Document:

EX-10.3

 Exhibit 10.3 
 EXECUTION COPY 
 CONFIDENTIAL 

 
  
 MASTER TRANSACTION AGREEMENT 
 BY AND AMONG 

HARTFORD LIFE INSURANCE COMPANY, 
 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY, 
 AND 

PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY 
 DATED AS OF NOVEMBER 22, 2011 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 ARTICLE I.
	 	 DEFINITIONS
	  	 	2	  
			
	 Section 1.01.
	 	 Definitions
	  	 	2	  
			
	 ARTICLE II.
	 	 TRANSFER AND ACQUISITION OF ASSETS
	  	 	19	  
			
	 Section 2.01.
	 	 Consideration
	  	 	19	  
	 Section 2.02.
	 	 Acquisition of Transferred Assets and Assumption of Assumed Liabilities
	  	 	21	  
	 Section 2.03.
	 	 Payments on Closing Date
	  	 	21	  
	 Section 2.04.
	 	 Place and Date of Closing
	  	 	21	  
	 Section 2.05.
	 	 Other Transactions to be Effected at the Closing
	  	 	21	  
			
	 ARTICLE III.
	 	 REPRESENTATIONS AND WARRANTIES OF SELLERS
	  	 	22	  
			
	 Section 3.01.
	 	 Organization, Standing and Authority
	  	 	22	  
	 Section 3.02.
	 	 Authorization; Binding Effect
	  	 	23	  
	 Section 3.03.
	 	 No Conflict or Violation, Etc.
	  	 	23	  
	 Section 3.04.
	 	 Financial Information; Books and Records
	  	 	24	  
	 Section 3.05.
	 	 Absence of Certain Changes
	  	 	25	  
	 Section 3.06.
	 	 Transferred Assets
	  	 	27	  
	 Section 3.07.
	 	 Litigation; Orders
	  	 	11	  
	 Section 3.08.
	 	 Compliance with Laws
	  	 	27	  
	 Section 3.09.
	 	 Separate Accounts
	  	 	27	  
	 Section 3.10.
	 	 Licenses and Permits
	  	 	29	  
	 Section 3.11.
	 	 General Tax Representations
	  	 	29	  
	 Section 3.12.
	 	 Product Tax Representations
	  	 	30	  
	 Section 3.13.
	 	 Regulatory Filings
	  	 	30	  
	 Section 3.14.
	 	 Ceded Reinsurance
	  	 	31	  
	 Section 3.15.
	 	 Privacy Matters
	  	 	31	  
	 Section 3.16.
	 	 Material Contracts
	  	 	32	  
	 Section 3.17.
	 	 Technology and Intellectual Property
	  	 	33	  
	 Section 3.18.
	 	 Brokers
	  	 	34	  
	 Section 3.19.
	 	 Employee Benefit Plans
	  	 	34	  
	 Section 3.20.
	 	 Labor Matters
	  	 	34	  
	 Section 3.21.
	 	 Sufficiency of Assets
	  	 	35	  
	 Section 3.22.
	 	 Undisclosed Liabilities
	  	 	35	  
	 Section 3.23.
	 	 Sales and Marketing
	  	 	36	  
	 Section 3.24.
	 	 Reserves
	  	 	36	  
	 Section 3.25.
	 	 Benefits Under Administered Contracts; Underwriting; Etc.
	  	 	37	  
	 Section 3.26.
	 	 Actuarial Modeling
	  	 	37	  

  
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	 ARTICLE IV.
	 	 REPRESENTATIONS AND WARRANTIES OF PURCHASER
	  	 	38	  
			
	 Section 4.01.
	 	 Organization, Standing and Authority
	  	 	38	  
	 Section 4.02.
	 	 Authorization; Binding Effect
	  	 	38	  
	 Section 4.03.
	 	 No Conflict or Violation, Etc.
	  	 	39	  
	 Section 4.04.
	 	 Financial Ability to Perform
	  	 	40	  
	 Section 4.05.
	 	 Litigation; Orders
	  	 	40	  
	 Section 4.06.
	 	 Permits
	  	 	40	  
	 Section 4.07.
	 	 Ratings
	  	 	40	  
	 Section 4.08.
	 	 Brokers
	  	 	40	  
			
	 ARTICLE V.
	 	 COVENANTS
	  	 	41	  
			
	 Section 5.01.
	 	 Conduct of Business
	  	 	41	  
	 Section 5.02.
	 	 Access to Information; Confidentiality
	  	 	42	  
	 Section 5.03.
	 	 Reasonable Best Efforts
	  	 	42	  
	 Section 5.04.
	 	 Approvals and Filings; Consents
	  	 	43	  
	 Section 5.05.
	 	 Notification
	  	 	44	  
	 Section 5.06.
	 	 Further Assurances
	  	 	45	  
	 Section 5.07.
	 	 Expenses
	  	 	45	  
	 Section 5.08.
	 	 Transitional Matters
	  	 	45	  
	 Section 5.09.
	 	 Offers to Subject Employees
	  	 	45	  
	 Section 5.10.
	 	 Subsequently Identified Contracts
	  	 	51	  
	 Section 5.11.
	 	 Investment Management
	  	 	51	  
	 Section 5.12.
	 	 Certain Schedules to Exhibits
	  	 	52	  
			
	 ARTICLE VI.
	 	 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF PURCHASER
	  	 	52	  
			
	 Section 6.01.
	 	 Representations, Warranties and Covenants
	  	 	52	  
	 Section 6.02.
	 	 Secretary’s Certificate
	  	 	53	  
	 Section 6.03.
	 	 Other Agreements
	  	 	53	  
	 Section 6.04.
	 	 Governmental and Regulatory Consents and Approvals
	  	 	53	  
	 Section 6.05.
	 	 No Injunctions or Restraints
	  	 	53	  
	 Section 6.06.
	 	 No Seller Material Adverse Effect
	  	 	54	  
	 Section 6.07.
	 	 Threshold Closing Asset Value
	  	 	54	  
			
	 ARTICLE VII.
	 	 CONDITIONS PRECEDENT TO THE OBLIGATIONS OF SELLERS
	  	 	54	  
			
	 Section 7.01.
	 	 Representations, Warranties and Covenants
	  	 	54	  
	 Section 7.02.
	 	 Secretary’s Certificate
	  	 	55	  
	 Section 7.03.
	 	 Other Agreements
	  	 	55	  
	 Section 7.04.
	 	 Governmental and Regulatory Consents and Approvals
	  	 	55	  
	 Section 7.05.
	 	 No Injunctions or Restraints
	  	 	55	  
	 Section 7.06.
	 	No Purchaser Material Adverse Effect	  	 	55	  

  
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	 ARTICLE VIII.
	 	 FURTHER AGREEMENTS
	  	 	55	  
			
	 Section 8.01.
	 	 Post-Closing Access to Books and Records, Confidentiality
	  	 	55	  
	 Section 8.02.
	 	 Use of Names
	  	 	57	  
	 Section 8.03.
	 	 Non-Solicitation; Non-Hire
	  	 	57	  
	 Section 8.04.
	 	 Non-Competition
	  	 	58	  
	 Section 8.05.
	 	 Blue Pencil; Remedies
	  	 	59	  
	 Section 8.06.
	 	 Confidentiality
	  	 	59	  
			
	 ARTICLE IX.
	 	 SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND COVENANTS
	  	 	61	  
			
	 Section 9.01.
	 	 Survival of Representations and Warranties and Covenants
	  	 	61	  
			
	 ARTICLE X.
	 	 INDEMNIFICATION
	  	 	62	  
			
	 Section 10.01.
	 	 Obligation to Indemnify
	  	 	62	  
	 Section 10.02.
	 	 Indemnification Procedures
	  	 	64	  
			
	 ARTICLE XI.
	 	 TAX MATTERS
	  	 	68	  
			
	 Section 11.01.
	 	 Tax Indemnification
	  	 	68	  
	 Section 11.02.
	 	 Tax Indemnity Procedures
	  	 	70	  
	 Section 11.03.
	 	 Miscellaneous Tax Matters
	  	 	70	  
			
	 ARTICLE XII.
	 	 TERMINATION PRIOR TO CLOSING
	  	 	74	  
			
	 Section 12.01.
	 	 Termination of Agreement
	  	 	74	  
	 Section 12.02.
	 	 Effect of Termination
	  	 	75	  
	 Section 12.03.
	 	 Termination Fee
	  	 	76	  
			
	 ARTICLE XIII.
	 	 GENERAL PROVISIONS
	  	 	76	  
			
	 Section 13.01.
	 	 Publicity
	  	 	76	  
	 Section 13.02.
	 	 Currency
	  	 	77	  
	 Section 13.03.
	 	 Notices
	  	 	77	  
	 Section 13.04.
	 	 Entire Agreement; Severability
	  	 	78	  
	 Section 13.05.
	 	 Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies
	  	 	78	  
	 Section 13.06.
	 	 Governing Law; Jurisdiction; Venue; Service of Process
	  	 	79	  
	 Section 13.07.
	 	 Binding Effect; Assignment
	  	 	80	  
	 Section 13.08.
	 	 Interpretation
	  	 	80	  
	 Section 13.09.
	 	 No Third Party Beneficiaries
	  	 	80	  
	 Section 13.10.
	 	 Counterparts
	  	 	81	  

  
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	 Section 13.11.
	 	 Exhibits and Schedules
	  	 	81	  
	 Section 13.12.
	 	 Headings
	  	 	81	  
	 Section 13.13.
	 	 Certain Limitations
	  	 	81	  

  
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	EXHIBITS	 		  	
			
	Exhibit A	 	–	  	Form of Administrative Services Agreement
			
	Exhibit B	 	–	  	Form of Assignment and Assumption Agreement
			
	Exhibit C	 	–	  	Form of Bill of Sale
			
	Exhibit D	 	–	  	Summary of Terms of General Account COLI Services Agreement
			
	Exhibit E	 	–	  	Form of Broker-Dealer Agreement
			
	Exhibit F	 	–	  	Form of Patent License Agreement
			
	Exhibit G	 	–	  	Form of Software License Agreement
			
	Exhibit H	 	–	  	Form of Transition Services Agreement
			
	Exhibit I	 		  	Summary of Terms of Woodbury/UIT Services Agreement

  
 -v-

					
	SCHEDULES	 		    	
			
	Schedule 1.01(a)	 	–	    	Assigned and Assumed Contracts
			
	Schedule 1.01(b)	 	–	    	Assumed Liabilities
			
	Schedule 1.01(c)	 	–	    	BOLI/COLI Contracts
			
	Schedule 1.01(d)	 	–	    	Excluded Assets
			
	Schedule 1.01(e)	 	–	    	GAC Contracts
			
	Schedule 1.01(f)	 	–	    	General Account COLI Contracts
			
	Schedule 1.01(g)	 	–	    	HNW Contracts
			
	Schedule 1.01(h)(i)	 	–	    	Sellers’ Knowledge
			
	Schedule 1.01(h)(ii)	 	–	    	Purchaser’s Knowledge
			
	Schedule 1.01(i)	 	–	    	Opening Asset Value and Relative Contract Value
			
	Schedule 1.01 (j)	 	–	    	Reserve Methodologies
			
	Schedule 1.01(k)	 	–	    	Transferred Assets
			
	Schedule 3.01	 	–	    	Organization, Standing and Authority
			
	Schedule 3.03	 	–	    	No Conflict; Necessary Consents
			
	Schedule 3.04(a)	 	–	    	Financial Information
			
	Schedule 3.05	 	–	    	Absence of Certain Changes
			
	Schedule 3.06	 	–	    	Liens
			
	Schedule 3.07	 	–	    	Litigation; Orders
			
	Schedule 3.08	 	–	    	Compliance with Laws
			
	Schedule 3.09	 	–	    	Separate Accounts
			
	Schedule 3.10	 	–	    	Licenses and Permits
			
	Schedule 3.11	 	–	    	Taxes
			
	Schedule 3.12	 	–	    	Product Tax

  
 -vi-

					
	Schedule 3.13	 	–	    	Regulatory Filings
			
	Schedule 3.14	 	–	    	Ceded Reinsurance Agreements
			
	Schedule 3.15	 	–	    	Privacy Matters
			
	Schedule 3.16	 	–	    	Material Contracts
			
	Schedule 3.17(a)	 	–	    	Technology and Intellectual Property
			
	Schedule 3.17(c)	 	–	    	Transferred IP Contracts
			
	Schedule 3.17(d)	 	–	    	Business Software
			
	Schedule 3.17(e)	 	–	    	Enterprise Contracts
			
	Schedule 3.19(a)	 	–	    	Benefit Plans
			
	Schedule 3.19(c)	 	–	    	Compensation and Benefits Events
			
	Schedule 3.20(a)	 	–	    	Subject Employees
			
	Schedule 3.20(b)	 	–	    	Labor and Union Events
			
	Schedule 3.21	 	–	    	Sufficiency of Assets
			
	Schedule 3.22	 	–	    	Undisclosed Liabilities
			
	Schedule 3.23(b)	 	–	    	Sales and Marketing
			
	Schedule 3.25(a)	 	–	    	Benefits Under Administered Contracts
			
	Schedule 3.25(b)(i)	 	–	    	Underwriting
			
	Schedule 3.25(b)(ii)	 	–	    	Pipeline Policies
			
	Schedule 3.25(c)	 	–	    	Administered Contract Administration
			
	Schedule 4.03	 	–	    	No Conflict; Necessary Consents
			
	Schedule 4.06	 	–	    	Permits
			
	Schedule 5.01(a)	 	–	    	Conduct of Business
			
	Schedule 5.01(b)(i)	 	–	    	Purchaser Nominee I
			
	Schedule 5.01 (b)(ii)	 	–	    	Seller Nominee I

  
 -vii-

					
	Schedule 5.09(c)	 	–	    	Long-Term Incentive Compensation
			
	Schedule 5.09(f)	 	–	    	Monetary Severance Benefits
			
	Schedule 6.04	 	–	    	Governmental and Regulatory Consents and Approvals
			
	Schedule 7.04	 	–	    	Governmental and Regulatory Consents and Approvals
			
	Schedule 8.02(b)	 	–	    	Use of Names

  
 -viii-

 MASTER TRANSACTION AGREEMENT 

This MASTER TRANSACTION AGREEMENT (this “Agreement”), dated as of November 22, 2011, is entered into by and among
Hartford Life Insurance Company, a Connecticut domiciled stock life insurance company (“HLIC”), Hartford Life and Annuity Insurance Company, a Connecticut domiciled stock life insurance company (“HLAC” and, together
with HLIC, “Sellers”) and Philadelphia Financial Administration Services Company, a Delaware corporation (“Purchaser”). 
 RECITALS 
 A. Sellers and certain of their Affiliates conduct the Business.

 B. Upon the terms and subject to the conditions of this Agreement, Sellers and certain of their Affiliates desire to sell,
and Purchaser and certain of its Affiliates desire to acquire, certain assets and liabilities related to the Business. 
 C. In
order to effectuate the foregoing, it is contemplated that, upon the terms and subject to the conditions of this Agreement: 

(a) HLIC, HLAC and Purchaser will enter into the Administrative Services Agreement, providing for, among other things, (i) the
provision by Purchaser of administrative services with respect to the Administered Contracts issued by HLIC or HLAC and (ii) the servicing by Purchaser of the Separate Accounts of HLIC and HLAC; 

(b) An Affiliate of Sellers and Purchaser will enter into the Transition Services Agreement, providing for, among other things, the
provision by an Affiliate of Sellers to Purchaser and certain of its Affiliates of certain services for a transition period following the Closing Date; 
 (c) Sellers and the other Affiliates of Sellers that are parties thereto will execute and deliver to Purchaser the Bill of Sale, providing for, among other things, the transfer to Purchaser of the
Transferred Assets; 
 (d) Sellers, the Affiliates of Sellers that are parties thereto and Purchaser will enter into the
Assignment and Assumption Agreement providing for, among other things, the assignment of the Assigned and Assumed Contracts by Sellers and their Affiliates to Purchaser and the assumption of the Assumed Liabilities by Purchaser; 

(e) Sellers, the Affiliates of Sellers that are parties thereto and Purchaser will enter into the License Agreements, providing for,
among other things, a license to Purchaser and certain of its Affiliates to use certain intellectual property in connection with the operation by Purchaser and its Affiliates of the Business; 

(f) HLIC and Purchaser will enter into the General Account COLI Services Agreement providing for, among other things, the provision by
Purchaser of administrative services with respect to the General Account COLI Contracts of HLIC; 

  
 1 

 (g) The Affiliates of Sellers that are parties thereto and Purchaser will execute and
deliver the Woodbury/UIT Services Agreement; and 
 (h) Sellers and Purchaser will execute and deliver, and cause their
Affiliates to execute and deliver, such other agreements, instruments and documents as are described herein. 
 D. Purchaser
desires to offer employment to the Subject Employees. 
 E. Concurrently with the execution of this Agreement, Philadelphia
Financial Life Assurance Company, a Pennsylvania corporation (“PFLAC”), is delivering to Sellers a letter under which PFLAC agrees to cause Purchaser to pay any Termination Fee that becomes payable by Purchaser under this Agreement,
including by supplying Purchaser with funds necessary to make such payment or making such payment directly on Purchaser’s behalf. 
 Accordingly, in consideration of the representations, warranties, covenants and agreements set forth herein, the parties hereto agree as follows: 

ARTICLE I. 

DEFINITIONS 

Section 1.01. Definitions. The following terms have the respective meanings set forth below throughout this Agreement:

 “Accrued Bonus Amount” has the meaning set forth in Section 5.09(f)(i). 

“Acquired Business” has the meaning set forth in Section 8.04(c). 

“Action” has the meaning set forth in Section 3.07. 

“Administered Contracts” means, collectively, the BOLI/COLI Contracts, the GAC Contracts and the HNW Contracts.

 “Administrative Services Agreement” means an administrative services agreement substantially in the form of
Exhibit A; except that what is designated as “Schedule F” thereto shall be agreed to prior to the Closing in accordance with Section 5.12. 
 “Administration Fee” has the meaning given such term in the Administrative Services Agreement. 
 “Affiliate” means, with respect to any Person, at the time in question, any other Person controlling, controlled by or under common control with such Person. For purposes of the
foregoing, “control,” including the terms “controlling,” “controlled by” and “under common control with,” means the possession, direct or indirect, 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, as trustee or executor or otherwise. 

  
 2 

 “Aggregate Asset Value” means the aggregate book value of the assets,
excluding mortality contingency reserves, held in the Separate Accounts for the benefit of the Administered Contracts (by case) on a given date. 
 “Aggregate Opening Asset Value” means the aggregate of the Opening Asset Values. 
 “Aggregate Closing Asset Value” has the meaning set forth in Section 2.01(c). 
 “Agreement” has the meaning set forth in the preamble to this Agreement. 
 “Allocation” has the meaning set forth in Section 11.03(f)(i). 
 “Ancillary Agreements” means the Administrative Services Agreement, the Transition Services Agreement, the License Agreements, the Transfer Documents, the Broker-Dealer Agreement, the
General Account COLI Services Agreement, the Woodbury/UIT Services Agreement and any other document that by its terms expressly constitutes an Ancillary Agreement. 
 “Applicable Asset Acquisition” has the meaning set forth in Section 11.03(f). 
 “Applicable Law” means any domestic or foreign federal, state or local statute, law, ordinance, code or common law or any rules, regulations, administrative interpretations (including SEC
“no-action” letters), or orders issued by any Governmental Entity pursuant to any of the foregoing, and any order, writ, injunction, directive, judgment or decree applicable to a Person or any such Person’s business, subsidiaries,
properties, assets, officers, directors, employees or agents. 
 “Applicable SAP” means statutory accounting
practices prescribed or permitted by (i) with respect to HLIC and HLAC, the Commissioner of the Connecticut Insurance Department, and (ii) with respect to any other insurance company, statutory accounting principles prescribed or permitted
by the applicable insurance regulatory authority of such insurance company’s jurisdiction of domicile. 

“Applicable Territory” means the United States of America and its territories. 

“Assigned and Assumed Contracts” means the Contracts listed in Schedule 1.01(a). 

“Assignment and Assumption Agreement” means an assignment and assumption agreement substantially in the form of
Exhibit B. 

  
 3 

 “Assumed Liabilities” means the Liabilities of Sellers or their Affiliates
set forth in Schedule 1.01(b). 
 “Baseline Amount” has the meaning set forth in Section 2.01(a).

 “Benefit Plans” has the meaning set forth in Section 3.19(a). 

“Bank Withdrawal” means that portion of the noticed withdrawals referenced in Schedule 5.01(a) that have not yet been
effected as of the date hereof, but that Sellers are expecting to be effected in the future (totaling an additional $130 million to be realized by the Contractholder from such future withdrawals). 

“Bill of Sale” means a bill of sale substantially in the form of Exhibit C. 

“BOLI/COLI Contracts” means as to each Seller, (a) the variable life insurance Contracts issued by such Seller and
listed on Schedule 1.01(c) (by case) (as revised or deemed revised in accordance with Section 5.10(a)) under the issuing Seller’s name and that are in-force at the Effective Time, (b) all BOLI/COLI Policies issued by such Seller that
were issued or underwritten at the direction of HLPP after the date hereof and prior to the Effective Time, including the BOLI/COLI Pipeline Policies, to the extent in-force at the Effective Time and (c) all BOLI/COLI Policies issued by HLIC
pursuant to the Administrative Services Agreement, including in the cases of each of clauses (a), (b) and (c), all supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates, LOUs, stable value
confirms, ancillary agreements and offering documents (to the extent such offering documents have been incorporated by reference into the relevant BOLI/COLI Contract) in connection therewith, but excluding, except as contemplated by the following
sentence, any such Contract as to which such Seller has received, as of the date hereof, actual notice of surrender by the contractholder of such Contract. BOLI/COLI Contracts also includes all such life insurance Contracts that otherwise would be
eligible for inclusion herein, but that have lapsed prior to the Effective Time or as to which such Seller has received, as of the date hereof, actual notice of surrender by the contractholder of such Contract if and when such Contract is reinstated
pursuant to reinstatement procedures contained in such life insurance Contract, which are listed on Schedule 1.01(c) under the relevant Seller’s name. 
 “BOLI/COLI Pipeline Policies” has the meaning set forth in Section 3.25(b). 
 “BOLI/COLI Policies” means variable life insurance policies, whether or not registered with the SEC, issued through one or more of an insurer’s separate accounts under which
employees or former employees of a bank, corporation or other corporate entity are the insureds and such bank, corporation, trust (for the express purpose of procuring such policies) or other corporate entity (for the express purpose of procuring
such policies) is the policyowner or a beneficiary and where such employer procures such policies in a broad-based program with respect to its employees (for example BOLI/COLI policies of the types sold within the scope of HLPP’s past practice)
and not where such policies are individually procured by the employer, including, key man 

  
 4 

 
policies, policies procured for normal business purposes, such as to collateralize loans, policies backing a buy-sell redemption or similar arrangement, split-dollar policies or policies related
to estate planning or similar arrangements. 
 “Books and Records” means, with respect to a business, the
originals or copies of all records, including customer lists, contract and policy forms, enrollment and application forms, certificates, Contractholder and insureds’ information, claim records, sales records, underwriting records,
administrative, pricing underwriting, claims, handling and reserving manuals, corporate and accounting and other records (including the books of account and other records), Tax records, disclosure and other documents and filings required under
Applicable Law, financial records, and compliance records, including any database, magnetic or optical media (to the extent not subject to licensing restrictions) and any other form of recorded, computer generated or stored information or process,
in each case, in the possession or control of a Person or any of its Affiliates and relating primarily to the operation of the relevant business and only to the extent related to the operation of the relevant business. 

“Broker-Dealer Agreement” means the agreement substantially in the form of Exhibit E, except that the parties
acknowledge that the agreement remains subject to modification pursuant to Section 5.12. 
 “Business”
means the business of marketing, selling, underwriting, issuing, delivering, canceling and administering the Administered Contracts, including through HLPP. 
 “Business Books and Records” means the Books and Records (other than any Excluded Books and Records) in the possession or control of any of Sellers or any of their Affiliates to the
extent relating to the Business. 
 “Business Day” means any day other than a Saturday, Sunday, a day on which
banking institutions in Hartford, Connecticut or New York City, New York are permitted or obligated by law to be closed or a day on which the New York Stock Exchange is closed for trading. 

“Business Intellectual Property” means all Intellectual Property Rights used in connection with the Business.

 “Business Projections” has the meaning set forth in Section 3.26. 

“Business Software” has the meaning set forth in Section 3.17(d). 

“Cash Equivalents” means, as of any particular date, money market funds, marketable obligations issued or guaranteed by
the United States government, certificates of deposit, bankers’ acceptances and other similar liquid investments, in each case, with a maturity date of not more than 90 days from the date on which any such instrument is transferred pursuant to
the terms of this Agreement, the face amount of which on the date of transfer will be counted as equivalent to cash for purposes of satisfying the aggregate amount of cash and Cash Equivalents required to be transferred pursuant to this Agreement.

  
 5 

 “Ceded Reinsurance Agreements” has the meaning set forth in
Section 3.14. 
 “Change of Control of Purchaser” means (a) any transaction after which any
“person” (as such term is used in Section 3(a)(9) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than Tiptree Financial Partners, L.P., a Delaware limited partnership, or Reinsurance
Group of America, Incorporated, a Missouri corporation, becomes the “beneficial owner” (as defined in Rule 13d-3 or Rule 16a-1)(a)(2) promulgated under the Exchange Act), directly or indirectly, of securities of Purchaser or its successor
representing 50% or more of (1) the outstanding shares of common stock of Purchaser or its successor or (2) the combined voting power of Purchaser’s or its successor’s then outstanding securities; (b) the sale or disposition
of all or substantially all of Purchaser’s or its successor’s assets (or consummation of any transaction having similar effect); or (c) the dissolution or liquidation of Purchaser or its successor. 

“Claim Notice” has the meaning set forth in Section 10.02(a). 

“Closing” means the closing of the transactions contemplated by this Agreement. 

“Closing Date” means (a) the first Business Day of the calendar month immediately following the calendar month in
which the last of the conditions to Closing set forth in this Agreement (other than those conditions the satisfaction or waiver of which can only occur on the Closing Date) is satisfied or waived in writing; provided that, in the event such
conditions are satisfied or waived in the last three Business Days of a calendar month, then the Closing Date shall be the first Business Day of the second following calendar month, or (b) such other day to which the parties may agree in
writing. 
 “Code” means the Internal Revenue Code of 1986, as amended and the Treasury Regulations promulgated
thereunder. 
 “Comparable Position” has the meaning set forth in Section 5.09(b). 

“Confidentiality Agreement” has the meaning set forth in Section 5.02. 

“Consumer Privacy Information” has the meaning set forth in Section 3.15. 

“Contract” means any contract, agreement, arrangement, instrument, undertaking, indenture, commitment loan, note or
other legally binding obligation, in each case whether written or oral and whether express or implied. 

“Contractholder” means the owner of an Administered Contract. 

  
 6 

 “Descriptive Materials” has the meaning set forth in Section 13.13.

 “Early Termination Date” means the date of the earliest of the following to occur: (i) the transfer of
the Administered Contracts from the administrative system used by Sellers prior to Closing, (ii) the consummation of a Change of Control of Purchaser, (iii) the assignment and novation of the Administrative Services Agreement, and
(iv) with respect to any Administered Contract, the exchange of such Administered Contract for a Contract issued by an insurance company that is not an Affiliate of Sellers. 

“Effective Hire Date” has the meaning set forth in Section 5.09(a). 

“Effective Time” means 12:00 a.m. Eastern Time on the Closing Date. 

“End Date” has the meaning set forth in Section 12.01(b). 

“ERISA” has the meaning set forth in Section 3.19(a). 

“Excluded Assets” means (i) the IT Assets other than the Transferred IT Assets, (ii) except as contemplated by
the Patent License Agreement, title to any patents or patent applications and the inventions, know-how, or Trade Secrets covered by such patents or patent applications, (iii) any Intellectual Property Right other than the Transferred
Intellectual Property, (iv) any owned real property or rights to use or occupy leased real property other than the lease for the New Jersey Facility, as such lease may be amended as described in Schedule 5.01(a), (v) any cash or Cash
Equivalents, investment assets or investment income thereon, (vi) except as contemplated by the Assignment and Assumption Agreement, any reinsurance receivables or other accounts receivable, (vii) all Contracts other than the Assigned and
Assumed Contracts, (viii) the Benefit Plans, (ix) all commercial insurance where Sellers or the Affiliates of Sellers are the insured and rights thereunder, (x) all third party rights and claims of Sellers or their Affiliates to the
extent related to periods prior to the Effective Time or to the extent related to the Excluded Assets, (xi) the Excluded Books and Records, (xii) the assets used or held for use primarily in the business of the group benefits division of
Sellers and their Affiliates, (xiii) except as contemplated by Section 2.4 of the Administrative Services Agreement, any Intellectual Property Rights containing the name “Hartford,” “HLPP,” the design for the Hartford
stag or any variation of the foregoing, and (xiv) the assets set forth on Schedule 1.01(d). 
 “Excluded Books and
Records” means any Books and Records (i) that relate primarily to the Excluded Assets, (ii) that contain information that is subject to an attorney-client or other legal privilege or that is subject to any obligation of
confidentiality or privacy, (iii) that consist of a Tax Return or other Tax materials or information unless such Tax Return or Tax materials or information relates solely to the Business (excluding the Retained Business) or (iv) subject to
the rights granted to Purchaser or its Affiliates in the Administrative Services Agreement and the other Transaction Agreements, to the extent related to the Retained Business. 

  
 7 

 “Excluded Liabilities” means all Liabilities of Sellers and their
Affiliates, whether incurred or arising before, on or after the Effective Time, other than the Assumed Liabilities, Purchaser Product Tax Liabilities, Liabilities expressly allocated to Purchaser or any of its Affiliates under the Transaction
Agreements, Liabilities with respect to which Sellers have a right to indemnification against Purchaser or any of its Affiliates under the Transaction Agreements. 
 “Fair Market Value” means, as of any date of determination, (i) in the case of securities (other than Short-Term Treasuries) listed on an exchange or in an over-the-counter market,
the closing price on such exchange or market (or the average of the closing bid and asked prices if there is no closing price) plus all accrued but unpaid interest on such securities through the last Business Day preceding such date of determination
if such amount is not already reflected in such closing price (or such bid and asked prices) and (ii) in the case of cash, Cash Equivalents and Short-Term Treasuries, the face amount thereof. 

“Fund” means any collective investment vehicle, including any Registered Fund, in which a Separate Account or a division
thereof invests. 
 “Fund Managers” means the advisers to the Funds in which the Separate Accounts invest.

 “GAAP” means United States generally accepted accounting principles in effect in the United States at the
time of determination, consistently applied. 
 “GAAP Statements” has the meaning set forth in
Section 3.04(a). 
 “GAC Agreements” means group annuity Contracts issued or underwritten at the direction
of HLPP. 
 “GAC Contracts” means as to each Seller, (a) the group annuity Contracts issued by such Seller
and listed on Schedule 1.01(e) (by case) (as revised or deemed revised in accordance with Section 5.10(b))under the issuing Seller’s name and that are in-force at the Effective Time, (b) all GAC Agreements issued by such Seller after
the date hereof and prior to the Effective Time, including the GAC Pipeline Agreements, to the extent in-force at the Effective Time and (c) any GAC Agreement issued by HLIC after the Effective Time pursuant to the Administrative Services
Agreement, including in the cases of each of clauses (a), (b) and (c), all supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates, LOUs, stable value confirms, ancillary agreements and offering
documents (to the extent such offering documents have been incorporated by reference into the relevant GAC Contract) in connection therewith, but excluding, any such Contract as to which such Seller has received, as of the date hereof, actual notice
of surrender by the contractholder of such Contract. 
 “GAC Pipeline Agreements” has the meaning set forth in
Section 3.25(b). 
 “General Account” means, with respect to any Seller, the general account of such
Seller. 

  
 8 

 “General Account COLI Contracts” means, as to each Seller, the life
insurance contracts issued by such Seller and listed on Schedule 1.01(f) under such Seller’s name and that are in-force at the Effective Time. 
 “General Account COLI Services Agreement” means a services agreement with respect to the General Account COLI Contracts having terms and conditions substantially as set forth in the
summary of terms attached hereto as Exhibit D and otherwise completed in accordance with Section 5.12. 

“General Account Liabilities” has the meaning given to such term in the Administrative Services Agreement. 

“Governmental Entity” has the meaning set forth in Section 3.03. 

“HIMCO” means Hartford Investment Management Company, a Delaware corporation. 

“HLAC” has the meaning set forth in the preamble to this Agreement. 

“HLIC” has the meaning set forth in the preamble to this Agreement. 

“HLPP” means Hartford Life Private Placement, LLC. 

“HNW Contracts” means as to each Seller, (a) the life insurance and annuity Contracts issued by such Seller and
listed on Schedule 1.01(g) (by case) (as revised or deemed revised in accordance with Section 5.10(c)) under the issuing Seller’s name and that are in-force at the Effective Time, (b) all HNW Policies issued by such Seller after the
date hereof and prior to the Effective Time, including the HNW Pipeline Policies, to the extent in-force at the Effective Time and (c) any HNW Policy issued by HLIC after the Effective Time pursuant to the Administrative Services Agreement,
including in the cases of each of clauses (a), (b) and (c), all supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates, LOUs, stable value confirms, ancillary agreements and offering documents (to
the extent such offering documents have been incorporated by reference into the relevant HNW Contract) in connection therewith, but excluding, except as contemplated by the following sentence, any such Contract as to which such Seller has received,
as of the date hereof, actual notice of surrender by the contractholder of such Contract. HNW Contracts also includes all such Contracts that have lapsed prior to the Effective Time or as to which such Seller has received, as of the date hereof,
actual notice of surrender by the contractholder of such Contract and that otherwise would be eligible for inclusion herein, subject to reinstatement pursuant to reinstatement procedures contained in such Contracts, which are listed on Schedule
1.01(g) under the relevant Seller’s name. 
 “HNW Pipeline Policies” has the meaning set forth in
Section 3.25(b). 
 “HNW Policies” means variable life insurance policies and annuity Contracts issued in
a private placement to qualified Persons that are issued or underwritten at the direction of HLPP. 

  
 9 

 “IM Period” means the period commencing at the
Effective Time and ending on the date that is the 10th
anniversary of the Effective Time. 
 “Indemnified Party” has the meaning set forth in Section 10.02(a).

 “Indemnifying Party” has the meaning set forth in Section 10.02(a). 

“Insurance Liabilities” means the General Account Liabilities and the Separate Account Liabilities of HLIC and HLAC.

 “Intellectual Property Rights” means (i) trademarks, service marks, brand names, certification marks,
collective marks, d/b/a’s, Internet domain names, logos, symbols, trade dress, assumed names, fictitious names, trade names, and other indicia of source or origin, all applications and registrations for the foregoing, and all goodwill
associated therewith and symbolized thereby, including all renewals of same; (ii) inventions and discoveries, whether patentable or not, and all patents, registrations, invention disclosures and applications therefor, including divisions,
continuations, continuations-in-part and renewal applications, and including renewals, extensions and reissues; (iii) Trade Secrets; (iv) copyrightable works of authorship (including computer software, firmware and middleware), whether or
not published, and copyrights therein and thereto, and registrations and applications therefor, and all renewals, extensions, restorations and reversions thereof; (v) rights of publicity and privacy; and (vi) copies and tangible
embodiments of any of the foregoing, in whatever form or medium. 
 “Interacted” means marketed, sold,
negotiated, serviced, administered, managed, advised or otherwise interacted with Contractholders, SV Providers or Fund Managers. 
 “Interacting Employee” means each employee or other Person employed, supervised or controlled by a Seller or its Affiliate that since January 1, 2008 has Interacted. 

“Investment Agreements” means each of the agreements of Sellers or Affiliates of Sellers with the Funds, the Fund
Managers, the Managed Account Managers and/or the SV Providers that relate to the Administered Contracts subject to the Administrative Services Agreement. 
 “Investment Company Act” has the meaning set forth in Section 3.09. 
 “IP Contracts” means all Contracts concerning Intellectual Property Rights or IT Assets to which any Seller or any of its Affiliates is a party. 

“IRS” means the Internal Revenue Service. 
 “IT Assets” means computers, servers, workstations, routers, hubs, switches, data communications lines, and all other information technology equipment, and all associated documentation.

  
 10 

 “Knowledge” or any similar phrase means, as to any Seller, the actual
knowledge, following reasonable inquiry, of any of the Persons listed in Schedule 1.01(h)(i) and, as to Purchaser, the actual knowledge, following reasonable inquiry, of any of the Persons listed in Schedule 1.01(h)(ii). For this purpose,
“reasonable inquiry” means, with respect to each such Person, (i) review of files and other information in such Person’s possession, custody or control that such person reasonably considered relevant and/or (ii) inquiry of
subordinates of such Person who have responsibilities pertinent to such inquiry and access to information in the possession, custody or control of the relevant party and responsive thereto. 

“Liability” means any and all liabilities, obligations, debts and commitments of any kind, character or description,
whether known or unknown, asserted or not asserted, absolute or contingent, fixed or unfixed, matured or unmatured, accrued or unaccrued, disputed or undisputed, liquidated or unliquidated, secured or unsecured, joint or several, due or to become
due, vested or unvested, executory, determined, determinable or otherwise, whenever or however incurred or arising (including whether arising out of any contract or tort based on negligence or strict liability) and whether or not the same would be
required by GAAP or Applicable SAP to be reflected in financial statements or disclosed in the notes thereto. 

“License Agreements” means the Software License Agreement and Patent License Agreement. 

“Lien” means any pledge, claim, lien, charge, mortgage, encumbrance, security interest of any nature, option, right of
first refusal, warrant, restriction, community property interest, condition, conditional sale or other title retention agreement, covenant, easement, equitable interest, exception, reservation, building use restriction, right of way, servitude,
statutory lien, or variance of any kind, including any restriction on use, voting, transfer, alienation, or receipt of income. 

“Losses” means any and all losses, liabilities, lost profits, claims, demands, charges, Taxes, fines, costs, Actions,
payments, judgments, settlements, assessments, deficiencies, diminution of value, expenses (including reasonable expenses of attorneys, accountants, consultants and others and other reasonable out-of-pocket expenses incurred in the investigation,
preparation, defense, settlement or ongoing monitoring of any of the same or in asserting, preserving or enforcing rights under this Agreement or any Ancillary Agreement) or damages, including interest and penalties with respect thereto, whether or
not involving a Third Party Claim, but excluding (i) any of the foregoing to the extent they are not direct damages or reasonably foreseeable, and (ii) punitive damages; provided that the foregoing exclusions shall not limit any right to
indemnification with respect to damages recovered by third parties against an Indemnified Party in connection with a Third Party Claim. 
 “Managed Account Managers” means the investment managers to the managed Separate Accounts, or to managed divisions thereof. 

“Material Contracts” has the meaning set forth in Section 3.16. 

  
 11 

 “Model” has the meaning set forth in Section 3.26. 

“Neutral Auditor” has the meaning set forth in Section 11.03(f)(ii). 

“New Business Amount” means the amount of premium received by Sellers upon issuance with respect to Administered
Contracts that are not in-force on the date hereof and are in-force on the Closing Date and included under the Administrative Services Agreement. 
 “New Jersey Facility” means that portion of the office space occupied by HLPP that is leased by Hartford Fire Insurance Company and located at 100 Campus Drive, Florham Park, New Jersey
07932. 
 “New York Courts” has the meaning set forth in Section 13.06(b). 

“Notice Period” has the meaning set forth in Section 10.02(b). 

“Opening Asset Value” means the portion of the Aggregate Asset Value as of October 31, 2011 attributable to a given
Administered Contract (by case) as so indicated and set forth next to such Administered Contract (by case) on Schedule 1.01(i). 
 “Order” has the meaning set forth in Section 3.07. 

“Patent License Agreement” means a license agreement substantially in the form of Exhibit F. 

“Pending Withdrawal” means a withdrawal, partial or complete surrender, or partial or complete exchange from, of, or in
respect of a given Administered Contract (by case) that has not been effected as of the Closing Date, but with respect to which Sellers have received, on or prior to the Closing Date, written notice from the relevant Contractholder affirmatively
requesting such action and which request has not been rescinded on or prior to the Closing Date. For this purpose, “Pending Withdrawal” shall not include(a) the Bank Withdrawal or (b) notification for an exchange of an Administered
Contract (by case) for (i) new BOLI/COLI Policies, GAC Agreements or HNW Policies issued by HLIC or HLAC to the extent such new policies or agreements become included as an Administered Contract or (ii) products of Purchaser or its
Affiliates. 
 “Pending Withdrawal Date” has the meaning set forth in Section 2.01(e). 

“Permits” means all licenses, permits, orders, approvals and non- disapprovals, registrations, authorizations,
franchises, certificates, notices, qualifications and similar filings with any Governmental Entity under any Applicable Law. 

