Document:

EX-10.2

 Exhibit 10.2 
 EMPLOYMENT AGREEMENT 
 Vericity Holdings, Inc., a Delaware corporation (the
“Company”), and
                                         
    (“Executive”) (collectively, the “Parties”) agree to enter into this EMPLOYMENT AGREEMENT dated as of
                                         
    (“Agreement”) as follows: 
 1. EMPLOYMENT. 

The Company hereby agrees to continue to employ Executive, and Executive hereby agrees to be employed by the Company, upon the terms and subject to the
conditions set forth in this Agreement. 
 2. TERM OF EMPLOYMENT. 

The period of Executive’s employment under this Agreement shall begin as of
                                         
        and shall continue until terminated in accordance with Section 5 below. As used in this Agreement, the phrase “Employment Term” refers to Executive’s period of employment from the date of
this Agreement until the date executive’s employment is terminated. 
 3. DUTIES AND
RESPONSIBILITIES. 
  

	(a)	 The Company will initially employ Executive as its
                                         
        (as the responsibilities may evolve, executive’s “Position”). In such capacity, Executive shall perform the customary duties and have the customary responsibilities of such positions and such
other duties as may be assigned to Executive from time to time by
                                         
           . 

  

	(b)	 Executive agrees to faithfully serve the Company, devote executive’s full working time, attention and energies to the business of
the Company, its subsidiaries and affiliated entities, and perform the duties under this Agreement to the best of executive’s abilities. Executive may participate in other outside business, charitable and/or civic activities provided that such
activities are not inconsistent with Executive’s duties under this Agreement and will not be disadvantageous to the Company. 

  

	(c)	 Executive agrees (i) to comply with all applicable laws, rules and regulations; (ii) to comply with the Company’s rules,
procedures, policies, requirements, and directions; and (iii) not to engage in any other business or employment without the written consent of the Company except as otherwise specifically provided herein. 

4. COMPENSATION AND BENEFITS. 

 

	(a)	 Base Salary. During the Employment Term, the Company shall pay Executive a base salary at the annual rate of
$                                     per year or such higher rate as
may be determined from time to time by the Company (“Base Salary”). Such Base Salary shall be paid in accordance with the Company’s standard payroll practice for executives. 

 

	(b)	 Expense Reimbursement. The Company shall promptly reimburse Executive for the ordinary and necessary business expenses incurred by
Executive in the performance of the duties under this Agreement in accordance with the Company’s customary practices applicable to executives, provided that such expenses are incurred and accounted for in accordance with the
Company’s policy. 

  

	(c)	 Benefit Plans, Fringe Benefits and Vacations. During the Term of Employment, the Executive shall be entitled to participate in all
employee profit sharing and welfare benefit plans and programs made available to the Company’s senior level executives or to its employees generally, 

	 	
as such plans or programs may be in effect from time to time, including, without limitation, profit sharing, savings and other retirement plans or programs, 401(k), medical, dental,
hospitalization, short-term and long-term disability and life insurance plans, accidental death and dismemberment protection, travel accident insurance, and any other retirement plans or programs and any other employee welfare benefit plans or
programs that may be sponsored by the Company from time to time, including any plans that supplement the above-listed types of plans or programs, whether funded or unfunded. Notwithstanding the above, Company shall have no obligation to provide
benefits to Executive for which Executive does not qualify pursuant to the terms of the benefit plans or programs as a result of the limited term of Executive’s employment under this Agreement. 

 

	(d)	 Annual Cash Incentive Program. Executive shall be eligible to participate in the Company’s annual cash incentive program, based on
achieving certain performance objectives as set by the Board. The Target payment under the Annual Cash Incentive Program shall equal     % (“Target Percentage”) of Base Salary or such higher amount as may be determined
from time to time by the Company. 

  

	(e)	 Change in Control Plan. Executive shall be eligible to participate in the Company’s Change in Control Plan, as it may be amended
from time to time. However, prior to December 31, 2021, the Executive shall be exempt from any such amendments that materially diminish benefits to the Executive. However, Executive shall be eligible to participate in any retention incentives
as approved by the Board or as part of any additional Agreement in contemplation of a Change in Control. 

  

	(f)	 Long Term Incentive Plan. Executive shall be eligible to participate in the Company’s Long Term Incentive Plan, as it may be
amended from time to time. However, prior to December 31, 2021, the Executive shall be exempt from any such amendments that materially diminish benefits to the Executive. 

 

	(g)	 Long Term Equity Incentive Plan. To the extent the Company becomes a public company, Executive shall be eligible to participate in the
Company’s Long Term Equity Incentive Plan, as it may be amended from time to time. 

 5. TERMINATION
OF EMPLOYMENT. 
 Executive’s employment under this Agreement may be terminated under any of the
circumstances set forth in this Section 5. Upon termination, Executive (or executive’s beneficiary or estate, as the case may be) shall be entitled to receive the compensation and benefits described in Section 6 below, and, if
applicable, Section 7 below. 
  

	(a)	 Death. Executive’s employment shall terminate upon Executive’s death. 

 

	(b)	 Total Disability. The Company may terminate Executive’s employment upon executive’s becoming “Totally Disabled”.
For purposes of this Agreement, the term “Totally Disabled” shall mean the Executive is unable to perform the normal full-time services Executive was performing prior to the onset of any sickness, injury or disability for a consecutive
period of one hundred eighty (180) days with no reasonable prospect of returning to normal full-time service. A determination of “Totally Disabled” shall be made by the Company in its sole discretion. During the period of
“Total Disability” as set forth herein, Executive’s compensation shall be governed exclusively by the Company’s short-term and long-term disability plans, if any, as applicable. 

  
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	(c)	 Termination by the Company for Cause. The Company may terminate Executive’s employment for Cause at any time after providing
written notice to Executive. For purposes of this Agreement, the term “Cause” shall mean: 

  

	 	(i)	 indictment by federal or state authorities in respect of any crime that involves – in the good faith judgment of the Company
– theft, dishonesty or breach of trust; 

  

	 	(ii)	 conviction of any felony; 

  

	 	(iii)	 commission of any act or omission that results in, or may reasonably be expected to result in, a conviction, plea of no contest, plea
of nolo contendere, or imposition of unadjudicated probation for any felony; 

  

	 	(iv)	 deliberate and repeated refusal to perform the customary employment duties reasonably related to executive’s Position (other than
as a result of vacation, sickness, illness or injury); 

  

	 	(v)	 in the good faith judgment of the Company, fraud or embezzlement of Company property or assets; 

 

	 	(vi)	 misconduct or malfeasance (intentional or reckless wrongdoing with or without malicious or tortious intent) that may, in the good faith
judgment of the Company, have a material adverse effect on the Company; or 

  

	 	(vii)	 a breach or violation of any provision of this Agreement. 

 

	(d)	 Termination by the Company without Cause. The Company may terminate Executive’s employment without Cause at any time after
providing written notice to Executive. 

  

	(e)	 Termination by Executive. Executive may terminate executive’s employment under this Agreement after providing not less than thirty
(30) days’ advance written notice to the Company. 

 6. COMPENSATION FOLLOWING
TERMINATION OF EMPLOYMENT. 
 Upon termination of Executive’s employment under this
Agreement, Executive (or executive’s designated beneficiary or estate, as the case may be) shall be entitled to receive the following compensation: 
  

	(a)	 Earned but Unpaid Compensation, Expense Reimbursement. The Company shall pay Executive any accrued but unpaid Base Salary for services
rendered to the date of termination, any accrued but unpaid expenses required to be reimbursed under this Agreement, and any vacation accrued to the date of termination. 

 

	(b)	 Other Compensation and Benefits. Except as may be provided under this Agreement, 

 

	 	(i)	 any benefits to which Executive may be entitled pursuant to the plans, policies and arrangements referred to in Section 4(c), (d)
or (e) above shall be determined and paid in accordance with the terms of such plans, policies and arrangements, and 

  

	 	(ii)	 Executive shall have no right to receive any other compensation, or to participate in any other plan, arrangement or benefit, with
respect to future periods after such termination or resignation. 

  
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 7. ADDITIONAL COMPENSATION PAYABLE FOLLOWING
TERMINATION WITHOUT CAUSE. 
  

	(a)	 Requirements for Additional Compensation. In addition to the compensation set forth in Section 6 above, Executive will receive the
additional compensation set forth in subsection (b) below, if the following requirements are met: 

  

	 	(i)	 Executive’s employment is terminated by the Company pursuant to Section 5(d) above and there has NOT been a Change in Control
of the Company (as defined in the Vericity Holdings, Inc. Change in Control Severance Benefits Plan (the “CIC Plan”)) entitling Executive to benefits under the CIC Plan; 

 

	 	(ii)	 Executive strictly abides by the restrictive covenants set forth in Section 8 below; and 

 

	 	(iii)	 Executive (or in the case of death of the Executive, the Executive’s representative) executes (and does not revoke) a separation
agreement and release in a form that is reasonable, customary, consistent with this agreement and acceptable to the Company (Company’s acceptance may not be unreasonably withheld) on or after executive’s employment termination date, but no
later than the date required by the Company in accordance with applicable law. 

  

	(b)	 Additional Compensation. The Company shall provide Executive with the following compensation and benefits:

  

	 	(i)	 An amount equal to eighteen months of Executive’s then current Base Salary, paid in equal monthly installments over the that period
immediately following Executive’s termination of employment (the “Severance Payments”); provided, that the first installment payment of the Severance Payments shall be made on the sixtieth (60th) day after the date of Executive’s termination, and will
include payment of any installment payments that were otherwise due prior thereto; plus 

  

	 	(ii)	 An amount equal to the target of executive’s bonus under the Annual Cash Incentive Program reflecting payment of the target percentage
multiplied by eighteen months of Executive’s then current Base Salary, paid in equal monthly installments over the eighteen month period immediately following Executive’s termination of employment (the “Severance Payments”);
provided, that the first installment payment of the Severance Payments shall be made on the sixtieth (60th) day after the date of Executive’s termination, and will include payment of any installment payments that were otherwise due prior thereto; plus 

 

	 	(iii)	 subject to (x) Executive’s timely election of continuation coverage under COBRA, and (y) Executive’s continued
copayment of premiums at the same level and cost to Executive as if Executive were an employee of the Company (excluding, for purposes of calculating cost, an employee’s ability to pay premiums with
pre-tax dollars), continued payment by the Company of executive’s health insurance coverage during the eighteen month period following the date of termination to the same extent that the Company
paid for such coverage immediately prior to the date of termination, in a manner intended to avoid any excise tax under Section 4980D of the Internal Revenue Code of 1986, as amended (the “Code”), subject to the eligibility
requirements and other terms and conditions of such insurance coverage. 

