Document:

Exhibit 10(b)

 

EXECUTION COPY

 

Protective Life Corporation

2801 Highway 280 South

Birmingham, AL 35223

 

April 23,
2010

 

UBS
AG, Stamford Branch

677
Washington Boulevard

Stamford,
CT 06901

Attention:
Structured Fixed Income

 

Guarantee Agreement

 

Dear
Sirs and Madams,

 

In
connection with the Reimbursement Agreement, dated as of April 23, 2010,
between Golden Gate III Vermont Captive Insurance Company (the “Borrower”) and UBS AG, Stamford Branch (“UBS” or “you”) (the “Reimbursement Agreement”), Protective Life Corporation (the “Company”, “we” or “us”) hereby agree and confirm that:

 

(a)           we
irrevocably and unconditionally guarantee to you performance by the Borrower of
its payment obligations in respect of all Fees under and in accordance with Section 2.03(a),
(b), (c) or (d) (Fees) of  the Reimbursement Agreement; and

 

(b)           whenever the Borrower does not pay
any Fee, or portion thereof, when due in accordance with Section 2.03(a),
(b), (c) or (d) (Fees) of the
Reimbursement Agreement, we shall, within ten (10) Business Days from
first written demand from you to us following such failure by the Borrower to
pay when due, pay such Fee or portion thereof as if we were the principal
obligor,

 

provided that, in each
case above, any amount of a Fee irrevocably and finally paid by the Borrower to
you prior to your receipt of any payment made by us under the terms of this
letter agreement (the “Guarantee”)
shall reduce the obligation of the Company under this Guarantee to pay you such
Fee (or portion thereof) by an amount equal to such payment.

 

This Guarantee is a continuing guarantee and
will extend to any existing balance of Fees payable by the Borrower under the
Reimbursement Agreement, regardless of any intermediate payment or discharge in
whole or in part other than pursuant to the proviso in the paragraph above.

 

The
obligations of the Company under
this Guarantee shall terminate and the Company shall cease to have further
liability under this Guarantee (save for any amount then due under this
Guarantee) upon the final payment of all Fees by the Borrower pursuant to the
Reimbursement

 

211

 

Agreement. 
You hereby agree to execute all releases, instruments of discharge
and/or documents as may be reasonably necessary to effect or evidence the
release of the Company from all liability under or in connection with this
Guarantee following such termination and related request by us.

 

Capitalized
terms used herein and not otherwise defined shall have the meanings set forth
in the Reimbursement Agreement.

 

This
Guarantee may be executed in one or more counterparts, each of which shall be
an original but all of which together shall constitute one and the same
instrument. If any provision of this Guarantee, or the application thereof to
any person or circumstance, is held invalid or unenforceable, the remainder of
this Guarantee, and the application of such provision to other persons or
circumstances, shall not be affected thereby, and to such end, the provisions
of this Guarantee are agreed to be severable. Nothing in this Guarantee,
express or implied, is intended to confer upon any person not a party to this
Guarantee any rights or remedies of any nature whatsoever under or by reason of
this Guarantee.

 

This
Guarantee shall be binding upon and inure to the benefit of the parties hereto
and their respective successors and assigns. This Guarantee may not be amended,
supplemented, waived or modified except by an instrument in writing signed on
behalf of each of the parties hereto and with the consent of UBS and any
amendment made without such consent shall be void ab initio;
provided that such consent of UBS is not unreasonably withheld or
delayed.

 

This
Guarantee constitutes the entire agreement between the parties hereto and supersedes
all prior agreements and understandings both written or oral, between the
parties with respect to the subject matter hereof. This Guarantee may not be
assigned by either party hereto without the written consent of the other party,
and any such assignment without such consent shall be void and of no force and
effect.

 

This Guarantee is not
intended to be and is not, and nothing herein contained and nothing done by the
Company pursuant to this Guarantee shall be deemed to constitute, a guarantee
by the Company of, any obligation of the Borrower other than its obligation to
pay Fees pursuant to the Reimbursement Agreement.

 

Nothing contained in this Guarantee shall be
construed as requiring us to make any loan, advance, capital contribution or
other investment at the time otherwise required to be made under this Guarantee
that is not then be permitted to be made because of any law or governmental rule or
regulation applicable to us.

 

This
Guarantee shall be construed in accordance with and governed by the law of the
State of New York.

 

212

 

Please sign below to indicate your agreement and acceptance of the
foregoing.

 

 

	
   

  	
  Very
  truly yours,

  
	
   

  	
   

  
	
   

  	
  PROTECTIVE
  LIFE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

 

	
  Accepted
  and Agreed:

  
	
   

  
	
  UBS
  AG, STAMFORD BRANCH

  
	
   

  
	
   

  	
   

  
	
  Name:

  
	
  Title:

  
	
   

  
	
   

  	
   

  
	
  Name:

  
	
  Title:

  

 

Signature page to the
PLC Guarantee Agreement

 

213Exhibit 10(c)

 

Protective Life Corporation

Director Indemnity Agreement

 

This
Agreement is made as of August 2, 2010 by and among Protective Life
Corporation, a Delaware corporation (the “Corporation”), and [Director’s Name].