“Permitted Liens.” as to any asset, means (i) Liens for Taxes not yet due and payable, (ii) mechanic’s,
materialman’s, carrier’s, repairer’s and other similar Liens arising or incurred in the ordinary course of business or that are not yet due and payable, (iii) Liens that may be deemed to arise by virtue of this Agreement or any
Ancillary 

  
 12 

 
Agreement, (iv) statutory Liens in favor of a landlord in connection with a real property lease for the property owned by such landlord, (v) Liens arising under the terms of any
Assigned and Assumed Contract with respect to those Contracts, and (vi) other Liens that arose in the ordinary course of business since December 31, 2010 and that do not in the aggregate materially detract from the value or materially
interfere with the present or reasonably contemplated use of such asset in the Business. 
 “Person” means any
individual, corporation, partnership, firm, joint venture, association, limited liability company, limited liability partnership, joint-stock company, trust, unincorporated organization, Governmental Entity, governmental, judicial or regulatory
body, business unit, division or other entity. 
 “PF Group” means Philadelphia Financial Group, Inc.

 “PFLAC” has the meaning set forth in the recitals to this Agreement. 

“Pre-Authorized Assignment” means an assignment by Purchaser or its Affiliates of Purchaser’s or its
Affiliates’ rights, duties, obligations and liabilities under the agreement in question that either (a) is a collateral assignment to RGA or its Affiliates securing the financing of Purchaser as contemplated as of the Closing Date (but not
the exercise of any rights under such collateral assignment, which shall be governed by subpart (b) of this definition) or (b) is part of RGA’s or its Affiliate’s exercise of rights as lender in connection with such financing and
is paired with a simultaneous (i) assignment to and assumption by RGA (if duly licensed) or a duly licensed Affiliate of RGA of (or, in the case of the Broker-Dealer Agreement, a duly authorized third party identified by RGA or its Affiliate
that is reasonably acceptable to Sellers pursuant to an arrangement that otherwise complies with Applicable Law) Purchaser’s or its Affiliates’ rights, duties, obligations and liabilities under the agreement in question arising from and
after the date of such assignment and assumption and (ii) an assignment to and assumption by the same entity (or in the case of the Broker-Dealer Agreement, such third party entity) of Purchaser’s and its Affiliates’ rights, duties,
obligations and liabilities under each other Transaction Agreement arising from and after the date of such assignment and assumption. 
 “Producer Agreements” has the meaning set forth in Section 3.23(b). 
 “Producers” means all insurance agents, brokers, broker-dealers, third party administrators, intermediaries and other Persons to the extent such Persons market, administer or sell the
Administered Contracts, other than Interacting Employees. 
 “Product Tax Action” has the meaning set forth in
Section 11.03(c)(i). 
 “Product Tax Failure” has the meaning set forth in Section 11.01(a)(ii).

 “Product Tax Loss” has the meaning set forth in Section 11.01(a)(iv). 

“Product Tax Representations” means the representations and warranties set forth in Section 3.12. 

  
 13 

 “PTF Query” means an inquiry, commencement of an investigation or request
for information submitted by a Contractholder, Governmental Entity or auditor with respect to any actual, alleged or potential Product Tax Failure. 
 “Purchase Price” has the meaning set forth in Section 2.01. 

“Purchaser” has the meaning set forth in the preamble to this Agreement. 

“Purchaser Benefit Plans” has the meaning set forth in Section 5.09(d). 

“Purchaser Confidential Information” has the meaning set forth in Section 8.06(a). 

“Purchaser Indemnified Parties” has the meaning set forth in Section 10.01(a). 

“Purchaser Material Adverse Effect” means a material adverse effect on the ability of Purchaser or any of its Affiliates
to perform its obligations under this Agreement or any Ancillary Agreement. 
 “Purchaser Nominee I” has the
meaning set forth in Section 5.01(b). 
 “Purchaser Parties” means, collectively, Purchaser and any of its
Affiliates that is a party to this Agreement or any Ancillary Agreement. 
 “Purchaser Product Tax Failure”
means any Product Tax Failure first occurring or experienced after the Closing Date to the extent caused by a breach by Purchaser or any of its Affiliates of this Agreement or any Ancillary Agreement. 

“Purchaser Product Tax Liabilities” has the meaning set forth in Section 11.01(b)(ii). 

“Purchaser’s Accrued Bonus Amount” has the meaning set forth in Section 5.09(f)(i). 

“Registered Fund” shall mean any collective investment vehicle registered with the SEC as an investment company under
the Investment Company Act, in which a Separate Account or a division thereof invests. 
 “Registered Separate
Account” has the meaning set forth in Section 3.09. 
 “Relative Contract Value” means, with
respect to each Administered Contract (by case), the percentage obtained by dividing Opening Asset Value for such Administered Contract (by case) by Aggregate Opening Asset Value, as so indicated and set forth next to such Administered Contract on
Schedule 1.01(i). 
 “Representatives” has the meaning set forth in Section 5.02. 

  
 14 

 “Reserve Methodologies” means the methodologies and assumptions set forth
in Schedule 1.01(j). 
 “Restricted Business” means the business of designing, issuing, administering,
marketing or selling BOLI/COLI Policies, whether or not such policies are registered with the SEC, and whether or not such policies are issued by any Seller or by any of its Affiliates; provided that Restricted Business does not include the
business of designing, issuing, administering, marketing or selling any policies of the type currently or previously sold through the wealth management segment of any Affiliates of Sellers (other than HLPP) or the business of HIMCO. 

“Restricted Period” has the meaning set forth in Section 8.03(a). 

“Retained Business” means all rights and obligations of the issuing insurer under the Administered Contracts other than
any of such rights or obligations as will be or have been assigned or delegated to Purchaser or its Affiliates pursuant to the Administrative Services Agreement or any other Ancillary Agreement. 

“RGA” means Reinsurance Group of America, Incorporated, a Missouri corporation. 

“Scheduled Intellectual Property” has the meaning set forth in Section 3.17(a). 

“SEC” has the meaning set forth in Section 3.09. 

“Securities Act” has the meaning set forth in Section 3.09. 

“Seller Confidential Information” has the meaning set forth in Section 8.06(b). 

“Seller Entity” has the meanings set forth in Section 8.03(a). 

“Seller Financial Statements” has the meaning set forth in Section 3.04(a). 

“Seller Indemnified Expenses” has the meaning set forth in Section 11.03(d). 

“Seller Indemnified Parties” has the meaning set forth in Section 10.01(b). 

“Seller Material Adverse Effect” means a material adverse effect on (a) the business, operations, results of
operations, financial condition, properties, assets or liabilities of the Business (excluding any effects on the Retained Business to the extent not constituting an effect on the remainder of the Business), taken as a whole, or (b) the ability
of any Seller to perform its obligations under this Agreement or any Ancillary Agreement, but excluding, in the case of clause (a), any material adverse effect resulting from (i) a change in general economic, regulatory, political or market
conditions, including (x) changes in the prices of securities traded on the equity or bond markets or 

  
 15 

 
derivatives whose trading and pricing characteristics are directly or indirectly affected by such equity or bond markets and (y) changes in prevailing interest rates, (ii) matters
affecting the Restricted Business generally, (iii) changes in GAAP, Applicable SAP or Applicable Law, (iv) the compliance by Sellers with Section 5.01 of this Agreement or the disclosure to the public of the sale of the Business to
Purchaser contemplated hereby, and (v) any action taken by Purchaser or any of its Affiliates or Representatives, to the extent that any such effect described in the preceding clauses (i) through (iii) does not materially and
disproportionately affect the Business relative to other participants in the Restricted Business. 
 “Seller Nominee
I” has the meaning set forth in Section 5.01(b). 
 “Seller Party” means, collectively, Sellers
and any Affiliate of Sellers that is a party to this Agreement or any of the Ancillary Agreements. 
 “Sellers”
has the meaning set forth in the preamble to this Agreement. 
 “Separate Account Liabilities” has the meaning
given to such term in the Administrative Services Agreement. 
 “Separate Accounts” means, as to each Seller,
the separate accounts of such Seller utilized in connection with such Seller’s portion of the Business, in each case as identified in Schedule 3.09. 
 “Short-Term Treasuries” means U.S. Treasury obligations having a remaining term to maturity of less than 90 days. 
 “Software License Agreement” means a license agreement substantially in the form of Exhibit G. 
 “Statutory Statements” has the meaning set forth in Section 3.04(a). 
 “Subject Employees” has the meaning set forth in Section 3.20(a). 
 “Subsidiary” means, with respect to any Person on a given date, any other Person of which a majority of the voting power of the outstanding equity securities or equity interests is owned
directly or indirectly by such Person. 
 “SV Provider” means the counterparty to any stable value agreement
into which a Seller has entered on behalf of a Separate Account or a division thereof. 
 “Tax” means all
federal, state, local or foreign taxes, charges, fees, imposts, payments in lieu, levies and governmental fees or other assessments or charges, whether imposed directly or payable by reason of transferee liability, by contract, as a successor, by
operation of Law or Treasury Regulation section 1.1502-6 (or any similar provision of state, local or foreign Law) or otherwise, including any income tax or franchise tax, any alternative or add-on minimum taxes, any gross income, gross receipts,
capital, sales, use, ad valorem, value added, transfer, profits, license, payroll, premium, 

  
 16 

 
single business, margin, inventory, capital stock, bulk, production, recording, registration, mortgage, stamp, real estate excise, employment, withholding, payroll, social security, unemployment,
excise, guaranty fund assessments and similar contributions or payments to a solvency or insolvency fund or pool, severance, stamp, occupation, real property, personal property, intangible property, environmental or windfall profit tax, estimated
taxes, custom duty or other tax, governmental fee or other like assessment (together with any interest or penalty, addition to Tax or additional amount imposed with respect thereto). 

“Tax Authority” means any Governmental Entity whose function includes the assessment, determination, collection or
imposition of any Tax. 
 “Tax Return” means any federal, state, local or foreign (including any other
governmental subdivision) return, report, election, declaration, or statement and other forms and documents filed or required to be filed with respect to any Tax (including all exhibits, elections, declarations, schedules or attachments thereto, and
any amendment thereof), any information return, claim for refund, amended return or declaration of estimated Tax, and where permitted or required, combined, consolidated or unitary returns for any group of entities that includes any Seller, any of
its Subsidiaries or any of their Affiliates. 
 “Termination Fee” has the meaning set forth in
Section 12.03(a). 
 “Third Party Claim” has the meaning set forth in Section 10.02(b). 

“Tier One Action Date” has the meaning set forth in Section 5.01(b). 

“Tier One Material Contract” means any Material Contract that is a stable value agreement, investment management
agreement, participation agreement, wholesaling agreement, underwriting agreement, selling agreement, fund distribution agreement, revenue sharing agreement or marketing support agreement. 

“Tier One Notice” has the meaning set forth in Section 5.01(b). 

“Tier Two Material Contract” means any Material Contract other than a Tier One Material Contract. 

“Trade Secrets” means trade secrets as defined by Applicable Law. 

“Transaction Agreements” means, collectively, this Agreement and the Ancillary Agreements. 

“Transfer Documents” means the Bill of Sale, the Assignment and Assumption Agreement, and such other documents and
instruments as Purchaser or Sellers may reasonably request in order to effect the transfer of the Transferred Assets to Purchaser, the assignment of the Assigned and Assumed Contracts to Purchaser and the assumption of the Assumed Liabilities by
Purchaser. 

  
 17 

 “Transfer Taxes” means any real property transfer, sales, use, value added,
stamp, documentary, recording, conveyance, stock transfer, intangible property transfer, personal property transfer, gross receipts, excise, registration, duty, securities transactions or similar fees or Taxes or governmental charges (together with
any interest or penalty, addition to Tax or additional amount imposed with respect thereto) as levied by any Tax Authority in connection with the sale or purchase of the Transferred Assets and the Business, and including any payments made in lieu of
any such Taxes or governmental charges, which become payable in connection with such transactions, but excluding any filing fees or other payments made in connection with obtaining Permits from Governmental Entities in connection with the
consummation of the transactions contemplated by this Agreement and the Ancillary Agreements. 
 “Transferred
Assets” means the Business Books and Records, the assets specified in Schedule 1.01(k), the Transferred IT Assets, the Transferred Intellectual Property and, with the exception of any Excluded Assets, all other tangible personal property
owned by any Seller Entity and either used or held for use primarily in the Business or located at the New Jersey Facility. 

“Transferred Employees” has the meaning set forth in Section 5.09(a). 

“Transferred Intellectual Property” means all Business Intellectual Property (other than any Business Intellectual
Property included in subparts (i), (ii) or (iv)-(xiv) of the definition of Excluded Assets) (i) owned (or jointly owned with third parties) by Sellers or their Affiliates and (ii) relating primarily to the Business. 

“Transferred IP Contracts” means all IP Contracts concerning the Business Intellectual Property or Transferred IT
Assets, in each case primarily relating to the Business, excluding any Contracts that apply generally on an enterprise-wide basis to the businesses of Sellers and their respective Affiliates. 

“Transferred IT Assets” means all IT Assets owned by Sellers or their Affiliates and that are either used primarily in
the Business or located at the New Jersey Facility, but in any event excluding any IT Asset included in subparts (ii)-(xiv) of the definition of Excluded Assets. 
 “Transition Services Agreement” means a transition services agreement substantially in the form of Exhibit H; except that what is designated as “Schedule 2.1” thereto
shall be agreed to prior to the Closing in accordance with Section 5.12. 
 “Treasury Regulations” means
the final regulations promulgated under the Code. 
 “Unvested Awards” has the meaning set forth in
Section 5.09(c). 
 “Withdrawal” means a withdrawal, partial or complete surrender, or partial or complete
exchange from, of, or in respect of a given Administered Contract (by case) that has been effected during the period after October 31, 2011 and prior to Closing. For this purpose, “Withdrawal” (a) shall not include (i) the
Bank Withdrawal or (ii) the 

  
 18 

 
exchange of an Administered Contract (by case) for (A) new BOLI/COLI Policies, GAC Agreements or HNW Policies issued by HLIC or HLAC to the extent such new policies or agreements have become
included as an Administered Contract as of the Closing Date or (B) products of Purchaser or its Affiliates and (b) shall, following the Pending Withdrawal Date, include a Pending Withdrawal that is included as a Withdrawal on the Pending
Withdrawal Date pursuant to Section 2.01(e). 
 “Woodbury/UIT Services Agreement” means a services
agreement with respect to certain services provided by Sellers’ “Woodbury” and “UIT” locations having terms and conditions substantially as set forth in the summary of terms attached hereto as Exhibit I and otherwise
completed in accordance with Section 5.12. 
 ARTICLE II. 

TRANSFER AND ACQUISITION OF ASSETS 
 Section 2.01. Consideration. 
 (a) Upon the terms and
subject to the conditions of this Agreement, Purchaser shall pay or cause an Affiliate to pay to HLIC or its designee an aggregate amount equal to (i) One Hundred Seventeen Million, Five Hundred Thousand Dollars ($117,500,000) (the
“Baseline Amount”) less (ii) the aggregate amount of the Unvested Awards (as updated on the Business Day immediately preceding the Closing Date pursuant to Section 5.09(c)) less (iii) the Accrued Bonus Amount (the
“Purchase Price”). The Purchase Price shall be subject to adjustment as set forth in Section 2.01(b). 
 (b) If Aggregate Closing Asset Value is less than 97.5 percent (97.5%) of Aggregate Opening Asset Value, then the Purchase Price shall be adjusted by reducing the Baseline Amount by an amount (so
long as amount is a positive number) derived as follows: (i) subtract from one a fraction, the numerator of which shall be the Aggregate Closing Asset Value, and the denominator of which shall be the Aggregate Opening Asset Value;
(ii) multiply the resulting difference in clause (i) by 100; (iii) multiply the resulting product in clause (ii) by Two Million Dollars ($2,000,000); and (iv) subtract Five Million Dollars ($5,000,000) from the resulting
product in clause (iii). Notwithstanding the foregoing, the Baseline Amount, in any event, shall not be reduced pursuant to this Section 2.01(b) by an amount to exceed Nineteen Million Dollars ($19,000,000). The Baseline Amount shall not be
reduced if, on the Closing Date, Aggregate Closing Asset Value is greater than or equal to 97.5 percent (97.5%) of Aggregate Opening Asset Value. For the avoidance of doubt, the calculation described in this Section 2.01(b) can never
result in a Baseline Amount greater than One Hundred Seventeen Million, Five Hundred Thousand Dollars ($117,500,000). 

  
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 (c) “Aggregate Closing Asset Value” means an amount equal
to Aggregate Opening Asset Value reduced by a percentage equal to the aggregate of the Relative Contract Values of Administered Contracts (by case) on the date hereof that have experienced a Withdrawal and increased by the New Business Amount
provided, that, for purposes of such definition, in the event a given Administered Contract (by case) experiences only a partial Withdrawal, then (i) the Relative Contract Values included in such reduction with respect to such partial
Withdrawal shall be prorated to reflect only that portion of such Administered Contract (by case) subject to such partial Withdrawal, (ii) any such proration shall be determined by reference to the Aggregate Asset Value attributable to such
Administered Contract (by case) and such partial Withdrawal as of the time of such partial Withdrawal, (iii) the time of such partial Withdrawal shall be deemed to be the month end closest to the date effected or, in the event not effected by
the Closing Date, the month end on or prior to the Closing Date, and (iv) the Relative Contract Value with respect to such Administered Contract (by case) shall be reduced for future application of this definition by the amount included in the
above reduction with respect to such partial Withdrawal. 
 (d) Sellers, on one hand, and Purchaser, on the other
hand, shall each pay 50% of any and all Transfer Taxes and Sellers and Purchaser shall cooperate in good faith in the preparation of any applicable Tax Returns or other Tax filings or reports. 

(e) At Closing, Purchaser shall deposit into escrow that portion of the Purchase Price, if any, that would not have been
paid to Sellers as a result of the adjustments described in Section 2.01(b) if any Pending Withdrawal had been effected on or before the Closing Date (and therefore constituted a Withdrawal). Such escrow shall be with a third party escrow agent
reasonably acceptable to Sellers and Purchaser and pursuant to an escrow agreement in form reasonably acceptable to Sellers and Purchaser that is designed to effect this Section 2.01(e) and is executed and delivered at Closing with Sellers,
Purchaser and such escrow agent as a party. Promptly following the date that is 180 days following the Closing Date (the “Pending Withdrawal Date”), in the event any amounts were deposited into escrow pursuant to the foregoing
sentence, then the parties shall recalculate the Purchase Price by including as a Withdrawal any Pending Withdrawal that has not been rescinded in writing on or before the Pending Withdrawal Date by the Contractholder(s) that initiated such Pending
Withdrawal. Any such recalculation shall be limited to the effect of such Pending Withdrawal treatment. Promptly following any such recalculation, Sellers and Purchaser shall instruct the escrow agent to release to Purchaser the amount, if any, of
any reduction in the Purchase Price as a result of such recalculation and to release any remaining amounts in the escrow to Sellers. 
 (f) Once the Bank Withdrawal has been effected, Sellers and Purchaser shall amend Schedule 1.01(i) to delete the Aggregate Asset Values associated with the Bank Withdrawal from the Opening Asset Values
and recalculate and restate the resulting Relative Contract Values as a result thereof as of October 31, 2011. 

  
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 Section 2.02. Acquisition of Transferred Assets and Assumption of Assumed
Liabilities. Upon the terms and subject to the conditions of this Agreement, on the Closing Date and as of the Effective Time each Seller shall sell, assign and transfer to Purchaser or its Affiliate (as contemplated by Section 2.05) all of
its right, title and interest in, and cause each of its Affiliates to sell, assign and transfer to Purchaser or its Affiliate (as contemplated by Section 2.05) all of its right, title and interest in, the Transferred Assets and the Assigned and
Assumed Contracts, and Purchaser shall assume the Assumed Liabilities pursuant to the Transfer Documents. Notwithstanding anything in this Agreement to the contrary, (i) the delivery of the Business Books and Records is subject to the terms of
the Transition Services Agreement and the Administrative Services Agreement and (ii) each Seller shall be entitled to keep the originals of all Business Books and Records from and after the Effective Time (the delivery of Business Books and
Records involving the delivery of copies). 
 Section 2.03. Payments on Closing Date. Subject to
Section 2.01(e), at the Closing, (a) Purchaser shall pay or cause to be paid to HLIC or its designee an amount in cash equal to the Purchase Price and (b) Sellers shall pay to Purchaser the Administration Fee that would otherwise be
due under the Administrative Services Agreement with respect to the month in which Closing occurs, but calculated by Sellers based upon Sellers’ results of the Business for the second calendar month prior to Closing rather than the immediately
preceding month (in lieu of any other Administration Fee with respect to the month in which Closing occurs). All cash payments required under this Section 2.03 shall be made by wire transfer of immediately available funds in U.S. Dollars to
such account as may be designated by HLIC (with respect to payments to HLIC) or to Purchaser (with respect to payments to Purchaser) at least five Business Days prior to the Closing. 

Section 2.04. Place and Date of Closing. The Closing shall take place at the offices of Sutherland
Asbill & Brennan LLP, 1114 Avenue of the Americas, 40th Floor, New York, New York at 10:00 a.m. New York City time on the Closing Date or such other time or place as the parties may mutually agree. The Closing shall be deemed effective as of the Effective
Time. 
 Section 2.05. Other Transactions to be Effected at the Closing. At the Closing: 

(a) HLIC shall execute and deliver to Purchaser: (i) the Administrative Services Agreement; (ii) the Transfer Documents to be
delivered by HLIC at Closing; (iii) the Broker-Dealer Agreement; (iv) an affidavit dated as of the Closing Date certifying that HLIC is not a foreign person in a form that satisfies the requirements of section 1445 of the Code and is
reasonably acceptable to Purchaser; (v) the General Account COLI Services Agreement; and (vi) such other agreements, instruments and documents as are required by this Agreement to be delivered by HLIC at the Closing; 

  
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 (b) HLAC shall execute and deliver to Purchaser: (i) the Administrative Services
Agreement; (ii) the Transfer Documents to be delivered by HLAC at Closing; (iii) the Broker-Dealer Agreement; (iv) an affidavit dated as of the Closing Date certifying that HLIC is not a foreign person in a form that satisfies the
requirements of section 1445 of the Code and is reasonably acceptable to Purchaser, and (v) such other agreements, instruments and documents as are required by this Agreement to be delivered by HLAC at the Closing; 

(c) Sellers shall cause their Affiliates that are parties thereto to execute and deliver to Purchaser: (i) the Transition Services
Agreement; (ii) the Administrative Services Agreement; (iii) the License Agreements; (iv) the General Account COLI Services Agreement; (v) the Woodbury/UIT Services Agreement; and (vi) the Transfer Documents to be executed
and delivered by such Affiliates at Closing; 
 (d) Purchaser shall execute and deliver to each Seller (i) the
Administrative Services Agreement; (ii) the Transfer Documents to which Purchaser is a party; (iii) the Transition Services Agreement, (iv) the General Account COLI Services Agreement; (v) the Woodbury/UIT Services Agreement; and
(vi) such other agreements, instruments and documents as are required by this Agreement to be delivered by Purchaser at the Closing; 
 (e) Purchaser shall and shall cause its Affiliates that are parties thereto, to execute and deliver to Sellers: (i) the Broker-Dealer Agreement and (ii) the License Agreements; and 

(f) Sellers shall deliver to Purchaser the Business Books and Records in the manner contemplated by the Transition Services Agreement.

 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES OF SELLERS 
 Each Seller hereby represents and
warrants to Purchaser, as of the date of this Agreement and as of the Closing Date, as follows: 
 Section 3.01.
Organization, Standing and Authority. Each Seller Party is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the requisite corporate power and authority to own, lease and operate
its assets, to carry on its business as now conducted and to enter into and consummate the transactions contemplated hereby. Except as set forth in Schedule 3.01, each Seller Party and each of its respective Affiliates engaged in the Business is
duly qualified or licensed to do business as a foreign corporation and is in all material respects in good standing in each jurisdiction in which the nature of its business or the ownership, leasing or operations of its assets makes such
qualification or licensing necessary, except where such failure to be so qualified has not had and would not reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect. 

  
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 Section 3.02. Authorization; Binding Effect. Each Seller Party has all the
requisite corporate power and authority to execute, deliver and perform its obligations under the Transaction Agreements to be executed by it. The execution and delivery by each such Seller Party of the Transaction Agreements to be executed by it,
and the performance by such Seller Party of its obligations thereunder, have been duly authorized by all necessary corporate action or other action on its part. This Agreement has been duly executed and delivered by each Seller Party that is a party
hereto and, subject to the due execution and delivery hereof by the other parties hereto, this Agreement is a legal, valid and binding obligation of such Seller Party, enforceable in accordance with its terms, except to the extent enforceability may
be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Applicable Laws relating to or affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of
whether such enforceability is considered in a proceeding in equity or at law). As of the Closing Date, each Ancillary Agreement executed and delivered by each Seller Party that is a party thereto shall have been duly executed and delivered by such
Seller Party to the extent such Person is a party thereto and, subject to the due execution and delivery of such agreements by the other parties thereto, each Ancillary Agreement to be executed by such Seller Party is or when executed will be a
legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other
similar Applicable Laws relating to or affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

Section 3.03. No Conflict or Violation, Etc. Except as set forth in Schedule 3.03, the execution, delivery and performance by
each Seller Party of the Transaction Agreements to which it is a party do not and, with respect to the Transaction Agreements to be executed and delivered after the date hereof, will not, and the consummation by it of the transactions contemplated
by the Transaction Agreements to which it is a party and compliance with the provisions thereof will not, (i) violate, contravene or conflict with any of the provisions of the Articles of Incorporation or By- laws (or other organizational
documents) of such Seller Party or with any resolutions adopted by the board of directors or stockholders of such Seller Party, (ii) subject to the matters referred to in the next sentence, conflict with, result in a breach of or default (with
or without notice or lapse of time, or both) under, give rise to a right of termination, cancellation or acceleration or prepayment of any obligation or loss of a benefit under, require the consent of any Person under, result in the alteration of
any rights or obligations under, or result in the creation of any Lien on any property or asset of such Seller Party under any Contract or Permit to which such Seller Party is a party or by which such Seller Party or any of its properties or assets
is bound or affected, or (iii) subject to the matters referred to in the next sentence, contravene, conflict with, or result in a breach or violation of, or a default under any Applicable Law applicable to such Seller Party or any of its
Subsidiaries or any of its or their respective properties or assets, except, in the case of clause (ii), for any such items that have not had and would not be reasonably expected to have, individually or in the aggregate, a Seller Material Adverse
Effect. No consent, approval, order, registration or authorization of, or 

  
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declaration or filing with, or notice to, any court or federal, state or local government, administrative, regulatory or other governmental authority, commission or agency (including any industry
or other self-regulatory body and any Tax Authority), or arbitral tribunal, domestic or foreign (a “Governmental Entity”), or any other Person, is required to be obtained or made by or with respect to such Seller Party or any of its
Affiliates in connection with the execution and delivery of the Transaction Agreements to which such Seller Party is a party or the consummation by such Seller Party of the transactions contemplated thereby, except for (x) the approvals,
filings or notices required under the insurance laws of the jurisdictions set forth opposite such Seller Party’s name in Schedule 3.03, (y) such other consents, approvals, authorizations, declarations, filings or notices as are set forth
in Schedule 3.03 and (z) such items the failure of which to be obtained has not had and would not be reasonably expected to have, individually or in the aggregate, a Seller Material Adverse Effect. 

Section 3.04. Financial Information; Books and Records. 

(a) The unaudited pro forma financial information of each of HLIC and HLAC (or HLIC’s and HLAC’s combined, as applicable)
contained in Schedule 3.04(a) sets forth (i) selected admitted statutory assets and statutory liabilities as of December 31, 2008, as of December 31, 2009, as of December 31, 2010 and as of June 30, 2011 and a selected
statement of statutory income for the annual periods ended December 31, 2008, December 31, 2009 and December 31, 2010, in each case calculated in accordance with Applicable SAP (the “Statutory Statements”) and
(ii) selected assets and liabilities as of December 31, 2008, as of December 31, 2009 and as of December 31, 2010 and a selected statement of income for the annual periods ended December 31, 2008, December 31,
2009, and December 31, 2010 in each case calculated in accordance with GAAP (the “GAAP Statements” and, together with the Statutory Statements, the “Seller Financial Statements”). The Statutory Statements have
been prepared in accordance with Applicable SAP, consistently applied throughout all such periods, the GAAP Statements have been prepared in accordance with GAAP, consistently applied throughout all such periods, and the Seller Financial Statements
fairly present, in all material respects, such selected assets, liabilities and income as of the dates and for the periods thereof. The Seller Financial Statements were prepared using and are consistent with the Business Books and Records.

 (b) The books of account contained within the Business Books and Records are true, complete and correct in all material
respects, and in all material respects maintained in accordance with sound business practices and Applicable Law. The Business Books and Records are in material compliance with any and all record keeping maintenance requirements in the Administered
Contracts (other than to the extent related to the Retained Business). 
 (c) No Seller nor any of their Affiliates has, since
January 1, 2008, caused any third-party appraiser or consultant to prepare any actuarial appraisal exclusively relating to the Business or otherwise primarily related to the transactions contemplated by this Agreement. 

  
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 Section 3.05. Absence of Certain Changes. Except as set forth in Schedule 3.05,
since December 31, 2010 (or, in the case of clause (o), since January 1, 2011) and through the date hereof, such Seller and each of its Affiliates engaged in the Business has conducted the Business only in the ordinary course, and from
such date through the date hereof, has not, with respect to the Business: 
 (a) made any change (other than in the ordinary
course of business in a manner consistent with past practice, if any, or as required by changes in Applicable SAP or Applicable Law) in (i) any pricing, investment (including derivative transactions), accounting, financial reporting,
underwriting or claims administration policies, practices or principles, (ii) any method of calculating any bad debt contingency or other reserve for accounting, financial reporting or Tax purposes or (iii) the fiscal year; 

(b) made or determined to make any addition or reduction (other than in the ordinary course of business in a manner consistent with past
practice, if any, or as required by changes in Applicable SAP or Applicable Law) to such Seller’s reserves with respect to the Administered Contracts other than as a result of new business produced in the ordinary course of business;

 (c) made any material changes, modifications or amendments to, or terminated, any Tier One Material Contracts, or made any
changes, modifications or amendments to, or terminated, any Tier Two Material Contracts (other than Ceded Reinsurance Agreements) in a manner materially adverse to the Business; 

(d) made any material change in the actuarial or reserving, practices or principles of such Seller, except as may be required to conform
to changes in GAAP, Applicable SAP or Applicable Law; 
 (e) made any changes, other than in the ordinary course of business
consistent with past practice, if any, in the terms or policies with respect to, the appointment of an Interacting Employee or Producer or the payment of commissions, bonuses or sales incentives to any Interacting Employees or Producer; 

(f) made any acquisition (including by way of bulk reinsurance, merger, consolidation or acquisition of a controlling interest in stock
or substantially all assets) of any Person; 
 (g) disposed of or failed to keep in effect any rights in, to, or for the use of
any of the material Transferred Assets; 
 (h) made any changes in policies or practices relating to selling practices,
cancellations, discounts or other terms of sale or accounting therefor other than in the ordinary course of business consistent with past practice; 
 (i) other than in the ordinary course of business in a manner consistent with past practice, if any, forgiven, cancelled, compromised, waived or released any debts, claims or rights with value in excess
of $1,000,000; 

  
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 (j) adopted or entered into a plan of complete or partial liquidation, dissolution, merger,
consolidation, restructuring, recapitalization or other reorganization of such Seller; 
 (k) settled any Action or groups or
series of related Actions, except for any single, group or series of related Actions, as the case may be, involving money damages to individual policyholders or Contractholders in an amount less than $1,000,000; 

(l) suffered any strike or other material union organizing effort, union representation, petition, strike, slowdown, stoppage or lockout
or other labor dispute or problem involving Subject Employees nor any pending or, to the Knowledge of Sellers, threatened Actions involving Subject Employees in connection with their employment, termination, wages, compensation, benefits or status
as employees related to the Business; 
 (m) (i) increased the compensation or commissions provided to or for the Subject
Employees, other than in the ordinary course of business consistent with past practice, if any, or as required by Applicable Law, (ii) other than amendments, terminations or modifications applicable generally to employees of Sellers and their
Affiliates, amended, terminated or otherwise modified the terms of any Benefit Plan as it relates to Subject Employees, except as required by Applicable Law, or (iii) transferred, or experienced any loss, movement or transfer of a material
number of Subject Employees to Affiliates of such Seller not engaged in the Business, provided that, to the extent incorporated into Section 5.01, Sellers have notified Purchaser of any non-material loss, movement or transfer of
Employees to Affiliates of such Seller not engaged in the Business within five (5) Business Days of such loss, movement or transfer; 
 (n) (i) prepared or filed any Tax Return that is materially inconsistent with past practice or taken any position, made any election, or adopted any method that is materially inconsistent with
positions taken, elections made or methods used in preparing or filing similar Tax Returns in prior periods (including changing any practices, positions, or elections regarding how the reserves relating to the Administered Contracts are calculated,
determined or maintained for Tax purposes), (ii) made, materially changed, or rescinded any election relating to Taxes, (iii) settled or compromised any material Action or controversy relating to Taxes or a Product Tax Failure, or
(iv) made any material change to any method, policy or practice of Tax accounting or methods of reporting income or deductions for Tax purposes or changed the basis for determining or computing any reserves; 

(o) taken any action or omitted to take any action that would result in the occurrence of any of the foregoing; or 

(p) been subject to a Seller Material Adverse Effect or to an event, occurrence, development or circumstance that would, individually or
in the aggregate, reasonably be expected to result in a Seller Material Adverse Effect. 

  
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 Section 3.06. Transferred Assets. Such Seller or an Affiliate of such Seller is
in possession of and has good and marketable title to or a valid and binding leasehold interest in all of the Transferred Assets to be transferred by such Seller or such Affiliate hereunder, free and clear of all Liens, except for (i) Liens
disclosed in Schedule 3.06 and (ii) Permitted Liens. THE TRANSFERRED ASSETS THAT ARE TANGIBLE PERSONAL PROPERTY OR ANY THIRD-PARTY COMPUTER SOFTWARE LICENSED BY SELLERS OR THEIR AFFILIATES ARE BEING CONVEYED ON AN “AS IS,” “WHERE
IS,” “WITH ALL FAULTS” BASIS AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OPERABILITY, CAPACITY OR CONDITION.

 Section 3.07. Litigation; Orders. Except as set forth in Schedule 3.07, there is no material civil, criminal or
administrative claim, demand, action, litigation, suit, proceeding, arbitration, examination, investigation or inquiry (each, an “Action”) pending or, to the Knowledge of such Seller, threatened against such Seller or any of its
Affiliates engaged in the Business and with respect to the Business, or, to the Knowledge of such Seller, any Producer with respect to the Business. Except as set forth in Schedule 3.07, since January 1, 2008, there is no material judgment,
decree, award, settlement, injunction or order (whether temporary, preliminary, or permanent) of any Governmental Entity or arbitrator (each, an “Order”) that has been entered, issued, made or rendered against such Seller or any of
its Affiliates engaged in the Business or, to the Knowledge of such Seller, against any Producer, in each case with respect to the Business, and there is no Order currently affecting the Business. 

Section 3.08. Compliance with Laws. Except as set forth in Schedule 3.08, such Seller and each of its Affiliates engaged in
the Business is, and at all times since January 1, 2008 has been, conducting the Business in compliance with all Applicable Law and with all of the terms and requirements of each Order to which it or any of its assets is or has been subject, in
each case in all material respects. Except as set forth in Schedule 3.08, since January 1, 2008, such Seller has not, and no Affiliate of such Seller that is engaged in the Business has, received any written notice of any actual or alleged
violation of or failure to comply in any material respect with Applicable Law or any Order with respect to the Business. 

Section 3.09. Separate Accounts. Except as set forth in Schedule 3.09: (i) each of such Sellers’ Separate Accounts
is duly and validly established and maintained under the laws of its state of domicile; (ii) the portion of the assets of each such Separate Account equal to the reserves and other contract liabilities of such Separate Account is not chargeable
with liabilities arising out of any other business such Seller may conduct as provided in Conn. Statute 38a-433; (iii) each such Separate Account is and, at all times since January 1, 2008, has been operated and maintained in compliance
with all Applicable Law in all material respects; (iv) each such Separate Account at all times during its existence has been either excluded from the definition of investment company pursuant to sections 3(c)(1), 3(c)(7) or 3(c)(11) of the
Investment Company Act of 1940, as amended (the “Investment Company Act”) or duly registered with the Securities and Exchange Commission (the “SEC”) as an investment company under the Investment

  
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Company Act (any separate account required to be so registered, a “Registered Separate Account”), and each such registration is in full force and effect; (v) the Registered
Separate Accounts set forth in Schedule 3.09 are all of the Registered Separate Accounts of the Business; (vi) each Registered Separate Account has been operated since January 1, 2008 and is currently operating in compliance in all
material respects with the Investment Company Act and with applicable regulations, rules, releases and orders of the SEC, has filed all reports and amendments of its registration statement required to be filed under Applicable Law and has been
granted all exemptive relief necessary for the Business; (vii) interests in each Registered Separate Account or the life insurance or annuity contracts through which such interests are issued have been sold pursuant to an effective registration
statement filed under the Securities Act of 1933, as amended (the “Securities Act”) and any other applicable state securities laws; (viii) all advertising and marketing materials related to each Separate Account that were
required to be filed by such Seller or its Affiliates or, to the Knowledge of such Seller, by any other Producer, with any Governmental Entity have been timely filed therewith and any changes recommended by a Governmental Entity related to such
advertising and marketing material were responded to appropriately and resolved to the satisfaction of such Governmental Entity; (ix) no examinations, investigations, inspections or formal or informal inquiries, including periodic regulatory
examinations of the Separate Accounts’ affairs and condition, civil investigative demands and market conduct examinations by any Governmental Entity have been conducted since January 1, 2008 or are being conducted; and (x) since
January 1, 2008, no written notice has been received from and no Action is pending or, to the Knowledge of Sellers, threatened by any Governmental Entity which has jurisdiction over any Separate Account (A) with respect to any alleged
material violation by Sellers or their respective Affiliates (in each case to the extent relating to the Business) of any Applicable Law or (B) with respect to any alleged failure to have, or any threatened revocation of, any material Permits
required in connection with the operation of any Separate Account. 

  
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 Section 3.10. Licenses and Permits. Schedule 3.10 lists all jurisdictions in
which such Seller and each of its Affiliates involved in the Business is licensed to issue, underwrite, market, distribute and sell the Administered Contracts and otherwise operate the Business. Except as set forth in Schedule 3.10, (a) such
Seller has been duly authorized by the relevant state insurance regulatory authorities to issue the Administered Contracts that it is currently writing in the respective states in which it conducts the Business, and was duly authorized to issue the
Administered Contracts that it is not currently writing at the time such Administered Contracts were issued in the respective states in which it then conducted the Business and (b) such Seller and each of its Affiliates involved in the Business
has all other material Permits necessary to conduct the Business in the manner and in the areas in which such Business is presently being conducted by it and each of its Affiliates, and all such Permits are valid and in full force and effect in all
material respects. There are no pending or, to the Knowledge of such Seller, threatened suits or proceedings with respect to the cancellation, suspension, withdrawal, revocation, restriction, material amendment or nonrenewal of any such material
Permit. To the Knowledge of such Seller, no event has occurred that, (whether with notice or lapse of time or both) would reasonably be expected to result in a suspension, revocation, restriction, amendment or nonrenewal of any such Permit.

 Section 3.11. General Tax Representations. Except as set forth in Schedule 3.11: 

(a) (i) All material Tax Returns required to be filed by or on behalf of such Seller with respect to the Transferred Assets, the
Administered Contracts, or the operation or activities of the Business have been filed within the time and manner required by Applicable Law, (ii) all such Tax Returns are true, complete and correct in all material respects, and (iii) all
material amounts required to be shown as due on such Tax Returns, or amounts of Taxes otherwise due with respect to such Seller, the Transferred Assets, the Administered Contracts, or the operation or activities of the Business, have been fully and
timely paid in the manner prescribed by Applicable Law. 
 (b) Such Seller has not waived or extended (and no other Person has
waived or extended) any period of limitation in respect of Taxes relating to the Transferred Assets, the Administered Contracts or the operation or activities of the Business which waiver is currently in effect, and there are no requests or demands
to extend or waive any such period of limitation. 
 (c) There are no liens for Taxes (other than Permitted Liens) upon the
Transferred Assets or the Business. There is no Action, suit, proceeding, investigation, audit, claim, remediation process, or administrative or judicial action now in process, pending or threatened by any Governmental Entity or Tax Authority with
respect to Taxes related to the Transferred Assets, the Tax treatment of the Administered Contracts, or the operation or activities of the Business. 
 (d) Such Seller has not entered into any closing agreements or other agreements with a Tax Authority with respect to the Business. 

  
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 (e) Such Seller has complied in all material respects with all Applicable Laws relating to
the collection and withholding of Taxes with respect to the Transferred Assets, the Administered Contracts and the Business (including all information reporting and record keeping requirements) and have duly and timely paid over to the appropriate
Tax Authority all material amounts of such Taxes, including all such Taxes with respect to amounts paid or owing to any employee (including with respect to any salaries, wages and other compensation), independent contractor, creditor, stockholder,
non-U.S. person, or other third party. 
 Section 3.12. Product Tax Representations. Except as set forth in Schedule
3.12: 
 (a) Such Seller’s Administered Contracts that are life insurance contracts or policies qualify as “life
insurance contracts” for Tax purposes. 
 (b) Except for GAC Contracts and other Administered Contracts sold under annuity
contract forms that were issued to a Person that was not a “natural person” (within the meaning prescribed in section 72(u) of the Code) and that do not otherwise qualify within the exceptions set forth in section 72(u) of the Code or the
“grandfathering” rules thereunder, such Seller’s GAC Contracts and any other Administered Contracts that are annuity contracts qualify as annuities for Tax purposes. 

