Document:

imax-ex1012_105.htm

Exhibit 10.12

IMAX CORPORATION

SECOND AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN
PERFORMANCE STOCK UNIT AWARD AGREEMENT

THIS PERFORMANCE STOCK UNIT AWARD AGREEMENT (the “Agreement”) is made effective as of ___________ (the “Date of Grant”) between IMAX Corporation, a Canadian corporation (the “Company”), and ___________ (the “Participant”).

This Agreement sets forth the general terms and conditions of performance stock units (“PSUs”). By accepting the PSUs, the Participant agrees to the terms and conditions set forth in this Agreement and the IMAX Corporation Second Amended and Restated Long-Term Incentive Plan (as amended, the “IMAX LTIP”).

Capitalized terms not otherwise defined herein shall have the same meanings as in the IMAX LTIP.

1.Grant of the PSUs. Subject to the provisions of this Agreement and the IMAX LTIP, the Company hereby grants to the Participant a target award comprised of ___________, subject to the performance measure or performance measures detailed in Exhibit A (collectively, the “Target Award”), subject to adjustment as set forth in the IMAX LTIP. The number of PSUs to which the Participant will be entitled as of the Scheduled Vesting Date (defined below) (the “Earned PSUs”) will be based on (i) the Target Award and (ii) the Company’s performance against the performance measures set forth on Exhibit A over a three-year performance period extending from January 1 of the year of grant to December 31 of the second year following the year of grant (the “Performance Period”), as well as other terms and conditions of this Agreement. Each Earned PSU gives the Participant the unsecured right to receive, subject to the terms and conditions of the IMAX LTIP and this Agreement, one Common Share. The Participant shall not be required to pay any additional consideration for the issuance of the Common Shares upon settlement of the Earned PSUs.

2.Vesting Schedule. Subject to the terms and conditions hereof, the Earned PSUs shall vest promptly following the public disclosure of the Company’s financial results for the second year following the year of grant (the “Scheduled Vesting Date”), unless previously cancelled or forfeited in accordance with the provisions of the IMAX LTIP or this Agreement. 

3.Settlement. Each Earned PSU shall be settled by delivery of one Common Share within thirty (30) days following the Scheduled Vesting Date or such earlier date on which the PSUs vest pursuant to Sections 5, 6, 7 or 8 (each, a “Settlement Date”); provided, however, that in no event shall settlement occur later than March 15th of the year following the Scheduled Vesting Date.

4.Termination of Employment Generally. In the event that the Participant’s employment with the Company terminates prior to the Scheduled Vesting Date (i) for any reason other than death, Disability, or for Cause, and (ii) without having achieved the Service Factor, all unearned or unvested PSUs shall cease to vest and any unvested PSUs shall be cancelled immediately without consideration as of the date of such termination. Any vested PSUs shall continue to be settled on the applicable Settlement Date. For the avoidance of doubt, for Participants that are employed in Ontario, Canada, the provisions of 

this Section 4 will apply in the case of a Termination of Employment.  “Termination of Employment” shall mean termination of such Participant’s employment with the Company and shall occur on the date immediately following only the minimum notice of termination period prescribed by the Employment Standards Act, 2000 (Ontario) as amended, not including any additional notice of termination period to which the Participant may be entitled under contract or the common law, and without regard to whether the Participant continues to receive compensatory payments or is paid salary thereby in lieu of notice of termination.

5.Death; Disability.   If the Participant’s employment with the Company terminates as a result of the Participant’s death or Disability, a portion of the PSUs shall vest such that an aggregate of 50% of the PSUs granted pursuant to this Agreement shall have vested. Any vested PSUs shall be settled on the applicable Settlement Date and any unearned or unvested PSUs shall be cancelled immediately without consideration as of the date of death or Disability.

6.Service Factor.  Notwithstanding Section 4, if, after achieving the Service Factor, the Participant’s employment with the Company terminates as a result of the Participant’s resignation or termination without Cause, the PSUs shall continue to vest in accordance with the Scheduled Vesting Date and the Participant shall be entitled to the number of Earned PSUs as determined on the Scheduled Vesting Date.  For purposes of this Agreement, “Service Factor” shall mean the Participant’s (i) attaining the age of at least 55 and (ii) continuous service with the Company or any of its Subsidiaries and Affiliates for at least 10 years, or such other criteria that are deemed by the Committee to be an achievement of the Service Factor, provided, however, that, in the case of a resignation, the Participant must provide the Company with a written notice of intent to resign at least six (6) months prior to the final day of employment with the Company.

7.Termination for Cause. If the Participant’s employment with the Company terminates for Cause, any outstanding PSUs, whether or not vested, shall be cancelled immediately without consideration as of the date of termination, and the Participant shall have no further right or interest therein. For Participants that are employed in Ontario, Canada, such Participant shall have no further right or interest therein except as may be required in accordance with the Participant’s minimum termination entitlements prescribed by the Employment Standards Act, 2000 (Ontario) as amended.

8.Change in Control. In the event of a Change in Control prior to the Scheduled Vesting Date, to the extent the successor company (or a subsidiary or parent thereof) does not assume or provide a substitute for the PSUs on substantially the same terms and conditions, the PSUs shall vest on the date of the consummation of the Change in Control at the specified target level of performance and, subject to Section 6(d)(iv) of the IMAX LTIP, shall be settled in accordance with Section 3.  To the extent the successor company (or a subsidiary or parent thereof) assumes or provides a substitute for the PSUs on substantially the same terms and conditions in place prior to the Change in Control, such assumed or substituted Earned PSUs shall vest on the Scheduled Vesting Date; provided, however, that, if within 24 months following the date of a Change in Control, the Participant’s employment with the Company is terminated without Cause or the Participant resigns for Good Reason, the PSUs shall vest and be settled on the date of the termination of employment at the specified target level of performance and, subject to Section 6(d)(iv) of the IMAX LTIP, shall be settled in accordance with Section 3. Notwithstanding the foregoing, in the event of a Change in Control that is not a “change in ownership”, “change in effective control”, or “change in the ownership of a substantial portion of the Company’s assets” under Section 409A (as defined below), the provisions of this Section 8 shall apply except that settlement of PSUs shall not be accelerated, but shall be conducted in accordance with the originally applicable settlement schedule.

9.Nontransferability of PSUs. Unless otherwise determined by the Committee pursuant to the terms of the IMAX LTIP, the PSUs may not be transferred, pledged, alienated, assigned or otherwise 

attorned other than by last will and testament or by the laws of descent and distribution or pursuant to a domestic relations order, as the case may be.

