Document:

Exhibit 10.2

 

Execution Version

 

INVESTMENT MANAGEMENT AGREEMENT

 

THIS INVESTMENT MANAGEMENT
AGREEMENT (this “Agreement”) is made and entered into as of July 1, 2018 (the “Effective Date”),
by and between ADVANTAGE INSURANCE INC., a corporation incorporated under the laws of Puerto Rico (“Advantage Insurance”),
ADVANTAGE LIFE & ANNUITY COMPANY SPC, a Cayman Islands licensed insurance company (the “Client”), and GSO
/ BLACKSTONE DEBT FUNDS MANAGEMENT LLC, a limited liability company formed under the laws of the State of Delaware (the “Investment
Manager”), and, unless otherwise specified, shall be effective as of the date hereof.

 

WHEREAS, the Client is a wholly-owned subsidiary of
Advantage Insurance;

 

WHEREAS, Advantage Insurance,
on behalf of the Client, desires to engage the services of the Investment Manager to manage a portfolio of Investments (as defined
in Section 2(a) below) for and on behalf of the Client; and

 

WHEREAS, the Investment
Manager, Advantage Insurance and the Client desire to enter into this Agreement in order to set forth the terms and conditions
upon which the Investment Manager will render and implement advisory services during the term of this Agreement for and on behalf
of the Client.

 

NOW, THEREFORE, in consideration
of the mutual covenants herein contained and for other good and valuable consideration, the receipt whereof is hereby acknowledged,
the parties hereto agree as follows:

 

1.           Appointment of
the Investment Manager. As of the date hereof, the Client hereby appoints the Investment Manager as its discretionary investment
manager with respect to the assets, securities or other property placed by the Client under the Investment Manager’s supervision
(the “Account”), and the Investment Manager hereby accepts such appointment, effective as of the date hereof,
in accordance with the provisions of this Agreement. The investment program to be utilized by the Investment Manager shall be to
invest, from time to time, directly or indirectly through one or more investment vehicles in such assets, securities or other property
in accordance with the investment management guidelines set forth on Exhibit A attached hereto (the “Investment
Guidelines”).

 

2.            Account.

 

(a)          The
Account shall consist of (i) the investments listed on Annex 1 hereto, (ii) any contributions by the Client to the Account
in cash and cash equivalents from time to time (including, following the IPO Event (as defined below) the contribution by the
Client to the Account of at least $75 million in cash or cash equivalents obtained by the Client as use of proceeds of the initial
public offering of shares of common stock, par value $0.01 per share, of Advantage Insurance) (the “IPO Event”),
and (iii) all investments, reinvestments and proceeds from the ownership, sale or disposition of any such assets, securities or
other property held in the Account, in each case, in accordance with the Investment Guidelines (including all dividends and interest
on such assets, securities or other property, all appreciation in the value thereof and less depreciation in the value thereof)
(collectively, the “Investments”). The Client may make additional contributions to, and withdrawals from, the
Account at such times and on such terms and conditions that the parties hereto may mutually agree to from time to time. In addition
to the foregoing, the Client may make contributions in-kind with respect to such securities as may be mutually agreed by the Investment
Manager and the Client (including with respect to the valuation of such securities).

 

     

     

    

  

(b)          Subject
to the penultimate sentence of Section 2(a) above, the Client may request withdrawals from the Account at any time to satisfy working
capital needs of its business, including payment of insurance claims, payment of dividends, payment for share repurchases, corporate
acquisitions or other financial obligations. The Client shall notify the Investment Manager in writing (such notice, a “Withdrawal
Notice”) of its desired effective date for the withdrawal of any amounts from the Account as soon as reasonably practicable
and the Investment Manager shall use its commercially reasonable efforts to satisfy such withdrawal as soon as reasonably practicable
following receipt of the Withdrawal Notice with available Cash and Cash Equivalents (as defined in Exhibit A) held in the Account
(less any Cash or Cash Equivalents reserved for any pending but not yet settled purchase and net of reserves and/or holdbacks for
estimated accrued expenses, liabilities or contingencies in respect of the Account (including any fees and Expenses defined in,
and each as computed in accordance with, Exhibit B attached hereto)). If the amount indicated in the Withdrawal Notice exceeds
the amount of Cash and Cash Equivalents available for withdrawal in accordance with the preceding sentence, the Investment Manager
shall consult with the Client with respect to the satisfaction of such Withdrawal. Following such consultation, the Investment
Manager shall use commercially reasonable efforts to liquidate such Investments as directed by the Client, subject to any applicable
legal or contractual restrictions relating to the sale or liquidation of any such Investments; provided that the Client
agrees and acknowledges that to the fullest extent permitted by law, no Indemnified Person shall have any liability to the Client,
its Representatives or any other beneficiary of the Account in respect of any losses incurred by the Account or the Client in connection
with the sale or liquidation of any such Investments.

 

(c)          For
purposes of this Agreement, “Affiliate” means, with respect to any entity, (a) any other entity which, directly
or indirectly, is in control of, or is controlled by, or is under common control with, such entity or (b) any other entity which
is the managing member (or controlling member) or general partner of (i) such entity or (ii) any such other entity described in
clause (a) above; provided, that no other entity to which the Investment Manager provides investment, advisory or management
services shall be an Affiliate of the Investment Manager solely as a result of the provision of such services. For the purposes
of the foregoing definition of “Affiliate”, control of an entity means the power, direct or indirect, (i) to vote more
than 50% of the securities having ordinary voting power for the election of directors (or other equivalent persons) of such entity
or (ii) to direct or cause the direction of the management and policies of such entity whether by contract or otherwise. For greater
certainty, the parties hereto hereby acknowledge and agree that any individual person (x) who is actively involved in the business
of the Investment Manager and in the investment management of the account on a day-to-day basis and (y) who has a direct or indirect
interest in the Investment Manager (other than solely through the ownership of units of The Blackstone Group L.P. or interests
exchangeable therewith), and any of such person’s respective Affiliates, is considered an Affiliate of the Investment Manager,
as the case may be, for purposes hereof for so long as such person remains in the capacity described in the foregoing clause (x);
provided, that if any such person ceases to be actively involved in the business of the Investment Manager and in the investment
management of the account on a day-to-day basis and solely retains a non-controlling residual interest in the Investment Manager
(directly or indirectly), as the case may be, then such person shall not be deemed to be an Affiliate of the Investment Manager.

 

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3.            Custody.
The Investments of the Account shall be held in the name of the Client in custody of The Bank of New York Mellon, London (the “Custodian”).
The Client shall be responsible for the establishment and maintenance of proper arrangements regarding the custody of the Account.
The Investment Manager shall not be responsible for any loss incurred by reason of any act or omission of the Custodian, including
but not limited to any loss arising from, on account of or in connection with (i) the Custodian failing to timely notify the Investment
Manager of any corporate action or similar transaction or (ii) any instruction provided directly by the Client or any of its Affiliates
to the Custodian. For the avoidance of doubt, exclusive responsibility for the physical custody and safekeeping of the Account
shall at all times be and remain with the Client and the Custodian.

 

4.            Management.

 

(a)          Authority
of the Investment Manager. As of the date hereof, the Investment Manager shall have the full discretion and authority, as the
Client’s true and lawful agent and attorney-in-fact, with full power of substitution and full power in its name, place and
stead, without obtaining the prior approval of the Client and at the Client’s expense, to (i) source, identify and evaluate
investment opportunities for the Account, monitor and review the Investments held in the Account and analyze the progress of such
Investments; (ii) subject to paragraph (b) below, make investment decisions in respect of the Account (including taking actions
with respect to the acquisition, purchase, consummation, satisfaction, exchange, liquidation, transfer and other dispositions of
Investments); (iii) make investment representations on behalf of the Client; (iv) enter into, make and perform all contracts, agreements,
instruments and other undertakings for and on behalf of the Client and/or the Account as the Investment Manager may determine to
be necessary, advisable or incidental to the carrying out of the purposes of this Agreement; (v) subject to paragraph (c) below,
vote or cause the voting and execution of proxies, waivers, consents and other instruments with respect to the Investments held
in the Account; (vi) do anything with respect to the Account which the Investment Manager shall deem requisite, appropriate or
advisable in connection with the maintenance and administration of the Account; (vii) possess, transfer or otherwise deal in, and
exercise all rights, powers, privileges and other incidents of ownership or possessions with respect to, the Investments of the
Account; and (viii) authorize any director, officer, manager, trustee, member, partner, stockholder, principal, investment professional,
employee, advisor, consultant, representative or other agent (each, a “Representative”) of the Investment Manager
to act for and on behalf of the Account in all matters incidental to the foregoing. For the avoidance of doubt, the Investment
Manager is not authorized or permitted to withdraw cash, securities or other assets of the Account maintained with the Custodian;
however, the Investment Manager may authorize the Custodian to effect or settle transactions and instruct the Custodian to settle
or effect transactions in “delivery versus payment” securities, including but not limited to, CLO securities (as defined
below). The Investment Manager may direct the Custodian to deliver funds or Investments for the purpose of effecting transactions,
and instruct the Custodian to exercise or abstain from exercising any privilege or right attaching to those Investments.

 

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(b)          Client’s
Consent with Respect to Investments in GSO-managed CLO Securities or Investment Funds. Notwithstanding the foregoing, prior
to the Investment Manager causing the Account to acquire any equity or mezzanine security of a collateralized loan obligation vehicle
(“CLO”) or commingled investment fund (“Fund”) managed by the Investment Manager or its Affiliates,
the Investment Manager shall use its reasonable efforts to provide the Client (subject to applicable legal, contractual or other
confidentiality obligations) with a summary describing the form, anticipated amount (which may, for the avoidance of doubt, be
described within a reasonable range) and material terms and conditions of such Investment. The Investment Manager shall not cause
the Account to make such Investment if the Client delivers to the Investment Manager a written notice of its election not to participate
in such Investment (the “Objection Notice”) within ten (10) Business Days after the receipt of such summary
(the “Decision Date”). The Client hereby agrees that to the extent (i) it approves the investment in writing
on or before the Decision Date or (ii) it does not deliver the Objection Notice to the Investment Manager on or prior to 5:00pm
New York City time on the Decision Date, the Client shall be deemed to have authorized the Investment Manager to cause the Account
to make such Investment. The Client acknowledges and agrees that, prior to the Decision Date with respect to any potential Investment,
the Investment Manager (i) subject to clause (ii) below, will not be required to provide the Client with all information in its
possession with respect to such Investment, (ii) may be restricted by applicable legal, contractual or other confidentiality obligations
from providing material information in its possession to the Client and (iii) except as provided in the following sentence, shall
have no duty to update any information provided to the Investor. In the event there are substantial changes to the terms of such
prospective Investment, the Investment Manager shall use reasonable efforts to provide the Client (subject to applicable legal,
contractual or other confidentiality obligations) with a revised summary describing such material changes to the form, anticipated
amount (which may, for the avoidance of doubt, be described within a reasonable range) and/or other material terms and conditions
of Investment and the Client shall have an additional opportunity to submit an Objection Notice with respect to such Investment
in accordance with this paragraph (b); provided that the Decision Date shall be ten (10) Business Days after the Client’s
receipt of such revised summary. The Client agrees and acknowledges that, notwithstanding anything to the contrary in Section 8
below and to the fullest extent not prohibited by law, no Indemnified Person (as defined below) shall have any liability to the
Client, its Representatives or any other beneficiary of the Account in respect of any information provided (or omitted) in good
faith to the Client.

 

(c)          Voting
Rights. The Client shall have the right to direct the Investment Manager with respect to the voting and execution of proxies,
waivers, consents and other instruments with respect to the Investments held in the Account; provided that the Investment
Manager may make voting recommendations to the Client with respect to the voting and execution of proxies, waivers, consents and
other instruments with respect to Investments.

 

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5.            Policies
of the Investment Manager. The Investment Manager shall use its reasonable best efforts to ensure that all Investments made
by the Investment Manager on behalf of the Client conform to, and are made in accordance with, the requirements imposed by any
provisions of applicable law and such policies as may be adopted by the Investment Manager.

 

6.            Fees.
For the Investment Manager’s services as investment manager to the Client, the Client agrees to pay the Investment Manager
the fees and to bear the Expenses defined in, and each as computed in accordance with, Exhibit B attached hereto, which
exhibit is incorporated herein by reference and made a part hereof.

 

7.            Representations
and Acknowledgments.

 

(a)          The
Investment Manager hereby represents that as of the date hereof:

 

(i)          to
the best of its knowledge, the Investment Manager’s execution, delivery and performance of this Agreement does not violate
or conflict with any material agreement or obligation to which the Investment Manager is a party or by which the Investment Manager
or any of its property is bound, whether arising by contract, operation of law or otherwise; and

 

(ii)         this
Agreement has been duly authorized by all appropriate action of the Investment Manager and when executed and delivered will be
a legal, valid and binding agreement of the Investment Manager, enforceable against the Investment Manager in accordance with its
terms.

 

(b)          The
Client hereby represents that as of the date hereof:

 

(i)          the
Client is an exempted company limited by shares incorporated under the laws of the Cayman Islands duly formed, validly existing
and in good standing under the laws of the Cayman Islands;

 

(ii)         the
Client’s retention of the Investment Manager as investment manager with respect to the Account is authorized by the Client’s
governing documents;

 

(iii)        the
Client’s execution, delivery and performance of this Agreement does not violate or conflict with the Articles (as defined
below), or any agreement, obligation or applicable law to which the Client is a party or to which the Client is subject, or by
which the Client or any of its property is bound or subject, whether arising by contract, operation of law, under applicable law
or otherwise;

 

(iv)        this
Agreement has been duly authorized by all appropriate action of the Client and when executed and delivered will be a legal, valid
and binding agreement of the Client, enforceable against the Client in accordance with its terms, and the Client will deliver to
the Investment Manager the evidence of such authority as the Investment Manager may reasonably request;

 

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(v)         the
execution, delivery and performance of this Agreement will not require the Client to obtain or make any authorization, consent,
approval, license, exemption of or filing or registration with any court or governmental department, commission, board, bureau,
agency or instrumentality (including, for the avoidance of doubt, the Cayman Islands Monetary Authority or Office of the Commissioner
of Insurance of the Commonwealth of Puerto Rico) that has not been lawfully and validly obtained other than notice filings under
applicable securities laws and insurance laws;

 

(vi)        the
Client and each of its insurance subsidiaries has filed all notices pursuant to, and has obtained all approvals required to be
obtained under, and has otherwise complied with all requirements of, all applicable insurance laws and regulations;

 

(vii)       the
Client has been given the opportunity to (A) ask questions of, and receive answers from, the Investment Manager and each of its
Representatives concerning the terms and conditions of, and other matters pertaining to, this Agreement and (B) obtain any additional
information necessary to evaluate the merits and risks of entering into this Agreement that the Investment Manager can acquire
without unreasonable effort or expense;

 

(viii)      the
Client’s interest in any Investment shall be acquired and/or is being acquired for its own account solely for investment
and not with a view to resale or distribution thereof (unless otherwise provided in this Agreement);

 

(ix)         this
Agreement constitutes an arms-length agreement between the Client and the Investment Manager, and the Client understands the method
of compensation provided for herein and its risks;

 

(x)          the
Client meets all suitability standards imposed on the Client by law, including that the Client is an “accredited investor”
under Regulation D promulgated under the Securities Act of 1933, as amended (the “Securities Act”), a “qualified
purchaser” under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and is
a “qualified client” as defined under the Investment Advisers Act of 1940, as amended (the “Advisers Act”);

 

(xi)         the
Client is a “qualified institutional buyer” within the meaning of an in compliance with Rule 144A under the Securities
Act;

 

(xii)        the
Client is not a “U.S. Person” as defined under Regulation S of the Securities Act and Section 7701(a)(30) of the U.S.
Internal Revenue Code of 1986, as amended (the “Code”);

 

(xiii)       the
Client has such knowledge and experience in financial and business matters that the Client is capable of evaluating the merits
and risks of the terms and conditions of this Agreement including those risks associated with the investment program described
hereunder, the term and the fee structure provided for hereunder and is able to bear such risks, including a complete loss of capital;

 

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(xiv)      the
Client has implemented anti-money laundering policies and procedures that are designed to comply with applicable anti-money laundering
laws and regulations, and the Company is in compliance with such applicable laws and regulations;

 

(xv)       the
cash, assets, securities and other property furnished by the Client to the Account pursuant to this Agreement, as well as any other
assets, securities and other property that may be deposited therein by the Client at any time (in each case, subject to the final
sentence of Section 2(a) above), were (A) not and are not directly or indirectly derived from activities that may contravene applicable
laws and regulations, including anti-money laundering laws and regulations and the laws, regulations and Executive Orders administered
by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”) and (B) derived from funds
for which the Client has provided the Manager with a true, correct and complete description of the sources of such funds furnished
to the Account;

 

(xvi)      the Client
is in compliance with applicable economic sanctions programs;

 

(xvii)     the
Client (or any Affiliate of the Client; any person having a beneficial interest in the Client; or any person for whom the Client
is acting as agent or nominee in connection with the Account) is not (A) an individual or entity named on any available lists of
known or suspected terrorists, terrorist organizations or of other sanctioned persons issued by the government of any jurisdiction(s)
in which the Client or its subsidiaries, as applicable, are doing business; (B) an individual or entity otherwise prohibited by
applicable economic sanctions programs; or (C) a current or former senior foreign political figure (“SFPF”)
or politically exposed person (“PEP”), or an immediate family member or close associate of such an individual;

 

(xviii)    the
Client has conducted enhanced scrutiny with respect to current or former SFPFs or PEPs from whom it receives funds reasonably designed
to ensure that such funds are not directly or indirectly derived from corruption or any other illegal activity;

 

(xix)       the
Client is not a prohibited foreign shell bank, nor does it receive deposits from, make payments on behalf of, or handle other financial
transactions related to prohibited foreign shell banks;

 

(xx)        the
Client is advised that, by law, the Investment Manager and/or the Custodian may be obligated to “freeze the account”
of the Client, either by prohibiting additional contributions from the Client, declining any distribution or Withdrawal requests
and/or segregating the Investments in the Account in compliance with governmental regulations, and the Investment Manager and/or
the Custodian may also be required to report such action and to disclose the Client’s identity to OFAC or any other applicable
governmental or regulatory authorities;

 

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(xxi)       neither
the Client nor any of its Representatives (or their spouses) has made, solicited or coordinated any contribution to any pension
fund official or anyone in the decision-making chain of command in connection with a pension fund’s investment in any investment
fund, pooled investment vehicle or other account (in either case, a “Pension Official”) within the last two
(2) years. In addition, the Client has not hired and will not hire such a Pension Official within two (2) years of the termination
of their engagement or employment with the applicable pension fund and shall promptly notify the Investment Manager if the Client
intends to hire such a Pension Official;

 

(xxii)      the
Client is not using and will not use funds to make contributions of cash or cash equivalents hereunder that are assets of (A) an
“employee benefit plan” (within the meaning of Section 3(3) of U.S. Employee Retirement Income Security Act of 1974,
as amended (“ERISA”)) subject to Part 4 of Title I of ERISA, (B) a plan to which Section 4975 of the Code applies,
including (if the Investor is a natural person) an individual retirement account, or (C) an entity (including for example a fund
of funds, an insurance company separate account or general account or a group trust) whose underlying assets are deemed under the
U.S. Department of Labor regulations Section 2510.3-101 et. seq. or Section 2550.401c-1 to include the assets of any such employee
benefit plan or plan by reason of an investment in such entity by any such employee benefit plan or plan (and the Client is none
of the persons or entities described in the foregoing clauses (A), (B) or (C)); and

 

(xxiii)     the
Client is none of (A) a governmental, non-U.S. or other pension plan, (B) an entity (including for example a fund of funds, an
insurance company separate account or general account or a group trust) whose underlying assets are deemed to include the assets
of any such plan by reason of an investment in such entity by any such plan, (C) a defined contribution plan (such as a 401(k)
plan) nor (D) a partnership or other investment vehicle (I) in which its partners or participants have or will have any discretion
to determine whether or how much of the Client’s assets are invested in any Investment made or to be made by the Client or
(II) that is otherwise an entity managed to facilitate the individual decisions of its beneficial owners to invest in the Account.

 

(c)          The
Client acknowledges and agrees that:

 

(i)          Without
limitation to Schedule I attached hereto, due to the fact the Investment Manager and its Affiliates perform investment advisory
services for various Advisory Clients, the Investment Manager or one or more of its Affiliates may give advice and take action
with respect to any of their other Advisory Clients which may differ from the advice given or the timing or nature of any action
taken with respect to any other Advisory Client, including the Account;

 

(ii)         it
is understood that the Investment Manager shall not have any obligation to recommend for purchase or sale any transaction which
its or any of its Affiliates’ Representatives may purchase or sell for its or their own accounts or for any other Advisory
Client if, in the opinion of the Investment Manager, such transaction or Investment appears unsuitable, impractical or undesirable
for the Account or the Client;

 

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(iii)        the
Investment Manager and its Affiliates may aggregate purchase or sale orders for the Investments of the Account with purchase or
sale orders for the same asset, security or other item of property for or on behalf of other investment funds, pooled investment
vehicles or other client accounts (including registered investment companies) that are sponsored, advised or managed by the Investment
Manager or any of its Affiliates, the Investment Manager’s or any of its Affiliates own accounts and hold proprietary positions
in accordance with its current aggregation and allocation policy (collectively, “Advisory Clients”), but only
if (x) the Investment Manager determines in good faith such aggregation results in an overall economic or other benefit to the
Investments, taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses and
factors and (y) the Investment Manager’s actions with respect to aggregating orders for multiple Advisory Clients, as well
as the Client, are consistent with applicable law and executed in a fair and equitable manner; it being understood, however,
that the Investment Manager is under no obligation to aggregate any such orders under any circumstances;

 

(iv)        circumstances
may arise under which the Investment Manager determines there is a limited supply or demand for a particular prospective Investment,
in which case, the Investment Manager shall allocate such prospective Investment to the Client and other Advisory Clients in accordance
with its then-current aggregation and allocation policy and otherwise in a manner that it determines in good faith is consistent
with fiduciary duties its owes, if any, to the Client and such other Advisory Clients; provided, that in circumstances where
the Investment Manager has determined to purchase or sell any asset, security or other item of property or make or dispose of any
other asset, security or other item of property of an Advisory Client and believes, in good faith, that such asset, security or
other item of property would be appropriate as an Investment of the Account, then, consistent with its fiduciary duties and applicable
law, the Investment Manager may, but is not obligated to, cross the relevant transactions between such other Advisory Client’s
account and the Account;

 

(v)         the
Investment Manager makes no representation or warranty that any Investments made by the Investment Manager hereunder will not depreciate
in value or at any time not be affected by adverse consequences of any origin (tax, credit or otherwise), nor does it give any
representation or warranty as to the performance or profitability of the Investment or the success of any investment strategy recommended
or used by the Investment Manager;

 

(vi)        upon
reasonable request by the Investment Manager, the Client will provide such information as the Investment Manager may need to satisfy
applicable anti-money laundering laws and regulations;

 

(vii)       the
Client shall inform the Investment Manager promptly in writing of any material change in the Client’s financial circumstances
or objectives and shall respond promptly to reasonable requests by the Investment Manager for information on any such changes;

 

(viii)      each
representation and warranty made herein by the Client shall be deemed made by the Client on a continual basis, as of each date
this Agreement continues to be in effect, and the Client shall immediately notify the Investment Manager if any representation
or warranty made herein ceases to be true in any material respect; and

 

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(ix)         it
has received, read and understood the Investment Manager’s disclosures regarding conflicts of interest set forth on Schedule
I attached hereto.

 

8.            Exculpation;
Indemnification.

 

(a)          No
Indemnified Person shall be liable, hereunder or otherwise, to the Client or any of its Affiliates, Representatives or other related
parties for any Covered Loss (as defined in Section 8(c) below) incurred or suffered by any of them to the extent such Covered
Loss is caused by or arises from any mistake of judgment or action or inaction of any such Indemnified Person, unless such mistake,
action or inaction shall have been finally determined to have been incurred or suffered by the Client primarily and directly by
reason of the gross negligence, fraud, bad faith or willful misconduct of such Indemnified Person (collectively, “Disabling
Conduct”); provided that, even in the event of Disabling Conduct, no Indemnified Person shall be liable hereunder
or otherwise for any Covered Loss that constitutes indirect, special, punitive or consequential losses or damages (including losses
or damages based on lost profits, diminution in value or other similar theories of loss or damage). Each of the Investment Manager
and its Affiliates, Representatives and other related persons may consult with counsel, accountants and other advisors in respect
of the Account’s affairs and shall be fully protected and justified in any mistake, action or inaction which is taken in
accordance with the advice or opinion of any such counsel, accountants and/ or other advisors.

 

(b)          No
Indemnified Person shall be liable, hereunder or otherwise, to the Client or any of its Affiliates, Representatives or other related
persons for any Covered Loss incurred or suffered by any of them to the extent such Covered Loss is caused by or arises from any
mistake, action, inaction, negligence, dishonesty, willful misconduct, fraud or bad faith of any broker or other agent selected
by any Indemnified Person, unless it shall have been finally determined that such Indemnified Person engaged in Disabling Conduct
in connection with its selection of such broker or other agent.

 

(c)          The
Client agrees to indemnify and hold harmless the Investment Manager, its Affiliates, Representatives and other related persons
(and each of their respective Representatives and Affiliates) (each an “Indemnified Person”) against any loss,
liability, damage, cost, deficiency and expense, including interest, penalties and attorneys’ fees (a “Covered Loss”)
incurred or suffered by any such Indemnified Person in connection with the Account; provided, that no Indemnified Person
shall be so indemnified to the extent such Covered Loss shall have been determined to have been incurred or suffered by such Indemnified
Person primarily and directly by reason of the Disabling Conduct of such Indemnified Person. The Client shall pay the expenses
incurred by an Indemnified Person in defending a civil or criminal action, suit or proceeding in advance of the final disposition
of such action, suit or proceeding.

 

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(d)          Notwithstanding
any of the foregoing to the contrary, the provisions of this Section 8 shall not be construed so as to provide for the exculpation
of the Investment Manager or any other Indemnified Person for any liability (including liability under U.S. federal securities
laws which, under certain circumstances, impose liability even on persons that act in good faith), to the extent (but only to the
extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate
the provisions of this Section 8 to the fullest extent permitted by law. This Section 8 shall survive the termination or other
expiration of this Agreement.

 

(e)          The
right of any Indemnified Person to the exculpation and indemnification provided herein shall be cumulative of, and in addition
to, any and all rights to which such Indemnified Person may otherwise be entitled by contract or as a matter of law or equity and
shall extend to such Indemnified Person’s successors, assigns and legal representatives.

 

(f)          Without
limiting the foregoing, neither the Investment Manager nor any of its Representatives or Affiliates shall be liable for any Covered
Losses suffered or incurred by the Client or any of its Affiliates, Representatives or other related persons to the extent such
Covered Loss is caused by or arises in connection with (nor shall the occurrence of any of the following be the basis for any action,
suit or proceeding brought by or on behalf of the Client against any Indemnified Person claiming a breach of this Agreement): (i)
any fluctuation or depreciation or diminution in the value of any Investment of the Account, including as a result of fluctuations
in the market and other factors beyond the control of the Investment Manager that result in changes in circumstances, including
extraordinary sudden market movements, a change in the nature of any investment (whether through change in business activity or
credit rating) or significant contributions to or withdrawals from the Account, (ii) any action or inaction taken at the direction
or upon the instruction of the Client or any Affiliate or Representative thereof, (iii) any action or inaction taken by the Custodian
at the direction of the Client or any Affiliate or Representative thereof (including, without limitation, any such action or inaction
by the Custodian that would otherwise constitute a breach of the Investment Guidelines) or (iv) any action or inaction taken by
any holding entity, or subsidiary thereof, that holds an Investment (including, without limitation, any such action or inaction
that is at the direction of the Client, any Affiliate, any of their respective Representatives or any third party). It is agreed
and acknowledged by the Client that there can be no assurance that the investment objectives of the Account will be achieved and
the Client accepts the risks involved in respect of Investments.

 

9.            Activities
of the Investment Manager and Others. The Investment Manager shall devote as much of its time to the activities of the Client
as it deems necessary and appropriate in its sole discretion. The services of the Investment Manager and its Affiliates are not
exclusive and the Investment Manager and its Affiliates are not restricted from forming or providing services to any other Advisory
Client or from engaging in other business activities, even though such activities may be in competition with the Client or may
involve substantial time and resources of the Investment Manager.

