Class for which the event   described   in clause   (1)(ii)   is continuing); and

        

  	 	 	 
	
           

        	
          (7)

        	
          if the Independent Directors determine that a satisfactory cure  has  been  achieved  relative  to  the  approved  cure
            strategy in respect of any Performance Notice, then the applicable Performance Notice shall be deemed rescinded and no corresponding SMA Termination Notice shall be issued or deemed issued in respect thereof.

        

  	 	 	 
	
           

        	
          (8)

        	
          To  the  extent  a  termination  occurs  in  respect  of  any Blackstone Asset Class comprising the Existing AUM as a
            result of unsatisfactory long term performance with respect to such Blackstone Asset Class determined in accordance with this Section 3(b), (i) none of the Existing AUM comprising the Blackstone Asset Class subject to such termination
            shall be reinvested by the Investment Manager during the applicable cure period and transition period unless mutually agreed with the Directors of Parent and (ii) the Investment Manager will no longer charge Management Fees on the remaining
            Existing AUM comprising the Blackstone Asset Class subject to such termination and will not charge Management Fees with respect thereto from the date of delivery of the Performance Notice until such time as the Existing AUM comprising such
            Blackstone Asset Class matures or is sold and is thereafter reinvested in accordance with the terms of this Agreement or, if applicable, until such time as the unsatisfactory long term performance has been cured in accordance with this Section

              3(b) (it being understood, for the avoidance of doubt, that (i) nothing herein shall change the Subject Asset Minimums set  forth  on  Exhibit  C  and  (ii)  AIG’s  obligations  shall continue to operate independently of this
            clause (8) and shall not be affected hereby).

        

   

  
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          (9)

        	
          In  connection  with  this  Section  3(b),  the  Investment Manager shall deliver to Parent within 45 days after
            the end of the calendar quarter ending on December 31, 2021 and each calendar quarter thereafter during the Term a calculation of the performance of the Existing AUM and the  New  AUM  measured  on   a  “total  return”   basis calculated in
            accordance with Exhibit G and this Section 3(b), together with reasonable supporting detail, in each case in the form mutually agreed by Parent and the Investment Manager, which shall include information regarding the handling
            of realized gains or losses and how such items are utilized or spread over time (subject, in each case, to reasonable delays in the event of late receipt of necessary information).

        

  	 	 	 
	
           

        	
          (10)

        	
          For purposes of this Agreement, the “Aggregate Exemption Cap” shall mean the dollar amount, measured as of the Initial
            AUM Satisfaction Date, equal to the greater of (x) $5 billion and (y) the sum of (A) 20% of the Existing AUM allocated to the “Private high grade, project finance and other long-dated investments” Blackstone Asset Class and (B) 10% of the
            Existing AUM allocated to all other Blackstone Asset Classes.

        

   

  (iii)         From and after the Initial Term End Date, to the extent no Valid SMA Termination Notice has been delivered in accordance
    with this Section 3(b) and the SMA Termination Effective Date has not occurred, the Term with respect to each Sub-Manager Agreement (for which no Valid SMA Termination Notice has been delivered or the SMA Termination Effective Date has not
    occurred) shall continue.

   

  
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  (c)        Notwithstanding anything to the contrary in this Section 3, during or following the Initial Term, Parent
    may cause or permit the Companies to terminate the Master SMA Agreements and the Sub-Manager Agreements at any time by providing written notice to the Investment Manager that each of Parent and each Company has determined that an event described in
    clauses (i) through (iii) below has occurred, and Parent may cause or permit the Companies to terminate the applicable Sub-Manager Agreements (but not the Master SMA Agreements) as more fully provided in clause (v)(2) below at any time by providing
    written notice to the Investment Manager that each of Parent and each Company has determined that an event described in clause (iv) below has occurred.

   

  (i)              a Cause Event;

   

  (ii)             the occurrence of an Equity Hold Breach;

   

  (iii)         the  Investment  Manager  being  in  material  breach  of  a material covenant of a Master SMA Agreement (including, for
    the avoidance of doubt, the Investment Manager’s obligation to adhere to the Investment Guidelines); or

   

  (iv)         a  material  adverse   change  occurs   at   the   Investment Manager such that the Investment Manager or one of its
    Sub-Managers is unable to manage such Blackstone Asset Class as provided for in the applicable Master SMA Agreement due to a complete loss of capability with respect to a particular Blackstone Asset Class;

   

  (v)            provided, that

   

  	
           

        	
          (1)

        	
          solely with respect to any event described in clause (iii) above that neither constitutes nor results from a Cause
            Event, the Investment Manager shall have the right to cure such an event within thirty (30) days after receiving written notice of such event from the relevant Company (the “Cure Period”) and Parent shall, and shall cause each applicable
            Company to, cooperate in good faith with the Investment Manager as the Investment Manager seeks to cure any such breach;

        

  	 	 	 
	
           

        	
          (2)

        	
          with respect to any event described in clause (iv) above, (x) any determination of an event described in clause (iv)
            shall apply solely with respect to the affected Blackstone Asset Class and Parent may only cause or permit itself or a Company to terminate any Sub-Manager Agreement that relates  to  the  affected  Blackstone  Asset  Class,  (y)  the
            Investment Manager shall have the right to cure such event within three (3) months after the occurrence of such event and (z) Section 3(b) shall continue to apply with respect to any potential determination of “unsatisfactory long-term
            performance” and any cure periods related thereto with respect to all other Blackstone Asset Classes;

        

   

  
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          (3)

        	
          any  termination  by  the  Companies  as  provided  in  this Section 3(c) shall require the affirmative approval
            of at least a majority of the Directors of Parent and the delivery of written notice to the Investment Manager of such termination at least thirty (30) days prior to the effective date of such termination; and

        

  	 	 	 
	
           

        	
          (4)

        	
          for the avoidance of doubt, any dispute as to the occurrence of an event described clauses (c)(i), (ii), (iii) or (iv)
            of this Section 3 or (solely in the case of clauses (iii) and (iv)) the cure thereof, shall be submitted to binding arbitration in accordance with Section 9 of this Agreement

        

   

  (d)          A “Cause Event” shall mean the Investment Manager (x) is no longer able to carry on its investment
    advisory business as a going concern under the U.S. Investment Advisers Act of 1940 or (y) is performing its obligations under any Master SMA Agreement with gross negligence, willful misconduct or reckless disregard of any of such obligations.

   

  
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  (e)          An  “Equity  Hold  Breach”  shall  be  deemed  to  occur  if  Buyer (together with its Affiliates) Sells
    (as defined in that certain Stockholders Agreement by and among Parent, AIG and Buyer dated as of the date hereof (as amended, restated, supplemented or otherwise modified from time to time in accordance with its terms, the “Stockholders Agreement”))

    any Initial Shares (each of the foregoing, a “Buyer Share Sale”) such that it no longer retains the Minimum Ownership (as defined below). For the avoidance of doubt, a Buyer Share Sale shall not include any Sale (as defined in the Stockholders
    Agreement), disposition or other change in Share Ownership arising out of or resulting from (s) any Sale of the Initial Shares done with the prior written consent of Parent (or, if applicable, AIG) pursuant to Section 5.1(a)(vi) of the Stockholders
    Agreement, (t) the exercise by Buyer of its rights pursuant to the proviso set forth in Section 5.1(a)(ii) of the Stockholders Agreement, (u) the exercise by AIG of its rights pursuant to Section 5.2 (Drag-Along Right) of the Stockholders Agreement,
    (v) the exercise by Buyer of its rights pursuant to Section 5.3 (Tag-Along Right) of the Stockholders Agreement, (w) the exercise by Buyer of its rights pursuant to Section 6.1 (Exchange Right) of the Stockholders Agreement (and including any
    subsequent Sale of AIG Common Stock (as defined in the Stockholders Agreement)), (x) pro rata participation by Buyer or any Affiliate of Buyer in any share repurchase by AIG or Parent or any other action taken by AIG or
    Parent to cause Buyer and its Affiliates’ aggregate ownership of AIG or Parent,
    as applicable, to remain below 9.9% pursuant to Section 5.1(a)(iii) of the Stockholders Agreement, (y) the acquisition, directly or indirectly,
    by any Person (as defined in the Stockholders Agreement) or group (within the meaning of Section 13(d) of the Exchange Act) of Persons of more than 50% of the outstanding equity of Parent or all or substantially all of the consolidated assets of Parent and  its  Subsidiaries,  taken  as  a  whole,  in  each  case  whether  though  a  merger, consolidated, dissolution, liquidation, recapitalization, share exchange, business combination or similar transaction involving Parent (including a sale of Parent by its stockholders), other than any acquisition by a Person or group of Persons where more than 50% of the
    outstanding equity of the ultimate parent entity of such Person or group is, immediately after such acquisition, beneficially owned by the equityholders of Parent
      immediately prior to such acquisition (any
    such transaction described in this clause (y), an “Acquisition Transaction”);  provided that, if the consideration received by
    Buyer in any such Acquisition Transaction consists (in whole or in part) of freely tradeable marketable securities (as defined in Section 6.1 of the Stockholders Agreement) of a Person other than Parent (“Acquiror”), then such freely tradeable marketable securities shall be deemed for
      all purposes hereunder to be the “Initial Shares” subject to the Minimum Ownership provisions set forth herein; provided further, that the Share Ownership percentages shall be adjusted to give effect to such Acquisition Transaction and shall reflect the aggregate percentage of equity securities of Acquiror owned by Buyer and the Share Ownership percentage of Buyer immediately prior to such Acquisition Transaction and the exceptions in this definition set forth in this sentence shall apply, mutatis mutandis, with respect to any stockholders agreement (or similar organizational document) entered into with such Person or an Affiliate thereof in connection with
    or as a result of such Acquisition Transaction and/or the Acquiror, as applicable, or (z) any Sale or other direct or indirect transfer, assignment or other disposition or reallocation of the Initial Shares between or among Buyer and any Affiliate of Buyer, including any transfers to an Affiliate of Buyer of any interest or participation in any investment funds or investment vehicles affiliated with, or managed or advised by, the
       Buyer  or  any Affiliate  of  Buyer.  The  exceptions  set  forth  in  the  immediately preceding sentence shall apply to
    such Sales made by any Affiliate of Buyer, mutatis mutandis, following a Sale or other direct or indirect transfer, assignment or other disposition or reallocation of the Initial Shares between or among Buyer and any Affiliate of Buyer.

   

  
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  (f)             For purposes of this Agreement:

   

  (i)           “Initial Shares” shall mean (x) prior to the Separation (as used herein, such term shall have the meaning given
    thereto in the Stock Purchase Agreement) or the IPO (as used herein, such term shall have the meaning given thereto in the Stockholders Agreement) and, to the extent there is no IPO Corporation (as defined below), as of and following the Separation,
    the number of Purchased Shares (as defined in the Stock Purchase Agreement) and (y) as of and following the Separation or the IPO to the extent there is an IPO Corporation, the number of shares of the IPO Corporation issued to Buyer and its Affiliates
    in connection with the formation  of the  IPO  Corporation;  provided,  that  in  each  case,  such number of shares shall be adjusted appropriately to reflect the effect of any stock split, stock dividend, reverse stock split, any stock
    combination or other like changes with respect to the number of shares of Parent and the IPO Corporation, as applicable; provided, further that the number of Initial Shares (but not the proportion of Initial Shares held by the Buyer)
    shall be reduced by the number of shares sold pursuant to any sale, disposition or other change of Share Ownership that is excluded from the definition of Buyer Share Sale.

   

  (ii)          “Minimum Ownership”  means Share Ownership of at least (i) 100% with respect to any date prior to the first
    anniversary of the closing of the IPO, (ii) 75% with respect to any date beginning on the first anniversary of the closing of the IPO until the second anniversary of the closing of the IPO, (iii) 33% with respect to any date beginning on the second
    anniversary of the closing of the IPO until the third anniversary of the closing of the IPO, (iv) 25% with respect to any date beginning on the third anniversary of the closing of the IPO until the fifth anniversary of the closing of the IPO, and (v)
    0% with respect to any date beginning on the fifth anniversary of the closing of the IPO; provided that, in the event that the IPO is not consummated prior to the 24-month anniversary of the Closing Date, then the applicable anniversaries set
    forth in this definition shall be measured by reference to the two year anniversary of the Closing Date and not by reference to the closing of the IPO, mutatis mutandis.

   

  (iii)            “Share Ownership” shall mean the percentage, as of the date of calculation, of Initial Shares then held by
    Buyer and its Affiliates.

   

  (g)          For the avoidance of doubt, the provisions contained in Section 2 and  this  Section 3 do not and shall not 

    be deemed to constitute an  obligation  of a Company in respect of its rights to terminate the Master SMA Agreement to which it is a party, which rights are set forth solely therein. Any breach of this Agreement by Parent, and any termination by a
    Company of the Master SMA Agreement to which it is a party in any manner that is not consistent with the provisions of Section 2 or this Section 3, will give rise to remedies solely against Parent (or its successors or assigns) on
    behalf of itself and on behalf of any such Company, as described in Sections 4 and 5 below.

   

  
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  (h)          For the avoidance of doubt, (i) following the termination of any Master SMA Agreement pursuant to Section
      3(c)(i), Section 3(c)(ii) or Section 3(c)(iii) of this Agreement, the Investment Manager shall cease to be entitled to be paid its Management Fee from the effective date of such termination and the Subject Asset Minimums set forth
    on Exhibit C will be reduced to zero (0) from the such effective date and (ii) solely with respect to New AUM, following the termination of any Sub-Manager Agreement pursuant to Section 3(b) or Section 3(c)(iv) of this
    Agreement, with respect to any Blackstone Asset Class to which such terminated Sub-Manager Agreement relates, (x) the Investment Manager shall not make new investments for the relevant Blackstone Asset Class, except with respect to any investment that
    was reflected on the final pipeline report (or similar reporting document) delivered to the Company prior to the applicable SMA Termination Election Date, (y) the Investment Manager shall continue to manage and shall only be entitled to be paid its
    Management Fee with respect to New AUM following the effective date of such termination and until such time as the subject assets mature or are sold and (z) the amount of New AUM related to the terminated Blackstone Asset Class shall be deemed reduced
    as expressly provided in Section 6(i)(ii)(3) (it being understood, for the avoidance of doubt, that this clause (ii) shall not affect Subject Asset Minimums with respect to Existing AUM or any Blackstone Asset Class not subject to termination).
     For the avoidance of doubt, following the termination of any Sub-Manager Agreement pursuant to Section 3(b) of this Agreement with respect to Existing AUM allocated  to  any Blackstone  Asset  Class,  the  Investment  Manager  shall  cease  to
     be entitled to be paid its Management Fee with respect to such Existing AUM allocated to such Blackstone Asset Class from the commencement of any cure period related thereto; provided,  that  Management  Fees  shall  begin  to  accrue  once
     again  following  any successful cure.