 

RECITALS

 

The
Director is currently a member of the Board of Directors of the Corporation and
is performing valuable services for the Corporation.  The Corporation wishes the Director to
continue in such capacity and the Director is willing, under certain
circumstances, to continue in such capacity.

 

The
Corporation wishes to provide indemnification to the Director to the fullest
extent permissible under the law.

 

Paragraphs
6.5(a) through (e) of Article VI of the Corporation’s 1998
Restated Certificate of Incorporation provide that the Director shall not be
personally liable to the Corporation or its stockholders for monetary damages
for breach of fiduciary duty as a director except in certain specified
circumstances and that the Director shall be indemnified and held harmless by
the Corporation to the fullest extent authorized by the Delaware General
Corporation Law.

 

The
Director and the Corporation desire that the limitation of the Director’s
liability and the indemnification of the Director by the Corporation, each as
provided in paragraphs 6.5(a) through (e) of Article VI of the
Corporation’s 1998 Restated Certificate of Incorporation, be contract rights
and obligations that survive and continue notwithstanding any amendment,
restatement or other change to the Corporation’s 1998 Restated Certificate of
Incorporation after the date of this Agreement.

 

AGREEMENT

 

NOW,
THEREFORE, in order to induce the Director to continue to serve as a director
of the Corporation, and in consideration of the Director’s continued service,
the Corporation hereby agrees as follows:

 

1.         Agreement to
Indemnify

 

(a)       (i)    The Corporation agrees to
indemnify and hold the Director harmless to the fullest extent permissible
under the law from any and all expense, liability, and loss, (including
attorneys’ fees, judgments, fines, ERISA, excise taxes, or penalties and
amounts paid or to be paid in settlement) reasonably incurred or suffered by
such person in connection with any action, suit, or proceeding, whether civil,
criminal, administrative, or investigative (hereinafter a “proceeding”), by
reason of the fact that he or she, or a person of whom he or she is the legal
representative, is or was a director of the Corporation or is or 

 

214

 

was serving at the request of the Corporation as a director, officer,
employee, or agent of another corporation or of a partnership, joint venture,
trust or other enterprise, including service with respect to employee benefit
plans, whether the basis of such proceeding is alleged action in an official
capacity as a director, officer, employee, or agent or in any other capacity
while serving as a director, officer, employee, or agent.  The indemnification provided in this
paragraph 1(a)(i) shall inure to the benefit of the Director’s heirs,
executors and administrators. The right to indemnification conferred in this
paragraph 1(a)(i) shall include the right to be paid by the Corporation
the expenses incurred in defending any such proceeding in advance of its final
disposition, subject in all cases to requirements of applicable law.

 

(ii)   Notwithstanding the
foregoing, if the Director is seeking indemnification under paragraph 1(a)(i) of
this Agreement in connection with a proceeding (or part thereof) initiated by
the Director, other than a proceeding for payment of a claim under paragraph
1(a)(i) of this Agreement, the Corporation shall indemnify the Director
only if such proceeding (or part thereof) was authorized by the Board of
Directors of the Corporation.

 

(b)   In addition to
the foregoing, with respect to the Director the Corporation will be bound by
and perform (i) the terms of paragraphs 6.5(a) through (e) of Article VI
of the Corporation’s 1998 Restated Certificate of Incorporation as in effect on
the date of this Agreement and as set forth as Schedule 1 to this Agreement and
incorporated by reference herein and (ii) any other provision of the
Corporation’s Certificate of Incorporation in effect after the date of this
Agreement and during the term of the Director. 
No modification or amendment to any governing document of the
Corporation, including without limitation the Corporation’s 1998 Restated
Certificate of Incorporation, shall in any way adversely affect the Director’s
rights under this Agreement.

 

(c)   This Agreement shall not be deemed to diminish or
otherwise restrict the Director’s right to indemnification under the law or
under any provision of the Corporation’s Certificate of Incorporation or
Bylaws, as they may be amended, restated or otherwise changed from time to time,
that may be more favorable to the Director than the Director’s rights under
this Agreement.

 

(d)   This Agreement shall be binding on all successors
and assigns of the Corporation (including any transferee of all or
substantially all of its assets and any successor by merger, consolidation, or
operation of law) and shall inure to the benefit of the heirs, personal
representatives and estate of the Director.

 

215

 

2.         Governing Law
and Construction

 

This
Agreement shall be governed by and construed in accordance with Delaware
law.  The provisions of this Agreement
shall be construed liberally to provide the Director with the greatest
protection available under the law.

 

IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed and signed as of the date first stated above.

