Document:

EX-10.33

 Exhibit 10.33 

EXECUTION VERSION 
 April 6,
2018 
 AXA Equitable Holdings, Inc. 
 1290 Avenue of the
Americas 
 New York, NY 10104 
 Attention: Robin M. Raju,
Senior Vice President and Treasurer 
  

	Re:	Revolving Credit Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Company”), the Subsidiary Account Parties party thereto (together with the Company, the
“Obligors”), the Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended, modified or supplemented from time to time, the “Credit Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Credit Agreement. 
 The Company has advised the Administrative Agent as follows: 

 

	 	1.	On the date hereof, the Company is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Company is
(i) updating the registration statement to include the audited financial statements of the Company for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set forth in
the registration statement filed by the Company with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of the Amended
Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the Administrative Agent and the Banks prior to the execution and delivery hereof (the “Draft Amendment”).

  

	 	2.	The Company is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The Company
expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the Banks such
revised historical financial statements by April 30, 2018. 

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Company pursuant to Sections 4.04 and 4.14 of the Credit Agreement and (B) the certificate of a Financial Officer of the Company delivered pursuant to
Section 3.02(c) of the Credit Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Company pursuant to Section 4.11 of the Credit Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Credit Agreement (the “First Defaults”). 

  

	 	4.	The Company failed to deliver to each of the Banks copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Credit Agreement, resulting in a Default under
Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). 

The Company has requested that the Required Banks waive the Specified Defaults. 

This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the Administrative Agent and the Banks
party hereto, constituting the Required Banks, hereby: 
  

	 	i.	waive any Default or Event of Default under the Credit Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Company’s failure to deliver notice
of the Specified Defaults pursuant to Section 5.01(f) of the Credit Agreement and any Default or Event of Default arising under Section 4.11 of the Credit Agreement as a result of a default under another material agreement, instrument or
undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agree that on and following the date hereof, all references to the Registration Statement in the Credit Agreement shall refer to the Amended Registration Statement; and 

  
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	 	iii.	agree that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Credit Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

 The foregoing waiver shall be effective upon, and
are subject to, the satisfaction of the following conditions: 
  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the Banks pursuant to Section 1 above prior to the execution and delivery hereof with such changes
that are not material and have been provided to the Banks prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Credit Agreement, including Sections 4.04, 4.11 and 4.14 thereof, and the representations and warranties set out in this letter below, shall be true and
correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect to the filing of the Amended Registration Statement and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Credit Agreement
with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Company’s failure to deliver
notice thereof) shall have occurred and be continuing. 

  

	 	d.	The Administrative Agent shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Company, certifying: (i) as to the satisfaction of the conditions set forth in
clauses (a)-(c) above, (ii) as to clause (g) of Section 3.02 of the Credit Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such
Conforming Changes have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31,
2017, giving pro forma effect to the Transactions. 

  
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	 	e.	The Administrative Agent shall have received counterparts of this letter executed by each Obligor, the Required Banks and the Administrative Agent. 

 

	 	f.	The Company shall have paid all reasonable and documented expenses of the Administrative Agent and the Banks (including the reasonable legal fees and
out-of-pocket expenses of Sullivan & Cromwell LLP, as outside counsel to the Administrative Agent) for which invoices have been presented on or prior to the
date hereof. 

 The Company agrees that it will cause to be filed with the SEC (with a notice to the Administrative Agent that such filing has
been made) or otherwise deliver to the Banks Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and
(ii) in the case of AXA Financial, Inc., no later than April 30, 2018. 
 Each Obligor represents and warrants that (i) such Obligor has duly
executed and delivered this letter and this letter, as well as the Credit Agreement as modified by this letter, constitutes the legal, valid and binding obligation of such Obligor enforceable against such Obligor in accordance with its terms,
subject to the effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding
in equity or law), (ii) each of the representations and warranties set out in Article IV of the Credit Agreement, including Sections 4.04, 4.11 and 4.14 thereof, are true and correct as of the date hereof; provided that (x) such representations
and warranties shall be made after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it
being understood that such representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no
representation shall be made by the Obligors under Section 4.11 of the Credit Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified
Defaults, and (iii) each of the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this
waiver (i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Banks, the Administrative Agent or any other agent, in each case under the Credit

  
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Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit
Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the Administrative Agent or any Bank may now have or may have in the future under or in connection with the Credit Agreement
or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of the Credit Agreement and the definition of “Credit Documents” in the
Credit Agreement will be deemed amended to include this waiver as a “Credit Document”. None of Administrative Agent or any Bank was under any obligation to execute this letter or provide the waiver set forth above. The entering into of
this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of dealing between any such party, on the one hand, and the Company, on
the other hand, with regard to any provision of the Credit Documents. The provisions of Section 10.08, Section 10.09 and Section 10.12 of the Credit Agreement shall apply to this waiver mutatis mutandis. 

By executing this letter, each of the Company and the Subsidiary Account Parties, for itself and on behalf of all its predecessors, successors, assigns,
agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively, the
“Releasing Parties”), hereby releases and forever discharges the Administrative Agent and each Bank and their respective successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims,
demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any
of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or indirectly out of
any Loan or any of the Credit Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. Each of the Company and the Subsidiary Account Parties understands and agrees that this
is a full, final and complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by,
through or under any of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this
release is no admission of liability. 
 This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original
execution of this letter by such party for all purposes. 
 [Signature Pages Follow] 

  
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	Regards,
	
	JPMORGAN CHASE BANK, N.A., as
Administrative Agent and as a Bank

 
			
		
	By:	 	 /s/ James S. Mintzer

	Name:	 	James S. Mintzer
	Title:	 	Executive Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

  

 
			
	CITIBANK, N.A., as a Bank
		
	By:	 	 /s/ Justine O’Connor

	Name:	 	 Justine O’Connor

	Title:	 	 Vice President and Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	Morgan Stanley Bank N.A., as a Bank
		
	By:	 	 /s/ Jake Dowden

	Name:	 	 Jake Dowden

	Title:	 	 Authorized Signatory

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	BARCLAYS BANK PLC, as a Bank
		
	By:	 	 /s/ Craig J. Malloy

	Name:	 	 Craig J. Malloy

	Title:	 	 Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	BNP PARIBAS, as a Bank
		
	By:	 	 /s/ Marguerite L. Lebon

	Name:	 	 Marguerite L. Lebon

	Title:	 	 Vice President

  

			
	By:	 	 /s/ Hampton Smith

	Name:	 	 Hampton Smith, CFA

	Title:	 	 Managing Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	SunTrust Bank, as a Bank
		
	By:	 	 /s/ Andrew Johnson

	Name:	 	Andrew Johnson
	Title:	 	Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	PNC Bank, N.A., as a Bank
		
	By:	 	 /s/ Mary E. Auch

	Name:	 	Mary E. Auch
	Title:	 	Senior Vice President

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	HSBC Bank USA, National Association, as a Bank
		
	By:	 	 /s/ Richard Herder

	Name:	 	Richard Herder
	Title:	 	 Managing Director
 Financial Institutions
Group

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Bank
		
	By:	 	 /s/ Jason Hafener

	Name:	 	Jason Hafener
	Title:	 	Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	Deutsche Bank AG New York Branch, as a Bank
		
	By:	 	 /s/ Virginia Cosenza

	Name:	 	 Virginia Cosenza

	Title:	 	 Vice President

  

			
		