   

  4.            Specific Performance. Each of the parties hereto agrees that irreparable damage would occur and that the
    other party would not have any adequate remedy at law in the event that any provision of this Agreement were not performed in accordance with its specific terms or were otherwise breached and that money damages or other legal remedies would not be an
    adequate remedy for any such failure to perform or breach. It is accordingly agreed that, without posting a bond or other undertaking, each party shall be entitled to injunctive or other equitable relief to prevent breaches of this Agreement and to
    enforce specifically the terms and provisions of this Agreement pursuant to Section 9, this being in addition to any other remedy to which they are entitled at law or in equity. In the event that any such action is brought in equity to enforce
    the provisions of this Agreement, no party shall allege, and each party hereby waives the defense or counterclaim, that there is an adequate remedy at law. The parties hereto further agree that (a) by seeking any remedy provided for in this Section
      4, a party hereto shall not in any respect waive its right to seek any other form of relief that may be available to such party hereto under this Agreement and (b) nothing contained in this Section 4 shall require any party hereto to
    institute any action for (or limit such party’s right to institute any action for) specific performance under this Section 4 before exercising any other right under this Agreement.

   

  
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  5.            Remedy in the Event of Company Termination. If either (a) a Company or any of Parent’s Affiliates or
    Subsidiaries terminates the Master SMA Agreement that such Company is a party to or any Sub-Manager Agreement in any manner that is not consistent with the provisions of Section 2 or Section 3, above, or (b) a Company or any of Parent’s
    Subsidiaries breaches (or causes a breach of) the Master SMA Agreement that such Company is a party to or any Sub-Manager Agreement, in either case in a manner that causes the Investment Manager or any Sub-Manager, as applicable, to terminate such
    Master SMA Agreement or Sub-Manager Agreement, the Investment Manager shall be entitled to receive from Parent or such Company as compensation for the costs incurred in  performing  services  under,  and  the  failure  to  receive  the  benefits
     reasonably anticipated by, such Master SMA Agreement or Sub-Manager Agreement, as applicable, the full amount of damages available at law in the same manner and to the same extent as if such Master SMA Agreement or Sub-Manager Agreement, as
    applicable, had been terminated by or at the direction of Parent in violation of the terms of this Agreement.

   

  6.              Subject

      Assets.

   

  (a)          Each of AIG (for so long as Parent is a Subsidiary of AIG) and Parent, on behalf of itself and each of the
    Companies, covenants and agrees to and with the Investment Manager that, at all times during the Term, the Investment Manager shall be appointed pursuant to the Master SMA Agreements to supervise and direct the investment and reinvestment of all
    Subject Assets. Subject to the exclusions set forth in Section 6(b)(i), “Subject Assets” shall mean all assets allocated to the Blackstone Asset Classes  existing  as  of  the  date  hereof  and  any additional  assets  allocated  to
     the Blackstone Asset Classes thereafter (including, for the avoidance of doubt, at any future date),  in  each  case,  relating  to,  originating  from,  or  associated  with  the  Subject Companies and/or as otherwise provided herein; provided,
    that to the extent a termination relating to New AUM in respect of a Blackstone Asset Class pursuant to Section 3(b) has occurred, then such New AUM corresponding to such Blackstone Asset Class shall cease to be considered “Subject Assets” for
    purposes of this Section 6(a) from and after the date of such termination. Subject to the exclusions set forth in Section 6(b)(ii), “Subject Companies” shall mean Parent’s Subsidiaries that are life insurance companies (including
    their respective successors and assigns), in each case existing as of the Signing Date and thereafter (including, for the avoidance of doubt, as of any future date), and any other Subsidiaries of Parent as may be agreed from time to time by Parent and
    the Investment Manager in writing.  “Blackstone Asset Classes” shall mean the asset classes described in Exhibit  B.   For  the  avoidance  of  doubt,  allocation  of  Subject  Assets  among  the Blackstone Asset Classes shall be in
    accordance with the Allocation Guidelines and may result in 0% allocation to a specific Blackstone Asset Class listed on Exhibit B.

   

  
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  (b)          Subject Assets Exclusions.

   

  (i)            Subject  Assets  shall  not  include  assets  (x)  of  any  New York-domiciled insurance company Subsidiaries of Parent
    or any non- insurance company Subsidiaries of Parent (an “Excluded Company”), unless otherwise agreed by Parent and the Investment Manager in writing (in which case the Subsidiary to which such assets relate shall no longer constitute an
    Excluded Company), (y) managed by an Affiliate of Parent or (z) described on Schedule I. For the avoidance of doubt, Subject Assets shall not include assets not allocated (or no longer allocated) to the Blackstone Asset Classes. 

   

  (ii)           Subject Companies shall not include Excluded Companies.

   

  (c)           During the Term, Parent and, until such time as Parent is no longer a Subsidiary, AIG (i) shall not cause,
    permit or suffer any Subject Company to appoint, retain or otherwise designate any Person other than the Investment Manager or any wholly owned subsidiary of Parent (including through any sub-management or sub- advisory relationship) to provide
    investment management or advisory services with respect to Subject Assets or, except as described on Schedule I, any Blackstone Asset Class and (ii) shall not, and they shall cause each Subject Company not to, take any action,  including
     any action  with  respect  to  any  direct  or  indirect  inquiry,  offer  or proposal relating to the provision of investment management or advisory services (including through any sub-management or sub-advisory relationship) with respect to Subject
    Assets or, except as described on Schedule I, any Blackstone Asset Class to, from or by any other party, that would reasonably be expected to impede or interfere with, the obligations of AIG, Parent or the Subject Companies under this Section

      6. For the avoidance of doubt, nothing in this Section 6(c) shall prohibit or restrict a Subject Company from making investments or commitments directly or through a wholly owned Subsidiary of Parent acting as investment manager (the “AIG

      Affiliated Manager”) in any “Alternative asset” (as described in  Exhibit B) that is sponsored or managed by an entity that is not an affiliate of the Investment Manager (a “Non-Blackstone External Manager”) (a “Non-Blackstone
      Product”), which Non-Blackstone Product would, if acquired on the Effective Date, be listed on such Subject Company’s Schedule BA.

   

  (d)          In  furtherance  of  the  foregoing,  to  the  extent  that  a  Subject Company has not entered into a separate
    Master SMA Agreement with the Investment Manager on the date hereof with effect on the Effective Date, each of AIG (for so long as Parent is a Subsidiary of AIG) and Parent shall cause such Subject Company to promptly enter into a separate master SMA
    agreement with the Investment Manager substantially in the form of the Master SMA Agreements (each of such master SMA agreements, a “New Master SMA Agreement”), subject to such New Master SMA Agreement including terms (other than terms that
    would impede or interfere with the obligations relating to such Subject Company under Section 6(a)) that may be required (i) pursuant to any applicable reinsurance or other agreement(s) between such Subject Company and the applicable ceding
    company(ies), reinsurer(s) and/or other transaction party(ies),(ii) by any applicable governmental or regulatory authority as a condition to such governmental or regulatory authority approving the applicable reinsurance or other transaction or (iii) to
    comply with laws and regulations applicable to the Subject Company or its investments. Exhibit A hereto shall be amended by the parties to reflect any New Master SMA Agreement promptly following the execution of any New Master SMA Agreement.

   

  
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  (e)          For the avoidance of doubt, (i) a direct or indirect change of ownership or control of, or other merger or
    business combination (whether by acquisition of stock, merger, business combination, consolidation or otherwise) involving, Parent, L&R or any Subject Company shall not be a termination event with respect to this Agreement and/or any Master SMA
    Agreement to which any such Subject Company is party to, as applicable, and this Agreement and each Master SMA Agreement shall continue in accordance with its terms following any such change of ownership, control or other transaction and (ii)
    notwithstanding any transfer of a Subject Asset (including by means of any transaction in which a Subject Company is sold and its assets reacquired from the acquirer of such Subject Company), such Subject Asset shall remain a Subject Asset.

   

  (f)           Parent shall (i) use commercially reasonable efforts to ensure that the aggregate value of the Subject Assets
    equal or exceed the AUM Mandate, where the value of a Subject Asset for purposes of this clause (i) is fixed at the market value of such Subject Asset on the date of allocation, (ii) use commercially reasonable efforts to ensure that the aggregate
    value of the contributions of Subject Assets by the Companies to the Portfolio (either in cash or such other assets as mutually agreed) with respect to each calendar quarter equals or exceeds the Quarterly AUM Increase Amount, where the value of a
    Subject Asset for purposes of this clause (ii) is fixed at the market value of such Subject Asset on the date of contribution to the Portfolio and (iii) use commercially reasonable efforts, and cause each Subject Company to use commercially reasonable
    efforts, to provide in a timely manner such information and assistance as is reasonably requested by the Investment Manager in order to ensure the Investment Manager and each Sub-Manager are able to perform the services set forth in the Master SMA
    Agreements and Sub-Manager Agreements.   Notwithstanding anything to the contrary herein, the parties agree the Parent shall have a grace period from the Effective Date until December 31, 2021 during which the Parent shall not be in breach of its
    obligations under this Section 6(f) if the Subject Assets allocated do not exceed the AUM Mandate.  For purposes of this Agreement, the “AUM Mandate” means, with respect to a calendar quarter, the aggregate amount listed on Exhibit C
    with respect to such calendar quarter and the “Quarterly AUM Increase Amount” equals the difference between (x) the “Aggregate Subject Assets” set forth in  Exhibit C for such calendar quarter, minus (y) the “Aggregate Subject
    Assets” set forth in Exhibit C for the immediately prior calendar quarter.

   

  
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  (g)          No portion of the Subject Assets shall, and Parent and, until such time as Parent is no longer a Subsidiary, AIG
    shall not allow any Subject Assets to, constitute “plan assets” within the meaning of ERISA and the regulations promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code.  Parent and, until such time as Parent is no longer a
    Subsidiary, AIG shall promptly notify the Investment Manager  in  writing  if  AIG  or  any  of  its  Affiliates  becomes  aware  that  there  is  a reasonable likelihood that any of the Subject Assets are or will constitute “plan assets” within the
    meaning of ERISA and the regulations promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code, which notice shall identify the applicable account(s).  Parent and, until such time as Parent is no longer a Subsidiary, AIG shall use
    commercially reasonable efforts to remediate the occurrence of any Subject Assets constituting “plan assets” within the meaning of ERISA and the regulations promulgated thereunder of any plan subject to ERISA or Section 4975 of the Code as soon as
    reasonably as practicable following the date such issue is identified or notified to the Investment Manager.

   

  (h)          With respect to AIG (for so long as Parent is a Subsidiary of AIG), Parent and each Subject Company, from the
    Effective Date until the termination of this Agreement, prior to entering into any agreement or arrangement with respect to, or effecting, directly or indirectly, any proposed change in ownership, sale of any voting securities or share exchange, or any
    proposed sale, exchange, dividend, transfer or other distribution or liquidation of all or a significant portion of its assets in one or a series of transactions, or any significant recapitalization, reclassification of its outstanding securities, or
    any acquisition or merger or business combination transaction (whether by acquisition of stock, assets, merger, business combination, consolidation or otherwise), Parent, on its own behalf or on behalf of any applicable Subject Company, will give
    reasonable advance notice to the Investment Manager in writing thereof and, if requested by the Investment Manager, shall use commercially reasonable efforts to arrange in connection therewith for proper provisions to be made upon terms and conditions
    satisfactory to the Investment Manager so that successors and assigns of the applicable Subject Company, or purchasers or recipients of such assets, in such transaction assume all of the obligations of Parent or any applicable Subject Company
    (including the obligation to appoint the Investment Manager to supervise and direct the investment and reinvestment of the assets of the Subject Companies allocated to the Blackstone Asset Classes) set forth in the Master SMA Agreement to which it is a
    party and/or this Agreement, as applicable; provided that in connection with any such assumption of obligations, Parent shall be released from the obligations assumed by such successors and assigns or purchasers or recipients and any Make Whole
    Amount payable by Parent shall be reduced proportionately.

   

  
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  (i)           True Up
      Payments.

   

  (i)           With  respect  to  each  Testing  Period,  if  the  Minimum Quarterly Fee exceeds the Actual Amount Invoiced (the
    difference thereof, the “Make Whole Amount”), Parent shall pay (or cause the payment of) the Make Whole Amount to the Investment Manager within ten (10) Business Days of the delivery to Parent of the invoice setting forth the Actual Amount
    Invoiced, subject to adjustment to take into account the principles set forth in clauses (ii)-(v) below and the application of the “corridor” below.  For the avoidance of doubt, the calculation of the Make Whole Amount shall be subject to the
    principles set forth below and in Section 6(i)(iv) to take into account changes in market values of securities relating to Existing AUM or New AUM. 

   

  		(ii)	For purposes of this Agreement:

   

  	
           

        	
          (1)

        	
          The “Actual Amount Invoiced” with respect to any Testing Period shall be equal to the Management Fees charged to
            the  Companies  during the  Testing  Period  in  accordance with Schedule 2 of the applicable Master SMA Agreements. The Actual Amount Invoiced will be calculated and tracked separately for Corridor AUM and Non-Corridor AUM. Beginning in the
            29th calendar quarter and thereafter, the Actual Amount Invoiced will be equal to the sum of (i) the Actual Amount Invoiced for Corridor AUM plus (ii) the Actual Amount Invoiced for Non-Corridor AUM, as set forth in Exhibit F.

        

  	 	 	 
	
           

        	
          (2)

        	
          The  “Minimum  Quarterly Fee”  shall  be  calculated  with respect to each calendar quarter separately with
            respect to Corridor AUM and Non-Corridor AUM, as applicable. For each  calendar  quarter  in  Corridor  Years  1  to  7,  the Minimum Quarterly Fee will equal the sum of (i) with respect to Non-Corridor AUM, the greater of (x) the Actual
            Amount      Invoiced   and  (y)  the   applicable   Minimum Quarterly Fee on Non-Corridor AUM set forth in Exhibit E, and (ii) with respect to Corridor AUM, the Corridor Minimum Quarterly Fee (as defined below) with respect to such
            calendar quarter based on the application of the “corridor” set forth in clause (iii) below. For each calendar quarter thereafter, the Minimum Quarterly Fee will equal the greater of (x) the Actual Amount Invoiced and (y) the applicable Minimum
            Quarterly Fee set forth on Exhibit F. The calculation of the Minimum Quarterly Fee with respect to any calendar quarter shall be reduced, as applicable, by the product of (x) the aggregate amount invested by the Companies directly in
            Blackstone Funds pursuant to any Master  SMA  Agreement  as  of  the  final  date  of  such calendar quarter and (y) 0.45% per annum (calculated on a quarterly basis). For the avoidance of doubt, the preceding sentence is designed to ensure
            that the Companies do not pay Blackstone two layers of management fees in connection with direct investments in Blackstone Funds.

        

   

  
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          (3)

        	
          Notwithstanding anything to the contrary herein, (x) for all calendar quarters following a SMA Termination Effective
            Date  for a  New  AUM  asset  class  strategy,  subject  to Section 3(h) (and including any termination pursuant to Section 3(c)(iv)), the applicable amounts of New AUM pertaining to such Blackstone Asset Class and the related
            fee amounts on Exhibits C, D, E and F shall be deemed reduced to reflect the termination of the applicable Sub- Manager Agreements based on the share of the New AUM allocated to such Blackstone Asset
            Class to which the Sub- Manager Agreements relate pursuant to the Allocation Guidelines over the five (5) year period ending on the SMA Termination Election Date, and (y) following the effective date of a termination pursuant to Section
              3(c)(i), Section 3(c)(ii) or Section 3(c)(iii) hereof, the applicable amounts of New AUM in Exhibit D and Exhibit E shall be deemed reduced to zero (0).