10.Rights as a Shareholder. The Participant shall have no rights as a shareholder with respect to the Common Shares underlying the PSUs. Upon settlement, the Participant shall have all rights as a shareholder with respect to the Common Shares delivered to the Participant, if any, including, without limitation, voting rights and the right to receive dividends.

11.Dividend Equivalents. If, after the Date of Grant and prior to the applicable Settlement Date, dividends with respect to the Common Shares are declared or paid by the Company, the Participant, upon settlement of Earned PSUs in accordance with Section 3, shall be entitled to receive dividend equivalents in an amount, without interest, equal to the cumulative dividends declared or paid on a Common Share, if any, during such period multiplied by the number of Earned PSUs. Dividend equivalents will be subject to the same terms and conditions of this Agreement applicable to the Earned PSUs. The dividend equivalents will be paid on the applicable Settlement Date for the underlying Earned PSUs in cash or Common Shares, as determined by the Company in its discretion. If the underlying Earned PSUs are cancelled prior to the applicable Settlement Date for any reason, any accrued and unpaid dividend equivalents shall be cancelled.

12.No Entitlements.

(a)No Right to Continued Employment. This Agreement does not constitute an employment agreement and nothing in the IMAX LTIP or this Agreement shall modify the terms of the Participant’s employment, including, without limitation, the Participant’s status as an “at will” employee of the Company, if applicable. None of the IMAX LTIP, the Agreement, the grant of the PSUs, nor any action taken or omitted to be taken shall be construed (i) to create or confer on the Participant any right to be retained in the employ of the Company, (ii) to interfere with or limit in any way the right of the Company to terminate the Participant’s employment at any time and for any reason or (iii) to give the Participant any right to be reemployed by the Company following a termination of employment for any reason.

(b)No Right to Future Awards. This award of PSUs and all other equity-based awards under the IMAX LTIP are discretionary. This award does not confer on the Participant any right or entitlement to receive another award of PSUs or any other equity-based award at any time in the future or in respect of any future period.

13.Taxes and Withholding. The Participant must satisfy any federal, state, provincial, local or foreign tax withholding requirements applicable with respect to the settlement of the Earned PSUs. The Company may require or permit the Participant to satisfy such tax withholding obligations through the Company withholding Common Shares that would otherwise be received by such individual upon settlement of the Earned PSUs. The obligations of the Company to deliver the Common Shares under this Agreement shall be conditioned upon the Participant’s payment of all applicable taxes and the Company shall, to the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the Participant.

14.Breach of Restrictive Covenants. If (i) the Participant is a party to an employment agreement or other agreement with the Company or any of its Subsidiaries or Affiliates and (ii) such Participant materially breaches any of the restrictive covenants set forth in such agreement (including, without limitation, any restrictive covenants relating to non-competition, non-solicitation or confidentiality), then all of the PSUs (whether or not vested) shall terminate and be cancelled without consideration being paid therefor.

15.Securities Laws. The Company shall not be required to issue Common Shares in settlement of or otherwise pursuant to the Earned PSUs unless and until (i) the Common Shares have been 

duly listed upon each stock exchange on which the Common Shares are then registered; (ii) a registration statement under the Securities Act of 1933, as amended, with respect to such Common Shares is then effective; and (iii) the issuance of the Common Shares would comply with such legal or regulatory provisions of such countries or jurisdictions outside the United States as may be applicable in respect of the Earned PSUs. In connection with the grant of the PSUs or vesting of the Earned PSUs, the Participant will make or enter into such written representations, warranties and agreements as the Committee may reasonably request in order to comply with applicable securities laws or with this Agreement.

16.Miscellaneous Provisions.

(a)Notices. Any notice necessary under this Agreement shall be addressed to the Company in care of its Corporate Secretary at the principal executive office of the Company and to the Participant at the address appearing in the records of the Company for the Participant or to either party at such other address as either party hereto may hereafter designate in writing to the other. Notwithstanding the foregoing, the Company may deliver notices to the Participant by means of email or other electronic means that are generally used for employee communications. Any such notice shall be deemed effective upon receipt thereof by the addressee.

(b)Headings. The headings of sections and subsections are included solely for convenience of reference and shall not affect the meaning of the provisions of this Agreement.

(c)Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

(d)Incorporation of IMAX LTIP; Entire Agreement. This Agreement, the Target Award and the Earned PSUs shall be subject to the IMAX LTIP, the terms of which are incorporated herein by reference, and in the event of any conflict or inconsistency between the IMAX LTIP and this Agreement, the IMAX LTIP shall govern. This Agreement and the IMAX LTIP constitute the entire agreement between the parties hereto with regard to the subject matter hereof. They supersede all other agreements, representations or understandings (whether oral or written and whether express or implied) that relate to the subject matter hereof. The Participant acknowledges receipt of the IMAX LTIP, and represents that the Participant is familiar with its terms and provisions.

(e)Amendments. Subject to all applicable laws, rules and regulations, the Committee shall have the power to amend this Agreement at any time provided that such amendment does not adversely affect, in any material respect, the Participant’s rights under this Agreement without the Participant’s consent. Notwithstanding the foregoing, the Company shall have broad authority to alter or amend this Agreement and the terms and conditions applicable to the PSUs without the consent of the Participant to the extent it deems necessary or desirable in its sole discretion (i) to comply with or take into account changes in, or rescissions or interpretations of, applicable tax laws, securities laws, employment laws, accounting rules or standards and other applicable laws, rules, regulations, guidance, rulings, judicial decisions or legal requirements, (ii) to ensure that the Earned PSUs are not subject to taxes, interest and penalties under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), (iii) to take into account unusual or nonrecurring events or market conditions, or (iv) in any other manner set forth in Section 15 of the IMAX LTIP. Any amendment, modification or termination shall, upon adoption, become and be binding on all persons affected thereby without requirement for consent or other action with respect thereto by any such person. The Committee shall give written notice to the Participant in accordance with Section 16(a) of any such amendment, modification or termination as promptly as practicable after the adoption thereof. The foregoing shall not restrict the ability of the Participant and the Company by mutual consent to alter or amend the terms of the PSUs in any manner that is consistent with the IMAX LTIP and approved by the Committee.

(f)Section 409A.