	By:	 	 /s/ Ming K. Chu

	Name:	 	 Ming K. Chu

	Title:	 	 Director

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

			
	Goldman Sachs Bank USA as Lender
		
	By:	 	 /s/ Chris Lam

	Name:	 	 Chris Lam

	Title:	 	 Authorized Signatory

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	 CREDIT SUISSE AG, NEW YORK

BRANCH, as a Bank

		
	By:	 	 /s/ Doreen Barr

	Name:	 	Doreen Barr
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ William O’Daly

	Name:	 	William O’Daly
	Title:	 	Authorized Signatory

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	SOCIETE GENERALE, as a Bank
		
	By:	 	 /s/ Rob Roberto

	Name:	 	Rob Roberto
	Title:	 	Head of Financial Institutions Americas
	Date:	 	April 6th, 2018

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 
			
	Bank of America, N.A., as a Bank
		
	By:	 	 /s/ Hema Kishnani

	Name:	 	Hema Kishnani
	Title:	 	Vice President

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

			
	Accepted and Agreed as of the date first stated above:
	
	AXA EQUITABLE HOLDINGS, INC., the Company
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

  

			
	CS LIFE RE COMPANY, as a Subsidiary
	Account Party
		
	By:	 	 /s/ Yun Zhang

	Name:	 	 Yun Zhang

	Title:	 	 Vice President and Treasurer

 [Signature Page to Waiver - AXA Revolving Credit Agreement] 

 EXECUTION VERSION 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Term Loan Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Company”), the Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended,
modified or supplemented from time to time, the “Credit Agreement”) 

 Ladies and Gentlemen: 

Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Credit Agreement. 

The Company has advised the Administrative Agent as follows: 
  

	 	1.	On the date hereof, the Company is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Company is
(i) updating the registration statement to include the audited financial statements of the Company for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set forth in
the registration statement filed by the Company with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of the Amended
Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the Administrative Agent and the Banks prior to the execution and delivery hereof (the “Draft Amendment”).

  

	 	2.	The Company is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The Company
expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the Banks such
revised historical financial statements by April 30, 2018. 

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Company pursuant to Sections 4.04 and 4.14 of the Credit Agreement and (B) the certificate of a Financial Officer of the Company delivered pursuant to
Section 3.02(c) of the Credit Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Company pursuant to Section 4.11 of the Credit Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Credit Agreement (the “First Defaults”). 

  

	 	4.	The Company failed to deliver to each of the Banks copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Credit Agreement, resulting in a Default under
Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). 

The Company has requested that the Required Banks waive the Specified Defaults. 

This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the Administrative Agent and the Banks
party hereto, constituting the Required Banks, hereby: 
  

	 	i.	waive any Default or Event of Default under the Credit Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Company’s failure to deliver notice
of the Specified Defaults pursuant to Section 5.01(f) of the Credit Agreement and any Default or Event of Default arising under Section 4.11 of the Credit Agreement as a result of a default under another material agreement, instrument or
undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agree that on and following the date hereof, all references to the Registration Statement in the Credit Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agree that on and following the date hereof, (i) no representation or warranty shall be made by the Company under (or certification given by any officer of the Company in respect of) Section 4.11 of the Credit
Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Company’s representations and warranties
under the Credit Documents (and any related certification given by any officer of the Company) shall be made after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such
Conforming Changes have actually been made) and the waiver provided herein. 

  
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 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the Banks pursuant to Section 1 above prior to the execution and delivery hereof with such changes
that are not material and have been provided to the Banks prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Credit Agreement, including Sections 4.04, 4.11 and 4.14 thereof, and the representations and warranties set out in this letter below, shall be true and
correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect to the filing of the Amended Registration Statement and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Credit Agreement
with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Company’s failure to deliver
notice thereof) shall have occurred and be continuing. 

  

	 	d.	The Administrative Agent shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Company, certifying: (i) as to the satisfaction of the conditions set forth in
clauses (a)-(c) above, (ii) as to clause (g) of Section 3.02 of the Credit Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such
Conforming Changes have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31,
2017, giving pro forma effect to the Transactions. 

  

	 	e.	The Administrative Agent shall have received counterparts of this letter executed by the Company, the Required Banks and the Administrative Agent. 

  
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	 	f.	The Company shall have paid all reasonable and documented expenses of the Administrative Agent and the Banks (including the reasonable legal fees and
out-of-pocket expenses of Sullivan & Cromwell LLP, as outside counsel to the Administrative Agent) for which invoices have been presented on or prior to the
date hereof. 

 The Company agrees that it will cause to be filed with the SEC (with a notice to the Administrative Agent that such filing has
been made) or otherwise deliver to the Banks Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and
(ii) in the case of AXA Financial, Inc., no later than April 30, 2018. 
 The Company represents and warrants that (i) it has duly executed
and delivered this letter and this letter, as well as the Credit Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the
effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or
law), (ii) each of the representations and warranties set out in Article IV of the Credit Agreement, including Sections 4.04, 4.11 and 4.14 thereof, are true and correct as of the date hereof; provided that (x) such representations and
warranties shall be made after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being
understood that such representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation
shall be made by the Obligors under Section 4.11 of the Credit Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and
(iii) each of the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver
(i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Banks, the Administrative Agent or any other agent, in each case under the Credit Agreement or any other Credit
Document, (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of such agreement or any other Credit Document or
(iii) prejudice any right or remedy the Administrative Agent or any Bank may now have or may have in the future under or in connection with the Credit Agreement or any other Credit Document, all of which such rights and remedies are expressly
reserved. This waiver shall constitute a “Credit Document” for purposes of the Credit Agreement and the definition of “Credit Documents” in the Credit Agreement will be deemed amended to include this waiver as a “Credit
Document”. None of Administrative Agent or any Bank was under any obligation to execute this letter or 

  
 -4- 

 
provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it
be deemed to create or infer a course of dealing between any such party, on the one hand, and the Company, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 10.08, Section 10.09 and
Section 10.12 of the Credit Agreement shall apply to this waiver mutatis mutandis. 
 By executing this letter the Company, for itself and on
behalf of all its predecessors, successors, assigns, agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees,
servants and attorneys (collectively, the “Releasing Parties”), hereby releases and forever discharges the Administrative Agent and each Bank and their respective successors, assigns, partners, directors, officers, agents,
attorneys, and employees from any and all claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held,
owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or
statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Company understands and
agrees that this is a full, final and complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or
anyone claiming by, through or under any of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the
consideration given for this release is no admission of liability. 
 This letter may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient
to constitute the original execution of this letter by such party for all purposes. 
 [Signature Pages Follow] 

  
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	Regards,
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Bank
		
	By:	 	 /s/ James S. Mintzer

	Name:	 	 James S. Mintzer

	Title:	 	 Executive Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	 CITIBANK, N.A., as a Bank

		
	By:	 	 /s/ Justin O’Connor

	Name:	 	Justin O’Connor
	Title:	 	Vice President and Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	 Morgan Stanley Bank N.A., as a Bank

		
	By:	 	/s/ Jake Dowden
	Name:	 	  

Jake Dowden

	Title:	 	 Authorized Signatory

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

			
	BARCLAYS BANK PLC, as a Bank
		
	By:	 	 /s/ Craig J. Malloy

	Name:	 	Craig J. Malloy
	Title:	 	 Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	BNP PARIBAS, as a Bank
		