        

  	 	 	 
	
           

        	
          (4)

        	
          A  “Testing  Period”  shall  mean  a  calendar  quarter  (or portion thereof in the case of the first Testing
            Period and the final Testing Period, as applicable); provided that the first Testing Period shall begin on the earlier of (x) the Initial AUM Satisfaction Date and (y) December 31, 2021.

        
	 	 	 

  	
           

        	
          (5)

        	
          “Existing AUM” has the meaning set forth in Schedule 2 of the Master SMA Agreements.

        

  	 	 	 
	
           

        	
          (6)

        	
          “New AUM” has the meaning set forth in Schedule 2 of the Master SMA Agreements.

        

  	 	 	 
	
           

        	
          (7)

        	
          “Corridor AUM” means the amounts set forth on  Exhibit D under the heading “Corridor AUM”.

        

   

  
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          (8)

        	
          “Corridor Minimum Quarterly Fee” means (i) with respect to all Testing Periods of a Corridor Year other than the
            last Testing Period of a Corridor Year, the amount set forth under the heading “Base Fee” in Exhibit D and (ii) with respect  to  the  last  Testing  Period  of  Corridor  Year,  an amount equal to (x) the sum of the amounts set forth
            in the applicable column indicated in Exhibit D as the “Minimum Quarterly Fee” for each of the four Testing Periods of such Corridor Year based on the application of the “corridor” set forth in clause (iii) below minus (y) the
            sum of the amounts set forth under the heading “Base Fee” in  Exhibit D for each of the first three Testing Period of such Corridor Year. 

        

  	 	 	 
	
           

        	
          (9)

        	
          “Corridor Year” means the period beginning on the earlier of (x) the Initial AUM Satisfaction Date and (y)
            December 31, 2021 and ending on the last day of the calendar quarter in which one-year anniversary thereof occurs and the successive one-year periods following such initial period; provided that the final Corridor Year shall begin on
            the applicable anniversary thereof and end of the last day of the Term.

        

  	 	 	 
	
           

        	
          (10)

        	
          “Net Market Value Reduction” means with respect to any Testing Period, an amount equal to the excess, if any, of
            the total capital contributions with respect to each security in the Portfolio representing the purchase price or acquisition cost thereof over the then Average Month-End Net Asset Value thereof to the extent such decrease in the
            Average Month-End Net Asset Value is solely as a result of changes in the prices of such securities during such Testing Period.

        

  	 	 	 
	
           

        	
          (11)

        	
          “Non-Corridor AUM” means any new subsequent deposits of Subject  Assets  required  under this  Agreement  as  set
            forth on Exhibit E.

        

   

  (iii)          A “corridor” has been established in respect of the run-off of Existing AUM for purposes hereof which assumes a ratable
    7-year runoff and reinvestment of assets under management (with such run-off and reinvestment representing the Corridor AUM), as follows:

   

  (1)            Corridor Year 1: 14.29% expected but a corridor width of +/- 5% resulting in 13.57% to 15.00%

   

  (2)            Corridor Year 2: 14.29% expected but a corridor width of +/- 6.5% resulting in 13.36% to 15.21%

   

  (3)            Corridor Year 3: 14.29% expected but a corridor width of +/- 7.5% resulting in 13.21% to 15.36%

   

  
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  (4)            Corridor Year 4: 14.29% expected but a corridor width of +/- 8.5% resulting in 13.07% to 15.50%

   

  (5)            Corridor Year 5: 14.29% expected but a corridor width of +/- 10% resulting in 12.86% to 15.71%

   

  (6)            Corridor Year 6: 14.29% expected but a corridor width of +/- 10% resulting in 12.86% to 15.71%; and

   

  for the avoidance of doubt, the upper and lower bound Corridor AUMs calculated pursuant to this Section 6(i)(iii) will be calculated with
    reference to the Existing AUM as of the Effective Date of $50 billion.

   

  (iv)         In the event (x) the Companies have complied with the Subject Asset Minimums in accordance with Exhibit C, where
    the value of a Subject Asset for this purpose is fixed at the market value of such Subject Asset on the date of contribution to the Portfolio, and (y) a Make Whole Amount is due under Section 6(i), the amount of any such required Make Whole
    Amount with respect to any Testing Period in years 1 to 7 and thereafter shall be reduced (not below zero) by an amount equal to sum of (1) the product of (i) 0.30% per annum (calculated quarterly) and (ii) the Net Market Value Reduction then
    outstanding with respect to Existing AUM and (2) the product of (i) 0.45% per annum (calculated quarterly) and (ii) the Net Market Value Reduction then outstanding with respect to New AUM.

   

  (v)          In the event that a termination occurs pursuant to Section 3(b) in respect of any Blackstone Asset Class
    comprising the Existing AUM, the amount of any Makewhole Amount shall be reduced by an amount equal to the Management Fees on  such Existing AUM comprising such Blackstone Asset Class that would have been charged but for Investment Manager’s agreement
    not to charge such fees as set forth in Section 3(b)(ii)(8).

   

  (j)           In the event with respect to any year, the actual run-off of the Existing AUM is within the applicable “corridor” above
    for such Corridor Year, then the Minimum Quarterly Fee payable with respect to Corridor AUM for purposes of calculating the amounts in clause (ii) of the definition of “Corridor Minimum Quarterly Fee” shall equal the amount set forth under the heading
    “Base Fee” in Exhibit D (it being understood, for the avoidance of doubt, that during  any Corridor  Year  in  which  the  “corridor”  applies  in  respect  of  the Corridor AUM, in the event the Actual Amount Invoiced in respect of Corridor
    AUM is higher than such amount under the heading “Base Fee”, the Companies shall only be responsible for payment of the lower scheduled amount set forth under the heading “Base Fee” in  Exhibit D and as further described in clause (k)(i) below)
    except in the circumstance contemplated by clause (l) below where Parent has affirmatively consented).

   

  
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  (k)          In the event with respect to any Corridor Year, the actual run-off of the Existing AUM is not within the applicable
    “corridor” above for such Corridor Year, then the “Minimum Quarterly Fee” for purposes of calculating the amounts in clause (ii) of the definition of “Corridor Minimum Quarterly Fee” with respect thereto shall be calculated as follows:

   

  (i) in the event of an acceleration of run-off of the Existing AUM that is higher than the upper bound of the applicable “corridor”
    above, then the Minimum Quarterly Fee payable with respect to Corridor AUM shall equal the amounts set forth under the heading “High Corridor Fee” in Exhibit D (subject to adjustment pursuant to clause (l) below) with respect to the applicable
    Testing Periods (it being understood, for the avoidance of doubt, that in the event of an acceleration of run-off of the Existing AUM that is higher than the upper bound of the applicable “corridor”, in the event the Actual Amount Invoiced in respect
    of Corridor AUM is higher than such amount under the heading “High Corridor Fee”, the Companies shall only be responsible for payment of the lower scheduled amount set forth under the heading “High Corridor Fee” in  Exhibit D and as further
    described in this clause (k)(i)) except in the circumstance contemplated by clause (l) below where Parent has affirmatively consented); and

   

  (ii) in the event of a deceleration of run-off of the Existing AUM that is lower than the lower bound of the applicable “corridor”
    above, then the Minimum Quarterly Fee payable with respect to Corridor AUM shall equal the amounts set forth under the heading “Low Corridor Fee” in Exhibit D with respect to the applicable Testing Periods.

   

  (l)           Investment  Manager  shall  not  reposition  or  reinvest  more  than $7.143 billion of Existing AUM in any Corridor
    Year without Parent’s affirmative written consent; provided that in the case of clause (k)(i) where Parent has provided such consent for the Investment Manager to reposition or reinvest more than $7.143 billion of Existing AUM in any Corridor
    Year, to the extent the Actual  Amount  Invoiced  for  services  provided  by the  Investment  Manager exceeds the Minimum Quarterly Fee pursuant to clause (k)(i) above, then for the avoidance of doubt Parent or the Companies will pay the Actual Amount
    Invoiced in respect of such services (it being understood, for greater certainty, that any additional assets awarded to the Investment Manager by the Companies above such threshold shall be deemed to be consented to by Parent for purposes hereof).

   

  (m)          From the end of Corridor Year 6 and thereafter or, in the event of a complete runoff of the Existing AUM before the end
    of Corridor Year 6, the date of such complete runoff, then the Minimum Quarterly Fee shall equal the amount set forth under the heading “Base Fee” in  Exhibit D (calculated without regard to the “corridor” construct above).

   

  
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  (n)          All references to “value”, “fair value”, “fair market value” and “market value” for purposes of this Agreement, including
    the Exhibits hereto, shall mean value as determined in accordance with Schedule 2 to the applicable Master SMA Agreement.

   

  (o)          Allocation to Blackstone-Insurance Designed Products. The Investment Manager confirms, for the avoidance of doubt,
    that any Company invested in a fixed income product or strategy managed or sub-managed by the Investment Manager or its Affiliates and that is specifically designed for (or, as reasonably determined by Blackstone, is customarily held in investment
    portfolios of)  insurance  company investors  (“Blackstone-Insurance  Designed  Products”) will be allocated investment opportunities thereto on a fair and equitable basis, in each  case  in  accordance  with  the  Investment  Manager’s  or  its
     Affiliate’s applicable allocation policies and procedures related thereto. For the avoidance of doubt, the foregoing shall be applicable with respect to any Blackstone-Insurance Designed Products that any Company invests in following the Effective
    Date and shall apply to future Subject Companies.

   

  7.            AIG. AIG shall cause Parent and its Affiliates to comply with the terms of this Agreement and the Master
    SMA Agreements; provided, that AIG’s obligations pursuant to this Agreement shall automatically terminate at such time as Parent is no longer a Subsidiary of AIG.

   

  8.            Governing Law.  To the extent consistent with any mandatorily applicable federal law, this Agreement
    shall be governed by the laws of the State of New York without giving effect to any principles of conflicts of law thereof that would permit or require the application of the law of another jurisdiction and are not mandatorily applicable by law.

   

  9.            Arbitration. Any controversy arising out of or in connection with this Agreement or the breach or
    validity thereof (a “Dispute”) shall first be resolved through good faith negotiation by the parties, with the claiming party providing written notice of the Dispute (the “Notice of Dispute”) to the other party, which notice shall
    describe in sufficient detail the nature of the Dispute.   If the Dispute is not resolved between the parties within thirty (30) Business Days after the claiming party delivers the Notice of Dispute (provided that such thirty (30)-Business Day period
    may be extended upon agreement of the parties), then, at the election of either party, the Dispute shall be finally settled as follows:

   

  
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  (a)          The arbitration shall be conducted by a single (1) arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration
    Association (“AAA”) in effect at the time of the arbitration, except as they may be modified herein or by mutual agreement of the parties. The seat of the arbitration shall be New York, New York.

   

  (b)          The arbitrator shall be selected by the AAA from its list of qualified arbitrators and shall have no actual or potential conflict of
    interests in connection with deciding or hearing the Dispute.

   

  (c)          The arbitration shall be conducted in an expedited manner. There shall be one round of prehearing submissions by each party, whether
    simultaneous or sequential as directed by the tribunal, and no reply or rejoinder submissions shall be made unless the tribunal expressly so authorizes. The hearing shall be held within four (4) months of the constitution of the arbitral tribunal and
    shall continue, to the extent practicable, from Business Day to Business Day until completed. There shall be no post-hearing submissions except as directed by the tribunal, and before ordering such submissions, the tribunal shall identify for the
    parties, on the basis of its assessment of the case as of that time, the specific issues or matters it believes should be addressed. The tribunal shall endeavor to render its award within six (6) weeks of the last day of the hearing. The tribunal may
    modify this schedule for good cause shown. Failure to comply with any time period set out in this Section 9 shall not affect in any way the jurisdiction of the tribunal or the validity of its award.

   

  (d)          Any request for production of documents or other information is subject to the express authorization of the tribunal, which shall endeavor to
    ensure that any such requests  are as  limited and  disciplined  as  is  consistent  with  the just resolution of the dispute. The parties expressly waive any right to seek evidence under 9 U.S.C. § 7 or any similar provision. A party may request, and
    the tribunal should authorize, production only of specific documents or narrow and specific categories of documents that are critical to the fair presentation of a party’s case and reasonably believed to exist and be in the possession, custody or
    control of the other party.

   

  (e)          The parties agree that the arbitration shall be kept confidential and that the existence of the proceeding and any element of it (including
    any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions and any awards) shall not be disclosed beyond the arbitral tribunal, the AAA, the parties, their counsel, accountants and auditors, insurers and
    re- insurers or any person necessary to the conduct of the proceeding. These confidentiality obligations shall not apply (i) if disclosure is required by law or regulatory obligations or in judicial or administrative proceedings or as necessary for tax
    purposes (including in connection with an audit or other examination relating to taxes) or (ii) as far as disclosure is necessary to enforce the rights arising out of the award.

   

  
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  (f)           For the avoidance of doubt, the tribunal may grant specific performance or injunctive relief where authorized under this Agreement or
    applicable law. The tribunal shall have the authority to make orders for interim relief necessary to preserve a party’s rights, including preliminary injunctive relief. The parties agree that any ruling by the tribunal on interim measures shall be
    deemed to be a final award  with  respect  to  the  subject  matter  of  the  ruling  and  shall  be  fully enforceable as such. Each party hereby acknowledges that money damages may be an inadequate remedy for a breach or anticipated breach of this
    Agreement because  of  the  difficulty of  ascertaining the  amount  of  damage  that  will  be suffered in the event that this Agreement is breached. Therefore, in the event of a breach or anticipated breach of this Agreement by the other party or its
    Affiliates, and notwithstanding anything to the contrary contained herein, each party may, in addition to any other remedies available to it, seek an injunction to prohibit such breach or anticipated breach. Each party acknowledges and agrees that an
    injunction is a proper, but not exclusive, remedy available to each party and that the harm from any breach or anticipated breach of the covenants set forth in this Agreement would be irreparable and immediate.

   

  (g)          Notwithstanding Section 8 of this Agreement, the agreement to arbitrate set forth in this Section 9 and any arbitration
    conducted hereunder shall be governed by Title 9 (Arbitration) of the United States Code.

   

  (h)          The parties submit to the non-exclusive jurisdiction of the federal and state courts located within the County of New York, State of New
    York, as well as all appellate courts having jurisdiction over appeals from any of the foregoing, for the limited purpose of: (i) an application to compel arbitration or to resolve any dispute concerning the validity or effectiveness of this agreement
    to arbitrate; or (ii) an application for relief in aid of arbitration or enforcement of an arbitration award  (including  an  application  for  a  restraining order  and/or  injunction  to preserve the party’s rights). A request to a court for any of
    the foregoing remedies shall not be deemed incompatible with or a waiver of any party’s right to arbitrate. Each party hereby waives any requirement for the securing or posting of any bond in connection with such remedy.

