Document:

EX-10.34

 Exhibit 10.34 

Amendment to Employee Stock Option Agreement 

This Amendment to the Employee Stock Option Agreement (this “Amendment”), dated as of March 21, 2013, is entered into
between Fidelity & Guaranty Life Holdings, Inc. (the “Company”) and Leland C. Launer (the “Employee”). Capitalized terms that are not defined herein shall have the meanings given to such terms in the
Fidelty & Guaranty Life Holdings, Inc. Stock Incentive Plan (the “Plan”). 
 WHEREAS, the Company and the Employee
are parties to an Employee Stock Option Agreement, dated as of December 31, 2012 (the “Option Agreement”), which evidences the grant to the Employee of options to purchase shares of Common Stock of the Company, par value $0.01
(the “Options”) pursuant to the Plan; 
 WHEREAS, the Company and the Employee have agreed to enter into this Amendment to
modify certain provisions in the Option Agreement as is permitted pursuant to Section 9(i) of the Option Agreement. 
 NOW, THEREFORE,
in consideration of the mutual covenants contained herein, the parties hereto agree as follows: 
  

	1.	Amendment to Section 3(a) of the Option Agreement. Section 3(a) of the Option Agreement shall hereby be amended by adding to the end thereof the following: 

“Notwithstanding the foregoing, except as otherwise provided in Section 3(b) or Section 8 of this Agreement, the second
installment shall vest on April 30, 2014, subject to the continuous employment of the Employee with the Company until the applicable vesting date; provided that, if the Employee’s employment with the Company is terminated by the
Company for any reason other than Cause, death or Disability or if the Employee resigns for Good Reason (as such term is defined in the Employment Agreement between the Employee and the Company or any of its Subsidiaries) before April 30, 2014,
the Options relating to such installment shall vest as of the effective date of termination of employment.” 
  

	2.	Applicable Law. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the application of rules of conflicts of law that would apply the laws of
any other jurisdiction. 

  

	3.	Effective Date., No Other Effect on the Option Agreement. This Amendment is effective as of May 1, 2013. Except as modified herein, the form, terms and provisions of the Option Agreement in effect
immediately prior to this Amendment shall remain in full force and effect. 

 IN WITNESS WHEREOF, the Company and the Employee have executed this Amendment as of the date
first above written. 
  

			
	 FIDELITY & GUARANTY LIFE

HOLDINGS, INC.

		
	By:	 	 /s/ Rose Boehm

		 	 Name: Rose Boehm
 Title: SVP – Human
Resources

  

			
	THE EMPLOYEE:
	
	         /s/ Leland C. Launer, Jr.

	Name: Leland C. Launer, Jr.

  
 2EX-10.35

 Exhibit 10.35 

Employee Stock Option Agreement 

This Employee Stock Option Agreement (the “Agreement”), dated as of December 31, 2012, between Fidelity &
Guaranty Life Holdings, Inc., a Delaware corporation, and the Employee whose name appears on the signature page hereof, is being entered into pursuant to the Fidelity & Guaranty Life Holdings, Inc. Stock Incentive Plan. 

The Company and the Employee hereby agree as follows: 

Section 1. Certain Definitions. Capitalized terms used in this Agreement and not defined herein shall have the respective meaning
ascribed to such terms in the Plan. The following additional terms shall have the following meanings: 
 “Aggregate Price”
has the meaning set forth in Section 5(a). 
 “Agreement” means this Employee Stock Option Agreement, as amended from
time to time in accordance with the terms hereof. 
 “Employee” means the grantee of the Options, whose name is set forth
on the signature page of this Agreement; provided that following such person’s death “Employee” shall be deemed to include such person’s beneficiary or estate and following such person’s Disability,
“Employee” shall be deemed to include such person’s legal representative. 
 “Exercise Date” has the meaning
set forth in Section 5(a). 
 “Exercise Price” has the meaning set forth in Section 5(a). 

“Financing Agreements” means any guaranty, financing or security agreement or document entered into by the Company or any
Subsidiary from time to time. 
 “Grant Date” means the date hereof, which is the date on which the Options are granted to
the Employee. 
 “Normal Termination Date” has the meaning set forth in Section 4(a). 

“Valuation Date” means the date of a valuation of the Common Stock performed by an independent valuation firm, such valuation
to be formed not less than annually. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder. 

