Document:

EX-4.3

 Exhibit 4.3 

AMENDED AND RESTATED 

REGISTRATION RIGHTS AGREEMENT 

This Amended and Restated Registration Rights Agreement (this “Agreement”) is made and entered into as of March 30, 2021
among PAYSAFE LIMITED, an exempted limited company incorporated under the laws of Bermuda (the “Company”), PI JERSEY TOPCO LIMITED, a company incorporated in Jersey (“Pi Topco”), PAYSAFE GROUP HOLDINGS LIMITED, a
private limited company incorporated under the laws of England and Wales (“PGHL”) and the persons identified on Schedule A hereto (together with their respective affiliates, successors and permitted assigns, collectively, the
“Investors” and, each individually, an “Investor”). 
 WHEREAS, Pi Topco and certain of the Investors
previously entered into the Registration Rights Agreement, dated as of December 27, 2017 (the “Original Agreement”); and 

WHEREAS, the Original Agreement may be amended by the holders of a majority of the Registrable Securities (as defined below) and parties to
the Original Agreement representing a majority of the Registrable Securities now desire to enter into this Agreement to amend and restate the Original Agreement in its entirety as more fully set forth below. 

NOW, THEREFORE, in consideration of the foregoing and the mutual and dependent covenants hereinafter set forth, the parties hereto agree as
follows: 
 1.    Defined Terms. As used in this Agreement, the following terms shall have the following meanings: 

“Agreement” has the meaning set forth in the preamble. 

“Board” means the board of directors (or any successor governing body) of the Company. 

“Closing Date” means the date of this Agreement. 

“Commission” means the Securities and Exchange Commission or any other federal agency administering the Securities Act and the
Exchange Act at the time. 
 “Company” has the meaning set forth in the preamble and includes the Company’s successors
by merger, amalgamation, acquisition, reorganization or otherwise. 
 “Controlling Person” has the meaning set forth in
Section 5(g). 
 “Demand Registration” has the meaning set forth in
Section 2(c). 
 “DTCDRS” has the meaning set forth in Section 5(r).

 “Effectiveness Deadline” has the meaning set forth in Section 2(b). 

“Equity Securities” means all of the issued equity securities of the Company from time to time (including any warrants or any
shares issuable upon exercise of such warrants and any other shares issued or issuable with respect thereto (whether by way of a share dividend or share split or in exchange for or upon conversion of such shares or otherwise in connection with a
combination of shares, distribution, recapitalization, merger, consolidation, other corporate reorganization or other similar event with respect to the Equity Securities)). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as
the same may be amended from time to time. 

 “Francisco Partners Investors” means Francisco Partners IV, L.P and
Francisco Partners IV-A, L.P. and their respective affiliates, successors and permitted assigns. 

“Governmental Authority” means any federal, state, provincial, municipal, local or foreign government, governmental authority,
regulatory or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal. 

“Initial Registrable Securities” has the meaning set forth in Section 5(a)(ii). 

“Initial Registrable Statement” has the meaning set forth in Section 5(a)(ii). 

“Inspectors” has the meaning set forth in Section 5(h). 

“Investors” has the meaning set forth in the preamble. 

“Long-Form Registration” has the meaning set forth in Section 2(a). 

“New Registration Statement” has the meaning set forth in Section 5(a)(ii). 

“Person” means any individual, firm, corporation, partnership, limited liability company, incorporated or unincorporated
association, joint venture, joint stock company, governmental agency or instrumentality or other entity of any kind. 

“PGHL” has the meaning set forth in the preamble and includes PGHL’s successors by merger, amalgamation, acquisition,
reorganization or otherwise. 
 “Pi Topco” has the meaning set forth in the preamble and includes Pi Topco’s successors
by merger, amalgamation, acquisition, reorganization or otherwise. 
 “Piggyback Registration” has the meaning set forth in
Section 3(a). 
 “Piggyback Registration Statement” has the meaning set forth in
Section 3(a). 
 “Piggyback Shelf Registration Statement” has the meaning set forth in
Section 3(a). 
 “Piggyback Shelf Takedown” has the meaning set forth in
Section 3(a). 
 “Prospectus” means the prospectus or prospectuses included in any Registration
Statement (including, without limitation, a prospectus that includes any information previously omitted from a prospectus filed as part of an effective Registration Statement in reliance on Rule 430A under the Securities Act or any successor rule
thereto), as amended or supplemented by any prospectus supplement, including any Shelf Supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement and by all other
amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in such prospectus or prospectuses. 

“Records” has the meaning set forth in Section 5(h). 

“Registrable Securities” means (a) any Equity Securities beneficially owned or otherwise held directly or indirectly by
any of the Investors, (b) any Equity Securities that are directly held or indirectly, as set forth in the books and records of PGHL or Pi Topco, as applicable, are attributed to an Investor, (c) any Equity Securities in which other
shareholders of PGHL or Pi Topco, as applicable, directly hold or indirectly, as set forth in the books and records of PGHL or Pi Topco, as applicable, are attributed an interest, over which an Investor has the right to direct a sale as set forth in
the books and records of PGHL or Pi Topco, as applicable, 

  
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and (d) any Equity Securities issued or issuable with respect to any shares described in subsections (a) through (c) above by way of a share dividend or share split or in exchange for
or upon conversion of such shares or otherwise in connection with a combination of shares, distribution, recapitalization, merger, consolidation, other reorganization or other similar event with respect to the Equity Securities (it being understood
that, for purposes of this Agreement, a Person shall be deemed to be a holder of Registrable Securities whenever such Person has the right to then acquire or obtain from the Company any Registrable Securities, whether or not such acquisition has
actually been effected). As to any particular Registrable Securities, such securities shall cease to be Registrable Securities when (i) the Commission has declared a Registration Statement covering such securities effective and such securities
have been disposed of pursuant to such effective Registration Statement, or (ii) such securities are sold under circumstances in which all of the applicable conditions of Rule 144 under the Securities Act are met. 

“Registration Date” means the date on which the Company becomes subject to Section 13(a) or Section 15(d) of the
Exchange Act. 
 “Registration Statement” means any registration statement of the Company, including the Prospectus,
amendments and supplements (including Shelf Supplements) to such registration statement, including post-effective amendments, all exhibits and all material incorporated by reference in such registration statement. 

“Rule 144” means Rule 144 under the Securities Act or any successor rule thereto. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the
same may be amended from time to time. 
 “Selling Expenses” means all underwriting discounts, selling commissions and share
transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any holder of Registrable Securities, except for the fees and disbursements of counsel for the holders of Registrable Securities required to
be paid by the Company pursuant to Section 6. 
 “Shelf Registration” has the meaning set forth in
Section 2(c). 
 “Shelf Registration Statement” has the meaning set forth in
Section 2(c). 
 “Shelf Supplement” has the meaning set forth in
Section 2(d). 
 “Shelf Takedown” has the meaning set forth in
Section 2(d). 
 “Shelf Takedown Notice” has the meaning set forth in
Section 2(d). 
 “Short-Form Registration” has the meaning set forth in
Section 2(c). 
 “Target Filing Date” has the meaning set forth in
Section 2(c). 
 2.    Registration. 

(a)    To the extent that a Registration Statement filed pursuant to Section 2(b)
or a Shelf Registration Statement is not available to effect the proposed transaction, each Investor may request that the Company register under the Securities Act all or any portion of its Registrable Securities pursuant to a Registration Statement
on Form F-1, S-1 or any successor form thereto with respect to a underwritten public offering of Registrable Securities (each, a “Long-Form
Registration”). Each request for a Long-Form Registration shall specify the number of Registrable Securities requested to be included in the Long-Form Registration. Upon receipt of any such request, the Company shall promptly (but in no
event later than 10 days following receipt thereof) deliver notice of such request to all other holders of Registrable Securities who shall then have 10 days 

  
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from the date such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall prepare and file with (or confidentially submit to) the
Commission a Registration Statement on Form F-1, S-1 or any successor form thereto covering all of the Registrable Securities that the holders thereof have requested to
be included in such Long-Form Registration within 60 days after the date on which the initial request is given and shall use its best efforts to cause such Registration Statement to be declared effective by the Commission as soon as practicable
thereafter. 
 (b)    The Company shall, as soon as practicable, but in any event within
forty-five (45) days after the Closing Date, file (or confidentially submit) a Registration Statement to permit the public resale of all the Registrable Securities held by the Investors from time to time as permitted by Rule 415 under the
Securities Act (or any successor or similar provision adopted by the Commission then in effect) on the terms and conditions specified in this Section 2(b) and shall use its commercially reasonable efforts to cause the Registration
Statement to be declared effective as soon as practicable after the filing thereof, but in no event later than the earlier of (i) the 105th day (or 165th day if the Commission notifies the Company that it will “review” the
Registration Statement) following the Closing Date and (ii) the 10th business day after the date the Company is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be
“reviewed” or will not be subject to further review (such earlier date, the “Effectiveness Deadline”). The Registration Statement filed with the Commission pursuant to this Section 2(b) shall be on Form F-3 or S-3, or if Form F-3 or S-3 is not then available to the
Company, on Form F-1 or S-1 or such other form of registration statement as is then available to effect a registration for the sale or resale of such
Registrable Securities on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule or provision similar thereto adopted by the Commission, covering such Registrable Securities, and shall contain a Prospectus
in such form as to permit any Investor to sell such Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor rule or similar provision adopted by the Commission then in effect) at any time beginning on the effective
date for such Registration Statement. A Registration Statement filed pursuant to this Section 2(b) shall provide for the sale or resale pursuant to any method or combination of methods legally available to, and requested by, the
Investors. The Company shall use its reasonable best efforts to cause a Registration Statement filed pursuant to Section 2(b) to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Registration
Statement is available or, if not available, that another Registration Statement or Shelf Registration Statement is continuously available, for the resale of all the Registrable Securities held by the Holders until all such Registrable Securities
have ceased to be Registrable Securities. As soon as practicable following the effective date of a Registration Statement filed pursuant to this Section 2(b), but in any event within one (1) business day of such date, the Company
shall notify the Investors of the effectiveness of such Registration Statement. If, after the filing such Registration Statement, a holder of Registrable Securities requests registration under the Securities Act of additional Registrable Securities
pursuant to such Registration Statement, the Company shall amend such Registration Statement to cover such additional Registrable Securities. 

(c)    The Company shall use its best efforts to qualify and remain qualified to register the offer and
sale of securities under the Securities Act pursuant to a Registration Statement on Form F-3, S-3 or any successor form thereto. As soon as practicable after the date
hereof, but not later than the Target Filing Date, the Company shall (i) prepare and file with (or confidentially submit to) the Commission a Registration Statement on Form F-3, S-3 or the then appropriate form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Shelf Registration
Statement”) that covers all Registrable Securities then outstanding for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Shelf
Registration”) and (ii) use its best efforts to cause such Shelf Registration Statement to be declared effective by the Commission as soon as practicable thereafter. In addition, the Company shall use its best efforts to cause a Shelf
Registration Statement filed pursuant to Section 2(c) to remain effective, and to be supplemented and amended to the extent necessary to ensure that such Shelf Registration Statement is available or, if not available, that another Shelf
Registration Statement (if the Company is eligible to file a Shelf Registration Statement) or other Registration Statement (if the Company is not so eligible) is continuously available, for the resale of all the Registrable Securities held by the
Holders until all such Registrable Securities have ceased to be Registrable Securities. For purposes 

  
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hereof, “Target Filing Date” shall mean the date which is 30 days after the Company becomes qualified to register the offer and sale of securities under the Securities Act
pursuant to a Shelf Registration Statement. If, after the filing of a Shelf Registration Statement, a holder of Registrable Securities requests registration under the Securities Act of additional Registrable Securities pursuant to such Shelf
Registration, the Company shall amend such Shelf Registration Statement to cover such additional Registrable Securities. At such time as the Company shall have qualified for the use of a Registration Statement on Form
F-3, S-3 or any successor form thereto, the holders of Registrable Securities shall have the right to request an unlimited number of registrations under the Securities
Act of all or any portion of their Registrable Securities pursuant to a Registration Statement on Form F-3, S-3 or any similar short-form Registration Statement (each, a
“Short-Form Registration” and, collectively with each Long-Form Registration and Shelf Registration (as defined below), a “Demand Registration”). Each request for a Short-Form Registration shall specify the number
of Registrable Securities requested to be included in the Short-Form Registration. Upon receipt of any such request, the Company shall promptly (but in no event later than 10 days following receipt thereof) deliver notice of such request to all
other holders of Registrable Securities who shall then have 10 days from the date such notice is given to notify the Company in writing of their desire to be included in such registration. The Company shall prepare and file with (or confidentially
submit to) the Commission a Registration Statement on Form F-3, S-3 or any successor form thereto covering all of the Registrable Securities that the holders thereof
have requested to be included in such Short-Form Registration within 30 days after the date on which the initial request is given and shall use its best efforts to cause such Registration Statement to be declared effective by the Commission as soon
as practicable thereafter. 
 (d)    At any time that a Shelf Registration Statement is effective, if a
holder of Registrable Securities covered by such Shelf Registration Statement delivers a notice to the Company (a “Shelf Takedown Notice”) stating that the holder intends to effect an offering of all or part of its Registrable
Securities included in such Shelf Registration Statement (a “Shelf Takedown”) and the Company is eligible to use such Shelf Registration Statement for such Shelf Takedown, then the Company shall take all actions reasonably required,
including amending or supplementing (a “Shelf Supplement”) such Shelf Registration Statement, to enable such Registrable Securities to be offered and sold as contemplated by such Shelf Takedown Notice. Each Shelf Takedown Notice
shall specify the number of Registrable Securities to be offered and sold under the Shelf Takedown. Upon receipt of a Shelf Takedown Notice, the Company shall promptly (but in no event later than five (5) business days, or, in the case of an
underwritten overnight “block trade”, two (2) business days, following receipt thereof) deliver notice of such Shelf Takedown Notice to all other holders of Registrable Securities who shall then have five (5) business days, or,
in the case an underwritten overnight “block trade,” one (1) business day, from the date such notice is given to notify the Company in writing of their desire to be included in such Shelf Takedown. The Company shall prepare and file
with the Commission a Shelf Supplement as soon as practicable after the date on which it received the Shelf Takedown Notice and, if such Shelf Supplement is an amendment to such Shelf Registration Statement, shall use its best efforts to cause such
Shelf Supplement to be declared effective by the Commission as soon as practicable thereafter. 

(e)    The Company shall not be obligated to effect any Long-Form Registration (x) within 90 days
after the effective date of a previous Long-Form Registration or Shelf Takedown or a previous Piggyback Registration in which holders of Registrable Securities were permitted to register the offer and sale under the Securities Act, and actually
sold, all of the shares of Registrable Securities requested to be included therein (y) or while a lock-up agreement pursuant to Section 4 or any other lock-up agreement relating to such holder’s Registrable Securities is in effect. Notwithstanding anything otherwise to the contrary herein, the Company shall not be required to provide notice of any requested
underwritten public offering to any holders of Registrable Securities whose shares are subject to any applicable lock-up arrangements at the time of such request, and any such holders shall not have the right
to receive information on or participate in any such underwritten public offering. The Company may postpone for up to 90 days the filing or effectiveness of a Registration Statement for a Demand Registration or the filing of a Shelf Supplement for a
Shelf Takedown if the Board determines in its reasonable good faith judgment that such Demand Registration or Shelf Takedown would (i) materially interfere with a significant acquisition, corporate reorganization, financing, securities offering
or other similar transaction involving the Company; (ii) require premature disclosure of material information that the Company 

  
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has a bona fide business purpose for preserving as confidential; or (iii) render the Company unable to comply with requirements under the Securities Act or Exchange Act. The Company may
delay a Demand Registration or Shelf Takedown pursuant to the immediately preceding sentence only once in any period of 12 consecutive months. 

(f)    If the holders of the Registrable Securities initially requesting a Demand Registration or Shelf
Takedown elect to distribute the Registrable Securities covered by their request in an underwritten offering, they shall so advise the Company as a part of their request made pursuant to Section 2(a),
Section 2(b), Section 2(c) or Section 2(d), and the Company shall include such information in its notice to the other holders of Registrable Securities. The holders of a
majority of the Registrable Securities initially requesting the Demand Registration or Shelf Takedown shall select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering. 

