Document:

Exhibit 10.3

 

AMENDED AND RESTATED TRUST AGREEMENT

 

This Amended and Restated Trust Agreement (the “Trust
Agreement”) is made and entered into as of this 8th day of December, 2020 (the “Effective Date”) among
AMERICAN LIFE & SECURITY CORP., a Nebraska-domiciled insurance company
(the “Beneficiary”), CRESTLINE RE SPC, for and on behalf of CRESTLINE RE SP 1 (as successor by novation
to Seneca Incorporated Cell, LLC 2020-02,
an incorporated cell of Seneca Reinsurance Company, LLC, a sponsored captive insurance company formed as a limited liability company
under the Laws of Vermont) (the “Grantor”) and U.S. BANK, NATIONAL ASSOCIATION, a national banking association,
as Trustee (the “Trustee”).

 

RECITALS

 

		A.	The Grantor and the Beneficiary have entered into the amended and restated reinsurance agreement listed on Exhibit B hereto
(the “Reinsurance Agreement”), and the Grantor desires to secure its obligations to the Beneficiary in connection with
the Reinsurance Agreement as provided in this Trust Agreement.

 

		B.	The Grantor desires to establish this Trust Agreement for the sole benefit

of the Beneficiary.

 

		C.	The Trustee desires to serve as directed trustee in accordance with the terms and conditions set forth in this Trust Agreement.

 

		D.	The Beneficiary and the Grantor acknowledge that the Trustee is not a party to, is not bound by, and has no duties or obligations
under, the Reinsurance Agreement, that all references in this Trust Agreement to the Reinsurance Agreement are solely for the benefit
of the Beneficiary and the Grantor, and that the Trustee shall have no implied duties beyond the express duties set forth in this
Trust Agreement.

 

NOW, THEREFORE, for good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the Beneficiary, the Grantor and the Trustee agree
as follows:

 

1.             Definitions.
Unless otherwise provided herein, the following terms shall have the following meanings for all purposes of this Trust Agreement:

 

“Beneficiary” shall have the
meaning specified in the Preamble hereto.

 

“Business Day” means any day
other than a Saturday, a Sunday, any other day on which banking institutions are authorized or required by law to close in New
York, New York or the Cayman Islands, and any other day on which the Trustee is closed.

 

      

     

    

 

“Fair Market Value” means with
respect to any asset, and as of any date of determination, the price that would be received in a sale of such asset in accordance
with GAAP accounting at the determination date (the “Price”), determined as: (i) for liquid assets, the Price
for such asset as published by a nationally recognized pricing service where such prices are available and (ii) otherwise, the
Price for such asset as determined by a qualified independent securities valuation firm, each pricing service or valuation firm
to be selected by the Investment Advisor with the consent of the Beneficiary, such consent not to be unreasonably withheld, conditioned
or delayed. In the event that the Beneficiary and the Investment Advisor cannot agree on a valuation firm, such valuation firm
shall be Houlihan Lokey. The “Fair Market Value” of any asset shall include any accrued but unpaid interest or dividend
on such asset. The Trustee is not responsible for the valuation of non-traded (or nonmarket-traded) assets, including but not limited
to those valued pursuant to (ii) above.

 

“Guidelines” means the investment
guidelines for the Assets agreed by the Grantor, the Investment Advisor and the Beneficiary in the Amended and Restated Trust Investment
Management Agreement, made and entered into on or about the Effective Date between the Grantor and the Investment Advisor. The
Beneficiary and the Grantor hereto acknowledge that the Trustee (i) is not a party to, is not bound by, and has no duties or obligations
under the Guidelines and that all references in this Trust Agreement to the Guidelines are for the convenience of the Grantor and
Beneficiary; (ii) that the Trustee shall be under no duty or responsibility whatsoever to confirm that any investments constitute
or continue to be Permitted Investments or are in compliance with the Guidelines, nor shall the Trustee have any duty or obligation
whatsoever to monitor asset quality, allocation, diversity, composition, value, returns, restrictions or other characteristics
for any reason, including compliance with the Reinsurance Agreement, the Guidelines or any other agreements to which the Beneficiary
and Grantor are parties.

 

“Grantor” shall have the meaning
specified in the Preamble hereto.

 

“Permitted Investments” means
(A) cash (United States legal tender), and any depository assets held through DTC or Federal Reserve, including securities Trustee
customarily holds through an agent; and (B) any asset that is a permitted asset under applicable law and is permitted under the
Guidelines. Depository assets held through Euroclear and Great Britain legal tender may be added as Permitted Investments upon
ten days’ written notice from Grantor or the Investment Advisor to the Trustee; no additional consent or agreement from the
Beneficiary is required.

 

“Reinsurance Agreement”
shall have the meaning specified in Recital A.

 

“Statutory Carrying Value”
shall mean, with respect to any Asset, as of the relevant date of determination, the carrying value amount permitted to be carried
by the Beneficiary as an admitted asset consistent with Nebraska SAP (as defined in the Reinsurance Agreement) in its statutory
financial statements.

 

    2

     

    

 

“Termination
Date” means the date this Trust Agreement shall be deemed terminated pursuant to the provisions of Section 8(a) hereof.

 

“Trust Account” means the trust
account (and any sub-accounts), created and established with the Trustee pursuant to Section 2(b) hereof.

 

“Trustee” means U.S. Bank, National
Association, or any successor serving as Trustee hereunder in accordance with Section 7(d) hereof.

 

2.             Deposit of Assets.

 

(a)        This Trust Agreement has been established
for the sole use and benefit of the Beneficiary.

 

(b)        There is hereby created and established
by the Grantor with the Trustee a trust account (the “Trust Account”) into which all assets to be deposited hereunder
(the “Assets”) shall be received and held by the Trustee.

 

(c)        Upon execution of this Trust Agreement,
the Grantor shall transfer to the Trustee, for deposit in the Trust Account, the Assets listed on Exhibit A hereto, and may transfer
to the Trustee, for deposit to the Trust Account, such other Assets as it may from time to time desire or be required. The Trustee
shall not be responsible to monitor, collect or enforce collection of contributions to the Account.

 

(d)        The Beneficiary shall be permitted from
time to time to deliver Assets to the Trustee for deposit into the Trust Account as permitted by Section 7.03(b)(ii) of the Reinsurance
Agreement. All Assets delivered by the Beneficiary for deposit into the Trust Account shall be considered deposited on behalf of
the Grantor and the Grantor shall be considered the grantor of such Assets for all purposes of this Agreement.

 

(e)        All Assets deposited with the Trustee
shall be held in the Trust Account by the Trustee in a safe place at the Trustee’s offices in The United States of America,
including in any book-entry accounts maintained by the Trustee with any Federal Reserve Bank or with any nationally recognized
securities depository such as the Depository Trust Company or the Participants Trust Company. Assets may be held in the name of
a nominee maintained by the Trustee.

 

(f)        Upon receipt of
any Assets that the Trustee holds in a depository account (i.e., DTC, Federal Reserve System, Euroclear), the Trustee shall
determine that the Assets are in such form that the Beneficiary or the Trustee, upon written direction of the Beneficiary
may, whenever necessary, negotiate any such Assets, without consent or signature from the Grantor or any other person or
entity other than Trustee’s agent. The Grantor covenants and agrees that prior to depositing any Assets with the
Trustee, it will have executed assignments, endorsements in blank, or transferred legal title to the Trustee of all shares,
obligations or any other Assets requiring assignments, in order that the Beneficiary, or the Trustee upon the written
direction of the Beneficiary may whenever necessary negotiate any such Assets without consent or signature from the Grantor
or any other entity.

 

    3

     

    

 

(g)        The Trustee shall furnish to the Grantor
and the Beneficiary a statement of all Assets held in the Trust Account upon inception of this Trust Agreement and at intervals
no less frequent than the end of each calendar quarter thereafter.

 

3.             Withdrawal of
Assets by Beneficiary or Grantor

 

(a)(i) The Beneficiary shall have
the right, at any time and from time to time, to withdraw from the Trust Account upon written notice to the Trustee in the form
of Exhibit C (a “Beneficiary Withdrawal Notice”) such Assets as are specified in the Beneficiary Withdrawal
Notice; provided that the Beneficiary shall certify in such Beneficiary Withdrawal Notice that one of the conditions specified
in Section 7.03(b)(i) of the Reinsurance Agreement which allows the Beneficiary to make a withdrawal request has occurred, that
the amount requested to be withdrawn does not exceed the amount permitted to be withdrawn pursuant to such Section 7.03(b)(i),
and that concurrently with the delivery of the Beneficiary Withdrawal Notice to the Trustee, the Beneficiary has delivered to the
Grantor a complete and accurate copy of the Beneficiary Withdrawal Notice (including all attachments thereto). The concurrent delivery
by the Beneficiary of a copy of each Beneficiary Withdrawal Notice to the Grantor is a material inducement for the Grantor to enter
into this Agreement. The Beneficiary need present no statement or document in addition to a Beneficiary Withdrawal Notice in order
to withdraw any Assets; nor is said right of withdrawal or any other provision of this Trust Agreement subject to any conditions
or qualifications not contained in this Trust Agreement. The Beneficiary hereby covenants to the Grantor that it shall deliver
a Beneficiary Withdrawal Notice only in the circumstances permitted by Section 7.03(b)(i) of the Reinsurance Agreement and that
the amount requested to be withdrawn thereby shall not exceed the amount permitted to be withdrawn pursuant to such Section 7.03(b)(i).

 

(a)(ii) The Grantor shall have the
right, at any time and from time to time, upon written notice in the form of Exhibit D from the Grantor to the Trustee and the
Beneficiary (the “Grantor Withdrawal Notice”) to withdraw Assets to be specified as indicated in such Grantor Withdrawal
Notice from the Trust. The Grantor need present no statement or document in addition to a Grantor Withdrawal Notice in order to
withdraw any Assets; nor is said right of withdrawal by the Grantor or any other provision of this Trust Agreement subject to any
conditions or qualifications not contained in this Trust Agreement. The Grantor may withdraw the Assets and apply any such amounts
withdrawn for any lawful purpose.

