Document:

Exhibit 4.4

 

Execution
Version

 

 

THIRD SUPPLEMENTAL INDENTURE

 

between

 

JACKSON
FINANCIAL INC.,

ISSUER,

 

AND

 

The
Bank of New York Mellon Trust Company, N.A.,

TRUSTEE

 

DATED AS OF NOVEMBER 23,
2021

 

4.000% SENIOR NOTES DUE 2051

 

 

    

     

    

 

Table
of Contents

 

Page

 

ARTICLE I

Notes

 

	SECTION 1.01	Definitions	2
	SECTION 1.02	Establishment	4
	SECTION 1.03	Payment of Principal
    and Interest	4
	SECTION 1.04	Global Securities	6
	SECTION 1.05	Transfer and Exchange	7
	SECTION 1.06	Restricted Legend	8
	SECTION 1.07	Exchange Offer	9
	SECTION 1.08	Defeasance	10
	SECTION 1.09	No Sinking Fund	10
	SECTION 1.10	Redemption at the Option
    of the Company	10
	SECTION 1.11	Reporting Covenant	12

 

ARTICLE II

Miscellaneous Provisions

 

	SECTION 2.01	Effectiveness	12
	SECTION 2.02	Notes Unaffected by Other Supplemental Indentures	12
	SECTION 2.03	Trustee Not Responsible for Recitals	13
	SECTION 2.04	Ratification and Incorporation of Base Indenture	13
	SECTION 2.05	Governing Law	13
	SECTION 2.06	Separability	13
	SECTION 2.07	Executed in Counterparts	13

 

EXHIBITS

 

	Exhibit A	Form of Notes
	 	 
	Exhibit B	Form of Rule 144A
    Certificate
	 	 
	Exhibit C	Form of Regulation S Certificate
	 	 
	Exhibit D	Restricted Legend
	 	 
	Exhibit E	Temporary Regulation S Legend

 

    i

     

    

 

 

THIRD
SUPPLEMENTAL INDENTURE, dated as of November 23, 2021 (this “Third Supplemental Indenture”), between Jackson Financial
Inc., a Delaware corporation (the “Company”), and The Bank of New York Mellon Trust Company, N.A., not in its
individual capacity but solely in its capacity as trustee hereunder (together with its successors and assigns in such capacity, the “Trustee”),
supplementing the Indenture, dated as of November 23, 2021 (the “Base Indenture”), between the Company and the
Trustee.

 

Recitals

 

WHEREAS, the Company executed and delivered the
Base Indenture to the Trustee to provide for the future issuance of the Company’s senior debt securities (the “Securities”),
to be issued from time to time in one or more series as might be determined by the Company under the Base Indenture;

 

WHEREAS, pursuant to the terms of the Base Indenture
and this Third Supplemental Indenture (together, the “Indenture”), the Company has duly authorized the creation and
issuance of its 4.000% Senior Notes due 2051 (the “Notes”) in an initial aggregate principal amount of $500,000,000,
the form and substance of such Notes, and the terms, provisions and conditions thereof to be set forth herein as provided in the Indenture;

 

WHEREAS, the Company has requested that the Trustee,
in respect to the Notes, execute and deliver this Third Supplemental Indenture in such capacity; and

 

WHEREAS, all requirements necessary to make this
Third Supplemental Indenture a valid instrument in accordance with its terms and to make the Notes, when executed by the Company and authenticated
and delivered by the Trustee or an Authenticating Agent, the valid obligations of the Company, have been done and performed, and the execution
and delivery of this Third Supplemental Indenture has been duly authorized in all respects;

 

NOW THEREFORE, in consideration of the purchase
and acceptance of the Notes by the holders thereof, and for the purpose of setting forth, as provided in the Indenture, the form and substance
of the Notes, and the terms, provisions and conditions thereof, the parties hereto hereby agree as follows:

 

    1

     

    

 

ARTICLE I

Notes

 

SECTION 1.01         Definitions.