(g)    The Company shall not include in any Demand Registration or Shelf Takedown any securities which are
not Registrable Securities without the prior written consent of the holders of a majority of the Registrable Securities included in such Demand Registration or Shelf Takedown, which consent shall not be unreasonably withheld or delayed. If a Demand
Registration or Shelf Takedown involves an underwritten offering and the managing underwriter of the requested Demand Registration or Shelf Takedown advises the Company and the holders of Registrable Securities in writing that in its reasonable and
good faith opinion the number of shares of Equity Securities proposed to be included in the Demand Registration or Shelf Takedown, including all Registrable Securities and all other shares of Equity Securities proposed to be included in such
underwritten offering, exceeds the number of shares of Equity Securities which can be sold in such underwritten offering and/or the number of shares of Equity Securities proposed to be included in such Demand Registration or Shelf Takedown would
adversely affect the price per share of the Equity Securities proposed to be sold in such underwritten offering, the Company shall include in such Demand Registration or Shelf Takedown (i) first, the shares of Equity Securities that the holders
of Registrable Securities propose to sell, and (ii) second, the shares of Equity Securities proposed to be included therein by any other Persons (including shares of Equity Securities to be sold for the account of the Company and/or other
holders of Equity Securities) allocated among such Persons in such manner as they may agree. If the managing underwriter determines that less than all of the Registrable Securities proposed to be sold can be included in such offering, then the
Registrable Securities that are included in such offering shall be allocated pro rata among the respective holders thereof on the basis of the number of Registrable Securities owned by each such holder. 

3.     Piggyback Registration. 

(a)    Whenever the Company proposes to offer or sell any shares of its Equity Securities pursuant to a
registered offering under the Securities Act (other than a registration (i) pursuant to a Registration Statement on Form S-8 (or other registration solely relating to an offering or sale to employees or
directors of the Company pursuant to any employee share plan or other employee benefit arrangement), (ii) pursuant to a Registration Statement on Form F-4, S-4 (or
similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor rule thereto), or (iii) in connection with any dividend or distribution reinvestment or similar plan), whether for its own account or for
the account of one or more shareholders of the Company and the form of Registration Statement (a “Piggyback Registration Statement”) to be used may be used for any registration of Registrable Securities (a “Piggyback
Registration”), the Company shall give prompt written notice (in any event no later than ten (10) business days prior to either the filing of such Registration Statement or, with respect to a Piggyback Shelf Takedown, the filing of a
prospectus supplement to the applicable Piggyback Shelf Registration Statement) to the holders of Registrable Securities of its intention to effect such a registration and, subject to Section 3(b) and
Section 3(c), shall include in such registration all Registrable Securities with respect to which the Company has received written requests for inclusion from the holders of Registrable Securities within five
(5) business days after the Company’s notice has been given to each such holder. A Piggyback Registration shall not be considered a Demand Registration for purposes of Section 2. If any Piggyback Registration
Statement pursuant to which holders of Registrable Securities have registered the offer and sale of Registrable Securities is a Registration Statement on Form F-3, S-3
or the then appropriate 

  
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form for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto (a “Piggyback Shelf Registration
Statement”), such holder(s) shall have the right, but not the obligation, to be notified of and to participate in any offering under such Piggyback Shelf Registration Statement (a “Piggyback Shelf Takedown”). 

(b)    If a Piggyback Registration or Piggyback Shelf Takedown is initiated as a primary underwritten
offering on behalf of the Company and the managing underwriter advises the Company and the holders of Registrable Securities (if any holders of Registrable Securities have elected to include Registrable Securities in such Piggyback Registration or
Piggyback Shelf Takedown) in writing that in its reasonable and good faith opinion the number of shares of Equity Securities proposed to be included in such registration or takedown, including all Registrable Securities and all other shares of
Equity Securities proposed to be included in such underwritten offering, exceeds the number of shares of Equity Securities which can be sold in such offering and/or that the number of shares of Equity Securities proposed to be included in any such
registration or takedown would adversely affect the price per share of the Equity Securities to be sold in such offering, the Company shall include in such registration or takedown (i) first, the shares of Equity Securities that the Company
proposes to sell; (ii) second, the shares of Equity Securities requested to be included therein by holders of Registrable Securities, allocated pro rata among all such holders on the basis of the number of Registrable Securities owned by each
such holder or in such manner as they may otherwise agree; and (iii) third, the shares of Equity Securities requested to be included therein by holders of Equity Securities other than holders of Registrable Securities, allocated among such
holders in such manner as they may agree. 
 (c)    If a Piggyback Registration or Piggyback Shelf
Takedown is initiated as an underwritten offering on behalf of a holder of Equity Securities other than Registrable Securities, and the managing underwriter advises the Company in writing that in its reasonable and good faith opinion the number of
shares of Equity Securities proposed to be included in such registration or takedown, including all Registrable Securities and all other shares of Equity Securities proposed to be included in such underwritten offering, exceeds the number of shares
of Equity Securities which can be sold in such offering and/or that the number of shares of Equity Securities proposed to be included in any such registration or takedown would adversely affect the price per share of the Equity Securities to be sold
in such offering, the Company shall include in such registration or takedown (i) first, the shares of Equity Securities requested to be included therein by the holder(s) requesting such registration or takedown and by the holders of Registrable
Securities, allocated pro rata among all such holders on the basis of the number of shares of Equity Securities other than the Registrable Securities (on a fully diluted, as converted basis) and the number of Registrable Securities, as applicable,
owned by all such holders or in such manner as they may otherwise agree; and (ii) second, the shares of Equity Securities requested to be included therein by other holders of Equity Securities, allocated among such holders in such manner as
they may agree. 
 (d)    If any Piggyback Registration or Piggyback Shelf Takedown is initiated as a
primary underwritten offering on behalf of the Company, the Company shall, subject to the prior written consent of the holders of a majority of the Registrable Securities included in such Piggyback Registration or Piggyback Shelf Takedown, which
consent shall not be unreasonably withheld or delayed, select the investment banking firm or firms to act as the managing underwriter or underwriters in connection with such offering. 

4.    Lock-up Agreement. In connection with any registered offering of the Equity
Securities or other equity securities of the Company, and upon the request of the managing underwriter in such offering, each holder of Registrable Securities agrees to execute a customary lock-up agreement.
The Company shall cause its executive officers and its directors, which directors are selling Equity Securities in such offering (as applicable) and shall use reasonable best efforts to cause other holders of Equity Securities who beneficially own
(within the meaning of Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the date of this Agreement) 10% or more of the then outstanding Equity Securities and
holders of any of the Registrable Securities participating in such offering, to enter into lock-up agreements that contain restrictions that are no less restrictive than the restrictions contained in the lock-up agreements executed by the holders of Registrable Securities. Each holder of Registrable Securities agrees to execute and deliver such other agreements as may be reasonably requested by the Company or the
managing 

  
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underwriter which are consistent with the foregoing or which are necessary to give further effect thereto. Notwithstanding anything to the contrary contained in this
Section 4, each holder of Registrable Securities shall be released, pro rata, from any lock-up agreement entered into pursuant to this Section 4 in the event
and to the extent that the managing underwriter or the Company permit any discretionary waiver or termination of the restrictions of any lock-up agreement pertaining to any officer, director or holder of
greater than 10% of the outstanding Equity Securities. 
 5.    Registration Procedures. If and whenever the holders of
Registrable Securities request that the offer and sale of any Registrable Securities be registered under the Securities Act or any Registrable Securities be distributed in a Shelf Takedown pursuant to the provisions of this Agreement, the Company
shall use its best efforts to effect the registration of the offer and sale of such Registrable Securities under the Securities Act in accordance with the intended method of disposition thereof, and pursuant thereto the Company shall as soon as
practicable and as applicable: 
 (a)    subject to Section 2(a),
Section 2(b), Section 2(c) and Section 2(d), (i) prepare and file with the Commission a Registration Statement covering such Registrable Securities and use its best
efforts to cause such Registration Statement to be declared effective; and (ii) if (A) the Company has filed a Registration Statement (the “Initial Registration Statement”) with the Commission that covers Registrable Securities
(the “Initial Registrable Securities”), (B) pursuant to Rule 415(a)(5) under the Securities Act or any successor rule thereto, the Initial Registration Statement may no longer be used for offers and sales of any of the Initial
Registrable Securities, and (C) any of the Initial Registrable Securities are Registrable Securities at the time that (B) above occurs, the Company shall prepare and file with the Commission within the time limits required by Rule 415
under the Securities Act or any successor rule thereto a new Registration Statement covering any Initial Registrable Securities that have not ceased to be Registrable Securities for an offering to be made on a delayed on continuous basis pursuant to
Rule 415 under the Securities Act or any successor rule thereto (a “New Registration Statement”) and shall use its best efforts to cause such New Registration Statement to be declared effective by the Commission as soon as
practicable thereafter; 
 (b)    (i) in the case of a Long-Form Registration or a Short-Form
Registration, prepare and file with the Commission such amendments, post-effective amendments and supplements to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement
effective for a period of not less than 180 days, or if earlier, until all of such Registrable Securities have been disposed of and to comply with the provisions of the Securities Act with respect to the disposition of such Registrable Securities in
accordance with the intended methods of disposition set forth in such Registration Statement; and (ii) in the case of a Shelf-Registration, prepare and file with the Commission such amendments, post-effective amendments and supplements,
including Shelf Supplements, to such Registration Statement and the Prospectus used in connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the
disposition of all Registrable Securities subject thereto for a period ending on the earlier of (i) 36 months after the effective date of such Registration Statement and (ii) the date on which all the Registrable Securities subject thereto have
been sold pursuant to such Registration Statement; 
 (c)    within a reasonable time before filing such
Registration Statement, Prospectus or amendments or supplements thereto with the Commission, furnish to one counsel selected by holders of a majority of such Registrable Securities copies of such documents proposed to be filed, which documents shall
be subject to the review, comment and approval of such counsel; 
 (d)    notify each selling holder of
Registrable Securities, promptly after the Company receives notice thereof, of the time when such Registration Statement has been declared effective or a supplement, including a Shelf Supplement, to any Prospectus forming a part of such Registration
Statement has been filed with the Commission; 

  
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 (e)    furnish to each selling holder of Registrable
Securities such number of copies of the Prospectus included in such Registration Statement (including each preliminary Prospectus) and any supplement thereto, including a Shelf Supplement (in each case including all exhibits and documents
incorporated by reference therein), and such other documents as such seller may request in order to facilitate the disposition of the Registrable Securities owned by such seller; 

(f)    use its best efforts to register or qualify such Registrable Securities under such other securities
or “blue sky” laws of such jurisdictions as any selling holder requests and do any and all other acts and things which may be necessary or advisable to enable such holders to consummate the disposition in such jurisdictions of the
Registrable Securities owned by such holders; provided, that the Company shall not be required to qualify generally to do business, subject itself to general taxation or consent to general service of process in any jurisdiction where it would
not otherwise be required to do so but for this Section 5(f); 
 (g)    notify
each selling holder of such Registrable Securities, at any time when a Prospectus relating thereto is required to be delivered under the Securities Act, of the happening of any event that would cause the Prospectus included in such Registration
Statement to contain an untrue statement of a material fact or omit any fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading, and, at the request of any such holder,
the Company shall prepare a supplement or amendment to such Prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not contain an untrue statement of a material fact or omit to state any
fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; 

(h)    make available for inspection by any selling holder of Registrable Securities, any underwriter
participating in any disposition pursuant to such Registration Statement and any attorney, accountant or other agent retained by any such holder or underwriter (collectively, the “Inspectors”), all financial and other records,
pertinent corporate documents and properties of the Company (collectively, the “Records”), and cause the Company’s officers, directors and employees to supply all information requested by any such Inspector in connection with
such Registration Statement; 
 (i)    provide a transfer agent and registrar (which may be the same
entity) for all such Registrable Securities not later than the effective date of such registration; 

(j)    use its best efforts to cause such Registrable Securities to be listed on each securities exchange
on which the Equity Securities is then listed or, if the Equity Securities is not then listed, on a national securities exchange selected by the holders of a majority of such Registrable Securities; 

(k)    in connection with an underwritten offering, enter into such customary agreements (including
underwriting and lock-up agreements in customary form) and take all such other customary actions as the holders of such Registrable Securities or the managing underwriter of such offering request in order to
expedite or facilitate the disposition of such Registrable Securities (including, without limitation, making appropriate officers of the Company available to participate in “road show” and other customary marketing activities (including one-on-one meetings with prospective purchasers of the Registrable Securities)); 

(l)    otherwise use its best efforts to comply with all applicable rules and regulations of the Commission
and make available to its shareholders an earnings statement (in a form that satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 under the Securities Act or any successor rule thereto) no later than 30 days after the
end of the 12-month period beginning with the first day of the Company’s first full fiscal quarter after the effective date of such Registration Statement, which earnings statement shall cover said 12-month period, and which requirement will be deemed to be satisfied if the Company timely files complete and accurate information on Forms 20-F, 6-K, 10-K, 10-Q and 8-K, as applicable, under the Exchange Act and otherwise complies with Rule
158 under the Securities Act or any successor rule thereto; and 

  
 9 

 (m)    furnish to each selling holder of Registrable
Securities and each underwriter, if any, with (i) a written legal opinion of the Company’s outside counsel, dated the closing date of the offering, in form and substance as is customarily given in opinions of the Company’s counsel to
underwriters in underwritten registered offerings; and (ii) on the date of the applicable Prospectus, on the effective date of any post-effective amendment to the applicable Registration Statement and at the closing of the offering, dated the
respective dates of delivery thereof, a “comfort” letter signed by the Company’s independent certified public accountants in form and substance as is customarily given in accountants’ letters to underwriters in underwritten
registered offerings; 
 (n)    without limiting Section 5(f), use its best
efforts to cause such Registrable Securities to be registered with or approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company to enable the holders of such Registrable
Securities to consummate the disposition of such Registrable Securities in accordance with their intended method of distribution thereof; 

(o)    notify the holders of Registrable Securities promptly of any request by the Commission for the
amending or supplementing of such Registration Statement or Prospectus or for additional information; 

(p)    advise the holders of Registrable Securities, promptly after it shall receive notice or obtain
knowledge thereof, of the issuance of any stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding for such purpose and promptly use its best efforts to prevent the
issuance of any stop order or to obtain its withdrawal at the earliest possible moment if such stop order should be issued; 

(q)    permit any holder of Registrable Securities which holder, in its sole and exclusive judgment, might
be deemed to be an underwriter or a “controlling person” (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) (a “Controlling Person”) of the Company, to participate in the
preparation of such Registration Statement and to require the insertion therein of language, furnished to the Company in writing, which in the reasonable judgment of such holder and its counsel should be included; 

(r)    cooperate with the holders of the Registrable Securities to facilitate the timely preparation and
delivery of certificates representing the Registrable Securities to be sold pursuant to such Registration Statement or Rule 144 free of any restrictive legends and representing such number of shares of Equity Securities and registered in such names
as the holders of the Registrable Securities may reasonably request a reasonable period of time prior to sales of Registrable Securities pursuant to such Registration Statement or Rule 144; provided, that the Company may satisfy its
obligations hereunder without issuing physical share certificates through the use of The Depository Trust Company’s Direct Registration System (the “DTCDRS”); 

(s)    not later than the effective date of such Registration Statement, provide a CUSIP number for all
Registrable Securities and provide the applicable transfer agent with printed certificates for the Registrable Securities which are in a form eligible for deposit with The Depository Trust Company; provided, that the Company may satisfy its
obligations hereunder without issuing physical share certificates through the use of the DTCDRS; 

(t)    take no direct or indirect action prohibited by Regulation M under the Exchange Act;
provided, that, to the extent that any prohibition is applicable to the Company, the Company will take all reasonable action to make any such prohibition inapplicable; and 

(u)    otherwise use its best efforts to take all other steps necessary to effect the registration of such
Registrable Securities contemplated hereby. 
 6.    Expenses. All expenses (other than Selling Expenses) incurred by the Company
in complying with its obligations pursuant to this Agreement and in connection with the registration and disposition of Registrable Securities shall be paid by the Company, including, without limitation, all (i) registration and filing fees
(including, without 

  
 10 

 
limitation, any fees relating to filings required to be made with, or the listing of any Registrable Securities on, any securities exchange or over-the-counter trading market on which the Registrable Securities are listed or quoted); (ii) underwriting expenses (other than fees, commissions or discounts); (iii) expenses of any audits incident to or
required by any such registration; (iv) fees and expenses of complying with securities and “blue sky” laws (including, without limitation, fees and disbursements of counsel for the Company in connection with “blue sky”
qualifications or exemptions of the Registrable Securities); (v) printing expenses; (vi) messenger, telephone and delivery expenses; (vii) fees and expenses of the Company’s counsel and accountants; (viii) Financial Industry
Regulatory Authority, Inc. filing fees (if any); and (ix) fees and expenses of one counsel for the holders of Registrable Securities participating in such registration as a group (selected by the holders of a majority of the Registrable
Securities included in the registration). In addition, the Company shall be responsible for all of its internal expenses incurred in connection with the consummation of the transactions contemplated by this Agreement (including, without limitation,
all salaries and expenses of its officers and employees performing legal or accounting duties) and the expense of any annual audits. All Selling Expenses relating to the offer and sale of Registrable Securities registered under the Securities Act
pursuant to this Agreement shall be borne and paid by the holders of such Registrable Securities, in proportion to the number of Registrable Securities included in such registration for each such holder. 