 8. RESTRICTIVE
COVENANTS 
  

	(a)	 Confidential Information/Competitive Business. 

  
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	 	(i)	 Confidential Information and Trade Secrets. Executive agrees that during the course of employment with the Company, Executive has and
will come into contact with and have access to various forms of Confidential Information and Trade Secrets, which are the property of the Company. This information relates both to the Company, its customers, vendors and its employees. For purposes
of this Agreement, the term “Confidential Information and Trade Secrets” means all information not generally known to the public that Executive acquires or learns of during the course of Executive’s employment with the Company that
relates to:: 

  

	 	(A)	 information with respect to costs, commissions, expirations, fees, profits, sales, markets, products and product formulae, mailing
lists, strategies and plans for future business, new business, product or other development, new and innovative product ideas, potential acquisitions or divestitures, and new marketing ideas; 

 

	 	(B)	 product formulations, algorithms, system designs, site maps, information processing methodologies, software, software coding
methodologies, website functionality, information security processes, business methods, procedures, devices, machines, equipment, data processing programs, software computer models, research projects, system customizations, program implementation
plans, and other information and means used by the Company in the conduct of its business; 

  

	 	(C)	 the identity of the Company’s customers and product end users, their names and addresses, the names of representatives of the
Company’s customers responsible for entering into contracts with the Company, the amounts paid by such customers to the Company, specific customer needs and requirements, and leads and referrals to prospective customers; and

  

	 	(D)	 the identity and number of the Company’s employees, their salaries, bonuses, benefits, qualifications and abilities;

 all of which information Executive acknowledges and agrees has been developed, compiled or acquired by the
Company at its great effort and expense. Confidential Information and Trade Secrets can be in any form: oral, written or machine readable, including electronic files. 
  

	 	(ii)	 Secrecy of Confidential Information and Trade Secrets Essential. Executive acknowledges and agrees that the Company is engaged in a
highly competitive business and that its competitive position depends upon its ability to maintain the confidentiality of the Confidential Information and Trade Secrets which were developed, compiled and acquired by the Company over a considerable
period of time and at its great effort and expense. Executive further acknowledges and agrees that any disclosure, divulging, revelation or use of any of the Confidential Information and Trade Secrets, other than in connection with the
Company’s business or as specifically authorized by the Company, will be highly detrimental to the Company, and that serious loss of business and pecuniary damage may result therefrom. 

 

	(b)	 Non-Disclosure of Confidential Information. Accordingly, Executive agrees, except as
specifically required in the performance of executive’s duties on behalf of the Company, Executive will not, while associated with the Company and for so long thereafter as the pertinent information or documentation remains confidential,
directly or indirectly use, disclose or disseminate to any other person, organization or entity or otherwise use any of the Company’s Confidential Information and Trade Secrets; further Executive agrees to maintain Company’s

  
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Confidential Information and Trade Secrets in strict confidence and to use all commercially reasonable efforts to not allow any unauthorized access to, or disclosure of, the Company’s
Confidential Information and Trade Secrets. Notwithstanding the foregoing, pursuant to the federal Defend Trade Secrets Act of 2016, Executive shall not be held criminally or civilly liable under federal or state trade secret law for the disclosure
of a trade secret that: (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected
violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 

  

	(c)	 Return of Material. Executive further agrees to deliver to the Company, immediately upon resignation or separation from the Company or
at any other time the Company so requests to return any of the following that may be in executive’s possession or under executive’s control: 

  

	 	(i)	 any and all documents, files, notes, memoranda, databases, computer files and/or other computer programs reflecting any Confidential
Information and Trade Secrets whatsoever, or otherwise relating to the Company’s business; 

  

	 	(ii)	 lists of the Company’s customers or leads or referrals to prospective customers; 

 

	 	(iii)	 any computer equipment, home office equipment, automobile or other business equipment belonging to the Company which Executive may then
possess or have under executive’s control; and 

  

	 	(iv)	 all product formulations, algorithms, system designs, site maps, information processing methodologies, software, software coding
methodologies, website functionality, information security processes, business methods, procedures, devices, machines, equipment, data processing programs, software computer models, research projects, system customizations, program implementation
plans and other information and means used by the Company in the conduct of its business. 

  

	(d)	 No Competitive Activity. Executive acknowledges and agrees that the Company is engaged in a highly competitive business and that by
virtue of Executive’s position and responsibilities with the Company and Executive’s access to the Confidential Information and Trade Secrets, engaging in any business which is directly competitive with the Company will cause Company great
and irreparable harm. Therefore, Executive covenants and agrees that at all times 

  

	 	(i)	 during executive’s period of employment with the Company, and 

 

	 	(ii)	 during the period beginning on the date of termination of executive’s employment (whether such termination is voluntary or
involuntary, for Cause or without Cause, or otherwise) and ending on the later of (A) one (1) year following executive’s date of termination or (B) the last date on which Executive receives compensation and benefits
pursuant to Section 7 above, 

 Executive shall not, within the “Territory”: (1) directly or
indirectly, engage in, assist, or have any active interest or involvement—whether as an employee, agent, consultant, creditor, advisor, officer, director, stockholder (excluding holding of less than 1% of the stock of a public company),
partner, proprietor or any type of principal whatsoever – in any person, firm, or business entity which engages in business competitive with the Company, or any person, firm, or business entity which is planning to engage in business
competitive with the Company; or (2) be employed in a managerial or executive capacity by any person, firm, or business entity which engages in business competitive with the Company or any person, firm, or business entity which

  
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is planning to engage in business competitive with the Company.    For purposes of this Section 8(d), “Territory” shall be defined as the United States or, if
Executive did not have job responsibilities which were nationwide in scope while employed by the Company, any state for which Executive was responsible or in which Executive worked during Executive’s employment with the Company. 

However, notwithstanding the above, the Company and I recognize and agree that I have worked in the insurance industry and have been an
industry executive and we agree that I am not prevented from being employed by or consulting with a competitor or company client, provided I adhere to the confidentiality, non-solicitation and non-disparagement sections of this Section 8 of this agreement, and provided the breadth of business with whom I might affiliate and the services that I might provide in connection with that affiliation are not
solely or materially focused on an non medically underwritten life insurance products. For avoidance of doubt, this agreement is not intended to prevent me from earning a living in the industry where I have experience, reputation and expertise, but
this agreement ensures that I will not start or take material ownership in a competing organization, divulge or use confidential information, or solicit the Company’s employees or customers in connection with any such future employment or
consulting. 
  

	(e)	 Non-Solicitation of Customers. Executive acknowledges and agrees that solely by reason of
employment by the Company, Executive has and will come into contact with some, most or all of the Company’s customers and will have access to Confidential Information and Trade Secrets regarding the Company’s customers as set forth in
Section 8(a) of this Agreement. Therefore, Executive covenants and agrees that at all times during the period beginning on the date of termination of executive’s employment (whether such termination is voluntary or involuntary, for Cause
or without Cause, or otherwise) and ending on the later of (A) one (1) year following executive’s date of termination or (B) the last date on which Executive receives compensation and benefits pursuant to Section 7
above, Executive shall not directly or indirectly, solicit, contact, do business with, call upon, or communicate with any customer, former customer or prospective customer of the Company for the purpose of providing any product or service that was
provided (or that was contemplated to be provided) by the Company at the time of Executive’s separation from employment. This restriction shall apply to any customer, former customer or prospective customer of the Company with whom Executive
had contact or about whom Executive obtained Confidential Information or Trade Secrets during the twenty-four (24) months preceding Executive’s separation from employment with the Company. 

 

	(f)	 Non-Solicitation of Employees. Executive acknowledges and agrees that solely as a result of
employment with the Company, Executive has and will come into contact with and acquire confidential information regarding some, most, or all of the Company’s employees. Therefore, Executive covenants and agrees that at all times

  

	 	(i)	 during executive’s period of employment with the Company, and 

 

	 	(ii)	 during the period beginning on the date of termination of executive’s employment (whether such termination is voluntary or
involuntary, for Cause or without Cause, or otherwise) and ending on the later of (A) one (1) year following executive’s date of termination or (B) the last date on which Executive receives compensation and benefits
pursuant to Section 7 above, 

 Executive shall not, either on Executive’s own account or on behalf
of any person, firm, or business entity, recruit, solicit, interfere with, or endeavor to cause any employee of the Company with whom Executive came into contact or about whom Executive obtained confidential information, to leave his or her
employment with the Company, or to work in a capacity that is competitive with the Company, or to work in a capacity that is 

  
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similar to the capacity in which the employee was employed by the Company. 
  

	(g)	 Non-Disparagement. Executive covenants and agrees that during the course of executive’s
employment by the Company and at any time thereafter, Executive shall not, directly or indirectly, in public or private, deprecate, impugn, disparage, or make any remarks that would tend to or be construed to tend to defame the Company, its products
or services, or any of its officers, directors, employees, or agents; nor shall Executive assist any other person, firm or Company in so doing. 

  

	(h)	 Conflict of Interest. Executive may not use executive’s position at the Company, or knowledge of any of the Company’s
Confidential Information or Trade Secrets, or any of the Company’s assets, for personal gain. A direct or indirect financial interest, including joint ventures in or with a supplier, vendor, customer or prospective customer without disclosure
and written approval from the Board is strictly prohibited. 

 9. ENFORCEMENT OF
COVENANTS. 
  

	(a)	 Termination of Employment and Forfeiture of Compensation. Executive agrees that in the event that the Company determines that executive
has breached any of the covenants set forth in Section 8 above during executive’s employment, the Company shall have the right to terminate executive’s employment for Cause. In addition, Executive agrees that if the Company determines
that he has breached any of the covenants set forth in Section 8 at any time, the Company shall have the right to discontinue any or all remaining benefits payable pursuant to Section 7 above, as applicable. Such termination of employment
or discontinuance of benefits shall be in addition to and shall not limit any and all other rights and remedies that the Company may have against Executive and the separation agreement and release set forth in Section 7(a)(iii) shall remain in
full force and effect. 

