Document:

Anti Money Laundering Processing Service Agreement

 Exhibit 10.36 
 ANTI MONEY LAUNDERING (AML) PROCESSING SERVICE AGREEMENT 
 DATED 13 October, 2006 
 BETWEEN 
 CITIGROUP FUND SERVICES CANADA, INC. 
 ( the
“Service Provider”) 
 AND 
 PRIMERICA LIFE INSURANCE COMPANY OF CANADA 
 (“PLICC”) 

WHEREAS PLICC, AGF FUNDS INC. and UNISEN INC. are signatories to a tripartite Common Sense Funds Investment Advisory and
Administrative Services Agreement dated 1 June, 2005 with regards to the investment management and administration of the Primerica Common Sense Funds (the “Services Agreement”), 
 WHEREAS UNISEN INC. was acquired by Citigroup Inc. on or about 3 October, 2005, and thereafter carrying on business under the
name of Citigroup Fund Services Canada, Inc. and by operation of law and full intention of the parties assumed the rights, duties and obligations of the Services Agreement of UNISEN INC., 
 WHEREAS PLICC requires that certain of its anti-money laundering processing requirements and functions be performed by the Service
Provider; 
 AND WHEREAS the Service Provider has the capacity, expertise and desires to perform the services set out
herein, 
 NOW THEREFORE, for good and valuable consideration, the sufficiency and adequacy of which are hereby
acknowledged, the parties hereto agree as follows: 
 ARTICLE 1 - DEFINITIONS 
 1.1 “Definitions” in this Agreement, all Schedules and all instruments hereto, and any amendment or confirmation hereof: 
 “Agreement” means this agreement and all Schedules and all instruments supplemental hereto and any amendment or confirmation
hereof; “hereof”. “hereunder” and similar expressions mean and refer to this Agreement and not to any particular article, section, subsection or other subdivision; 
 “Audit” means the audits and reviews contemplated by Article 6.1 hereof; 

 “Business Day” means any day other than a Saturday, Sunday or statutory
holiday in the province of Ontario; 
 “Disaster Recovery Plan” means the plan established by the Service
Provider to be implemented in the event of an occurrence of a Disaster; 
 “Disaster” means the occurrence of an
event that results in the inability of PLICC to access the Services provided by the Service Provider for a period greater than twenty-four (24) hours; 
 “Event of Default” has the meaning ascribed thereto in Article 8 hereof; 
 “PLICC files” means files or other information provided by PLICC to the Service Provider, including, without limitation, books, records, audit working papers, reports, recommendations and other documentation; 
 “OSFI” means the Office of the Superintendent of Financial Institutions (Canada); 
 “Service and Performance Levels” mean the criteria more particularly described in Schedule 1 hereof; 
 “Service Level Deficiency” means delivery by the Service Provider of the Services in such a way that the Service and
Performance Levels are not achieved; 
 “Services” means the service to be provided by the Service Provider to
PLICC more particularly described in Schedule 1 hereto; and 
 “Statement of Work” means the Citigroup Corporate
and Investment Banking Global Transaction Services Statement of Work for Primerica Life Insurance Company of Canada dated on or about 12 October, 2005 and is attached hereto as Schedule 1 to this Agreement, as amended from time to time by
mutual consent of the parties of this Agreement. 
 ARTICLE 2 - SCOPE OF AGREEMENT 
 2.1 In accordance with the terms of this Agreement, the Service Provider agrees to provide PLICC with the services more particularly described in Article 4
and Schedule 1 hereof. The Services will be rendered by the Service Provider in a manner consistent with good commercial practice and in accordance with the terms of this Agreement. 
 ARTICLE 3 - TERM 
 3.1 The Initial Term of this Agreement shall be
from the date hereof and shall continue in full force and effect until May 31, 2012 (the “Term”). Any fixed commitment beyond May 31, 2012 (the “Renewal Term”) will be negotiated commencing no later than
November 30, 2011, together with all other matters

  

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including the ongoing support costs. Upon termination of the Agreement, PLICC shall, forthwith upon receipt or giving of notice of termination, so notify OSFI in writing. If, in accordance with
applicable legislation, a regulator or other similar entity assumes management of PLICC, the Service Provider may continue to provide services in accordance with this Agreement for an additional 6 month period if required to do so in law (as may be
independently determined by the Service Provider) and if all fees are paid in full and remain in good standing. 
 3.2 Should the Parties be
unable to reach an agreement by the end of the Term, then this Agreement shall continue on a monthly basis, subject to termination by any Party on 120 days written notice to the other Parties. During any period of extended renewal discussions, the
existing pricing will continue to govern the Agreement until such time as a new pricing schedule is agreed upon by the Parties. 
 3.3 This
Agreement may be terminated immediately by a Party by giving the other Parties written notice of termination if another Party has materially breached any representation, warranty, covenant, term condition or provision of this Agreement, including
the failure to pay any monies due when payable, and fails to cure any such breach within thirty (30) days of receipt of a written notice of such breach or default, such termination to be effective seven (7) business days after the expiry
of such thirty (30) day period. 
 3.4 Subject to Article 3.1, this Agreement may be terminated immediately by a Party giving written
notice of termination to the other Parties if: 
  

	 	a)	any order shall be made or a resolution passed for the winding-up of another Party; 

  

	 	b)	a petition shall be filed under the Bankruptcy and Insolvency Act against another Party; 

  

	 	c)	another Party shall become insolvent or admit in writing its inability to pay its debts as they come due; 

  

	 	d)	another Party shall commit or threaten to commit an act of bankruptcy, or shall make an assignment in bankruptcy, or a receiver and manager or agent or other official
having similar functions shall be appointed whether privately or by a court by or on behalf of such party over all or any part of the assets of such party; 

  

	 	e)	any proceedings are commenced under the Companies’ Creditors Arrangement Act for the benefit of another Party; 

  

	 	f)	a proposal shall be made by another Party to its creditors under the Bankruptcy and Insolvency Act; or 

  

	 	g)	another Party makes a general assignment for the benefit of creditors or fails generally to pay its debts as they become due. 

  

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 ARTICLE 4 - SERVICES 
 4.1 The Service Provider shall provide PLICC with the Services listed in Schedule 1 to this Agreement with, as Schedule 1 may be amended from time to time by mutual agreement of the parties, and any
optional services offered by the Service Provider which PLICC may, from time to time during the term of this Agreement, request of the Service Provider to provide. 
 4.2 The criteria listed in Schedule 1 to this Agreement shall serve as the Service and Performance Levels required by PLICC and shall describe the initial measurement of the frequency, content and format
of the Services to be provided hereunder. 
 4.3 The Service and Performance Levels shall be jointly reviewed by the parties within six
(6) months of the date of this Agreement and shall thereafter be reviewed by the parties at least once annually. The Service and Performance Levels shall be adjusted as appropriate to reflect improved performance capabilities associated with
advances in technology and methods used to perform the Services. 
 4.4 A Service Level Deficiency shall result in the event that a Service
Provider fails to provide the Services in accordance with the required Service and Performance Levels. In the event of a Service Level Deficiency, such Service Provider shall: 
 (i) within five (5) business days of notice by PLICC, deliver to PLICC a written report specifying the nature of the Service Level
Deficiency and an explanation as to the same; and 
 (ii) use all commercially reasonable efforts to rectify the Service Level
Deficiency and continue to provide the Service in accordance with the requisite Service and Performance Level as soon as practicable. 
 4.5 If
the Service Provider fails to provide any Service in accordance with the Service and Performance Levels for a period of thirty (30) consecutive days, such failure by the Service Provider shall constitute an event of default hereunder.