(c) Such Seller is the owner of the assets held in the respective Separate Accounts or subaccounts thereof that support such
Seller’s respective Administered Contracts, including but not limited to for federal income tax purposes. Without limiting the generality of the foregoing, to Seller’s Knowledge, no owner of an Administered Contract has engaged in
activities that would result in such owner being deemed to be the owner of any assets held in any Separate Account supporting such owner’s Administered Contract. 
 (d) None of the Administered Contracts issued, assumed, reinsured, modified, exchanged or sold by such Seller is a “modified endowment contract” within the meaning of section 7702A of the Code,
except for Administered Contracts that such Seller is administering as modified endowment contracts and with respect to which such Seller has notified the holder or owner, before the date hereof, that the contract constitutes a “modified
endowment contract”. Seller has previously provided Purchaser with a listing indicating those Administered Contracts that Seller is administering as modified endowment contracts. 

(e) Notwithstanding any other provision of this Agreement, including Sections 3.08 and 3.25, except as contained in the Product Tax
Representations, Sellers make no representations or warranties in this Agreement relating to the Tax treatment of the Administered Contracts. 
 Section 3.13. Regulatory Filings. Such Seller has made available for inspection by Purchaser all material reports, statements, documents, registrations, filings and submissions made by such
Seller or any of its Affiliates with respect to the Business with any Governmental Entity, and material reports on financial examination, market conduct 

  
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reports and other reports issued by any such Governmental Entity, in each case to the extent related to the Business since January 1, 2008. Except as set forth in Schedule 3.13, each Seller,
in all material respects, has timely filed, or caused to be timely filed, all reports, statements, documents, registrations, filings, applications or submissions required to be filed by or on behalf of Seller or any of its Affiliates with any
Governmental Entity in connection with the Business since January 1, 2008 and all such reports, statements, documents, registrations, filings, or submissions were true, complete and correct in all material respects when filed. Except as set
forth in Schedule 3.13, such Seller and each of its Affiliates is acting in compliance in all material respects with all such reports, statements, documents, registrations, filings, applications and submissions, and, to the Knowledge of such Seller,
all required approvals of Governmental Entities in respect thereof are in full force and effect in all material respects. Except as set forth in Schedule 3.13, (i) all such reports, statements, documents, registrations, filings, applications
and submissions were in compliance in all material respects with Applicable Law when filed or as amended or supplemented and there were no material omissions therefrom, and (ii) no material deficiencies have been asserted by any Governmental
Entity in writing to such Seller or its Affiliate with respect to such reports, statements, documents, registrations, filings, applications or submissions that have not been satisfied. Each Administered Contract form as well as any related ancillary
documents, including electronic application forms, and other agreements of insurance and reinsurance, prospectuses and other selling or disclosure material and rate or rule marketed, filed or otherwise utilized by such Seller or any of its
Affiliates in connection with the Business the use or issuance of which requires filing or approval under Applicable Law, has, in all material respects, been appropriately filed and, if required, approved by the applicable Governmental Entities in
each jurisdiction requiring such filing or approval. 
 Section 3.14. Ceded Reinsurance. Schedule 3.14 sets forth a
true, complete and correct list of (a) all reinsurance or coinsurance treaties and agreements in force as of the date of this Agreement to which such Seller or any of its Affiliates is a ceding party and that relate to the Business, or
(b) any such treaty or agreement that is terminated or expired but under which such Seller or one of its Affiliates may continue to receive benefits that relate to the Business (collectively, the “Ceded Reinsurance
Agreements”), and for each such treaty or agreement described in (a) or (b), Schedule 3.14 sets forth the effective date of each Ceded Reinsurance Agreement, the termination date of each Ceded Reinsurance Agreement that has a definite
termination date and a complete and correct list of the Administered Contracts reinsured under each Ceded Reinsurance Agreement. 
 Section 3.15. Privacy Matters. Except as set forth on Schedule 3.15, with respect to the Business, each Seller is in compliance in all material respects with all Applicable Laws, and its own
formally adopted policies, in each case, applicable to its collection, use, disclosure, maintenance, security and transmission of personal, private, health or financial information about individual policyholders, customers, consumers or benefits
recipients (“Consumer Privacy Information”). As of the date hereof, except as set forth on Schedule 3.15, such Seller (a) is not prohibited by any Applicable Laws concerning privacy or such Seller’s formally adopted
privacy policies from providing Purchaser with the Consumer Privacy Information that has been, or is currently contemplated to be, provided to Purchaser, on or after the date hereof, in connection with

  
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the transactions and provision of services contemplated hereby, and (b) has not experienced any breach of security affecting Consumer Privacy Information as a result of which there has been,
or reasonably may be expected to result in, unauthorized access to Consumer Privacy Information. 
 Section 3.16.
Material Contracts. Schedule 3.16 sets forth a true, complete and correct list, as of the date hereof, of each material Contract (other than the Transaction Agreements, Permits, the Ceded Reinsurance Agreements, any IP Contracts, the
Transferred IP Contracts, the Benefit Plans, the Producer Agreements and the Administered Contracts) to which such Seller or any of its Affiliates is a party and that: 
 (a) is an agreement with a third party vendor that relates primarily to the Business and involves payment by, on behalf of or to Sellers or their Affiliates of more than $1,000,000 in any twelve-month
period; 
 (b) (i) is a stable value or investment management agreement relating to the Business or (ii) involves payment
by, on behalf of or to any Seller or its Affiliates of more than $1,000,000 in any twelve-month period and is a participation, wholesaling, underwriting, selling, fund distribution, revenue sharing, or marketing support agreement relating primarily
to the Business; or 
 (c) contain any material restriction on the ability of such Seller or any of its Affiliates to compete
with any Person with respect to the Business, to engage in the Business, to amend or alter the terms, features, benefits or available options of any Administered Contract or to solicit specified customers or prospective customers for the purchase,
renewal or lapse of the Administered Contracts or to alter or change their existing elections or options under the specified products; 
 (such
Contracts, together with the Assigned and Assumed Contracts, the Ceded Reinsurance Agreements, Transferred IP Contracts and Producer Agreements, the “Material Contracts”). 
 True, complete and correct copies of each Material Contract have been made available to Purchaser. Each such Material Contract is in full force and effect and is the valid and binding obligation of Seller
or its applicable Affiliate party thereto and, to the Knowledge of Sellers, each other party thereto, except to the extent enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar Applicable Laws relating
to or affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). Except as set forth in Schedule 3.16, none of such
Seller nor any of its Affiliates has received written notice of its violation or breach of or default under any such Material Contract in any material respect nor, to the Knowledge of such Seller, is any other Person (or, with the giving of notice
or the lapse of time or both, will be) in violation or breach of or default under any such Material Contract in any material respect. Such Seller and each of its Affiliates have properly performed all of their obligations under each Material
Contract in all material respects. 

  
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 Section 3.17. Technology and Intellectual Property. 

(a) Schedule 3.17(a) sets forth a true, complete and correct list of all patents and patent applications, Internet domain names,
trademarks and service marks, and trademark, service mark and copyright registrations and applications included in the Business Intellectual Property (excluding any applications or software that is subject to “shrink-wrap” or
“click-wrap” license agreements and excluding any of such items containing “Hartford,” “HLPP,” the design for the Hartford stag or any variations of the foregoing) (collectively, the “Scheduled Intellectual
Property”), in each case, indicating, if applicable, the extent to which such Scheduled Intellectual Property constitutes Transferred Intellectual Property. Any registrations for the Transferred Intellectual Property are validly issued and
enforceable in accordance with their terms. The Transferred Intellectual Property is not subject to any outstanding order, judgment, decree or agreement adversely affecting Sellers’ use thereof or rights thereto. Sellers have sufficient rights
to use the Transferred Intellectual Property as currently used in connection with the Business as currently conducted. 
 (b)
The operation of the Business as currently conducted and the products sold and services provided by such Seller or any of its Affiliates in connection therewith (including the use in the Business of the Business Intellectual Property and the
Business Software), do not and have not, to the Knowledge of such Seller, since January 1, 2008, infringed, misappropriated or otherwise violated or conflicted with the Intellectual Property Rights of any other Person. Since January 1,
2008, Sellers have not received any written notice of litigation, opposition, cancellation, proceeding, objection or claim pending, asserted or threatened concerning the ownership, validity, registerability, enforceability, infringement,
misappropriation, violation or use of, or licensed right to use, any Transferred Intellectual Property. Since January 1, 2008, Sellers have not received any written notice that Sellers are infringing, misappropriating or otherwise violating the
Intellectual Property Rights of any other Person with respect to any Transferred Intellectual Property or any rights licensed pursuant to the Transferred IP Contracts. Such Seller and its Affiliates have taken all reasonable measures to protect the
confidentiality and value of all Trade Secrets that are Business Intellectual Property, and to the Knowledge of such Seller, such Trade Secrets have not been used, disclosed to or discovered by any Person except pursuant to valid and appropriate
non-disclosure and/or license agreements, which have not been breached. 
 (c) Schedule 3.17(c) sets forth a true, complete and
correct list of all Transferred IP Contracts (excluding any applications or software that is subject to “shrink-wrap” or “click-wrap” license agreements). 
 (d) Such Seller and its Affiliates have implemented reasonable backup, security and disaster recovery technology and procedures that are consistent with industry practices. Such Seller or an Affiliate of
such Seller possesses source code for each version of software included in the Software License Agreement (collectively, the “Business Software”). Schedule 3.17(d) sets forth a true, complete and correct list of all Business
Software. 

  
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 (e) Schedule 3.17(e) sets forth a list of material enterprise software used in the conduct
of the Business. Such software are used by such Seller and/or its Affiliates pursuant to enterprise-wide Contracts with third-party vendors. 
 Section 3.18. Brokers. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s, financial advisor’s or other similar fee or
commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of such Seller or any of its Affiliates. 
 Section 3.19. Employee Benefit Plans. 
 (a) All material benefit and
compensation plans, contracts, policies or arrangements for the benefit of the Subject Employees and/or their dependents, including “employee benefit plans” within the meaning of section 3(3) of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), and deferred compensation, employment, severance, change in control, retention, termination, stock option, stock purchase, stock appreciation rights, stock based, incentive, profit sharing, pension,
welfare, fringe benefit and bonus plans, agreements, arrangements and/or policies (the “Benefit Plans”) are set forth in Schedule 3.19(a). True, complete and correct copies of all Benefit Plans set forth in Schedule 3.19(a) and all
amendments thereto have been provided to Purchaser. 
 (b) Each Benefit Plan has been administered in accordance with its terms
and the requirements of all Applicable Law. Without limiting the generality of the foregoing, each Benefit Plan that constitutes a “non-qualified deferred compensation plan” within the meaning of section 409A of the Code complies in form
and operation with section 409A of the Code. 
 (c) Except as set forth in Schedule 3.19(c), neither the execution and delivery
of this Agreement nor the consummation of any of the transactions contemplated hereby could (i) result in any payment (including severance, unemployment compensation, golden parachute, bonus or otherwise) becoming due to any Subject Employee,
(ii) increase any compensation or benefits otherwise payable to any Subject Employee or (iii) result in the acceleration of the time of payment or vesting of any such compensation or benefits. Without limiting the generality of the
foregoing, no amount paid or payable to any Subject Employee in connection with the transactions contemplated hereby (either solely as a result thereof or as a result of any other event) could be an “excess parachute payment” within the
meaning of section 280G of the Code. 
 Section 3.20. Labor Matters. 

(a) Schedule 3.20(a) contains a list of all Persons actively employed by Sellers or any of their Affiliates whose duties relate primarily
or exclusively to the Business (the “Subject Employees”) as of November 16, 2011 and correctly reflects, respectively: (i) their dates of employment; (ii) their positions; (iii) their salaries; (iv) their
latest annual incentive compensation; (v) any other compensation payable to them (including housing allowances, compensation payable pursuant to bonus, deferred 

  
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compensation or commission arrangements or other compensation); (vi) their accrued vacation/paid time off for calendar year 2011; and (vii) any visas that are held by them and that
relate to or are useful in connection with the Business. The employment of each of the Subject Employees is terminable at will. 

(b) The Subject Employees are not, and have never been, members of a bargaining unit covered by a collective bargaining agreement or
similar agreement with any labor organization to which such Seller or any of its Affiliates is a party. Except as set forth in Schedule 3.20(b) none of Sellers or any of their Affiliates (in each case to the extent relating to the Business) are, or
since January 1, 2008 have been, the subject of any union organizing effort, representation petition, strike, slowdown, stoppage or lockout or other labor dispute or problem involving the Subject Employees, nor has any labor union or other
collective bargaining representative been certified as the exclusive bargaining representative of any Subject Employee. 
 (c)
There are no pending or, to the Knowledge of such Seller, threatened Actions relating to the Subject Employees in connection with their employment, termination, wages, compensation, benefits, or status as employees. Seller and each of its Affiliates
engaged in, or previously engaged in, the Business is, and at all times since January 1, 2008 has been, conducting the Business in compliance with all labor, employment and immigration Applicable Laws. 

Section 3.21. Sufficiency of Assets. The Transferred Assets, the rights granted under the Administrative Services Agreement,
the services to be provided to Purchaser and its Affiliates under the Transition Services Agreement, the rights granted to Purchaser and its Affiliates under the License Agreements, the rights granted under the Broker-Dealer Agreement, and the
rights granted to Purchaser or its Affiliates under the Assigned and Assumed Contracts, comprise all of the assets, rights and services that are reasonably required for the conduct of the Business by Purchaser and its Affiliates as of the Closing as
now being conducted by Sellers and their Affiliates, except as set forth on Schedule 3.21. 
 Section 3.22. Undisclosed
Liabilities. Except for (i) Liabilities set forth in Schedule 3.22, (ii) Insurance Liabilities and (iii) Liabilities reflected, accrued or reserved against in the Statutory Statements as of December 31, 2010 or the GAAP
Statements as of December 31, 2010, or incurred in the ordinary course of business consistent with past practice, if any, by such Seller since December 31, 2010, such Seller and its Affiliates have no Liabilities related to the Business
required by GAAP or Applicable SAP to be provided for or reserved against on a balance sheet. Notwithstanding the foregoing, if a Liability arises as a result of a matter of a type that is addressed by another section of this Article III, the
existence of such Liability shall not be deemed to constitute an inaccuracy in the representations and warranties contained in this Section 3.22 unless it also constitutes an inaccuracy in the representations and warranties contained in such
other section of this Article III. 

  
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 Section 3.23. Sales and Marketing. 

(a) Since January 1, 2008, Seller and its Affiliates have used commercially reasonable efforts, consistent with industry practice
and the applicable standards of any Governmental Entity having jurisdiction, to establish and maintain a compliance program that by its terms is reasonably designed to provide that, to the extent related to the Business: (1) each Interacting
Employee and each Producer, at the time such Interacting Employee or such Producer Interacted for such Seller or such relevant Affiliate, to the extent required by Applicable Law or Order, was duly and appropriately appointed by such Seller or such
relevant Affiliate and was duly and appropriately licensed or registered for the type of business Interacted by such Interacting Employee or Producer, in each case, in the particular jurisdiction in which such Interacting Employee or Producer,
marketed such business; (2) no such Interacting Employee or Producer violated, in any material respect, the terms or provisions of any Applicable Law or Order applicable to any sales or marketing aspect of the Administered Contracts including
with respect to churning, suitability, conservation, surrender, investment or allocation of funds, market timing, late trading, replacement, fictitious bids or quotes; (3) no such Interacting Employee has materially breached the terms of any
agency or broker contract with or for the benefit of such Seller or any relevant Affiliates of such Seller; and (4) all compensation paid to each such Producer was paid in accordance with Applicable Law. 

(b) The names of all Producers with respect to the Business and the primary engagement agreements with all Producers with respect to the
Business (collectively, the “Producer Agreements”) are listed on Schedule 3.23(b). 
 (c) No Producer currently
has binding authority on behalf of such Seller or any of its Affiliates. 
 Section 3.24. Reserves. The policy
reserves of such Seller for payment of benefits, losses, claims, expenses and similar purposes (including claims litigation) under all in force presently issued Administered Contracts and reflected in, or included with, the Statutory Statements were
(i) computed on the basis of generally accepted actuarial standards consistently applied and were fairly stated, in accordance with sound actuarial principles, (ii) computed on the basis of actuarial assumptions which produced reserves at
least as great as those called for in any Administered Contract provision as to reserve basis and method and (iii) in compliance with all requirements of Applicable Law and Orders; provided, however, that it is acknowledged and
agreed that Sellers make no express or implied representation or warranty in this Agreement (including in this Section 3.24) as to the future experience or profitability arising from the Business or that the reserves have been or will be
adequate or sufficient for the purposes for which they were established. The admitted assets of such Seller allocated to the in force Administered Contracts are in an amount at least equal to the minimum amounts required by Applicable Law and
Orders. In addition, such Seller has made available to Purchaser copies of all work papers used as the basis for establishing such reserves for such Seller for the periods presented in the Statutory Statements. 

  
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 Section 3.25. Benefits Under Administered Contracts; Underwriting; Etc.

 (a) Except as set forth on Schedule 3.25(a), all benefits claimed by, or paid, payable, or credited to, any Person under any
Administered Contract have in all material respects been paid or credited (or provision as required under Applicable SAP for payment thereof has been made) in accordance with the terms of the applicable Administered Contract under which they arose
and such payments, credits or provisions were not materially delinquent and were paid or credited (or will be paid or credited) without fines or penalties (excluding interest), except for any such claim for benefits for which there is a reasonable
basis to contest payment. 
 (b) Schedule 3.25(b)(i) sets forth a true, complete and correct list of the case numbers of all of
the Administered Contracts that have been issued on or prior to the date hereof. Sellers have made available to Purchaser true, complete and correct copies of (i) all Administered Contracts corresponding to such case numbers, including all
material supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates and ancillary agreements relating thereto, and (ii) the private placement memoranda and other similar offering documents for all such
Administered Contracts, including all material supplements, amendments, exhibits and appendices thereto (to the extent such offering documents have been incorporated by reference into the relevant Administered Contract). Schedule 3.25(b)(ii) sets
forth a true, complete and correct list as of the date hereof identifying in reasonable detail each BOLI/COLI Policy to be issued or underwritten at the direction of HLPP that each Seller currently believes that there is a possibility of issuing
after the date hereof and prior to the Effective Time (such Seller’s “BOLI/COLI Pipeline Policies”), each GAC Agreement that each Seller currently believes that there is a possibility of issuing after the date hereof and prior
to the Effective Time (such Seller’s “GAC Pipeline Agreements”), and each HNW Policy that each Seller currently believes that there is a possibility of issuing after the date hereof and prior to the Effective Time (such
Seller’s “HNW Pipeline Policies”). 
 (c) Except as set forth on Schedule 3.25(c), since January 1,
2008, all Administered Contracts have been, in all material respects, administered and operated in accordance with the applicable rates and rules and in a manner consistent with their terms, Applicable Law and Orders and, to the extent the following
materials have been approved by Seller, with their relevant prospectuses, statements of additional information, other selling, advertising, marketing or disclosure materials. 
 Section 3.26. Actuarial Modeling. 
 (a) Sellers have
provided Purchaser with the data and projections concerning the Business set forth on Schedule 3.26(a) (the “Business Projections”), which were produced using an actuarial model delivered to Purchaser on October 12, 2011 with
respect to the Business (the “Model”), and which data and projections were based upon the historical data and the assumed Administered Contract terms, assumptions, methodologies and calculations embedded in the Model. 

  
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 (b) (i) Schedule 3.26(b)(i) sets forth, certain of the material actuarial
assumptions used by Sellers and embedded in the Model, (ii) Schedule 3.26(b)(ii) sets forth certain of the material pricing terms assumed by Sellers with respect to selected large cases (by Aggregate Asset Value as of the date hereof) of the
Administered Contracts and embedded in the Model and (iii) Schedule 3.26(b)(iii) contains a memorandum from an employee of Sellers or their Affiliates who is qualified actuary describing generally how the Model produces the Business
Projections. 
 (c) The data used to produce the Business Projections (i) was compiled from the Books and
Records of the Business, (ii) pertain only to the Business and include no other business of the Sellers, HLPP or any other Affiliate of the Sellers, (iii) do not include any business or projected business other than Business in existence
as of the date of this Agreement, (iv) was generated from the same underlying sources and systems used to prepare the Seller Financial Statements and (v) to the Knowledge of Sellers, is, in the aggregate, accurate and complete in all
material respects and does not, in the aggregate, contain any errors, omissions, discrepancies or changes that would materially and negatively affect the Business Projections. 

(d) The methodologies and calculations embedded in the Model were based upon informed judgment and are consistent with
sound actuarial methodologies; provided, however, that it is acknowledged and agreed that Sellers make no express or implied representation or warranty in this Agreement (including in this Section 3.26) as to the future experience
or profitability arising from the Business or that the Business Projections are accurate. 
 ARTICLE IV. 

REPRESENTATIONS AND WARRANTIES OF PURCHASER 
 Purchaser hereby represents and warrants to each Seller, as of the date of this Agreement and as of the Closing, as follows: 
 Section 4.01. Organization, Standing and Authority. Each Purchaser Party is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization and has the
requisite corporate power and authority to own, lease and operate its assets, to carry on its business as now conducted and to enter into and consummate the transactions contemplated hereby. 

Section 4.02. Authorization; Binding Effect. Each Purchaser Party has all the requisite corporate power and authority to
execute, deliver and perform its obligations under the Transaction Agreements to be executed by it. The execution and delivery by each such Purchaser Party of the Transaction Agreements to be executed by it, and the performance by such Purchaser
Party of its obligations thereunder, have been duly authorized by all necessary corporate action or other action on its part. This Agreement 

  
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has been duly executed and delivered by Purchaser and, subject to the due execution and delivery hereof by the other parties hereto, constitutes a legal, valid and binding obligation of
Purchaser, enforceable in accordance with its terms, except to the extent enforceability may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Applicable Laws relating to or affecting the
enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such enforceability is considered in a proceeding in equity or at law). As of the Closing Date, each Ancillary Agreement executed and
delivered by each Purchaser Party that is a party thereto shall have been duly executed and delivered by such Purchaser Party to the extent such Person is a party thereto and, subject to the due execution and delivery of such agreements by the other
parties thereto, each Ancillary Agreement executed by such Purchaser Party is a legal, valid and binding obligation of such Person, enforceable against such Person in accordance with its terms, except to the extent enforceability may be limited by
bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other similar Applicable Laws relating to or affecting the enforcement of creditors’ rights generally and by general equitable principles (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
 Section 4.03. No Conflict or Violation, Etc.
Except as set forth in Schedule 4.03, the execution, delivery and performance by each Purchaser Party of the Transaction Agreements to which it is a party do not, and the consummation by it of the Transaction Agreements to which it is a party and
compliance with the provisions thereof will not, (i) violate, contravene or conflict with any of the provisions of the Articles of Incorporation or By-laws (or other organizational documents) of such Purchaser Party or with any resolutions
adopted by the board of directors or stockholders of such Purchaser Party, (ii) subject to the matters referred to in the next sentence, conflict with, result in a breach of or default (with or without notice or lapse of time, or both) under,
give rise to a right of termination, cancellation or acceleration or prepayment of any obligation or loss of a benefit under, require the consent of any Person under, result in the alteration of any rights or obligations under, or result in the
creation of any Lien on any property or asset of such Purchaser Party under, any Contract or Permit to which such Purchaser Party is a party or by which such Purchaser Party or any of its properties or assets is bound or affected, except, in the
case of clause (ii), for any such items that have not had and would not be reasonably expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect, or (iii) subject to the matters referred to in the next sentence,
contravene, conflict with, or result in a breach or violation of, or a default under any Applicable Law applicable to such Purchaser Party or any of its Subsidiaries or any of its or their respective properties or assets. No consent, approval,
order, registration or authorization of, or declaration or filing with, or notice to, any Governmental Entity or any other Person, is required to be obtained or made by or with respect to such Purchaser Party or any of its Affiliates in connection
with the execution and delivery of the Transaction Agreements to which such Purchaser Party is a party or the consummation by such Purchaser Party of the transactions contemplated thereby, except for (x) the approvals, filings or notices
required under the insurance laws of the jurisdictions set forth opposite such Purchaser Party’s name in Schedule 4.03, (y) such other consents, approvals, authorizations, declarations, filings or notices as are set forth in Schedule 4.03,
and (z) such items the failure of which to be obtained have not had and would not reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. 

  
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 Section 4.04. Financial Ability to Perform. Purchaser will have at the Closing
cash available in an aggregate amount sufficient to make the payments contemplated to be made by Purchaser hereby (including the Purchase Price), and to pay the fees and expenses of Purchaser related to the transactions contemplated hereby and
otherwise for any Purchaser Party that is a party to any Ancillary Agreement. 
 Section 4.05. Litigation; Orders.
As of the date hereof, there is no Action pending or, to the Knowledge of Purchaser, threatened against Purchaser or any of its Affiliates that, individually or in the aggregate, has had or would be reasonably likely to have a Purchaser Material
Adverse Effect. As of the date hereof, there is no Order that has been entered, issued, made or rendered against Purchaser or any of its Affiliates having or that would have, individually or in the aggregate, a Purchaser Material Adverse Effect.

 Section 4.06. Permits. Assuming the receipt of consents, approvals, authorizations or declarations or the making
of such filings or notices contemplated by Schedule 4.03, Purchaser or one of its Affiliates has or will have, prior to the Closing Date or, with respect to the Administrative Services Agreement, the date on which Purchaser is to begin providing
services thereunder, all Permits necessary to perform their respective obligations under this Agreement and each Ancillary Agreement and conduct the Business. Assuming the receipt of consents, approvals, authorizations or declarations or making of
such filing or notices contemplated by Schedule 4.06, all such Permits are or will be prior to the Closing Date or, with respect to the Administrative Services Agreement, the date on which Purchaser is to begin providing services thereunder, valid
and in full force and effect. Except as set forth in Schedule 4.06, as of the date hereof, no violations exist in respect of any such Permit in effect as of the date hereof and no investigation or proceedings is pending or, to the Knowledge of
Purchaser, threatened, that would be reasonably likely to result in the suspension, revocation or material limitation or restriction of any such Permit. 
 Section 4.07. Ratings. To the Knowledge of Purchaser, no basis exists that is reasonably expected to cause the claims-paying ability, financial strength or other ratings of A.M. Best Company,
Inc. or any other rating agency of Purchaser or its Affiliates to decrease from such ratings as they exist as of the date hereof. 
 Section 4.08. Brokers. Except for Evercore Partners, Inc., the fees and expenses of which will be paid by Purchaser, no broker, investment banker, financial advisor or other Person is entitled
to any broker’s, finder’s, financial advisor’s or other similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of Purchaser or any of its Affiliates.

  
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 ARTICLE V. 
 COVENANTS 
 Section 5.01. Conduct of Business. 

(a) Except (i) as expressly contemplated by this Agreement or any Ancillary Agreement, (ii) with the prior written consent of
Purchaser (and Purchaser shall, as soon as reasonably practicable following its receipt of a written request from Seller for Purchaser’s consent, either provide such written consent or advise Sellers in writing that it will not grant such
written consent), (iii) as required by Applicable Law or (iv) as set forth on Schedule 5.01(a), during the period from the date of this Agreement to the Closing Date, each Seller shall, and shall cause its Affiliates to, carry on the
Business only in the ordinary course of business in a manner consistent with past practice, if any, and use its commercially reasonable efforts to preserve intact the Business and its and its Affiliates’ relationships with customers, suppliers
(including Fund Managers, Managed Account Managers and SV Providers), Producers and employees of the Business and reinsurers under the Ceded Reinsurance Agreements, and shall not, with respect to the Business, but subject to Section 5.01(b),
take any action or omit to take any action, as applicable, set forth in Section 3.05(a)-(o); provided, however, that, notwithstanding the foregoing, Sellers will be permitted to take actions described in clause (iii) of
Section 3.05(n) without the prior written consent of Purchaser to the extent that such actions are reasonably necessary to address or settle, compromise, remediate or correct an actual or alleged Product Tax Failure. 

(b) If Sellers propose to take any of the actions described in Section 3.05(c) with respect to a Tier One Material Contract, Sellers
shall provide the Person identified on Schedule 5.01 (b)(i) or any replacement Person identified in a notice from Purchaser to Seller (such Person, the “Purchaser Nominee I”) at least five Business Days prior written notice of such
proposed action (a “Tier One Notice”), unless a Subject Employee with the job title “Director and Assistant Actuary” (or his or her designee in the event not reasonably available) reasonably determines in good faith that
such action must be undertaken on an urgent basis and that five Business Days’ notice would not be practicable, in which case Sellers shall provide such Tier One Notice to Purchaser Nominee I as far in advance of such proposed action as a
Subject Employee with the job title “Director and Assistant Actuary” (or his or her designee in the event not reasonably available) reasonably determines is practicable. Notices to Purchaser Nominee I shall be given at the email address
set forth on Schedule 5.01(b)(i) or at such other email address identified in a replacement notice from Purchaser to Sellers. Each Tier One Notice shall describe in reasonable detail the action proposed to be taken, the estimated date on which the
action is proposed to be taken (the “Tier One Action Date”) and, if delivered less than five Business Days prior to such date, the reason why Sellers are unable to provide at least five Business Days’ notice. If Purchaser
Nominee I does not notify the Person identified on Schedule 5.01 (b)(ii) or any replacement Person identified in a notice from Sellers to Purchaser (such Person, the “Seller Nominee I”) of Purchaser’s express refusal to consent
to the taking of the proposed action described in the Tier One Notice prior to the Tier One Action Date, Purchaser will be deemed to have consented to the taking of 

  
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such action. Notices to Seller Nominee I shall be given at the email address set forth on Schedule 5.01 (b)(ii) or at such other email address identified in a replacement notice from Sellers.

 Section 5.02. Access to Information; Confidentiality. Each Seller shall afford, and shall cause its Affiliates to
afford, to Purchaser and its Affiliates and their respective directors, officers and employees, and counsel, financial advisors, accountants, actuaries, lenders and other representatives and agents (“Representatives”), reasonable
access during normal business hours and subject to all site-based rules governing the conduct of business visitors during the period prior to the Closing Date to all of the Administered Contracts and to the Business Books and Records, personnel,
accountants and other advisors of such Seller and its Affiliates, in each case to the extent related to the Business, and during such period, shall furnish as promptly as reasonably practicable to Purchaser and its Affiliates and their respective
Representatives such information concerning such Seller’s and its Affiliates’ conduct of the Business as Purchaser and its Affiliates may from time to time reasonably request; provided that in no event shall such Seller or its
Affiliates be required to provide access to any (i) Tax Returns that are filed by a Seller or its Affiliates on a combined, consolidated, unitary or other Tax group basis or any portions thereof, except to the extent such Tax Returns or
portions thereof relate solely to the Business (excluding the Retained Business) or (ii) Administered Contracts or Books and Records to the extent that they contain information that is subject to an attorney-client or other legal privilege or
subject to any obligation of confidentiality or privacy. Any access by Purchaser and its Affiliates to such Administered Contracts, Business Books and Records, personnel, accountants and other advisors or review of information concerning the conduct
of the Business shall be conducted by Purchaser and its Affiliates (A) in compliance with Applicable Law, (B) in compliance with applicable antitrust standards, (C) without causing or facilitating the disclosure of any Trade Secrets
of third parties or any Trade Secrets of any Seller or of any of its Affiliates unrelated to the Business or the transactions contemplated by this Agreement and the Ancillary Agreements, (D) without any unreasonable interference with the normal
operations and employee and customer relations of each Seller and its Affiliates, and without initiating, contacting or engaging in discussion with any Contractholder. Purchaser agrees that it shall hold, and shall cause its Affiliates and each of
its and their respective directors, officers and employees and Representatives to hold, any information obtained in confidence to the extent required by, and in accordance with, applicable state and federal privacy requirements and with the
provisions of the Confidentiality Agreement, dated July 26, 2011, between HLIC and PFLAC (the “Confidentiality Agreement”). 
 Section 5.03. Reasonable Best Efforts. 
 (a) Except as otherwise
specifically set forth herein, each of the parties agrees to use its reasonable best efforts (and cause its Affiliates to use their reasonable best efforts) to take, or cause to be taken, all actions, and to do, or cause to be done, and to assist
and cooperate in good faith with the other parties in doing, all things necessary, proper or advisable to consummate and make effective, in the most expeditious manner reasonably practicable, the transactions contemplated by this Agreement.

  
 42 

 (b) In furtherance and not in limitation of the foregoing: (i) Purchaser shall promptly
notify the Sellers if any portion of the financing to be provided to Purchaser to fund any portion of the Purchase Price becomes or is reasonably expected to become unavailable; (ii) Purchaser shall use reasonable commercial efforts to enforce
any rights Purchaser or its Affiliates may have under the documents pertaining to such financing; (iii) Purchaser shall advise and update Sellers, in a level of detail reasonably satisfactory to the Sellers, with respect to the status of the
financing; and (iv) Purchaser shall use reasonable commercial efforts to conclude such financing, including by entering into definitive documentation with respect to such financing on customary, commercially reasonable terms. 

Section 5.04. Approvals and Filings; Consents. 
 (a) As soon as reasonably practicable after the date hereof, Sellers and Purchaser shall make and cause their respective Affiliates to make all filings with and notifications to all Governmental Entities
(including under state and foreign insurance laws) that are reasonably necessary under the Transaction Agreements and Applicable Law to consummate and make effective the transactions contemplated by the Transaction Agreements. In addition, Sellers
and Purchaser shall each use their reasonable best efforts, and shall cooperate in good faith with each other, (i) to comply as promptly as practicable with all requirements of Governmental Entities applicable to the transactions contemplated
by this Agreement and the Ancillary Agreements and (ii) to obtain as promptly as practicable all Permits necessary or advisable for the consummation of the transactions contemplated by this Agreement and the Ancillary Agreements. Sellers and
Purchaser shall use their reasonable best efforts to provide such information and communications to Governmental Entities as such Governmental Entities may reasonably request. 
 (b) Each of the parties hereto shall notify the other parties in writing and keep them advised as to the status of all applications to, and proceedings before, Governmental Entities in connection with the
transactions contemplated by this Agreement. In furtherance of the foregoing, each party shall provide the other party with a reasonable opportunity to comment on the filings required to be made pursuant to Section 5.04(a). 

(c) Each Seller shall use its reasonable best efforts, with Purchaser’s cooperation, to negotiate and obtain any waivers, permits,
consents, transition software licenses or sublicenses with respect to any third party Contracts, including licenses or service agreements with Sellers or its Affiliates, or to obtain commercially reasonable substitutes, required for (i) the
transfer, assignment or conveyance to Purchaser of the Assigned and Assumed Contracts and (ii) the provision of services to Purchaser or its Affiliate pursuant to any Ancillary Agreement. Any expenses associated with obtaining such waivers,
permits, consents, transition software licenses or sublicenses or commercially reasonable substitutes shall, in the case of clause (i), be shared equally by Sellers and Purchaser and, in the case of clause (ii), be borne solely by Sellers;
provided that the cost of any transition software licenses shall be borne solely by Purchaser, and provided further that, in the event that and to the extent that Sellers are unable to obtain

  
 43 

 
prior to the Closing Date any such required waivers, permits, consents or sublicenses of any Person (other than a Governmental Entity) that is a party to such Contract, (A) Sellers shall use
their reasonable best efforts in cooperation with Purchaser (x) provide or cause to be provided to Purchaser or its Affiliate the benefits of any such Contract (to or by the relevant Seller), (y) cooperate in good faith in any arrangement
reasonable and lawful, designed to provide such benefits to Purchaser or its Affiliate and (z) to the extent reasonably requested, enforce for the account of Purchaser or its Affiliate any rights of Sellers or the Business arising from such
Contracts which Purchaser directs to be taken. To the extent that the foregoing relates to an Assigned and Assumed Contract which shall not be assignable by reason of a failure to obtain a consent of a third party, Sellers shall continue for a
period ending on the first anniversary of the Closing Date to use their reasonable best efforts to obtain any such consent in the event such consent has not been obtained prior thereto. If any Assigned and Assumed Contract shall become assignable
(without material conditions) subsequent to the Closing Date, Sellers shall promptly assign all of their rights and obligations thereunder in accordance with the provisions of the Assignment and Assumption Agreement and this Agreement to Purchaser
without payment of further consideration and Purchaser shall cause Purchaser, without payment of further consideration, to assume such rights and obligations and Sellers shall be relieved of their obligations (other than as set forth in the
Assignment and Assumption Agreement and other than Excluded Liabilities) thereunder accruing from and after the date of such assignment and assumption. 
 (d) Purchaser shall use reasonable best efforts, with each Seller’s cooperation and subject to each Seller’s reasonable direction and consent (which may not be unreasonably withheld, conditioned
or delayed) with respect to any communication, to negotiate and obtain any waivers, permits, consents or sublicenses with respect to any third party Contracts, including licenses or service agreements, with Purchaser or any of its Affiliates, or to
obtain commercially reasonable substitutes, required for the provision of services to Sellers or their Affiliates pursuant to any Ancillary Agreement. Any expenses associated with obtaining such waivers, permits, consents or sublicenses or
commercially reasonable substitutes shall be borne solely by Purchaser; provided that, in the event that and to the extent that Purchaser is unable to obtain prior to the Closing Date any such required waivers, permits, consents or
sublicenses of any Person (other than a Governmental Entity) that is a party to such Contract, (A) Purchaser shall use its reasonable best efforts in cooperation with Sellers, and subject to each Seller’s reasonable direction and consent
(which may not be unreasonably withheld, conditioned or delayed) with respect to any communication, to (x) provide or cause to be provided to Sellers the benefits of any such Contract (to or by Purchaser or its Affiliate), (y) cooperate in
good faith in any arrangement reasonable and lawful, designed to provide such benefits to Sellers and (z) to the extent reasonably requested, enforce for the account of Sellers any rights of Purchaser or its Affiliate arising from such
Contracts which Sellers direct in writing to be taken. 
 Section 5.05. Notification. From the date hereof until the
Closing Date, each Seller shall notify Purchaser and Purchaser shall notify Sellers in writing and keep them advised as to (i) any litigation or administrative proceeding pending and known to it or, to its Knowledge, threatened that challenges
or seeks to restrain or enjoin the consummation 

  
 44 

 
of any of the transactions contemplated hereby and (ii) the occurrence of any event that, individually or in the aggregate, would reasonably be expected to have a Seller Material Adverse
Effect or a Purchaser Material Adverse Effect. From the date hereof until the Closing Date, each Seller shall notify Purchaser in writing promptly upon receipt by such Seller of any written notice of termination or full or partial surrender of any
Administered Contract or any threat by any Contractholder to terminate or surrender, in full or in part, any Administered Contract of which threat such Seller has actual knowledge and which threat such Seller reasonably expects to result in imminent
full or partial surrender or termination of the Administered Contract. 
 Section 5.06. Further Assurances. On and
after the Closing Date, each Seller and Purchaser shall, and shall cause their respective Affiliates to, take all reasonably appropriate action and execute any additional documents, instruments or conveyances of any kind which may be reasonably
necessary to carry out any of the provisions of this Agreement or consummate any of the transactions contemplated by this Agreement. In particular, to the extent a Governmental Entity requires the parties to amend any of the Ancillary Agreements,
the parties hereto shall (and shall cause their respective Affiliates to) enter into additional Ancillary Agreements to restore the rights of the parties to those originally intended. 