   

  (i)           The costs of administration of the arbitration and any arbitrator’s fees shall be borne equally by the parties, unless the arbitrator
    determines that such costs or a part thereof shall otherwise be borne by the parties.

   

  (j)           The award shall be in writing and shall be final and binding on the parties. Judgment upon the award may be entered by any court having
    jurisdiction thereof or having jurisdiction over the relevant party or its assets.

   

  
    24

    
      
 

  

   

  (k)          Notwithstanding the foregoing provisions, without having to amend this Agreement pursuant to Section 15, the parties may by written
    agreement: (i) vary the procedures set forth above in Sections 9(a)-(j) or (ii) otherwise utilize another form of dispute resolution to address any Dispute in lieu of the arrangement described in this Section 9.

   

  10.         Waiver of Jury Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
    RIGHT THAT IT MAY  HAVE  TO  A  TRIAL  BY  JURY  IN  RESPECT  OF  ANY  PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. Each party hereby (i) certifies that no representative, agent or attorney
    of the other has represented, expressly or otherwise, that the other would not, in the event of a proceeding, seek to enforce the forgoing waiver and (ii) acknowledges that it has been induced to enter into this Agreement  by,  among  other  things,
     the  mutual  waivers  and  certifications  in  this paragraph.

   

  11.         Assignment;  Successors;  Waivers.    Except  as  required  by  Section  12 below, this Agreement
    shall not be assigned by any party hereto without the prior written consent (not to be unreasonably withheld, conditioned or delayed) of Blackstone, in the case of a proposed assignment by Parent or AIG, or Parent, in the case of a proposed assignment
    by Blackstone (which, in the case of any assignment to an Affiliate of the Investment Manager, shall not be unreasonably withheld, conditioned or delayed). Any attempted assignment in violation of this Section 11 shall be void.  This Agreement
    shall be binding upon, shall inure to the benefit of, and shall be enforceable by the parties hereto and their successors and permitted assigns. Any term or provision of this Agreement may be waived, or the time for its performance may be extended, in
    writing at any time by the party or parties entitled to the benefit thereof.  Any such waiver shall be validly and sufficiently authorized for the purposes of this Agreement if, as to any party, it is authorized in writing by an authorized
    representative of such party.  The failure of any party hereto to enforce at any time any provision of this Agreement shall not be construed to be a waiver of such provision, nor in any way to affect the validity of this Agreement or any part hereof or
    the right of any party thereafter to enforce each and every such provision. No waiver of any breach of this Agreement shall be held to constitute a waiver of any preceding or subsequent breach.

   

  12.         IPO Corporation. In the event the Separation or the IPO results or is expected to result in the creation of
    a newly formed holding company which will be the direct or indirect parent of Parent and will own, directly or indirectly, all of the Company Business (as defined in the Stock Purchase Agreement) effective as of the Separation or the IPO (the “IPO
      Corporation”), then, in connection with such Separation or IPO, Parent shall cause the IPO Corporation to enter into a letter agreement with the Investment Manager in form and substance substantially identical to this Agreement under which the
    IPO Corporation shall be bound by, and subject to, all of the obligations of Parent as if the IPO Corporation were Parent under this Agreement, mutatis mutandis, and such letter agreement shall be binding on
    and enforceable against the IPO Corporation.

   

  
    25

    
      
 

  

   

  13.          Marketing. Without the prior written consent of the Investment Manager, neither AIG, Parent nor their
    respective insurance company Subsidiaries shall use or cause the use of any descriptive marketing language relating to the Investment Manager or any of its Affiliates (including Blackstone) in any advertising of any of the foregoing parties’ life and
    retirement or other products in the independent marketing organization (IMO), broker/dealer or bank channels. Without the prior written consent of Parent, neither the Investment Manager nor its Affiliates shall use or cause the use of any descriptive
    marketing language relating to AIG, Parent or their respective insurance company Subsidiaries in any advertising of the foregoing parties’ asset management or investment management services. Notwithstanding the foregoing, the parties each acknowledge
    that disclosures made in the ordinary course for non-advertising purposes, including in relation to an entity’s status as a public company disclosure and Blackstone’s obligations in respect of Blackstone Funds, shall not be deemed to violate the terms
    of this Section 13.

   

  14.         Severability. To the extent this Agreement may be in conflict with any applicable law, this Agreement shall
    be construed to the greatest extent practicable in a manner consistent with such law. The invalidity or illegality of any provision of this Agreement shall not be deemed to affect the validity or legality of any other provision of this Agreement.

   

  15.         Counterparts;  Amendment.  This  Agreement  may  be  executed simultaneously in two or more counterparts,
    each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may not be modified or amended, except by an instrument in writing signed by the party to be bound or as may otherwise be
    provided for herein.

   

  16.         Notices.    All  notices,  requests,  demands  and  other  communications hereunder must be in writing and
    shall be deemed to have been duly given if delivered by hand, facsimile, e-mail, or mailed by first class, registered mail, return receipt requested, postage and registry fees prepaid and addressed as follows:

   

  (a)         If to Parent:

   

  SAFG Retirement Services, Inc.

    21650 Oxnard Street

    Suite 750

    Woodland Hills, CA 91367

    Attention: General Counsel

    Email: chris.nixon@aig.com

   

  
    26

    
      
 

  

   

  (b)          If to AIG:

   

  American International Group, Inc.

    1271 Avenue of the Americas

    41st Floor

    New York, New York 10020

    Attention:  General Counsel

    Email: lucy.fato@aig.com

   

  	
           

        	
          (c)

        	
          If to the Investment Manager:

        

   

  Blackstone ISG-I Advisors L.L.C.

    345 Park Avenue

    New York, New York 10154

    Attention:  Robert Young, General Counsel

    Email: robert.young@blackstone.com

   

  Addresses may be changed by notice in writing signed by the addressee.

   

  17.         Certain Terms. The term “Subsidiary” shall mean, with respect to AIG or any Company (including, for
    the avoidance of doubt, Parent) any entity of which AIG or such Company or one or more of the other Subsidiaries of AIG or such Company (or a combination thereof), as applicable, directly or indirectly owns, beneficially or of record, 50% or more of
    the voting power of shares of capital stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees, the voting interests, the economic interests, the general or limited partnership
    interests, the capital accounts or the distribution rights, as applicable, whether in the form of common stock, shares, membership, general, special or limited partnership interests or otherwise, “Affiliate” of any Person shall mean another
    Person that directly or indirectly, through one or more intermediaries, controls, is controlled by or is under common control with, such first Person (and, for the purposes of this definition, “control,” when used with respect to any Person, means the
    power to direct the management and policies of such Person, directly or indirectly through the ownership of voting securities, by contract, or otherwise, and the terms “controlling” and “controlled” have the meanings correlative to the  foregoing),
     and  “Person”  shall  mean  any  natural  person,  general  or  limited partnership, corporation, limited liability company, limited liability partnership, firm, association or organization or other legal entity.

   

  If the above correctly reflects our understanding and agreement with respect to the foregoing matters, please so confirm by
    signing a copy of this letter, and returning it to us, in the space provided below.

    

  [Remainder of page intentionally left
      blank; signature pages follow]

   

  
    27

    
      
 

  

   

  	
           

        	
          Sincerely,

        
	
           

        	
           

        	
           

        
	
           

        	
          SAFG RETIREMENT SERVICES, INC

        
	
           

        	
           

        	
           

        
	 	 	 
	
           

        	
          By:

        	
          /s/ Kevin T. Hogan

          

        
	
           

        	
          Name: 

        	
          Kevin T. Hogan

        
	
           

        	
          Title:

        	
          Chief Executive Officer & President

        

   

  [Signature Page to Commitment Letter]

   

  
     

    
      
 

  

   

  	
          ACCEPTED AND AGREED

        	
           

        
	
           

        	
           

        	
           

        
	
          BLACKSTONE ISG-I ADVISORS L.L.C.

        	
           

        
	
           

        	
           

        	
           

        
	 	 	 
	
          By:

        	
          /s/ Jeffrey Iverson

          

        	
           

        
	
          Name: 

        	
          Jeffrey Iverson

        	
           

        
	
          Title:

        	
          Managing Director and Chief Operating Officer

        	
           

        

   

  [Signature Page to Commitment Letter]

   

  
     

    
      
 

  

   

  	
          AMERICAN INTERNATIONAL GROUP, INC.

        	
           

        
	
           

        	
           

        	
           

        
	
          (solely for the purposes of Sections 4, 6, 8 and 13)

        	
           

        
	
           

        	
           

        	
           

        
	 	 	 
	
          By:

        	
          /s/ Mark Lyons

          

        	
           

        
	
          Name: 

        	
          Mark Lyons

        	
           

        
	
          Title:

        	
          Executive Vice President & Chief Financial Officer

        	
           

        

   

  [Signature Page to Commitment Letter]Exhibit 10.8

   

  EXECUTION VERSION

   

  MASTER SMA AGREEMENT

   

  This Master SMA Agreement (the “Agreement”),

      dated on November 2, 2021 and effective as of September 30, 2021 (the “Effective Date”), is by and between American General Life Insurance Company (the “Company”) and Blackstone ISG-I Advisors L.L.C. (the “Investment Manager”).
      Notwithstanding anything to the contrary herein, for all purposes hereunder, this Agreement shall be effective on September 30, 2021 and any reference to the “Effective Date,” “the date hereof” or “the date first written above,” shall be deemed to be
      references to September 30, 2021, as the context so requires.

   

  WHEREAS, the Company desires to engage the
      services of the Investment Manager, an investment adviser registered under the U.S. Investment Advisers Act of 1940, as amended (the “Advisers Act”), to serve as investment manager for a portion of the Company’s general account and/or
      investment portfolios (the assets in such portion of the Company’s general account and/or investment portfolios, which shall be notionally segregated on the books and records of the Company, and together with all additions, substitutions and
      alterations thereto, are collectively referred to herein as the “Portfolio”) with discretionary authority to manage the investment and reinvestment of the assets in such Portfolio, and to provide other advisory services in accordance with the
      terms of this Agreement, and the Investment Manager wishes to accept such appointment on the terms and conditions set forth in this Agreement.

   

  NOW, THEREFORE, in consideration of the mutual
      covenants herein contained, the parties hereto agree as follows:

   

  		1.	Appointment of Investment Manager.

   

  (a)          On the terms and subject to the
      conditions set forth herein, the Company hereby appoints the Investment Manager as investment manager of the Portfolio with discretionary authority to manage the investment and reinvestment of the funds and assets of the Portfolio in accordance with
      the terms hereof, including those set forth in Schedule 1 attached hereto (as amended or supplemented from time to time by either (i) an agreement in writing of the Company and the Investment Manager or (ii) in accordance with Section
        2(b), the “Investment Guidelines”), and the Investment Manager accepts such appointment.

   

  
     

    
      
 

  

  
   

  (b)          The Company shall retain discretion
      over asset allocation decisions, including, without limitation and for the avoidance of doubt, with respect to allocations of assets to and from the Portfolio generally, allocations to and from the Portfolio as compared to the portfolios of the
      Company’s Affiliates managed by the Investment Manager and allocations of assets among the Sub-Managers (as defined below). On or prior to the date hereof, the Company has provided the Investment Manager with certain asset allocation information with
      respect to the Portfolio. On or prior to the Initial AUM Satisfaction Date (as defined below), the Company shall provide the Investment Manager with its annual investment plan with respect to the Portfolio (as shall be revised on an annual basis and
      may otherwise be amended or updated by the Company from time to time, the “Allocation Guidelines”), and thereafter shall provide the Investment Manager with any subsequent versions of the Allocation Guidelines as well as any amendments or
      updates thereto impacting the Portfolio as soon as reasonably practicable. The Company agrees to provide the Investment Manager with reasonable advance written notice of any upcoming revisions, amendments or updates to the Allocation Guidelines
      impacting the Portfolio and, upon receipt thereof, the parties shall cooperate in good faith to mutually agree upon the manner and timing in which such revisions, amendments or updates are to be implemented with respect to the Portfolio (with such
      implementation period to be determined based upon the asset class(es) in question and the circumstances giving rise to such change, including, for the avoidance of doubt, applicable liquidity constraints and/or contractual obligations with respect to
      existing investments or investments in progress) (an “Allocation Transition Plan”) prior to the effectiveness thereof. References to the Investment Guidelines herein shall be deemed to include the Allocation Guidelines as they may be amended
      by any Allocation Transition Plan. To the extent the Allocation Guidelines are revised, amended or updated after the date hereof, except as set forth in any Allocation Transition Plan, such amended Allocation Guidelines will only apply on a
      prospective basis and will not affect any existing investments or investments in process as of the date of such revision, amendment or update. For purposes of this Agreement, “Initial AUM Satisfaction Date” shall mean the date on which the
      Company and its Affiliates have contributed assets to the Portfolio and the portfolios of its Affiliates managed by the Investment Manager with an aggregate value at least equal to $50 billion (where the value of such assets is fixed at the market
      value of such assets on the date of contribution to such portfolios).

   

  (c)           In the course of providing the
      services contemplated by this Agreement, the Investment Manager shall act as a fiduciary and shall discharge its fiduciary duties and exercise each of its powers under this Agreement with the care, skill and diligence that an investment adviser
      registered under the Advisers Act, acting in a like capacity and familiar with insurance company matters, would use in the conduct of a like enterprise with like aims, taking into consideration the facts and circumstances then prevailing, and such
      fiduciary duties shall specifically include a duty (i) to act with good faith, (ii) of loyalty to the Company, (iii) to provide full and fair disclosure of all material facts to the Company, (iv) to employ reasonable care to avoid misleading the
      Company, and (v) to act in a manner consistent with the Investment Guidelines. The duties and obligations set forth in this paragraph (c) are referred to herein as the “Standard of Care”.