 ARTICLE 5 - PRICING 
 5.1 PLICC will pay the Service Provider for the Services rendered hereunder in accordance with the schedule of fees listed in Schedule 1 to this Agreement within thirty (30) days of receipt of invoice from the Service Provider or such
other period as the parties shall agree. 
  

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 5.2 The Service Provider shall provide one invoice to PLICC for the Services provided hereunder on a monthly
basis. 
 5.3 The fees payable by PLICC hereunder shall be at least as favourable to PLICC as prevailing market terms and conditions and may be
amended by the parties from time to time in accordance with market terms and conditions. 
 ARTICLE 6 - AUDIT RIGHTS

 AND MONITORING PROCEDURES 
 6.1 The Service Provider shall provide to PLICC and its appointed regulators, auditors (whether internal to PLICC or external independent auditors), inspectors and other appointed designates, reasonable
access to the offices of the Service Provider, its computer operating environment and other areas of support services for the purpose of confirming that adequate controls and security measures are being maintained, applicable laws and regulations
are being complied with, invoicing of PLICC is accurate and the Services are being delivered in accordance with the Service and Performance Levels. 
 6.2 The Service Provider shall co-operate with PLICC and its appointed designates in carrying out any Audit, including semi-annual assessments by PLICC’s Anti-Money Laundering Compliance Officer (AMLCO), and the Service Provider shall
provide PLICC and/or its appointed designates with such information as may be requested of the Service Provider with regard to the delivery of the Services to PLICC. 
 6.3 If any Audit shall reveal that a Service Provider is not in compliance with any applicable law or regulation, PLICC shall immediately notify the Service Provider of the non-compliance and the Service
Provider shall, at its expense, take such action as is necessary to comply with any applicable law or regulation. 
 6.4 For greater certainty,
PLICC shall be entitled to carry out one (1) Audit per calendar year at its expense and two (2) assessments by the AMLCO. 
 6.5 In
the event that PLICC desires to carry out more than one (1) Audit in any calendar year, all costs associated with the additional Audit(s) shall be paid by PLICC provided however that if any such additional Audit shall reveal non-compliance by
the Service Providers of its obligations pursuant to this Agreement, the Service Providers shall be responsible for the costs of the additional Audit(s). 
 6.6 PLICC shall have the right at a mutually agreeable time upon reasonable written notice to the Service Provider to perform an audit of the provision of the Services hereunder and the calculation of the
fees payable; to monitor the provision of the Services; or to inspect the manner in which the Services are provided. Any such audit shall be conducted at the cost of PLICC. The Service Provider acknowledges that PLICC may delegate to a third party
the said rights to audit and to monitor and to inspect. 
  

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 6.6 With respect to any PLICC files maintained or preserved on behalf of PLICC by the Service Provider, the
Service Provider hereby undertakes to permit examination of PLICC files at any time or from time to time during business hours by representatives or designees of OSFI and to promptly furnish to OSFI or its designate true, correct, complete and
current hard copies of any or all of any part of such PLICC files. 
 6.7 The Service Provider acknowledges that 
  

	 	a)	the Office of the Superintendent of Financial Institutions (“OSFI”) may exercise any of the rights of PLICC pursuant to this section 11; and

  

	 	b)	OSFI shall be entitled to review and copy summaries of any internal audit reports, including recommendations, prepared by or for the Service Provider respecting the
services provided hereunder in respect of the Services upon OSFI acknowledging that those reports (and associated working papers and recommendations) are subject to the confidentiality provisions of Section 22 of the Office of the
Superintendent of Financial institutions Act (the “OSFI Act”) or successor provisions. 

 6.9 The Service Provider
shall use commercially reasonable best efforts to obtain the consent of its external auditors to the release to OSFI of any reports (and associated working papers and recommendations) arising from or during the external audit of the Service Provider
that relate to the services provided hereunder relating to the Services upon OSFI acknowledging that those reports (and associated working papers and recommendations) are subject to the confidentiality provisions of Section 22 of the OSFI Act
or successor provisions. 
 ARTICLE 7 - DISASTER RECOVERY PLAN 
 7.1 The Service Provider represents and warrants that it has a disaster recovery and business resumption plans and procedures relating to the provisions of
the Services hereunder and agrees to maintain such plans and procedures in place during the currency of this Agreement. 
 7.2 In the event of a
Disaster, the Service Provider shall supply such related recovery services as are customarily associated with the internal operation of the Service Provider. 
 7.3 The Service Provider shall perform Disaster recovery tests one (1) time per calendar year. PLICC shall be advised of the dates of such tests and shall be permitted to participate in the testing
at no cost to PLICC. 
  

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 ARTICLE 8 - DEFAULT AND TERMINATION 
 8.1 At the option of PLICC, this Agreement may be terminated by PLICC without penalty upon the occurrence of an Event of Default which, for the purposes of
this Agreement, means: 
 (i) the failure of the Service Provider to establish or to carry out the Disaster Recovery Plan;

 (ii) the failure by a Service Provider to deliver the Services required to be performed by the Service Provider under this
Agreement which default has continued for a period of three (3) consecutive business days after receipt of a written notice of default from PLICC; 
 (iii) the failure by a Service Provider to deliver the Services agreed to be provided by such Service Provider at the appropriate Service and Performance Levels in accordance with Article 4.5; 

(iv) failure by a Service Provider to observe or perform the confidentiality obligations set forth in Article 10 of this Agreement;

 8.3 This Agreement may be terminated by the Service Provider or the Service Provider may suspend the services to PLICC in the event that
PLICC fails to make the payments provided for in Article 4 hereof which default is not cured within thirty (30) days of receipt of a written notice by PLICC of the default. 
 8.4 The parties agree to use their best efforts to ensure that any default by either party which may be remedied hereunder is cured forthwith in order to ensure that the disruption of Service is limited.

