Document:

Exhibit

Exhibit 10.2.4

FOURTH OFFICE COMPLEX LEASE AMENDMENT

THIS FOURTH OFFICE COMPLEX LEASE AMENDMENT (this "Fourth Amendment") is made as of May 11, 2017, by and between FEDERAL HOME LOAN BANK OF TOPEKA, a federally chartered corporation ("Lessor") and SECURITY BENEFIT LIFE INSURANCE COMPANY, a Kansas stock insurance company ("Lessee"), in order to amend and modify that certain Office Complex Lease dated March 25, 2002, made by and between Lessor and Lessee, as previously amended by that certain Office Complex Lease Amendment dated February 21, 2003, that certain Second Office Complex Lease Amendment dated October 31, 2005, and that certain Office Complex Lease Third Amendment dated October 4, 2013, made by and between Lessor and Lessee (collectively, the "Existing Lease" and, as modified by this Fourth Amendment, the "Lease"). 

WHEREAS, the Lessor and Lessee desire to amend the Existing Lease (i) to permit Lessor to vacate early all but certain limited space that it could continue to use for six months for certain purposes without having to pay rent or any share of property taxes, utilities, or insurance premiums from the time Lessor vacates all but such limited space; and (ii) to provide for the sale of certain furniture, fixtures and equipment now in the Lessor's Space to the Lessee; 

NOW, THEREFORE, in consideration of the foregoing recitals, the covenants and agreements set forth in the Existing Lease, and the promises and undertakings hereinafter set forth, the receipt and legal sufficiency of which are hereby acknowledged, the parties agree that the Existing Lease is hereby amended and modified as hereinafter provided. Capitalized terms used in this Fourth Amendment and not defined in this Fourth Amendment have the meanings assigned to them in the Existing Lease. 

1. Early Departure by Lessor. Lessor may vacate the Lessor's Space, leaving behind the furniture, fixtures, and equipment now there as set forth below, before March 31, 2018, and, upon doing so, shall cease being obligated to pay a share of property taxes, utilities, or insurance premiums under the Lease except for any past due or accrued. Nevertheless, Lessor must pay property taxes, utilities or insurance premiums under the Lease through December 31, 2017, even if Lessor vacates Lessor's Space earlier, and (b) need not vacate the Temporary Space (as defined below). 

2. Temporary Space. 

(a) If by March 31, 2018, Lessor vacates Lessor's Space other than the "Temporary Space" identified on Exhibit A-4, then Lessor may occupy and use the Temporary Space, without having to pay rent or any share of property taxes, utilities, or insurance premiums for the Temporary Space, but otherwise subject to all the terms and conditions of the Lease, solely for the operation of computers and related equipment for up to 180 days after the date the Lessor vacates the rest of the Lessor's Space or so much thereof as Lessor is not in default under the Lease and has not failed to cure such default by the end of any applicable cure period (the "Temporary Space Term"). 

(b) Lessor and its employees, agents and invitees will only use the particular point(s) of access and path(s) of travel that are specified in Exhibit A-4 (as such exhibit may be modified reasonably by Lessee from time to time upon ten (10) days written notice from Lessee to Lessor) for ingress and egress between the exterior of the SBL Buildings and the Temporary Space. 

(c) Lessee will furnish Lessor with seven (7) keys or badges for Lessor's employees to access the Temporary Space through the specified point(s) of access. Lessor will deliver all of them and any others previously furnished to Lessor but not previously returned to the Lessee at the end of the Temporary Space Term. 

(d) Lessee shall designate three (3) parking spaces at the west end of the SBL Parking lot located directly east of the Lessor's designated entry point to the Temporary Space near the delivery bay area (docks) for Lessor's use during the Temporary Space Term. 

(e) During the Temporary Space Term, Lessor will carry the insurance required to be carried by Lessor under Section 8.2(a) of the Existing Lease on the Temporary Space and the furniture, fixtures and equipment in or used principally to service such space. 

