Document:

EX-10.9

 Exhibit 10.9 

FORWARD PURCHASE AGREEMENT 

This Forward Purchase Agreement (this “Agreement”) is entered into as of February [•], 2021, by and between
Arctos NorthStar Acquisition Corp., a blank check company incorporated as a Cayman Islands exempted company (the “Company”), and [_______________], a [_______] (the “Purchaser”). 

Recitals 
 WHEREAS,
the Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities (a “Business
Combination”); 
 WHEREAS, the Company has filed with the U.S. Securities and Exchange Commission (the
“SEC”) a registration statement on Form S-1 (the “Registration Statement”) for its initial public offering (“IPO”) of 27,500,000 Units
(or 31,625,000 Units if the underwriters’ over-allotment option (the “IPO Option”) is exercised in full) (the “Public Units”) at a price of $10.00 per Public Unit, each Public Unit comprised of
one share of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class A Shares,” and the Class A Shares included in the Public Units, the
“Public Shares”), and one-third of one redeemable warrant, where each whole redeemable warrant is exercisable to purchase one Class A Share at an exercise price of $11.50 per share
(the “Warrants,” and the Warrants included in the Public Units, the “Public Warrants”); 

WHEREAS, the Company’s sponsor, Arctos NorthStar Acquisition Holdings LLC, a Delaware limited liability company
(“Sponsor”), has agreed to purchase an aggregate of 5,000,000 private placement warrants (or 5,500,000 private placement warrants if the IPO Option is exercised in full) at a price of $1.50 per whole warrant in a private
placement that will close contemporaneously with the closing of the IPO (the “Private Placement Warrants”); 

WHEREAS, following the closing of the IPO (the “IPO Closing”), the Company will seek to identify and consummate a
Business Combination; 
 WHEREAS, the parties wish to enter into this Agreement, pursuant to which concurrently with the closing of the
Company’s initial Business Combination (the “Business Combination Closing”), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from the Company, on a private placement basis, the number
of units (the “Forward Purchase Units”) determined pursuant to Sections 1(a)(ii), (iii) and (iv) hereof, each comprised of one Class A Share (each, a “Forward Purchase Share”) and one-third of one warrant (each, a “Forward Purchase Warrant”), on the terms and conditions set forth herein (the Forward Purchase Units, the Forward Purchase Shares, the Forward Purchase
Warrants underlying the Forward Purchase Units and the Class A Shares underlying the Forward Purchase Warrants, the “Forward Purchase Securities”); 

WHEREAS, proceeds from the IPO and the sale of the Private Placement Warrants in an aggregate amount equal to the gross proceeds from the IPO
will be deposited into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the Registration Statement; and 

WHEREAS, the amounts available to the Company from the Trust Account (after giving effect to any redemptions of Public Shares) and any other
equity or debt financing obtained by the Company in connection with the Business Combination (the “Available Cash”), together with the proceeds from the sale of the Forward Purchase Units, will be used to satisfy the cash
requirements of the Business Combination, including funding the purchase price and paying expenses and retaining amounts specified in the definitive agreement for the Business Combination (the “Definitive Agreement”) to be
retained for use by the post-Business Combination company for working capital or other purposes (the “Cash Requirements”); 

 NOW, THEREFORE, in consideration of the premises, representations, warranties and the mutual
covenants contained in this Agreement, and for other good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows: 

Agreement 

1. Sale and Purchase. 

(a) Forward Purchase Units. 

(i) Subject to Sections 1(a)(ii), (iii) and (iv), the Company shall issue and sell to the Purchaser, and the Purchaser shall purchase from
the Company, up to a maximum of 7,500,000 Forward Purchase Units (the “Maximum Units”) for a purchase price of $10.00 per Forward Purchase Unit (the “Forward Purchase Price”), or up to a maximum of
$75,000,000 in the aggregate. Each Forward Purchase Warrant will have the same terms as each Private Placement Warrant, and will be subject to the terms and conditions of the Warrant Agreement to be entered into between the Company and Continental
Stock Transfer & Trust Company, as Warrant Agent, in connection with the IPO, mutatis mutandis. 
 (ii) The number of Forward
Purchase Units to be issued and sold by the Company and purchased by the Purchaser hereunder shall be determined as follows: 
 (A) As soon
as reasonably practicable, but in no event less than ten (10) Business Days prior to the Company’s entry into the Definitive Agreement, the Company shall provide the Purchaser with notice (the “Initial Company
Notice”) of the number of Forward Purchase Units that it desires the Purchaser to purchase pursuant to this Agreement, which shall be equal to its good faith estimate of that number which, after payment of the aggregate Forward Purchase
Price by the Purchaser, will result in gross proceeds to the Company equal to the amount of funds necessary for the Company to satisfy the Cash Requirements less the Available Cash; provided, however, that such number shall in no event exceed the
Maximum Units. Following delivery of the Initial Company Notice, the Company shall provide the Purchaser with such other information as the Purchaser (or any applicable Transferee pursuant to Section 4(b) hereof)
may reasonably request so that the Purchaser (or such Transferee) may seek the approval of its investment committee to consummate the purchase of the Forward Purchase Units hereunder. 

(B) Within five (5) Business Days after receipt of the Initial Company Notice, the Purchaser shall provide the Company with notice (the
“Initial Purchaser Notice”) of the decision of its investment committee as to the maximum number of Forward Purchase Units it wishes to purchase pursuant to this Agreement, if any, which shall not exceed the Maximum Units, which
notice shall constitute the binding obligation of the Purchaser to purchase such number of Forward Purchase Units, subject to the terms and conditions of this Agreement. 

(iii) At least two (2) Business Days before the Business Combination Closing, the Company shall provide the Purchaser with an updated
notice (the “Final Company Notice”) including: 
 (A) its determination, based on the actual number of Public
Shares validly submitted for redemption or other changes in the Cash Requirements, of the number of Forward Purchase Units that it requires the Purchaser to purchase pursuant to this Agreement; 

  
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 (B) the anticipated date of the Business Combination Closing; and 

(C) instructions for wiring the Forward Purchase Price. 

(iv) In the event that any Definitive Agreement is terminated or the transaction contemplated thereby is abandoned, the procedures completed
pursuant to clause (ii) and (iii) above to determine the number of Forward Purchase Units to be purchased by the Purchaser in connection with such Definitive Agreement shall be disregarded and the provisions of clause (ii) and clause
(iii) above must be separately completed for each Definitive Agreement entered into by the Company. 
 (v) The closing of the sale of
Forward Purchase Units (the “Forward Closing”) shall be held on the same date and concurrently with the Business Combination Closing (such date being referred to as the “Forward Closing Date”). At
least one (1) Business Day prior to the Forward Closing Date, the Purchaser shall deliver to the Company the Forward Purchase Price for the Forward Purchase Units by wire transfer of U.S. dollars in immediately available funds to the account
specified by the Company in such notice to be held in escrow until the Forward Closing. Immediately prior to the Forward Closing on the Forward Closing Date, (i) the Forward Purchase Price shall be released from escrow automatically and without
further action by the Company or the Purchaser, and (ii) upon such release, the Company shall issue the Forward Purchase Units to the Purchaser in book-entry form, free and clear of any liens or other restrictions whatsoever (other than those
arising under state or federal securities laws), registered in the name of the Purchaser (or its nominee in accordance with its delivery instructions), or to a custodian designated by the Purchaser, as applicable. In the event the Business
Combination Closing does not occur within five (5) Business Days of the date scheduled for closing, the Forward Closing shall not occur and the Company shall promptly (but not later than one (1) Business Day thereafter) return the Forward
Purchase Price to the Purchaser. For purposes of this Agreement, “Business Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions are generally
authorized or required by law or regulation to close in the City of New York, New York. 
 (b) Legends. Each register and book entry
for the Forward Purchase Securities shall contain a notation, and each certificate (if any) evidencing the Forward Purchase Securities shall be stamped or otherwise imprinted with a legend, in substantially the following form: 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION, AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS. THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN FORWARD PURCHASE
AGREEMENT BY AND BETWEEN THE HOLDER AND THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.” 

2. Representations and Warranties of the Purchaser. The Purchaser represents and warrants to the Company as follows, as of the
date hereof: 
 (a) Organization and Power. The Purchaser is duly organized, validly existing, and in good standing under the laws of
the jurisdiction of its formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted. 

  
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 (b) Authorization. The Purchaser has full power and authority to enter into this
Agreement. This Agreement, when executed and delivered by the Purchaser, will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights (as defined below) may be limited by applicable federal or state securities laws.

 (c) Governmental Consents and Filings. No consent, approval, order or authorization of, or registration, qualification,
designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the consummation of the transactions contemplated by this Agreement. 

(d) Compliance with Other Instruments. The execution, delivery and performance by the Purchaser of this Agreement and the consummation
by the Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of its organizational documents, (ii) of any instrument, judgment, order, writ or decree to which it is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which it is a party or by which it is bound or
(v) of any provision of federal or state statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse effect on the Purchaser or its ability to consummate the transactions
contemplated by this Agreement. 
 (e) Purchase Entirely for Own Account. This Agreement is made with the Purchaser in reliance upon
the Purchaser’s representation to the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Forward Purchase Securities to be acquired by the Purchaser will be acquired for investment for
the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no present intention of selling,
granting any participation in, or otherwise distributing the same in violation of law. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with
any Person to sell, transfer or grant participations to such Person or to any third Person, with respect to any of the Forward Purchase Securities. For purposes of this Agreement, “Person” means an individual, a limited
liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any department or agency thereof. 

(f) Disclosure of Information. The Purchaser has had an opportunity to discuss the Company’s business, management, financial
affairs and the terms and conditions of the offering of the Forward Purchase Units, as well as the terms of the Company’s proposed IPO, with the Company’s management. 

(g) Restricted Securities. The Purchaser understands that the offer and sale of the Forward Purchase Units to the Purchaser has not
been, and will not be, registered under the Securities Act of 1933, as amended (the “Securities Act”), by reason of a specific exemption from the registration provisions of the Securities Act which depends upon, among other
things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Forward Purchase Securities are “restricted securities” under applicable
U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Forward Purchase Securities indefinitely unless they are registered with the SEC and qualified by state authorities, or an exemption from such
registration and qualification requirements is available. The Purchaser acknowledges 

  
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that the Company has no obligation to register or qualify the Forward Purchase Securities, or any Class A Shares into which the Forward Purchase Securities may be converted or exercised, for
resale, except for the Registration Rights. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of
sale, the holding period for the Forward Purchase Securities, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. The Purchaser
acknowledges that the Company filed the Registration Statement for its proposed IPO. The Purchaser understands that the offering of the Forward Purchase Securities is not, and is not intended to be, part of the IPO, and that the Purchaser will not
be able to rely on the protection of Section 11 of the Securities Act with respect to the Forward Purchase Securities. 
 (h) No
Public Market. The Purchaser understands that no public market now exists for the Forward Purchase Securities, and that the Company has made no assurances that a public market will ever exist for the Forward Purchase Securities. 

(i) High Degree of Risk. The Purchaser understands that its agreement to purchase the Forward Purchase Securities involves a high
degree of risk which could cause the Purchaser to lose all or part of its investment. 
 (j) Accredited Investor. The Purchaser is an
accredited investor as defined in Rule 501(a) of Regulation D promulgated under the Securities Act. 
 (k) No General Solicitation.
Neither the Purchaser, nor any of its officers, directors, employees, agents, shareholders or partners has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or (ii) published any
advertisement in connection with the offer and sale of the Forward Purchase Units. 
 (l) Residence. The Purchaser’s principal
place of business is the office or offices located at the address of the Purchaser set forth on the signature page hereof. 
 (m) Non-Public Information. The Purchaser acknowledges its obligations under applicable securities laws with respect to the treatment of non-public information relating to the
Company. 
 (n) Adequacy of Financing. At the time of the Forward Closing, the Purchaser will have available to it sufficient funds
to satisfy its obligations under this Agreement. 
 (o) No Other Representations and Warranties;
Non-Reliance. Except for the specific representations and warranties contained in this Section 2 and in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person
acting on behalf of the Purchaser nor any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the
Purchaser and this offering, and the Purchaser Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Company in Section 3 of this Agreement and in any certificate or
agreement delivered pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Company, any person on behalf of the Company or any of the
Company’s affiliates (collectively, the “Company Parties”). 

  
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 3. Representations and Warranties of the Company. The Company represents and
warrants to the Purchaser as follows: 
 (a) Incorporation and Corporate Power. The Company is a blank check company incorporated as a
Cayman Islands exempted company and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company has no subsidiaries. 

(b) Capitalization. On the date hereof, the authorized share capital of the Company consists of: 

(i) 500,000,000 Class A ordinary shares, par value $0.0001, none of which are issued and outstanding. 

(ii) 50,000,000 Class B ordinary shares, par value $0.0001 per share (the “Class B
Shares”), 7,906,250 of which are issued and outstanding. All of the outstanding Class B Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with all applicable federal and state
securities laws. 
 (iii) 5,000,000 preference shares, par value $0.0001 per share, none of which are issued and outstanding. 

(c) Authorization. All corporate action required to be taken by the Company’s Board of Directors and shareholders in order to
authorize the Company to enter into this Agreement, and to issue the Forward Purchase Securities at the Forward Closing, and the securities issuable upon exercise of the Forward Purchase Warrants, has been taken or will be taken prior to the Forward
Closing. All action on the part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the performance of all obligations of the Company under this Agreement to be performed as of the
Forward Closing, and the issuance and delivery of the Forward Purchase Securities and the securities issuable upon exercise of the Forward Purchase Warrants has been taken or will be taken prior to the Forward Closing. This Agreement, when executed
and delivered by the Company, shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive
relief, or other equitable remedies, or (iii) to the extent the indemnification provisions contained in the Registration Rights may be limited by applicable federal or state securities laws. 

(d) Valid Issuance of Securities. The Forward Purchase Securities, when issued, sold and delivered in accordance with the terms and for
the consideration set forth in this Agreement, and the securities issuable upon exercise of the Forward Purchase Warrants, when issued in accordance with the terms of the Forward Purchase Warrants and this Agreement, will be validly issued, fully
paid and nonassessable, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this
Agreement, applicable state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations of the Purchaser in this Agreement and subject to the filings described in
Section 3(e) below, the Forward Purchase Securities will be issued in compliance with all applicable federal and state securities laws. 

(e) Governmental Consents and Filings. Assuming the accuracy of the representations and warranties made by the Purchaser in this
Agreement, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of the Company in connection with the
consummation of the transactions contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities laws, if any, and pursuant to the Registration Rights. 

  
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 (f) Compliance with Other Instruments. The execution, delivery and performance of
this Agreement and the consummation of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of the Company’s certificate of incorporation, as it may be amended from time to time
(the “Charter”), bylaws or other governing documents of the Company, (ii) of any instrument, judgment, order, writ or decree to which the Company is a party or by which it is bound, (iii) under any note, indenture
or mortgage to which the Company is a party or by which it is bound, (iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which it is bound or (v) of any provision of federal or state statute,
rule or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement. 

(g) Operations. As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any
operations other than organizational activities and activities in connection with offerings of its securities. 
 (h) No General
Solicitation. Neither the Company, nor any of its officers, directors, employees, agents or shareholders has either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation, or
(ii) published any advertisement in connection with the offer and sale of the Forward Purchase Units. 
 (i) No Other
Representations and Warranties; Non-Reliance. Except for the specific representations and warranties contained in this Section 3 and in any certificate or agreement delivered pursuant hereto, none of
the Company Parties has made, makes or shall be deemed to make any other express or implied representation or warranty with respect to the Company, this offering, the proposed IPO or a potential Business Combination, and the Company Parties disclaim
any such representation or warranty. Except for the specific representations and warranties expressly made by the Purchaser in Section 2 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties
specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Purchaser Parties. 

4. Registration Rights; Transfer 

(a) Registration Rights. The Purchaser shall be granted registration rights by the Company with respect to the Forward Purchase
Securities underlying the Forward Purchase Units pursuant to a registration rights agreement to be entered into with the Company, a form of which has been filed with the registration statement relating to the Company’s IPO (the
“Registration Rights”). 
 (b) Transfer. This Agreement and all of the Purchaser’s rights and
obligations hereunder (including the Purchaser’s obligation to purchase the Forward Purchase Units) may be transferred or assigned, at any time and from time to time, in whole or in part, to one or more affiliates of the Purchaser (each such
transferee, a “Transferee”). Upon any such assignment: 
 (i) the applicable Transferee shall execute a signature
page to this Agreement, substantially in the form of the Purchaser’s signature page hereto (the “Joinder Agreement”), which shall reflect the number of Forward Purchase Units to be purchased by such Transferee (the
“Transferee Securities”), and, upon such execution, such Transferee shall have all the same rights and obligations of the Purchaser hereunder with respect to the Transferee Securities, and references herein to the
“Purchaser” shall be deemed to refer to and include any such Transferee with respect to such Transferee and to its Transferee Securities; provided, that any representations, warranties, covenants and agreements of the
Purchaser and any such Transferee shall be several and not joint and shall be made as to the Purchaser or any such Transferee, as applicable, as to itself only; and 

  
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 (ii) upon a Transferee’s execution and delivery of a Joinder Agreement, the number of
Forward Purchase Units to be purchased by the Purchaser hereunder shall be reduced by the total number of Forward Purchase Units to be purchased by the applicable Transferee pursuant to the applicable Joinder Agreement, which reduction shall be
evidenced by the Purchaser and the Company amending Schedule A to this Agreement to reflect each transfer and updating the “Number of Forward Purchase Units” and “Aggregate Purchase Price for Forward Purchase Units” on the
Purchaser’s signature page hereto to reflect such reduced number of Forward Purchase Units, and the Purchaser shall be fully and unconditionally released from its obligation to purchase such Transferee Securities hereunder. For the avoidance of
doubt, this Agreement need not be amended and restated in its entirety, but only Schedule A and the Purchaser’s signature page hereto need be so amended and updated and executed by each of the Purchaser and the Company upon the occurrence of
any such transfer of Transferee Securities. 
 5. Additional Agreements, Acknowledgements and Waivers of the Purchaser. 

(a) Lock-up; Transfer Restrictions. The Purchaser agrees that it shall not Transfer any Forward
Purchase Units (or the Forward Purchase Shares and Forward Purchase Warrants, including the Class A Shares issued or issuable upon the exercise of any such Forward Purchase Warrants) until 30 days after the completion of the initial Business
Combination. Notwithstanding the foregoing, Transfers of the Forward Purchase Units (and the underlying Class A Shares and Warrants, including the Class A Shares issued or issuable upon the exercise of any such warrants) are permitted (any
such transferees, the “Permitted Transferees”): (A) to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Purchaser, or any
affiliates of the Purchaser; (B) in the case of an individual, by gift to a member of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s immediate family or an affiliate of such
person, or to a charitable organization; (C) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (D) in the case of an individual, pursuant to a qualified domestic relations order;
(E) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with the consummation of the Company’s Business Combination at prices no greater than the price at which the
securities were originally purchased; (F) by virtue of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (G) to the Company for no value for cancellation in connection with the consummation of the
Company’s initial Business Combination; (H) in the event of the Company’s liquidation prior to the completion of the Company’s Business Combination; or (I) in the event of the Company’s liquidation, merger, share
exchange or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A Shares for cash, securities or other property subsequent to the completion of the Company’s Business
Combination; (J) as a distribution to limited partners, members or shareholders of the Purchaser; (K) to the Purchaser’s affiliates, to any investment fund or other entity controlled or managed by the Purchaser or any of its
affiliates, or to any investment manager or investment advisor of the Purchaser or an affiliate of any such investment manager or investment advisor; (L) to a nominee or custodian of a person or entity to whom a disposition or transfer would be
permissible under clauses (A) through (K) above; (M) to the Purchaser or any Transferee hereunder; (N) by virtue of the laws of the Purchaser’s jurisdiction of formation or its organizational documents upon dissolution of the
Purchaser; and (O) pursuant to an order of a court or regulatory agency; provided, however, that in the case of clauses (A) through (F) and (J) through (N), these Permitted Transferees must enter into a written agreement agreeing to
be bound by these transfer restrictions. “Transfer” shall mean the (x) sale or assignment of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase or otherwise dispose of
or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect 

  
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to or decrease of a call equivalent position (within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder) with respect to, any of the Forward Purchase Securities (excluding any pledges in the ordinary course of business for bona fide financing purposes or as part of prime brokerage arrangements), (y) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Forward Purchase Securities, whether any such transaction is to be settled by delivery of such Forward Purchase Securities, in cash or
otherwise, or (z) public announcement of any intention to effect any transaction specified in clause (x) or (y). 
 (b) Trust
Account. 
 (i) The Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of
its public shareholders upon the IPO Closing. The Purchaser, for itself and its affiliates, hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, or any other asset of the Company as
a result of any liquidation of the Company, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

(ii) The Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest
or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future, except for redemption and
liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely against the Company and
its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it. 

6. NYSE Listing. The Company will use commercially reasonable efforts to effect the listing of the Class A Shares and
Public Warrants on The New York Stock Exchange (the “NYSE”) (or another national securities exchange) at the time of the Business Combination Closing. 