 

    4

     

    

 

(a)(iii) For the convenience of
Beneficiary and Grantor (as the case may be), the Exhibits hereto may contain certifications by the Beneficiary for the
benefit of Grantor and Grantor for the benefit of Beneficiary pursuant to separate agreements to which the Trustee is not a
party. Trustee shall have no duty or responsibility whatsoever with respect to the certifications, including but not limited
to reviewing the certifications or assessing the need for or sufficiency of the certifications.

 

(b)        Upon a receipt of a Beneficiary Withdrawal
Notice or a Grantor Withdrawal Notice (as the case may be), the Trustee shall take reasonable steps within the ordinary course
of its business practices to transfer all right, title and interest in the Assets held in a depository account (i.e., DTC, Federal
Reserve, Euroclear) specified in the Beneficiary Withdrawal Notice or Grantor Withdrawal Notice (as the case may be) held in the
Trust Account to the Beneficiary or the Grantor (as the case may be); provided, however, that in the case of a Beneficiary
Withdrawal Notice the Trustee shall not transfer any Assets prior to the fifth (5th) Business Day after the Trustee’s
receipt of such Beneficiary Withdrawal Notice. The Trustee shall be protected in relying upon any Beneficiary Withdrawal Notice
or Grantor Withdrawal Notice for such withdrawal.

 

(c)        The Trustee shall notify the Grantor
and the Beneficiary, within ten (10) calendar days, of any withdrawal or distribution of Assets from the Trust Account.

 

(d)        The Trustee shall have no responsibility
to determine whether any Assets withdrawn from the Trust Account have been or will be used and applied as provided in this Trust
Agreement. 

 

(e)        The Trustee shall not allow any Beneficiary
or Grantor withdrawals of Assets from the Trust Account except as provided in this Section 3.

 

(f)        The specifics of withdrawal transactions
under this Section 3 and of substitutions under Section 4 shall be provided to Trustee on forms the Trustee provides to the parties
for these purposes, which forms may be changed from time to time by the Trustee.

 

4.             Investment and
Substitution of Assets.

 

(a)        The Trustee
shall at the written direction of the Grantor or its designated investment advisor, (or any successor thereto, the
 “Investment Advisor” or “designated investment advisor”) invest Assets held in the Trust Account. The
Grantor initially designates Crestline Management L.P. as the Investment Advisor hereunder and shall provide the Trustee
notice (in the manner prescribed herein) of any substitution of the Investment Advisor. Any deposit or investment directed by
the Grantor or its Investment Advisor shall constitute a certification to the Trustee that the assets deposited or to be
purchased pursuant to such directions are Permitted Investments in compliance with the Guidelines. However, notwithstanding
the foregoing, the Trustee shall be under no duty or responsibility whatsoever to confirm that any investments constitute or
continue to be Permitted Investments or are in compliance with the Guidelines, nor shall the Trustee have any duty or
obligation whatsoever to monitor asset quality, allocation, diversity, composition, value, returns, restrictions or other
characteristics for any reason, including compliance with the Reinsurance Agreement, the Guidelines or any other agreements
to which the Beneficiary and Grantor are parties. The Beneficiary and the Grantor acknowledge that the Trustee is not
providing investment supervision, recommendations, or advice.

 

    5

     

    

 

(b)        The Trustee shall, at the written direction
of the Grantor or its designated investment advisor on a form attached hereto as Exhibit E, accept substitutions of any Assets
held in the Trust Account. The Trustee shall not allow any other substitutions of Assets in the Trust Account. The Trustee shall
have no responsibility whatsoever to determine the value of such substituted securities or that such substituted securities constitute
Permitted Investments.

 

(c)        The Investment Advisor shall have the
full and unqualified right to vote any shares of stock held by the Trustee in the Trust Account

 

(d)        Assets deposited and held in the Trust
Account shall be valued according to their current Statutory Carrying Value; provided, however, that if the Beneficiary withdraws
any Asset from the Trust Account as permitted by this Trust Agreement, then such Asset, as of the time of withdrawal, shall be
valued at its Fair Market Value.

 

(e)        The Grantor represents and warrants
to the Trustee and the Beneficiary that any Assets delivered to the Trustee shall consist only of Permitted Investments, and that
it, and its designated investment advisor, shall direct and instruct the Trustee in writing to invest any funds held in the Trust
Account only in Permitted Investments.

 

(f)         The Trustee shall have no responsibility or liability
to the Grantor, the Beneficiary, or to any other person or entity for any investment losses resulting from any investment of Assets
made in accordance with the terms of this Trust Agreement. Any loss incurred from any investment shall be borne exclusively by
the Trust Account.

 

(g)       The Trustee shall not be responsible
for any act or omission, or for the solvency, of any agent or broker.

 

(h)        The Trustee is authorized and directed
to (i) invest money or assets of the Account in any registered investment company to which the Trustee or an affiliate of the Trustee
provides services and receives compensation for providing such services as such investment may be directed by Grantor or an agent
of Grantor and (ii) invest available cash in the Account, pending disbursement or investment, in a cash management vehicle as designated
by the Grantor or an agent of Grantor. The Grantor and Beneficiary understand and agree that cash management vehicles made available
by the Trustee may include deposit accounts of the Trustee or an affiliate, and that such deposit vehicles are specifically authorized
for use in the Trust Account.

 

5.             Concerning the
Trustee. The Trustee hereby accepts the trusts imposed upon it by this Trust Agreement and agrees to perform said trusts, but
only upon and subject to the following terms and conditions:

 

    6

     

    

 

(a)        The
Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Trust Agreement and no implied
duties or obligations shall be read into this Trust Agreement against the Trustee.

 

(b)        No
provision in this Trust Agreement shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers.

 

(c)       The
Trustee may execute any of the trusts or powers hereof and perform the duties required of it hereunder either directly or by or
through attorneys or agents and shall be entitled to rely on advice of or on an opinion of counsel concerning all matters of trust
and its duty hereunder and shall not be liable for any action taken or not taken by it in reliance on such advice or on such opinion
of counsel.

 

(d)       
The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any resolution notice,
request, consent, certificate, order, entitlement order, affidavit, letter, facsimile transmission, electronic mail or other paper
or document believed by it to be genuine and to have been signed or sent by the proper person or persons. The Trustee shall not
be bound to make any investigation into the facts or matters stated in any resolution, notice, consent, request, certificate, order,
entitlement order, affidavit, letter, facsimile transmission, electronic mail or other paper or document.

 

(e)        The
permissive right of the Trustee to do things enumerated in this Trust Agreement shall not be construed as a duty. The Trustee shall
not be liable, directly or indirectly, for any (i) damages, losses or expenses arising out of the services provided hereunder,
other than damages, losses or expenses which have been finally adjudicated to have directly resulted from the Trustee’s negligence,
willful misconduct, or lack of good faith or (ii) special, incidental, indirect, punitive, or consequential damages or losses of
any kind whatsoever (including without limitation lost profits), whether or not foreseeable, even if the Trustee has been advised
of the possibility of such losses or damages and regardless of the form of action.

 

(f)        The
Trustee shall not be required to give any bond or surety in respect of the execution of the said trusts and powers or otherwise
in respect of the premises.

 

(g)        The
Trustee shall not be accountable for the use or application by the Grantor or the Beneficiary or any other party of any funds or
Assets which the Trustee has released in accordance with the terms of this Trust Agreement.

 

(h)        The
Trustee makes no representations as to the validity or sufficiency of the Assets and the Trust Account for any particular purpose
and shall incur no responsibility in respect thereof, other than in connection with the duties or obligations assigned to or imposed
upon it as provided herein.

 

(i)         The
Trustee shall not be responsible for the perfection, priority or enforceability of any lien or security interest in any of the
Assets or in the Trust Account.

 

    7

     

    

 

(j)         In
accepting the trusts hereby created, the Trustee acts solely as trustee and not in its individual capacity and all persons having
any claim against the Trustee arising from this Trust Agreement, shall look only to the funds and accounts held by the Trustee
hereunder for payment except as otherwise provided herein.

 

(k)       The
Trustee shall not be considered in breach of or in default in its obligations hereunder in the event of delay in the performance
of such obligations due to causes beyond its control (including, but not limited to, any act or provision of any present or future
law or regulation or governmental authority, any act of God or war, civil unrest, local or national disturbance or disaster, epidemic,
any act of terrorism, or the unavailability of the Federal Reserve Bank wire or other wire or communication facility).

 

(l)         Any
corporation or association into which the Trustee may be merged or converted, or with which it may be consolidated, or to which
it may sell or transfer all or substantially all of its institutional retirement trust business (provided that such company shall
be eligible under Section 7(a) hereof) shall be the successor to the Trustee without the execution or filing of any paper
or further act.

 

(m)        The Trustee shall
accept and open all mail directed to the Grantor or the Beneficiary in care of the Trustee.

 

(n)        Upon reasonable
prior written request of the Grantor or the Beneficiary, the Trustee shall promptly permit the Grantor or the Beneficiary, their
respective agents, employees or independent auditors to examine, audit, excerpt, transcribe and copy, at the requestor’s
expense, during the Trustee’s normal business hours, any books, documents, papers and records relating to the Trust Account
or the Assets.

 

(o)        No provision of
this Trust Agreement shall require the Trustee to take any action that in the Trustee’s reasonable judgment would result
in any violation of this Trust Agreement or applicable law.

 

(p)        If, during the
administration of the provision of this Trust Agreement, the Trustee shall deem it necessary or desirable that a matter be proved
or established prior to taking or suffering any action to be taken hereunder, then such matter shall be deemed to be conclusively
proved and established by a certificate signed by the Beneficiary and the Grantor, and delivered to the Trustee. The Trustee shall
not be liable for any action taken, suffered or omitted by it in reliance on such certificate.