(f) If Lessor does not vacate the Temporary Space by the end of the Temporary Space Term, then Lessor will pay Lessee holdover rent at the rate of $5,000.00 per month (which amount shall increase by $5,000.00 each subsequent month that Lessor has not so vacated, up to $30,000.00 per month). In such event, Lessor will also pay Lessee's attorneys' fees incurred in enforcing the Lease and Lessor will be liable to Lessee for any consequential damages which the Lessee may suffer due to the failure of the Lessor to vacate the Temporary Space at the end of the Temporary Space Term. 

(g) If Lessor fails timely to vacate the Temporary Space, or if Lessor fails to convey and deliver to Lessee the FF&E (as defined in Section 3(a) of this Fourth Amendment) in or used to service the Temporary Space upon vacating the Temporary Space, as provided for in this Fourth Amendment, then Lessee may, in addition to any other remedies it may have under the Lease, at its option, after fifteen (15) days' notice to Lessor, take possession of the Temporary Space and the FF&E in the Temporary Space that was to be conveyed to Lessee pursuant hereto. In addition, Lessee may remove the rest of Lessor's effects in such reasonable manner as it shall choose, and store such effects without liability for loss except due to Lessee's malicious act. Lessor agrees to pay Lessee on demand any and all expenses incurred in such removal, including court costs and storage charges on such effects for any length of time the same shall be in Lessee's possession.

3. Conveyance of FF&E in Lessor's Space. 

(a) Upon vacating the Lessor's Space, the Lessor will leave in place all the furniture, fixtures and equipment, including but not limited to, existing offices, meeting rooms, carpet, and other flooring ("FF&E") currently in the Lessor's Space, excluding any listed on Exhibit B-4 (which listed FF&E must be removed by Lessor). Contemporaneously, Lessor will execute and deliver to the Lessee a bill of sale, in a form reasonably acceptable to Lessee, conveying good title to such FF&E, excluding FF&E in or used to service the Temporary Space to the Lessee, free and clear of any liens, encumbrances or interests of Lessor or any third party and Lessee shall pay Lessor Twenty Thousand US Dollars (US$20,000.00). 

(b) At the end of the Temporary Space Term, the Lessor will leave in place all the FF&E in or used to service the Temporary Space, including without limitation uninterruptable power supply (UPS) and related/associated equipment such as batteries, along with the critical space heating, ventilating and air conditioning (Liebert) units which serve the Temporary Space, but excluding any furniture, fixtures and equipment listed on Exhibit B-4. Contemporaneously, Lessor will execute and deliver to the Lessee a bill of sale, in form reasonably acceptable to Lessee, conveying good title to the FF&E in or used to service the Temporary Space to the Lessee, free and clear of any liens, encumbrances or interests of Lessor or any third party in return for having been permitted the opportunity to use the Temporary Space rent free for up to 180 days. 

(c) The FF&E will be, when conveyed, in substantially the same condition as at the time of execution of this Fourth Amendment other than reasonable wear and tear; provided that Lessee must make any claim otherwise to Lessor by notice given within 60 days after the Lessor vacates the Lessor's Space or Temporary Space and tenders conveyance of the FF&E, except that such time limit shall not apply if Lessee, upon the later removal of any fixtures or equipment installed by Lessor, discovers structural or mechanical system damage to the building caused by the installation of such fixtures or equipment by or on behalf of Lessor. Claims shall be supported with reasonable evidence and supplemented with estimates to repair, remove, and/or replace the damaged FF&E and/or structural or mechanical system damage. 

(d) The parties agree, based on a joint inspection performed by their respective representatives, that at the time of execution of this Fourth Amendment there is no damage to the FF&E other than reasonable wear and tear. 

(e) Lessor may not install any new fixtures or equipment (excluding standard office equipment such as copiers and computers, mail room equipment, etc.), electrical wiring, plumbing, or special air conditioning system in or affecting the Lessor's Space without Lessee's prior written consent, not to be unreasonably withheld, denied, delayed, or conditioned. Any such installation will be solely at Lessor's cost, will be done in accordance with applicable laws (including without limitation any necessary permits), will be done with plans approved in writing by Lessee in advance, and will be done using contractors reasonably acceptable to Lessee. After completion of any such installation, Lessor will provide Lessee with lien waivers from all contractors who worked on, or provided materials or equipment for, the installation. 