7. Forward Closing Conditions. 

(a) The obligation of the Purchaser to purchase the Forward Purchase Units at the Forward Closing under this Agreement shall be subject to the
fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable laws, may be waived by the Purchaser: 

(i) The Business Combination shall be consummated substantially concurrently with the purchase of the Forward Purchase Units; 

(ii) The Purchaser and any applicable Transferee shall have obtained the approval of its respective investment committee to consummate the
purchase of the Forward Purchase Units hereunder as contemplated by Section 1(a)(ii) hereof; 
 (iii) The
Company shall have delivered to the Purchaser a certificate evidencing the Company’s good standing as a company incorporated as a Cayman Islands exempted company; 

  
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 (iv) The representations and warranties of the Company set forth in
Section 3 of this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and
warranties had been made on and as of such date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and
correct would not have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement; 

(v) The Company shall have performed, satisfied and complied in all material respects with the covenants, agreements and conditions required
by this Agreement to be performed, satisfied or complied with by the Company at or prior to the Forward Closing; and 
 (vi) No order,
writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory, or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or
prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Units. 
 (b) The obligation of the Company
to sell the Forward Purchase Units at the Forward Closing under this Agreement shall be subject to the fulfillment, at or prior to the Forward Closing of each of the following conditions, any of which, to the extent permitted by applicable
laws, may be waived by the Company: 
 (i) The Business Combination shall be consummated substantially concurrently with the purchase of
Forward Purchase Units; 
 (ii) The representations and warranties of the Purchaser set forth in Section 2 of
this Agreement shall have been true and correct as of the date hereof and shall be true and correct as of the Forward Closing Date, as applicable, with the same effect as though such representations and warranties had been made on and as of such
date (other than any such representation or warranty that is made by its terms as of a specified date, which shall be true and correct as of such specified date), except where the failure to be so true and correct would not have a material adverse
effect on the Purchaser or its ability to consummate the transactions contemplated by this Agreement; 
 (iii) The Purchaser shall have
performed, satisfied and complied in all material respects with the covenants, agreements and conditions required by this Agreement to be performed, satisfied or complied with by the Purchaser at or prior to the Forward Closing; and 

(iv) No order, writ, judgment, injunction, decree, determination, or award shall have been entered by or with any governmental, regulatory,
or administrative authority or any court, tribunal, or judicial, or arbitral body, and no other legal restraint or prohibition shall be in effect, preventing the purchase by the Purchaser of the Forward Purchase Units. 

8. Termination. This Agreement may be terminated at any time prior to the Forward Closing: 

(a) by mutual written consent of the Company and the Purchaser; 

(b) automatically 
 (i) if the
IPO is not consummated on or prior to twelve months from the date of this Agreement; or 
 (ii) if the Business Combination is not
consummated within 24 months from the closing of the IPO, or such later date as may be approved by the Company’s shareholders. 

  
 10 

 In the event of any termination of this Agreement pursuant to this
Section 8, the Forward Purchase Price (and interest thereon, if any), if previously paid, and all Purchaser’s funds paid in connection herewith shall be promptly returned to the Purchaser, and thereafter this Agreement
shall forthwith become null and void and have no effect, without any liability on the part of the Purchaser or the Company and their respective directors, officers, employees, partners, managers, members, or shareholders and all rights and
obligations of each party shall cease; provided, however, that nothing contained in this Section 8 shall relieve either party from liabilities or damages arising out of any fraud or willful breach by such party of any of its representations,
warranties, covenants or agreements contained in this Agreement. 
 9. General Provisions. 

(a) Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed
effectively given upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic mail or facsimile (if any) during normal business hours of the recipient, and if not sent
during normal business hours, then on the recipient’s next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (iv) one (1) Business Day
after deposit with a nationally recognized overnight courier, freight prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to: Arctos NorthStar Acquisition Corp.,
2021 McKinney Avenue, #200, Dallas, Texas 75201, Attn: John Vedro and Joseph Nasr, email: john.vedro@arctospartners.com and joe.nasr@arctospartners.com, with a copy to the Company’s counsel at: Kirkland & Ellis LLP, 601
Lexington Avenue, New York, NY 10022, Attn: Christian Nagler and Wayne Williams, email: christian.nagler@kirkland.com and wayne.williams@kirkland.com. 

All communications to the Purchaser shall be sent to the Purchaser’s address as set forth on the signature page hereof, or to such e-mail address, facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 9(a). 

(b) No Finder’s Fees. Each party represents that it neither is nor will be obligated for any finder’s fee or commission in
connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the
costs and expenses of defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives is responsible. The Company agrees to indemnify and hold harmless the Purchaser from any
liability for any commission or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against such liability or asserted liability) for which the Company or any of
its officers, employees or representatives is responsible. 
 (c) Survival of Representations and Warranties. All of the
representations and warranties contained herein shall survive the Forward Closing. 
 (d) Entire Agreement. This Agreement, together
with any documents, instruments and writings that are delivered pursuant hereto or referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated hereby. 

(e) Successors. All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding
upon, and inure to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective
successors and assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement. 

  
 11 

 (f) Assignments. Except as otherwise specifically provided herein, no party hereto
may assign either this Agreement or any of its rights, interests, or obligations hereunder without the prior written approval of the other party. 

(g) Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which
together will constitute one and the same instrument. 
 (h) Headings. The section headings contained in this Agreement are inserted
for convenience only and will not affect in any way the meaning or interpretation of this Agreement. 
 (i) Governing Law. This
Agreement, the entire relationship of the parties hereto, and any dispute between the parties (whether grounded in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of
the State of New York, without giving effect to its choice of laws principles. 
 (j) Jurisdiction. The parties (i) hereby
irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement except in state courts of New York or the United States District Court for the Southern
District of New York, and (iii) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this Agreement or the subject
matter hereof may not be enforced in or by such court. 
 (k) Waiver of Jury Trial. The parties hereto hereby waive any right to a
jury trial in connection with any litigation pursuant to this Agreement and the transactions contemplated hereby. 
 (l) Amendments.
This Agreement may not be amended, modified or waived as to any particular provision except with the prior written consent of the Company and the Purchaser. 

(m) Severability. The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision
will not affect the validity or enforceability of the other provisions hereof; provided, that if any provision of this Agreement, as applied to any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator
not to be enforceable in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will have the power to modify the provision in a manner consistent with its objectives
such that it is enforceable, and/or to delete specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced. 

(n) Expenses. Each of the Company and the Purchaser will bear its own costs and expenses incurred in connection with the preparation,
execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible
for the fees of its transfer agent; stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Forward Purchase Securities and the securities issuable upon conversion or exercise of the Forward Purchase
Securities. 

  
 12 

 (o) Construction. The parties hereto have participated jointly in the negotiation and
drafting of this Agreement. If an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of proof will arise favoring or disfavoring any
party hereto because of the authorship of any provision of this Agreement. Any reference to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated thereunder, unless the
context requires otherwise. The words “include,” “includes,” and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,”
“hereunder,” and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation, warranty, and covenant contained herein will
have independent significance. If any party hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant relating to the same subject matter
(regardless of the relative levels of specificity) which such party hereto has not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant. 

(p) Waiver. No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether
intentional or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in any way any rights arising because of any prior or subsequent occurrence. 

(q) Specific Performance. The Purchaser agrees that irreparable damage may occur in the event any provision of this Agreement was not
performed by the Purchaser in accordance with the terms hereof and that the Company shall be entitled to specific performance of the terms hereof, in addition to any other remedy at law or equity. 

[Signature Page Follows] 

  
 13 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as
of the date first set forth above. 
  

			
	PURCHASER:
	
	[________________]
		
	By:	 	          

	Name:	 	
	Title:	 	

  

			
	Address for Notices:	  	[_____]
		  	[_____]
		
	E-mail:	  	[________________]

  

			
	COMPANY:
	
	ARCTOS NORTHSTAR ACQUISITION CORP.
		
	By:	 	          

		 	Name: John B. Vedro
		 	Title:   Chief Financial Officer

  
 [Signature Page to
Forward Purchase Agreement] 

 TO BE EXECUTED UPON ANY ASSIGNMENT AND/OR REVISION IN ACCORDANCE WITH THIS AGREEMENT TO “NUMBER OF
FORWARD PURCHASE UNITS” AND “AGGREGATE PURCHASE PRICE FOR FORWARD PURCHASE UNITS” SET FORTH BELOW 
  

					
	 Number of Forward Purchase Units:
	  			
	 Aggregate Purchase Price for Forward Purchase Units:
	  	 	$            	 
		  	  
	  
	 

 Number of Forward Purchase Units and Aggregate Purchase Price for Forward Purchase Units as of , 202[ ], accepted and agreed
to as of this day of , 202[ ]. 
  

			
	[                 ]
		
	By:	 	          

	Name:	 	
	Title:	 	

  

					
		 	        	  	ARCTOS NORTHSTAR ACQUISITION CORP.

 
			
		
	By:	 	          

		 	Name: John B. Vedro
		 	Title:   Chief Financial Officer

 SCHEDULE A 

SCHEDULE OF TRANSFERS OF FORWARD PURCHASE UNITS 

The following transfers of a portion of the original number of Forward Purchase Units have been made: 

 

							
	 Date of Transfer
	  	Transferee	  	Number of Forward
Purchase Units
Transferred	  	Purchaser Revised
Forward Purchase
Units
Amount

  
 A-1 

 TO BE EXECUTED UPON ANY ASSIGNMENT OR FINAL DETERMINATION OF FORWARD PURCHASE UNITS: 

Schedule A as of , 202[ ], accepted and agreed to as of this day of , 202[ ] by: 

 

			
	[             ]
		
	By:	 	          

	Name:	 	  

	Title:	 	  

 

			
	ARCTOS NORTHSTAR ACQUISITION CORP.
		
	By:	 	          

	Name:	 	  

	Title:	 	  

 
 

  
 A-2Exhibit 10.2

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM
TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION HAS BEEN REDACTED.

 

AMENDED AND RESTATED FUNDS WITHHELD COINSURANCE
AND MODIFIED COINSURANCE AGREEMENT

 

(MYGA and FIA BUSINESS)

 

between

 

CRESTLINE RE SPC, for and on behalf of
CRESTLINE RE SP 1

 

and

 

AMERICAN LIFE & SECURITY CORP.

 

effective as of April 24, 2020

 

Treaty Number 01

 

    

     

    

 

		TABLE OF CONTENTS	 
	 	 	 
		 	Page
	ARTICLE I             GENERAL PROVISIONS	1
	 	 	 
	Section 1.01	Defined Terms	1
	 	 	 
	Section 1.02	Other Definitional Provisions	8
	 	 	 
	ARTICLE II           COVERAGE	9
	 	 	 
	Section 2.01	Scope and Basis of Reinsurance	9
	 	 	 
	Section 2.02	Policy Changes	9
	 	 	 
	Section 2.03	Reinstatement of Surrendered Policies	10
	 	 	 
	Section 2.04	Misstatement of Fact	10
	 	 	 
	Section 2.05	Non-Guaranteed Elements	10
	 	 	 
	Section 2.06	Crediting Rates	10
	 	 	 
	Section 2.07	Programs of Internal Replacement	10
	 	 	 
	Section 2.08	Conservation Program	11
	 	 	 
	Section 2.09	Net Retention	11
	 	 	 
	Section 2.10	Asset Reserves	11
	 	 	 
	Section 2.11	Valuation of Liabilities	11
	 	 	 
	Section 2.12	Credit For Reinsurance	11
	 	 	 
	Section 2.13	ModCo Reserves Allocation	11
	 	 	 
	Section 2.14	Options Budget and Payoff for FIA	12
	 	 	 
	Section 2.15	FATCA	12
	 	 	 
	ARTICLE III          REINSURANCE PREMIUMS	13
	 	 	 
	Section 3.01	Reinsurance Premiums	13
	 	 	 
	Section 3.02	Initial Settlement Amount	13
	 	 	 
	ARTICLE IV          CEDING COMMISSION	14
	 	 	 
	Section 4.01	Ceding Commission	14
	 	 	 
	Section 4.02	Excise Tax	14
	 	 	 
	ARTICLE V           ADMINISTRATION FEE	14
	 	 	 
	Section 5.01	Policy Expenses	14

 

    i

     

    

 

		TABLE OF CONTENTS	 
		(continued)	 
	 	 	 
		 	Page
	ARTICLE VI          REINSURED LIABILITIES	14
	 	 	 
	Section 6.01	Reinsured Liabilities	14
	 	 	 
	Section 6.02	Claims Settlement	14
	 	 	 
	Section 6.03	Recoveries	14
	 	 	 
	ARTICLE VII         REPORTING AND SETTLEMENTS	15
	 	 	 
	Section 7.01	Ceding Company Reporting	15
	 	 	 
	Section 7.02	Reinsurer Reporting	16
	 	 	 
	Section 7.03	Settlements & Adjustments	16
	 	 	 
	ARTICLE VIII       THE MODCO DEPOSIT, THE FUNDS WITHHELD ACCOUNT, THE TRUST ACCOUNT, AND INVESTMENT MANAGEMENT AGREEMENT	19
	 	 	 
	Section 8.01	ModCo Deposit	19
	 	 	 
	Section 8.02	Funds Withheld Account	20
	 	 	 
	Section 8.03	Trust Account	21
	 	 	 
	Section 8.04	Excess Withdrawals	21
	 	 	 
	Section 8.05	Investment Management Agreement	22
	 	 	 
	ARTICLE IX          RESERVED	23
	 	 	 
	ARTICLE X           ADMINISTRATION	23
	 	 	 
	Section 10.01	Policy Administration	23
	 	 	 
	Section 10.02	Record-Keeping	23
	 	 	 
	ARTICLE XI         TERM AND TERMINATION	24
	 	 	 
	Section 11.01	Duration of Agreement	24
	 	 	 
	Section 11.02	Recapture	24
	 	 	 
	Section 11.03	Recapture Payment	25
	 	 	 
	Section 11.04	Survival	26
	 	 	 
	ARTICLE XII         ERRORS AND OMISSIONS	26
	 	 	 
	Section 12.01	Errors and Omissions	26

 

    ii

     

    

 

	 	TABLE OF CONTENTS	 
	 	(continued)	 
	 	 	 
	 	 	Page
	ARTICLE XIII       DISPUTE RESOLUTION	27
	 	 	 
	Section 13.01	Negotiation	27
	 	 	 
	Section 13.02	Arbitration; Waiver of Trial by Jury	27
	 	 	 
	ARTICLE XIV       INSOLVENCY	28
	 	 	 
	Section 14.01	Insolvency	28
	 	 	 
	ARTICLE XV        TAXES	29
	 	 	 
	Section 15.01	Taxes	29
	 	 	 
	Section 15.02	DAC Tax Election	29
	 	 	 
	Section 15.03	US Taxpayer	30
	 	 	 
	ARTICLE XVI       REPRESENTATIONS, WARRANTIES AND COVENANTS	30
	 	 	 
	Section 16.01	Representations and Warranties of the Ceding Company	30
	 	 	 
	Section 16.02	Representations and Warranties of the Ceding Company in Respect of the In Force Reinsured Policies	33
	 	 	 
	Section 16.03	Covenants of the Ceding Company	34
	 	 	 
	Section 16.04	Representations and Warranties of the Reinsurer	35
	 	 	 
	Section 16.05	Covenants of the Reinsurer	36
	 	 	 
	ARTICLE XVII      MISCELLANEOUS	37
	 	 	 
	Section 17.01	Currency	37
	 	 	 
	Section 17.02	Interest	37
	 	 	 
	Section 17.03	Right of Setoff and Recoupment	37
	 	 	 
	Section 17.04	No Third-Party Beneficiaries	37
	 	 	 
	Section 17.05	Amendment	38
	 	 	 
	Section 17.06	Notices	38
	 	 	 
	Section 17.07	Consent to Jurisdiction	39
	 	 	 
	Section 17.08	Service of Process	39
	 	 	 
	Section 17.09	Inspection of Records	39
	 	 	 
	Section 17.10	Confidentiality	40
	 	 	 
	Section 17.11	Successors	41

 

    iii

     

    

 

		TABLE
    OF CONTENTS	 
		(continued)	 
	 	 	 
		 	Page
	Section 17.12	Entire Agreement	41
	 	 	 
	Section 17.13	Severability	41
	 	 	 
	Section 17.14	Construction	41
	 	 	 
	Section 17.15	Non-Waiver	42
	 	 	 
	Section 17.16	Further Assurances	42
	 	 	 
	Section 17.17	Governing Law	42
	 	 	 
	Section 17.18	Counterparts	42

 

    iv

     

    

 

AMENDED AND RESTATED FUNDS WITHHELD COINSURANCE
AND MODIFIED COINSURANCE AGREEMENT

 

(MYGA and FIA BUSINESS)

 

This AMENDED AND RESTATED
FUNDS WITHHELD COINSURANCE AND MODIFIED COINSURANCE AGREEMENT (this “Agreement”), dated as of December 8,
2020 and effective as of April 24, 2020 (the “Effective Date”), is made by and between American Life &
Security Corp., an insurance company organized under the laws of the State of Nebraska (the “Ceding Company”),
and Crestline Re SPC, an exempted segregated portfolio company incorporated under the laws of the Cayman Islands, for and on behalf
of Crestline Re SP 1, one of its segregated portfolios (the “Reinsurer”) (as successor by novation to Seneca
Incorporated Cell, LLC 2020-02, an incorporated cell of Seneca Reinsurance Company, LLC, a sponsored captive insurance company
formed as a limited liability company under the Laws of the State of Vermont).

 

W I T N E S S E T H:

 

WHEREAS, the Ceding
Company, Seneca Reinsurance Company, LLC and Crestline Management, L.P. have entered into that certain letter agreement, dated
as of April 24, 2020 (the “Master Letter Agreement”), pursuant to which (i) the Ceding Company established
a segregated account (the “Appendix-B Account”) to hold assets that support the liabilities arising under the
MYGA and FIA contracts that the Ceding Company issued in accordance with the Master Letter Agreement and (ii) Crestline Management,
L.P. delivered to the Ceding Company funds to support the capital of the Reinsurer, which funds were held by the Ceding Company
in the Appendix-B Account, pending transfer in accordance with the Master Letter Agreement;

 

WHEREAS, pursuant to
the Master Letter Agreement, the Ceding Company has agreed to enter into this Agreement with the Reinsurer;

 

WHEREAS, subject to
the terms, conditions and limitations contained herein, the Ceding Company desires to cede, on a funds withheld coinsurance and
modified coinsurance basis, and the Reinsurer desires to accept, a Quota Share of certain liabilities with respect to certain MYGA
and FIA business of the Ceding Company;

 

NOW, THEREFORE, in
consideration of the mutual promises and agreements contained herein, the Ceding Company and the Reinsurer hereby agree as follows:

 

ARTICLE I

GENERAL PROVISIONS

 

Section 1.01           Defined
Terms. As used in this Agreement, the following terms shall have the following meanings:

 

“3rd
Party Actuary” shall initially mean a member of the Academy of Actuaries that meets the Academy of Actuaries Qualifications
Standards for issuing an actuarial opinion related to the matters of this Agreement to be mutually agreed-upon by the parties no
later than thirty (30) calendar days following the Initial Settlement Date but may be replaced by the Ceding Company with the consent
of the Reinsurer (such consent not to be unreasonably withheld).

 

     

     

    

 

“Accounts”
shall mean collectively the ModCo Deposit and the Funds Withheld Account, each one an “Account.”

 

“Account Adjustment”
shall mean a payment made pursuant to Section 7.03(b).

 

“Accounts
Balance” shall mean the aggregate of book value the ModCo Deposit Balance and Funds Withheld Account Balance, as of any
date of determination, as such book value is determined in accordance with Nebraska SAP.

 

“Accounts
Required Reserves” shall mean Accounts Required Reserves-Funds Withheld plus Accounts Required Reserves-ModCo, as of
any date of determination.

 

“Accounts
Required Reserves-Funds Withheld” shall mean an amount equal to the Quota Share of the Net Statutory Reserves times the
Funds Withheld Allocation Percentage plus the Asset Reserves for assets included in the Funds Withheld Account, as of any
date of determination.

 

“Accounts
Required Reserves-ModCo” shall mean an amount equal to the Quota Share of the Net Statutory Reserves times the ModCo
Allocation Percentage plus the Asset Reserves for assets included in the ModCo Deposit, as of any date of determination.

 

“Action”
shall mean (a) any civil, criminal or administrative action, suit, claim, litigation, arbitration or similar proceeding, in
each case, before a Governmental Entity, or (b) any investigation or written inquiry by a Governmental Entity other than any
examination by a taxing authority, including a tax audit.

 

“Affiliate”
shall mean, with respect to any Person, another Person that directly or indirectly, through one or more intermediaries, controls,
is controlled by or is under common control with, such first Person, and the term “Affiliated” shall have a
correlative meaning. For the purposes of this definition, “control”, when used with respect to any Person, means
the power to direct the management and policies of such Person, directly or indirectly through the ownership of voting securities,
and the terms “controlling” and “controlled” have the meanings correlative to the foregoing.
For the avoidance of doubt, the Ceding Company and the Reinsurer shall not be deemed “Affiliates” for purposes of this
Agreement.

 

“Agreement”
shall have the meaning specified in the Preamble hereto.

 

“Allocation
Percentage” shall mean the percentages set forth in Schedule VIII for the ModCo Deposit and the Funds Withheld
Account.

 

“Appendix-B
Account” shall have the meaning specified in the Recitals hereto.

 

“Asset Reserves”
shall have the meaning specified in Schedule XI.

 

“Authorized
Representative” shall have the meaning specified in Section 14.01(a)(i).

 

“Business
Day” shall mean any day other than a Saturday, Sunday or any other day on which banking institutions are authorized or
required by Law to close in New York, New York or the Cayman Islands.

 

    2

     

    

 

“Capital Contribution”
shall have the meaning set forth in Schedule X.

 

“Capital Contribution
Date” shall have the meaning set forth in Schedule X.