	By:	 	 /s/ Marguerite L. Lebon

	Name:	 	 Marguerite L. Lebon

	Title:	 	 Vice President

  

			
	By:	 	/s/ Hampton Smith
	Name:	 	Hampton Smith, CFA
	Title:	 	Managing Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	 SunTrust Bank, as a Bank

		
	By:	 	 /s/ Andrew Johnson

	Name:	 	Andrew Johnson
	Title:	 	Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	PNC Bank, N.A., as a Bank
		
	By:	 	 /s/ Mary E. Auch

	Name:	 	Mary E. Auch
	Title:	 	Senior Vice President

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	HSBC Bank USA, National Association, as a Bank
		
	By:	 	 /s/ Richard Herder

	Name:	 	 Richard Herder

	Title:	 	 Managing Director
 Financial Institutions
Group

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	SOCIETE GENERALE, as a Bank
		
	By:	 	 /s/ Rob Roberto

	Name:	 	 Rob Roberto

	Title:	 	 Head of Financial Institutions Americas

	Date:	 	 April 6th, 2018

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Bank
		
	By:	 	/s/ Jason Hafener
	Name:	 	Jason Hafener
	Title:	 	Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	Goldman Sachs Bank USA, as a Bank
		
	By:	 	/s/ Chris Lam
	Name:	 	Chris Lam
	Title:	 	Authorized Signatory

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Bank
		
	By:	 	/s/ Doreen Barr
	Name:	 	 Doreen Barr

	Title:	 	 Authorized Signatory

  

			
	
		
	By:	 	/s/ Shyam Kapadia
	Name:	 	 Shyam Kapadia

	Title:	 	 Authorized Signatory

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	Bank of America, N.A., as a Bank
		
	By:	 	/s/ Hema Kishnani
	Name:	 	Hema Kishnani
	Title:	 	Vice President

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 
			
	Deutsche Bank AG New York Branch, as a Bank
		
	By:	 	/s/ Virginia Cosenza
	Name:	 	Virginia Cosenza
	Title:	 	Vice President

  

			
	
		
	By:	 	/s/ Ming K. Chu
	Name:	 	Ming K. Chu
	Title:	 	Director

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

			
	Accepted and Agreed as of the date first stated above:
	
	AXA EQUITABLE HOLDINGS, INC., the Company
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA 2-Year DDTL Agreement] 

 EXECUTION VERSION 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Term Loan Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Company”), the Banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as amended,
modified or supplemented from time to time, the “Credit Agreement”) 

 Ladies and Gentlemen: 

Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Credit Agreement. 

The Company has advised the Administrative Agent as follows: 
  

	 	1.	On the date hereof, the Company is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Company is
(i) updating the registration statement to include the audited financial statements of the Company for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set forth in
the registration statement filed by the Company with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of the Amended
Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the Administrative Agent and the Banks prior to the execution and delivery hereof (the “Draft Amendment”).

  

	 	2.	The Company is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The Company
expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the Banks such
revised historical financial statements by April 30, 2018. 

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Company pursuant to Sections 4.04 and 4.14 of the Credit Agreement and (B) the certificate of a Financial Officer of the Company delivered pursuant to
Section 3.02(c) of the Credit Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Company pursuant to Section 4.11 of the Credit Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Credit Agreement (the “First Defaults”). 

  

	 	4.	The Company failed to deliver to each of the Banks copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Credit Agreement, resulting in a Default under
Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). 

The Company has requested that the Required Banks waive the Specified Defaults. 

This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the Administrative Agent and the Banks
party hereto, constituting the Required Banks, hereby: 
  

	 	i.	waive any Default or Event of Default under the Credit Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Company’s failure to deliver notice
of the Specified Defaults pursuant to Section 5.01(f) of the Credit Agreement and any Default or Event of Default arising under Section 4.11 of the Credit Agreement as a result of a default under another material agreement, instrument or
undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agree that on and following the date hereof, all references to the Registration Statement in the Credit Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agree that on and following the date hereof, (i) no representation or warranty shall be made by the Company under (or certification given by any officer of the Company in respect of) Section 4.11 of the Credit
Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Company’s representations and warranties
under the Credit Documents (and any related certification given by any officer of the Company) shall be made after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such
Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the Banks pursuant to Section 1 above prior to the execution and delivery hereof with such changes
that are not material and have been provided to the Banks prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Credit Agreement, including Sections 4.04, 4.11 and 4.14 thereof, and the representations and warranties set out in this letter below, shall be true and
correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect to the filing of the Amended Registration Statement and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Credit Agreement
with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Company’s failure to deliver
notice thereof) shall have occurred and be continuing. 

  

	 	d.	The Administrative Agent shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Company, certifying: (i) as to the satisfaction of the conditions set forth in
clauses (a)-(c) above, (ii) as to clause (g) of Section 3.02 of the Credit Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such
Conforming Changes have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31,
2017, giving pro forma effect to the Transactions. 

  

	 	e.	The Administrative Agent shall have received counterparts of this letter executed by the Company, the Required Banks and the Administrative Agent. 

  
 -3- 

	 	f.	The Company shall have paid all reasonable and documented expenses of the Administrative Agent and the Banks (including the reasonable legal fees and
out-of-pocket expenses of Sullivan & Cromwell LLP, as outside counsel to the Administrative Agent) for which invoices have been presented on or prior to the
date hereof. 

 The Company agrees that it will cause to be filed with the SEC (with a notice to the Administrative Agent that such filing has
been made) or otherwise deliver to the Banks Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and
(ii) in the case of AXA Financial, Inc., no later than April 30, 2018. 
 The Company represents and warrants that (i) it has duly executed
and delivered this letter and this letter, as well as the Credit Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Company enforceable against the Company in accordance with its terms, subject to the
effects of bankruptcy, insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or
law), (ii) each of the representations and warranties set out in Article IV of the Credit Agreement, including Sections 4.04, 4.11 and 4.14 thereof, are true and correct as of the date hereof; provided that (x) such representations and
warranties shall be made after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being
understood that such representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation
shall be made by the Obligors under Section 4.11 of the Credit Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and
(iii) each of the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver
(i) shall not by implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the Banks, the Administrative Agent or any other agent, in each case under the Credit Agreement or any other Credit
Document, (ii) shall not alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Credit Agreement or any other provision of such agreement or any other Credit Document or
(iii) prejudice any right or remedy the Administrative Agent or any Bank may now have or may have in the future under or in connection with the Credit Agreement or any other Credit Document, all of which such rights and remedies are expressly
reserved. This waiver shall constitute a “Credit Document” for purposes of the Credit Agreement and the definition of “Credit Documents” in the Credit Agreement will be deemed amended to include this waiver as a “Credit
Document”. None of Administrative Agent or any Bank was under any obligation to execute this letter or 

  
 -4- 

 
provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it
be deemed to create or infer a course of dealing between any such party, on the one hand, and the Company, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 10.08, Section 10.09 and
Section 10.12 of the Credit Agreement shall apply to this waiver mutatis mutandis. 
 By executing this letter the Company, for itself and on
behalf of all its predecessors, successors, assigns, agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees,
servants and attorneys (collectively, the “Releasing Parties”), hereby releases and forever discharges the Administrative Agent and each Bank and their respective successors, assigns, partners, directors, officers, agents,
attorneys, and employees from any and all claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held,
owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or
statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Company understands and
agrees that this is a full, final and complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or
anyone claiming by, through or under any of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the
consideration given for this release is no admission of liability. 
 This letter may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient
to constitute the original execution of this letter by such party for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	JPMORGAN CHASE BANK, N.A., as Administrative Agent and as a Bank
		