  

	(b)	 Right to Injunction. Executive acknowledges and agrees that compliance with the covenants set forth in this Agreement is necessary to
protect the business and goodwill of the Company and any breach of the covenants set forth in Section 8 above will cause irreparable damage to the Company with respect to which the Company’s remedy at law for damages will be inadequate.
Therefore, in the event of breach or anticipatory breach of the covenants set forth in this Section 8 by Executive, Executive and the Company agree that the Company shall in addition to any remedies otherwise available to it at law or equity be
entitled to relief in the form of injunctions, both preliminary and permanent, enjoining or retraining such breach or anticipatory breach and Executive hereby consents to the issuance thereof forthwith and without bond by any court of competent
jurisdiction. 

  

	(c)	 Separability of Covenants. The covenants contained in Section 8 above constitute a series of separate covenants, one for each
applicable State in the United States and the District of Columbia, and one for each applicable foreign country. If in any judicial proceeding, a court shall hold that any covenant set forth in Section 8 is not permitted by applicable law, then
Executive and the Company agree that such provision shall and is hereby reformed to the maximum time, geographic, or occupational limitations permitted by such laws. Further, in the event a court shall hold unenforceable any of the separate
covenants deemed included herein, then such unenforceable covenant or covenants shall be deemed eliminated from the provisions of this Agreement for the purpose of such proceeding to the extent necessary to permit the remaining separate covenants to
be enforced in such proceeding. Executive and the Company further agree that the covenants in Section 8 shall each be construed as a separate agreement independent of any other provisions of this Agreement, and the existence of any claim or
cause of action by Executive against the Company whether predicated on this Agreement or otherwise, 

  
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shall not constitute a defense to the enforcement by the Company of any of the covenants set forth in Section 8. 

 10. WITHHOLDING OF TAXES. 
 The Company shall
withhold from any compensation and benefits payable under this Agreement all applicable federal, state, local, or other taxes. 
 11.
NO CLAIM AGAINST ASSETS. 
 Nothing in this Agreement shall be construed as
giving Executive any claim against any specific assets of the Company or as imposing any trustee relationship upon the Company in respect of Executive. The Company shall not be required to establish a special or separate fund or to segregate any of
its assets in order to provide for the satisfaction of its obligations under this Agreement. Executive’s rights under this Agreement shall be limited to those of an unsecured general creditor of the Company and its affiliates. 

12. SUCCESSORS AND ASSIGNMENT. 
 Except as otherwise provided in this Agreement, this Agreement shall inure to the benefit of and be binding upon the Parties hereto and their respective heirs, representatives, successors and assigns. The
rights and benefits of Executive under this Agreement are personal to executive and no such right or benefit shall be subject to voluntary or involuntary alienation, assignment or transfer; provided, however, that nothing in this Section 12
shall preclude Executive from designating a beneficiary or beneficiaries to receive any benefit payable on executive’s death. 
 13.
INDEMNIFICATION 
  

	(a)	 The Company agrees that if the Executive is made a party, or is threatened to be made a party, to any action, suit or proceeding,
whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that he is or was a director, officer or employee of the Company or is or was serving at the request of the Company as a director, officer,
member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to employee benefit plans, whether or not the basis of such Proceeding is the Executive’s alleged action in
an official capacity while serving as a director, officer, member, employee or agent, the Executive shall be indemnified and held harmless by the Company to the fullest extent legally permitted or authorized by the Company’s certificate of
incorporation or bylaws or resolutions of the Company’s Board of Directors or, if greater, by the laws of the State of Illinois, against all cost, expense, liability and loss (including, without limitation, attorney’s fees, judgments,
fines, ERISA excise taxes or other liabilities or penalties and amounts paid or to be paid in settlement) reasonably incurred or suffered by the Executive in connection therewith, and such indemnification shall continue as to the Executive even if
he has ceased to be a director, member, employee or agent of the Company or other entity and shall inure to the benefit of the Executive’s heirs, executors and administrators. If permitted by the bylaws and applicable law, the Company shall
advance to the Executive all reasonable costs and expenses incurred by him in connection with a Proceeding within 20 calendar days after receipt by the Company of a written request for such advance. Such request shall include an undertaking by the
Executive to repay the amount of such advance if it shall ultimately be determined that he is not entitled to be indemnified against such costs and expenses. 

 

	(b)	 Neither the failure of the Company (including its board of directors, independent legal counsel or shareholders) to have made a
determination prior to the commencement of any Proceeding concerning payment of amounts claimed by the Executive under Section 13(a) above that indemnification of the Executive is proper because he has met the applicable standard of conduct,

  
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nor a determination by the Company (including its board of directors, independent legal counsel or shareholders) that the Executive has not met such applicable standard of conduct, shall create a
presumption that the Executive has not met the applicable standard of conduct. 

  

	(c)	 The Company agrees to continue and maintain a directors’ and officers’ liability insurance policy covering the Executive
which is no less favorable than the policy covering other senior officers of the Company. 

 14. ENTIRE
AGREEMENT; AMENDMENT. 
 This Agreement shall supersede any and all existing oral or written agreements,
representations, or warranties between Executive and the Company or any of its subsidiaries or affiliated entities relating to the terms of Executive’s employment. It may not be amended except by a written agreement signed by both Parties.

 15. GOVERNING LAW. 
 This Agreement shall be governed by and construed in accordance with the domestic substantive laws of the State of Illinois, without giving effect to any conflicts or choice of laws rule or provision that
would result in the application of the domestic substantive laws of any other jurisdiction. Any dispute under this Agreement shall be brought in state or federal court in Chicago, Illinois. Executive consents to jurisdiction of such courts; agrees
and acknowledges that this is a proper and convenient forum; and agrees not to raise objections to this venue based on inconvenient forum, improper venue or similar grounds. 
 16. SECTION 409A 
  

	(a)	 Although the Company does not guarantee the tax treatment of any payments under the Agreement, the intent of the Parties is that the
payments and benefits under this Agreement be exempt from, or comply with, Section 409A of the Internal Revenue Code of 1986, as amended, and all Treasury Regulations and guidance promulgated thereunder (“Code Section 409A”) and
to the maximum extent permitted the Agreement shall be limited, construed and interpreted in accordance with such intent. In no event whatsoever shall the Company or its affiliates or their respective officers, directors, employees or agents be
liable for any additional tax, interest or penalties that may be imposed on Executive by Code Section 409A or damages for failing to comply with Code Section 409A. 

 

	(b)	 Notwithstanding any other provision of this Agreement to the contrary, to the extent that any reimbursement of expenses constitutes
“deferred compensation” under Code Section 409A, such reimbursement shall be provided no later than December 31 of the year following the year in which the expense was incurred. The amount of expenses reimbursed in one year shall
not affect the amount eligible for reimbursement in any subsequent year. The amount of any in-kind benefits provided in one year shall not affect the amount of in-kind
benefits provided in any other year. 

  

	(c)	 For purposes of Code Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), the right to receive payments in the form of installment payments shall be treated as a right to receive a series of separate payments and, accordingly, each installment payment
shall at all times be considered a separate and distinct payment. Whenever a payment under this Agreement may be paid within a specified period, the actual date of payment within the specified period shall be within the sole discretion of the
Company. 

  
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	(d)	 Notwithstanding any other provision of this Agreement to the contrary, if at the time of Executive’s separation from service (as
defined in Code Section 409A), Executive is a “Specified Employee”, then the Company will defer the payment or commencement of any nonqualified deferred compensation subject to Code Section 409A payable upon separation from
service (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the date that is six (6) months following separation from service or, if earlier, the earliest other date as is permitted under Code
Section 409A (and any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of the six (6) month period or such shorter period, if applicable). Executive will be
a “Specified Employee” for purposes of this Agreement if, on the date of Executive’s separation from service, Executive is an individual who is, under the method of determination adopted by the Company designated as, or within the
category of employees deemed to be, a “Specified Employee” within the meaning and in accordance with Treasury Regulation Section 1.409A-1(i). The Company shall determine in its sole discretion
all matters relating to who is a “Specified Employee” and the application of and effects of the change in such determination. 

  

	(e)	 Notwithstanding anything in this Agreement or elsewhere to the contrary, a termination of employment shall not be deemed to have
occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute “non-qualified deferred compensation” within the meaning of Code
Section 409A upon or following a termination of the Employee’s employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this
Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service” and the date of such separation from service shall be the date of termination for purposes of any
such payment or benefits. 

 17. NOTICES. 
 Any notice, consent, request or other communication made or given in connection with this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by nationally
recognized overnight courier services, by registered or certified mail, return receipt requested, by facsimile or by hand delivery, to those listed below at their following respective addresses or at such other address as each may specify by notice
to the others: 
 To the Company: 
 [insert address] 
 Attention: ___________________ 

To Executive: 

[insert address] 
 18.
MISCELLANEOUS. 
  

	(a)	 Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a
waiver thereof or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 

  

	(b)	 Separability. If any term or provision of this Agreement above is declared illegal or unenforceable by any court of competent
jurisdiction and cannot be modified to be enforceable, 

  
 11 

	 	
such term or provision shall immediately become null and void, leaving the remainder of this Agreement in full force and effect. 

 

	(c)	 Headings. Section headings are used herein for convenience of reference only and shall not affect the meaning of any provision of this
Agreement. 

  

	(d)	 Rules of Construction. Whenever the context so requires, the use of the singular shall be deemed to include the plural and vice versa.

  

	(e)	 Counterparts. This Agreement may be executed via electronic signature and in any number of counterparts, each of which so executed
shall be deemed to be an original, and such counterparts will together constitute but one Agreement. 

 IN WITNESS WHEREOF,
the Parties hereto have duly executed this Agreement as of the day and year set forth below. 
  