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Except as modified in this Fourth Amendment, all other terms and conditions of the Existing Lease remain unchanged and in full force and effect, except to the extent they are inconsistent with the provisions of this Fourth Amendment. If any inconsistencies exist between this Fourth Amendment and the Existing Lease, the terms and provisions of this Fourth Amendment shall control. This Fourth Amendment will not be binding and effective until at least one counterpart has been executed by both Lessor and Lessee. The provisions of this Fourth Amendment shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. 

IN WITNESS WHEREOF, said parties have executed this Fourth Office Complex Lease Amendment as of the day and year first above written. 

LESSOR: 
FEDERAL HOME LOAN BANK OF TOPEKA 
a federally chartered corporation

By: /s/ Mark E. Yardley                                        
Name: Mark E. Yardley                                        
Attest: /s/ Patrick C. Doran                     Title: President & CEO                                         

LESSEE:
SECURITY BENEFIT LIFE INSURANCE COMPANY
a Kansas stock insurance company

By: /s/ John F. Guyot                                          
Name: John F. Guyot                                          
Attest: /s/ Barry G. Ward                        Title: SVP, GC & Secretary                                

3

EXHIBIT A-4 

Spaces that will remain accessible for operation of computer equipment include the following:

• Data Center 
• Computer Operations Room 
• Phone Room 
• Telecommunications Closet 

Entry points of access will be from the current Bank entry door located near the delivery bay area and the Security Benefit garage bay area. Path of travel will be directly from the bay area to the rooms listed using the center hall as depicted in Diagram 1. 

4

EXHIBIT B-4

Furniture, Fixtures and Equipment NOT included in the Sale

	
			
	Furniture / Equipment NOT included in the sale
	Location 
	 

	All electronic equipment including computers, TVs (including wall and ceiling mounts), Copiers, Printers, Postage machine, Fax machines, AED, shredders, mobile white boards, servers* and switch gear 
	Throughout the building 
	*racks will stay

	Complete rolling file system including rails 
	Vault / First floor 
	 

	All Metal Shelving 
	IT Storage, Dock, M&C Storage and Facilities Closet 
	 

	All FireKing fireproof file cabinets 
	Throughout the building 
	 

	All Artwork 
	Throughout the building 
	 

	All plastic folding tables 
	Hills Rooms and Egress hall in Pavilion C 
	 

	Computer wipe tables 
	IT storage 
	 

	Storage cabinets and server desk in the server room 
	Server room 
	 

	50 - 4 drawer Haworth Lateral File cabinets 
	Throughout the building 
	 

	Accounting/Audit file cabinets and shelving units in Accounting Closet (17 pieces) 
	Accounting Closet 
	 

	Miscellaneous items including rolling carts, facilities tools, trash/recycle containers/bins, etc. 
	Throughout the building 
	 

5Exhibit

Exhibit 10.23

Portions of this document indicated by “**” have been omitted, and such omitted portions have been filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted portions.

Revised June 2, 2016
                                                                                 
Federal Home Loan Bank of Topeka
 Non- NEO Executive Incentive Compensation Plan Targets
Goal Metrics, Metric Performance Ranges, Participant Eligibility and Metric Weights 

This document specifies goal metrics, metric performance ranges/objectives, and metric weights for the participants (Participants) in the Non-NEO Executive Incentive Compensation Plan (Plan).
 
The Plan targets contained in this document specifically cover the 2014 Base Performance Period (January 1, 2014 through December 31, 2014) and the 2015 - 2017 Deferral Performance Period (January 1, 2015 through December 31, 2017).

		
	A.
	2014 Base Performance Period Metrics. The following goal metrics are assigned to the Participants under the Plan. All calculations including interest rates will be rounded to two decimal places.

		
	1.
	Adjusted Return Spread on Regulatory Total Capital

Definition: The spread between (a) adjusted net income divided by daily average regulatory total capital and (b) the average daily Overnight Federal funds effective rate (Fed Effective).