 Section 2. Grant of Options 

(a) Confirmation of Grant. The Company hereby evidences and confirms, effective as of the date hereof, its grant to the
Employee of Options to purchase the number of shares of Common Stock specified on the signature page hereof. The Options are not intended to be incentive stock options under the Code. This Agreement is entered into pursuant to, and the terms of the
Options are subject to, the terms of the Plan. If there is any inconsistency between this Agreement and the terms of the Plan, the terms of the Plan shall govern. Employee agrees that the grant of Options pursuant to this Agreement along with the
award of restricted stock pursuant to an agreement dated December 31, 2012 satisfies the obligations of the Company and its affiliates to the Employee for such grants and awards in 2012 pursuant to of Section 6(d) of the Employee’s
Employment Agreement, dated as of June 27, 2011 between Fidelity & Guaranty Life Business Services, Inc. and the Executive, as amended (the “2011 Employment Agreement”) including the terms of such options. 

(b) Exercise Price. Each share of Common Stock covered by an Option shall have the Exercise Price specified on the signature
page hereof. 
 Section 3. Vesting and Exercisability 

(a) Vesting. Except as otherwise provided in Section 3(b) or Section 8 of this Agreement, the Options shall
become vested in three equal installments on each of the first through third anniversaries of the Grant Date, subject to the continuous employment of the Employee with the Company until the applicable vesting date; provided that if the
Employee’s employment with the Company is terminated by the Company or any of its Subsidiaries without Cause or by the Employee for Good Reason (as such term is defined in the Employment Agreement between the Employee and the Company or any of
its Subsidiaries), any Options held by the Employee shall immediately vest as of the effective date of such termination of employment. 

(b) Discretionary Acceleration. The Administrator, in its sole discretion, may accelerate the vesting or exercisability
of all or a portion of the Options, at any time and from time to time. 
 (c) Exercise. Once vested in accordance with
the provisions of this Agreement, the Options may be exercised at any time and from time to time prior to the date such Options terminate pursuant to Section 4. Options may only be exercised with respect to whole shares of Common Stock and must
be exercised in accordance with Section 5. 

  
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 Section 4. Termination of Options 

(a) Normal Termination Date. Unless earlier terminated pursuant to Section 4(b) or Section 8, the Options
shall terminate on the seventh anniversary of the Grant Date (the “Normal Termination Date”), if not exercised prior to such date. 

(b) Early Termination. If the Employee’s employment with the Company terminates for any reason, any Options held by
the Employee that have not vested before the effective date of such termination of employment or that do not become vested on such date in accordance with Section 3(a) shall terminate immediately upon such termination of employment and, if the
Employee’s employment is terminated for Cause, all Options (whether or not then vested or exercisable) shall automatically terminate immediately upon such termination. 

(c) Treatment of vested Options upon Termination of Employment. All vested Options held by the Employee following the
effective date of a termination of employment shall be terminated on a date selected by the Administrator that is within 30 days of the completion of valuation for the next Valuation Date following the effective date of such termination of
employment in exchange for a payment equal to the excess, if any, of the Fair Market Value of the Common Stock underlying such Options less the aggregate Exercise Price of such Options, with such actual payment to be made within five business days
of such date selected by the Administrator. In the event the aggregate Exercise Price of such Options equals or exceeds the Fair Market Value of the Common Stock underlying such Options, the Options will be terminated without payment.
Notwithstanding the foregoing, (i) if the date on which payment would be made pursuant to this Section 4(c) would occur following the Normal Expiration Date of the Options, then the value used for purposes of calculating the amount of such
payment will be the Fair Market Value of the Common Stock as of the Valuation Date immediately preceding the date of the Employee’s termination of employment, and such payment will be made within 30 days of such termination of employment (but
in any event, prior to the Normal Expiration Date); (ii) if the Fair Market Value on the payment date is less than the Fair Market Value as of the applicable Valuation Date, the payment will be recalculated using such lower Fair Market Value;
and (iii) if the date on which payment would be made pursuant to this Section 4(c) would occur following a Public Offering, the preceding provisions of this Section 4(c) shall not apply, and instead, the Company shall make available a
broker assisted cashless exercise program acceptable to the Administrator with respect to such Options. 