 

Unless the context otherwise requires or unless
otherwise set forth herein:

 

(a)            a
term not defined herein that is defined in the Base Indenture, has the same meaning when used in this Third Supplemental Indenture;

 

(b)            the
definition of any term in this Third Supplemental Indenture that is also defined in the Base Indenture, shall for the purposes of this
Third Supplemental Indenture supersede the definition of such term in the Base Indenture;

 

(c)            a
term defined anywhere in this Third Supplemental Indenture has the same meaning throughout;

 

(d)            the
definition of a term in this Third Supplemental Indenture is not intended to have any effect on the meaning or definition of an identical
term that is defined in the Base Indenture insofar as the use or effect of such term in the Base Indenture, as previously defined, is
concerned;

 

(e)            the
singular includes the plural and vice versa;

 

(f)            headings
are for convenience of reference only and do not affect interpretation; and

 

(g)           the
following terms have the meanings given to them in this Section 1.01(g):

 

“Additional Interest” means
all additional interest then owing pursuant to Section 4 of the Registration Rights Agreement.

 

“Exchange
Notes” means notes issued by the Company hereunder containing terms identical to the Original Notes (except (i) that interest
thereon shall accrue from the last date on which interest was paid on the Original Notes or, if no such interest has been paid, from the
Original Issue Date, (ii) that the legend or legends relating to transferability and other related matters set forth on the Original
Notes, including the Restricted Legend, shall be removed or appropriately altered and (iii) as otherwise set forth herein), to be
offered to holders of Original Notes in exchange for Exchange Notes pursuant to the Exchange Offer.

 

“Exchange Offer” means a Registered
Exchange Offer as defined in the Registration Rights Agreement.

 

“Initial Purchasers” means the
several initial purchasers listed in Schedule I of the Purchase Agreement.

 

“Interest
Payment Date” shall mean May 23 and November 23 of each year, commencing on May 23, 2022.

 

    2

     

    

 

“Notes”
means the Original Notes and the Exchange Notes, if any, that are issued under this Indenture, as amended or supplemented from time to
time.

 

“Original
Issue Date” means November 23, 2021.

 

“Original
Notes” means the Company’s 4.000% Senior Notes due 2051.

 

“Purchase
Agreement” means the Purchase Agreement, dated November 17, 2021, between the Company and the Representatives.

 

“Par Call Date” means May 23,
2051.

 

“Redemption
Date” means the date fixed for the redemption of the Notes by or pursuant to the Indenture.

 

“Registration
Rights Agreement” means the Registration Rights Agreement, dated as of the Original Issue Date, between the Company and the
Representatives.

 

“Regular
Record Date” means with respect to each Interest Payment Date, the close of business on each May 8 and November 8,
as the case may be (whether or not a Business Day) immediately preceding such May 23 and November 23.

 

“Regulation
S” means Regulation S as promulgated under the Securities Act.

 

“Regulation S Certificate” means
the certificate set forth in Exhibit C.

 

“Representatives” means Citigroup
Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC, acting as representatives of the several initial
purchasers listed in Schedule I of the Purchase Agreement.

 

“Restricted
Legend” means the legend set forth in Exhibit D.

 

“Rule 144”
means Rule 144 promulgated by the SEC under the Securities Act, or any successor provision.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act or any successor provision.

 

“Rule 144A Certificate”
means the certificate set forth in Exhibit B.

 

“Stated
Maturity” means November 23, 2051.

 

“Temporary
Regulation S Legend” means the legend set forth in Exhibit E.

 

    3

     

    

 

SECTION 1.02         Establishment.

 

(a)            There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s “4.000%
Senior Notes due 2051”.

 

(b)            There
are to be authenticated and delivered the Notes, in an initial aggregate principal amount of $500,000,000. No further Notes shall be authenticated
and delivered, except as provided by Sections 2.04, 2.05, 2.07, 2.11, 3.03 or 9.04 of the Base Indenture; provided, however,
that the aggregate principal amount of the Notes may be increased in the future with no limit, without notice to or the consent of the
holders of the Notes, on the same terms and with the same CUSIP and ISIN numbers as the Notes, except for any difference, if applicable,
in the issue price, issue date, the first Interest Payment Date and the initial interest accrual date; provided that no Event of
Default with respect to the Notes shall have occurred and be continuing. The Notes shall be issued in fully registered form.

 

(c)            The
Original Notes and the Exchange Notes shall be issued in the form of one or more Global Securities, registered in the name of the Depositary
(as defined below) or its nominee. Each Original Note and each Exchange Note and the Trustee’s or Authenticating Agent’s Certificate
of Authentication thereof, shall be in substantially the form set forth in Exhibit A hereto. The depositary with respect to
the Notes shall be The Depository Trust Company (the “Depositary”).