 ARTICLE 9 - DISPUTE RESOLUTION 
 9.1 In the event that any dispute shall arise as to the interpretation or application of this Agreement or otherwise requiring adjudication, then such matter may be submitted to and settled by
arbitration. The arbitration shall be conducted by a single arbitrator agreed upon by the Parties (the “Arbitrator”). If, within ten days after notice requiring arbitration and giving details of the matter to be arbitrated has been given
by any of the Parties to the others, the Parties cannot agree upon a single arbitrator, then the arbitration shall be conducted by a single arbitrator appointed by a Judge of the Supreme Court of Ontario on the application of any of the Parties,
with notice to the others. 
 The arbitration shall take place in the City of Toronto at such place therein and time as the
Arbitrator may fix. The arbitration shall be conducted in English. Within 20 days of the appointment of an Arbitrator, the Parties shall either agree on the procedure to be followed for the arbitration or the Arbitrator shall determine the
appropriate 
  

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 The arbitration shall take place in the City of Toronto at such place therein and time as
the Arbitrator may fix. The arbitration shall be conducted in English. Within 20 days of the appointment of an Arbitrator, the Parties shall either agree on the procedure to be followed for the arbitration or the Arbitrator shall determine the
appropriate procedure, in accordance with the principles of natural justice, to be followed. No later than 20 Business Days after hearing the representations and evidence of the Parties, the Arbitrator shall make his or her determination in writing
and deliver one copy to each of the Parties. The decision of the Arbitrator shall be final and binding upon the Parties in respect of all matters relating to the arbitration, the conduct of the Parties during the proceedings, and the final
determination of the issues in the arbitration. There shall be no appeal from the determination of the Arbitrator to any court. Judgment upon any award rendered by the Arbitrator may be entered in any court having jurisdiction thereof. The costs of
any arbitration hereunder shall be borne by the Parties in the manner specified by the Arbitrator in his or her determination 
 ARTICLE 10 - CONFIDENTIALITY AND PRIVACY 
 10.1 PLICC files provided by PLICC to the Service Provider for use with the Services
shall remain the exclusive and confidential property of PLICC. 
 10.2 The Service Providers shall treat as confidential and shall not disclose
or otherwise make available such PLICC files to any person other than authorized employees, agents and consultants of the Service Providers and their affiliated Citigroup companies and business entities. 
 10.3 The Service Provider will instruct its employees, agents and consultants who have access to PLICC files to keep the same confidential by using the same
care and discretion that the Service Providers use with respect to its own confidential property and trade secrets. 
 10.4 The Service Provider
confirms that it has in place extensive procedures within Citigroup to ensure the confidentiality and privacy of PLICC files and that it has in place confidentiality agreements with all third parties, including, without limitation, software houses,
microfilm and microfiche companies and trading companies, who have access to the Service Provider’s data, which confidentiality agreements will extend to the confidentiality and privacy of PLICC files. 
 10.5 The Service Provider agrees that upon termination of this Agreement, for any reason, the Service Provider, at PLICC’s request, will return to
PLICC all of PLICC’s records then retained by the Service Providers, and the confidential treatment of PLICC files will survive the termination of this Agreement. 
 10.6 PLICC shall provide the Service Provider with a copy of its policy regarding the Personal Information Protection and Electronic Documents Act or other applicable privacy legislation. In
addition, PLICC may provide specific instructions to the Service Provider as to how the Service Provider should use, share, collect and disclose any personal information relating to the Services and entrusted to the Service Provider. 
  

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 10.7 The Service Provider warrants compliance with applicable federal and/or provincial privacy legislation.
The Service Provider will use reasonable commercial efforts to accommodate PLICC’s needs with respect to any safeguards beyond those the Service Provider believes are required to comply with its covenant in the first sentence of this Article
10.7, provided that where those changes are not part of a regularly scheduled release of software upgrading the Service Provider’s computerized record keeping system or a regularly scheduled change of procedures, the Parties will negotiate an
appropriate rate for the additional services required based on the Service Provider’s rates then in effect and the Service Provider shall have a reasonable period of time to upgrade its software and procedures to the safeguards requested by
PLICC. 
 10.8 The Service Provider will review, in connection with changes in such privacy legislation, its data management processes from time
to time in order to assess the consistency of its processes with the then prevailing privacy legislation. 
 ARTICLE 11 -
ACCESS TO RECORDS 
 11.1 Subject to Article 6, PLICC shall have the right to make and take away copies of any appropriate documentation in
respect of the Services and shall be permitted to conduct an annual audit using independent outside auditors in respect of those Services on reasonable notice. 
 11.2 Subject to Article 6, the Service Provider shall make available to PLICC’s auditor all such information and documents as the auditor may require for the purposes of its audit of PLICC and to
properly fulfill its responsibilities under the Insurance Companies Act (Canada). 
 11.3 Subject to Article 6, with respect to any PLICC files
maintained or preserved on behalf of PLICC by the Service Provider, the Service Provider hereby undertakes to permit examination of PLICC files at any time or from time to time during business hours by representatives or designees of OSFI and to
promptly furnish to OSFI or its designate true, correct, complete and current hard copies of any or all of any part of such PLICC files. 
 ARTICLE 12 - INDEMNIFICATION 
 12.1 PLICC shall indemnify the Service Provider, its
directors, officers, employees and agents and the successors and permitted assigns (the “Indemnified Parties”) against all claims whatsoever, including costs, charges and expenses and all amounts paid to settle an action or satisfy a
judgment, reasonably incurred by the Service Provider in respect of any civil, criminal or administrative action or proceeding to which the Service Provider is a party by reason of being or having been engaged by PLICC under this Agreement, other
than an action relating to the gross negligence, dishonesty and willful default of Service Provider in relation to performing the Services. 
  

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 ARTICLE 13 - MISCELLANEOUS 
 13.1 The Schedule attached to or referred in this Agreement is an integral part of this Agreement. For greater certainty, but without limiting the
generality of the foregoing, the Schedule attached to this Agreement is as follows: 
 Schedule “l” Citigroup Corporate
and Investment Banking Global Transaction Services Statement of Work for Primerica Life Insurance Company of Canada 
 and the Schedule is
appended hereto. 
 13.2 No Party may assign this Agreement or any rights and obligations hereunder to any person without the express prior
written consent of the other Parties, such consent not to be unreasonably withheld. For greater certainty, this provision applies to any intended assignment to an Affiliate. Any assignment shall relieve those assigning parties of liability with
respect to the performance of future obligations and the manner in which those obligations are performed. 
 13.3 The Parties acknowledge and
agree as follows: 
  

	 	a)	the relationship of the both the Service Provider to PLICC is that of independent contractor; 

  

	 	b)	the Service Provider is not an employee or agent of PLICC; 

  

	 	c)	PLICC and the Service Provider are not partners or joint ventures with each other; 

  

	 	d)	nothing herein shall be construed so as 

  

	 	(i)	to make PLICC and/or the Service Provider partners or joint venturers, 

  

	 	(ii)	to make the Service Provider an employee or agent of PLICC, or 

  

	 	(iii)	to impose any liability as partner, joint venturer, employer or employee or principal or agent on PLICC and/or the Service Provider. 

 13.4 The division of this Agreement into Articles, sections and subsections and the insertion of headings are for convenience of reference only and shall
not affect the construction or interpretation hereof. 
 13.5 Words importing the singular number include the plural and vice-versa; words
importing the masculine gender include the feminine and neuter genders. 
  

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 13.7 Each of the parties hereto from time to time at the request and expense of any other party hereto and
without further consideration, shall execute and deliver such other instruments of transfer, conveyance and assignment and take such further action as the other party may require to more effectively complete any matter provided for herein.