	By:	 	 /s/ James S. Mintzer

	Name:	 	James S. Mintzer
	Title:	 	Executive Director

 [Signature Page to Waiver - AXA 3-Year DDTL Agreement] 

 
			
	CITIBANK, N.A., as a Bank
		
	By:	 	 /s/ Justine O’Connor

	Name:	 	Justine O’Connor
	Title:	 	Vice President and Director

 Signature Page to Waiver - AXA 3-Year DDTL Agreement 

 
			
	Morgan Stanley Bank N.A, as a Bank
		
	By:	 	/s/ Jake Dowden
	Name:	 	 Jake Dowden

	Title:	 	 Authorized Signatory

 [Signature Page to Waiver - AXA 3-Year DDTL Agreement] 

 
			
	BARCLAYS BANK PLC, as a Bank
		
	By:	 	/s/ Craig J. Malloy
	Name:	 	 Craig J. Malloy

	Title:	 	 Director

 [Signature Page to Waiver - AXA 3-Year DDTL Agreement] 

			
	Accepted and Agreed as of the date first stated above:
	
	AXA EQUITABLE HOLDINGS, INC., the Company
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA 3-Year DDTL Agreement] 

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and Natixis, New York Branch, as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and Section 8.10 of the Reimbursement Agreement
shall apply to this waiver mutatis mutandis. 

  
 -4- 

 By executing this letter, the Guarantor, for itself and on behalf of all its predecessors, successors, assigns,
agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively, the
“Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims, demands, cross-actions, controversies,
causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties
or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents
or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and complete release and agrees that this release may be
pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the
matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no admission of liability. 

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this letter by such party
for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	NATIXIS, NEW YORK BRANCH, as LC Issuer
		
	By:	 	 /s/ Kelley T. Hebert

	Name:	 	Kelley T. Hebert
	Title:	 	Managing Director

  

			
		
	By:	 	 /s/ Stephane Israel

	Name:	 	Stephane Israel
	Title:	 	Director

 [Signature Page to Waiver - AXA Reimbursement Agreement (Natixis)] 

 Accepted and Agreed as of the date first stated above: 

AXA EQUITABLE HOLDINGS, INC., the Guarantor 
  

			
	By:	 	/s/ Robin M. Raju
	Name:	 	  
 Robin M. Raju

	Title:	 	  

Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (Natixis)] 

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and HSBC Bank USA, National Association, as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

  

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and Section 8.10 of the Reimbursement Agreement
shall apply to this waiver mutatis mutandis. 

  
 -4- 

 By executing this letter, the Guarantor, for itself and on behalf of all its predecessors, successors, assigns,
agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively, the
“Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims, demands, cross-actions, controversies,
causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties
or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents
or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and complete release and agrees that this release may be
pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the
matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no admission of liability. 

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this letter by such party
for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

  
  

			
	Regards,
	
	HSBC BANK USA, NATIONAL
ASSOCIATION, as LC Issuer

 
			
		
	By:	 	 /s/ Richard Herder

	Name:	 	Richard Herder
	Title:	 	 Managing Director,
 Financial Institutions
Group

 [Signature Page to Waiver - AXA Reimbursement Agreement (HSBC)] 

  

			
	Accepted and Agreed as of the date first stated above:
	
	AXA EQUITABLE HOLDINGS, INC., the Guarantor

			
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (HSBC)] 

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and Citibank Europe PLC, as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

  

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between 

  
 -4- 

 
any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and
Section 8.10 of the Reimbursement Agreement shall apply to this waiver mutatis mutandis. 
 By executing this letter, the Guarantor, for itself
and on behalf of all its predecessors, successors, assigns, agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates,
employees, servants and attorneys (collectively, the “Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any
and all claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing
Parties, or any of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or
indirectly out of any Loan or any of the Credit Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and
complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any
of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no
admission of liability. 
 This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this
letter by such party for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	CITIBANK EUROPE PLC, as LC Issuer
		
	By:	 	 /s/ Colin Moreland

	Name:	 	Colin Moreland
	Title:	 	Managing Director

 [Signature Page to Waiver - AXA Reimbursement Agreement (Citi)] 

 Accepted and Agreed as of the date first stated above: 

AXA EQUITABLE HOLDINGS, INC., the Guarantor 
  

			
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (Citi)] 

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and Credit Agricole Corporate and Investment Bank, as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between 

  
 -4- 

 
any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and
Section 8.10 of the Reimbursement Agreement shall apply to this waiver mutatis mutandis. 
 By executing this letter, the Guarantor, for itself
and on behalf of all its predecessors, successors, assigns, agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates,
employees, servants and attorneys (collectively, the “Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any
and all claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing
Parties, or any of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or
indirectly out of any Loan or any of the Credit Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and
complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any
of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no
admission of liability. 
 This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this
letter by such party for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as LC Issuer

 
			
		
	By:	 	 /s/ Frederic Bambuck

	Name:	 	 Frederic Bambuck

	Title:	 	 Director

		
	By:	 	 /s/ Thibault Berger

	Name:	 	 Thibault Berger

	Title:	 	 Director, Credit Agricole CIB

 [Signature Page to Waiver - AXA Reimbursement Agreement (Credit Agricole)] 

 Accepted and Agreed as of the date first stated above: 

AXA EQUITABLE HOLDINGS, INC., the Guarantor 
  

			
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (Credit Agricole)] 

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and Barclays Bank PLC, as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and Section 8.10 of the Reimbursement Agreement
shall apply to this waiver mutatis mutandis. 

  
 -4- 

 By executing this letter, the Guarantor, for itself and on behalf of all its predecessors, successors, assigns,
agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively, the
“Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims, demands, cross-actions, controversies,
causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties
or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents
or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and complete release and agrees that this release may be
pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the
matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no admission of liability. 

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this letter by such party
for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	BARCLAYS BANK PLC, as LC Issuer
		
	By:	 	 /s/ Craig J. Malloy

	Name:	 	 Craig J. Malloy

	Title:	 	 Director

 [Signature Page to Waiver—AXA Reimbursement Agreement (Barclays)] 

 Accepted and Agreed as of the date first stated above: 

AXA EQUITABLE HOLDINGS, INC., the Guarantor 
  

			
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (Barclays)] 

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and JPMorgan Chase Bank, N.A., as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

  

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between 

  
 -4- 

 
any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and
Section 8.10 of the Reimbursement Agreement shall apply to this waiver mutatis mutandis. 
 By executing this letter, the Guarantor, for itself
and on behalf of all its predecessors, successors, assigns, agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates,
employees, servants and attorneys (collectively, the “Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any
and all claims, demands, cross-actions, controversies, causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing
Parties, or any of them, or which the Releasing Parties or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or
indirectly out of any Loan or any of the Credit Documents or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and
complete release and agrees that this release may be pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any
of the Releasing Parties, in respect of any of the matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no
admission of liability. 
 This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this
letter by such party for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	JPMORGAN CHASE BANK, N.A., as LC Issuer
		
	By:	 	 /s/ James S. Mintzer

	Name:	 	 James S. Mintzer

	Title:	 	 Executive Director

 [Signature Page to Waiver - AXA Reimbursement Agreement (JPM)] 

  

			
	Accepted and Agreed as of the date first stated above:
	
	AXA EQUITABLE HOLDINGS, INC., the Guarantor
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	 Robin M. Raju

	Title:	 	 Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (JPM)] 

  

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and Landesbank Hessen-Thüringen Girozentrale, as LC Issuer (as amended by the First Amendment, dated as of April 4, 2018, and as further amended, modified or supplemented
from time to time, the “Reimbursement Agreement”) 

 Ladies and Gentlemen: 

Capitalized terms used but not defined herein have the meanings ascribed to such terms in the Reimbursement Agreement. 