7.    Indemnification. 

(a)    The Company shall indemnify and hold harmless, to the fullest extent permitted by law, each holder
of Registrable Securities, such holder’s officers, directors, managers, members, partners, shareholders and Affiliates, each underwriter, broker or any other Person acting on behalf of such holder of Registrable Securities and each other
Controlling Person, if any, who controls any of the foregoing Persons, against all losses, claims, actions, damages, liabilities and expenses, joint or several, to which any of the foregoing Persons may become subject under the Securities Act or
otherwise, insofar as such losses, claims, actions, damages, liabilities or expenses arise out of or are based upon any untrue or alleged untrue statement of a material fact contained in any Registration Statement, Prospectus, preliminary
Prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act or any successor rule thereto) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be stated therein
or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading; and shall reimburse such Persons for any legal or
other expenses reasonably incurred by any of them in connection with investigating or defending any such loss, claim, action, damage or liability, except insofar as the same are caused by or contained in any information furnished in writing to the
Company by such holder expressly for use therein or by such holder’s failure to deliver a copy of the Registration Statement, Prospectus, preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act or any
successor rule thereto) or any amendments or supplements thereto (if the same was required by applicable law to be so delivered) after the Company has furnished such holder with a sufficient number of copies of the same prior to any written
confirmation of the sale of Registrable Securities. This indemnity shall be in addition to any liability the Company may otherwise have. 

(b)    In connection with any registration in which a holder of Registrable Securities is participating,
each such holder shall furnish to the Company in writing such information as the Company reasonably requests for use in connection with any such Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify and hold
harmless, the Company, each director of the Company, each officer of the Company who shall sign such Registration Statement, each underwriter, broker or other Person acting on behalf of the holders of Registrable Securities and each Controlling
Person who controls any of the foregoing Persons against any losses, claims, actions, damages, liabilities or expenses resulting from any untrue or alleged untrue statement of material fact contained in the Registration Statement, Prospectus,
preliminary Prospectus, free writing prospectus (as defined in Rule 405 under the Securities Act or any successor rule thereto) or any amendment thereof or supplement thereto or any omission or alleged omission of a material fact required to be
stated therein or necessary to make the statements therein (in the case of a Prospectus, preliminary Prospectus or free writing prospectus, in light of the circumstances under which they were made) not misleading, but only to the extent that such
untrue statement or omission is contained in any information so furnished in writing by such holder; 

  
 11 

 
provided, that the obligation to indemnify shall be several, not joint and several, for each holder and shall not exceed an amount equal to the net proceeds (after underwriting fees,
commissions or discounts) actually received by such holder from the sale of Registrable Securities pursuant to such Registration Statement. This indemnity shall be in addition to any liability the selling holder may otherwise have. 

(c)    Promptly after receipt by an indemnified party of notice of the commencement of any action involving
a claim referred to in this Section 7, such indemnified party shall, if a claim in respect thereof is made against an indemnifying party, give written notice to the latter of the commencement of such action. The failure of
any indemnified party to notify an indemnifying party of any such action shall not (unless such failure shall have a material adverse effect on the indemnifying party) relieve the indemnifying party from any liability in respect of such action that
it may have to such indemnified party hereunder. In case any such action is brought against an indemnified party, the indemnifying party shall be entitled to participate in and to assume the defense of the claims in any such action that are subject
or potentially subject to indemnification hereunder, jointly with any other indemnifying party similarly notified to the extent that it may wish, with counsel reasonably satisfactory to such indemnified party, and after written notice from the
indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be responsible for any legal or other expenses subsequently incurred by the indemnified party in connection with the
defense thereof; provided, that, if (i) any indemnified party shall have reasonably concluded that there may be one or more legal or equitable defenses available to such indemnified party which are additional to or conflict with those available
to the indemnifying party, or that such claim or litigation involves or could have an effect upon matters beyond the scope of the indemnity provided hereunder, or (ii) such action seeks an injunction or equitable relief against any indemnified
party or involves actual or alleged criminal activity, the indemnifying party shall not have the right to assume the defense of such action on behalf of such indemnified party without such indemnified party’s prior written consent (but, without
such consent, shall have the right to participate therein with counsel of its choice) and such indemnifying party shall reimburse such indemnified party and any Controlling Person of such indemnified party for that portion of the fees and expenses
of any counsel retained by the indemnified party which is reasonably related to the matters covered by the indemnity provided hereunder. If the indemnifying party is not entitled to, or elects not to, assume the defense of a claim, it shall not be
obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may exist between
such indemnified party and any other of such indemnified parties with respect to such claim. In such instance, the conflicting indemnified parties shall have a right to retain one separate counsel, chosen by the holders of a majority of the
Registrable Securities included in the registration, at the expense of the indemnifying party. 

(d)    If the indemnification provided for hereunder is held by a court of competent jurisdiction to be
unavailable to an indemnified party with respect to any loss, claim, damage, liability or action referred to herein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute to the amounts paid or
payable by such indemnified party as a result of such loss, claim, damage, liability or action in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and of the indemnified party on the other in
connection with the statements or omissions which resulted in such loss, claim, damage, liability or action as well as any other relevant equitable considerations; provided, that the maximum amount of liability in respect of such contribution
shall be limited, in the case of each holder of Registrable Securities, to an amount equal to the net proceeds (after underwriting fees, commissions or discounts) actually received by such seller from the sale of Registrable Securities effected
pursuant to such registration. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by the indemnifying party or by the indemnified party, whether the violation of the Securities Act or any other similar federal or state securities laws or rule or regulation
promulgated thereunder applicable to the Company and relating to action or inaction required of the Company in connection with any applicable registration, qualification or compliance was perpetrated by the indemnifying party or the indemnified
party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The parties agree that 

  
 12 

 
it would not be just and equitable if contribution pursuant hereto were determined by pro rata allocation or by any other method or allocation which does not take account of the equitable
considerations referred to herein. No Person guilty or liable of fraudulent misrepresentation within the meaning of Section 11(f) of the Securities Act shall be entitled to contribution from any Person who was not guilty of such fraudulent
misrepresentation. 
 8.    Participation in Underwritten Registrations. No Person may participate in any registration hereunder
which is underwritten unless such Person (a) agrees to sell such Person’s securities on the basis provided in any underwriting arrangements approved by the Person or Persons entitled hereunder to approve such arrangements and
(b) completes and executes all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements; provided, that no holder of Registrable Securities
included in any underwritten registration shall be required to make any representations or warranties to the Company or the underwriters (other than representations and warranties regarding such holder, such holder’s ownership of its shares of
Equity Securities to be sold in the offering and such holder’s intended method of distribution) or to undertake any indemnification obligations to the Company or the underwriters with respect thereto, except as otherwise provided in
Section 7. 
 9.    Rule 144 Compliance. 

(a)    With a view to making available to the holders of Registrable Securities the benefits of Rule 144
and any other rule or regulation of the Commission that may at any time permit a holder to sell securities of the Company to the public without registration, the Company shall: 

(i)    make and keep public information available, as those terms are understood and defined in Rule 144,
at all times after the Registration Date; 
 (ii)    use best efforts to file with the Commission in a
timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act, at any time after the Registration Date; and 

(iii)    furnish to any holder so long as the holder owns Registrable Securities, promptly upon request, a
written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of the Company, and such other reports and
documents so filed or furnished by the Company as such holder may request in connection with the sale of Registrable Securities without registration. 

(b)    In the event that shareholders of Pi Topco acquire Equity Securities in respect of or on account of
their shares in Pi Topco, whether by way of a share dividend or share split or in exchange for or upon conversion of such shares in Pi Topco or in connection with a combination of shares, distribution, recapitalization, merger, amalgamation,
consolidation, other reorganization or other similar event at Pi Topco, and the recipients of such Equity Securities would not be permitted to resell such Equity Securities without the imposition of an additional holding period under Rule 144, the
Company shall, as soon practicable thereafter, file with the Commission (at the Company’s sole cost and expense) a Registration Statement (or a post-effective amendment or supplement to an existing Registration Statement) and use its
commercially reasonable efforts to have the Registration Statement declared effective (or the applicable post-effective amendment or supplement, as applicable) as soon as practicable after the filing thereof. 

10.    Preservation of Rights. The Company shall not (a) grant any registration rights to third parties which are more
favorable than or inconsistent with the rights granted hereunder, or (b) enter into any agreement, take any action, or permit any change to occur, with respect to its securities that violates or subordinates the rights expressly granted to the
holders of Registrable Securities in this Agreement. 
 11.    Termination. This Agreement shall terminate and be of no further
force or effect when there shall no longer be any Registrable Securities outstanding; provided, that the provisions of Section 6 and Section 7 shall survive any such termination. 

  
 13 

 12.    Notices. All notices, requests, consents, claims, demands, waivers and
other communications hereunder shall be in writing and shall be deemed to have been given (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by a nationally recognized overnight courier
(receipt requested); (c) on the date sent by facsimile or e-mail of a PDF document (with confirmation of transmission) if sent during normal business hours of the recipient, and on the next business day if
sent after normal business hours of the recipient; or (d) on the fifth day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective parties at the
addresses indicated below (or at such other address for a party as shall be specified in a notice given in accordance with this Section 12). 

If to the Company, PGHL or Pi Topco: 
  

			
	Name:	  	c/o Paysafe Limited
		
	For the attention of:	  	Martin Brand and Peter Rutland
		
	Address:	  	25 Canada Square, 27th Floor
		
		  	London, United Kingdom E14 5LQ
		
	E-mail address:	  	 [email addresses] 

		
	with a copy to:	  	
		
	Name:	  	Latham & Watkins
		
	For the attention of:	  	David Walker and Kem Ihenacho
		
	Address:	  	99 Bishopsgate, London EC2M 3XF
		
	E-mail address:	  	 [email addresses] 

		
	and	  	
		
	Name:	  	Simpson Thacher & Bartlett LLP
		
	For the attention of:	  	Joshua Ford Bonnie, William R. Golden III, Elizabeth Cooper and Katherine Krause
		
	Address:	  	900 G Street NW, Washington, DC 20001; 425 Lexington Avenue, New York, NY 10017
		
	E-mail address:	  	[email addresses]

 If to any Investor, to such Investor’s address as set forth on Schedule A hereto. 

13.    Entire Agreement. This Agreement constitutes the sole and entire agreement of the parties to this Agreement with respect to
the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. 

14.    Successor and Assigns. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their
respective successors and permitted assigns. Each Investor may assign its rights hereunder to any purchaser 

  
 14 

 
or transferee of Registrable Securities; provided, that such purchaser or transferee shall, as a condition to the effectiveness of such assignment, be required to execute a counterpart to
this Agreement agreeing to be treated as an Investor whereupon such purchaser or transferee shall have the benefits of, and shall be subject to the restrictions contained in, this Agreement as if such purchaser or transferee was originally included
in the definition of an Investor herein and had originally been a party hereto. 
 15.    No Third-Party Beneficiaries. This
Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or
remedy of any nature whatsoever, under or by reason of this Agreement; provided, however, the parties hereto hereby acknowledge that (i) the Persons set forth in Section 7 are express third-party beneficiaries
of the obligations of the parties hereto set forth in Section 7 and (ii) the Francisco Partners Investors are express third-party beneficiaries of the obligations of the Company hereto set forth in
9(b). 
 16.    Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this
Agreement. 
 17.    Amendment, Modification and Waiver. The provisions of this Agreement may only be amended, modified,
supplemented or waived with the prior written consent of the Company and the holders of a majority of the Registrable Securities; provided, that any amendment or waiver that would materially adversely impact the rights of any Investor under
this agreement in a manner different from the other Investors shall require the written consent of such Investor. No waiver by any party or parties shall operate or be construed as a waiver in respect of any failure, breach or default not expressly
identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any right, remedy,
power or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the
exercise of any other right, remedy, power or privilege.
 18.    Severability. If any term or provision of this Agreement is
invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as
possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. 

19.    Remedies. Each holder of Registrable Securities, in addition to being entitled to exercise all rights granted by law,
including recovery of damages, shall be entitled to specific performance of its rights under this Agreement. The Company acknowledges that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate. 

20.    Governing Law; Submission to Jurisdiction. This Agreement and any non-contractual
rights or obligations arising out of or in connection with it shall be governed by and construed in accordance with the laws of the State of New York. 

The parties irrevocably agree that the state and federal courts located in the State of New York shall have exclusive jurisdiction to settle any Disputes, and
waive any objection to proceedings before such courts on the grounds of venue or on the grounds that such proceedings have been brought in an inappropriate forum. 

For the purposes of this Section 20, “Dispute” means any dispute, controversy, claim or difference of whatever nature arising out of, relating
to, or having any connection with this Agreement, including a dispute regarding the existence, formation, validity, interpretation, performance or termination of this Agreement or the consequences of its nullity and also including any dispute
relating to any non-contractual rights or obligations arising out of, relating to, or having any connection with this Agreement. 

  
 15 

 21.    No Inconsistent Agreements. The Company will not, on or after the date of
this Agreement, enter into any agreement with respect to its securities that is inconsistent with the rights granted under or otherwise conflicts with the provisions of this Agreement.22. Counterparts. This Agreement may be executed in
counterparts, each of which shall be deemed to be an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, e-mail or
other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement. 

23.    Further Assurances. Each of the parties to this Agreement shall, and shall cause their Affiliates to, execute and deliver
such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably required to carry out the provisions hereof and to give effect to the transactions contemplated hereby. 

[Signature page follows.] 

  
 16 

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

			
	 COMPANY:
  

PAYSAFE LIMITED

		
	By	 	 /s/ Eli Nagler

	Name:	 	Eli Nagler
	Title:	 	Director
	
	 PI TOPCO:
  

PI JERSEY TOPCO LIMITED

		
	By	 	 /s/ Carl Hansen

	Name:	 	Carl Hansen
	Title:	 	Director
	
	 PGHL:
  

PAYSAFE GROUP HOLDINGS LIMITED

		
	By	 	 /s/ Matthew Bryant

	Name:	 	Matthew Bryant
	Title:	 	Director

  
 [Signature page to
Registration Rights Agreement] 

 
			
	 INVESTORS:
  

PI HOLDINGS JERSEY LIMITED

		
	By:	 	 /s/ John Cosnett

	Name:	 	John Cosnett
	Title:	 	Director
	
	 BCP PI AGGREGATOR (CAYMAN) L.P.
  

By: BCP VII Holdings Manager (Cayman) L.L.C., its general partner
  

By: Blackstone Management Associates (Cayman) VII L.P., its managing member
  

By: BCP VII GP L.L.C., its general partner

		
	By:	 	 /s/ Martin Brand

	Name:	 	Martin Brand
	Title:	 	Senior Managing Director
	
	 BLACKSTONE FAMILY INVESTMENT PARTNERSHIP (CAYMAN) VII – ESC L.P.