 

“Ceding Commission”
shall mean the percentage initially as set forth on Schedule VII, as may be amended by mutual agreement of the parties from
time to time.

 

“Ceding Company”
shall have the meaning specified in the Preamble hereto.

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Covered Business”
shall have the meaning specified in Section 2.01(b)(i).

 

“Crediting
Rate” shall be the percentage determined based on the procedures set forth on Schedule V.

 

“Custodian”
shall have the meaning specified in Section 8.01.

 

“Delayed Payment
Rate” shall have the meaning set forth in Section 17.02.

 

“[***] Notes”
shall have the meaning specified in Exhibit A of the Investment Management Agreement (ModCo and Funds Withheld Accounts) effective
as of the date hereof, entered into by and between the Ceding Company and the Investment Manager, the terms of which are hereby
incorporated by reference.

 

“Effective
Date” shall have the meaning specified in the Preamble hereto.

 

“Escrowed
Assets” shall have the meaning specified in the Master Letter Agreement.

 

“Excess Withdrawal”
shall have the meaning specified in Section 8.04(a).

 

“Excess Withdrawal
Amount” shall have the meaning specified in Section 8.04(b).

 

“Excluded
Liabilities” shall mean, without duplication, (a) any Losses or other liabilities arising or attributable to periods
prior to the Effective Date, (b) all Extra-Contractual Obligations other than Reinsurer Extra-Contractual Obligations, (c) any
liabilities resulting from any change to the terms of any Reinsured Policy after the Effective Date, unless such change is required
by an act, order or decree of a Governmental Entity, a change in applicable Law or by the express terms of the Reinsured Policies,
or has been approved in writing in advance by the Reinsurer and (d) any ex gratia payments made by the Ceding Company
(i.e., payments the Ceding Company is not required to make under the terms of the Reinsured Policies) unless such payment
has been approved in writing in advance by the Reinsurer, or is set forth in Schedule IV.

 

“Extra-Contractual
Obligations” shall mean any and all costs, expenses, damages, liabilities or obligations of any kind or nature which
arise out of, result from or relate to any act, error or omission of the Ceding Company (inclusive of its agents and Affiliates),
whether or not in bad faith, intentional, willful, negligent, reckless, careless or otherwise, in connection with a Reinsured Policy,
and which are not contractually covered by the terms and conditions of the Reinsured Policy.

 

    3

     

    

 

“Factual Information”
shall have the meaning specified in Section 16.01(d).

 

“Fair Market
Value” means with respect to any asset, and as of any date of determination, the price that would be received in a sale
of such asset in accordance with GAAP accounting at the determination date (the “Price”), determined as: (i) for
liquid assets, the Price for such asset as published by a nationally recognized pricing service where such prices are available
and (ii) otherwise, the Price for such asset as determined by a qualified independent securities valuation firm, each pricing
service or valuation firm to be selected by the Investment Manager with the consent of the Ceding Company, such consent not to
be unreasonably withheld, conditioned or delayed. In the event that the Ceding Company and the Investment Manager cannot agree
on a valuation firm, such valuation firm shall be Houlihan Lokey. The “Fair Market Value” of any asset shall include
any accrued but unpaid interest or dividend reasonably expected to be received on such asset.

 

“Funds Withheld
Account” shall have the meaning specified in Section 8.02(a).

 

“Funds Withheld
Account Balance” shall mean, as of any date of determination, the sum of (a) the Statutory Carrying Value of assets
in the Funds Withheld Account, including all paid or accrued investment income thereon, plus (b) the amount of any
Excess Withdrawal Amount outstanding as of such date plus (c) the sum of all undisputed amounts owing to the Reinsurer
under the terms of this Agreement (including amounts owing due to breaches of representations, warranties or covenants or indemnification
payments) which have not been paid by the Ceding Company as of such date.

 

“GAAP”
means generally accepted accounting principles in effect in the United States, consistently applied.

 

“Governmental
Entity” shall mean any foreign, federal, state, local or other governmental, legislative, judicial, administrative or
regulatory authority, agency, commission, board, body, court or entity or any instrumentality thereof or any self-regulatory body
or arbitral body or arbitrator.

 

“Hedge”
and “Hedges” shall have the meaning specified in Section 2.14(a).

 

“Initial Reserve
Amount” means the Quota Share of the Net Statutory Reserves attributable to the In Force Reinsured Policies (if any)
as of the Effective Date.

 

“Initial Settlement
Amount” means [***], being the result of (a) minus (b) minus (c) plus (d), where:

 

(a)            is
the sum of Reinsurance Premiums received in respect of the period from the Effective Date through and including June 30, 2020;

 

(b)            is
the sum of Reinsured Liabilities incurred and settled during the period from the Effective Date through and including June 30,
2020;

 

    4

     

    

 

(c)            is
the sum of (i) Acquisition and Administrative Expenses, (ii) Commission Expense Allowances, (iii) Product Development
Fees, and (iv) Ceding Commissions accumulated during the period from the Effective Date through and including June 30,
2020; and

 

(d)            is
the aggregate amount of investment income and realized gains on the assets held in the Appendix-B Account through June 30,
2020 (other than the Escrowed Assets).

 

“Initial Settlement Date”
shall mean July 24, 2020.

 

“Investment
Guidelines” means the investment guidelines attached to the Investment Management Agreement and the Trust IMA, as such
investment guidelines may be amended from time to time.

 

“Investment
Manager” shall have the meaning specified in Schedule XIV.

 

“Investment
Management Agreement” shall have the meaning specified in Section 8.05 (as may be amended or supplemented
from time to time).

 

“Investment
Manager” shall have the meaning specified in Section 8.05 and in the Investment Management Agreement.

 

“Law”
shall mean any law, statute, ordinance, written rule or regulation, order, injunction, judgment, decree, principle of common
law, constitution or treaty enacted, promulgated, issued, enforced or entered by any Governmental Entity.

 

“Leverage
Measure” shall have the meaning set forth in Schedule X.

 

“Liquid IG
Assets” has the meaning set forth in Schedule X.

 

“Loss”
or “Losses” shall mean (i) claim payments made by the Ceding Company arising under the express terms of
the Reinsured Policies (including returns of premium in accordance with the terms of the applicable Reinsured Policy) and (ii) guaranty
fund assessments incurred by the Ceding Company to the extent relating to premiums received by the Ceding Company with respect
to the Reinsured Policies and attributable to periods on and after the Effective Date, as determined by, the Ceding Company
in good faith but in any event excluding Extra Contractual Obligations other than Reinsurer Extra Contractual Obligations.

 

“Master Letter
Agreement” shall have the meaning specified in the Recitals hereto.

 

“Minimum Leverage
Measure” shall have the meaning set forth in Schedule X.

 

“ModCo Deposit”
shall have the meaning specified in Section 8.01(a).

 

“ModCo Deposit
Balance” shall mean the Statutory Carrying Value of assets in the ModCo Deposit, as of any date of determination.

 

“Monthly Accounting
Period” shall have the meaning specified in Section 7.01(a).

 

    5

     

    

 

“Monthly Settlement”
shall mean the making of all payments and adjustments specified in Section 7.03, including, without limitation, Account
Adjustments and Reinsurer Top-Up Payments.

 

“NAIC”
shall mean the National Association of Insurance Commissioners.

 

“Nebraska
SAP” shall mean the statutory accounting principles and practices prescribed for Nebraska domiciled life insurance companies
by the Nebraska Department of Insurance, provided that, if the Ceding Company redomesticates to a different domicile (the “Redomesticated
Domicile”), the Redomesticated Domicile’s statutory accounting principles and practices shall apply, except that
if the Redomesticated Domicile’s statutory accounting principles and practices are adverse to the Reinsurer, then Nebraska’s
statutory accounting principles and practices will continue to apply in respect of those principles and practices which are adverse
to the Reinsurer.

 

“Net Statutory
Reserves” shall mean the statutory reserves of the Ceding Company in respect of the Reinsured Policies, which shall be
calculated in good faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s
historical practices; provided, however, that Net Statutory Reserves shall not include (a) any asset valuation
reserves (as used in connection with Nebraska SAP) established by the Ceding Company, (b) any interest maintenance reserves
(as used in connection with Nebraska SAP) established by the Ceding Company, (c) any additional actuarial reserves (as used
in connection with Nebraska SAP), if any, established by the Ceding Company as a result of its annual cash flow testing or (d) any
other reserve not directly attributable to specific Reinsured Policies.

 

“Non-Guaranteed
Elements” shall have the meaning specified in Schedule XV.

 

“Non-Public
Personal Information” shall have the meaning specified in Section 17.10.

 

“Other Assets”
shall have the meaning set forth in Schedule X.

 

“Option Budget”
shall have the meaning specified in Section 2.14(b).

 

“Permits”
shall mean any licenses, certificates of authority or other similar certificates, registrations, franchises, permits, approvals
or other similar authorizations issued to a Person by a Governmental Entity.

 

“Permitted
Assets” shall mean any asset which: (i) is a permitted asset under applicable Law, (ii) is an admitted asset
of the Ceding Company under the applicable Laws of the State of Nebraska and (iii) is permitted under the Investment Guidelines
set forth in the Investment Management Agreement and the Trust IMA (as applicable) (it being agreed that compliance with the Investment
Guidelines shall be measured in aggregate against the assets in the Accounts and the Trust Account) , and (iv) solely with
respect to the Accounts, is a permissible asset to provide credit for reinsurance with respect to the ModCo Deposit or Funds Withheld
Account (as the case may be) under Nebraska SAP.

 

“Person”
shall mean an individual, corporation, partnership, joint venture, limited liability company, association, trust, unincorporated
organization, Governmental Entity or other entity.

 

    6

     

    

 

“Policy Expenses”
shall have the meaning specified in Section 5.01.

 

“Prior Highest
Leverage Measure” shall have the meaning set forth in Schedule X.

 

“Prior Highest
Leverage Measure Date” shall have the meaning set forth in Schedule X.

 

“Proprietary
Information” shall have the meaning specified in Section 17.10(a).

 

“Quota Share”
shall have the meaning specified in Schedule V.

 

“Recapture
Effective Date” shall mean the date on which the liability of the Reinsurer with respect to all of the Reinsured Liabilities
is terminated pursuant to Section 11.02 or the effective date of the rejection of this Agreement by any Receiver or
of a recapture in full.

 

“Reallocation
Payment” shall mean a payment made pursuant to Section 7.03(a)(iii).

 

“Receiver”
shall have the meaning specified in Section 11.03(a).

 

“Reinsurance
Premiums” shall mean the Quota Share of the premiums and other fees, amounts, payments and collections received by the
Ceding Company with respect to the Reinsured Policies, except for amounts received from Third-Party Reinsurers.

 

“Reinsured
Block” shall have the meaning specified in Section 2.01(b)(ii).

 

“Reinsured
Liabilities” shall mean the Quota Share of (a) Losses, (b) the Reinsurer Extra-Contractual Obligations divided
by the applicable Quota Share and (c) trail commissions payable to producers with respect to the Reinsured Policies, and other
commissions payable with respect to premiums received by the Ceding Company, in each case after the Effective Date and paid to
the Reinsurer; provided, that in no event shall “Reinsured Liabilities” include any Excluded Liabilities.

 

“Reinsured
Policies” shall mean (i) the insurance policies of the Ceding Company in force on the Effective Date and listed
on Schedule IX and, in connection with such insurance policies, any riders that are listed on Schedule I and any
amendments or endorsements attached to such policies, all as disclosed in writing to the Reinsurer on or prior to the Effective
Date (the “In Force Reinsured Policies”) and (ii) all insurance policies of the Ceding Company issued after
the Effective Date that are written on the policy forms that are listed on Schedule I, and any riders that are listed on
Schedule I and any amendments or endorsements attached to such policies, all as disclosed in writing to the Reinsurer on
or prior to the Effective Date, and ceded in accordance with the provisions of this Agreement (including without limitation Schedule
V).

 

“Reinsurer”
shall have the meaning specified in the Preamble hereto.

 

“Reinsurer
Extra-Contractual Obligations” shall mean Extra-Contractual Obligations relating to the Reinsured Policies to the extent
caused by, arising from or related to any act of the Reinsurer or any of its Affiliates following the Effective Date.

 

“Reinsurer
Top-Up Payment” shall have the meaning specified in Section 7.03(c).

 

    7

     

    

 

“Replacement
Reinsured FIA Policy” shall have the meaning set forth in Schedule VII.

 

“Statutory
Carrying Value” shall mean, with respect to any asset, as of the relevant date of determination, the carrying value amount
permitted to be carried by the Ceding Company as an admitted asset consistent with Nebraska SAP in its statutory financial statements.

 

“Substitute
Administrator” shall have the meaning specified in Section 10.01

 

“Terminal
Accounting Report” shall have the meaning specified in Section 11.03(a).

 

“Third-Party
Reinsurer” shall mean any Person (other than any Affiliate of the Ceding Company) to which the Ceding Company has or
will cede Losses or liabilities arising under the Reinsured Policies.

 

“Treasury
Regulations” shall mean all proposed, temporary and final regulations promulgated under the Code, as such regulations
may be amended from time to time.

 

“Trust Account”
shall have the meaning specified in Section 8.03 and attached as Exhibit B.

 

“Trust Account
Balance” shall mean the Statutory Carrying Value of assets in the Trust Account, as of any date of determination.

 

“Trust IMA”
shall have the meaning specified in Section 8.05 (as may be amended or supplemented from time to time).

 

“Trustee”
shall have the meaning specified in Section 8.03.

 

Section 1.02           Other
Definitional Provisions.

 

(a)            For
purposes of this Agreement, the words “hereof,” “herein,” “hereby” and other words of similar
import refer to this Agreement as a whole, including all Schedules and Exhibits to this Agreement, unless otherwise indicated.

 

(b)           Whenever
the singular is used herein, the same shall include the plural, and whenever the plural is used herein, the same shall include
the singular, where appropriate.

 

(c)            The
term “including” means “including but not limited to.”

 

(d)           Whenever
used in this Agreement, the masculine gender shall include the feminine and neutral genders and vice versa.

 

(e)            The
Schedules and Exhibits hereto are hereby incorporated by reference into the body of this Agreement.

 

(f)            All
references herein to Articles, Sections, Subsections, Paragraphs, Exhibits and Schedules shall be deemed references to Articles
and Sections and Subsections and Paragraphs of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise
require.

 

    8

     

    

 

(g)           All
terms defined in this Agreement shall have the defined meaning when used in any Schedule, Exhibit, certificate, report or other
documents attached hereto or made or delivered pursuant hereto unless otherwise defined therein.

 

(h)           Any
reference to an agreement, statute, regulation or rule is to the same as amended from time to time, and at any time.

 

ARTICLE II

COVERAGE

 

Section 2.01           Scope
and Basis of Reinsurance.

 

(a)            This
Agreement shall be effective as of 12:00:01 a.m. Eastern Time on the Effective Date.

 

(b)           Cession:

 

(i)            Subject
to the terms, conditions and limits of this Agreement (including the exclusion from coverage of Excluded Liabilities), the Ceding
Company shall automatically cede, and the Reinsurer shall automatically reinsure, on a funds withheld coinsurance and a modified
coinsurance basis, respectively based on the Allocation Percentage, the Reinsured Liabilities (the “Covered Business”).

 

(ii)           Subject
to the terms, conditions and limits of this Agreement (including the exclusion from coverage of Excluded Liabilities), the Ceding
Company shall cede, and the Reinsurer shall reinsure, on a funds withheld coinsurance and a modified coinsurance basis, respectively
based on the Allocation Percentage, the Reinsured Liabilities attributable to those Reinsured Policies described in clause (i) of
the definition of “Reinsured Policies” (the “Reinsured Block”).

 

(c)           Subject
to the terms, conditions and limits of this Agreement (including the exclusion from coverage of Excluded Liabilities), the Reinsurer
shall follow the fortunes of the Ceding Company, and to that end the Reinsurer’s liability for the Reinsured Policies shall
be identical to that of the Ceding Company and shall be subject to the same risks, terms, conditions, interpretations, waivers,
modifications, alterations and cancellations to which the Ceding Company is subject with respect to the Reinsured Policies, subject
in each case to the Ceding Company’s duty to adhere to its obligations pursuant to Article X.

 

(d)           Notwithstanding
anything to the contrary herein, the Reinsurer shall not be liable for any Excluded Liabilities.

 

Section 2.02           Policy
Changes.

 

(a)            The
Ceding Company shall not, without the prior written consent of the Reinsurer, terminate, amend, modify or waive any provision or
provisions of the Reinsured Policies, except to the extent required by applicable Law or the express terms of the Reinsured Policies.

 

    9

     

    

 

(b)           Any
such terminations, amendments, modifications or waivers made without the prior written consent of the Reinsurer shall be disregarded
for purposes of this Agreement, and the reinsurance with respect to the affected Reinsured Policy will continue as if such termination,
amendment, modification or waiver had not been made.

 

Section 2.03           Reinstatement
of Surrendered Policies. If a Reinsured Policy that has been surrendered (other than in connection with a surrender upon maturity)
is reinstated according to its terms and the Ceding Company’s reinstatement policies, the Reinsurer will, upon notification,
automatically reinstate the reinsurance with respect to such Reinsured Policy; provided, that, to the extent that the
reinstatement of such Reinsured Policy requires payment of premiums in arrears or reimbursement of claims paid, the Ceding Company
shall pay to the Reinsurer all Reinsurance Premiums in arrears and Reinsurer shall pay all reimbursements of Reinsured Liabilities
paid on such Reinsured Policy.

 

Section 2.04           Misstatement
of Fact. In the event of a change in the amount payable under a Reinsured Policy due to a misstatement of fact, the Reinsurer’s
liability with respect to such Reinsured Policy will change proportionately. Such Reinsured Policy will be rewritten from commencement
on the basis of the adjusted amounts using premiums and such other terms based on the correct facts, and the proper adjustment
for the difference in Reinsurance Premiums, without interest, will be made.

 

Section 2.05           Non-Guaranteed
Elements. The Ceding Company will be responsible for determining the Non-Guaranteed Elements of the Reinsured Policies in good
faith and consistent with its standard business practices, subject to the Renewal Crediting Rate limitation set forth in Schedule
XV; provided, that the Reinsurer shall be permitted to provide recommendations regarding the Non-Guaranteed Elements
and, to the extent such recommendations comply with applicable Law, generally accepted actuarial standards of practice and the
terms of the Reinsured Policies, the Ceding Company shall not unreasonably take any actions that contravene such recommendations
and shall promptly incorporate such recommendations. Except as set forth in Schedule XV where Reinsurer consent is not required,
(i) if the Ceding Company fails to adopt such recommendations in any material respect, then the Ceding Company shall promptly
notify the Reinsurer in writing of such failure and (ii) the Reinsurer shall not be responsible or liable for any Reinsured
Liabilities resulting from the Ceding Company’s failure or refusal to adopt such recommendations. Crediting Rates shall be
subject to Section 2.06 exclusively and not to this Section 2.05.

 

Section 2.06           Crediting
Rates. The Ceding Company and the Reinsurer shall establish the Crediting Rate on any date of determination as set forth based
on the procedures in Schedule V.

 

Section 2.07           Programs
of Internal Replacement. The Ceding Company shall not solicit, or allow any of its Affiliates to solicit, directly or indirectly,
policy holders of the Reinsured Policies in connection with any program of internal replacement without the prior written consent
of the Reinsurer. The term “program of internal replacement” means any program sponsored or supported by the Ceding
Company or any of its Affiliates that is offered to a class of policy owners and in which a Reinsured Policy or a portion of a
Reinsured Policy is exchanged for another policy that is written by the Ceding Company or any Affiliate of the Ceding Company or
any successor or assignee of any of them.

 

    10

     

    

 

 

Section 2.08         Conservation
Program. Upon the request of the Reinsurer, the Ceding Company shall reasonably cooperate and work with the Reinsurer in good
faith to develop and implement a conservation program with respect to the Reinsured Policies.

 

Section 2.09         Net
Retention. The Ceding Company shall retain net for its own account and unreinsured at least [***] percent ([***]%)
of the Net Statutory Reserves associated with each Reinsured Policy, provided that reinsurance with an Affiliate, including a Protected
Cell of Seneca Reinsurance Company, LLC in which the capital and surplus is contributed or otherwise supplied by an Affiliate of
the Ceding Company, shall be treated as net for the Ceding Company’s own account and unreinsured for purposes of this Section 2.09.

 

Section 2.10         Asset
Reserves. The Ceding Company and the Reinsurer agree that the Asset Reserves shall be ceded to the Reinsurer and maintained
in the ModCo Deposit and/or Funds Withheld Account (as the case may be).

 

Section 2.11         Valuation
of Liabilities. The Ceding Company shall calculate the Net Statutory Reserves with respect to the Reinsured Policies in good
faith in accordance with Nebraska SAP and determined in a manner consistent with the Ceding Company’s historical practices;
provided, that, the Ceding Company shall provide the Reinsurer supporting information promptly upon request and in the event
there is a disagreement with respect to the calculation, the Dispute Resolution procedures herein shall be applied.

 

Section 2.12         Credit
For Reinsurance. In the event the Ceding Company does not receive credit for reinsurance in its statutory financial statements
for the Reinsured Liabilities in the Ceding Company's state of domicile, the Reinsurer shall consent to any commercially reasonable
amendments to this Agreement, and take such commercially reasonable actions as are required, to provide the Ceding Company with
full credit for the reinsurance ceded hereunder in the Ceding Company’s state of domicile (it being agreed that if the Ceding
Company is no longer domiciled in the State of Nebraska and the credit for reinsurance requirements in the Redomesticated Domicile
are in any material respect more burdensome on the Reinsurer than those in the State of Nebraska, then the Reinsurer’s obligations
in this sentence shall be determined with reference to the State of Nebraska rather than the Redomesticated Domicile). If, notwithstanding
the Reinsurer’s commercially reasonable efforts as described in the preceding sentence, the Ceding Company does not receive
credit for reinsurance in its statutory financial statements for the Reinsured Liabilities, the Ceding Company’s sole remedy
shall be to recapture the Reinsured Policies pursuant to Section 11.02(d)(v).