The Guarantor has advised the LC Issuer as follows: 
  

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

  

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and Section 8.10 of the Reimbursement Agreement
shall apply to this waiver mutatis mutandis. 

  
 -4- 

 By executing this letter, the Guarantor, for itself and on behalf of all its predecessors, successors, assigns,
agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively, the
“Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims, demands, cross-actions, controversies,
causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties
or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents
or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and complete release and agrees that this release may be
pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the
matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no admission of liability. 

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this letter by such party
for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	LANDESBANK HESSEN-THÜRINGEN GIROZENTRALE, as LC Issuer

 
			
		
	By:	 	 /s/ Samuel W. Bridges

	Name:	 	 Samuel W. Bridges

	Title:	 	 Senior Vice President

Insurance & Corporate Clients, North America

		
	By:	 	 /s/ Stephanie Shinkarev

	Name:	 	 Stephanie Shinkarev

	Title:	 	 Assistant Vice President

Insurance & Corporate Clients, North America

 [Signature Page to Waiver - AXA Reimbursement Agreement (Helaba)] 

  

			
	 Accepted and Agreed as of the date first stated above:

	
	 AXA EQUITABLE HOLDINGS, INC., the
Guarantor

  

			
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (Helaba)] 

  

 Execution Version 

April 6, 2018 
 AXA Equitable Holdings, Inc.

 1290 Avenue of the Americas 
 New York, NY 10104 

Attention: Robin M. Raju, Senior Vice President and Treasurer 
  

	Re:	Reimbursement Agreement, dated as of February 16, 2018, among AXA Equitable Holdings, Inc. (the “Guarantor”), the Subsidiary Account Parties party thereto (together with the Guarantor, the
“Obligors”) and Commerzbank AG, New York Branch, as LC Issuer (as amended, modified or supplemented from time to time, the “Reimbursement Agreement”) 

Ladies and Gentlemen: 
 Capitalized terms used but not defined
herein have the meanings ascribed to such terms in the Reimbursement Agreement. 
 The Guarantor has advised the LC Issuer as follows: 

 

	 	1.	On the date hereof, the Guarantor is filing an amendment to its registration statement (such registration statement as so amended, the “Amended Registration Statement”), pursuant to which the Guarantor
is (i) updating the registration statement to include the audited financial statements of the Guarantor for the fiscal year ended December 31, 2017, and (ii) revising and restating the historical financial statements that were set
forth in the registration statement filed by the Guarantor with the SEC on November 13, 2017 (as amended on February 14, 2018, the “Prior Registration Statement”) to correct errors in such financial statements. A draft of
the Amended Registration Statement identifying the changes being made to the Prior Registration Statement has been provided to the LC Issuer prior to the execution and delivery hereof (the “Draft Amendment”). 

 

	 	2.	The Guarantor is preparing revised historical financial statements for its subsidiaries, AXA Equitable Life Insurance Company and AXA Financial, Inc., for the three most recent fiscal years and any interim periods
reflected therein that reflect conforming changes to correct the same errors that are being corrected in the financial statements included in the Amended Registration Statement (such changes, the “Conforming Changes”; such financial
statements as modified by the Conforming Changes, the “Revised Subsidiary Statements”, and such financial statements prior to giving effect to the Conforming Changes, the “Prior Subsidiary Statements”). The
Guarantor expects, in the case of AXA Equitable Life Insurance Company, to file such revised historical financial statements with the SEC within 15 days of the date hereof, and, in the case of AXA Financial, Inc., to prepare and distribute to the LC
Issuer such revised historical financial statements by April 30, 2018. 

  

	 	3.	As a result of (i) the errors in the Prior Registration Statement identified in the Draft Amendment and the errors in the Prior Subsidiary Statements that will be corrected by the Conforming Changes in the Revised
Subsidiary Statements, (A) the representations and warranties made by the Guarantor pursuant to Sections 4.04 and 4.13 of the Reimbursement Agreement and (B) the certificate of a Financial Officer of the Guarantor delivered pursuant to
Section 3.02(c) of the Reimbursement Agreement, were incorrect in a material respect when made or delivered on the Effective Date and on any other date such representations and warranties have been made on or prior to the date hereof, and
(ii) the Defaults described under clause (i), the representations and warranties made by the Guarantor pursuant to Section 4.11 of the Reimbursement Agreement were also incorrect, in each case resulting in an Event of Default under
Section 6.01(d) of the Reimbursement Agreement (the “First Defaults”). 

  

	 	4.	The Guarantor failed to deliver to the LC Issuer copies of its audited financial statements for the fiscal year ending December 31, 2017 by the date specified in the Reimbursement Agreement, resulting in a Default
under Section 5.01(a) of the Credit Agreement (the “Second Default” and, together with the First Defaults, the “Specified Defaults”). The Guarantor has requested that the LC Issuer waive the Specified Defaults.

 This is to advise that, upon satisfaction of the conditions to effectiveness described in the following paragraph, the LC Issuer hereby:

  

	 	i.	waives any Default or Event of Default under the Reimbursement Agreement resulting solely from the Specified Defaults, including any Default or Event of Default resulting solely from the Guarantor’s failure to
deliver notice of the Specified Defaults pursuant to Section 5.01(f) of the Reimbursement Agreement and any Default or Event of Default arising under Section 4.11 of the Reimbursement Agreement as a result of a default under another
material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults; 

  

	 	ii.	agrees that on and following the date hereof, all references to the Registration Statement in the Reimbursement Agreement shall refer to the Amended Registration Statement; and 

 

	 	iii.	agrees that on and following the date hereof, (i) no representation or warranty shall be made by the Obligors under (or certification given by any officer of any Obligor in respect of) Section 4.11 of the
Reimbursement Agreement regarding the absence of any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (ii) the Obligors’ representations and
warranties under the Credit Documents (and any related certification given by any officer of any Obligor) shall be made after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether
or not such Conforming Changes have actually been made) and the waiver provided herein. 

  
 -2- 

 The foregoing waiver shall be effective upon, and are subject to, the satisfaction of the following conditions:

  

	 	a.	The Amended Registration Statement has been filed on the date hereof in the form of the Draft Amendment provided to the LC Issuer pursuant to Section 1 above prior to the execution and delivery hereof with such
changes that are not material and have been provided to the LC Issuer prior to the filing of the Amended Registration Statement. 