  
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 Section 5. Manner of Exercise 

(a) General. Subject to such reasonable administrative regulations as the Administrator may adopt from time to time, the
Employee may exercise vested Options by giving at least 15 business days prior written notice to the [Secretary] of the Company specifying the proposed date on which the Employee desires to exercise a vested Option (the “Exercise
Date”), the number of whole shares with respect to which the Options are being exercised (the “Exercise Shares”) and the aggregate Exercise Price for such Exercise Shares (the “Aggregate Price”); provided
that following a Public Offering notice may be given within such lesser period as the Administrator may permit. Prior to a Public Offering, if, on the Exercise Date, the Employee is already party to a Subscription Agreement with the Company, the
Exercise Shares shall be subject to the Subscription Agreement to which the Employee is then a party, or if the Employee is not then party to a Subscription Agreement, then on or before the Exercise Date, the Company and the Employee shall enter
into a Subscription Agreement having substantially the same terms as set forth in Section 7. Unless otherwise determined by the Administrator, and subject to such other terms, representations and warranties as may be provided for in the
Subscription Agreement, (i) on or before the Exercise Date the Employee shall deliver to the Company full payment for the Exercise Shares in United States dollars in cash, or cash equivalents satisfactory to the Company, or, if so
permitted by the Administrator (and on such conditions as the Administrator shall determine), (A) by tender of any shares of Common Stock owned by the Employee for at least a six month period for all or a portion of the applicable
exercise price and/or minimum required withholding taxes, (B) through a net issuance arrangement pursuant to which a number of shares of Common Stock subject to the portion of the Option being exercised, having a Fair Market Value equal
to the applicable exercise price plus the required minimum withholding taxes, are retained by the Company or (C) following a Public Offering, by using a broker assisted cashless exercise program acceptable to the Administrator and
(ii) the Company shall register the issuance of the Exercise Shares on its records (or direct such issuance to be registered by the Company’s transfer agent). The Company may require the Employee to furnish or execute such other
documents as the Company shall reasonably deem necessary (i) to evidence such exercise, (ii) to determine whether registration is then required under the Securities Act or other applicable law or (iii) to comply
with or satisfy the requirements of the Securities Act, applicable state or non-U.S. securities laws or any other law. 
 (b)
Restrictions on Exercise. Notwithstanding any other provision of this Agreement, the Options may not be exercised in whole or in part, and no certificates representing Exercise Shares shall be delivered, (i) unless
(A) all requisite approvals and consents of any governmental authority of any kind shall have been secured, (B) the purchase of the Exercise Shares shall be exempt from registration under applicable U.S. federal and state
securities laws, and applicable non-U.S. securities laws, or the Exercise Shares shall have been registered under such laws, and (C) all applicable U.S. federal, state and local and non-U.S. tax withholding requirements shall have been
satisfied or (ii) if such exercise would result in a violation of the terms or provisions of or a default or an event of default under, any of the Financing Agreements. The Company shall use its commercially reasonable efforts to obtain
any consents or approvals referred to in clause (i)(A) of the preceding sentence, but shall otherwise have no obligations to take any steps to prevent or remove any impediment to exercise described in such sentence. 

  
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 Section 6. Employee’s Representations; Investment Intention. The Employee
represents and warrants that the Options have been, and any Exercise Shares will be, acquired by the Employee solely for the Employee’s own account for investment and not with a view to or for sale in connection with any distribution thereof.
The Employee represents and warrants that the Employee understands that none of the Exercise Shares may be transferred, sold, pledged, hypothecated or otherwise disposed of unless the provisions of the Subscription Agreement shall have been complied
with or have expired. 
 Section 7. Subscription Agreement. Pursuant to Section 5(a), the Employee and the Company shall
enter into a Subscription Agreement on or prior to the first Exercise Date to occur. Such Subscription Agreement shall include, but not be limited to, provisions that: 

(a) Upon a termination of the Employee’s employment with the Company for any reason prior to a Public Offering, the
Company may elect to purchase all or a portion of the Common Stock covered by such Subscription Agreement at a purchase price per share equal to (i) the Fair Market Value of a share of Common Stock as of the date of termination if the
termination occurs due to death, Disability, by the Company without Cause or by the Employee for Good Reason (as such term is defined in the Employment Agreement between the Employee and the Company or any of its Subsidiaries), or
(ii) the lesser of (A) the Fair Market Value of a share of Common Stock as of the termination date and (B) the Exercise Price if the termination occurs for any reason other than those set forth in clause (i),
above. 
 (b) Subject to the terms of the Subscription Agreement, the Company may permit the Employee to sell to the Company
all or a portion of the Common Stock covered by such Subscription Agreement at a purchase price per share equal to the Fair Market Value of a share of Common Stock on such date. 

  
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 (c) The Employee is acquiring the shares of Common Stock solely for the
Employee’s own account for investment and not with a view to or for sale in connection with any distribution thereof in violation of the Securities Act. The Employee agrees that the Employee will not, directly or indirectly, offer, transfer,
sell, pledge, hypothecate or otherwise dispose of any of the shares of Common Stock (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of any shares of Common Stock), except in compliance with (i) the
Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, (ii) applicable state and non-U.S. securities or “blue sky” laws and (iii) the provisions of the Subscription
Agreement and any additional agreement between the Employee and the Company relating to the Employee’s shares of Common Stock. 