(i)The PSUs are intended to constitute “short-term deferrals” for purposes of Section 409A of the Code and the regulations and guidance promulgated thereunder (“Section 409A”). If any provision of the IMAX LTIP or this Agreement would, in the reasonable good faith judgment of the Committee, result or likely result in the imposition on the Participant, a beneficiary or any other person of a penalty tax under Section 409A, the Committee may modify the terms of the IMAX LTIP or this Agreement, without the consent of the Participant, beneficiary or such other person, in the manner that the Committee may reasonably and in good faith determine to be necessary or advisable to avoid the imposition of such penalty tax. This Section 16(f) does not create an obligation on the part of the Company to modify the IMAX LTIP or this Agreement and does not guarantee that the Earned PSUs will not be subject to taxes, interest and penalties under Section 409A.

(ii)Notwithstanding anything to the contrary in the IMAX LTIP or this Agreement, to the extent that the PSUs constitute deferred compensation for purposes of Section 409A and Participant is a “Specified Employee” (within the meaning of the Committee’s established methodology for determining “Specified Employees” for purposes of Section 409A), no payment or distribution of any amounts with respect to the Earned PSUs that are subject to Section 409A may be made before the first business day following the six (6) month anniversary from the Participant’s Separation from Service from the Company Group (as defined in Section 409A) or, if earlier, the date of the Participant’s death.

(g) Successor. Except as otherwise provided herein, this Agreement shall be binding upon and shall inure to the benefit of any successor or successors of the Company, and to any Permitted Transferee pursuant to Section 9.

(h)Choice of Law. Except as to matters of federal law, this Agreement and all actions taken thereunder shall be governed by and construed in accordance with the laws of the State of New York (other than its conflict of law rules).

(i)Clawback. Any awards made pursuant to the IMAX LTIP shall be subject to clawback or recoupment as permitted or mandated by applicable law, rules, regulations or any Company policy as enacted, adopted or modified from time to time.

(j)Canadian Employment Law. Only for those Participants that are employed in Ontario, Canada, such Participants shall have no entitlement to damages or other compensation under contract, the common law or otherwise arising from or related to not receiving any form of compensation under this Agreement which would have accrued or been paid to the Participant after the Participant’s termination of employment pursuant to Sections 4, 5, 6 or 7.

 

[Signatures on Following Page]

 

 

			
	
 
	
IMAX CORPORATION

 

	
 
	
 
	
 

	
 
	
By:
	
 

 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

 

			
	
 
	
By:
	
 

	
 
	
Name:
	
 

	
 
	
Title:
	
 

By electronically accepting this document, the Participant acknowledges having read the IMAX LTIP and this Agreement, and hereby agrees to be bound by all the provisions set forth in the IMAX LTIP and this Agreement.

 

 

 

Exhibit A: Performance Vesting Criteria

[Omitted]EX-4.3

 Exhibit 4.3 

English Translation 

Policy Management Agreement 

between 
 China Life
Insurance (Group) Company 
 and 

China Life Insurance Company Limited 

 Table of Contents 

 

					
	 1.  AUTHORIZATION
	  	 	1	 
		
	 2.  BASIC PRINCIPLES
	  	 	2	 
		
	 3.  SCOPE OF AGENCY
	  	 	4	 
		
	 4.  ACCOUNT AND ACCOUNT MANAGEMENT
	  	 	5	 
		
	 5.  DATA AND DOCUMENTATION
	  	 	6	 
		
	 6.  INSPECTION, EXAMINATION AND REPORT
	  	 	7	 
		
	 7.  INSURANCE AGENCY SERVICE FEES AND PAYMENTS THEREOF
	  	 	8	 
		
	 8.  PAYMENT OF COMMISSIONS
	  	 	9	 
		
	 9.  THIRD PARTY COSTS AND EXPENSES
	  	 	10	 
		
	 10.  TAXATION
	  	 	10	 
		
	 11.  REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS
	  	 	10	 
		
	 12.  TERM
	  	 	11	 
		
	 13.  INDEMNIFICATION
	  	 	11	 
		
	 14.  LIABILITY FOR BREACH
	  	 	12	 
		
	 15.  TERMINATION
	  	 	12	 
		
	 16.  FORCE MAJEURE
	  	 	13	 
		
	 17.  CONFIDENTIALITY
	  	 	14	 
		
	 18.  ASSIGNMENT
	  	 	14	 
		
	 19.  NON-WAIVER
	  	 	14	 
		
	 20.  NOTICES
	  	 	14	 
		
	 21.  PERFORMANCE OF THIS AGREEMENT
	  	 	15	 
		
	 22.  FURTHER ACTIONS
	  	 	15	 
		
	 23.  GOVERNING LAW AND DISPUTES SETTLEMENT
	  	 	15	 
		
	 24.  EFFECTIVENESS, VERSIONS AND MODIFICATIONS
	  	 	16	 

  
 i 

 This Policy Management Agreement (the “Agreement”), is entered into on
December 31, 2020 in Beijing, People’s Republic of China (“PRC”), by and between the following two parties: 
  

	 	(1)	 China Life Insurance (Group) Company (“Party A”) Address: China Life Center, 17 Financial Street,
Xicheng District, Beijing 

  

	 	(2)	 China Life Insurance Company Limited (“Party B”) Address: China Life Plaza, No. 16 Financial
Street, Xicheng District, Beijing 

 Whereas: 
  

	 	(1)	 Party A is a wholly state-owned limited liability company duly organized and existing under the laws of the
PRC. 

  

	 	(2)	 Party B is a joint stock life insurance company, exclusively and legally initiated and established by Party A,
and duly exists under the laws of the PRC. 

  

	 	(3)	 Party A and Party B have entered into a Restructuring Agreement on September 30, 2003, pursuant to which
Party A shall transfer to Party B certain “Transferred Policies” and Party A shall retain Non-transferred Policies (the “Old Policies”) as defined in such agreement. 

 

	 	(4)	 According to the Non-Competition and Priority Agreement signed by Party
A and Party B, Party A undertakes that it will not, directly or indirectly, engage in, participate in or operate, within the territory of China (not including Hong Kong, Macau and Taiwan), any life, health or accident insurance business that may
compete with the insurance business of Party B, and that Party A will authorize Party B to manage the business under Old Policies on its behalf (including the modification or renewal of riders in relation thereto). 

 

	 	(5)	 Both Parties are willing to make fair and reasonable arrangements for the management of the insurance business
under Old Policies. 