Measure:
Adjusted net income is defined as follows:
		
	◦
	Net income calculated under generally accepted accounting principles (GAAP)

		
	◦
	Plus recorded AHP assessments

		
	◦
	Excluding the impact or adjustment required because of Accounting Standards Codification 815 (ASC 815)

		
	◦
	Plus dividends on redeemable Class A and Class B Common Stock treated as interest expense under ASC 450

		
	◦
	Minus prepayment fees

		
	◦
	Minus/plus realized or unrealized gains/losses on securities (excludes any charges for other-than-temporary impairment of securities)

		
	◦
	Minus/plus gains/losses on mortgage loans held for sale

		
	◦
	Minus/plus gains/losses on early retirement of debt and related derivatives

		
	◦
	Minus/plus any amortization/accretion of premium/discount on unswapped mortgage-backed securities in the FHLBank’s trading portfolio (not amortized/accreted under GAAP)

		
	◦
	Less a calculated 10% AHP assessment

Performance Range:
	
		
	 
	Annual Performance Range

	Threshold
	4.73%

	Target
	6.02%

	Optimum
	7.30%

		
	2.
	Net Income after Capital Charge

Definition: The dollar amount of adjusted net income as defined in the above metric which exceeds the cost of the required return on capital.

Measure: Adjusted income as defined in the Net Income after Capital Charge Definition above, less required return on all capital. The required return on capital is the sum of the outstanding regulatory Class B Common Stock times the average of three-month LIBOR plus 1.00 percent for each day during the year plus the sum of all other capital (regulatory for Class A Common Stock and GAAP for retained earnings and other comprehensive income) times the average of three-month LIBOR for each day during the year. 

Performance Range:
	
		
	 
	Annual Performance Range

	Threshold
	$80,208,963

	Target
	$105,208,963

	Optimum
	$130,208,963

		
	3.
	Retained Earnings

Definition:  The dollar amount of GAAP Retained Earnings as of 12/31/2014. 

Measure: Retained earnings as defined above as reported on the 12/31/2014 balance sheet.

Performance Ranges:
	
		
	 
	Annual Performance Range

	Threshold
	$617,202,106 

	Target
	$646,572,966 

	Optimum
	$675,943,826 

		
	4.
	Core Mission Assets (CMA) Ratio

Definition: Core Mission Assets Ratio is defined as daily advances divided by daily consolidated obligations.

Measure:  Average Daily Advances as reported to the Federal Housing Finance Agency (CRS reference SC11800) divided by the average daily consolidated obligations as reported to the Federal Housing Finance Agency (CRS reference SC15100) averaged over the Performance Period.

Performance Range:
	
		
	 
	Annual Performance Range

	Threshold
	57.40%

	Target
	59.40% 

	Optimum
	61.40% 

		
	5.
	Risk Management - Market, Credit and Liquidity Risks

Definition:  Management of FHLBank risks as determined by the weighted average rating by the board of directors in an annual evaluation of the Risk Appetite metrics in this area using a 1 (lowest) to 5 (highest) point scale. General risk categories are market, credit, and liquidity risks.

Performance Ranges
	
		
	 
	Score

	Threshold
	3.0

	Target
	4.0

	Optimum 
	5.0

Risk Management Metric Weights: The following metric weight for each goal metric is assigned to the Participants:
	
		
	Risk Management Category
	Weighting

	Liquidity Risk 
	30%

	Market Risk 
	40%

	Credit Risk 
	30%

	Total
	100%

2

		
	6.
	Risk Management - Compliance, Business and Operations Risks

Definition:  Management of FHLBank risks as determined by the weighted average rating by the board of directors in an annual evaluation of the Risk Appetite metrics in this area using a 1 (lowest) to 5 (highest) point scale. General risk categories are compliance, business and operations risks.

Performance Ranges 
	
		
	 
	Score

	Threshold
	3.0

	Target
	4.0

	Optimum 
	5.0

Risk Management Metric Weights: The following metric weight for each goal metric is assigned to the Participants:
	
		
	Risk Management Category
	Weighting

	Compliance Risk 
	30%

	Business Risk 
	35%

	Operations Risk 
	35%

	Total
	100%

		
	B.
	2015-2017 Deferral Performance Period Metrics.

These metrics apply to the 2015-2017 Deferral Performance Period.