Section 8. Change in Control. 

(a) Vesting and Cancellation. Except as otherwise provided in this Section 8, in the event of a Change in Control,
all outstanding unvested Options shall vest and all Options shall be canceled in exchange for a payment having a value equal to the excess, if any, of (i) the product of the Change in Control Price multiplied by the aggregate number of
shares covered by all such Options immediately prior to the Change in Control over (ii) the Aggregate Price for all such shares, to be paid as soon as reasonably practicable, but in no event later than 30 days following the Change in
Control. 
 (b) Alternative Award. Notwithstanding Section 8(a), no cancellation, termination, settlement or
other payment shall occur with respect to any Option if the Administrator reasonably determines prior to the Change in Control that the Employee shall receive an Alternative Award meeting the requirements of the Plan. 

(c) Limitation of Benefits. If, whether as a result of accelerated vesting, the grant of an Alternative Award or
otherwise, the Employee would receive any payment, deemed payment or other benefit as a result of the operation of Section 8(a) or Section 8(b) that, together with any other payment, deemed payment or other benefit the Employee may receive
under any other plan, program, policy or arrangement, would constitute an “excess parachute payment” under section 280G of the Code, then, notwithstanding anything in this Agreement to the contrary, the payments, deemed payments or other
benefits the Employee would otherwise receive under Section 8(a) or Section 8(b) shall be reduced to the extent necessary to eliminate any such excess parachute payment and the Employee shall have no further rights or claims with respect
thereto. If the preceding sentence would result in a reduction of the payments, deemed payments or other benefits the Employee would otherwise receive on an after-tax basis in more than an immaterial amount, the Company will use its commercially
reasonable efforts to seek the approval of the Company’s shareholders in the manner provided for in section 280G(b)(5) of the Code and the regulations thereunder with respect to such reduced payments or other benefits (if the Company is
eligible to do so), so that such payments would not be treated as “parachute payments” for these purposes (and therefore would cease to be subject to reduction pursuant to this Section 8(c)). 

  
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 Section 9. Miscellaneous. 

(a) Withholding. The Company or one of its Subsidiaries shall have the power to withhold, or to require the Employee to
remit to the Company an amount in cash sufficient to satisfy any applicable U.S. federal, state and local and non-U.S. tax withholding or other similar charges or fees that may arise in connection with the grant, vesting, exercise or purchase of the
Options. 
 (b) Authorization to Share Personal Data. The Employee authorizes any affiliate of the Company that
employs the Employee or that otherwise has or lawfully obtains personal data relating to the Employee to divulge or transfer such personal data to the Company or to a third party, in each case in any jurisdiction, if and to the extent necessary or
appropriate in connection with this Agreement or the administration of the Plan. 
 (c) No Rights as Stockholder; No
Voting Rights. The Employee shall have no rights as a stockholder of the Company with respect to any shares of Common Stock covered by the Options until the exercise of the Options and delivery of the shares of Common Stock. Except as provided
in Section 4.3 of the Plan, no adjustment shall be made for dividends or other rights for which the record date is prior to the delivery of the shares of Common Stock. Any shares of Common Stock delivered in respect of the Options shall be
subject to the Subscription Agreement and the Employee shall have no voting rights with respect to such shares until such time as specified in the Subscription Agreement. 

(d) No Right to Continued Employment. Nothing in this Agreement shall be deemed to confer on the Employee any right to
continue in the employ of the Company or any Subsidiary, or to interfere with or limit in any way the right of the Company or any Subsidiary to terminate such employment at any time. 

(e) Non-Transferability of Options. The Options may be exercised only by the Employee, or, following the Employee’s
death, by his designated beneficiary or by his estate in the absence of a designated beneficiary. The Options are not assignable or transferable, in whole or in part, and they may not, directly or indirectly, be offered, transferred, sold, pledged,
assigned, alienated, hypothecated or otherwise disposed of or encumbered (including, but not limited to, by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Employee upon the
Employee’s death or with the Company’s consent. 

  
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 (f) Notices. All notices and other communications required or permitted to
be given under this Agreement shall be in writing and shall be deemed to have been given if delivered personally or sent by certified or express mail, return receipt requested, postage prepaid, or by any recognized international equivalent of such
delivery, to the Company or the Employee, as the case may be, at the following addresses or to such other address as the Company or the Employee, as the case may be, shall specify by notice to the other: 

(i) if to the Company, to it at: 

Fidelity & Guaranty Life Holdings, Inc. 