 13.8 This Agreement constitutes the entire agreement among the parties hereto and except as herein stated and in the instruments and
documents to be executed and delivered pursuant hereto, contains all of the representations and warranties of the parties hereto. There are no oral representations or warranties among the parties hereto of any kind. This Agreement may not be amended
or modified in any respect except by written instrument signed by all the parties hereto. 
 13.9 Each party hereby agrees that all provisions
of this Agreement, forever survive the execution and delivery of this Agreement, the completion of all transactions contemplated hereby and delivery of all documents in connection herewith. 
 13.10 This Agreement shall be governed by and construed in accordance with the laws of Ontario and the laws of Canada applicable therein. 
 13.11 Any covenant or provision hereof determined to be void or unenforceable in whole or in part shall not be deemed to affect or impair the validity of
any other covenant or provision hereof and the covenants and provisions hereof are declared to be separate and distinct. 
 13.12 Any notice
required or permitted to be given hereunder shall be in writing and shall be effectively given if (i) delivered personally, or (ii) sent by prepaid courier service, addressed, in the case of notice to the Service Provider as follows:

 Citigroup Fund Services Canada, Inc.  
 2920 Matheson Boulevard East 
 Mississauga, Ontario L5W 5J4 
 Attention: Joe Yassi, SVP, General Counsel & Corporate 
 Secretary CFSC Inc. 
 and in the case of notice to PLICC as follows: 
 Primerica Life Insurance Company of Canada  
 2000 Argentia Road, Plaza V, Suite 300 
 Mississauga, Ontario 
 L5N 2R7 
 Attention:
John A. Adams, Chief Executive Officer 
 and in the case of notice to OSFI as follows: 
 Office of the Superintendent of Financial Institutions (Canada) 
 Kent Square 
 255 Albert Street 
  

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 Office of the Superintendent of Financial Institutions (Canada) 
 Kent Square 
 255
Albert Street 
 14th Floor 
 Ottawa, Ontario, K1A 0H2 
 Attention: Director, Rulings and Compliance Division

 Telephone:(613) 990-7788 
 Facsimile:(613) 991-0325 
 Any notice so given shall be deemed conclusively to have been given and
received when so personally delivered or on the day of delivery, if delivered, or on the day of faxing or sending by other means of recorded electronic communication, provided that such day in either event is a business day and the communication is
so delivered, faxed or sent before 4:30 p.m. (local time) on such day. Otherwise, such communication shall be deemed to have been given and made and to have been received on the next following business day. Any such communication sent by mail shall
be deemed to have been given and made and to have been received on the fifth business day following the mailing thereof; provided however that no such communication shall be mailed during any actual or apprehended disruption of postal services. Any
such communication given or made in any other manner shall be deemed to have been given or made and to have been received only upon actual receipt. 
 12.11 A waiver of any default, breach or non-compliance under this Agreement is not effective unless in writing and signed by the party to be bound by the waiver. No waiver shall be inferred from or implied by any failure to act or delay in
acting by a party in respect of any default, breach or non-observance or by anything done or omitted to be done by the other party. The waiver by a party of any default, breach or non-compliance under this Agreement shall not operate as a waiver of
that party’s rights under this Agreement in respect of any continuing or subsequent default, breach or non-observance (whether of the same or any other nature). 
 12.12 This Agreement shall ensure to the benefit of and be binding upon the parties hereto and their respective successors and assigns. Notwithstanding the foregoing, this Agreement shall not be
assignable by any party hereto without the express written consent of the other party. 
 12.13 This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which taken together shall be deemed to constitute one and the same instrument. Counterparts may be executed either in original or faxed form and the parties adopt any
signatures received by a receiving fax machine as original signatures of the parties; provided, however, that any party providing its signature in such manner shall promptly forward to the other party an original of the signed copy of this Agreement
which was so faxed. 
  

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 IN WITNESS WHEREOF the parties have executed this Agreement as of the date above
written. 
 CITIGROUP FUND SERVICES CANADA, INC. 

			
		
	Per:	 	 
	Name:	 	Edwin C. Wong
	Title:	 	Director & Chief Financial Officer

 PRIMERICA LIFE
INSURANCE COMPANY OF CANADA 

			
		
	Per:	 	/s/ John A. Adams
	Name:	 	John A. Adams
	Title:	 	Chief Executive Officer

  

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 CITIGROUP FUND SERVICES CANADA, INC. 

			
		
	Per:	 	/s/ Joe Yassi
	Name:	 	Joe Yassi
	Title:	 	SVP General Counsel & Secretary
		
	Per:	 	/s/ Don MacDonald
	Name:	 	 Don MacDonald

	Title:	 	SVP

 PRIMERICA LIFE INSURANCE COMPANY OF CANADA 

			
		
	Per:	 	 
	 Name:
	 	John A. Adams
	 Title:
	 	Chief Executive Officer

  

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 SCHEDULE 1 
 Citigroup Corporate and Investment Banking Global Transaction Services 
 Statement of Work 
 For 
 Primerica Life Insurance Company of Canada 
 (and attached
hereto) 
  

 14 

 

 

 Citigroup Corporate and Investment Banking 
 Global Transaction Services 
 Statement of Work 

 For 
 Primerica Life Insurance Company of Canada 
 Common Sense Funds 
 PROJECT NAME: AML Processing Requirements 
 PROJECT NUMBER: 37139 
 REQUEST DATE: 2006/09/17 
 DUE DATE: 2006/10/02 
 RE-ISSUE
DATE: 2006/10/11 
 VERSION: 1.1 

 

 

 STATEMENT OF WORK 
 TABLE OF CONTENTS 
  

					
	 1.
	  	 PROJECT DESCRIPTION
	  	3
			
	 2.
	  	 SCOPE
	  	3
			
	 3.
	  	 STAKEHOLDERS
	  	3
			
	 4.
	  	 REQUIREMENTS
	  	4
			
	 5.
	  	 SCHEDULE
	  	5
			
	 6.
	  	 ASSUMPTIONS / DEPENDENCIES / CONSTRAINTS
	  	5
			
	 7.
	  	 RISK ASSESSMENT
	  	6
			
	 8.
	  	 SUCCESS CRITERIA
	  	6
			
	 9.
	  	 ESTIMATE – TIME AND MATERIALS
	  	6
			
	 10.
	  	 APPROVALS
	  	8

  

 Page 2 of 8 

 

 

 STATEMENT OF WORK 
  

	1.	PROJECT DESCRIPTION 

 Primerica Common Sense has advised us of their Anti-Money Laundering processing requirements. CFSC has been asked to support this by screening and monitoring processes and by producing certain control reports. 
  