 

Section 2.13         ModCo
Reserves Allocation. The Ceding Company shall retain a proportional amount of reserves related to the Reinsured Liabilities
equal to the Accounts Required Reserves-ModCo.

 

    	 	11	 

     

    

 

Section 2.14         Options
Budget and Payoff for FIA.

 

(a)          With
respect to FIA Reinsured Policies, the Ceding Company shall purchase derivatives in respect of the Reinsured Policies (each, a
 “Hedge” and collectively, the “Hedges”), in the form of futures contracts and equity index
options, to hedge any index risk associated with the Reinsured Policies.

 

(b)         The
Reinsurer shall pay to the Ceding Company for each accounting period, in accordance with Section 7.03, the Quota Share
of all amounts becoming due in connection with the purchase of derivatives by the Ceding Company (the “Option Budget”),
as determined in accordance with Schedule XII.

 

(c)          The
Ceding Company shall pay to the Reinsurer for each accounting period, in accordance with Section 7.03, the Quota Share
of all amounts becoming due and payable to the Ceding Company during the applicable period in connection with the exercise by the
Ceding Company or maturity of any Hedges, whether or not collected (the “Option Payoff”), as defined in Schedule
XII.

 

(d)         The
Option Budget payable by the Reinsurer to the Ceding Company pursuant to subsection (b) above shall be paid without regard
to the actual costs paid by the Ceding Company for the Hedges purchased. The Option Payoff payable by the Ceding Company to the
Reinsurer pursuant to subsection (c) above shall be paid without regard to the actual proceeds received by the Ceding Company
with respect to the Hedges collected. The Ceding Company shall have no obligation to pay to the Reinsurer any portion of the actual
proceeds received by the Ceding Company with respect to the Hedges, or any other amounts in respect of the Hedges, other than the
Option Payoff amounts. For the avoidance of doubt, the Reinsurer has no liability for any hedge effectiveness and hedging is assumed
to be 100% effective for purposes of Settlement.

 

(e)          The
Ceding Company shall use reasonable care in its hedging activities with respect to the Reinsured Policies, and such activities
shall (a) be conducted in good faith and (b) conform with applicable Law.

 

(f)          For
the avoidance of doubt, with respect to a FIA Fixed Interest Account, the Reinsurer shall pay the Option Budget to the Ceding Company
and the Ceding Company shall pay an Option Payoff to the Reinsurer equal to the actual fixed interest rate for such FIA Fixed Interest
Account established by the Ceding Company.

 

Section 2.15         FATCA.

 

(a)          Prior
to any payment being made under this Agreement, the Reinsurer shall provide to the Ceding Company (or the applicable withholding
agent, as defined in Treasury Regulation Section 1.1471-1(b)(147) a valid IRS Form W-8BEN-E or other documentation establishing
that they are not subject to any withholding requirement pursuant to the Foreign Account Tax Compliance Act (Sections 1471-1474
of the Code) (“FATCA”).

 

(b)         The
Reinsurer shall update the forms or other documentation referenced herein upon a change in facts or circumstance rendering such
previously supplied information incorrect. If the Reinsurer has not provided the Ceding Company with updated documentation attesting
to its FATCA compliance within thirty (30) calendar days prior to any premium due date, or becomes non-compliant with FATCA at
any later date, the withholding agent (as defined in Treasury Regulation Section 1.1471-1(b)(147)) shall be entitled to 30%
(or such other percentage as required by law) of any premium payment to the Reinsurer under this Agreement and shall promptly notify
the Reinsurer of such withholding.

 

    	 	12	 

     

    

 

ARTICLE III

REINSURANCE PREMIUMS

 

Section 3.01         Reinsurance
Premiums. The payment of Reinsurance Premiums is a condition precedent to the liability of the Reinsurer under this Agreement.
All Reinsurance Premiums shall be payable in accordance with Section 3.02 on the Initial Settlement Date (if applicable)
and in accordance with Section 7.03.

 

Section 3.02         Initial
Settlement Amount.

 

(a)          On
the Initial Settlement Date, if applicable, the Ceding Company shall transfer to the Funds Withheld Account and/or the ModCo Deposit
(in accordance with the Allocation Percentage) an amount equal to the sum of the Initial Reserve Amount (if any) plus the Initial
Settlement Amount.

 

(b)         The
payment required under Section 3.02(a), if any, shall be effected as follows:

 

(i)            With
regard to the Allocation Percentage attributable to the Funds Withheld Account, the Ceding Company shall pay to the Reinsurer an
amount equal to such Allocation Percentage of the Initial Reserve Amount (if any) plus the Initial Settlement Amount (being [***])
and the Reinsurer shall simultaneously pay to the Ceding Company an initial funds withheld reserve adjustment equal to such amount.
The foregoing net payment shall be effected by the Ceding Company depositing into the Funds Withheld Account, not later than the
close of business on the Initial Settlement Date, assets set forth in Paragraph A of Schedule III-B, the aggregate Statutory
Carrying Value of which as of the Effective Date is equal to the relevant Allocation Percentage of the Initial Reserve Amount (if
any) plus the Initial Settlement Amount, free and clear of all liens; and

 

(ii)           With
regard to the Allocation Percentage attributable to the ModCo Deposit, the Ceding Company shall transfer to the ModCo Deposit an
amount equal to such Allocation Percentage of the Initial Reserve Amount (if any) plus the Initial Settlement Amount (being [***]).
The foregoing deposit shall be effected by the Ceding Company depositing into the ModCo Deposit, not later than the close of business
on the Initial Settlement Date, assets set forth set forth in Paragraph B of Schedule III-B, the aggregate Statutory Carrying
Value of which as of the Effective Date is equal to the relevant Allocation Percentage of the Initial Reserve Amount (if any) plus
the Initial Settlement Amount, free and clear of all liens.

 

(c)          If
a payment is due in accordance with Section 3.02(a), any amount paid and/or deposited pursuant to this Section 3.02
that was calculated using estimated data shall be subject to a customary true-up adjustment promptly after actual data becomes
available.

 

    	 	13	 

     

    

 

ARTICLE IV

CEDING COMMISSION

 

Section 4.01         Ceding
Commission. Except as set forth below in this Section 4.01, the Reinsurer shall pay to the Ceding Company the Ceding
Commission on all Reinsurance Premiums paid to the Reinsurer.

 

Section 4.02         Excise
Tax. In the event that any excise tax is due with respect to any amounts payable by the Ceding Company to the Reinsurer under
this Agreement, the Ceding Company shall pay the entire amount of such excise tax.  The Reinsurer shall reimburse the Ceding
Company for any such excise tax paid by the Ceding Company.

 

ARTICLE V

ADMINISTRATION FEE

 

Section 5.01         Policy
Expenses. The Reinsurer shall pay the ceding company an administrative expense fee (“Policy Expenses”) to
cover the cost of providing all administrative and other services necessary or appropriate in connection with the administration
and distribution (including the product development fee) of the Reinsured Policies and the Reinsured Liabilities, determined in
accordance with Schedule II attached hereto and paid on a monthly basis in accordance with Section 7.03.

 

ARTICLE VI

REINSURED LIABILITIES

 

Section 6.01         Reinsured
Liabilities. Subject to Sections 6.02 and 6.03, the Reinsurer shall pay to the Ceding Company all Losses on Reinsured
Liabilities.

 

Section 6.02         Claims
Settlement.

 

(a)          Subject
to Section 6.02(b) and 6.03, the Ceding Company shall be responsible for the settlement of claims with
respect to the Reinsured Liabilities in accordance with Article X, applicable Law and the terms and conditions of the
Reinsured Policies.

 

(b)         The
Ceding Company shall notify the Reinsurer in writing if the Ceding Company determines that a claim for payment under a Reinsured
Policy either requires investigation or should be contested or denied. The Reinsurer and the Ceding Company shall consult in good
faith regarding the disposition of any such claim. The Reinsurer may, but shall not be required to, recommend to the Ceding Company
how to handle such claim. In the event of any disagreement between the Ceding Company and the Reinsurer as to the validity or amount
of such a claim, the Ceding Company shall have final authority over the disposition of such claim, provided that the Reinsurer
may discharge its payment obligation in respect of such claim by paying the Quota Share Percentage of the claim as originally presented
to the Ceding Company,

 

Section 6.03         Recoveries.
Subject to Section 6.02(b), if the Ceding Company obtains any recoveries in respect of a claim with respect to the
Reinsured Liabilities paid by it in accordance with the terms of any Reinsured Policy, the Ceding Company shall promptly pay to
the Reinsurer such recoveries (“Recoveries”).

 

    	 	14	 

     

    

 

ARTICLE VII

REPORTING AND SETTLEMENTS

 

Section 7.01         Ceding
Company Reporting.

 

(a)          Within
ten (10) Business Days of the Initial Settlement Date and within five (5) Business Days following the end of each calendar
month following the Initial Settlement Date, the Ceding Company shall deliver to the Reinsurer a monthly accounting report (a “Monthly
Accounting Report”) substantially in the form set forth in Exhibit A for such calendar month (a “Monthly
Accounting Period”). The First Monthly Accounting Report shall cover the period from July 1, 2020 through the end
of the first month following the Initial Settlement Date. The parties shall from time to time amend Exhibit A as necessary
to appropriately effectuate the terms and conditions of this Agreement and to ensure the accounting and settlements made hereunder
are correctly computed. The net amount due as set forth in such Monthly Accounting Report shall be due within five (5) Business
Days following the date of delivery of such Monthly Accounting Report.

 

(b)         Within
ten (10) Business Days following the end of each calendar quarter and any Recapture Effective Date, the Ceding Company shall
deliver to the Reinsurer a report setting forth the Asset Reserves as of the end of such calendar quarter or such Recapture Effective
Date, as applicable.

 

(c)          Within
ten (10) Business Days following the end of each Monthly Accounting Period or Recapture Effective Date, the Ceding Company
shall deliver to the Reinsurer, as of the end of such Monthly Accounting Period or the Recapture Effective Date, as applicable,
a report of the Reinsured Policies in the form as mutually agreed by the parties.

 

(d)         The
Ceding Company shall deliver to the Reinsurer, as of the end of such Monthly Accounting Period or the Recapture Effective Date,
as applicable, within ten (10) Business Days following the end of each Monthly Accounting Period or the Recapture Effective
Date, an investment accounting report of the assets held in the Funds Withheld Account, the ModCo Deposit and the Trust Account
which shall include the holdings, Statutory Carrying Value, and such other information agreed to by the parties in each case, on
a CUSIP level.

 

(e)         The
Ceding Company shall deliver to the Reinsurer: (i) within five (5) Business Days following the filing of the Ceding Company’s
unaudited annual statement with the Nebraska Department of Insurance but no later than March 20 of each year, a copy of such
unaudited annual statement; (ii) within five (5) Business Days of the filing of the Ceding Company’s audited
annual statutory financial statements with the Nebraska Department of Insurance but no later than June 20 of each year, a
copy of such annual statutory financial statements; and (iii) within five (5) Business Days following the filing
of the Ceding Company’s unaudited quarterly statutory financial statements with the Nebraska Department of Insurance but
no later than sixty (60) calendar days following the end of each calendar quarter, a copy of such unaudited quarterly statutory
financial statements.

 

(f)          Upon
request, the Ceding Company will, within a reasonable timeframe, promptly provide the Reinsurer with any additional information
related to the Reinsured Policies reasonably available to the Ceding Company and not reasonably available to the Reinsurer which
the Reinsurer requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements.
The Reinsurer will identify and communicate any such requests to the Ceding Company sufficiently in advance of any required deadlines
such that the applicable information and timing for the provision thereof can be mutually agreed by the parties.

 

    	 	15	 

     

    

 

Section 7.02         Reinsurer
Reporting.

 

(a)          The
Reinsurer shall deliver to the Ceding Company: (i) within five (5) Business Days of the filing of the Reinsurer’s
audited annual financial statements with the Cayman Monetary Authority (“CIMA”) but no later than June 20
of each year, a copy of such annual financial statements; (ii) within fifteen (15) Business Days following the end of
each calendar quarter a calculation of its Leverage Measure, and (iii) within five (5) Business Days following the filing
of the Reinsurer’s unaudited quarterly financial statements with CIMA but no later than sixty (60) calendar days following
the end of each calendar quarter, a copy of such unaudited quarterly financial statements.

 

(b)         Upon
request, the Reinsurer will, within a reasonable timeframe, provide the Ceding Company with any additional information related
to the Reinsured Policies available to the Reinsurer and not reasonably available to the Ceding Company which the Ceding Company
reasonably requires in order to complete its financial statements or is otherwise required to comply with regulatory requirements
(if any). The Ceding Company will identify and communicate any such requests to the Reinsurer sufficiently in advance of any required
deadlines such that the applicable information and timing for the provision thereof can be mutually agreed by the parties.

 

Section 7.03         Settlements &
Adjustments.

 

(a)          Following
the Initial Settlement Date, there shall be an adjustment to the Accounts based on the following:

 

(i)            Investment
Performance; Transfers. On a monthly basis, the Funds Withheld Account Balance and the ModCo Deposit Balance, as determined
as of the end of the immediately preceding Monthly Accounting Period shall be:

 

(A)            increased
by the amount of any increase in Statutory Carrying Value of the investments in the applicable Account and any transfers from the
Trust Account as set forth in 7.03(b)(i); and

 

(B)            decreased
by the amount of any reductions in Statutory Carrying Value of the investments in the applicable Account and any transfers to the
Trust Account as set forth in 7.03(b)(ii).

 

(ii)           Additional
Premiums and Other Recoveries. On a weekly basis, the Ceding Company shall deliver into the Accounts the Reinsurance Premiums
and Recoveries received in connection with the Covered Business and Reinsured Block (allocation between the Funds Withheld Account
and the ModCo Deposit shall be in accordance with the Allocation Percentage) and each of the Funds Withheld Account Balance and
the ModCo Deposit Balance, as the case may be, shall be increased by such allocation of Reinsurance Premiums and Recoveries.

 

    	 	16	 

     

    

 

(iii)          Reallocation
Payments. On any day that the Allocation Percentage changes, the Ceding Company may reallocate funds between the Accounts by
making a transfer from one Account to the other and such reallocation shall be reflected in the Funds Withheld Account Balance
and the ModCo Deposit Balance.

 

(iv)          Payments
due from Reinsurer. On any day the Ceding Company may apply funds from the Accounts to pay any net amount due from the Reinsurer
in connection with Losses and as such the Accounts Balance will be decreased by an amount equal to any payments due from the Reinsurer
to the Ceding Company hereunder, such deductions to be allocated between the Accounts according to the Allocation Percentage. All
such deductions will be effectuated in cash or by the liquidation of assets (at the direction of the Investment Manager) in the
applicable Account(s) into cash (in the event there is insufficient cash in the account) in an amount sufficient to pay all
amounts owed by the Reinsurer to the Ceding Company and the transfer of such cash to the Ceding Company in settlement of the payments
due from the Reinsurer to the Ceding Company.

 

(b)         At
the end of each Monthly Accounting Period, following the delivery of each Monthly Accounting Report:

 

(i)            Top-Up
of Accounts.

 

(A)            In
the event the Accounts Required Reserves-Funds Withheld is greater than the Funds Withheld Account Balance, the Reinsurer shall
pay the absolute value of such difference to the Ceding Company within ten (10) Business Days of a demand by the Ceding Company,
and the Ceding Company shall deposit such amounts into the Funds Withheld Account. If the Reinsurer fails to make such payment
within ten (10) Business Days of such demand, the Ceding Company may withdraw the absolute value of such difference from the
Trust Account (in accordance with the terms of the Trust Agreement) and the Ceding Company shall deposit such drawn amounts into
the Funds Withheld Account. Any assets other than cash that are withdrawn from the Trust Account and deposited into the Funds Withheld
Account must satisfy clause (iv) of the definition of Permitted Asset and shall be valued according to Fair Market Value.

 

(B)            In
the event the Accounts Required Reserves-ModCo is greater than the ModCo Deposit Balance, the Reinsurer shall pay the absolute
value of such difference to the Ceding Company within ten (10) Business Days of a demand by the Ceding Company, and the Ceding
Company shall deposit such amounts into the ModCo Deposit. If the Reinsurer fails to make such payment within ten (10) Business
Days of such demand, the Ceding Company may withdraw the absolute value of such difference from the Trust Account (in accordance
with the terms of the Trust Agreement) and the Ceding Company shall deposit such drawn amounts into the ModCo Deposit. Any assets
other than cash that are withdrawn from the Trust Account and deposited into the ModCo Deposit must satisfy clause (iv) of
the definition of Permitted Asset and shall be valued according to Fair Market Value.

 

    	 	17	 

     

    

 

(ii)           Over-Funding
of Accounts Balance.

 

(A)            In
the event the Funds Withheld Account Balance is greater than the Accounts Required Reserves-Funds Withheld, the absolute value
of such difference shall be paid to the Trust Account at the direction of the Reinsurer; provided any payment made hereunder in
assets other than cash shall be at the Fair Market Value of such asset.

 

(B)            In
the event the ModCo Deposit Balance is greater than the Accounts Required Reserves-ModCo, the absolute value of such difference
shall be paid to the Trust Account at the direction of the Reinsurer; provided any payment made hereunder in assets other than
cash shall be at the Fair Market Value of such asset.

 

(c)          Reinsurer’s
Top-Up Obligation. In the event there are insufficient funds in the Trust Account to pay an amount required to be withdrawn
under Section 7.03(b)(i) above, the Reinsurer shall pay the amount of such insufficiency to the Ceding Company
promptly and in any event, within fifteen (15) Business Days, to the account or accounts designated by the Ceding Company; provided
however, in the event the Reinsurer disputes any determinations made by the Ceding Company, then the Reinsurer shall pay the
full amount and the Ceding Company shall deposit such disputed amounts into the Funds Withheld Account or ModCo Deposit (as applicable)
until the calculation is re-determined by the 3rd Party Actuary and the determinations of the 3rd Party Actuary
shall be conclusive absent manifest error (any such payment by the Reinsurer under this Section 7.03(c), a “Reinsurer
Top-Up Payment”).

 

(d)          Other.

 

(i)            The
Reinsurer may at any time withdraw amounts from the Trust Account in accordance with Section 8.03 and the terms of
the Trust Agreement, such amounts to be limited such that after the withdrawal the Leverage Measure will be equal to or greater
than the Minimum Leverage Measure; provided that the Reinsurer shall not be permitted to withdraw assets from the Trust
Account at any time that the Fair Market Value of the [***] Notes exceeds [***]; provided, further, that
the Reinsurer and the Investment Manager shall be permitted to apply cash held in the Trust Account to reduce the balance of the
[***] Notes irrespective of whether the Fair Market Value of the [***] Notes exceeds [***], so long as said reduction
of the balance of the [***] Notes results in an equal amount of cash returning to the Trust Account.

 

(ii)           Except
as otherwise set forth herein, any amount due under this Agreement shall be paid by wire transfer of immediately available funds
to the account or accounts designated by the recipient thereof.

 

    	 	18	 

     

    

 

ARTICLE VIII

THE MODCO DEPOSIT, THE FUNDS

WITHHELD ACCOUNT, THE TRUST ACCOUNT, AND INVESTMENT MANAGEMENT AGREEMENT

 

Section 8.01         ModCo
Deposit.

 

(a)          Prior
to the Initial Settlement Date, the Ceding Company shall establish a modified coinsurance account (the “ModCo Deposit”)
to hold the modified coinsurance deposit on the books and records of the Ceding Company, which shall consist of a custody account
established by the Ceding Company with Wells Fargo Bank N.A. (as custodian of such custody account, the “Custodian”).

 

(b)         The
ModCo Deposit and the assets maintained therein will be owned and maintained by the Ceding Company and will be used exclusively
for the purposes set forth in this Agreement. The assets maintained in the ModCo Deposit shall be invested by the Investment Manager
and consist only of Permitted Assets, and the Permitted Assets shall be valued, for the purposes of this Agreement, according to
their Statutory Carrying Value. For so long as one or more assets in the ModCo Deposit do not comply with the definition of Permitted
Assets as a result of the downgrade of such asset or assets, the Reinsurer shall not be permitted to effect substitutions of any
assets in the ModCo Deposit or withdraw any funds or assets from the Trust Account without the Ceding Company’s prior written
consent.

 

(c)          Notwithstanding
any other provision hereof, assets held in the ModCo Deposit may be withdrawn by the Ceding Company at any time and shall be utilized
and applied by the Ceding Company or any of its successors in interest by operation of law, including any liquidator, rehabilitator,
receiver or conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding Company or the
Reinsurer, only in accordance with Section 7.03.

 

(d)         Determinations
of statutory impairments of assets maintained in the ModCo Deposit shall be made by the Ceding Company and shall be (i) based
upon the statutory rules and guidelines and the impairment policy used by the Ceding Company and its auditors for purposes
of calculating statutory impairments reflected in the Ceding Company’s statutory financial statements and (ii) subject
to consultation between the Investment Manager, the Reinsurer and the Ceding Company. The Ceding Company shall promptly notify
the Reinsurer in writing if the Ceding Company determines that any assets maintained in the ModCo Deposit have become impaired
for purposes of determining Statutory Carrying Value. Such notice shall describe any such assets, the reason for the impairment
and the effect on Statutory Carrying Value of such assets.