[1001 Fleet Street, 6th Floor 

Baltimore, MD 21202] 
 Att:
General Counsel 
 With a copy to: 

Harbinger Group, Inc. 
 [450
Park Ave, 30th Floor 
 New York New York 10022] 

Att: General Counsel 

(ii) if to the Employee, to the Employee at his or her most recent address as shown on the books and records of the Company or
Subsidiary employing the Employee. 
 All such notices and communications shall be deemed to have been received on the date
of delivery if delivered personally or on the third business day after the mailing thereof. 
 (g) Binding Effect;
Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any
person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein. 

(h) Waiver. Any party hereto or beneficiary hereof may by written notice to the other parties (A) extend the
time for the performance of any of the obligations or other actions of the other parties under this Agreement, (B) waive 

  
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compliance with any of the conditions or covenants of the other parties contained in this Agreement and (C) waive or modify performance of any of the obligations of the other parties
under this Agreement. Except as provided in the preceding sentence, no action taken pursuant to this Agreement, including, without limitation, any investigation by or on behalf of any party or beneficiary, shall be deemed to constitute a waiver by
the party or beneficiary taking such action of compliance with any representations, warranties, covenants or agreements contained herein. The waiver by any party hereto or beneficiary hereof of a breach of any provision of this Agreement shall not
operate or be construed as a waiver of any preceding or succeeding breach and no failure by a party or beneficiary to exercise any right or privilege hereunder shall be deemed a waiver of such party’s or beneficiary’s rights or privileges
hereunder or shall be deemed a waiver of such party’s or beneficiary’s rights to exercise the same at any subsequent time or times hereunder. 

(i) Amendment. This Agreement may not be amended, modified or supplemented orally, but only by a written instrument
executed by the Employee and the Company. 
 (j) Assignability. Neither this Agreement nor any right, remedy,
obligation or liability arising hereunder or by reason hereof shall be assignable by the Company or the Employee without the prior written consent of the other party. 

(k) Applicable Law. This Agreement shall be governed by and construed in accordance with the law of the State of
Delaware regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction. 

(l) Arbitration; Waiver of Jury Trial. Any dispute, controversy or claim arising out of or pursuant to the Plan, this
Agreement, any other agreement entered into pursuant to the Plan or any undertakings, covenants and agreements incorporated by reference into the Plan or this Agreement shall be submitted to and finally determined by binding arbitration to be held
in New York, New York at the American Arbitration Association, before one arbitrator under an in accordance with the American Arbitration Association’s Commercial Rules, with each party to be responsible for its own attorney’s fees and
costs incurred in connection therewith. In the event that this arbitration provision is determined by a court with appropriate jurisdiction to be unenforceable, the Company and the Employee each hereby waives the right, if any, to a trial by jury of
any claim that would have been subject to arbitration under this Section 9(1). Each party (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce the foregoing waiver and (ii) acknowledges that it and the other parties have been induced to enter into the Agreement by, among other things, the mutual waivers and certifications
in this Section 9(1). 

  
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 (m) Titles and Headings. The titles and headings of the sections in this
Agreement are for convenience of reference only and shall not affect the meaning or interpretation of this Agreement. 
 (n)
Gender and Number. Except where otherwise indicated by the context, any masculine term used herein shall also include the feminine; the plural shall include the singular and the singular shall include the plural. 

(o) Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same instrument. 
 [Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the Company and the Employee have executed this Agreement as of the date
first above written, 
  

					
	FIDELITY & GUARANTY LIFE HOLDINGS, INC.
		
	By:	 	 /s/ Rose Boehm

		 	Name:	 	Rose Boehm
		 	Title:	 	SVP, Human Resources
	
	THE EMPLOYEE:
	
	Leland C. Launer, Jr.
	
	 /s/ Leland C. Launer. Jr.

	
	FIDELITY & GUARANTY LIFE BUSINESS SERVICES, INC. (solely for purposes of amending the proposed terms of options described in Section 6(d) of the Employment Agreement)
		
	By:	 	 /s/ Rose Boehm

		 	Name:	 	Rose Boehm
		 	Title:	 	SVP, Human Resources

 Address of the Employee: 

9 Green Way 
 New Providence, NJ
07974 
  

					
	Total Number of Shares for the Purchase of Which Options have been Granted	  	Exercise Price	 
		
	 90,909 Shares
	  	$	49.45	  

  
 11

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