 
 By: BCP VII GP L.L.C., its general partner

		
	By:	 	 /s/ Martin Brand

	Name:	 	Martin Brand
	Title:	 	Senior Managing Director

  
 [Signature page to
Registration Rights Agreement] 

			
	CANNAE HOLDINGS, LLC
		
	By:	 	 /s/ Michael L. Gravelle

	Name:	 	Michael L. Gravelle
	Title:	 	Managing Director, General Counsel and Corporate Secretary
	
	TRASIMENE CAPITAL FT, LP II
	
	By: Trasimene Capital FT, LLC II, its general partner
		
	By:	 	 /s/ David W. Ducommun

	Name:	 	David W. Ducommun
	Title:	 	Senior Vice President, Corporate Finance

  
 [Signature page to
Registration Rights Agreement] 

 SCHEDULE A 

Investors 
  

			
	 Name
	  	 Address for service of notices

	Pi Holdings Jersey Limited	  	 For the attention of: Peter Rutland
  

Address: 27 Esplanade St Helier, Jersey JE1 1SG
  

E-mail address: [email address]
  

with a copy to:
  

Latham & Watkins
  

For the attention of: David Walker and Kem Ihenacho
  

Address: 99 Bishopsgate, London EC2M 3XF
  

E-mail address: [email addresses]
  

and
  

Simpson Thacher & Bartlett LLP
  

For the attention of: Joshua Ford Bonnie, William R. Golden III, Elizabeth Cooper and Katherine Krause

 
 Address: 900 G Street NW, Washington, DC 20001; 425 Lexington Avenue, New York, NY
10017
  
 E-mail address: [email addresses]

 

	BCP Pi Aggregator (Cayman) L.P.	  	 For the attention of: Martin Brand
  

Address: [c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005,
Cayman Island]
  
 E-mail address: [email address]

 
 with a copy to:

 
 Latham & Watkins

 
 For the attention of: David Walker and Kem Ihenacho

 
 Address: 99 Bishopsgate, London EC2M 3XF

 
 E-mail address: [email addresses]

 
 and
  

Simpson Thacher & Bartlett LLP
  

For the attention of: Joshua Ford Bonnie, William R. Golden III, Elizabeth Cooper and Katherine
Krause

			
		  	 Address: 900 G Street NW, Washington, DC 20001; 425 Lexington Avenue, New York, NY 10017

 
 E-mail address: [email addresses]

 

	 Blackstone Family Investment

Partnership (Cayman) VII – ESC

L.P.
	  	 For the attention of: Martin Brand
  

Address: [c/o Intertrust Corporate Services (Cayman) Limited, 190 Elgin Avenue, George Town, Grand Cayman, KY1-9005,
Cayman Islands]
  
 E-mail address: [email address]

 
 with a copy to:

 
 Latham & Watkins

 
 For the attention of: David Walker and Kem Ihenacho

 
 Address: 99 Bishopsgate, London EC2M 3XF

 
 E-mail address: [email addresses]

 
 and
  

Simpson Thacher & Bartlett LLP
  

For the attention of: Joshua Ford Bonnie, William R. Golden III, Elizabeth Cooper and Katherine Krause

 
 Address: 900 G Street NW, Washington, DC 20001; 425 Lexington Avenue, New York, NY
10017
  
 E-mail address: [email addresses]

 

	Cannae Holdings, LLC	  	 For the attention of: Michael L. Gravelle
  

Address: 1701 Village Center Circle, Las Vegas, NV 89134
  

E-mail address: [email address]
  

with a copy to:
  

Weil, Gotshal & Manges LLP
  

For the attention of: Michael J. Aiello; Eoghan P. Keenan
  

Address: 767 Fifth Avenue, New York, NY 10153
  

E-mail address: [email addresses]

 

	Trasimene Capital FT, LP II	  	 For the attention of: Michael L. Gravelle
  

Address: 1701 Village Center Circle, Las Vegas, NV 89134
  

E-mail address: [email address]
  

with a copy to:
  

Weil, Gotshal & Manges LLP

		  	  
 For the attention of: Michael J. Aiello; Eoghan P.
Keenan
  
 Address: 767 Fifth Avenue, New York, NY 10153

 
 E-mail address: [email
addresses]EX-10.7

 Exhibit 10.7 

 
  

INVESTMENT AGREEMENT 

between 
 AMERICAN
EQUITY INVESTMENT LIFE HOLDING COMPANY 
 as the Company, 

BROOKFIELD ASSET MANAGEMENT INC. 

as the Purchaser 
 and

 BURGUNDY ACQUISITIONS I LTD. 

as the Purchaser Subsidiary 

Dated as of October 17, 2020 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
	1.	 	Sale and Purchase of Shares	  	 	1	 
		 	1.1	 	Initial Investment	  	 	1	 
		 	1.2	 	Subsequent Investment	  	 	1	 
			
	2.	 	Closings; Payment of Purchase Price	  	 	2	 
		 	2.1	 	Closing Dates	  	 	2	 
		 	2.2	 	Issuance of Securities	  	 	2	 
		 	2.3	 	Payment of Purchase Price	  	 	2	 
		 	2.4	 	Use of Proceeds	  	 	4	 
			
	3.	 	Conditions to Initial Closing	  	 	4	 
		 	3.1	 	Conditions to the Obligations of the Purchaser, the Purchaser Subsidiary and the Company	  	 	4	 
		 	3.2	 	Other Conditions to the Obligations of the Purchaser and the Purchaser Subsidiary	  	 	4	 
		 	3.3	 	Other Conditions to the Obligations of the Company	  	 	5	 
			
	4.	 	Conditions to Subsequent Closing	  	 	5	 
		 	4.1	 	Conditions to the Obligations of the Purchaser, the Purchaser Subsidiary and the Company	  	 	5	 
		 	4.2	 	Other Conditions to the Obligations of the Purchaser and the Purchaser Subsidiary	  	 	5	 
		 	4.3	 	Other Conditions to the Obligations of the Company	  	 	6	 
		 	4.4	 	Frustration of Closing Conditions	  	 	6	 
			
	5.	 	Representations and Warranties of the Company	  	 	6	 
		 	5.1	 	Company Reports	  	 	6	 
		 	5.2	 	Financial Statements	  	 	6	 
		 	5.3	 	No Material Adverse Change	  	 	7	 
		 	5.4	 	Organization and Good Standing	  	 	7	 
		 	5.5	 	Due Authorization	  	 	7	 
		 	5.6	 	Securities	  	 	7	 
		 	5.7	 	Enforceability	  	 	8	 
		 	5.8	 	No Violation or Default	  	 	8	 
		 	5.9	 	No Conflicts	  	 	8	 
		 	5.10	 	No Consents Required	  	 	8	 
		 	5.11	 	Investment Company Act	  	 	8	 
		 	5.12	 	Capitalization	  	 	9	 
		 	5.13	 	Statutory Financial Statements	  	 	9	 
		 	5.14	 	Adjusted BVPS	  	 	9	 
		 	5.15	 	Taxes	  	 	9	 
		 	5.16	 	No Other Representations	  	 	9	 

  
 i 

									
			
	6.	 	Representations and Warranties of the Purchaser and the Purchaser Subsidiary	  	 	10	 
		 	6.1	 	Organization and Good Standing	  	 	10	 
		 	6.2	 	Due Authorization	  	 	10	 
		 	6.3	 	Enforceability	  	 	10	 
		 	6.4	 	No Violation or Default	  	 	10	 
		 	6.5	 	No Conflicts	  	 	11	 
		 	6.6	 	No Consents Required	  	 	11	 
		 	6.7	 	Investment Representations	  	 	11	 
		 	6.8	 	Available Funds	  	 	12	 
		 	6.9	 	No Brokers	  	 	12	 
		 	6.10	 	Non-Reliance on Company Estimates, Projections, Forecasts, Forward-Looking Statements and Business Plans	  	 	12	 
		 	6.11	 	No Other Representations	  	 	12	 
			
	7.	 	Covenants	  	 	13	 
		 	7.1	 	Board Representation	  	 	13	 
		 	7.2	 	Compliance with Laws	  	 	14	 
		 	7.3	 	Restrictive Legends	  	 	15	 
		 	7.4	 	Ownership Limitations	  	 	15	 
		 	7.5	 	Standstill	  	 	15	 
		 	7.6	 	Transfers of Shares	  	 	18	 
		 	7.7	 	Voting Requirement	  	 	20	 
		 	7.8	 	Registration Rights	  	 	20	 
		 	7.9	 	Reinsurance Agreement	  	 	20	 
		 	7.10	 	Regulatory Approvals	  	 	21	 
			
	8.	 	Termination	  	 	22	 
		 	8.1	 	Termination	  	 	22	 
		 	8.2	 	Effects of Termination	  	 	23	 
			
	9.	 	Definitions	  	 	23	 
		 	9.1	 	Certain Defined Terms	  	 	23	 
			
	10.	 	Survival of Representations and Warranties	  	 	27	 
			
	11.	 	Amendments and Waivers	  	 	28	 
			
	12.	 	Notices, etc	  	 	28	 
			
	13.	 	Construction	  	 	28	 
			
	14.	 	Publicity	  	 	29	 
			
	15.	 	Specific Performance	  	 	29	 
			
	16.	 	Governing Law	  	 	29	 
			
	17.	 	Waiver of Jury Trial	  	 	29	 
			
	18.	 	Expenses	  	 	29	 
			
	19.	 	Counterparts; Electronic Signature	  	 	30	 
			
	20.	 	Severability	  	 	30	 
			
	21.	 	Miscellaneous	  	 	30	 

  
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 INVESTMENT AGREEMENT 

This Investment Agreement (this “Agreement”) is dated as of October 17, 2020, by and among American Equity Investment
Life Holding Company, an Iowa corporation (the “Company”), Brookfield Asset Management Inc., a corporation amalgamated under the laws of Ontario, Canada (the “Purchaser”), and Burgundy Acquisitions I Ltd., a limited
company organized under the laws of Bermuda (the “Purchaser Subsidiary”). 
 WHEREAS, pursuant to the terms and conditions
set forth in this Agreement, the Company desires to sell to the Purchaser, and the Purchaser desires to purchase from the Company, as an investment in the Company, shares of the Company’s common stock, par value $1.00 per share (the
“Common Stock”), in two separate tranches; and 
 WHEREAS, in connection with the purchase and sale of the Common Stock, it
is contemplated that a reinsurance company affiliate of the Purchaser and American Equity Investment Life Insurance Company, a wholly-owned Subsidiary of the Company, will enter into the Reinsurance Agreement as set forth herein. 

NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, and intending to be legally bound, the Company,
the Purchaser and the Purchaser Subsidiary hereby agree as follows: 
 1.    Sale and Purchase of Shares. On the
basis of the representations and warranties and subject to the terms and conditions set forth herein: 

1.1    Initial Investment. At the Initial Closing, the Purchaser shall cause the Purchaser Subsidiary to purchase
from the Company, and the Company shall issue and sell to the Purchaser Subsidiary, 9,106,042 fully-paid and non-assessable shares of Common Stock (the “Initial Investment”). 

1.2    Subsequent Investment. At the Subsequent Closing, the Purchaser shall cause the Purchaser Subsidiary to
purchase from the Company, and the Company shall issue and sell to the Purchaser Subsidiary (the “Subsequent Investment”), the number of fully-paid and non-assessable shares of Common Stock
representing, inclusive of the Securities issued to the Purchaser Subsidiary in the Initial Investment, 19.9% of the issued and outstanding shares of Common Stock as of the Subsequent Closing, giving effect to the Securities issued pursuant to the
Subsequent Investment. The Purchaser may elect to cause the Purchaser Subsidiary to purchase a lesser number of shares of Common Stock at the Subsequent Closing by providing written notice to the Company at least five Business Days prior to the
Subsequent Closing; provided that in no event shall the Purchaser Subsidiary purchase less than an amount, inclusive of the Securities issued to the Purchaser Subsidiary in the Initial Investment, equal to 15.0% of the issued and outstanding shares
of Common Stock at the Subsequent Closing, after giving effect to the Securities issued in the Subsequent Investment. 

 2.    Closings; Payment of Purchase Price. 

2.1    Closing Dates. 

(a)    The closing of the purchase by the Purchaser Subsidiary and issuance and sale by the Company of the Securities
pursuant to the Initial Investment (the “Initial Closing”) shall occur at 10:00 a.m., New York time, on the second Business Day after the satisfaction or, to the extent permitted by Requirements of Law, written waiver (by the
party entitled to grant such waiver) of the conditions to the Initial Closing set forth in Section 3 (other than those conditions that by their nature are to be satisfied at the Initial Closing, but subject to satisfaction or, to the extent
permitted by Requirements of Law, written waiver of those conditions). The date on which the Initial Closing occurs is referred to as the “Initial Closing Date.” 

(b)    The closing of the purchase by the Purchaser Subsidiary and issuance and sale by the Company of the Securities
pursuant to the Subsequent Investment (the “Subsequent Closing”) shall occur at 10:00 a.m., New York time, on the second Business Day after the satisfaction or, to the extent permitted by Requirements of Law, written waiver (by
the party entitled to grant such waiver) of the conditions to the Subsequent Closing set forth in Section 4 (other than those conditions that by their nature are to be satisfied at the Subsequent Closing, but subject to satisfaction or, to the
extent permitted by Requirements of Law, written waiver of those conditions). The date on which the Subsequent Closing occurs is referred to as the “Subsequent Closing Date.” 

2.2    Issuance of Securities. At the Initial Closing, subject to the terms and conditions hereof, the Company will
deliver or cause to be delivered to the Purchaser Subsidiary one or more certificates or book-entry interests evidencing the Securities being purchased at the Initial Closing which shall bear or otherwise be subject to the restrictive legend set
forth in Section 7.3. At the Subsequent Closing, subject to the terms and conditions hereof, the Company will deliver or cause to be delivered to the Purchaser Subsidiary one or more certificates or book entry interests evidencing the
Securities being purchased at the Subsequent Closing which shall bear or otherwise be subject to the restrictive legend set forth in Section 7.3. Prior to the Initial Closing or the Subsequent Closing, as applicable, the Purchaser and the
Purchaser Subsidiary shall provide the Company with any information reasonably requested by the Company or its transfer agent in connection with the issuance of the Securities. 

2.3    Payment of Purchase Price. 

(a)    At the Initial Closing, in exchange for the Securities issued to the Purchaser Subsidiary by the Company in respect
of the Initial Investment, the Purchaser shall, or shall cause the Purchaser Subsidiary to, pay to the Company, by wire transfer of immediately available funds to an account designated by the Company in writing at least two Business Days prior to
the Initial Closing Date, an aggregate purchase price equal to $336,923,554, which amount represents the product of (i) thirty-seven dollars ($37.00) and (ii) the aggregate number of shares of Common Stock to be issued to the Purchaser
Subsidiary pursuant to the Initial Investment, as such amount may be adjusted in accordance with Section 2.3(c) (the “Initial Purchase Price”). 

  
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 (b)    At the Subsequent Closing, in exchange for the Securities issued
to the Purchaser Subsidiary by the Company in respect of the Subsequent Investment, the Purchaser shall, or shall cause the Purchaser Subsidiary to, pay to the Company, by wire transfer of immediately available funds to an account designated by the
Company in writing at least two Business Days prior to the Subsequent Closing Date, an aggregate purchase price equal to the product of (i) the greater of thirty-seven dollars ($37.00) and the Adjusted BVPS and (ii) the aggregate number of
shares of Common Stock to be issued to the Purchaser Subsidiary pursuant to the Subsequent Investment, as such amount may be adjusted in accordance with Section 2.3(c) (the “Subsequent Purchase Price”). 

(c)    The Initial Purchase Price and the Subsequent Purchase Price and, if applicable, the number of shares of Common
Stock to be issued at the relevant closing, shall be adjusted as necessary to reflect the occurrence of any of the following events prior to the Initial Closing, with respect to the Initial Purchase Price and the Initial Investment, and prior to the
Subsequent Closing, with respect to the Subsequent Purchase Price and the Subsequent Investment, in each case, in a manner designed to ensure that such transactions do not result in a change, other than a de minimis change, to the economics of the
Initial Investment or the Subsequent Investment contemplated by this Agreement: 
 (i)    the issuance,
sale or grant of any shares of the Company’s capital stock or other equity or voting interests, or any securities or rights convertible into, exchangeable or exercisable for, or evidencing the right to subscribe for any shares of the
Company’s capital stock or other equity or voting interests, or any rights, warrants or options to purchase any shares of its capital stock or other equity or voting interests (“Equity Securities”), other than (1) the
issuance or grant of any Common Stock or other Equity Securities under existing employee compensation plans and (2) the issuance of any Common Stock at a purchase price per share that is greater than or equal to the Subsequent Purchase Price
(giving effect to any prior adjustments made pursuant to this Section 2.3(c)); 
 (ii)    the
redemption, repurchase or other acquisition of any outstanding Equity Securities, other than (1) pursuant to the cashless exercise of stock options or other equity awards or the forfeiture or withholding of taxes with respect to stock options
or other equity awards or similar events, and (2) any repurchase of Common Stock in accordance with SEC Rule 10b-18 or otherwise in accordance with applicable law that does not result in, together with
all such other repurchases under this clause (2), an aggregate purchase price greater than $500,000,000; 

(iii)    distributions in respect of any of the Company’s Equity Securities, other than
(1) annual cash dividends on the Common Stock in the ordinary course of business consistent with past practice and (2) stated quarterly dividends on any series of the Company’s existing and future preferred stock; and 

(iv)    the split, combination, subdivision or reclassification of any Common Stock. 

  
 3 

 (d)    In the event of any required adjustments pursuant to clauses
(i) through (iv) of Section 2.3(c), the parties will cooperate in good faith to determine the appropriate adjustment. 

(e)    Prior to the Initial Closing or the Subsequent Closing, as applicable, the Company shall not take any action that
would result in the Initial Purchase Price or the Subsequent Purchase Price being adjusted to less than the “Minimum Price” (as defined in NYSE Rule 312.04) applicable to the transactions contemplated by this Agreement. 

2.4    Use of Proceeds. The parties hereby acknowledge that the Company intends, but is not obligated, to use all
or a portion of the proceeds from the Initial Investment and the Subsequent Investment to repurchase outstanding shares of its Common Stock. 

3.    Conditions to Initial Closing. 

3.1    Conditions to the Obligations of the Purchaser, the Purchaser Subsidiary and the Company. The obligations of
the Company, the Purchaser and the Purchaser Subsidiary to consummate the Initial Investment are subject to the satisfaction (or, if permitted by Requirements of Law, waiver by each party in each such party’s sole discretion) of the following
conditions: 
 (a)    the waiting period (and any extension thereof) applicable to the Initial Investment under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 (and the rules and regulations promulgated thereunder) (the “HSR Act”) shall have been terminated or shall have expired; and 

(b)    no judgment enacted, promulgated, issued, entered, amended or enforced by any Governmental Authority having
jurisdiction over any of the parties hereto or any applicable Requirements of Law (collectively, “Restraints”) shall be in effect enjoining or otherwise prohibiting the Initial Investment. 