	2.	SCOPE 

 BACKGROUND 

 Primerica requires the confirmation of the identity portion of their applications to be completed properly. They also would
like prevention of purchases for non-resident investors. 
 IN SCOPE 
  

	 	1)	Confirmation of Identity screening for new Investors 

  

	 	2)	Screening and Prevention of Non Resident Purchases 

 NOT IN SCOPE 
  

	 	1)	Monitoring the Maturity Guarantee at the account, investor and fund level 

  

	 	2)	Screening Non-individual / Non-corporate Account set ups 

  

	3.	STAKEHOLDERS 

  

							
	 Stakeholder Name
	  	 Company
	  	 Title
	  	 Project Role

	John Laughton	  	Citigroup	  	Vice President, Client Management	  	RM Sponsor
	Constantine Swinden	  	Citigroup	  	Senior Vice President Transfer Agency Operations	  	Business Sponsor
	Mark Hartley	  	Citigroup	  	Assistant Vice President Transfer Agency Operations	  	CA Contact
	Sheila Golding	  	Citigroup	  	Assistant Vice President Client Services	  	CS Contact
	Kris Szkodzinski	  	Citigroup	  	Assistant Vice President-Client Delivery	  	System Analyst
	George Cruz	  	Citigroup	  	Application Support Analyst-Client Delivery	  	Business Analyst
	David Howarth	  	Primerica	  	Senior Vice President Common Sense Funds Operations	  	Client Sponsor

  

 Page 3 of 8 

 

 

 STATEMENT OF WORK 
  

	4.	REQUIREMENTS 

 CLIENT
REQUIREMENTS: 
 “Confirmation of ID” section on PRI applications 
  

	 	1)	The requirement applies to all new Investors, (not all new accounts). Any new accounts for existing investors or subsequent purchases into existing accounts will not
require confirmation of identity. 

  

	 	2)	FYI rejects are required if investor information is missing or invalid, which means the trade will be processed but a follow up for the missing information is required.
Any of the following would constitute a “confirmation of identity” reject: 

  

	 	a.	Not all fields in the “Identity” section of the application are completed. 

  

	 	b.	The type of identity provided does not match the types allowed. 

  

	 	c.	An older application is received which lacks “issue and expiry date” fields. 

  

	 	3)	If the reject cannot be resolved because the client cannot produce an acceptable ID or because the representative could not be reached, the issue should be escalated to
Primerica Head Office (Michelle Hardy). The approved types of identification are listed on the Primerica application: passport, drivers license, landed immigrant document, Canadian citizenship card, permanent resident card, and armed forces
identification. In cases where the client does not have an acceptable ID, escalation to Primerica Head Office (Michelle Hardy) may occur prior to three contacts being completed by CFSC. 

  

	 	4)	There is no requirement to input the confirmation of identity information into the system, or to establish if confirmation of identity was confirmed in the past. The
audit trail will be the images of the applications. 

  

	 	5)	Initially, billing will be based on the volume of Confirmation of identity rejects. Primerica and CFSC may discuss the implementation of a fixed billing rate at a later
date. 

 Screening for Non Canadian Address on individual accounts 
  

	 	1)	The new policy is that new accounts cannot be set up for non-residents and/or purchases processed for non-residents. 

  

	 	2)	PACs and Group Purchases will be monitored by a scheduled monthly control report. 

 CITIGROUP REQUIREMENTS: 
 “Confirmation of ID” section on PRI applications: 
  

	 	1)	A confirmation of identity reject type will be created on Unitrax and Workdesk for billing purposes. 

  

 Page 4 of 8 

 

 

 STATEMENT OF WORK 
 Screening for Non Canadian Addresses on individual accounts 
  

	 	1)	CFSC is meeting the requirement by using current transfer agency system functionality on the transaction level, to prevent non-resident purchases from going through.
This functionality does not apply to new account set ups and systematic plans or Rollovers. 

  

	 	2)	CFSC will create monthly control reports for systematic plans. Given the frequency of the reports it is reasonable to expect that some non-resident systematic plans
will process. 

  

	 	3)	Daily reports will be scheduled in order to cancel outstanding and processed rollover transactions in which the investor has a foreign address. A fax will be sent to
the representative for cancelled outstanding rollovers. A LOI is required to reverse any processed rollovers. 

  

	 	4)	Amendment to the Services Agreement is required. Fee schedule and service contract to reflect new service. Primerica to be directly charged for new services.

  

	5.	SCHEDULE 

 Decision to
..proceed must be received prior to 2006/10/27 to ensure current estimate, schedule and resource availability. 
  

	6.	ASSUMPTIONS / DEPENDENCIES / CONSTRAINTS 

 Assumptions 
  

	 	1)	Any system enhancements will be billable including the creation of reports. 

  

	 	2)	Non-resident screening will be based on Canadian addresses and not on tax address. 

  

	 	3)	Primerica must acknowledge that it is solely responsible for all compliance functions relating to Commons Sense Funds and must agree to fully indemnify and hold
Citigroup harmless against all losses, claims, complaints, legal and regulatory proceedings. 

 Dependencies

 Client sign-offs of Statement of Work, Service Schedule and Service Level Agreement amendment are required before
processes are put in place. 
 Constraints 
 If approval is not received by Oct 27, 2006, this will impact our ability to deliver to the current schedule and we will need to defer service delivery until after the RRSP season 
  

 Page 5 of 8 

 

 

 STATEMENT OF WORK 
  

	7.	RISK ASSESSMENT 

  

							
	 RISK ASSESSMENT:
	  	(High, Medium, Low)	  	PLAN TO
	 Risks:
	  	Probability	  	Impact	  	 MITIGATE RISK*

	 Budget:
	  	Low	  	Low	  	Effort will be tracked using the Request for Service (RFS) system
				
	 Resource:
	  	Low	  	Low	  	Dedicated resources have been assigned to complete project tasks
				
	 Schedule:
	  	Low	  	High	  	The approved project date must be confirmed by 2006/10/27 in order to finalize the costing, schedule, and to allow for sufficient planning and assignment of
resources.

  

	8.	SUCCESS CRITERIA 

  

					
	 SUCCESS CRITERIA
	  	RANK	  	 EXPECTATIONS/MEASUREMENT

	Schedule	  	High	  	Schedule outlined in this SOW must be agreed to prior to 2006/10/27.
			
	Quality	  	Low	  	No system development is required.
			
	Features / Functionality	  	Med	  	New reports will be created and existing Unitrax screens and functionality are to be used.
			
	Cost	  	Med	  	Client will be notified if changes to a forecasted estimate are required due to changes in scope, requirements, forecasted labour and expenses or schedule A change request will
be required and issued for further approval prior to proceeding with the subject change.

  

	9.	ESTIMATE 

  

	 	a)	One-time Project Costs - Time and Materials: 

  

						
	 Project Tasks Summary
	  	Effort Hours	  	Cost
	 Analysis, Documentation, and Reviews
	  	32	  	$	5280.00
	 Report Development
	  	10	  	$	1650.00
	 Training and Support
	  	30	  	$	4350.00
	 Production and Business Implementation
	  	4	  	$	680.00
	 Project Management
	  	13	  	$	2145.00
		  	 	  	 	 
	 Total Project Tasks
	  	99	  	$	14,105

  

 Page 6 of 8 

 

 

 STATEMENT OF WORK 
  

	 	b)	Ongoing support costs – Incremental: 

  

	 	•	 	 $0.35 per new investor will be charged for Confirmation of Identity screening. This will cover the following: 

  

	 	1)	Validating each application to determine if investor is new or existing. 

  

	 	2)	If existing investor, then no validation of confirmation of identity will occur. 

  

	 	3)	Verify if ID documentation is acceptable and confirm that the ID section of the application is completed fully and correctly. 