   

  		2.	Management Authority; Powers of Investment Manager; Sub-Managers.

   

  (a)          For the avoidance of doubt and
      without limiting the generality of the powers conferred upon it by Section 1, the Investment Manager shall be responsible for the investment and reinvestment of the assets of the Portfolio in accordance with the Investment Guidelines.
      Subject to the Investment Guidelines and any Strategy-Specific Limitations (as defined below), the Investment Manager shall have full and exclusive authority and discretion with respect to the decisions to be made regarding the investment and
      reinvestment of the assets of the Portfolio. In connection therewith, the Investment Manager shall have full authority as the Company’s true and lawful agent and attorney-in-fact, with full power of substitution and full power in its name, place and
      stead, without obtaining the prior approval of the Company (except as otherwise specifically provided in this Agreement) and, to the extent consistent with Section 3(b), at the Company’s expense, to:

   

  (i)            source,
      identify and evaluate investment opportunities for the Portfolio, monitor and review the investments held in the Portfolio and analyze the progress of such investments;

   

  
    2 

    
      
 

  

   

  (ii)          make investment
      decisions in respect of the Portfolio (including taking actions with respect to the acquisition, purchase, consummation, satisfaction, exchange, liquidation, transfer and other dispositions of investments), including, for the avoidance of doubt and
      without limitation, investments in (A) Blackstone Funds and (B) investments in debt obligations or equity of any portfolio entities of Blackstone Funds, debt obligations or equity managed, originated or serviced by the Investment Manager, its
      Affiliates or portfolio entities of Blackstone Funds, and/or securitizations managed, originated or serviced by the Investment Manager, its Affiliates or portfolio entities of Blackstone Funds;

   

  (iii)         execute
      confidentiality agreements and other customary and appropriate documentation in connection with investments and prospective investments;

   

  (iv)         make reasonable
      investment representations on behalf of the Company in connection with making investments;

   

  (v)          enter into, make
      and perform all contracts, agreements, instruments and other undertakings for and on behalf of the Company and/or the Portfolio as the Investment Manager may reasonably determine to be reasonably necessary, advisable or incidental to the carrying out
      of the purposes of this Agreement;

   

  (vi)         buy, sell, hold
      and trade, in or on any market or exchange within or outside the United States or otherwise, preferred and common stock of domestic and foreign issuers, securities convertible into preferred or common stock of domestic and foreign issuers, debt
      securities of and/or loans to domestic and foreign governmental issuers (including federal, state, municipal, governmental sponsored agency, global and regional development bank and export-import bank issuers) and domestic and foreign corporate
      issuers, investment company securities, money-market securities, partnership interests (including making capital commitments with respect thereto and the funding thereof), mortgage and asset backed securities, foreign currencies, bank and
      debtor-in-possession loans, trade receivables, and commercial paper selected by the Investment Manager in its discretion;

   

  (vii)        lend money for
      the Portfolio, on a secured or unsecured basis, including in transactions described in clause (vi) above and in furtherance of the foregoing, to do anything which Investment Manager shall deem advisable in connection therewith, including, without
      limitation, the taking of action to preserve the Company’s rights, including sending notices of default and pursuing remedies, including, without limitation, the liquidation of collateral, and holding for the Company originally-executed loan
      agreements, notes, mortgages, security agreements and similar instruments;

   

  
    3 

    
      
 

  

   

  (viii)       exercise on
      behalf of the Company, and direct the exercise by the Custodian where appropriate of, all rights conferred by the Portfolio’s investments including, by way of example but without limitation, voting rights and the exercise of remedies;

   

  (ix)         execute on the
      Company’s behalf notices, demands and other documents relating to the enforcement of Company’s rights, as principal or agent, relating to an investment;

   

  (x)           retain third
      parties, including Affiliates of the Investment Manager to provide services relating to the Portfolio and its investments;

   

  (xi)          pursue or
      defend litigation and other proceedings arising out of or relating to the Portfolio and its investments; provided, that, with respect to any litigation or other proceeding in which no other client of the Investment Manager or its Affiliates
      is a party, the Investment Manager shall obtain the Company’s prior written consent (not to be unreasonably withheld, conditioned or delayed) prior to pursuing or defending such litigation or proceeding on the Company’s behalf,

   

  (xii)        advise the
      Company to select, open, maintain or close one or more sub-accounts with any Custodian (as defined below) pursuant to the applicable Custodial Agreement (as defined below);

   

  (xiii)        transfer funds
      (by wire transfer or otherwise) or securities (by transfer via the Depository Trust & Clearing Corporation or otherwise) (A) between the Portfolio’s Custodians (if more than one), (B) between sub-accounts maintained by any Custodian for the
      Portfolio, (C) subject to Section 19(d), between the Portfolio and any account owned by other clients of the Investment Manager or (D) to or from any brokers or dealers engaged by the Investment Manager on behalf of the Company in connection
      with the investments permitted herein; provided, that in recognition of the Investment Manager’s authority to transfer funds or securities between the Portfolio’s Custodians, the Company will (i) provide a copy of this Agreement to each
      Custodian that will be sending any Portfolio assets to non-affiliated Custodians and (ii) specify to such Custodian(s) the Company accounts maintained with Custodians, which shall be in a writing signed by the Company and provided to the sending
      Custodian that states with particularity the name and account numbers on sending and receiving accounts (including the ABA routing number(s) or name(s) of the receiving Custodian);

   

  (xiv)       execute on the
      Company’s behalf agreements and other documents pertaining to the formation, governance and management of legal entities the Investment Manager deems necessary or appropriate, for the purpose of or relating to investments; provided that, the
      Company has provided its prior written consent to the formation of such legal entities;

   

  
    4 

    
      
 

  

   

  (xv)        subject to Section

        5, select and open, maintain, and close one or more trading accounts with brokers and dealers for the execution of transactions on behalf of the Company; and

   

  (xvi)       effect such other
      investment transactions involving the assets in the Company’s name and solely for the Portfolio, including to execute agreements with counterparties on the Company’s behalf as the Investment Manager deems appropriate from time to time in order to
      carry out the Investment Manager’s responsibilities hereunder; provided that such authority shall not include the authority to execute repurchase or reverse repurchase agreements, securities lending, swaps, futures, options or other
      derivatives on the Company’s behalf, unless otherwise agreed in writing by the Company.

   

  Notwithstanding anything to the contrary in this
      Section 2(a), without the Company’s consent, no investment shall be made by the Investment Manager for or on behalf of the Company that causes the Company to incur indebtedness for borrowed money, or otherwise that employs leverage at the
      Company level, provided that the foregoing shall not limit the investment in any vehicle that uses leverage or other borrowing without direct recourse to the Company.

   

  (b)          The Investment
      Guidelines, including any amendments or supplements thereto, shall comply with the insurance laws and regulations of the State of Texas, other guidance published or formally distributed by insurance regulators and any other laws or regulations
      applicable to the parties with respect to the investments of the Company (“Applicable Investment Law”). If, due to a change in Applicable Investment Law, the Company reasonably determines that the Investment Guidelines no longer conform to
      Applicable Investment Law, the Company may, by written notice to the Investment Manager, revise the Investment Guidelines in order to cause the Investment Guidelines to conform to Applicable Investment Law; provided, that any such amendments
      shall apply exclusively on a prospective basis from the effective date of such amendment (which date may not be retroactive).

   

  (c)           In accordance
      with the Investment Manager’s policies and procedures set forth in Schedule 3 attached hereto, and subject to the Investment Guidelines, the Investment Manager or its agent is authorized, but shall not be required, to vote, tender or convert
      any securities in the Portfolio; to execute waivers, consents and other instruments with respect to such securities; to endorse, transfer or deliver such securities or to consent to any class action, plan of reorganization, merger, combination,
      consolidation, liquidation or similar plan with reference to such securities; and the Investment Manager shall not incur any liability to the Company by reason of any exercise of, or failure to exercise, any such discretion in the absence of gross
      negligence, willful misconduct, fraud, bad faith, breach of the Standard of Care or intentional and material breach of this Agreement by the Investment Manager.

   

  
    5 

    
      
 

  

   

  (d)          Notwithstanding
      anything in this Agreement to the contrary, the Investment Manager may, subject to the Allocation Guidelines, delegate any or all of its discretionary investment, advisory and other rights, powers, functions and obligations hereunder to one or more
      Affiliate investment advisers (each, a “Sub-Manager”); provided, that any such delegation shall be revocable by the Investment Manager in its sole and absolute discretion consistent with the terms and conditions related to the
      appointment of such Sub-Manager; provided, further, that the Investment Manager and the Company shall mutually agree upon the investment limitations applicable to any Sub-Manager (such limitations, “Strategy-Specific Limitations”)

      prior to the effectiveness of any such delegation. No delegation by the Investment Manager of any of its duties, obligations or responsibilities under this Agreement to any Sub- Manager pursuant to this Section 2(d) shall relieve the
      Investment Manager of any liability hereunder. The Investment Manager shall remain fully accountable to the Company for any acts or omissions of any such Sub-Managers as if such acts or omissions were its own.

   

  (e)           The Company shall
      maintain oversight for functions provided to the Company by the Investment Manager and the Company shall monitor services annually for quality assurance.

   

  (f)           Notwithstanding
      anything in this Agreement to the contrary, the Company shall have the right, subject to the terms governing the investment by the Portfolio in any asset within the Portfolio, as applicable, to direct the acquisition, retention or disposition of any
      asset by or in the Portfolio, as applicable, in accordance with instructions provided by the Company to the Investment Manager, and the Investment Manager shall use its commercially reasonable efforts to effect such acquisition, retention or
      disposition in accordance with such instructions. The Company acknowledges and agrees that, to the extent the Investment Manager did not breach the Standard of Care or fail to comply with the Investment Guidelines in connection therewith, the
      Investment Manager shall not be responsible for the timing of any sale, the inability to consummate any sale or to obtain fair market value for any asset in any sale executed at the Company’s direction in accordance with this Section 2(f).

   

  		3.	Compensation; Expenses.

   

  (a)           The Company
      agrees to pay the Investment Manager or its designee a management fee (“Management Fee”) for the services provided pursuant to this Agreement, calculated and paid in accordance with Schedule 2 attached hereto.

   

  
    6 

    
      
 

  

   

  (b)          The Investment
      Manager will be responsible for any costs and expenses of providing to the Portfolio the office overhead necessary for the Portfolio’s operations and the compensation of the Investment Manager’s and its Affiliates’ personnel, in each case except as
      otherwise expressly provided herein; provided, that the Company shall be responsible for Portfolio Trading and Investment Expenses of the Investment Manager and any Sub-Managers. Any Portfolio Trading and Investment Expenses payable by the
      Company hereunder will be paid by the Company within ten (10) Business Days following receipt by the Company of an invoice for such expenses, detailing the calculation of such expenses. For purposes of this Agreement, “Portfolio Trading and
        Investment Expenses” means all fees, costs, expenses and other liabilities or obligations reasonably incurred in connection with the Portfolio’s operations (which shall generally include those third-party and out-of-pocket expenses borne by
      other clients of the Investment Manager or any Sub-Manager, as applicable, in connection with the Blackstone Asset Classes) and allocated to the Portfolio on an equitable basis in conformity with customary insurance accounting principles consistently
      applied, including:

   

  (i)            all fees,
      costs and expenses of, or relating to, third-party service providers, including valuation agents, tax advisors, accountants, administrators, legal counsel, auditors, paying agents, investment bankers, depositaries, custodians, sub-custodians,
      consultants, ratings agencies, loan pricing service providers, loan servicers, special servicers, administrative agents, advisors and other professionals (e.g., senior advisors, industry experts, operating partners, other similar professionals and
      other service providers) including costs, expenses and fees charged or specifically allocated or attributed by the Investment Manager, Sub-Managers or their respective Affiliates to the Portfolio for such third-party services;

   

  (ii)          all
      out-of-pocket fees, costs and expenses, if any, incurred by or on behalf of the Portfolio (including the Portfolio’s pro rata share of any amounts incurred by the Investment Manager’s Affiliates in connection with actual or prospective investments in
      which the account is expected to participate) in connection with discovering, investigating, evaluating, developing, negotiating and structuring prospective or potential investments which are not ultimately consummated, including without limitation
      any legal, tax, administrative, accounting, travel and advisory, consulting, printing and other related costs and expenses and any liquidated damages, reverse termination fees and/or similar payments and commitment fees in respect of investments that
      are not ultimately consummated;

   

  (iii)         all
      out-of-pocket fees, costs and expenses incurred in connection with making investments, including sourcing, evaluating, developing, investigating, negotiating, structuring, trading, acquiring, settling, monitoring and holding investments or investment
      strategies, including, without limitation, any costs or expenses related to any financing, filing, auditing, tax, accounting, compliance, loan administration, travel, obtaining credit ratings, any legal, sourcing, advisory, consulting, engineering
      and other professional fees, costs and expenses in connection therewith (to the extent the Investment Manager is not reimbursed by the subject of an investment or other third parties) including fees, costs and expenses charged or specifically
      attributed or allocated by the Investment Manager, Sub-Managers or their respective Affiliates to the Portfolio with respect to any funds, vehicles, products, customized solutions, single- investor funds and accounts that are sponsored or managed by
      the Investment Manager or any of its Affiliates or portfolio companies thereof (collectively, the “Blackstone Funds”) in which the Portfolio invests (including, for the avoidance of doubt, any management fees and/or other fees and expenses,
      including performance-based compensation, payable or allocable to any Sub-Manager or its Affiliates in respect of the Portfolio’s investment in any Blackstone Fund), which amounts shall not offset or reduce any Blackstone Fund management fees or,
      except as expressly provided in Schedule 2 hereto, the Management Fee;

   

  
    7 

    
      
 

  

   

  (iv)         any fees, costs and expenses
      associated with the organization or maintenance of any vehicle used to acquire, hold or dispose of one or more of Portfolio’s investment(s) or otherwise facilitating the Portfolio’s investment activities, which, for the avoidance of doubt, shall not
      include any vehicle established primarily or solely for the benefit of the Investment Manager or its Affiliates, including without limitation any travel and accommodation expenses related to such entity and the salary and benefits of any personnel
      (including personnel of the Investment Manager, Sub-Managers or their respective Affiliates) reasonably necessary and/or advisable for the maintenance and operation of such entity, or other overhead expenses in connection therewith;

   

  (v)         all brokerage
      costs, prime brokerage fees, custodial and transfer agency fees and expenses, agent bank and other bank service fees; private placement fees, loan fees, commissions, valuation fees, appraisal fees, commitment fees and underwriting costs, commissions
      and discounts; costs and expenses of any lenders, investment banks and other financing sources, costs of trade clearance and settlement, corporate action processing, trade confirmation and reconciliation, and other out-of-pocket investment costs,
      fees and expenses actually incurred in connection with evaluating, making, holding, settling, monitoring or disposing of investments (but not, for the avoidance of doubt, in connection with investments into Blackstone Funds or underlying investments
      made by such Blackstone Funds);

   

  (vi)         all
      out-of-pocket fees, costs and expenses related to legal, tax and regulatory compliance-related matters relating to the Portfolio and its activities, including expenses relating to compliance-related matters (such as developing and implementing
      specific policies and procedures in order to comply with certain regulatory requirements) and regulatory reporting obligations specifically relating to the Portfolio’s activities and/or other regulatory filings, notices or disclosures of the
      Investment Manager, Sub-Managers or their respective Affiliates relating to the Portfolio and its activities (and for the avoidance of doubt, not including, in any case, the Advisers Act and similar regulations that generally relate to the Investment
      Manager’s overall business);

   

  (vii)        in each case, to
      the extent the applicable transaction is permitted hereunder, interest and fees and expenses arising out of all borrowings and guarantees made by, or other leverage incurred by, the Portfolio (if any), including through any credit facilities,
      including, but not limited to, the arranging, negotiation or documentation thereof and related legal expenses, and any and all costs and expenses incurred for or resulting from any spot foreign exchange trades;

   

  (viii)       all fees, costs
      and expenses of any litigation involving the Portfolio or an investment, including, as the context requires, portfolio companies, holding companies, special purpose vehicles and other entities through which the Portfolio’s investments are held,
      including portfolio entities, or otherwise relating thereto, the amount of any judgments, assessments, fines, remediations or settlements paid in connection therewith, directors and officers, liability or other insurance (including title insurance)
      and, without duplication of the amounts payable under Section 6, indemnification (including advancement of any fees, costs or expenses to persons entitled to indemnification) or extraordinary expense or liability relating to the affairs or
      investments of the Portfolio, in each case, to the extent such costs, expenses and amounts relate to claims or matters that are otherwise entitled to indemnification pursuant to Section 6;

   

  
    8 

    
      
 

  

   

  (ix)          any liquidated
      damages, forfeited deposits, reverse termination fees or other similar payments with respect to an investment;

   

  (x)           all
      out-of-pocket fees, costs and expenses of terminating, dissolving or winding-up the Portfolio and/or liquidating its assets;

   

  (xi)          all
      out-of-pocket fees, costs and expenses associated with the preparation and issuance of the Portfolio’s periodic reports and related statements (e.g., financial statements, tax returns and K-1s), accounting services and other printing, publishing and
      reporting-related expenses (including other notices and communications) in respect of the Portfolio and its activities;

   

  (xii)         any taxes
      and/or tax-related interest, fees or other governmental charges levied against the Portfolio and all out-of-pocket expenses incurred in connection with any tax audit, investigation, litigation, settlement or review of the Portfolio and the amount of
      any judgments, fines, remediation or settlements actually paid in connection therewith; and

   

  (xiii)        the expenses of
      any independent client representative of the Portfolio (if appointed).