3.2    Other Conditions to the Obligations of the Purchaser and the Purchaser Subsidiary. The obligation of the
Purchaser and the Purchaser Subsidiary to consummate the Initial Investment is subject to the satisfaction (or, if permitted by Requirements of Law, waiver by the Purchaser in its sole discretion) of the following conditions: 

(a)    (i) the Initial Closing Representations (other than the representation in Section 5.3 (such representation,
the “Specified Representation”)) shall be true and correct in all material respects as of the Initial Closing Date and (ii) the Specified Representation shall be true and correct in all respects as of the date of this Agreement
and the Initial Closing Date, in each case as if made at and as of such date; and 
 (b)    the Company shall have
performed in all material respects and complied in all material respects with all agreements and covenants required to be performed or complied with by it under this Agreement at or prior to the Initial Closing. 

  
 4 

 3.3    Other Conditions to the Obligations of the Company. The
obligation of the Company to consummate the Initial Investment is subject to the satisfaction (or, if permitted by Requirements of Law, waiver by the Company in its sole discretion) of the following conditions: 

(a)    (i) the Purchaser Representations (other than the representations in Sections 6.7, 6.10 and 6.11 (such
representations, the “Purchaser Specified Representations”)) shall be true and correct in all material respects as of the Initial Closing Date and (ii) the Purchaser Specified Representations shall be true and correct in all
respects as of the date of this Agreement and the Initial Closing Date, in each case as if made at and as of such date; and 

(b)    the Purchaser and the Purchaser Subsidiary shall have performed in all material respects and complied in all
material respects with all agreements and covenants required to be performed or complied with by it under this Agreement at or prior to the Initial Closing. 

4.    Conditions to Subsequent Closing. 

4.1    Conditions to the Obligations of the Purchaser, the Purchaser Subsidiary and the Company. The obligations of
the Company, the Purchaser and the Purchaser Subsidiary to consummate the Subsequent Investment are subject to the satisfaction (or, if permitted by Requirements of Law, waiver by each party in each such party’s sole discretion) of the
following conditions: 
 (a)    the Initial Investment shall have been consummated; 

(b)    each of the Company and the Purchaser, or a designated controlled Affiliate thereof, shall have executed and
delivered the Reinsurance Agreement and the Reinsurance Agreement shall remain in full force and effect; 
 (c)    the
Purchaser or the Purchaser Subsidiary shall have obtained the approval of the acquisition of control (on Form A or Section 1506 application, as applicable) of each applicable insurance Subsidiary of the Company from the (i) Iowa Insurance
Division and (ii) New York Department of Financial Services (the “NYDFS”); 
 (d)    the parties
shall have obtained Form D approval of the Reinsurance Agreement from the Iowa Insurance Division; 
 (e)    the CFIUS
Approval, if any, shall have been obtained; and 
 (f)    no Restraints shall be in effect enjoining or otherwise
prohibiting the Subsequent Investment. 
 4.2    Other Conditions to the Obligations of the Purchaser and the
Purchaser Subsidiary. The obligation of the Purchaser and the Purchaser Subsidiary to consummate the Subsequent Investment is subject to the satisfaction (or, if permitted by Requirements of Law, waiver by the Purchaser in its sole discretion)
of the following conditions: 

  
 5 

 (a)    the Subsequent Closing Representations shall be true and correct
in all material respects as of the Subsequent Closing Date, as if made at and as of such date; and 
 (b)    the Company
shall have performed in all material respects and complied in all material respects with all agreements and covenants required to be performed or complied with by it under this Agreement at or prior to the Subsequent Closing. 

4.3    Other Conditions to the Obligations of the Company. The obligation of the Company to consummate the
Subsequent Investment is subject to the satisfaction (or, if permitted by Requirements of Law, waiver by the Company in its sole discretion) of the following conditions: 

(a)    (i) the Purchaser Representations (other than the Purchaser Specified Representations) shall be true and correct in
all material respects as of the Subsequent Closing Date and (ii) the Purchaser Specified Representations shall be true and correct in all respects as of the Subsequent Closing Date, in each case as if made at and as of such date; and 

(b)    the Purchaser and the Purchaser Subsidiary shall have performed in all material respects and complied in all
material respects with all agreements and covenants required to be performed or complied with by it under this Agreement at or prior to the Subsequent Closing. 

4.4    Frustration of Closing Conditions. Neither party hereto may rely, for any purpose, on the failure of any
condition of such party set forth in this Section 4 to be satisfied if such failure was caused by such party. 

5.    Representations and Warranties of the Company. The Company represents and warrants to the Purchaser and the
Purchaser Subsidiary (a) with respect to the representations and warranties contained in Section 5.1 through Section 5.16 (collectively, the “Initial Closing Representations”), as of the date hereof and as of the
Initial Closing Date (unless made as of a specific date, in which case as of such date), and (b) with respect to only the representations and warranties contained in Section 5.9 through Section 5.11, Section 5.14 and
Section 5.16 (collectively, the “Subsequent Closing Representations”), as of the Subsequent Closing Date, as follows: 

5.1    Company Reports. The documents filed by the Company with the SEC on and after January 1, 2020
(collectively, the “Company Reports”), when filed with the SEC, conformed in all material respects to all applicable requirements of the Exchange Act. 

5.2    Financial Statements. The financial statements and the related notes thereto included or incorporated by
reference in each of the Company Reports comply in all material respects with the applicable requirements of the Securities Act and the Exchange Act, as applicable, and present fairly the financial position of the Company and its Subsidiaries as of
the dates indicated and the results of their operations and the changes in their cash flows for the periods specified; such financial statements have been prepared in conformity with generally accepted accounting principles applied on a consistent
basis throughout the periods covered thereby except as may be expressly stated in the related notes thereto, and the supporting schedules included or incorporated by reference in each of the Company Reports present fairly the information required to
be stated therein; and the other financial information included or incorporated by reference in each of the Company Reports has been derived from the accounting records of the Company and its Subsidiaries and presents fairly the information shown
thereby. 

  
 6 

 5.3    No Material Adverse Change. Since the date of the most
recent financial statements of the Company included or incorporated by reference in each of the Company Reports, (a) there has not been any change in the capital stock (except for any issuances, repurchases or redemptions of capital stock
related to the exercise of stock options or the granting of equity compensation) or long-term debt (other than ordinary course revolver borrowings) of the Company or any of its Subsidiaries, or any dividend or distribution of any kind declared, set
aside for payment, paid or made by the Company on any class of capital stock (other than ordinary course annual dividends on the Common Stock or stated dividends on the Company’s preferred stock), or any material adverse change, or any
development involving a prospective material adverse change, in or affecting the business, properties, financial position or results of operations of the Company and its Subsidiaries taken as a whole (a “Company Material Adverse
Effect”), (b) neither the Company nor any of its Subsidiaries has entered into any transaction or agreement that is material to the Company and its Subsidiaries taken as a whole or incurred any liability or obligation, direct or contingent,
that is material to the Company and its Subsidiaries taken as a whole and (c) neither the Company nor any of its Subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity,
whether or not covered by insurance, or from any labor disturbance or dispute or any action, order or decree of any court or arbitrator or Governmental Authority, except in the case of (a), (b) or (c), as otherwise disclosed in the Company Reports
or arising out of, or related to, a Contagion Event. 
 5.4    Organization and Good Standing. The Company and
each of its Subsidiaries have been duly organized and are validly existing and in good standing under the laws of their respective jurisdictions of organization, are duly qualified to do business and are in good standing in each jurisdiction in
which their respective ownership or lease of property or the conduct of their respective businesses requires such qualification, and have all power and authority necessary to own or hold their respective properties and to conduct the businesses in
which they are engaged, except where the failure to be so qualified, in good standing or have such power or authority would not, individually or in the aggregate, have a Company Material Adverse Effect, excluding any change or effect arising out of,
or related to, a Contagion Event. 
 5.5    Due Authorization. The Company has the power and authority to execute
and deliver this Agreement and to perform its obligations hereunder; and all action required to be taken for the authorization, execution and delivery of this Agreement and the consummation of the purchase and sale of the Securities contemplated
hereby has been duly and validly taken. 
 5.6    Securities. The Securities have been duly authorized by the
Company and, when issued and delivered to and paid for by the Purchaser Subsidiary as provided herein, will be validly issued, fully paid and non-assessable. The issuance of the Securities will not be subject
to any preemptive or similar rights of any securityholder of the Company. 

  
 7 

 5.7    Enforceability. This Agreement has been duly authorized,
and executed and delivered by the Company and, assuming due authorization, execution and delivery hereof by the Purchaser and the Purchaser Subsidiary, constitutes a legal, valid and binding obligation of the Company, enforceable against it in
accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable
principles relating to enforceability. 
 5.8    No Violation or Default. Neither the Company nor any of its
Subsidiaries is (a) in violation of its charter or bylaws or similar organizational documents, (b) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or
observance of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound or to which any property, right or asset of the Company or any of its Subsidiaries is subject, or (c) in violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or Governmental
Authority, except, in the case of clauses (b) and (c) above, for any such default or violation that would not, individually or in the aggregate, have a Company Material Adverse Effect, excluding any change or effect arising out of, or related
to, a Contagion Event. 
 5.9    No Conflicts. The execution, delivery and performance by the Company of this
Agreement and the issuance and sale of the Securities contemplated by this Agreement will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination,
modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Company or any of its Subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound or to which any property, right or asset of the Company or any of its Subsidiaries is
subject, (b) result in any violation of the provisions of the charter or bylaws or similar organizational documents of the Company or any of its Subsidiaries or (c) result in the violation of any law or statute or any judgment, order, rule
or regulation of any court or arbitrator or Governmental Authority, except, in the case of clauses (a) and (c) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the
aggregate, have a Company Material Adverse Effect, excluding any change or effect arising out of, or related to, a Contagion Event. 

5.10    No Consents Required. Assuming the accuracy of the representations and warranties of the Purchaser and the
Purchaser Subsidiary in Section 6.7, no consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or Governmental Authority is required for the execution, delivery and performance by the Company
of this Agreement and the issuance and sale of the Securities contemplated by this Agreement, except (a) any required filings or approvals under the HSR Act, (b) the CFIUS Approval, (c) the approvals described in Section 4.1(c)
and Section 4.1(d) and (d) any required filings pursuant to the Securities Act, the Exchange Act and any applicable state securities laws and any required consents, filings or applications required by the NYSE. 

5.11    Investment Company Act. The Company is not, and after giving effect to the issuance and sale of the
Securities to the Purchaser Subsidiary and the application of the proceeds thereof, will not be an “investment company” or an entity “controlled” by an “investment company” within the meaning of the Investment Company
Act of 1940, as amended, and the rules and regulations of the SEC thereunder. 

  
 8 

 5.12    Capitalization. The Company has an authorized
capitalization as of the date of this Agreement consisting of 200,000,000 shares of Common Stock and 2,000,000 shares of preferred stock, par value $1.00 per share, and as of October 15, 2020, 91,980,222 shares of Common Stock were issued and
outstanding (excluding 1,124,966 treasury shares) and 32,000 shares of preferred stock were outstanding. All the outstanding shares of capital stock or other equity interests of each Subsidiary of the Company have been duly and validly authorized
and issued, are fully paid and non-assessable and are owned directly or indirectly by the Company, free and clear of any lien, charge, encumbrance, security interest, restriction on voting or transfer or any
other claim of any third party, except where the failure to be so authorized and issued, fully paid and non-assessable, owned directly or indirectly by the Company, free and clear of any lien, charge,
encumbrance, security interest, restriction on voting or transfer or any other claim could not reasonably be expected to have a Company Material Adverse Effect, excluding any change or effect arising out of, or related to, a Contagion Event. 

5.13    Statutory Financial Statements. The most recent statutory annual statements of each of the Company’s
U.S. Subsidiaries which is regulated as an insurance company (collectively, the “Insurance Subsidiaries”) and the statutory balance sheets and income statements included in such statutory annual statements together with related
schedules and notes, have been prepared, in all material respects, in conformity with statutory accounting principles or practices required or permitted by the appropriate insurance department of the jurisdiction of domicile of each such Subsidiary,
and such statutory accounting practices have been applied on a consistent basis throughout the periods involved, except as may otherwise be indicated therein or in the notes thereto, and present fairly, in all material respects, the statutory
financial position of the Insurance Subsidiaries as of the dates thereof, and the statutory basis results of operations of the Insurance Subsidiaries for the periods covered thereby. 

5.14    Adjusted BVPS. The Company’s consolidated book value per share of Common Stock, excluding Accumulated
Other Comprehensive Income and the net impact of fair value accounting for derivatives and embedded derivatives, as reflected in the Company’s most recent publicly disclosed fiscal quarter-end financial
supplement, is complete and accurate in all material respects. 
 5.15    Taxes. Each of (i) American Equity
Investment Life Insurance Company, (ii) American Equity Investment Life Insurance Company of New York and (iii) Eagle Life Insurance Company is a life insurance company under Section 816(a) of the Code and subject to United States
federal income Tax under Section 801 of the Code. 
 5.16    No Other Representations. Except for the
representations and warranties contained in Section 6 (the “Purchaser Representations”), none of the Purchaser, the Purchaser Subsidiary or any other person acting on their behalf has made or is making any representation or
warranty of any kind or nature whatsoever, oral or written, express or implied with respect to this Agreement or the transactions contemplated hereby and the Company disclaims any reliance on any representation or warranty of the Purchaser or any
affiliate, representative, advisor or agent of the Purchaser except for the representations and warranties expressly set forth in Section 6. 

  
 9 

 6.    Representations and Warranties of the Purchaser and the
Purchaser Subsidiary. Each of the Purchaser and the Purchaser Subsidiary hereby represents and warrants to the Company, as of the date hereof, as of the Initial Closing Date, and as of the Subsequent Closing Date, as follows: 

6.1    Organization and Good Standing. Each of the Purchaser and the Purchaser Subsidiary is duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, is duly qualified to do business and in good standing in each jurisdiction in which its ownership or lease of property or the conduct of its
businesses requires such qualification, and has all power and authority necessary to own or hold its respective properties and to conduct the businesses in which it is engaged, except where the failure to be so qualified, in good standing or have
such power or authority would not, individually or in the aggregate, result in any material adverse change, or any development involving a prospective material adverse change, in or affecting the business, properties, financial position or results
of operations of the Purchaser and its Subsidiaries taken as a whole, excluding any change or effect arising out of, or related to, a Contagion Event (a “Purchaser Material Adverse Effec”). 

6.2    Due Authorization. Each of the Purchaser and the Purchaser Subsidiary has all necessary power and authority
to execute and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated by this Agreement. The execution, delivery and performance by each of the Purchaser and the Purchaser Subsidiary of this
Agreement and the consummation by the Purchaser and the Purchaser Subsidiary of the transactions contemplated by this Agreement have been duly authorized and approved by all necessary action on the part of the Purchaser and the Purchaser Subsidiary,
and no further action, approval or authorization by any of its stockholders, partners, members or other equity owners, as the case may be, is necessary to authorize the execution, delivery and performance by the Purchaser and the Purchaser
Subsidiary of this Agreement and the consummation by the Purchaser and the Purchaser Subsidiary of the transactions contemplated by this Agreement. 

6.3    Enforceability. This Agreement has been duly executed and delivered by each of the Purchaser and the
Purchaser Subsidiary and, assuming due authorization, execution and delivery hereof by the Company, constitutes a legal, valid and binding obligation of each of the Purchaser and the Purchaser Subsidiary, enforceable against it in accordance with
its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles
relating to enforceability. 
 6.4    No Violation or Default. Neither the Purchaser nor any of its Subsidiaries
is (a) in violation of its charter or bylaws or similar organizational documents; (b) in default, and no event has occurred that, with notice or lapse of time or both, would constitute such a default, in the due performance or observance
of any term, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Purchaser or any of its Subsidiaries is a party or by which the Purchaser or any of its Subsidiaries

  
 10 

 
is bound or to which any property, right or asset of the Purchaser or any of its Subsidiaries is subject; or (c) in violation of any law or statute or any judgment, order, rule or regulation
of any court or arbitrator or Governmental Authority, except, in the case of clauses (b) and (c) above, for any such default or violation that would not, individually or in the aggregate, have a Purchaser Material Adverse Effect. 