 

(q)        If any conflict,
disagreement or dispute arises between, among, or involving any of the parties hereto concerning the meaning or validity of any
provision hereunder or concerning any other matter relating to this Trust Agreement, or the Trustee is in doubt as to the action
to be taken hereunder, the Trustee may, at its option, retain the Assets until the Trustee (i) receives a final non-appealable
order of a court of competent jurisdiction or a final non-appealable arbitration decision directing delivery of the Assets, (ii)
receives a written agreement executed by each of the parties involved in such disagreement or dispute directing delivery of the
Assets, in which event the Trustee shall be authorized to disburse the Assets in accordance with such final court order, arbitration
decision, or agreement, or (iii) files an interpleader action in any
court of competent jurisdiction, and upon the filing thereof, the Trustee shall be relieved of all liability as to the Assets and
shall be entitled to recover attorneys’ fees, expenses and other costs incurred in commencing and maintaining any such interpleader
action. The Trustee shall be entitled to act on any such agreement, court order, or arbitration decision without further question,
inquiry, or consent.

 

    8

     

    

 

(r)        In the event that
any Assets shall be attached, garnished or levied upon by any court order, or the delivery thereof shall be stayed or enjoined
by an order of a court, or any order, judgment or decree shall be made or entered by any court order affecting the Assets, the
Trustee is hereby expressly authorized, in its sole discretion, to respond as it deems appropriate or to comply with all writs,
orders or decrees so entered or issued, or which it is advised by legal counsel of its own choosing is binding upon it, whether
with or without jurisdiction. In the event that the Trustee obeys or complies with any such writ, order or decree it shall not
be liable to any of the parties or to any other person, firm or corporation, should, by reason of such compliance notwithstanding,
such writ, order or decree be subsequently reversed, modified, annulled, set aside or vacated.

 

6.             Fees, Charges
and Expenses of Trustee; Indemnification of Trustee.

 

(a)        The Trustee shall (i) receive fees for
its services at rates agreed between the Trustee and the Grantor in a separate written agreement from time to time and (ii) be
paid or reimbursed for any expenses (including reasonable fees and expenses of its counsel) incurred in connection with the administration
of this Trust Agreement. All such amounts shall be paid by Grantor and may be paid from the Account if not paid by the Grantor
within thirty (30) calendar days after Trustee mails a written invoice to Grantor. The fees and charges set forth above for the
Trustee’s services will be considered compensation for its ordinary services as contemplated by this Trust Agreement. The
Trustee’s compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
trust.

 

(b)        In consideration of the Trustee’s
acceptance of this Trust Agreement, or if any controversy arises in connection with it, or if the Trustee renders any service not
provided for in this Trust Agreement, the Grantor and the Beneficiary shall, jointly and severally, reimburse the Trustee for its
reasonable costs of providing such extraordinary services, reimburse the Trustee for all reasonable costs, attorneys’ fees
and expenses occasioned thereby, and indemnify, defend and hold the Trustee (and its directors, officers and employees) harmless
from and against any loss, liability, damage, cost and expense of any nature arising out of or in connection with this Trust Agreement
or with the performance of its duties hereunder, including, among other things, reasonable attorneys’ fees and court costs,
except to the extent such loss, liability, damage, cost and expense shall have been finally adjudicated to have been directly caused
by the Trustee’s own negligence, willful misconduct or lack of good faith.

 

(c)       
The Trustee shall have a first lien, superior to the interests of any other persons or entities, and shall be entitled to
deduct its unpaid fees, non-reimbursed expenses and unsatisfied indemnification, on any funds held in the Account to secure
the payment of any amounts owing to it under this Section 6. The Grantor and the Beneficiary acknowledge that the rights and
indemnities of the Trustee set forth in this Section 6 and Section 7 shall survive the resignation or removal of the Trustee
or the termination of this Trust Agreement. The Grantor and Beneficiary agree that the Trustee shall have a continuing lien
and security interest in any property then held by the Trustee hereunder and/or for the benefit of Grantor to the extent of
any overdraft (daylight or overnight) or indebtedness to Trustee.

 

    9

     

    

 

7.             Trustee Qualifications,
Resignation and Removal.

 

(a)        The Trustee and any successor thereto
shall be a member of the Federal Reserve System, or a New York State-chartered bank or trust company. The Trustee shall not be
a parent, subsidiary or affiliate of the Grantor or the Beneficiary.

 

(b)        The Trustee may resign upon delivery
of a written notice of resignation, effective not less than sixty (60) calendar days after receipt by the Beneficiary and the Grantor
of such written notice.

 

(c)        The Trustee may be removed by the Grantor
by delivery to the Trustee and the Beneficiary of written notice of removal, effective not less than sixty (60) calendar days after
receipt by the Trustee and the Beneficiary of such written notice.

 

(d)        No resignation or removal of the Trustee
shall be effective hereunder until a successor trustee has been duly appointed and approved by the Beneficiary and the Grantor,
all Assets in the Trust Account have been duly transferred to the successor Trustee and all outstanding fees and expenses of the
Trustee are paid to the Trustee in full. In the event that the Grantor and the Beneficiary fail to appoint a successor trustee
within sixty (60) calendar days following receipt of the Trustee’s notice of resignation, the Trustee may, in its sole discretion
and at the expense of the Grantor and the Beneficiary, petition any court of competent jurisdiction for the appointment of a successor
trustee or for other appropriate relief, and any such resulting appointment shall be binding upon all the parties.

 

8.             Termination.

 

(a)        This Trust Agreement may be terminated
by the Grantor and the Beneficiary delivering a joint written notice to the Trustee specifying a proposed termination date (the
 “Termination Date”), which notice shall be delivered to the Trustee not less than forty-five (45) calendar days prior
to the proposed Termination Date. Upon receipt of such written notice, the Trustee shall, at least thirty (30) calendar days, but
not more than forty-five (45) calendar days, prior to the Termination Date, deliver written notification of such termination to
the Grantor and Beneficiary.

 

(b)        Upon termination of the Trust Agreement,
all Assets held in the Trust Account shall be delivered in accordance with the instructions set forth in the joint notice delivered
by the Grantor and the Beneficiary.

 

    10

     

    

 

9.             Tax-Related
Terms.

 

(a)        Grantor and Beneficiary agree that,
for tax reporting purposes, all interest or other income earned from the investment of the Assets in any tax year shall be allocated
to Grantor.

 

(b)        For certain payments made pursuant to
this Trust Agreement, the Trustee may be required to make a “reportable payment” or “withholdable payment”
and in such cases the Trustee shall have the duty to act as a payor or withholding agent, respectively, that is responsible for
any tax withholding and reporting required under Chapters 3, 4, and 61 of the United States Internal Revenue Code of 1986, as amended
(the “Code”). The Trustee shall have the sole right to make the determination as to which payments are “reportable
payments” or “withholdable payments.” All parties to this Trust Agreement shall provide an executed IRS Form
W-9 or appropriate IRS Form W-8 (or, in each case, any successor form) to the Trustee prior to closing, and shall promptly update
any such form to the extent such form becomes obsolete or inaccurate in any respect. The Trustee shall have the right to request
from any party to this Trust Agreement, or any other person entitled to payment hereunder, any additional forms, documentation
or other information as may be reasonably necessary for the Trustee to satisfy its reporting and withholding obligations under
the Code. To the extent any such forms to be delivered under this Section 9(b) are not provided prior to or by the time the related
payment is required to be made or are determined by the Trustee to be incomplete and/or inaccurate in any respect, the Trustee
shall be entitled to withhold on any such payments hereunder to the extent withholding is required under Chapters 3, 4, or 61 of
the Code, and shall have no obligation to gross up any such payment. As of the date hereof, the Grantor is the owner for U.S. federal
income tax purposes of funds in the Trust Account until such funds are released in accordance with the terms hereof. Except as
otherwise agreed by Escrow Agent in writing, Escrow Agent has no tax reporting or withholding obligation except to the Internal
Revenue Service with respect to Form 1099-B reporting on payments of gross proceeds under Internal Revenue Code Section 6045 and
Form 1099 and Form 1042-S reporting with respect to investment income earned on the Escrow Funds, if any.

 

10.
           Written Direction; Notices. If a provision of this Trust Agreement requires
that a communication or document be provided to Trustee in writing or written form, that requirement may also be satisfied by
a facsimile transmission, electronic mail or other electronic transmission of text (including electronic records attached
thereto), if Trustee reasonably believes such communication or document has been signed, sent or presented (as applicable) by
any person or entity authorized to act on behalf of the Grantor or Beneficiary; provided however, that where this Trust
Agreement specifies that direction is to be provided on a specific form (such as in the form of an Exhibit hereto), the
direction shall be provided on such form. If this Trust Agreement requires that a communication or document be signed, an
electronic signature satisfies that requirement. Any electronic mail or other electronic transmission of text will be deemed
signed by the sender if the sender’s name or electronic address appears as part of, or is transmitted with, the
electronic record. Trustee will not incur any liability to anyone resulting from actions taken in good faith reliance on such
communication or document. Nor shall Trustee incur any liability in executing instructions from any person or entity
authorized to act on behalf of the Grantor or Beneficiary prior to receipt by it of notice of the revocation of the written
authority of such person or entity. Notice shall be provided:

 

    11

     

    

 

	If to Grantor:	
        Crestline Re SPC

        Crestline Re SP 1

        c/o Aon Insurance Managers

        18 Forum Lane, 2nd
        Floor

        Camana Bay 

        P.O. Box 69

        Grand Cayman, KY1-1102

        Cayman Islands

        Attn: Fearghal O’Riordan
        and Sjoerd van der Westhuizen

        Email: 

        Email: 

         

	If to Beneficiary:  	
        American Life & Security Corp.

        2900 S. 70th Street

        Suite 400

        Lincoln, NE 68506

        Attention: Michael Salem and Mike Minnich

        Telephone:

        Email: 

         

	If to Trustee:  	
        U.S. Bank, National Association

        100 Wall Street. 6th Fl.

        New York, NY 10005

        Attn: Christopher Grell

        Email:

 

or to such other address as a party to whom notice
is to be given has furnished to the other parties in the manner provided above. Payments by the Trustee from the Trust Account
shall be sent by mail in the manner set forth above, addressed to Beneficiary in the case of payments to Beneficiary, or Grantor,
in the case of payments to Grantor, unless the Trustee is otherwise directed in writing. Payments may also be made by wire transfer
pursuant to instructions received in writing by the Trustee.