In calculating Final Deferred Incentive Award amounts, performance shall be measured by evaluating the following:

3

	
					
	Minimum Requirement for Receiving a Final Deferred Incentive Award

	In order for Participants to be eligible to receive a Final Deferred Incentive Award for the 2015-2017 Deferral Performance Period, FHLBank must have a Market Value of Equity (MVE) of not less than 100 percent of FHLBank’s Total Regulatory Capital Stock (TRCS) outstanding (as defined in FHLBank’s Risk Management Policy), as of the last day of the Deferral Performance Period. Upon determining FHLBank has achieved this minimum requirement, the calculation of the Final Deferred Incentive Award amounts shall be measured by evaluating the following:

	 
	 
	Threshold
	Target
	Optimum

	Total Return(1)
	 
	10/11 or 11/11 vs FHLBanks
	5/11 vs FHLBanks
	2/11 or 1/11 vs FHLBanks

	Deferred Incentive
	 
	 
	 
	 

	Performance Measure Percentage
	 
	75%
	100%
	125%

	Weighting
	 
	0.50
	0.50
	0.50

	Dollar Value (Deferred Incentive x Performance Measure Percentage x Weight)
	 
	$
	$
	$

	 
	 
	 
	 
	 

	MVE / Total Regulatory Capital (TRC)(2) 
	 
	10/11 or 11/11 vs FHLBanks
	5/11 vs FHLBanks
	2/11 or 1/11 vs FHLBanks

	Deferred Incentive
	 
	 
	 
	 

	Performance Measure Percentage
	 
	75%
	100%
	125%

	Weighting
	 
	0.50
	0.50
	0.50

	Dollar Value (Deferred Incentive x Performance Measure Percentage x Weight)
	 
	$
	$
	$

	Final Deferred Incentive Award (Dollar value for Total Return + Dollar Value for MVE/TRC)
	 
	 
	 
	 

Footnotes:
1)    Total Return. Total Return equals the Total Dividends, plus the Change in Retained Earnings, divided by the Average Total Regulatory Capital (TRC) over the three-year period. Total Dividends is defined as all dividends paid on all capital stock during the three-year period; Change in Retained Earnings is defined as the change in retained earnings from 12/31/2014 to 12/31/2017; and Average TRC is defined as the average daily ending balance of Regulatory Capital for dates starting with 01/01/2015 and ending 12/31/2017.  TRC is defined as total capital stock plus total retained earnings plus subordinated debt plus mandatorily redeemable capital stock. TRC will also include any additional capital from mergers that will be reported in the CRS statement of condition.  For performance comparison purposes, FHLBank Topeka will be ranked against the other FHLBanks, with the highest total return being the best performance, and ranking 1st out of the 11 FHLBanks.
2)    MVE/TRC. Using amounts reported on the Trendbook Analysis from the FHFA Call Report System (CRS), MVE/TRC is calculated by dividing base case MVE by TRC (as defined above) calculated at the end of the Deferral Performance Period. For performance comparison purposes, FHLBank Topeka will be ranked against the other FHLBanks, with the highest MVE/TRC being the best performance, and ranking 1st out of the 11 FHLBanks.

		
	C.
	Total Base Opportunity and Participant Levels.

Total Base Opportunity Matrix
(As a percentage of base)
	
				
	Participant
	Total Base Opportunity

	 
	Thresh
	Target
	Optimum

	**
	**
	**
	**

	Sonia Betsworth
	25
	50
	75

	Joe Edwards
	25
	50
	75

	Denise Cauthon
	25
	50
	75

	**
	**
	**
	**

4

		
	D.
	Base Opportunity Metric Weights. The following metric weight for each goal metric is assigned to the Participants:

	
				
	Objective
	CCO
	**/**
	CIO/CAO

	1. Adjusted Return Spread on Regulatory Total Capital
	10%
	20%
	15%

	2. Net Income after Capital Charge
	10%
	20%
	15%

	3. Retained Earnings
	20%
	10%
	10%

	4. Core Mission Assets (CMA) Ratio
	10%
	10%
	10%

	5. Risk Management- Market, Credit,
     Liquidity
	25%
	20%
	25%

	6. Risk Management-  Compliance,
     Business, Operations 
	25%
	20%
	25%

	Total
	100%
	100%
	100%

5

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