   

  For the avoidance of doubt, Portfolio Trading and Investment Expenses
      described above shall be understood to include the Portfolio’s pro rata share of any such expenses borne directly or indirectly through any Blackstone Fund or other applicable underlying investment fund, vehicle or account.

   

  (c)           The Investment Manager confirms
      that in connection with any investment or commitment by the Company with respect to or in any Blackstone Fund, the Company will receive customary “most favored nations” economic rights with respect thereto based on the prevailing “most favored
      nation” provision available to third-party investors with a capital commitment to such Blackstone Fund that is equal to or less than the capital commitment of the Company and its Affiliates in the aggregate, and subject to customary conditions and
      limitations, including, for the avoidance of doubt, rights described in the underlying governing documents and disclosure documents of such Blackstone Fund and the disclosure documents provided to the Company in connection with this Agreement.

   

  
    9 

    
      
 

  

   

  		4.	Custodian.

   

  (a)           The assets of the Portfolio shall
      be held in the custody of one or more custodians, trustees, securities intermediaries or other entities duly appointed by the Company with prior written notice to the Investment Manager from a list of acceptable custodians or otherwise
    reasonably acceptable to the Investment Manager (each, a “Custodian”), in one or more accounts at each such Custodian pursuant to custodial, trust or similar agreements approved by the Company (each, a “Custodial Agreement”). The
    Investment Manager may advise the Company to (i) open new sub-accounts under any Custodial Agreement, and cause the assets of the Portfolio to be held in such sub-accounts established with the applicable Custodian in accordance with such Custodial
    Agreement or (ii) make changes to, or retain additional, Custodian(s). The Investment Manager is expressly authorized to give instructions to each Custodian, in writing, with respect to all investment decisions regarding the Portfolio, subject to the
    limitations set forth below in Section 4(b). The Company shall instruct each Custodian to send the Investment Manager duplicate copies of all Portfolio statements given to the Company by the Custodian. The Company acknowledges that it receives
    Portfolio statements from each Custodian at least quarterly.

   

  (b)          Notwithstanding anything in this
      Agreement to the contrary (including any authority granted to the Investment Manager pursuant to this Agreement), the Investment Manager shall not act as custodian or otherwise withdraw, hold (directly or indirectly) or take possession, custody,
      title, or ownership of any funds or securities of the Portfolio. The Investment Manager is not authorized to receive any Portfolio funds or securities. The Company shall instruct the Custodian to cooperate with the Investment Manager in connection
      with the Investment Manager’s performance of its services hereunder, including to take all steps necessary or appropriate to settle purchases, sales and trades made by the Company with respect to the Portfolio, including delivery of certificates,
      payment of funds and such other acts as may be necessary to fulfill such responsibilities. The Investment Manager shall give notice and directions to the Custodian (and copies thereof as required by the Company) with respect to the transactions
      regarding the Portfolio in such manner as agreed upon between the Custodian and the Investment Manager. The Investment Manager shall not be responsible or liable for any payments, distributions, deliveries and receipts with respect to the assets in
      the Portfolio or any loss incurred by reason of any act or omission of the Custodian, including but not limited to any loss arising from, on account of or in connection with the Custodian failing to timely notify the Investment Manager of any vote,
      corporate action or similar transaction. The Investment Manager and the Company agree that any provision in any Custodial Agreement under which the Investment Manager is authorized or permitted to withdraw Client funds or securities maintained with
      the Custodian upon the Investment Manager’s instruction to the Custodian (with the exception of instructions to the Custodian from the Investment Manager authorized or permitted by this Agreement) is hereby declared null and void, it being the
      parties’ intent that the Investment Manager shall not have custody of the Company’s funds or securities for purposes of Rule 206(4)-2 under the Advisers Act.

   

  
    10 

    
      
 

  

   

  5.           Brokerage. The Company
      hereby delegates to the Investment Manager sole and exclusive authority to designate the brokers or dealers from the list set forth on Schedule 4, as may be updated from time to time by the Company with the consent of the Investment Manager
      (not to be unreasonably withheld, conditioned or delayed), through whom all purchases and sales on behalf of the Portfolio will be made. To the extent permitted by applicable law and included on Schedule 4, such brokers or dealers may include
      Affiliates of the Investment Manager. The Investment Manager will reasonably determine the rate or rates, if any, to be paid for brokerage services provided to the Portfolio. In selecting brokers or dealers from Schedule 4 to effect
      transactions on behalf of the Portfolio, the Investment Manager, subject to its overall duty to obtain “best execution” of Portfolio transactions, will have authority to and may consider the full range and quality of the ability of the brokers or
      dealers to execute transactions efficiently, their responsiveness to the Investment Manager’s instructions, their facilities, reliability and financial responsibility and the value of any research or other services or products they provide. The
      Investment Manager will not be obligated to seek in advance competitive bidding for the most favorable commission rate applicable to any particular transaction for the Portfolio or to select any broker-dealer on the basis of its purported posted
      commission rate. As long as the services or other products provided by a particular broker or dealer included on Schedule 4 (whether directly or through a third party) qualify as “brokerage and research” services within the meaning of Section
      28(e) of the Securities Exchange Act of 1934, as amended (and relevant Securities and Exchange Commission interpretations of that section) and the Investment Manager determines in good faith that the amount of commission charged by such broker or
      dealer is reasonable in relation to the value of such “brokerage and research services,” the Investment Manager may utilize the services of that broker or dealer to execute transactions for the Portfolio on an agency basis even if (i) the Portfolio
      would incur higher transaction costs than it would have incurred had another broker or dealer been used and (ii) the Portfolio does not necessarily benefit from the research or products provided by that broker or dealer.

   

  		6.	Limitation of Liability; Indemnification.

   

  (a)           The Investment Manager does not
      guarantee the future performance of the Portfolio or any specific level of performance, the success of any investment decision or strategy that the Investment Manager may use, or the success of the Investment Manager’s overall management of the
      Portfolio. The Investment Manager does not provide any express or implied warranty as to the performance or profitability of the Portfolio or any part thereof or that any specific investment objectives will be successfully met. The Company
      understands that investment decisions made by the Investment Manager on behalf of the Portfolio are subject to various market, currency, economic, political and business risks, and that those investment decisions will not always be profitable.

   

  
    11 

    
      
 

  

   

  (b)          The Investment Manager, any
      Affiliate of the Investment Manager or any member, partner, shareholder, principal, director, officer, employee or agent of the Investment Manager or any such Affiliate (each, an “Investment Manager Party”) shall not be liable for any loss,
      liability, damage, costs or expenses (including, without limitation, any interest, penalties and reasonable attorneys’ fees incurred in connection with the defense of proceedings) (“Losses”) resulting from: (i) any act or omission (including
      any such acts or omissions deemed to constitute willful misconduct, negligence, or bad faith) of any independent representative, consultant, independent contractor, broker, agent or other person (other than any Sub-Manager or Affiliate of the
      Investment Manager) who is selected, engaged or retained by the Investment Manager in connection with the performance of ministerial services, without investment management discretion, under this Agreement; provided, that such representative,
      consultant, independent contractor, broker, agent or other person is selected and monitored by the Investment Manager and its Affiliates, representatives or other related persons, as applicable, in good faith with reasonable care; (ii) any act or
      failure to act by any Custodian or, subject to clause (i) above, any other third party; (iii) the failure by the Investment Manager to adhere to any limitations or restrictions contained in the Investment Guidelines as a result of changes in
    market value, additions to or withdrawals from the Portfolio, portfolio rebalancing or other non- volitional acts of the Investment Manager; (iv) any act or omission by the Investment Manager in connection with the performance of its services under
    this Agreement, unless such act or omission constituted gross negligence, willful misconduct, fraud, bad faith, a breach of the Standard of Care or an intentional and material breach of this Agreement by the Investment Manager; or (v) revisions to the
    Investment Guidelines pursuant to Section 2(b). The Investment Manager shall have no liability for any Losses suffered, and shall be fully indemnified by the Company for any Losses it may suffer, as the result of any actions it takes or any
    actions it does not take based on instructions received from any of the authorized persons of the Company reasonably believed by the Investment Manager to be genuine. The Company agrees to indemnify, defend, hold and save harmless the Investment
    Manager and each Investment Manager Party from and against any and all Losses incurred or suffered by any such Investment Manager Party in connection with the performance of their activities hereunder on behalf of the Portfolio; provided, that
    no Investment Manager Party shall be so indemnified to the extent such Losses have been incurred or suffered by such Investment Manager Party by reason of the gross negligence, willful misconduct, fraud or bad faith of an Investment Manager Party or a
    breach of the Standard of Care or an intentional and material breach of this Agreement by the Investment Manager. Nothing herein shall require the Company to reimburse or indemnify the Investment Manager for the Investment Manager’s own income tax
    liabilities. The Investment Manager may consult with legal counsel at its cost and expense concerning any question which may arise with reference to this Agreement or its duties hereunder.

   

  (c)           The Investment Manager shall
      indemnify, defend, hold and save harmless the Company, any Affiliate of the Company or any member, partner, shareholder, principal, director, officer, employee or agent of the Company or any such Affiliate (each, a “Company Party”) against any
      Losses to the extent arising from any gross negligence, willful misconduct, fraud, bad faith, breach of the Standard of Care or intentional and material breach of this Agreement by the Investment Manager, in each case only as finally determined in a
      final decision on the merits by a court of competent jurisdiction in any action, suit or proceeding.

   

  (d)          The federal and state securities
      laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing in this Agreement will waive or limit any rights that the Company may have under those laws.

   

  		7.	Termination.

   

  (a)           Either party may terminate this
      Agreement upon thirty (30) calendar days’ prior written notice (a “Termination Notice”) or such shorter period of time as the parties may agree in writing.

   

  (b)          Termination of this Agreement shall
      not, however, affect liabilities and obligations incurred or arising from transactions that are in process prior to the termination date, or consummation of transactions that are in process prior to the receipt by one party of the other party’s
      notice of termination, provided that, for the foregoing purposes, a transaction shall only be “in process” at the relevant time if it is the subject of a letter of intent or contractual or other legally binding commitment, written agreement
      in principle or definitive agreement to invest. Following a Termination Notice, the Investment Manager shall cooperate with the Company and provide such assistance as is reasonably required for a prompt and orderly transition of the Portfolio and
      functions and business to the Company and/or any third party designated by the Company. Such transfer of functions and business shall include the transfer of books, records, documents and evidence of the Company’s investments or rights and
      obligations in (and ownership of) such investments.

   

  
    12 

    
      
 

  

   

  		8.	Representations, Warranties and Covenants.

   

  		(a)	The Company represents and warrants to the Investment Manager as follows:

    

  (i)           the Company has
      full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

   

  (ii)          this Agreement
      constitutes a binding obligation of the Company, enforceable against the Company in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar
      laws relating to or affecting creditors’ rights or by general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law;

   

  (iii)         the execution,
      delivery and performance of this Agreement by the Company do not violate (A) any law applicable to the Company, (B) any provision of the constituent documents of the Company, or (C) any agreement or instrument to which the Company is a party, except
      for such violations as would not have a material adverse effect on the ability of the Company to perform its obligations under this Agreement;

   

  (iv)         no consent of
      any person, and no license, permit, approval or authorization of, exemption by, report to, or registration, filing or declaration with, any governmental authority is required by the Company in connection with the execution, delivery and performance
      of this Agreement other than those already obtained;

   

  (v)          the Company is
      an insurance company;

   

  (vi)         the Company is
      not an investment company (as that term is defined in the Investment Company Act of 1940, as amended) nor exempt from the definition of investment company by reason of Section 3(c)(1) of such Act;

   

  (vii)        the Company is
      an “accredited investor” under Regulation D promulgated under the Securities Act of 1933, as amended;

   

  (viii)       the Company is a
      “qualified institutional buyer” (“QIB”) as defined in Rule 144A under the Securities Act of 1933, as amended, and the Company will promptly notify the Investment Manager if the Company ceases to be a QIB;

   

  
    13 

    
      
 

  

   

  (ix)          the Company is
      a “qualified purchaser” (“QP”) as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended, and the Company will promptly notify the Investment Manager if the Company ceases to be a QP;

   

  (x)           no portion of
      the assets contained in the Portfolio constitute or will constitute “plan assets” within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) and the regulations promulgated thereunder, or Section 4975 of
      the Internal Revenue Code of 1986, as amended (the “Code”) of any employee benefit plan or plan subject to ERISA or Section 4975 of the Code;

   

  (xi)          the Company has
      implemented anti-money laundering policies, procedures and systems that are designed to comply with the U.S. Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, as amended, and any other applicable anti-money laundering laws, regulations and
      sanctions programs (including those administered by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) including, without limitation, the list of specially designated nationals and blocked persons administered by OFAC
      as such list may be amended from time to time, and any other applicable sanctions programs) and the Company is in compliance with such applicable laws, regulations and programs;

   

  (xii)         the Company’s
      interest in any investment shall be acquired and/or is being acquired for its own account solely for investment and not with a view to resale or distribution thereof (unless otherwise provided in this Agreement) and the Company has such knowledge and
      experience in financial and business matters that the Company is capable of evaluating the merits and risks of the terms and conditions of this Agreement including those risks associated with the investment program described hereunder, the term, fee
      and expense structure provided for hereunder and is able to bear such risks, including a complete loss of capital;

   

  (xiii)        the Company
      acknowledges and agrees that, in accordance with Section 4, the Investment Manager shall under no circumstances act as custodian of the assets of the Portfolio or any securities or other investments purchased or sold for the Portfolio or
      cash pending contribution to or distribution from any such investment or take or have title to or possession of the assets of the Portfolio or any securities or other investments purchased or sold for the Portfolio. The Investment Manager shall not
      have the power or authority to amend the terms of any of the Company’s custody arrangements with respect to the Portfolio or related cash or to appoint a custodian without the Company’s prior written consent. The Company shall notify each Custodian
      prior to its appointment as a custodian to the Portfolio of the limitations with respect to the Investment Manager set out in this Section 8(a)(xiv);

   

  
    14 

    
      
 

  

   

  (xiv)       the Company acknowledges that the
      Investment Manager is not responsible for the management or diversification of the Company’s entire portfolio of investments and agrees that the only responsibility which the Investment Manager shall have with respect to such portfolio is to manage,
      within the applicable Investment Guidelines and in accordance with the terms of this Agreement, the investments in the Portfolio;

   

  (xv)        the Company has
      been given the opportunity to (A) ask questions of, and receive answers from, the Investment Manager and each of its representatives concerning the terms and conditions of, and other matters pertaining to, this Agreement and (B) obtain any additional
      information necessary to evaluate the merits and risks of entering into this Agreement that the Investment Manager can acquire without unreasonable effort or expense;

   

  (xvi)       the Company has
      received, carefully reviewed and understands the disclosures set forth in Part 2 of the Investment Manager’s Form ADV filed with the U.S. Securities and Exchange Commission and the Supplemental Disclosure Memorandum delivered to the Company prior to
      the date of execution hereof, including the description of potential conflicts of interest and other risk factors associated with the provision of the services described herein; and

   

  (xvii)      each
      representation and warranty made herein by the Company shall be deemed made by the Company on a continual basis, as of each date this Agreement continues to be in effect, and the Company shall immediately notify the Investment Manager if any
      representation or warranty made herein ceases to be true in any material respect; provided that in the case of clause (x) the Company shall immediately notify the Investment Manager if the representation or warranty made in clause (x) ceases
      to be true in any respect.