 

(b) Grantor and Beneficiary each agree to
provide to, and maintain on file with, the Trustee a written certification containing the names and specimen signature of all persons
duly authorized by it to sign, communicate and act on its behalf under this Trust Agreement. The Trustee is authorized to follow
and rely upon all instructions given by individuals and officers named in such certificates furnished to the Trustee from time
to time by the Grantor and the Beneficiary, respectively.

 

    12

     

    

 

 

11.       Miscellaneous.

 

(a) This Trust Agreement is not subject
to any conditions or qualifications outside of this Trust Agreement.

 

(b) This Trust Agreement shall be subject
to and governed by the laws of the State of New York.

 

(c) Except as otherwise provided herein,
neither this Trust Agreement nor any rights or obligations under this Trust Agreement may be assigned, hypothecated or otherwise
transferred by any party without the prior written consent of the other parties hereto.

 

(d) This Trust Agreement will be binding
upon and inure to the benefit of the respective successors and permitted assigns of the parties hereto. The provisions of this
Trust Agreement are for the sole benefit of the parties hereto, and their successors and permitted assigns.

 

(e) This Trust Agreement may be executed
in counterparts, with each counterpart constituting an original and all of such counterparts constituting but one and the same
instrument, and facsimile and/or electronic signatures shall be deemed originals. Signatures may be exchanged by facsimile or by
an email scanned PDF signature page. Each party agrees that it will be bound by its own facsimiled or PDF-scanned or electronic
signature and that it accepts such signatures of the other parties.

 

(f) Neither this Trust Agreement nor any
provision hereof may be amended, waived or modified without the prior written approval of all of the parties to this Trust Agreement.
No course of conduct shall constitute a waiver of any of the terms and conditions of this Trust Agreement, unless such waiver is
specified in writing, and then only to the extent so specified. A waiver of any of the terms and conditions of this Trust Agreement
on one occasion shall not constitute a waiver of the other terms of this Trust Agreement, or of such terms and conditions on any
other occasion.

 

(g) Any provision of this Trust Agreement
which is invalid or unenforceable shall be ineffective to the extent of such invalidity or unenforceability without invalidating
or rendering unenforceable the remaining provisions hereof, and such invalidity or unenforceability shall not invalidate or render
unenforceable such provision.

 

(h) EACH PARTY HERETO HEREBY WAIVES TRIAL
BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE)
IN ANY WAY ARISING OUT OF OR RELATED TO THIS TRUST AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER. THIS PROVISION IS A MATERIAL
INDUCEMENT FOR THE PARTIES TO ENTER INTO THIS TRUST AGREEMENT.

 

    13

     

    

 

IN WITNESS WHEREOF,
the parties have caused this Trust Agreement to be executed as of the date first written above.

 

	 	GRANTOR
	 	 
	 	CRESTLINE
    RE SPC, for and on behalf of Crestline
    Re SP 1
	 	 
	 	By:	/s/
    Dara Keogh
	 	 	Name:	Dara Keogh
	 	 	Title:	Director
	 	 
	 	BENEFICIARY
	 	 
	 	AMERICAN
    LIFE & SECURITY CORP.
	 	 
	 	By:	/s/
    Stephen Mace               
	 	 	Name:	Stephen Mace
	 	 	Title:	General Counsel
	 	 
	 	TRUSTEE
	 	 
	 	U.S.
    BANK, NATIONAL ASSOCIATION, solely in its capacity as trustee hereunder
	 	 
	 	By:	/s/ Thomas
    E. Tabor 
	 	 	Name: 	Thomas E. Tabor
	 	 	Title: 	Vice President

 

Signature Page to Trust Agreement

 

    14

     

    

 

The following exhibits to this Exhibit 10.3 are filed herewith
or omitted in reliance on Item 601(a)(5) of Regulation S-K and as indicated below with an asterisk. 

 

		·	Exhibit A – List of Initial Assets to be Deposited*
		·	Exhibit B - Amended and Restated Funds Withheld Coinsurance and Modified Coinsurance Agreement (filed herewith as Exhibit 10.2)
		·	Exhibit C - Form of Beneficiary Withdrawal Notice*
		·	Exhibit D - Form of Grantor Withdrawal Notice*
		·	Exhibit E - Form of Investment Substitution Notice*Exhibit 10.4

 

AMENDED AND RESTATED INVESTMENT MANAGEMENT
AGREEMENT

(ModCo and Funds
Withheld Accounts)

 

This AMENDED AND RESTATED INVESTMENT MANAGEMENT
AGREEMENT (“Agreement”), dated as of December 8, 2020 (the “Effective Date”), is entered into by and
between American Life & Security Corp. (the “Company”) and Crestline Management, L.P. (the “Manager”)
for the management of certain assets held by the Company (as described below) under the terms of Reinsurance Agreement (as defined
below). The Company and the Manager shall collectively be referred to herein as the “Parties”.

 

RECITALS

 

WHEREAS, the Company and Crestline Re SPC,
an exempted segregated portfolio company incorporated under the laws of the Cayman Islands, for and on behalf of Crestline Re SP
1, one of its segregated portfolios (as successor by novation to Seneca Incorporated Cell, LLC 2020-02, an incorporated cell of
Seneca Reinsurance Company, LLC) (the “Reinsurer”) have entered into that certain funds withheld coinsurance and modified
coinsurance agreement, dated as of the date hereof (the “Reinsurance Agreement”), pursuant to which the Company has
established the accounts set forth in Exhibit A attached hereto and made a part of this Agreement, as may be updated and amended
from time to time (the “Accounts”);

 

WHEREAS, the Company will have legal title
to the assets held in or credited to the Accounts;

 

WHEREAS, the Accounts shall serve as collateral
to support the Reinsurer’s obligations under the Reinsurance Agreement;

 

WHEREAS, the Company wishes to appoint the
Manager to serve as investment manager with respect to the Accounts in accordance with the Guidelines (as defined in Exhibit A)
set forth with respect to each Account;

 

WHEREAS, the Manager
is regularly engaged in the practice of rendering investment management and advisory services, is a registered investment advisor,
and possesses the experience, sources of information and facilities to perform the Services (as defined below) and is prepared
to act as a fiduciary (in accordance with duties imposed by the Investment Advisers Act of 1940 and the rules and interpretations
promulgated thereunder (the “Adviser’s Act”)) with respect to the investments managed under the terms of this
Agreement; and

 

     

     

    

 

WHEREAS, the Company and the Manager together
are entering in this Agreement on the terms and conditions set forth herein including, without limitation, the terms under which
the Manager will provide the Services to the Company.

 

AGREEMENT

 

NOW THEREFORE, in consideration of the above recitals and the
mutual promises set forth in this Agreement, the Parties agree as follows:

 

 1. APPOINTMENT

 

As of the date hereof, the Company appoints and designates Manager
to act as the investment advisor for the purpose of investing and managing the assets held by the Company in the Accounts. The
securities, instruments and other assets or investments acquired and/or managed by the Manager in accordance with the Guidelines
for each Account, shall be referred to herein as the “Portfolio”.

 

2. ACCEPTANCE OF APPOINTMENT

 

Manager hereby accepts the appointment as the investment manager
of the Portfolio pursuant to the terms and conditions set forth in this Agreement. The Manager undertakes to provide the Company
with the benefit of its judgment, efforts and skill in rendering the Services under this Agreement. The Manager agrees that it
shall at all times act in accordance and comply with the Guidelines.

 

3. POWERS, RIGHTS, AND DUTIES OF MANAGER

 

Manager shall provide the advice and services described in this
Agreement (collectively the “Services”) in accordance with the Guidelines and limitations attached in Exhibit A.
The Services shall include, without limitation, the following:

 

		(a)	Authority and power in its sole
                                         and exclusive discretion to directly (or through sub-advisors selected by the Manager
                                         and approved in writing by the Company, each, a “Sub-Advisor”) invest and
                                         reinvest the Portfolio in accordance with the Guidelines;

 

		(b)	Authority and power to extend, renew and/or dispose of investments within the Portfolio;

 

    	 	2	 

     

    

 

		(c)	Authority and power to originate, investigate, structure, finance, acquire, monitor, syndicate and/or remarket investments,
in each case, in accordance with the Guidelines, including the authority to determine the credit terms and security for any investments;

 

		(d)	Prepare, negotiate, review and supervise the review of all agreements, certificates, amendments, notices, instruments and other
documents required to originate, acquire, manage, finance, syndicate, remarket or dispose of any investment or potential investment
in the Portfolio;

 

		(e)	Manage, service, administer and make payments to any Sub-Advisors;

 

		(f)	Originate, manage, monitor, service, administer and make collections on investments within the Portfolio directly or through
Sub-Advisors (or appointed service providers);

 

		(g)	Provide structural guidance
to, and conduct due diligence on potential investments;

 

		(h)	Open, maintain, and close bank, brokerage, margin and custodian accounts and draw checks or other orders for the payment of
monies or the transfer of financial instruments and other assets, and invest such funds as are temporarily not otherwise required
for Company purposes in cash equivalents;

 

		(i)	Subject to Exhibit A, and upon express written approval of the Company, to engage in agency, agency cross and principal
transactions with affiliates to the extent permitted by the Guidelines and applicable law;

 

		(j)	Cause the Company to engage, enter into agreements with, instruct, manage and terminate relationships with prime brokers, executing
brokers, broker-dealers, banks, futures commission merchants, counterparties, lending platforms, finance companies, custodians,
legal counsels, administrators, trustees, valuation agents, liquidation agents, accountants, auditors, appraisers, investment bankers,
consultants and other service providers selected by the Manager in each case on such terms and subject to such conditions as the
Manager may reasonably determine and as is incident to the management of the Portfolio; and

 

		(k)	Incur expenses and other obligations incident to the management of the Portfolio and make payments on behalf of the Company
in accordance with the Guidelines.

 

    	 	3	 

     

    

 

Subject at all times to this Agreement and the Guidelines, the
Company hereby constitutes and appoints the Manager as its true and lawful representative and attorney-in-fact with respect to
the Portfolio, in its name, place and stead to make, execute, sign and file, if appropriate, any document necessary to effectuate
and execute the power and authority of the Manager contemplated hereby, including any Company contract or agreement, and to take
any other actions in connection with the Manager’s power and authority contemplated hereby. The power of attorney granted
hereby shall (i) continue in full force and effect notwithstanding the subsequent dissolution, termination, rehabilitation
or bankruptcy of the Company or the transfer of all or any portion of the Company’s assets, and (ii) extend to the Company’s
successors, assigns and legal representatives, and shall otherwise continue until this Agreement is terminated in accordance with
its terms.