  

	 	b.	The representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, and the representations and warranties set out in this letter below, shall be true
and correct in all material respects as of the date hereof (except that such representations and warranties which are qualified by materiality or Material Adverse Effect shall be true and correct in all respects) (or, if any such representation or
warranty is expressly stated to have been made as of a specific date, as of such specific date); provided that (i) such representations and warranties shall be made after giving effect the filing of the Amended Registration Statement, and
taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein and (ii) no representation shall be made by the Obligors under Section 4.11 of the Reimbursement
Agreement with respect to any default under a material agreement, instrument or undertaking relating to the Specified Defaults. 

  

	 	c.	As of the date hereof, no Default or Event of Default (other than the Specified Defaults and any Default or Event of Default resulting solely from the Specified Defaults, including the Guarantor’s failure to
deliver notice thereof) shall have occurred and be continuing. 

  

	 	d.	The LC Issuer shall have received a certificate, dated as of the date hereof and signed by a Financial Officer of the Guarantor, certifying: (i) as to the satisfaction of the conditions set forth in clauses (a)-(c)
above, (ii) as to clause (g) of Section 3.02 of the Reimbursement Agreement after giving effect to the filing of the Amended Registration Statement and taking into account the Conforming Changes (whether or not such Conforming Changes
have actually been made) and the waiver provided herein and (iii) calculations of Adjusted Consolidated Net Worth and Consolidated Total Indebtedness to Consolidated Total Capitalization calculated as of December 31, 2017, giving pro forma
effect to the Transactions. 

  

	 	e.	The LC Issuer shall have received counterparts of this letter executed by each Obligor and the LC Issuer. 

  
 -3- 

	 	f.	The Guarantor shall have paid all reasonable and documented expenses of the LC Issuer (including the reasonable legal fees and
out-of-pocket expenses of outside counsel to the LC Issuer) for which invoices have been presented on or prior to the date hereof. 

The Guarantor agrees that it will cause to be filed with the SEC (with a notice to the LC Issuer that such filing has been made) or otherwise deliver to the
LC Issuer Revised Subsidiary Statements (with unqualified audit reports) reflecting the Conforming Changes (i) in the case of the AXA Equitable Life Insurance Company, within 15 days after the date hereof and (ii) in the case of AXA
Financial, Inc., no later than April 30, 2018. 
 The Guarantor represents and warrants that (i) it has duly executed and delivered this letter
and this letter, as well as the Reimbursement Agreement as modified by this letter, constitutes the legal, valid and binding obligation of the Guarantor enforceable against it in accordance with its terms, subject to the effects of bankruptcy,
insolvency, fraudulent conveyance, moratorium, reorganization and other similar laws relating to or affecting creditors’ rights generally and general principles of equity (whether considered in a proceeding in equity or law), (ii) each of the
representations and warranties set out in Article IV of the Reimbursement Agreement, including Sections 4.04, 4.11 and 4.13 thereof, are true and correct as of the date hereof; provided that (x) such representations and warranties shall be made
after giving effect to the filing of the Amended Registration Statement, and taking into account the Conforming Changes (whether or not such Conforming Changes have actually been made) and the waiver provided herein (it being understood that such
representations and warranties are being made with respect to the revised and restated financial statements included in the Amended Registration Statement and the Revised Subsidiary Statements) and (y) no representation shall be made by the
Obligors under Section 4.11 of the Reimbursement Agreement with respect to any default under a material agreement, instrument or undertaking resulting solely from the circumstances that resulted in the Specified Defaults, and (iii) each of
the conditions set forth in the preceding paragraph has been satisfied. 
 Except as expressly set forth herein, this waiver (i) shall not by
implication or otherwise limit, impair, constitute a waiver of or otherwise affect the rights and remedies of the LC Issuer under the Reimbursement Agreement or any other Credit Document, (ii) shall not alter, modify, amend or in any way affect
any of the terms, conditions, obligations, covenants or agreements contained in the Reimbursement Agreement or any other provision of such agreement or any other Credit Document or (iii) prejudice any right or remedy the LC Issuer may now have
or may have in the future under or in connection with the Reimbursement Agreement or any other Credit Document, all of which such rights and remedies are expressly reserved. This waiver shall constitute a “Credit Document” for purposes of
the Reimbursement Agreement and the definition of “Credit Documents” in the Reimbursement Agreement will be deemed amended to include this waiver as a “Credit Document”. The LC Issuer was not under any obligation to execute this
letter or provide the waiver set forth above. The entering into of this letter by such parties shall not be deemed to limit or hinder any rights of any such party under the Credit Documents, nor shall it be deemed to create or infer a course of
dealing between any such party, on the one hand, and the Guarantor, on the other hand, with regard to any provision of the Credit Documents. The provisions of Section 8.06, Section 8.07 and Section 8.10 of the Reimbursement Agreement
shall apply to this waiver mutatis mutandis. 

  
 -4- 

 By executing this letter, the Guarantor, for itself and on behalf of all its predecessors, successors, assigns,
agents, employees, representatives, officers, directors, general partners, limited partners, joint shareholders, beneficiaries, trustees, administrators, subsidiaries, affiliates, employees, servants and attorneys (collectively, the
“Releasing Parties”), hereby releases and forever discharges the LC Issuer and its successors, assigns, partners, directors, officers, agents, attorneys, and employees from any and all claims, demands, cross-actions, controversies,
causes of action, damages, rights, liabilities and obligations, at law or in equity whatsoever, known or unknown, whether past, present or future, now held, owned or possessed by the Releasing Parties, or any of them, or which the Releasing Parties
or any of them may, as a result of any actions or inactions occurring on or prior to the date hereof, hereafter hold or claim to hold under common law or statutory right, arising, directly or indirectly out of any Loan or any of the Credit Documents
or any of the documents, instruments or any other transactions relating thereto or the transactions contemplated thereby. The Guarantor understands and agrees that this is a full, final and complete release and agrees that this release may be
pleaded as an absolute and final bar to any or all suit or suits pending or which may hereafter be filed or prosecuted by any of the Releasing Parties, or anyone claiming by, through or under any of the Releasing Parties, in respect of any of the
matters released hereby, and that no recovery on account of the matters described herein may hereafter be had from anyone whomsoever, and that the consideration given for this release is no admission of liability. 

This letter may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and
delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same instrument. A facsimile signature of any party shall be sufficient to constitute the original execution of this letter by such party
for all purposes. 
 [Signature Pages Follow] 

  
 -5- 

 
			
	Regards,
	
	COMMERZBANK AG, NEW YORK BRANCH, as LC Issuer

 
			
		
	By:	 	 /s/ John Geremia

	Name:	 	 John Geremia

	Title:	 	 Managing Director

		
	By:	 	 /s/ Patrizia Lloyd

	Name:	 	 Patrizia Lloyd

	Title:	 	 Director

 [Signature Page to Waiver - AXA Reimbursement Agreement (Commerzbank)] 

  

	
	 Accepted and Agreed as of the date first stated above:

	
	 AXA EQUITABLE HOLDINGS, INC., the
Guarantor

  

			
		
	By:	 	 /s/ Robin M. Raju

	Name:	 	Robin M. Raju
	Title:	 	Senior Vice President & Treasurer

 [Signature Page to Waiver - AXA Reimbursement Agreement (Commerzbank)]EX-10.34

 Exhibit 10.34 
  

			
	

	  	 redefining / standards®

 

 June 30, 2015 

Mark Pearson 
 Chairman & Chief Executive Officer

 AXA US 
 Dear George: 

This letter confirms that the company has decided to provide you with a nonqualified deferred compensation benefit as described below. If you have any
questions regarding this benefit, please call Chris Banthin at 212-314-3909. 