 Therefore, for purpose of setting forth rights and obligations of both Parties and regulating the
policy management activities, after friendly negotiations, and on the basis of equality and mutual benefits, both parties agree as follows: 
  

	1.	 Authorization 

  

	 	1.1	 Authorized Matters 

According to the terms and conditions of this Agreement, Party A authorizes Party B as its agent to manage the insurance business under the Old
Polices, and shall in return pay Party B service fees. Party B agrees to and accepts such authorization. 
  

	 	1.2	 Purpose of Authorization 

Party B shall manage the insurance business under the Old Polices and perform its duties strictly according to the agreement between both
Parties and applicable laws, regulations, and relevant rules and requirements of competent authorities and insurance regulatory authority, and, shall, as according to Party A’s requirement, with a target for equal management and equal service,
assist Party A in ensuring the stable and healthy operation of the insurance business under the Old Polices and prevent and solve potential business risks. 

  
 1 

	2.	 Basic Principles 

  

	 	2.1	 Party B shall perform the duties of insurance agent in accordance with this Agreement, and any rights of
policyholders under the Old Policies and any obligations, benefits, losses or risks of the insurer in regard to the Old Polices shall be undertaken by Party A. Party B shall undertake the management responsibilities and risks of the insurance
business under the Old Polices as the agent. Unless otherwise agreed by both parties, Party B shall under no circumstances be liable to pay any benefits or claims, or to make any advances due in respect of any benefits or claims under the Old
Polices. 

  

	 	2.2	 Party B shall have a fiduciary duty to Party A, which shall require Party B to diligently perform its duties as
agent so as to comply with relevant laws, regulations and rules of competent authorities and the insurance regulatory department. Party B shall diligently perform its duties as an agent and shall, within the scope of authorization, have discretion
to conduct the authorized insurance business with the same experience, business. 

  

	 	2.3	 Party A shall authorize Party B to conduct businesses within the scope of agency as required by its actual
needs for business agency, and Party B may assign the authorization to its branches based on their business scale, management level and risk control capabilities. 

 

	 	2.4	 Party B shall perform the obligations of the agent in accordance with the terms of the Old Policies, applicable
laws, regulations, and relevant rules and requirements of competent authorities and insurance regulatory authority, and the relevant management system, rules, business standards and regulations as formulated (and modified from time to time) by Party
A in accordance with applicable laws, regulations, and relevant rules and requirements of competent authorities and insurance regulatory authority. Party B shall, after consulting with Party A, implement the relevant management system, rules,
business standards and regulations formulated (and modified from time to time) by Party A as according to the requirements of operation and management. The service standard for the agency business of Party B shall comply with relevant provisions of
this Agreement as well as the original provisions under the Old Policies and shall also comply with external supervising standards. If any standards or requirements cannot be met, Party B shall inform Party A promptly and cooperate with Party A to
report to appropriate regulating authorities. 

  

	 	2.5	 When performing the agency duties, Party B shall assume the responsibility of compliance monitoring for the
agency businesses, observe compliance obligations in relation to, among others, anti-money laundering, solvency, taxation and finance, as well as other compliance obligations under applicable laws and regulations or as required by competent
authorities and financial regulators, promptly monitor and actively deal with compliance risks in connection with the agency businesses to ensure that the agency businesses and relevant management work are compliant with appropriate requirements. In
case of violation of compliance obligations and/or losses incurred by Party A, Party A shall have the right to seek liabilities against Party B, and Party B shall rectify the violation in a timely manner and compensate Party A for the losses.

  
 2 

	 	2.6	 Party B may employ the same resources of its own insurance business (e.g. personnel, offices, equipment, etc.)
to manage the agency business, but Party B shall separately manage (excluding paper files), check the accounts of (including daily bookkeeping and monthly settlement), and conduct internal verification of its own insurance business and the agency
business. 

  

	 	2.7	 For purposes of this Agreement, Party B may hire, either directly or on behalf of Party A’s, external
auditors, external actuaries, external attorneys and other external professional experts, provided that prior approval or consent has been obtained from Party A, and that the necessary delegation of authority has been made. 

 

	 	2.8	 Neither Party B nor its branches shall conduct any publicizing or reporting in any occasions or on any media
which are adverse to the agency business or Party A. 

  

	 	2.9	 Party B’s own insurance business and the agency business shall use a unified set of insurance documents
printed by Party B and the seals of Party B, but in conducting the agency business, Party B shall place special note at the appropriate place of related documents indicating that, “The insurance business under this insurance policy is being
conducted by China Life Insurance Company Limited on behalf of China Life Insurance (Group) Company, and the legal responsibilities under this insurance policy shall be borne by China Life Insurance (Group) Company.” 

 

	 	2.10	 Party A shall have the right to inspect, supervise and examine the Party B’s agency business. Party B
shall provide cooperation to Party A’s inspection, supervision and examination of its agency business. 

  

	 	2.11	 Party B shall provide the agency service under this Agreement in accordance with the standards provided herein,
and shall establish adequate risk prevention and internal control systems as according to the characteristics of the agency business. 

  

	 	2.12	 Party B shall abide by any policies, rules, guidelines, standards and requirements in relation to the
authorized insurance business which are made and amended from time to time by Party A according to applicable international and domestic laws and regulations as well as relevant rules and requirements of competent and regulating authorities, and
collect, summarize, organize, provide and submit as an agent data, materials, information and reports in connection with the authorized insurance business according to relevant regulations and requirements in order to assist and cooperate with Party
A to properly fulfill its obligations including but not limited to the information reporting obligations with respect to anti-money laundering and insurance business case. 

  
 3 

	3.	 Scope of Agency 

  

	 	3.1	 Party A hereby authorizes Party B to manage on its behalf the following insurance business under Old Policies:

  

	 	(i)	 Day-to-day insurance
administration services: conservation, claim settlements, payment and premium collections, daily settlements, account verifications and preparation of business and financial reports; 

 

	 	(ii)	 Customer services: answering or handling inquiries or complaints from the policy holders, insured or
beneficiaries of Old Policies; 

  

	 	(iii)	 Statistics and file management; 

 

	 	(iv)	 Invoice and receipt management; 

 

	 	(v)	 The reinstatement of Old Policies and the renewal of riders (the business thereby required to be underwritten
shall be underwritten in accordance with Party A’s underwriting standards); 

  

	 	(vi)	 Reinsurance; and 

  

	 	(vii)	 The handling of disputes relating to Old Policies, including bringing or defending suits on behalf of Party A.