 

Subject at all times to this Agreement and the Guidelines and
all applicable laws, rules and regulations, and in accordance with applicable laws and regulations, Manager is authorized
to act on behalf of the Account to (a) negotiate, control, manage, enforce or to refrain from enforcing any of the constituent
documents related to any instrument or investment in the Portfolio (collectively, the “Documents”) or any rights or
remedies thereunder, (b) give consents, approvals or waivers in connection with the Documents or any investment or instrument
in the Portfolio, (c) agree to any amendments or modifications of any of the Documents or of any investment or instrument
in the Portfolio, (d) take or refrain from taking any action and make any determination provided for herein or in any of the
Documents or any instrument or investment in the Portfolio and (e) exercise all such powers as are incidental thereto. All
such powers may include, but are not limited to the authority to: (i) consent to an increase or decrease in the payments;
(ii) extend or shorten the due date of any of the payments due or with respect to an instrument in the Portfolio or waive
any payment when due; (iii) release, partially or fully, any collateral underlying any investment or instrument in the Portfolio;
(iv) consent to any amendment or modification to any instrument or investment in the Portfolio, or grant any waiver that would
reduce or increase the amounts payable thereto or (v) execute and enter into Sub-Advisor agreements (with the written consent
of the Company), acknowledge risk disclosure and other agreements related to the Portfolio and perform such functions as it considers
reasonable, necessary or convenient in order to carry out the purposes of this Agreement.

 

The Company (and Reinsurer) acknowledge and agree that Manager
acts as advisor to other clients and may give advice, and take action, with respect to any of those clients which may differ from
the advice given, or the timing or nature of action taken, with respect to the Portfolio so long as it is Manager’s policy,
to the extent practical, to allocate investment opportunities to the Portfolio over a period of time on a fair and equitable basis
relative to other clients. It is understood that Manager shall not have any obligation to purchase or sell, or to recommend for
purchase or sale, for the Portfolio any security or other asset which Manager, its principals, affiliates or employees may purchase
or sell for its or their own accounts or for the account of any other client, if in the opinion of Manager such transaction or
investment appears unsuitable, impractical or undesirable for the Portfolio.

    	 	4	 

     

    

 

To the extent relevant, Manager shall have the power to vote
or abstain from voting (by proxy or otherwise) in all matters for which an investor vote is solicited by, or with respect to, issuers
or securities beneficially held in the Portfolio in such manner as Manager deems appropriate in accordance with the written policies
and procedures established by the Company from time to time, copies of which policies and procedures will be provided to Manager.
With regard to all other matters for which investor action is required or solicited with respect to securities or other assets
beneficially held in the Portfolio, such as all matters relating to class actions (including without limitation, matters relating
to opting in or opting out of a class and approval of class settlements), the Company hereby authorizes the Manager to take such
actions as Manager deems appropriate and in the best interest of the Portfolio.

 

4. THE ACCOUNT(S)

 

All Portfolio assets shall be held in the Account(s) established
by Company with the custodian thereto as set forth in Exhibit A (the “Custodian”). The Manager agrees to provide
the custodian of the Account and the Company with such information and reports regarding the Portfolio, and at such intervals,
as the Parties may agree upon. Under no circumstances will Manager take possession or custody of any assets constituting the Portfolio.

 

Without limiting the rights and authority of Manager under Section 3,
Manager is authorized to give instructions to the Custodian, in writing or via electronic transmission, with respect to all investment
decisions regarding the Accounts made in accordance with this Agreement and the Company agrees to assist Manager to effect such
authority. The Company shall instruct the Custodian to send to Manager duplicate copies of all account statements and reports given
to the Company by the Custodian or provide electronic access to Manager to such account statements and reports.

 

All transactions shall be consummated by payment to or delivery
by the Accounts of all cash or cash balances and/or units or shares due to or from the Portfolio. Manager understands that the
Custodian, or its agent or nominee, shall at all times have possession of all assets of the related Account unless otherwise agreed
to in writing by the Parties and directions or instructions to the Custodian shall be made in accordance with the terms of any
related agreement. For purposes of clarification and the avoidance of doubt, any wire authorizations from the Custodian will be
effectuated only upon direction of the Company.

 

    	 	5	 

     

    

 

The Manager shall not be responsible for any fees or charge
of the Custodian.

 

5. BROKERAGE

 

All transactions authorized by this Agreement with respect to
the Portfolio shall be carried out through a Custodian, but Manager may designate a broker or brokers to execute said transactions.
The Manager shall instruct all brokers, dealers, Sub-Advisors or other persons executing orders on behalf of the Portfolio to forward
to the related Custodian, copies of all brokerage or dealer confirmations promptly after execution of all transactions.

 

Manager may place orders for the execution of transactions for
the Portfolio in such markets and through such brokers as in the Manager's best judgment shall offer the most favorable price and
market for the execution of each transaction. In selecting a broker or dealer for any transaction or series of transactions, the
Manager may consider a number of factors, including, for example, net price, reputation, financial strength and stability, efficiency
of execution, block trading and block positioning capabilities, willingness to execute related or unrelated difficult transactions
in the future, research services provided to the Manager, and other matters ordinarily involved in receipt of brokerage services
generally. In no event shall the Manager be under any duty to obtain the lowest commission or best net price for the Portfolio
on any particular transaction, nor is the Manager under any duty to execute any order in a fashion either preferential to the Portfolio
relative to other like accounts managed by the Manager or otherwise materially adverse to such other accounts.

 

Provided the Guidelines are adhered to, Manager may aggregate
sales and purchase orders of securities or other assets held in the Portfolio with similar orders being made simultaneously for
other accounts managed by the Manager if, in the Manager's reasonable judgment, such aggregation shall result in an overall economic
benefit to the Portfolio, taking into consideration the advantageous selling or purchase price, brokerage commission and all other
expenses, and trading requirements. In accounting for such aggregated order, price and commission shall be averaged on a per bond
or share basis daily. Manager's determination of such economic benefit to the Portfolio shall be based on an evaluation that the
Portfolio is benefited by relatively better purchase or sales prices, lower commission expenses and beneficial timing of transactions,
or a combination of these and other like or unlike factors.

 

    	 	6	 

     

    

 

6. REPRESENTATIONS, WARRANTIES AND UNDERSTANDINGS

 

(a) Representations and
Warranties of the Company. The Company hereby represents and warrants that:

 

		(i)	the assets in the Accounts are not subject to Section 4975 of the Internal Revenue Code of 1986, as amended, the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”) or any law substantially similar to Section 406 of
ERISA.

 

		(ii)	it is a “qualified purchaser” within the meaning of Section 2(a)(51) of the Investment Company Act of 1940,
as amended.

 

		(iii)	it is a “accredited investor” within the meaning of Regulation D under the Securities Act of 1933, as amended.

 

		(iv)	this Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation,
enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws
affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless
of whether enforcement is sought in a proceeding in equity or at law)).

 

		(v)	the execution, delivery and performance of the Agreement do not violate or conflict with any law applicable to it, any provision
of its constitutional documents or any order or judgment of any court or other governmental agency applicable to it or any of its
assets.

 

(b) Representations and
Warranties of Manager. Manager hereby represents and warrants that:

 

		(i)	this Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation,
enforceable in accordance with its terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws
affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless
of whether enforcement is sought in a proceeding in equity or at law)).

 

		(ii)	Manager will comply with the Guidelines as set forth on Exhibit A, including the Nebraska laws and regulations applicable
to this Agreement as well as the investment guidelines adopted by the Company’s Board of Directors as set forth on Exhibit B
(the “Company Investment Guidelines”) and the Reinsurer investment guidelines as set forth on Exhibit C.
The Company acknowledges and agrees that the limits set forth in Company Investment Guidelines apply to the Company’s investments
as a whole and not to the assets held in the Accounts in isolation.  The Manager shall use commercially reasonable efforts
to assist the Company in staying within the Company Investment Guidelines.

 

    	 	7	 

     

    

 

		(iii)	Manager is not prohibited from performing the Services contemplated by this Agreement.

 

		(iv)	Manager has completed, obtained or performed all other acts, registrations, licenses, filings, approvals, authorizations, consents
or examinations (or applicable exemptions thereto) necessary to discharge its responsibilities under this Agreement, including
federal registration as an investment adviser pursuant to the Advisers Act, and Manager will deliver evidence with respect to same
as the Company may from time to time reasonably require.

 

		(v)	the execution, delivery and performance of the Agreement do not violate or conflict with any law applicable to it, any provision
of its constitutional documents or any order or judgment of any court or other governmental agency applicable to it or any of its
assets.

 

		(vi)	Manager will promptly notify the Company of the occurrence of any event that (a) would disqualify the Manager from performing
the Services hereunder or (b) would result in the Manager no longer satisfying the foregoing representations.

 

		(vii)	Neither Manager nor any of its principals are currently the target(s) of (A) any criminal investigation being conducted
by the U.S. Department of Justice, Federal Bureau of Investigation or similar state authority or (B) any investigation being
conducted by a federal or state regulatory authority or agency, such as the Securities Exchange Commission, U.S. Department of
Treasury (Financial Crimes Enforcement Network) or NY Department of Financial Services with respect to financial crimes, regulatory
violations or conduct involving a lack of candor.

 

		(viii)	Manager is a fiduciary to the Company (in the manner contemplated under the Adviser’s Act) with respect to the assets
held in the Account(s).

 

    	 	8	 

     

    

 

 (c) Understandings of the Parties.