 

    	 	11	 

     

    

  

10.          Confidentiality.

 

(a)          Subject
to Section 10(b), both the Investment Manager and the Client acknowledge and agree that pursuant to this Agreement, either party
may have access to the other party’s confidential and proprietary information and materials concerning or pertaining to the
other’s business, including, without limitation, financial statements and other financial information, methods, plans, customers,
investors or projects, and that such information is confidential and proprietary. Both parties will receive and hold such information
in the strictest confidence, and acknowledge, represent, and warrant that it will use its best efforts to protect the confidentiality
of this information. Each party agrees that, without the prior written consent of the other party, it will not use, copy, or divulge
to third parties or otherwise use, except in accordance with the terms of this Agreement, any information obtained from or through
the other party in connection with this Agreement other than (i) to such party’s Affiliates, Representatives, attorneys,
accountants and auditors in furtherance of such party’s business, (ii) to third party service providers or financial institutions
that may be providing services to the Account and (iii) to such other third parties as may be reasonably necessary in connection
with the provision of the services contemplated by this Agreement (including to effect the purchase and sale of the Investments);
provided, that in the case of the foregoing clause (i), such Affiliates, Representatives, attorneys, accountants and auditors
must themselves be bound by or be subject to confidentiality obligations or duties with respect to such information and, in the
case of the foregoing clause (ii), such third party providers must agree to protect the confidentiality of such information and
use such information only for the purposes of providing services to the Account; provided, further, the confidentiality
obligations of this Section 10 shall not apply to information (x) that is in the public domain now or that enters the public domain
in the future, other than by reason of a breach of this Agreement, (y) which has come to either party from a lawful source not
bound to maintain the confidentiality of such information, other than from the other party hereto or an Affiliate or Representative
of that party and (z) disclosures which, in the legal opinion of counsel for either party, are required by law, regulatory authority,
regulation or legal process.

 

(b)          The
Client agrees that the Investment Manager shall have the right to disclose the performance of the Account or the identity of each
of the Account and the Client to third parties at any time in connection with the activities of the Account (including to effect
the purchase and sale of Investments) as provided for in this Agreement or as otherwise agreed upon by the Client and the Investment
Manager.

 

(c)          Permitted
Disclosures and Filings. (i) The Investment Manager agrees that the Client shall have the right to disclose the Account level,
performance information (i.e., contributions to and withdrawals from the Account, the overall “IRR” of the Account,
aggregate value of the Account, as of the effective date of this Agreement, realized gains (or losses) with respect to the Account
by year, total amount of Management Fees and other fees paid by the Client by year and the general strategy of the Account) and
the identity of the Investment Manager as part of its normal communications with its shareholders, prospective shareholders, clients
and prospective clients; provided that in no event shall such disclosure include information (including, without limitation, cash-flows
and performance information) relating to specific Investments, copies of this Agreement (except as otherwise permitted in accordance
with this Section 10) and/or any other information not referred to in this sentence. The Client shall also have the right to disclose
any information required to be disclosed by any governmental regulatory agency, self-regulating body or in connection with any
judicial, governmental or other regulatory proceeding or as otherwise required by law; provided, that, the Client shall to the
fullest extent permitted by applicable law (A) first give written notice to the Investment Manager of the intended disclosure within
a reasonable time prior to the time when such disclosure is to be made, (B) redact mutually agreed upon by the Investment Manager
and the Client portions of the confidential agreement, document or other material to be disclosed to the fullest extent permitted
under applicable law, rules and regulations and (C) submit a request, to be mutually agreed upon by the Investment Manager and
the Client, that such confidential agreement, document or other material receive confidential treatment under the laws, rules and
regulations of the body or tribunal to which disclosure is being made or otherwise be held in the strictest confidence to the fullest
extent permitted under the laws, rules or regulations of any other applicable governing body. The Client shall not be required
to satisfy the obligations contained in clauses (A) – (C) of this Section 10(c)(i) in the context of routine and ordinary
regulatory inspections or periodic regulatory examinations to the extent compliance would be impracticable. The Investment Manager
further agrees that Advantage Insurance may file this Agreement as a material exhibit to any Registration Statement on Form S-1
or equivalent securities registration filing related to a public offering of its shares or listing on an exchange of share interests
of Advantage Insurance.

 

    	 	12	 

     

    

  

(ii)         The
Investment Manager further agrees that Advantage Insurance and the Client shall have the right to disclose information about the
Investments required to be presented in its financial statements prepared under applicable accounting standards, including Generally
Accepted Accounting Principles in the United States of America (“U.S. GAAP”), the identity of the Investment Manager
and information about the Investments including, subject to applicable confidentiality obligations, for each individual Investment
its original cost, amortized cost, fair market value, effective interest rate and investment income earned as part of its normal
communications with its shareholders, prospective shareholders, clients and prospective clients.

 

(iii)        In
addition to the foregoing clauses (i) and (ii), the Client shall also have the right to disclose any information required to be
disclosed by any governmental regulatory agency, self-regulating body or in connection with any judicial, governmental or other
regulatory proceeding or as otherwise required by law; provided, that the Client shall to the fullest extent permitted by applicable
law (A) first give written notice to the Investment Manager of the intended disclosure within a reasonable time prior to the time
when such disclosure is to be made, (B) redact mutually agreed upon by the Investment Manager and the Client portions of the confidential
agreement, document or other material to be disclosed to the fullest extent permitted under applicable law, rules and regulations
and (C) submit a request, to be mutually agreed upon by the Investment Manager and the Client, that such confidential agreement,
document or other material receive confidential treatment under the laws, rules and regulations of the body or tribunal to which
disclosure is being made or otherwise be held in the strictest confidence to the fullest extent permitted under the laws, rules
or regulations of any other applicable governing body. The Client shall not be required to satisfy the obligations contained in
clauses (A) – (C) of this Section 10(c)(iii) in the context of routine and ordinary regulatory inspections or periodic regulatory
examinations to the extent compliance would be impracticable.

 

    	 	13	 

     

    

  

(d)          Notwithstanding
anything to the contrary herein, each party to this Agreement (and each employee, representative, or other agent of such party)
may disclose to any and all persons, without limitation of any kind, the U.S. federal tax treatment and tax structure of the Account
or any of its transactions; it being understood, however, that, for this purpose (i) the name of, or
any other identifying information regarding (A) the Account or (B) any Investment or transaction entered into by the Account,
(ii) any performance information relating to the Account or its Investments or (iii) any performance or other information relating
to any other Advisory Client or prior account with the Client or any of its Affiliates does not, in each case, constitute such
tax treatment or structure information.

 

11.          Term
and Termination

 

(a)          Term.
The initial term of this Agreement shall commence as of the date hereof and shall continue until the third anniversary thereof
(the “Initial Term”). Thereafter, this Agreement will automatically renew for successive one (1) year periods
(each such one (1) year period, an “Extension Period”). Notwithstanding the foregoing, upon the occurrence of
the IPO Event, at the option of the Investment Manager, a new Initial Term shall commence such that this Agreement shall take effect
as of the date of the IPO Event, which must occur on or prior to May 31, 2019. This Agreement may be terminated as of the end of
the Initial Term and the end of each Extension Period by either party upon not less than ninety (90) calendar days’ prior
written notice to the other (such 90 days’ prior to the end of the Initial Term and the end of each Extension Period, the
“Non-Renewal Notification Date”); provided, that if terminated by the Client in accordance with the foregoing,
the Client (x) shall remain liable pursuant to Section 6 for any accrued but unpaid Management Fees (as set forth in Exhibit
B attached hereto) and other expenses and Covered Losses due to the Investment Manager through, and including, the effective
date of such termination and (y) shall remain liable for the Termination Fee (as set forth in Exhibit B attached hereto).

 

(b)          Termination
by the Investment Manager.

 

(i)          The
Investment Manager may terminate this Agreement at any time for Good Reason (as defined below) by written notice given to the Client,
effective not less than thirty (30) days after delivery of such written notice. Such termination shall be without the payment of
any penalty and without liability of either party to the other; provided, that the Client (x) shall remain liable pursuant
to Section 6 for any accrued but unpaid Management Fees (as set forth in Exhibit B attached hereto) and other expenses and
Covered Losses due to the Investment Manager through, and including, the effective date of such termination and (y) in the event
the Agreement is terminated by the Investment Manager pursuant to clauses (A), (B) or (C) of the definition of Good Reason, shall
remain liable for the Termination Fee (as set forth in Exhibit B attached hereto). If the Investment Manager terminates
the Agreement pursuant to clauses (D) or (E) of the definition of Good Reason, the Investment Manager is not entitled to receive
the Termination Fee (as set forth in Exhibit B attached hereto).

 

    	 	14	 

     

    

  

(ii)         As
used herein, “Good Reason” shall mean (A) any material breach of this Agreement by the Client and/or Advantage
Insurance that is not remedied by the Client or Advantage Insurance, as applicable, within sixty (60) Business Days from the date
the Client has received written notification of such breach from the Investment Manager, (B) the direct or indirect sale of at
least a majority of the voting and/or economic interests of the Client or Advantage Insurance to a non-Affiliated third party acquirer,
(C) following the IPO Event, the withdrawal of cash or Investments by the Client from the Account in an amount that results in
the value of the Account falling below $100 million for two consecutive quarterly valuation dates, (D) the determination by the
Investment Manager in good faith that such termination is necessary or advisable in light of applicable legal, tax, regulatory
or other similar considerations or (E) the determination by the Investment Manager in good faith that such termination is necessary
or advisable in light of prevailing market conditions or other applicable business considerations.

 

(c)          Termination
by the Client.

 

(i)          The
Client may terminate this Agreement at any time for Cause (as defined below) by written notice given to the Investment Manager,
effective upon the expiration of the any applicable cure period described below. Such termination shall be without the payment
of any penalty and without liability of either party to the other; provided, that the Client shall remain liable pursuant
to Section 6 for any accrued but unpaid Management Fee (as set forth in Exhibit B attached hereto) and other expenses and
Covered Losses due to the Investment Manager through, and including, the effective date of such termination. If the Client terminates
the Agreement pursuant to clause (B) of the definition of Cause, the Investment Manager is not entitled to receive the Termination
Fee (as set forth in Exhibit B attached hereto).

 

(ii)         As
used herein, “Cause” shall mean (A) any material breach of this Agreement by the Investment Manager that is
not remedied by the Investment Manager within sixty (60) Business Days from the date the Investment Manager has received written
notification of such breach from the Client; provided, that the Investment Manager shall not be deemed to have breached
this Agreement solely as a result of the occurrence of any of the events described in clauses (i) through (iii) of Section 8(f)
above or in Section 22 or (B) bad faith, fraud or willful misconduct by the Investment Manager that is injurious to the Client,
in each case determined in accordance with Section 8(a).

 

(d)          Termination
by either party. Notwithstanding paragraphs (a) through (c) of this Section 11, either the Client or the Investment Manager
may terminate this Agreement by written notice given to the other with immediate effect at any time following the occurrence of
any one or more of the following events in respect of the other party:

 

(i)          the
filing of a voluntary petition in bankruptcy;

 

    	 	15	 

     

    

  

(ii)         the
entry of an order of relief in any bankruptcy or insolvency proceeding or the entry of an order that such party is bankrupt or
insolvent; or

 

(iii)        any
involuntary proceeding seeking liquidation, reorganization or other relief against such party under any bankruptcy, insolvency
or other similar law now or hereafter in effect that has not been dismissed one hundred twenty (120) days after the commencement
thereof.

 

(e)          Furthermore,
upon termination of this Agreement (a “Termination”), the Client and the Investment Manager acknowledge and
agree that following the date of the effectiveness of such Termination (the “Termination Date”) to carry out
the liquidation and winding up of the Account’s Investments in such a manner as proposed by the Investment Manager and agreed
upon by the Client at such time. If the Client disagrees with the liquidation process proposed by the Investment Manager or fails
to respond to the liquidation proposal on a timely basis, then the Client shall retain all Investments held in the Account on an
in-kind basis. For purposes of this Agreement, the date of the final liquidation and/or payment of proceeds attributable to the
final Investments of the Account to the Client (including the retention by the Client of the final Investments of the Account on
an in-kind basis) shall be the “Liquidation Date”.

 

12.          Valuation.

 

(a)          Valuation
Reports. The Investment Manager shall reasonably assist the Custodian to furnish to the Client within fifteen (15) Business
Days after the end of each calendar quarter, a written statement as to the aggregate net asset value of the Investments and uninvested
cash held in the Account (the “Valuation”) as at the close of business on the last Business Day of each quarter
(the “Valuation Date”). The Valuation of the Account shall be determined as set forth herein and any determination
made pursuant to these instructions shall be binding on all parties concerned. “Business Day” means each Monday,
Tuesday, Wednesday, Thursday and Friday that is not a day on which banking institutions in New York, New York are authorized or
obligated by law or executive order to close.

 

(b)          Valuation
Procedures. The Custodian shall be responsible for the calculation of each Valuation in accordance with the valuation procedures
set forth in sub-paragraphs (i) through (vi) below (the “Valuation Procedures”) and in consultation with the
Investment Manager as necessary. The Investment Manager shall provide reasonable assistance to the Custodian in connection with
producing each Valuation, including providing the Custodian with certain information relating to the Account necessary to produce
each Valuation. For the purpose of producing each Valuation, the Valuation Procedures set forth below shall be applied by the Custodian
and the Valuation shall include all assets, securities, property and uninvested cash comprising the Account. It is acknowledged
and agreed that the Investment Manager’s pricing methodology may differ from the Custodian’s pricing policies and valuation
procedures as delineated under U.S. GAAP. As contemplated by the foregoing, the Valuation Procedures are as follows:

 

    	 	16	 

     

    

  

(i)          The
currency under which each Valuation shall be prepared is United States dollars and the value of the Account shall be expressed
in such currency in accordance with the provisions of paragraph (vi) below.

 

(ii)         Assets,
securities and other property for which market quotations are readily available will be valued at the last sale price on the relevant
day, or, in the absence of any such sales, the mid of the last available bid/ask price. All other assets, securities and other
property shall be valued using values from financial publications, pricing services, or other services or sources, including exchange
prices whenever possible. Where an asset, security or other item of property is traded on more than one market, such assets, securities
or property shall be valued on the market considered to be the primary market therefor. Assets, securities or other property with
remaining maturities of sixty (60) days or less are valued at amortized cost. Notwithstanding the foregoing, for syndicated bank
loans and other widely-traded instruments, the Valuation shall be taken at the middle of the bid and offer price as determined
by Thomson Reuters Pricing Service, Markit Partners, LoanX, Bloomberg or IDC and where no such price exists, the latest available
traded price.

 

(iii)        An
Investment purchased and awaiting payment against delivery shall be included for valuation purposes as an Investment held, and
the accounts payable of the Account shall be adjusted to reflect the purchase price, including brokers’ commissions and other
expenses incurred in the purchase thereof, but not disbursed as of the Valuation Date.

 

(iv)        An
Investment sold but not delivered pending receipt of proceeds shall be valued at the net sales price.

 

(v)         Unquoted
Investments shall be taken at the Valuation Date by the Custodian at a fair value based on a relative value assessment process
that incorporates current market conditions and capital structures of other securities where data is more readily available or
other information that the Custodian deems appropriate.

 

(vi)        Investments
denominated in any currency other than U.S. dollars and any currency other than U.S. dollars forming part of the Account shall
be converted to U.S. dollars at the exchange rates prevailing as of the close of business on the relevant Valuation Date, quoted
at the “W.M. Reuters page”.

 

(vii)       Notwithstanding
the foregoing, the Valuation of any CLO security held in the Account shall be determined by an independent third-party valuation
provider (an “Independent Valuation Consultant”) mutually acceptable to the Client and the Investment Manager,
and that the pricing methodology applied by the Independent Valuation Consultant will not be in conflict with the valuation requirements
of U.S. GAAP. It is understood that Thomson Reuters Pricing Service shall constitute a mutually acceptable independent third-party
valuation provider.

 

(viii)      Subject
to applicable legal, contractual or other confidentiality obligations, the Investment Manager and the Client each agree to make
available to the other party any trustee reports and/or other reports that are routinely and customarily provided to holders of
CLO securities that the Investment Manager or the Client, as applicable, knowingly receives from third-party collateral managers
related to the CLO securities held as Investments in the Account.

 

    	 	17	 

     

    

  

(ix)         Valuations
provided by the Custodian (and, with respect to CLO securities, determined by the Independent Valuation Consultant) may be used,
but are not required to be used, by the Client for the purposes of preparing its financial statements. The Client will follow the
valuation practices and procedures called for under the accounting standards used by the entity owning a specific Investment or
interest in the Account, or the valuation methods required by regulation of the legal domicile of the entity.

 

13.          Governing
Law. The laws of the State of New York (without giving effect to its conflict of laws principles that would cause the laws
of another jurisdiction to apply) shall govern all matters arising out of or relating to this Agreement, as well as any non-contractual
obligations arising out of or in connection with it, and the transactions it contemplates, including its interpretation, construction,
performance, and enforcement.

 

14.          Reports.
The Investment Manager shall provide the Client with such monthly and quarterly portfolio reports and market information as may
be reasonably agreed to from time to time between the Investment Manager and the Client.

 

15.          Notices.
Any notice, consent 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 by hand or electronic mail, or five (5) days after mailing by certified mail with return
receipt requested, or on the next Business Day (in the place of delivery) if sent by recognized overnight courier service for next-business-day
delivery, as follows:

 

If to Advantage Insurance or the Client:

 

Advantage Life & Annuity Company SPC

c/o Advantage Insurance Inc.

250 Munoz Rivera Avenue, Suite 710

San Juan, Puerto Rico 00918

 

Attention: Walter Keenan

 

Tel: +1 (787) 705-2900

E-mail: w.keenan@advantagelife.com

 

with a copy to:

 

Manatt, Phelps & Phillips LLP

7 Times Square

New York, NY 10036

Attention: Brian Korn

 

Tel: +1 (212) 790-4510

Email: BKorn@manatt.com

 

    	 	18	 

     

    

  

If to the Investment Manager:

 

GSO / Blackstone Debt Funds Management LLC

345 Park Avenue, Floor 30

New York, NY 10154

Attention: Marisa Beeney

 

Tel : +1 (212) 503-2100

E-mail: marisa.beeney@gsocap.com

 

with a copy to:

 

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, NY 10017

Attention: Jason Herman

 

Tel: +1 (212) 455-3697

Email: jherman@stblaw.com

 

Either party hereto may, from time to time
by notice in writing served upon the other as aforesaid and acknowledged thereby, designate a different mailing address or a different
or additional person to which all such notices or demands thereafter are to be addressed.

 

16.          Electronic
Delivery of Account Information. The Client hereby agrees and provides the Client’s informed written consent to the Electronic
Communication (as defined below) of Account Information (as defined below) by the Investment Manager, the Custodian and/or an administrator
or other relevant service provider to the Account. “Account Information” means any and all notices, consents
or other communications under, in respect of or in connection with this Agreement (including any reports required under Section
14 of this Agreement, regulatory communications and other information, including documents required to be delivered pursuant to
the Advisers Act). “Electronic Communication” means e-mail delivery, making Account Information available electronically
to the Client on the Investment Manager’s Internet site, if applicable, and/or through any other electronic means, including
through a virtual data room. The Investment Manager, in its sole discretion, may elect which method of delivery it uses with respect
to any and all Electronic Communications. It is the Client’s affirmative obligation to notify the Investment Manager in writing
in accordance with Section 15 of this Agreement if the Client’s e-mail address provided to the Investment Manager changes.
The Investment Manager, the Custodian, the administrator and any other relevant service providers, as applicable, to the Account
will not be liable for any interception of Electronic Communications of Account Information.

 

17.          Entire
Agreement. This Agreement, together with all Exhibits and Schedules attached hereto, contain all of the terms and conditions
agreed upon or made by the parties hereto relating to the subject matter set forth herein and therein, and supersedes all prior
and contemporaneous agreements, negotiations, correspondence, undertakings and communications of the parties hereto, oral or written,
respecting such subject matter.

 

    	 	19	 

     

    

  

18.          Amendments
and Waivers. No provision of this Agreement may be amended, modified, waived or discharged except as agreed to in writing by
the parties hereto. The failure of a party hereto 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.

 

19.          Status
of the Investment Manager. The Investment Manager shall for all purposes be an independent contractor and not an employee of
the Client, nor shall anything herein be construed as making the Client a partner or co-venturer with the Investment Manager or
any of its Affiliates or other Advisory Clients. The Investment Manager shall have no authority to act for, represent, bind or
obligate the Client except as specifically provided herein.

 

20.          Binding
Effect. This Agreement shall be binding upon and inure to the benefit of the Client, the Investment Manager, each Indemnified
Person and their respective successors and permitted assignees. Any person that is not a signatory to this Agreement but is nevertheless
conferred any rights or benefits hereunder (e.g., Affiliates or Representatives of the Investment Manager and others who
are entitled to indemnification hereunder) shall be entitled to such rights and benefits as if such person were a signatory hereto,
and the rights and benefits of such person hereunder may not be impaired without such person’s express written consent.

 

21.          Assignment.
Except as provided in this Section 21, no party to this Agreement may assign all or any portion of its rights, obligations or liabilities
under this Agreement, or may affect an assignment within the meaning of Section 202(a)(1) of the Advisers Act, without the prior
consent of the other party to this Agreement. Notwithstanding the foregoing, (i) the Investment Manager may assign, upon prior
written notice to the Client, any of its rights and obligations hereunder to any Affiliate; provided, that such Affiliate
assumes the obligations of the Investment Manager hereunder and (ii) the Client may assign the Agreement in its entirety to (x)
Advantage Insurance or Advantage Property & Casualty Company SPC or (y) with the prior written consent of the Investment Manager,
any other subsidiary of Advantage Insurance; provided, that in each case such assignee is at all times a wholly owned subsidiary
of the Advantage Insurance In the event of any assignment or transfer of this Agreement (or the rights and obligations hereunder)
by the Investment Manager or the Client in accordance with this Section 21, the representation and warranties made by such assigning
party as set forth in this Agreement shall be deemed made by such party’s assignee as of the date of such assignment.

 

22.          Force
Majeure. The Investment Manager shall not be liable to the Client for any failure, delay or interruption in the performance
of its obligations which result from any occurrence of force majeure. Such events of force majeure include acts of god, acts of
terrorism or war, fires, floods, power failure, disabling strikes, epidemics, quarantine restrictions, freight embargoes, acts
or regulations of any governmental or supranational bodies or authorities that render illegal or impractical the performance of
relevant obligations of the Investment Manager, closure or suspension of any relevant markets and breakdown, failure or malfunction
of any telecommunication or computer service or systems (other than proprietary systems operated by the Investment Manager). In
any such case, all amounts due to the Investment Manager hereunder in respect of services actually performed shall be paid as and
when due.

 

    	 	20	 

     

    

  

23.          Incorporation
of Amendments to Applicable Laws. Any references to sections of federal or state statutes or regulations shall be deemed to
include a reference to any amendments thereof and any successor provisions thereto.

 

24.          Discretion.
Where any provision of this Agreement refers to a determination, decision or action of the Investment Manager such determination,
decision or action shall mean a determination, decision or action in its sole discretion or under a grant of similar authority
or latitude, and the Investment Manager shall be entitled to consider only such interests and factors as it desires, including
its own interests.

 

25.   
     Headings. The headings contained in this Agreement are intended solely for
convenience of reference and shall not affect the rights of the parties to this Agreement or the interpretation of any term
or provision hereof.

 

26.          Counterparts.
This Agreement may be signed in one or more counterparts, each of which shall be deemed an original, but all of which when taken
together shall be deemed to be one and the same instrument.

 

27.          Survival.
The provisions of Sections 6, 8, 9, 10, 11, 12, 13, 15 and 17 through 30, inclusive, hereof shall survive the termination of this
Agreement.

 

28.   
      Venue. To the fullest extent permitted by law, in the event of any legal action or
proceeding arising out of the terms and conditions of this Agreement, the parties hereto irrevocably (i) consent and submit
to the exclusive jurisdiction of the Supreme Court, State of New York, New York County and of the U.S. District Court for the
Southern District of New York, (ii) waive any defense based on doctrines of venue or forum non conveniens, or similar
rules or doctrines, and (iii) agree that all claims in respect of such a legal action or proceeding must be heard and
determined exclusively in the Supreme Court, State of New York, New York County or the U.S. District Court for the Southern
District of New York. Process in any such legal action or proceeding may be served on any party anywhere in the world,
whether within or without the jurisdiction of any such court.

 

29.          Waiver
of Jury Trial. EACH PARTY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ITS RIGHT TO A TRIAL BY JURY TO THE EXTENT PERMITTED
BY LAW IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF THE TERMS AND CONDITIONS OF THIS AGREEMENT. THIS WAIVER APPLIES TO ANY
LEGAL ACTION OR PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. EACH PARTY ACKNOWLEDGES THAT IT HAS RECEIVED THE ADVICE
OF COMPETENT COUNSEL.

 

    	 	21	 

     

    

  

30.          Pronouns;
Interpretation. All pronouns shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity
of a person may require in the context thereof. The words “including,” “includes” and “include”
shall be deemed to be followed by the words “without limitation”. The words “herein”, “hereof”,
“hereunder” or other words of similar import shall refer to this Agreement as a whole and not any particular term or
provision hereof.

 

[Remainder of Page Intentionally Left Blank]

 

    	 	22	 

     

    

   

IN WITNESS WHEREOF the parties hereto have
caused this Investment Management Agreement to be executed as of the date first written above.

 

	 	CLIENT
	 	 
	 	ADVANTAGE LIFE & ANNUITY COMPANY SPC
	 	 
	 	/s/ M. Moffat
	 	Name: M. Moffat
	 	Title:   Director
	 	 
	 	ADVANTAGE INSURANCE INC.
	 	 
	 	/s/ M. Moffat
	 	Name: M. Moffat
	 	Title:   Director
	 	 
	 	INVESTMENT MANAGER
	 	 
	 	GSO / BLACKSTONE DEBT FUNDS MANAGEMENT LLC
	 	 
	 	/s/ Marisa J. Beeney
	 	Name: Marisa J. Beeney
	 	Title:   Authorized Signatory

  

    	 	23	 

     

    

  

EXHIBIT A

 

Investment
Guidelines

 

Introduction:

 

Subject to the remaining terms and provisions
of these Investment Guidelines, the Investment Manager shall endeavor to make Investments for the Account such that at all times
the Account meets the criteria set forth herein. The Client acknowledges and agrees that the Investment Manager shall not be deemed
to have breached these Investment Guidelines or the Agreement by reason of fluctuations in the value of the Investments arising
from market movements and other events beyond the Investment Manager’s control, a change in the nature of any investment
(whether through change in business activity or credit rating) or significant contributions to or withdrawals from the Account.
Investments may be made directly or indirectly through one or more investment vehicles.

 

The Investment Manager may request the
Client to make suitable modifications to these Investment Guidelines to reflect any change in market circumstances; provided,
that any modification to these Investment Guidelines requested shall become effective only upon agreement by both parties, which
agreement shall not be unreasonably withheld by the Client.

 

To the extent the consummation of an investment
results in the violation of any of the Investment Guidelines, the Manager shall dispose of such investment and/or any other Assets
in its discretion, as soon as commercially practicable in the reasonable judgment of the Manager, to restore compliance with such
Guidelines; it being understood that the violation of any of the Investment Guidelines shall constitute neither a breach of this
Agreement (including any of the Investment Guidelines) nor shall the applicable Investment constitute a “trade error”
for purposes of this Agreement or any other purposes (including, without limitation, for regulatory purposes) if (i) such violation
is curable and (ii) the Investment Manager cures such violation within sixty (60) days after the Investment Manager becomes aware
of such violation.

 

Investment Guidelines:

 

The Investment Guidelines shall be subject
to the good faith interpretation of the Investment Manager.

 

Approved Assets:

 

		1.	CLO securities denominated in US Dollars

 

		2.	Security interests in CLO Warehouse Entities (as defined
below)

 

		3.	Broadly syndicated bank loans to corporate borrowers
denominated in US Dollars

 

		4.	Other types of corporate lending instruments denominated
in US Dollars

 

		5.	Cash and cash equivalents denominated in US Dollars

 

		6.	Other assets proposed by the Investment Manager and
approved by the Client, including investments not denominated in US Dollars

 

    	 	A-1	 

     

    

  

Restricted Activities:

 

		1.	Entering into swaps or other derivative contracts

 

		2.	Purchasing structured investment products with embedded
derivative contracts other than any CLO security that holds any foreign currency and/or interest rate hedges, swaps or other contracts
or instruments

 

		3.	Purchasing assets denominated in currencies other
than US Dollars

 

		4.	Borrowing money on behalf of the Client or creating
margin debt obligations of the Client, other than for pending but not yet settled purchase or sale transactions

 

		5.	Issuing guarantees or making commitments of the Client
unrelated to the purchase or sale of Approved Assets

 

Classification of Investments:

 

“Cash and Cash Equivalents”
Investments shall be cash, money market funds, obligations of the United States of America due within two years, commercial paper
rated A1/P1, and corporate obligations rated “A” or better maturing within one year.

 

“Available for Sale”
Investments shall mean (i) any asset that the Investment Manager has purchased with the intent to sell within one year of such
acquisition and is used for liquidity management purposes or to result in short-term trading gains, or (ii) any asset that the
Investment Manager has purchased in a vehicle established for the purpose of accumulating loans for potential contribution to a
CLO (such vehicle, a “CLO Warehouse Entity”), including, without limitation, any such interest held in Warehouse
Parent Ltd. (including CLO Warehouse Entities with respect to which the Investment Manager or its Affiliates earn management or
other fees).

 

“Held to Maturity”
Investments shall be any assets designated as such at the time of purchase by the Client upon the advice of the Investment Manager.
Unless otherwise advised by the Investment Manager, the Client will designate all CLO equity securities and CLO mezzanine securities
purchased for the Account as Held to Maturity assets.

 

For the purposes of this Agreement and
calculation of Management Fees, designation of assets as Held to Maturity or Available for Sale will continue even if use of such
terms or equivalent categorizations for accounting or regulatory purposes is discontinued by the Client or is no longer recognized
under U.S. GAAP.