 

(d)            Any
additional Notes authenticated and delivered pursuant to Section 1.02(b) shall be governed by this Third Supplemental Indenture
and shall rank equal in right of payment with the Notes issued on the date of this Third Supplemental Indenture and, together with the
Original Notes or the Exchange Notes, shall be treated as a single series of Notes for all purposes.

 

(e)            Each
Note shall be dated the date of authentication thereof and shall bear interest from the Original Issue Date or from the most recent Interest
Payment Date to which interest has been paid or duly provided for to, but excluding, the Stated Maturity or any earlier Redemption Date.

 

SECTION 1.03         Payment
of Principal and Interest.

 

(a)            The
principal of the Notes shall be due at the Stated Maturity. The unpaid principal amount of the Notes shall bear interest at the rate of
4.000% per year until paid or duly provided for. Interest shall be paid semi-annually in arrears on each Interest Payment Date, commencing
on May 23, 2022, to the Person in whose name the Notes are registered on the Regular
Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity or on a Redemption Date (in each
case, whether or not an Interest Payment Date) will be paid to the Person to whom principal is payable. Any such interest that is not
so punctually paid or duly provided for will forthwith cease to be payable to the holders of Notes on such Regular Record Date and may
be paid as provided in Section 2.03 of the Base Indenture.

 

    4

     

    

 

(b)            Payments
of interest on the Notes will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the
Notes shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months.

 

(c)            If
any date on which interest is payable on the Notes is not a Business Day, then payment of the interest payable on such date will be made
on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay), except that,
if such Business Day is in the next succeeding calendar year, such payment shall be made on the immediately preceding Business Day, in
each case with the same force and effect as if made on the date the payment was originally payable.

 

(d)            The
Trustee is hereby designated as Security Registrar and Paying Agent for the Notes and all payments of the principal of, and premium, if
any, and interest due on the Notes at the Stated Maturity or upon redemption will be made upon surrender of the Notes at the Corporate
Trust Office of the Trustee in New York.

 

(e)            The
principal of, and premium, if any, and interest due on the Notes shall be paid in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts. Payments of interest (including interest on any Interest
Payment Date) and Additional Interest will be made, subject to such surrender where applicable and subject, in the case of a Global Security,
to the Trustee’s or Paying Agent’s arrangements with the Depositary, at the option of the Company, (i) by check
mailed to the address of the Person entitled thereto as such address shall appear in the Security Register, or (ii) by wire
transfer at such place and to such account at a banking institution in the United States of America as may be designated in writing to
the Trustee and Paying Agent at least 15 days prior to the date for payment by the Person entitled thereto.

 

(f)            Pursuant
to the Registration Rights Agreement, the Company will be obligated upon the occurrence of certain events to consummate an exchange
offer pursuant to which the holders of the Original Notes shall have the right to exchange the Original Notes for the
Exchange Notes, which have been registered under the Securities Act, in like principal amount and having terms identical in all
material respects as the Original Notes. Holders of Notes will be entitled to the payment of Additional Interest on the Notes at a
rate of 0.25% per annum (which rate shall increase by an additional 0.25%
per annum for each subsequent 90-day period that such additional interest continues to accrue, up to a maximum of 0.50%
per annum) in the event such exchange offer is not consummated and upon certain other conditions, all pursuant to and in accordance
with the terms of the Registration Rights Agreement.

 

(g)            If
Additional Interest is payable by the Company pursuant to 1.03(f), the Company shall deliver to the Trustee an Officers’ Certificate
to that effect stating (i) the amount of such Additional Interest that is payable and (ii) the date on which such Additional
Interest is payable. Unless and until a Responsible Officer of the Trustee receives at the Corporate Trust Office such a certificate,
the Trustee may assume without inquiry that no such Additional Interest is payable. The Trustee or the Agents shall not be responsible
for knowing the terms of, or monitoring, the Registration Rights Agreement.

 

    5

     

    

 

SECTION 1.04         Global Securities.

 

(a)            Except
under the limited circumstances described below, Notes represented by Global Securities will not be exchangeable for, and will not otherwise
be issuable as, Notes in definitive form. The Global Securities described above may not be transferred except by the Depositary to a nominee
of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary
or a nominee of the successor Depositary.