 

(e)          The
Ceding Company shall bear the administrative costs and expenses related to the establishment and maintenance of the ModCo Deposit,
including the fees of the Custodian to the extent relating to the ModCo Deposit.

 

    	 	19	 

     

    

 

(f)          The
performance of the assets maintained in the ModCo Deposit, including of all investment income paid or accrued, investment gains
or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.

 

Section 8.02         Funds
Withheld Account.

 

(a)          Prior
to the Initial Settlement Date, the Ceding Company shall establish a funds withheld account (the “Funds Withheld Account”)
to secure the payment liability of the Reinsurer on the books and records of the Ceding Company, which shall consist of a custody
account established by the Ceding Company with the Custodian. For avoidance of doubt, the balance of the Funds Withheld Account
shall be considered a payable to the Reinsurer and as an amount held on behalf of the Reinsurer. The Reinsurer shall consider such
amount as a receivable.

 

(b)         The
Funds Withheld Account and the assets maintained therein will be owned and maintained by the Ceding Company and will be used exclusively
for the purposes set forth in this Agreement. The assets maintained in the Funds Withheld Account shall be invested by the Investment
Manager and consist only of Permitted Assets, and the Permitted Assets shall be valued, for the purposes of this Agreement, according
to their Statutory Carrying Value. For so long as one or more assets in the Funds Withheld Account do not comply with the definition
of Permitted Assets as a result of the downgrade of such asset or assets, the Reinsurer shall not be permitted to effect substitutions
of any assets in the Funds Withheld Account or withdraw any funds or assets from the Trust Account without the Ceding Company’s
prior written consent..

 

(c)          Notwithstanding
any other provision hereof, assets held in the Funds Withheld Account may be withdrawn by the Ceding Company at any time and shall
be utilized and applied by the Ceding Company or any of its successors in interest by operation of law, including any liquidator,
rehabilitator, receiver or conservator of the Ceding Company, without diminution because of insolvency on the part of the Ceding
Company or the Reinsurer, only in accordance with Section 7.03.

 

(d)         Determinations
of statutory impairments of assets maintained in the Funds Withheld Account shall be made by the Ceding Company and shall be (i) based
upon the statutory rules and guidelines and the impairment policy used by the Ceding Company and its auditors for purposes
of calculating statutory impairments reflected in the Ceding Company’s statutory financial statements and (ii) subject
to consultation between the Investment Manager, the Reinsurer and the Ceding Company. The Ceding Company shall promptly notify
the Reinsurer in writing if the Ceding Company determines that any assets maintained in the Funds Withheld Account have become
impaired for purposes of determining Statutory Carrying Value. Such notice shall describe any such assets, the reason for the impairment
and the effect on Statutory Carrying Value of such assets.

 

(e)          The
Ceding Company shall bear the administrative costs and expenses related to the establishment and maintenance of the Funds Withheld
Account, including the fees of the Custodian to the extent relating to the Funds Withheld Account.

 

    	 	20	 

     

    

 

 

(f)          The
performance of the assets maintained in the Funds Withheld Account, including of all investment income paid or accrued, investment
gains or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.

 

Section 8.03         Trust
Account.

 

(a)           Prior
to the Initial Settlement Date, the Ceding Company and the Reinsurer shall establish a trust account (the “Trust Account”)
with U.S. Bank, National Association (as trustee of such Trust Account, the “Trustee”) with the Reinsurer as
grantor thereof, and the Ceding Company as beneficiary. The Trust Account shall initially contain certain capital assets of the
Reinsurer (which prior to the Initial Settlement Date shall be set out in Schedule XIII and such additional amounts as distributed
in accordance with Section 7.03.

 

(b)           The
Reinsurer expects to contribute additional amounts to the Trust Account as set out in Schedule XIII. The maximum amount
the Reinsurer is required to deposit into the Trust Agreement, inclusive of any amount deposited as of the Effective Date or the
date of execution of this Agreement, is [***].

 

(c)            The
assets maintained in the Trust Account shall be invested by the Investment Manager and consist only of Permitted Assets. For so
long as an asset or assets in the Trust Account do not comply with the definition of Permitted Assets as a result of the downgrade
of such asset or assets, the Reinsurer shall not be permitted to effect substitutions of assets in the Trust Account or withdraw
funds or assets from the Trust Account without the Ceding Company’s prior written consent.

 

(d)           Subject
to the requirements of the Trust Agreement, assets held in the Trust Account may be withdrawn by the Reinsurer at any time, and
from time to time for any lawful purpose, in accordance with the Trust Agreement.

 

(e)            The
administrative costs and expenses related to the establishment and maintenance of the Trust Account shall be paid out of the assets
of the Trust Account.

 

(f)             The
performance of the assets maintained in the Trust Account, including of all investment income paid or accrued, investment gains
or losses, defaults and/or statutory impairments, will inure to the sole benefit or cost of the Reinsurer.

 

(g)             The
Reinsurer shall be obligated to deposit assets into the Trust Account as required by the Trust Agreement. Assets may be withdrawn
from the Trust Account only in accordance with the provisions of the Trust Agreement.

 

Section 8.04            Excess
Withdrawals.

 

(a)             The
Ceding Company shall return to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable), amounts which are
withdrawn in excess of amounts required or permitted under Section 7.03 or otherwise in this Agreement (“Excess
Withdrawals”) immediately upon becoming aware of such Excess Withdrawal. In the event of an Excess Withdrawal, the Ceding
Company shall return to the Account or Trust Account from which such amounts were withdrawn the specific assets withdrawn in excess
of the amounts required or permitted under Section 7.03, together with any realized interest or other income thereon,
all in a manner such that the Reinsurer is restored to the position it would have been in if the Excess Withdrawal had not occurred.
To the extent that the Excess Withdrawal was composed of cash, the Ceding Company shall return the amount of such cash plus interest
thereon at a rate per annum equal to Delayed Payment Rate, from the date of withdrawal to but excluding the date on which the Excess
Withdrawal is returned to the Funds Withheld Account, ModCo Deposit and/or Trust Account
(as applicable). Until such amounts are so returned, such amounts shall be deemed to be held in trust by the Ceding Company for
the benefit of the Reinsurer.

 

    21 

     

    

 

(b)         The
balance of the amount held or required to be so held in trust separate and apart as of any date of determination shall be an amount
(the “Excess Withdrawal Amount”) equal to (i) the amount withdrawn from the Funds Withheld Account, ModCo
Deposit and/or Trust Account (as applicable) in excess of amounts required or permitted under Section 7.03 minus
(ii) any amounts applied by the Ceding Company therefrom for purposes required or permitted under Section 7.03
or returned to the Funds Withheld Account, ModCo Deposit and/or Trust Account (as applicable) plus (iii) any realized
interest or other income on the withdrawn assets plus interest on any cash amount as determined in accordance with Section 8.04(a).

 

Section 8.05          Investment
Management Agreement.

 

(a)           Pursuant
to an investment management agreement (the “Investment Management Agreement”), the Ceding Company shall appoint
the Investment Manager as investment manager to provide investment management services with respect to the assets maintained in
the ModCo Deposit and the Funds Withheld Account. The Ceding Company shall not amend, modify or change the terms of the Investment
Management Agreement, including the Investment Guidelines attached as an exhibit thereto, or remove or replace the Investment Manager
without the prior written consent of the Reinsurer, such consent not to be unreasonably withheld. If the Ceding Company and the
Reinsurer agree to any amendments, modifications or changes to the investment management agreement, then the Ceding Company shall
propose such changes in writing to the Investment Manager in accordance with the terms of the Investment Management Agreement.
The Ceding Company shall not propose any additional limitations (including with respect to asset allocations) on the assets maintained
in the ModCo Deposit or the Funds Withheld Account without the prior written consent of the Reinsurer. In the event that the Investment
Manager is removed or resigns, the Ceding Company and the Reinsurer shall mutually agree (in good faith) on a replacement investment
manager. The replacement investment manager shall accept its appointment by entering into an investment management agreement in
a form acceptable to the Ceding Company and the Reinsurer.

 

(b)            Pursuant
to an investment management agreement (the “Trust IMA”), the Reinsurer shall appoint the Investment Manager
to provide investment management services with respect to the assets maintained in the Trust Account. The Reinsurer shall not amend,
modify or change the terms of the Trust IMA, including the Investment Guidelines attached as an exhibit thereto, or remove or replace
the Investment Manager without the prior written consent of the Ceding Company, such consent not to be unreasonably withheld. If
the Ceding Company and the Reinsurer agree to any amendments, modifications or changes to the investment management agreement,
then the Reinsurer shall propose such changes in writing to the Investment Manager in accordance with the terms of the Trust IMA.
The Reinsurer shall not propose any additional limitations (including with respect to asset allocations) on the assets maintained
in the Trust Account without the prior written consent of the Ceding Company. In the event that the Investment Manager is removed
or resigns, the Ceding Company and the Reinsurer shall mutually agree (in good faith) on a replacement investment manager. The
replacement investment manager shall accept its appointment by entering into an investment management agreement in a form acceptable
to the Ceding Company and the Reinsurer.

 

    22 

     

    

 

ARTICLE IX

RESERVED

 

ARTICLE X

ADMINISTRATION

 

Section 10.01         Policy
Administration. The Ceding Company shall provide all required, necessary and appropriate claims, administrative and other services,
including reporting under Article VII, with respect to the Reinsured Policies and the Accounts. The Ceding Company
shall conduct its administration and claims practices with respect to the Reinsured Policies (a) with a level of skill, diligence
and expertise that would reasonably be expected from experienced and qualified personnel performing such duties in similar circumstances,
(b) in accordance with applicable Law and the terms of the Reinsured Policies, and (c) in a manner no less favorable
to the Reinsurer and the Reinsured Policies than those used by the Ceding Company with respect to other policies of the Ceding
Company not reinsured by the Reinsurer hereunder or other hedges of the Ceding Company. The Ceding Company shall not outsource
any administrative functions or claims administration to a non-Affiliate with respect to the Reinsured Policies or this Agreement
without the prior written consent of the Reinsurer, such consent not to be unreasonably withheld. If the Reinsurer consents to
any outsourcing of any administrative functions or claims administration with respect to the Reinsured Policies or this Agreement,
the Ceding Company shall secure the Reinsurer’s right to audit and inspect the party performing such outsourced services.
If the Ceding Company is adjudicated pursuant to the Dispute Resolution provisions of this Agreement
to have persistently and materially breached its administration obligations set forth in this Section 10.01, the Reinsurer
may require the Ceding Company to appoint and retain, at the Ceding Company’s expense, a professional third party administrator
that is acceptable to the Reinsurer and has appropriate experience in the administration of annuity reinsurance claims (a “Substitute
Administrator”) to perform such administration obligations on behalf of the Ceding Company; provided
that the Reinsurer shall have obtained the prior written unanimous approval of all Third-Party Reinsurers
of the appointment and retention of the Substitute Administrator. Any Substitute Administrator shall provide written evidence that
it has obtained (and maintains in force) errors & omissions insurance policies with insurance coverage of at least [***]
.

 

Section 10.02        Record-Keeping.

 

(a)           Each
of the Ceding Company and Reinsurer shall maintain all records and correspondence for services performed by such party hereunder
relating to the Reinsured Policies in accordance with industry standards of insurance record- keeping. In addition, such records
shall be made available for examination, audit, and inspection by the other party, or the department of insurance of any jurisdiction
within which either the Ceding Company or the Reinsurer operates. The Ceding Company and the Reinsurer further agree that in the
event of the termination of this Agreement, any such records in the possession of the Reinsurer shall promptly be duplicated and
forwarded to the Ceding Company unless otherwise instructed.

 

    23 

     

    

 

(b)         The
Ceding Company shall establish and maintain an adequate system of internal controls and procedures for financial reporting relating
to the Reinsured Policies and the Accounts, including associated documentation, and shall make such documentation available for
examination and inspection by the Reinsurer. All reports provided by the Ceding Company pursuant to Article VII shall
be prepared in accordance with such system and procedures and shall be consistent with the Ceding Company’s books and records.

 

ARTICLE XI

TERM AND TERMINATION

 

Section 11.01        Duration
of Agreement. This Agreement shall continue in force until:

 

(a)           Such
time as the Ceding Company has no further liabilities or obligations with respect to the Reinsured Liabilities;

 

(b)           Such
time as this Agreement is terminated as to new business as set forth in Schedule V; or

 

(c)           The
Agreement is terminated by mutual agreement of the parties.

 

Section 11.02        Recapture.

 

(a)           Neither
party shall be permitted to cause a recapture of the Reinsured Policies except in accordance with this Section 11.02.
For the avoidance of doubt, neither party shall be permitted to cause a partial recapture of the Reinsured Policies pursuant to
this Section 11.02 other than as set out in Section 11.02(c).

 

(b)           Recapture
for Non-Payment. Either party may cause the Reinsured Policies to be recaptured in full and this Agreement to be terminated
as to all Reinsured Policies if the other party fails to pay any amounts due under this Agreement within thirty (30) calendar days
following written notice of non-payment from the non-defaulting party.

 

(c)           Recapture
of Renewals. In the event that this Agreement has been terminated with respect to new business under Section 11.01(b),
the Ceding Company may recapture any Reinsured Policy under this Agreement that is either subject to a renewal under its terms
for MYGAs (starting on the 10th anniversary of each MYGA policy) or out of its surrender charge period for FIAs; provided the Ceding
Company must provide notice to the Reinsurer no later than ten (10) Business Days prior to the maturity date of each such
Reinsured Policy. If the Ceding Company so elects to recapture, it must recapture all future renewed Reinsured Policies.

 

(d)           Recapture
by Ceding Company for Other Material Breach. In addition to all of the other recapture rights set forth in this Agreement,
the Ceding Company may terminate this Agreement and recapture all of the Reinsured Policies, if:

 

		(i)	the Reinsurer ceases doing business;

 

    24 

     

    

 

		(ii)	the Reinsurer fails to be authorized for reinsurance in its country of domicile;

 

		(iii)	the Reinsurer (A) is held guilty or liable for fraud, embezzlement, or other intentional wrongful
acts or (B) is found by a Governmental Entity after exhaustion or cessation of all avenues of appeal and review to have violated
a material regulatory requirement imposed by the insurance supervisory authority in its country of domicile;

 

		(iv)	the Reinsurer fails to make any payment, funding or contribution required hereunder (including
a failure to make a Reinsurer Top-Up Payment) within the cure period specified in Section 7.03(c); or

 

		(v)	the Ceding Company does not receive full credit for reinsurance of the Reinsured Liabilities in
its state of domicile.

 

(e)           Recapture
for Insolvency of Reinsurer. The Ceding Company may terminate this Agreement and recapture all of the Reinsured Policies in
the event that the Reinsurer becomes insolvent (as set forth in Article XIV) by promptly providing the Reinsurer or
its Authorized Representative with written notice of recapture, to be effective as of the date on which the Reinsurer’s insolvency
is established by the authority responsible for such determination. Any requirement for a notification period prior to the termination
of this Agreement shall not apply under such circumstances.

 

Section 11.03        Recapture
Payment.

 

(a)           In
the event the Reinsured Policies are recaptured in full (including if this Agreement is rejected by any liquidator, receiver, rehabilitator,
trustee or similar Person acting on behalf of the Ceding Company (a “Receiver”)), a net accounting and settlement
as to any balance due under this Agreement shall be undertaken by the Ceding Company which calculations shall be as of the Recapture
Effective Date in an amount equal to the net result of the following, in each case calculated as of the Recapture Effective Date
(the “Recapture Payment”):

 

(i)             the
net amount due to the Ceding Company or the Reinsurer, as applicable, pursuant to Sections 7.03(a) and (b);
and

 

(ii)            if
the Ceding Company is electing to recapture solely pursuant to Section 11.02(d)(v) and there is no basis to recapture
under Section 11.02(b) or clauses (i), (ii), (iii) or (iv) of Section 11.02(d), an amount
payable to the Reinsurer equal to the aggregate amount of Ceding Commissions paid by the Reinsurer that are unearned by the Ceding
Company as of the Recapture Effective Date, where Ceding Commissions shall be considered earned on a straight-line basis and considered
fully earned on the scheduled maturity date of the applicable Reinsured Policy (or renewal thereof, if applicable).

 

    25 

     

    

 

(b)         Within
ten (10) Business Days following the later of the Recapture Effective Date or becoming aware that a recapture event has occurred,
the Ceding Company shall deliver to the Reinsurer a final Monthly Accounting Report starting as of the prior Monthly Accounting
Report and ending on the Recapture Effective Date together with the amount calculated pursuant to clause (ii) of the preceding
sentence (as applicable) (the “Terminal Accounting Report”), and all amounts required to be paid in connection
with the final settlement (including all Account Adjustments and Reinsurer Top-Up Payments) set forth in such Terminal Accounting
Report shall be paid in accordance with Section 7.03 as if the Recapture Effective Date were the end of the month.
In addition to all amounts required to be paid in connection with the final settlement, the Reinsurer shall pay an amount equal
to the Accounts Required Reserves to the Ceding Company, such payment to be effectuated by the Ceding Company retaining assets
in the Accounts with an aggregate Statutory Carrying Value equal to the Accounts Required Reserves. Following the making of all
payments required to be made by the Reinsurer hereunder (including any Account Adjustments and/or Reinsurer Top-Up Payments and
the payment of the Accounts Required Reserves to the Ceding Company) any remaining assets in the Accounts or the Trust Account
shall be delivered to one or more accounts as directed by the Reinsurer.

 

(c)           Either
party’s right to terminate the reinsurance provided hereunder will not prejudice its right to collect amounts owed to it
hereunder, including applicable interest as specified in Section 17.02, for the period during which such reinsurance
was in force, through and including any notice period.

 

(d)           In
the event of a renewal recapture under Section 11.02(c), the Reinsured Liability with respect to such Reinsured Policy
shall be extinguished upon the Reinsurer’s settlement of those items in Section 7.03 and the payment of the Quota
Share of the Net Statutory Reserves with respect to the recaptured policy (such payment to be effectuated by the Ceding Company
retaining assets in the Accounts with an aggregate book value equal to the Net Statutory Reserves), and in each case, solely related
to such Reinsured Policy.

 

(e)            For
the avoidance of doubt, in the event this Agreement terminates for new business pursuant to Section 11.01 Reinsurer
shall remain liable for the Reinsured Policies ceded hereunder in accordance with the terms of this Agreement. Reinsurer shall
not be liable for any risks arising after the recapture date of any recaptured Reinsured Policies as provided for in Section 11.02.

 

Section 11.04         Survival.
All provisions of this Agreement will survive any termination of this Agreement and recapture of the Reinsured Policies to the
extent necessary to carry out the purpose of this Agreement.

 

ARTICLE XII

ERRORS AND OMISSIONS

 

Section 12.01          Errors
and Omissions. Any unintentional or accidental failure to comply with the terms of this Agreement which can be shown to be
the result of an oversight or clerical error relating to the administration of reinsurance by either party will not constitute
a breach of this Agreement; provided, that, upon discovery, the error shall be promptly corrected so that both parties
are restored to the position they would have occupied had the oversight or clerical error not occurred. In the event a payment
is corrected, the party receiving the payment shall be entitled to interest in accordance with Section 17.02. Should
it not be possible to restore both parties to this position, the party responsible for the oversight or clerical error will be
responsible for any resulting liabilities and expenses.

 

    26 

     

    

 

ARTICLE XIII

DISPUTE RESOLUTION

 

Section 13.01         Negotiation.

 

(a)            Within
fifteen (15) calendar days after the Reinsurer or the Ceding Company has given the other party written notification of a specific
dispute arising out of or relating to this Agreement, each party will appoint a designated officer of its company to attempt to
resolve such dispute. The officers will meet at a mutually agreeable time and location as soon as reasonably possible and as often
as reasonably necessary in order to gather and furnish the other with all appropriate and relevant information concerning the dispute.
Any such meetings may be held by telephone or video conference. The officers will discuss the matter in dispute and will negotiate
in good faith without the necessity of formal arbitration proceedings. During the negotiation process, all reasonable requests
made by one officer to the other for information will be honored. The specific format for such discussions will be decided by the
designated officers.

 

(b)            If
the officers cannot resolve the dispute within thirty (30) calendar days of their first meeting, the dispute will be submitted
to formal arbitration pursuant to Section 13.02, unless the parties agree in writing to extend the negotiation period
for an additional thirty (30) calendar days.

 

Section 13.02         Arbitration;
Waiver of Trial by Jury.

 

(a)            It
is the intention of the Reinsurer and the Ceding Company that the customs and practices of the insurance and reinsurance industry
will be given full effect in the operation and interpretation of this Agreement. If the Reinsurer and the Ceding Company cannot
mutually resolve a dispute that arises out of or relates to this Agreement, including the validity of this Agreement, and the dispute
cannot be resolved through the negotiation process, then the dispute will be finally settled by arbitration in accordance with
the provisions of this Section 13.02.

 

(b)            To
initiate arbitration, either the Ceding Company or the Reinsurer will notify the other party by certified mail of its desire to
arbitrate, stating the nature of the dispute and the remedy sought.