 

    	 	A-2	 

     

    

  

EXHIBIT B

 

Fees & Expenses

 

Management Fee:
For the duration of the term of the Account up to and including the Liquidation Date, the Investment Manager shall be paid a fee
following the end of each calendar quarter (i.e., the periods between January 1st and March 31st,
April 1st and June 30th, July 1st and September 30th and October 1st and
December 31st of each calendar year), in an amount equal to the applicable Management Fee as further set forth below.

 

“Management
Fee” shall mean, with respect to each Investment as of the end of each calendar quarter, a percentage per annum determined
as follows:

 

(A)          For
Cash and Cash Equivalents (as defined in Exhibit A) in the Account as of the end of such calendar quarter, equal to 25 basis points
(0.25%) of the total; and

 

(B)          for
each Available for Sale (as defined in Exhibit A) asset in the Account as of the end of such calendar quarter, equal to 50 basis
points (0.50%) of such asset’s fair market value (determined in accordance with Section 12); and

 

(C)          for
each Held to Maturity (as defined in Exhibit A) asset in the Account as of the end of such calendar quarter, equal to:

 

		(i)	with respect to CLO equity securities (including secondary
purchases of GSO-managed CLO equity securities but excluding any GSO-managed CLO equity securities acquired in a primary issuance),
100 basis points (1.00%) of Adjusted Cost;

 

		(ii)	with respect to any Held to Maturity asset that is
not a CLO equity or mezzanine security, 100 basis points (1.00%) of Cost; and

 

		(iii)	with respect to CLO mezzanine securities (including
secondary purchases of GSO-managed CLO mezzanine securities but excluding any GSO-managed CLO mezzanine securities acquired in
a primary issuance), 75 basis points (0.75%) of Cost.

 

For the avoidance of doubt, the Management
Fee will be reduced to take into account any fees received by the Investment Manager or any of its Affiliates as a result of managing
any CLO that the Client invests in, if such investment is or has been made in the primary market.

 

For the purposes of
this Agreement, “Cost” shall mean the cost paid for an Investment, which, if requested by the Client, shall
take into account embedded gains and losses as may be agreed by the Investment Manager and the Client in writing (which may include
electronic mail). For the purposes of this Agreement, “Adjusted Cost” shall mean the cost paid for an Investment
less any cash distributions treated as return of capital for accounting purposes previously received by the Account with respect
to such Investments. Cost and Adjusted Cost for the purposes of Management Fee calculations will be adjusted to match the carrying
value of the Investment if the Investment is categorized as “Other Than Temporarily Impaired” (or equivalent accounting
definition) on the balance sheet of the Client for accounting purposes (any such Investment, an “Impaired Investment”).

 

    	 	B-1	 

     

    

  

For shares of pooled investment funds sponsored
by the Investment Manager or its Affiliates, other than securities issued by CLOs managed or advised by the Investment Manager
or its Affiliates, the Investment Manager may purchase such funds as Investments held in the Available for Sale category with the
permission of the Client. The Management Fee for each Investment of this type will be reduced by the proportionate indirect fee
paid directly to the Investment Manager by the pooled investment fund Investment, up to the full amount of the Management Fee that
would otherwise be payable for the Investment. Notwithstanding the foregoing, the Management Fee due pursuant to paragraph (B)
hereof for the management of any Available for Sale asset in a CLO Warehouse Entity shall not be reduced by any other fees payable
to the Investment Manager or its Affiliates by such CLO Warehouse Entity.

 

With respect to any Investment held indirectly
through one or more intermediate entities (as such intermediate entities may be agreed by the Investment Manager and the Client
in writing (which may include electronic mail) from time to time), the Management Fee with respect thereto shall be calculated
based on the Account’s indirect proportionate share of such Investment.

 

If this Agreement commences on any date
other than the first date of a calendar quarter or any Termination Date occurs on any date other than the last date of a calendar
quarter, then the Management Fees attributable to any such partial calendar quarter shall be pro-rated based on the number
of calendar days during which services hereunder were provided.

 

Each installment of the Management Fees
shall be due and payable by the Client to the Investment Manager within fifteen (15) days following the Client’s receipt
of an invoice therefor.

 

Incentive Fee:
For the duration of the term of the Account up to and including the Liquidation Date, the Investment Manager will be entitled to
receive an incentive fee (the “Incentive Fee”) with respect to any investment proceeds received by the Account
from inception to date for any Investment which constitutes a Held to Maturity asset, determined in accordance with the following
priorities:

 

(A)         First,
100% to be retained by the Account until the Account has received an aggregate amount with respect to such Investment pursuant
to this paragraph (A) from inception to date equal to the Cost of such Investment;

 

(B)         Second,
100% to be paid to the Investment Manager until the Investment Manager has received an aggregate amount with respect to such Investment
pursuant to this Paragraph (B) equal to the Management Fee Catch-up Amount, if any;

 

(C)         Third,
100% to be retained by the Account until the Account has received an aggregate amount with respect to such Investment pursuant
to this paragraph (C) from inception to date equal to the sum of (i) the aggregate amount of Management Fees incurred by the Client
with respect to such Investment (for this purpose, including any management fees paid to the Investment Manager or any other investment
manager of the Account since its inception) and (ii) any Management Fee Catch-up Amount paid in accordance with clause (B) above,
if any;

 

    	 	B-2	 

     

    

  

(D)         Fourth,

 

(i)          10%
to be paid to the Investment Manager as an Incentive Fee and

 

(ii)         90%
to be retained by the Account.

 

For the avoidance of doubt, the Incentive
Fee will be reduced to take into account any incentive fees received by the Investment Manager or any of its Affiliates solely
with respect to the portion of the Client’s interest in each CLO managed by the Investment Manager on behalf of the Client,
if such investment is or has been made in the primary market.

 

Incentive Fees shall be due and payable
by the Client to the Investment Manager at the end of each calendar quarter (the “Incentive Fee Payment Date”)
within fifteen (15) days of the Client’s receipt of an invoice therefor.

 

Notwithstanding the foregoing, Incentive
Fees (other than any fees payable in accordance with clause (B) above) shall accrue but shall not be paid by the Client, if as
of any Incentive Fee Payment Date, the deemed liquidation value of the Account (determined in accordance with Section 12) is less
than the Net Cash contributed by the Client to the Account. Any Incentive Fee accrued but not paid pursuant to the foregoing sentence
shall be payable at such time as the deemed liquidation value of the Account (determined in accordance with Section 12) is greater
than the Net Cash contributed by the Client to the Account.

 

“Management Fee Catch-up Amount”
shall mean with respect to any Impaired Investment an amount equal to the difference between (i) the amount of Management Fees
the Investment Manager would have received with respect to such Investment except for such “Other than Temporarily Impaired”
categorization minus (ii) the actual amount of Management Fees received by the Investment Manager or any other investment
manager of the Account since its inception.

 

“Net Cash” shall mean
as of any date, the total amount of cash and securities contributed by the Client to the Account, less withdrawals of cash and
securities, as of such date.

 

    	 	B-3	 

     

    

  

Expenses:
The Investment Manager shall render the services set forth hereunder at its own expense, including administrative expenses, employment
expenses and other compensation for its employees, insurance, office expenses, rent, utilities, and other ordinary and recurring
expense of management. Notwithstanding the foregoing, the Investment Manager shall not be responsible for any of the Client’s
expenses, and the Client shall be responsible for all costs related to the operation of the Account, including accounting (including
auditing) and legal expenses, investment expenses (e.g., trade clearance and settlement, corporate action processing, trade
confirmation and reconciliation), professional fees (including expenses of consultants and experts), taxes (and any related expenses)
and other governmental charges, custodial and transfer agency fees and expenses, record keeping and other administrative fees and
expenses, printing and mailing expenses and all investment expenses incurred by the Account (including interest on borrowings and
commitment fees and related expenses payable to lenders, brokerage commissions, borrowing charges on Investments sold short, bank
service fees, withholding and transfer fees, custodial fees, clearing and settlement charges and other trading-related expenses,
loan fees, sales commissions, appraisal fees, loan-pricing services fees, interest and commitment fees, underwriting commissions
and discounts, consulting and information services expenses, research expenses, extraordinary expenses, including costs of any
litigation or investigation involving the Account activities and any other expenses reasonably related to the purchase, sale or
transmittal of the Investments of the Account) and other similar expenses related to the Account, as applicable, as the Investment
Manager reasonably determines (collectively, “Expenses”). The Client will also reimburse the Investment Manager
for the reasonable travel and incidental expenses of its personnel related directly to the business of the Client, including travel
to attend meetings of the Board of Directors of the Client or other events or meetings at the request of the Client. To the extent
the Investment Manager advances any costs or expenses described above on behalf of the Account, the Client will reimburse the Investment
Manager promptly upon the Investment Manager’s request.

 

Termination Fee:
If the Client fails to renew this Agreement or otherwise terminates this Agreement for any reason except for “Cause”
pursuant to clause (B) of the definition thereof and Section 11(c) with respect thereto, or the Investment Manager terminates this
Agreement for “Good Reason” pursuant to clauses (A), (B) or (C) of the definition thereof and Section 11(b) with respect
thereto, the Client shall pay to the Investment Manager a termination fee equal to the sum of (i) the aggregate amount of Management
Fees paid to Investment Manager (or any predecessor investment manager for the Account) with respect to the immediately preceding
four calendar quarters plus (ii) at the option of the Investment Manager, either (x) an amount equal to the Incentive Fee that
would be paid if all Investments in Held to Maturity assets in the Account as of as of the Termination Date were sold at their
respective Valuations on such date or (y) upon the receipt of proceeds by Client following the Termination Date with respect to
each such Investment, an amount equal to the Incentive Fee (if any) that the Investment Manager would otherwise have been entitled
to receive had such Termination not occurred, except for the purposes of this clause (y) such Incentive Fee shall be determined
without regard to the deemed liquidation value of the remaining portfolio (collectively, the “Termination Fee”).
The Termination Fee shall be due and payable by the Client to the Investment Manager within fifteen (15) days of the Client’s
receipt of an invoice therefor; provided, that to the extent the Investment Manager elects to receive the post-termination
Incentive Fee pursuant to clause (ii)(y) of the foregoing sentence, the Client agrees to notify the Investment Manager of the receipt
of proceeds from any such Held to Maturity asset within two (2) Business Days thereof (which notice shall include evidence reasonably
satisfactory to the Investment Manager describing the amount of such proceeds) and the Investment Manager shall promptly thereafter
deliver to the Client an invoice detailing the amount of the fee owed.

 

    	 	B-4	 

     

    

  

SCHEDULE I

 

Conflicts of Interest

 

The following discussion enumerates certain
potential conflicts of interest that should be carefully evaluated before making an investment in the Account, but is not intended
to be an exclusive list of all such conflicts. Any references to the Firm, GSO, Blackstone and the Investment Manager in this section
will be deemed to include their respective Affiliates, partners, members, shareholders, officers, directors and employees, except
that portfolio companies of managed clients shall only be included to the extent the context shall require and references to GSO
Affiliates shall only be to Affiliates operating as a part of Blackstone's credit focused business group.

  

		(1)	Certain inherent conflicts of interest arise from the fact
that the Investment Manager (together with its Affiliates, “GSO”), The Blackstone Group L.P. (together with
its Affiliates, “Blackstone”) and their respective Affiliates (collectively, the “Firm”)
provide investment management, advisory and sub-advisory services both to the Client and other clients, including other investment
funds, client accounts (including managed accounts) and proprietary accounts in which the Client will not have an interest (such
other clients, funds and accounts, collectively the “Other Accounts”). The respective investment programs of
the Client and the Other Accounts may or may not be substantially similar. The Firm may give advice and recommend securities to
Other Accounts which may differ from advice given to, or securities recommended or bought for, the Account, even though their
investment objectives may be the same or similar to those of the Account. In addition, as a consequence of the Firm’s status
as a public company, the officers, directors, managers, partners and employees of the Investment Manager may take into account
certain additional considerations and factors in connection with its investment advisory activities with respect to the Account
that would not necessarily be taken into account if the Firm were not a public company. The Investment Manager will have the power
to resolve, or consent to the resolution of, conflicts of interest in respect of, and such resolution will be binding on, the
Account. In the event that a conflict of interest arises, the Investment Manager will attempt to resolve such conflicts in a fair
and equitable manner. Conflicts will not necessarily be resolved in favor of the interest of the Client. All of these situations
may create conflicts of interest in respect of the advice that the Investment Manager may provide to the Account or that the Investment
Manager or its Affiliates may provide to other entities under their management, for example with regards to decisions to acquire
or dispose of investments, the enforcement of covenants, the terms of any restructuring and the resolution of any workouts or
bankruptcies. The Investment Manager and its Affiliates may, in their discretion, make investment recommendations and decisions
in respect of such entities that may be the same as or different from those made by the Investment Manager with respect to the
Account’s investments;

  

    	 	S-1	 

     

    

  

		(2)	While the Investment Manager will seek to manage potential
conflicts of interest in a fair and equitable manner, the portfolio strategies employed by GSO and Blackstone in managing Other
Accounts could conflict with the transactions and strategies employed by the Investment Manager in managing the Client and may
affect the prices and availability of the securities and instruments in which the Client invests. Conversely, participation in
specific investment opportunities may be appropriate, at times, for both the Client and Other Accounts; In any event, it is the
policy of GSO to allocate investment opportunities and sale opportunities on a basis deemed by GSO, in its sole discretion, to
be fair and equitable over time;

 

		(3)	It is the policy of the Investment Manager to share appropriate
investment opportunities (and sale opportunities) with the Other Accounts and the Client in accordance with its allocation policies.
Certain Other Accounts will receive priority or allocation rights with respect to certain investments, subject to various conditions
set forth in such Other Accounts’ respective governing agreements. In allocating investment opportunities, the Investment
Manager determines which clients’, including the Client’s and the Other Accounts’, investment mandates are consistent
with the investment opportunity. As a general matter, investment opportunities will be allocated pro rata among the Client
and the Other Accounts that do not have any priority to investment opportunities based on respective targeted acquisition sizes
(which may be based upon available or committed capital or, in some cases, a specified maximum target size of such client) or
targeted sale size (which is generally based upon the position size held by selling clients), in a manner that takes into account
the applicable factors listed below. While no client will be favored over any other client, in allocating investment opportunities
certain clients may have priority over other clients consistent with disclosures made to the applicable investors. Notwithstanding
the foregoing, investment opportunities may be allocated in a manner that differs from such methodologies but is otherwise fair
and equitable to the Client and the Other Accounts taken as a whole (including, in certain circumstances, a complete opt-out for
the Client or an Other Account from an allocation), and the Investment Manager may also consider the following factors in making
any allocation determinations, and such factors may result in a different allocation of investment and/or sale opportunities:
(a) the risk-return and target-return profile of the proposed investment relative to the Client’s and the Other Accounts’
current risk profile; (b) the Client’s or the Other Accounts’ investment guidelines, restrictions, terms and objectives,
including whether such objectives are considered solely in light of the specific investment under consideration or in the context
of the respective portfolios’ overall holdings; (c) the need to re-size risk in the Client’s or the Other Accounts’
portfolios (including the potential for the proposed investment to create an industry, sector or issuer imbalance in the Client’s
and the Other Accounts’ portfolios) and taking into account any existing non-pro rata investment positions in such
portfolios of the Client and Other Accounts; (d) the Client’s and the Other Accounts’ liquidity considerations, including
during a ramp-up or wind-down of the Account or Other Accounts, proximity to the end of the Account’s or the Other Accounts’
specified terms or investment period, any redemption/withdrawal requests, anticipated future contributions and available cash;
(e) tax consequences; (f) regulatory or contractual restrictions or consequences; (g) avoiding de minimis or odd lot allocations;
(h) availability and degree of leverage and any requirements or other terms of any existing leverage facilities; (i) the Client’s
or the Other Accounts’ investment focus on a classification attributable to an investment or issuer of an investment, including,
without limitation, investment strategy, geography, industry or business sector; (j) the nature and extent of involvement in the
transaction on the part of the respective teams of investment professionals dedicated to the Client or an Other Account; (k) managing
any actual or potential conflict of interest; (l) with respect to investments that are made available to the Investment Manager
by counterparties pursuant to negotiated trading platforms (e.g., ISDA contracts) which may not be available for the Client or
the Other Accounts, the absence of such relationships; and (m) any other considerations deemed relevant by the Investment Manager
and its Affiliates in good faith. Orders may be combined for all such accounts, and if any order is not filled at the same price,
it may be allocated on an average price basis. Similarly, if an order on behalf of more than one account cannot be fully executed
under prevailing market conditions, investments may be allocated among the different accounts on a basis that GSO considers equitable;

 

    	 	S-2	 

     

    

  

		(4)	GSO shall not have any obligation to present any investment
opportunity to a Client if GSO determines in good faith that such opportunity should not be presented to such Client for any one
or a combination of the reasons specified above, or if GSO is otherwise restricted from presenting such investment opportunity
to the Client. Moreover, with respect to GSO’s ability to allocate investment opportunities, including where such opportunities
are within the common objectives and guidelines of the Client and one or more other Clients (which allocations are to be made
on a basis that GSO believes in good faith to be fair and reasonable), GSO and Blackstone have established general guidelines
for determining how such allocations are to be made, which, among other things, set forth priorities and presumptions regarding
what constitutes “debt” investments, ranges of rates of returns for defining “core” or “core+”
investments, presumptions regarding allocation for certain types of investments (e.g., distressed investments) and other matters.
The application of those guidelines may result in a Client not participating (and/or not participating to the same extent) in
certain investment opportunities in which it would have otherwise participated had the related allocations been determined without
regard to such guidelines and/or based only on the circumstances of those particular investments;

 

		(5)	Blackstone owns 40% of the equity interests in Pátria
Investmentimentos Ltd. (“Pátria”), a leading Brazilian alternative asset manager and advisory firm.
Pátria’s alternative asset management businesses include the management of private equity funds, real estate funds,
infrastructure funds and hedge funds (e.g., a multi-strategy fund and a long/short equity fund). Each of Blackstone’s and
Pátria’s respective investment funds continues to pursue investment opportunities in accordance with their existing
mandates. There may be instances where appropriate investment opportunities will be shared with (or allocated to) Pátria.
Therefore, there may be opportunities available to Pátria that are not shared with the Fund, and there may be opportunities
available to the Fund that are shared with one or more Pátria funds. GSO generally expects, with respect to certain types
of investments in Brazil otherwise suitable for the Fund, to permit such investments to be shared with and/or pursued by Pátria,
which may be on a priority basis and may result in the Fund not participating in any such investments or participating therein
to a lesser extent. In addition, the Fund may invest in companies or other entities in which Pátria sponsored investment
funds have or are concurrently making a different investment (e.g., an equity investment vs. a debt investment) at the time of
the Fund’s investment, and investment funds that have been or may be formed by Pátria may invest in different securities
of companies or other entities in which the Fund has made an investment. In such situations, the Fund and such other Pátria
sponsored investment funds (and therefore Blackstone through its indirect minority interest in Pátria) may have conflicting
interests (e.g., over the terms of their respective investments);

 

    	 	S-3	 

     

    

  

		(6)	The Investment Manager will generally execute the Client’s
and Other Accounts’ transactions on an aggregated basis when the Investment Manager believes that to do so will allow the
Investment Manager to obtain best execution and to negotiate more favorable commission rates or other transaction costs that might
have otherwise been paid had such orders been placed independently. When aggregating orders, the Client and Other Accounts will
be treated in a fair and equitable manner. As used herein, “aggregated order” shall mean when the Investment Manager
places an order on behalf of the Client and Other Accounts and does not specify to the counterparty prior to execution the allocation
between such entities. Generally, any partial fills will be allocated pro rata between the Client and Other Accounts in accordance
with the specified allocation. The Client and Other Accounts that participate in the allocation of an aggregated order will participate
at the average price for all of the participating transactions in that instrument or security on a given business day, with aggregated
transaction costs shared pro rata based on the Client’s and such Other Accounts’ participation in the transaction;

 

		(7)	From time to time, the Client and the Other Accounts are
expected to make investments at different levels of an issuer’s capital structure or otherwise in different classes of investments
in an issuer, subject to the limitations of the Investment Company Act, and at other times the Client and Other Accounts are expected
to make investments in the same level of an issuer’s capital structure or otherwise in the same class of investment in an
issuer. Such investments may inherently give rise to conflicts of interest or perceived conflicts of interest between or among
the various classes of investments that may be held by such entities. To the extent the Client holds investments that are different
(including with respect to their relative seniority) than those held by an Other Account, GSO may be presented with decisions
when the interests of the Client and such Other Account are in conflict. For example, conflicts could arise where the Account
lends funds to an issuer while an Other Account invests in equity securities of such issuer. In this circumstance, for example,
if such issuer goes into bankruptcy, becomes insolvent or is otherwise unable to meet its payment obligations or comply with its
debt covenants, conflicts of interest could arise between the holders of different types of securities as to what actions the
issuer should take. In addition, purchases or sales of securities or instruments for the Account (particularly marketable securities)
will be bunched or aggregated with orders for Other Accounts, including funds. It is frequently not possible to receive the same
price or execution on the entire volume of securities or instruments sold, and the various prices may be averaged, which may be
disadvantageous to the Account. Further conflicts could arise after the Account and other Affiliates have made their respective
initial investments. For example, if additional financing is necessary as a result of financial or other difficulties, it may
not be in the best interests of the Account to provide such additional financing. If the other Affiliates were to lose their respective
investments as a result of such difficulties, the ability of the Investment Manager to recommend actions in the best interests
of the Account might be impaired. The Investment Manager may in its discretion take steps to reduce the potential for adversity
between the Account and the Other Accounts, including causing and/or recommending the Account and/or such Other Accounts to take
(or refrain from taking) certain actions that, in the absence of such conflict, it would not take (or refrain from taking). In
addition, there may be circumstances where GSO agrees to implement certain procedures to ameliorate conflicts of interest, including
(x) situations that may involve a forbearance of rights relating to the Account or Other Accounts, such as where GSO may cause
Other Accounts to decline to exercise certain control- and/or foreclosure-related rights with respect to an issuer or (y) situations
where either the Client or Other Accounts (i) decline to participate in an investment or (ii) participate to a lesser extent in
an investment than the Client or such Other Accounts otherwise would participate. For example, the Client or Other Accounts may
limit investment in products where GSO acts as collateral manager. In such circumstances, GSO’s duties to the Client and
such Other Account may conflict. GSO may in its discretion take steps to reduce the potential for adversity between the Client
and the Other Accounts, including causing the Client and/or such Other Accounts to take certain actions that, in the absence of
such conflict, it would not take. In addition, conflicts may arise in determining the amount of an investment, if any, to be allocated
among potential investors and the respective terms thereof. There can be no assurance that any conflict will be resolved in favor
of the Account and/or the Client. The Client acknowledges and agrees that in some cases, a decision by GSO to take any such step
could have the effect of benefiting an Other Account (and, incidentally, may also have the effect of benefiting GSO) and therefore
may not have been in the best interests of, and may be adverse to, the Client. There can be no assurance that the return on the
Account’s investment will be equivalent to or better than the returns obtained by an Other Accounts participating in the
transaction. The Client will not receive any benefit from fees paid to GSO from an entity in which Other Accounts also have an
interest;

 

    	 	S-4	 

     

    

  

Certain policies and procedures implemented
by the Firm to mitigate potential conflicts of interest and address certain regulatory requirements and contractual restrictions
will from time to time reduce the synergies across the Firm’s various businesses that the Investment Manager expects to draw
on for purposes of pursuing attractive investment opportunities. Because the Firm has many different businesses, which GSO investment
teams and portfolio companies may engage to advise on and to execute debt and equity financings (including the Blackstone Capital
Markets Group) it is subject to a number of actual and potential conflicts of interest, greater regulatory oversight and more legal
and contractual restrictions than that to which it would be subject if it had just one line of business. In addressing these conflicts
and regulatory, legal and contractual requirements across its various businesses, the Firm has implemented certain policies and
procedures (e.g., information walls) both across and within business units that reduce the positive synergies that the Investment
Manager expects to utilize for purpose of finding attractive investments. For example, the Firm will from time to time come into
possession of material non-public information with respect to companies, including companies in which the Investment Manager may
be considering making an investment or companies that are the Advisory Clients, companies in which the Client or Other Accounts
hold an investment, entities that are managed directly and/or indirectly by the Investment Manager or any of its affiliates. Should
this occur, the Investment Manager would be restricted from buying or selling investments, derivatives or loans of the issuer on
behalf of the Client until such time as the information became public or was no longer deemed material to preclude the Client from
participating in an investment. This could reduce the investment opportunities available to the Client or Other Accounts, prevent
the Client or Other Accounts from acquiring and exiting an investment or otherwise limit their investment flexibility. Disclosure
of such information to the Investment Manager’s personnel responsible for the affairs of the Client will be on a need-to-know
basis only, and the Client may not be free to act upon any such information. As a consequence, that information, which could be
of benefit to the Client, is likely to be restricted to those other businesses and otherwise be unavailable to the Client, and
will also restrict the Client’s activities. In addition, the Investment Manager, in an effort to avoid buying or selling
restrictions on behalf of the Client or Other Accounts or their Affiliates, may choose to forego an opportunity to receive (or
elect not to receive) information that other market participants or counterparties, including those with the same positions in
the issuer as the Client, are eligible to receive or have received, even if possession of such information would be advantageous
to the Client. It is also possible that the Client of Other Accounts could be restricted from trading despite the fact that the
Client or Other Accounts did not receive such information.