			
	VERICITY HOLDINGS, INC.	  	EXECUTIVE
	By:	  	
		
	  
	  	  

		
	Name:	  	Date:
		
	  
	  	  

		
	Title:	  	Address:
		
	  
	  	  

		
	Date:	  	
		
	  
	  	  

  
 12EX-10.3

 Exhibit 10.3 

VERICITY HOLDINGS, INC. 
 CHANGE
IN CONTROL SEVERANCE BENEFITS PLAN 

 TABLE OF CONTENTS 
  

					
	 Article I
	  			
		
	 PURPOSE AND EFFECTIVE DATE
	  	 	1	 
		
	 1.1 Purpose
	  	 	1	 
	 1.2 Effective Date
	  	 	1	 
		
	 Article II
	  			
		
	 DEFINITIONS
	  	 	1	 
		
	 2.1 Base Salary
	  	 	1	 
	 2.2 Beneficiary
	  	 	1	 
	 2.3 Board
	  	 	1	 
	 2.4 Cause
	  	 	2	 
	 2.5 Change in Control
	  	 	2	 
	 2.6 Code
	  	 	3	 
	 2.7 Committee
	  	 	3	 
	 2.8 Company
	  	 	3	 
	 2.9 Constructive Termination
	  	 	3	 
	 2.10 Continuation Period
	  	 	4	 
	 2.11 Covered Termination
	  	 	4	 
	 2.12 Disability
	  	 	4	 
	 2.13 Eligible Employee
	  	 	5	 
	 2.14 ERISA
	  	 	5	 
	 2.15 Holding Company
	  	 	5	 
	 2.16 Involuntary Termination
	  	 	5	 
	 2.17 Plan
	  	 	5	 
		
	 Article III
	  			
		
	 ELIGIBILITY FOR BENEFITS
	  	 	6	 
		
	 3.1 General Rules
	  	 	6	 
	 3.2 Exceptions to Benefit Entitlement
	  	 	6	 
		
	 Article IV
	  			
		
	 AMOUNT AND PAYMENT OF SEVERANCE BENEFITS
	  	 	7	 
		
	 4.1 Base Salary
	  	 	7	 
	 4.2 Bonus Payment
	  	 	7	 
	 4,3 Continued Insurance Benefits
	  	 	7	 
	 4.4 Acceleration of Vesting
	  	 	9	 
	 4.5 Payment of Benefits
	  	 	9	 
		
	 Article V
	  			
		
	 LIMITATIONS ON BENEFITS
	  	 	10	 
		
	 5.1 Release
	  	 	10	 
	 5.2 Certain Reductions and Offsets
	  	 	10	 
	 5.3 Mitigation
	  	 	10	 
	 5.4 Termination of Benefits
	  	 	10	 

  
 i 

					
	 5.5 Non-Duplication of Benefits
	  	 	10	 
	 5.6 Indebtedness of Eligible Employees
	  	 	11	 
	 5.7 Change in Control Payments
	  	 	11	 
	 5.8 Payment to Guardian
	  	 	11	 
		
	 Article VI
	  			
		
	 BENEFICIARY DESIGNATION
	  	 	12	 
		
	 6.1 Beneficiary Designation
	  	 	12	 
	 6.2 Changing Beneficiary
	  	 	12	 
	 6.3 No Beneficiary Designation
	  	 	12	 
	 6.4 Effect of Payment
	  	 	12	 
		
	 Article VII
	  			
		
	 ADMINISTRATION
	  	 	12	 
		
	 7.1 Committee; Duties
	  	 	12	 
	 7.2 Agents
	  	 	13	 
	 7.3 Binding Effect of Decisions
	  	 	13	 
	 7.4 Indemnity of Committee
	  	 	13	 
		
	 Article VIII
	  			
		
	 AMENDMENT AND TERMINATION OF PLAN
	  	 	13	 
		
	 8.1 Amendment
	  	 	13	 
	 8.2 Termination
	  	 	14	 
		
	 Article IX
	  			
		
	 MISCELLANEOUS
	  	 	14	 
		
	 9.1 Unsecured General Creditor
	  	 	14	 
	 9.2 Nonassignability
	  	 	14	 
	 9.3 Not a Contract of Employment
	  	 	14	 
	 9.4 Protective Provisions
	  	 	15	 
	 9.5 Governing Law
	  	 	15	 
	 9.6 Validity
	  	 	15	 
	 9.7 Notice
	  	 	15	 
	 9.8 Successors
	  	 	15	 
	 9.9 Tax Provisions
	  	 	15	 
	 9.10 Assumption
	  	 	16	 
	 9.11 Claims, Inquiries And Appeals
	  	 	16	 
	 9.12 Other Plan Information
	  	 	18	 
	 9.13 Statement of ERISA Rights
	  	 	19	 

  
 ii 

 VERICITY HOLDINGS, INC. 

CHANGE IN CONTROL SEVERANCE BENEFITS PLAN 

ARTICLE I 
 PURPOSE AND
EFFECTIVE DATE 
 1.1 Purpose 
 The purpose of this
Vericity Holdings, Inc. Change in Control Severance Benefits Plan (the “Plan”) is to provide for the payment of severance benefits to certain eligible employees of Fidelity Life Association whose employment with the Company is terminated
following a Change in Control. This Plan shall supersede any severance benefit plan, policy or practice previously maintained by the Company. This Plan document also is the Summary Plan Description for the Plan within the meaning of ERISA. 

1.2 Effective Date 
 This Plan was originally effective as
of January 1, 2009. It was amended and restated effective as of January 1, 2014, and was amended and restated effective November 3, 2014. 

ARTICLE II 
 DEFINITIONS

 For the purposes of this Plan, the following terms shall have the meanings indicated, unless the context clearly indicates otherwise: 

2.1 Base Salary 
 “Base Salary” means an Eligible
Employee’s annual base salary as in effect during the last regularly scheduled payroll period immediately preceding the Change in Control or as increased thereafter. 

2.2 Beneficiary 
 “Beneficiary” means the
person, persons or entity entitled under Article VI to receive any Plan benefits payable after an Eligible Employee’s death. 
 2.3 Board 

“Board” means the Board of Directors of the Company. 

  
 1 

 2.4 Cause 

“Cause” means in the case of an employee of the Company, as defined in any employment agreement between the Company and the employee, or if there is
no such agreement or definition; 
  

	 	(a)	 the employee’s failure to adhere to any written Company policy generally applicable to the employees of
the Company if the employee has been given 20 days written notice of such failure and has failed to correct such failure; 

  

	 	(b)	 the appropriation of a material business opportunity of the Company, including securing any personal profit in
connection with any transaction entered into on behalf of the Company; 

  

	 	(c)	 the misappropriation (or attempted misappropriation) of any of the Company’s funds or property; or misuse
of any of the Company’s confidential information; 

  

	 	(d)	 the conviction of, the indictment for (or its procedural equivalent), or the entering of a guilty plea or plea
of no contest with respect to, a felony, the equivalent thereof, or any other crime with respect to which imprisonment is a possible punishment; 

  

	 	(e)	 habitual absenteeism by the employee or the repeated, willful failure to perform any reasonable or customary
tasks typically required in connection with employee’s employment and position with the Company (in each case, other than on account of the Disability of the employee); or 

 

	 	(f)	 the commission of an act by the employee which the Board has reasonably found to involve willful misconduct or
gross negligence on the part of the employee and which has or is reasonably likely to result in a material adverse effect on the Company. 

2.5 Change in Control 
 A “Change in Control”
shall occur when: 
  

	 	(a)	 Any consolidation, merger or consummation of a plan of exchange involving the Holding Company
(“Merger”) in which the Holding Company is not the continuing or surviving corporation or pursuant to which stock of the Holding Company is converted into cash, securities or other property, other than a Merger involving the Holding
Company in which the holders of Holding Company stock immediately prior to the Merger have the same proportionate ownership of stock of the surviving corporation after the Merger; or 

 

	 	(b)	 Any sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or
substantially all of the assets of the Holding Company or the adoption of any plan or proposal for the liquidation or dissolution of the Company; or 

  
 2 

	 	(c)	 A tender or exchange offer, other than one made by the Holding Company, is made for stock (or securities
convertible into stock) and such offer results in a portion of those securities being purchased and the offeror after the consummation of the offer is the beneficial owner (as determined pursuant to Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”)), directly or indirectly, of at least 50% of the outstanding Stock (an “offer”); or 

  

	 	(d)	 The date a majority of members of the Board of Directors of the Holding Company is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board of Directors of the Holding Company before the date of the appointment or election.

 The terms used in this Section 2.5 and not defined elsewhere in the Plan shall have the same meanings as such terms have in the
Exchange Act and the rules and regulations adopted thereunder. Notwithstanding anything herein to the contrary, (i) no combination or merger involving the Holding Company and another mutual holding company, or the Company and another mutual
insurance company, shall constitute a Change in Control unless it constitutes a Change in Control within the meaning of Section 2.5(d); and (ii) an initial public offering (IPO) by the Holding Company shall not constitute a Change in
Control unless more than 50% of the shares offered are purchased, directly or indirectly, by one person or entity, other than the Holding Company, either at the time of the IPO or subsequent to the IPO. 

2.6 Code 
 “Code” means the Internal Revenue
Code of 1986, as amended. 
 2.7 Committee 

“Committee” means the Audit and Compensation Committee of the Board. 

2.8 Company 
 “Company” means
(i) the Holding Company; (ii) Vericity Holdings, Inc.; (iii) Fidelity Life Association, A Legal Reserve Life Insurance Company: or (iv) any successor to the business of (i), (ii) or (iii), and any affiliated or subsidiary corporations of
(i), (ii) or (iii) designated by the Committee. 
 2.9 Constructive Termination 

“Constructive Termination” means a voluntary termination of employment by an Eligible Employee that constitutes a “separation from service”
within the meaning of Code section 409A after one of the following is undertaken without the Eligible Employee’s express written consent: 
  

	 	(a)	 the assignment to the Eligible Employee of duties or responsibilities that results in a material diminution in
the Eligible Employee’s authority, duties or responsibilities as in effect immediately prior to the Change in Control; provided, however, that a change in the Eligible Employee’s title or reporting relationships by itself shall not provide
the basis for a Constructive Termination; 

  
 3 

	 	(b)	 any decrease in base salary, as in effect immediately prior to the Change in Control (or as increased
thereafter); 

  

	 	(c)	 a change in the Eligible Employee’s business location of more than 5 miles from the business location
immediately prior to the Change in Control; or 

  

	 	(d)	 a material breach by the Company of any provisions of the Plan or any enforceable written agreement between the
Company and the Eligible Employee; or the failure of the Company to arrange for the assumption of this Plan by its successor or assign. 