Employer Contributions 
 For 2014 and each following
calendar year during which you are employed by AXA Equitable Life Insurance Company (“AXA Equitable”), you will be entitled to an employer contribution to a deferred compensation account. The amount of the contribution for a year will
equal the value of the additional employer contributions that you would have received in that year under the AXA Equitable 401(k) Plan and its related excess plan if eligible compensation for purposes of those plans equaled your worldwide income
instead of your U.S. income for the applicable year (with a reduction for FICA taxes as described below under “FICA Taxes”). Your employer contribution for a calendar year will be credited to a deferred compensation account in
February of the following calendar year, except for your employer contribution for 2014 which will be credited to a deferred compensation account as soon as practicable following the date of this letter. 

Example: Your employer contribution for 2015 will be credited to your 2015 Account in February 2016. Your employer contribution for 2016
will be credited to your 2016 Account in February 2017. 
 For this purpose, your “worldwide income” for a calendar year is the total of your base
salary and short-term incentive compensation paid to you in that calendar year by any AXA affiliates (including AXA Equitable) while your “US income” for a year is your base salary and short-term incentive compensation paid to you in the
calendar year by AXA Equitable. 
 Vesting 
 You will be
immediately vested in any employer contributions. 
 Your Accounts 

Each employer contribution you receive will be credited to a separate deferred compensation account as described above. Your accounts will be maintained for
recordkeeping purposes only. They will not be funded with actual stock, cash or any other assets. 
 You will be able to view your accounts online.
Specifically, we have asked Karr Barth Administrators (“Karr Barth”), the administrator for our executive deferral plan (The Amended and Restated Post-2004 Variable Deferred Compensation Plan for Executives (the “Executive
Plan”)), to provide an online account for you that is similar to the accounts provided for participants in the Executive Plan even though this benefit is not a part of that plan. You can manage your accounts at www.kbadmin.com.

 Your initial login ID is your social security number (no spaces or dashes) and your initial password is your
six-digit date of birth (must be entered in MMDDYY format). When you first log on, you will go through a brief registration process to select your own login ID and password, and provide answers to security
questions for future login ID and password recovery. 
 AXA Equitable Life Insurance Company 

1290 Avenue of the Americas, New York, NY 10104 
 “AXA”
and “AXA US” are brand names of AXA Equitable Financial Services, LLC and its family of companies, including AXA Equitable Life Insurance Company (NY, NY), MONY Life Insurance Company of America (AZ stock company, administrative office:
Jersey City, NJ), AXA Advisors, LLC and AXA Distributors, LLC. 

  
 1 

 Payment Elections 

2014 and 2015 Accounts 
 You may not make a payment
election with respect to the payment of your 2014 and 2015 Accounts. These accounts will be paid in a lump sum on the first business day of the seventh month following your separation from
service.1 
 2016 and Later Accounts 

You may make separate payment elections for each account that is established for you other than the 2014 and 2015 Accounts. You must make these elections prior
to the start of the applicable year (e.g., you must make an election for your 2016 Account by December 31, 2015). Please consider these elections carefully as you will have only a limited ability to change them, as described in
“Changing your Payment Elections for 2016 and Later Accounts” below. The company will solicit your election in the fourth quarter of each year. If you fail to make an election prior to the start of a year, your account for that year
will be paid in a lump sum on the first business day of the seventh month following your separation from service. 
 Timing 

You may elect to commence payments from an account in July or December of any year after the year in which the employer contribution is made, provided that
payments must commence by the first July or December following your age 71 and you may not elect to have payments commence prior to the date you attain age 62. 

Example: For your 2016 Account, you may elect to commence payments in July or December of 2018 or any later year, provided that payments
must commence by the first July or December following your age 71 and you may not elect to have payments commence prior to the date you attain age 62. 

Form 
 You may receive payment of your account balance in
a lump sum or in any combination of lump sum and/or annual installments paid over consecutive years. 
 You may specify a dollar amount for installments. If
you do not specify a dollar amount, the amount of each payment will be based on the value of your account determined as of the last business day of the month prior to the payment. 

Example: If you elect to receive 40% of your 2016 Account balance in July 2020, you will receive 40% of the value of your account
balance as of June 30, 2020. Similarly, if you elect annual installments, each installment will be calculated by dividing the value of the account as of the last business day of the month prior to distribution by the number of installments
remaining. 
 Separation from Service 
 You may elect
how you would like your balance paid in the case of your separation from service prior to your specified payment date for an account. Payment can be made in any combination of lump sum and/or annual installments paid over consecutive years. Payments
will commence in the earlier of the first July and first December following the date that is 15 months following your separation from service, unless you elect to delay your payment after you separate from service under the rules provided below
under “Changing Your Payment Elections.” 
  

	1 	 For purposes of all of your accounts, separation from service has the meaning set forth in Section 409A of
the Internal Revenue Code of 1986 and the Treasury regulations thereunder and does not include a separation of service due to death. Generally, under this definition, you will not be deemed to separate from service until you terminate your work
relationship with AXA Equitable and any of its affiliates (using an 80% ownership test). 

  
 2 

 Death 
 You
may elect how you would like your balance paid in the case of your death prior to both your specified payment date for an account and your separation from service. Payment can be made in any combination of lump sum and/or annual installments paid
over consecutive years. Payments will commence in the earlier of the first July and first December following the date that is 15 months following your death, unless your beneficiary elects to delay the payment after your death under the rules
provided below under “Changing Your Payment Elections.” 
 If your death occurs after your specified payment date, your beneficiary (or
your estate if you do not designate a beneficiary) will continue to receive payments in the same form and at the same time you would have received them had you lived. 

Disability2 

If you become disabled prior to your specified payment date for an account, your separation from service and your death, you will receive your account balance
in a lump sum 15 months after the date you become disabled unless you elect to delay the payment after you become disabled under the rules provided below under “Changing Your Payment Elections.” 

Changing Your Payment Elections For 2016 and Later Accounts 

You (or your beneficiary in the case of your death) may change your payment elections prior to the commencement of payments, provided that any change: 

 

	 	•	 	will not take effect for 12 months; 

  

	 	•	 	must delay the payment for at least five years from the date it would otherwise have been paid (except in the case of distributions related to death or disability); 

 

	 	•	 	must be made at least a year before the first scheduled payment in the case of a payment based on a specified month; and 

  

	 	•	 	may not result in payments commencing later than the first July or December following your age 71 (or, in the case of payments related to separation from service, death or disability, the later of your age 71 and 75
months following your separation, death or disability, as applicable). 

 Also, payment elections related to your separation from service,
death or disability may not be changed until after you separate from service, die or become disabled, as applicable. 
 Example: You
initially elect to receive your 2016 Account in installments over 15 years beginning in July 2018. Subsequent to this election, you decide that you want to change your election to a lump sum payment. 

 

	 	•	 	Provided that you make your election at least 12 months prior to July 2018, you may elect to receive a lump sum payment in July 2023 or later. 

Example: You initially elect to receive your 2016 Account in installments over 10 years beginning in July 2018. On September 1,
2017, you wish to change your election. 
  

	 	•	 	This change would not be allowed because September 1, 2017 is less than 12 months before July 2018. 