 

Furthermore, the Firm may restrict or otherwise
limit the Investment Manager and/or the entities in which the Account invests from entering into agreements with, or related to,
companies that either are Advisory Clients or in which any Other Account has invested or has considered making an investment. The
Firm will from time to time restrict or otherwise limit the ability of the Investment Manager to make investments in or otherwise
engage in businesses or activities competitive with portfolio companies of other Advisory Clients, either as a result of contractual
restrictions or otherwise. Finally, the Firm has in the past and is likely in the future to enter into one or more strategic relationships
in certain regions or with respect to certain types of investments that, although such relationships may be intended to provide
greater opportunities for the Investment Manager, may require the Investment Manager to share such opportunities or otherwise limit
the amount of an opportunity the Investment Manager can otherwise take;

 

    	 	S-5	 

     

    

  

Finally, the Firm has and will
enter into one or more strategic relationships in certain regions or with respect to certain types of investments that, although
possibly intended to provide greater opportunities for the Client or Other Accounts, may require the Client or Other Accounts to
share such opportunities or otherwise limit the amount of an opportunity the Client or Other Accounts can otherwise take. Furthermore,
while trading securities of the portfolio company and/or entity to which the information specifically relates may be legally restricted,
due to, among other reasons, the Firm’s contractual restrictions under a confidentiality agreement, the Firm shall otherwise
be under no duty to refrain from trading for the benefit of the Firm and/or an Other Account in the securities of unaffiliated
issuers while using or otherwise being in possession of such information. For example, the Firm’s ability to trade in securities
of an issuer relating to a specific industry may, subject to applicable law, be enhanced by information of a portfolio company
and/or entity in the same or related industry. Such trading may provide a material benefit to the Firm without compensating or
otherwise benefiting the Client;

 

		(8)	As part of its regular business, the Firm provides a broad
range of investment banking, advisory, placement agent and other services. In addition, from time to time, the Firm will provide
services beyond those currently provided. The Client will not receive any benefit from any fees relating to such services. In
the regular course of its capital markets, investment banking, underwriting, capital markets syndication, real estate, advisory
(including underwriting), financial advisory, restructuring and advisory, consulting, asset/property management, mortgage servicing,
insurance (including title insurance), monitoring, commitment, syndication, origination, servicing, management consulting and
other similar operational and finance matters, healthcare consulting/brokerage, group purchasing, organizational, operational,
loan servicing, financing, divestment and other businesses, the Firm represents potential purchasers, sellers and other involved
parties, including corporations, financial buyers, management, shareholders and institutions, with respect to transactions that
could give rise to investments that are suitable for the Client. In such a case, the Firm’s client, would typically require
the Firm to act exclusively on its behalf, thereby precluding the Client from participating in related transactions that would
otherwise be suitable. The Firm will be under no obligation to decline any such engagements in order to make an investment opportunity
available to the Client. In connection with its capital markets, investment banking, real estate, advisory and other businesses,
the Firm comes into possession of information that limits its ability to engage in potential transactions. The Client’s
activities are expected to be constrained as a result of the inability of the Investment Manager’s personnel to use such
information. For example, employees of the Firm from time to time are prohibited by law or contract from sharing information with
members of the Client’s investment team. Additionally, there may be circumstances in which one or more of certain individuals
associated with the Firm will be precluded from providing services related to the Client’s activities because of certain
confidential information available to those individuals or to other parts of the Firm (e.g., trading may be restricted).
Where the Firm is engaged to find buyers or financing sources for potential sellers of assets, the seller may permit the Client
to act as a participant in such transactions (as a buyer or financing participant), which would raise certain conflicts of interest
inherent in such a situation (including as to the negotiation of the purchase price);

 

    	 	S-6	 

     

    

  

		(9)	The Firm has long-term relationships with a significant
number of corporations and their senior management. In determining whether to invest in a particular transaction on behalf of
the Client, the Investment Manager will consider those relationships and may decline to participate in a transaction as a result
of one or more of such relationships. The Firm is under no obligation to decline any engagements or investments in order to make
further investment opportunities available to the Client. The Firm may determine to not consider the recommendation of the investment
to the Client as a result of such relationships, as may be permitted by law. The Account may be forced to sell or hold existing
investments as a result of investment banking relationships or other relationships that the Firm may have or transactions or investments
the Firm may make or have made. The Client may also co-invest with clients of the Firm in particular investment opportunities,
and the relationship with such clients could influence the decisions made by the Investment Manager with respect to such investments
as may be permitted by law and in accordance with the Investment Manager’s applicable procedures. Therefore, there can be
no assurance that all potentially suitable investment opportunities that come to the attention of the Firm in or relating to the
Investment will be made available to the Client;

 

		(10)	The Account will invest in securities of the same issuers
as Other Accounts, other investment vehicles, accounts and clients of the Firm. To the extent that the Client holds interests
that are different (or more senior or junior) than those held by such Other Accounts, the Investment Manager may be presented
with decisions involving circumstances where the interests of such Other Accounts are in conflict with those of the Client. Furthermore,
it is possible the Client’s interest may be subordinated or otherwise adversely affected by virtue of such Other Accounts’
involvement and actions relating to their investments;

 

    	 	S-7	 

     

    

  

		(11)	The Firm will from time to time participate in underwriting
or lending syndicates with respect to current or potential issuers, or may otherwise be involved in the public offering and/or
private placement of debt or equity securities issued by, or loan proceeds borrowed by, such issuers, or otherwise in arranging
financing (including loans) for such issuers or advise on such transactions. Such underwritings or engagements may be on a firm
commitment basis or may be on an uncommitted “best efforts” basis. There may also be circumstances in which the Account
commits to purchase any portion of such issuance from the issuer that a Blackstone broker-dealer intends to syndicate to third
parties and, in connection therewith and as a result thereof, Blackstone may receive commissions or other compensation. In certain
cases, a Blackstone broker-dealer will from time to time act as the managing underwriter or a member of the underwriting syndicate
and purchase securities or instruments from the Account or such issuers or advise on such transactions. The Firm may also from
time to time, on behalf of the Account or other parties to a transaction involving the Account, effect transactions, including
transactions in the secondary markets where it will from time to time nonetheless have a potential conflict of interest regarding
the Account and the other parties to those transactions to the extent it receives commissions or other compensation from the Account
and/or such other parties. Subject to applicable law, the Firm will from time to time receive underwriting fees, discounts, placement
commissions, lending arrangement and syndication fees (or, in each case, rebates of any such fees, whether in the form of purchase
price discounts or otherwise, even in cases where the Firm or an Other Account is purchasing debt) or other compensation with
respect to the foregoing activities, none of which are required to be shared with the Account. Therefore, the Firm will from time
to time have a potential conflict of interest regarding the Account and the other parties to those transactions to the extent
it receives commissions, discounts or such other compensation from such other parties. The Investment Manager will approve any
transactions in which a Blackstone broker-dealer acts as an underwriter, as broker for the Account, or as dealer, broker or advisor,
on the other side of a transaction with the Account only where the Investment Manager believes in good faith that such transactions
are appropriate for the Account;

 

		(12)	The Investment Manager and its members, partners, officers
and employees will devote as much of their time to the activities of the Client as it deems necessary and appropriate. By the
terms of this Agreement, the Investment Manager, the Firm and their respective Affiliates are not restricted from forming additional
investment funds, from entering into other investment advisory relationships or from engaging in other business activities, even
though such activities may be in competition with the Client and/or will involve substantial time and resources of the Investment
Manager. These activities could be viewed as creating a conflict of interest in that the time and effort of the members of the
Investment Manager and its officers and employees will not be devoted exclusively to the business of the Client but will be allocated
between the business of the Client and the management of the monies of other advisees of the Investment Manager;

 

		(13)	The Firm receives various kinds of portfolio company/entity
data and information (including from portfolio companies and/or entities of the Account), including without limitation data and
information relating to business operations, trends, budgets, customers and other metrics (this includes data that is sometimes
referred to as “big data”). As a result, the Firm may be better able to anticipate macroeconomic and other trends,
and otherwise develop investment themes, as a result of information learned from a portfolio company and/or entity. In furtherance
of the foregoing, the Firm has entered and may further enter into information sharing and use arrangements with portfolio companies
and/or entities.

 

    	 	S-8	 

     

    

  

The Firm believes that access
to this information furthers the interests of the Client by providing opportunities for operational improvements across portfolio
companies and/or entities and in connection with the Investment Manager’s investment management activities. The Firm, however,
has and expects to utilize such information outside of the Fund’s activities in a manner that may provide a material benefit
to the Firm without compensating or otherwise benefiting the Client. The sharing and use of such information presents potential
conflicts of interest, and any corresponding/resulting benefits received by the Firm, GSO and their Affiliates will not be shared
with the Client. As a result, the Firm, GSO and their Affiliates may have an incentive to pursue investments in companies and/or
entities based on their data and information and/or to utilize such information in a manner that benefits the Firm, GSO and their
Affiliates;

 

		(14)	The Account will invest in entities in which the Investment
Manager or one or more of its Affiliates or other entities under its or their management have also invested, or entities which
the Investment Manager or one or more of its Affiliates have assisted in structuring but in respect of which it or they have chosen
not to invest, or in entities in respect of which the Investment Manager or one or more of its Affiliates or other entities under
their management may have invested in the past but no longer hold a position. In cases where the Account invests in an entity
in which the Investment Manager, one or more of its Affiliates or another entity under its or their management also has an investment,
the investment held by the Investment Manager, its Affiliate or such other entity may rank senior to the investment owned by the
Account in the relevant entity or may, due to its size or nature, provide the holder of that other investment with greater or
superior rights in relation to the relevant entity than the Account possesses which raises potential conflicts. For example, the
Investment Manager or such other entity may have voting rights with respect to such entity or securities which are greater than
the voting rights of the Account. In addition, the Investment Manager or another entity under its management could be incentivized
to vote on matters which the Investment Manager (such as extending the term of an entity or such security so that Investment Manager
continues to receive fees with respect to such entity or security), which would raise a separate conflict relating to investments
made by the Account in such investments;

 

		(15)	The Account may invest in other entities and/or managed
accounts that are managed directly or indirectly by the Investment Manager or any of its Affiliates, and in certain circumstances
such entities and/or managed accounts may invest in additional entities and/or managed accounts that are managed directly or indirectly
by the Investment Manager or any its Affiliates. Such entities or managed accounts generally (i) pay (or requires investors to
pay) the Investment Manager or any of its Affiliates certain fees and, if such investment is made in a primary issuance of an
investment, the fees earned by the Investment Manager in respect of certain of these entities may be greater than the Management
Fees payable by the Account; and (ii) bear certain costs and expenses. Such fees, costs and expenses are in addition to the fees
and Expenses paid by the Client described in “Exhibit B – Fees and Expenses.” Such additional fees, costs and
expenses will materially reduce the actual returns. The Management Fees and Expenses of the Account and the fees, costs and expenses
of the entities and/or managed accounts that are managed directly or indirectly by the Investment Manager or any of its Affiliates
in which the Account invests will generally be paid regardless of whether the Account or such entities produce positive investment
returns. Nevertheless, the fees of any entity and/or managed account in which the Account invests (directly or indirectly) shall
be reasonable and customary (it being understood that to the extent more than 50% of investments in any such entity and/or managed
account come from third party investors unaffiliated with Blackstone, such fees will be deemed reasonable and customary);

 

    	 	S-9	 

     

    

  

		(16)	The entities in which the Account invests may be counterparties
to or participants in agreements, transactions or other arrangements with portfolio companies of Other Accounts that, although
the Firm determines to be consistent with the requirements of such funds’ governing agreements, would not have otherwise
been entered into but for the affiliation with the Investment Manager and/or Blackstone, and that involve fees and/or servicing
payments to the Investment Manager and/or Blackstone-affiliated entities. For example, the entities in which the Account invests
may enter into agreements regarding group procurement (such as the group purchasing organization), benefits management, purchase
of title and/or other insurance policies (which will from time to time be pooled across portfolio companies and discounted due
to scale) and other operational, administrative or management related matters from a third party or a Firm Affiliate, and other
similar operational initiatives that result in commissions or similar payments, including related to a portion of the savings
achieved by such entities. From time to time employees of the Firm may serve as directors or advisory board members of certain
portfolio companies or other entities. In connection with such relationships, the Investment Manager will make determinations
of competitive market rates based on its consideration of a number of factors, which are generally expected to include benchmarking
data and other methodologies determined by the Investment Manager to be appropriate under the circumstances. While GSO generally
intends to obtain benchmarking data regarding the rates charged or quoted by third parties for similar services, relevant comparisons
may not be available for a number of reasons, including, without limitation, as a result of a lack of a substantial market of
providers or users of such services or the confidential and/or bespoke nature of such services. Therefore, such market comparisons
may not result in precise market terms for comparable services. For example, certain of the entities in which the Account invests
may enter into an employer health program arrangement or similar arrangements with Equity Healthcare LLC (“Equity Healthcare”),
a Blackstone Affiliate which negotiates with providers of standard administrative services for health benefit plans and other
related services for cost discounts, quality of service monitoring, data services and clinical consulting. Because of the combined
purchasing power of its client participants, Equity Healthcare is able to negotiate pricing terms from providers that are believed
to be more favorable than the companies could obtain for themselves on an individual basis. The payments made to Blackstone in
connection with Equity Healthcare, group purchasing, insurance and benefits management will not offset the Management Fees payable
by the Client. From time to time employees of the Firm may serve as directors or advisory board members of certain entities in
which the Account invests. In connection with such services, the Investment Manager may receive directors’ fees or other
similar compensation. Such amounts may, but are not expected to be, material. Additionally, the Firm will from time to time hold
equity or other investments in companies or businesses (even if they are not “Affiliates” of the Firm) that provide
services to or otherwise contract with portfolio companies. The Firm has in the past entered (and can be expected in the future
to enter) into relationships with companies in the information technology and related industries whereby the Firm acquires an
equity or similar interest in such company. In connection with such relationships, the Firm may also make referrals and/or introductions
to portfolio companies (which may result in financial incentives (including additional equity ownership) and/or milestones benefitting
the Firm that are tied or related to participation by portfolio companies). The Client will not share in any fees or economics
accruing to the Firm as a result of these relationships and/or participation by portfolio companies. In addition, it is possible
that certain portfolio companies in which Other Accounts have an interest may compete with the Client for one or more investment
opportunities;

 

    	 	S-10	 

     

    

  

		(17)	It is possible that certain entities in which Other Accounts
invest or have an interest will compete with the Account for one or more investment opportunities and/or engage in activities
that may have adverse consequences on the Account and/or the issuers in which the Account invests. For example, the laws and regulations
of certain jurisdictions (e.g., bankruptcy, environmental, consumer protection and/or labor laws) may not recognize the segregation
of assets and liabilities as between separate entities and may permit recourse against the assets of not just the entity that
has incurred the liabilities, but also the other entities that are under common control with, or part of the same economic group
as, such entity. In such circumstances, the assets of the Account and/or the issuers in which the Account invests may be used
to satisfy the obligations or liabilities of one or more Other Accounts, their portfolio companies and/or Affiliates;

 

		(18)	Firm employees, including employees of the Investment Manager,
are generally permitted to invest in real estate funds, private equity funds, hedge funds or other investment vehicles, including
potential competitors of the Client. The Client will not receive any benefit from any such investments;

 

    	 	S-11	 

     

    

  

		(19)	On October 1, 2015, Blackstone spun off its financial and
strategic advisory services, restructuring and reorganization advisory services, and its Park Hill fund placement businesses and
combined these businesses with PJT Partners, an independent financial advisory firm founded by Paul J. Taubman. While the new
combined business will operate independently from Blackstone and will not be an Affiliate thereof, nevertheless conflicts may
arise in connection with transactions between or involving the Account and the entities in which the Account invests on the one
hand and the spun-off firm on the other. Specifically, given the spun-off firm will not be an Affiliate of Blackstone, there may
be fewer or no restrictions or limitations placed on transactions or relationships engaged in by the new advisory business as
compared to the limitations or restrictions that might apply to transactions engaged in by an Affiliate of Blackstone. It is expected
that there will be substantial overlapping ownership between Blackstone and the spun-off firm for a considerable period of time
going forward. Therefore, conflicts of interest in doing transactions involving the spun-off firm will still arise. The pre-existing
relationship between Blackstone and its former personnel involved in such financial and strategic advisory services, the overlapping
ownership, co-investment and other continuing arrangements, may influence the Investment Manager in deciding to select or recommend
such new company to perform such services for the Account (or an entity in which the Account invests) (the cost of which will
generally be borne directly or indirectly by the Account or such entity, as applicable). Nonetheless, the Investment Manager and
its Affiliates will be free to cause the Account and the entities in which the Account invests to transact with the spun-off firm
generally without restriction under the applicable governing documents notwithstanding such overlapping interests in, and relationships
with, the spun-off firm;

 

		(20)	The Client or Other Accounts’ portfolio companies
may be counterparties to or participants in agreements, transactions or other arrangements with portfolio companies of the Other
Accounts that, although the Investment Manager determines to be consistent with the requirements of such the Client or Other Accounts’
offering and/or governing documents, would not have otherwise been entered into but for the affiliation with GSO and/or the Firm,
and that involve fees, commissions, discounts and/or servicing payments to GSO, even though some of the services that may be provided
are similar in nature to the services provided by the Investment Manager. Such affiliated service providers are generally expected
to receive market rate fees, and under certain circumstances, may also receive performance based compensation (as determined by
the Investment Manager, as applicable) with respect to certain investments. The costs of such services will be borne by the Client
or Other Accounts.

 

In connection with such relationships,
GSO will make determinations of market rates based on its consideration of a number of factors, which are generally expected to
include GSO’s experience with non-affiliated service providers as well as benchmarking data and other methodologies determined
by GSO to be appropriate under the circumstances. While the Investment Manager generally intends to obtain benchmarking data regarding
the rates charged or quoted by third parties for similar services, relevant comparisons may not be available for a number of reasons,
including, without limitation, as a result of a lack of a substantial market of providers or users of such services or the confidential
and/or bespoke nature of such services. Therefore, such market comparisons may not result in precise market terms for comparable
services. Expenses to obtain benchmarking data will be borne by the relevant portfolio company (and indirectly by the Client or
relevant Other Accounts) or directly by the Client or relevant Other Accounts. In addition, from time to time employees of the
Firm serve as directors or advisory board members of certain issuers of the Client or Other Accounts’ investments or other
entities. In connection with such services, the Manager receives directors’ fees or other similar compensation (unless the
Client or Other Accounts’ offering and/or governing documents otherwise provide). Such amounts may, but are not expected
to be, material.

 

    	 	S-12	 

     

    

  

With respect to transactions
or agreements with portfolio companies (including, for the avoidance of doubt, long-term incentive plans), at times if unrelated
officers of a portfolio company have not yet been appointed, the Investment Manager may negotiate and execute agreements between
the Investment Manager and/or the Client or Other Accounts on the one hand, and the portfolio company or their Affiliates, on the
other hand, which could entail a conflict of interest in relation to efforts to enter into terms that are arm’s length. It
is also possible that the Other Accounts or their portfolio companies will be counterparties (such counterparties typically dealt
with on an arm’s length basis) or participants in agreements, transactions or other arrangements with an investor or an affiliate
of an investor.

 

In addition, it is possible that
certain portfolio companies of the Other Accounts or companies in which such Other Accounts have an interest will compete with
the Client or Other Accounts for one or more investment opportunities and/or engage in activities that may have adverse consequences
on the Client or Other Accounts and/or their portfolio companies. As an example of the latter, the laws and regulations of certain
jurisdictions (e.g., bankruptcy, environmental, consumer protection and/or labor laws) may not recognize the segregation of assets
and liabilities as between separate entities and may permit recourse against the assets of not just the entity that has incurred
the liabilities, but also the other entities that are under common control with, or part of the same economic group as, such entity.
In such circumstances, the assets of the Client or Other Accounts and/or their portfolio companies may be used to satisfy the obligations
or liabilities of one or more Other Accounts, their portfolio companies and/or Affiliates.

 

In addition, a portfolio company
of the Client or one of the Other Accounts may enter into agreements, transactions or other arrangements with another portfolio
company of such Client or Other Accounts or one or more portfolio companies of a fund or Other Account (including the sale of assets
between such portfolio companies). This may give rise to actual or potential conflicts of interest for the Client or Other Accounts
and/or their respective Affiliates. Such agreements, transactions or other arrangements may be entered into without the consent
or direct involvement of the Client or Other Accounts and/or such other fund or Other Account or the consent of the limited partner
advisory committee and/or the limited partners of the Client or Other Accounts or such other fund or Other Accounts (and may arise
in particular in circumstances where the Client or Other Accounts and/or such other fund or Other Accounts has made a non-controlling
investment in the underlying portfolio company). This is because, among other things, portfolio companies of the Client or Other
Accounts and portfolio companies of other fund or Other Accounts are not considered Affiliates of the Client or Other Accounts
under the offering and/or governing documents. In any such case, the Client or Other Accounts may not be involved in the negotiation
process and the terms of any such agreement, transaction or other arrangement may not be as favorable to the Client or Other Accounts
as otherwise may be the case if the Client or Other Accounts were involved.

 

    	 	S-13	 

     

    

  

The Investment Manager may also
receive fees associated with capital invested by co-investors relating to investments in which Other Accounts participate;

 

		(21)	Certain portfolio companies may have established or invested
in, or may in the future establish or invest in, vehicles that are managed exclusively by the portfolio companies (and not the
Client or Other Accounts or the Firm or any of its Affiliates) and that invest in asset classes or industry sectors (such as cyber
security) that fall within one or more of the Client or Other Accounts’ investment strategies. Such vehicles, which would
not be considered an Affiliate of the Firm and would not be subject to the Firm’s policies and procedures, may compete with
the Client or Other Accounts for investment opportunities. In addition, the Client or Other Accounts will often hold non-controlling
interests in certain portfolio companies and, as a result, such portfolio companies could engage in activities outside of the
Client or Other Accounts’ control that may have adverse consequences on the Client or Other Accounts and/or their other
portfolio companies;

 

		(22)	Situations may arise where certain assets held by one or
more funds and investment accounts managed by the Investment Manager may be transferred to Other Accounts or other funds managed
by the Firm. Such transactions will be conducted in accordance with, and subject to the Investment Manager’s fiduciary obligations
to the Client. The investments sold to or by one or more such funds and investment accounts will be sold at such investment’s
fair market value as verified by an independent third party. To the extent such funds and investment accounts hold loans or securities
that are different (including with respect to their relative seniority) than those held by an Other Account, GSO and its Affiliates
may be presented with decisions when the interests of the two investment funds are in conflict. If the Account makes or has an
investment in, or, through the purchase of debt obligations becomes a lender to, a company in which an Other Account has a debt
or an equity investment, the Investment Manager may be conflicted between its duties to the Client and to other Affiliates. In
addition, conflicts may arise in determining the amount of an investment, if any, to be allocated among potential investment funds
and the respective terms thereof. There can be no assurance that the return on the Account’s investment will be equivalent
to or better than the returns obtained by the other Affiliates participating in the transaction;

 

    	 	S-14	 

     

    

  

		(23)	Certain Other Accounts may invest in securities of publicly
traded companies that are actual or potential issuers of assets acquired by the Account. The trading activities of those vehicles
may differ from or be inconsistent with activities that are undertaken relating to the Account in such securities or related securities.
In addition, the Account may not pursue a particular investment as a result of such trading activities by Other Accounts;

 

		(24)	The Firm’s activities (including, without limitation,
the holding of securities positions or having one of its employees on the board of directors of an issuer) could result in securities
law restrictions on transactions in securities held by the Account, affect the prices of such securities or the ability of such
entities to purchase, retain or dispose of such investments, or otherwise create conflicts of interest, any of which could have
an adverse impact on the performance of the Account’s investments and thus the return to the Client.

 

In addition, certain Other Accounts
may be subject to the Investment Company Act or other regulations that, due to the role of GSO, could restrict the ability of the
Client to buy investments from, to sell investments to or to invest in the same securities as, such Other Accounts. Such regulations
may have the effect of limiting the investment opportunities available to the Client;

 

		(25)	The officers, directors, members, managers, partners and
employees of the Investment Manager may trade in securities for their own accounts, subject to restrictions and reporting requirements
as may be required by law or otherwise determined from time to time by the Investment Manager, as applicable;

 

		(26)	From time to time the Investment Manager or any of its
Affiliates may be entitled to receive cash and non-cash breakup, directors’, commitment, placement, transaction, monitoring,
organizational, setup, advisory, investment banking, underwriting, syndication and other similar fees in connection with the purchase,
monitoring or disposition of investments or from unconsummated transactions, including warrants, options, derivatives and other
rights in respect of investments owned by the Account. It is not expected that the Account will participate in the benefit of
such fees;

 

		(27)	The Firm engages in a broad spectrum of activities. In
the ordinary course of its business activities, the Firm will engage in activities where the interests of certain divisions of
the Firm or the interests of its clients will conflict with the interests of the Client. Other present and future activities of
the Firm and its Affiliates (including GSO) will from time to time give rise to additional conflicts of interest. In the event
a conflict of interest arises, the Investment Manager will attempt to resolve such conflict in a fair and equitable manner. Investors
should be aware that conflicts will not necessarily be resolved in favor of the Client’s interests. The Firm may expand
the range of services that it provides over time. The Firm will generally not be restricted in the scope of its business or in
the performance of any such services (whether now offered or undertaken in the future) even if such activities could give rise
to conflicts of interest, and whether or not such conflicts are described herein. The Firm has, and will continue to develop,
relationships with a significant number of issuers, financial sponsors and their senior managers, including relationships with
clients who may hold or may have held investments similar to those intended to be made by the Account. These clients may themselves
represent appropriate investment opportunities for the Account or may compete with the Account for investment opportunities. In
the event that a conflict of interest arises, the Investment Manager will attempt to resolve such conflicts in a fair and equitable
manner;

 

    	 	S-15	 

     

    

  

		(28)	GSO engages and retains strategic advisors, consultants,
senior advisors, executive advisors, industry experts, operating partners and/or other professionals (which may include former
Firm and/or GSO employees as well as current and former employees of the Firm and/or GSO portfolio companies) as well as consultants,
and other similar professionals who are not employees or affiliates of GSO (collectively, “Consultants”) and
who, from time to time, receive payments from, or allocations of, performance-based compensation (e.g., carried interest)
with respect to, portfolio companies (as well as from Investment Manager or the Client or Other Accounts). In such circumstances,
such payments from, or allocations of, performance-based compensation (e.g., carried interest) with respect to, portfolio
companies and/or the Client or Other Accounts will be treated as the applicable Client or Other Accounts’ expenses and will
not, even if they have the effect of reducing any retainers or minimum amounts otherwise payable by Investment Manager, be deemed
paid to or received by Investment Manager, and such amounts will not result in the offset of any management fees otherwise due.
These Consultants have the right or may be offered the ability to (i) co-invest alongside the Client or Other Accounts, including
in the specific investments in which they are involved (and for which they may be entitled to receive performance-related incentive
fees, which will reduce the Client or Other Accounts’ returns and will not necessarily be subordinated to the return of
investors’ capital contributions), or (ii) to otherwise participate in equity plans for management of any such portfolio
company, or (iii) to invest directly in Other Accounts and/or managed accounts or in a vehicle controlled by Other Accounts and/or
managed accounts subject to reduced or waived management fees and/or performance-based compensation, including after the termination
of their engagement by or other status with the Firm(which generally would reduce the amount invested by Other Accounts and/or
managed accounts in any investment). Such co-investment and/or participation (which generally will result in the applicable Client
or Other Accounts being allocated a smaller share of the applicable investment) will not be considered as part of the Firm’s
side-by-side co-investment rights. Such co-investment and/or participation may vary by transaction and such participation may,
depending on its structure, reduce the applicable Client or Other Accounts’ returns and will not necessarily be subordinated
to the return of investors’ capital contributions. Additionally, and notwithstanding the foregoing, these Consultants, as
well as Other Accounts, are expected to be (or have the preferred right to be) investors in Manager portfolio companies (which,
in some cases, may involve agreements to pay performance fees to such persons in connection with a Client’s investment therein,
which will reduce Account returns and will not necessarily be subordinated to the return of the Client’s or Other Accounts’
capital contributions) and/or Other Accounts. Such Consultants may also be permitted to participate in Blackstone or GSO’s
side-by-side co-investment rights, which generally do not provide for a management fee and/or performance-based compensation,
as applicable, payable by participants therein and generally result in the Client or Other Accounts being allocated a smaller
share of an investment than would otherwise be the case in the absence of such side-by-side co-investment rights. In addition,
subject to the terms of the offering and/or governing documents of an Other Account, the Investment Manager may permit certain
Blackstone personnel and other professionals responsible for portfolio company operations and other similar operational initiatives
with respect to one or more portfolio company to participate in these side-by-side rights on an investment by investment basis.
The Investment Manager intends to limit participation by any such professionals to investments involving the portfolio company
with respect to which the Investment Manager expects in good faith that such professionals will be materially involved following
the consummation of such investment. The nature of the relationship with each of the Consultants, and the amount of time devoted
or required to be devoted by them varies considerably. In some cases, they may provide the Investment Manager with industry-specific
insights and feedback on investment themes, assist in transaction due diligence, and/or make introductions to and provide reference
checks on management teams. In other cases, they take on more extensive roles (and may be exclusive service providers to GSO)
and serve as executives or directors on the boards of portfolio companies or contribute to the origination of new investment opportunities.
In certain instances, the Manager has formal arrangements with these Consultants (which may or may not be terminable upon notice
by any party), and in other cases the relationships are more informal. They are either compensated (including pursuant to retainers
and expense reimbursement, and, in any event, pursuant to negotiated arrangements that will not be confirmed as being comparable
to the market rates for such services) by the Manager, the Fund or relevant Other Accounts and/or portfolio companies or otherwise
uncompensated unless and until an engagement with a portfolio company develops. In certain cases, they have certain attributes
of GSO “employees” (e.g., they may have dedicated offices at GSO, participate in general meetings and events for GSO
personnel, work on GSO matters as their primary or sole business activity, service GSO exclusively, etc.) even though they are
not considered GSO employees, affiliates or personnel for purposes of the Fund or relevant Other Accounts’ applicable offering
and/or governing documents and the related management fee offset provisions therein. There can be no assurance that any of the
Consultants and/or other professionals will continue to serve in such roles and/or continue their arrangements with GSO, the Fund
or Other Accounts and/or any portfolio companies throughout the term of the Fund or relevant Other Accounts;

 

    	 	S-16	 

     

    

  

		(29)	Members of Blackstone’s Portfolio Operations group,
who are Blackstone employees, are able to provide services to the entities in which the Account invests, and any payments made
by such entities to Blackstone for reimbursement of the internal compensation costs for time spent on such entities will not result
in an offset to the Management Fees payable by the Client. As a result, Blackstone may be incentivized to cause members of the
Portfolio Operations group to spend more time on the entities in which the Account invests as compared to portfolio companies
of Other Accounts that do not differentiate such payments for purposes of the any applicable fee offset provisions. On the other
hand, there can be no assurance that members of the Portfolio Operations group will be able to provide their services to the entities
in which the Account invests and/or that any individuals within the Portfolio Operations group will remain employed by Blackstone
through the term of the Account;

 

		(30)	The Account may from time to time dispose of investments
by way of accepting a third-party purchaser’s bid where the Firm or one or more Other Accounts is providing financing as
part of such bid or acquisition of the investment or underlying assets thereof. This generally would include the circumstance
where the Firm or one or more Other Accounts is making commitments to provide financing at or prior to the time such third-party
purchaser commits to purchase such investments or assets from the Account. Such involvement of the Firm or one or more Other Accounts
as such a provider of debt financing in connection with the potential acquisition of portfolio investments by third parties from
the Account may give rise to potential or actual conflicts of interest;

 

		(31)	Certain principals and employees of the Investment Manager
may have a greater financial interest in the performance of such other funds or accounts than the performance of the Client. Such
involvement may create conflicts of interest in making investments on behalf of the Client and such other funds and accounts.
Such principals and employees will seek to limit any such conflicts in a manner that is in accordance with their fiduciary duties
to the Client;

 

		(32)	Certain advisors and other service providers, or their
Affiliates (including accountants, administrators, lenders, bankers, brokers, attorneys, consultants, and investment or commercial
banking firms) to the Client, GSO and/or certain entities in which the Account has an Investment may also provide goods or services
to or have business, personal, financial or other relationships with GSO. Such advisors and service providers may be Affiliates
of the Investment Manager, sources of investment opportunities or co-investors or commercial counterparties or entities in which
GSO and/or Other Accounts have an investment, and payments by the Account or such entities in which the Account has an Investment
may indirectly benefit GSO and/or such Other Accounts. Additionally, certain employees of the Firm may have family members or
relatives employed by such advisors and service providers. These relationships may influence GSO and/or the Investment Manager
in deciding whether to select or recommend such a service provider to perform services for the Account or the entities in which
the Account invests (the cost of which will generally be borne directly or indirectly by the Client or such entities, as applicable).
For example, in 2013, Blackstone acquired Intertrust Group. From time to time, Intertrust Group is expected to perform corporate
and trust services on an arms-length basis for the Account or entities in which the Account invests. Such retention of Intertrust
Group as a service provider may give rise to actual or potential conflicts of interest such as those described above. Notwithstanding
the foregoing, investment transactions relating to the Account that require the use of a service provider, if any, will generally
be allocated to service providers on the basis of best execution, the evaluation of which includes, among other considerations,
such service provider's provision of certain investment-related services and research that the Investment Manager believes to
be of benefit to the Client.