Section 5.07. Expenses. Except as otherwise specifically provided in this Agreement, the parties to this Agreement shall bear
their respective expenses incurred in connection with the preparation, execution and performance of this Agreement and consummation of the transactions contemplated hereby, including all fees and expenses of Representatives; provided that
(a) Purchaser shall bear the cost of obtaining required insurance regulatory approvals, consents and orders for the implementation of the Administrative Services Agreement from any state or jurisdiction the laws of which require Purchaser to
obtain such approval, consent or order and (b) each Seller shall bear the cost of obtaining required approvals, consents and orders for the implementation of the Administrative Services Agreement to which it is a party from any state or
jurisdiction the laws of which require such Seller to obtain such approval, consent or order. 
 Section 5.08.
Transitional Matters. Promptly after the date hereof, HLIC, HLAC and Purchaser shall establish a transition services management team, consisting of one manager from each of HLIC, HLAC and Purchaser each of whom is familiar with the Business.
The purpose of such transition services management team shall be to coordinate transition activities between the date hereof and the Closing Date. HLIC, HLAC and Purchaser shall cause such transition services management team to be subject to
confidentiality and other restrictions necessary or appropriate to ensure compliance with any antitrust or other requirements of Applicable Law. 
 Section 5.09. Offers to Subject Employees. 
 (a) No later than the
earlier of (i) 60 days after the date hereof and (ii) ten Business Days prior to the Closing Date, Purchaser shall make offers of employment in a Comparable Position to each of the Subject Employees, which offer of employment

  
 45 

 
shall (A) be for the employment of such Subject Employee by Purchaser to commence as of the Effective Time (the “Effective Hire Date”) and (B) expire five Business Days
prior to the Closing Date. Subject Employees who timely accept the employment offer contemplated by this Section 5.09(a) are referred to herein as the “Transferred Employees.” Each Seller shall cause all Transferred Employees
to be terminated from employment with such Seller or its Affiliates and Purchaser shall cause all Transferred Employees to become employees of Purchaser on the Effective Hire Date. During the period between the date hereof and the Effective Hire
Date, the Subject Employees shall remain employees of Sellers or their Affiliates, as applicable. Sellers shall not, and shall cause their Affiliates not to, terminate such Subject Employees other than in the ordinary course of business consistent
with past practice, and shall promptly inform Purchaser of any such termination. 
 (b) For the purposes of this Agreement, a
“Comparable Position” is defined as a position that, as of the date the position is offered, carries with it, for a period of 12 months immediately following the Effective Hire Date, Compensation equal to or greater than the
Compensation offered by the previous position held by the Subject Employee with such Seller or its Affiliate; and with the same or similar duties of the previous position held by the Subject Employee with such Seller or its Affiliate; and which is
located within a 50-mile radius of the previous position’s location. For the purposes of this Section, “Compensation” means a base salary equal to or greater than the Subject Employee’s base salary immediately prior to the
Effective Hire Date plus an amount equal to or greater than 100% of the Subject Employee’s target bonus (the annual bonus determined as a percentage of annual base salary, based on the target bonus funding percentage established under the
applicable bonus plan, policy or program for the calendar year in which the Effective Hire Date occurs). 
 (c) Purchaser shall
make to each of the Transferred Employees set forth on Schedule 5.09(c) cash payments on the dates and in the amounts set forth on Schedule 5.09(c) (as updated in the manner described below), representing the value of unvested restricted stock units
held by the Transferred Employees on the date of this Agreement and as updated through the close of business on the Business Day immediately preceding the Closing Date (the “Unvested Awards”), provided that either (i) the
Transferred Employee is employed by Purchaser or any of its Affiliates on the relevant vesting date, or (ii), with respect to Unvested Awards with vesting dates on or prior to March 1, 2012, the Transferred Employee’s employment was
terminated by Purchaser or any of its Affiliates prior to the relevant vesting date for a reason other than for cause, and provided, further, that no payment will be required in any case to be made by Purchaser with respect to any Unvested Awards
that vest on or prior to the Closing Date. In the event Purchaser is not obligated to make a scheduled cash payment to a Transferred Employee pursuant to this Section 5.09(c) because such Transferred Employee is not employed by Purchaser or any
of its Affiliates on the relevant vesting date (and, in the case of a Transferred Employee whose employment with Purchaser or any of its Affiliates terminates on or before the relevant vesting date, because such termination was either voluntary or
for cause), Purchaser shall return such amounts to Sellers within 15 days of the relevant payment date. Sellers shall update Schedule 5.09(c) following the close of business on the Business Day immediately preceding the

  
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Closing Date so that such schedule reflects the outstanding amounts to be paid based on the closing price of the common stock of The Hartford Financial Services Group, Inc. on such date.

 (d) For a period of 12 months following the Closing Date, Purchaser shall use reasonable best efforts to provide the
Transferred Employees with each of medical (other than retiree medical), dental, life and disability insurance, flexible spending account and Code section 401(k) plan benefits pursuant to plans, agreements and arrangements of Purchaser and its
Affiliates (the “Purchaser Benefit Plans”) each of which is substantially comparable to the benefits provided to the Transferred Employees under equivalent benefit plans of Sellers and their Affiliates immediately prior to the date
hereof but shall be obligated only to provide Purchaser Benefit Plans that are substantially comparable in the aggregate to employee benefits provided by Sellers and their Affiliates. Purchaser shall have no obligation to provide or cause to be
provided to the Transferred Employees a defined benefit pension, postretirement medical, postretirement life, or excess savings or pension plans and the absence of such plans shall not be considered when determining whether Purchaser has met its
obligation to provide employee benefits that are substantially comparable in the aggregate. The aggregate cost to a Transferred Employee to participate in the Purchaser Benefit Plans prior to the first renewal of such plans after the Closing Date
shall not be greater than the aggregate cost to the Transferred Employee to participate in the comparable plans offered by such Seller or its Affiliates immediately prior to the date hereof. For a period of 12 months following the Closing Date,
Purchaser shall provide to each Transferred Employee a 1.5% floor contribution plus a matching contribution of 50% on the first 6% of employee deferrals to the Code section 401(k) plan included in the Purchaser Benefit Plans. For a period of 12
months following the Closing Date, Purchaser shall also make an enhanced contribution on behalf of each Transferred Employee to the Code section 401(k) plan included in the Purchaser Benefit Plans ranging from 2.5% to 7.75% below and 3.75% to
11.625% above the Social Security wage base of total compensation based on the participant’s age, in accordance with the schedule contained in The Hartford Retirement Plan for U.S. Employees subject to annual discrimination testing to ensure
compliance with applicable legal requirements. Purchaser shall make commercially reasonable efforts to waive, or cause to be waived, any pre-existing condition limitations, exclusions, actively-at-work requirements, evidence of insurability
requirements and waiting periods under the Purchaser Benefit Plans in which Transferred Employees (and their eligible dependents) shall be eligible to participate from and after the Closing Date, except to the extent that such pre-existing condition
limitations, exclusions, actively-at-work requirements, evidence of insurability requirements and waiting periods were not or would not have been satisfied or waived under the comparable Benefit Plan immediately prior to the Closing Date. Purchaser
shall use commercially reasonable efforts to recognize, or cause to be recognized, the dollar amount of all coinsurance, deductibles and similar expenses incurred by each Transferred Employee (and his or her eligible dependents) during the calendar
year in which the Closing Date occurs for purposes of satisfying such year’s deductible and coinsurance limitations under the Purchaser Benefit Plans in which they participate from and after the Closing Date, subject to such Transferred
Employee’s provision of relevant information or documentation confirming the amount of such co-insurance, deductibles and similar expenses. Purchaser shall credit 

  
 47 

 
each Transferred Employee with the service of such Transferred Employee with Seller or its Affiliates up to the Effective Hire Date, to the extent such service is recorded in such Seller’s
or its Affiliates’ books as of the Closing Date, to the same extent as if such service had been performed for Purchaser or any of its Affiliates for purposes of determining such Transferred Employee’s eligibility for, vesting in, and
entitlements under all employee benefit plans, programs and arrangements, including but not limited to vacation and sick days, severance and 401(k) plans, as applicable. Transferred Employees shall be eligible for long term incentive awards, but
service time with such Seller or its Affiliates shall not be applied to the Transferred Employee’s eligibility or vesting under any long term incentive plan provided by Purchaser or its Affiliates. 

(e) During the 12 months immediately following the Closing Date, each Transferred Employee shall be eligible to earn vacation, sick and
paid time off days that such Transferred Employee would have been eligible to earn under plans of Sellers and its Affiliates during the calendar year in which the Closing takes place, less any such paid time off days that such Transferred Employee
used prior to the Effective Hire Date or was paid for pursuant to this Section 5.09(e). Such vacation, sick and paid time off days shall accrue during such 12 month period at the same rate as they would have accrued under plans of Sellers and
its Affiliates during the calendar year in which the Closing takes place. On the Closing Date, Sellers shall pay in cash to all Transferred Employees all accrued but unused vacation, sick leave and paid time off benefits, and Purchaser and its
Affiliates shall not assume, and Sellers will be solely responsible for, any and all such Liabilities. Purchaser and its Affiliates shall credit all Transferred Employees with unpaid time off equal to the number of days (full and partial) for which
Transferred Employees were paid pursuant to the preceding sentence. All such unpaid time off credits must be used in the calendar year in which the Closing occurs and will be forfeited on the last day of such year. For all purposes other than the
foregoing, including but not limited to benefits, such days shall be treated as paid time off. 
 (f) For a period of 12 months
immediately following the Closing Date, Purchaser shall provide to the Transferred Employees the severance benefits set forth on Schedule 5.09(f). 
 (i) The amount of each Transferred Employee’s annual incentive bonus through the Closing Date shall be accrued based on the target bonus established by the applicable Seller or Affiliate of Sellers
that employed such Transferred Employee under the applicable bonus plan, policy or program for the calendar year in which the Effective Hire Date occurs (net of any amounts previously paid by Seller pursuant to (v) below, the “Accrued
Bonus Amount”). During the 12-month comparability period immediately following the Closing Date, Purchaser shall accrue each Transferred Employee’s annual incentive bonus at the bonus target set forth in such Transferred
Employee’s offer letter (“Purchaser’s Accrued Bonus Amount”). 
 (ii) For the calendar year in which
the Closing Date occurs, provided that the Transferred Employee has not voluntarily terminated his or her employment with Purchaser or its Affiliates or been terminated for cause prior to the applicable bonus payout date, Purchaser shall pay each
Transferred Employee an annual 

  
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bonus equal to the sum of such Transferred Employee’s Accrued Bonus Amount and the Purchaser’s Accrued Bonus Amount for the number of days between the Closing Date and the end of the
calendar year. 
 (iii) For the calendar year after the year in which the Closing Date occurs, provided that the Transferred
Employee has not voluntarily terminated his or her employment with Purchaser or its Affiliates or been terminated for cause prior to the applicable bonus payout date, Purchaser shall pay each Transferred Employee an annual bonus equal to the sum of
the Purchaser’s Accrued Bonus Amount for the period of time that the calendar year fell within the comparability period plus such additional amount that Purchaser in its discretion deems appropriate for the period of the calendar year after the
end of the comparability period. 
 (iv) If a Transferred Employee voluntarily terminates his or her employment with Purchaser
or its Affiliates or is terminated for cause prior to a bonus payout date, the Transferred Employee will not be eligible to receive a bonus award on that bonus payout date. If a Transferred Employee’s employment with Purchaser or its Affiliates
is involuntarily terminated for reasons other than cause prior to a bonus payout date for a calendar year that includes part of the comparability period, the Transferred Employee’s bonus award will be prorated for the period of time during the
calendar year that the Transferred Employee remained an employee of Purchaser or its Affiliates, except if the involuntary termination occurs in the same calendar year as the Closing Date, in which case the Transferred Employee’s bonus award
will be prorated for the period of time during the calendar year that the Transferred Employee remained an employee of such Seller or its Affiliates, on the one hand, or Purchaser or its Affiliates, on the other hand. 

(v) In the event the Closing occurs after March 15, 2012, on March 15, 2012, such Seller or its Affiliates shall pay each
Transferred Employee a bonus for calendar year 2011 to be determined by such Seller in its discretion under the terms of such Seller’s or its Affiliate’s applicable bonus plans. If the Closing occurs between March 16, 2012, and
December 31, 2012, Sections 5.09(f)(i), (ii) and (iii) above will apply to the Transferred Employees’ annual incentive bonuses to be paid in 2013 and 2014 for calendar years 2012 and 2013, respectively. 

(g) Except as otherwise specifically provided in this Agreement or in any of the Ancillary Agreements: 

(i) Such Seller shall assume sole liability for all salary, commissions and other compensation and benefits of any kind due any Subject
Employee on account of employment by such Seller or its Affiliates before the Effective Hire Date; 
 (ii) Purchaser shall
assume sole liability for all salary, commissions and other compensation and benefits of any kind earned on and after the Effective Hire Date by any Transferred Employee; 

  
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 (iii) Such Seller shall be solely responsible for all severance obligations under
Seller’s severance plans to Subject Employees who do not timely accept an offer of a Comparable Position made by Purchaser pursuant to Section 5.09(a); 
 (iv) Purchaser shall be solely responsible for all severance obligations to Subject Employees who are not offered a Comparable Position by Purchaser pursuant to Section 5.09(a) and shall reimburse
such Seller or its Affiliates for any notice and severance pay or benefits provided by such Seller or its Affiliates to such Subject Employee; 
 (v) Notwithstanding anything to the contrary, neither Purchaser nor its Affiliates shall assume any obligations under, or Liabilities with respect to, or receive any right or interest in any trust
relating to, any assets of, or any insurance, administration or other contracts pertaining to any of Seller’s Benefit Plans; 
 (vi) Notwithstanding anything else in this Agreement, such Seller shall be solely responsible for all claims, suits, actions or litigation arising from or in connection with the employment of any
Transferred Employee prior to the Effective Hire Date; and 
 (vii) Notwithstanding anything else in this Agreement, Purchaser
shall be solely responsible for all claims, suits, actions or litigation arising from or in connection with the employment of any Transferred Employee on or after the Effective Hire Date or the offer of employment by Purchaser to any Subject
Employee, other than as set forth above in Section 5.09(g)(iii). 
 (h) Except as otherwise provided in clauses (a) –
(f) of this Section 5.09, nothing herein is intended to limit the right of Purchaser (x) to terminate the employment of any Transferred Employee at any time, (y) to change or terminate any incentive compensation or employee
benefit plan or arrangement at any time and in any manner or (z) to change or modify the terms or conditions of employment for any of their employees. 
 (i) Purchaser shall be responsible for providing the continuation of group health coverage required under section 4980B(f) of the Code to any Transferred Employees (and such Transferred Employees’
qualified beneficiaries) whose “qualifying event” within the meaning of section 4980B(f) of the Code occurs after the Closing Date. Sellers shall be responsible for providing the continuation of group health coverage required under section
4980B(f) of the Code to any Subject Employees or former employees of any Seller or its, or their, Affiliates who are not Transferred Employees (and such Subject Employees’ or former employees’ qualified beneficiaries) whose
“qualifying event” within the meaning of section 4980B(f) of the Code occurs before, on or after the Closing Date. 

(j) Without limiting the generality of Section 13.09, this Section 5.09 shall be binding upon and inure solely to the benefit
of each of the parties to this Agreement, and nothing in this Section 5.09, expressed or implied, is intended to confer 

  
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upon any other person any rights or remedies of any nature whatsoever under or by reason of this Section 5.09 and no provision of this Section 5.09 will create any third party
beneficiary rights in any Subject Employee in respect of continued employment (or resumed employment) or service or any other matter. 
 Section 5.10. Subsequently Identified Contracts. 
 (a) If, after the
date hereof, Sellers identify any BOLI/COLI Policies issued or underwritten at the direction of HLPP (or any related supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates and ancillary agreements in
connection therewith) that were issued prior to and are in- force as of the date hereof but were not set forth on Schedule 1.01(c), Sellers shall notify Purchaser in writing of such BOLI/COLI Policies and Purchaser will have the option to consent
(such consent not to be unreasonably conditioned, withheld or delayed) to include such BOLI/COLI Policy as an Administered Contract, and upon any such consent Schedule 1.01(c) will be deemed to have been revised to include such accepted Contracts or
BOLI/COLI Policies. At Closing, the parties hereto shall update Schedule 1.01(c) for items of the type described in clause (b) of the definition of BOLI/COLI Contracts. 
 (b) If, after the date hereof, Sellers identify any GAC Agreements (or any related supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates and ancillary
agreements in connection therewith) that were issued prior to and are in-force as of the date hereof but were not set forth on Schedule 1.01(e), Sellers shall notify Purchaser of such GAC Agreements and Purchaser will have the option to consent
(such consent not to be unreasonably conditioned, withheld or delayed) to include such GAC Agreements as an Administered Contract, and upon any such consent Schedule 1.01(e) will be deemed to have been revised to include such GAC Agreements. At
Closing, the parties hereto shall update Schedule 1.01(e) for items of the type described in clause (b) of the definition of GAC Agreements. 
 (c) If, after the date hereof, Sellers identify any HNW Policies (or any related supplements, endorsements, enhancement letters, riders, applications, enrollment forms, certificates and ancillary
agreements in connection therewith) that were issued prior to and are in-force as of the date hereof but were not set forth on Schedule 1.01(g), Sellers shall notify Purchaser of such HNW Policies and Purchaser will have the option to consent (such
consent not to be unreasonably conditioned, withheld or delayed) to include such HNW Policies as an Administered Contract, and upon any such consent Schedule 1.01(g) will be deemed to have been revised to include such HNW Policies. At Closing, the
parties hereto shall update Schedule 1.01(g) for items of the type described in clause (b) of the definition of HNW Contracts. 
 Section 5.11. Investment Management. 
 Subject to Applicable Law, until the tenth
anniversary of the Closing Date, Purchaser shall not, and shall cause its Affiliates not to, encourage any Contractholder to move its assets out of any portfolio managed by HIMCO, including the division known as the “HIMCO Division”.

  
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 Section 5.12. Certain Term Sheet and Schedules to Exhibits 

Purchaser and Sellers shall each use their reasonable best efforts and shall cooperate with each other and negotiate in good faith and
consistent with the intent of the parties set forth below to finalize, as soon as reasonably practicable after the date hereof, (a) what is designated as “Schedule F” to the Administrative Services Agreement, (b) what is
designated as “Schedule 2.01” to the Transition Services Agreement, (c) the General Account COLI Services Agreement, (d) the Woodbury/UIT Services Agreement and (e) any modifications with respect to the Broker Dealer
Agreement necessary for the agreement to comply with Applicable Law. The intent of the parties in finalizing what is designated as “Schedule F” to the Administrative Services Agreement would be to include on such schedule a fair and
accurate description of those services historically conducted in connection with the Business (whether by the Subject Employees or otherwise) in the same scope as historically conducted. The intent of the parties in finalizing what is designated as
“Schedule 2.01” to the Transition Services Agreement would be (i) to move the services described in the Woodbury/UIT Services Agreement Term Sheet to the Woodbury/UIT Services Agreement, (ii) populate the “Duration”
column with Purchaser’s requested duration for services for which Purchaser desires a shorter duration than the duration of the Transition Services Agreement and (iii) populate the “Annual Cost” column, upon specific request by
Purchaser or Sellers, with an amount intended to reflect the Costs (as defined in the Transition Services Agreement) of the Services. The intent of the parties in completing each of the General Account COLI Services Agreement and the Woodbury/UIT
Services Agreement is reflected in the respective term sheets. 
 ARTICLE VI. 

CONDITIONS PRECEDENT 
 TO THE OBLIGATIONS OF PURCHASER 
 The obligations of Purchaser under this
Agreement are subject to the satisfaction on or prior to the Closing Date of the following conditions, any one or more of which may be waived by Purchaser to the extent permitted by Applicable Law: 

Section 6.01. Representations, Warranties and Covenants. (a) (i) The representations and warranties of Sellers
contained in Sections 3.01 (Organization, Standing and Authority), 3.02 (Authorization; Binding Effect), 3.03 (No Conflict or Violation, Etc.) and 3.18 (Brokers) shall be true and correct in all respects on and as of the date of this Agreement and
on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except, in each case, that any such representations and warranties that are given as of a particular date contained therein and relate solely
to a particular date or period shall be true and correct in all respects as of such date or period and (ii) the other representations and warranties of Sellers contained in this Agreement shall be true and correct (without giving effect to any
limitations as to materiality or “Seller Material Adverse Effect” contained therein) on and as of the date of 

  
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this Agreement and on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except, in each case, that any such representations and warranties
that are given as of a particular date and relate solely to a particular date or period shall be true and correct as of such date or period, except, in the case of this clause (ii) only, where the failure to be so true and correct would not,
individually or in the aggregate, result in, or be reasonably expected to result in, a Seller Material Adverse Effect. 
 (b)
Each Seller shall have performed or complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by it on or prior to the Closing Date (or otherwise cured any noncompliance).

 (c) On the Closing Date, each Seller shall have delivered to Purchaser a certificate, dated as of the Closing Date, executed
by an executive officer of such Seller, as to the matters set forth in this Section 6.01. 
 Section 6.02.
Secretary’s Certificate. Each Seller shall have delivered to Purchaser a certificate of the secretary or assistant secretary of such Seller, dated as of the Closing Date, as to the resolutions of the Board of Directors of such Seller
authorizing the execution, delivery and performance of the agreements to which it is a party, as to the status and signature of each of its officers who executed and delivered the agreements to which it is a party and any other document delivered by
it in connection with the consummation of the transactions contemplated by this Agreement and as to its organizational documents and good standing. 
 Section 6.03. Other Agreements. The Ancillary Agreements to which any Seller or any of its respective Affiliates is a party shall have been duly executed and delivered by such Seller or such
Affiliate as the case may be on the Closing Date and each of such agreements and instruments shall be in full force and effect with respect to such Seller or such Affiliate on the Closing Date. 

Section 6.04. Governmental and Regulatory Consents and Approvals. All filings required to be made prior to the Closing Date
with, and all Permits required to be obtained prior to the Closing Date from, Governmental Entities in connection with the execution and delivery of this Agreement or the consummation of the transactions contemplated hereby or by any Ancillary
Agreement shall have been made or obtained and shall be in full force and effect, specifically including those described in Schedule 6.04. 
 Section 6.05. No Injunctions or Restraints. No temporary restraining order, preliminary or permanent injunction, other order or decree or other legal restraint or prohibition shall be pending,
threatened or issued by any Governmental Entity that prevents or enjoins or which would reasonably be expected to prevent or enjoin the consummation of any of the transactions contemplated hereby or by any Ancillary Agreement. 

  
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 Section 6.06. No Seller Material Adverse Effect. Since the date of this
Agreement, there shall not have occurred any change, event, circumstance or development that has had, or would reasonably be expected to have, individually or in the aggregate, a Seller Material Adverse Effect. 

Section 6.07. Threshold Closing Asset Value. On the Closing Date, Aggregate Closing Asset Value shall be not less than 88
percent (88%) of Aggregate Opening Asset Value. 
 ARTICLE VII. 

CONDITIONS PRECEDENT 
 TO THE OBLIGATIONS OF SELLERS 
 The obligations of Sellers under this Agreement
are subject to the satisfaction on or prior to the Closing Date of the following conditions, any one or more of which may be waived by Sellers to the extent permitted by Applicable Law: 

Section 7.01. Representations, Warranties and Covenants. 

(a) (i) The representations and warranties of Purchaser contained in Sections 4.01 (Organization, Standing and Authority), 4.02
(Authorization; Binding Effect), 4.03 (No Conflict or Violation, Etc.) and 4.07 (Brokers) shall be true and correct in all respects on and as of the date of this Agreement and on and as of the Closing Date with the same force and effect as though
made on and as of the Closing Date, except, in each case, that any such representations and warranties that are given as of a particular date contained therein and relate solely to a particular date or period shall be true and correct in all
respects as of such date or period and (ii) the other representations and warranties of Purchaser contained in this Agreement shall be true and correct (without giving effect to any limitations as to materiality or “Purchaser Material
Adverse Effect” contained therein) on and as of the date of this Agreement and on and as of the Closing Date with the same force and effect as though made on and as of the Closing Date, except, in each case, that any such representations and
warranties that are given as of a particular date and relate solely to a particular date or period shall be true and correct as of such date or period, except, in the case of this clause (ii) only, where the failure to be so true and correct
would not, individually or in the aggregate, result in, or be reasonably expected to result in, a Purchaser Material Adverse Effect. 
 (b) Purchaser shall have performed or complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by Purchaser on or prior to the
Closing Date (or otherwise cured any noncompliance). In particular, Purchaser shall have paid to HLIC or its designee the Purchase Price. 
 (c) On the Closing Date, Purchaser shall have delivered to each Seller a certificate dated as of the Closing Date and signed by an executive officer of Purchaser as to the matters set forth in this
Section 7.01. 

  
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 Section 7.02. Secretary’s Certificate. Purchaser shall have delivered to
each Seller a certificate of the secretary or assistant secretary of Purchaser, dated as of the Closing Date, as to the resolutions of the Board of Directors of Purchaser authorizing the execution, delivery and performance of the agreements to which
it is a party, as to the status and signature of each of its officers who executed and delivered the agreements to which it is a party and any other document delivered by it in connection with the consummation of the transactions contemplated by
this Agreement, and as to its organizational documents and good standing. 
 Section 7.03. Other Agreements. The
Ancillary Agreements to which Purchaser or any of its Affiliates is a party shall have been duly executed and delivered by Purchaser or such Affiliate, as the case may be, on the Closing Date and each of such agreements and instruments shall be in
full force and effect with respect to Purchaser or such Affiliate on the Closing Date. 
 Section 7.04. Governmental and
Regulatory Consents and Approvals. All filings required to be made prior to the Closing Date with, and all Permits required to be obtained prior to the Closing Date from, Governmental Entities in connection with the execution and delivery of
this Agreement or the consummation of the transactions contemplated hereby or by any Ancillary Agreement shall have been made or obtained and shall be in full force and effect, specifically including those described in Schedule 7.04. 

Section 7.05. No Injunctions or Restraints. No temporary restraining order, preliminary or permanent injunction, other order
or decree or any other legal restraint or prohibition shall be pending, threatened or issued by any Governmental Entity that prevents or enjoins or which is reasonably likely to prevent or enjoin the consummation of any of the transactions
contemplated hereby or by any Ancillary Agreement. 
 Section 7.06. No Purchaser Material Adverse Effect. Since the
date of this Agreement, there shall not have occurred any change, event, circumstance or development that has had, or would reasonably be expected to have, individually or in the aggregate, a Purchaser Material Adverse Effect. 

ARTICLE VIII. 

FURTHER AGREEMENTS 
 Section 8.01. Post-Closing Access to Books and Records. Confidentiality. 
 (a) Following the Closing Date and during the applicable document retention period, Purchaser shall afford, and shall cause its Affiliates to afford, to each Seller and any of its Affiliates, and their
respective Representatives, during normal business hours and subject to all site-based rules governing the conduct of business visitors, the right to examine and make copies of the Books and Records of Purchaser and its Affiliates (whether prepared
before or after the Closing) to the extent relating to the Business (and in the possession or control of Purchaser or any of its Affiliates) and 

  
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reasonable access to relevant personnel, auditors, accountants and other advisors of Purchaser and any of its Affiliates for any reasonable business purpose, including (i) the preparation of
financial statements, (ii) the presentation of filings and submissions to regulatory authorities and other Governmental Entities, (iii) responding to regulatory inquiries or other regulatory purposes, (iv) the preparation of Tax
Returns or in connection with any Action with a Governmental Entity or any Third Party Claim with respect to any Tax matter relating to the Transferred Assets, the Business or the Administered Contracts; provided that, subject to
Section 11.03(c)(iv), Purchaser and its Affiliates will not be required to provide any Tax Return or any other Tax information unless such Tax Return or Tax information relates solely to the Business, and (v) the investigation,
arbitration, litigation and final disposition of any claims which may have been or may be made against such Seller or such Affiliates in connection with the Business or which such Seller or such Affiliates may make with respect to the Business;
provided, further, that such access shall not unreasonably interfere with the normal operations of the Business. Each Seller and its Affiliates shall have the right to duplicate, at their own cost, all Books and Records referred to in
this Section 8.01(a) and shall reimburse Purchaser for all reasonable cost and expenses (including costs incurred to redact unrelated information contained in such Books and Records) incurred in connection with permitting such access pursuant
to this Section 8.01(a). 
 (b) Following the Closing Date and during the applicable document retention period, Sellers
shall afford, and shall cause their Affiliates to afford, to Purchaser, and their Representatives and Affiliates, during normal business hours and subject to all site-based rules governing the conduct of business visitors, the right to examine and
make copies of the Business Books and Records and reasonable access to relevant personnel, auditors, accountants and other advisors of Sellers and their Affiliates for any reasonable business purpose, including (i) the preparation of financial
statements, (ii) the preparation of filings and submissions to regulatory authorities and other Governmental Entities, (iii) responding to regulatory inquiries or other regulatory purposes, (iv) the preparation of Tax Returns, in
connection with any Action with a Governmental Entity or any Third Party Claim with respect to any Tax matter relating to the Transferred Assets, the Business or the Administered Contracts the making of any Tax elections, or to the extent needed so
as to permit Purchaser and its Affiliates to comply with the terms of this Agreement and the Ancillary Agreements with respect to Tax matters; provided that, subject to Section 11.03(c)(iv), such Seller and its Affiliates will not be
required to provide any Tax Return or any other Tax information unless such Tax Return or Tax information relates solely to the Business (excluding the Retained Business), (v) the investigation, arbitration, litigation and final disposition of
claims which may have been or may be made against Purchaser or such Affiliates in connection with the Business or which Purchaser or such Affiliates may make with respect to the Business, and (vi) complying with their obligations and enforcing
their rights under the Administrative Services Agreement and the other Ancillary Agreements; provided that such access shall not unreasonably interfere with the normal operations of the business of Sellers and their Affiliates. Purchaser and
its Affiliates shall have the right to duplicate, at their own cost, all Books and Records referred to in this Section 8.01(b) and shall reimburse Sellers for all reasonable costs and expenses (including costs incurred to redact unrelated
information contained in such Books and Records) incurred in connection with permitting such access pursuant to this Section 8.01(b). 

  
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 Section 8.02. Use of Names. 

(a) All of any Seller’s or its Affiliates’ rights to the names and marks included in the Transferred Intellectual Property
shall be transferred to Purchaser on the Closing Date, and none of Purchaser, nor any of its Affiliates shall acquire any rights to any other names and marks used by any Seller or its Affiliates. 

(b) Notwithstanding any inference contained herein or prior course of conduct to the contrary, except as expressly provided in the
Administrative Services Agreement, in no event shall Purchaser or any of its Affiliates have any right to use, nor shall Purchaser or any of its Affiliates use, any of the names, acronyms, registered or unregistered trademarks, trade names, service
marks, Internet domain names or URLs, and applications and registrations therefor, that are owned by any Seller or any of its Affiliates, including and set forth in Schedule 8.02(b), or any other name, term or identification that is likely to cause
confusion due to its similarity to any of the foregoing. 
 (c) Purchaser, and each Seller acknowledge and agree that, in
addition to any other available remedies, at law or otherwise, such Seller shall be entitled to seek an injunction issued by a court of competent jurisdiction restraining and enjoining any violation of this Section 8.02. 

Section 8.03. Non-Solicitation; Non-Hire. 
 (a) During the period starting on the Closing Date and ending on the date that is the second anniversary of the Closing Date (the “Restricted Period”), no Seller shall, and each Seller
shall cause its Affiliates (each of Sellers and their entity Affiliates, a “Seller Entity”) not to, directly or indirectly employ or attempt to employ any managerial, technical or professional Transferred Employee without the prior
written consent of Purchaser; provided that the foregoing shall not restrict any Seller Entity from soliciting through general advertisements, solicitations or other general circulation materials or through third party recruiter, employment
agency, search firm or similar contacts (provided that such recruiters and similar Persons have not been advised to contact Purchaser’s or its Affiliates’ agents or employees) or offering employment to or employing any person who responds
to such methods of solicitation. This restriction shall not apply to any Transferred Employees who have been terminated by Purchaser or its Affiliates due to a reduction in force, position elimination or redundancy. 

(b) During the Restricted Period, Purchaser shall not, and it shall cause its Affiliates not to, directly or indirectly employ or attempt
to employ any managerial, technical or professional employee of any Seller or its Affiliates who is not a Subject Employee without the prior written consent of the applicable Seller or its Affiliates; provided that the foregoing shall not
restrict Purchaser or any of its Affiliates from soliciting through general advertisements, solicitations or other general circulation materials or through third party recruiter, employment agency, search firm or similar

  
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contacts (provided that such recruiters and similar Persons have not been advised to contact Sellers’ or their Affiliates’ agents or employees) or offering employment to or employing
any person who responds to such methods of solicitation. This restriction shall not apply to employees who have been terminated by Sellers or their Affiliates due to a reduction in force, position elimination or redundancy. 

Section 8.04. Non-Competition. 
 (a) During the Restricted Period, each Seller shall not, and shall cause its Affiliates not to, engage in any Restricted Business in the Applicable Territory, provided, however, that the
foregoing limitation shall not apply to the conduct by either Seller or its Affiliates of any Restricted Business in the Applicable Territory to the extent related to any new life insurance or annuity contract issued after the date hereof that
becomes an “Administered Contract” hereunder and under the Administrative Services Agreement. 
 (b) Notwithstanding
the restrictions set forth in Section 8.04(a), (i) any Seller Entity may, subject to Section 8.04(c), acquire (whether by way of merger or stock or asset acquisition or otherwise) or own any Person that engages in the Restricted
Business, (ii) nothing in this Agreement precludes the transactions contemplated by this Agreement, the Ceded Reinsurance Agreements or the Administrative Services Agreement (including Sellers’ rights to engage in the business of being an
insurer with respect to the Retained Business and exercising rights with respect to the Administered Contracts so long as such activity is not inconsistent with the Administrative Services Agreement or any other Transaction Agreement (excluding this
Section 8.04)) and (iii) no Seller Entity (including any Seller) shall be bound by or subject to the restrictions contained in this Section 8.04 following any direct or indirect sale of such Seller Entity (whether as an entity or as a
group, whether by way of merger or stock or asset acquisition, spin-off or otherwise, including as a result of an indirect change of control) to any Person that is not, as of the date of such sale, an Affiliate of Sellers’ ultimate parent
company as of the Closing Date. 
 (c) If, during the period of 18 months following the Closing Date, any Seller Entity acquires
(whether by way of merger or stock or asset acquisition or otherwise), directly or indirectly, any Person or business (an “Acquired Business”) and such Acquired Business derived more than 25% of its net earnings for its most recent
fiscal year from the Restricted Business in the Applicable Territory, then Sellers shall, or shall cause the relevant Seller Entity to, sell, spin off or otherwise divest itself (or enter into an agreement to sell, spin off or otherwise divest
itself) of the portion of the division, unit or Person related to the Acquired Business that engages in the Restricted Business within 12 months of the closing of the acquisition of such Acquired Business; provided. however, that
Sellers shall provide notice to Purchaser of such acquisition promptly after closing and shall permit Purchaser the opportunity to participate in the process of such divestiture; provided, further, that the foregoing obligation to
sell, spin off or otherwise divest an Acquired Business shall not apply to any acquisitions where the purchase price of the Acquired Business is equal to or greater than $750,000,000. 

  
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 Section 8.05. Blue Pencil; Remedies. 

(a) The parties recognize that the laws and public policies of the various States of the United States of America may differ as to the
validity and enforceability of covenants similar to those set forth in Sections 8.03 and 8.04. It is the intention of the parties that the provisions of Sections 8.03 and 8.04 be enforced to the fullest extent permissible under the laws and policies
of each jurisdiction in which enforcement may be sought, and that the unenforceability (or the modification to conform to such laws or policies) of any provisions of Sections 8.03 and 8.04 will not render unenforceable or impair the remainder of the
provisions of Sections 8.03 and 8.04. Accordingly, if at the time of enforcement of any provision of Sections 8.03 and 8.04, a court of competent jurisdiction holds that the restrictions stated herein are unreasonable under circumstances then
existing, the parties hereto agree that the maximum period, scope or geographic area reasonable under such circumstances will be substituted for the stated period, scope or geographical area, and that such court will be allowed to revise the
restrictions contained herein to cover the maximum period, scope and geographical area permitted by Applicable Law. 
 (b) Each
party expressly acknowledges that the restrictive covenants set forth in Sections 8.03 and 8.04, including the geographic scope and duration of such covenants, are necessary in order to protect and maintain the proprietary interests and other
legitimate business interests of Sellers or Purchaser, as the case may be, and their respective Affiliates, that, but for these covenants, the parties would not have entered into this Agreement, and that any violation thereof could result in
irreparable injury to Sellers or Purchaser, as the case may be, and their respective Affiliates that would not be readily ascertainable or compensable in terms of money, and therefore each party and its Affiliates will be entitled to temporary,
preliminary and permanent injunctive relief as well as damages, which rights will be cumulative and in addition to any other rights or remedies to which it may be entitled. Each party further agrees that if it is determined that it has intentionally
in bad faith breached the terms of Section 8.03 or Section 8.04, the non-breaching party and its Affiliates will be entitled to recover from the breaching party all costs and reasonable attorneys’ fees incurred as a result of its
attempts to redress such breach or to enforce its rights and protect its legitimate interests. The provisions of Sections 8.03 and 8.04 constitute independent covenants that will not be affected by the performance or nonperformance of any other
provision of this Agreement, any Ancillary Agreement or any other document contemplated hereby or thereby. 
 Section 8.06.
Confidentiality. 
 (a) Sellers shall maintain the confidentiality of, and shall cause their Affiliates and
Representatives to maintain the confidentiality of, all information obtained by Sellers or their Affiliates pursuant to Section 8.01(a) or Section 11.03, and all originals of Business Books and Records retained by Sellers pursuant to
Section 2.02 (collectively, “Purchaser Confidential Information”), using procedures no less rigorous than those used to protect and preserve the confidentiality of their own similar proprietary information. The term
“Purchaser Confidential Information” does not include any information that: (i) at the time of disclosure or thereafter is generally available to and 

  
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known by the public other than by way of a wrongful disclosure by Sellers, their Affiliates or their Representatives or (ii) was or becomes available on a non-confidential basis from a
source other than Sellers, their Affiliates or their Representatives, provided that to Sellers’ and its Affiliates’ knowledge such source is not and was not prohibited from transmitting the information by a contractual, legal,
fiduciary or other obligation. In no event may Sellers or their Affiliates use less than a reasonable degree of care to protect and preserve the Purchaser Confidential Information, and Sellers shall not, and shall cause their Affiliates not to,
without Purchaser’s prior written consent: (A) transfer or disclose any Purchaser Confidential Information to any third party, other than Representatives who have a need to know such information in connection with the performance of
Sellers’ or their Affiliates’ obligations under this Agreement or the Ancillary Agreements or in connection with the Business or as required under Applicable Law; (B) use any of the Purchaser Confidential Information for any purpose
other than the performance of Sellers’ or their Affiliates’ obligations under this Agreement or the Ancillary Agreements or in connection with the Business or as required under Applicable Law; or (C) take any other action with respect
to the Purchaser Confidential Information inconsistent with the confidential and proprietary nature of such information. Sellers hereby assume full responsibility for any breach of this Section 8.06(a) by any of their or their Affiliates’
Representatives. If Sellers or their Affiliates are requested or required to disclose any of the Purchaser Confidential Information pursuant to Applicable Law, Sellers shall, if lawfully permitted to do so, provide prompt notice of such Applicable
Law to Purchaser so that Purchaser may seek an appropriate protective order or other appropriate remedy or waive compliance with the provisions of this Section 8.06(a). If Purchaser chooses not to seek, or is not successful in obtaining, a
protective order or other appropriate remedy and Sellers are, in the opinion of their counsel, compelled to disclose such Purchaser Confidential Information under pain of liability for contempt of court or other censure or liability, or if Purchaser
waives compliance with the provisions of this Section 8.06(a) in writing, Sellers may disclose, without liability hereunder, such Purchaser Confidential Information in accordance with, but solely to the extent that such disclosure is, in the
opinion of its counsel, necessary to comply with, Applicable Law or as otherwise contemplated by such waiver. 
 (b) Purchaser
shall maintain the confidentiality of, and shall cause its Affiliates and Representatives to maintain the confidentiality of, all information obtained by Purchaser or its Affiliates pursuant to Section 5.02, Section 8.01(b) or
Section 11.03 (collectively, “Seller Confidential Information”), using procedures no less rigorous than those used to protect and preserve the confidentiality of their own similar proprietary information. The term “Seller
Confidential Information” does not include any information that: (i) at the time of disclosure or thereafter is generally available to and known by the public other than by way of a wrongful disclosure by Purchaser, its Affiliates or their
Representatives or (ii) was or becomes available on a non-confidential basis from a source other than Purchaser, its Affiliates or its Representatives, provided that to Purchasers’ and its Affiliates’ knowledge, such source is
not and was not prohibited from transmitting the information by a contractual, legal, fiduciary or other obligation. In no event may Purchaser or its Affiliates use less than a reasonable degree of care to protect and preserve the Seller
Confidential Information, and Purchaser shall not, and shall cause its Affiliates not to, without Sellers’ prior written consent: 

  
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(A) transfer or disclose any Seller Confidential Information to any third party, other than Representatives who have a need to know such information in connection with the performance of
Purchaser’s or its Affiliates’ obligations under this Agreement or the Ancillary Agreements or in connection with the Business or as required under Applicable Law; (B) use any of the Seller Confidential Information for any purpose
other than the performance of Purchasers’ or its Affiliates’ obligations under this Agreement or the Ancillary Agreements or in connection with the Business or as required under Applicable Law; or (C) take any other action with
respect to the Seller Confidential Information inconsistent with the confidential and proprietary nature of such information. Purchaser hereby assumes full responsibility for any breach of this Section 8.06(b) by any of its or its
Affiliates’ Representatives. If Purchaser or its Affiliates are requested or required to disclose any of the Seller Confidential Information pursuant to Applicable Law, Purchaser shall, if lawfully permitted to do so, provide prompt notice of
such Applicable Law to Seller so that Sellers may seek an appropriate protective order or other appropriate remedy or waive compliance with the provisions of this Section 8.06(b). If Sellers choose not to seek, or are not successful in
obtaining, a protective order or other appropriate remedy and Purchaser is, in the opinion of its counsel, compelled to disclose such Seller Confidential Information under pain of liability for contempt of court or other censure or liability, or if
Sellers waive compliance with the provisions of this Section 8.06(b) in writing, Purchaser may disclose, without liability hereunder, such Seller Confidential Information in accordance with, but solely to the extent that such disclosure is, in
the opinion of its counsel, necessary to comply with, Applicable Law or as otherwise contemplated by such waiver. 
 ARTICLE IX.