  

	 	3.2	 Party A hereby authorizes Party B to conduct separate account verifications and financial management in respect
of the agency business in accordance with the accounting and financial management rules set forth in writing by Party A. Party B shall provide to Party A periodically, and according to requirements of competent authorities and regulatory authority
and Party A’s requirements, accurate and complete accounting information, including internal management reports and supervisory reports, necessary to make internal decisions regarding the management of the business and external disclosures.

  

	 	3.3	 Party B shall set up separate accounting books to account for all agency business items, including income,
expenditures, assets, liabilities and owners’ equity. All branches and offices under Party B at various levels shall set up independent accounting systems for the agency business. 

 

	 	3.4	 Party A hereby authorizes Party B to manage on its behalf the business and finance system applications
supporting the Old Policies in order to satisfy the requirements of risk control, regulatory authority and management of Party A. Party B shall be responsible for the implementation based on Party A’s management policy and routine management
opinion. 

  
 4 

	 	3.5	 Party A hereby authorizes Party B to manage Party A’s products in accordance with requirements of
insurance regulatory authority, and Party A shall provide Party B with relevant actuarial support. 

  

	 	3.6	 Party B is authorized to conduct tax declarations of the business under Old Policies on Party A’s behalf,
assist Party A in paying taxes, and perform the tax withholding and payment obligations in accordance with the state and local tax laws and regulations. 

  

	4.	 Account and Account Management 

 

	 	4.1	 Party B shall open accounts for agency business in accordance with the People’s Bank of China’s
relevant requirements on opening accounts. Party B shall maintain separate accounts for income and payments in respect of the agency of insurance business under Old Policies. Party B shall open, in its own name, agency business income and payment
accounts with a bank approved by both Parties in accordance with the requirements of this Section 4.1. Party B shall strengthen the management of agency business income and payment accounts, and for any increases or decreases in such accounts,
with units on the provincial level as a whole, a prior approval of Party A is required in case of increase in the total number of accounts as of the application, in which case the original account shall be closed and a new account shall be opened
within six months thereafter , or Party B may proceed directly according to its own relevant regulations in case of no increase in the total number of accounts. 

 

	 	4.2	 The headquarters of Party B may have accounts for both income and payments in relation to the agency business,
and provincial branches of Party B shall separately open agency business income accounts and payment accounts exclusively for settlement of income and payments in regard to the agency business. 

 

	 	4.3	 

  

	 	(1)	 The city-level branches of Party B shall open agency business income accounts to be used exclusively for the
collection of premium payments in regard to the agency business, in accordance with the needs of agency business. Party B’s branches shall transfer the funds in relation to the agency business in a timely manner to the income account or the
account for both income and payments of the headquarters of Party B in full, and shall then be transferred by Party B’s headquarters into the account designated by Party A by 4:00 p.m. Beijing time every day. 

 

	 	(2)	 Unless otherwise provided in this Agreement, Party B shall not withdraw, dispatch, employ or pledge the premium
payments in the agency business income account without permission, and shall not open other accounts to collect, deposit, hide, or retain in any other fashion premium payments collected in connection with the agency business. 

  
 5 

 4.4 
  

	 	(1)	 The city-level branches of Party B shall open payment accounts for the agency business in accordance with the
needs of the agency business. 

  

	 	(2)	 Party A shall, based on the funding request of Party B, relevant forecasts and historical data, transfer to the
payment account for the agency business at Party B’s headquarters the funds for payment of insurance claims and benefit amounts and other necessary costs and expenses for the current month under the Old Policies. Party B’s headquarters
shall in a timely manner transfer such funds in full to the payment accounts of Party B’s provincial level, and Party B’s provincial branches shall transfer such funds to Party B’s city-level or county-level branches accordingly.

  

	 	(3)	 Party B has the right to withdraw, dispatch and employ the funds in the payment account in accordance with this
Agreement to satisfy payment obligations in regard to claims and benefit amounts, commissions and third party costs and expenses under the Old Policies. Unless otherwise provided in this Agreement, Party A shall not in any fashion interfere with or
in any way withdraw, dispatch, employ or pledge such funds without permission. 

  

	 	(4)	 If Party B’s provincial branches finds that the balance of its account is insufficient or will become
insufficient to meet the necessary payment needs of the current month, it shall submit to Party B’s headquarter as well as Party A an urgent funding request. Party A shall transfer the additional funds required for such month to the payment
account of Party B’s headquarters within 5 business days after receiving such funding request. 

  

	5.	 Data and Documentation 

 

	 	5.1	 Party A owns all data generated in connection with the agency business under this Agreement (including, but not
limited to, business data, actuarial data and financial data) and all documentation relating to the agency business under this Agreement (including but not limited to paper documentation and electronic documentation) (collectively, the “Agency
Business Data and Documentation”). It is Party A’s responsibility to keep original documentation or materials for insurance products developed and issued by the head office before execution of the Restructuring Agreement and it is Party
B’s responsibility to keep original documentation or materials for insurance products developed and issued by local branches before execution of the Restructuring Agreement. Original documentation or materials shall include terms (agreements),
rates, surrender value or cash value, calculation base, approval documents, documents issued for implementation and other relevant materials. 

  
 6 

	 	5.2	 During the term of this Agreement, Party B has the obligation to safely maintain and regularly update the
Agency Business Data and Documentation, to keep it confidential, and to manage it with the same degree of diligence as it does for its own business data and documentation. However, Party B shall manage and store the Agency Business Data (including
video data) and its own business data separately. If it is impossible to store physical forms of documentation separately, storage locations shall be marked in the documentation system. 

 

	 	5.3	 Party B shall manage the business data, actuarial data and financial data of the agency business under this
Agreement in accordance with the relevant data management rules formulated by Party A in writing and acknowledged by Party B, and shall separately process and transmit such business data and financial data in conformity with business processing,
actuarial and finance processing systems acknowledged by Party A, and check the business data and financial data for consistency in accordance with regulatory requirements. 

 

	 	5.4	 During the term of this Agreement, in accordance with the terms and conditions of this Agreement, Party A may
use, reference and inspect Agency Business Data and Documentation, and Party B shall provide assistance and cooperation to Party A in respect thereto. In response to Party A’s reasonable request, Party B shall provide Party A with materials in
connection with the agency business data or copies of relevant documentation. 

  

	 	5.5	 Party B shall return data and documentation in connection with the agency business to Party A when this
Agreement is terminated. 