 

    	 	S-17	 

     

    

  

Advisors and service providers,
or their affiliates, often charge different rates or have different arrangements for specific types of services. Therefore based
on the types of services used by the Client and the entities in which the Client invests as compared to the Firm and the terms
of such services, GSO may benefit to a greater degree from such vendor arrangements than the Client or such portfolio companies.

 

Advisors and service providers,
or their Affiliates, often charge different rates, including below market or no fee, or have different arrangements for different
types of services. With respect to service providers, for example, the fee for a given type of work may vary depending on the complexity
of the matter as well as the expertise required and demands placed on the service provider. Therefore, to the extent the types
of services used by the Account and/or the entities in which the Account invests are different from those used by Blackstone and
its Affiliates, the Investment Manager or its Affiliates may pay different amounts or rates than those paid by the Account or such
entities. However, GSO and its Affiliates have a longstanding practice of not entering into any arrangements with advisors or service
providers that could provide for lower rates or discounts than those available to the Account, Other Accounts and portfolio companies
for the same services. In addition, the Firm and its Affiliates, including without limitation, the Account, the Other Accounts
and/or their portfolio companies, although such advisors and service providers would not be considered employees of Blackstone
or GSO. Similarly, Blackstone, GSO, each of their respective Affiliates, the Client, the Other Accounts and/or their portfolio
companies may enter into agreements or other arrangements with vendors and other similar counterparties (whether such counterparties
are affiliated or unaffiliated with the Firm) from time to time whereby such counterparty may charge lower rates and/or provide
discounts or rebates for such counterparty’s products and/or services depending on certain factors, including without limitation,
volume of transactions entered into with such counterparty by the Firm, its Affiliates, the Account, the Other Accounts and their
portfolio companies in the aggregate.

 

In addition, certain advisors
and service providers (including law firms) may temporarily provide their personnel to GSO and/or the Firm, the Client, Other Accounts
or their portfolio companies pursuant to various arrangements including at cost or at no cost. While often the Client, Other Accounts
and their portfolio companies are the beneficiaries of these types of arrangements, GSO and/or the Firm are from time to time the
beneficiaries of these arrangements as well, including in circumstances where the advisor or service provider also provides services
to the Client in the ordinary course. Such personnel may provide services in respect of multiple matters, including in respect
of matters related to GSO and/or the Firm, their Affiliates and/or portfolio companies and any costs of such personnel may be allocated
accordingly.

 

    	 	S-18	 

     

    

  

Service providers affiliated
with the Firm, which are generally expected to receive competitive market rate fees (as determined by the Investment Manager) with
respect to certain Investments, include, without limitation:

 

•    COE. The Blackstone
Center of Excellence, located in Gurgaon, India (the “COE”) is a captive center of resources administered by
Blackstone and ThoughtFocus Technologies LLC (“ThoughtFocus”), an independent firm in which Blackstone holds
a minority position and participates as a member of the board. The COE is expected to perform services for certain funds that may
have historically been performed by Blackstone personnel, such as funds’ administrative services, data collection and management
services, and technology implementation and support services, which may be paid for by the funds that receive such services on
a similar basis as a third party providing such services. Blackstone, through its interest in ThoughtFocus, receives an indirect
benefit resulting from the funds’ payments for such services. These fees do not offset fees payable or borne by the Client.

 

•    Entic. Entic Inc. (“Entic”)
provides a cloud-based software that uses proprietary wireless sensors and advanced analytics to reduce energy consumption. Entic
is anticipated to provide such services to certain of the assets of the Client’s portfolio companies in exchange for fees
at competitive market rates. Blackstone, which holds a minority position in and participates as a member of the board of Entic,
receives an indirect benefit resulting from payments for such services. These fees do not offset the fees payable or borne by the
Client. Part of Blackstone’s investment includes performance-based warrants giving Blackstone managed funds, including the
Client, the ability to earn shares of stock based on usage of Entic.

 

•    Equity Healthcare.
Equity Healthcare is a Blackstone Affiliate that negotiates with providers of standard administrative services for health benefit
plans and other related services for cost discounts, quality of service monitoring, data services and clinical consulting. Because
of the combined purchasing power of its client participants, which include unaffiliated third parties, Equity Healthcare is able
to negotiate pricing terms from providers that are believed to be more favorable than those that the portfolio companies could
obtain on an individual basis. The fees received by Equity Healthcare in connection with services provided to Investments will
not offset the fees payable or borne by the Client.

 

    	 	S-19	 

     

    

  

•    Intertrust Group. In
2013, certain Blackstone private equity funds acquired Intertrust Group. From time to time, Intertrust Group is expected to perform
corporate and trust services on an arms-length basis for the funds, intermediate entities or portfolio companies.

 

•    Optiv. Optiv is a portfolio
company held by certain Blackstone private equity funds that provides a full slate of information security services and solutions
and may provide goods and services for the funds and their portfolio companies.

 

•    BTIG. In December 2016,
certain funds made a strategic minority investment in BTIG. BTIG is a global financial services firm that provides institutional
trading, investment banking, research and related brokerage services and may provide goods and services for the Client, Other Accounts
or any of their portfolio companies and the Blackstone Tactical Opportunities Program.

 

Additionally, the Firm will from
time to time hold equity or other investments in companies or businesses (even if they are not “Affiliates” of the
Firm) that provide services to or otherwise contract with portfolio companies. The Firm has in the past entered (and can be expected
in the future to enter) into relationships with companies in the information technology, corporate services and related industries
whereby the Firm acquires an equity or similar interest in such company. In connection with such relationships, the Firm may also
make referrals and/or introductions to portfolio companies (which may result in financial incentives (including additional equity
ownership) and/or milestones benefitting the Firm that are tied or related to participation by portfolio companies). The Client
will not share in any fees or economics accruing to the Firm as a result of these relationships and/or participation by portfolio
companies. In addition, it is possible that certain portfolio companies in which Other Accounts have an interest may compete with
the Client for one or more investment opportunities. It is possible that certain entities in which Other Accounts invest or have
an interest will compete with the Client for one or more investment opportunities and/or engage in activities that may have adverse
consequences on the Client and/or the issuers in which the Client invests. For example, the laws and regulations of certain jurisdictions
(e.g., bankruptcy, environmental, consumer protection and/or labor laws) may not recognize the segregation of assets and liabilities
as between separate entities and may permit recourse against the assets of not just the entity that has incurred the liabilities,
but also the other entities that are under common control with, or part of the same economic group as, such entity. In such circumstances,
the assets of the Client and/or the issuers in which the Client invests may be used to satisfy the obligations or liabilities of
one or more Other Accounts, their portfolio companies and/or Affiliates;

 

    	 	S-20	 

     

    

  

		(33)	From time to time, the Client will co-invest with Other
Accounts (including co-investment or other vehicles in which the Firm or its personnel invest and that co-invest with such Other
Accounts) in investments that are suitable for both the Client and such Other Accounts. Even if the Client and any such Other
Accounts and/or co-investment or other vehicles invest in the same loans or securities, conflicts of interest may still arise.
For example, it is possible that as a result of legal, tax, regulatory, accounting or other considerations, the terms of such
investment (and divestment thereof) (including with respect to price and timing) for the Client and such other funds and vehicles
may not be the same. Additionally, the Client and such Other Accounts and/or vehicles will generally have different investment
periods and/or investment objectives (including return profiles) and GSO, as a result, may have conflicting goals with respect
to the price and timing of disposition opportunities. As such, the Client and/or such Other Accounts may dispose of any such shared
investment at different times and on different terms. Moreover, while GSO generally seeks to use reasonable efforts to avoid cross-guarantees
and other similar arrangements, a counterparty, lender or other participant in any transaction to be pursued by the Client and/or
the Other Accounts may require or prefer facing only one fund entity or group of entities, which may result in any of the Client
and such Other Accounts being jointly and severally liable for such applicable obligation (subject to any limitations set forth
in the applicable partnership agreements thereof), in each case which may result in the Client and such Other Accounts and/or
vehicles entering into a back-to-back or other similar reimbursement agreement. In such situations it is not expected that any
of the Client or such Other Accounts or vehicles would be compensated (or provide compensation to the other) for being primarily
liable vis-à-vis such third party counterparty;

 

		(34)	From time to time following the execution of the Agreement,
the Investment Manager may cause the Account to acquire investments from and sell investments to Other Accounts. The investments
sold to or by the Client will be sold as set forth in the Agreement;

 

		(35)	Other present and future activities of the Investment Manager,
the Firm and/or their Affiliates are expected to give rise to additional conflicts of interest. In the event that a conflict of
interest arises, the Investment Manager will attempt to resolve such conflicts in a fair and equitable manner;

 

		(36)	Blackstone or Other Accounts may from time to time purchase
any of the Account’s investments. Other than as required by applicable laws, Blackstone and Other Accounts will not be required
to retain all or any part of such investments acquired by them. If Blackstone or Other Accounts were to purchase any of the Account’s
investments, GSO may face a conflict of interest in the performance of its duties as the Investment Manager because of the conflicting
interests of the other holders of such investments. In particular, GSO, in its capacity as the Investment Manager, may have an
incentive to manage the assets underlying the Account’s investments in a manner as to seek to maximize the yield on such
investments but which may result in an increase of defaults or volatility that adversely affects the return on one or more classes
of other securities of the same issuer of the Account’s investments.

 

    	 	S-21	 

     

    

  

If Blackstone or Other Accounts
hold or otherwise have discretionary voting authority over the requisite percentage of the outstanding principal amount of an investment
held by the Account, Affiliates of the Investment Manager will control certain matters that may affect the performance of such
investment and the return on one or more classes of other securities of the same issuer of such investment, including, without
limitation, matters related to any redemption, refinancing or the sale of assets held by the issuer of such investment, or the
appointment of a successor manager to such issuer. The Investment Manager or an Affiliate thereof may be appointed as a successor
investment manager in connection with such refinancing or sale of such investment to a newly formed investment vehicle or account.
Such appointment may benefit the Investment Manager and its Affiliates to the extent that it may continue to: (i) invest or reinvest
the securities in the assets underlying the Account’s investment that may otherwise have been liquidated and (ii) receive
a fee for managing the assets underlying the Account’s investment for a longer period of time than had those assets been
liquidated. A portion of the assets underlying the Account’s investment may be sold to such newly formed investment vehicle
or account for which the Investment Manager or an Affiliate will act as investment manager. The price for each such asset sold
will be determined in accordance with the Investment Manager’s internal policies and procedures for trades of assets between
affiliates.

 

In addition, GSO, in its capacity
as the investment manager of or on behalf of an issuer of the Account’s investment, may enter into agreements with one or
more holders of notes issued by such issuer, pursuant to which GSO may agree, subject to its obligations under the issuer agreements
and applicable law, to take actions with respect to such holder or holders that it will not take with respect to all of the holders.
Such agreements may provide that such holders will be entitled to receive a portion of the management fees payable by the issuer
of the Account’s investment on each payment date during the term of the transaction. In order to induce its Affiliate acting
as a CLO risk retention holder to purchase and retain the required amount under applicable laws, GSO, in its capacity as the investment
manager of an issuer of the Account’s investment, is expected to enter into an agreement or arrangement with such Affiliate
pursuant to which such Affiliate will receive a portion of the management fees payable by such issuer on each payment date during
the term of the transaction. The Investment Manager may also enter into similar fee-sharing arrangements with any other holders
or any other third parties from time to time. The performance and incentives of the Investment Manager may be negatively impacted
by any such fee rebate arrangements; and

 

		(37)	By executing this Agreement, the Client will be deemed
to have acknowledged the existence of any such actual and potential conflicts of interest and to have waived any claim with respect
to any liability arising from the existence of any such conflicts of interest.

 

From time to time following the execution
of this Agreement, the Investment Manager may cause the Client to acquire investments from and sell investments to Other Accounts.
The investments sold to or by the Client will be sold as set forth in this Agreement.

 

    	 	S-22Exhibit 10.6

 

	Dated	25 June 2018

 

ARGUS GROUP HOLDINGS LIMITED

 

and

 

ADVANTAGE INSURANCE INC.

 

 

 

SHARE PURCHASE AGREEMENT

 

 

 

     

     

    

 

TABLE OF CONTENTS

 

	1.	INTERPRETATION	4
	2.	CONDITIONS	9
	3.	SALE AND PURCHASE	11
	4.	PURCHASE PRICE	11
	5.	CONDUCT OF BUSINESS PRIOR TO COMPLETION	11
	6.	INDEMNITY FOR REMEDIATION PROCESS	13
	7.	INDEMNITY FOR FEDERAL EXCISE TAXES	14
	8.	AILIL B SHARES INDEMNITY	16
	9.	COMPLETION	16
	10.	POST-COMPLETION ARRANGEMENTS	17
	11.	SELLER'S WARRANTIES	18
	12.	BUYER'S WARRANTIES	18
	13.	LIMITATIONS ON CLAIMS	20
	14.	CONFIDENTIALITY AND ANNOUNCEMENTS	20
	15.	FURTHER ASSISTANCE AND INDEMNITY	22
	16.	ASSIGNMENT	22
	17.	ENTIRE AGREEMENT	23
	18.	VARIATION AND WAIVER	23
	19.	COSTS	24
	20.	NOTICES	24
	21.	INTEREST	26
	22.	SEVERANCE	26
	23.	AGREEMENT SURVIVES COMPLETION	26
	24.	SUCCESSORS	26
	25.	COUNTERPARTS	26
	26.	RIGHTS AND REMEDIES	27
	27.	GOVERNING LAW AND JURISDICTION	27

 

     

     

    

 

THIS AGREEMENT is dated 25 June 2018

 

PARTIES

 

		1)	ARGUS GROUP HOLDINGS LIMITED a local company limited
by shares, incorporated under the laws of Bermuda and registered in Bermuda with company number LC 36868 whose registered office
is at The Argus Building, 14 Wesley Street, Hamilton, HM 11 Bermuda (the Seller); and

 

		2)	ADVANTAGE INSURANCE INC. a company registered with
the Department of State in Puerto Rico with register number 354004 whose principal executive offices are at American International
Plaza, 250 Muñoz Rivera Avenue, Suite 710, San Juan, Puerto Rico 00918 (the Buyer).

 

BACKGROUND

 

		(A)	The Seller is the legal and beneficial owner of 250,000
common shares of par value US$1 each in the capital of Argus International Life Bermuda Limited (Company), a Bermuda exempted
company incorporated under the Companies Act and registered as a long term Class C insurer under the Insurance Act.

 

		(B)	The Company has an issued share capital of US$250,000 divided
into 250,000 common shares of US$1 each (Company Shares).

 

		(C)	The Company is the legal and beneficial owner of (i) 185,000
Class A common shares of par value US$1 each and (ii) 1,000,000 Preference Non-Voting Shares in the capital of Argus International
Life Insurance Limited (AILIL Shares), an exempted company limited by shares incorporated under the laws of Bermuda and
is registered as a long term Class C insurer under the Insurance Act (AILIL).

 

		(D)	Mr. Peter Richard Burnim (Mr. Burnim), a US citizen
and resident is the legal and beneficial owner of 65,000 Class B common shares of par value US$1 each in the capital of AILIL
(AILIL B Shares).

 

		(E)	Together the Company and Mr. Burnim own 100% of the issued
share capital of AILIL as more particularly set out in a shareholder agreement between the parties dated 11th December 2011.

 

		(F)	The Company is the legal and beneficial owner of 5,450,000
common shares of per value US$1 each (BLW shares) in the capital of Bermuda Life Worldwide Limited (BLW), a Bermuda
exempted company incorporated under the Companies Act and registered as a long term Class C insurer under the Insurance Act.

 

		(G)	BLW has an issued share capital of US$5,450,000 divided
into 5,450,000 common shares.

 

		(H)	Further particulars of the Companies at the date of this
agreement are set out in Schedule 1.

 

    	 	3

     

    

 

		(I)	The Seller has agreed to sell the Company Shares and the
Buyer has agreed to buy, directly or indirectly, the Company Shares from the Seller.

 

		(J)	The Seller has agreed to procure the sale and cause the
delivery of the AILIL Shares and the AILIL B Shares to the Buyer and the Buyer has agreed to acquire, directly or indirectly,
the AILIL Shares and the AILIL B Shares on and subject to the terms and conditions of this agreement. For the avoidance of doubt,
the Buyer will not pay any consideration for the AILIL B Shares to Mr. Burnim and any consideration to be paid to Mr. Burnim in
exchange for the sale of the AILIL B Shares will be owed by the Seller.

 

AGREED TERMS

 

		1.	INTERPRETATION

 

		1.1	The definitions and rules of interpretation in this clause
apply in this agreement.

 

Accounts Date: March 31, 2018.

 

AILIL: Argus International Life Insurance
Limited, an exempted company limited by shares incorporated and registered under the laws of Bermuda whose registered office is
at The Argus Building, 14 Wesley Street, Hamilton HM 11 Bermuda, further details of which are set out in Schedule 1.

 

AILIL B Shares: has the meaning given
in the Background.

 

AILIL B Shares Losses: means any and
all losses, liabilities, claims, costs and expenses that arise directly from any claim filed by Mr. Burnim in relation to the AILIL
B Shares and each being an AILIL B Shares Loss.

 

AILIL Shares: has the meaning given
in the Background.

 

BLIC Policies: the policies identified
as such in Schedule 12 that are currently issued and/or underwritten by Bermuda Life Insurance Company Limited and are in the process
of being transferred in accordance with Section 25 of the Insurance Act to the Company.

 

BLW: Bermuda Life Worldwide Limited,
a Bermuda exempted company limited by shares incorporated and registered under the laws of Bermuda with company number 19891 whose
registered office is at 14 Wesley Street, Hamilton HM 11 Bermuda, further details of which are set out in Schedule 1.

 

BLW Shares: has the meaning given in
the background.

 

BMA: the Bermuda Monetary Authority.

 

Business: the business carried on by
the Companies as at the date of this agreement, namely the provision of private placement life insurance and annuities through
a range of investment-linked life and annuity policies aimed at the high-net worth US tax-payer market, along with a generic life
and annuity policy applicable to the rest of the world.

 

    	 	4

     

    

 

Business Day: a day other than a Saturday,
Sunday or public holiday in either Bermuda or Puerto Rico when banks in Bermuda and Puerto Rico are open for the transaction of
business.

 

Cash Consideration: means a sum equal
to the Tangible Book Value as at close of business on 30 June 2018.

 

Claim: a claim for breach of any of
the Warranties.

 

Closing Dividends: means the dividends
to be declared and paid by each of BLW, AILIL

and the Company prior to or on the Completion
Date.

 

Code: the United States Internal Revenue Code of 1986, as
amended. Companies: means each of the Company, AILIL and BLW. Companies Act: the Companies Act 1981 of Bermuda.

 

Company: Argus International Life Bermuda
Limited, a Bermuda exempted company limited by shares incorporated and registered under the laws of Bermuda with company number
EC 40168 whose registered office is at The Argus Building, 14 Wesley Street, Hamilton HM 11 Bermuda, further details of which are
set out in Schedule 1.

 

Company Shares: has the meaning given
in the Background.

 

Completion: completion of the sale and
purchase of the Sale Shares in accordance with this agreement.

 

Completion Date: means the date on which
Completion occurs as determined in accordance with clause 9.1.

 

Completion Time: 11.59 pm on the Completion
Date.

 

Conditions: the conditions to Completion
set out in Schedule 2, each a Condition.

 

Constitutional Documents: means the
memorandum of association and bye-laws of a company or their equivalent in the jurisdiction of registration of such company.

 

Data Room: the electronic data room
hosted by the Seller in respect of the acquisition of the Sale Shares made available to the Buyer together with all additional
due diligence materials requested by the Buyer and its advisers and notified to the Buyer as having been uploaded to the electronic
data room all such documentation being listed in the Data Room Index.

 

Data Room Index: the index of all documents
and information contained in the Data

Room in the agreed form.

 

Disclosed: fairly disclosed in or under
the Disclosure Letter.

 

    	 	5

     

    

 

Disclosure Letter: the letter from the
Seller to the Buyer, in agreed form, dated the same date as this agreement and described as the Disclosure Letter, including the
Data Room Index.

 

Encumbrance: any interest or equity
of any person (including any right to acquire, option or right of pre-emption) or any mortgage, charge, pledge, lien, assignment,
hypothecation, security interest, title retention or any other security agreement or arrangement.

 

Estimated Tangible Book Value: has the
meaning given in Schedule 11.

 

Excluded Items: are the items set out
in Schedule 9 of this Agreement.

 

Federal Excise Tax Matter:  means the
Internal Revenue Service’s examination of the Company’s Form 720X (Amended Quarterly Federal Excise Tax Return) for
the quarter ending June 30, 2017 as well as a levy relating to the Company’s Form 720 (Quarterly Federal Excise Tax Return)
for the quarter ending June 30, 2017.

 

Federal Excise Tax Losses: means any
and all losses, liabilities, claims, costs and expenses that arise directly from the Federal Excise Tax Matter and each being a
Federal Excise Tax Loss.

 

Federal Excise Tax Remediation: means
the remediation process to be followed by the

Seller in respect of the Federal Excise Tax
Matter.

 

Group: in relation to a company, that
company, any subsidiary or any holding company from time to time of that company, and any subsidiary from time to time of a holding
company of that company. Each company in a Group is a member of the Group.

 

Group Accounts: the audited consolidated
accounts of the Companies (prepared under International Financial Reporting Standards (IFRS)) for the accounting period
ended on the Accounts Date, copies of which are included in the Data Room.

 

Information Memorandum: means the confidential
information memorandum in respect of the Company and AILIL prepared by Deloitte dated March 23, 2017.

 

Intellectual Property Rights: patents,
utility models, rights to inventions, copyright and neighbouring and related rights, moral rights, trademarks and service marks,
business names and domain names, rights in get-up and trade dress, goodwill and the right to sue for passing off or unfair competition,
rights in designs, rights in computer software, database rights, rights to use, and protect the confidentiality of, confidential
information (including know-how and trade secrets), and all other intellectual property rights, in each case whether registered
or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to
claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now
or in the future in any part of the world.

 

Insurance Act: the Insurance Act 1978
of Bermuda.

 

    	 	6

     

    

 

Interim Period: the period from (and
including) the date of this agreement up to (and including) the Completion Date or, if earlier, the termination or rescission of
this agreement in accordance with its terms.

 

IRS: means the Internal Revenue Service
of the United States.

 

Longstop Date: 11:59pm, 30 September
2018 or such later date as may be agreed in writing by the Buyer and the Seller.

 

Management Accounts: the unaudited statement
of financial position of the Companies at 30 June 2018, the unaudited income statement and unaudited cash flow statement of the
Companies for the period of three months ended 30 June 2018 (a copy of which is included in the Data Room).

 

NDA: the non-disclosure agreement
dated March 31, 2017 and entered into between Buyer and Seller.

 

Payment Terms: means the
terms set out in Schedule 11 for the payment of the Cash Consideration and Promissory Note.

 

Policies: means the life insurance policies
set out in Schedule 12.

 

Policy Remediation: means the remediation
process to be followed by the Seller in respect of each Remedial Policy as more particularly detailed in Schedule 8 Item B. Seller.

 

Policy Remediation Losses: means any
and all losses, liabilities, claims, costs and expenses that arise directly or indirectly from any failure by the Seller or any
of the Seller’s group to complete the required Policy Remediation in respect of any Remedial Policy, in each case solely
arising from the fact that such policies are Remedial Policies and excluding any losses, damages, liabilities, claims, costs and
expenses which relate to any interruption or disruption to the business carried on by the Company, AILIL, BLW, the Buyer or the
Buyer's Group or any other losses incidental or consequential to any Policy Remediation and each being a Policy Remediation
Loss.

 

Promissory Note: the $6,000,000 aggregate
principal note of the Buyer to be issued to the Seller pursuant to clause 4.1 substantially in the form attached at Schedule 10

 

Promissory Note Payment Date: is the
date on which a payment is due under the terms of the Promissory Note.

 

Purchase Price: the Cash Consideration
plus the face value of the Promissory Note.

 

Remedial Policies: the policies set
out in Schedule 7 and each a Remedial Policy. Remediation Proceedings: any criminal, civil, judicial, administrative or
regulatory proceedings, action, suit or claim brought by or against the IRS in relation to any Policy Remediation.

 

    	 	7

     

    

 

Remediation Claim: a claim made under
the indemnity contained in clause 6 of this agreement.

 

Retained Group: the Seller, any company
of which it is a subsidiary from time to time (its holding company) and any subsidiary from time to time of the Seller or its holding
company, but excluding the Companies.

 

Sale Shares: means the Company Shares,
the AILIL Shares and the AILIL B Shares.

 

Tangible Book Value: has the meaning
given in Schedule 11.

 

Tax: all forms of taxation and statutory,
governmental, state, federal, provincial, local, government or municipal charges, duties, imposts, contributions, levies, withholdings
or liabilities wherever chargeable and whether of Bermuda or any other jurisdiction, and any penalty, fine, surcharge, interest,
charges or costs relating thereto, and Taxation has the same meaning.

 

Transaction: the transaction contemplated
by this agreement or any part of that transaction.

 

Transaction Documents: this agreement
and any other documents to be entered into pursuant to or in connection with the Transaction.

 

Warranties: the warranties given by
the Seller pursuant to clause 11 and set out in Schedule 4.

 

		1.2	Clause, Schedule and paragraph headings do not affect the
interpretation of this agreement.

 

		1.3	References to clauses and Schedules are to the clauses
of and Schedules to this agreement and references to paragraphs are to paragraphs of the relevant Schedule.

 

		1.4	The Schedules form part of this agreement and have effect
as if set out in full in the body of this agreement. Any reference to this agreement includes the Schedules.

 

		1.5	A reference to this agreement or to any Transaction
Document is a reference to this agreement or the relevant Transaction Document as varied or novated in accordance with its
terms from time to time.

 

		1.6	Unless the context otherwise requires:

 

		(a)	words in the singular include the plural and the plural
include the singular; and

 

		(b)	reference to one gender includes a reference to the other
gender.

 

		1.7	A person includes a natural person, corporate or
unincorporated body (whether or not having separate legal personality) and that person's successors and permitted assigns.

 

		1.8	A reference to a party includes that party's successors
and permitted assigns.

 

    	 	8

     

    

 

		1.9	A reference to a company includes any company, corporation
or other body corporate, wherever and however incorporated or established.

 

		1.10	A reference to a holding company or a subsidiary
means a holding company or a subsidiary company (as the case may be) as defined in section 86 of the Companies Act.

 

		1.11	A reference to writing or written includes
email unless the law requires otherwise.

 

		1.12	Any words following the terms including, include,
in particular, for example or any similar expression is construed as illustrative and does not limit the sense of
the words, description, definition, phrase or term preceding those terms.

 

		1.13	References to a document in agreed form are to that
document in the form agreed by the parties and initialled by them or on their behalf for identification.

 

		1.14	Unless expressly provided otherwise, reference to a statute
or statutory provision is a reference to it as amended, extended or re-enacted from time to time provided that, as between the
parties, no such amendment, extension or re-enactment made after the date of this agreement applies for the purposes of this agreement
to the extent that it imposes any new or extended obligation, liability or restriction on, or otherwise adversely affect the rights
of, any party.

 

		1.15	A reference to a statute or statutory provision includes
all subordinate legislation made from time to time under that statute or statutory provision.

 

		1.16	Unless otherwise specified, any reference to a time or
date is to Bermuda local time.

 

		1.17	Any obligation on a party not to do something includes
an obligation not to allow that thing to be done.

 

		1.18	Where a warranty is qualified by the expression so far
as the Seller is aware or any similar expression, that expression means the actual knowledge and belief of Peter Dunkerley,
Cindy Campbell, Hannah Ross and George N J Jones.

 

		1.19	All references in Schedule 8 to “section” are
to sections of the Code.

 

		2.	CONDITIONS

 

		2.1	Completion is subject to and conditional upon the Conditions
being satisfied (or waived in accordance with clause 2.8 or clause 2.9, or deemed waived in accordance with the provisions of
Schedule 2, as applicable) on or before the Longstop Date.

 

		2.2	Subject to clause 2.5, if all the Conditions have not been
satisfied or waived on or before the Longstop Date, this agreement automatically terminates and ceases to have effect from that
date, except for the provisions referred to in clause 2.4.

 

		2.3	Subject to clause 2.4 and clause 2.5, the parties may (provided
that the party wishing to terminate is not in material breach of this agreement) terminate this agreement with immediate effect
by giving notice in writing to the other party if at any time prior to the Longstop Date it becomes apparent that satisfaction
of the Conditions by the Longstop Date is or has been rendered impossible without amendment or waiver.

 

    	 	9

     

    

 

		2.4	If this agreement is terminated pursuant to clause 2.2,
clause 2.3 or clause 9.3, the following clauses continue in force:

 

		(a)	Clause 1 (Interpretation);

 

		(b)	Clause 2.2 to clause 2.5 (inclusive) (Conditions);

 

		(c)	Clause 14 (Confidentiality and announcements);

 

		(d)	Clause 17 (Entire agreement);

 

		(e)	Clause 18 (Variation and waiver);

 

		(f)	Clause 19 (Costs);

 

		(g)	Clause 20 (Notices); and

 

		(h)	Clause 27 (Governing law and jurisdiction).