6.5    No Conflicts. The execution, delivery and performance by each of the Purchaser and the Purchaser Subsidiary
of this Agreement and the purchase of the Securities contemplated by this Agreement will not (a) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination,
modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Purchaser or any of its Subsidiaries pursuant to, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Purchaser or any of its Subsidiaries is a party or by which the Purchaser or any of its Subsidiaries is bound or to which any property, right or asset of the Company or any of its Subsidiaries
is subject, (b) result in any violation of the provisions of the charter or bylaws or similar organizational documents of the Purchaser or any of its Subsidiaries or (c) result in the violation of any law or statute or any judgment, order,
rule or regulation of any court or arbitrator or Governmental Authority, except, in the case of clauses (a) and (c) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the
aggregate, have a Purchaser Material Adverse Effect. 
 6.6    No Consents Required. No consent, approval,
authorization, order, registration or qualification of or with any court or arbitrator or Governmental Authority is required for the execution, delivery and performance by the Purchaser or the Purchaser Subsidiary of this Agreement, the purchase of
the Securities and compliance by the Purchaser and the Purchaser Subsidiary with the terms thereof and the consummation of the transactions contemplated by this Agreement, except (a) any required filings or approvals under the HSR Act,
(b) the CFIUS Approval, (c) the approvals described in Section 4.1(c) and Section 4.1(d) and (d) any required filings pursuant to the Securities Act, the Exchange Act and any applicable state securities laws. 

6.7    Investment Representations. Each of the Purchaser and the Purchaser Subsidiary acknowledges that the
Securities have not been registered under the Securities Act or under any state or other applicable securities laws. Each of the Purchaser and the Purchaser Subsidiary (a) acknowledges that it is acquiring the Securities pursuant to an
exemption from registration under the Securities Act solely for investment with no intention to distribute any of the foregoing to any Person, (b) will not sell, transfer, or otherwise dispose of any of the Securities except in compliance with
the terms and conditions set forth in the Company’s charter or bylaws, as amended to date, and the registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (c) is a sophisticated
institutional investor with extensive knowledge and experience in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment in the Securities and of making an informed
investment decision, (d) is an “accredited investor” (as that term is defined by Rule 501 of the Securities Act), and (e) (1) has been furnished with or has had full access to all the information that it considers necessary or
appropriate to make an informed investment decision with respect to the Securities, (2) has had an opportunity to discuss with the 

  
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Company and its representatives the intended business and financial affairs of the Company and to obtain information necessary to verify any information furnished to it or to which it had access
and (3) can bear the economic risk of (x) an investment in the Securities and (y) a total loss in respect of such investment. Each of the Purchaser and the Purchaser Subsidiary has knowledge and experience in business and financial
matters so as to enable it to understand and evaluate the risks of, and form an investment decision with respect to its investment in, the Securities, and to protect its own interest in connection with such investment, and its purchase of the
Securities is not the result of any general solicitation or any general advertising. 
 6.8    Available Funds.
The Purchaser will have or will cause an Affiliate to have available cash sufficient to pay, on the terms and conditions contemplated by this Agreement, in full (a) at or prior to the Initial Closing, the Initial Purchase Price, and (b) at
or prior to the Subsequent Closing, the Subsequent Purchase Price. The Purchaser acknowledges that the transactions contemplated hereby are not subject to any financing condition. 

6.9    No Brokers. No broker’s or finder’s fees or commissions will be payable by the Purchaser or the
Purchaser Subsidiary with respect to the transactions contemplated by this Agreement, and each of the Purchaser and the Purchaser Subsidiary hereby indemnifies and holds the Company harmless from any claim, demand or liability for broker’s or
finder’s fees alleged to have been incurred at the instance of the Purchaser, its Affiliates or Representatives or agents or any Person acting on behalf of or at the request of the Purchaser, its Affiliates or Representatives or agents. 

6.10    Non-Reliance on Company Estimates, Projections, Forecasts,
Forward-Looking Statements and Business Plans. In connection with the due diligence investigation of the Company by the Purchaser, the Purchaser Subsidiary and their representatives, the Purchaser, the Purchaser Subsidiary and their
representatives have received and may continue to receive from the Company and its representatives certain estimates, projections, forecasts and other forward-looking information, as well as certain business plan information containing such
information, regarding the Company and its Subsidiaries and their respective businesses and operations. Each of the Purchaser and the Purchaser Subsidiary hereby acknowledges that there are uncertainties inherent in attempting to make such
estimates, projections, forecasts and other forward-looking statements, as well as in such business plans, with which each of the Purchaser and the Purchaser Subsidiary is familiar, that each of the Purchaser and the Purchaser Subsidiary is making
its own evaluation of the adequacy and accuracy of all projections, forecasts and other forward-looking information, as well as such business plans, so furnished to the Purchaser or the Purchaser Subsidiary (including the reasonableness of the
assumptions underlying such estimates, projections, forecasts, forward-looking information or business plans), and each of the Purchaser and the Purchaser Subsidiary will have no claim against the Company or any of its Subsidiaries, or any of their
respective representatives, with respect thereto, except for any breach of a representation and warranty expressly set forth in Section 5. 

6.11    No Other Representations. Except for the representations and warranties contained in Section 5,
neither the Company nor any other person acting on its behalf has made or is making any representation or warranty of any kind or nature whatsoever, oral or written, express or implied with respect to this Agreement or the transactions contemplated
hereby and each of the Purchaser and the Purchaser Subsidiary disclaims any reliance on any representation or warranty of the Company or any affiliate, representative, advisor or agent of the Company except for the representations and warranties
expressly set forth in Section 5. 

  
 12 

 7.    Covenants. 

7.1    Board Representation. 

(a)    Following the closing of the Initial Investment, the Purchaser shall be entitled to designate one Qualified
Candidate to the Nomination and Governance Committee (the “NGC”) of the Board of Directors of the Company (the “Board”) for appointment to the Board (any such designee, the “Purchaser Director”).
Upon such designation, so long as the Purchaser Director is a Qualified Candidate, the NGC shall recommend the appointment of the Purchaser Director and the Board shall appoint such Purchaser Director to fill a vacancy on the Board (it being
understood that if no vacancy then exists, the Board shall create such a vacancy by taking such actions as are necessary to increase the size of the Board by one director). Thereafter, neither the NGC nor the Board shall withhold its recommendation
for the re-election of such Purchaser Director to the Board. Following the expiration of the Purchaser Director’s initial term, so long as Purchaser’s aggregate beneficial ownership of the Common
Stock is equal to or greater than 9.0% of the issued and outstanding Common Stock (without taking into account any reductions in the Purchaser’s ownership stake resulting from (x) new issuances of Common Stock or (y) repurchases by
the Company of Common Stock and the requirements of Section 7.4(b)) (the “Fall-away Threshold”), the Company will be required to (i) include the Purchaser Director in the Company’s slate of director nominees and
recommend to its shareholders that the Company’s shareholders vote in favor of the electing the Purchaser Director to the Board at the Company’s annual meeting, and (ii) use reasonable best efforts to have the Purchaser Director
elected as a director of the Company and the Company shall solicit proxies for each such person to the same extent as it does for any of its other nominees to the Board. 

(b)    The Purchaser shall have the power to designate the Purchaser Director’s replacement upon the death,
resignation, retirement, disqualification or removal from office of such director; provided that any such replacement shall be a Qualified Candidate. The Board shall promptly take all action reasonably required to fill the vacancy resulting
therefrom with such person (including using all reasonable best efforts to have such person elected as director of the Company and the Company soliciting proxies for such person to the same extent as it does for any of its other nominees to the
Board). 
 (c)    The Purchaser Director shall be entitled to receive from the Company the same indemnification in
connection with his or her role as a director as the other members of the Board, and the Purchaser Director shall be entitled to reimbursement for expenses incurred to the same extent as the other members of the Board. The Company shall notify the
Purchaser Director of all regular and special meetings of the Board. The Company shall provide the Purchaser Director with copies of all notices, minutes, consents and other materials provided to all other members of the Board concurrently as such
materials are provided to the other members. 
 (d)    If the Purchaser no longer beneficially owns an aggregate amount
of shares of Common Stock equal to at least the Fall-away Threshold, the Purchaser will have no further rights under this Section 7.1 and, at the written request of the Board, the irrevocable resignation letter described in
Section 7.1(f)(iv) shall become operative and the Purchaser Director shall be deemed to have resigned from the Board. 

  
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 (e)    The Purchaser Director shall be subject to customary
confidentiality and information use restrictions applicable to members of the Board. The Purchaser agrees that the Board may recuse the Purchaser Director by majority vote of the members of the Board (but excluding the Purchaser Director) from the
portion of any Board meeting at which the Board or is evaluating or taking action with respect to (i) the exercise of any of the Company’s rights or enforcement of any of the obligations under this Agreement or the Reinsurance Agreement or
(ii) any transaction proposed by, or with, the Purchaser or its Affiliates or Representatives. The Board may withhold from the Purchaser Director any material distributed to the directors to the extent directly relating to the subject of that
recusal. 
 (f)    As a condition to the appointment of the Purchaser Director (including any replacement thereof) or
nomination for election as a director of the Company pursuant to this Section 7.1, such Purchaser Director shall provide to the Company: 

(i)    all information reasonably requested by the Company that is required to be or is customarily
disclosed for directors, candidates for directors and their respective Affiliates and representatives in a proxy statement or other filings in accordance with Requirements of Law or any stock exchange rules or listing standards; 

(ii)    all information reasonably requested by the Company in connection with assessing eligibility,
independence and other criteria applicable to directors or satisfying compliance and legal or regulatory obligations; and 

(iii)    an undertaking in writing by such Purchaser Director, to the extent the same is made by the other
members of the Board: 
 (1)    to be subject to, bound by and duly comply with the code of conduct and
other policies of the Company, in each case, to the extent applicable to all other non-executive directors of the Company; and 

(2)    to provide such additional information reasonably necessary to comply with future legal or
regulatory obligations of the Company; and 
 (iv)    an irrevocable advance resignation letter pursuant
to which the Purchaser Director shall resign from the Board as set forth in this Agreement. 
 7.2    Compliance with
Laws. Each of the Company and each of the Purchaser and the Purchaser Subsidiary shall comply with all filing and other reporting obligations under all Requirements of Law. 

  
 14 

 7.3    Restrictive Legends. 

(a)    Each of Purchaser and the Purchaser Subsidiary agrees that all certificates or other instruments representing the
Securities subject to this Agreement will bear a legend in substantially the following form: 
 “THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE “BLUE SKY” LAWS, AND MAY NOT BE SOLD OR TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR SUCH STATE LAWS OR AN EXEMPTION FROM REGISTRATION THEREUNDER. 
 THE
SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN AN INVESTMENT AGREEMENT, DATED AS OF OCTOBER 17, 2020, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER. TRANSFERS IN VIOLATION
OF SUCH AGREEMENT SHALL BE NULL AND VOID AND NEED NOT BE RECOGNIZED BY THE ISSUER.” 
 7.4    Ownership
Limitations. 
 (a)    Prior to the Subsequent Closing, the Company shall not repurchase any shares of Common Stock
if any such repurchase would result in the amount of shares of Common Stock issued to the Purchaser Subsidiary in the Initial Investment exceeding 9.9% of the issued and outstanding shares of Common Stock. 

(b)    From and after the Subsequent Closing, each of the Purchaser and the Purchaser Subsidiary shall cooperate with the
Company to cause the Purchaser Subsidiary to dispose of shares of Common Stock as necessary to ensure that the Purchaser’s aggregate beneficial ownership of the Common Stock does not exceed 19.9% of the issued and outstanding shares of Common
Stock, including as a result of repurchases by the Company of any shares of its Common Stock. Any such disposition shall be made in compliance with applicable securities laws and the restrictions contained therein and shall be made within 40 Trading
Days upon the Purchaser becoming aware that its beneficial ownership of the Common Stock has exceeded such threshold. 

7.5    Standstill. 

(a)    During the period from the date of this Agreement until the five-year anniversary of the Initial Closing Date (the
“Standstill Period”), each of the Purchaser and the Purchaser Subsidiary shall not, and shall cause its Affiliates and Representatives not to, directly or indirectly, alone or acting in concert, but expressly subject, in each case,
to the provisions of Section 7.5(b): 

  
 15 

 (i)    acquire, or offer or agree to acquire, any Equity
Securities of the Company; provided that, notwithstanding the foregoing limitation in this clause (i), if the Company issues shares of Common Stock or other Equity Securities convertible or exchangeable for Common Stock (other than pursuant to
equity compensation plans), the Purchaser Subsidiary shall be permitted, for a period of 40 Trading Days following the issuance of such Common Stock (or the date on which the Company notifies the Purchaser of the conversion or exchange of such
Equity Securities for Common Stock), to purchase additional shares of Common Stock pursuant to open market purchases up to an amount that would result in the Purchaser Subsidiary beneficially owning the same percentage of the issued and outstanding
Common Stock as beneficially owned by the Purchaser Subsidiary immediately prior to such issuance or conversion or exchange, such percentage to be mutually agreed between the Purchaser and the Company prior to any such purchase; 

(ii)    agree, attempt, seek or propose to Transfer any Common Stock to any Person who is reasonably known
to (i) be a competitor of the Company or (ii) have engaged in activist campaigns in the three years prior to the date of any such proposed Transfer, including by stating an intention to or actually attempting to (pursuant to a proxy
solicitation, tender or exchange offer or other means) obtain a seat on the board of directors of a company or effecting a significant change within such company; provided, that, in each case, the foregoing restrictions will not apply to (1) a
Transfer pursuant to a traditional underwritten offering (but not a registered direct) or Rule 144 (provided that any such Transfer pursuant to Rule 144 either is not a direct placement or satisfies the requirements of paragraph (f) of such
rule) or (2) a Transfer pursuant to an open market sale in which the Purchaser or any agent or Person acting on its behalf does not know the identity of the acquiror; 

(iii)    engage in any short sale, purchase or acquisition of any derivative security, including any
purchase, acquisition, sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including any put or call option or “swap” transaction with respect to any security (other than a
broad-based market basket or index)) or entering into any derivative or other agreement, arrangement or understanding that hedges or transfers, in whole or in part, any securities that includes, relates to or derives any material part of its value
from the price or value (including fluctuations thereof) of the Company’s Equity Securities; 

(iv)    engage in, directly or indirectly, any “solicitation” (as such term is defined under the
Exchange Act) of proxies or consents with respect to the election or removal of directors or other matter or proposal relating to the Company or become a “participant” (as such term is defined in Instruction 3 to Item 4 of Schedule 14A
promulgated under the Exchange Act) in any such solicitation of proxies or consents; 
 (v)    form,
join or act in concert with any group with respect to any Equity Securities of the Company, other than solely with controlled Affiliates of the Purchaser with respect to the Securities now or hereafter owned by them; 

  
 16 

 (vi)    make, or in any way participate in, any offer or
proposal with respect to any tender offer, exchange offer, merger, consolidation, acquisition, business combination, recapitalization, restructuring, liquidation, dissolution or similar extraordinary transaction involving the Company or any of its
Subsidiaries or any of its or their respective securities or assets (an “Extraordinary Transaction”), either publicly or in a manner that would reasonably require public disclosure by the Company, the Purchaser or their respective
Affiliates or Representatives; 
 (vii)    agree, attempt, seek or propose to deposit any Common Stock
of the Company in any voting trust or similar arrangement or subject any Common Stock of the Company to any arrangement or agreement with respect to the voting of any such securities; 

(viii)    seek, alone or in concert with others, election or appointment to, or representation on, the
Board or nominate or propose the nomination of, or recommend the nomination of, any candidate to the Board (other than in accordance with Section 7.1); 

(ix)    call or seek to call any meeting of shareholders of the Company, including by written consent, or
provide to any third party a proxy, consent or requisition to call any meeting of shareholders of the Company; 

(x)    seek the removal of any member of the Board, conduct a referendum of shareholders of the Company,
make or be the proponent of any shareholder proposal to the Company or make a request for a shareholder list or other records of the Company; 

(xi)    institute, solicit, assist or join, as a party, any litigation, arbitration or other proceeding
against or involving the Company or its Subsidiaries or any of its or their current or former directors or officers (including derivative actions) in order to effect or take any of the foregoing actions; or 

(xii)    enter into any negotiations, arrangements, discussions, agreements or understandings with
(whether written or oral), or advise, finance, or solicit, or knowingly facilitate, assist, encourage or seek to persuade, in each case, any third party to take or cause any of the foregoing actions. 

(b)    Notwithstanding the foregoing, nothing in this Agreement shall prohibit or restrict the Purchaser or any of its
Affiliates or Representatives from (i) communicating privately with the Board regarding any matter (including to make confidential proposals, including in respect of Extraordinary Transactions), so long as such communications or proposals are
not intended to, and would not reasonably be expected to, require any public disclosure of such communications or proposals or (ii) enforcing, or seeking to enforce, any of the Purchaser’s or its Affiliates’ rights under this
Agreement, the Reinsurance Agreement or any other definitive documentation delivered in connection with transactions contemplated by this Agreement. 