 

(b)            Except
as otherwise provided in this Third Supplemental Indenture, owners of beneficial interests in such Global Securities will not be considered
the holders thereof for any purpose under the Indenture, and no Global Security representing a Note shall be exchangeable, except for
another Global Security of like denomination and to be registered in the name of the Depositary or its nominee or to a successor Depositary
or its nominee. The rights of holders of such Global Securities shall be exercised only through the Depositary.

 

(c)            A
Global Security shall be exchangeable in whole or, from time to time, in part for Notes in definitive registered form only as
provided in the Indenture. If (i) at any time the Depositary notifies the Company that it is unwilling or unable to
continue as Depositary for the Notes or if at any time the Depositary shall no longer be registered or in good standing as a
 “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as
amended, or other applicable statute or regulation, at such time as the Depositary is required to be so registered and the
Depositary so notifies the Company and, in each case, the Company does not appoint a successor Depositary within 90 days after the
Company receives such notice or becomes aware of such condition, as the case may be or (ii) subject to the procedures of
the Depositary, the Company in its sole discretion determines that the Notes shall be exchangeable for Notes in definitive
registered form and executes and, in each case, delivers to the Trustee or an Authenticating Agent a written order of the Company
providing that the Notes shall be so exchangeable, the Notes shall be exchangeable for Notes in definitive registered form; provided
that the definitive Notes so issued in exchange for the Notes shall be in denominations of $2,000 and any integral multiple of
$1,000 in excess thereof, and be of like aggregate principal amount and tenor as the portion of the Notes to be exchanged. Except as
provided herein, owners of beneficial interests in the Notes will not be entitled to have Notes registered in their names, will not
receive or be entitled to physical delivery of Notes in definitive registered form and will not be considered the holders thereof
for any purpose under the Indenture. None of the Company, the Trustee, any Paying Agent nor the Security Registrar shall have any
responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests
in the Notes, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. Any Global
Security that is exchangeable pursuant to this Section 1.04(c) shall be exchangeable for Notes registered in such names as
the Depositary shall direct.

 

    6

     

    

 

SECTION 1.05         Transfer
and Exchange.

 

(a)            The
Trustee is hereby designated as Security Registrar for the Notes. No service charge will be made for any registration of transfer or exchange
of Notes, but payment will be required of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
therewith.

 

(b)           The
transfer or exchange of any Notes (or a beneficial interest therein) may only be made in accordance with this Section 1.05 and, in
the case of a Global Security (or a beneficial interest therein), Section 1.04 and the applicable rules and procedures of the
Depositary. The Security Registrar shall refuse to register any requested transfer or exchange that does not comply with the preceding
sentence.

 

(c)            The
Company or the Security Registrar shall not be required to effect any transfer (other than to the Company or The Depository Trust
Company or its nominee) of any individual Security on the Security Registrar unless (i) it receives a certificate
substantially in the form of the Rule 144A Certificate attached hereto as Exhibit B, duly executed by the holder or
his attorney duly authorized in writing, (ii) it receives a certificate substantially in the form of the Regulation S
Certificate attached hereto as Exhibit C, duly executed by the holder or his attorney duly authorized in writing or
(iii) any other exemption from the registration requirements under the Securities Act is available and, in each case,
the Company or the Trustee or any Agent receives such documentation, including opinions of counsel, requested by the Company, the
Trustee or such Agent in order to confirm compliance with the transfer restrictions set forth herein; provided that, if the
requested transfer or exchange is made by the registered holder of an individual Security that does not bear the Restricted Legend
or Temporary Regulation S Legend, then no certification is required. In the event that a Global Security or an individual Security
that does not bear the Restricted Legend or Temporary Regulation S Legend is surrendered for transfer or exchange, upon transfer or
exchange the Trustee or any Agent shall deliver an individual Security that does not bear the Restricted Legend or Temporary
Regulation S Legend.

 

    7

     

    

 

(d)            No
certification is required in connection with any transfer or exchange of any Note (or a beneficial interest therein) after such Note is
eligible for resale pursuant to Rule 144 without being subject to any conditions as provided in Rule 144; provided that
the Company has provided the Trustee or any Agents with an Officers’ Certificate to that effect, and the Company may require from
any Person requesting a transfer or exchange in reliance upon this clause an opinion of counsel and any other reasonable certifications
and evidence in order to support such certificate. Any individual Security delivered in reliance upon this paragraph will not bear the
Restricted Legend or Temporary Regulation S Legend.