 

		2.5	The termination of this agreement pursuant to clause 2.2,
clause 2.3 or clause 9.3 will not affect any rights, remedies, obligations or liabilities of the parties that have accrued up
to the date of termination, including the right to claim damages in respect of any breach of the agreement which existed at or
before that date.

 

		2.6	The Buyer and the Seller will use all commercially reasonable
best efforts to procure (so far as it lies within their respective powers so to do) that the Conditions are satisfied as soon
as practicable, and in any event no later than the Longstop Date.

 

		2.7	The Buyer and the Seller will co-operate fully in all actions
necessary to procure the satisfaction of the Conditions including:

 

		(a)	providing all information reasonably necessary to make
any notification or filing or as requested by any relevant authority; and

 

		(b)	keeping all parties informed of the progress of any notification
or filing and providing such assistance as may reasonably be required.

 

		2.8	The Buyer may, provided it is legally entitled to do so
and to such extent as it thinks fit (in its absolute discretion), waive any of the Conditions by notice in writing to the Seller.

 

		2.9	The Seller may, provided it is legally entitled to do so
and to such extent as it thinks fit (in its absolute discretion), waive any of the Conditions by notice in writing to the Buyer.

 

    	 	10

     

    

 

		3.	SALE AND PURCHASE

 

		3.1	On the terms of this agreement and subject to the Conditions,
the Seller sells and the Buyer buys, the Company Shares on the Completion Date free from Encumbrances and together with all rights
that attach (or may in the future attach) to the Company Shares including, in particular, the right to receive all dividends and
distributions declared, made or paid on or after the Completion Date.

 

		3.2	The Seller will use all commercially reasonable best efforts
to procure (so far as it lies within its powers to do so) the transfer of the AILIL B Shares from Mr. Burnim to the Buyer, or
its nominee, on the Completion Date.

 

		3.3	The Seller will use all commercially reasonable best efforts
to procure (so far as it lies within its powers to do so) the transfer of the AILIL Shares to the Buyer, or its nominee, on the
Completion Date.

 

		3.4	Neither party will be obliged to complete the sale, purchase
or transfer of any of the Sale Shares unless the sale, purchase and transfer of all the Sale Shares is completed simultaneously.

 

		4.	PURCHASE PRICE

 

		4.1	In consideration for the Sale Shares the Buyer will pay
the Cash Consideration in accordance with the Payment Terms and issue to the Seller the Promissory Note.

 

		4.2	All payments to be made by the Buyer in respect of the
Cash Consideration and the Promissory Note must be made in US dollars by electronic transfer of immediately available funds to
the account set out in Schedule 6, or such other account or accounts as Seller may notify Buyer in writing. Payment in accordance
with this clause will be a good and valid discharge of the Buyer's obligation to pay the Purchase Price and the Buyer need not
be concerned to see the application of the monies so paid.

 

		4.3	Payment of the amounts due under the Promissory Note on
each Promissory Note Payment Date will be subject to the deduction as set out in the Promissory Note.

 

		5.	CONDUCT OF BUSINESS PRIOR TO COMPLETION

 

		5.1	Subject to clause 5.3, the Seller undertakes that at all
times during the Interim Period, it will procure that:

 

		(a)	the Companies operate the Business in its ordinary course
so as to maintain the Business as a going concern; and

 

		(b)	the Companies will not undertake any of the acts or matters
specified in clause 5.2 without the prior written consent of the Buyer (such consent not to be unreasonably withheld or delayed).

 

		5.2	The acts and matters referred to in clause 5.1 are:

 

    	 	11

     

    

 

		(a)	the disposal (not being a disposal in the ordinary course
of the Business) of any interest in or any part of the Business, or a material asset used in or required for, the operation of
the Business;

 

		(b)	the allotment of shares or other securities or the repurchase
or redemption of any of its shares;

 

		(c)	the grant of any financial or performance guarantee or
any similar security or indemnity relating to the obligations or liabilities of any person;

 

		(d)	the creation or grant of any Encumbrance (other than a
lien arising by operation of law) on, over or affecting the whole or a substantial part of its assets or undertaking;

 

		(e)	enter into any commutation or novation of any insurance,
reinsurance or retrocession arrangement, other than in relation to the BLIC Policies;

 

		(f)	release or vary any security arrangements given by or for
the benefit of the Companies;

 

		(g)	waive or amend any letters of credit;

 

		(h)	enter into, modify or agree to terminate any Material Contract;

 

		(i)	incur any capital expenditure on any individual item in
excess of US$10,000; (j)offer a contract of employment to any individual;

 

		(k)	institute, settle or agree to settle any legal proceedings
other than Remediation Proceedings;

 

		(l)	borrow any sum or enter into any financial facility;

 

		(m)	enter into any lease, lease hire or hire purchase agreement
or agreement for payment on deferred terms; or

 

		(n)	enter into of any agreement to do any of the acts or matters
set out in clause 5.2(a) to clause 5.2(d) (inclusive).

 

		5.3	Nothing in clause 5.1 or clause 5.2 prevents or restricts
the Seller, the Company, AILIL or BLW from:

 

		(a)	taking any reasonable action in an emergency or disaster
situation with the intention of minimising or otherwise mitigating the adverse consequences or effect of that situation in relation
to the Company, AILIL, BLW, the Seller or any other member of the Seller's Group;

 

		(b)	completing or performing any obligations undertaken pursuant
to any contract, agreement or arrangement entered into before this agreement;

 

    	 	12

     

    

 

		(c)	complying with all applicable laws and regulations; or

 

		(d)	taking any action at the written request of the Buyer.

 

		6.	INDEMNITY FOR REMEDIATION PROCESS

 

		6.1	Subject to the following provisions of this clause 6, the
Seller will indemnify the Buyer and hold the Buyer harmless for itself (and otherwise as agent for and for the benefit of the
Companies) against any and all Policy Remediation Losses actually incurred or sustained by the Buyer, the Company or any member
of the Buyer’s Group.

 

		6.2	The Seller will not be liable under this clause 6 to the
extent that any Policy Remediation Loss would not have arisen but for or results from any act or omission of Buyer, the Buyer's
group, the policyholder, and/or the policyholder's representatives taking place after Completion.

 

		6.3	The Seller will not be liable under this clause 6 for any
increase in a Policy Remediation Loss that would not have arisen but for, or results from, any act or omission of the Buyer, the
Buyer's group, the policyholder, and/or the policyholder's representatives taking place after Completion

 

		6.4	The Seller will not be liable under this clause 6 to the
extent that any Policy Remediation Loss would not have arisen but for or results from any change in law (including, but not limited
to, changes in IRS procedures or practices) or fact after Completion.

 

		6.5	The Seller will not be liable under this clause 6 for any
increase in a Policy Remediation Loss that would not have arisen but for, or results from, any change in law (including, but not
limited to, changes in IRS procedures or practices) or fact after Completion.

 

		6.6	The Seller will not be liable under this clause 6 to the
extent that any Policy Remediation Loss occurs as a result of a breach of warranty by Buyer.

 

		6.7	The rights and remedies provided in this clause 6 are the
exclusive remedies of the Buyer against the Seller in respect of any Policy Remediation Loss.

 

		6.8	The Seller will have conduct of all Policy Remediation
and any Remediation Proceedings that is, or is anticipated to be, the subject of a Remediation Claim, including, but not limited
to the actions enumerated in Schedule 8 Item B. Seller.

 

		6.9	The Buyer will cooperate with the Seller to ensure that
any Policy Remediation or Remediation Proceedings are carried out and such cooperation will include, but not be limited to:

 

		(a)	providing to the Seller any information necessary to carry
out the Policy Remediation which will be provided within three (3) calendar days of the date the Seller notifies the Buyer that
the IRS has executed the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreements, or Remediation Proceedings,;

 

    	 	13

     

    

 

		(b)	allowing the Seller three (3) calendar days to review and
approve any communication to be sent to the policyholders of the Remedial Policies relating to the Policy Remediation or Remediation
Proceedings;

 

		(c)	allowing the Seller’s lawyers to continue to be the
named lawyers appearing on behalf of the Company and AILIL before the IRS even though such named lawyers are representing the
Seller;

 

		(d)	executing and delivering all documents necessary to carry
out the Policy Remediation or Remediation Proceedings, including, but not limited to, powers of attorney and penalties of perjury
statements; and

 

		(e)	taking any actions necessary to obtain relief from the
IRS, including, but not limited to, the actions enumerated in Schedule 8 Item A. Buyer, within the timeframe specified by the
IRS, U.S. tax law, and the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreements.

 

		6.10	The Seller will ensure that any Policy Remediation or Remediation
Proceedings are carried out:

 

		(a)	by suitably qualified and experienced consultants (in the
case of Policy Remediation) or lawyers (in the case of Remediation Proceedings) and other contractors as appropriate;

 

		(b)	in compliance with all relevant legislation and guidance
and in co-operation with the IRS;

 

		(c)	competently, diligently and in accordance with good practice;
and

 

		(d)	pursuant to the deadlines specified by the IRS in the Rev.
Proc. 2008-39 and Rev. Proc. 2008-40 closing agreements.

 

		6.11	All payments to be made by the Seller or Buyer to the other
party pursuant to this clause 6 must be made in US dollars by electronic transfer of immediately available funds within five (5)
Business Days of the party notifying the other party of the amount due and providing such party (if so requested) with all such
supporting documentation and/or information to evidence the amount due, to the account set out in Schedule 6, or such other account
or accounts as the parties may notify to the other party in writing.

 

		7.	INDEMNITY FOR FEDERAL EXCISE TAXES

 

		7.1	Subject to the following provisions of this clause 7, the
Seller will indemnify the Buyer and hold the Buyer harmless for itself (and otherwise as agent for and for the benefit of the
Companies) against any and all Federal Excise Tax Losses actually incurred or sustained by the Buyer or any member of the Buyer’s
Group.

 

    	 	14

     

    

 

		7.2	The Seller will not be liable under this clause 7 to the
extent that any Federal Excise Tax Loss would not have arisen but for, or results from, any act or omission of Buyer taking place
after Completion.

 

		7.3	The Seller will not be liable under this clause 7 for any
increase in a Federal Excise Tax Loss that would not have arisen but for, or results from, any act or omission of Buyer taking
place after Completion.

 

		7.4	The Seller will not be liable under this clause 7 to the
extent that any Federal Excise Tax Loss would not have arisen but for, or results from, any change in law (including, but not
limited to, changes in IRS procedures or practices) or fact after Completion.

 

		7.5	The Seller will not be liable under this clause 7 for any
increase in a Federal Excise Tax Loss that would not have arisen but for, or results from, any change in law (including, but not
limited to, changes in IRS procedures or practices) or fact after Completion.

 

		7.6	All payments to be made by the Seller to the Buyer pursuant
to this clause 7 must be made in US dollars by electronic transfer of immediately available funds within five (5) Business Days
of the Buyer notifying the Seller of the amount due and providing the Seller (if so requested) with all such supporting documentation
and/or information as may be required to evidence the amount due, to the account set out in Schedule 6, or such other account
or accounts as the Buyer may notify to the Seller in writing.

 

		7.7	The rights and remedies provided in this clause 7 are the
exclusive remedies of the Buyer against the Seller in respect of any Federal Excise Tax Loss.

 

		7.8	The Seller will have conduct of all Federal Excise Tax
Remediation.

 

		7.9	The Buyer will cooperate with the Seller to ensure that
any Federal Excise Tax Remediation is carried out and such cooperation will include, but not be limited to:

 

		(a)	providing to the Seller any information necessary to carry
out the Federal Excise Tax Remediation, which will be provided within three (3) calendar days of the date the Seller notifies
the Buyer that information is needed;

 

		(b)	allowing the Seller’s representatives to continue
to be the named representatives appearing on behalf of the Company before the IRS even though such named representatives are representing
the Seller;

 

		(c)	executing and delivering all documents necessary to carry
out the Federal Excise Tax Remediation, including, but not limited to, powers of attorney and penalties of perjury statements;

 

		(d)	reviewing and approving within two (2) calendar days of
receipt any Seller proposed submission to the IRS relating to the Federal Excise Tax Remediation; and

 

		(e)	taking any actions necessary to obtain relief from
the IRS.

 

    	 	15

     

    

 

		8.	AILIL B SHARES INDEMNITY

 

		8.1	Subject to the following provisions of this clause 8, the
Seller will indemnify the Buyer and hold the Buyer harmless for itself (and otherwise as agent for and for the benefit of the
Company) against any and all AILIL B Shares Losses actually incurred or sustained by the Buyer, the Company or any member of the
Buyer’s Group.

 

		8.2	The Seller will not be liable under this clause 8 to the
extent that any AILIL B Shares Loss would not have arisen but for, results from or is increased, aggravated or contributed to
by any act or omission of Buyer taking place after Completion.

 

		8.3	The Seller will not be liable under this clause 8 to the
extent that any AILIL B Shares Loss would not have arisen but for, results from or is increased by any change in law after Completion.

 

		8.4	All payments to be made by the Seller to the Buyer pursuant
to this clause 8 must be made in US dollars by electronic transfer of immediately available funds within five (5) Business Days
of the Buyer notifying the Seller of the amount due and providing the Seller (if so requested) with all such supporting documentation
and/or information as may be required to evidence the amount due, to the account set out in Schedule 6, or such other account
or accounts as the Buyer may notify to the Seller in writing.

 

		8.5	The rights and remedies provided in this clause 8 are the
exclusive remedies of the Buyer against the Seller in respect of any AILIL B Shares Loss.

 

		8.6	The Seller will have conduct of any and all matters and
proceedings relating to or arising from any claim by Mr. Burnim pertaining to the AILIL B Shares.

 

		9.	COMPLETION

 

		9.1	Completion will take place on the Completion Date at the
Completion Time. In this agreement, Completion Date means (i) 31 July 2018; or (ii) any other date agreed in writing by
the parties; or (iii) if Completion is deferred in accordance with clause 9.3, the Completion Date will be the date to which Completion
is so deferred, and Completion Time means 11:59pm on the Completion Date.

 

		9.2	At or prior to Completion:

 

		(a)	the Seller will:

 

		(i)	deliver (or cause to be delivered) to the Buyer the documents
and evidence set out in paragraph 1 of Schedule 3; and

 

		(ii)	procure that a board meeting of the Companies are held
at which the matters set out in paragraph 2 of Schedule 3 are carried out;

 

		(b)	the Buyer will:

 

		(i)	pay the Cash Consideration in accordance with clause 4;

 

    	 	16

     

    

 

		(ii)	issue the Promissory Note to the Seller; and

 

		(iii)	deliver to the Seller:

 

		(A)	a copy (certified as a true copy by a director or
the company secretary of the Buyer) of the resolutions adopted by the Buyer's board of directors authorising Completion and the
execution and delivery by the officers specified in the resolution of each Transaction Document to be executed and delivered by
the Buyer at Completion; and

 

		(B)	a duly certified copy of any power of attorney under which
any Transaction Document has been executed on behalf of the Buyer.

 

		9.3	If either party does not comply with its obligations under
clause 9.2, the other party may (without prejudice to any other rights or remedies it has):

 

		(a)	proceed to Completion to the extent reasonably practicable;

 

		(b)	defer Completion to the Long Stop Date; or

 

		(c)	terminate this agreement by notice in writing to the defaulting
party.

 

		9.4	Completion may be deferred only once under clause 9.3,
but otherwise this clause 9 applies to Completion so deferred as it applies to Completion that has not been deferred.

 

		10.	POST-COMPLETION ARRANGEMENTS

 

		10.1	The Buyer undertakes to the Seller that:

 

		(a)	unless the Company and AILIL are merged out of Bermuda
immediately upon Completion, it will procure the filing of applications, on behalf of the Company and AILIL, with the Registrar
of Companies within five (5) Business Days of the Completion Date to effect a change of name of the Company and AILIL such that,
in each case, the name “Argus” is removed;

 

		(b)	upon the Companies being merged out of Bermuda, the name
of the surviving corporation(s) of such mergers will not include the name “Argus”;

 

		(c)	unless the Companies are merged out of Bermuda immediately
upon Completion, it will procure that all action is taken and notices filed to bring the Companies and Buyer into compliance with
all applicable laws and regulations in Bermuda; and

 

		(d)	it will establish and maintain a collateral account in
favour of Seller or replace the same with an irrevocable letter of credit each in accordance with the terms and provisions of
the Promissory Note.

 

    	 	17

     

    

 

		11.	SELLER'S WARRANTIES

 

		11.1	Subject to clause 13, the Seller warrants to the Buyer
that, save as Disclosed, each Warranty is true on the date of this agreement.

 

		11.2	The Seller acknowledges the Buyer is entering into this
agreement on the basis of, and in reliance on, the Warranties.

 

		11.3	Each Warranty shall be deemed to be repeated at Completion
and any reference made to the date of this agreement (whether express or implied) in relation to any Warranty shall be construed,
in relation to any such repetition, as a reference to the Completion Date.

 

		11.4	The Seller shall not, and shall procure that the Company,
AILIL and/or BLW shall not, do or omit to do anything which would, at any time before or at Completion, be materially inconsistent
with any of the Warranties, breach any Warranty or make any Warranty untrue or misleading.

 

		11.5	Without prejudice to the right of the Buyer to claim on
any other basis or take advantage of any other remedies available to it, if any Warranty is breached or proves to be untrue, the
Seller undertakes to pay to the Buyer on demand:

 

		(a)	the amount necessary to put the Company, AILIL and/or BLW
into the position it would have been in if the Warranty had not been breached and had been true; and

 

		(b)	all costs and expenses (including, without limitation,
damages, legal and other professional fees and costs, penalties, expenses and consequential losses whether directly or indirectly
arising) incurred by the Buyer or the Company, AILIL and/or BLW as a result of the breach of the Warranty not being true (including
a reasonable amount in respect of management time).

 

		11.6	If at any time before or at Completion the Seller becomes
aware that a Warranty has been breached or is untrue, or has a reasonable expectation that either might occur, it will immediately:

 

		(a)	notify the Buyer in sufficient detail to enable the Buyer
to make an accurate assessment of the breach or potential breach of the Warranty; and

 

		(b)	if requested by the Buyer, use its commercially reasonable
best efforts to prevent or remedy the notified occurrence.

 

		11.7	Each of the Warranties is separate and, unless specifically
provided, is not limited by reference to any other Warranty or anything in this agreement.

 

		12.	BUYER'S WARRANTIES

 

		12.1	The Buyer warrants to the Seller that:

 

    	 	18

     

    

 

		(a)	Each member of the Buyer’s Group has all requisite
power and authority to enter into, deliver and perform this agreement and any other Transaction Document to which they are a party;

 

		(b)	this agreement and any other Transaction Document to which
a member of the Buyer’s Group is a party will, upon execution, constitute valid, legal and binding obligations of that member
in accordance with their terms;

 

		(c)	the execution, delivery and performance by each member
of the Buyer’s Group of this agreement and any other Transaction Documents to which they are a party does not and will not
result in:

 

		(i)	a breach of any provision of the applicable member’s
Constitutional Documents;

 

		(ii)	a breach of, or constitute a default under, any agreement
or instrument to which that member is a party or by which it is otherwise bound; or

 

		(iii)	a breach of any order, judgment or decree of any court,
governmental agency or regulatory body to which that member is subject or by which it is bound;

 

		(d)	each member of the Buyer’s Group has and will
have immediately available on an unconditional basis (subject only to Completion) the necessary cash resources to meet its obligations
when they arise under this agreement or any other Transaction Document to which they are a party;

 

		(e)	the Buyer is not aware of any matter, fact or circumstance
that may impede the prompt satisfaction of the Conditions;

 

		(f)	having been given an opportunity to carry out an investigation
into the business and affairs of the Companies the Buyer is not aware of any fact, matter or circumstance which is inconsistent
with any of the Warranties (save as Disclosed) or which constitutes or might constitute a breach of any of the Warranties or which
might otherwise give rise to any liability on the part of the Seller under this agreement;

 

		(g)	Advantage Life Puerto Rico A.I. (“ALPR”)
has filed an election under section 953 (d) of the Code to be treated as a domestic corporation for U.S. tax purposes;

 

		(h)	the Buyer will not carry out any act or omission that
results in the loss of AILIL’s status under section 953(d) of the Code or equivalent status of AILIL or any surviving company
following the merger of AILIL with and into another company; and

 

		(i)	the Buyer will not carry out any act or omission that
results in the Company being treated as a U.S. taxpayer for U.S. federal tax purposes.

 

    	 	19

     

    

 

		12.2	Without prejudice to the right of the Seller to claim on
any other basis or take advantage of any other remedies available to it, if any Warranty is breached or proves to be untrue, the
Buyer undertakes to pay to the Seller on demand:

 

		(a)	the amount necessary to put the Seller into the position
it would have been in if the Warranty had not been breached and had been true; and

 

		(b)	all costs and expenses (including, without limitation,
damages, legal and other professional fees and costs, penalties, expenses and consequential losses whether directly or indirectly
arising) incurred by the Seller as a result of the breach of the Warranty not being true (including a reasonable amount in respect
of management time).

 

		13.	LIMITATIONS ON CLAIMS

 

		13.1	Save as provided in clause 13.2 the provisions of Schedule
5 limits or excludes (as the case may be) the Seller's liability for any Claims.

 

		13.2	Nothing in clause 13.1 or Schedule 5 operates to exclude
or limit the Seller's liability to the extent that a Claim arises as a result of the Seller's fraud.

 

		14.	CONFIDENTIALITY AND ANNOUNCEMENTS

 

		14.1	Notwithstanding the terms of the NDA, the Seller undertakes
to (and to procure that each member of the Retained Group will):

 

		(a)	keep confidential the terms of this agreement and all
confidential information or trade secrets in its possession concerning the business, affairs, customers, clients or suppliers
of the Companies (the Company Confidential Information);

 

		(b)	not disclose any of the Company Confidential Information
to any person, except as expressly permitted by this clause 14; and

 

		(c)	not to make any use of the Company Confidential Information
other than to the extent strictly necessary for the purpose of exercising or performing its rights and obligations under this
agreement.

 

		14.2	Notwithstanding the terms of the NDA, the Buyer undertakes
to (and to procure that the Company, AILIL, the BLW and each other member of the Buyer's Group will):

 

		(a)	keep confidential the terms of this agreement and all
confidential information or trade secrets in its possession concerning the business, affairs, customers, clients or suppliers
of Seller or any other member of the Retained Group (the Seller Confidential Information);

 

		(b)	not disclose any of the Seller Confidential Information
to any person, except as expressly permitted by this clause 14; and

 

    	 	20

     

    

 

		(c)	not make any use of the Seller Confidential Information
other than to the extent strictly necessary for the purpose of exercising or performing its rights and obligations under this
agreement.

 

		14.3	Notwithstanding any other provision of this agreement or
the NDA, neither party is obliged to keep confidential or to restrict its use of any information that:

 

		(a)	is or becomes generally available to the public (other
than as a result of its disclosure in breach of this agreement); or

 

		(b)	was, is or becomes available to a party on a non-confidential
basis from a person who to the receiving party's knowledge is not bound by a confidentiality agreement with the other party or
otherwise prohibited from disclosing the information to the receiving party.

 

		14.4	Notwithstanding the terms of the NDA, either party may
disclose information that it is otherwise required to keep confidential under this clause 14:

 

		(a)	to any of its employees, officers, consultants, representatives
or advisers (or those of any member of its Group) who need to know such information for the purpose of advising on this agreement
or facilitating the Transaction, provided that the party making the disclosure informs the recipient of the confidential nature
of the information before disclosure and procures that the recipients, in relation to any information disclosed to them, comply
with the obligations set out in this clause 14 as if they were that party. The party making a disclosure under this clause 14.4(a)
will, at all times, be liable for the failure of its recipients to comply with the obligations set out in this clause 14;

 

		(b)	to confirm that Completion has taken place, but without
otherwise revealing any other terms of the Transaction or making any other announcement;

 

		(c)	to the extent that the disclosure is required:

 

		(i)	by the laws of any jurisdiction to which that party
is subject;

 

		(ii)	by an order of any court of competent jurisdiction,
or any regulatory, judicial, governmental or similar body, or securities exchange of competent jurisdiction; or

 

		(iii)	to make any filing with, or obtain any authorisation
from, a regulatory, governmental or similar body, securities exchange of competent jurisdiction;

 

		(iv)	to protect that party’s interest in any legal
proceedings or to enforce its rights under this agreement,

 

    	 	21

     

    

 

	 	 	PROVIDED that in each case (and to the extent it is legally permitted
to do so) the party making the disclosure gives the other party as much notice of such disclosure as possible and, where notice
of disclosure is not prohibited and is given in accordance with this clause, it takes into account the reasonable requests of the
other party in relation to the content of the requisite disclosure; or
	 	 	 
		(d)	with the prior consent in writing of the other party.

 

		14.5	Each party will supply the other party with such information
about itself, its Group or this agreement as the other party may reasonably require for the purposes of satisfying the requirements
of any law or any judicial, governmental, regulatory or similar body or any securities exchange of competent jurisdiction to which
the requesting party is subject.

 

		14.6	Subject to clause 14.7, and notwithstanding the terms of
the NDA, neither party will make or permit any person to make any public announcement, communication or circular concerning this
agreement or the Transaction (an Announcement) without the prior written consent of the other party.

 

		14.7	Nothing in clause 14.6 prevents either party from making
an Announcement required by law or any governmental or regulatory authority (including any relevant securities exchange), or by
a court or other authority of competent jurisdiction provided that the party required to make an Announcement consults with the
other party and takes into account the reasonable requests of the other party in relation to the content of the relevant Announcement
before it is made.

 

		15.	FURTHER ASSISTANCE AND INDEMNITY

 

		15.1	For the period of one (1) year post Completion, the Seller
will (insofar as it is able to do so and at the Buyer's expense) make knowledgeable staff available to the Buyer to assist the
Buyer and the Buyer’s Group in meeting its audit requirements and for any other necessary and appropriate purpose relating
to the operation and administration of the Companies.

 

		15.2	The Buyer will (insofar as it is able to do so and at the
Seller's expense) provide such assistance as the Seller may request or need in relation to the Remedial Policies and Remediation
Proceedings and in any event will take no action or fail to take any action that could prejudice the Seller’s efforts with
respect to the same.

 

		16.	ASSIGNMENT

 

		16.1	Neither party will assign, transfer, mortgage, charge,
declare a trust over or deal in any other manner with any of its rights and obligations under this agreement except with the prior
written consent of the other party.

 

		16.2	Each party confirms it is acting on its own behalf and
not for the benefit of any other person.

 

    	 	22

     

    

 

		17.	ENTIRE AGREEMENT

 

		17.1	This agreement and the other Transaction Documents constitute
the entire agreement between the parties and supersede and extinguish all previous discussions, correspondence, negotiations,
drafts, agreements, promises, assurances, warranties, representations and understandings between them, whether written or oral,
relating to their subject matter.

 

		17.2	The Buyer acknowledges and agrees with the Seller that:

 

		(a)	it does not rely on, it has not been induced to enter
into this agreement on the basis of, and it does not and will not have any remedies in respect of, any statement, representation,
assurance or warranty (whether made innocently or negligently) that is not set out in this agreement; and

 

		(b)	it does not and will not have any claim for innocent
or negligent misrepresentation or negligent misstatement based on any statement, warranty or representation in this agreement.

 

		17.3	Without prejudice to clause 17.1 and clause 17.2, the Buyer
acknowledges and agrees that the Seller makes no warranty or representation regarding the accuracy, reasonableness or achievement
of any forecasts, estimates, projections or statements provided by the Seller (or on its behalf) at any time on or prior to the
date of this agreement, including any such matters contained in any information memorandum relating to the Transaction or in any
other documents made available or provided to the Buyer (or its advisers) in the course of its due diligence investigations.

 

		17.4	Nothing in this clause 17 limits or excludes any liability
for fraud by either party.

 

		18.	VARIATION AND WAIVER

 

		18.1	A variation of this agreement is only effective if it is
in writing and signed by both parties or their authorised representatives.

 

		18.2	A waiver of any right or remedy under this agreement or
by law is only effective if it is given in writing and signed by the person waiving such right or remedy. Any such waiver will
only apply to the circumstances for which it is given.

 

		18.3	A failure or delay by any person to exercise any right
or remedy provided under this agreement or by law does not constitute a waiver of that or any other right or remedy, nor prevent
or restrict any further exercise of that or any other right or remedy.

 

		18.4	Any single or partial exercise of a right or remedy provided
under this agreement or by law does not prevent or restrict the further exercise of that or any other right or remedy.

 

    	 	23

     

    

 

		19.	COSTS

 

		19.1	Except as expressly provided in this agreement, each party
pays its own costs and expenses incurred in connection with the Transaction and the negotiation, preparation and execution of
this agreement and the other Transaction Documents.

 

		19.2	The Buyer will pay all stamp, transfer, registration and
other similar Tax, duties and charges in connection with the Transaction.

 

		20.	NOTICES

 

		20.1	For the purposes of this clause 20, but subject to clause
20.7, notice includes any other communication.

 

		20.2	A notice given to a party under or in connection with this
agreement must be:

 

		(a)	in writing and in English;

 

		(b)	signed by or on behalf of the party giving it;

 

		(c)	sent to the relevant party for the attention of the
person and to the address, or email specified in clause 20.3, or such other address, email or person as that party may notify
to the other party in accordance with this clause 20; and

 

		(d)	may be:

 

		(i)	delivered by hand;

 

		(ii)	sent by email (provided that if sent by email such notice
will be accompanied by a request for a delivery receipt);

 

		(iii)	sent by pre-paid first class post, recorded delivery
or special delivery; or

 

		(iv)	sent by reputable international overnight courier (if
the notice is to be served by post to an address outside the country from which it is sent).