  

	6.	 Inspection, Examination and Report 

 

	 	6.1	 Without affecting or interfering with Party B’s normal business operations, Party A shall have the right
to conduct on-site or off-site, and daily or annual inspections in order to determine whether Party B’s conduct of the agency business under this Agreement complies
with the business standards, financial standards, rules and systems agreed upon by both Parties, and to test the accuracy of the related accounting information provided by Party B. Party B shall provide all reasonably necessary assistance and
cooperation. Expenses incurred due to such inspections shall be borne by Party A. Party B shall promptly correct the problems as according to findings of the inspection and request of Party A. 

 

	 	6.2	 Party B shall promptly submit periodic report on agency business in accordance with regulatory requirements and
Party A’s requests and temporary report on material matters occurring in daily operations. The contents of such reports shall include, but without limitation, product management of agency business, change of business and financial data, and the
technical indications for the daily operation of agency business information systems. In case of changes in internal and external environments or conditions which directly affect the operation and management of authorized businesses, Party B shall
report such changes and propose countermeasure to Party A in a timely manner. 

  
 7 

	 	6.3	 When reporting data as required by Party A, Party B shall be responsible for reviewing the trueness, accuracy,
completeness and consistency of reported data and statements so as to ensure smooth conduct of Party A’s work. 

  

	 	6.4	 Within 90 days after the end of each calendar year, Party B shall prepare and submit to Party A an annual
report concerning its insurance business agency, which shall include basic description of the business agency work, performance of the agency agreement, implementation of business regulations, supervision, inspection and corrections, as well as a
work plan for the next year. 

  

	 	6.5	 Party B shall, within 75 days after the end of each calendar year, provide to Party A information such as data
and statements as according to Party A’s request to assist Party A in preparing year-end budget report, annual statistics report, annual financial report, annual inspection report and internal controls
report. In particular, annual financial report, solvency report and other reports shall be submitted at the time required in annual final accounts notification. 

 

	 	6.6	 Party B shall, after the end of each calendar year or according to regulatory and Party A’s requirements,
provide to Party A information such as data and statements and to assist Party A in conducting liability assessment and preparing relevant reports. 

  

	 	6.7	 Party B shall submit data of the business processing system and statistical reports as of December 31 of
previous year and as of June 30 of the current year respectively to Party A before January 31 and July 30 of each year. Party A shall complete the audit in relation to the number of authorized businesses within twenty days after
receipt of Party B’s written statistical report, and confirm the statistical results of the number in writing with Party B. In case of any problem, Party A shall promptly notify Party B and Party B shall correct such problems or give
explanations in a timely manner. 

  

	 	6.8	 For reinsurance businesses, Party B shall submit detailed schedules and bills of a previous quarter to Party A
within forty-five days after the end of each quarter. Party A shall complete the audit within thirty days after receipt of such schedules and bills and send collection/payment notice to Party B, and then Party B will collect/pay money from or to
reinsurance companies as required. 

  

	7.	 Insurance Agency Service Fees and Payments Thereof 

 

	 	7.1	 The method of calculating service fees for any period shall be as follows: 

 

	 	(i)	 the number of policies in force as of the last day of relevant calculating period, multiplied by RMB8.00
(number of policies in force for a group insurance policy is equal to the number of individuals covered by such policy (not including individuals under lapsed or expired policies)); plus 

 

	 	(ii)	 2.5% of the actual premiums collected during such period. 

  
 8 

	 	7.2	 Payment procedure for service fees: 

 

	 	(i)	 In every year, each period starting from January 1 and ending on June 30, and starting from
July 1 and ending on December 31, shall be deemed to be a payment period. 

  

	 	(ii)	 Within 30 days after the end of a payment period, Party B shall consolidate all the information and determine
the amount of service fees for such payment period in accordance with Section 7.1, and submit the related bill with detailed schedules to Party A. 

  

	 	(iii)	 Unless Party A provides, within 30 days after receiving such bills and detailed schedules, adequate evidence
that the amount of such service fee is unreasonable, the service fee specified in such bill shall be paid into the account designated in writing by Party B within thirty days after Party A receives such bill and detailed schedules.

  

	 	7.3	 Provisions on taxation for the service fees 

 

	 	(i)	 The service fees are VAT inclusive. Unless agreed in writing by the two parties, Party B will not otherwise
collect any VAT or surcharges in addition to the contract price for the agency business; 

  

	 	(ii)	 Party B shall provide Party A with legal and valid VAT special invoices; 

 

	 	(iii)	 The two parties hereto shall perform their respective tax payment and withholding obligations resulting from
this Agreement according to applicable tax laws. 

  

	 	7.4	 The upper limit of annual transaction amount hereunder is RMB 599 million. 

 

	8.	 Payment of Commissions 

 

	 	8.1	 Any direct commissions to insurance agents and any corresponding pension fees incurred in connection with
premium collections for the renewal of Old Policies shall be borne and paid by Party A in accordance with the payment standards that were specified when such policies were issued. Except for such aforementioned direct commissions and relevant
pension fees, all other supplementary commission expenses incurred in connection with such insurance agents (including, but not limited to, bonuses, social welfare expenses, training expenses, and allowances) shall be borne by Party B.

  
 9 

	 	8.2	 All of the aforementioned commissions borne by Party A shall be paid in accordance with the requirements of
Section 4.4 of this Agreement. 

  

	9.	 Third Party Costs and Expenses 

 

	 	9.1	 Third party costs and expenses mean costs and expenses received by third parties, and arising in connection
with Party B’s performance of its duties with respect to insurance agency under this Agreement and agreed by Party A, excluding service fees payable to Party B pursuant to Section 7 of this Agreement, commissions set forth in
Section 8 and tax duties and related expenses set forth in Section 10. Such costs and expenses include, but are not limited to, fees for auditors, actuaries, external lawyers and other external professionals hired by Party B in its own
name or in the name of Party A for purposes related to this Agreement, litigation costs and other reasonable expenses incurred by Party B to strengthen risk control and carry out equal services such as bank transfer, batch investigation and SMS
notification for authorized businesses. 

  

	 	9.2	 Third party costs and expenses shall be borne by Party A, and shall be paid in by Party B in accordance with
the actual amount from the business settlement or payment account for the agency business. Under no circumstances shall Party B be obligated to pay, or to advance on behalf of Party A, such costs and expenses using its own funds.

  

	 	9.3	 Unless otherwise provided in this Agreement, Party A shall not be liable for any other expenses incurred in
connection with the agency business. 

  

	10.	 Taxation 

  

	 	10.1	 Party A shall be responsible for all tax obligations required to be borne by Party A as tax obligor or
withholding obligor pursuant to tax laws and regulations. Party A shall bear and pay all expenses incurred in connection with such tax obligations. 