 SURVIVAL OF REPRESENTATIONS AND WARRANTIES AND COVENANTS 

Section 9.01. Survival of Representations and Warranties and Covenants. All representations and warranties contained in this
Agreement and all covenants and agreements contained in this Agreement to be fully performed or complied with at or prior to the Closing Date shall survive the Closing solely for purposes of Sections 10.01(a), 10.01(b), 11.01(a) and 11.01(b) and
shall terminate and expire at the close of business on the date that is 18 months after the Closing Date, except that (i) the representations and warranties contained in Sections 3.01 (Organization, Standing and Authority), 3.02 (Authorization;
Binding Effect), 3.03 (No Conflict or Violation, Etc.), and 3.18 (Brokers), 4.01 (Organization, Standing and Authority), 4.02 (Authorization; Binding Effect) and 4.07 (Brokers) shall survive indefinitely, (ii) the representations and warranties
contained in Sections 3.11 (General Tax Representations) and 3.19 (Employee Benefit Plans) shall survive until 60 days after the expiration of all applicable statutes of limitations, including extensions thereof under Applicable Law, (iii) the
Product Tax Representations shall survive until the earlier of (x) the date that is the third anniversary of the Closing Date and (y) the Early Termination Date and (iv) the representations and warranties contained in the first
sentence of Section 3.06(a) and clauses (a) (other than the last sentence thereof), (c) and (e) and the last sentence of clause (d) of Section 3.17 (Technology and Intellectual Property) shall survive until the third
anniversary of the Closing. The covenants and agreements contained in this Agreement to be performed or complied with after the Closing Date shall survive until fully performed or complied with. 

  
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 ARTICLE X. 
 INDEMNIFICATION 
 Section 10.01. Obligation to Indemnify. 

(a) From and after the Closing, and subject to the limitations set forth in Article IX and this Article X, each Seller shall, severally
and not jointly, defend, indemnify and hold harmless Purchaser and its directors, officers and employees, Representatives and Affiliates and their heirs, successors and permitted assigns (the “Purchaser Indemnified Parties”) from,
against and in respect of all Losses imposed on, sustained, incurred or suffered by, or asserted against any of the Purchaser Indemnified Parties, to the extent resulting from, arising out of or relating to: 

(i) any breach of or inaccuracy in any of the representations and warranties of such Seller contained in this Agreement (other than the
representations and warranties contained in Sections 3.11 and 3.12, which are subject to the provisions of Article XI), determined without regard to any qualifications or references to “Seller Material Adverse Effect,” “material”
or any other materiality qualifications or references contained in any specific representation or warranty other than as contained in Sections 3.05(p) or 3.26; 
 (ii) any breach, violation or non-fulfillment of any of the covenants and agreements of such Seller contained in this Agreement (other than any such covenants or agreements relating to Taxes, which are
subject to the provisions of Article XI); or 
 (iii) any Excluded Liabilities. 

The preceding clauses (i) through (iii) and 11.01(a)(i) through (iv) are subject to the following qualifications and limitations to the
extent provided in such qualifications and limitations: 
 (A) Sellers shall have no liability under clause (i) of this
Section 10.01(a) unless the aggregate of all Losses for which Sellers collectively would, but for this subclause (A), be liable exceeds $600,000, and then, only to the extent of any such excess; provided that the limitations to
Sellers’ obligations to indemnify set forth in this subclause (A) shall not apply to Losses resulting from, arising out of or relating to any breach or inaccuracy of the representations and warranties set forth in Sections 3.26;

 (B) the maximum amount for which Sellers collectively shall be liable under clause (i) of this Section 10.01(a)
shall not exceed, in the aggregate, an amount equal to 15% of the Purchase Price; provided that the limitations to Sellers’ obligations to indemnify set forth in the immediately preceding subclause (A) and this subclause
(B) shall not apply to Losses resulting from, arising out of or relating to any breach or inaccuracy of the representations and warranties set forth in Sections 3.01, 3.02, 3.06 or 3.18; 

  
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 (C) no Purchaser Indemnified Party will have the right to bring a claim for indemnity under
clauses (ii) or (iii) of Section 10.01(a) or under clauses (i) or (iii) of Section 11.01(a) to the extent such claim relates to an actual or alleged Product Tax Failure, including with respect to any breach or
non-fulfillment of the covenants and agreements of Sellers contained in this Agreement relating to any actual or alleged Product Tax Failure; and 
 (D) the limitations on Sellers’ obligations to indemnify the Purchaser Indemnified Parties set forth in the preceding subclauses (A) through (C) shall not apply to Losses resulting from,
arising out of or relating to any claim involving fraud, willful misconduct or gross negligence of Sellers or their Affiliates. 
 Sellers’
obligations under this Article X and Article XI are in addition to their respective obligations under the Administrative Services Agreement, provided that in no event shall the Purchaser Indemnified Parties be entitled to multiple recoveries
for the same Loss. 
 (b) From and after the Closing, and subject to the limitations set forth in Article IX and this Article X,
Purchaser shall defend, indemnify and hold harmless each Seller and its directors, officers and employees, Representatives and Affiliates and their heirs, successors and permitted assigns (the “Seller Indemnified Parties”) from,
against and in respect of all Losses imposed on, sustained, incurred or suffered by, or asserted against any of the Seller Indemnified Parties to the extent resulting from, arising out of or relating to: 

(i) any breach of or inaccuracy in any of the representations and warranties of Purchaser contained in this Agreement, determined
without regard to any qualifications or references to “Purchaser Material Adverse Effect,” “material” or any other materiality qualifications or references contained in any specific representation or warranty; 

(ii) any breach, violation or non-fulfillment of any of the covenants and agreements of Purchaser contained in this Agreement (other
than any such covenants or agreements relating to Taxes, which are subject to the provisions of Article XI); or 
 (iii) all
Assumed Liabilities. 
 The preceding clauses (i) through (iii) and 11.01 (b)(i) through (ii) are subject to the following
qualifications and limitations to the extent provided in such qualifications and limitations: 
 (A) Purchaser shall have no
liability under clause (i) of this Section 10.01(b) unless the aggregate of all Losses relating thereto for which Purchaser would, but for this proviso, be liable exceeds $600,000, and then, only to the extent of any such excess;

  
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 (B) the maximum amount for which Purchaser shall be liable under clause (i) of this
Section 10.01(b) shall not exceed, in the aggregate, an amount equal to 15% of the Purchase Price (provided that the limitations on Purchaser’s obligations to indemnify set forth in the immediately preceding subclause (A) and
this subclause (B) shall not apply to any breach or inaccuracy of Sections 4.01, 4.02 or 4.07); 
 (C) no Seller
Indemnified Party will have the right to bring a claim for indemnity under clause (ii) of Section 10.01(b) or under Section 11.01(b)(i) to the extent such claim relates to an actual or alleged Product Tax Failure, including with
respect to any breach or non-fulfillment of the covenants and agreements of Purchaser contained in this Agreement relating to any actual or alleged Product Tax Failure; and 
 (D) the limitations on Purchaser’s obligations to indemnify the Seller Indemnified Parties set forth in the preceding subclauses (A) through (C) shall not apply to Losses resulting from,
arising out of or relating to any claim involving fraud, gross negligence or willful misconduct of Purchaser or its Affiliates. 

Purchaser’s obligations under this Article X are in addition to its or its Affiliates’ obligations under the Administrative Services Agreement,
provided that in no event shall the Seller Indemnified Parties be entitled to multiple recoveries for the same Loss. 

(c) Except for any indemnification pursuant to Section 11.01 (b), payment of any return of premium or the costs and expenses to
adjust the terms of any Administered Contract, including the increase of any benefits thereunder, resulting from or arising out of any actual or alleged Product Tax Failure shall not be the responsibility of Purchaser or its Affiliates (except for
the responsibility to administer such amounts under the Ancillary Agreements), and unless otherwise prohibited by Applicable Law, such return of premium or the cost or expense of adjusting the terms of such Administered Contract shall be paid first
out of the Separate Accounts with respect to which such affected Administered Contract participates, and, in the event such amounts are insufficient, then from the General Account. 

Section 10.02. Indemnification Procedures. 
 (a) Subject to Section 10.02(d), a Purchaser Indemnified Party or a Seller Indemnified Party seeking indemnification under this Agreement (the “Indemnified Party”) shall provide
written notice to the party from which the Indemnified Party is seeking indemnification (the “Indemnifying Party”) of any claim or demand that it may have pursuant to this Article X or Article XI (a “Claim Notice”)
as promptly as practicable after the Indemnified Party learns of such claim; provided, however, that failure to give such notification shall not affect the indemnification provided hereunder except to the extent such failure results in
a lack of actual notice to the Indemnifying Party and the Indemnifying Party has been actually prejudiced as a result of such failure. Such Claim Notice shall (i) to the extent reasonably practicable contain a summary of the

  
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material facts underlying or related to such claim or demand then known by the Indemnified Party, including a reference to sections of this Agreement which form the basis for such claim or
demand; (ii) attach copies of material written evidence thereof received from a third party to the date of such notice to the extent reasonably appropriate to enable the Indemnifying Party to assess the claim or demand; and (iii) to the
extent reasonably practicable, set forth the estimated amount of the Losses that have been or reasonably may be sustained by an Indemnified Party. From and after the delivery of a Claim Notice with respect to a Third Party Claim, the Indemnified
Party shall cooperate with the Indemnifying Party in good faith to enable the Indemnifying Party to assess the claim and shall deliver copies of all relevant notices and documents (including court or similar papers) received by the Indemnified Party
relating to such claim or demand to the extent reasonably appropriate. 
 (b) (i) With respect to any Action (including any
proposed or threatened claim, adjustment, or audit by a Tax Authority) instituted by a Person other than a Purchaser Indemnified Party or a Seller Indemnified Party against the Indemnified Party for which the Indemnifying Party may be obligated to
indemnify hereunder (a “Third Party Claim”), the Indemnifying Party shall be entitled to participate in the defense thereof and, if it so elects, to assume the defense of such Third Party Claim. The Indemnifying Party shall have 30
days (or such lesser number of days set forth in the Claim Notice as may be required by any Governmental Entity, any court or arbitral proceedings or regulatory inquiry or investigation) from receipt of the Claim Notice with respect to a Third Party
Claim (the “Notice Period”) to notify the Indemnified Party of its election to assume the defense of such Third Party Claim. If the Indemnifying Party notifies the Indemnified Party within the Notice Period that it elects to defend
such Third Party Claim, it shall have the right to so defend, with counsel selected by the Indemnifying Party that is reasonably acceptable to the Indemnified Party, at its expense. Once the Indemnifying Party has duly assumed the defense of a Third
Party Claim, the Indemnified Party shall have the right, but not the obligation, to participate in the defense thereof, including the opportunity to participate in any discussions or correspondence with any Governmental Entity, and to employ counsel
separate from the counsel employed by the Indemnifying Party, it being understood that the Indemnifying Party controls the defense. The Indemnified Party shall participate in any such defense at its own expense unless the Indemnified Party has
assumed such defense in compliance with Section 10.02(b)(ii), in which case all such expenses incurred by the Indemnified Party after such notice in connection with such defense shall be borne by the Indemnifying Party. All of the parties
hereto shall cooperate in good faith in the defense or prosecution of a Third Party Claim. Such cooperation shall include (A) the controlling party using its reasonable best efforts to take all comments and proposals made by the non-controlling
party into account in connection with all actions or non-actions, as the case may be, with respect to any matters covered by this Section 10.02, (B) the retention and, upon the Indemnifying Party’s request, the provision to the
Indemnifying Party of records and information which are reasonably relevant to such Third Party Claim, and (C) making employees available on a mutually convenient basis to provide additional information and explanation of any material provided
hereunder; provided that such cooperation shall not unreasonably interfere with the business or operations of such party. All out-of- pocket costs incurred or suffered by the Indemnified Party in connection with responding to, complying with
or satisfying the Indemnified Party’s requests for cooperation shall be promptly reimbursed by the Indemnifying Party. 

  
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 (ii) In the event that (x) the Indemnifying Party elects not to defend the Indemnified
Party against a Third Party Claim, whether by not giving the Indemnified Party timely notice of its desire to so defend or otherwise, (y) the Indemnifying Party, after assuming the defense of a Third Party Claim, receives a written notice from
the Indemnified Party to the effect that the Indemnifying Party has failed to conduct the defense of such Third Party Claim in a reasonably diligent manner and fails to correct any such failure within 30 Business Days following receipt of such
notice, or (z) the Indemnified Party has available to it one or more defenses or counterclaims that are materially inconsistent with one or more of those that are available to the Indemnified Party with respect to such Third Party Claim, the
Indemnified Party shall have the right but not the obligation to assume its own defense; it being understood that the Indemnified Party’s right to indemnification for such Third Party Claim shall not be adversely affected by the sole fact that
it has assumed the defense of such Third Party Claim. 
 (iii) Whether or not the Indemnifying Party shall have assumed the
defense of a Third Party Claim, the Indemnifying Party shall have no liability with respect to any compromise or settlement of such claims effected without its written consent (such consent not to be unreasonably withheld, conditioned or delayed).
Whether or not the Indemnifying Party shall have assumed the defense of a Third Party Claim, the Indemnifying Party shall not consent to the entry of judgment, admit any liability with respect to, or settle, compromise or discharge, such Third Party
Claim without the Indemnified Party’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) unless (A) there is no statement or admission of fault, culpability or failure to act by or on behalf of
the Indemnified Party, (B) there is no imposition of a consent order, decree or injunction that would restrict the future activity of the Indemnified Party or its Affiliates and (C) the sole relief provided by the Indemnified Party is
monetary damages and a full, unconditional and complete release is provided by each claimant or plaintiff to the Indemnified Party and its Affiliates. 
 (c) After the Closing, the indemnities provided in this Agreement shall survive the Closing; provided, however, that the indemnities provided under Sections 10.01(a)(i), 10.01(b)(i),
11.01(a)(iii) and 11.01(a)(iv) shall terminate when the applicable representation or warranty terminates pursuant to Article IX except as to any item as to which the Person to be indemnified shall have, before the expiration of the applicable
period, previously delivered a Claim Notice satisfying the content requirements of Section 10.02(a). 
 (d) Subject to
Section 8.05(b) and the non-monetary remedies described in Section 13.05(b) and to the terms and provisions of the Ancillary Agreements, from and after the Closing, the indemnities provided in Sections 10.01(a), 10.01(b), 11.01(a) and
11.01(b) shall be the sole and exclusive remedy of the Indemnified Party against the Indemnifying Party at law or equity for breaches of representations, warranties, covenants or agreements contained in this Agreement or in the certificates to

  
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be delivered pursuant to Sections 6.01(c) and 7.01(c); provided, however, that the foregoing shall not preclude any party from seeking or obtaining any remedy available at law or
equity with respect to any claim involving fraud, willful misconduct or gross negligence. 
 (e) The amount of any Losses for
which indemnification is provided under this Agreement shall (i) be net of any proceeds actually recovered by the Indemnified Party under insurance policies with respect to such Losses, net of any actual costs, expenses or premiums incurred in
connection with securing or obtaining such proceeds, and the Indemnified Party shall use its commercially reasonable efforts to effect any such recovery that may be available to it; (ii) be reduced to take account of any Tax benefit actually
realized by the Indemnified Party arising directly from the incurrence or payment of any such Losses; and (iii) be increased to take into account any Tax detriment actually incurred by the Indemnified Party arising from the incurrence of any
such Losses or from the receipt of the indemnification payment. To the extent that an Indemnifying Party has paid the Indemnified Party for a Loss pursuant to this Article X or Article XI, the Indemnified Party shall thereafter use commercially
reasonable efforts for a reasonable period to effect recovery from insurers or other third parties with respect to such Loss and, to the extent the Indemnified Party actually receives an amount in recovery from such insurers or third party
attributable to such paid Loss (net of any appropriate premiums or cost of recovery), shall promptly remit such net amount to the Indemnifying Party. 
 (f) The parties agree that any indemnification payments made pursuant to this Agreement shall be treated for Tax purposes as an adjustment to the consideration under Section 2.01 unless otherwise
required by Applicable Law. 
 (g) The Seller Indemnified Parties and the Purchaser Indemnified Parties shall be intended third
party beneficiaries of the indemnification obligations of Purchaser, on one hand, and Sellers, on the other hand, respectively, in this Article X or Article XI. 
 (h) The Indemnified Party shall take, and shall cause its Affiliates to take, all commercially reasonable steps to mitigate any Losses upon and after becoming aware of any facts, matters, failures or
circumstances that would reasonably be expected to result in any Losses that are indemnifiable hereunder; provided, however, that an Indemnified Party will not be required to take any action or step that is reasonably likely to result
in a breach of the covenants set forth in this Agreement or any of the Ancillary Agreements. 
 (i) If the Indemnified Party
receives any payment from an Indemnifying Party in respect of any Losses and the Indemnified Party has the right to recover all or a part of such Losses from a third party based on the underlying claim asserted against the Indemnified Party, the
Indemnified Party shall assign such of its rights to proceed against such third party for such Losses as are necessary to permit the Indemnifying Party to recover from such third party up to the amount of such indemnification payment. 

  
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 (j) Subject to the limitations set forth in Section 11.03, Sellers may take appropriate
actions to remediate or reduce Losses (including through the defense of claims brought by Contractholders’) for which Sellers are liable and Sellers shall have the right to assert all available defenses against a Contractholder with respect to
any claim brought against Sellers by a Contractholder or with respect to an Administered Contract. 
 (k) To the extent a
Purchaser Indemnified Party has a claim for indemnification that could be brought under Sections 11.01(a)(ii) and 11.01(a)(iv), such Purchaser Indemnified Party shall have the right to bring a claim for indemnity under both such sections;
provided, that such Purchaser Indemnified Party may not recover twice for the same Loss. 
 ARTICLE XI. 

TAX MATTERS 

Section 11.01. Tax Indemnification. 
 (a) From and after the Closing, each Seller shall, severally and not jointly, defend, indemnify and hold harmless the Purchaser Indemnified Parties from, against and in respect of all Losses imposed on,
sustained, incurred or suffered by, or asserted against any of the Purchaser Indemnified Parties, to the extent resulting from, arising out of or relating to: 
 (i) (A) Taxes imposed on or with respect to (x) any Seller or its Affiliates or (y) the assets of any Seller or its Affiliates, including all Taxes imposed on Seller or its Affiliates relating
to or resulting from the operations or activities of the Retained Business or the income or gain from the Excluded Assets; (B) all Taxes for which any Seller or its Affiliates may be liable as a transferee or successor, by contract, by
Applicable Law or otherwise; (C) Taxes imposed on or with respect to the Transferred Assets, the Administered Contracts, and the operation and activities of the Business for all taxable periods (or portions thereof) ending on or before the
Closing Date; or (D) any breach or non-performance by Sellers or any of their Affiliates of any of the covenants set forth in this Agreement or the Ancillary Agreements that relate to any Tax matter, in each of the cases of the preceding
clauses (A) through (D), other than any Losses to the extent resulting from, arising out of or relating to Purchaser Product Tax Liabilities; provided that, Losses indemnifiable pursuant to this clause (i) shall not include lost
profits (including lost profits that would otherwise be taken into account in determining Losses in respect of diminution of value) or similar damages; 
 (ii) (A) any actual or alleged failure of any Administered Contract, at any time on or after the issuance of such Administered Contract, to comply with any Tax law with which such Administered Contract
was (x) designed to comply, (y) purported by Sellers or their Affiliates to comply or (z) purported by any Producer at any time on or prior to the Effective Time or at any time thereafter at the express direction of Sellers or their
Affiliates to comply, including any such failures resulting from, relating to, or arising out of the design, structure or terms of such Administered 

  
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Contract, the absence of any contractual provision the inclusion of which is necessary for such Administered Contract to comply with any such Tax law or the characterization of an Administered
Contract as a “modified endowment contract” if such Administered Contract was not intended by the parties to such Administered Contract to qualify as such (any such actual or alleged failure hereinafter referred to as a “Product
Tax Failure”) or (B) Seller Indemnified Expenses; provided that Losses indemnifiable under this clause (ii) shall not include (1) lost profits (including lost profits that would otherwise be taken into account in determining
Losses in respect of diminution of value) or similar damages, (2) any increased overhead costs or (3) Losses in respect of Purchaser Product Tax Liabilities); 
 (iii) any breach of or inaccuracy in any of the representations and warranties of such Seller contained in Section 3.11 (General Tax Representations), determined without regard to any items set forth
on Schedule 3.11 and without regard to any qualifications or references to “Seller Material Adverse Effect,” “material” or any other materiality qualifications or references contained in any specific representation or warranty;

 (iv) any breach of or inaccuracy in any of the Product Tax Representations, determined without regard to any item set forth
on Schedule 3.11 or any item set forth on Schedule 3.12 and without regard to any qualifications or references to “Seller Material Adverse Effect,” “material” or any other materiality qualifications or references contained in any
specific representation or warranty (“Product Tax Loss”). provided, however, that the maximum amount for which Sellers shall be liable under this Section 11.01(a)(iv) shall not exceed, in the aggregate, an amount
equal to 50% of the Purchase Price; 
 The limitations on Sellers’ obligations to indemnify Purchaser set forth in subclauses
(i) through (iv) of Section 11.01(a) shall not apply to Losses resulting from, arising out of or relating to any claim involving fraud, willful misconduct or gross negligence of Sellers or their Affiliates. In no event will this
Agreement be interpreted in any manner that would provide a Purchaser Indemnified Party the right to multiple recoveries with respect to the same Loss. 
 (b) From and after the Closing, Purchaser shall defend, indemnify and hold harmless the Seller Indemnified Parties from, against and in respect of all Losses imposed on, sustained, incurred or suffered
by, or asserted against, any of the Seller Indemnified Parties, to the extent resulting from, arising out of or relating to: 

(i) (A) Taxes imposed on or with respect to the Transferred Assets, the Assigned and Assumed Contracts and the Assumed Liabilities for
all taxable periods (or portions thereof) beginning after the Closing Date, not covered by Section 11.01(a)(ii) or Section 11.01(a)(iv); (B) except as provided in any Ancillary Agreement, any Taxes imposed with respect to
Purchaser’s conduct of the operations and activities described in the Ancillary Agreements; or (C) any breach, violation or non-fulfillment of any of the covenants and agreements of Purchaser contained in this Agreement that relate to any
Tax matter; provided that Losses indemnifiable pursuant to this clause (i) shall not include lost profits (including lost profits that would otherwise be taken into account in determining Losses in respect of diminution of value) or
similar damages; 

  
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 (ii) (A) an actual or alleged Purchaser Product Tax Failure, or (B) any breach,
violation or non-fulfillment of the covenants and agreements of Purchaser contained in this Agreement to the extent related to an actual or alleged Product Tax Failure; (collectively, (A) and (B), “Purchaser Product Tax
Liabilities”); provided that Losses indemnifiable pursuant to this clause (ii) shall not include (1) lost profits (including lost profits that would otherwise be taken into account in determining Losses in respect of
diminution of value) or similar damages or (2) any increased overhead costs or (3) Losses arising from Purchaser having caused a Product Tax Failure other than (y) with respect to an actual or alleged Purchaser Product Tax Failure or
(z) to the extent attributable to a breach, violation or non-fulfillment of the covenants and agreements of Purchaser contained in Section 11.03 of this Agreement; 
 The limitations on Purchaser’s obligation to indemnify Sellers set forth in subclauses (i) and (ii) of Section 11.01(b) shall not apply to Losses resulting from, arising out of or
relating to any claim involving fraud, willful misconduct or gross negligence of Purchaser or its Affiliates. In no event will this Agreement be interpreted in any manner that would provide a Seller Indemnified Party the right to multiple recoveries
with respect to a Purchaser Product Tax Liability. 
 Section 11.02. Tax Indemnity Procedures. All indemnification
procedure matters relating to the indemnification obligations pursuant to Section 11.01(a) and 11.01(b) shall be governed by Section 10.02. 
 Section 11.03. Miscellaneous Tax Matters. 
 (a) Following the date
hereof and for so long as Purchaser is obligated to administer any Administered Contract under the Administrative Services Agreement, Sellers shall use reasonable efforts to promptly notify Purchaser if any Seller or any Affiliate of any Seller
receives, and Purchaser shall use reasonable efforts to promptly notify Sellers if Purchaser or any of its Affiliates receives, written notice (i) that a Product Tax Failure may have occurred with respect to any Administered Contract,
(ii) that any Administered Contract is in breach of the Product Tax Representations, (iii) of a PTF Query, or (iv) relating to any matter that is reasonably expected to give rise to a claim for indemnity under this Agreement with
respect to any matter related to Taxes, in each case including the receipt of any written request for information relating to any such matter. To the extent possible without waiver of any legal or other privilege or “work- product”
doctrine, the parties shall keep each other reasonably informed and provide prompt updates with respect to such matters, including with respect to all responses provided with respect to the matters set forth in any such notice. 

(b) Sellers shall (and shall cause their Affiliates to) timely file and prepare all Tax Returns relating to the Administered Contracts,
the Transferred Assets and the Business that Sellers and their Affiliates are required to prepare and file under Applicable Law or pursuant to the terms of the Ancillary Agreements. Such Tax Returns

  
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shall be prepared in accordance with past practices and, to the extent such Tax Returns include an amount of Tax that Purchaser or any of its Affiliates is required to pay or for which Purchaser
or any of its Affiliates is required to reimburse Sellers or its Affiliates under this Agreement or any Ancillary Agreement, or if such Tax Returns (or positions taken thereon) would be reasonably expected to adversely affect Purchaser or any of its
Affiliates, Sellers shall (or shall cause) such Tax Returns to be submitted to Purchaser for review and comment no later than 20 days prior to the date such return is required to be filed. Sellers and their Affiliates shall cause all such Tax
Returns to be true, complete and correct upon filing and thereafter, and Sellers shall, subject to the terms of the Administrative Services Agreement, pay all Taxes with respect to such Tax Returns within the time and in the manner prescribed by
Applicable Law. 
 (c) Following the Closing Date and for so long as Purchaser is obligated to administer any Administered
Contract under the Administrative Services Agreement: 
 (i) Except as otherwise provided in this Section 11.03(c) or with
the written consent of Sellers and Purchaser, each of Purchaser and Sellers shall not and shall cause their respective Affiliates to not (A) notify any Contractholder, Governmental Entity or other third party of a Product Tax Failure or alleged
Product Tax Failure; (B) take any action with respect to correcting, remediating or otherwise altering any Administered Contract in order to correct a Product Tax Failure or (C) with respect to a particular Administered Contract or group
of Administered Contracts, voluntarily subject any Administered Contract to third party testing for purposes of determining whether there is a Product Tax Failure (collectively and individually, a “Product Tax Action”). 

To the extent that (A) Purchaser or Sellers reasonably believe that a Product Tax Action is necessary for Sellers or their Affiliates or Purchaser
or its Affiliates to comply with the Code as it relates to the Administered Contracts, (B) a PTF Query has been received by any party or its Affiliates, (C) the failure to take a Product Tax Action is reasonably likely to result in a party
breaching its obligations under this Agreement or any Ancillary Agreement or (D) Purchaser or its Affiliates, on the one hand, or Sellers or their Affiliates, on the other hand, have breached Section 11.03(c)(i)(A) and the non-breaching
parties reasonably believe that a Product Tax Action should be taken with respect to the relevant actual or alleged Product Tax Failure, Purchaser or Sellers (as the case may be) shall use reasonable efforts to promptly notify the other party of the
need to take such Product Tax Action with a description of the reasons for such Product Tax Action. In such event, (1) Sellers and Purchaser shall in good faith determine which party has the greater potential liability and/or Loss (based on
reasonable estimates and present value) with respect thereto taking into account, among other items, (y) all indemnification obligations pursuant to the terms of this Agreement and (z) Losses that are lost profits, (2) the party with
the greater potential liability as determined pursuant to clause (1) shall control such action if it so elects, (3) if the party with the greater potential liability as determined pursuant to clause (1) waives such right, then the
other party shall control such Product Tax Action. The party that controls the Product Tax action shall reasonably address such Product Tax Action, which shall include the actions described in clause (iii)

  
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below; provided, however, that if the non-controlling party reasonably determines that the controlling party has failed reasonably to take any Product Tax Action described in this clause (ii),
such party shall provide notice of such failure to the other party, and, if such party determines that such failure has not been reasonably corrected by the other party within 15 days after receiving such notice, may elect to take control of such
Product Tax Action. Notwithstanding any other provision of this Agreement, controlling a Product Tax Action shall in no event give Purchaser the authority to bind Sellers with respect to the settlement, remediation or discharge of any Product Tax
Action relating to the actual or alleged Product Tax Failure without Sellers’ consent (which may be withheld at Sellers’ sole discretion). In the event that Sellers control a Product Tax Action, Sellers shall have the authority to bind
Purchaser with respect to the settlement, remediation or discharge of such actual or alleged Product Tax Failure only with Purchaser’s consent, not to be unreasonably withheld, conditioned or delayed. In connection with any settlement,
remediation or discharge of a Product Tax Failure, Sellers shall consider in good faith any adverse effect on Purchaser of such settlement, remediation or discharge. 
 If one party notifies the other party that the notifying party wishes to settle, remediate or discharge an actual or alleged Product Tax Failure that relates to a Product Tax Action and the notified party
chooses not to settle, remediate or discharge (or not to consent to such settlement, remediation or discharge) at such time, the notified party shall indemnify the notifying party for the amount by which the notifying party’s ultimate liability
with respect to such actual or alleged Product Tax Failure exceeds the amount for which the notifying party would have been liable in connection with such settlement, remediation and discharge at the time of the notifying party’s requested
settlement, remediation or discharge if such item had been settled, remediated or discharged. 
 (ii) Sellers and Purchaser
agree that, for purposes of clause (ii) above, the party controlling a Product Tax Action with respect to a PTF Query shall be required actively to respond to such inquiry in a reasonably prompt manner (but in no event after any deadline
imposed with respect to a PTF Query by a Governmental Entity, regulator or under the terms of an LOU) during the pendency of such PTF Query (or any related additional or subsequent PTF Query). 

(iii) Sellers and Purchaser agree that the limitations on Product Tax Actions set forth in this Section 11.03(c) shall have no
further force or effect upon the parties upon the receipt of a Claim Notice with respect to any matter reasonably relating to such Claim Notice (or the matters set forth therein), and Sellers and Purchaser shall, to the extent provided in
Section 10.02, be free to conduct the defense of, or prosecute, any Action with respect to such Claim Notice. 
 (iv) The
party not controlling the taking of a Product Tax Action shall reasonably cooperate and cause its Affiliates to reasonably cooperate with the other party in the taking of such actions. To the extent a party does not control the taking of a Product
Tax Action, such party may participate in all actions taken by the other party. Such participating party shall pay its own participation cost. The party controlling the taking of any such action shall, to the extent possible without waiver of

  
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any privilege or “work-product” doctrine, provide to the other party, for such party’s review and comments, copies of any related materials, documents or correspondence submitted
to a Governmental Entity, copies of all reports and studies relating to the testing of any Administered Contracts for such Product Tax Failure and the copies of any memorandum or opinion prepared by counsel or other advisors with respect to such
matter. 
 (d) Purchaser shall be liable for all expenses incurred by Purchaser or its Affiliates with respect to any voluntary
investigation undertaken by Purchaser or its Affiliates to determine if an Administered Contract has experienced a Product Tax Failure and shall not seek reimbursement of such expenses from Sellers or its Affiliates, unless (i) (x) it is
demonstrated that such Administered Contracts experienced a Product Tax Failure (other than a Purchaser Product Tax Failure) or (y) such expenses relate to the settlement, remediation or discharge of any Action in compliance with
Section 11.03(c) relating to an alleged Product Tax Failure (other than a Purchaser Product Tax Failure) (including the entering into of any closing agreement with a Governmental Entity), (ii) such expenses resulted from actions taken by
Purchaser or its Affiliates at the express direction or request of Sellers or their Affiliates, or to the extent that Sellers or their Affiliates consented to such expenses, in each case, except with respect to a Purchaser Product Tax Failure or
(iii) such expenses relate to actions required to be taken under Section 11.03(e) (other than with respect to Purchaser Product Tax Failure) (clauses (i) through (iii) collectively, the “Seller Indemnified
Expenses”). 
 (e) Each party hereto shall (i) except to the extent contrary with Applicable Law, comply with and
cause its Affiliates to comply with the terms or requirements of any agreements entered into by Sellers or their Affiliates or by Purchaser or its Affiliates, as the case may be, that settle, compromise, remediate or correct any actual, proposed or
alleged Product Tax Failure with respect to an Administered Contract to the extent such action by such party is not in breach of any covenant set forth in this Agreement or the Ancillary Agreements and (ii) comply with and cause its Affiliates
to comply with any final determination of a Governmental Entity with appropriate jurisdiction relating to a Product Tax Failure of an Administered Contract; provided that a final determination shall include any determination that the relevant
party fails to timely appeal. 
 (f) Purchaser and Sellers acknowledge and agree that the transactions contemplated by the
Transaction Documents constitute an overall transaction subject to sections 1060 of the Code and the Treasury Regulations promulgated thereunder (the “Applicable Asset Acquisition”). 

(i) Within thirty (30) days after the conclusion of Closing Date, Purchaser shall prepare and deliver to Sellers a statement (the
“Allocation”), allocating the “aggregate deemed sale price” (as defined and determined under such Treasury Regulations) among the assets acquired or deemed acquired in the Applicable Asset Acquisition and making such other
determinations contemplated by such provisions, all as required by such provisions. (For the avoidance of doubt, Sellers and Purchaser acknowledge and agree that the assets acquired or deemed acquired in the

  
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Applicable Asset Acquisition include the intangible capital asset represented by the excess of the “aggregate deemed sale price” over the aggregate value of the tangible and fixed-value
intangible assets acquired or deemed acquired under this Agreement.) Sellers shall notify Purchaser of any disagreement with the proposed Allocation within ten (10) Business Days of Sellers’ receipt of such Allocation. Any dispute
regarding the Allocation shall be resolved pursuant to the procedures set forth below in Section 11.03(f)(ii). Sellers and Purchaser shall (x) be bound by the Allocation for purposes of determining any Taxes; (y) prepare and file, and
cause their Affiliates to prepare and file, their Tax Returns on a basis consistent with the Allocation; and (z) take no position, and cause their Affiliates to take no position, inconsistent with the Allocation on any applicable Tax Return or
in any proceeding before any Tax Authority or otherwise. In the event that the Allocation is disputed by any Tax Authority, the party receiving notice of the dispute shall promptly notify the other party hereto, and Sellers and Purchaser agree to
use their commercially reasonable efforts to defend such Allocation in any audit, contest or similar proceeding. To the extent permissible under Applicable Law, Sellers and Purchaser will account for any adjustments made to the consideration payable
under the Transaction Documents (including any indemnification payments) in a manner consistent with the Allocation. 
 (ii) If
Sellers and Purchaser fail to agree on the Allocation, such matter may be referred by either Sellers or Purchaser to PricewaterhouseCoopers LLP is not available, another independent certified public accounting firm of national standing and
reputation mutually acceptable to Purchaser and such Seller, which firm shall not have a material relationship with Sellers or any of their Affiliates or Purchaser or any of its Affiliates (the “Neutral Auditor”) for binding
arbitration. Within thirty (30) days of such referral, each of Sellers and Purchaser shall deliver to the Neutral Auditor copies of any schedules or documentation that may reasonably be required by the Neutral Auditor to make its determination,
together with a memorandum setting forth such party’s position with respect to such arbitration. The Neutral Auditor shall render a determination consistent with the provisions of this Agreement and the Ancillary Agreements within thirty
(30) days of its receipt of the last submission. The determination of the Neutral Auditor shall be final and binding on all parties. The costs incurred in retaining the Neutral Auditor shall be shared equally, fifty percent (50%) by
Sellers and fifty percent (50%) by Purchaser. 
 ARTICLE XII. 

TERMINATION PRIOR TO CLOSING 
 Section 12.01. Termination of Agreement. This Agreement may be terminated at any time prior to the Closing: 
 (a) by Sellers or Purchaser in writing, if there shall be any order, injunction or decree of any Governmental Entity which prohibits or enjoins Sellers or Purchaser from consummating the transactions
contemplated hereby, and such order, injunction or decree shall have become final and nonappealable; 

  
 74 

 (b) by Sellers or Purchaser upon written notice to the other parties, if the Closing has not
occurred on or prior to September 30, 2012 (subject to the first proviso below, the “End Date”); provided that the right to terminate this Agreement under this Section 12.01(b) will not be available to a party whose
breach (or whose Affiliate’s breach) of any obligation under this Agreement has been the cause of, or resulted in, the failure of the Closing to occur on or before such date; 

(c) by Purchaser upon written notice to Sellers (i) if there has been a breach of one or more representations or warranties of a
Seller contained herein which breach or breaches would result, individually or in the aggregate, in the failure of a condition contained in Article VI or (ii) if there has been any failure on the part of any Seller to comply with or perform any
of its agreements, covenants or obligations hereunder in any material respect, and such breach or breaches or noncompliance or nonperformance are incapable of being cured or eliminated by the End Date and have not been waived by Purchaser or, if
capable of being cured or eliminated, have not been (x) cured or eliminated by such Seller within thirty (30) Business Days following receipt by such Seller of written notice thereof from Purchaser specifying its intention to terminate
this Agreement if such breach, noncompliance or nonperformance is not cured, or (y) waived by Purchaser on or before the Closing Date; 
 (d) by Sellers upon written notice to Purchaser (i) if there has been a breach of one or more representations or warranties of Purchaser contained herein which breach or breaches would result,
individually or in the aggregate, in the failure of a condition contained in Article VII or (ii) if there has been any failure on the part of Purchaser to comply with or perform any of its agreements, covenants or obligations hereunder in any
material respect, and such breach or breaches or noncompliance or nonperformance are incapable of being cured or eliminated by the End Date and have not been waived by Sellers or, if capable of being cured or eliminated, have not been (x) cured
or eliminated by Purchaser within thirty (30) Business Days following receipt by Purchaser of written notice thereof from Sellers specifying their intention to terminate this Agreement if such breach, noncompliance or nonperformance is not
cured, or (y) waived by Sellers on or before the Closing Date; or 
 (e) by mutual written consent of Sellers and
Purchaser. 
 provided, that a party may not seek termination pursuant to Sections 12.01(a), 12.01(c) or 12.01(d) if it (or its
Affiliate) is then in material breach of any of its covenants or agreements contained in this Agreement. 
 Section 12.02.
Effect of Termination. If this Agreement is terminated and the transactions contemplated hereby are not consummated as described above, this Agreement shall become null and void and of no further force and effect, except that (a) nothing
in this Section 12.02 shall relieve either party from liability for fraud or Sellers from liability for any breach of its covenants or agreements set forth in this Agreement occurring prior to such termination (provided, that,
notwithstanding any other provision of this Agreement, Sellers shall not be liable to any Purchaser Indemnified Party for lost profits or similar damages prior to any Closing), (b) Sellers shall have the rights granted

  
 75 

 
to Sellers pursuant to Section 12.03, and (c) the provisions of this Agreement relating to the obligations of the parties hereto to keep confidential and not to use certain information
and data obtained from the other parties hereto, the provisions of this Article XII, and the provisions of Section 5.07 (Expenses), Section 13.01 (Publicity) and Section 13.06 (Governing Law; Jurisdiction; Venue; Service of Process),
shall remain in full force and effect. 
 Section 12.03. Termination Fee. 

(a) If this Agreement is terminated by Sellers or Purchaser pursuant to Section 12.01(a) or Section 12.01(b), or
by Sellers pursuant to Section 12.01(d), in each case at a time when all of the conditions precedent set forth in Article VI have been satisfied (except for any such condition that by its nature is to be satisfied by actions to be taken at the
Closing, those conditions that Purchaser’s breach of this Agreement have caused not to be satisfied and those conditions set forth in Section 6.04 that relate to an immaterial filing or Permit), then Purchaser shall, promptly following
such termination, pay to Sellers by wire transfer of immediately available funds an aggregate amount equal to Five Million, Eight Hundred and Seventy-Five Thousand Dollars ($5,875,000) (the “Termination Fee”). All payments required
under this Section 12.03 shall be made by wire transfer of immediately available funds in U.S. Dollars to such account as may be designated by HLIC. Such payment, when properly paid to Sellers, shall be treated as full, fixed and exclusive
damages (and not as a penalty) under Applicable Law. 
 (b) Prior to any Closing, in the absence of fraud, none
of Purchaser, PF Group or PFLAC shall, either individually or in the aggregate, be subject to any liability to Sellers or their Affiliates in excess of the Termination Fee for any or all losses or damages relating to or arising out of this Agreement
or the transactions contemplated by this Agreement, including breaches by Purchaser, PF Group or PFLAC of any of their respective representations, warranties, covenants or agreements contained in this Agreement. Prior to any Closing, in the absence
of fraud, neither Sellers nor any of their respective Affiliates shall seek equitable relief to force Purchaser to consummate the transactions contemplated by this Agreement to be consummated at Closing. 

ARTICLE XIII. 

GENERAL PROVISIONS 
 Section 13.01. Publicity. Except as may otherwise be required by Applicable Law or the requirements of any securities exchange, no press release or public announcement concerning this
Agreement or the transactions contemplated hereby shall be made by any of the parties hereto without advance approval thereof, not to be unreasonably withheld, by Sellers and Purchaser. The parties hereto shall cooperate with each other in making
any press release or public announcement. 