 

		(i)	Advancement of funds by Company will only be paid in respect of Services in the Agreement;

 

		(ii)	Company will maintain oversight of any Services provided hereunder and monitor such Services at least annually for quality
assurance;

 

		(iii)	All “books and records” developed and maintained under this Agreement are and remain the property of the Company
and shall be made available to the Company upon its request, provided that the Manager and the Reinsurer shall be permitted to
use and have access to such books and records to the extent necessary for accounting, tax, regulatory and other reasonable business
purpose;

 

		(iv)	All assets in the Portfolio are the exclusive property of the Company, held for the benefit of the Company and are subject
to the control of the Company;

 

		(v)	In the event the Company is placed in receivership or seized by the director under the Nebraska Insurers Supervision, Rehabilitation,
and Liquidation Act:

 

		a.	All of the rights and obligations of the Company under this Agreement, and all provisions of this Agreement applicable to the
Company, extend to any such receiver or director; and

 

		b.	All “books and records” of the Company will immediately be made available to the receiver or the director, and/or,
subject to Section 6(c)(iii) of this Agreement, shall be turned over to the receiver or director immediately upon the
receiver or the director’s written request;

 

		(vi)	Manager has no right to automatically terminate this Agreement if the Company is placed in receivership pursuant to the Nebraska
Insurers Supervision, Rehabilitation, and Liquidation Act;

 

		(vii)	Manager will continue to maintain its systems, programs, or other infrastructure required to perform the Services notwithstanding
a seizure by the Director under the Nebraska Insurers Supervision, Rehabilitation, and Liquidation Act, and will make them available
to the receiver, for so long as the Manager continues to receive timely payments for services rendered; and

 

    	 	9	 

     

    

 

		(viii)	The Company hereby acknowledges that it has received a copy of Parts 2A and 2B of the Manager’s Form ADV and the
Manager’s privacy policy prior to the execution of this Agreement.

 

7. REPORTING

 

The Manager shall coordinate with the Company (and any service
providers) to keep accurate and detailed records of all investments made by it on behalf of the Portfolio. All accounts, books
and records relating to said investments shall be open to inspection and audit at all reasonable times by any person designated
by the Company upon reasonable prior notice. Manager shall provide such reports in form and substance as agreed with the Company
(and that comply with regulatory and accounting requirements as communicated to the Manager), including all accounting and management-level
information on a quarterly basis within fifteen (15) business days of the last day of the preceding calendar quarter or more often
if requested by the Company.

 

The Manager expects, and the Company hereby acknowledges that
certain investments expected to be acquired by the Manager hereunder will be instruments for which market prices are not readily
available (“Direct Investments”). For Direct Investments, which may include but not be limited to, private loans,
pools and tranches of pools of private loans, 1st lien mortgages and similar direct collateralized lending, the Manager
will provide necessary information to permit the Company to price its positions, including information on impairment of any investments.
If fair market value prices are required under the terms of the Reinsurance Agreement, appraisals or “broker price opinions”
(“BPOs”) will be conducted by market professional(s) mutually agreed upon by the Company and the Manager. All
costs associated with such appraisals or BPOs shall be paid for by the Company.

 

8. COMPENSATION

 

The compensation payable to Manager for the Services rendered
hereunder shall be calculated and paid in accordance with the Schedule of Fees set forth in Exhibit A (the “Schedule
of Fees”), (and such fees, the “Management Fee”).

 

    	 	10	 

     

    

 

Manager shall be entitled to no further or other compensation
hereunder and neither Manager, nor any officer, director, affiliate or employee of Manager shall act as principal or receive any
compensation from the Portfolio directly in connection with the purchase or sale of investment securities or other assets by the
Portfolio, other than the compensation provided for in the applicable Schedule of Fees (or as may be specified in a closing statement
with respect to a specific transactions for structuring, due diligence or similar services).

 

Management Fee(s) shall be billed directly to the Company
and paid by the Company from the proceeds of the Account, by wire transfer of immediately available funds to the account designated
by the Manager in the paragraph below within fifteen (15) days of receipt by the Company of an invoice.

 

All payments to the Manager hereunder shall be made to the following
account:

 

ABA ROUTING # 

ACCOUNT # 

ACCOUNT NAME 

 

9. TERM

 

The term of this Agreement shall begin as of the commencement
of business on July 27, 2020 and shall end upon the termination of the Agreement in accordance with Section 11 (subject
to any specific limitations on any Account as set forth in Exhibit A).

 

10. ASSIGNMENT

 

		(a)	The Manager may not “assign” (as that term is defined for purposes of the Advisers
Act) any of its rights nor delegate any of its duties and responsibilities under this Agreement without prior express written consent
of the Company (and otherwise in accordance with Part II of Exhibit A). Manager may upon written notice to the Company
delegate its investment powers and authority under this Agreement to any company which is a subsidiary or affiliate of Manager.
However, such delegation shall not relieve Manager of any of its responsibilities and obligations under this Agreement.

 

		(b)	The Company may not assign all or any portion of its rights, obligations or liabilities under
this Agreement without the prior written consent of the Manager (and otherwise in accordance with Part II of Exhibit A).

 

    	 	11	 

     

    

 

		(c)	This Agreement shall be binding upon and inure to the benefit of the Company, the Manager and
their respective successors and permitted assigns.

 

11. TERMINATION

 

If (x) the Nebraska Department of Insurance directs the
Company to terminate this Agreement and the Company selects a replacement investment advisor that is reasonably acceptable to the
Reinsurer or (y) (i) the Reinsurance Agreement is terminated by the Company (or its Receiver (as defined in the Reinsurance
Agreement)) or by the Reinsurer, in each case in accordance with the terms of the Reinsurance Agreement and (ii) the Company
shall have fully recaptured all of the reinsured risks thereunder (and after giving effect to any applicable cure period or terminal
settlement period as set forth in the Reinsurance Agreement), then this Agreement shall automatically terminate effective as of,
as applicable, the termination date specified by the Nebraska Department of Insurance or the consummation of the termination and
recapture (the “Termination Effective Time”). In addition to the foregoing, the Company shall be permitted to terminate
this Agreement for Manager Cause effective upon thirty days prior written notice to the Manager, unless the Manager shall have
cured such Manager Cause (if such event or circumstance is capable of being cured) within such thirty day period. “Manager
Cause” means, (i) a material violation of applicable law relating to the Manager’s advisory business that could
have a material adverse effect on the Manager’s ability to perform its obligations under this Agreement; or (ii) the
gross negligence, willful misconduct or reckless disregard of any of the obligations of the Manager under this Agreement.

 

Upon Manager’s receipt of notice of a party’s intention
to recapture or terminate the Reinsurance Agreement, Manager shall immediately cease acquisition of additional investments for
such Account(s), except that the Company shall cause the Accounts to honor any trades (or term sheets) agreed to but not settled
before the date the Manager actually receives such notice.

 

Following receipt of notice of termination above, Manager shall
be paid any Base Management Fee (as defined in Exhibit A) for its Services until the Termination Effective Time.

 

Manager may resign at any time for any Account upon provision
of 3 days’ prior written notice to the Company; provided such resignation shall be effective only upon naming a replacement
(which shall be effectuated by the Company in not less than 30 days and otherwise in accordance with Exhibit A). As soon as
practicable after the Termination Effective Time or the resignation of Manager, Manager shall provide the Company with a final
report containing the same information as required by Section 7 of this Agreement. Notwithstanding anything in this Agreement
to the contrary, no termination of this Agreement shall relieve any Party from any liability incurred by such Party under this
Agreement prior to the date of such termination.

 

    	 	12	 

     

    

 

12. CONFIDENTIALITY

 

Subject to applicable legal requirements, all information concerning
the operation and investments of the Company and the Portfolio shall be kept in strict confidence by Manager both before and after
the termination of the Agreement; provided that the Manager may disclose such information: (i) to its officers, directors,
employees, accountants, auditors, service providers and outside counsel who need to know such information and have agreed to maintain
the confidentiality of such information, (ii) to the extent requested by any regulatory authority, self-regulatory authority
or quasi-regulatory authority (such as the National Association of Insurance Commissioners), including, without limitation, audits
or examinations conducted by any governmental authority exercising examination or regulatory authority, (iii) to the extent
required by applicable laws or regulations or by any subpoena or similar legal process, and (iv) in connection with the exercise
of any remedies hereunder or any suit, action or proceeding relating to the enforcement of its rights hereunder. The Manager agrees
that irreparable damage would occur if the provisions of this Section 12 were breached. It is accordingly agreed that the
Company shall be entitled to seek an injunction or injunctions to prevent breaches of this Section 12 and to enforce specifically
the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which it is entitled
at law or in equity.

 

13. LIMITATION OF LIABILITY

 

It is understood that the investment of the funds of the Company
as provided herein involves a degree of risk, including the risk of loss. The Manager shall not be liable to the Company for any
costs, losses, claims, damages, liabilities, expenses (including, without limitation reasonable legal fees and disbursements for
a single law firm), judgements, fines or settlements (collectively, “Indemnified Losses”) arising out of, related to,
or in connection with any act or omission of the Manager taken, or omitted to be taken, in connection with the Company or this
Agreement except for Indemnified Losses arising out of, related to, or in connection with any act or omission that is “Judicially
Determined” by a court of competent jurisdiction upon entry of a final judgement rendered and unappealable (or not timely
appealed) to be attributable to the bad faith, gross negligence, willful misconduct or fraud of the Manager.

 

To the fullest extent permitted by law, the Company shall indemnify
and hold harmless the Manager (and its affiliates, members or employees, collectively the “Indemnified Parties”) from
and against any and all Indemnified Losses suffered or sustained by the Indemnified Parties by reason of any act, omission or alleged
act or omission arising out of, related to, or in connection with such Indemnified Party’s services to, or on behalf of the
Company under this Agreement except for any Indemnified Losses that are Judicially Determined to be attributable to the bad faith,
gross negligence, willful misconduct or fraud of the Indemnified Parties. The termination of a proceeding by settlement or upon
a plea of nolo contendre, or its equivalent, shall not of itself create a presumption that such Indemnified Parties’
acts or omissions, or alleged acts or omissions were attributable to bad faith, gross negligence, willful misconduct or fraud of
such Indemnified Party; provided that no Indemnified Party may enter into a settlement for which it seeks indemnification hereunder
unless either one of the following two conditions shall have occurred: (1) the Company shall have provided prior written consent,
which shall not be unreasonably withheld or (2) such settlement contains a complete irrevocable release as to the Company
with regard to the claims being made.