   

  (b)          The Investment
      Manager represents and warrants, and with respect to clauses (vi) and (vii) below, covenants, to the Company as follows:

   

  (i)           the Investment
      Manager has full corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder;

   

  (ii)         this Agreement
      constitutes a binding obligation of the Investment Manager, enforceable against the Investment Manager in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
      moratorium and other similar laws relating to or affecting creditors’ rights or by general equity principles, regardless of whether such enforceability is considered in a proceeding in equity or at law;

   

  (iii)         the execution,
      delivery and performance of this Agreement by the Investment Manager do not violate (A) any law applicable to the Investment Manager, (B) any provision of the articles of incorporation or by-laws of the Investment Manager, or (C) any agreement or
      instrument to which the Investment Manager is a party, except for such violations as would not have a material adverse effect on the ability of the Investment Manager to perform its obligations under this Agreement;

   

  
    15 

    
      
 

  

   

  (iv)         no consent of
      any person, and no license, permit, approval or authorization of, exemption by, report to, or registration, filing or declaration with, any governmental authority is required by the Investment Manager in connection with the execution, delivery and
      performance of this Agreement other than those already obtained;

   

  (v)          the Investment
      Manager is registered under the Advisers Act as an “investment adviser”;

   

  (vi)         the assets in
      the account are and shall remain (A) the exclusive property of the Company; (B) held for the benefit of the Company; and (C) subject to the control of the Company (other than any such assets that are held in a reinsurance trust account, which shall
      be subject to the limitations of the applicable reinsurance trust agreement);

   

  (vii)        the Investment
      Manager shall continue to be registered under the Advisers Act as an “investment adviser” for as long as this Agreement is in full force and effect or until this Agreement is otherwise terminated in accordance with Section 7;

   

  (viii)       the Investment
      Manager (A) has and shall maintain all required governmental and regulatory registrations and memberships necessary to carry out its obligations under this Agreement and to act as described in this Agreement and (B) has completed, obtained and
      performed (in each case, as applicable) all filings, approvals, authorizations, consents and examinations required by any government or governmental authority for its acts contemplated by this Agreement;

   

  (ix)         the Investment
      Manager has established, maintained and implemented compliance policies and procedures reasonably designed to ensure compliance with the requirements of the Advisers Act and the rules and regulations promulgated thereunder;

   

  (x)          the Investment
      Manager has implemented anti-money laundering policies, procedures and systems that are designed to comply with the U.S. Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, as amended, and any other applicable anti-money laundering laws,
      regulations and sanctions programs (including those administered by OFAC including, without limitation, the list of specially designated nationals and blocked persons administered by OFAC as such list may be amended from time to time, and any other
      applicable sanctions programs) and the Investment Manager is in compliance with such applicable laws, regulations and programs;

   

  
    16 

    
      
 

  

   

  (xi)         there are no
      actions, suits, proceedings or formal investigations pending or, to the knowledge of any officer of the Investment Manager after reasonable inquiry, threatened against the Investment Manager or its principals, at law or in equity or before or by any
      federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality or any self-regulatory organization or exchange, which could reasonably be expected to have a material adverse impact on the ability of
      the Investment Manager to comply with its obligations under this Agreement; and

   

  (xii)        each
      representation and warranty made herein by the Investment Manager shall be deemed made by the Investment Manager on a continual basis, as of each date this Agreement continues to be in effect, and the Investment Manager shall immediately notify the
      Company if any representation or warranty made herein ceases to be true in any material respect.

   

  9.           Notices.
      All notices, requests, demands and other communications hereunder must be in writing and shall be deemed to have been duly given if delivered by hand, facsimile, e-mail, or mailed by first class, registered mail, return receipt requested, postage and
      registry fees prepaid and addressed as follows:

   

  		(a)	If to the Company:

   

  American General Life Insurance Company

  2727-A Allen Parkway, 3-D1 

  Houston, Texas 77019

  		Attention:	General Counsel

  			chris.nixon@aig.com

   

  		(b)	If to the Investment Manager:

   

  Blackstone ISG-I Advisors L.L.C.

  345 Park Avenue 

  New York, New York 10154

  Email: robert.young@blackstone.com

  Attention: Robert Young, General Counsel

   

  Addresses may be changed by notice in writing signed by the addressee.

   

  10.          No Assignment.
      This Agreement may not be assigned by any party to this Agreement without the prior written consent of the other parties hereto; provided, that the Investment Manager may assign any of its rights and obligations hereunder to any Affiliate; provided,
      further, that such Affiliate assumes the obligations of the Investment Manager hereunder and written notice is provided to the Company with respect thereto. For purposes of the preceding sentence, the term “assign” shall have the meaning given
      the term “assignment” in Section 202(a)(1) of the Advisers Act and Rule 202(a)(1)-1 thereunder. Subject to the foregoing, this Agreement shall inure to the benefit of and be binding on the parties hereto and their successors and permitted assigns, in
      each case provided that such successor or assignee agrees to be bound by the terms and conditions of this Agreement.

   

  
    17 

    
      
 

  

   

  11.          Governing Law.
      To the extent consistent with any mandatorily applicable federal law, this Agreement shall be governed by the laws of the State of New York without giving effect to any principles of conflicts of law thereof that would permit or require the
      application of the law of another jurisdiction and are not mandatorily applicable by law.

   

  		12.	Texas Insurance Law Requirements.

   

  (a)           If the Company is
      placed in receivership or seized by the Commissioner of the Texas Department of Insurance (the “Commissioner”) under the Chapter 443 of the Texas Insurance Code: (1) all of the rights of the Company under this Agreement extend to the receiver
      or the Commissioner; and (2) all books and records will immediately be made available to the receiver or the Commissioner and shall be turned over to the receiver or the Commissioner immediately upon the receiver’s or the Commissioner’s request.

   

  (b)          The Investment
      Manager does not have any automatic right to terminate this Agreement if the Company is placed in receivership pursuant to Chapter 443 of the Texas Insurance Code.

   

  (c)          The Investment
      Manager agrees to continue to maintain any systems, programs, or other infrastructure notwithstanding a seizure by the Commissioner under Chapter 443 of the Texas Insurance Code, and will make them available to the receiver for so long as the
      Investment Manager continues to receive timely payment for services rendered.

   

  (d)          Other than in
      respect of investments permitted by the Investment Guidelines and applicable investment laws and regulations under the Texas Insurance Code, the Company shall not advance funds to the Investment Manager under this Agreement, except to pay fees and
      expenses pursuant to the terms of this Agreement.

   

  13.          Arbitration.
      Any controversy arising out of or in connection with this Agreement or the breach or validity thereof (a “Dispute”) shall first be resolved through good faith negotiation by the parties, with the claiming party providing written notice of the
      Dispute (the “Notice of Dispute”) to the other party, which notice shall describe in sufficient detail the nature of the Dispute. If the Dispute is not resolved between the parties within thirty (30) Business Days after the claiming party
      delivers the Notice of Dispute (provided that such thirty (30)-Business Day period may be extended upon agreement of the parties), then, at the election of either party, the Dispute shall be finally settled as follows:

   

  (a)           The arbitration
      shall be conducted by a single (1) arbitrator in accordance with the Commercial Arbitration Rules of the American Arbitration Association (“AAA”) in effect at the time of the arbitration, except as they may be modified herein or by mutual
      agreement of the parties. The seat of the arbitration shall be New York, New York.

   

  (b)          The arbitrator
      shall be selected by the AAA from its list of qualified arbitrators and shall have no actual or potential conflict of interests in connection with deciding or hearing the Dispute.

   

  
    18 

    
      
 

  

   

  (c)           The arbitration
      shall be conducted in an expedited manner. There shall be one round of prehearing submissions by each party, whether simultaneous or sequential as directed by the tribunal, and no reply or rejoinder submissions shall be made unless the tribunal
      expressly so authorizes. The hearing shall be held within four (4) months of the constitution of the arbitral tribunal and shall continue, to the extent practicable, from Business Day to Business Day until completed. There shall be no post-hearing
      submissions except as directed by the tribunal, and before ordering such submissions, the tribunal shall identify for the parties, on the basis of its assessment of the case as of that time, the specific issues or matters it believes should be
      addressed. The tribunal shall endeavor to render its award within six (6) weeks of the last day of the hearing. The tribunal may modify this schedule for good cause shown. Failure to comply with any time period set out in this Section 13
      shall not affect in any way the jurisdiction of the tribunal or the validity of its award.

   

  (d)          Any request for
      production of documents or other information is subject to the express authorization of the tribunal, which shall endeavor to ensure that any such requests are as limited and disciplined as is consistent with the just resolution of the dispute. The
      parties expressly waive any right to seek evidence under 9 U.S.C. § 7 or any similar provision. A party may request, and the tribunal should authorize, production only of specific documents or narrow and specific categories of documents that are
      critical to the fair presentation of a party’s case and reasonably believed to exist and be in the possession, custody or control of the other party.

   

  (e)           The parties agree
      that the arbitration shall be kept confidential and that the existence of the proceeding and any element of it (including any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions and any awards) shall
      not be disclosed beyond the arbitral tribunal, the AAA, the parties, their counsel, accountants and auditors, insurers and re-insurers or any person necessary to the conduct of the proceeding. These confidentiality obligations shall not apply (i) if
      disclosure is required by law or regulatory obligations or in judicial or administrative proceedings or as necessary for tax purposes (including in connection with an audit or other examination relating to taxes) or (ii) as far as disclosure is
      necessary to enforce the rights arising out of the award.

   

  (f)           For the avoidance
      of doubt, the tribunal may grant specific performance or injunctive relief where authorized under this Agreement or applicable law. The tribunal shall have the authority to make orders for interim relief necessary to preserve a party’s rights,
      including preliminary injunctive relief. The parties agree that any ruling by the tribunal on interim measures shall be deemed to be a final award with respect to the subject matter of the ruling and shall be fully enforceable as such. Each party
      hereby acknowledges that money damages may be an inadequate remedy for a breach or anticipated breach of this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered in the event that this Agreement is breached.
      Therefore, in the event of a breach or anticipated breach of this Agreement by the other party or its Affiliates, and notwithstanding anything to the contrary contained herein, each party may, in addition to any other remedies available to it, seek
      an injunction to prohibit such breach or anticipated breach. Each party acknowledges and agrees that an injunction is a proper, but not exclusive, remedy available to each party and that the harm from any breach or anticipated breach of the covenants
      set forth in this Agreement would be irreparable and immediate.

   

  
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  (g)          Notwithstanding Section

        11 of this Agreement, the agreement to arbitrate set forth in this Section 13 and any arbitration conducted hereunder shall be governed by Title 9 (Arbitration) of the United States Code.

   

  (h)          The parties submit
      to the non-exclusive jurisdiction of the federal and state courts located within the County of New York, State of New York, as well as all appellate courts having jurisdiction over appeals from any of the foregoing, for the limited purpose of: (i) an
      application to compel arbitration or to resolve any dispute concerning the validity or effectiveness of this agreement to arbitrate; or (ii) an application for relief in aid of arbitration or enforcement of an arbitration award (including an
      application for a restraining order and/or injunction to preserve the party’s rights). A request to a court for any of the foregoing remedies shall not be deemed incompatible with or a waiver of any party’s right to arbitrate. Each party hereby
      waives any requirement for the securing or posting of any bond in connection with such remedy.

   

  (i)           The costs of
      administration of the arbitration and any arbitrator’s fees shall be borne equally by the parties, unless the arbitrator determines that such costs or a part thereof shall otherwise be borne by the parties.

   

  (j)            The award shall
      be in writing and shall be final and binding on the parties. Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets.

   

  (k)          Notwithstanding
      the foregoing provisions, without having to amend this Agreement pursuant to Section 26, the parties may by written agreement: (i) vary the procedures set forth above in Sections 13(a)-(j) or (ii) otherwise utilize another form of
      dispute resolution to address any Dispute in lieu of the arrangement described in this Section 13. For the avoidance of doubt, if a dispute, controversy or claim relates to the issue or question of whether a party has breached its obligations
      under Section 22, such dispute, controversy or claim shall be deemed to be a “Dispute” hereunder and be subject to the provisions of this Section 13.

   

  14.          Waiver of Jury
        Trial. EACH PARTY HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
      AGREEMENT. Each party hereby (i) certifies that no representative, agent or attorney of the other has represented, expressly or otherwise, that the other would not, in the event of a proceeding, seek to enforce the forgoing waiver and (ii)
      acknowledges that it has been induced to enter into this Agreement by, among other things, the mutual waivers and certifications in this paragraph.

   

  15.          Right to Audit.
      The Company and its representatives shall have the right, at the Company’s expense, to conduct an audit of the relevant books, records and accounts of the Investment Manager related to the Portfolio during normal business hours upon giving reasonable
      notice of their intent to conduct such an audit. In the event of such audit, the Investment Manager shall comply with the reasonable requests of the Company and its representatives and provide access to all books, records and accounts necessary to
      the audit and the Company shall reimburse the Investment Manager for its reasonable out-of-pocket costs and expenses in connection with such audit.

   

  
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  16.          Books and
        Records. All books and records developed or maintained under or related to this Agreement shall remain the property of the Company and under its control. The Investment Manager shall keep and maintain proper books and records wherein shall be
      recorded the business transacted by it on behalf of, in the name of, or on account of the Company in respect of the Portfolio.