  
 76 

 Section 13.02. Currency. Whenever the word “Dollars” or the
“$” sign appear in this Agreement, they shall be construed to mean United States Dollars, and all transactions under this Agreement shall be in United States Dollars. 

Section 13.03. Notices. All notices, requests, demands and other communications under this Agreement must be in writing
(including by electronic transmission) and will be deemed to have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by reputable
overnight air courier, two Business Days after mailing; (c) if sent by facsimile transmission, with a copy mailed on the same day in the manner provided in (a) or (b) above, when transmitted and receipt is confirmed by telephone; or
(d) if otherwise actually personally delivered, when delivered, and shall be delivered as follows: 
  

			
	(i)	    	If to any Seller:
		
		    	Hartford Life Insurance Company
		    	200 Hopmeadow Street
		    	Simsbury, CT 06089
		    	Facsimile:   (860) 843-3528
		    	Attention:   Chief Financial Officer
		
		    	with a concurrent copy (which will not constitute notice) to:
		
		    	The Hartford
		    	One Hartford Plaza
		    	Hartford, CT 06155
		    	Facsimile:   (860) 547-6959
		    	Attention:   Director of Corporate Law
		
		    	and to:
		
		    	Sutherland Asbill & Brennan LLP
		    	999 Peachtree Street, NE
		    	Atlanta, GA 30309
		    	Facsimile: (404) 853-8806
		    	Attention:   B. Scott Burton, Esq.
		    	                   Bert Adams,
Esq.

  
 77 

			
	(ii)	    	If to Purchaser:
		
		    	Philadelphia Financial Administration Services Company
		    	1650 Market Street, 54th Floor
		    	Philadelphia, PA 19103
		    	Facsimile:   (215) 977-7820
		    	Attention:   General Counsel
		
		    	with a concurrent copy (which will not constitute notice) to:
		
		    	Reinsurance Group of America
		    	1370 Timberlake Manor Parkway
		    	Chesterfield, MO 63017
		    	Facsimile:   (636) 736-8574
		    	Attention:   Scott Cochran

 Any party may, by notice given in accordance with this Section 13.03 to the other parties, designate
one or more alternative addresses or Persons for receipt of notices hereunder provided that notice of such a change shall be effective upon receipt; and provided further that, in no event shall notice (including copies thereof)
be required to be delivered to more than three Persons with respect to Sellers, collectively, or with respect to Purchaser. 

Section 13.04. Entire Agreement; Severability. 
 (a) This Agreement, the Ancillary Agreements, the Confidentiality Agreement and the other agreements contemplated hereby and thereby constitute the entire agreement among the parties with respect to the
subject matter of this Agreement, the Ancillary Agreement, the Confidentiality Agreement and such other agreements, and supersede all prior agreements, understandings, statements, representations and warranties, written or oral, express or implied,
among the parties and their respective Affiliates, Representatives and agents in respect of the subject matter hereof and thereof. 
 (b) If any provision of this Agreement or any Ancillary Agreement is held to be void or unenforceable, in whole or in part, (i) such holding shall not affect the validity and enforceability of the
remainder of this Agreement, including any other provision, paragraph, subparagraph, clause or subclause and (ii) the parties agree to attempt in good faith to reform such void or unenforceable provision to the extent necessary to render such
provision enforceable and to carry out its original intent. 
 Section 13.05. Waivers and Amendments; Non-Contractual
Remedies; Preservation of Remedies. 
 (a) This Agreement may be amended, superseded, canceled, renewed or extended, and the
terms hereof may be waived, only by a written instrument signed by each of the parties or, in the case of a waiver, by the party waiving compliance. No delay 

  
 78 

 
on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege,
nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or the exercise of any other such right, power or privilege. 
 (b) The parties hereby acknowledge and agree that the failure of any party to perform its agreements and covenants hereunder will cause irreparable injury to the other party, for which damages, even if
available, will not be an adequate remedy. Accordingly, each party hereby consents to the issuance of temporary, preliminary and permanent injunctive relief by the New York Courts to compel performance of such party’s obligations, or to prevent
breaches or threatened breaches of this Agreement, and to the granting by the New York Courts of the remedy of specific performance of its obligations hereunder, in addition to any other rights or remedies available under this Agreement. 

Section 13.06. Governing Law; Jurisdiction; Venue; Service of Process. 

(a) THIS AGREEMENT SHALL BE CONSTRUED, PERFORMED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT
TO ITS PRINCIPLES OR RULES OF CONFLICT OF LAWS THEREOF TO THE EXTENT SUCH PRINCIPLES OR RULES WOULD REQUIRE OR PERMIT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION. 
 (b) Each party hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New York or, if
such court does not have jurisdiction, the New York State Supreme Court in the borough of Manhattan (the “New York Courts”), in any action or proceeding arising out of or relating to this Agreement or the activities or the
transactions contemplated hereby or for recognition or enforcement of any judgment relating hereto. The parties shall take such actions as are within their control to cause any matter contemplated hereby to be assigned to the Commercial Division of
the Supreme Court. Each party agrees that a final judgment in any such action or proceeding will be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Applicable Law. 

(c) Each party hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
or defense which it may now or hereafter have that it is not subject to the jurisdiction of the New York Courts or to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or the activities or the
transactions contemplated hereby in any New York Court. Each party hereby irrevocably waives, to the fullest extent permitted by Applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such New
York Court. 

  
 79 

 (d) Each party irrevocably consents to service of process in the manner provided for notices
in Section 13.03. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by Applicable Law. 
 Section 13.07. Binding Effect; Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns and legal
representatives. Except for a Pre-Authorized Assignment of this Agreement, neither this Agreement, nor any of the rights, interests or obligations hereunder, may be assigned or delegated, in whole or in part, by operation of law or otherwise, by any
party without the prior written consent of the other parties hereto (such consent not to be unreasonably withheld, conditioned or delayed) and any such purported assignment or delegation that is not consented to shall be null and void. 

Section 13.08. Interpretation. 
 (a) The parties intend that the terms of this Agreement shall, to the fullest extent possible, be interpreted and applied consistently with the terms of the Ancillary Agreements. 

(b) In the event that an alternative dispute resolution procedure is provided for in any of the Ancillary Agreements or any other
agreement contemplated hereby or thereby, and there is a dispute with respect to the construction or interpretation of such Ancillary Agreement, the dispute resolution procedure provided for in such Ancillary Agreement shall be the procedure that
shall apply with respect to the resolution of such dispute. 
 (c) For purposes of this Agreement, the words “hereof,”
“herein,” “hereby” and other words of similar import refer to this Agreement as a whole unless otherwise indicated. Whenever the words “include,” “includes,” or “including” are used in this
Agreement, they shall be deemed to be followed by the words “without limitation.” The terms “transactions contemplated by this Agreement” and “transactions contemplated hereby” shall include the sale and purchase of the
Transferred Assets, and the execution, delivery and performance by the parties thereto of the Ancillary Agreements and any other agreements contemplated hereby or thereby and the performance by each party thereto of its obligations thereunder.
Whenever the singular is used herein, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. Any representation or warranty made with respect to any Administered Contract
that is issued after the date hereof will be deemed to have been made with respect to such Administered Contract as of such date of issuance and, with respect to an Administered Contract that is issued after the date hereof and prior to the
Effective Time, also as of the Closing Date. 
 Section 13.09. No Third Party Beneficiaries. Except as expressly
provided in Article X and Section 8.05(b), nothing in this Agreement is intended or shall be construed to give any Person, other than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or claim
under or in respect of this Agreement or any provision contained herein. 

  
 80 

 Section 13.10. Counterparts. This Agreement may be executed by the parties
hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

Section 13.11. Exhibits and Schedules. The Exhibits and the Schedules to this Agreement that are specifically referred to
herein are a part of this Agreement as if fully set forth herein. All references herein to Articles, Sections, subsections, paragraphs, subparagraphs, clauses, subclauses, Exhibits and Schedules shall be deemed references to such parts of this
Agreement, unless the context shall otherwise require. Any fact or item disclosed on any Schedule to this Agreement shall be deemed disclosed on any other Schedule to this Agreement to which it is readily apparent on its face that that such fact or
item applies. 
 Section 13.12. Headings. The headings in this Agreement are for reference only, and shall not
affect the interpretation of this Agreement. 
 Section 13.13. Certain Limitations. Purchaser acknowledges and
agrees that no Seller nor any of their Affiliates, nor any Representative of any of them makes or has made, and neither Purchaser nor any of its Affiliates has relied on, any representation or warranty to Purchaser or any of its Affiliates, oral or
written, express or implied, other than as set forth in Article III. Without limiting the generality of the foregoing, other than as expressly set forth in Article III, no such Person has made any representation or warranty to Purchaser or any of
its Affiliates with respect to: (i) any evaluation materials regarding Sellers, their Affiliates or the Business, employees or other matters provided by or on behalf of Sellers to Purchaser or its Affiliates, as the same may be amended or
supplemented from time to time (collectively, the “Descriptive Materials”); (ii) the information disclosed or made available to Purchaser or its Affiliates in the electronic data room set up by or on behalf of Sellers or
otherwise in connection with Purchaser’s or its Affiliates’ due diligence investigation of the Business; or (iii) any financial projection or forecast relating to the Business. With respect to the Descriptive Materials and any such
projection or forecast delivered by or on behalf of Sellers to Purchaser or its Affiliates, except for and without limiting the representations in Article III and Purchaser’s reliance thereon or any claims arising under the terms of this
Agreement, Purchaser acknowledges that: (A) there are uncertainties inherent in attempting to make such projections and forecasts; (B) it is familiar with such uncertainties; (C) it is not acting and has not acted in reliance on the
Descriptive Materials or on any such projection or forecast so furnished to it; and (D) it shall have no claim against any such Person with respect to the Descriptive Materials or any such projection or forecast 

  
 81 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

  

					
	HARTFORD LIFE INSURANCE COMPANY
		
	By:	 	/s/ Mark M. Socha
		 	Name:	 	Mark M Socha
		 	Title:	 	VP
	
	HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	 	 /s/ Mark M. Socha 

		 	Name:	 	Mark M. Socha
		 	Title:	 	VP
	
	PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY
		
	By:	 	/s/ John K. Hillman
		 	Name:	 	John K. Hillman
		 	Title:	 	President and Chief Executive Officer

 [Signature Page to Master Transaction Agreement]EX-10.4

 Exhibit 10.4 

 
  

 
 ADMINISTRATIVE SERVICES AGREEMENT

 by and among 
 HARTFORD LIFE INSURANCE COMPANY 
 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY

 HARTFORD FIRE INSURANCE COMPANY 
 and 
 PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY 

Effective: 11:59 p.m. Eastern Time on July 14, 2012 
  

 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I DEFINITIONS	  	 	1	  
			
	 Section 1.1.
	  	Definitions set forth in the Master Agreement	  	 	1	  
	 Section 1.2.
	  	Defined Terms	  	 	1	  
		
	ARTICLE II AUTHORITY	  	 	7	  
			
	 Section 2.1.
	  	Appointment	  	 	7	  
	 Section 2.2.
	  	Provision of Administrative Services Subject to Transition Services Agreement	  	 	8	  
	 Section 2.3.
	  	Retained Services	  	 	8	  
	 Section 2.4.
	  	Trademark License	  	 	8	  
		
	 ARTICLE III STANDARD FOR SERVICES; FACILITIES; SUBCONTRACTING; OBLIGATIONS OF COMPANY; DEFENSES
	  	 	10	  
			
	 Section 3.1.
	  	Standard for Services	  	 	10	  
	 Section 3.2.
	  	Facilities and Personnel	  	 	11	  
	 Section 3.3.
	  	Broker-Dealer Services	  	 	11	  
	 Section 3.4.
	  	Independent Contractor	  	 	11	  
	 Section 3.5.
	  	Subcontracting	  	 	11	  
	 Section 3.6.
	  	Disaster Recovery	  	 	11	  
	 Section 3.7.
	  	Permits	  	 	12	  
	 Section 3.8.
	  	Insurance	  	 	13	  
	 Section 3.9.
	  	Defenses of the Administrator	  	 	13	  
	 Section 3.10.
	  	Relationship Manager	  	 	13	  
	 Section 3.11.
	  	Abandonment	  	 	13	  
	 Section 3.12.
	  	Document Retention; Information Security	  	 	13	  
		
	ARTICLE IV UNDERWRITING	  	 	14	  
			
	 Section 4.1.
	  	Underwriting Obligations	  	 	14	  
		
	ARTICLE V AGREEMENTS WITH RESPECT TO ADMINISTERED CONTRACTS AND SEPARATE ACCOUNTS	  	 	16	  
			
	 Section 5.1.
	  	Administered Contracts	  	 	16	  
	 Section 5.2.
	  	Management of Separate Accounts	  	 	16	  
	 Section 5.3.
	  	Recommendations	  	 	18	  
	 Section 5.4.
	  	Nonguaranteed Elements	  	 	18	  
	 Section 5.5.
	  	Maintenance of Contracts	  	 	20	  
	 Section 5.6.
	  	Maintenance of Separate Accounts	  	 	22	  
	 Section 5.7.
	  	Maintenance of Investment Agreements	  	 	22	  
		
	ARTICLE VI [RESERVED]	  	 	23	  
		
	ARTICLE VII CLAIMS HANDLING	  	 	23	  
			
	 Section 7.1.
	  	Claim Administration Services	  	 	23	  
	 Section 7.2.
	  	Description of Claim Administration Services	  	 	23	  

  
 i 

							
		
	ARTICLE VIII REGULATORY AND LEGAL PROCEEDINGS	  	 	24	  
			
	 Section 8.1.
	  	Regulatory Complaints and Proceedings	  	 	24	  
	 Section 8.2.
	  	Legal Proceedings	  	 	25	  
	 Section 8.3.
	  	Notice to Administrator	  	 	25	  
		
	ARTICLE IX SEPARATE ACCOUNT ADMINISTRATIVE SERVICES	  	 	26	  
		
	ARTICLE X [RESERVED]	  	 	26	  
		
	ARTICLE XI NOTIFICATION TO CONTRACTHOLDERS	  	 	26	  
		
	ARTICLE XII MONTHLY PREMIUM TAX AND INSOLVENCY FUND ACCOUNTINGS	  	 	26	  
			
	 Section 12.1.
	  	Monthly Accountings	  	 	26	  
	 Section 12.2.
	  	Adjustments Regarding Monthly Accountings	  	 	26	  
		
	ARTICLE XIII CERTAIN ACTIONS BY THE COMPANIES	  	 	27	  
			
	 Section 13.1.
	  	Filings	  	 	27	  
	 Section 13.2.
	  	Governmental Inquiries	  	 	27	  
		
	ARTICLE XIV REGULATORY MATTERS, REPORTING AND AUDITS	  	 	27	  
			
	 Section 14.1.
	  	Regulatory Compliance and Reporting	  	 	27	  
	 Section 14.2.
	  	Reporting and Accountings	  	 	27	  
	 Section 14.3.
	  	Additional Reports and Updates	  	 	28	  
	 Section 14.4.
	  	Audits	  	 	28	  
		
	ARTICLE XV BOOKS AND RECORDS	  	 	29	  
		
	ARTICLE XVI COOPERATION	  	 	29	  
		
	ARTICLE XVII PRIVACY REQUIREMENTS	  	 	30	  
			
	 Section 17.1.
	  	Customer Information	  	 	30	  
		
	ARTICLE XVIII CONSIDERATION FOR ADMINISTRATIVE SERVICES	  	 	31	  
			
	 Section 18.1.
	  	Administration Fees	  	 	31	  
		
	ARTICLE XIX INDEMNIFICATION	  	 	31	  
			
	 Section 19.1.
	  	Indemnification of the Companies	  	 	31	  
	 Section 19.2.
	  	Indemnification of the Administrator	  	 	32	  
	 Section 19.3.
	  	Indemnification Procedures	  	 	32	  
	 Section 19.4.
	  	Sole Remedy	  	 	32	  
		
	ARTICLE XX DURATION; TERMINATION	  	 	33	  
			
	 Section 20.1.
	  	Duration	  	 	33	  
	 Section 20.2.
	  	Termination	  	 	33	  
	 Section 20.3.
	  	Termination Payments	  	 	35	  

  
 ii 

							
		
	ARTICLE XXI ARBITRATION	  	 	36	  
			
	 Section 21.1.
	  	Negotiation	  	 	36	  
	 Section 21.2.
	  	Resolution of Damages	  	 	37	  
	 Section 21.3.
	  	Composition of Panel	  	 	37	  
	 Section 21.4.
	  	Appointment of Arbitrators	  	 	37	  
	 Section 21.5.
	  	Failure of a Party to Appoint Arbitrator; Incapacity of Arbitrator	  	 	37	  
	 Section 21.6.
	  	Choice of Forum	  	 	38	  
	 Section 21.7.
	  	Procedure Governing Arbitration	  	 	38	  
	 Section 21.8.
	  	Arbitration Award	  	 	38	  
	 Section 21.9.
	  	Cost of Arbitration	  	 	38	  
	 Section 21.10.
	  	Limit of Authority	  	 	38	  
	 Section 21.11.
	  	Continued Provision of Administrative Services	  	 	39	  
		
	ARTICLE XXII GENERAL PROVISIONS	  	 	39	  
			
	 Section 22.1.
	  	Headings	  	 	39	  
	 Section 22.2.
	  	Schedules	  	 	39	  
	 Section 22.3.
	  	Notices	  	 	39	  
	 Section 22.4.
	  	Binding Effect; Assignment; Assignment of Administered Contracts	  	 	41	  
	 Section 22.5.
	  	Counterparts	  	 	41	  
	 Section 22.6.
	  	Currency	  	 	41	  
	 Section 22.7.
	  	Waivers and Amendments; Non-Contractual Remedies; Preservation of Remedies	  	 	41	  
	 Section 22.8.
	  	Governing Law	  	 	42	  
	 Section 22.9.
	  	Entire Agreement; Severability	  	 	42	  
	 Section 22.10.
	  	Parties to this Agreement; No Third Party Beneficiaries	  	 	42	  
	 Section 22.11.
	  	Interpretation	  	 	42	  
	 Section 22.12.
	  	No Fiduciary Duties	  	 	42	  
	 Section 22.13.
	  	Survival	  	 	43	  

  
 iii

 SCHEDULES 

 

			
	Schedule A	  	Disaster Recovery Plans
	Schedule B	  	Hartford Brand Standards
	Schedule C	  	Hartford Name and Hartford Licensed Marks
	Schedule D	  	Document Retention Policy
	Schedule E	  	Information Security Requirements
	Schedule F	  	Administrative Services
	Schedule G	  	Insurance Requirements
	Schedule H	  	Relationship Managers
	Schedule I	  	Nonguaranteed Elements Methodology
	Schedule J	  	Investment Agreements
	Schedule K	  	Reserve Methodologies
	Schedule L	  	Administration Fees
	Schedule L-1	  	Initial Administrative Fee Payments

  
 iv 

 ADMINISTRATIVE SERVICES AGREEMENT 

This ADMINISTRATIVE SERVICES AGREEMENT (this “Agreement”), effective as of 11:59 p.m. Eastern Time on July 14, 2012
(the “Effective Time”), is entered into by and among HARTFORD LIFE INSURANCE COMPANY, a Connecticut-domiciled stock life insurance company (“HLIC”), Hartford Life and Annuity INSURANCE Company, a
Connecticut-domiciled stock life insurance company (“HLAC”) (each a “Company” and together the “Companies”), HARTFORD FIRE INSURANCE COMPANY, a Connecticut domiciled stock property and casualty
insurance company (“Hartford Fire” and together with HLIC and HLAC, each a “Hartford Company” and collectively the “Hartford Companies”), and PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY,
a Delaware corporation (the “Administrator”). 
 RECITALS: 

WHEREAS, the HLIC, HLAC and the Administrator have entered into a Master Transaction Agreement, dated as of November 22, 2011 (the
“Master Agreement”), which provides for, among other things, the Companies and the Administrator to enter into this Agreement; 
 WHEREAS, pursuant to the Transition Services Agreement, HLIC has agreed to provide the Administrator and its Affiliates certain services in respect of the Administered Contracts and the Separate Accounts;

 WHEREAS, the Companies wish to appoint the Administrator to provide certain administrative services with respect to the
Administered Contracts, the Separate Accounts and the Ceded Reinsurance Agreements (the “Administered Contracts and Accounts”), and the Administrator desires to provide such administrative services; 

WHEREAS, Hartford Fire desires to grant to the Administrator the License in accordance with Section 2.4 of this Agreement;

 NOW, THEREFORE, in consideration of the covenants and agreements set forth herein, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS 
 Section 1.1. Definitions set forth in the Master Agreement.
Capitalized terms used but not defined in this Agreement shall have the meanings assigned to them in the Master Agreement. 
 Section 1.2.
Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Abandon” or “Abandonment” means the actual intentional refusal by the Administrator to provide or
perform any material element(s) of the Administrative Services in breach of its obligations under this Agreement. 

  
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 “Administered Contracts and Accounts” has the meaning set forth in the
Recitals to this Agreement. 
 “Administration Fees” has the meaning set forth in Section 18.1.

 “Administrative Services” has the meaning set forth in Section 2.1. 

“Administrator” has the meaning set forth in the introductory paragraph of this Agreement. 

“Administrator Indemnified Parties” has the meaning set forth in Section 19.2. 

“Administrator’s Termination Payment” means, as of the Termination Effective Time: (i) an amount equal to
the greater of (x) the Companies’ Termination Payment (less any amount described in clause (iii) of the definition of Companies’ Termination Payment) multiplied by 1.25 and (y) the Fair Market Value multiplied by 1.25
plus (ii) any additional amount due to the Administrator pursuant to Section 20.3(e) minus (iii) the aggregate amount of lost profits or similar damages paid or payable by the Companies under
Section 11.01(a)(iv) (Product Tax Losses) of the Master Agreement. 
 “Agreed Remediation Plan” has the
meaning set forth in Section 20.2(a). 
 “Agreement” has the meaning set forth in the introductory
paragraph of this Agreement. 
 “ARIAS” means the AIDA Reinsurance and Insurance Arbitration Association.

 “Breach Notice” has the meaning set forth in Section 20.2(a). 

“Claims” has the meaning set forth in Section 7.1. 

“Claimants” has the meaning set forth in Section 7.2(a). 

“Closing Date DR Plans” has the meaning set forth in Section 3.6(b). 

“Closing Date Document Retention Policy” has the meaning set forth in Section 3.12(a). 

“COI” has the meaning set forth in the definition of Tier II Nonguaranteed Elements in this Agreement. 

“Companies’ Termination Payment” means, as of the Termination Effective Time: (i) an amount equal to the
Purchase Price multiplied by a fraction, the numerator of which shall consist of the difference between 520 and the number of weeks that this Agreement has been in effect from the Effective Time of this Agreement through the Termination Effective
Time, and the denominator of which shall be 520 plus (ii) any additional amount due to the Administrator pursuant to Section 20.3(e) minus (iii) the aggregate amount of lost profits or similar damages paid or
payable by the Companies under Section 11.01(a)(iv) (Product Tax Losses) of the Master Agreement. 

  
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 “Company” has the meaning set forth in the introductory paragraph of this
Agreement. 
 “Company Actuary” means an actuary who has been appointed by the board of directors of the
applicable Company as responsible for the Nonguaranteed Elements certification in such Company’s statutory annual statements or a designee, who is also an actuary, of such individual. 

“Company Indemnified Parties” has the meaning set forth in Section 19.1. 

“Contract Loans” means as of any date, loans to Contractholders under the Administered Contracts. 

“Cure Plan Notice” has the meaning set forth in Section 20.2(a). 

“Customer” has the meaning set forth in the definition of Customer Information in this Agreement. 

“Customer Information” means all tangible and intangible information provided or disclosed hereunder about present or
former contract holders, annuitants, or other beneficiaries (collectively, hereinafter “Customers”) or potential Customers of any party or its Affiliates, including, but not limited to, name, address, telephone number, email
address, account or policy information, and any list, description, or other grouping of Customers or potential Customers, and any medical records or other medical information of such Customers or potential Customers and any other type of information
deemed “nonpublic” and protected by privacy laws and any other Applicable Law. 
 “Disaster Recovery
Plans” means the backup, business continuation and disaster recovery plans as set forth in Schedule A and as modified from time to time after the Closing to the extent the Administrator reasonably determines that such modifications
are necessary in order for such plans to comply with Applicable Law. 
 “Effective Time” has the meaning set
forth in the introductory paragraph of this Agreement. 
 “Fair Market Value” means the price as of the
Termination Effective Time, as determined by an actuarial firm reasonably acceptable to the Companies and the Administrator, that a willing buyer would pay the Companies for the right to provide Administrative Services under this Agreement and to
receive compensation therefor as set forth in this Agreement, the Master Agreement and any Ancillary Agreements and taking into account the willing buyer’s assumption of obligations under this Agreement, the Master Agreement and any Ancillary
Agreements, with neither such buyer nor the Companies being required to act, and with both such buyer and the Companies having reasonable knowledge of the relevant facts. 
 “Force Majeure” means any acts or omissions of any civil or military authority, acts of God, war, hostilities, terrorism, fires, strikes or other labor disturbances, equipment failures,
fluctuations or non-availability of electrical power or telecommunications equipment, or similar act, omission or occurrence beyond the party’s reasonable control. 

  
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 “General Account Liabilities” means, with respect to each Company, the
following general account Liabilities of such Company: (a) all benefits, surrender amounts and other amounts payable (including any general account fixed options under the Administered Contracts) to Contractholders on or after the Effective
Time under the terms of the Administered Contracts issued by such Company; (b) all premium Taxes due in respect of premiums paid on or after the Effective Time with respect to the Administered Contracts issued by such Company, net of premium
Tax credits or offsets arising out of the assessments or charges described in clause (c) or any refund, credit or allowance relating to any such returned premiums; (c) with respect to the Administered Contracts issued by such Company, all
assessments and similar charges in connection with participation by such Company in any guaranty association arising on account of insolvencies, rehabilitations or similar proceedings and related to periods on or after the Effective Time;
(d) all Commissions earned on or after the Effective Time with respect to the Administered Contracts issued by such Company; (e) all unclaimed property Liabilities related to periods on or after the Effective Time under or relating to the
Administered Contracts issued by such Company; (f) investment management expense payables, and (g) all premiums and other amounts payable on or after the Effective Time under the Ceded Reinsurance Agreements. 

“Global Confidentiality Agreement” means that certain Global Confidentiality Agreement among the Hartford Companies and
certain of their affiliates, and the Administrator and certain of its affiliates, dated as of the date hereof. 

“Hartford’s Brand Standards” means those standards and guidelines with respect to the proper usage of the Hartford
Name and Hartford Licensed Marks as may be amended by Hartford Fire from time to time, the current version of which is set forth on Schedule B. 
 “Hartford Companies” has the meaning set forth in the introductory paragraph of this Agreement. 
 “Hartford Fire” has the meaning set forth in the introductory paragraph of this Agreement. 
 “Hartford Name and Hartford Licensed Marks” means those names and marks set forth on Schedule C. 
 “Information Security Program” has the meaning set forth in Section 17.1(a). 
 “Insolvency Fund Monthly Assessments” has the meaning set forth in Section 12.1. 
 “Insolvency Termination Payment” means, as of the Termination Effective Time, an amount equal to (i) the greater of (x) the Companies’ Termination Payment (less any
amount described in clause (iii) of the definition of Companies’ Termination Payment) and (y) the Fair Market Value plus (ii) any additional amount due to the Administrator pursuant to Section 20.3(e)
minus (iii) the aggregate amount of lost profits or similar damages paid or payable by the Companies under Section 11.01(a)(iv) (Product Tax Losses) of the Master Agreement. 

  
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 “Investment Agreements” has the meaning set forth in
Section 5.5(a). 
 “Legal Proceedings” has the meaning set forth in Section 8.2(a).

 “License” has the meaning set forth in Section 2.4. 

“Managed Account Agreements” means the agreements between the Companies or their Affiliates and Managed Account Managers
with regard to the managed Separate Accounts or managed divisions thereof. 
 “Master Agreement” has the
meaning set forth in the Recitals to this Agreement. 
 “MCR” has the meaning set forth in the definition of
Tier II Nonguaranteed Elements in this Agreement. 
 “Monthly Accountings” has the meaning set forth in
Section 12.1. 
 “Monthly Premium Tax Accounting” has the meaning set forth in
Section 12.1. 
 “Nonguaranteed Elements” means any element within a policy, other than policy
dividends, which affects policyholder costs or value, and which may be changed at the discretion of the writing company after issue, including, as examples, excess interest, mortality charges or expense charges or mortality and expense risk charges
lower than those guaranteed in the policy, indeterminate premiums and participation rates for equity-indexed products and excluding elements that contractually follow a separate account or a defined index. 

“Nonguaranteed Elements Methodology” has the meaning set forth in Section 5.4(a). 

“Other Revenues” means all expense reimbursement, indemnification, service or revenue sharing payments made to a Company
or any of its Affiliates by any Fund, Fund Manager or Managed Account Manager and all Producer commission charge-backs, in each case to the extent attributable to Administered Contracts on or after the Effective Time. 

“Participation Agreement” has the meaning set forth in Section 5.3. 

“Permits” means all licenses, permits, orders, approvals and non-disapprovals, registrations, authorizations,
franchises, certificates, notices, qualifications and similar filings with any Governmental Entity under any Applicable Law. 

“Petitioning Party” has the meaning set forth in Section 21.4. 

“Post-Closing Administered Contracts” has the meaning set forth in Section 4.1(a). 

“Proposed Remediation Plan” has the meaning set forth in Section 20.2(a). 

“Qualified Actuary” means, at the time in question, an actuary who meets the qualifications approved and as published
from time to time by the Board of Directors of the American Academy of Actuaries and set forth in “Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United Sates – Including Continuing Education
Requirements (Effective January 1, 2008)” and its successor editions. 

  
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 “Reinsurance Recoveries” means amounts actually collected from assuming
reinsurers under the Ceded Reinsurance Agreements to the extent relating to General Account Liabilities arising at or after the Effective Time. 
 “Relationship Manager” has the meaning set forth in Section 3.10. 
 “Respondent” has the meaning set forth in Section 21.4. 
 “Retained Services” has the meaning set forth in Section 2.3. 
 “Security Incident” has the meaning set forth in Section 17.1(b). 
 “Separate Accounts” means, with respect to each Company, the separate accounts of such Company utilized in connection with its portion of the Business, in each case as identified on
Schedule 3.09 to the Master Agreement. 
 “Separate Account Liabilities” means those liabilities that
are payable from the assets of the Separate Accounts under the Administered Contracts. 
 “Separate Account
Reserves” means, as to each of the Companies, the separate account statutory reserves of such Company required to be maintained by such Company in its NAIC Annual Statement Separate Account Blank with respect to the Separate Account
Liabilities. 
 “Stable Value Agreements” has the meaning set forth in Section 5.2(a)(iv).

 “Termination Effective Time” means, in the case of a termination pursuant to Section 20.2, 12:00
a.m. Eastern Time on the effective date of such termination. 
 “The Hartford Document Retention Policy” means
the document retention policy attached as Schedule D hereto and as modified from time to time after the Closing to the extent the Administrator reasonably determines that such modifications are necessary in order for such policy to comply
with Applicable Law. 
 “The Hartford Information Security Requirements” means the information security and
data protection policies attached as Schedule E hereto and as modified from time to time after the Closing to the extent the Administrator reasonably determines that such modifications are necessary in order for such policies to comply with
Applicable Law. 
 “Tier I Nonguaranteed Elements” means those Nonguaranteed Elements with respect to the
Administered Contracts that are not Tier II Nonguaranteed Elements. 
 “Tier II Nonguaranteed Elements” means
those Nonguaranteed Elements with respect to the Administered Contracts falling into the following categories: (i) cost of insurance (“COI”) charges; (ii) mortality contingency reserve (“MCR”)
determination and experience analysis procedures (including, but not limited to, mortality retention charge, COI surcharges, target 

  
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MCR levels, and experience credits ); (iii) general account interest crediting; (iv) interest rates paid on death proceeds; (v) premium based charges to cover the cost of state and
local premium taxes and other state and local taxes (except that if there are instances where a charge is determined to not reflect the appropriate rate of taxation, an adjustment may be made to the MCR to reflect the difference between the actual
charge and the appropriate charge); (vi) premium based charges which are used on some products to cover expenses associated with policy acquisition; and (vii) premium based charges and any experience credits under the Company’s
methodology to cover the cost of federal DAC Taxes imposed under Section 848 of the Internal Revenue Code and related tax deductions due to the amortization of these tax costs. 

“Underwriting Agreement” has the meaning set forth in Section 5.3. 

ARTICLE II 

AUTHORITY 

Section 2.1. Appointment. Subject to Sections 2.2 and 2.3, each Company hereby appoints the Administrator, and the Administrator
hereby accepts such appointment, to provide as an independent contractor of each Company, from and after the Closing Date, on the terms as set forth in this Agreement, all administrative services necessary or appropriate with respect to the
Administered Contracts and Accounts (including those services set forth in this Agreement and on Schedule F), including all tasks, activities, responsibilities and services (other than Retained Services) (i) performed in respect or in
support of the Administered Contracts and Accounts by any of the Transferred Employees or any Subject Employees who were displaced as a result of the transactions contemplated by the Master Agreement; (ii) required to fulfill the obligations of
each Company and its Affiliates with respect to the Administered Contracts and Accounts; (iii) described in any procedures manual and/or operations manual, if any, maintained by each Company, its Affiliates and their contractors and delivered
to the Administrator to the extent applicable to the performance of the Administrative Services; or (iiii) reasonably related to the tasks, activities and services specifically described in this Agreement other than the Retained Services, but
excluding in each case the Retained Services (the “Administrative Services”). Notwithstanding the foregoing, the Administrator shall not be required to perform an Administrative Service to the extent (but only to the extent) and for
so long as the Administrator is reasonably unable to do so using the Transferred Assets (as supplemented with the assets and resources that the Administrator must obtain to replace the Excluded Assets), the rights granted to the Administrator
hereunder, the services to be provided to the Administrator under the Transition Services Agreement, the services to be provided to the Administrator under the Separate Account Support Services Agreement, the rights granted to the Administrator
under the License Agreements and the rights granted to Purchaser or its Affiliates under the Assigned and Assumed Contracts. If the Administrator is unable to perform any Administrative Service for any of the foregoing reasons, it shall notify the
Relationship Manager for the Companies of its inability to perform and the reasons therefor. The parties’ Relationship Managers shall meet within five (5) days thereafter to discuss the Administrator’s inability to perform and
potential, mutually agreeable, resolutions that would facilitate the provision of such Administrative Service. If the parties are unable to agree on a resolution, and if the applicable Company in good faith continues to dispute the fact that the
Administrator is unable to perform the applicable Administrative Service due to the reasons described in the second sentence of this Section 2.1, 

  
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then such Company shall be entitled to seek to resolve such dispute pursuant to Section 21.1 and, if the dispute cannot be resolved pursuant to such Section, then pursuant to
Sections 21.2 through 21.10. 
 Section 2.2. Provision of Administrative Services Subject to Transition Services
Agreement. The parties hereby agree that to the extent any Administrative Service is provided by either of the Companies or their Affiliates pursuant to the Transition Services Agreement, the Administrator shall have no obligation to provide
such Administrative Service pursuant to this Agreement until such Company’s or such Affiliate’s obligation to provide such Administrative Service pursuant to the Transition Services Agreement has terminated in accordance with the terms
thereof. Thereafter, the Administrator shall perform such Administrative Service. 
 Section 2.3. Retained Services. The parties
hereby agree that, notwithstanding anything herein to the contrary, each Company shall, for the term of this Agreement, continue to provide on its own behalf (i) those administrative services necessary or appropriate with respect to the
Administered Contracts and Accounts that are reasonably determined by the Administrator to be required under Applicable Law to be performed by such Company (except that, if such Company reasonably disagrees with such determination by the
Administrator, then the Relationship Managers shall meet to resolve such disagreement in good faith and, if they are unable to do so, either party shall be entitled to seek to resolve the dispute pursuant to Section 21.1 and, if the
dispute cannot be resolved pursuant to such Section, then pursuant to Sections 21.2 through 21.10); (ii) the preparation of accounting reports, Tax returns, guaranty fund reports, actuarial reports and other reports and certifications
contemplated in Articles XII and XIII, in each instance based on information provided by the Administrator as contemplated therein; and (iii) any services expressly contemplated to be provided by either of the Companies hereunder
(collectively, the “Retained Services”), in each case, in accordance with Applicable Law, and that the Administrator shall have no obligation to provide the Retained Services. 

Section 2.4. Trademark License. 
 (a) Hartford Fire hereby grants to the Administrator a non-exclusive, limited, right to use the Hartford Name and Hartford Licensed Marks in the United States only to perform the Administrative Services
pursuant to this Agreement, and the Administrator accepts such license, all subject to the terms and conditions herein (the “License”). 
 (b) The Administrator hereby acknowledges and agrees, now or hereafter, not to object to (i) the validity of the Hartford Name and Hartford Licensed Marks (including the goodwill associated with the
same); (ii) the sole ownership (beneficially, legal or otherwise) thereof by Hartford Fire; (iii) the exclusive right of Hartford Fire to use and grant permission to use the Hartford Name and Hartford Licensed Marks and control the use
thereof, or (iv) the validity of this License. 
 (c) The Administrator acknowledges and agrees that all goodwill and name
and trademark recognition arising from the use, whether past, present or future, of the Hartford Name and Hartford Licensed Marks made by it in connection with the conduct of the Administrative Services shall inure solely to the benefit of Hartford
Fire and its Affiliates. 

  
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 (d) The Administrator acknowledges and agrees to Hartford Fire’s right, title and
interest in and to the Hartford Name and Hartford Licensed Marks. Except for the limited License granted herein, no other right, title or interest in the Hartford Name and Hartford Licensed Marks is created for the benefit of the Administrator.

 (e) The Administrator will not claim any title or proprietary right to the Hartford Name and Hartford Licensed Marks or in
any derivation, adaptation, or variation of the Hartford Name and Hartford Licensed Marks (or in any goodwill associated with any derivation, adaptation or variation of the Hartford Name and Hartford Licensed Marks) or any name, mark or indicia
which is similar to or likely to be confused with the Hartford Name and Hartford Licensed Marks. 
 (f) The Administrator
acknowledges and agrees that in using the Hartford Name and Hartford Licensed Marks it shall not represent in any way or in any medium that it has any right, title or interest in or to the Hartford Name and Hartford Licensed Marks or in any
registration thereof which may be granted, or in any word or mark confusingly similar thereto, whether registered or not, other than the permission granted to it under this License. The Administrator shall not register or attempt to register in any
manner including but not limited to, as a mark, domain name, or business name, the Hartford Name and Hartford Licensed Marks either alone or in combination with any other mark, word, symbol or the like in any country in the world or aid and abet
anyone else in doing so; and the Administrator agrees that any use, application or registration in breach of this covenant will inure solely to the benefit of Hartford Fire and its Affiliates. The Administrator agrees to assign and does hereby
assign all legal and equitable rights, title and interest in and to any such mark and/or applications and/or registrations to Hartford Fire. 
 (g) The Administrator shall not sublicense in any manner or form whatsoever, the Hartford Name or Hartford Licensed Marks to any other Person without first obtaining the written consent of Hartford Fire.

 (h) The Administrator acknowledges Hartford Fire’s high standards of quality and use. The Administrator shall assure
that the nature and quality of products and services that are marketed, advertised, sold or serviced using the Hartford Name and Hartford Licensed Marks will meet or exceed all applicable governmental and regulatory standards and requirements and
comply with all requirements of The Hartford’s Brand Standards. The Administrator shall comply with all requirements regarding use of the Hartford Name and Hartford Licensed Marks, including The Hartford’s Brand Standards (a copy of which
has been provided to Administrator) as such requirements may be modified from time to time by Hartford Fire and delivered to the Administrator; provided that such requirements and any modifications thereto must be generally and uniformly
applicable to any third parties which have comparable rights with respect to the Hartford Name and Hartford Licensed Marks. 

(i) The Administrator shall (i) use the Hartford Name and Hartford Licensed Marks as currently used by the Administrator as of the
date hereof in Administrator’s performance of services and (ii) comply with any marking requests which Hartford Fire or the Companies may reasonably make (for example, that the phrases “Registered Trademark,” “Used under
license from Hartford Fire Insurance Company” or “Philadelphia Financial Administration 

  
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Services Company is the Third Party Administrator (TPA) for certain insurance policies issued by Hartford Life Insurance Company and Hartford Life and Annuity Insurance Company pursuant to an
Administrative Services Agreement” be used as applicable). 
 (j) The Administrator shall furnish to the Hartford Companies
or their authorized designee(s), at their request, samples of material bearing the Hartford Name and Hartford Licensed Marks. The Hartford Companies shall have reasonable rights to inspect the same for compliance with the provisions of this License.