 

(c)            Any
arbitration pursuant to this Section 13.02 will be conducted before a panel of three (3) arbitrators who will
be current or former officers of life insurance or reinsurance companies other than officers or directors of the parties to this
Agreement, their Affiliates or subsidiaries, or other professionals with experience in life insurance or reinsurance; provided,
that such professionals shall not have performed services for either party or its Affiliates within the previous three (3) years.
Each of the arbitrators will be familiar with the prevailing customs and practices for reinsurance in the life insurance and reinsurance
industry in the United States. Each of the parties will appoint one arbitrator and the two (2) so appointed will select the
third arbitrator who shall be independent and impartial. If either party refuses or fails to appoint an arbitrator within sixty
(60) calendar days after the other party has given written notice to such party of its arbitrator appointment, the party that has
given notice may appoint the second arbitrator. If the two (2) arbitrators do not agree on a third arbitrator within thirty
(30) calendar days of the appointment of the second arbitrator, then the third arbitrator shall be selected by the ARIAS-U.S. Umpire
Selection Procedure (available at www.ARIAS-US.org), subject to the arbitrator qualification requirements of this paragraph.

 

    27 

     

    

 

(d)          Each
arbitration hearing under this Agreement will be held on the date set by the arbitrators at a mutually agreed upon location. In
no event will this date be later than six (6) months after the appointment of the third arbitrator. As soon as possible, the
arbitrators will establish arbitration procedures as warranted by the facts and issues of the particular case. Notwithstanding
Section 17.17, the arbitration and this Section 13.02 shall be governed by Title 9 (Arbitration) of the
United States Code.

 

(e)           The
arbitrators will base their decision on the terms and conditions of this Agreement and the customs and practices of the insurance
and reinsurance industries rather than on strict interpretation of the law. The decision of the arbitrators will be made by majority
rule and will be final and binding on both parties, unless (i) the decision was procured by corruption, fraud or other
undue means; (ii) there was evident partiality by an arbitrator or corruption in any of the arbitrators or misconduct
prejudicing the rights of any party; or (iii) the arbitrators exceeded their powers. Subject to the preceding sentence,
neither party may seek judicial review of the decision of the arbitrators. The arbitrators shall enter an award which shall do
justice between the parties and the award shall be supported by written opinion. The parties agree that the federal courts in the
State of Nebraska, or the State courts of such State, have jurisdiction to hear any matter relating to compelling arbitration or
enforcing the judgment of an arbitral panel, and the parties hereby consent to such jurisdiction. Each party hereby waives, to
the fullest extent permitted by Law, any objection it may now or hereafter have to the laying of such venue, or any claim that
a proceeding has been brought in an inconvenient forum. In addition, the Ceding Company and the Reinsurer hereby consent to service
of process out of such courts at the addresses set forth in Section 17.06.

 

(f)           Unless
the arbitrators decide otherwise, each party will bear the expense of its own arbitration activities, including its appointed arbitrator
and any outside attorney and witness fees. The parties will jointly bear the expense of the third arbitrator.

 

(g)           Waiver
of Trial by Jury. THE REINSURER AND THE CEDING COMPANY HEREBY WAIVE ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY MATTER ARISING
OUT OF OR RELATING TO THIS AGREEMENT.

 

ARTICLE XIV

INSOLVENCY

 

Section 14.01         Insolvency.

 

(a)           A
party to this Agreement will be deemed “insolvent” when it:

 

(i)            applies
for or consents to the appointment of a receiver, rehabilitator, conservator, liquidator or statutory successor (the “Authorized
Representative”) of its properties or assets;

 

(ii)            is
adjudicated as bankrupt or insolvent;

 

    28 

     

    

 

(iii)          files
or consents to the filing of a petition in bankruptcy, seeks reorganization or an arrangement with creditors or takes advantage
of any bankruptcy, dissolution, liquidation, rehabilitation, conservation or similar Law;

 

(iv)          becomes
the subject of an order to rehabilitate or an order to liquidate as defined by the insurance code of the jurisdiction of the party’s
domicile.

 

(v)           In
the event of the insolvency of either party, the rights or remedies of this Agreement will remain in full force and effect.

 

(b)           Insolvency
of the Ceding Company. In the event of the insolvency, liquidation or rehabilitation of the Ceding Company or the appointment
of a liquidator, receiver or statutory successor of the Ceding Company, the reinsurance coverage provided hereunder shall be payable
by the Reinsurer directly to the Ceding Company or to its liquidator, receiver or statutory successor except (1) when the
contract or other written agreement specifically provides another payee of such reinsurance in the event of the insolvency of the
ceding insurer or (2) when the assuming insurer, with the consent of the direct insured, has assumed such policy obligations
of the ceding insurer as direct obligations of the assuming insurer to the payees under such policies and in substitution for the
obligations of the ceding insurer to such payees, on the basis of the liability of the Ceding Company for the Reinsured Liabilities
without diminution because of such insolvency, liquidation, rehabilitation or appointment or because such liquidator, receiver
or statutory successor has failed to pay any claims or any portion thereof. In any such event, the reinsurance being provided hereunder
shall be payable immediately upon demand, with reasonable provision for verification, on the basis of claims allowed against the
Ceding Company by any court of competent jurisdiction or by any liquidator, receiver or statutory successor. In any such event,
the liquidator, receiver or statutory successor of the Ceding Company shall give written notice to the Reinsurer of the pendency
of each claim against the Ceding Company with respect to such Reinsured Liabilities within a reasonable time after each such claim
is filed in the insolvency, liquidation or rehabilitation proceeding. During the pendency of any such claims, the Reinsurer may,
at its own expense, investigate such claim and interpose in the proceeding in which such claim is to be adjudicated any defense
or defenses that the Reinsurer may reasonably deem available to the Ceding Company or its liquidator, receiver or statutory successor.
For the avoidance of doubt, the Reinsurer will be liable only for benefits reinsured as benefits become due under the terms of
the Reinsured Policies and will not be or become liable for any amounts or reserves to be held by the Ceding Company as to the
Reinsured Policies or for any damages or payments resulting from the termination or restructuring of the Reinsured Policies, in
each case, that are not otherwise expressly covered by this Agreement.

 

ARTICLE XV

TAXES

 

Section 15.01         Taxes.
No taxes, allowances, or other expenses will be paid by the Reinsurer to the Ceding Company for any Reinsured Policy, except as
specifically referred to in this Agreement.

 

Section 15.02         DAC
Tax Election.

 

    29 

     

    

 

(a)           The
Ceding Company and the Reinsurer agree to elect, pursuant to U.S. Treasury Regulations Section 1.848-2(g)(8), to determine
specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of
the Code (the "DAC Tax Election").

 

(b)           This
DAC Tax Election will be effective for the first taxable year in which this Agreement is effective and for all years for which
this Agreement remains in effect, and each party agrees that is will take no action to revoke such DAC Tax Election.

 

(c)           The
party with the net positive consideration for this Agreement for each taxable year will capitalize specified policy acquisition
expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the
Code.

 

(d)           The
parties agree to sign the DAC Tax Election in the format provided in Schedule VI upon the execution of this Agreement.

 

(e)           The
parties agree to exchange information pertaining to the amount of net consideration under this Agreement each year to ensure consistency.
If requested, the Ceding Company will provide supporting information reasonably requested by the Reinsurer. (The term "net
consideration" means "net consideration" as defined in Regulation Section 1.848-2(f)).

 

(f)            The
Ceding Company and the Reinsurer will each attach a schedule to their respective federal income tax returns filed for the first
taxable year for which this DAC Tax Election is effective, and each year thereafter. Such schedules will identity the Agreement
as a reinsurance agreement for which the DAC Tax Election under Regulation Section 1.8482(g)(8) has been made.

 

(g)           The
Ceding Company and the Reinsurer represent and warrant that each is respectively subject to U.S. taxation under with the provision
of subchapter L of Chapter 1 or the provisions of subpart F of subchapter N of Chapter 1 of the Code.

 

Section 15.03         US
Taxpayer. Both the Ceding Company and the Reinsurer are U.S. taxpayers that are corporations for United States federal income
tax purposes and are “United States persons” within the meaning of Section 7701(a)(30) of the Code.

 

ARTICLE XVI

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 16.01         Representations
and Warranties of the Ceding Company. The Ceding Company hereby represents and warrants to the Reinsurer, as of the Effective
Date, as follows:

 

(a)             Organization
and Qualification. The Ceding Company is a corporation duly incorporated, validly existing and in good standing under the Laws
of the State of Nebraska and has all requisite corporate power and authority to operate its business as now conducted, and is duly
qualified as a foreign corporation to do business, and, to the extent legally applicable, is in good standing, in each jurisdiction
where the character of its owned, operated or leased properties or the nature of its activities makes such qualification necessary,
except for failures to be so qualified or be in good standing that, individually or in the aggregate, do not have, and would not
reasonably be expected to have, a material adverse effect on the Ceding Company’s ability to perform its obligations under
this Agreement.

 

    30 

     

    

 

(b)           Authorization.
The Ceding Company has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its
obligations under, this Agreement. The execution and delivery by the Ceding Company of this Agreement, and the consummation by
the Ceding Company of the transactions contemplated by, and the performance by the Ceding Company of its obligations under, this
Agreement have been duly authorized by all requisite corporate action on the part of the Ceding Company. This Agreement has been
duly executed and delivered by the Ceding Company, and (assuming due authorization, execution and delivery by the Reinsurer) this
Agreement constitutes the legal, valid and binding obligation of the Ceding Company, enforceable against it in accordance with
its terms, subject to the effect of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar Laws relating
to or affecting creditors’ rights generally.

 

(c)           No
Conflict. The execution, delivery and performance by the Ceding Company of, and the consummation by the Ceding Company of the
transactions contemplated by, this Agreement do not and will not (i) violate or conflict with the organizational documents
of the Ceding Company, (ii) conflict with or violate any Law or Permit of any Governmental Entity applicable to the Ceding
Company or by which it or its properties or assets is bound or subject, or (iii) result in any breach of, or constitute a
default (or event which, with the giving of notice or lapse of time, or both, would become a default) under, or give to any Person
any rights of termination, acceleration or cancellation of, any agreement, lease, note, bond, loan or credit agreement, mortgage,
indenture or other instrument, obligation or contract of any kind to which the Ceding Company or any of its subsidiaries is a party
or by which the Ceding Company or any of its subsidiaries or any of their respective properties or assets is bound or affected,
except, in the case of clause (iii), any such conflicts, violations, breaches, loss of contractual benefits, defaults or rights
that, individually or in the aggregate, do not have, and would not reasonably be expected to have, a material adverse effect on
the Ceding Company’s ability to perform its obligations under this Agreement.

 

(d)           Factual
Information Relating to the Reinsured Policies. The information relating to the business reinsured under this Agreement and
the Reinsured Policies that was supplied by or on behalf of the Ceding Company to the Reinsurer or any of the Reinsurer’s
representatives in connection with this Agreement, including information with respect to the historical practices of the Ceding
Company (such information, the “Factual Information”), as of the date supplied (or if later corrected or supplemented
prior to the date hereof, as of the date corrected or supplemented), was complete and accurate in all material respects taken as
a whole, as of the date of such information, provided that the Ceding Company makes no representation or warranty with respect
to any projection, model, methodology, forecasting, analysis, assumption or estimate other than that the projections, models, methodologies,
forecasts, analyses, assumptions or estimates on the basis of which such projection, model, methodology, forecasting, analysis,
assumption or estimate were prepared (i) are reasonable and (ii) were prepared in good faith and in accordance with sound
actuarial principles. The Ceding Company makes no representation or warranty as to the sufficiency or adequacy of any reserves
or the future profitability of the Reinsured Policies. Any actuarial data included in the Factual Information was compiled in accordance
with generally accepted actuarial principles in all material respects given the intended purpose at the time compiled. The Factual
Information was compiled in a commercially reasonable manner given its intended purpose. The Ceding Company is not aware of any
omissions, errors, changes or discrepancies that would materially affect the Factual Information since such date of supply, correction
or supplement.

 

    	 	31	 

     

    

 

(e)           Solvency.
The Ceding Company is and will be Solvent on a statutory basis immediately after giving effect to this Agreement. For the purposes
of this Section 16.01(e), “Solvent” means that: (i) the aggregate assets of the Ceding Company
are greater than the aggregate liabilities of the Ceding Company, in each case determined in accordance with Nebraska SAP;
(ii) the Ceding Company does not intend to, and does not believe that it will, incur debts or other liabilities beyond its
ability to pay such debts and other liabilities as they come due; and (iii) the Ceding Company is not engaged in a business
or transaction, and does not contemplate engaging in a business or transaction, for which the Ceding Company’s assets would
constitute unreasonably insufficient capital.

 

(f)            Governmental
Licenses. The Ceding Company has all Permits necessary to conduct its business as currently conducted and execute and deliver,
and perform its obligations under, this Agreement, except in such cases where the failure to have a Permit has not had and would
not reasonably be expected to have a material adverse effect on the Ceding Company’s ability to perform its obligations under
this Agreement. All Permits that are material to the conduct of the Ceding Company’s business are valid and in full force
and effect.

 

(g)           Actions.
The Ceding Company has not received any notice from any Governmental Entity alleging any violation of any applicable Law by the
Ceding Company that would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsured
Policies or the Ceding Company’s ability to satisfy its obligations hereunder. The Ceding Company is not subject to any pending
Action or, to the knowledge of the Ceding Company, any threatened Action that seeks the revocation, suspension, termination, modification
or impairment of any Permit that, if successful, would reasonably be expected to have, or with the passage of time become, a material
adverse effect on the Ceding Company’s ability to perform its obligations under this Agreement. There is no outstanding order,
decree (including a consent decree), judgment, writ, injunction, directive, decision, award, stipulation, or ruling by or with
any Governmental Entity, arbitrator or arbitration board binding upon the Ceding Company, except as would not reasonably be expected
to have a material adverse effect on the Reinsured Policies or the Ceding Company’s ability to satisfy its obligations hereunder.

 

(h)           Accounts.
Each Account has been maintained in accordance with applicable Law. No plan of operations with respect to the Accounts was required
to be filed and approved by any Governmental Entity.

 

(i)            Broker
Fees. No intermediary, broker or finder has acted directly or indirectly for the Ceding Company, nor has the Ceding Company
incurred any obligations to pay any intermediary, brokerage or finder’s fee or other commission, in connection with the transactions
contemplated by this Agreement.

 

    	 	32	 

     

    

 

Section 16.02        Representations
and Warranties of the Ceding Company in Respect of the In Force Reinsured Policies. In respect of, and limited to, the In Force
Reinsured Policies (if any), the Ceding Company hereby represents and warrants to the Reinsurer, as of the Effective Date, as follows:

 

(a)           Accuracy
of Data. The Ceding Company is not aware of any material errors inaccuracies or discrepancies in respect of the data described
in Schedule IX.

 

(b)           Statutory
Reserves. Subject to the next sentence, the Net Statutory Reserves as of the Effective Date (i) have been computed by
the Ceding Company for purposes hereof in accordance with generally accepted actuarial principles and practices applicable to the
Ceding Company, consistently applied, and are fairly stated in accordance with Nebraska SAP; (ii) are based on actuarial assumptions
which produce reserves at least as great as those called for in any In Force Reinsured Policy provision; and (iii) include
provision for all actuarial reserves and related statement items which ought to be established by the Ceding Company pursuant to
Nebraska SAP, including additional reserves for benefits that may be included in rider provisions. On certain monthly reports,
the Ceding Company uses estimates for Net Statutory Reserves, which are adjusted and trued up quarterly based on its actuary’s
calculations.

 

(c)           Form of
Contracts. All In Force Reinsured Policies have been issued substantially in the form of one of the specimen policy forms provided
to the Reinsurer and listed in Schedule I, without any riders thereto or other deviations therefrom except as expressly
disclosed to the Reinsurer in writing. All In Force Reinsured Policies comply with applicable Laws in all material respects, including
with respect to applicable rate and form filing requirements under applicable Law.

 

(d)          Administration.
The Ceding Company has administered and provided policy holders and claims servicing with respect to the In Force Reinsured Policies
since their respective dates of issuance in a manner consistent in all material respects in accordance with the standards set forth
in the second sentence of Section 10.1.

 

(e)           Compliance
with Applicable Law. The Ceding Company has filed all material reports, registrations, filings or submissions required to be
filed with any Governmental Entity with respect to the In Force Reinsured Policies or the issuance or administration thereof. All
such reports, registrations, filings or submissions were in compliance in all material respects with applicable Law when filed
or as amended or supplemented, and no material deficiencies have been asserted by any such Governmental Entity with respect to
such registrations, filings or submissions that have not been satisfied or resolved, except in each case as would not, individually
or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsured Policies or the Ceding Company’s
ability to satisfy its obligations hereunder. The Ceding Company has endeavored in good faith to furnish to the Reinsurer all correspondence
with respect to the In Force Reinsured Policies between the Ceding Company and any Governmental Entity, including all state insurance
regulatory authorities, regarding any material violations of applicable Law.

 

(f)           No
Governmental Orders or Investigations. There is no investigation or proceeding pending or, to the knowledge of the Ceding Company,
threatened by, any Governmental Entity against the Ceding Company with respect to any In Force Reinsured Policies, except as would
not reasonably be expected to have a material adverse effect on the Reinsured Policies or the Ceding Company’s ability to
satisfy its obligations hereunder.

 

    	 	33	 

     

    

 

(g)           Title
to Assets. The Ceding Company has good and marketable title to the asset set forth on Schedule III-B, free and clear
of all liens.

 

(h)           Broker
Fees. There are no fees or commissions which are unpaid, due and owing to any agent, broker or intermediary in respect of the
In Force Reinsured Policies.

 

Section 16.03        Covenants
of the Ceding Company.

 

(a)           Investigations.
To the extent permitted by applicable Law, the Ceding Company shall promptly notify the Reinsurer, in writing, of any and all investigations
of the Ceding Company conducted by any Governmental Entity commencing after the date hereof, other than routine State insurance
department examinations that do not relate to the business reinsured pursuant to this Agreement or would not otherwise reasonably
be expected to adversely affect the performance by the Ceding Company of its obligations under this Agreement.

 

(b)           Statutory
Accounting Principles. The Ceding Company shall prepare its financial statements as required by, and in accordance with, Nebraska
SAP in all material respects.

 

(c)           Existence;
Conduct of Business. The Ceding Company shall do or cause to be done all things reasonably necessary to preserve, renew and
keep in full force and effect its legal existence and the rights, Permits and privileges material to the conduct of its business.

 

(d)           Compliance
with Law. The Ceding Company shall comply with all Laws applicable to, and all Permits issued by any Governmental Entity to,
the Ceding Company or by which it or its properties or assets is bound or subject, except where the failure to do so, individually
or in the aggregate, would not reasonably be expected to have a material adverse effect on the Ceding Company’s ability to
perform its obligations, or on the Reinsurer’s rights or obligations, under this Agreement.

 

(e)           Governmental
Notices. The Ceding Company shall provide the Reinsurer, within five (5) Business Days after receipt thereof, copies of
any material written notice or report from any Governmental Entity with respect to the business reinsured under this Agreement
and a written summary of any material oral communication with any Governmental Entity with respect to the business reinsured under
this Agreement.

 

(f)            Restrictions
on Liens. The Ceding Company shall not create, incur, assume or suffer to exist any material liens on the assets in the ModCo
Deposit or the Funds Withheld Account or on any interest therein or the proceeds thereof.

 

(g)           Reliance.
The Ceding Company hereby represents, warrants and covenants that it has not relied, and shall not rely, on any representation,
warranty or statement or duty of the Reinsurer other than the representations and warranties contained in Section 16.04
and the covenants contained in Section 16.05 and elsewhere in this Agreement. The Reinsurer makes no representations
or warranties in connection herewith other than those contained in Section 16.04, and makes no covenants other than
those contained in Section 16.05 and elsewhere in this Agreement.

 

    	 	34	 

     

    

 

Section 16.04        Representations
and Warranties of the Reinsurer. The Reinsurer hereby represents and warrants to the Ceding Company, as of December 8,
2020, as follows:

 

(a)           Organization
and Qualification. (i)The Reinsurer is an incorporated cell of Crestline Re SPC, validly existing and in good standing under
the Laws of the Cayman Islands and has all requisite corporate power and authority to operate its business as now conducted, and
is duly qualified as a foreign corporation to do business, and, to the extent legally applicable, is in good standing, in each
jurisdiction where the character of its owned, operated or leased properties or the nature of its activities makes such qualification
necessary, except for failures to be so qualified or be in good standing that, individually or in the aggregate, do not have, and
would not reasonably be expected to have, a material adverse effect on the Reinsurer’s ability to perform its obligations
under this Agreement.

 

(b)           Authorization.
The Reinsurer has all requisite corporate power to enter into, consummate the transactions contemplated by and carry out its obligations
under, this Agreement. The execution and delivery by the Reinsurer of this Agreement, and the consummation by the Reinsurer of
the transactions contemplated by, and the performance by the Reinsurer of its obligations under, this Agreement have been duly
authorized by all requisite corporate action on the part of the Reinsurer. This Agreement has been duly executed and delivered
by the Reinsurer, and (assuming due authorization, execution and delivery by the Ceding Company) this Agreement constitutes the
legal, valid and binding obligation of the Reinsurer, enforceable against it in accordance with its terms, subject to the effect
of any applicable bankruptcy, reorganization, insolvency, moratorium, or similar Laws relating to or affecting creditors’
rights generally.

 

(c)           No
Conflict. The execution, delivery and performance by the Reinsurer of, and the consummation by the Reinsurer of the transactions
contemplated by, this Agreement do not and will not (i) violate or conflict with the organizational documents of the Reinsurer,
(ii) conflict with or violate any Law or Permit of any Governmental Entity applicable to the Reinsurer or by which it or its
properties or assets is bound or subject, or (iii) result in any breach of, or constitute a default (or event which, with
the giving of notice or lapse of time, or both, would become a default) under, or give to any Person any rights of termination,
acceleration or cancellation of, any agreement, lease, note, bond, loan or credit agreement, mortgage, indenture or other instrument,
obligation or contract of any kind to which the Reinsurer or any of its subsidiaries is a party or by which the Reinsurer or any
of its subsidiaries or any of their respective properties or assets is bound or affected, except, in the case of clause (iii),
any such conflicts, violations, breaches, loss of contractual benefits, defaults or rights that, individually or in the aggregate,
do not have, and would not reasonably be expected to have, a material adverse effect on the Reinsurer’s ability to perform
its obligations under this Agreement.