  

	 	•	 	 $23.05 per confirmation of ID reject. This will cover the following: 

  

	 	1)	Up to three contacts to the representative to receive the missing confirmation 

  

	 	2)	Receive information back from the representative (either hardcopy or over the phone) - Batch, scan and store document 

  

	 	3)	Process the information 

  

	 	4)	QC the information 

  

	 	5)	Escalation to Primerica head office, if required 

  

	 	6)	Reversal of trades, calculation of gains/losses and/or invoicing if required 

 The above estimate expires on 2006/10/27. If sign-off is not received by this date the indicated schedule and time and material estimates will require re-validation by Citigroup. Please note-the cost
estimates represented in this statement of work are high level and are for budget planning purposes only. Actual project costs may exceed the cost estimates provided. Client will be notified in advance of anticipated overages. Cost overages will be
reflected in the form of a project change request to be further approved by client. 
  

 Page 7 of 8 

 WOR4533AD9C7559 

 

 

 STATEMENT OF WORK 
  

	10.	APPROVALS 

 I/we have
reviewed and agreed that this document clearly defines the project deliverables and identifies the scope of this project. The cost estimates represented in this statement of work are high level to be used for budget planning purposes only. Actual
project costs may exceed the indicated cost estimates provided. 
 Client will be notified in advance if changes to a forecasted
estimate are required due to changes in scope, requirements, forecasted labor and expenses or schedule. A project change request or new Statement of Work will be required depending on the magnitude of change(s) required to complete project work and
issued for further approval by client prior to proceeding with the subject change. 
 I/we also acknowledge that the signatories
are authorized by client to approve this statement of work including all associated indicated costs. I/we further acknowledge that an amendment to the Primerica Service Agreement will be required to reflect the new Anti-Money Laundering Services and
associated fees. 
 I/we agree to pay the above stated Statement of Work estimate in full to Citigroup Fund Services Canada Inc.
for their work on this project and acknowledge that monthly invoicing will be provided to client for remittance with respect to the Anti-Money Laundering services. 
 I/we acknowledge that Citigroup requires my/our approval prior to work commencing for this project, and by signing below I/we grant this approval. 
  

					
			
	  
 David Howarth/Primerica/SVP
	  	 /s/ David Howarth
 Signature
	 	 Oct 11/06
 Date

			
	  
 John Adams/Primerica/CEO
	  	 /s/ John Adams
 Signature
	 	 10/12/06
 Date

			
	  
 Constantine Swinden/Citigroup/SVP
	  	 /s/ Constantine Swinden
 Signature
	 	 Oct 23/06
 Date

			
	  
 John Laughton/Citigroup/VP
	  	 /s/ John Laughton
 Signature
	 	 Oct 18,2006
 Date

			
	  
 Robert Smuk/Citigroup/CEO
	  	 /s/ Robert Smuk
 Signature
	 	 2006/10/24
 Date

  

 Page 8 of 8Form of Common Stock Exchange Agreement

 Exhibit 10.39 
 FORM OF 
 COMMON STOCK EXCHANGE AGREEMENT

 COMMON STOCK EXCHANGE AGREEMENT (the “Agreement”), dated as of April •, 2010, by and among
Primerica, Inc., a Delaware corporation (the “Company”), Warburg Pincus LLC, a Delaware limited liability company (“Warburg LLC”), and Warburg Pincus & Co., a Delaware corporation (together with Warburg
LLC, “Warburg”). 
 WHEREAS, Primerica, Citigroup Insurance Holding Corporation, a Georgia corporation
(“CIHC”), Warburg Pincus Private Equity X, L.P., a Delaware limited partnership (“Warburg PE”), and Warburg Pincus X Partners, L.P., a Delaware limited partnership (together with Warburg PE, the “Original
Investor”), entered into that certain Securities Purchase Agreement, dated as of February 8, 2010 (the “Purchase Agreement”), pursuant to which CIHC agreed to sell to the Investor shares of common stock, par value
$0.01 per share, of the Company (“Common Stock”) and a Warrant (as defined in the Purchase Agreement); and 
 WHEREAS, pursuant to Section 3.6 of the Purchase Agreement, the Company agreed to assist any member of the WP Group (as defined below) in exchanging any of its shares of Common Stock for shares of non-voting common stock, par
value $0.01 per share, of the Company (“Non-Voting Stock”) in accordance with the terms and subject to the conditions in the Purchase Agreement. 
 NOW, THEREFORE, in consideration of the premises, and of the representations, warranties, covenants and agreements set forth herein and other good and valuable consideration, the adequacy of which
is hereby acknowledged, the parties agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. 
 As used in this Agreement, 
 “Affiliate” means, with respect to any person, any person directly or indirectly controlling, controlled by or under common
control with, such other person; provided that, with respect to Warburg, Affiliate shall not include any portfolio company of Warburg unless Warburg has provided confidential information of the Company to such portfolio company. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”) when used with respect to any person, means the possession, directly or indirectly, of the power to
cause the direction of management or policies of such person, whether through the ownership of voting securities by contract or otherwise. 
 “Business Day” means any day except Saturday, Sunday and any day which shall be a legal holiday or a day on which banking institutions in the State of New York generally are authorized or
required by law or other governmental actions to close. 
  

 1 

 “Exchange” means the exchange by an Investor that is a member of the WP
Group of shares of Common Stock for shares of Non-Voting Stock pursuant to Article II of this Agreement. 
 “Investor” shall have the meaning ascribed to it in the Purchase Agreement. 
 “Liens” means any and all liens, charges, security interests, options, claims, mortgages, pledges, proxies, voting trusts or agreements, obligations, understandings or arrangements or other restrictions on title or transfer
of any nature whatsoever. 
 “Person” means an individual or a corporation, limited liability company,
partnership, joint venture, trust, estate, unincorporated organization, association (including any group, organization, co-tenancy, plan, board, council or committee), government (including a country, state, county, or any other governmental or
political subdivision, agency or instrumentality thereof) or other entity (or series thereof). 
 “Securities
Act” means the United States Securities Act of 1933, as amended 
 “Transfer Agent” means the Person
appointed from time to time by the Company to act as registrar and transfer agent for the Common Stock. 
 “WP
Group” means, collectively, Warburg and any of their controlled Affiliates. 
 ARTICLE II 
 EXCHANGE OF COMMON STOCK 
 Section 2.1 Exchange of Shares of Common Stock. 
 (a)
Subject to the other provisions of this Agreement and at the request of the Original Investor, any Investor that is a member of the WP Group shall be entitled to exchange shares of Common Stock held by such member for an equal number of shares of
Non-Voting Stock at any time and from time to time in accordance with the terms and conditions of this Agreement. 
 (b) The obligation of the Company to effect any Exchange pursuant to this Agreement shall be subject to compliance with the terms and conditions of the Purchase Agreement, including the ownership and transfer restrictions set forth in
Sections 3.6 and 4.2 thereof. 
 (c) An Exchange will be deemed to be effective as of the close of business on
the date of receipt of an Exchange Notice Package (as defined below) (the “Exchange Date”) and the Common Stock to be exchanged shall be deemed to be automatically cancelled on the books and records of the Company and such Common
Stock shall have no further rights or privileges and shall no longer be deemed to be outstanding common stock of the Company for any purpose from and after the close of business on the Exchange Date and the Non-Voting Stock to be issued in the
Exchange shall be deemed to be automatically issued on the books and records of the Company as of the close of business on the Exchange Date. 
  