 ARTICLE III 
 STANDARD FOR SERVICES; FACILITIES; SUBCONTRACTING; OBLIGATIONS OF COMPANY; DEFENSES 

Section 3.1. Standard for Services. 
 (a) The Administrator shall provide the Administrative Services in all material respects in accordance with (i) the terms of the applicable Administered Contracts and Ceded Reinsurance Agreements;
(ii) usual and customary reasonable industry standards as in effect from time to time; (iii) Applicable Law; (iv) the terms of all Material Contracts applicable to the administration of the Business, to the extent in compliance with
Applicable Law; and (v) in the case of Administrative Services provided to Contractholders, in accordance with the performance standards set forth in Schedule F hereto. Any errors in the data provided by the Administrator shall be
corrected promptly following the discovery thereof. Notwithstanding anything to the contrary set forth in this Agreement, the Administrator may at any time and from time to time seek the consent of the applicable Company in connection with the
provision of Administrative Services if the Administrator reasonably determines that the circumstances relating to the provision of such services are not customary or routine. Such Company shall respond to any such request for consent promptly
following its receipt of such request. 
 (b) Each Company represents and warrants that the timing requirements incorporated in
the performance standards set forth on Schedule F are based upon and consistent with the timing of the performance of such actions by applicable Company or its Affiliates during the twelve (12) month period prior to the Closing Date. If
such time frames are not so consistent, then the Administrator shall be entitled to adjust the timing of the performance of such actions so that they are based upon and consistent with the timing of the performance of such actions by the applicable
Company or its Affiliates during the twelve (12) month period prior to the Closing Date, subject to the following sentences of this Section 3.1(b). Before implementing the adjusted timing, the Administrator’s Relationship
Manager shall notify the Companies’ Relationship Manager of the issue and the Relationship Managers shall meet within five (5) days thereafter to discuss the matter. Unless the Companies’ Relationship Manager in good faith disagrees
with the Administrator’s position within ten (10) days after such meeting, the Administrator shall be entitled to implement the adjusted timing. If, however, the Companies’ Relationship Manager in good faith disagrees with the
Administrator’s position, the Administrator shall be entitled to seek to resolve the dispute pursuant to Section 21.1 and, if the dispute cannot be resolved pursuant to such Section, then pursuant to Sections 21.2 through
21.10. 

  
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 Section 3.2. Facilities and Personnel. Except as may be permitted by the terms of any other
agreement between the Administrator and the Companies, and their respective Affiliates, the Administrator shall at all times maintain sufficient facilities, trained personnel and equipment, software, systems and other resources of the kind necessary
to perform the Administrative Services in accordance with the performance standards set forth herein. 
 Section 3.3. Broker-Dealer
Services. The Administrator shall arrange for a Person appropriately registered with the SEC as a broker-dealer to provide any of the Administrative Services, to the extent that such Administrative Service may only be provided by a registered
broker-dealer or a registered representative of such broker-dealer. The Hartford Companies shall, and shall cause the principal underwriter of the Administered Contracts to, grant any consents, appointments, approvals, assignments or authorizations
reasonably necessary to permit such broker-dealer services to be provided by an appropriately licensed and registered broker-dealer (and the registered representatives of such broker-dealer) designated by the Administrator, whether prior to, in
connection with or following a Pre-Authorized Assignment. 
 Section 3.4. Independent Contractor. For all purposes hereof, except as
explicitly set forth herein, the Administrator shall at all times act as an independent contractor, and the Administrator and its Affiliates, on the one hand, and each Company and their Affiliates, on the other hand, shall not be deemed an agent,
lawyer, employee, representative, joint venturer or fiduciary of one another, nor shall this Agreement or the Administrative Services or any activity or any transaction contemplated hereby be deemed to create any partnership or joint venture between
the parties or among their Affiliates. 
 Section 3.5. Subcontracting. The Administrator may subcontract for the performance of any
Administrative Service with respect to the Administered Contracts and Accounts to (i) any Person if the service to be sub-contracted is primarily a routine task or function generally considered ancillary to the Administrative Services that does
not require the service provider to interact with any Customer or to have access to any Customer Information or Confidential Information of either Company or their Affiliates; (ii) an Affiliate of the Administrator; or (iii) any other
Person with the prior written consent of the applicable Company, such consent not to be unreasonably withheld, conditioned or delayed; provided that no such subcontracting shall relieve the Administrator from any of its obligations or
liabilities hereunder, and the Administrator shall remain responsible for all obligations or liabilities of such subcontractor with respect to the providing of such service or services as if provided by the Administrator. 

Section 3.6. Disaster Recovery. 
 (a) For as long as Administrative Services are provided hereunder, the Administrator shall, and shall cause its Affiliates to, maintain and adhere to the Disaster Recovery Plans. As part of the
Administrative Services, the Administrator shall implement the Disaster Recovery Plan(s) (or, if applicable, the Closing Date DR Plans) for the continuation of the Administrative Services, including recovery of any Customer Information (as defined
in Article XVII) and the Administrator’s operating environment and telecommunications infrastructure as necessary to provide the Administrative Services with no or minimal interruption or material degradation of service quality.
Each Company shall be provided at least two (2) weeks’ notice of, and shall have the right to participate in, the Administrator’s testing of its Disaster Recovery Plan(s) (or, if applicable, the Closing Date DR Plans). 

  
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 (b) The Companies represent and warrant that the Disaster Recovery Plans set forth on
Schedule A are the backup, business continuation and disaster recovery plans utilized by Hartford Life Private Placement, LLC as of the Closing Date (the “Closing Date DR Plans”). If the Disaster Recovery Plans set forth
on Schedule A differ in any material respect from the Closing Date DR Plans, then the Administrator shall be entitled to implement the Closing Date DR Plans in lieu of the Disaster Recovery Plans set forth on Schedule A,
subject to the following sentences of this Section 3.6(b). Before implementing the Closing Date DR Plans, the Administrator’s Relationship Manager shall notify the Companies’ Relationship Manager of the issue and the
Relationship Managers shall meet within five (5) days thereafter to discuss the matter. Unless the Companies’ Relationship Manager in good faith disagrees with the Administrator’s position within ten (10) days after such meeting,
the Administrator shall be entitled to implement the Closing Date DR Plans in lieu of the Disaster Recovery Plans set forth on Schedule A. If, however, the Companies’ Relationship Manager in good faith disagrees with the
Administrator’s position, the Administrator shall be entitled to seek to resolve the dispute pursuant to Section 21.1 and, if the dispute cannot be resolved pursuant to such Section, then pursuant to Sections 21.2 through
21.10. The Administrator’s exclusive remedy for the Companies’ breach of the representation and warranty set forth in the initial sentence of this Section 3.6(b) shall be the right to implement the Closing Date DR Plans
going forward and, if applicable, to recover its reasonable and documented incremental costs incurred in implementing the Disaster Recovery Plans instead of the Closing Date DR Plans. 
 Section 3.7. Permits. 
 (a) The Administrator, or any permitted
subcontractor of the Administrator, shall at all times maintain all Permits required in order to perform the Administrative Services in the manner required by this Agreement. 
 (b) Each Company at all times shall, and shall cause its Affiliates to, obtain and maintain all necessary Permits from Governmental Entities that are required under Applicable Law for the conduct of the
Business; provided that: (i) the Administrator shall reimburse the applicable Company for all reasonable and documented out-of-pocket costs and expenses incurred by such Company and its Affiliates in complying with this
Section 3.7(b) to the extent a Permit is required to be obtained and maintained exclusively in connection with the Business, or is required to be obtained and maintained as a result of changes in the conduct of the Business that are
effected by the Administrator following the date of this Agreement (it being further agreed that if such Company is required to maintain a Permit to engage in activities unrelated to the Business, such reimbursement obligation will be limited to the
additional cost (if any) required to amend such Permit to make it applicable to the Business), but excluding any such out-of-pocket costs and expenses arising out of capital or margin maintenance or requirements of such Company or its Affiliates;
and (ii) neither such Company nor any of its Affiliates shall be required to take any action that it reasonably believes would be impermissible from a regulatory standpoint or would not be permitted by Applicable Law or would result in a breach
of its obligations under any Contract. 

  
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 Section 3.8. Insurance. The Administrator shall maintain insurance in the amounts and with the
terms and conditions set forth on Schedule G hereto. 
 Section 3.9. Defenses of the Administrator. The Administrator
shall be excused from any failure to perform its obligations hereunder to the extent such failure is not due to any fault of the Administrator or any Subcontractor but rather, is due to a breach by either Company or any Affiliate of such Company of
this Agreement or a breach by either Company or any of its Affiliates under the Master Agreement or any Ancillary Agreement. 

Section 3.10. Relationship Manager. The Companies, acting jointly, and the Administrator shall each appoint a relationship manager (each, a
“Relationship Manager”) to be its respective authorized representative empowered to act on its respective behalf in connection with the Administrative Services and any changes to the terms of this Agreement. The name of the initial
Relationship Manager for each party, along with its relevant contact information, is set forth on Schedule H. Each party may replace its Relationship Manager with other employees or officers with comparable knowledge, expertise and
decision-making authority by giving prior written notice to the other party from time to time. Each Relationship Manager shall have day-to-day responsibility for ensuring the provision of Administrative Services by the party that appointed such
manager and for the smooth and efficient operation under this Agreement by such party. The Relationship Managers shall also meet on a monthly basis (or at such other times as may be mutually agreed by the parties), by conference call or by other
means reasonably acceptable to the parties, to discuss performance in the administration of services hereunder and may establish a set of procedures, including frequency of meetings and reporting, and other reasonable structures for their
cooperation and the cooperation of both parties in the execution of their obligations pursuant to this Agreement and shall otherwise meet as needed as described in this Agreement. 
 Section 3.11. Abandonment. The Administrator shall not Abandon the Administrative Services or the Agreement. If the Administrator breaches or threatens to breach the foregoing covenant, the
Administrator agrees that the Companies will be irreparably harmed, and, without any additional findings of irreparable injury or harm or other considerations of public policy, the Companies shall be entitled to apply to a court of competent
jurisdiction for an injunction compelling specific performance by the Administrator of its obligations under this Agreement without the necessity of posting any bond or other security. The Administrator further agrees not to oppose any such
application for injunctive relief by the applicable Company except to require that such Company establish that the Administrator has committed an Abandonment. 
 Section 3.12. Document Retention; Information Security. 
 (a) In
performing the Administrative Services and its obligations under this Agreement, the Administrator shall at all times comply with The Hartford Document Retention Policy to the extent applicable to the Administered Contracts and Accounts. The
Companies represent and warrant that The Hartford Document Retention Policy attached as Schedule F hereto, to the extent it applies to the provision of the Administrative Services, is the Companies’ document retention policy as of the
Closing Date (the “Closing Date Document Retention Policy”). If The Hartford Document Retention Policy, to the extent it would apply to the provision of the Administrative Services, differs in any material respect from the Closing
Date 

  
 13 

 
Document Retention Policy, then the Administrator shall be entitled to implement the Closing Date Document Retention Policy in lieu of The Hartford Document Retention Policy, subject to the
following sentences of this Section 3.12(a). Before implementing the Closing Date Document Retention Policy, the Administrator’s Relationship Manager shall notify the Companies’ Relationship Manager of the issue and the
Relationship Managers shall meet within five (5) days thereafter to discuss the matter. Unless the Companies’ Relationship Manager in good faith disagrees with the Administrator’s position within ten (10) days after such meeting,
the Administrator shall be entitled to implement the Closing Date Document Retention Policy in lieu of The Hartford Document Retention Policy. If, however, the Companies’ Relationship Manager in good faith disagrees with the
Administrator’s position, the Administrator shall be entitled to seek to resolve the dispute pursuant to Section 21.1 and, if the dispute cannot be resolved pursuant to such Section, then pursuant to Sections 21.2 through
21.10. The Administrator’s exclusive remedy for the Companies’ breach of the representation and warranty set forth in the second sentence of this Section 3.12(a) shall be the right to implement the Closing Date Document
Retention Policy going forward and, if applicable, to recover its reasonable and documented incremental costs incurred in implementing The Hartford Document Retention Policy instead of the Closing Date Document Retention Policy. 

(b) In performing the Administrative Services and its obligations under this Agreement, the Administrator shall at all times comply with
The Hartford Information Security Requirements. 
 ARTICLE IV 

UNDERWRITING 

Section 4.1. Underwriting Obligations. From and after the Closing Date, the Administrator shall assume the obligations set forth below in
this Article IV. 
 (a) The Administrator may issue Administered Contracts after the Closing Date (“Post-Closing
Administered Contracts”) in the name of the applicable Company utilizing the same forms and the same offering documents in use for the Administered Contracts issued prior to the Closing Date, as such forms and offering documents may be
amended from time to time; provided in each case that Post-Closing Administered Contracts may only be issued as required by and in accordance with the terms of in force Administered Contracts in effect as of the Closing Date. In addition, the
Administrator may issue Post-Closing Administered Contracts in the name of the applicable Company as required to replace or remediate Administered Contracts in force prior to the Closing Date in order to comply with Applicable Law. Notwithstanding
the foregoing, if a Contractholder elects to convert or exchange a policy or certificate under its Administered Contract to another insurance policy or annuity contract as permitted by and in accordance with the terms of such Administered Contract,
the Administrator will cooperate with the applicable Company as reasonably necessary to effectuate such exchange or conversion, and such other insurance policy or annuity contract shall not be administered under this Agreement. The Companies and
their respective Affiliates shall not undertake efforts designed to target any or all Contractholders to (i) convert or exchange a policy or certificate under its Administered Contract for or to another insurance policy or annuity contract that
is not administered under this Agreement; or (ii) surrender or terminate its Administered Contract or to take withdrawals or loans from its Administered Contract, either in whole or in part. 

  
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 (b) The Administrator may recommend to the Companies amendments to the products, benefits,
forms and offering documents in use for the Administered Contracts, including recommending the introduction, closing, combination or substitution of investment options, including Funds, managed Separate Accounts and stable value options, and, at the
direction of the applicable Company, the agreement of such Company not to be unreasonably withheld, conditioned or delayed, may make such amendments, introductions, closings, combinations or substitutions on behalf of such Company. Notwithstanding
the foregoing, the applicable Company shall not be required to consent to any such amendment, introduction, closing, combination or substitution if it would (i) increase the cost of such Company or its Affiliates to support the Administered
Contracts, increase the cost of such Company or its Affiliates under any Managed Account Agreement, Participation Agreement, Underwriting Agreement or Material Contract, or increase the cost of such Company or its Affiliates to perform the Retained
Services unless, in each case, the Administrator shall have reimbursed such Company for all reasonably documented internal costs applied consistently and all reasonably incurred out-of-pocket costs; (ii) violate the terms of any Managed Account
Agreement, Participation Agreement, Underwriting Agreement or Material Contract; or (iii) otherwise violate Applicable Law or cause such Company or its Affiliates to violate any of their fiduciary duties. 

(c) The Administrator shall assume responsibility for (i) the provision of all applications and other Contractholder materials to
agents and Persons seeking to apply for Post-Closing Administered Contracts; (ii) all underwriting necessary or appropriate with respect to such applicants; (iii) the processing of underwriting-related transactions; and (iv) the
issuance of Post-Closing Administered Contracts. However, except with respect to employees of the Administrator or its Affiliates, the Administrator shall have no responsibility for the appointment of agents or registered representatives by or on
behalf of the Companies or any of their respective Affiliates, or for the licensure or registration of such agents or registered representatives under Applicable Law or the rules of any self-regulatory organization, including but not limited to the
Financial Industry Regulatory Authority. 
 (d) The Administrator shall notify the applicable Company of all revisions to the
Administered Contracts that are required by changes in Applicable Law that occur following the date of this Agreement or that are actually known by the Administrator’s Chief Compliance Officer (or equivalent position) to have been required by
Applicable Law in effect prior to the date of this Agreement and, at the direction of such Company, shall prepare and provide to Contractholders all such revisions to the Administered Contracts to be made by such Company. 

(e) To the extent (i) required by changes in Applicable Law that occur following the date of this Agreement, (ii) actually
known by the Administrator’s Chief Compliance Office (or equivalent position) to be required by Applicable Law in effect prior to the date of this Agreement or (iii) required by the terms of the Administered Contracts in effect immediately
prior to the date of this Agreement, the Administrator shall prepare conforming amendments to the Administered Contracts, and the Companies shall take all actions necessary to execute such amendments, provided only that such amendments have been
prepared to the reasonable satisfaction of the applicable Company. 
 (f) The Administrator shall be entitled, in its
discretion, to exercise any right of the Companies under the Administered Contracts to refuse additional premium payments. The Administrator shall notify the Companies of any such event. 

  
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 ARTICLE V 
 AGREEMENTS WITH RESPECT TO ADMINISTERED CONTRACTS AND SEPARATE ACCOUNTS 
 Section 5.1.
Administered Contracts. Except as otherwise provided in Section 5.4, neither Company, on its own initiative, shall change, and in any case shall not waive, the terms and conditions of any Administered Contract issued by such
Company unless any such change or waiver affects solely the Retained Business (and in such case, the applicable Company shall give the Administrator prompt notice of such proposed change or waiver). With respect to any change required by reason of
the requirement of any Governmental Entity or otherwise required by Applicable Law, the applicable Company shall, to the extent practicable, prior to the effectiveness of any such change, promptly notify the Administrator of such proposed change and
afford the Administrator the opportunity, to the extent practicable, to object to such change under any formal and informal administrative procedures that may be available with respect to such Applicable Law or requirement of a Governmental Entity.

 Section 5.2. Management of Separate Accounts. 
 (a) From and after the Closing Date, subject to Applicable Law, Section 5.15(c) of the Master Agreement, or other legal obligations (including the terms of the relevant Administered Contracts), and
only in response to a specific request by a Contractowner, the Administrator may make changes in the Funds, the Separate Accounts and the managed Separate Accounts with the applicable Company’s prior written consent (which consent such Company
shall grant unless such Company reasonably believes that such change would (i) increase the cost of such Company or its Affiliates to support the Separate Accounts or perform the Retained Services unless, in each case, the Administrator shall
have reimbursed such Company for all reasonably documented internal costs applied consistently and all reasonably incurred out-of-pocket costs; or (i) violate Applicable Law, applicable fiduciary duties, the Nonguaranteed Elements Methodology
as then in effect or the terms of any Managed Account Agreement, Participation Agreement, Underwriting Agreement, or Material Contract), including: 
  

	 	(i)	substituting any Fund for any other Fund currently available for investment under any Administered Contract and making available to Contractholders new Funds for
investment under Administered Contracts; 

  

	 	(ii)	making any other change in the Funds available for such investment, including making additional collective investment vehicles available for investment under the
Administered Contracts; 

  
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	 	(iii)	changing the investment guidelines, adviser, sub-adviser (if any), investment advisory or sub-advisory agreement, including the management or sub-advisory fees
thereunder, of any managed Separate Account; 

  

	 	(iv)	amending or replacing any stable value agreement between the applicable Company and the SV Providers with respect to the assets of Separate Accounts, as well as any
related service agreements (each a “Stable Value Agreement”) held in an Separate Account; 

  

	 	(v)	establishing limited liability companies through which Separate Accounts may invest in Funds; 

 

	 	(vi)	establishing new Separate Accounts to be made available under the Administered Contracts, including both Separate Accounts that invest in Funds and managed Separate
Accounts; 

  

	 	(vii)	closing any Separate Account to additional direct or indirect investment; 

  

	 	(viii)	combining, dividing or terminating any Separate Account available under the Administered Contracts; 

 

	 	(ix)	registering or de-registering any Separate Account under the 1940 Act; and 

 

	 	(x)	commencing, continuing or discontinuing operation of a Separate Account as a managed separate account. 

Any such changes shall be made at the Administrator’s expense. If the Administrator makes a change in the Administered Contracts or the Separate
Accounts in connection with the change of a Fund option as permitted above, the Administrator shall, at its own expense, prepare for signature by the applicable Company and transmit on behalf of such Company to the appropriate Governmental Entity
any SEC exemptive application, no-action letter or other regulatory filing necessary to reflect or implement such change. 
 (b)
The Administrator shall in all material respects administer all investments held by such Separate Accounts in accordance with usual and customary industry practice, Applicable Law, and the terms of the relevant Administered Contracts. Either Company
may, upon reasonable advance notice, as it reasonably determines is required by Applicable Law, fiduciary duty, or other legal obligations (including the terms of the relevant Administered Contracts), terminate any such Separate Account or close it
to additional direct or indirect investment (except that such termination shall not affect the rights of the Administrator set forth in Section 5.2(a)). 
 (c) Nothing in this Agreement shall be interpreted so as to preclude or in any way restrict the Companies or their relevant Affiliates, in their sole discretion, from seeking to change the investment
objective of, liquidate, merge, or otherwise terminate any Fund managed by an Affiliate of the applicable Company, or any series thereof, that is available for investment 

  
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other than through the Separate Accounts; provided that in the event of (i) a material change to such Fund’s investment objective, (ii) an increase in advisory or other fees
charged, (iii) the failure of a Fund to provide services documented in the contract with such Fund or (iv) the termination of such Fund, the Administrator may replace such Fund in accordance with Section 5.2(a). 

(d) During the term of this Agreement, the Administrator and its Affiliates will not take any action that causes or would be reasonably
likely to cause any Administered Contract, other than any Registered Contract identified on Schedule 3.09 to the MTA, to be required to be registered with the SEC pursuant to the Securities Act of 1933, as amended. 

Section 5.3. Recommendations. The Administrator shall be entitled to make recommendations to the Companies as to the exercise by the
applicable Company of any right or remedy under (i) the Administered Contracts; (ii) the Stable Value Agreements; (iii) the participation agreements between such Company and the Funds in which assets of the applicable Separate
Accounts are invested, as well as any related service agreements between such Company, the Funds and/or their Affiliates (each, a “Participation Agreement”); (iv) the Managed Account Agreements; (v) the underwriting
agreements between such Company and the principal underwriters for the Administered Contracts (the “Underwriting Agreements”); and (vi) any other agreements related to the distribution of the Administered Contracts. Except in
the case of recommendations pertaining to Nonguaranteed Elements (which shall be governed by Section 5.4), the applicable Company shall accept such recommendations and cooperate with the Administrator in the implementation thereof unless
(A) such Company reasonably believes that the acceptance and implementation of such recommendation would (I) increase the cost of such Company or its Affiliates to support the Separate Accounts or perform the Retained Services unless, in
each case, the Administrator shall have reimbursed such Company for all reasonably documented internal costs applied consistently and all reasonably incurred out-of-pocket costs or (II) violate Applicable Law, applicable fiduciary duties or the
terms of any Managed Account Agreement, Participation Agreement, Underwriting Agreement or Material Contract; or (B) the President (or the Person holding the comparable position if the position of President no longer exists) of the Wealth
Management Division of such Company (or the comparable successor division if the Wealth Management Division no longer exists) certifies to the Administrator in writing that such Company has in good faith and reasonably determined that such request
would cause reputational harm to Hartford Financial Services Group, Inc. and its subsidiaries taken as a whole. 
 Section 5.4.
Nonguaranteed Elements. 
 (a) From and after the Effective Time, the Companies shall establish the applicable
Nonguaranteed Elements of their respective Administered Contracts in accordance with the methodology set forth in Schedule I (the “Nonguaranteed Elements Methodology”). Neither Company shall change the Nonguaranteed
Elements Methodology unless its Company Actuary determines that such change is required (i) by Applicable Law; (ii) by actuarial standards of practice then in effect; or (iii) in order for the Nonguaranteed Elements Methodology to be
consistent with a change to the non-guaranteed elements policy of such Company as adopted by the board of directors of such Company, provided that such policy (or changes thereto) adopted by such board of directors applies to the variable products
of such 

  
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Company generally and not solely to the Administered Contracts. If the Nonguaranteed Elements Methodology is changed in accordance with the preceding sentence, the applicable Company shall
promptly deliver to the Administrator the Nonguaranteed Elements Methodology as so changed together with an explanation of the change prepared by its Company Actuary. 
 (b) The Administrator may recommend changes to the Nonguaranteed Elements Methodology. Any such proposed changes must be in writing and include a description of the requested change, the rationale for
such change, supporting documentation reasonably acceptable to the Company Actuary, and a certification by a Qualified Actuary engaged by the Administrator that such recommendation complies with Applicable Law and actuarial standards of practice
then in effect. In such instance, the applicable Company shall consider the recommendations of the Administrator in determining whether and to what extent to so revise the Nonguaranteed Elements Methodology. If the applicable Company rejects the
recommended change, such Company shall so notify the Administrator of the rejection. 
 (c) The Administrator shall review all
Nonguaranteed Elements under the Administered Contracts in a manner generally consistent with the Companies’ past practice with respect to such review or as reasonably requested by the Companies from time to time. The Administrator shall notify
the Companies of its recommendations as to changes, if any, in the case of the Tier II Nonguaranteed Elements, and its proposed changes, if any, in the case of Tier I Nonguaranteed Elements, and implement any changes to Nonguaranteed Elements under
the Administered Contracts, as follows: 
  

	 	(i)	With respect to recommendations for the Tier II Nonguaranteed Elements related to the MCR, provided that such recommendations are consistent with the MCR determination
and experience analysis procedures in use by the Companies immediately prior to the Effective Time or under a revised procedure, agreed to, in writing, by the Companies, the Administrator shall notify the Companies at least five (5) days in
advance of the proposed implementation date of the recommendations. If the Companies do not object by the close of the five (5) day notice period, the Administrator shall implement the recommended change. 

 

	 	(ii)	With respect to recommendations for the all other Nonguaranteed Elements under the Administered Contracts, the Administrator shall notify the Companies at least twenty
(20) days in advance of the proposed implementation date of the recommendations, which notification shall be accompanied by a certification by a Qualified Actuary engaged by the Administrator that such proposed changes comply with (i) the
Nonguaranteed Elements Methodology then in effect; (ii) the terms of the Administered Contracts; (iii) Applicable Law; and (iv) actuarial standards of practice then in effect. If the Companies do not object within fifteen
(15) days of their receipt of notice, the Administrator may implement the change. If, however, the Companies, in good faith, believe that the proposed changes in respect of the Tier I Nonguaranteed Elements do not comply with the requirements
set forth in the preceding sentence, the Companies shall be entitled to seek to resolve the dispute pursuant to Section 21.1 and, if the dispute cannot be resolved pursuant to such Section, then pursuant to Sections 21.2 through
21.10. 

  
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 (d) Notwithstanding the foregoing, the Companies may make changes to the Tier II
Nonguaranteed Elements with respect to the Administered Contracts provided that such changes comply with (i) the Nonguaranteed Elements Methodology then in effect; (ii) the terms of the Administered Contracts; (iii) Applicable Law;
and (iv) actuarial standards of practice then in effect; and further provided that the applicable Company delivers to the Administrator a certificate from the Company Actuary that such change is necessary in order for such Company to
maintain the benefit, expense and profit coverage (to the extent to be derived from the Tier II Nonguaranteed Elements) on the applicable Administered Contracts at levels consistent with (and, in the case of profits, not unreasonably in excess of)
the assumptions in effect immediately prior to the date of the Master Agreement with respect to such benefit, expense and profit coverage (to the extent to be derived from the Tier II Nonguaranteed Elements). If such Company desires to make such
changes to the Tier II Nonguaranteed Elements, it shall so notify the Administrator of its intent to do so at least twenty (20) days in advance of the proposed implementation date of the proposed changes, which notification shall be accompanied
by a certification by the Company Actuary or a Qualified Actuary engaged by the Company that such changes comply with the requirements set forth in the preceding sentence. If the Administrator does not object within seven (7) days of its
receipt of the change request, it shall implement the change on behalf of the Companies. If, however, the Administrator in good faith believes that the proposed change does not comply with the requirements of the first sentence of this subsection
(d), the Companies shall be entitled to seek to resolve the dispute pursuant to Section 21.1 and, if the dispute cannot be resolved pursuant to such Section, then pursuant to Sections 21.2 through 21.10. 

(e) In the event a dispute under this Section 5.4 is pending, the Companies shall have full authority to establish the Tier
II Nonguaranteed Elements and the Administrator shall have full authority to establish the Tier I Nonguaranteed Elements, pending the outcome of the dispute. 
 (f) The Administrator shall provide to the Companies, within thirty (30) days following the end of each calendar year during the term hereunder: (i) a report listing all changes made to the
Nonguaranteed Elements under the Administered Contracts during that calendar year; (ii) a certification by a Qualified Actuary engaged by the Administrator that such changes comply with the then current Nonguaranteed Elements Methodology; and
(iii) documentation reasonably acceptable to the Company Actuary supporting such change. 
 Section 5.5. Maintenance of
Contracts. 
 (a) Set forth on Schedule J are (i) each of the agreements with the Funds, the Fund Managers, the
Managed Account Managers and the SV Providers that relate to the Administered Contracts (such agreements, any other such agreements which may be in effect as of the Effective Time, and any related service agreements between the Companies or any of
their Affiliates, on the one hand, and any Fund, Fund Manager, SV Provider or Managed Account Manager, on the other hand, collectively, the “Investment Agreements”). Except as instructed by the Administrator, and subject to
Section 5.5(d), (i) each of the Companies shall use 

  
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commercially reasonable efforts to cooperate with the Administrator to continue in force the existing Investment Agreements to which it is a party, and shall cause its other Affiliates to use
commercially reasonable efforts to cooperate with the Administrator to continue in force the existing Investment Agreements to which such Affiliate is a party, in each case to the extent such agreements relate to the Administered Contracts;
(ii) the Companies shall not, and shall cause their other Affiliates to not, agree to amend, modify or terminate, expand, or otherwise alter or waive compliance with any of the provisions of, any Investment Agreement (including with respect to
any Fund option) in any manner, to the extent related to the Administered Contracts, without the Administrator’s prior written consent; (iii) the Companies shall, and shall cause their other Affiliates to, take all commercially reasonable
action requested by the Administrator consistent with the terms of such Investment Agreements, including negotiation with relevant counterparties, to amend, modify, expand, or otherwise alter or waive compliance with any of the provisions of, such
contracts in the manner reasonably requested by the Administrator; (iv) the Companies shall, and shall cause their other Affiliates to, use commercially reasonable efforts to enforce all of the Companies’ or such Affiliate’s (as the
case may be) rights and remedies and timely perform all of the Companies’ or such Affiliate’s (as the case may be) obligations under such agreements; (v) the Companies shall not, and shall cause their other Affiliates to not, solicit
or encourage Contract holders, directly or indirectly, to exchange, surrender or terminate, any Administered Contract for a replacement contract that would not be an Administered Contract under this Agreement; and (vii) the applicable Company
shall provide the Administrator with prompt notice after one of the Companies or an Affiliate of such Company (as the case may be) becomes aware of any proposal by any such Fund, Fund Manager, Managed Account Manager and/or SV Provider to terminate
any Investment Agreement or to amend or reduce any fees payable to such Company or such Affiliate (as the case may be) under any such Investment Agreement. 
 (b) The Companies shall use commercially reasonable efforts to, and shall cause their Affiliates to use commercially reasonable efforts to, cooperate with the Administrator to assist the Administrator in
attempting to prevent surrenders or exchanges of Administered Contracts, including utilizing commercially reasonable efforts to cooperate with the Administrator with respect to assisting in Contractholder servicing, communications and resolution of
complaints, adding or replacing Managed Account Managers, SV Providers, Funds or Fund Managers for the Separate Accounts of the applicable Company, cooperating with agents or brokers or other intermediaries and taking such other actions in
connection with the foregoing as the Administrator may reasonably request. Neither the Companies nor their Affiliates shall be required to take any action pursuant to this Section 5.5(b) if the applicable Company reasonably believes that
the taking of such action would interfere or conflict with the business objectives of such Company or its Affiliates or would otherwise disadvantage such Company or its Affiliates in the pursuit of such other business objectives. The Companies agree
that the rights of the Companies set forth in the immediately preceding sentence apply solely with respect to the obligations of the Companies set forth in this Section 5.5(b), and that the business objectives of the Companies or their
Affiliates referred to in the immediately preceding sentence do not include any plans to undertake efforts designed to target any or all Contractholders to (i) convert or exchange a policy or certificate under its Administered Contract for or
to another insurance policy or annuity contract that is not administered under this Agreement; or (ii) surrender or terminate its Administered Contract or to take withdrawals or loans from its Administered Contract, either in whole or in part.

  
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 (c) Each Company shall reasonably cooperate with the Administrator to cause all appointments
of Producers engaged by such Company or any of its Affiliates with respect to the Administered Contracts to remain in full force and effect subject to the terms of their appointment and any contracts related to such appointment. The Companies may
not terminate any Producer who breaches the terms of such Producer’s contract without the Administrator’s consent (such consent not to be unreasonably withheld) unless such breach constituted fraud, bad faith or willful misconduct or
unless such Producer otherwise commits an act the President (or the Person holding the comparable position if the position of President no longer exists) of the Wealth Management Division of such Company (or the comparable successor division if the
Wealth Management Division no longer exists) certifies to the Administrator in writing (in the applicable Company’s good faith reasonable determination) has caused or would likely cause reputational harm to the applicable Company or its
Affiliates. 
 (d) The obligations of the Companies as set forth above in this Section 5.5 shall be subject to the
following conditions: (i) the Administrator shall reimburse the applicable Company for all costs and expenses incurred by such Company and its Affiliates resulting from taking direction from the Administrator from time to time pursuant to this
Section 5.5, and (ii) neither such Company nor any of its Affiliates shall be required to take any action that it reasonably believes, after consultation with legal counsel, to be impermissible from a regulatory standpoint or
otherwise to be in violation of Applicable Law or the terms of any Contract in any material respect. 
 Section 5.6. Maintenance of
Separate Accounts. 
 (a) For each of the Administered Contracts issued by the Companies, the amount to be invested on a
variable basis in accordance with the terms of such Administered Contract shall be held by the applicable Company in the applicable Separate Account of such Company, and all contributions with respect to such Administered Contract shall be deposited
in such Separate Accounts to the extent required by such Administered Contract. From and after the Effective Time, each Company shall retain, control and own all assets held in its Separate Accounts and shall hold its Separate Account Reserves.

 (b) During the term of this Agreement, each Company will continue to make its Separate Accounts (including managed Separate
Accounts) available for investment under all of the applicable Company’s Administered Contracts that invested in such Separate Accounts immediately prior to the Effective Time, except as otherwise permitted or required under this Agreement.

 Section 5.7. Maintenance of Investment Agreements. During the term of this Agreement, each Company or an appropriate Affiliate
will maintain Investment Agreements with respect to each and every Fund available under any Administered Contract for investment through any Separate Account immediately prior to the Effective Time, except as otherwise permitted or required under
this Agreement. 

  
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 ARTICLE VI 
 [RESERVED] 
 ARTICLE VII 

CLAIMS HANDLING 

Section 7.1. Claim Administration Services. From and after the Closing Date, subject to Section 2.3, the Administrator shall
acknowledge, consider, review, investigate, deny, settle, pay (in accordance with Section 6.1) or otherwise dispose of each claim for benefits and disbursements reported under each Administered Contract (each, a “Claim”
and collectively the “Claims”). 
 Section 7.2. Description of Claim Administration Services. Without limiting the
foregoing, the Administrator shall: 
 (a) provide claimants under the Administered Contracts and their authorized
representatives (collectively, “Claimants”) with Claim forms and provide reasonable explanatory guidance to Claimants in connection therewith; 
 (b) establish, maintain and organize Claim files and maintain and organize other Claims-related records; 
 (c) review all Claims and determine whether the Claimant is eligible for benefits and if so, the nature and extent of such benefits; 

(d) prepare and distribute to the appropriate recipients and Governmental Entities any reports relating to periods following the Closing
Date as required by Applicable Law; 
 (e) respond to all written or oral Claims-related communications that the Administrator
reasonably believes to require a response; 
 (f) maintain a complaint log with respect to the Administered
Contracts in accordance with applicable requirements of Governmental Entities and provide a copy of such log, continuously updated through the last day of each month during the term of this Agreement, to the applicable Company on or before the
twentieth (20th) Business Day of each month covering
changes during the preceding month; and 
 (g) respond to and manage any Claims-related matters pursuant to Article VIII.

  
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 ARTICLE VIII 
 REGULATORY AND LEGAL PROCEEDINGS 
 Section 8.1. Regulatory Complaints and
Proceedings. 
 (a) The Administrator shall, to the extent permitted by Applicable Law, and subject to the procedures set
forth in Section 11.02 of the Master Agreement regarding Third Party Claims, respond to any Claims payment related complaints or inquiries made by any Governmental Entity with respect to the Administered Contracts (to the extent such complaints
and inquiries relate to periods following the Closing Date) within the Governmental Entity’s requested time frame for response or, if no such time frame is provided, within the time frame as allowed by Applicable Law, and promptly provide a
copy of such response to the applicable Company. 
 (b) The Administrator shall (i) promptly notify the applicable Company
of any non-Claims payment related complaints or inquiries initiated by a Governmental Entity on or after the Closing Date with respect to the Administered Contracts, and of any proceedings (either Claims or non-Claims related) initiated by a
Governmental Entity on or after the Closing Date, to the extent relating to the Administered Contracts; and (ii) to the extent such complaints, inquiries or proceedings relate to periods following the Closing Date, to the extent permitted by
Applicable Law and to the extent not relating to the Retained Services, prepare and send to the Governmental Entity, with a copy to such Company, a response within the Governmental Entity’s requested time frame for response or, if no such time
frame is provided, within the time frame as allowed by Applicable Law; provided, that, subject to meeting such time frames, the Administrator shall provide such response to such Company for its prior review and comment. 

(c) The Administrator shall, subject to the procedures set forth in Section 10.02 of the Master Agreement regarding Third Party
Claims, supervise and control the investigation, contest, defense and/or settlement of all complaints, inquiries and proceedings by Governmental Entities with respect to the Administered Contracts, to the extent such complaints, inquiries or
proceedings relate to periods following the Closing Date, at its own cost and expense (except as described in the following sentence), and in the name of the applicable Company when necessary. If and to the extent that any such complaint, inquiry or
proceeding relates to the Retained Business, the applicable Company shall pay on the Administrator’s behalf or reimburse the Administrator for all costs and expenses borne or to be borne by the Administrator as a result of performing its
obligations under this Section 8.1(c). 
 (d) The Administrator shall, at either of the Companies’ request,
provide to such Company a report in a form mutually agreed by the parties summarizing the nature of any such complaints, inquiries or proceedings by Governmental Entities, to the extent relating to periods following the Closing Date, the alleged
actions or omissions giving rise to such complaints, inquiries or proceedings and copies of any files or other documents that such Company may reasonably request in connection with its review of these matters. 

  
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 Section 8.2. Legal Proceedings. 

(a) The Administrator shall notify the applicable Company promptly of any lawsuit, action, arbitration or other dispute resolution
proceedings that are instituted or threatened with respect to any matter relating to the Administered Contracts to the extent known to the Administrator (“Legal Proceedings”), within such time as to permit timely response by such
Company and in no event more than five (5) Business Days after receipt of notice thereof. 
 (b) The Administrator shall,
subject to the procedures set forth in Section 10.02 of the Master Agreement regarding Third Party Claims, with respect to Legal Proceedings relating to periods following the Closing Date, supervise and control the investigation, contest,
defense and/or settlement of all Legal Proceedings at its own cost and expense (except as described in the following sentence), and in the name of the applicable Company when necessary. If and to the extent that any Legal Proceeding relates to the
Retained Business, the applicable Company shall either: (i) supervise and control the investigation, contest, defense and/or settlement of such Legal Proceeding at its own cost and expense or (ii) reimburse the Administrator for the
Administrator’s reasonable expenses incurred in connection with such Legal Proceeding. If and to the extent that any Legal Proceeding relates to rights or obligations under the Administered Contracts other than the Retained Business, the
Administrator shall either: (i) supervise and control the investigation, contest, defense and/or settlement of such Legal Proceeding at its own cost and expense or (ii) reimburse the applicable Company for the Company’s reasonable
expenses incurred in connection with such Legal Proceeding. If and to the extent that the Companies, on the one hand, or the Administrator, on the other hand, incur a Loss proximately caused by the other, nothing in the preceding two sentences shall
serve to limit any resulting liability for such a Loss. 
 (c) The Administrator shall keep the applicable Company fully
informed of the progress of all Legal Proceedings handled by the Administrator in which such Company is named a party and, at such Company’s request, provide to such Company a report summarizing the nature of such Legal Proceedings, the alleged
actions or omissions giving rise to such Legal Proceedings and copies of any files or other documents that such Company may reasonably request in connection with its review of these matters, in each case other than such files, documents and other
information as would, in the judgment of counsel to the Administrator, lead to the loss or waiver of legal privilege. 
 Section 8.3.
Notice to Administrator. Each of the Companies shall give prompt notice to the Administrator of any Legal Proceeding made or brought against such Company arising under or in connection with the Administered Contracts to the extent known to it
and not made against or served on the Administrator or a Subcontractor as administrator hereunder within such time as to permit timely response by the Administrator, and in no event more than five (5) Business Days after receipt of notice
thereof, and shall promptly furnish to the Administrator copies of all pleadings in connection therewith. 