 

(d)           Solvency.
The Reinsurer is and will be Solvent on a statutory basis immediately after giving effect to this Agreement. For the purposes of
this Section 16.04(d), “Solvent” means that: (i) the aggregate assets of the Reinsurer are
greater than the aggregate liabilities of the Reinsurer, in each case determined in accordance with the laws of the Cayman Islands;
(ii) the Reinsurer does not intend to, and does not believe that it will, incur debts or other liabilities beyond its ability
to pay such debts and other liabilities as they come due; and (iii) the Reinsurer is not engaged in a business or transaction,
and does not contemplate engaging in a business or transaction, for which the Reinsurer’s assets would constitute unreasonably
insufficient capital.

 

    	 	35	 

     

    

 

(e)           Governmental
Licenses. The Reinsurer has all Permits necessary to conduct its business as currently conducted and execute and deliver, and
perform its obligations under, this Agreement, except in such cases where the failure to have a Permit has not had and would not
reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its obligations under this
Agreement. All Permits that are material to the conduct of the Reinsurer’s business are valid and in full force and effect.

 

(f)            Actions.
The Reinsurer has not received any notice from any Governmental Entity alleging any violation of any applicable Law by the Reinsurer
that would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsurer’s
ability to satisfy its obligations hereunder. The Reinsurer is not subject to any pending Action or, to the knowledge of the Reinsurer,
any threatened Action that seeks the revocation, suspension, termination, modification or impairment of any Permit that, if successful,
would reasonably be expected to have, or with the passage of time become, a material adverse effect on the Reinsurer’s ability
to perform its obligations under this Agreement. There is no outstanding order, decree (including a consent decree), judgment,
writ, injunction, directive, decision, award, stipulation, or ruling by or with any Governmental Entity, arbitrator or arbitration
board binding upon the Reinsurer, except as would not reasonably be expected to have a material adverse effect on the Reinsured
Policies or the Reinsurer’s ability to satisfy its obligations hereunder.

 

(g)           Broker
Fees. No intermediary, broker or finder has acted directly or indirectly for the Reinsurer, nor has the Reinsurer incurred
any obligations to pay any intermediary, brokerage or finder’s fee or other commission, in connection with the transactions
contemplated by this Agreement.

 

Section 16.05        Covenants
of the Reinsurer.

 

(a)           Investigations.
To the extent permitted by applicable Law, the Reinsurer shall promptly notify the Ceding Company, in writing, of any and all investigations
of the Reinsurer conducted by any Governmental Entity commencing after the date hereof, other than routine State insurance department
examinations that do not relate to the business reinsured pursuant to this Agreement or would not otherwise reasonably be expected
to adversely affect the performance by the Reinsurer of its obligations under this Agreement.

 

(b)          Statutory
Accounting Principles. The Reinsurer shall prepare its financial statements as required by, and in accordance with GAAP.

 

(c)           Existence;
Conduct of Business. The Reinsurer shall do or cause to be done all things reasonably necessary to preserve, renew and keep
in full force and effect its legal existence and the rights, Permits and privileges material to the conduct of its business.

 

(d)          Compliance
with Law. The Reinsurer shall comply with all Laws applicable to, and all Permits issued by any Governmental Entity to, the
Reinsurer or by which it or its properties or assets is bound or subject, except where the failure to do so, individually or in
the aggregate, would not reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its
obligations, or on the Ceding Company’s rights or obligations, under this Agreement.

 

    	 	36	 

     

    

 

(e)           Governmental
Notices. The Reinsurer shall provide the Ceding Company, within five (5) Business Days after receipt thereof, copies of
any written notice or report from any Governmental Entity with respect to the business reinsured under this Agreement and a written
summary of any material oral communication with any Governmental Entity with respect to the business reinsured under this Agreement.

 

(f)            Reliance.
The Reinsurer hereby represents, warrants and covenants that it has not relied, and shall not rely, on any representation, warranty
or statement or duty of the Ceding Company other than the representations and warranties contained in Sections 16.01 and
16.02 and the covenants contained in Section 16.03 and elsewhere in this Agreement. The Ceding Company makes
no representations or warranties in connection herewith other than those contained in Sections 16.01 and 16.02, and
makes no covenants other than those contained in Section 16.05 and elsewhere in this Agreement.

 

ARTICLE XVII

MISCELLANEOUS

 

Section 17.01        Currency.
All payments due under this Agreement shall be made in U.S. Dollars.

 

Section 17.02         Interest.
All amounts due and payable by the Ceding Company or the Reinsurer under this Agreement that remain unpaid for more than fifteen
(15) calendar days from the date due hereunder will incur interest from the date due hereunder. Except as otherwise set forth in
this Agreement, such interest shall accrue at the rate equal to [***]% per annum (the “Delayed Payment Rate”).

 

Section 17.03        Right
of Setoff and Recoupment.

 

(a)           Each
of the Ceding Company and the Reinsurer shall have, and may exercise at any time and from time to time, the right to setoff or
recoup any balance or balances, whether on account of Reinsurance Premiums, allowances, credits, Reinsured Liabilities or otherwise,
due from one party to the other under this Agreement and may setoff or recoup such balance or balances against any balance or balances
due to the former from the latter under this Agreement.

 

(b)           The
parties’ setoff rights may be enforced notwithstanding any other provision of this Agreement including the provisions of
Article XIV.

 

Section 17.04        No
Third-Party Beneficiaries. This Agreement is an indemnity reinsurance agreement solely between the Ceding Company and the Reinsurer.
The acceptance of risks under this Agreement by the Reinsurer will create no right or legal relation between the Reinsurer and
the insured, owner, beneficiary, or assignee of any insurance policy of the Ceding Company. In addition, nothing expressed or implied
in this Agreement is intended to or shall confer remedies, obligations or liabilities upon any Person other than the parties hereto
and their respective administrators, successors, legal representatives and permitted assigns or relieve or discharge the obligation
or liability of any third party to any party to this Agreement.

 

    	 	37	 

     

    

 

Section 17.05        Amendment.
This Agreement may not be changed or modified or in any way amended except by a written instrument duly executed by the proper
officers of both parties to this Agreement, and any change or modification to this Agreement will be null and void unless made
by amendment to this Agreement and duly executed by the proper officers of both parties to this Agreement.

 

Section 17.06        Notices.

 

(a)           All
demands, notices, reports and other communications provided for herein shall be delivered by the following means: (i) hand-delivery;
(ii) overnight courier service (e.g., FedEx, Airborne Express, or DHL); (iii) registered or certified U.S.
mail, postage prepaid and return receipt requested; or (iv) facsimile transmission or e-mail; provided, that
the fax or e-mail is confirmed by delivery using one of the three (3) methods identified in clauses (i) through (iii).
All such demands, notices, reports and other communications shall be delivered to the parties as follows:

 

	
        if to the Ceding Company:

         

        American Life & Security Corp.

        2900 S. 70th Street

        Suite 400

        Lincoln, NE 68506

        Attn: Michael Salem and Mike Minnich

        Tel: 

        Email: 

         

	
        if to the Reinsurer:

         

        Crestline Re SPC

        Crestline Re SP 1

        c/o Aon Insurance Managers

        18 Forum Lane, 2nd Floor

        Camana Bay

        P.O. Box 69

        Grand Cayman, KY1-1102

        Cayman Islands

        Attn: Fearghal O’Riordan and Sjoerd
        van der Westhuizen

        Email: 

        Email: 

 

    	 	38	 

     

    

 

	
        With a copy to:

         

        Crestline Management, L.P.

        201 Main Street, Suite 1900

        Fort Worth, TX  76102

        Attn:  John Cochran

        Email:  

 

(b)           Either
party hereto may change the names or addresses where notice is to be given by providing notice to the other party of such change
in accordance with this Section 17.06.

 

(c)           If
either party hereto becomes aware of any change in applicable Law restricting the transmission of notices or other information
in accordance with the foregoing, such party shall notify the other party hereto of such change in Law and such resulting restriction.

 

Section 17.07        Consent
to Jurisdiction. Subject to the terms and conditions of Article XIII, each party hereto hereby irrevocably and
unconditionally submits to the non-exclusive jurisdiction of any United States court sitting in Nebraska and of any Nebraska state
court for purposes of all legal proceedings arising out of or relating to this Agreement or for recognition and enforcement of
any judgment in respect thereof. In any action, suit or other proceeding, each party hereby irrevocably waives, to the fullest
extent permitted by applicable Law, any objection that it may now or hereafter have to the laying of the venue of any such proceedings
brought in such court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.
Each party hereto also agrees that any final and nonappealable judgment against a party in connection with any action, suit or
other proceeding shall be conclusive and binding on such party and that such award or judgment may be enforced in any court of
competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment
shall be conclusive evidence of the fact and amount of such award or judgment. Each party hereto agrees that any process or other
paper to be served in connection with any action or proceeding under this Agreement shall, if delivered, sent or mailed in accordance
with Section 17.06, constitute good, proper and sufficient service thereof. This Section 17.07 is not intended
to conflict with or override Article XIII.

 

Section 17.08        Service
of Process. The Reinsurer hereby designates the CT Corporation, located at 5601 South 59th Street, Suite C, Lincoln, Nebraska
68516, as its true and lawful attorney upon whom may be served any lawful process in any action, suit or proceeding instituted
by or on behalf of the Ceding Company. A copy of any such process shall be delivered to the Reinsurer in accordance with Section 17.06.
This Section 17.08 is not intended to conflict with or override Article XIII.

 

Section 17.09        Inspection
of Records.

 

(a)           Upon
giving at least five (5) Business Days’ prior written notice, the Reinsurer, or its duly authorized representatives,
will have the right to audit, examine and copy, electronically or during regular business hours, at the home office of the Ceding
Company, any and all books, records, statements, correspondence, reports, and other documents that relate to the Reinsured Policies,
the assets maintained in the Funds Withheld Account, the assets maintained in the ModCo Deposit or this Agreement, subject to the
confidentiality provisions contained in this Agreement and preservation of attorney-client privilege . In the event the Reinsurer
exercises its inspection rights, the Ceding Company must provide a reasonable work space for such audit, examination or copying,
cooperate fully and faithfully, and produce any and all materials reasonably requested to be produced, subject to confidentiality
provisions contained in this Agreement. The expenses related to any two (2) such inspections in any calendar year shall be
borne by the Ceding Company; provided, that if any breach of this Agreement by the Ceding Company has occurred, the
expenses relating to all such inspections shall be borne by the Ceding Company.

 

    	 	39	 

     

    

 

(b)           The
Reinsurer’s right of access as specified above will survive until all of the Reinsurer’s obligations under this Agreement
have terminated or been fully discharged.

 

Section 17.10        Confidentiality.

 

(a)           The
parties will keep confidential and not disclose or make competitive use of any shared Proprietary Information, as defined below,
unless:

 

(i)            The
information becomes publicly available or is obtained other than through unauthorized disclosure by the party seeking to disclose
or use such information;

 

(ii)           The
information is independently developed by the recipient; or

 

(iii)          The
disclosure is required by Law; provided, that, if applicable, the party required to make such disclosure will allow
the other party to seek an appropriate protective order.

 

“Proprietary Information”
includes, but is not limited to, underwriting manuals and guidelines, applications, policy forms, agent lists and premium rates
and allowances of the Reinsurer and the Ceding Company, but shall not include the existence of this Agreement and the identity
of the parties. Additionally, Proprietary Information may be shared by either party on a need-to-know basis with its officers,
directors, employees, Affiliates, third-party service providers, auditors, consultants or retrocessionaires, or in connection with
the dispute process specified in this Agreement.

 

(b)           Except
as embedded in records during an audit as set forth in 17.09, the Ceding Company shall not provide to the Reinsurer, and the Reinsurer
shall have no right to access, any Non-Public Personal Information except to the extent (i) necessary for purposes of administration
of this Agreement and (ii) requested in writing by a duly authorized representative of the Reinsurer. The Reinsurer and its
representatives and service providers will protect the confidentiality and security of Non-Public Personal Information (as defined
below) provided to it hereunder by:

 

(i)            holding
all Non-Public Personal Information in strict confidence;

 

(ii)           maintaining
appropriate measures that are designed to protect the security, integrity and confidentiality of Non-Public Personal Information;
and

 

    	 	40	 

     

    

 

 

  

(iii)          disclosing
and using Non-Public Personal Information received under this Agreement solely for purposes of carrying out the Reinsurer’s
obligations under this Agreement, for purposes of retrocession (provided that the retrocessionaire has agreed to maintain the
confidentiality of such Non-Public Personal Information to the same extent as the Reinsurer hereunder), or as may be required
or permitted by Law, in each case solely to the extent permitted by Law.

 

“Non-Public Personal Information”
is personally identifiable medical, financial, and other personal information about proposed, current and former applicants, policy
owners, contract holders, insureds, annuitants, claimants, and beneficiaries of Reinsured Policies or contracts issued by the Ceding
Company, and their representatives, that is not publicly available. Non-Public Personal Information does not include de-identified
personal data, i.e., information that does not identify, or could not reasonably be associated with, an individual.

 

Section 17.11         Successors.
This Agreement will be binding upon the parties hereto and their respective successors and assigns including any Authorized Representative
of either party. Neither party may effect any novation or assignment of this Agreement without the prior written consent of the
other party and the Nebraska Department of Insurance.

 

Section 17.12         Entire
Agreement. This Agreement and the Schedules and Exhibits hereto constitute the entire agreement between the parties with respect
to the business reinsured hereunder and supersede any and all prior representations, warranties, prior agreements or understandings
between the parties pertaining to the subject matter of this Agreement. There are no understandings between the parties other
than as expressed in this Agreement and the Schedules and Exhibits hereto. In the event of any express conflict between this Agreement
and the Schedules and Exhibits hereto, the Schedules and Exhibits hereto will control.

 

Section 17.13         Severability.
The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect
the validity or enforceability of the other provisions hereof. If any provision of this Agreement, or the application thereof to
any Person or entity or any circumstance, is found by a court or other Governmental Entity of competent jurisdiction to be invalid
or unenforceable, (a) a suitable and equitable provision shall be substituted therefor in order to carry out, so far as may
be valid and enforceable, the intent and purpose of such invalid or unenforceable provision and (b) the remainder of this
Agreement and the application of such provision to other Persons or circumstances shall not be affected by such invalidity or unenforceability,
nor shall such invalidity or unenforceability affect the validity or enforceability of such provision, or the application thereof,
in any other jurisdiction.

 

Section 17.14         Construction.
This Agreement will be construed and administered without regard to authorship and without any presumption or rule of construction
in favor of either party. This Agreement is between sophisticated parties, each of which has reviewed this Agreement and is fully
knowledgeable about its terms and conditions.

 

    41

     

    

 

Section 17.15         Non-Waiver.
Neither the failure nor any delay on the part of the Ceding Company or the Reinsurer to exercise any right, remedy, power, or privilege
under this Agreement shall operate as a waiver thereof. No single or partial exercise of any right, remedy, power or privilege
shall preclude the further exercise of that right, remedy, power or privilege or the exercise of any other right, remedy, power
or privilege. No waiver of any right, remedy, power or privilege with respect to any occurrence shall be construed as a waiver
of that right, remedy, power or privilege with respect to any other occurrence. No prior transaction or dealing between the parties
will establish any custom, usage or precedent waiving or modifying any provision of this Agreement. No waiver shall be effective
unless it is in writing and signed by the party granting the waiver.

 

Section 17.16         Further
Assurances. From time to time, as and when requested by a party hereto, the other party hereto shall execute and deliver all
such documents and instruments and shall take all actions as may be reasonably necessary to consummate the transactions contemplated
by this Agreement.

 

Section 17.17         Governing
Law. This Agreement will be governed by and construed in accordance with the Laws of the State of Nebraska without giving effect
to any principles of conflicts of law thereof that are not mandatorily applicable by Law and would permit or require the application
of the Laws of another jurisdiction.

 

Section 17.18         Counterparts.
This Agreement may be executed in counterparts, all of which shall be considered one and the same agreement and shall become effective
when counterparts have been signed by each party hereto and delivered to the other party. Each party hereto may deliver its signed
counterpart of this Agreement to the other party by means of electronic mail or any other electronic medium utilizing image scan
technology, and such delivery will have the same legal effect as hand delivery of an originally executed counterpart. When this
Agreement has been fully executed by the Ceding Company and the Reinsurer, it will become effective as of the Effective Date.

 

[Remainder of Page Intentionally Blank]

 

    42

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be executed effective as of the Effective Date.

 

	 	AMERICAN
    LIFE & SECURITY CORP.
	 	 	 
	 	 	 
	 	By:	/s/
    Stephen Mace
	 	Name:   Stephen
    Mace
	 	Title:     General
    Counsel
	 	 	 
	 	CRESTLINE
    RE SPC, for and on behalf of CRESTLINE RE SP 1
	 	 	 
	 	 	 
	 	By:	/s/
    Dara Keogh
	 	Name:     Dara
    Keogh
	 	Title:       Director

 

[Signature Page to Coinsurance Agreement] 

 

    

     

    

 

 

The following Schedules and Exhibits
to this Exhibit 10.2 are filed herewith or, as indicated below with an asterisk, omitted on reliance of Item
601(a)(5) of Regulation S-K. In addition, certain information has been redacted from schedules thereto for which
confidential treatment has been requested. All such omitted material has been filed with the Securities and Exchange
Commission pursuant to Rule 24b-2 promulgated under the Securities Exchange Act of 1934, as amended.

 

		·	Schedule I – Policy Forms and Riders

		·	Schedule II – Policy Expenses

		·	Schedule III-A – Initial Settlement Date Reconciliation

		·	Schedule III-B – Initial Modco and Funds Withheld Assets*

		·	Schedule IV – Permitted Ex Gratia Payments*

		·	Schedule V - Determination Of Crediting Rate And Quota Share; Termination For New Business

		·	Schedule VI - §1.848-2(g)(8) DAC Tax Election*

		·	Schedule VII - Determination Of Ceding Commission

		·	Schedule VIII – Allocation Percentage

		·	Schedule IX – Reinsured Policies Issued Prior to the Effective Date

		·	Schedule X – Leverage Measure

		·	Schedule XI – Asset Reserves*

		·	Schedule XII – Hedging Returns

		·	Schedule XIII – Trust Account Funding

		·	Schedule XIV – Investment Manager*

		·	Schedule XV – Non-Guaranteed Elements

		·	Exhibit A – Monthly Accounting Report

		·	Exhibit A-2 – Form of Amended and restated Trust Agreement (filed herewith as Exhibit 10.3)

 

    

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

SCHEDULE I

 

POLICY FORMS AND RIDERS

 

Schedule I consists of the listed policy
forms and riders, as they may be amended and updated from time to time with different form numbers as approved by the Compact (or
specific states as applicable). For informational purposes only, the Ceding Company will endeavor to provide the Reinsurer the
updated form numbers.

 

For MYGA, the American Classic:

 

Reinsured Policies1 with a 5-year
initial term documented using Form ICC18-MYGA with the following riders:

 

		•	Death Benefit Rider

 

		•	Enhanced Interest Credit Rider

 

		•	Enhanced Liquidity Rider

 

1 Includes all variations and
attachments to the policy forms (including, but not limited to, state variations, contract schedules, riders, and endorsements),
which in each case have been disclosed in writing to the Reinsurer on or prior to the Effective Date.

 

For FIA, the following American Select
versions2:

 

		1.	“AS10”:Reinsured Policies using Form ICC19-FIA-SCH with the below rider:

 

		a.	Enhanced Liquidity [***]% All Years on Form ICC19-FIALR

 

		2.	“AS10P”:Reinsured Policies using Form ICC19-FIA-SCHwith the below riders:

 

		a.	Enhanced Liquidity [***]% starting 2nd year on Form ICC19-FIALR-10SP

 

		b.	Enhance Interest Credit using Form ICC19-FIAEIC-10P (1 or 2)

 

		3.	“AS10SP”:Reinsured Policies using Form ICC19-FIA-SCH with the below riders:

 

		a.	Enhanced Liquidity [***]% starting 2nd year on Form ICC19-FIALR-10SP

 

		b.	Enhance Interest Credit with Bonus and Fee using Form ICC19-FIAEIC-10SP (1 or 2)

 

2 Includes all variations and
attachments to the policy forms (including, but not limited to, state variations, contract schedules, riders, and endorsements
across applicable Index Account Riders), which in each case have been disclosed in writing to the Reinsurer on or prior to the
Effective Date:

 

		1.	ICC19-FIA-PAR for various underlying indices.

 

		2.	ICC19-FIA-CAP for various underlying indices.

 

    Schedule-I-1 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

SCHEDULE II

 

POLICY EXPENSES

 

MYGA:

 

Reinsurer shall pay the Ceding Company
the following allowances for a MYGA to be paid on a monthly basis:

 

Acquisition and Administrative Expenses
(Quota Share of per policy amounts)

 

	Maintenance Expense:	$[***] per policy (with [***]% inflation
                                                applied

                                                annually on each anniversary of the Effective

                                                Date of this Agreement)

	Policy Acquisition Cost:	$ [***] per policy one-time up-front cost
	Policy Processing Cost:	$ [***] for each death or full surrender

 

Commission Expense Allowance

 

	 	 [***]% of Reinsurance Premium (ages
    0-[***[);
	 	 [***]% of Reinsurance Premium
    (age [***]+);
	 	at renewal,  [***]% of the original commission

 

Product Development Fee

 

	 	 [***]% of Reinsurance
    Premium

 

FIA:

 

Reinsurer shall pay the Ceding Company
the following allowances for a FIA to be paid on a monthly basis:

 

Acquisition and Administrative Expenses
(Quota Share of per policy amounts)

 

	Maintenance Expense:	$[***]  per policy (with [***]% inflation
                                                applied

                                                annually on each anniversary of the Effective

                                                Date of this Agreement)

	Policy Acquisition Cost:	$[***] per policy one-time up-front cost
	Policy Processing Cost:	 $[***] for each death or full surrender

 

Commission Expense Allowance

 

	 	[***]% of Reinsurance Premium (ages 0-[***]);
	 	[***]% of Reinsurance Premium (age [***]+);

 

Product Development Fee

 

	 	[***]% of account value per annum

 

    Schedule-II-1 

     

    

 

[***] INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH
CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.