 

    	 	13	 

     

    

 

Notwithstanding any of the foregoing to
the contrary, the provisions of this section 13 shall not be construed so as to provide for the exculpation of the Manager for
any liability (including liability under state or federal securities laws that, under certain circumstances, impose liability even
on persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited
under applicable law, but shall be construed so as to effectuate the provisions of this section to the fullest extent permitted
by law. This Section 13 shall survive the termination of this Agreement.

 

14. SEVERABILITY

 

To the extent that any section or other portion of this Agreement
is prohibited by, or is invalid under any applicable law, all other terms or provisions of this Agreement shall nevertheless remain
in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any Party. Upon such determination that any term or other provision is prohibited by law or otherwise
invalid, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties
as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally
contemplated to the greatest extent possible.

 

15. WAIVER OF BREACH

 

The waiver by any Party of any part of this Agreement or a breach
of any provision of this Agreement shall not operate or be construed as a waiver of any subsequent breach.

 

16. ENTIRE AGREEMENT; MODIFICATION

 

This instrument contains the entire agreement of the Parties.
No modification, amendment or waiver of any provision of this Agreement shall be effective unless in writing specifically referring
hereto and signed by all Parties.

 

    	 	14	 

     

    

 

17. APPLICABLE LAW AND JURISDICTION / DISPUTE RESOLUTION

 

This Agreement, the rights and obligations of the Parties under
this Agreement, and any claim or controversy directly or indirectly based upon, arising out of, or leading to this Agreement or
the transactions contemplated by this Agreement (whether based upon contract, tort or any other theory), including all matters
of construction, validity and performance, shall be governed by and construed in accordance with the laws of the State of New
York, without regard to any conflict of laws provisions that would require the application of the law of any other jurisdiction.
To the extent the applicable laws of the State of New York conflict with the applicable provisions of the Investment Advisers
Act of 1940, the latter shall control.

 

Any dispute relating to the validity, enforcement or interpretation
of this Agreement will be determined by final and binding arbitration before the office of the American Arbitration Association
(“AAA”) in accordance with the Commercial Arbitration rules of the AAA then in effect. Judgment upon arbitration
awards may be entered in any New York court, state or federal, having jurisdiction.

 

18. OUTSIDE ACTIVITIES

 

The Manager and/or the members, directors, employees or officers,
or affiliates, of the Manager may render services for compensation to other customers, accounts, trusts, collective investment
vehicles or other persons, including any other insurance company or issuer of an investment in the Portfolio, and shall not by
reason of such engaging in other businesses or rendering of services for others be deemed to be acting in conflict with the interests
of the Company but shall at all times be subject to the standard set forth in Section 6(b)(viii).

 

Notwithstanding the foregoing, the Manager shall devote sufficient
time to providing the Services as the Manager determines in its reasonable discretion to be necessary. The members, directors,
employees or officers of the Manager, in their individual capacities, may be members, directors, officers, employees or control
persons of the Company, but shall not be deemed thereby to have interests which are in conflict with the interests of the Company.

 

19. INDEPENDENT CONTRACTORS

 

In rendering services for the Company, Manager is at all times
serving as an independent contractor. Nothing in this Agreement shall be construed to make or render either Party or any of its
officers, agents, or employees an employee of, or joint venture of or with the other for any purpose whatsoever, including without
limitation, participation in any of the benefits or privileges given or extended by the Company to its employees. The Manager shall
have no authority to act for, represent or bind the Company except as specifically provided herein.

 

    	 	15	 

     

    

 

20. NOTICES

 

All orders, policies, requests, instructions and other communications
of the Company to Manager shall be in writing (including electronic communication such as email or through an internet web site)
and signed by such person or persons as the Company shall from time to time designate for such purpose. If requested by the Manager,
the Company shall provide Manager with a secretary’s certificate setting forth the names and specimen signatures of the individuals
who are authorized to act on behalf of it. Manager shall not be liable and shall be fully protected in relying upon any written
communication that Manager reasonably believes (based on the most recent secretary’s certificate received by Manager) to
have been executed by an individual who is authorized to act on behalf of the Company.

 

Whenever in this Agreement it shall be required or permitted
that notice or demand be given or served by either Party, such notice or demand shall be given or served in writing and sent to
the Company at the address set forth below:

 

	To
    the Company:	American
    Life and Security Company
	 	2900
    South 70th Street
	 	Suite
    400
	 	Lincoln,
    NE 68506
	 	Attn:
      Mark Oliver
	 	Email:
	 	 
	To
    the Manager:	Crestline
    Management, L.P.
	 	201
    Main Street, Suite 1900
	 	Fort
    Worth, TX  76102
	 	Attn: 
    John Cochran
	 	Email:
    

 

All notices shall be sent (i) by certified or registered
mail and shall be deemed to be received by 3 days after the date of mailing; (ii) by Federal Express or similar overnight
courier and shall be deemed to be received on the day after delivery to Federal Express or similar overnight courier; (iii) by
facsimile or e-mail transmission and shall be deemed to be received on the date of transmission on a business day, or on the first
business day following transmission if transmitted on a non-business day; or (iv) by personal service and shall be deemed
to be received on the same day as service. Any such address may be changed from time to time by either Party serving notices as
above provided.

 

    	 	16	 

     

    

 

21. EXECUTION IN COUNTERPARTS

 

This Agreement may be executed by the Parties in any number
of counterparts and by each of the Parties in separate counterparts, each of which counterparts, when so executed and delivered,
shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. Facsimile
and/or electronic signatures shall be deemed originals. Signatures may be exchanged by facsimile or by an email scanned PDF signature
page. Each Party agrees that it will be bound by its own facsimiled or PDF-scanned or electronic signature and that it accepts
such signatures of the other Parties.

 

22. INTERPRETATION

 

This Agreement is between sophisticated parties, each of which
has reviewed the Agreement and is fully knowledgeable about its terms and conditions. The Parties therefore agree that this Agreement
shall be construed without regard to the authorship of the language and without any presumption or rule of construction in
favor of either of them.

 

23. NO 3rd-PARTY BENEFICIARIES

 

Other than as expressly set forth in the Exhibit A hereto,
nothing in this Agreement is intended or shall be construed to give any person or entity, other than the Parties, 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.

 

24. NON-RECOURSE

 

Except as otherwise set forth in Section 13 hereof, all
claims or causes of action (whether in contract, tort or other theory) that may be based upon, arise out of or relate to this Agreement,
or the negotiation, execution or performance of this Agreement, may be made only against the entities that are expressly identified
as Parties; and no past, present or future director, officer, employee, incorporator, member, partner, stockholder, affiliate,
agent, attorney or representative of any Party (including any person negotiating or executing this Agreement on behalf of a Party)
shall have any liability or obligation with respect to this Agreement or with respect any claim or cause of action (whether in
contract, tort or other theory) that may arise out of or relate to this Agreement, or the negotiation, execution or performance
of this Agreement (including a representation or warranty made in or in connection with this Agreement or as an inducement to enter
into this Agreement).

 

[signature page to
follow]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to
be executed with the intent it be effective as of the Effective Date.

 

 

	 	AMERICAN
    LIFE & SECURITY CORP.
	 	 
	 	By:	/s/ Stephen Mace
	 	Name:	Stephen Mace
	 	Title:	General Counsel

 

[Signature Page to Investment Management
Agreement (ModCo and Funds Withheld Accounts)]

 

     

     

    

 

	 	Crestline
    Management, L.P.
	 	 
	 	By:	/s/ John Cochran
	 	Name:	John Cochran
	 	Title:	Vice-President

 

[Signature Page to Investment Management
Agreement (ModCo and Funds Withheld Accounts)]

 

     

     

    

 

	AGREED
    & ACCEPTED:	 
	 	 
	 	 
	 	Crestline
    Re SPC, for and on behalf of Crestline
    Re SP 1
	 	 
	 	 
	 	By:	/s/  Dara Keogh
	 	Name:	Dara Keogh
	 	Title:	Director

 

[Signature Page to Investment Management
Agreement (ModCo and Funds Withheld Accounts)]

 

     

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

EXHIBIT A

ACCOUNTS: MODCO
ACCOUNT and FUNDS WITHHELD ACCOUNT

 

ACCOUNTS:

 

	Funds Withheld Account:	 	[***]
	Modco Deposit Account:	 	[***]
	 	 	 
	Custodian:	 	Wells
                                         Fargo Bank

 

Part I. Eligible Investments and General Investment
Strategy

 

All investments must comply with

 

		(i)	applicable Nebraska insurance company investment guidelines, laws and regulations as communicated in writing by the Company
from time to time. The Company shall inform the Manager of any changes to Nebraska law or regulation that are enacted or adopted
after the effective date of this Agreement and that may be material to this Agreement, in each case reasonably promptly after the
Company becomes aware of such changes to law or regulation.
		(ii)	the investment guidelines adopted by the Company’s Board of Directors (attached as Exhibit B),
		(iii)	the investment guidelines of Reinsurer (attached as Exhibit C) and
		(iv)	the additional investment parameters (and Maximum Allocations) set forth in this Exhibit A (as amended from time to time),
and

 

( (i)-(iv), collectively the “Guidelines”)

 

Compliance with the Investment Guidelines shall be measured
in aggregate against the assets in the Funds Withheld Account, Modco Account and the Trust Account (as defined in the Reinsurance
Agreement). For the avoidance of doubt, the concentration limits, exposure limits, Maximum Allocations and other investment parameters
set forth in the Guidelines that are expressed as percentages shall apply as if the aggregate balance of the Trust Account and
the Accounts represented the greatest of (a) $[***], (b) the actual aggregate balance of the Trust Account and the Accounts,
and (c) the lesser of (x) the balance of the Trust Account times the current Maximum Leverage Multiple and (y) $[***].
The “Maximum Leverage Multiple” is defined based on the Minimum Leverage Measure then in effect under the terms
of the Reinsurance Agreement, as follows:

 

	Minimum
    Leverage Measure	Maximum
    Leverage Multiple
	[***]%	[***]
	[***]%	[***]
	[***]%	[***]

 

    	 	Exhibit A-1	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

If as a result of a change in applicable law or interpretation
thereof, the Guidelines no longer conform with such requirements of law, the Parties shall promptly amend this exhibit as necessary
in accordance with Part II hereof.