  
 17 

 (c)    The Purchaser shall be responsible for any breach of this
Section 7.5 by any of its Affiliates or Representatives. 
 (d)    For purposes of the restrictions set forth in
this Section 7.5, references to the Purchaser’s Affiliates shall exclude any Affiliate that satisfies each of the following (a “Walled-Off Affiliate”): (i) its primary activity is
investing and trading in public securities solely for the account of third party clients and (ii) it operates pursuant to a set of written procedures intended to ensure that such activity is undertaken without access to information possessed by
the Purchaser (to the extent such procedures are complied with). 
 (e)    The Standstill Period shall terminate
automatically in the event that (each of the following, a “Standstill Termination Event”): 

(i)    a third party commences a tender offer for more than 35% of the issued and outstanding shares of
Common Stock of the Company and the Board recommends that holders of outstanding shares of Common Stock accept such tender offer; 

(ii)    a third party or group becomes the beneficial owner of more than 35% of the issued and outstanding
Common Stock of the Company other than as a result of a breach of this Agreement; or 
 (iii)    the
Company enters into a definitive agreement with a third party in respect of a merger, consolidation or similar transaction in which the shareholders of the Company immediately prior to such transaction would not beneficially own at least 65% of the
issued and outstanding Common Stock of the Company (or the successor company) following such transaction. 

(f)    During the Standstill Period, the Purchaser Subsidiary shall remain a wholly-owned Subsidiary of the Purchaser.

 7.6    Transfers of Shares. 

(a)    Restrictions on Transfer. From (a) the Initial Closing until the date that is two years following the
Initial Closing, the Purchaser shall not, and shall not cause or permit the Purchaser Subsidiary to, and the Purchaser Subsidiary shall not transfer, sell, pledge, assign or otherwise dispose of (“Transfer”) any Securities acquired
pursuant to the Initial Investment, and (b) the Subsequent Closing until the date that is two years following the Subsequent Closing, the Purchaser shall not, and shall not cause or permit the Purchaser Subsidiary to, and the Purchaser
Subsidiary shall not Transfer any Securities acquired pursuant to the Subsequent Investment, in each case, other than any such Transfer, subject to Section 7.5: 

(i)    to any of the Purchaser’s controlled Affiliates, subject to compliance with Requirements of
Law; provided that in respect of any such Transfer during the Standstill Period (1) the Purchaser shall provide the Company with written notice at least five Business Days in advance of any such Transfer, which notice shall include the identity
of the proposed transferee, the date of the proposed Transfer and the amount of Securities proposed to be Transferred, and 

  
 18 

 
(2) such transferee shall enter into a joinder to this Agreement in a form reasonably acceptable to the Company, which joinder shall include, without limitation, provisions to ensure that
determinations of the Purchaser’s beneficial ownership and its obligations in respect of the Securities hereunder, including the Purchaser’s voting obligations and obligations pursuant to Section 7.5, shall be consistent with such
determination and such obligations prior to any such Transfer; 
 (ii)    to the Company or any of its
Subsidiaries; 
 (iii)    pursuant to any Extraordinary Transaction involving the Company or its
Subsidiaries that has been approved by the Board; 
 (iv)    prior to the Subsequent Closing, to the
extent necessary to prevent Purchaser from beneficially owning shares of Common Stock in excess of 9.9% of the issued and outstanding shares of Common Stock; and 

(v)    from and after the Subsequent Closing, to the extent necessary to prevent Purchaser from
beneficially owning shares of Common Stock in excess of 19.9% of the issued and outstanding shares of Common Stock. 

(b)    The Purchaser shall not establish a new controlled Affiliate for the purpose of transferring the beneficial
ownership of shares of Common Stock to a third party to whom it would not otherwise be permitted to Transfer such shares. 

(c)    Termination of Transfer Restrictions. The restrictions on Transfer set forth in
Section 7.6(a) shall automatically terminate upon the occurrence of any of the following: (i) the termination of this Agreement prior to the Subsequent Closing; (ii) a Standstill Termination Event (it being
understood that solely for purposes of this Section 7.6(c), the percentages specified in clauses (i) and (ii) of Section 7.5(e) shall each be deemed to be 20% and the percentage specified in clause (iii) of Section 7.5(e)
shall be deemed to be 80%); (iii) a Clawback Event; or (iv) a Ratings Event. 
 (d)    Company Purchase
Right. Until the earlier of (i) the termination of this Agreement prior to the Subsequent Closing and (ii) the occurrence of a Standstill Termination Event, and subject to the restrictions on Transfer set forth in Section 7.6(a)
and the standstill provisions in Section 7.5, the Purchaser shall not, and shall not cause or permit the Purchaser Subsidiary to, and the Purchaser Subsidiary shall not Transfer, in one or a series of related transactions, greater than 4.9% of
the issued and outstanding Common Stock to a single third party or its Affiliates (a “Third Party Acquiror”), other than any Transfer to an underwriter in connection with a bona fide widely distributed public offering or any
Transfer permitted pursuant to Section 7.6(a)(iii), unless the Purchaser first provides the Company with a written notice (the “Sale Notice”) containing the material terms of the proposed Transfer, including the identity of the
proposed transferee (to the extent available to the Purchaser) and the proposed amount, price per share and anticipated date of the proposed Transfer. Upon receipt by the Company of the Sale Notice, the Company shall have the right to purchase the
shares of Common Stock proposed to be Transferred on the terms set forth in the Sale Notice by delivery 

  
 19 

 
of a written notice to the Purchaser within five Business Days of the Company’s receipt of the Sale Notice. In the event that the Company does not elect to purchase such shares of Common
Stock, the Purchaser may sell, or cause the Purchaser Subsidiary to sell, such shares to the Third Party Acquiror within 40 days of the delivery of the Sale Notice to the Company on terms at least as favorable to the Purchaser and the Purchaser
Subsidiary as set forth in the Sale Notice (including at a price equal to or greater than the price per share specified in the Sale Notice). 

7.7    Voting Requirement. At any time during the Standstill Period that the Purchaser’s and the Purchaser
Subsidiary’s aggregate beneficial ownership of the Company’s common stock exceeds 9.9% of the issued and outstanding Common Stock, each of the Purchaser and the Purchaser Subsidiary agrees (a) to appear in person (including via
permitted remote or virtual attendance) or by proxy at any annual or special meeting of the Company’s shareholders and (b) to vote the shares of Common Stock beneficially owned by the Purchaser and the Purchaser Subsidiary in the aggregate
that are in excess of 9.9% of the issued and outstanding Common Stock at such meeting in the same proportion as the unaffiliated shareholders of the Company with respect to any Company proposal or shareholder proposal or nomination presented at such
meeting or solicitation of consents (other than with respect to the election of the Purchaser Director); provided that, the restrictions in this Section 7.7 shall terminate if, at any time, the NGC or the Board fails to recommend in favor of
the appointment or re-election of the Purchaser Director, other than as a result of the Purchaser Director failing to constitute a Qualified Candidate or violating the Company’s code of conduct or other
policy applicable to non-executive directors in any material respect. The Company, the Purchaser and the Purchaser Subsidiary agree to cooperate in good faith to effectuate the proportionate voting
contemplated by this Section 7.7. For purposes of this Section 7.7, the “unaffiliated shareholders of the Company” shall not include Purchaser, the Purchaser Subsidiary, any current director or officer of the Company, any other
beneficial owner of more than 9.9% of the outstanding Common Stock (other than investors that are eligible to file a Schedule 13G with the SEC pursuant to Rule 13d-1(b) of the Exchange Act), or any Affiliate
of any of the foregoing Persons. 
 7.8    Registration Rights. No later than the date that is the earlier of
(a) two years following the Initial Closing Date and (b) the 30th day following the occurrence of a Standstill Termination Event, the Company shall file a resale shelf registration statement with respect to resales of the shares of Common
Stock issued to the Purchaser Subsidiary pursuant to this Agreement and shall keep such registration statement (or a replacement registration statement) effective until such time that such shares may be sold freely under Rule 144 without volume or
manner of sale limitations; provided that the period in clause (b) shall be extended as reasonably necessary for the Company to prepare any financial statements and pro forma financial statements required as a result of the filing of such
registration statement. The Purchaser agrees to provide such information as may be reasonably requested by the Company in connection with the preparation of any registration statement pursuant to this Section 7.8. 

7.9    Reinsurance Agreement; Reinsurance Exclusivity. (a) The Purchaser and the Company shall, or
shall cause one or more designated Affiliates to, use their respective reasonable best efforts to negotiate in good faith to prepare and finalize one or more reinsurance agreements and related schedules and such other appropriate documentation as
may be necessary or advisable in connection therewith, in each case subject to receipt of any and all required regulatory approvals, and on terms, conditions and principles contained in the term sheet

  
 20 

 
attached as Exhibit A to this Agreement (collectively, the “Reinsurance Agreement”), and, subject to the use of such foregoing efforts, to execute and deliver, or cause
their respective Affiliates to execute and deliver, such Reinsurance Agreement, in each case as promptly as reasonably practicable following the date hereof and (b) during the period from the date hereof until the earlier of (i) the
termination of this Agreement prior to the Subsequent Closing and (ii) the Outside Termination Date, the Company shall not, and shall cause its controlled Affiliates and its and their Representatives not to solicit, or knowingly facilitate,
assist or encourage any negotiations or enter into any definitive agreements with any Person (other than Purchaser or its Affiliates) concerning the reinsurance of all or a material portion of the IncomeShield block; provided, that the foregoing
shall not prohibit or preclude the Company or any of its controlled Affiliates from (x) pursuing or taking any such actions with respect to other blocks of liabilities or any of their assets, including those that may be supporting the
IncomeShield block, or (y) exploring, pursuing or consummating any tender offer, exchange offer, merger, consolidation, business combination, recapitalization, restructuring, liquidation, dissolution, sale of Equity Securities, sale of all or
substantially all assets or similar extraordinary transaction, of, or involving, the Company or any of its controlled Affiliates. 

7.10    Regulatory Approvals. 

(a)    The Purchaser and the Company shall use reasonable best efforts to obtain the CFIUS Approval, including
(i) promptly making the draft filing with CFIUS with respect to the transactions contemplated hereby pursuant to the DPA, (ii) following such pre-filing submission, promptly after receipt of
confirmation that CFIUS staff has no additional comments or questions to the draft filing, filing with CFIUS a notice with respect to the transactions pursuant to the DPA, (iii) in accordance with and subject to the limitations contained in the
DPA, providing any information requested by CFIUS, and (iv) reasonably cooperating with each other in connection with any such filing or the provision of any such information (including, to the extent permitted by Requirements of Law, providing
copies, or portions thereof, of all such documents to the non-filing parties prior to filing and considering all reasonable additions, deletions or changes suggested in connection therewith) and in connection
with resolving any investigation or other inquiry of any Governmental Authority under the DPA with respect to any such filing or any such transaction. 

(b)    (i) the Purchaser shall file, or cause to be filed, a “Form A” Acquisition of Control Statement with the
Insurance Commissioner of the State of Iowa as soon as reasonably practicable, but no later than December 31, 2020, and submit biographical affidavits to the Insurance Commissioner of the State of Iowa as soon as reasonably practicable,
(ii) the Purchaser shall file, or cause to be filed, a Section 1506 filing with the Superintendent of the NYDFS as soon as reasonably practicable but no later than December 31, 2020, and submit biographical affidavits to the
Superintendent of the NYDFS as soon as reasonably practicable, (iii) if required, the Company shall file, or cause to be filed, a “Form D” Prior Notice of a Transaction with respect to the Reinsurance Agreement with the Insurance
Commissioner of the State of Iowa as soon as reasonably practicable, (iv) each of the Purchaser and the Company shall file a notification and report form pursuant to the HSR Act with the Federal Trade Commission and the Antitrust Division of
the United States Department of Justice with respect to the transactions contemplated hereby and, within 10 Business Days of the date hereof, requesting early termination of the waiting period under the HSR Act, (v) the Company shall

  
 21 

 
file, or cause to be filed, a supplemental listing application with the NYSE as soon as reasonably practicable and (vi) each of the Purchaser and the Company shall file any other filings,
applications and submissions necessary, proper or advisable to consummate the transactions contemplated hereby with any Governmental Authority as promptly as practicable. 

(c)    Each of the Company and the Purchaser shall, and shall cause their respective Affiliates to, use reasonable best
efforts to obtain all consents, approvals, authorizations or waivers of Governmental Authorities necessary, proper or advisable to consummate the transactions contemplated hereby as soon as reasonably practicable. 

(d)    Each of the Company and the Purchaser shall consult with one another with respect to the obtaining of all consents,
approvals, authorizations or waivers of Governmental Authorities necessary, proper or advisable to consummate the transactions contemplated hereby and each of the Company and the Purchaser shall keep the others apprised on a prompt basis of the
status of matters relating to such consents, approvals, authorizations or waivers. The Company and the Purchaser shall have the right to review in advance and, to the extent practicable, and subject to any restrictions under Requirements of Law,
each shall consult the other on, any filing made with, or written materials submitted to, any Governmental Authority in connection with the transactions contemplated hereby and each party agrees to in good faith consider and reasonably accept
comments of the other party thereon. The Company and Purchaser shall promptly furnish to each other copies of all such filings and written materials after their filing or submission, in each case subject to Requirements of Law. The Company and the
Purchaser shall promptly advise each other upon receiving any communication from any Governmental Authority with respect to any consent, approval, authorization or waiver is required to consummate the transactions contemplated hereby, including
promptly furnishing each other copies of any written or electronic communication, and shall promptly advise each other when any such communication causes such party to believe that there is a reasonable likelihood that any such consent, approval,
authorization or waiver will not be obtained or that the receipt of any such consent, approval, authorization or waiver will be materially delayed or conditioned. The Company and the Purchaser shall not, and shall cause their respective Affiliates
not to, permit any of their respective directors, officers, employees, partners, members, shareholders or any other representatives to participate in any live or telephonic meeting (other than non-substantive
scheduling or administrative calls) with any Governmental Authority in respect of any filings, investigation or other inquiry relating to the transactions contemplated hereby unless it consults with the other in advance and, to the extent permitted
by Requirements of Law and by such Governmental Authority, gives the other party the opportunity to attend and participate in such meeting. Notwithstanding the foregoing, in no event will any party be required to disclose to any other party any
personally identifiable information. 
 8.    Termination. 

8.1    Termination. This Agreement may be terminated and the transactions contemplated hereby abandoned at any time
prior to the Initial Closing or the Subsequent Closing, as applicable: 
 (a)    by mutual written consent of the
Purchaser and the Company; and 

  
 22 

 (b)    by either party, if the other party shall have breached any of
its obligations under this Investment Agreement and such breach remains uncured 45 days after notice of such breach by the non-breaching party to the breaching party; 

(c)    if any Restraint enjoining or otherwise prohibiting the Initial Investment or the Subsequent Investment shall be in
effect and shall have become final and nonappealable; or 
 (d)    by either the Company or the Purchaser if the
Subsequent Closing shall not have occurred prior to 5:00 p.m., New York City time, on June 17, 2021 (the “Outside Termination Date”); provided that, if on a date that would have been the Outside Termination Date the condition
set forth in Section 4.1(c)(ii) is the only condition in Section 4.1 that shall not have been satisfied or waived on or before such date, the Outside Termination Date shall be automatically extended until 5:00 p.m., New York City time, on
August 17, 2021, in which case the Outside Termination Date shall be deemed for all purposes under this Agreement to be such later date; provided further that the right to terminate this Agreement under this Section 8.1(d) shall not be
available to a party whose failure to fulfill any material obligation under this Agreement or other material breach of this Agreement has been the primary cause of, or resulted in, the failure of the Subsequent Closing to have occurred prior to such
time. 
 8.2    Effects of Termination. In the event of termination of this Agreement by any party as provided in
Section 8.1, this Agreement shall forthwith become void and there shall be no liability or obligation on the part of any party; provided that (a) Section 9, Sections 11 through 14 and Sections 16 through 21 shall survive such
termination and (b) if the Initial Closing has occurred, Section 5.16, Section 6.11, Section 7.1 and Section 7.5 shall survive such termination. No such termination shall relieve any party of any liability or damages to the
other party resulting from any willful and material breach of this Agreement prior to such termination; provided that any cause of action with respect to any such breach must be brought no later than the 60th day following such termination.
Notwithstanding anything to the contrary herein, the parties hereto acknowledge and agree that nothing contained herein shall be deemed to affect their right to specific performance in accordance with this Agreement. 

9.    Definitions. 

9.1    Certain Defined Terms. As used in this Agreement the following terms have the following respective meanings:

 acting in concert: A Person shall be deemed to be “acting in concert” with another Person if such Person knowingly acts
(whether or not pursuant to an express agreement, arrangement or understanding (whether or not in writing)) in concert with, or towards a common goal relating to, changing or influencing the control of the Company or in connection with or as a
participant in any transaction having that purpose or effect, in parallel with such other Person where (a) each Person is conscious of the other Person’s conduct and this awareness is an element in their decision-making processes and
(b) at least one additional factor supports a reasonable determination by the Board that such Persons intended to act in concert or in parallel, which such additional factors may include exchanging information, attending meetings, conducting
discussions, or making or soliciting invitations to act in concert or in parallel. A Person who or which is acting in concert with another Person shall also be deemed to be acting in concert with any third party who is also acting in concert with
such other Person. 