 

		20.3	The contacts, addresses and email for service of notices
are:

 

		(a)	Seller

 

		(i)	address: The Argus Building,14 Wesley Street, Hamilton
HM 11 Bermuda

 

		(ii)	for the attention of: George N.H. Jones

 

		(iii)	email: gnhjones@argus.bm

 

		(b)	Buyer

 

		(i)	address: American International Plaza, 250 Muñoz
Rivera Avenue, Suite 710, San Juan, Puerto Rico 00918,

 

    	 	24

     

    

 

		(ii)	for the attention of: Walter Keenan

 

		(iii)	email: w.keenan@advantagelife.com with a copy to:

 

		(iv)	address: B7 Tabonuco Street, Suite 1108, Guaynabo, Puerto
Rico 00968

 

		(v)	for the attention of: Pedro I. Vidal-Cordero

 

		(vi)	email: pvidal@vnblegal.com

 

		20.4	A party may change its details for service of notices as
specified in clause 20.3 by giving notice to the other party. Any change notified pursuant to this clause takes effect at 9.00
am on the later of:

 

		(a)	the date (if any) specified in the notice as the effective
date for the change; or

 

		(b)	two (2) Business Days after deemed receipt of the notice
of change.

 

		20.5	Delivery of a notice is deemed to have taken place (provided
that all other requirements in this clause have been satisfied):

 

		(a)	if delivered by hand, on signature of a delivery receipt;

 

		(b)	if sent by pre-paid first class post, recorded delivery
or special delivery to an address in Bermuda, at 9.00 am on the second Business Day after posting; or

 

		(c)	if sent by email, 12 hours after being sent (provided
that no failed delivery notice has been received by sender) or upon earlier confirmation of receipt by recipient;

 

		(d)	if sent by reputable international overnight courier
to an address outside the country from which it is sent, on signature of a delivery receipt; or

 

		(e)	if deemed receipt under the previous paragraphs of
this clause 20.5 would occur outside business hours (meaning 9.00 am to 5.30 pm Monday to Friday on a Business Day), at 9.00 am
on the next Business Day. For the purposes of this clause, all references to time are to local time in the place of deemed receipt.

 

		20.6	To prove service, it is sufficient to prove that:

 

		(a)	if delivered by hand or by reputable international
overnight courier, the notice was delivered to the correct address;

 

		(b)	if sent by email, the email was sent to the correct
email address and no failed delivery notice was received by the sender;

 

		(c)	if sent by pre-paid first class post, recorded delivery
or special delivery, the envelope containing the notice was properly addressed, paid for and posted.

 

    	 	25

     

    

 

		20.7	This clause 20 does not apply to the service of any proceedings
or other documents in any legal action.

 

		21.	INTEREST

 

If a party fails to make any payment due to
the other party under this agreement by the due date for payment, the defaulting party will pay interest on the overdue amount
at the rate of 2% per annum above the Prime Rate as published by the Federal Reserve Bank of New York from time to time.
Such interest accrues on a daily basis from the due date until actual payment of the overdue amount, whether before or after judgment.

 

		22.	SEVERANCE

 

If any provision or part-provision of this
agreement is or becomes invalid, illegal or unenforceable, it is to be deemed modified to the minimum extent necessary to make
it valid, legal and enforceable. If such modification is not possible, the relevant provision or part-provision is to be deemed
deleted. Any modification to or deletion of a provision or part-provision under this clause will not affect the validity and enforceability
of the rest of this agreement.

 

		23.	AGREEMENT SURVIVES COMPLETION

 

This agreement (other than obligations that
have already been fully performed) remains in full force after Completion.

 

		24.	SUCCESSORS

 

This agreement is made for the benefit of the
parties and their successors and permitted assigns, and the rights and obligations of the parties under this agreement will continue
for the benefit of, and be binding on, their respective successors and permitted assigns.

 

		25.	COUNTERPARTS

 

		25.1	This agreement may be executed in any number of counterparts,
each of which when executed constitutes a duplicate original, but all the counterparts together constitute the one agreement.

 

		25.2	Transmission of the executed signature page of a counterpart
of this agreement by email (in PDF, JPEG or other agreed format), effects delivery of an executed counterpart of this agreement.
If email delivery is adopted, without prejudice to the validity of the agreement made, each party is to provide the other with
the original of such counterpart as soon as reasonably possible thereafter.

 

		25.3	No counterpart is effective until each party has executed
and delivered to the other at least one counterpart.

 

    	 	26

     

    

 

		26.	RIGHTS AND REMEDIES

 

Except as expressly provided in this agreement,
the rights and remedies provided under this agreement are in addition to, and not exclusive of, any rights or remedies provided
by law.

 

		27.	GOVERNING LAW AND JURISDICTION

 

		27.1	This agreement and any dispute or claim arising out
of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) are governed by
and construed in accordance with the laws of Bermuda.

 

		27.2	Each party irrevocably agrees that the courts of Bermuda
have exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this agreement or its subject
matter or formation (including non-contractual disputes or claims).

 

[REMAINDER OF PAGE LEFT INTENTIONALLY BLANK]

 

    	 	27

     

    

 

IN WITNESS WHEREOF this agreement is executed
and delivered on the date first stated above.

 

	Signed by Alison S Hill 	/s/ Alison S Hill
	for and on behalf of	Director
	ARGUS GROUP  HOLDINGS  LIMITED	 
	 	 
	Signed by Walter Keenan 	
	for and on behalf of	Director
	ADVANTAGE INSURANCE INC.	 

 

    	 	28

     

    

  

IN WITNESS WHEREOF this agreement is executed
and delivered on the date first stated above.

 

	Signed by Alison S Hill 	
	for and on behalf of	Director
	ARGUS GROUP  HOLDINGS  LIMITED	 
	 	 
	Signed by Walter Keenan 	/s/ Walter Keenan
	for and on behalf of	Director
	ADVANTAGE INSURANCE INC.	 

 

    	29 

     

    

 

SCHEDULE 1

Part 1

The Company

 

	Name	Argus International Life Bermuda Limited
	Registration number	EC 40168
	Registered office	
        The Argus Building

        14 Wesley Street

        Hamilton HM 11

        Bermuda

	Issued share capital	250,000 common shares of par value US$1 each
	Registered shareholder 	Argus Group Holdings Limited 
	Directors 	
        Peter R. Burnim

        Peter J. Dunkerley

        Marcia B. Scheiner

        Paul C. Wollmann

         

	Secretary	George N.H. Jones 
	Auditor	KPMG
	Actuary	Hannah Ross
	Registered Charge(s)	No

 

 

    	1 

     

    

 

SCHEDULE 1

Part 2

AILIL

 

	Name	Argus International Life Insurance Limited 
	Registration number	EC 29072
	Registered office	
        The Argus Building

        14 Wesley Street

        Hamilton HM 11

        Bermuda

         

         

	Issued share capital	
        185,000 Class A shares of par value US$1 each

        1,000,000 preference non-voting shares of par value US$1 each

         

        65,000 Class B shares of par value US$1
        each

         

	Registered shareholders 	
        Argus International Life Bermuda Limited

         

        Peter R. Burnim

         

         

         

	Directors 	
        Peter R. Burnim

        Peter J. Dunkerley

        Alison S. Hill

        Marcia B. Scheiner

        Paul C. Wollmann

         

	Secretary	George N.H. Jones
	Auditor	KPMG
	Actuary	Hannah Ross
	Registered Charge(s)	No

 

 

    	2 

     

    

 

SCHEDULE 1

Part 3

BLW

 

	Name	Bermuda Life Worldwide Limited
	Registration number	EC 19891
	Registered office	
        14 Wesley Street

        Hamilton HM 11

        Bermuda

         

         

	Issued share capital	5,450,000 shares of par value US$1.00 
	Registered shareholders 	
        Argus International Life Bermuda Limited

         

         

         

	Directors 	
        Peter R. Burnim

        Peter J. Dunkerley

        Alison S. Hill

        Marcia B. Scheiner

        Paul C. Wollmann

         

	Secretary	George N.H. Jones
	Auditor	KPMG
	Actuary	Hannah Ross
	Registered Charge(s)	No

    	3 

     

    

 

SCHEDULE 2

Conditions

 

		1.	regulatory

 

		1.1.	The consent of the BMA to the transfer of the Company Shares, the AILIL Shares and the AILIL B
Shares under the Exchange Control Act 1972 and related regulations, as amended.

 

		1.2.	The BMA giving notice in writing to the Companies that it has no objection to:

 

		1.2.1	the companies effecting a material change
within the meaning of section 30JA(1) of the Insurance Act (or the time for notifying an objection has elapsed without the BMA
having served a written notice of objection); 

 

		1.2.2	a change of “Shareholder Controller”
pursuant to section 30D of the Insurance Act (or the time for notifying an objection has elapsed without the BMA having served
a written notice of objection); and

 

		1.2.3	the companies reducing 15% or more of their
total statutory capital pursuant to section 31C of the Insurance Act.

 

		1.3.	An acknowledgement from the BMA that the Seller has notified the BMA of its disposal of shares
in the Companies pursuant to section 30EA of the Insurance Act.

 

		1.4.	The approval of the Minister of Finance to the merger and continuance of the Companies to Puerto
Rico pursuant to section 104B(2)(d)(ii) of the Companies Act, provided that if such approval has not been obtained by the Longstop
Date it will automatically be deemed to be waived by both the Seller and Buyer.

 

		1.5.	The consent of the Office of the Commissioner of Insurance of Puerto Rico (“OCS”) to
(i) the merger by and between AILIL and Advantage Life Puerto Rico A.I. (“ALPR”) pursuant to the terms of that certain
Merger Agreement by and between AILIL and ALPR to be entered into on or before the Completion Date, and (ii) the merger by and
between the Company, BLW and Advantage Life Assurance I.I. (“ALAI”) pursuant to the terms of the certain Merger Agreement
by and between the Company, BLW and ALAI to be entered into on or before the Completion Date, provided that if such consent has
not been obtained by the Longstop Date it will automatically be deemed to be waived by both the Seller and Buyer.

 

		2.	OTHER CONDITIONS

 

		2.1.	Buyer will reserve new company names for each of the Company and AILIL in advance of Completion
and deliver at Completion copies of confirmation of name reservations issued by the office of the Registrar of Companies in Bermuda.

 

		2.2.	Buyer will issue and deliver Promissory Note to Seller in advance of or at Completion to be held
in escrow pending automatic release upon Completion.

 

    	4 

     

    

		2.3.	Buyer to put Seller in receipt of cleared and available funds in the amount of the Cash Consideration
in advance of or at Completion to be held in escrow pending automatic release upon Completion.

 

		2.4.	Seller to deliver to Buyer the unaudited financial statements of the Companies as of 30 June 2018
which are to be prepared in accordance with the Companies’ 31 March 2018 audited financial statements.

 

 

 

    	5 

     

    

SCHEDULE 3

Completion

 

		1.	SELLER'S COMPLETION DOCUMENTS

 

		1.1.	At Completion, the Seller will deliver
(or caused to be delivered) to the Buyer (or the Buyer’s Lawyers):

 

		1.1.1.	a share transfer form for the Company Shares,
executed by the registered holder in favour of the Buyer or its nominee;

 

		1.1.2.	a share transfer form for AILIL B Shares,
executed by the registered holder in favour of a nominee of the Buyer;

 

		1.1.3.	a share transfer form for the AILIL Shares,
executed by the registered holder in favour of a nominee of the Buyer; 

 

		1.1.4.	a letter of indemnity addressed to the
Company by registered holder of Company shares for any share certificates issued in respect of the Company Shares;

 

		1.1.5.	a letter of indemnity addressed to AILIL
by the registered holder of AILIL B Shares for any share certificates issued in respect of AILIL B Shares;

 

		1.1.6.	a letter of indemnity addressed to AILIL
by the registered holder of AILIL Shares for any share certificates issued in respect of AILIL Shares;

 

		1.1.7.	the statutory registers and minute books,
the common seal (if any), certificate of incorporation and any certificates of incorporation on change of name of the Companies;

 

		1.1.8.	all physical books and records of the Companies
in the possession of Seller’s Group at Completion;

 

		1.1.9.	a certificate of compliance issued by the
Registrar of Companies in respect of the Companies dated within two weeks of the Completion Date;

 

		1.1.10.	a certificate of compliance issued by the
Bermuda Monetary Authority in respect of the Companies dated 12 June 2018;

 

		1.1.11.	the insurance licences for each of the
Companies;

 

		1.1.12.	the written resignation, in agreed form
and executed as a deed, of the Directors and company secretary of each of the Companies from their offices with the Company which
resignations shall include their written confirmation that they have no outstanding claims against the Company, AILIL and/or BLW
(as appropriate) for the loss of the offices in question or of their employment or otherwise howsoever;

 

    	6 

     

    

		1.1.13.	the written resignation of the auditor
of each of the Companies in agreed form which resignation shall include written confirmation that he has no outstanding claims
of any kind against the Company, AILIL and/or BLW and that there is no matter which he considers should be communicated to the
BMA under section 16A of the Insurance Act; 

 

		1.1.14.	the written resignation of the actuary
of each of the Companies in agreed form which resignation shall include written confirmation that he has no outstanding claims
of any kind against the Company, AILIL and/or BLW;

 

		1.1.15.	the written resignation of the existing
principal representative of each of the Companies which resignation shall be conditional only on compliance by the Company with
section 8(3A) of the Insurance Act and shall include written confirmation that he has no outstanding claims of any kind against
the Company and that there is no event which he considers should be notified to the BMA under section 8A of the Insurance Act;

 

		1.1.16.	a copy (certified as a true copy by a director
or the company secretary) of the minutes, in agreed form, of each board meeting required to be held pursuant to paragraph 2 of
this Schedule; and

 

		1.1.17.	a copy (certified as a true copy by a director
or the company secretary of the Seller) of the resolutions adopted by the Seller's board of directors authorising Completion and
the execution and delivery by the officers specified in the resolution of the Transaction Documents to be executed and delivered
by the Seller at or prior to Completion.

 

		2.	COMPLETION BOARD MEETINGS

 

		2.1.	The Seller will procure that a board meeting
of the Company is held at or prior to Completion, at which the following matters will be determined and approved:

 

		2.1.1.	the registration of the transfer of the
Company Shares upon all conditions being met;

 

		2.1.2.	acceptance of the resignations referred
to in paragraph 1(f) of this Schedule with effect from the Completion Time on the Completion Date; and

 

		2.1.3.	the appointment of the persons nominated
by the Buyer as directors and company secretary of the Company (but not exceeding any maximum number of directors contained in
the Company bye-laws) with effect from the Completion Time on the Completion Date.

 

		2.2.	The Seller will procure that a board meeting
of AILIL is held at or prior to Completion, at which the following matters will be determined and approved:

 

    	7 

     

    

		2.2.1.	the registration of the transfer of the
AILIL Shares and the AILIL B Shares upon all conditions being met;

 

		2.2.2.	acceptance of the resignations referred
to in paragraph 1(f) of this Schedule with effect from the Completion Time on the Completion Date; and

 

		2.2.3.	the appointment of the persons nominated
by the Buyer as directors and company secretary of AILIL (but not exceeding any maximum number of directors contained in AILIL's
bye-laws) with effect from the Completion Time on the Completion Date.

 

		2.3.	The Seller will procure that a board meeting
of BLW is held at or prior to Completion, at which the following matters will be determined and approved:

 

		2.3.1.	acceptance of the resignations referred
to in paragraph 1(f) of this Schedule with effect from the Completion Time on the Completion Date; and 

 

		2.3.2.	the appointment of the persons nominated
by the Buyer as directors and company secretary of BLW (but not exceeding any maximum number of directors contained in BLW’s
bye-laws) with effect from the Completion Time on the Completion Date.

 

 

 

 

 

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SCHEDULE 4

Warranties

 

		1.	CAPACITY AND AUTHORITY OF THE SELLER

 

		1.1	The Seller has all requisite power and authority to enter into, deliver and perform this agreement
and the other Transaction Documents to be executed by the Seller.

 

		1.2	This agreement and the other Transaction Documents to be executed by the Seller will, upon execution,
constitute valid, legal and binding obligations of the Seller in accordance with their respective terms.

 

		1.3	The execution, delivery and performance by the Seller of this agreement and the other Transaction
Documents to which it is a party will not result in:

 

		1.3.1	a breach of any provision of the Seller's Constitutional Documents;

 

		1.3.2	a material breach of, or constitute a material default under, any agreement or instrument to which
the Seller is a party or by which it is otherwise bound; or

 

		1.3.3	a breach of any order, judgment or decree of any court, governmental agency or regulatory body
to which the Seller is subject or by which it is bound.

 

		2.	SHARES IN THE COMPANY, AILIL AND BLW

 

		2.1	The Seller is the sole legal and beneficial owner of the Company Shares.

 

		2.2	The Company Shares constitute all of the allotted and issued share capital of the Company and are
fully paid or credited as fully paid.

 

		2.3	The Company is the sole legal and beneficial owner of the AILIL Shares and the BLW Shares.

 

		2.4	Mr. Burnim is the sole legal and beneficial owner of the AILIL B Shares.

 

		2.5	The issued shares of AILIL and BLW are fully paid or credited as fully paid.

 

		2.6	There is no Encumbrance affecting the Company Shares, AILIL Shares, AILIL B Shares or the BLW Shares,
nor has any agreement or commitment to create any such Encumbrance been entered into or given by the Seller, Mr. Burnim, the Company,
AILIL or BLW and, so far as the Seller is aware, no person has claimed an entitlement to any such Encumbrance.

 

		2.7	No person has any right (whether exercisable currently or in the future and whether contingent
or otherwise) to require the creation, issue, allotment, conversion, sale or transfer of any share, loan capital or other securities
(or any rights or interest in them) of the Company, AILIL or BLW. No agreement or commitment to grant or confer any such right
has been entered into or given by the Seller, Mr. Burnim, the Company, AILIL or BLW

 

    	9 

     

    

(save for this to this agreement)
and, so far as the Seller is aware, no person has claimed an entitlement to any such right.

 

		2.8	The Companies:

 

		2.8.1	do not hold or beneficially own, or have agreed to acquire, any shares, loan capital or other securities
of any company (other than with respect to AILIL Shares and the BLW Shares);

 

		2.8.2	have not agreed to become a member of any partnership or other unincorporated association, joint
venture or consortium (other than a recognised trade association);

 

		2.8.3	do not control or take part in the management of any company or business organisation (other than
AILIL or BLW as subsidiaries of the Company), and have not agreed to do so; and

 

		2.8.4	do not have a branch or permanent establishment outside of Bermuda.

 

		3.	CONSTITUTIONAL DOCUMENTS AND CORPORATE RECORDS

 

		3.1	The copies of the Constitutional Documents of the Companies provided in the Data Room are complete
and accurate in all material respects.

 

		3.2	The register of members and other statutory books of the Companies have in all material respects
been properly kept, and no notice or allegation that any of them is materially incorrect or need to be rectified has been received
by the Company, AILIL or BLW.

 

		3.3	So far as the Seller is aware, all returns, particulars, resolutions and other documents required
by law to be delivered to the Registrar of Companies by the Company, AILIL or BLW in the last three years have been delivered.

 

		3.4	So far as the Seller is aware, the accounting records of the Companies have in all material respects
been adequately maintained in accordance with the requirements of applicable law.

 

		4.	POWERS OF ATTORNEY

 

		4.1	Neither the Company, AILIL, BLW or Mr. Burnim (solely with respect of the AILIL B Shares) have
given any powers of attorney which are in force at the date of this agreement.

 

		5.	ACCURACY OF INFORMATION

 

		5.1	The particulars of the Companies set out in this agreement (including, without limitation Schedule
1) are true and accurate.

 

		6.	SALE AND PURCHASE OF THE SALE SHARES

 

    	10 

     

    

		6.1	The Companies have no obligations to pay any finder's fee, brokerage or other commission in connection
with the Transaction.

 

    	11 

     

    

 

		7.	ACCOUNTS

 

		7.1	The Group Accounts:

 

		7.1.1	show a true and fair view of the state of affairs of the Company AILIL, and BLW as at the Accounts
Date, and of their profit or loss and total comprehensive income for the accounting period ended on the Accounts Date;

 

		7.1.2	have been properly prepared in accordance with IFRS; and

 

		7.1.3	comply with the requirements of the Companies Act 1981 of Bermuda and all other applicable laws
and regulations in Bermuda.

 

		8.	CHANGES SINCE THE ACCOUNTS DATE

 

8.1       Since
the Accounts Date:

 

		8.1.1	the Companies have in all material respects conducted their respective businesses in the ordinary
course and as a going concern;

 

		8.1.2	so far as the Seller is aware, there has been no material adverse change in the turnover or financial
position of the Company, AILIL or BLW;

 

		8.1.3	no shareholder resolution of the Company, AILIL or BLW has been passed other than as routine business
of annual general meetings.

 

		8.1.4	except as provided in the Accounts and other than the Closing Dividends, the Companies have not
declared, made or paid any dividend or other distribution of profits or assets; and

 

		8.1.5	the Companies have paid their creditors in accordance with their normal practice.

 

		9.	FINANCE AND GUARANTEES

 

		9.1	There are no loans, overdrafts or other financial facilities having the commercial effect of borrowing
that are outstanding or available to the Company, AILIL or BLW at the date of this agreement.

 

		9.2	No person has given or entered into (or agreed to give or enter into) any guarantee, indemnity
or other similar arrangement in respect of the borrowings or obligations of the Company, AILIL or BLW.

 

		9.3	The Companies have not given or entered into (or agreed to give or enter into) any guarantee, indemnity
or other similar arrangement in respect of the borrowings or obligations of any other person.

 

		9.4	The Companies have not made any loans that remain outstanding at the date of this agreement.

 

    	12 

     

    

		9.5	There is no outstanding indebtedness between the Seller and either of the Company, AILIL or BLW.

 

		10.	LICENCES AND CONSENTS

 

		10.1	So far as the Seller is aware:

 

		10.1.1	the Companies hold all licences, consents, permits and authorities required to carry on the Business
in the manner in which it is conducted at the date of this agreement (the Consents); and

 

		10.1.2	the Consents are in full force and effect.

 

		10.2	No notice has been received by the Company, AILIL or BLW indicating that any of the Consents is
likely to be suspended, cancelled, revoked or not renewed.

 

		11.	DISPUTES AND INVESTIGATIONS

 

		11.1	The Companies are not engaged in any litigation, mediation, arbitration, administrative or criminal
proceedings (except for routine debt collection in the normal course of the Business and Remediation Proceedings).

 

		11.2	No director of the Company, AILIL or BLW is, to the extent that it relates to the business of the
Company, AILIL or BLW, engaged in or subject to any of the matters mentioned in paragraph 11.1 of this Schedule.

 

		11.3	So far as the Seller is aware, no litigation, mediation, arbitration, administrative or criminal
proceedings have been threatened or are pending against the Company, AILIL or BLW.

 

		11.4	The Companies have not received any notification that any of them is subject to an ongoing investigation
or inquiry, or any enforcement or disciplinary proceedings, by any supranational, national or local authority or governmental agency
and, so far as the Seller is aware, no such investigation, inquiry or proceedings have been threatened or are pending.

 

		11.5	The Companies are not bound by an outstanding order, decree, judgment, award or decision of any
court, tribunal, arbitrator, mediator or governmental agency or authority.

 

		12.	TRADING AND CONTRACTS

 

		12.1	In this agreement, Material Contract means any contract, agreement or arrangement to which
the Company, AILIL or BLW is a party and is of material importance to the business, profits or assets of the Company, AILIL or
BLW.

 

		12.2	There is attached to the Disclosure Letter a copy (or a summary of the material terms) of each
contract, agreement or arrangement to which the Company, AILIL or BLW is a party (or is otherwise bound or entitled to the benefit
of) which:

 

    	13 

     

    

		12.2.1	is a Material Contract;

 

		12.2.2	is not in the ordinary and usual course of the Business;

 

		12.2.3	can be terminated upon a change of control of the Company, AILIL or BLW;

 

		12.2.4	restricts its freedom to carry on the whole or any part of the Business in any part of the world
in such manner as it thinks fit;

 

		12.2.5	involves the grant of any sole or exclusive rights by or to the Company, AILIL or BLW;

 

		12.2.6	in the reasonable opinion of the Seller, cannot be readily fulfilled or performed by the Company,
AILIL or BLW on time and without undue or unusual expenditure of money and effort;

 

		12.2.7	involves obligations, expenditure, receipts or restrictions which are, in the reasonable opinion
of the Seller, of an unusual or exceptional nature; or

 

		12.2.8	involves partnership, joint venture, consortium, joint development, shareholder or similar arrangements.

 

		12.3	So far as the Seller is aware, there are no offers, quotations or tenders outstanding that, if
accepted, would give rise to a Material Contract.

 

		12.4	So far as the Seller is aware, no party is in breach of a material term of a Material Contract.

 

		12.5	No notice terminating a Material Contract has been given or received by the Company, AILIL or BLW
and, so far as the Seller is aware, there are no events or circumstances likely to give rise to the termination, rescission, avoidance
or repudiation of a Material Contract.

 

		12.6	The Companies are not parties to any contract, agreement or arrangement with:

 

		12.6.1	the Seller or any other member of the Retained Group; or

 

		12.6.2	a director or other officer of any of the Company, AILIL, BLW, the Seller or any other member of
the Retained Group.

 

		13.	ASSETS

 

		13.1	Each asset included in the Group Accounts,
together with any assets acquired by the Company, AILIL or BLW since
the Accounts Date (but excluding any assets disposed of since the Accounts Date in the normal course of business):

 

		13.1.1	are legally and beneficially owned by the Company, AILIL or BLW; and

 

    	14 

     

    

		13.1.2	where capable of possession, are in the possession or under the control of the Company, AILIL or
BLW.

 

		13.2	None of the assets, undertaking or goodwill
of the Company, AILIL or BLW is subject to an Encumbrance or any agreement or commitment to create an Encumbrance and, so far as
the Seller is aware, no person has claimed an entitlement to any such Encumbrance.

 

		14.	INTELLECTUAL PROPERTY

 

		14.1	Details of all registered Intellectual
Property Rights (including applications for such rights) and material unregistered Intellectual Property Rights owned or used by
the Company, AILIL or BLW (the Company IPR) are set out in the Disclosure Letter.

 

		14.2	The Disclosure Letter sets out details
of all material licences and agreements (each an IP Licence) under which the Company, AILIL or BLW:

 

		14.2.1	uses or exploits any Intellectual Property Rights owned by a third party; or

 

		14.2.2	licenses any Company IPR to, or otherwise permits the use of any Company IPR by, a third party.

 

		14.3	So far as the Seller is aware:

 

		14.3.1	the Companies are not in breach of any material term of any IP Licence;

 

		14.3.2	there is no infringement or unauthorised use by any third party of the Company IPR in circumstances
where such infringement or unauthorised use could have a material adverse effect on the Business; and

 

		14.3.3	the activities of the Company AILIL, and BLW do not infringe the Intellectual Property Rights of
any third party in any material respect.

 

		14.4	So far as the Seller is aware, the Company
AILIL and BLW have not disclosed any confidential information which forms part of the Company IPR to any person except the Buyer
(other than to the extent necessary in the ordinary course of the Business or for the purpose of disclosure to their professional
advisers).

 

		15.	INSURANCE

 

		15.1	Details of the insurance policies maintained
by or on behalf of the Companies (the Insurance Policies) are set out in the Disclosure Letter.

 

		15.2	There are no individual or related claims,
other than those agreed in relation to the Remedial Policies and disclosed in the Disclosure Letter, outstanding under the Insurance
Policies and, so far as the Seller is aware, there are no circumstances likely to give rise to any such claim.

 

		15.3	All premiums due in respect of the Insurance
Policies have been paid.

 

    	15 

     

    

		15.4	The Insurance Policies are issued in the
name of Seller and cover the Seller’s Group and will cease to apply to or cover the Business, or the Companies, upon Completion.

 

		16.	EMPLOYMENT

 

		16.1	The Companies do not employ nor ever have
employed any employees.

 

		16.2	The Companies do not participate in any
arrangement for the provision of pension or lump sum benefits payable on retirement or on death.

 

		17.	INSOLVENCY

 

		17.1	The Companies are not insolvent or unable
to pay their debts as they become due and have not stopped paying their debts as they fall due. 

 

		17.2	No step has been taken to initiate any
process by or under which:

 

		17.2.1	ability of the creditors of the Company, AILIL or BLW to take any action to enforce their debts
is suspended, restricted or prevented; or

 

		17.2.2	some or all of the creditors of the Company, AILIL or BLW accept, by agreement or in pursuance
of a court order, an amount less than the sums owing to them in satisfaction of those sums with a view to preventing the dissolution
of the Company, AILIL or BLW; or

 

		17.2.3	person is appointed to manage the affairs, business and assets of the Company, AILIL or BLW on
behalf of the Company’s, AILIL’s or BLW’s creditors; or

 

		17.2.4	the holder of a charge over the Company’s, AILIL’s or BLW’s assets has been appointed
to control the business and assets of the Company.