 2 

 Section 2.2 Exchange Procedures. 
 (a) A member of the WP Group may exercise its right to exchange shares of Common Stock as set forth in Section 2.1(a) by
providing an irrevocable written notice of exchange from such member and the Original Investor, substantially in the form of Exhibit A hereto (the “Exchange Notice”), accompanied by (i) the stock certificates
representing the shares of Common Stock to be exchanged, endorsed in blank or accompanied by duly executed stock powers (or similar instruments of assignment), or, in the event the shares of Common Stock are issued in an uncertificated form,
evidence of electronic transfer of the shares of Common Stock to the account designated by the Company or the Transfer Agent following receipt of delivery instructions from the Company or the Transfer Agent, (ii) a certificate to the Company
signed by a manager, general partner or authorized person of such member of the WP Group stating that each of the representations and warranties contained in Section 3.1 is true and correct as of the Exchange Date and, (iii) to the extent
reasonably requested by the Transfer Agent and/or the Company, instructions and/or other instruments of transfer, in form and substance reasonably satisfactory to such Transfer Agent and/or the Company, as applicable, duly executed by such member or
such member’s duly authorized legal representative, with respect to the Common Stock to be exchanged (together, an “Exchange Notice Package”). 
 (b) Each Exchange Notice shall be delivered to the Company in accordance with Section 4.2 and shall be duly executed by
the Original Investor and by such member of the WP Group or such member’s duly authorized legal representative with respect to the Common Stock to be exchanged. 
 (c) As promptly as practicable following the surrender of the shares of Common Stock upon an Exchange in the manner provided
in this Article II, the Company shall deliver or cause to be delivered at the address set forth in the Exchange Notice, or if no such address is provided, at the principal executive offices of Warburg or such other address for such member of the WP
Group participating in an Exchange (“Exchanging Member”) as reflected in the share register of the Company certificates representing shares of Non-Voting Stock, or, in the event the shares of Non-Voting Stock are issued in an
uncertificated form, such other evidence of ownership. 
 Section 2.3 Expenses. Each party hereto shall bear its own
expenses in connection with the consummation of any of the transactions contemplated hereby, whether or not any such transaction is ultimately consummated. 
 Section 2.4 Reservation of Non-Voting Stock. The Company will at all times reserve and keep available, out of its authorized capital stock, a sufficient number of shares of Non-Voting Stock for the
purpose of providing for any Exchanges pursuant to this Article II. 
  

 3 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 Section 3.1
Representations and Warranties of the Exchanging Member. As of any Exchange Date, the following representations and warranties of the Exchanging Member shall be true and correct: 
 (a) Title to Common Stock. The Exchanging Member possesses good and marketable title to the Common Stock to be
exchanged and has full right to transfer the same as contemplated herein. Such shares of Common Stock are delivered free and clear of any and all Liens. 
 (b) Purchase for Investment. The Exchanging Member acknowledges that the Non-Voting Stock has not been registered under the Securities Act or under any state securities laws. The Exchanging Member
(i) is acquiring the Non-Voting Stock pursuant to an exemption from registration under the Securities Act solely for investment with no present intention to distribute any of the Non-Voting Stock to any person, (ii) will not sell or
otherwise dispose of any of the Non-Voting Stock, except in compliance with the transfer restrictions set forth in Section 4.2 of the Purchase Agreement, and subject to Section 3.6 and Section 4.5 of the Purchase Agreement, and the
registration requirements or exemption provisions of the Securities Act and any other applicable securities laws, (iii) has such 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 Non-Voting Stock and of making an informed investment decision and (iv) is an institutional “accredited investor” (as that term is defined in Rule 501 of the Securities Act).

 (c) The Exchanging Member agrees and acknowledges that the shares of Non-Voting Stock issuable hereunder will
be subject to restrictions on transfer pursuant to applicable securities laws, and that all certificates or other instruments representing the Non-Voting Stock subject to this Agreement or to the Purchase Agreement will bear a legend substantially
to the following effect: 
 “THE NON-VOTING COMMON STOCK REPRESENTED BY THIS INSTRUMENT HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR SECURITIES LAWS OF ANY STATE AND MAY NOT BE TRANSFERRED, SOLD OR OTHERWISE DISPOSED OF EXCEPT WHILE A REGISTRATION STATEMENT RELATING THERETO IS IN EFFECT UNDER SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT OR SUCH LAWS. 
 To the extent Section 4.2 of the Purchase Agreement is
applicable at the time of any relevant Exchange, such shares will also bear a legend substantially to the following effect: 
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO TRANSFER AND OTHER RESTRICTIONS SET FORTH IN A SECURITIES PURCHASE AGREEMENT, DATED AS OF FEBRUARY 8, 2010, COPIES OF WHICH ARE ON FILE WITH THE SECRETARY OF THE ISSUER.”

 Upon request of the Exchanging Member and receipt by the Company of an opinion of counsel reasonably satisfactory to the Company to the
effect that such legend is no longer required under the Securities Act and applicable state laws, the Company shall promptly cause the first provision of the legend to be removed from any certificate for any Non-Voting Stock to be so transferred
and, upon the request of the Exchanging Member, the second provision of the legend shall be removed upon the expiration of such transfer and other restrictions set forth in the Purchase Agreement. 
  

 4 

 Section 3.2 Representations and Warranties of the Company. As of any
Exchange Date, the following representations and warranties of the Company shall be true and correct: 
 (a)
Title to Non-Voting Stock. Any shares of Non-Voting Stock to be issued upon exchange in accordance with the provisions of Article II are duly and validly authorized and issued, fully paid and nonassessable and issued by the Company free from
all taxes, liens and charges. None of the Non-Voting Stock to be issued upon exchange in accordance with the provisions of Article II shall be subject to any outstanding option, warrant, call, or similar right of any other Person to acquire the
same, and none of such Non-Voting Stock will be subject to any restriction on transfer thereof except for restrictions imposed by applicable federal and state securities laws, pursuant to any agreement or action taken by the Exchanging Member or by
the express terms of the Purchase Agreement. 
 (b) Board Approval. The issuance of shares of Non-Voting
Stock to be exchanged in accordance with the provisions of Article II has been approved by the board of directors of the Company or a committee thereof pursuant to a resolution substantially in the form of Exhibit B hereto (with such changes
as may be reasonably requested by the Exchanging Member), which action shall be taken pursuant to the Company’s obligations to cooperate with the Exchanging Member to seek to structure such exchange to exempt it from Section 16 pursuant to
Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (or any successor rule). 
 ARTICLE IV 
 GENERAL PROVISIONS 
 Section 4.1 Amendment. 
 (a) The conditions to each
party’s obligation to consummate the transactions contemplated hereby are for the sole benefit of such party and may be waived by such party in whole or in part to the extent permitted by applicable law. Except as otherwise expressly provided
herein, any provision of this Agreement may be amended or waived and the observance thereof may be amended or waived (either generally or in a particular instance and either retroactively or prospectively) only by the written consent of the
applicable parties to this Agreement. No amendment or waiver of any provision of this Agreement will be effective with respect to any party unless made in writing and signed by an officer of a duly authorized representative of such party.