In order to constitute a Constructive Termination, (i) the Eligible Employee must provide written notice to the Company of the occurrence of one or more
of the foregoing events within 30 days following the initial occurrence of the event, and (ii) the Company shall not be required to provide any severance benefits under the Plan if it is able to remedy such event(s) within a period of 30 days
following such notice. 
 2.10 Continuation Period 

“Continuation Period” means the period for which an Eligible Employee is entitled to receive the benefits described in Section 4.3. The Continuation
Period is 12 months. 
 2.11 Covered Termination 

“Covered Termination” means an Involuntary Termination Without Cause or a Constructive Termination, either of which occurs within 12 months following
the effective date of a Change in Control. A Covered Termination shall also include an Involuntary Termination within 12 months prior to a Change in Control that is in contemplation of a Change in Control. 

2.12 Disability 
 An Eligible Employee shall be considered
to have terminated employment because of “Disability” if either of the following apply: 
  

	 	(a)	 the Eligible Employee is unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months; or 

 

	 	(b)	 the Eligible Employee is, by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the
Eligible Employee’s employer. 

  
 4 

 2.13 Eligible Employee 

“Eligible Employee” means an executive employee of the Company who has been designated by the Board as an Eligible Employee, has not entered into an
individual severance benefit or change in control agreement with the Company, and whose employment with the Company terminates due to a Covered Termination. As of the effective date of this Plan the Eligible Employees shall consist of those
employees designated in the Schedule of Benefits attached hereto and incorporated herein by reference. 
 2.14 ERISA 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 

2.15 Holding Company 
 “Holding Company” means
Members Mutual Holding Company, an Illinois mutual insurance holding company. 
 2.16 Involuntary Termination 

“Involuntary Termination” Without Cause means an involuntary termination of an Eligible Employee’s employment by the Company that constitutes a
“separation from service” within the meaning of Code section 409A other than for one of the following reasons: 
  

	 	(a)	 a refusal or failure to follow the lawful and reasonable directions of the Board of Directors or individual to
whom the Eligible Employee reports, which refusal or failure is not cured within 30 days following delivery of written notice of such conduct to the Eligible Employee; 

 

	 	(b)	 a material failure by the Eligible Employee to perform his or her duties in a manner reasonably satisfactory to
the Board of Directors that is not cured within 30 days following delivery of written notice of such failure to the Eligible Employee; or 

  

	 	(c)	 a conviction of a felony involving moral turpitude that is likely to inflict or has inflicted material injury
on the business of the Company. 

 2.17 Plan 

“Plan” means this Vericity Holdings, Inc. Change in Control Severance Benefits Plan, as amended from time to time. Prior to January 1, 2014, the
Plan was named Fidelity Life Association Change in Control Severance Benefits Plan. 

  
 5 

 ARTICLE III 

ELIGIBILITY FOR BENEFITS 
 3.1 General
Rules 
 Subject to the requirements set forth in this Article, the Company will provide the severance benefits described in Article IV of the Plan to
Eligible Employees. In order to be eligible to receive benefits under the Plan, an Eligible Employee must execute and deliver to the Company a general waiver and release in substantially the form attached hereto as Exhibit A, Exhibit B or Exhibit C,
as appropriate, and such release must become effective in accordance with its terms within 60 days after the Eligible Employee’s “separation from service” from the Company within the meaning of Code section 409A. The Company, in its
sole discretion, may modify the form of the required release to comply with applicable state law. Subject to the foregoing, the Company, in its sole discretion, shall determine the form of the required release. 

3.2 Exceptions to Benefit Entitlement 
 An employee who
otherwise is an Eligible Employee will not receive benefits under the Plan in any of the following circumstances, as determined by the Company in its sole discretion: 
  

	 	(a)	 The employee has executed an individually negotiated employment contract or agreement with the Company relating
to severance benefits or change in control benefits that is in effect on his or her termination date, unless such contract or agreement requires the employee to be an Eligible Employee under this Plan. 

 

	 	(b)	 The employee’s employment with the Company is involuntarily terminated by the Company other than in an
Involuntary Termination without Cause. 

  

	 	(c)	 The employee voluntarily terminates employment with the Company and such termination does not constitute a
Constructive Termination. Voluntary terminations include, but are not limited to, resignation, retirement or failure to return from a leave of absence on the scheduled date. 

 

	 	(d)	 The employee voluntarily terminates employment with the Company in order to accept employment with another
entity that is wholly or partly owned (directly or indirectly) by the Company or an affiliate of the Company. 

  

	 	(e)	 The employee is offered immediate reemployment by a successor to the Company or by a purchaser of its assets,
as the case may be, following a change in ownership of the Company or a sale of all or substantially all the assets of a division or business unit of the Company. For purposes of the foregoing, immediate reemployment means that the employee’s
employment with the successor to the Company or the purchaser of its assets, as the case may be, results in uninterrupted employment such that the employee does not suffer a lapse in pay as a result of the change in ownership of the Company or the
sale of its assets; provided, further, that such reemployment opportunity must be one in which the role, functions, responsibilities and level are substantially similar to the position the employee had with Company just prior to such succession or
purchase, and provided further, a lapse or reduction in pay or diminution of responsibility or position as a result of the change in ownership or sale of assets. 

  
 6 

 ARTICLE IV 

AMOUNT AND PAYMENT OF SEVERANCE BENEFITS 

4.1 Base Salary 
 Each Eligible Employee entitled to
receive benefits under this Plan in accordance with Section 3.1 hereof shall receive 18 months of Base Salary or such greater amount as may appear opposite the Eligible Employee’s name on the Schedule of Benefits attached hereto and
incorporated herein by reference. Subject to Section 4.5, such amount shall be paid in substantially equal installments commencing 60 days after the Eligible Employee’s termination of employment pursuant to the Company’s regularly
scheduled payroll periods and shall be subject to all required tax withholding. 
 4.2 Bonus Payment 

Each Eligible Employee shall receive a bonus payment equal A x B x C, where: 
  

	 	A =	 average percentage of his or her bonuses (expressed as a percentage of the Eligible Employee’s then base
salary) for the last three complete fiscal years of the Company for which the Eligible Employee was eligible to receive a bonus (or such fewer fiscal years of the Company for which such Eligible Employee was eligible to receive an annual bonus);
provided, however, that if an Eligible Employee’s Covered Termination occurs during the first fiscal year for which he or she was eligible to receive an annual bonus, it shall be the annualized bonus for the year of termination based on the
Eligible Employee’s performance through the Covered Termination; 

  

	 	B =	 the Eligible Employee’s Base Salary; and 

 

	 	C =	 the number of months of salary continuation under Section 4.1 hereof, divided by 12.

 Subject to Section 4.5, the above amount shall be paid in a lump sum 60 days after the Eligible Employee’s termination of
employment and shall be subject to all required tax withholding. 
 4.3 Continued Insurance Benefits 

 

	 	(a)	 Provided that the Eligible Employee elects continued coverage under the Consolidated Omnibus Budget
Reconciliation Act of 1985 (COBRA), the Company shall pay the portion of premiums of each Eligible Employee’s group medical, dental and vision coverage, including coverage for the Eligible Employee’s eligible dependents, that the Company
paid prior to the Covered 

  
 7 

	 	
Termination, for the Continuation Period; provided, however, that no such premium payments shall be made following the effective date of the Eligible Employee’s coverage by a medical, dental
or vision insurance plan of a subsequent employer. Each Eligible Employee shall be required to notify the Company immediately if the Eligible Employee becomes covered by a medical, dental or vision insurance plan of a subsequent employer. No
provision of this Plan will affect the continuation coverage rules under COBRA, except that the Company’s payment of any applicable insurance premiums during the Continuation Period will be credited as payment by the Eligible Employee for
purposes of the Eligible Employee’s payment required under COBRA. Therefore, the period during which an Eligible Employee may elect whether or not to continue the Company’s group medical, dental or vision coverage under COBRA, the length
of time during which COBRA continuation coverage will be made available to the Eligible Employee, and all other rights and obligations of the Eligible Employee under COBRA will be applied in the same manner that such rules would apply in the absence
of this Plan. At the conclusion of the Continuation Period, the Eligible Employee will be responsible for the entire payment of premiums required under COBRA for the duration of the COBRA continuation period. For purposes of this Section 4.3,
applicable premiums that will be paid by the Company during the Continuation Period shall not include any amounts payable by the Eligible Employee under a Section 125 health care reimbursement plan, which amounts, if any, are the sole
responsibility of the Eligible Employee. 

  

	 	(b)	 Following the Eligible Employee’s termination of employment, the Company will reimburse the Eligible
Employee for the cost of obtaining life and long-term disability insurance comparable to the life and long-term disability benefits provided by the group plans maintained by the Company in which the Eligible Employee was participating immediately
prior to the Eligible Employee’s termination from active employment, subject to the following terms and conditions: 

  

	 	(i)	 Such reimbursements will not exceed the Company’s cost of providing such benefits under its group life and
long-term disability insurance policies had the Eligible Employee remained an active employee of the Company; 

  

	 	(ii)	 Such reimbursements will continue for the number of months opposite the Eligible Employee’s name on the
attached Schedule of Benefits or the Eligible Employee’s lifetime, if shorter; 

  

	 	(iii)	 The amount of expenses eligible for reimbursement during a calendar year will not affect the expenses eligible
for reimbursement, or in kind benefits to be provided, in any other calendar year; 

  
 8 

	 	(iv)	 Such reimbursements will be made no later than the last day of the year after the year in which the Eligible
Employee incurred the expense; and 

  

	 	(V)	 The Eligible Employee’s right to continued reimbursement under this Section 4.3(b) may not be
exchanged for cash or any other benefit. 