 

The Manager shall allocate the Portfolio in its discretion to
Sub-Advisors and Approved Asset Classes subject to the limitations set forth below.

 

The Manager may, in its discretion, create or purchase pools
of some or all of the Portfolio investments in the Accounts, which may be tranched and rated. Such pools and tranches may only
be created or purchased to the degree that (i) they are in compliance with Nebraska insurance company investment guidelines,
laws and regulations and (ii) do not violate the Company’s single obligor limit of [***]% of its total assets. If a
rated tranche of a pool of assets is held in an Account or in the Trust Account, then (i) all of the assets/dollars will be
considered to have the rating of the tranche, but (ii) the other limits below (including without limitation the industry,
asset class, and obligor concentration limits) will be applied individually to the component assets within the tranche/pool.

 

TARGET RATING CONCENTRATIONS: 

 

	SVO1,
SVO2 (or equivalent). 1st Lien Mortgages and Collateral Loans under the Nebraska Revised Statute 44-5134 (“Collateral
Loans”)	Min
                                         [***]%
	 	 
	SVO3
and lower rated assets	Max [***]% and per
NDOI statutes for each rating category

 

New assets acquired by the Manager for the Accounts must : (1) be a CM1 or CM2 1st lien mortgage loan, or (2) qualify as a Collateral Loan, or (3) received a preliminary written or verbal indication from an NRSRO that has been engaged to rate the asset of BBB- or better, If such minimum rating is not assigned within 60 days after the asset has been deposited into an Account, then the Manager shall transfer the asset from the Account to the Trust Account.

 

    	 	Exhibit A-2	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

SINGLE
ISSUE EXPOSURE

 

	i.  U.S. government-guaranteed	Unlimited
	 	 
	ii. AAA-rated U.S. government-sponsored entity or agency	[***]% of admitted assets
	 	 
	iii. Non-U.S. government	5% (but up to $[***] if reserve Asset portfolio is less than
        $[***])

 

	ASSET CLASS	MAXIMUM 
 ALLOCATION
	Cash and/or cash equivalents	100%
	 

                                                                                Government Obligations (US and Canadian, including governmental unit and instrumentalities thereof)  

                                                                                 
	100%
	US Municipal Bonds

                                                                                 
	[***]%  

                                                                                 

	Structured Products including: Agency MBS (including, FNMA, FHLMC, GNMA), MBS, Floating & Fixed Rate CLOs and ABS	[***]% 
	 	 
	Traded Corporate Debt (SVO 1 and 2)	[***]%
	 

                                                                                Private Debt (SVO 1 and 2)**
	 

                                                                                [***]%

	 

                                                                                Private Asset Backed**  

                                                                                 
	[***]%
	Collateral Loans (including Fund Financing)**	(i)          
        [***]% of the ModCo plus FW account may be held in the ModCo or FW account, plus

                                                                                 

                                                                                (ii)         
        (ii) up to [***]% of any amounts in the Trust

 

    	 	Exhibit A-3	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

	[***] Notes	 

                                                                                [***]% of actual capital contributions to Trust Account*  

                                                                                 

	Opportunistic Credit (including preferred stock and related structures) and “Other”**  

                                                                                 

                                                                                “Other” includes Limited Partnership Interests, Notes backed by Investment Funds, and similar structures

                                                                                 

                                                                                
	[***]%    

                                                                                 

                                                                                 

                                                                                [***]% (as a sub-limit of the above)  

	

                                                                                                                                                   First Lien Mortgages (“1st Lien Mortgage”)  

                                                                                 
	[***]% (aggregate 1st Lien Mortgage inclusive of CM1, CM2 and CM3)  

                                                                                 

	First Lien Mortgages – CM1 and/or CM2

                                                                                 
	[***]%  

                                                                                 

	 

                                                                                                                                                                    First Lien Mortgages – CM3

                                                                                 
	 

                                                                                                                                          [***]%  

                                                                                 

 

* The [***] Notes will initially be out of compliance with the
investment guidelines.

At inception, the [***] CLO structured notes (the “[***]
Notes”) will be arranged in three tranches, for a total of $[***], as follows: (a) Class A, $[***]of debt;
(b) Class B, $[***]of debt guaranteed by [***]; and (c) Class C, [***]of debt. No additional [***] Notes
may be added to the Trust Account after these initial tranches are deposited into the Trust Account or may be reissued after having
been paid down.

 

**The following Asset Classes cannot exceed [***]% in aggregate:

 

Private Debt

Private Asset Backed

Collateral Loans

Opportunistic Credit

 

    	 	Exhibit A-4	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

Instruments listed by the SVO or that are filing-exempt (“FE”)
instruments shall be designated to the Funds Withheld Account or the Trust Account. All other instruments will be expected to be
allocated to the ModCo Account (together with the Funds Withheld Account, each a “Sub-Account” and collectively the
 “Sub-Accounts”)) or the Trust Account. The Company shall use best efforts to allocate between the Sub-Accounts, based
on discussions with the Manager, to ensure sufficient liquidity within each account to settle pending transactions. The Manager
may in its reasonable discretion determine in which Approved Asset Class or which Sub-Account an investment shall be classified.

 

Assets in the Accounts and the Trust Account
shall also comply with these additional guidelines:

 

		-	Maximum Maturity:

No asset in the Portfolio may mature after longest dated maturity
of the applicable annuity product

 

		-	Portfolio Maximum WAL:

Not more than one (1) year longer than the weighted average
life of the Annuity Portfolio on any date of determination

 

		-	Single Obligor:

No single obligor in the Portfolio shall be more than [***]%
of the Portfolio.

 

		-	Industry Concentration:

Single S&P Industry Classification max of [***]% of the
Portfolio

 

In the event that the Leverage Measure is less than the Minimum
Leverage Measure, each as defined in the Reinsurance Agreement, the Manager (and any Sub-Advisors) shall be prohibited from adding
additional assets to the Portfolio that would cause any deterioration in any of the above metrics.

 

The Manager may from time to time propose additional strategies
by providing written notice to the Company setting forth sufficient detail and information as the Company shall reasonably request.
Promptly following receipt of such notice, the Company shall discuss the proposed additional strategy with the Manager, and upon
mutual consent (not to be unreasonably withheld), any such additional strategy shall be added as an Approved Asset Class (an
 “Additional Approved Asset Class”) by amending this Exhibit in accordance with the Agreement (including in accordance
with Part II hereof).

 

    	 	Exhibit A-5	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

Part II. Amendments

 

The Parties may mutually amend the Guidelines from time to time
by delivery of an amendment to this Exhibit A (signed and dated by each of the Parties); provided

 

		(i)	No amendment of the Agreement or the Guidelines which does or could foreseeably have an adverse impact on Reinsurer shall be
permissible without the express written consent of Reinsurer.

 

		(ii)	No agency, agency cross and principal transactions with affiliates of the Company or Reinsurer shall be permitted hereunder
without express written consent of Reinsurer and the Company.

 

		(iii)	No removal of the Manager from the Accounts shall be permitted without express written consent of Reinsurer (other than following
the occurrence of a recapture event under the Reinsurance Agreement) and upon the appointment of a replacement manager by the Company.

 

		(iv)	Any replacement manager hereunder shall require the express written approval of Reinsurer.

 

Part III. Schedule of Fees

 

The “Base Management Fee” shall be payable to the
Manager quarterly, in arrears on the 10th day of each of September, December, March and June (or if such day is not a
business day, the next following business day), at the rate per year equal to [***]% ([***] basis points) of the weighted daily
average principal amount of investments in the Portfolio with respect to such calendar quarter. The Manager in its sole discretion
may from time to time waive all or a portion of the Base Management Fee.

 

    	 	Exhibit A-6	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

EXHIBIT B

 

American Life & Security Corp.

Investment Guidelines

Effective January 1, 2019

 

	Primary Objective:	Preservation of capital - which means (i) earning a return on investments that covers the costs of ALSC's liabilities, plus ALSC's
operating budget, plus an adequate return on ALSC's capital (ii) without taking unjustified risk that put policyholders at risk.
	 
	Secondary Objectives:	Predictability and stability of expected returns while maximizing return on capital usage and risks incurred.
	 
	Investment Guidelines:	Comply with Insurers Investment Act as set forth in the Nebraska Revised Statutes Sections 44-5101 to 44-5154
	 
	Permitted Investments:	As set forth in the Insurers Investment Act
	 
	Duration Target:	Consistent with that of ALSC's liabilities
	 
	Gain/Loss Practice:	Approval of President is required to incur any series of realized losses in excess of $[***]

 

	Cash:	Cash should be invested in high quality short term investments

 

	Liquidity Requirement:	Maintain
liquidity sources (i.e. projected asset maturities/cash flows, investment grade corporate investments, cash, or liquidity lines)
equivalent to a minimum of (i) [***]% of net admitted assets or (ii) an amount as specified in a liquidity plan approved
by the Board.. This threshold may be breached on a temporary basis with approval of the President.

 

	Ratification:	The Board shall ratify all investments at its regular Board meetings

 

    	 	Exhibit B-1	 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN
OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUEST. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND
EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED

 

EXHIBIT C

 

Crestline Re SP 1

Investment Guidelines

Effective December 8,
2020

 

	Primary Objective:	Preservation of capital, defined as earning a return on investments that covers the cost of the Cell’s liabilities and operating
costs without taking unjustified risk that puts policyholders at risk.
	 
	Secondary Objective:	Seek to earn a stable and high-quality risk-adjusted return for the equity of the Cell.
	 
	Investment Guidelines:	Comply with (i) all terms of the Reinsurance Agreement and Investment Management Agreements with American Life & Security
Corp and Crestline Management, L.P. and (ii) all applicable Nebraska laws and statutes.
	 
	Duration Target:	Consistent with the Cell’s liabilities.
	 
	Cash:	Cash should be invested in high-quality short-term investments.
	 
	Ratification:	The Board shall ratify all investments at its regular Board meetings.

 

    	 	Exhibit C-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00320-of-00352.parquet"}]]