 

(e)            The
Trustee or any Agents will retain copies of all certificates, opinions and other documents received in connection with the transfer or
exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable
time upon written notice to the Trustee or such Agents.

 

(f)             Neither
the Trustee nor any Agent shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on
transfer imposed under this Third Supplemental Indenture or under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among Depositary participants or beneficial owners of interests in any Global Security) other than
to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Third Supplemental Indenture, and to examine the same to determine substantial compliance as to form with
the express requirements hereof; provided that, neither the Trustee nor any Agent shall have liability for any transfer of a beneficial
interest in the same Global Note.

 

(g)            Notwithstanding
the foregoing, through the 40-day distribution compliance period as defined in Regulation S, a beneficial interest in a Global
Security issued in reliance on Regulation S may be held only through designated members of, or participants in, the
Depositary holding on behalf of Euroclear Bank SA/NV or Clearstream Banking, S.A.

 

SECTION 1.06         Restricted
Legend.

 

(a)            Except
as otherwise provided in paragraph (d) of this Section 1.06, Section 1.04(a), Section 1.05(c) or Section 1.05(d),
each Note shall bear the Restricted Legend and any temporary Global Security authenticated and delivered for any Notes offered and sold
in offshore transactions in reliance on Regulation S shall bear the Temporary Regulation S Legend. Following the expiration of the distribution
compliance period set forth in Regulation S with respect to any temporary Global Securities, beneficial interests in such temporary Global
Securities shall be exchangeable as provided in Section 1.05, for one or more permanent Global Securities.

 

(b)            The
Notes shall initially be issued in the form of one or more individual Securities registered in the name of the Depositary. Any such Global
Securities shall be Global Securities for purposes of the Base Indenture and shall be subject to the provisions thereof governing Global
Securities, except as modified hereby.

 

    8

     

    

 

(c)            If
the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably require) that
a Note is eligible for resale pursuant to Rule 144 without compliance with any limits thereunder and that the Restricted Legend or
Temporary Regulation S Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial
interest therein) are effected in compliance with the Securities Act, the Company may instruct the Trustee or the Agents in an Officers’
Certificate to cancel the Note and issue to the holder thereof (or to its transferee) a new Note of like tenor and amount of the same
series, registered in the name of the registered holder thereof (or its transferee), that does not bear the Restricted Legend or Temporary
Regulation S Legend, and the Trustee or the Agents will comply with such instruction.

 

(d)            By
its acceptance of any Note bearing the Restricted Legend or Temporary Regulation S Legend (or any beneficial interest in such a Note),
each registered holder thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note
(and any such beneficial interest) set forth in this Third Supplemental Indenture and in the Restricted Legend and Temporary Regulation
S Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with this Third Supplemental
Indenture and such legend.

 

SECTION 1.07         Exchange
Offer.

 

Upon the occurrence of an Exchange Offer in accordance
with the Registration Rights Agreement, the Company shall issue and, upon receipt of an authentication order, the Trustee or an Authenticating
Agent shall authenticate (a) one or more Global Securities without the Restricted Legend or the Temporary Regulation S Legend
in an aggregate principal amount equal to the principal amount of the beneficial interests in the Global Securities with the Restricted
Legend or Temporary Regulation S Legend accepted for exchange in the Exchange Offer and (b) definitive Notes without the Restricted
Legend or Temporary Regulation S Legend in an aggregate principal amount equal to the principal amount of the definitive Notes with the
Restricted Legend or Temporary Regulations S Legend accepted for exchange in the Exchange Offer. Concurrently with the issuance of such
Notes, the Trustee shall cause the aggregate principal amount of the applicable Global Securities with the Restricted Legend or Temporary
Regulation S Legend to be reduced accordingly. Any Original Notes that remain outstanding after the consummation of an Exchange Offer,
and Exchange Notes issued in connection with an Exchange Offer, shall be treated as a single class of Notes under this Third Supplemental
Indenture.

 

    9

     

    

 

 

SECTION 1.08     Defeasance.