  

	 	10.2	 If it is provided in tax laws and regulations that Party B may pay taxes or perform the tax payment or
withholding obligations on Party A’s behalf, Party B shall directly perform such obligations; if it is provided that Party A shall pay taxes on aggregate basis, Party B shall provide all necessary assistance to Party A, including but not
limited to assistance in the preparation of tax declaration forms, the preparation and provision of necessary files and documents as required to perform tax obligations. 

 

	 	10.3	 Party B shall be liable for the payment of any taxes that are imposed on it in accordance with applicable tax
laws and regulations. 

  

	11.	 Representations, Warranties and Undertakings 

Each Party to this Agreement makes the following representations, warranties and undertakings to the other Party: 

 

	 	(i)	 It has obtained adequate power and authority (including but not limited to the procurement of approvals,
consents and permits from relevant regulatory authorities, and the internal authorization of the company) to sign this Agreement; 

  
 10 

	 	(ii)	 After this Agreement comes into effect in the manner set forth herein, it shall be binding on such Party, and
will be enforceable against such Party in accordance with its terms; 

  

	 	(iii)	 All terms of this Agreement are in compliance with Articles of Association of such parties, and with the laws
and regulations of China. 

  

	12.	 Term 

  

	 	12.1	 This Agreement shall remain in effect until December 31, 2021. 

 

	 	12.2	 During the effective term hereof, each party shall have the right to send a written notice of no less than 90
days to the other party for early termination of this Agreement. 

  

	13.	 Indemnification 

  

	 	13.1	 Any claim, suit, loss, judgment, damages, fines or expenses (hereinafter collectively referred to as a
“Loss”) sustained by Party B, its directors, officers, employees, agents or representatives (hereinafter collectively referred to as “Indemnified Parties”) in the performance of their duties under this Agreement, shall be fully
indemnified by Party A. Party A shall hold each Indemnified Party harmless against any such Loss and/or liability, unless it is finally determined through legal or administrative procedures or consultations between Party A and Party B that such Loss
and/or liability is caused due to the fault of such Indemnified Party. 

  

	 	13.2	 Notwithstanding any other provision of this Agreement, Indemnified Parties shall not be responsible for any
loss of Party A or any third party caused by any action or inaction, or by any erroneous decision, on the part of an Indemnity Party in discharging its obligations under this Agreement, unless it is finally determined through legal or administrative
procedures or consultations between Party A and Party B that such loss was incurred due to the fault of such Indemnified Party. 

  

	 	13.3	 If, based on the experiences, capabilities or qualifications of the Indemnified Parties, the losses described
in the above two sections can or should be expected, the Indemnified Parties shall promptly notify Party A of the possibility of such losses and fulfill appropriate duties and obligations as agreed herein. Otherwise, the Indemnified Parties will not
be indemnified according to this indemnity clause. 

  

	 	13.4	 This indemnity clause shall survive the termination of this Agreement, regardless of the manner in which this
Agreement is terminated. 

  
 11 

	14.	 Liability for Breach 

 

	 	14.1	 If Party A has not paid, or is incapable of paying, Party B the service fees in accordance with the terms of
this Agreement, it shall pay a penalty of 0.021% of the amount due to Party B for each day that such amount is overdue, until the service fee is paid in full. Party B may deduct amounts payable by Party A from any cash dividends payable by Party B
to Party A. 

  

	 	14.2	 Notwithstanding the effect or implementation of the foregoing provision, if (i) Party A has not paid or is
incapable of paying service fees in full to Party B as stipulated by this Agreement, and the amount due reaches RMB100,000,000 or more, or (ii) Party A has not transferred or is incapable of transferring adequate funds into Party B’s
account as provided by this Agreement, as a result of which the claims, benefit amounts, commissions, and/or third party costs and expenses that are not timely paid by Party B reach RMB300,000,000 or more, Party B shall be entitled to send to Party
A a written notice of rescission. Unless waived by Party B, this Agreement shall be rescinded upon the 30th day after such written notice is delivered to Party A. 

 

	 	14.3	 Subject to the restrictions set forth in Section 13.2 of this Agreement, in case of any economic losses
incurred by Party A resulting from Party B’s violation of this Agreement in dealing with the insurance agency business hereunder or due to Party B’s errors in connection with the agency business, Party A shall have the right to require
Party B to compensate for its actual losses. 

  

	15.	 Termination 

15.1 
  

	 	(a)	 This Agreement shall be terminated upon the occurrence of any of the following circumstances:

  

	 	(i)	 The obligations under the Old Policies have been discharged; 

 

	 	(ii)	 With the approval of the CIRC, Party A legally transfers all Old Policies to a third party, and such third
party undertakes to perform the insurer’s duties under the Old Policies, or authorizes any institution other than Party B to perform the insurer duties thereunder; 

 

	 	(iii)	 With the approval of each of Party B and CIRC, Party A authorizes any institution other than Party B to perform
the insurer duties under the Old Policies; 

  

	 	(iv)	 The term of this Agreement expires; 

 

	 	(v)	 Party B effectively rescinds this Agreement pursuant to Section 14.2; 

 

	 	(vi)	 Party A is unable to make payments, is declared bankrupt, enters into a liquidation procedure, is ordered to be
dissolved, or is put into receivership. 

  
 12 

	 	(b)	 If Party A has legally transferred part of the Old Polices to a third party with the approval of the CIRC, and
such third party performs the insurer’s obligations under such Old Polices or authorizes a third party other than Party B to perform the insurer’s obligations thereunder, such Old Policies shall not be subject to this Agreement starting
from the date of transfer. 

  

	 	15.2	 If this Agreement is terminated due to the foregoing Section (a) (ii), (iii), (iv), (v) or (vi), or if the
holders of a certain number of Old Policies are adversely affected or incur losses due to the foregoing Section (b), Party A shall assume all related liabilities. However, Party B shall not be exempted from its liability under this Agreement.

  

	 	15.3	 If this Agreement is terminated pursuant to Section 15.1 (a) or certain Old Policies are transferred
pursuant to Section 15.1 (b) and are therefore no longer subject to this Agreement, the obligations and responsibilities of Party A and Party B under this Agreement that had already arisen before such termination shall not be terminated or
affected thereby. 

  

	16.	 Force Majeure 

  

	 	16.1	 If a Party fails to perform in whole or in part its duties under this Agreement due to an event of force
majeure, this performance shall be suspended in the affected period of force majeure. 