 

 

	
  PROTECTIVE
  LIFE CORPORATION

  	
   

  	
  DIRECTOR

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
  John
  D. Johns

  	
   

  	
   

  	
  [
  Director’s Name]

  
	
   

  	
  Chairman
  and Chief Executive Officer

  	
   

  	
   

  	
   

  

 

216

 

SCHEDULE 1

to

Protective Life Corporation

Director Indemnity Agreement

 

Paragraphs 6.5 (a) through (e) of Article VI

of

Protective Life Corporation’s

1998 Restated Certificate of Incorporation

 

6.5           (a)           A director of the Corporation
shall not be personally liable to the Corporation or its stockholders for
monetary damages for breach of fiduciary duty as a director, except for
liability (i) for any breach of the director’s duty of loyalty to the
Corporation or its stockholders, (ii) for acts or omissions not in good
faith or which involve intentional misconduct or a knowing violation of law, (iii) under
Section 174 of the Delaware General Corporation Law, or (iv) for any
transaction from which the director derived an improper personal benefit.

 

(b)           Each person who was or is
made a party or is threatened to be made a party to or is involved in any
action, suit, or proceeding, whether civil, criminal, administrative, or
investigative (hereinafter a “proceeding”), by reason of the fact that he or
she, or a person of whom he or she is the legal representative, is or was a
director or officer of the Corporation or is or was serving at the request of
the Corporation as a director, officer, employee, or agent of another
corporation or of a partnership, joint venture, trust or other enterprise,
including service with respect to employee benefit plans, whether the basis of
such proceeding is alleged action in an official capacity as a director,
officer, employee, or agent or in any other capacity while serving as a
director, officer, employee, or agent, shall be indemnified and held harmless
by the Corporation to the fullest extent authorized by the Delaware General
Corporation Law, against all expense, liability, and loss (including attorneys’
fees, judgments, fines, ERISA, excise taxes, or penalties and amounts paid or
to be paid in settlement) reasonably incurred or suffered by such person in
connection therewith and such indemnification shall continue as to a person who
has ceased to be a director, officer, employee, or agent and shall inure to the
benefit of his or her heirs, executors and administrators; provided, however,
that, except as provided in paragraph (c) hereof, the Corporation shall
indemnify any such person seeking indemnification in connection with a
proceeding (or part thereof) initiated by such person only if such proceeding
(or part thereof) was authorized by the Board of Directors of the
Corporation.  The right to
indemnification conferred in this Section shall be a contract right and
shall include the right to be paid by the Corporation the expenses incurred in
defending any such proceeding in advance of its final disposition; provided,
however, that, if the Delaware General Corporation Law requires, the payment of
such expenses incurred by a director or officer in his or her capacity as a
director or officer (and not in any other capacity in which service was or is
rendered by such person while a director or officer, including, without
limitation, service to an employee benefit plan) in advance of the final
disposition of a proceeding, shall be made only upon delivery to the
Corporation of an undertaking, by or on behalf of such director or officer, to
repay all amounts so advanced if it shall ultimately be determined that such
director or officer is not entitled to be indemnified under this Section or
otherwise.  The Corporation may, by
action of its Board of Directors, provide indemnification to employees and
agents of the Corporation with the same scope and effect as the foregoing
indemnification of directors and officers.

 

217

 

(c)           If a claim under paragraph (b) of
this Section is not paid in full by the Corporation within thirty days
after a written claim has been received by the Corporation, the claimant may at
any time thereafter bring suit against the Corporation to recover the unpaid
amount of the claim and, if successful in whole or in part, the claimant shall
be entitled to be paid also the expense of prosecuting such claim.  It shall be a defense to any such action
(other than an action brought to enforce a claim for expenses incurred in
defending any proceeding in advance of its final disposition where the required
undertaking, if any is required, has been tendered to the Corporation) that the
claimant has not met the standards of conduct which make it permissible under
the Delaware General Corporation Law for the Corporation to indemnify the
claimant for the amount claimed, but the burden of proving such defense shall
be on the Corporation.  Neither the
failure of the Corporation (including its Board of Directors, independent legal
counsel, or its stockholders) to have made a determination prior to the
commencement of such action that indemnification of the claimant is proper in
the circumstances because he or she has met the applicable standards of conduct
set forth in the Delaware General Corporation Law, nor an actual determination
by the Corporation (including its Board of Directors, independent legal
counsel, or its stockholders) that the claimant has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption
that the claimant has not met the applicable standards of conduct.

 

(d)           The right to indemnification
and the payment of expenses incurred in defending a proceeding in advance of
its final disposition conferred in this Section shall not be exclusive of
any other right which any person may have or hereafter acquire under any
statute, provision of the Certificate of Incorporation, Bylaw, agreement, vote
of stockholders or disinterested directors, or otherwise.

 

(e)           The Corporation may maintain
insurance, at its expense, to protect itself and any director, officer,
employee, or agent of the Corporation or another corporation, partnership,
joint venture, trust, or other enterprise against any such expense, liability,
or loss, whether or not the Corporation would have the power to indemnify such
person against such expense, liability, or loss under the Delaware General
Corporation Law.

 

218

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