 

The provisions of Sections 13.02 and 13.03 of the
Base Indenture will apply to the Notes. An election by the Company to defease the Notes may be evidenced by a Certificate.

 

SECTION 1.09     No
Sinking Fund.

 

The Notes shall not be entitled to any sinking fund, and
Sections 3.04, 3.05 and 3.06 of the Base Indenture will not apply to the Notes.

 

SECTION 1.10     Redemption
at the Option of the Company.

 

(a)            The
provisions of Sections 3.01, 3.02 and 3.03, as supplemented by the terms of this Third Supplemental Indenture, will apply to the Notes.

 

(b)            At
any time and from time to time prior to the Par Call Date, the Notes will be redeemable at the Company’s option, in whole or in
part, at a redemption price equal to the greater of 100% of the principal amount of Notes to be redeemed, plus accrued and unpaid interest
thereon to, but excluding, the Redemption Date and the Make-Whole Redemption Amount (as defined below).

 

(c)            At
any time and from time to time on or after the Par Call Date, the Notes will be redeemable at the Company’s option, in whole or
in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon
to, but excluding, the Redemption Date.

 

    10

     

    

 

“Make-Whole Redemption Amount”
means the sum, as calculated by the Company or by such Premium Calculation Agent as the Company may designate, of the present values of
the remaining scheduled payments of principal of and interest on the Notes to be redeemed (not including any portion of those payments
of interest accrued as of any Redemption Date), as if they were redeemed on the Par Call Date, discounted from their respective scheduled
payment dates to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 35 basis points, plus accrued and unpaid interest thereon to, but excluding, such Redemption Date. The Trustee will have no
duty to calculate or verify the calculation of the Make-Whole Redemption Amount.

 

For purposes of the preceding definition:

 

(i)            “Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, calculated using a price for such Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated on the third Business Day
preceding such Redemption Date.

 

(ii)            “Premium
Calculation Agent” means an investment banking institution of national standing appointed by the Company.

 

(iii)            “Comparable
Treasury Issue” means, with respect to any Redemption Date, the U.S. Treasury security selected by the Premium Calculation Agent
as having an actual or interpolated maturity (on a day-count basis) comparable to the term remaining from such Redemption Date to the
Par Call Date (the “Remaining Life”) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life.

 

(iv)            “Comparable
Treasury Price” means, with respect to any Redemption Date, as determined by the Company (1) the average of five
applicable Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such
quotations.

 

(v)            “Reference
Treasury Dealers” means each of (1) Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan
Stanley & Co. LLC, and their respective successors; provided, however, that if any of the foregoing
shall cease to be a primary U.S. government securities dealer in the United States of America (a “Primary Treasury
Dealer”), the Company will substitute therefor another Primary Treasury Dealer, and (2) any other Primary
Treasury Dealers selected by the Company.

 

(vi)            “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Company, of the bid and ask prices for the applicable Comparable Treasury Issue (expressed, in each case, as a percentage of its
principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business
Day preceding such Redemption Date.

 

(d)            Notwithstanding
Section 3.02 of the Base Indenture, the notice of redemption with respect to any redemption pursuant to Section 3.01 need not
set forth the Redemption Price but only the manner of calculation thereof as described above.

 

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SECTION 1.11     Reporting Covenant

 

(a)            Unless
the Company has filed the financial statements referred to in (i) and (ii) below with the Commission in accordance with Section 1.11(b),
the Company shall post on its public website:

 

(i)            Within
110 days after the end of each fiscal year, the Company’s audited annual financial statements, together with the related report
of the Company’s independent auditors thereon, prepared in accordance with the requirements that would be applicable to such audited
annual financial statements if appearing in an annual report on Form 10-K filed by the Company as a non-accelerated filer (within
the meaning of Rule 12b-2 under the Exchange Act) subject to the reporting requirements of Section 13 or Section 15(d) of
the Exchange Act, or any successor or comparable form; and

 

(ii)            Within
55 days after the end of each of the first three fiscal quarters of each fiscal year, the Company’s unaudited interim financial
statements, prepared in accordance with the requirements that would be applicable to such unaudited interim financial statements if appearing
in a quarterly report on Form 10-Q filed by the Company as a non-accelerated filer (within the meaning of Rule 12b-2 under the
Exchange Act) subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, or any successor
or comparable form.