  
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 ARTICLE IX 
 SEPARATE ACCOUNT ADMINISTRATIVE SERVICES 
 Without limiting the generality
of any of the foregoing, from and after the Closing Date, subject to Section 2.3, in addition to the services described in any Article of this Agreement, the services with respect to, or as a result of, the Separate Accounts shall
include those services set forth on Schedule A hereto. 
 ARTICLE X 

[RESERVED] 
 ARTICLE XI 
 NOTIFICATION TO CONTRACTHOLDERS 

The Administrator shall send to applicable Contractholders a written notice prepared by the Administrator and reasonably acceptable to
the applicable Company to the effect that the Administrator has been appointed by such Company to provide Administrative Services with respect to the Administered Contracts. The Administrator shall send such notice in a manner and at a time
reasonably acceptable to such Company and the Administrator and in all events in accordance with Applicable Law. The Administrator may include such notice in a regularly scheduled mailing to Contractholders in lieu of a separate mailing. Such
notices shall be prepared and delivered at Administrator’s expense. 
 ARTICLE XII 

MONTHLY PREMIUM TAX AND INSOLVENCY FUND ACCOUNTINGS 
 Section 12.1. Monthly Accountings. From and after the Closing Date, within 20 Business Days after the end of each month that this Agreement is in effect, each Company shall submit to the
Administrator a written statement of accounting in a form and containing such information to be agreed upon by the parties hereto (each, an “Insolvency Fund Monthly Accounting”) setting forth the insolvency fund amounts assessed
against or payable by the applicable Company, to the extent that such assessments constitute such Company’s General Account Liabilities. In addition, within twenty (20) Business Days after the last day of each month that this Agreement is
in effect, the Administrator shall submit to the applicable Company a written statement of accounting in a form and containing such information to be agreed upon by the parties hereto (each, a “Monthly Premium Tax Accounting,” and
together with the Insolvency Fund Monthly Accountings, the “Monthly Accountings”) setting forth the estimated premium Taxes due with respect to the Administered Contracts as a result of premiums collected or annuitizations occurring
during such month. 
 Section 12.2. Adjustments Regarding Monthly Accountings. In the event that subsequent data or calculations
require revision of any of the Monthly Accountings, the required revision and appropriate payments thereunder shall be made within twenty (20) Business Days after the parties hereto mutually agree as to the appropriate revision. 

  
 26 

 ARTICLE XIII 
 CERTAIN ACTIONS BY THE COMPANIES 
 Section 13.1. Filings. The Companies shall
prepare and timely file any filings required to be made with any Governmental Entity that relate to the applicable Company generally and not exclusively to the Administered Contracts and Accounts, including filings with guaranty associations and
filings and premium Tax returns with Taxing authorities. The Administrator shall, in a timely fashion in light of the dates such filings by the applicable Company are reasonably required, provide to such Company all information in the possession of
the Administrator (in a form, and including such information, as agreed between the Companies and the Administrator) with respect to the Administered Contracts that may be reasonably required for such Company to prepare such filings and Tax returns.

 Section 13.2. Governmental Inquiries. The Companies shall promptly notify the Administrator of all Legal Proceedings, complaints,
inquiries and other proceedings by Governmental Entities, Contractholders or other Persons with respect to the Administered Contracts, to the extent such Legal Proceedings, complaints, inquiries or other proceedings relate to periods following the
Effective Time. 
 ARTICLE XIV 
 REGULATORY MATTERS, REPORTING AND AUDITS 
 Section 14.1. Regulatory Compliance and
Reporting. The Administrator shall provide to the applicable Company such information in the possession of the Administrator with respect to the Administered Contracts and Accounts (in a form, and including such information, as agreed between
the Companies and the Administrator) as is reasonably required to satisfy all then current informational reporting, prior approval and any other requirements imposed by any Governmental Entity. Upon the reasonable request of the applicable Company,
the Administrator shall timely prepare such reports and summaries, including statistical summaries and certifications, as are necessary or reasonably required to satisfy any requirements imposed by a Governmental Entity upon such Company relating to
periods following the Closing Date with respect to the Administered Contracts and Accounts, in the possession of the Administrator (in a form, and including such information, as agreed between the Companies and the Administrator). All copies of
records furnished in the ordinary course of business shall be furnished by the Administrator and any costs incurred in the provision of such copies shall be borne by the Administrator. 
 Section 14.2. Reporting and Accountings. The Administrator shall assume the reporting and accounting obligations set forth below in this Section 14.2. 

(a) Without limitation of the periodic reporting requirements set forth in Schedule F attached hereto, the Administrator shall
timely provide to the applicable Company 

  
 27 

 
reports and summaries (in a form, and including such information, as agreed between the Companies and the Administrator) of transactions following the Closing Date (and upon reasonable request of
such Company, detailed supporting records) related to the Administered Contracts and Accounts as may be reasonably required for use in connection with the preparation of such Company’s statutory and GAAP financial statements, Tax returns and
other required financial reports and to comply with the requirements of the regulatory authorities having jurisdiction over such Company, including all premiums received and all benefits paid. 

(b) Without limitation of the periodic reporting requirements set forth in Schedule F attached hereto, the Administrator shall
provide to the applicable Company information reasonably required by such Company relating to the reserves that such Company is required to report on its statutory and GAAP financial statements, Tax returns and other required financial reports in
connection with the Administered Contracts and Accounts as of the quarter end. 
 (c) The Administrator shall calculate Tax,
GAAP and statutory reserves with respect to the Administered Contracts in accordance with the methodologies used by the applicable Company as of the date of the Master Agreement (which are attached as Schedule K). The applicable Company shall
provide prompt notice of any changes in the reserve methodologies to be used by the Administrator in calculating statutory reserves for the Administered Contracts. 
 (d) Within thirty (30) Business Days after each calendar year end (or such longer time as may be agreed by the parties) that this Agreement is in effect, the Administrator shall provide to the
applicable Company (a) an opinion of a Qualified Actuary reasonably acceptable to such Company (who shall be an employee of the Administrator or an Affiliate thereof or, at the Administrator’s option, an independent actuary), as to the
adequacy of statutory reserves for the Administered Contracts, prepared according to accepted actuarial standards of practice, and as otherwise required for regulatory reporting purposes and (b) an analysis which reasonably supports such
opinion. 
 Section 14.3. Additional Reports and Updates. For so long as this Agreement remains in effect, each party shall
periodically furnish to the other such other reports and information as may be reasonably required by such other party for regulatory, Tax or similar purposes and reasonably acceptable to it. 
 Section 14.4. Audits. Each of the Companies may, not more often than annually (except for follow-up audits and/or audits required by law as described below), request an audit of the
Administrative Services performed under this Agreement. Such audits must be conducted by personnel of the applicable Company or any of its Affiliates or, subject to the consent of the Administrator, which consent shall not be unreasonably withheld,
conditioned or delayed, a reputable independent auditor selected by such Company. The Administrator shall accommodate such periodic audits and shall provide each auditor access to its relevant books and records during normal business hours upon
reasonable advance notice and shall cooperate with such auditors as is reasonably necessary for the auditors to conduct an audit and complete an audit report, subject to execution by any third party auditor of a confidentiality agreement in a form
reasonably acceptable to the parties. The applicable Company shall bear the expenses of any 

  
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such audits, except for follow-up audits required as a result of prior audit findings of material audit deficiencies attributable to the Administrator’s operations or systems, in which case
the Administrator shall bear the reasonable expenses of such follow-up audits. Notwithstanding the foregoing, to the extent any access or audit is required by Applicable Law or by any Governmental Entity (including any inspection, inquiry or
examination by a Governmental Entity): (i) the parties shall cooperate fully to provide necessary access and services related to any such audit within any time prescribed by the Applicable Law or the relevant Governmental Entity; and
(ii) the maximum audit limits set forth above shall not apply. 
 ARTICLE XV 

BOOKS AND RECORDS 
 The Administrator shall keep accurate and complete records, files and accounts of all transactions and matters with respect to the Administered Contracts and Accounts relating to the periods following the
Closing Date and the administration thereof. Such books and records shall be maintained (i) in accordance with The Hartford Document Retention Policy (or, if applicable, the Closing Date Document Retention Policy), (ii) in accordance with
Applicable Law, (iii) in accordance with the requirements set forth in the Administered Contracts, and (iv) in an accessible format. The parties to this Agreement, their designated representatives and authorized representatives of
Governmental Entities may upon reasonable notice, inspect, at the offices of the Administrator or the applicable Company where such records are located, the papers and any and all other books or documents of the Administrator or the applicable
Company reasonably relating to this Agreement, including the Administered Contracts, and shall have access to appropriate employees and representatives of the other party, in each case during normal business hours for such period as this Agreement
is in effect or for as long thereafter as any rights or obligations of any party survives or the Administrator or the applicable Company reasonably need access to such records for regulatory, Tax or similar purposes. The information obtained shall
be used only for purposes relating to the transactions and other performance contemplated under this Agreement. 
 ARTICLE XVI

 COOPERATION 
 Each party hereto shall cooperate fully with the other in all reasonable respects in order to accomplish the objectives of this Agreement including making available to each their respective officers and
employees for interviews and meetings with Governmental Entities and furnishing any additional assistance, information and documents as may be reasonably requested by a party from time to time. 

  
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 ARTICLE XVII 
 PRIVACY REQUIREMENTS 
 Section 17.1. Customer Information. 

(a) In providing the Administrative Services, and in connection with maintaining, administering, handling and transferring the data of
the Contractholders and other recipients of benefits under the Administered Contracts, the Administrator shall, and shall cause its Affiliates to, comply with Applicable Law with respect to privacy or data security relative to Customer Information
(as defined below), and shall implement and maintain an effective information security program (the “Information Security Program”) designed to protect Customer Information in compliance with all applicable privacy laws and other
Applicable Law (i) to ensure the security, integrity and confidentiality of Customer Information, (ii) to protect against any anticipated threats or hazards to the security or integrity of such Customer Information, and (iii) to
protect against unauthorized access to or use of Customer Information which could result in substantial harm or inconvenience to the owner thereof or its Affiliates, or to Customers or potential Customers thereof. The Administrator shall permit the
applicable Company and its agents and representatives, and any Governmental Entity to the extent required by Applicable Law, to audit the Administrator’s compliance herewith. 

(b) If the Administrator discovers a security breach that has resulted or may reasonably result in unauthorized access to or disclosure
of, or have a material adverse affect on, Customer Information or would require a breach notification to a Customer under Applicable Law (a “Security Incident”), the Administrator shall at its own expense, (i) immediately
notify the applicable Company, (ii) promptly (and in any event within forty-eight (48) hours) investigate such Security Incident, (iii) promptly (and in any event within forty-eight (48) hours) take all measures reasonably
necessary to restore the security of such Customer Information, consulting with such Company with respect to such measures, (iv) deliver any required or requested notifications or other communications to third parties with respect to such
Security Incident in a timely manner, and (v) cooperate with such Company and any Governmental Authority investigating such Security Incident. The Administrator shall reimburse the applicable Company for all reasonable notification and related
costs and expenses (including out-of-pocket expenses), if any, incurred by such Company arising out of or in connection with any such Security Incident. The parties shall in good faith seek to resolve disputes arising under this
Section 17.1(b) on an expedited basis. 
 (c) Throughout the term of this Agreement, the Administrator shall
maintain internal controls regarding its operations, security and policies consistent with those previously observed and maintained by the applicable Company, utilizing the audit control processes and associated analyses as previously utilized by
such Company. The Administrator shall further run the control tests as prescribed by such audit control processes (with the same frequency and in the same manner as previously run by the applicable Company), certify the results of such tests and
deliver such results to the applicable Company (in a form, and including such information, agreed between the Companies and the Administrator prior to the Closing Date). The Administrator shall promptly remediate any control deficiency revealed by
such testing, and report to the applicable Company on its remediation plan (which is subject to review and approval by such Company) and progress against such plan until remediated. 

  
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 ARTICLE XVIII 
 CONSIDERATION FOR ADMINISTRATIVE SERVICES 
 Section 18.1. Administration Fees.

 (a) In consideration for the provision of the Administrative Services, the Companies shall pay to the Administrator a monthly
amount equal to the sum of (i) the monthly Net M&E Fees with respect to the Administered Contracts plus (ii) the monthly Policy Administration Fees with respect to the Administered Contracts plus (iii) the monthly
Accounting/Woodbury Fees with respect to the Administered Contracts plus (iv) the monthly Net Policy Loan Spread with respect to the Administered Contracts for the immediately preceding month, all as described in the example set forth on
Schedule L hereto, with such component line items being calculated in accordance with GAAP and in accordance with the historical calculation methodology of such amounts utilized with respect to such line items immediately prior to the
Effective Time for each calendar month during the term of this Agreement (the “Administration Fees”). 
 (b) It
is acknowledged by the parties that the Administration Fees for the first month hereunder have been paid pursuant to the Master Agreement. 
 (c) During the second through sixth months hereunder, the Administration Fees shall be paid by the Companies in advance in accordance with Schedule L-1. For all periods following the end of the
sixth month hereunder, the Administration Fees shall be paid by the Companies in arrears (notwithstanding the foregoing, the February 15, 2012 payment shall include the true-up calculation set forth in Schedule L-1). By way of example,
the Administration Fees for the Administrative Services in the seventh month hereunder shall be paid in the eight month following the Companies’ receipt of notice as provided in (d) below. 

(d) Administration Fees for a particular month shall be due and payable by the Companies to the Administrator within five
(5) Business Days following notice by the Administrator to the Companies of the applicable Administration Fees for such month. 
 ARTICLE XIX 
 INDEMNIFICATION 

Section 19.1. Indemnification of the Companies. The Administrator hereby indemnifies and holds harmless the Hartford
Companies and their directors, officers and employees and their Representatives and Affiliates (“Company Indemnified Parties”) from, against and in respect of all Losses imposed on, sustained, incurred or suffered by, or asserted
against any Company Indemnified Party resulting from or arising out of (a) any breach or nonfulfillment by the Administrator of, or any failure by the Administrator to perform, any of the material covenants, terms or conditions of, or any
material duties or obligations, whether intentional or unintentional, under this Agreement, but excluding any Losses imposed on, sustained, incurred or suffered by, or asserted against any Company Indemnified Party (including Losses imposed by a
Governmental Entity) resulting from or arising out of the failure of the Administrator to hold any 

  
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third party administrator license or insurance adjuster license that the Administrator did not hold as of the Effective Time unless the Administrator shall have failed to diligently pursue
obtaining such license beginning on and after the Closing Date; (b) any fraud, theft or embezzlement by directors, officers, employees, agents or Subcontractors of Administrator during the term of this Agreement; (c) the administration by
the Administrator of the Ceded Reinsurance Agreements; (d) misrepresentations by the Administrator or its Affiliates or Subcontractors or its or their employees or representatives to any Contractholder(s) regarding the Administered Contracts;
and/or (e) any overpayment by the Administrator under a Administered Contract to a beneficiary or failure by the Administrator to timely execute stock-related purchases and sales under a Administered Contract, other than, in the case of (a),
(c) and (e), any failure on the part of the Administrator caused by the action or inaction of a Hartford Company or any of its Affiliates except any action or inaction on the part of a Hartford Company or its Affiliates at the specific
direction or specific request of Administrator or its Affiliates or with the specific approval of the Administrator or its Affiliates; provided that, the Administrator shall have no obligation to indemnify any Company Indemnified Party to the
extent (i) such Person is also indemnified for such Loss under the Master Agreement or (ii) such Loss is related to any act or omission resulting from the gross negligence or willful misconduct of the Hartford Companies. 

Section 19.2. Indemnification of the Administrator. Each Hartford Company hereby indemnifies and holds harmless the
Administrator and its directors, officers and employees and its Representatives and Affiliates (“Administrator Indemnified Parties”) from, against and in respect of all Losses imposed on, sustained, incurred or suffered by, or
asserted against any Administrator Indemnified Party resulting from or arising out of (i) any breach or nonfulfillment by such Hartford Company of, or any failure by such Hartford Company to perform, any of the material covenants, terms or
conditions of, or any material duties or obligations, whether intentional or unintentional, under this Agreement; (ii) any claim that the Administrator’s use of the Hartford Name and the Hartford Licensed Marks pursuant to this Agreement
infringes any third party’s intellectual property or other proprietary rights; and (iii) or caused by any fraud, theft or embezzlement by directors, officers, employees, agents of such Hartford Company during the term of this Agreement;
other than, in the case of (i), any failure on the part of such Hartford Company caused by the action or inaction of Administrator or any of its Affiliates, except any action or inaction on the part of Administrator or its Affiliates taken at the
specific direction of either of such Hartford Company or at the specific request or with the specific approval of either of such Hartford Company or its Affiliates; provided that, such Hartford Company shall have no obligation to indemnify
any Administrator Indemnified Party to the extent (i) such Person is also indemnified for such Loss under the Master Agreement or (ii) such Loss is related to any act or omission resulting from the gross negligence or willful misconduct of
the Administrator. 
 Section 19.3. Indemnification Procedures. In the event that either a Hartford Company or the
Administrator shall have a claim for indemnity against the other party under the terms of this Agreement, the parties shall follow the procedures set forth in Section 10.02 of the Master Agreement. 

Section 19.4. Sole Remedy. Except with respect to the Administrator’s obligation to reimburse the applicable Company for
the costs and expenses described in Section 17.1(b) and the Companies’ obligation to pay on behalf of or reimburse the Administrator for the costs and 

  
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expenses described in Sections 8.1(c) and 8.2(b) and except as expressly set forth in the Global Confidentiality Agreement and Sections 3.11 and 22.7(b) hereof, the
indemnification rights provided for in this Article XIX shall be the sole and exclusive remedy of the parties hereto for (a) any inaccuracy or breach of any representation or warranty made hereunder by a party hereto and (b) any
breach or nonfulfillment by a party hereto, or any failure by a party hereto to perform, any of the covenants, terms or conditions of, or any of its duties or obligations under, this Agreement. 

ARTICLE XX 

DURATION; TERMINATION 

Section 20.1. Duration. This Agreement shall commence on the Closing Date and continue with respect to each Administered Contract until no
further Administrative Services in respect of such Administered Contract are required, unless this Agreement is earlier terminated under Section 20.2. 
 Section 20.2. Termination. (a) This Agreement is subject to immediate termination at the option of the Companies (subject to the limitations set forth below in this
Section 20.2(a)), upon written notice to the Administrator, upon the occurrence of any of the following events: 
  

	 	(i)	A voluntary or involuntary proceeding is commenced in any jurisdiction by or against the Administrator for the purpose of conserving, rehabilitating or liquidating the
Administrator; 

  

	 	(ii)	There is a material breach by the Administrator of any material term or condition of this Agreement; 

 

	 	(iii)	There exists a series of material breaches by the Administrator that are cured within the permissible periods, and/or a series of non-material or persistent breaches by
the Administrator that in the aggregate have a material adverse impact on the Administrative Services or the applicable Company, and such pattern of performance by the Administrator continues for one hundred eighty (180) consecutive days; or

  

	 	(iv)	The Administrator Abandons this Agreement or the Administrative Services. 

 With respect to the matters set forth in Sections 20.2(a)(ii) through 20.2(a)(iv), within thirty (30) days of receipt of written notice from the applicable Company as to the existence of an
event or circumstance giving rise to such Company’s right to terminate (a “Breach Notice”), the Administrator shall notify such Company in writing (a “Cure Plan Notice”) as to whether it intends: (1) to
cure, within ninety (90) days of its receipt of the Breach Notice, the breach or non-performance giving rise to the termination right; or (2) to submit to such Company, within sixty (60) days of the Administrator’s receipt of the
Breach Notice, a remediation plan to cure such breach or non-performance (a “Proposed Remediation Plan”), which plan shall be reasonably acceptable to such Company, such acceptance not to be unreasonably withheld, conditioned or
delayed (a Proposed Remediation Plan that is so acceptable to such Company, an “Agreed 

  
 33 

 
Remediation Plan”). In the case of a Proposed Remediation Plan, the Administrator shall cooperate with the applicable Company in good faith in order to develop an Agreed Remediation
Plan, which cooperation shall include regular meetings of the parties’ Relationship Managers and such members of the senior management of the Administrator as such Company may reasonably request from time to time. The applicable Company may
exercise its right of termination, effective immediately, if: 
  

	 	(x)	the Administrator fails to deliver the Cure Plan Notice within thirty (30) days following its receipt of the Breach Notice; 

 

	 	(y)	the Cure Plan Notice indicates that the Administrator intends to develop a Proposed Remediation Plan, and the Administrator fails to deliver such Proposed Remediation
Plan within sixty (60) days of its receipt of the Breach Notice; or 

  

	 	(z)	the Administrator fails to cure the breach or non-performance within the later of (I) one hundred eighty (180) days following its receipt of the Breach Notice
or (II) the deadline to cure such breach or non-performance as set forth in an Agreed Remediation Plan. If the Administrator has submitted a Proposed Remediation Plan but the parties have been unable to agree upon an Agreed Remediation Plan, then
the Administrator must cure such breach or non-performance within one hundred eighty (180) days following its receipt of the Breach Notice. 

 Without limitation of the foregoing, the Administrator shall notify the applicable Company promptly upon becoming aware of the existence of an event or circumstance giving rise to such Company’s
right to terminate this Agreement. 
 (b) The Administrator shall be entitled to terminate this Agreement effective immediately
upon written notice to the Companies if (i) the Companies shall have failed to pay when due Administration Fees in an aggregate amount equal to or greater than Ten Million Dollars ($10,000,000) and shall have failed to remit to the
Administrator such aggregate amount within thirty (30) days after receipt by the Companies of written notice from the Administrator of such breach (provided, however, that the Administrator shall not be entitled to terminate this Agreement
if and for so long as the Companies dispute in good faith the amount claimed due by the Administrator) or (ii) either of the Companies directly or indirectly assigns its respective rights as insurer under all or a portion of the Administered
Contracts under circumstances where (x) such Companies thereafter fail to continue to fulfill their obligations to pay Administration Fees under this Agreement in respect of such Administered Contracts and a person with the financial ability to
do fails to assume such payment obligations from such Company, and (y) the Administration Fees thereafter received by Administrator under this Agreement are materially and negatively affected as a result. 

(c) If a Force Majeure event occurs, the nonperforming party will be excused from performance for as long as such circumstances prevail
and such party continues to use commercially reasonable efforts to recommence performance. Any party so delayed in its performance will immediately notify the other and describe at a reasonable level of detail the

  
 34 

 
circumstances causing such delay. Notwithstanding the foregoing, if the Force Majeure prevents performance of the Administrative Services for more than ten (10) consecutive days, then the
applicable Company may, at its option, suspend the Administrator’s right to perform the Administrative Services so affected by the Force Majeure event and procure such services from an alternate source until such time as the Administrator is
able to resume performance of such Administrative Services, at which time the Administrative Services shall thereafter be performed by the Administrator pursuant to this Agreement in accordance with its terms. The applicable Company and the
Administrator shall share equally in the transition costs relating to the alternate provision of the affected Administrative Services and the re-assumption of such Administrative Services by the Administrator, as well as the costs incurred with
respect to such alternate provider. This Section 20.2(c) does not limit or otherwise affect the Administrator’s obligation to provide business continuity / disaster recovery services in accordance with Section 3.6 and
Schedule A hereunder. 
 (d) This Agreement may be terminated at any time upon the mutual written consent of the parties
hereto, which writing shall state the effective date of termination. 
 (e) If this Agreement is terminated under any of the
provisions of Section 20.2(a), the Companies shall select a third-party administrator to perform the services required by this Agreement (or shall perform such services itself). The Administrator shall bear all reasonably incurred
transition costs associated with the transition of the performance of the services required under this Agreement to such replacement administrator and shall cooperate in the transfer of services and the books and records maintained by the
Administrator pursuant to this Agreement (or, where appropriate, copies thereof) to such replacement administrator. 
 (f)
Following any termination of this Agreement, the Administrator shall cooperate fully with the Companies in effecting promptly any necessary transfer of the Administrative Services and the transfer of all Books and Records maintained by the
Administrator hereunder that pertain to such terminated and transferred Administrative Services to the applicable Company or its designee, so that such Company or its designee will be able to perform the Administrative Services that are being
terminated without interruption. The Companies shall cooperate with the Administrator to allow the Administrator to complete the transfer of such Administrative Services as early as is commercially reasonable to do so. As part of the transition of
such Administrative Services, the parties shall work together to develop a mutually-agreeable transition plan setting forth the respective tasks to be accomplished by each party in connection with the orderly transition of such Administrative
Services and a schedule pursuant to which the tasks are to be completed. In addition following any such termination, the Administrator will cooperate with the applicable Company in connection with any regulatory or Tax audits relating to any period
during which the Administrator was providing Administrative Services hereunder. 
 Section 20.3. Termination Payments. 

(a) If this Agreement is terminated by the Companies pursuant to Section 20.2(a)(i), then the Companies shall pay or cause to
be paid to the Administrator within thirty (30) days of the Termination Effective Time, an amount equal to the Insolvency Termination Payment. 

  
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 (b) If this Agreement is terminated by the Companies pursuant to Section 20.2(a)(ii)
or (iii), then the Companies shall pay or cause to be paid to the Administrator within thirty (30) days of the Termination Effective Time, an amount equal to the Companies’ Termination Payment, if any. 

(c) If this Agreement is terminated by the Companies pursuant to Section 20.2(a)(iv) the Companies shall not owe the
Administrator either the Companies’ Termination Payment or the Administrator’s Termination Payment. 
 (d) If this
Agreement is terminated by the Administrator pursuant to Section 20.2(b) then the Companies shall pay the Administrator’s Termination Payment to the Administrator within thirty (30) days of the Termination Effective Time plus
the amount of Administration Fees then due and unpaid. 
 (e) The parties agree that any amounts paid pursuant to Sections
20.3(a) through (d) shall be treated for Tax purposes as an adjustment to the consideration payable by Purchaser under Section 2.01 of the Master Agreement, unless otherwise required by Applicable Law. In the event that any Taxes are
actually imposed by any Tax Authority on any amounts paid pursuant to Sections 20.3(a) through (d) the Companies shall pay to the Administrator any such Taxes, including, for the avoidance of doubt, any additional Taxes with respect to
the related payment pursuant to this Section 20.3(e). The Administrator shall cooperate with the Companies in good faith in challenging any proposed assessment of Taxes on any payments made pursuant to Sections 20.3(a) through
(d) or this Section 20.3(e). 
 (f) The Administrator’s Termination Payment, the Companies’
Termination and the Insolvency Termination Payment, as the case may be, shall be in addition to any accrued and unpaid fees owed to Administrator by the Companies for Administrative Services provided by Administrator under this Agreement through the
Termination Effective Time. 
 ARTICLE XXI 
 ARBITRATION 
 Section 21.1. Negotiation. As a condition to the parties’
right to arbitration under this Agreement, either party will give written notification to the other party of any dispute relating to or arising from this Agreement, including, but not limited to, the formation or breach thereof. Within fifteen
(15) calendar days of notification, both parties must designate an officer of their respective companies to attempt to resolve the dispute. The officers will meet at a mutually agreeable location as soon as possible and as often as necessary to
attempt to negotiate a resolution of the dispute. During the negotiation process, all reasonable requests made for information concerning the dispute will be promptly honored. The officers will mutually determine the format for discussions. If these
officers are unable to resolve the dispute within thirty (30) days of their first meeting, the parties may agree in writing to extend the negotiation period for an additional thirty (30) calendar days. If the matter is not resolved within
thirty (30) days of the first meeting or the additional thirty (30) calendar day period, if any, then either party may demand arbitration pursuant to Section 21.2. The discussions and all information exchanged for the purposes
of such discussions will be confidential and without prejudice. 

  
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 Section 21.2. Resolution of Damages. With the exception of the Companies’ right of specific
performance under the Confidentiality Agreement and Sections 3.11 and 22.7(b) hereof, any unresolved dispute between the Companies and/or Hartford Fire on the one hand, and the Administrator on the other hand, arising out of the provisions of
this Agreement, or concerning its interpretation or validity, whether arising before or after termination of this Agreement, shall be submitted to arbitration pursuant to the commercial arbitration rules of ARIAS. 

Section 21.3. Composition of Panel. Unless the parties agree upon a single arbitrator within fifteen (15) days after the receipt of
notice of intention to arbitrate, all disputes shall be submitted to an arbitration panel composed of two arbitrators and an umpire, chosen in accordance with Sections 21.4 and 21.5. 
 Section 21.4. Appointment of Arbitrators. The party requesting arbitration (hereinafter referred to as the “Petitioning Party”) shall appoint an arbitrator and give written
notice thereof to the other party (hereinafter referred to as the “Respondent”) together with its notice of intention to arbitrate. Unless a single arbitrator is agreed upon within fifteen (15) days after the receipt of the
notice of intention to arbitrate, the Respondent shall, within thirty (30) days after receiving such notice, also appoint an arbitrator and notify the Petitioning Party thereof in a like manner. If more than one of the Hartford Companies
request arbitration against the Administrator, then such Hartford Companies shall jointly be considered the Petitioning Party and shall be entitled to appoint a single arbitrator. If the Administrator is the Petitioning Party and requests
arbitration against more than one of the Hartford Companies, then such Hartford Companies shall jointly be considered the Respondent and shall appoint a single arbitrator. Before instituting a hearing, the two arbitrators so appointed shall choose
an impartial umpire from candidates on the ARIAS-U.S. Certified Arbitrators List in effect at the time of commencement of the arbitration. If, within thirty (30) days after they are both appointed, the arbitrators fail to agree upon the
appointment of an umpire, the umpire shall be selected pursuant to the rules of the ARIAS. The arbitrators shall be present or former executives or officers of life insurance or reinsurance companies who hold an ARIAS-U.S. Arbitration Certification
and have at least ten (10) years of experience in the insurance or reinsurance industry. The arbitrators and umpire shall be disinterested or impartial individuals and not be under the control of either party, and shall have no financial
interest in the outcome of the arbitration. Any arbitrator or proposed arbitrator who is or has acted as counsel on behalf of any Administrator adverse to a party in two or more arbitration or litigation matters will be deemed unqualified to serve
as an umpire or arbitrator hereunder. 
 Section 21.5. Failure of a Party to Appoint Arbitrator; Incapacity of Arbitrator.

 (a) If the Respondent fails to appoint an arbitrator within thirty (30) days after receiving a notice of intention to
arbitrate, such arbitrator shall be selected pursuant to the rules of the ARIAS, and shall then, together with the arbitrator appointed by the Petitioning Party, choose an umpire as provided in Section 21.2. 

(b) Should any arbitrator become incapacitated during the term of the arbitration, (i) if it is before the final hearing, the
appointing party may replace its nominee with another qualified candidate, or the two arbitrators may nominate a replacement umpire within thirty (30) days in accordance with Section 21.4 using candidates from the ARIAS-U.S.
certified 

  
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Arbitrators List in effect at the time of the commencement of the arbitration; or (ii) if it is during or after the hearing, but before the rendering of an award, the arbitrators and the
Parties shall meet to discuss whether the third arbitrator is needed to render a complete and fair decision. In the absence of any agreement on the issue, the party which has lost its appointed arbitrator due to incapacity after the hearing but
before a decision has been rendered, or either party in the event of incapacity of the umpire, shall have the right to petition the state or federal court within the State of New York for a new hearing with a replacement arbitrator. If such court
orders a new hearing with a replacement arbitrator, such replacement shall be made within fifteen (15) days of obtaining an order from the court granting the request for a new hearing, and a re-hearing shall be made within thirty (30) days
thereafter unless otherwise agreed by the newly constituted Arbitration Panel. The newly constituted Arbitration Panel will have the right to review all transcripts and documents from the first hearing. 

Section 21.6. Choice of Forum. Any arbitration instituted pursuant to this Article XXI shall be held in New York, New York or such
other place as the parties may mutually agree. 
 Section 21.7. Procedure Governing Arbitration. Each party participating in the
arbitration shall have the obligation to produce those documents and as witnesses to the arbitration those of its employees as any other participating party reasonably requests providing always that the same witnesses and documents be obtainable and
relevant to the issues before the arbitration and not be unduly burdensome or excessive. The parties may mutually agree as to pre-hearing discovery prior to the arbitration hearing and in the absence of agreement, upon the request of any party,
pre-hearing discovery may be conducted as the panel shall determine in its sole discretion to be in the interest of fairness, full disclosure, and a prompt hearing, decision and award by the panel. The panel shall be the final judge of the
procedures of the panel, the conduct of the arbitration of the rules of evidence, the rules of privilege and production and of excessiveness and relevancy of any witnesses and documents upon the petition of any participating party. To the extent
permitted by Applicable Law, the panel shall have the authority to issue subpoenas and other orders to enforce its decisions. 

Section 21.8. Arbitration Award. The arbitration panel shall render its decision within sixty (60) days after termination of the
proceeding unless the parties consent to an extension, which decision shall be in writing, stating the reason therefor. The decision of the majority of the panel shall be final and binding on the parties to the proceeding except to the extent
otherwise provided in the Federal Arbitration Act. Judgment upon the award may be entered in any court having jurisdiction pursuant to the Federal Arbitration Act. 
 Section 21.9. Cost of Arbitration. Unless otherwise allocated by the panel, each party shall bear the expense of its own arbitrator and its own witnesses and shall equally bear with the other
parties the expense of the umpire and the arbitration. 
 Section 21.10. Limit of Authority. The arbitrators will have the power to
set all procedural rules for the arbitration, including the discretion to make any order with respect to pleadings, discovery, depositions, scheduling, the hearing, reception of evidence and any other matter whatsoever relating to the conduct of the
arbitration. The arbitrators will have the power to grant interim relief as it may deem appropriate. The arbitrators will have the power to award reasonable attorneys’ fees, pre- and post-hearing interest, and other forms of relief to either
party 

  
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to the extent permitted by Applicable Law, including fees and costs incurred in connection with the arbitration or any litigation commenced to stay or dismiss arbitration. The arbitrators shall
have no authority to impose any punitive, exemplary or consequential damage awards on either of the parties hereto. 
 Section 21.11.
Continued Provision of Administrative Services. The Administrator shall continue to provide the Administrative Services during the course of any dispute that arises under this Article (including any service whose inclusion as an
Administrative Service is the subject of the dispute) until this Agreement has been terminated pursuant to Section 20.2. 
 ARTICLE XXII 
 GENERAL PROVISIONS 

Section 22.1. Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement.

 Section 22.2. Schedules. The Schedule to this Agreement that is specifically referred to herein is a part of this Agreement as if
fully set forth herein. All references herein to Articles, Sections, subsections, paragraphs, subparagraphs, clauses and Schedules shall be deemed references to such parts of this Agreement, unless the context shall otherwise require. 

Section 22.3. Notices. All notices, requests, demands and other communications under this Agreement must be in writing and will be deemed to
have been duly given or made as follows: (a) if sent by registered or certified mail in the United States return receipt requested, upon receipt; (b) if sent by reputable overnight air courier, two (2) Business Days after mailing;
(c) if sent by facsimile transmission, with a copy mailed on the same day in the manner provided in (a) or (b) above, when transmitted and receipt is confirmed by telephone; or (d) if otherwise actually personally delivered, when
delivered, and shall be delivered as follows: 
 If to HLIC: 

Hartford Life Insurance Company 
 200 Hopmeadow Street 
 Simsbury, CT 06089 

			
	Facsimile:	  	(860) 843-3528
	Attention:	  	Chief Financial Officer

  
 39 

 If to HLAC: 
 Hartford Life and Annuity Insurance Company 
 200 Hopmeadow Street 

Simsbury, CT 06089 

			
	Facsimile:	  	(860) 843-3528
	Attention:	  	Chief Financial Officer

 If to Hartford Fire: 
 Hartford Fire Insurance Company 
 One Hartford Plaza 

Hartford, CT 06155 

			
	Facsimile:	  	(860) 547-4721
	Attention:	  	Chief Financial Officer

 In each case and with respect to each Hartford Company, with a concurrent copy (which will not constitute
notice) to: 
 The Hartford 
 One Hartford Plaza 
 Hartford, CT 06155 

			
	Facsimile:	  	(860) 547-6959
	Attention:	  	Director of Corporate Law

 If to the Administrator: 
 Philadelphia Financial Administration Services Company 
 1650
Market Street, 54th Floor 

Philadelphia, PA 19103 

			
	Facsimile:	  	(215) 977-7820
	Attention:	  	General Counsel

 In each case, with a concurrent copy (which will not constitute notice) to: 

Reinsurance Group of America 
 1370 Timberlake Manor Parkway 
 Chesterfield, MO 63017 

			
	Facsimile:	  	(636) 736-8574
	Attention:	  	Scott Cochran

 and: 
 Tiptree Financial Partners, L.P. 
 780 Third Avenue, 21st Floor 

New York, New York 10017 
 Attention: Geoffrey Kauffman 
 and: 

  
 40 

 Tiptree Financial Partners, L.P. 

780 Third Avenue, 21st Floor 
 New York, New York 10017 
 Attention: General Counsel 

Any party may, by notice given in accordance with this Section 22.3 to the other parties, designate another address or Person
for receipt of notices hereunder provided that notice of such a change shall be effective upon receipt. 
 Section 22.4. Binding Effect;
Assignment; Assignment of Administered Contracts. 
 (a) This Agreement shall be binding upon and inure to the benefit of
the parties and their respective successors, permitted assigns and legal representatives. 
 (b) Except for a Pre-Authorized
Assignment, neither this Agreement nor any of the rights, interests or obligations hereunder may be assigned or delegated (except, with respect to delegations by the Administrator as permitted by Section 3.5), in whole or in part, by any
party without the prior written consent of the other parties, which consent may not be unreasonably withheld, conditioned or delayed; provided that any such permitted assignee or delegee (including pursuant to a Pre-Authorized Assignment)
shall agree to become a party to and bound by the Global Confidentiality Agreement. 
 Section 22.5. Counterparts. This Agreement
may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. 

Section 22.6. Currency. Whenever the word “Dollars” or the “$” sign appear in this Agreement, they shall be construed to
mean United States Dollars, and all transactions under this Agreement shall be in United States Dollars. 
 Section 22.7. Waivers and
Amendments; Non-Contractual Remedies; Preservation of Remedies. 
 (a) This Agreement may be amended, superseded, canceled,
renewed or extended, and the terms hereof may be waived, only by a written instrument signed by each of the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any right, power or privilege, nor any single or partial exercise of any such right, power or privilege, preclude any further exercise thereof or
the exercise of any other such right, power or privilege. The rights and remedies herein provided are cumulative and are not exclusive of any rights or remedies that any party may otherwise have at law or in equity. 

(b) The parties hereby acknowledge and agree that the failure of any party to perform its agreements and covenants hereunder will cause
irreparable injury to the other party, for which damages, even if available, will not be an adequate remedy. Accordingly, each party hereby consents to the issuance of temporary, preliminary and permanent injunctive relief by the

  
 41 

 
New York Courts to compel performance of such party’s obligations, or to prevent breaches or threatened breaches of this Agreement, and to the granting by the New York Courts of the remedy
of specific performance of its obligations hereunder, in addition to any other rights or remedies available under this Agreement. 

Section 22.8. Governing Law. This Agreement shall be construed, performed and enforced in accordance with the laws of the State of New York
without giving effect to its principles or rules of conflict of laws thereof to the extent such principles or rules would require or permit the application of the laws of another jurisdiction. 

Section 22.9. Entire Agreement; Severability. (a) This Agreement, the Master Agreement, the Global Confidentiality Agreement and the
applicable Ancillary Agreements contain the entire agreement between the parties with respect to the subject matter hereof and supersede all prior agreements and understandings, written or oral, with respect thereto. 

(b) If any provision of this Agreement is held to be void or unenforceable, in whole or in part, (i) such holding shall not affect
the validity and enforceability of the remainder of this Agreement, including any other provision, paragraph or subparagraph, and (ii) the parties agree to attempt in good faith to reform such void or unenforceable provision to the extent
necessary to render such provision enforceable and to carry out its original intent. 
 Section 22.10. Parties to this Agreement; No
Third Party Beneficiaries. This Agreement is an administrative services agreement solely between the Companies and the Administrator, and the performance of the obligations of each party under this Agreement shall be rendered solely to the other
party. In no instance shall anyone other than the Companies or the Administrator (and their successors and permitted assigns) have any rights under this Agreement. Nothing in this Agreement is intended or shall be construed to give any Person, other
than the parties hereto, their successors and permitted assigns, any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. 
 Section 22.11. Interpretation. For purposes of this Agreement, the words “hereof,” “herein,” “hereby” and other words of similar import refer to this Agreement as
a whole unless otherwise indicated. Whenever the words “include,” “includes,” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” Whenever the
singular is used herein, the same shall include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. 
 Section 22.12. No Fiduciary Duties. The parties acknowledge and agree that it is not the intent of the Administrator to assume, nor the intent of the Companies to impose upon Administrator,
the legal status and duties of a fiduciary in respect of the Administrative Services to be provided by Administrator under this Agreement, except and only to the extent that such status and duties are expressly (and not by implication) imposed upon
Administrator under Applicable Law. In the absence of such express imposition of fiduciary duties upon Administrator, the nature and scope of Administrator’s duties in respect of its performance of Administrative Services under this Agreement
shall be exclusively governed by the express terms of this Agreement. 

  
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 Section 22.13. Survival. 

(a) Article I, Article XVI, XVII, Article XVIII, Article XIX, Section 20.3, Article XXI and Article XXII shall survive the
termination of this Agreement. 

  
 43 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	HARTFORD LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Mark M. Socha

		 	Name: Mark M. Socha
		 	Title: Vice President
	
	HARTFORD LIFE AND ANNUITY INSURANCE COMPANY
		
	By:	 	 /s/ Mark M. Socha

		 	Name: Mark M. Socha
		 	Title: Vice President
	
	HARTFORD FIRE INSURANCE COMPANY
		
	By:	 	 /s/ Lisa M. Proch

		 	Name: Lisa M. Proch
		 	Title: Assistant Vice President
	
	PHILADELPHIA FINANCIAL ADMINISTRATION SERVICES COMPANY
		
	By:	 	 /s/ John K. Hillman

		 	Name: John K. Hillman
		 	Title: President and Chief Executive Officer

  
 44

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