 (b) Any member of the WP Group that acquires Common Stock may be joined to this Agreement by execution of a
joinder in a form reasonably satisfactory to the Company. The joinder of any Person to this Agreement pursuant to and in accordance with the express provisions of this Agreement shall not be deemed an amendment or waiver of this Agreement.

  

 5 

 Section 4.2 Addresses and Notices. Any notice, request, instruction or other document
to be given hereunder by any party to the other will be in writing and will be deemed to have been duly given (a) on the date of delivery if delivered personally or facsimile, upon confirmation of receipt, (b) on the first business day
following the date of dispatch if delivered by a recognized next-day courier service or (c) on the third business day following the date of mailing if delivered by registered or certified mail, return receipt requested, postage prepaid. All
notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party to receive such notice; provided, that an Exchange Notice Package will only be effective when
actually received by the Company. 
 (a) If to the Company, to: 
 Primerica, Inc. 
 3120 Breckinridge Blvd. 
 Duluth, Georgia 30099 
 Attn: General Counsel 
 Facsimile: (770) 564-6216 
 (b) If to Warburg, to: 

Warburg Pincus LLC 
 450 Lexington Avenue 
 New York, New York 10017-3911 
 Attn: General Counsel 
 Facsimile: (212) 716-8626 
 Section 4.3 Further Action. The parties
shall execute and deliver all documents, provide all information and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement. 
 Section 4.4 Binding Effect. This Agreement shall be binding upon and inure to the benefit of all of the parties and, to the extent
permitted or required by this Agreement, their successors, executors, administrators, heirs, legal representatives and assigns. 
 Section 4.5 Captions. The article, section, paragraph and clause captions herein are for convenience of reference only, do not constitute part of this Agreement and will not be deemed to limit or otherwise affect any of the
provisions hereof. 
 Section 4.6 Severability. If any provision of this Agreement or the application thereof to any
person (including, the officers and directors of Warburg and the Company) or circumstance is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision
to persons or circumstances other than those as to which it has been held invalid or unenforceable, will remain in full force and effect and shall in no way be affected, impaired or invalidated thereby,

  

 6 

 
so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination, the parties shall
negotiate in good faith in an effort to agree upon a suitable and equitable substitute provision to effect the original intent of the parties. 
 Section 4.7 Entire Agreement. This Agreement and the Purchase Agreement constitute the entire agreement, and supersede all other prior agreements, understandings, representations and warranties,
both written and oral, between the parties, with respect to the subject matter hereof; and (b) this Agreement will not be assignable by operation of law or otherwise (any attempted assignment in contravention hereof being null and void). In the
event and to the extent that there shall be any conflict or inconsistency between the provisions of this Agreement and the provisions of the Purchase Agreement with respect to an Exchange, this Agreement shall control, and with respect to any other
conflict or inconsistency between the provisions of this Agreement and the provisions of the Purchase Agreement, the Purchase Agreement shall control. For the purposes of clarity, the mechanics for the exchange of Non-Voting Stock into Common Stock
are described in the Restated Certificate of Incorporation of the Company. 
 Section 4.8 Waiver. No failure by any party
to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute waiver of any such breach of any other covenant, duty,
agreement or condition. 
 Section 4.9 Counterparts. For the convenience of the parties hereto, this Agreement may be
executed in any number of separate counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this Agreement may be delivered by
facsimile and such facsimiles will be deemed as sufficient as if actual signature pages had been delivered. 
 Section 4.10
Governing Law. This Agreement will be governed by and construed in accordance with the laws of the State of Delaware applicable to contracts made and to be performed entirely within such State and without regard to its conflict of laws
principles. The parties hereby irrevocably and unconditionally consent to submit to the exclusive jurisdiction of the state and federal courts located in the State of Delaware for any actions, suits or proceedings arising out of or relating to this
Agreement and the transactions contemplated hereby. Each of the parties hereby agrees not to commence any such action, suit or proceeding other than before one of the above-named courts. 
 Section 4.11 WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY
AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY AND AGREE THAT ANY SUCH LEGAL PROCEEDING WILL INSTEAD BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE
SITTING WITHOUT A JURY. 
  

 7 

 [Remainder of Page Intentionally Left Blank] 
  

 8 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and
delivered, all as of the date first set forth above. 
  

			
	PRIMERICA, INC.
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	WARBURG PINCUS LLC
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	WARBURG PINCUS & CO.
		
	By:	 	 
		 	Name:
		 	Title:

 [SIGNATURE
PAGE TO COMMON STOCK EXCHANGE AGREEMENT] 

 EXHIBIT A 
 FORM OF 
 NOTICE OF EXCHANGE 
 Primerica, Inc. 
 3120 Breckinridge Road

 Duluth, Georgia 30099 
 Attention:
General Counsel 
 Fax: (770) 564-6216 
 Reference is hereby made to the Common Stock Exchange Agreement, dated as of April [    ], 2010 (the “Exchange Agreement”), among Primerica, Inc., Warburg Pincus LLC
and Warburg Pincus & Co. Capitalized terms used but not defined herein have the meanings given to them in the Exchange Agreement. 
 The undersigned member of the WP Group desires to exchange the number of shares of Common Stock set forth below. 
 Legal Name of member of the WP Group:
                                         
                                         
                                         
      
 Address:
                                         
                                         
                                         
                                         
                     
 Number of shares
of Common Stock to be exchanged:
                                         
                                         
               
 The undersigned hereby (1) represents that the
representations and warranties set forth in Section 3.1 of the Exchange Agreement as to the undersigned, as the “Exchanging Member,” are true and correct, (2) exchanges such shares of Common Stock for shares of Non-Voting Stock,
(3) irrevocably constitutes and appoints any officer of the Company as its attorney, with full power of substitution, to exchange said Common Stock on the books of the Company for Non-Voting Stock on the books of the Company and
(4) acknowledges and agrees that the terms of the Exchange Agreement shall govern this Exchange. 
  

 A-1 

 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice of
Exchange to be executed and delivered by the undersigned or by its duly authorized attorney. 

	
	
	  
	Name:

			
		
	Dated:	 	 
		 	

 AGREED AND ACKNOWLEDGED BY THE 
 ORIGINAL INVESTOR: 
 WARBURG PINCUS PRIVATE EQUITY X, L.P. 
 By: Warburg Pincus X L.P., its general partner 
 By: Warburg Pincus X LLC, its general partner 
 By: Warburg Pincus Partners LLC, its sole member 
 By: Warburg Pincus & Co., its managing member 

			
		
	By:	 	 
		 	Name:
		 	Title:

 WARBURG PINCUS X PARTNERS, L.P. 

 By: Warburg Pincus X L.P., its general partner 
 By: Warburg Pincus X LLC, its general partner 
 By: Warburg Pincus Partners LLC, its sole member

 By: Warburg Pincus & Co., its managing member 

			
		
	By:	 	 
		 	Name:
		 	Title:

  

 A-2

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