   

  17.          Reports.
      The Investment Manager shall furnish the Company with such reports relating to the Portfolio and in such form and at such intervals as are set forth on Schedule 5, and any additional reports and other information (a) as shall be mutually
      agreed to by the Company and the Investment Manager, (b) as shall be required by law or (c) as may be reasonably requested by the Company in connection with this Agreement or the Portfolio; provided, that, for the avoidance of doubt, any such
      request shall be deemed reasonable if made to enable the Company to comply with (i) applicable law or regulation (including statutory insurance reporting, tax reporting, or financial reporting requirements), (ii) requirements of generally accepted
      accounting principles or applicable statutory accounting principles, (iii) requests by, or requirements of, rating agencies or (iv) requests by, or requirements of, any governmental regulatory authority with authority over the Company or its
      Affiliates. In the case of any reports or other information reasonably requested by the Company and not included on Schedule 5, the Investment Manager shall use commercially reasonable efforts to prepare and deliver such reports and other
      information on a timely basis in order for the Company to comply with any applicable deadlines. The Company and the Investment Manager shall cooperate in good faith to adjust such Schedule 5 to reflect any updated investment mandates or other
      changes as may be agreed between the parties from time to time.

   

  18.          Force Majeure.
      No party to this Agreement shall be liable for damages resulting from delayed or defective performance when such delays arise out of causes beyond the control and without the fault or gross negligence of the offending party, except in the case of
      delays or defective performance arising out of the COVID-19 pandemic. Applicable causes may include, but are not restricted to, acts of God or of the public enemy, terrorism, acts of the state in its sovereign capacity, fires, floods, earthquakes,
      power failure, disabling strikes, epidemics (other than, for the avoidance of doubt, with respect to COVID-19), quarantine restrictions (other than, for the avoidance of doubt, in connection with COVID-19) and freight embargoes.

   

  19.          Non-Exclusive
        Dealings with and by Investment Manager Parties; Conflicts of Interest.

   

  (a)           Although nothing
      herein shall require the Investment Manager to devote its full time or any material portion of its time to the performance of its duties and obligations under this Agreement, the Investment Manager shall furnish continuous investment management
      services for the Portfolio and, in that connection, devote to such services such of its time and activity (and the time and activity of its employees) during normal Business Days and hours as it shall reasonably determine to be necessary for the
      Portfolio to achieve its investment objective(s); provided, however, that nothing contained in this Section 19(a) shall preclude the Investment Manager Parties from acting, consistent with the foregoing, either individually or as a
      member, partner, shareholder, principal, director, trustee, officer, official, employee or agent of any entity, in connection with any type of enterprise (whether or not for profit), regardless of whether the Company, Portfolio or any Investment
      Manager Party has dealings with or invests in such enterprise.

   

   

  
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  (b)          The Company
      understands that the Investment Manager will continue to furnish investment management and advisory services to others, and that the Investment Manager shall be at all times free, in its discretion, to make recommendations to others which may be the
      same as, or may be different from those made to the Portfolio. The Company further understands that the Investment Manager Parties may or may not have an interest in the securities whose purchase and sale the Investment Manager may recommend. Actions
      with respect to securities of the same kind may be the same as or different from the action which the Investment Manager Parties or other investors may take with respect thereto. Furthermore, the Company understands and agrees that each Investment
      Manager Party shall have the right to engage, directly or indirectly, in the same or similar business activities or lines of business as the Investment Manager and any other Investment Manager Party and no knowledge or expertise of any Investment
      Manager Parties or any opportunities available to such Investment Manager Parties shall be imputed to the Investment Manager or any other Investment Manager Parties.

   

  (c)          The Company agrees
      that the Investment Manager may refrain from rendering any advice or services concerning securities of companies of which any of the Investment Manager Parties are directors or officers, or companies as to which the Investment Manager Parties have
      any substantial economic interest or possesses material non-public information, unless the Investment Manager either determines in good faith that it may appropriately do so without disclosing such conflict to the Company or discloses such conflict
      to the Company prior to rendering such advice or services with respect to the Portfolio.

   

  (d)          From time to time,
      when determined by the Investment Manager to be in the best interest of the Company, the Portfolio may purchase securities from or sell securities to another account (including, without limitation, public or private collective investment vehicles)
      managed, maintained or trusteed by the Investment Manager or an Affiliate at prevailing market levels in accordance with applicable law and utilizing such pricing methodology determined to be fair and equitable to the Company in the Investment
      Manager’s good faith judgment.

   

  (e)          Consistent with
      applicable law, the Company hereby authorizes the Investment Manager to effect securities transactions on behalf of the Portfolio with its affiliated broker-dealers, and understands that such affiliated broker-dealers may retain commissions in
      connection with effecting any transactions for the Portfolio. The Investment Manager and any affiliated broker-dealers are also hereby authorized, consistent with applicable law, by the Company to execute agency cross transactions on behalf of the
      Portfolio. Agency cross transactions may facilitate a purchase or sale of a block of securities for the Portfolio at a predetermined price and may avoid unfavorable price movements which might otherwise be suffered if the purchase or sale order were
      exposed to the market. However, the Investment Manager and its affiliated broker-dealers may receive commissions from, and therefore may have a potentially conflicting division of loyalties and responsibilities regarding, both parties to an agency
      cross transaction. The Company understands that its authority to the Investment Manager to effect agency cross transactions for the Company is terminable at will without penalty, effective upon receipt by the Investment Manager of written notice from
      the Company.

   

  
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  20.          Aggregation
        and Allocation of Orders. The Company acknowledges that circumstances may arise under which the Investment Manager determines that, while it would be both desirable and suitable that a particular security or other investment be purchased or
      sold for the account of more than one of the Investment Manager’s clients’ accounts, there is a limited supply or demand for the security or other investment. Under such circumstances, the Company acknowledges that, while the Investment Manager will
      seek to allocate the opportunity to purchase or sell that security or other investment among those accounts on a fair and reasonable basis, the Investment Manager shall not be required to assure equality of treatment among all of its clients
      (including that the opportunity to purchase or sell that security or other investment will be proportionally allocated among those clients according to any particular or predetermined standards or criteria). Where, because of prevailing market
      conditions, it is not possible to obtain the same price or time of execution for all of the securities or other investments purchased or sold for the Portfolio, the Investment Manager may average the various prices and charge or credit the Portfolio
      with the average price.

   

  21.          Investment
        Manager Independent. For all purposes of this Agreement, the Investment Manager shall be deemed to be an independent contractor and shall have no authority to act for, bind or represent the Company or the Company’s shareholders in any way,
      except as expressly provided herein, and shall not otherwise be deemed to be an agent of the Company. Nothing contained herein shall create or constitute the Investment Manager and the Company as a member of any partnership, joint venture,
      association, syndicate, unincorporated business or other separate entity, nor shall anything contained herein be deemed to confer on any of them any express, implied, or apparent authority to incur any obligation or liability on behalf of any other
      person, except as expressly provided herein.

   

  
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  		22.	Confidentiality.

   

  (a)           Except as
      otherwise provided herein or required by applicable law, rule, regulation, court order or subpoena, or as requested or required by applicable regulatory authorities with jurisdiction over the Company, the Investment Manager or their applicable
      Affiliates (including in connection with any periodic or episodic reporting obligations required thereby), (i) all information related to or received from the Company or any of its Affiliates, including, without limitation, the Company’s or any of
      its Affiliates’ identities, financial affairs and investment activities, and the Portfolio (collectively, the “Company Confidential Information”), shall be regarded as confidential and proprietary to the Company, and the Investment Manager
      shall keep all such Company Confidential Information confidential pursuant to (and shall not use such information (other than information obtained directly from the Portfolio’s actual and prospective investments and not specific to the Company or any
      Affiliate thereof) for any purpose other than as permitted hereunder) this Section 22; and (ii) all information related to or received from the Investment Manager or any of its Affiliates, including information related to any
      separately-managed account, Blackstone Fund or other investment sourced by the Investment Manager (collectively, the “Transaction Confidential Information” and, together with the Company Confidential Information, the “Confidential
        Information”), shall be regarded as confidential and proprietary by each party, and each party shall keep all such Confidential Information confidential pursuant to (and shall not use such information for any purpose other than as permitted
      under) this Section 22. The term “Confidential Information” does not include any information that (w) is in the public domain or comes into the public domain other than through breach of this Agreement; (x) already is known by the recipient
      or subsequently comes into the possession of the recipient from a third party who is not, as far as the recipient is aware, known by the recipient to owe the provider an obligation of confidence in relation to it; (y) is developed by the recipient
      independently of, and without reference to, any Confidential Information received hereunder; or (z) is identified in writing at the time of delivery as non-confidential by the provider, its employees, agents and representatives or by its contractors
      or sub-contractors and their respective employees, agents or representatives. Either party may disclose Confidential Information to its Affiliates and any employee or advisor of it or an Affiliate, to the extent necessary to satisfy its duties and
      responsibilities under this Agreement, or in connection with their respective accounting, financial, tax, audit, legal or other ordinary course corporate activities and the Company may disclose Confidential Information to its Affiliates and any
      employee or advisor of it or an Affiliate in connection with the management of the Company’s assets by such Affiliate; provided, that, in each case, each such Affiliate, employee and advisor has been made aware of the confidential nature of
      such information and agrees to keep such information confidential and the disclosing party shall remain liable for any breaches by such persons in accordance with this Section 22.

   

  (b)          Each party agrees
      to take all reasonable measures, including, without limitation, measures taken by such party to safeguard its own confidential information, to prevent any disclosure of Confidential Information by its employees, agents and representatives or by its
      contractors or sub-contractors and their respective employees, agents or representatives to any person (it being understood that such party shall be responsible for any disclosure of Confidential Information by its employees, agents and
      representatives or by its contractors or sub-contractors and their respective employees, agents or representatives in violation of this Section 22), except (i) as otherwise permitted by the other party in writing, or (ii) as permitted by this
      Section 22.

   

  (c)           If the Investment
      Manager is directed or required by court order, subpoena or other request or similar process to disclose any Company Confidential Information (other than disclosure that is permitted hereunder, or a request from a governmental regulatory authority
      with authority over the Investment Manager or its Affiliates) or if the Company is directed or required by court order, subpoena or other request or similar process to disclose any Transaction Confidential Information (other than disclosure that is
      permitted hereunder, or a request from a governmental regulatory authority with authority over the Company or its Affiliates), the Investment Manager or the Company, as the case may be, shall notify the other party in writing promptly upon receipt of
      such court order, subpoena or request or similar process, unless otherwise prohibited by law, in order to permit the other party to apply for an appropriate protective order or to take such other action as such other party deems appropriate. For the
      avoidance of doubt, nothing contained herein shall preclude the Investment Manager from using certain Company Confidential Information for purposes of compiling a “Track Record” of performance of the Portfolio and other similar, customary marketing
      materials, provided that such presentation is on an aggregate basis and does not, directly or indirectly, identify the Company.

   

  
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  (d)          Each party
      acknowledges and agrees that money damages may not be a sufficient remedy for any breach of this Section 22 by it, its employees, agents, representatives, or its contractors, sub-contractors and their respective employees, agents or
      representatives. In addition to all other remedies available at law or at equity, each party shall be entitled to seek specific performance and injunctive or other equitable relief as a remedy in respect of any claim brought with respect to this Section

        22. In the event of litigation relating to this Section 22, if a court of competent jurisdiction determines in favor of a party (the “non-breaching party”) under this Section 22, the breaching party will reimburse the
      non-breaching party for its costs and expenses (including, without limitation, reasonable legal fees and expenses) incurred in connection with such litigation.

   

  (e)          Nothing in this Section

        22 shall prevent any disclosure of Company Confidential Information as the Investment Manager determines reasonably and in good faith is appropriate in connection with the proper conduct of the business or activities of the Investment Manager
      of its Affiliates pursuant to this Agreement or of any Blackstone Fund in or alongside which the Company is investing, in the event of: (i) in any investor register or side letter, or in any other communications with investors in such Blackstone Fund
      to the extent that the Investment Manager reasonably determines such disclosure to be necessary or appropriate (and in the best interests of such Blackstone Fund) in connection with such Blackstone Fund’s activities, (ii) to any representative,
      portfolio company or prospective portfolio company, attorney, accountant, lender, financing source, advisor, service provider or agent of such Blackstone Fund or of the Company in connection with this Agreement, (iii) to the extent reasonably
      necessary to comply with applicable laws, rules or regulations, including any money laundering or anti-terrorist laws, rules or regulations, or pursuant to a governmental request, or (iv) for tax purposes; provided that, in each case, with
      respect to (i) – (iv) above, the Company shall be treated to the same extent as other investors in the relevant Blackstone Fund in or alongside which the Company is investing. For the avoidance of doubt, the foregoing shall not prohibit the
      Investment Manager from disclosing the participation of the Company in or alongside any Blackstone Fund to investors in such Blackstone Fund and prospective investors in such Blackstone Fund that in the course of their due diligence request
      disclosure of the identity of the existing investors in (or alongside) such Blackstone Fund.

   

  23.          MNPI. The
      Investment Manager will contact the Company’s compliance team in accordance with such processes as may be agreed from time to time by the Investment Manager and the Company in writing (which may be by email) prior to disclosing to any other Company
      personnel any information that the Investment Manager has reason to believe constitutes material non-public information the use or possession of which by Company personnel could restrict the Company from trading in any publicly traded security under
      United States federal securities laws (“MNPI”). The Investment Manager will not disclose such MNPI to any other Company personnel without prior written consent (which may be by email) from the Company’s compliance team.

   

  24.          Entire
        Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect
      to the subject matter of this Agreement. There are no understandings between the parties with respect to the subject matter of this Agreement other than as expressed herein.

   

  
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  25.          Severability.
      To the extent this Agreement may be in conflict with any applicable law or regulation, this Agreement shall be construed to the greatest extent practicable in a manner consistent with such law or regulation. The invalidity or illegality of any
      provision of this Agreement shall not be deemed to affect the validity or legality of any other provision of this Agreement.

   

  26.          Counterparts;
        Amendment. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. This Agreement may not be modified or
      amended, except by an instrument in writing signed by the party to be bound or as may otherwise be provided for herein.

   

  27.          Business Day.
      For the purpose of this Agreement, “Business Day” shall mean any day other than a Saturday, Sunday or any other day on which banking institutions are authorized or required by law or executive order to close in New York, New York.

   

  28.          Affiliate.
      For the purpose of this Agreement, “affiliate” or “Affiliate” shall mean, with respect to any natural person, firm, limited liability company, general partnership, limited partnership, joint venture, association, corporation, trust,
      unincorporated organization, governmental authority or other entity (“person”), any other person that directly or indirectly controls, is controlled by, or is under common control with, such person. “Control” (including the terms, “controlled

        by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract
      or credit arrangement, as trustee or executor, or otherwise.

   

  [Remainder of page intentionally left blank.]

   

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

   

  PURSUANT TO AN EXEMPTION FROM
      THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS
      UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE
      OR ACCOUNT DOCUMENT.

   

  		BLACKSTONE ISG-I ADVISORS L.L.C.
	 	 
	 	 
	 	/s/ Jeffrey Iverson

        
		Name: Jeffrey Iverson
		Title: Managing Director and Chief Operating Officer

   

  [Signature Page to Master SMA Agreement]

   

  
     

    
      
 

  

   

  

  		AMERICAN GENERAL LIFE INSURANCE COMPANY
	 	 
	 	 
	 	/s/ Elias Habayeb

        
		Name: 	Elias Habayeb
		Title: 	Executive Vice President

    

  [Signature Page to Master SMA Agreement]

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