 4.4
Acceleration of Vesting 
 Effective as of the date of the
Covered Termination, each Eligible Employee shall be credited with full acceleration of vesting for all accrued benefits under the Company’s inventive and bonus plans, including but not limited to stock grants and options, the long term
incentive plan or plans, annual bonus plans, that the Eligible Employee holds on such date that have not yet vested. 
 4.5 Payment of Benefits 

If the Company determines that any payments or benefits provided to an Eligible Employee pursuant to Article IV (any such payments or benefits, the “Plan
Payments”) constitute deferred compensation under Section 409A of the Code (together, with any state law of similar effect, “Section 409A”) and if the Eligible Employee is a specified employee of the Company, as such term is
defined in Section 409A(a)(2)(B)(i) (a “Specified Employee”), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, the timing of the Plan Payments will be
delayed as follows: on the earliest to occur of (1) the date that is six months and one day after the date of the Eligible Employee’s termination of employment, and (2) the date of the Eligible Employee’s death (such earliest
date, the “Delayed Initial Payment Date”), the Company shall (i) pay the Eligible Employee a lump sum amount equal to the sum of the Plan Payments that the Eligible Employee would otherwise have received through the Delayed Initial
Payment Date if the commencement of the payment of the Plan Payments had not been delayed pursuant to this Section 4.5 and (ii) commence paying the balance of the Plan Payments in accordance with the applicable payment schedule set forth
in Article IV. Prior to the imposition of any delay on the Plan Payments as set forth above, it is intended that (A) each installment of the Plan Payments be regarded as a separate payment for purposes of Treasury Regulations Section 1.409A-2(b)(2)(i), (B) all Plan Payments satisfy, to the greatest extent possible, the exemptions from the application of Section 409A provided under Treasury Regulations Sections 1.409A-1(b)(4) and l.409A-1(b)(9)(iii), and (C) the Plan Payments consisting of COBRA premiums also satisfy, to the greatest extent possible, the exemption from the
application of Section 409A provided under Treasury Regulations Section 1.409A-1(b)(9)(v). 

  
 9 

 ARTICLE V 

LIMITATIONS ON BENEFITS 
 5.1 Release

 To receive benefits under this Plan, an Eligible Employee must execute a release of claims in favor of the Company, in the form attached to this Plan
as Exhibit A, Exhibit B or Exhibit C, as appropriate, and such release must become effective in accordance with its terms within 80 days following Executive’s “separation from service” within the meaning of Code Section 409A. The
Company will provide an Eligible Employee with a copy of the release of claims to be executed within 20 days following Executive’s “separation from service.” 

5.2 Certain Reductions and Offsets 
 Notwithstanding any
other provision of the Plan to the contrary, any benefits payable to an Eligible Employee under this Plan shall be reduced by any severance benefits payable by the Company to such individual under any other policy, plan, program or arrangement,
including, without limitation, a contract between the Eligible Employee and any entity, covering such individual. Furthermore, to the extent that any federal, state or local laws, including, without limitation,
so-called plant closing laws or statutory severance requirements, require the Company to give advance notice or make a payment of any kind to an Eligible Employee because of that Eligible Employee’s
involuntary termination due to a layoff, reduction in force, plant or facility closing, sale of business, change of control, or any other similar event or reason, the benefits payable under this Plan shall either be reduced or eliminated. The
benefits provided under this Plan are intended to satisfy any and all statutory obligations that may arise out of an Eligible Employee’s involuntary termination of employment for the foregoing reasons, and the Plan Administrator shall so
construe and implement the terms of the Plan. 
 5.3 Mitigation 

Except as otherwise specifically provided herein, an Eligible Employee shall not be required to mitigate damages or the amount of any payment provided under
this Plan by seeking other employment or otherwise, nor shall the amount of any payment provided for under this Plan be reduced by any compensation earned by an Eligible Employee as a result of employment by another employer or any retirement
benefits received by such Eligible Employee after the date of the Covered Termination. 
 5.4 Termination of Benefits 

Benefits under this Plan shall terminate immediately if the Eligible Employee, at any time, violates any proprietary information or confidentiality obligation
to the Company. 
 5.5 Non-Duplication of Benefits 

No Eligible Employee is eligible to receive benefits under this Plan more than one time. 

  
 10 

 5.6 Indebtedness of Eligible Employees 

If a terminating employee is indebted to the Company or an affiliate of the Company at his or her termination date, the Company reserves the right to offset
any severance payments under the Plan by the amount of such indebtedness. 
 5.7 Change in Control Payments 

Solely for the purposes of the computation of payments under this Plan and notwithstanding any other provision of the Plan, payments to any Eligible Employee
under the Plan shall be reduced (but not below zero) so that the present value, as determined in accordance with Code section 280G(d)(4), of such payments plus any other payments that must be taken into account for purposes of any computation
relating to the Eligible Employee under Code section 280G(b)(2)(A)(ii), shall not, in the aggregate, exceed 2.99 times the Eligible Employee’s “base amount,” as such term is defined in Code section 280G(b)(3). Notwithstanding any
other provision of the Plan, no reduction in payments under the limitation contained in the immediately preceding sentence shall be applied to payments under the Plan which do not constitute “excess parachute payments” within the meaning
of the Code. 
 Any payments in excess of the limitation of this Section 5.7 or otherwise determined to be “excess parachute payments” made
to any Eligible Employee under the Plan shall be deemed to be overpayments which shall constitute an amount owing from the Eligible Employee to the Company with interest from the date of receipt by the Eligible Employee to the date of repayment (or
offset) at the applicable federal rate under Code section 1274(d), compounded semi-annually, which shall be payable to the Company upon demand; provided, however, that no repayment shall be required under this sentence if in the written opinion of
tax counsel satisfactory to the Eligible Employee and delivered to the Eligible Employee and the Company such repayment does not allow such overpayment to be excluded for federal income and excise tax purposes from the Eligible Employee’s
income for the year of receipt or afford the Eligible Employee a compensating federal income tax deduction for the year of the repayment. 
 5.8 Payment
to Guardian 
 The Committee may direct payment to the duly appointed guardian, conservator, or other similar legal representative of an Eligible
Employee or Beneficiary to whom payment is due. In the absence of such a legal representative, the Committee may, in its sole and absolute discretion, make payment to a person having the care and custody of a minor, incompetent or person incapable
of handling the disposition of property upon proof satisfactory to the Committee of incompetency, minority, or incapacity. Such distribution shall completely discharge the Committee from all liability with respect to such benefit. 

  
 11 

 ARTICLE VI 

BENEFICIARY DESIGNATION 
 6.1
Beneficiary Designation 
 Each Eligible Employee shall have the right, at any time, to designate a Beneficiary (both primary as well as contingent) to
whom benefits under this Plan shall be paid if an Eligible Employee dies prior to complete distribution to the Eligible Employee of the benefits due under the Plan. Each Beneficiary designation shall be in a written form prescribed by the Committee,
and will be effective only when filed with the Committee during the Eligible Employee’s lifetime. 
 6.2 Changing Beneficiary 

Any Beneficiary designation may be changed by an Eligible Employee without the consent of the previously named Beneficiary by the filing of a new Beneficiary
designation with the Committee. The filing of a new Beneficiary designation shall cancel all Beneficiary designations previously filed. If an Eligible Employee’s Compensation is community property, any Beneficiary Designation shall be valid or
effective only as permitted under applicable law. 
 6.3 No Beneficiary Designation 

In the absence of an effective Beneficiary Designation, or if all designated Beneficiaries predecease the Eligible Employee or die prior to complete
distribution of the Eligible Employee’s benefits, the Eligible Employee’s designated Beneficiary shall be deemed to be the Eligible Employee’s estate. 

6.4 Effect of Payment 
 Payment to the Beneficiary shall
completely discharge Company’s obligations under this Plan. 
 ARTICLE VII 

ADMINISTRATION 
 7.1 Committee; Duties

 The Plan shall be administered by the Committee. The Committee shall have the authority to interpret and enforce all appropriate rules and regulations
for the administration of the Plan and decide or resolve any and all questions, including determination of eligibility and interpretations of the Plan, as may arise in such administration. A majority vote of the Committee members in office at the
time of the vote shall control any decision. The required majority action may be taken either by a vote at a meeting or without a meeting by a signed memorandum. Meetings may be conducted by telephone conference call. The Committee may, by majority
action, delegate to one or more of its members the authority to execute and deliver in the name of the Committee all communications and documents which the Committee is required or authorized to provide under this Plan. 

  
 12 

 Any party shall accept and rely upon any document executed in the name of the Committee. 

7.2 Agents 
 The Committee may, from time to time, employ
agents and delegate to them such administrative duties as it sees fit, and may from time to time consult with counsel who may be counsel to the Company. 

7.3 Binding Effect of Decisions 
 The decision or action
of the Committee with respect to any question arising out of or in connection with the administration, interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final, conclusive and binding upon all
persons having any interest in the Plan. 
 7.4 Indemnity of Committee 

The Company shall indemnify and hold harmless the members of the Committee against any and all claims, loss, damage, expense or liability arising from any
action or failure to act with respect to this Plan on account of such person’s service on the Committee, except in the case of gross negligence or willful misconduct and then only when such determination is made by a court decision or other
third party decision or judgment against such person. 
 ARTICLE VIII 

AMENDMENT AND TERMINATION OF PLAN 
 8.1
Amendment 
  

	 	(a)	 The Company may amend the Plan at any time and from time to time by written instrument provided,
however, that no such amendment or termination shall occur following a Change in Control (or after the Company has entered into a definitive agreement the fulfillment of which would cause a Change in Control) if such amendment would affect the
rights of any persons who were employed by the Company prior to the Change in Control. Except as provided in Section 8.1(b) below, the power to amend may be executed only by the Board. 

 

	 	(b)	 The Committee may adopt any technical, clerical, conforming or clarifying amendment or other change, provided:

  

	 	(i)	 The Committee deems it necessary or advisable to: 

 

	 	(A)	 correct any defect, supply any omission or reconcile any inconsistency in order to carry out the intent and
purposes of the Plan; 

  
 13 

	 	(B)	 avoid having benefits or payments under this Plan being deferred compensation within the meaning of Code
section 409A, and this Plan shall be construed and maintain the Plan’s status as a “top-hat” plan for purposes of ERISA; or 

 

	 	(C)	 facilitate the administration of the Plan; 

 

	 	(ii)	 The amendment or change does not, without the consent of the Board, materially increase the cost to the Company
of maintaining the Plan; and 

  

	 	(iii)	 Any amendment adopted by the Committee shall be in writing, signed by a member of the Committee and promptly
reported to the Board. 