 

SCHEDULE III-A

 

INITIAL SETTLEMENT DATE RECONCILIATION

 

	Period Start Date	 	4/24/2020	 
	Period End Date	 	6/30/2020	 
	Avg. In-Force Days - MYGA	 	 	35.00	 
	Avg. In-Force Days - FIA	 	 	26.65	 
	 	 	 	 	 
	 	 	 	 	 
	Gross premium income - MYGA	 	 	[***]	 
	Gross FIA premium income – FIA	 	 	[***]	 
	Gross commissions paid – MYGA	 	 	[***]	 
	Gross commissions paid – FIA	 	 	[***]	 
	 	 	 	 	 
	Gross policy benefit payments - MYGA	 	$	-	 
	Gross policy benefit payments - FIA	 	$	-	 
	 	 	 	 	 
	Policies in-force – MYGA	 	 	[***]	 
	Policies in-force – FIA	 	 	[***]	 
	New policies – MYGA	 	 	[***]	 
	New policies – FIA	 	 	[***]	 
	Deaths or full surrenders – MYGA	 	 	[***]	 
	Deaths or full surrenders – FIA	 	 	[***]	 
	 	 	 	 	 
	Quota Share - MYGA (4.24-6.30)	 	 	[***]	%
	Quota Share - FIA (4.24-6.30)	 	 	[***]	%
	Ceding Commission - MYGA	 	 	[***]	%
	Ceding Commission - FIA	 	 	[***]	%
	 	 	 	 	 
	Net Statutory Reserves (estimated) on new business – MYGA	 	 	[***]	 
	Net Statutory Reserves (estimated) on new business – FIA	 	 	[***]	 
	 	 	 	 	 

 

	 	 	 	Funds
                                         Withheld Account	 	 	 	ModCo
                                         Deposit Account	 
	Allocation Percentage	 	 	[***]	%	 	 	[***]	%
	 	 	 	 	 	 	 	 	 
	Original Investment Income Paid at Settlement	 	$	[***]	 	 	$	-	 
	 	 	 	 	 	 	 	 	 
	7.03(a)(i) Investment Performance; Transfers	 	 	 	 	 	 	 	 
	Change in Statutory Carrying Value of Investments	 	$	-	 	 	$	-	 
	Transfers from Trust Account 7.03(b)	 	$	-	 	 	$	-	 
	 	 	 	 	 	 	 	 	 
	7.03(a)(ii) Additional Premium and Other Recoveries	 	 	 	 	 	 	 	 
	Premium income	 	$	    [***]	 	 	$	      [***]	 
	Option Payoff due to Reinsurer (Section 2.14)	 	$	-	 	 	$	-	 
	 	 	 	 	 	 	 	 	 
	7.03(a)(iii) Payments due from the Reinsurer	 	 	 	 	 	 	 	 
	Policy Benefits	 	$	-	 	 	$	-	 
	Ceding Commission	 	$	          [***]	 	 	$	            [***]	 
	Excise Tax Reimbursement (Section 4.02)	 	$	-	 	 	$	-	 
	Option Budget (Section 2.14)	 	$	         [***]	 	 	$	            [***]	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Acquisition and Administrative Expenses (Schedule II)	 	 	 	 	 	 	 	 
	Maintenance Expense	 	$	                 [***]	 	 	$	    [***]	 
	Policy Acquisition Expense	 	$	           [***]	 	 	$	               [***]	 
	Policy Processing Cost	 	$	-	 	 	$	-	 
	Total Acquisition and Administrative Expenses	 	$	           [***]	 	 	$	               [***]	 
	 	 	 	 	 	 	 	 	 
	Commission Expense Allowance (Schedule II)	 	$	     [***]	 	 	$	         [***]	 
	Product Development Fee (Schedule II)	 	$	               [***]	 	 	$	                 [***]	 
	 	 	 	 	 	 	 	 	 
	Investment Fees	 	 	 	 	 	 	 	 
	Reimbursable Fees	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Total Account Adjustment	 	$	  [***]	 	 	$	    [***]	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	 	 	 
	Account IMR	 	$	-	 	 	$	-	 
	Account AVR	 	$	-	 	 	$	-	 
	Account Required Reserves	 	$	  [***]	 	 	$	    [***]	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 	 	$	    [***]	 	 	$	-	 

 

    Schedule-III-A-1 

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED

MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE

COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES

EXCHANGE ACT OF
1934, AS AMENDED

 

SCHEDULE V

 

DETERMINATION OF CREDITING RATE AND
QUOTA SHARE; TERMINATION FOR NEW BUSINESS

 

For the purposes of this Agreement, Crediting
Rate shall be deemed to encompass the total payment guarantees to policyholder set at policy issuance inclusive of any crediting
rate, Option Budget Rate, enhanced interest credit, interest bonus or rider charges. For FIA policies, the Reinsurer shall pay
the Ceding Company an annual Option Budget Rate allowance equal to the initial period Option Budget Rate for the life of the Reinsured
Policy.

 

Crediting Rate:

 

Following the Initial Settlement Date,
the Crediting Rate on new policies may be modified solely on the procedures set forth herein:

 

		(1)	The Ceding Company will set the Crediting Rate at its sole discretion (“Actual Rate”);

 

		(2)	The Reinsurer may recommend an alternative Crediting Rate with thirty (30) calendar days’
prior notice (“Recommended Rate”);

 

		(3)	If the Actual Rate is higher than the Recommended Rate, the Reinsurer, may in its sole discretion,
increase its Recommended Rate to equal the Actual Rate.

 

The Parties may otherwise mutually agree
on a different Crediting Rate.

 

The initial Crediting Rate for Reinsured
Policies issued after the Effective Date but prior to July 1, 2020 shall be as set forth below:

 

	 	American Classic MYGA	AS10	AS10P	AS10SP
	Crediting Rate	[***]%	 	 	 
	Option Budget Rate	 	[***]%	[***]%	[***]%
	Enhanced Interest Credit	 	 	
        [***]%; Age 0-[***]

        [***]%; Age [***]+
	
        [***]%; Age 0-[***]

        [***]%; Age [***]+

	Interest Bonus	[***]%	 	 	[***]%
	Rider Charge	 	 	 	[***]%

 

    Schedule-V-1 

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED

MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE

COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES

EXCHANGE ACT OF
1934, AS AMENDED

 

The current Crediting Rate for Reinsured
Policies issued on or after July 1, 2020 shall be as set forth below, subject to revision in accordance with this Schedule
V:

 

	 	American Classic MYGA	AS10	AS10P	AS10SP
	Crediting Rate	[***]%	 	 	 
	Option Budget Rate	 	[***]%	[***]%	[***]%
	Enhanced Interest Credit	 	 	
        [***]%; Age 0-[***]

        [***]%; Age [***]+
	
        [***]%; Age 0-[***]

        [***]%; Age [***]+

	Interest Bonus	[***]%	 	 	[***]%
	Rider Charge	 	 	 	[***]%

 

Any change to the Option Budget Rate must
be documented in writing between the Ceding Company and the Reinsurer.

 

Quota Share:

 

The Quota Share shall initially
mean twenty-five percent (25%) for the MYGA policies and forty percent (40%) for the FIA policies. The Quota Share applicable to
each Reinsured Policy shall be the Quota Share in effect on the date of issuance of such Reinsured Policies.

 

Termination for New Business; Adjustments
to Quota Share

 

The “Maximum
Limit” shall mean $[***].

 

    Schedule-V-2 

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH

CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED

MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE

COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES

EXCHANGE ACT OF
1934, AS AMENDED

 

		A.	The Quota Share in respect of new business shall be equal to zero (i) once the sum of the Reinsurance Premiums ceded under
this Agreement exceeds the Maximum Limit or (ii) at any time the Reinsurer fails to transfer to the Ceding Company (including
by the Ceding Company withdrawing from the Trust Account) when due the amount required to be deposited into the Accounts pursuant
to Section 7.03(b), or (iii) for so long as the Reinsurer fails to maintain the Leverage Measure at or above the Minimum
Leverage Measure regardless of whether the sum of the Reinsurance Premiums ceded under this Agreement exceeds the Maximum Limit.

 

		B.	The Quota Share in respect of new MYGA business shall be zero if the Crediting Rate is greater
than [***]%, unless the Reinsurer specifically agrees to assume such new business. If the
Reinsurer does not so agree, the Ceding Company may terminate this Agreement as to new MYGA business, regardless of whether the
condition set forth in paragraph A has been met.

 

		C.	The Quota Share in respect of new FIA business shall be zero if the Option Budget Rate for such new business is greater than
the Option Budget Rates set forth in the above schedule, unless Reinsurer specifically agrees to assume such new business. If the
Reinsurer does not so agree, the Ceding Company may terminate this Agreement as to the applicable new FIA business, regardless
of whether the condition set forth in paragraph A has been met.

 

		D.	The Ceding Company may terminate this Agreement as to new business on thirty (30) calendar days’ prior written notice
if the Reinsurer fails to maintain its Leverage Measure at or above the Minimum Leverage Measure for two (2) consecutive quarters,
regardless of whether the condition set forth in paragraph A has been met.

 

    Schedule-V-3 

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED

 

SCHEDULE VII

 

DETERMINATION OF CEDING COMMISSION

 

The Ceding Commission is [***]%
on the Quota Share Percentage of gross ceded MYGA annuity consideration received and issued; provided the parties may from
time to time adjust the Ceding Commission upon delivery of an amendment in accordance with Section 17.05 of this
Agreement. An additional Ceding Commission of [***]% shall be paid with respect to any policy renewal that is not
recaptured.

 

The Ceding Commission is [***]%
on the Quota Share Percentage of gross ceded FIA annuity consideration received and issued; provided the parties may from time
to time adjust the Ceding Commission upon delivery of an amendment in accordance with Section 17.05 of this Agreement.

 

As used herein:

 

(a) a “Surrendered FIA Policy”
refers to a Reinsured Policy that is a fixed indexed annuity (a “Reinsured FIA Policy”) of any Vintage and is
surrendered in full in any period when a surrender charge applies,

 

(b) “Vintage” refers
to those Reinsured FIA Policies issued (i) on any particular policy form (including applicable riders and state variations)
as described on Schedule I and (ii) during the first twelve (12) months after the Effective Date or during any twelve (12)
month period thereafter,

 

(c) “Excess FIA
Surrenders” refers to such full surrenders in excess of [***] percent ([***]%), as measured by original premium, in
respect of any Vintage, and

 

(d) “Excess Surrendered Reinsured
FIA Policies” refers to those Reinsured FIA Policies of any Vintage constituting the Excess FIA Surrenders.

 

    Schedule-VII-1

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED

 

As promptly as possible following the
full surrender of any Excess Surrendered Reinsured FIA Policy, the Ceding Company shall cede to the Reinsurer the Quota Share
of one or more or partial newly issued FIA policy(ies) totaling the Account Value of the Excess FIA Surrenders the terms of which
are substantially similar to the terms of the Excess Surrendered Reinsured FIA Policy (adjusted for then market-based pricing
and other economics), and otherwise satisfy clause (ii) of the definition of “Reinsured Policy” (such newly issued
policy, a “Replacement Reinsured FIA Policy”). A Replacement Reinsured FIA Policy shall be considered a Reinsured
Policy for all purposes of this Agreement, and all expenses, allowances and commissions shall continue to be owed by the Reinsurer,
except that the Reinsurer may set off against the Ceding Commission due on such Replacement Reinsured FIA Policy, the unearned
portion of the Ceding Commission which was paid on the Excess Surrendered Reinsured FIA Policy

 

    Schedule-VII-2

     

    

 

SCHEDULE VIII

 

ALLOCATION PERCENTAGE

 

The Allocation Percentage shall be as follows:

 

(i) 60% for the ModCo Deposit,

 

(ii) 40% for the Funds Withheld Account.

 

Upon approval of the Nebraska Department of Insurance, the
Ceding Company may change the Allocation Percentage set forth above.

 

    Schedule-VIII-1

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED

 

SCHEDULE X

 

LEVERAGE MEASURE

 

The “Leverage Measure”
shall be calculated as the ratio of (i) the Accounts Balance plus the Trust Account Balance over (ii) the Borrowing.

 

“Borrowing” shall be
equal to the (x) Reinsurance Premiums less (y) Deferred Acquisition Cost (“DAC”) that the Reinsurer
would record on its GAAP financials, plus (z) the Policy Accretion.

 

“Policy Accretion” shall
be equal:

 

	For MYGAs:	Crediting Rate times the account value for any period
	 	 
	For FIAs:	Option Payoff

 

The “Minimum
Leverage Measure” means a Leverage Measure of [***]%; provided that:

 

(a) if the Fair Market Value
of the  [***] Notes is less than [***]% of the actual capital contributions to the Trust Account, then “Minimum
Leverage Measure” means a Leverage Measure of [***]%;

 

(b) if the Fair Market Value
of the  [***] Notes (i) is less than [***]% of the actual capital contributions to the Trust Account and (ii) has
been reduced to 30% or less of the Fair Market Value of the collateral securing the [***] Notes, then “Minimum Leverage
Measure” means a Leverage Measure of [***]%; and

 

(c) if the Fair Market Value
of the [***] Notes has been reduced to zero, then “Minimum Leverage Measure” means a Leverage Measure of
[***]%.

 

    Schedule-X-1

     

    

 

SCHEDULE XII

 

HEDGING RETURNS

 

With respect to each of the FIA Reinsured
Policies that has an Index Term Period beginning during the current accounting period (including an election to remain in an Indexed
Account at the expiration of an Index Term Period) an allowance shall be due to the Ceding Company equal to the Option Budget;
and with respect to each of the FIA Reinsured Policies that has an Index Term Period ending during the accounting period, an allowance
shall be due to the Reinsurer equal the Option Payoff (as defined below).

 

Definitions

 

Capitalized Terms not defined
in the Agreement or this Schedule XII shall have the meaning ascribed to them in the applicable FIA form of the Ceding Company.

 

Quota Share, or QS, means
the Quota Share as defined in the Reinsurance Agreement

 

Contract Value, or CV,
equals the Fixed Interest Account Value plus the Index Account Accumulation Value. of the Reinsured Policy

 

Guaranteed Minimum Cash Surrender
Value, or GSV, means the Guaranteed Minimum Cash Surrender Value as defined in the policy forms.

 

Option Budget Rate, or OBR.
The OBR means the Option Budget Rate declared by the Ceding Company based on the procedures for determining Crediting Rates at
policy issuance for the relevant Reinsured Policy.

 

Option Budget

 

With respect to each of the
FIA Reinsured Policies, and utilizing the Reinsured Policy values at the Index Term Start Date, the Option Budget shall be equal
to:

 

Option Budget = QS x CV x OBR

 

Option Payoff

 

With respect to each of the
FIA Reinsured Policies, the Option Payoff shall be equal to:

 

For purpose of the following,
the subscript t-1 shall reference the Reinsured Policy values at the beginning of the expiring Index Term Period and the subscript
t shall reference the Policy values at the end of the expiring Index Term Period.

 

CVt
 - CVt-1

 

    Schedule-XII-1

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED

 

SCHEDULE XIII

 

TRUST ACCOUNT FUNDING

 

The Reinsurer has deposited
into the Trust Account not less than $[***] (composed of $[***]in cash on or prior to the date of execution and delivery of this
Agreement and $[***] in [***]Notes prior to August 31, 2020), and shall be permitted to deposit additional amounts into the
Trust Account from time to time thereafter.

 

    Schedule-XIII-1

     

    

 

[***]
INDICATES MATERIAL THAT HAS BEEN OMITTED AND FOR WHICH CONFIDENTIAL TREATMENT HAS BEEN REQUESTED. ALL SUCH OMITTED MATERIAL HAS
BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION PURSUANT TO RULE 24b-2 PROMULGATED UNDER THE SECURITIES EXCHANGE ACT OF
1934, AS AMENDED

 

SCHEDULE XV

 

NON-GUARANTEED ELEMENTS

 

“Non-Guaranteed Elements” means:

 

		(i)	For MYGA policies, any renewal crediting rate (“Renewal Crediting Rate”), renewal Death Benefit Rider or
additional renewal term with respect to any Reinsured Policy. For the avoidance of doubt, “Non-Guaranteed Elements”
do not include any initial term, initial crediting rate or interest bonus credit of a Reinsured Policy set in accordance with Schedule
V.

 

		(ii)	For FIA policies, future period index availability, caps, par rates, and fixed account interest rates. For the avoidance of
doubt, “Non-Guaranteed Elements” do not include any the lifetime Option Budget Rate, interest bonus credit, liquidity
bonus, or rider charges of a Reinsured Policy set in accordance with Schedule V.

 

Certain Renewal Crediting Rates

 

Without the Reinsurer's prior written
consent, Ceding Company shall not set the Renewal Crediting Rate (i) greater than [***]% higher than the average of the
two highest crediting rates offered by Comparable Annuity Issuers with respect to MYGA policies of the same term offered by
them in one or more states in the United States (under an approved rate and form in that state) or (ii) more than [***]%
lower than the average crediting rate offered by five Comparable Annuity Issuers, as published by a recognized pricing
source, with respect to MYGA policies of the same term offered by it in a state in the United States (under an approved rate
and form in that state). “Comparable Annuity Issuer” shall mean, as of any date of determination, a life
and annuity insurer that as of such date (i) is domiciled and licensed in an NAIC-accredited jurisdiction and
(ii) has been assigned a credit rating by AM Best that is no lower than B+. Reinsurer must notify Ceding Company of any
non-complying policy renewals within 60 days of policy issuance; otherwise Reinsurer shall be liable for any Reinsured
Liability renewals.

 

    Schedule-XIV-2

     

    

 

EXPLANATORY NOTE: PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED BECAUSE THEY ARE BOTH (i) NOT MATERIAL AND (ii) WOULD BE COMPETITIVELY
HARMFUL IF DISCLOSED PUBLICLY.

 

EXHIBIT A

 

MONTHLY ACCOUNTING REPORT

 

	Period Start Date (e.g.)	 	5/31/2019	 
	Period End Date (e.g.)	 	6/30/2019	 
	Avg. In-Force Days	 	 	0.00	 
	 	 	 	 	 
	Gross premium income (e.g.)	 	 	 $                                                	 
	Gross commissions paid	 	 	 	 
	 	 	 	 	 
	Gross policy benefit payments	 	 	$                                                	 
	 	 	 	 	 
	Policies in-force	 	 	0.0	 
	New policies	 	 	0.0	 
	Deaths or full surrenders	 	 	0.0	 
	 	 	 	 	 
	Quota Share (MYGA)	 	 	[***] %	 
	Quota Share (FIA)	 	 	[***] %	 
	Ceding Commission	 	 	%	 
	 	 	 	 	 
	Net Statutory Reserves (estimated) on new business	 	 	 $                                                	 

 

	 		Funds Withheld 
 Account		ModCo Deposit 
 Account
	Allocation Percentage		[***] %	 	[***] %
	 	 	 	 	 
	Beginning Account Balance	 	 	 	 
	 	 	 	 	 
	7.03(a)(i) Investment Performance; Transfers	 	 	 	 
	Change in Statutory Carrying Value of Investments	 	 $	 	$
	Transfers from Trust Account 7.03(b)	 	 $	 	$
	 	 	 	 	 
	7.03(a)(ii) Additional Premium and Other Recoveries	 	 $	 	$
	 	 	 	 	 
	7.03(a)(iii) Payments due from the Reinsurer	 	 	 	 
	Policy Benefits	 	 $	 	$
	Ceding Commission	 	 $	 	$
	Excise Tax Reimbursement (Section 4.02)	 	 $	 	$
	Option Budget (Section 2.14)	 	 $	 	$
	Option Payoff due to Reinsurer (Section 2.14)	 	 $	 	$
	 	 	 	 	 
	Acquisition and Administrative Expenses (Schedule II)	 	 	 	 
	Maintenance Expense	 	 $	 	$
	Policy Acquisition Expense	 	 $	 	$
	Policy Processing Cost	 	 $	 	$
	Total Acquisition and Administrative Expenses	 	 $	 	$
	 	 	 	 	 
	Commission Expense Allowance (Schedule II)	 	 $	 	$
	Product Development Fee (Schedule II)	 	 $	 	$
	 	 	 	 	 
	Total Account Adjustment	 	 $	 	$
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Initial Settlement Amount	 	 $	 	$
	 	 	 	 	 
	Account IMR	 	 $	 	$
	Account AVR	 	 $	 	$
	Account Required Reserves	 	 $	 	$
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Trust Account Withdrawal on Settlement	 	 $	 	$

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