 

(b)            For
so long as the Company is subject to the reporting requirements of Section 13 or Section 15(d) of the Exchange Act, the
Company shall file with the Trustee and make available to the holders of the Securities (without exhibits), without cost to any holder,
copies of all documents that the Company files with, or furnishes to, the Commission under the Exchange Act, within 15 days after the
Company files them with, or furnishes them to, the Commission. Any such documents that are publicly available through the EDGAR system
of the Commission (or any successor system) shall be deemed to have been filed with the Trustee and made available to holders in accordance
with the Company’s obligations under this Section 1.11. If at any time the Company is not subject to Section 13 or Section 15(d) of
the Exchange Act, and to the extent not satisfied by the foregoing, the Company will make available to the holders of the Securities and
to prospective investors, for so long as any Securities are outstanding, in accordance with the rules and regulations prescribed
from time to time by the Commission, such information as may be required pursuant to Rule 144A(d)(4) of the Securities Act.

 

(c)            Delivery
of such reports, statements, information and documents to the Trustee shall be for informational purposes only and the Trustee’s
receipt of such reports, information and documents shall not constitute actual or constructive notice of any information contained therein
or determinable from information contained therein, including the Company’s compliance with any of the covenants contained in this
Indenture (as to which the Trustee will be entitled to conclusively rely upon an Officers’ Certificate). The Trustee shall not be
obligated to monitor or confirm, on a continuing basis or otherwise, the Company’s compliance with the covenants or with respect
to any reports or other documents filed with the SEC or EDGAR or any website under the Indenture.

 

ARTICLE II

Miscellaneous Provisions

 

SECTION 2.01     Effectiveness.

 

This Third Supplemental Indenture will become effective
upon its execution and delivery .

 

SECTION 2.02      Notes
Unaffected by Other Supplemental Indentures.

 

To the extent the terms of the Base Indenture are
amended as provided herein, no such amendment shall in any way affect the terms of any other supplemental indenture or any other series
of Securities. This Third Supplemental Indenture shall relate and apply solely to the Notes.

 

    12

     

    

 

SECTION 2.03     Trustee
Not Responsible for Recitals.

 

The recitals herein contained are made by the Company
and not by the Trustee or the Agents, and neither the Trustee nor the Agents assume any responsibility for the correctness thereof. Neither
the Trustee nor the Agents make any representation as to the validity or sufficiency of this Third Supplemental Indenture or the Notes.

 

SECTION 2.04     Ratification
and Incorporation of Base Indenture.

 

As supplemented hereby, the Base Indenture is in
all respects ratified and confirmed, and the Base Indenture and this Third Supplemental Indenture shall be read, taken and construed as
one and the same instrument.

 

SECTION 2.05     Governing
Law.

 

THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE DEEMED
TO BE A CONTRACT MADE UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

 

SECTION 2.06      Separability.

 

In case any one or more of the provisions contained
in this Third Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Third Supplemental Indenture or of the Notes,
but this Third Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

 

SECTION 2.07      Executed
in Counterparts.

 

This
Third Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument. The words
 “execution,” “signed,” “signature,” and words of like import in this Third Supplemental
Indenture shall include images of manually executed signatures transmitted by facsimile, email
or other electronic format (including, without limitation, “pdf,” “tif” or “jpg”) and other
electronic signatures (including without limitation, DocuSign and AdobeSign or any other similar platform identified by the Company
and reasonably available at no undue burden or expense to the Trustee). The use of electronic signatures and electronic records
(including, without limitation, any contract or other record created, generated, sent, communicated, received, or stored by
electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a
paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in
Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without
limitation to the foregoing, and anything in the Third Supplemental Indenture to
the contrary notwithstanding, (a) any Officers’ Certificate, company order, Opinion of Counsel, Security, amendment,
notice, direction, certificate of authentication appearing on or attached to any Security, supplemental indenture or other
certificate, opinion of counsel, instrument, agreement or other document delivered pursuant to this Third Supplemental
Indenture may be executed, attested and transmitted by any of the foregoing electronic means
and formats and (b) all references in this Third Supplemental Indenture to the
execution, attestation or authentication of any Security or any certificate of authentication appearing on or attached to any
Security by means of a manual or facsimile signature shall be deemed to include signatures that are made or transmitted by any of
the foregoing electronic means or formats. The Trustee shall have no duty to inquire into or investigate the authenticity or
authorization of any such electronic signature and shall be entitled to conclusively rely on any such electronic signature without
any liability with respect thereto.