 8.2 Termination 

The Company by action of its Board may terminate this Plan at any time provided, however, that no termination shall occur following a Change in Control
if such termination would affect the rights of any persons who were employed by the Company prior to the Change in Control. 
 ARTICLE IX

 MISCELLANEOUS 
 9.1 Unsecured
General Creditor 
 Eligible Employees and Beneficiaries shall be unsecured general creditors, with no secured or preferential right to any assets of
Company or any other party for payment of benefits under this Plan. Company’s obligation under the Plan shall be an unfunded and unsecured promise to pay money in the future. Any life insurance policies, annuity contracts or other property
purchased by Company in connection with this Plan shall remain its general, unpledged and unrestricted assets. 
 9.2 Nonassignability 

Neither an Eligible Employee nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise encumber,
transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part thereof, which are, and all rights to which are, expressly declared to be unassignable and nontransferable. No part of the amounts
payable shall, prior to actual payment, be subject to seizure or sequestration for the payment of any debts, judgments, alimony or separate maintenance owed by an Eligible Employee or any other person, nor be transferable by operation of law in the
event of an Eligible Employee’s or any other person’s bankruptcy or insolvency. 
 9.3 Not a Contract of Employment 

This Plan shall not constitute a contract of employment between the Company and an Eligible Employee. Nothing in this Plan shall give an Eligible Employee the
right to be retained in the service of the Company or to interfere with the right of the Company to discipline or discharge an Eligible Employee at any time. 

  
 14 

 9.4 Protective Provisions 

An Eligible Employee will cooperate with the Company by furnishing any and all information requested by the Company in order to facilitate the payment of
benefits hereunder. 
 9.5 Governing Law 
 The
provisions of this Plan shall be construed and interpreted according to the laws of the State of Illinois, except as preempted by federal law. 
 9.6
Validity 
 In case any provision of this Plan shall be held illegal or invalid for any reason, said illegality or invalidity shall not affect the
remaining parts hereof, but this Plan shall be construed and enforced as if such illegal and invalid provision had never been inserted herein. 
 9.7
Notice 
 Any notice required or permitted under the Plan shall be sufficient if in writing and hand delivered or sent by registered or certified mail.
Such notice shall be deemed as given as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration or certification. Mailed notice to the Committee shall be directed to the
Company’s address. Mailed notice to an Eligible Employee or Beneficiary shall be directed to the individual’s last known address in Company’s records. 

9.8 Successors 
 The provisions of this Plan shall bind
and inure to the benefit of Company and its successors and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or
substantially all of the business and assets of Company, and successors of any such corporation or other business entity. 
 9.9 Tax Provisions 

 

	 	(a)	 If and to the extent that the Company reasonably anticipates that if a payment under this Plan were made as
scheduled, the Company’s deduction with respect to such payment would not be permitted due to the application of Code section 162(m), the Company may elect to delay the payment, provided that the payment is made either during the Company’s
first taxable year in which the Company reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of section 162(m) or during the period
beginning with the date of the Eligible Employee’s separation from service and ending on the later of the last 

  
 15 

	 	
day of the taxable year of the Company in which the Eligible Employee separates from service or the 15th day of the third month following the Eligible Employee’s separation from service, and
provided further that where any scheduled payment to an Eligible Employee in a Company’s taxable year is delayed in accordance with this paragraph, the delay in payment will be treated as a subsequent deferral election for purposes of Code
section 409A unless all scheduled payments to Eligible Employee that could be delayed in accordance with this paragraph or comparable provisions under other agreements are also delayed. Where the payment is delayed to a date on or after the Eligible
Employee’s separation from service, the payment will be considered a payment upon a separation from service for purposes of the rules under Treasury Regulation § 1.409A-3(i)(2) (payments to specified
employees upon a separation from service) and, in the case of a specified employee, the date that is six months after an Eligible Employee’s separation from service shall be substituted for any reference to an Eligible Employee’s
separation from service in the first sentence of this paragraph. 

  

	 	(b)	 To the extent required by the law in effect at the time payments are made, Company shall withhold from payments
made hereunder any taxes required to be withheld by the federal or any state or local government, including any amounts which the Company determines are reasonably necessary to pay any generation-skipping transfer tax which is or may become due. A
beneficiary, however, may elect not to have withholding of federal income tax pursuant to Code section 3405, or any successor provision thereto. 

9.10 Assumption 
 Any successor or assign of the Company
shall be required to assume this Plan. 
 9.11 Claims, Inquiries And Appeals 

 

	 	(a)	 Applications for Benefits and Inquiries 

Any application for benefits, inquiries about the Plan or inquiries about present or future rights under the Plan must be submitted to the Plan Administrator
in writing by an applicant (or his or her authorized representative). The Plan Administrator is: 
 Fidelity Life Association 

Attn: Director of Human Resources 

8700 W. Bryn Mawr, 900S 
 Chicago,
IL 60631 
  

	 	(b)	 Denial of Claims 

In the event that any application for benefits is denied in whole or in part, the Plan Administrator must provide the applicant with written or electronic
notice of the denial of the application, and of the applicants right to review the denial. Any electronic notice will comply with the regulations of the U.S. Department of Labor. The notice of denial will be set forth in a manner designed to be
understood by the applicant and will include the following: 
  

	 	(i)	 the specific reason or reasons for the denial; 

  
 16 

	 	(ii)	 references to the specific Plan provisions upon which the denial is based; 

 

	 	(iii)	 a description of any additional information or material that the Plan Administrator needs to complete the
review and an explanation of why such information or material is necessary; and 

  

	 	(iv)	 an explanation of the Plan’s review procedures and the time limits applicable to such procedures,
including a statement of the applicants right to bring a civil action under Section 502(a) of ERISA following a denial on review of the claim, as described in Section 9.11(d) below. 

This notice of denial will be given to the applicant within 90 days after the Plan Administrator receives the application, unless special circumstances
require an extension of time, in which case, the Plan Administrator has up to an additional 90 days for processing the application. If an extension of time for processing is required, written notice of the extension will be furnished to the
applicant before the end of the initial 90-day period. 
 This notice of extension will describe the special
circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the application. 
  

	 	(c)	 Request for a Review 

Any person (or that persons authorized representative) for whom an application for benefits is denied, in whole or in part, may appeal the denial by submitting
a request for a review to the Plan Administrator within 60 days after the application is denied. A request for a review shall be in writing and shall be addressed to: 

Fidelity Life Association 
 Attn:
Director of Human Resources 
 8700 W. Bryn Mawr, 900S 

Chicago, IL 60631 
 A request for review must set
forth all of the grounds on which it is based, all facts in support of the request and any other matters that the applicant feels are pertinent. The applicant (or his or her representative) shall have the opportunity to submit (or the Plan
Administrator may require the applicant to submit) written comments, documents, records, and other information relating to his or her claim. The applicant (or his or her representative) shall be provided, upon request and free of charge, reasonable
access to, and copies of, all documents, records and other information relevant to his or her claim. The review shall take into account all comments, documents, records and other information submitted by the applicant (or his or her representative)
relating to the claim, without regard to whether such information was submitted or considered in the initial benefit determination. 

  
 17 

	 	(d)	 Decision on Review 

The Plan Administrator will act on each request for review within 60 days after receipt of the request, unless special circumstances require an extension of
time (not to exceed an additional 60 days), for processing the request for a review. If an extension for review is required, written notice of the extension will be furnished to the applicant within the initial
60-day period. This notice of extension will describe the special circumstances necessitating the additional time and the date by which the Plan Administrator is to render its decision on the review. The Plan
Administrator will give prompt, written or electronic notice of its decision to the applicant. Any electronic notice will comply with the regulations of the U.S. Department of Labor. In the event that the Plan Administrator confirms the denial of
the application for benefits in whole or in part, the notice will set forth, in a manner calculated to be understood by the applicant, the following: 
  

	 	(i)	 the specific reason or reasons for the denial; 

 

	 	(ii)	 references to the specific Plan provisions upon which the denial is based; 

 

	 	(iii)	 a statement that the applicant is entitled to receive, upon request and free of charge, reasonable access to,
and copies of, all documents, records and other information relevant to his or her claim; and 

  

	 	(iv)	 a statement of the applicants right to bring a civil action under Section 502(a) of ERISA.

  

	 	(e)	 Rules and Procedures 

The Plan Administrator will establish rules and procedures, consistent with the Plan and with ERISA, as necessary and appropriate in carrying out its
responsibilities in reviewing benefit claims. The Plan Administrator may require an applicant who wishes to submit additional information in connection with an appeal from the denial of benefits to do so at the applicants own expense. 

 

	 	(f)	 Exhaustion of Remedies 

No legal action for benefits under the Plan may be brought until the applicant (i) has submitted a written application for benefits in accordance with the
procedures described by Section 9.11(a) above, (ii) has been notified by the Plan Administrator that the application is denied, (iii) has filed a written request for a review of the application in accordance with the appeal procedure
described in Section 9.11(c) above, and (iv) has been notified that the Plan Administrator has denied the appeal. Notwithstanding the foregoing, if the Plan Administrator does not respond to an applicant’s claim or appeal within the
relevant time limits specified in this Section 9.11, the applicant may bring legal action for benefits under the Plan pursuant to Section 502(a) of ERISA. 

9.12 Other Plan Information 
  

	 	(a)	 Employer and Plan Identification Numbers 

  
 18 

 The Employer Identification Number assigned to the Company (which is the Plan Sponsor as that term is used
in ERISA) by the Internal Revenue Service is 94-2647429. The Plan Number assigned to the Plan by the Plan Sponsor pursuant to the instructions of the Internal Revenue Service is 510. 

 

	 	(b)	 Ending Date for Plan’s Fiscal Year 

The date of the end of the fiscal year for the purpose of maintaining the Plan’s records is December 31. 