Earnings Crediting Options 
 You may choose from among a
variety of earnings crediting options for determining the rate of return to be credited to your accounts. The earnings crediting options will be the same as the options provided under The Executive Plan. The currently available options, which are
among those offered under the AXA Premier VIP Trust and EQ Advisors Trust, are described in the prospectus available at www.kbadmin.com. Earnings crediting options may be added, discontinued or replaced with a fixed interest rate at any time,
provided that no change will affect the amount credited to your accounts prior to the date of change. 
  

	2 	 “Disability” means disability as defined in Section 409A of the Internal Revenue Code of 1986 and
the Treasury regulations thereunder. 

  
 3 

 Your account balances will be credited with gains and losses as if invested in the available earnings crediting
options chosen by you. Accordingly, your account balances are subject to normal investment risk. The rates of return (positive or negative) will be compounded and credited daily. 

Any earnings on your account balances accumulate on an income tax-deferred basis. To preserve the income tax-deferred status of your accounts, the performance of the various earnings crediting options is used for measurement purposes only; the company may not actually invest in those funds. 

You may change your earnings crediting options online at www.kbadmin.com. If a request is made after 3:003 p.m. ET on any trading day, or any time on a day other than a trading day, the effective date of the transaction will be at the close of the next trading day. 

You may change the earnings crediting options you have selected as frequently as you wish, except that your ability to change your earnings crediting options
may be limited in order to prevent market-timing or similar activity. You will be subject to the same restrictions as applicable to participants in the Executive Plan. Currently, there is a restriction on transferring amounts both into and out of
the same earnings crediting option within a five-business day period (with the exception of the EQ/Money Market Fund option). 

 

A Note About Crediting Rates: The funds of the AXA Premier VIP Trust and EQ Advisors Trust are
described in the prospectus, which you should carefully review prior to making your earnings crediting options elections. The rates of return credited will be the total return of the funds you select net of asset-based charges (which include money
management fees, fund expenses and “mortality and expense risk” insurance contract charges, but not 12b-1 fees). Although a standard mortality and expense risk charge of .60% applies to all crediting
rates, the total of the asset-based charges varies by fund, and can change over time. The current charges for all of the funds are provided in the prospectus. 

Beneficiary Designation 
 You should designate a
beneficiary (one or more individuals or a trust) to receive any balance remaining in your accounts when you die. If there is no beneficiary designation on file or if all designated beneficiaries have predeceased you, we will pay any balance in your
accounts to your estate. You may change your beneficiary at any time at www.kbadmin.com. 
 Internal Revenue Code Section 409A 

Section 409A of the Internal Revenue Code of 1986 (“Section 409A”) applies to all nonqualified deferred compensation benefits after
December 31, 2004 and provides rules regarding the timing of initial deferral elections, changes to deferral elections and distributions. Tax penalties may apply if those rules are not followed. It is intended that your benefit will comply with
the provisions of Section 409A and the Treasury regulations thereunder so as not to subject you to the payment of additional taxes and interest under Section 409A. Any provisions of this letter that are inconsistent with this intent will
be void to the minimum extent necessary to permit this intent to be fulfilled. All interpretations of this letter shall be consistent with this intent. Any action of the company that it is inconsistent with this intent shall be void and without
effect to the minimum extent possible (if any) that will allow this intent to be fulfilled. If the failure to take an action would cause your deferred compensation benefit to violate the rules of Section 409A, then to the extent it is possible
to avoid a violation of Section 409A, it is intended that the rights and effects under this letter be altered to avoid such outcome. In all cases, the provisions of this section shall apply to the maximum extent permissible under
Section 409A and notwithstanding any contrary provision of the letter that is not contained in this section. 
  

	3 	Or one hour before the scheduled close of the New York Stock Exchange on abbreviated trading days (for this purpose, a “trading day” is any day the New York Stock Exchange is open for trading).

  
 4 

 Please note that, although your benefit is intended to be administered according to Section 409A, you
would be liable for any tax penalties imposed under Section 409A. The company would not be liable. 
 Acceleration of Payments 

Payments to you from your accounts may only be accelerated as follows: 
  

	 	•	 	if a portion of your account is includible in income under Section 409A, such portion will be distributed to you immediately; and 

 

	 	•	 	distributions from an account will be made as necessary to fulfill a domestic relations order (as defined in Internal Revenue Code Section 414(p)(1)(B)). 

Payments from your account will not be accelerated in any other circumstance, including your bankruptcy or other financial hardship. Please keep this
is mind when making your payment elections. 
 ERISA 

This benefit is intended to be an unfunded plan maintained primarily to provide deferred compensation benefits for “a select group of management or highly
compensated employees” within the meaning of Sections 201, 301 and 401 of the Employee Retirement Income Security Act of 1974 (“ERISA”) and therefore is exempt from the funding, vesting and fiduciary requirements of ERISA. 

Taxes 
 The following briefly discusses U.S. federal
income tax consequences of your benefit. Please note that this discussion is based on current law and does not purport to address all aspects of U.S. federal taxation that may be relevant to you in light of your personal circumstances. 

FICA Taxes 
 Your employer contributions are subject to
FICA tax at the time they are credited to your account. Accordingly, your employer contributions will be reduced each year for the amount of the FICA tax and any income tax withholding on the amount of the FICA. 

FICA will not apply to any earnings credited to your accounts or any payments from your accounts. 

Income Taxes 
 The amounts you elect to defer, and any
earnings thereon, are not subject to federal income tax at the time they are credited to your accounts. Your Federal Form W-2 will reflect these amounts for informational purposes only. 

Payments from an account will be taxed as ordinary income when received and will be subject to income tax withholding at the rates applicable in the year of
receipt. Please also note that: 
  

	 	•	 	Your account balances or payments from your accounts cannot be rolled over into a qualified retirement plan or an Individual Retirement Account (IRA). 

 

	 	•	 	Qualified plan five-year or ten-year income tax averaging is not allowed. 

  

	 	•	 	An IRS 10% excise tax will not be assessed on distributions prior to age 59 1/2 as in a qualified plan. 

Important Note: This document is not intended as legal or tax advice. Accordingly, any tax information provided in this document is not
intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties that may be imposed on the taxpayer. You are strongly urged to consult your personal tax advisor regarding the tax consequences of receiving
this benefit in your particular circumstances. 

  
 5 

 Transfer of Interest 

For tax reasons, you may not transfer or assign your interest in this benefit. Your interest is not eligible collateral for loan security or any other purpose.

 Amendment and Termination 
 The terms and conditions
of this letter may be amended, suspended, discontinued or terminated at any time by the company, provided that no such amendment, suspension, discontinuance or termination will reduce the amounts that are payable or may become payable to you based
upon the balance of your accounts as of the effective date of such amendment, suspension, discontinuance or termination. 
 Governing Law 

If not preempted by federal law, this benefit will be governed by, and interpreted in accordance with the laws of New Jersey. 

Unsecured Creditor Status 
 Unlike qualified plans, your
deferred compensation benefit is unfunded and unsecured. In a qualified plan, funds are set aside for participants that neither the company nor its creditors may use for any other purpose. In contrast, tax laws prohibit the company from similarly
setting aside funds to pay your deferred compensation benefit. Your account is only a bookkeeping account; payments are dependent on, and will be made exclusively from, the general assets of the company. You are a general unsecured creditor of the
company and have no security or other interest in any particular assets of the company. 
  

	
	Sincerely,
	
	

	Mark Pearson

  
 6

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