 

		17.3	As far as the Seller is aware, no process
has been instituted which could lead to the Company, AILIL or BLW being dissolved and their assets being distributed among their
creditors, shareholders or other contributors.

 

		18.	INSURANCE REGULATION

 

		18.1	Copies of the Companies’ registration
as insurers, all directions made under section 56 of the Insurance Act in relation to the Companies and all other directions, approvals,
consents and acceptances of the BMA in relation to the Companies (and the applications made by the Companies therefor) have been
Disclosed. 

 

		18.2	All statutory financial statements of the
Companies have, for each relevant period, been prepared in conformity with the accounting practices required or permitted by the
Insurance Act and present fairly the information purported to be shown. Such accounting practices have been applied on a consistent
basis throughout the periods involved. Statutory financial statements of the Companies are not required to be prepared pursuant
to the insurance laws or regulations of any jurisdiction other than Bermuda. 

 

    	16 

     

    

		18.3	The Companies are each duly registered
as a Class C insurer under the Insurance Act. The Company, AILIL or BLW are not required to be licensed or admitted as an insurer
in or otherwise to comply with the insurance laws or regulations of any jurisdiction other than Bermuda in order to conduct its
business. 

 

		18.4	The Companies have filed all statutory
financial returns, reports, documents and other information required to be filed pursuant to the applicable insurance laws and
regulations of Bermuda, and has duly paid all taxes (and similar fees) they are required to have paid; and the Companies maintain
their books and records in accordance with the applicable insurance laws and regulations of Bermuda. 

 

		18.5	With the exception of the restricted license
granted to BLW, the current authorisations of the Companies to carry on insurance business have not been, in whole or in part,
modified, cancelled, withdrawn or suspended pursuant to the Insurance Act or otherwise (including, without limitation, by any direction
or order issued under section 32 of the Insurance Act) by any regulatory or other body with competent and applicable authority.

 

 

    	17 

     

    

SCHEDULE 5

Seller's limitation of liability

 

		1.	The Buyer acknowledges to and agrees with the Seller that any claim by the Buyer in respect of
any breach of the Warranties will be dealt with in accordance with the following provisions of this Schedule. The Warranties have
effect subject to and as qualified by the terms of this Schedule.

 

		2.	The liability of the Seller is limited as follows:

 

		(a)	the Seller's aggregate liability for all Claims will not exceed the aggregate value of the Cash
Consideration plus any funds payable under the Promissory Note, in each case actually received by the Seller;

 

		(b)	any Claim in respect of which the amount which the Buyer would otherwise (but for the provisions
of this paragraph 2) be entitled to recover would be less than $50,000 will be disregarded (excluding interest, costs and expenses);
and

 

		(c)	subject to paragraphs
(a) and (b), the Buyer is not entitled to recover any amount in respect of a Claim unless the amount recoverable, when aggregated
with all other amounts recoverable for Claims, exceeds $150,000 (excluding interest, costs and expenses), in which event this limitation
ceases to apply and the whole of such amounts are recoverable by the Buyer and not merely the excess over $150,000.

 

		3.	The Seller has no liability for breach of any of the Warranties, unless notice is given on or before
the date falling twelve (12) months from the Completion Date. However, the liability of the Seller in respect of any Claim terminates
absolutely if proceedings in respect of it have not commenced (by being both issued and served on the Seller) within the period
of six (6) months from the date on which the Buyer gives notice of such Claim to the Seller unless otherwise settled.

 

		4.	The Seller has no liability for a breach of a Warranty in relation to any fact, matter, event or
circumstance of which the Buyer is aware at the date of this agreement.

 

		5.	The Seller has no liability for breach of the Warranties in relation to any fact, matter, event
or circumstance which is disclosed in:

 

		(a)	any document in the Data Room;

 

		(b)	the Disclosure Letter;

 

		(c)	the Group Accounts;

 

		(d)	the Management Accounts; or

 

		(e)	the Information Memorandum.

 

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		6.	The Seller has no liability in respect of any Claim to the extent that:

 

		(a)	provision or reserve in respect of the liability or other matter giving rise to the claim in question
was made in the Group Accounts or the Management Accounts;

 

		(b)	the claim in question arises, or is increased, wholly or partly as a result of any change in any
enactment, law, regulation, directive or practice of any government, government department or agency or any regulatory body (including
extra statutory concessions of any competent tax authority) made after the date of this agreement whether or not having retrospective
effect;

 

		(c)	the claim in question would not have arisen but for a voluntary act or transaction, which could
reasonably have been avoided, carried out after the Completion Date by the Buyer, the Company, AILIL, BLW or any member of the
Buyer’s Group;

 

		(d)	the Company, AILIL or BLW, or any surviving company of a merger with any of them, is insured against
any loss or damage forming the basis of the claim in question under the terms of any insurance policy of the Company, AILIL or
BLW, or any surviving company of a merger with any of them, for the time being in force;

 

		(e)	the claim in question arises, or is increased, wholly or partly as a result of any change after
the date of this agreement in the taxation or accounting bases, policies, practices or methods applied in preparing any accounts
or valuing any assets of the Company, AILIL or BLW from those used in preparing the Group Accounts (other than any change necessary
to comply with any law, regulation or request or requirement of any government authority in effect at the date of this agreement),
or any increase in the rates of taxation or any imposition of taxation not in effect at the date of this agreement or any withdrawal
after the date of this agreement of any practice or extra statutory concession previously published by any tax authority (whether
or not purporting to be retrospective in whole or in part);

 

		(f)	the claim in question arises, or is increased, wholly or partly as a result of the failure or omission
by the Company, AILIL, BLW, the Buyer or any member of the Buyer’s Group to make any claim, election, surrender or disclaimer
or give any notice or consent or do any other thing under the provisions of any enactment or regulation relating to taxation after
Completion;

 

		(g)	the claim in question arises, or is increased, wholly or partly as a result of the dissolution,
liquidation or winding up of the Company, AILIL or BLW or the cessation after Completion of any trade or business that was being
carried on by the Company, AILIL or BLW or effecting a major change after Completion in the nature or conduct of any trade or business
carried on by the Company, AILIL or BLW;

 

    	19 

     

    

		(h)	the claim in question is in respect of taxation and such taxation could be relieved or mitigated
by any loss, relief, allowance, exemption, set off or credit in computing or against income, profits, gains or taxation, of the
Company, or AILIL or BLW available at Completion; or

 

		(i)	the claim in question is in respect of taxation and such taxation was discharged (whether by payment
or by the utilisation of any relief, allowance or credit in respect of taxation) prior to Completion.

 

		7.	If any matter comes to the notice of the Buyer, the Company, AILIL, BLW or any member of the Buyer’s
Group which may give rise to a Claim, the Buyer will (and will procure that the Company, AILIL or BLW as applicable):

 

		(a)	as soon as reasonably practicable give written notice of that matter to the Seller, specifying
in reasonable detail the nature of the potential liability and, so far as is practicable, the amount likely to be claimed in respect
of it;

 

		(b)	not make any admission of liability, agreement or compromise with any person, body or authority
in relation to that matter without the prior written consent of the Seller, such consent not to be unreasonably withheld;

 

		(c)	give the Seller and its professional advisers reasonable access to the premises and personnel of
the Buyer and/or the Company and/or AILIL and/or BLW (as the case may be) and to any relevant chattels, accounts, documents and
records within the power or control of the Buyer and/or the Company and/or AILIL and/or BLW (as the case may be) so as to enable
the Seller and its professional advisers to examine such premises, chattels, accounts, documents and records and to take copies
at their own expense; and

 

		(d)	to consult with the and take into account its reasonable suggestions and requests in connection
with avoiding, disputing, resisting, appealing, defending, compromising or settling the claim (including, without limitation, making
any counterclaims or other claims against third parties) and any related adjudication or proceedings.

 

		8.	The Seller is not liable in respect of any Claim to the extent that the facts or circumstances
giving rise to such Claim are capable of remedy and are remedied by or at the expense of the Seller within 60 days of the date
on which notice of such Claim is given pursuant to paragraph (a) of this Schedule.

 

		9.	If the Buyer, the Company, AILIL or BLW is or may be entitled to recover from some other person
any sum in respect of any matter giving rise to a Claim, the Buyer will procure that all reasonable steps are taken to enforce
recovery and, if any sum is so recovered, then either the amount payable by the Seller in respect of that Claim will be reduced
by an

 

    	20 

     

    

amount equal to the sum recovered
or (if any amount has already been paid by the Seller in respect of that Claim) the Seller will be repaid on amount equal to the
amount recovered or (if less) the amount of such payment (in either case with any interest paid by such other person but less any
tax chargeable on the Buyer or the Company in respect of such interest).

 

		10.	The amount of any Claim will take into account the amount of any reduction in or relief from taxation
arising by virtue of the loss or damage in respect of which the Claim is made.

 

		11.	The Buyer is not entitled to claim for any punitive, indirect or consequential loss or loss of
profit, goodwill or business whether actual or prospective.

 

		12.	BUYER'S KNOWLEDGE

 

The Buyer is
not entitled to make a Claim if and to the extent that the facts, matters, events or circumstances giving rise to the Claim:

 

		(a)	are Disclosed; or

 

		(b)	were, or should be, within the actual, constructive or imputed knowledge of the Buyer, its agents
or advisers on or before the date of this agreement, whether as a result of the Buyer's due diligence investigations or otherwise.

 

		13.	NO DOUBLE RECOVERY

 

The Buyer is not
entitled to recover damages, or obtain payment, reimbursement, restitution or indemnity more than once in respect of the same loss,
shortfall, damage, deficiency, breach or other event or circumstance.

 

		14.	MITIGATION AND RESCISSION

 

The Buyer will
(and will procure that the Company, AILIL, BLW and every other member of the Buyer's Group will) take all reasonable steps to avoid
or mitigate any loss or liability suffered or incurred by it which could give rise to a Claim.

 

The Buyer agrees
that rescission is not available as a remedy for any Claim and it agrees not to seek that remedy.

 

		15.	NO SET-OFF

 

The Buyer has
no right of set-off (howsoever arising) in respect of any Claim and all sums payable by the Buyer to the Seller under this agreement
will be paid in full without set-off, counterclaim or other deduction.

 

 

 

    	21 

     

    

SCHEDULE 8

Policy Remediation

 

The Seller filed with the IRS Rev. Proc.
2008-39 and Rev. Proc. 2008-40 closing agreement offers for AILIL (Argus International Life Insurance Limited) and the Company
(Argus International Life Bermuda Limited) on October 18, 2017 (collectively, the Remedial Companies). This remediation process
is governed by published IRS Revenue Procedures (i.e., Rev. Proc. 2008-39 and Rev. Proc. 2008-40). The IRS does not have any deadlines
for processing closing agreements under Rev. Proc. 2008-39 and Rev. Proc. 2008-40. Thus, it is not possible to ascertain when the
IRS will process the closing agreements under Rev. Proc. 2008-39 and Rev. Proc. 2008-40. However, once the IRS executes the closing
agreements, the closing agreements themselves have strict deadlines for completing certain tasks, which are set forth below.

 

		A.	Buyer

 

		1.	Cooperate with the Seller, as necessary, to obtain from the IRS the Rev. Proc. 2008-39 and Rev.
Proc. 2008-40 closing agreements.

 

		2.	Upon Completion, administer the Remedial Policies in a manner that ensures that (a) the premiums
paid within the meaning of section 7702(f)(1) and (b) the amounts paid within the meaning of section 7702A(e)(1) as of the Completion
Date do not increase any further above the limits prescribed by section 7702 and section 7702A, which might include not allowing
policyholders to take certain actions with respect to the Remedial Policies, including, but not limited to, paying additional premiums,
changing the benefits under the Remedial Policies, and changing the terms of the Remedial Policies.

 

		3.	Except as provided under A.2, otherwise maintain the Remedial Policies’ compliance with section
7702 and section 7702A.

 

		4.	Unless the Company and AILIL are merged out of Bermuda immediately following Completion, provide
to the Seller notice fourteen (14) calendar days before any change is made to the corporate structure or tax registration
or identification of the Company or AILIL (including, but not limited to, the merger of either the Company or AILIL).

 

		5.	Provide to the Seller any information necessary to supplement the Rev. Proc. 2008-39 and Rev. Proc.
2008-40 closing agreement offers pending with the IRS (which will be provided within three (3) calendar days of the date
the Seller notifies the Buyer that information is needed).

 

 

		6.	Review and approve within two (2) calendar days of receipt any Seller proposed submission
to the IRS to supplement the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreement offers pending with the IRS.

 

		7.	Review, execute, and return original hard copies to the Seller’s lawyers within three (3)
calendar days of receipt any Forms 2848 (Power of Attorney), penalties of perjury statements, and/or closing agreements necessary
to supplement the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreement offers pending with the IRS.

 

		8.	Provide to the Seller any information necessary to carry out the Policy Remediation (which will
be provided within three (3) calendar days of the date the Seller notifies the Buyer that the IRS has executed the Rev.
Proc. 2008-39 and Rev. Proc. 2008-40 closing agreements (Buyer Remediation Information Date)) or Remediation Proceedings
(which will be provided within three (3) calendar days of the date the Seller notifies the Buyer that information is
needed (Buyer Proceedings Information Date)).

    	22 

     

    

 

		9.	Allow the Seller three (3) calendar days to review and approve any communication to be sent
to the policyholders of the Remedial Policies relating to the Policy Remediation or Remediation Proceedings (Seller Communication
Date).

 

		10.	Once the IRS executes the Remedial Companies’ Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing
agreements, the Remedial Companies must take the actions identified below within the timeframes identified below.

 

		a.	Within sixty (60) calendar days of the date the IRS executes the Rev. Proc. 2008-39 and
Rev. Proc. 2008-40 closing agreements, the Remedial Companies must pay to the IRS the amounts identified in the closing agreements
(the Closing Agreement Payments). Specifically, the Remedial Companies will send to the IRS checks for the Closing Agreement
Payments so that the checks arrive at the IRS Service Center identified in the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing
agreements by the 60th calendar day following the date the IRS executes the closing agreements.

 

		b.	Within ninety (90) calendar days of the date the IRS executes the Rev. Proc. 2008-39 and
Rev. Proc. 2008-40 closing agreements, the Remedial Companies must refund to the policyholders certain amounts from the Remedial
Policies’ cash values pursuant to the terms of the closing agreements (the Refund Amounts). Depending on the facts
and circumstances related to a particular Remedial Policy, the Seller will augment the Refund Amounts with additional amounts to
compensate the policyholders for tax they might owe on the Refund Amounts (the Additional Refund Amounts). In this regard,
the Remedial Companies will transmit to the policyholders of the Remedial Policies the Refund Amounts and the Additional Refund
Amounts by the 90th calendar day following the date the IRS executes the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreements.

 

		c.	The Remedial Companies will also withhold and remit in accordance with U.S. tax law to the IRS
from the Refund Amounts and the Additional Refund Amounts such amounts as identified by the Seller.

 

		d.	The Remedial Companies will also file returns with the IRS and provide payee statements to the
policyholders of the Remedial Policies in accordance with U.S. tax law reflecting such information with respect to the Refund Amounts
and the Additional Refund Amounts as provided by the Seller.

 

		B.	Seller

 

		1.	Cooperate with the Buyer, as necessary, to obtain from the IRS the Rev. Proc. 2008-39 and Rev.
Proc. 2008-40 closing agreements.

 

		2.	Provided the Buyer completes the tasks identified in A.4-A.7 above within the timeframes specified
therein, the Seller will supplement the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreement offers pending with the IRS
within twenty-one (21) calendar days of the IRS informing the Seller’s lawyers of the information needed to supplement
the pending offers.

 

    	23 

     

    

		3.	Once the IRS executes the Remedial Companies’ Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing
agreements, the Seller will:

 

		a.	Determine the deadlines under the Rev. Proc. 2008-39 and Rev. Proc. 2008-40 closing agreements
for paying the IRS the Closing Agreement Payments and for transmitting to the policyholders the Refund Amounts and the Additional
Refund Amounts. The Seller will provide the aforementioned information to the Buyer by the Buyer Remediation Information Date.

 

		b.	Calculate the Refund Amounts and the Additional Refund Amounts for each Remedial Policy and transmit
that information to the Buyer no later than six (6) calendar days from the Buyer Remediation Information Date. (The date
the Seller transfers to the Buyer the aforementioned information will be referred to hereafter as the Data Transfer Date).

 

		c.	Calculate the amount that must be withheld and remitted to the IRS from the Refund Amounts and
the Additional Refund Amounts for each Remedial Policy and transmit that information to the Buyer by the Data Transfer Date.

 

		d.	Provide information to the Buyer to enable proper reporting by the Data Transfer Date.

 

		e.	Pay the Buyer within five (5) Business Days of the Data Transfer Date (a) the Closing Agreement
Payments and (b) the Additional Refund Amounts.

 

		f.	Review and approve by the Seller Communication Date any Buyer proposed communication to the policyholders
of the Remedial Policies relating to the Policy Remediation or Remediation Proceedings.

 

    	24 

     

    

 

SCHEDULE 9

Excluded Items

 

Matters that will cease, terminate or otherwise
not transfer with the Companies:

 

		1.	Insurance Policies;

 

		2.	Actuaries;

 

		3.	Auditors;

 

		4.	Directors and Officers;

 

		5.	Principal Representatives;

 

		6.	Requirements for officers and representatives in Bermuda as set out in Section 130 of the Companies
Act 1981 (as amended); and

 

		7.	Registered office address in Bermuda.

 

    	25 

     

    

SCHEDULE 10

Promissory Note

 

    	26 

     

    

 

 

ADVANTAGE INSURANCE INC.

PROMISSORY NOTE

 

 

 

US$6,000,000Date: _____________________
2018

 

FOR VALUE RECEIVED,
the undersigned, Advantage Insurance Inc., a Commonwealth of Puerto Rico international insurance holding corporation ("Advantage"),
by this promissory note (hereinafter called "this Note"), hereby promises unconditionally to pay, to the order of Argus
Group Holdings Limited, a local company incorporated under the laws of Bermuda ("Argus"), the initial principal sum of
six million U.S. Dollars (US$6,000,000) in accordance with the terms of this Note.

 

This Note is the ‘Promissory
Note’ referred to and defined in the Share Purchase Agreement dated as of ___ June 2018 by and between Advantage and Argus
(the “Share Purchase Agreement”) pursuant to which Argus has agreed to (i) sell all of the issued share capital of
Argus International Life Bermuda Limited (“AILBL”), an exempted company incorporated under the laws of Bermuda (the
“AILBL Shares”), and (ii) procure the sale of all of the issued share capital of Argus International Life Insurance
Limited (“AILIL”), an exempted company incorporated under the laws of Bermuda (the “AILIL Shares”) to Advantage,
and Advantage has agreed to purchase the AILBL Shares and the AILIL Shares. Unless otherwise defined in this Note, all capitalised
terms used herein will have their respective meanings in the Share Purchase Agreement.

 

This Note is subject
to the following terms and conditions:

 

		1.	Adjustment of Principal Amount; Note Payments 

 

		1.1	The initial principal amount of this Note is six million U.S. Dollars (US$6,000,000) (the “Initial
Principal Amount”), and is subject to adjustment so that, if within three (3) years from the Completion Date, any of the
policies listed in Schedule 1 hereto are terminated, cancelled, or surrendered, (other than as a result of the death of the insured)
the Initial Principal Amount of this Note will be immediately reduced by an amount equal to the attributed value of such policy
as set out in Schedule 1 (the amount of this Note as so adjusted, the “Principal Amount”).

 

		1.2	The Principal Amount (as adjusted herein) will be due and payable to Argus in three (3) annual
installments as follows:

 

		1.2.1	one third (1/3) of the Principal Amount on 15 July 2019 (the “First Instalment Date”),
such Principal Amount to be determined by Advantage in accordance with the adjustment provisions set out herein on 30 June 2019;
and

 

		1.2.2	one half (1/2) of the remaining Principal Amount, on 15 July 2020 (the “Second Instalment
Date”), such Principal Amount to be determined by Advantage in accordance with
the adjustment provisions set out herein on 30 June 2020; and

 

    	27 

     

    

 

		1.2.3	the remainder of the Principal Amount, on 15 July 2021 (the “Third Instalment Date”
and together with the First Instalment Date and Second Instalment Date, the “Instalment Dates” and each an “Instalment
Date”), such Principal Amount to be determined by Advantage in accordance with the adjustment provisions set out herein on
30 June 2021.

 

		1.3	In the event the Principal Amount of this Note is ever zero U.S. Dollars (US$0.00), Argus will
return the Note to Advantage and no further payments will be due to Argus.

 

		2.	Interest

 

No interest will accrue
on this Note.

 

		3.	Prepayment

 

Advantage has the right to prepay
this Note, without premium or penalty, in whole or in part, from time to time provided that Advantage gives Argus notice (in accordance
with the notice provisions as set out in the Share Purchase Agreement) of its intent to prepay this Note, specifying the amount
of such prepayment one Business Day prior to the date of such prepayment.

 

		4.	Payments

 

Any payment hereunder which is
stated to be due on a day which is not a Business Day will be made on the next succeeding Business Day. All amounts payable hereunder
will be paid in U.S. Dollars no later than 12:00 p.m. Bermuda time on the date on which such payment is due by wire transfer of
immediately available funds in accordance with the instructions of Argus applicable at the time of such payment.

 

		5.	Collateral 

 

		5.1	Advantage will establish a collateral account in favour of Argus to hold cash or investment securities
equal to or greater than the Principal Amount of this Note. The collateral account will be established within five (5) Business
Days of Advantage’s receipt of control of the financial assets held by the Company and its subsidiaries.

 

		5.2	The collateral account will be maintained with a reputable bank or other asset custodian, such
entity to be determined by Advantage at its sole discretion, and Argus will have the right to electronic viewing access and to
receive duplicate statements for the collateral account during such time as the Note is outstanding. Advantage will further designate
the assets held in the collateral account as restricted assets within its financial statements.

 

    	28 

     

    

		5.3	Any investment securities placed in the collateral account will be selected by Advantage at its
sole discretion. Advantage may from time to time sell or remove any investment securities in the collateral account provided that
at all times the fair market value of the cash and securities held in the collateral account is greater than the Principal Amount
of the Note.

 

		5.4	Advantage may at any time replace the collateral account with an irrevocable letter of credit issued
by a reputable and well capitalized bank in Bermuda, Puerto Rico or the United States in favour of Argus, such bank to be determined
by Advantage at its sole discretion.

 

		6.	Notification; Right of Inspection; Disputes

 

		6.1	All adjustments to the Initial Principal Amount or Principal Amount will be notified (in accordance
with the notice provisions as set out in the Share Purchase Agreement) by Advantage to Argus within five (5) Business Days of such
adjustment being made.

 

		6.2	Argus may request and Advantage will provide Argus with all such supporting documents and/or information
as may be requested to support any adjustments to the Initial Principal Amount or Principal Amount made in accordance with the
provisions of this Note.

 

		6.3	Any and all disputes between the parties with respect to any adjustments of the Initial Principal
Amount or Principal Amount that the parties are unable to resolve after the exercise of reasonable efforts to resolve them informally
will be referred to Insurance Strategies Consulting, LLC (“ISC”) for determination.

 

		6.4	Notwithstanding and without prejudice to any dispute between the parties with respect to any adjustment
of the Initial Principal Amount or Principal Amount, Argus will be entitled to retain such funds as it receives from Advantage
on each annual Instalment Date and, to the extent any dispute is found in favour of Argus, be paid the difference between such
amount received and the amount that ISC determines was due to be paid within ten (10) Business Days of such determination.

 

		7.	Other Matters

 

		7.1	This Note may not be sold, assigned, transferred or conveyed, by pledge or otherwise, without the
prior written consent of Advantage (which consent will not be unreasonably withheld, delayed or conditioned).

 

		7.2	No amendment, modification or waiver of, or consent with respect to any provision of this Note
will in any event be effective unless the same is in writing and signed and delivered by Advantage and Argus.

 

		7.3	This Note will be binding upon and will inure to the benefit of the parties hereto and their respective
successors and assigns.

 

    	29 

     

    

		7.4	Each of Advantage and Argus agree to treat this Note as evidence of indebtedness of Advantage for
all purposes. Advantage will observe its obligations under the terms of this Note to ensure that the provisions of the Note operate
for the benefit of Argus.

 

		7.5	This Note may be executed in any number of counterparts, each of which when so executed and delivered
will be an original, but all of which will together constitute one and the same instrument.

 

		7.6	The Initial Principal Amount or, if an adjustment has occurred, the Principal Amount outstanding
from time to time will become immediately due and payable, without notice or demand, upon the occurrence of any of the following
events:

 

		(a)	Advantage fails to pay any amount due on any Instalment Date;

 

		(b)	Advantage fails to maintain a collateral account valued at greater than the Principal Amount of
the Note or have in place an irrevocable letter of credit in an amount equal to or greater than the Principal Amount of this Note;

 

		(c)	Advantage suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or
a material part of its life insurance business;

 

		(d)	Advantage stops or suspends payment of any of its debt or is unable to, or admits its inability
to, pay its debts as they fall due;

 

		(e)	any action, proceedings, procedure or step is taken in relation to:

 

		(i)	the suspension of payments, winding up, dissolution, administration or reorganisation (using a
voluntary arrangement, scheme of arrangement or otherwise) of Advantage;

 

		(ii)	the composition, compromise, assignment or arrangement with any creditor of Advantage; or

 

		(ii)	the appointment of a liquidator, receiver, administrator or other similar office in respect of
Advantage;

 

(f)       the
value of Advantage’s assets are less than its liabilities; or

 

		(g)	any event that occurs in relation to Advantage that is analogous to those set out in this clause
7.6.

 

		8.	Headings 

 

The headings in this Note have
been included solely for ease of reference and should not be considered in the interpretation or construction of this Note.

 

 

 

 

 

    	30 

     

    

		9.	Governing Law

 

This Note is governed by and
will be interpreted in accordance with the law of Bermuda.

 

 

 

[REMAINDER OF PAGE LEFT INTENTIONALLY
BLANK]

 

    	31 

     

    

 

 

IN WITNESS WHEREOF,
Advantage has caused this Note to be executed as of the date first set forth above.

 

 

 

Advantage Insurance Inc.

 

 

 

_______________________________

 

By:

 

 

 

 

 

Argus Group
Holdings Limited

 

 

 

_______________________________

 

By:

 

    	32 

     

    

Schedule 1

 

 

    	33 

     

    

SCHEDULE 11

Payment Terms

 

		1.	PURCHASE PRICE

 

The Purchase Price
paid by the Buyer to the Seller for the Sale Shares consists of:

 

		(a)	the Cash Consideration, plus

 

		(b)	the Promissory Note.

 

 

 

		2.	CASH CONSIDERATION

 

The Cash Consideration is the
Tangible Book Value of the Company at close of business on 30 June 2018, calculated as the sum of the following line item amounts
recorded on its Consolidated Balance Sheets as of that date (Tangible Book Value). The amounts will be determined with reference
to the 31 March 2018 corresponding amounts as set out within the Consolidated Balance Sheets of the Company audited by KPMG Audit
Limited dated 5 June 2018. Amounts are in thousands of Bermuda dollars, the value of which for the purposes of this agreement is
equivalent to United States dollars.

 

 

 

	
        Line
Item
	
        31
March 2018
	
        30
June 2018
	
        Notes

	Cash and short-term investments	$   6,174	$   [●]	Fair value as set out in Note 5
	Total investments	13,585	[●]	Fair value as set out in Note 5
	Due from related parties – net	4,603	[●]	 
	Reinsurers’ share of claims provisions	2,374	[●]	 
	Reinsurers’ share of Unearned Premium	82	[●]	 
	Life and annuity policy reserves	(15,343)	[●]	 
	Insurance balances payable	(1,219)	[●]	 
	Accounts payable and accrued liabilities	
        (359) 
	
        [●] 
	 
	TANGIBLE BOOK VALUE	
        $ 9,897

         
	
        $ [●]

         
	 

 

 

    	34 

     

    

 

		3.	DELIVERY OF PAYMENT

 

		(a)	Cash Consideration: on or before the Completion Date, the Buyer will make a transfer by
wire to the Seller’s designated bank account an amount of cash equal to the Tangible Book Value as at 30 June 2018. In the
event that the Tangible Book Value as at 30 June 2018 has not been determined by the Completion Date, the Buyer will transfer by
wire to the Seller’s designated bank account $1,000,000 (Estimated Tangible Book Value). Within three (3) Business
Days of the Tangible Book Value amount being made available to the Buyer, in the event that the Estimated Tangible Book Value is
greater than the Tangible Book Value, the Seller will within three (3) Business Days transfer by wire to the Buyer’s designated
bank account an amount of cash equal to the difference between the Estimated Tangible Book Value and Tangible Book Value. In the
event that the Estimated Tangible Book Value is less than the Tangible Book Value, the Buyer will within three (3) Business Days
transfer by wire to the Seller’s designated bank account an amount of cash equal to the difference between the Tangible Book
Value and the Estimated Tangible Book Value.

 

		(b)	Promissory Note: on or before the Completion Date, the Buyer will deliver to the Seller
a fully executed Promissory Note in the form attached herein as Schedule 10.

 

If the transaction is not completed
on the Completion Date or within five (5) Business Days of the Completion Date for which the Cash Consideration and Promissory
Note are delivered, the Seller will return the Cash Consideration and Promissory Note to the Buyer.

 

 

    	35

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