 

	 	(c)	 Agent for the Service of Legal Process 

The agent for the service of legal process with respect to the Plan is Fidelity Life Association, Attn: Director of Human Resources, 8700 W. Bryn Mawr, 900S,
Chicago, IL 60631. 
  

	 	(d)	 Plan Sponsor and Administrator 

The Plan Sponsor and the Plan Administrator of the Plan is Fidelity Life Association, Attn: Director of Human Resources, 8700 W. Bryn Mawr, 900S, Chicago, IL
60631. The Plan Sponsor’s and Plan Administrator’s telephone number is 866-254-0972. The Plan Administrator is the named fiduciary charged with the
responsibility for administering the Plan. 
 9.13 Statement of ERISA Rights 

Participants in this Plan (which is a welfare benefit plan sponsored by Fidelity Life Association) are entitled to certain rights and protections under ERISA.
An Eligible Employee is considered a participant in the Plan and, under ERISA, is entitled to: 
  

	 	(a)	 Receive Information About the Plan and Benefits 

 

	 	(i)	 Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as
worksites, all documents governing the Plan and a copy of the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security
Administration; 

  

	 	(ii)	 Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan
and copies of the latest annual report (Form 5500 Series), if applicable, and an updated (as necessary) Summary Plan Description. The Plan Administrator may make a reasonable charge for the copies; and 

 

	 	(iii)	 Receive a summary of the Plan’s annual financial report, if applicable. The Plan Administrator is required
by law to furnish each participant with a copy of this summary annual report. 

  
 19 

	 	(b)	 Prudent Actions by Plan Fiduciaries 

In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan.
The people who operate the Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of Plan participants and beneficiaries. No one, including the employer of the participants or any other person, may fire a
participant or otherwise discriminate against participants in any way to prevent a participant from obtaining a Plan benefit or exercising his or her rights under ERISA. 
  

	 	(c)	 Enforce Participant Rights 

If a participant’s claim for a Plan benefit is denied or ignored, in whole or in part, the participant has a right to know why this was done, to obtain
copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. 
 Under ERISA, there are steps a
participant can take to enforce the above rights. For instance, if a participant requests a copy of Plan documents or the latest annual report from the Plan, if applicable, and does not receive them within 30 days, he or she may file suit in a
Federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay the participant up to $110 a day until he or she receives the materials, unless the materials were not sent because of reasons beyond the
control of the Plan Administrator. 
 If a participant has a claim for benefits that is denied or ignored, in whole or in part, he or she may file suit in a
state or Federal court. 
 If a participant is discriminated against for asserting his or her rights, the participant may seek assistance from the U.S.
Department of Labor, or he or she may file suit in a Federal court. The court will decide who should pay court costs and legal fees. If the participant is successful, the court may order the person the participant has sued to pay these costs and
fees, If the participant loses, the court may order the participant to pay these costs and fees, for example, if it finds his or her claim is frivolous. 
  

	 	(d)	 Assistance with Questions 

If a participant has any questions about the Plan, the participant should contact the Plan Administrator. If a participant has any questions about this
statement or about his or her rights under ERISA, or if a participant needs assistance in obtaining documents from the Plan Administrator, the participant should contact the nearest office of the Employee Benefits Security Administration, U.S.
Department of Labor, listed in the telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210. Participants may
also obtain certain publications about their rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

Effective as of January 1, 2014, Fidelity Life Association has caused its duly authorized officer to execute this restated Vericity Holdings, Inc. Change
In Control Severance Benefits Plan this          day of                     ,
20            . 

  
 20 

 
			
	FIDELITY LIFE ASSOCIATION

 
			
		
	By:	 	 
		
	Title:	 	 

  
 21 

 SCHEDULE OF BENEFITS 

 

			
	 Eligible Employee
	  	 Months of Benefits

		
	James Hohmann	  	24 months
		
	Chris Campbell	  	24 months
		
	 James Harkensee
	  	24 months
		
	 Chris Kim
	  	24 months
		
	 John Buchanan
	  	24 Months
		
	 Laura Zimmerman
	  	24 Months
		
	 Stefan Peter
	  	18 Months
		
	 Marc Cagen
	  	18 Months
		
	 Chris Rzany
	  	18 Months
		
	 Marty Schroeder
	  	18 Months

  
 22 

 EXHIBIT A 

RELEASE 
 (Individual
Termination, age 40 and older) 
 I understand and agree completely to the terms set forth in the Vericity Holdings, Inc. Change in Control Severance
Benefits Plan (the “Plan”), I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am
not relying on any promise or representation by the Company that is not expressly stated herein. Certain capitalized terms used in this Release are defined in the Plan. 

I hereby confirm my continuing obligations under the Company’s Employee Handbook, Code of Conduct and Employment, Confidential Information, Nondisclosure
and Nonsolicitation Agreement (if applicable) or any other similar documents. 
 Except as otherwise set forth in this Release, I hereby release, acquit and
forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs,
expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a
result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time up to and including the dale I execute this Release, including, but not
limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent
infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any Other Ownership interests in the Company, vacation pay, fringe benefits, expense
reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or Local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination
in Employment Act of 1967, as amended (ADEA); the federal Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; the Illinois Human Rights Act, as amended: tort law; contract law; wrongful
discharge; discrimination: fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release the Company from its
obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to agreement or applicable law. 
 I acknowledge that I am
knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Plan for the waiver and release in the preceding paragraph hereof is in addition to anything of value to
which I was already entitled. I further acknowledge that I have been advised by this writing, as required by 

  
 A-1 

 
the ADEA, that: (A) my waiver and release do not apply to any rights of Claims that may arise on or after the date I execute this Release; (B) I have the right to consult with an attorney
prior to executing this Release; (C) I have 21 days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven days following my execution of this Release to revoke the Release; and
(E) this Release shall not he effective until the date upon which the revocation period has expired, which shall he the eighth (8th) day alter I execute this Release. 

 

			
	EMPLOYEE

 
			
		
	NAME:	 	 

 
			
		
	DATE:	 	 

  
 A-2 

 EXHIBIT B 

RELEASE 
 (Individual and
Group Termination, under age 40) 
 I understand and agree completely to the terms set forth in the Vericity Holdings, Inc. Change in Control Severance
Benefits Plan (the “Plan”), I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am
not relying on any promise or representation by the Company that is not expressly stated herein. Certain capitalized terms used in this Release are defined in the Plan. 

I hereby confirm my continuing obligations under the Company’s Employee Handbook, Code of Conduct and Employment, Confidential Information, Nondisclosure
and Nonsolicitation Agreement (if applicable) or any other similar documents. 
 Except as otherwise set forth in this Release, I hereby release, acquit and
forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs,
expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in Law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a
result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time up to and including the date I execute this Release, including, but not
limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent
infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense
reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended; the federal Age Discrimination
in Employment Act of 1967, as amended (ADEA); the federal Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law;
contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release
the Company from its obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to agreement or applicable law. 

  
 B-1 

 
			
	EMPLOYEE

 
			
		
	NAME:	 	 
		
	DATE:	 	 

  
 B-2 

 EXHIBIT C 

RELEASE 
 (Group
Termination, age 40 and older) 
 I understand and agree completely to the terms set forth in the Vericity Holdings, Inc. Change in Control Severance
Benefits Plan (the “Plan”). I understand that this Release, together with the Plan, constitutes the complete, final and exclusive embodiment of the entire agreement between the Company and me with regard to the subject matter hereof. I am
not relying on any promise or representation by the Company that is not expressly stated herein. Certain capitalized terms used in this Release are defined in the Plan. 

I hereby confirm my continuing obligations under the Company’s Employee Handbook, Code of Conduct and Employment, Confidential Information, Nondisclosure
and Nonsolicitation Agreement (if applicable) or any other similar documents. 
 Except as otherwise set forth in this Release, I hereby release, acquit and
forever discharge the Company, its parents and subsidiaries, and their officers, directors, agents, servants, employees, shareholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, causes of action, costs,
expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed (other than any claim for indemnification I may have as a
result of any third party action against me based on my employment with the Company), arising out of or in any way related to agreements, events, acts or conduct at any time up to and including the date I execute this Release, including, but not
limited to: all such claims and demands directly or indirectly arising out of or in any way connected with my employment with the Company or the termination of that employment, including but not limited to, claims of intentional and negligent
infliction of emotional distress, any and all tort claims for personal injury, claims or demands related to salary, bonuses, commissions, stock, stock options, or any other ownership interests in the Company, vacation pay, fringe benefits, expense
reimbursements, severance pay, or any other form of compensation; claims pursuant to any federal, state or local law or cause of action including, but not limited to, the federal Civil Rights Act of 1964, as amended, the federal Age Discrimination
in Employment Act of 1967, as amended (ADEA); the federal Employee Retirement Income Security Act of 1974, as amended; the federal Americans with Disabilities Act of 1990; the California Fair Employment and Housing Act, as amended; tort law;
contract law; wrongful discharge; discrimination; fraud; defamation; emotional distress; and breach of the implied covenant of good faith and fair dealing; provided, however, that nothing in this paragraph shall be construed in any way to release
the Company from its obligation to indemnify me pursuant to the Company’s indemnification obligation pursuant to agreement or applicable law. 
 I
acknowledge that I am knowingly and voluntarily waiving and releasing any rights I may have under ADEA. I also acknowledge that the consideration given under the Plan for the waiver and release in the preceding paragraph hereof is in addition to
anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by 

  
 C-1 

 
the ADEA, that: (A) my waiver and release do not apply to any rights or claims that may arise on or after the dale I execute this Release; (B) I have the right to consult with an
attorney prior to executing this Release; (C) I have forty-five (45) days to consider this Release (although I may choose to voluntarily execute this Release earlier); (D) I have seven (7) days following my execution of this Release
to revoke the Release: (E) this Release shall not be effective until the date upon which the revocation period has expired, which shall be the eighth day (8th) alter I execute this Release: and (F) I have received with this Release a
detailed list of the job titles and ages of all employees who were terminated in this group termination and the ages of all employees of the Company in the same job classification or organizational unit who were not terminated. 

 

			
	EMPLOYEE

 
			
		
	NAME:	 	 
		
	DATE:	 	 

  
 C-2

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