  

	 	16.2	 The Party claiming that it has been affected by an event of force majeure shall inform the other Party of such
event of force majeure in writing as soon as possible, and shall provide the other Party with appropriate evidence regarding the existence and duration of such event of force majeure within 15 days after the occurrence thereof. The Party claiming
that the performance of its obligations under this Agreement is objectively impossible and impracticable due to such event of force majeure shall take all reasonable measures to eliminate or reduce any affect caused by such event of force majeure.

  

	 	16.3	 Upon of occurrence of any event of force majeure, both Parties shall immediately decide through friendly
consultation with each other in respect of the performance of their obligations under this Agreement, and shall immediately resume the performance of their respective obligations hereunder upon the termination or elimination of such event of force
majeure or its effect. 

  

	 	16.4	 Force majeure means the objective circumstances, occurring after this agreement becomes effective that cannot
be reasonably controlled, predicted, avoided or overcome even if predicted, and which make the performance of the obligations under this Agreement in whole or in part objectively impossible or impracticable (including, but not limited to,
circumstances when such obligations cannot be performed even after spending a reasonable amount of money). Such circumstances include but are not limited to floods, fires, droughts, wind, earthquakes, and other acts of God, strikes, riots, turmoil
and wars (declared or not) and the acts or omissions of governmental authorities. 

  
 13 

	17.	 Confidentiality 

Unless otherwise provided by law or relevant regulatory authorities or in order to meet the legal disclosure requirements of information on
Party B when it is to be listed or as a listed company, either Party shall not provide or disclose to any company, enterprise, organization or individual the business-related information or data of the other Party without the prior written approval
of the other Party. 
  

	18.	 Assignment 

Neither Party may assign any right or obligation under this Agreement without the prior written approval of the other Party. 

 

	19.	 Non-Waiver 

Unless otherwise provided for by law, any delay or failure on the part of either Party hereto to exercise any right, power or privilege under
this Agreement shall not operate as a waiver thereof, nor shall any partial exercise of any right, power or privilege preclude the exercise of any right, power or privilege in the future. 

 

	20.	 Notices 

Any notice related to this Agreement shall be sent in writing, and shall be delivered in person or by fax or mail. If delivered in person, such
notice shall be deemed delivered upon submission. If sent by fax, such notice shall be deemed delivered when the fax machine of the sending party indicates that the fax has been transmitted. If delivered by mail, such notice shall be deemed
delivered on the third business day (statutory holidays excluded) following the day such notice was mailed. Notices shall become effective upon delivery. 

Addresses of the Parties are as following: 
  

			
	China Life Insurance (Group) Company	  	China Life Insurance Company Limited
		
	 Address: China Life Center, 17 Financial

Street, Xicheng District, Beijing
	  	 Address: China Life Plaza, No. 16 Financial

Street, Xicheng District, Beijing

		
	Telephone: 010-66009999	  	Telephone: 010-63633333
		
	Facsimile:010-66009301	  	Facsimile:010-66575722

  
 14 

 If both Parties send out notices to each other by telephone or other means and mutually
acknowledge such notices, such notices shall be effective notices. 
  

	21.	 Performance of this Agreement 

 

	 	21.1	 As Party B is a joint stock limited company listed on the Hong Kong Stock Exchange, the transactions under this
Agreement shall constitute a connected transaction of Party B as described in the Hong Kong Stock Exchange Listing Rules (the “Listing Rules”). According to the Listing Rules, such transactions may be conducted only after obtaining a
waiver from Hong Kong Stock Exchange or the approval of independent shareholders and/or in conformity with any other requirements concerning connected transactions under the Listing Rules. Therefore, the performance of the obligations set forth in
this Agreement shall, to the extent that they relate to such connected transactions, be subject to the approval of the Hong Kong Stock Exchange and/or conditional on conforming to any other requirements concerning connected transactions under the
Listing Rules in effect from time to time. Both Party A and Party B undertake to observe the relevant requirements of the Listing Rules. 

  

	 	21.2	 If the Hong Kong Stock Exchange exemption contains additional conditions, the obligations set forth in this
Agreement shall be performed in accordance with such additional conditions. Both Party A and Party B undertake to strictly observe such conditions. 

  

	22.	 Further Actions 

Both Parties shall take further actions and measures in order to fully and effectively perform this Agreement, including consultations with
each other to set forth the execution plan or detailed rules of this Agreement in accordance with the principles set forth in this Agreement, and provided that such plan or rules shall not violate the terms hereof. 

 

	23.	 Governing Law and Disputes Settlement 

 

	 	23.1	 This Agreement shall be governed by, and interpreted and enforced in accordance with, the laws of China.

  

	 	23.2	 Any disputes arising from or related to this Agreement shall first be settled by the Parties through friendly
consultations. If no resolution is reached within 30 days after the dispute occurs, either Party may submit such dispute to the China International Economic Trade Arbitration Commission for arbitration in accordance with its arbitration rules in
effect when such dispute is submitted. The arbitration award shall be final and binding on both Parties. 

  
 15 

	24.	 Effectiveness, Versions and Modifications 

 

	 	24.1	 This Agreement shall come into effect as from January 1, 2021. 

 

	 	24.2	 This Agreement is executed in four originals, with two originals to be kept by each Party. Each original shall
have the same legal effect. 

  

	 	24.3	 Any amendment to this Agreement shall be made only pursuant to a written agreement which is executed by the
legal representative or its authorized representatives and is affixed with the official seal of each Party, and shall be approved by each Party after taking appropriate corporate actions. If such modification constitutes a material and significant
change to this Agreement, it shall become effective upon the notification of and procurement from approval from the Hong Kong Stock Exchange and/or a shareholders’ meeting of Party B (if applicable) (subject to the listing rules in effect from
time to time and requirements of the Hong Kong Stock Exchange then in effect). 

  

	 	24.4	 If amendments to Chinese laws, regulations or relevant departmental rules would affect the performance of this
Agreement, both Parties shall, based upon the object of this Agreement and the principles of equity and reasonableness, through friendly negotiations, timely modify the affected provisions in order to eliminate and lessen, to the extent possible,
the impact caused by such amendments. 

  
 16 

 Signature page: 
  

			
	 Party A:
  

China Life Insurance (Group) Company (Seal)
	  	 Party B:
  

China Life Insurance Company Limited (Seal)

		
	 Legal Representative/
 Authorized
Representative (Signature)
	  	 Legal Representative/
 Authorized
Representative (Signature)

  
 17

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