  
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 Adjusted BVPS: The Company’s consolidated book value per share of Common Stock,
excluding Accumulated Other Comprehensive Income and the net impact of fair value accounting for derivatives and embedded derivatives, as reflected in the Company’s most recent fiscal quarter-end
financial supplement publicly disclosed prior to the Subsequent Closing. Adjusted BVPS shall be calculated in a manner consistent with the Company’s financial supplement for the quarter ended June 30, 2020 publicly disclosed on
August 5, 2020. 
 Affiliate: The meaning set forth in Rule 12b-2 promulgated by the SEC
under the Exchange Act and shall include all Persons or entities that at any time during the Standstill Period become Affiliates of any Person or entity referred to in this Agreement. 

beneficial owner, beneficial ownership and beneficially own: A Person shall be deemed the “beneficial owner”
of, have “beneficial ownership” of and to “beneficially own” any shares of Common Stock: 

(a)    which such Person or any of such Person’s Affiliates, directly or indirectly, owns or has the right to acquire
(whether such right is exercisable immediately or only after the passage of time or upon the satisfaction of one or more conditions (whether or not within the control of such Person) or upon compliance with regulatory requirements, stock exchange
rules and regulations or otherwise) pursuant to any agreement, arrangement or understanding (whether or not in writing), or upon the exercise of conversion rights, exchange rights, other rights, warrants or options, or otherwise; 

(b)    which such Person or any of such Person’s Affiliates, directly or indirectly, has the right to vote or dispose
of or is the beneficial owner of, beneficially owns or has beneficial ownership of (as determined pursuant to Rule 13d-3 of the General Rules and Regulations under the Exchange Act), including pursuant to any
agreement, arrangement or understanding, whether or not in writing; 
 (c)    which are beneficially owned, directly or
indirectly, by any other Person (or any Affiliate thereof) and with respect to which such Person (or any of such Person’s Affiliates) has any agreement, arrangement or understanding (whether or not in writing) (other than customary agreements
with and between underwriters and selling group members with respect to a bona fide public offering of securities), for the purpose of acquiring, holding, voting or disposing of any voting securities of the Company; or 

(d)    which are the subject of a derivative transaction entered into by such Person (or any of such Person’s
Affiliates), including, for these purposes, any derivative instrument (whether or not presently exercisable) acquired by such Person (or any of such Person’s Affiliates), that gives such Person (or any of such Person’s Affiliates) the
economic equivalent of direct or indirect ownership of, or opportunity to obtain ownership of, an amount of such securities where the value of the derivative is determined in whole or in part with reference to, or derived in whole or in part from,
the price or value of such securities, or which provides such Person (or any of such Person’s Affiliates) an opportunity, directly or indirectly, to profit, 

  
 24 

 
or to share in any profit, derived from any change in the value of such securities, in any case without regard to whether (i) such derivative conveys any voting rights in such securities to
such Person (or any Affiliate thereof), (ii) the derivative is required to be, or capable of being, settled through delivery of such securities, or (iii) such Person (or any of such Person’s Affiliates) may have entered into other
transactions that hedge the economic effect of such derivative. In determining the number of shares of Common Stock the subject Person shall be deemed the beneficial owner of, to beneficially own or to have beneficial ownership of by virtue of the
operation of this Section 9.1(d), the subject Person shall be deemed to beneficially own (without duplication) the notional or other number of shares of Common Stock specified in the documentation evidencing the derivative position as being
subject to be acquired upon the exercise or settlement of the applicable right or as the basis upon which the value or settlement amount of such right, or the opportunity of the holder of such right to profit or share in any profit, is to be
calculated in whole or in part, and in any case (or if no such number of shares of Common Stock is specified in such documentation or otherwise), as determined by the Board in good faith to be the number of shares of Common Stock to which the
derivative position relates; 
 provided that the Purchaser’s “beneficial ownership” shall not include any shares of Common Stock
beneficially owned by any Walled-Off Affiliates. 
 Business Day: Any day except a Saturday,
a Sunday, or any day on which banking institutions in West Des Moines, Iowa, or New York, New York are required or authorized by law or other governmental action to be closed. 

Capital Stock: As to any Person, any and all shares of stock of a corporation, partnership interests or other equivalent interests
(however designated, whether voting or non-voting) in such Person’s equity, entitling the holder to receive a share of the profits and losses, and a distribution of assets, after liabilities, of such
Person. 
 CFIUS: the Committee on Foreign Investment in the United States and each member agency thereof acting in such capacity.

 CFIUS Approval: (a) a written determination from CFIUS to the effect that its review of the transactions contemplated by this
Agreement and subsequent investigation, if any, have been concluded and that a determination has been made that there are no unresolved national security concerns, or (b) following an investigation conducted by CFIUS, CFIUS reports the
transactions to the President of the United States and (x) the President of the United States makes a decision not to suspend or prohibit the transactions pursuant to his authorities under Section 721; or (y) having received a report
from CFIUS requesting the President’s decision, the President has not taken any action after fifteen (15) days from the earlier of the date the President received such report from CFIUS or the end of the investigation period. 

Clawback Event: An event that results in the Board becoming entitled to lower the amount of incentive compensation of any individual
pursuant to the Company’s Incentive Compensation Repayment Policy, as described in the Company’s proxy statement for its 2020 annual meeting of shareholders, and determined as if such Policy remains in effect, unamended, for the entire
Standstill Period, regardless of whether such compensation is actually lowered. 

  
 25 

 Code: The Internal Revenue Code of 1986, as amended, and any successor statute
(together with all rules and regulations promulgated thereunder). 
 Contagion Event: (a) The outbreak of contagious disease,
epidemic or pandemic (including COVID-19) or the continuation, escalation or worsening thereof, (b) the responses to the foregoing of any Governmental Authority and other Persons, and (c) any changes
in Requirements of Law in response to the foregoing, in each case, whether in place currently or adopted or modified hereafter, including any quarantine,
“shelter-in-place,” “stay at home,” social distancing, shut down or closure. 

DPA: Section 721 of the Defense Production Act of 1950, as amended (50 U.S.C. §4565), and all rules and regulations issued
and effective thereunder. 
 Exchange Act: The Securities Exchange Act of 1934, as amended, including the rules and regulations
promulgated thereunder. 
 group: The meaning set forth in Section 13(d) of the Exchange Act. 

Governmental Authority: Any nation or government, any state or other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government. 
 NYSE: The New York Stock Exchange.

 Person: An individual, a partnership, a joint venture, a corporation, a limited liability company, a trust, an unincorporated
organization or a government or any department or agency thereof. 
 Qualified Candidate: An individual who (a) qualifies as
independent of the Company under all applicable listing standards, applicable rules of the SEC and publicly disclosed standards used by the Board in determining the independence of the Company’s directors, other than any standard or rule that
is implicated by any connection between such individual and the Purchaser, and (b) meets all other generally applicable qualifications required (i) for service as a director set forth in the Company’s organizational documents and
corporate governance guidelines and (ii) by the Iowa Insurance Division and the New York Department of Financial Services. 

Ratings Event: The financial strength rating assigned to American Equity Investment Life Insurance Company by any two of A.M. Best
Company, Inc., S&P Global or Fitch Ratings Ltd. falls to or below “BB” at any one time. 
 Representative: As to any
Person, such Person’s directors, members, partners, managers, officers, employees, agents and other representatives, in each case to the extent acting in their capacity as such. 

Requirements of Law: As to any Person, the certificate of incorporation and by-laws or other
organizational or governing documents of such Person, and any law, treaty, rule or regulation, or determination or decree, or determination, of an arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such
Person or any of its property or to which such Person or any of its property is subject. 

  
 26 

 SEC: The U.S. Securities and Exchange Commission, or any other federal agency at the
time administering the Securities Act or the Exchange Act, whichever is the relevant statute for the particular purpose. 
 Securities:
The shares of Common Stock issued by the Company and purchased by the Purchaser or the Purchaser Subsidiary pursuant to this Agreement. 

Securities Act: The Securities Act of 1933, as amended, including the rules and regulations promulgated thereunder. 

Subsidiary: As to any Person, any corporation, association or other business entity of which more than 50% of the outstanding Voting
Stock is owned, directly or indirectly, by, or, in the case of a partnership, the sole general partner or the managing partner or the only general partners of which are, such Person and one or more Subsidiaries of such Person (or a combination
thereof). 
 Trading Day: a Business Day on which (i) shares of Common Stock are open for trading on the NYSE, (ii) solely
with respect to Section 7.4(b), the Purchaser and its Affiliates are not restricted from selling shares of Common Stock under Rule 144 by reason of the volume limitations under Rule 144 and only to the extent that on such day shares of Common
Stock are actually sold by the Purchaser and its Affiliates up to the maximum permitted by such volume limitations, and (iii) the Purchaser and its Affiliates are not otherwise subject to a blackout period imposed by the Company restricting the
sale or purchase of shares of Common Stock. 
 Voting Stock: As to any Person, Capital Stock of any class or kind ordinarily having
the power to vote for the election of directors, managers or other voting members of the governing body of such Person. 
 Any of the
above-defined terms may, unless the context otherwise requires, be used in the singular or plural depending on the reference. 

10.    Survival of Representations and Warranties. The Initial Closing Representations shall terminate and be of no
further force or effect on the date that is thirty days following the Company’s filing of the annual report on Form 10-K for the fiscal year that includes the Initial Closing Date and the Subsequent
Closing Representations shall terminate and be of no further force or effect on the date that is thirty days following the Company’s filing of the annual report on Form 10-K for the fiscal year that
includes the Subsequent Closing Date; provided that in no event shall either such period exceed six months after the Initial Closing Date, in respect of the Initial Closing Representations, and six months after the Subsequent Closing Date, in
respect of the Subsequent Closing Representations. The representations and warranties of the Purchaser contained in or made pursuant to this Agreement as of the date of this Agreement and on the Initial Closing Date shall terminate and be of no
further force or effect on the date that the Initial Closing Representations shall terminate pursuant to this Section 10 and the representations and warranties of the Purchaser contained in or made pursuant to this Agreement as of the
Subsequent Closing Date shall terminate and be of no further force or effect on the date that the Subsequent Closing Representations shall terminate pursuant to this Section 10. 

  
 27 

 11.    Amendments and Waivers. Any provision of this Agreement
may be amended, modified or waived if, and only if, such amendment, modification or waiver is in writing and signed, in the case of an amendment, by each of the parties, or in the case of a waiver, by the party against whom the waiver is to be
effective. 
 12.    Notices, etc. All notices and other communications given or made pursuant to this Agreement
shall be in writing and shall be deemed effectively given upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic mail, (c) five (5) days after having been sent by
registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid, specifying next business day delivery, with written verification
of receipt. All communications shall be sent (a) if to the Purchaser or the Purchaser Subsidiary, to Jennifer Mazin, at Brookfield Place, Suite 300, 181 Bay Street, Toronto, Ontario, Canada M5J 2T3, or at jennifer.mazin@brookfield.com (or at
such other address or e-mail address as the Purchaser shall have furnished to the Company in writing), in each case with a copy (which shall not constitute notice) to the attention of Richard Hall and David J.
Perkins, at Cravath, Swaine & Moore LLP, 825 Eighth Avenue, New York, NY 10019, or to rhall@cravath.com and dperkins@cravath.com, or (b) if to the Company, to Renee D. Montz, at 6000 Westown Parkway, West Des Moines, IA 50266, or at
rmontz@american-equity.com (or at such other address or e-mail, or to the attention of such other officer, as the Company shall have furnished to the Purchaser in writing), in each case with a copy (which
shall not constitute notice) to the attention of Shilpi Gupta, Esq. at the following address: Skadden, Arps, Slate, Meagher & Flom LLP, 155 North Wacker Drive, Chicago, IL 60606, or to shilpi.gupta@skadden.com, and Todd E. Freed, Esq. at
the following address: Skadden, Arps, Slate, Meagher & Flom LLP, One Manhattan West, New York, New York 10001, or to todd.freed@skadden.com. 

13.    Construction. 

(a)    As used in this Agreement (i) the term “including” means “including, without limitation,”
(ii) words of one gender shall be held to include the other genders as the context requires, (iii) the words “hereof,” “herein,” “hereby,” “hereto” and “herewith” and words of similar import
shall, unless the context otherwise states or requires, refer to this Agreement as a whole and not to any particular provision of this Agreement, and all references to the introduction, Sections or Exhibits, unless the context otherwise states or
requires, are to the introduction, Sections or Exhibits of, or to, this Agreement, (iv) the word “or” shall not be exclusive and (v) the words “date hereof” shall mean the date of this Agreement. 

(b)    To the extent that the Company or the Purchaser is required to cause its Affiliates to take, or use reasonable best
efforts to take, any action and any one or more of such Affiliates fails to take or use reasonable best efforts to take such action, then the Company or the Purchaser, as applicable, shall be deemed in breach of this Agreement. 

(c)    The Purchaser and the Company have participated jointly in the negotiation and drafting of this Agreement. In the
event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Purchaser and the Company and no presumption or burden of proof shall arise favoring or disfavoring either party by
virtue of the authorship of any provisions of this Agreement. 

  
 28 

 (d)    As used herein all references to issued and outstanding shares of
Common Stock shall exclude treasury shares. 
 (e)    As used herein all references to $ or dollars shall refer to
United States dollars. 
 (f)    References to the “parties” to this Agreement shall refer to the Purchaser,
the Purchaser Subsidiary and the Company, with the Purchaser and the Purchaser Subsidiary deemed to be a single “party”, unless the context otherwise requires. 

14.    Publicity. Except pursuant to Requirements of Law or stock exchange rules, neither party shall issue a press
release or other public announcement or otherwise make any public disclosure concerning this Agreement or the transactions contemplated hereby, without the prior written consent of the other party, which consent shall not be unreasonably withheld,
conditioned or delayed. Notwithstanding the foregoing, either party may issue a press release or other public announcement in connection with the enforcement of its rights and remedies under this Agreement. 

15.    Specific Performance. The parties agree that irreparable damage may occur in the event that any of the
provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. Accordingly, the parties shall be entitled to seek an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement, in addition to any other remedy to which they are entitled at law or in equity. 

16.    Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed entirely within such State. Each of the parties hereto agrees, with respect to any action arising out of or relating to this Agreement or the transactions contemplated hereby, (a) to
submit to the exclusive personal jurisdiction of the State or Federal courts in the Borough of Manhattan, the City of New York, (b) that exclusive jurisdiction and venue shall lie in the State or Federal courts in the State of New York, and
(c) that notice may be served upon such party at the address and in the manner set forth for such party set forth in Section 12. 

17.    Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS
AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 18.    Expenses. Each of the parties will bear and pay all
costs and expenses incurred by it or on its behalf in connection with the transactions contemplated pursuant to this Agreement. 

  
 29 

 19.    Counterparts; Electronic Signature. This Agreement may be
executed and delivered in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties, it
being understood that all parties need not sign the same counterpart. This Agreement may be executed by facsimile, by any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act, the Electronic
Signatures and Records Act, or other Requirements of Law, e.g., www.docusign.com or by .pdf signature by any party and such signature shall be deemed binding for all purposes hereof without delivery of an original signature being thereafter
required. 
 20.    Severability. Any term or provision of this Agreement that is illegal, invalid or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without rendering illegal, invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the legality, validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction. In the event that any provision hereof would, under Requirements of Law be illegal, invalid or
unenforceable in any respect, each party hereto intends that such provision shall be reformed and construed by modifying or limiting it so as to be valid and enforceable to the maximum extent compatible with, and possible under, Requirements of Law
and to otherwise give effect to the intent of the parties hereto. 
 21.    Miscellaneous. This Agreement shall
be binding upon and inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto. Neither party hereto may assign this Agreement or any of its rights or obligations hereunder without the prior
written consent of the other party. This Agreement shall not inure to the benefit of any other Person. This Agreement (including Exhibit A) embodies the entire agreement and understanding between the Purchaser, the Purchaser Subsidiary and the
Company and supersedes all prior agreements and understandings relating to the subject matter hereof. 
 [Signature Pages Follow] 

  
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	 Very truly yours,
  

AMERICAN EQUITY INVESTMENT LIFE HOLDING COMPANY

		
	By:	 	/s/ Anant Bhalla
		 	Name:	 	Anant Bhalla
		 	Title:	 	Chief Executive Officer and President

 The foregoing Agreement is hereby agreed to as of the date first written above. 

 

					
	BROOKFIELD ASSET MANAGEMENT INC.
		
	By:	 	/s/ Sachin Shah
		 	Name:	 	Sachin Shah
		 	Title:	 	Chief Investment Officer

  

					
	BURGUNDY ACQUISITIONS I LTD.
		
	By:	 	/s/ James Bodi
		 	Name:	 	James Bodi
		 	Title:	 	Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00325-of-00352.parquet"}]]