 

    13

     

    

 

In
Witness Whereof, the parties hereto have caused this Third Supplemental Indenture to be duly executed by their respective officers
thereunto duly authorized, all as of the day and year first above written.

 

	 	JACKSON FINANCIAL INC.,

                                                                                as Issuer

	 	 
	 	By:	/s/
    Marcia Wadsten
	 	 	Name:   Marcia Wadsten     
	 	 	Title:    Executive Vice President,
    Chief Financial Officer
	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

                                                                                as Trustee

	 	 
	 	By:	/s/ Linda Wirfel
	 	 	Name:   Linda Wirfel     
	 	 	Title:    Vice President

 

[Jackson Financial Inc.
Senior Notes Offering 2021

— Third Supplemental
Indenture]

 

    

     

    

 

EXHIBIT A

 

(FORM OF 4.000% SENIOR NOTES DUE 2051)

 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING
OF THE BASE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A NOMINEE OF THE DEPOSITORY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO JACKSON FINANCIAL
INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

EXCEPT AS OTHERWISE PROVIDED IN SECTION 1.04
OF THE THIRD SUPPLEMENTAL INDENTURE, THIS NOTE MAY BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY TO DTC, TO ANOTHER NOMINEE OF DTC
OR TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

	No. [●]	CUSIP No.: [●]1/ [●]2
	 	ISIN No.: [●]3/ [●]4

 

Jackson
Financial Inc.

 

Global Certificate initially representing

$[●] aggregate principal amount of

4.000% Senior Notes due 2051

 

	Regular Record Date:	With respect to each Interest Payment Date, the close of business on each May 8 and November 8, as the case may be (whether or not a Business Day) immediately preceding such May 23 and November 23.
	 	 
	Original Issue Date:	
    November 23, 2021

	 	 
	Stated Maturity:	November 23, 2051
	 	 
	Interest Payment Dates:	May 23 and November 23 of each year, commencing May 23, 2022
	 	 
	Interest Rate:	4.000% per year
	 	 
	Authorized Denomination:	$2,000 and any integral multiple of $1,000 in excess thereof

 

 

 

1       For 144A Notes

2       For Reg S Notes

3       For 144A Notes

4       For Reg S Notes

 

    A-1

     

    

 

This
Global Certificate is in respect of a duly authorized issue of 4.000% Senior Notes due 2051 (the “Notes”) of Jackson
Financial Inc., a Delaware corporation (the “Company,” which term includes any successor corporation under the Indenture
referred to on the reverse hereof). The Company, for value received, hereby promises to pay to Cede & Co., or registered assigns,
the amount of principal of the Notes represented by this Global Certificate on the Stated Maturity shown above, and to pay interest thereon
from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided
for, semi-annually in arrears on each Interest Payment Date as specified above, commencing May 23, 2022, and on the Stated Maturity
at the Interest Rate per year shown above until the principal hereof is paid or made available for payment and on any overdue principal
and on any overdue installment of interest at such rate to the extent permitted by law. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or any Redemption Date)
will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular
Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at Stated Maturity
or on any Redemption Date will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or
duly provided for will forthwith cease to be payable to the holders on such Regular Record Date and may be paid as provided in Section 2.03
of the Base Indenture.

 

Payments of interest on this Note will include
interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on
the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on this Note is
not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and
without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar
year, payment shall be made on the immediately preceding Business Day, in each case with the same force and effect as if made on the date
the payment was originally payable.

 

Payment of the principal of, and premium, if any,
and interest due on this Note at the Stated Maturity or upon redemption will be made upon surrender of this Note Corporate Trust Office
of the Trustee in the Borough of Manhattan, the City and State of New York. The principal of, and premium, if any, and interest due on
this Note shall be paid in such coin or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts. Payment of interest (including interest on any Interest Payment Date) will be made, subject to such surrender
where applicable and subject to the Trustee’s or any Paying Agent’s arrangements with the Depositary, at the option of the
Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register,
or (ii) by wire transfer at such place and to such account at a banking institution in the United States of America as may be designated
in writing to the Trustee and Paying Agent at least 15 days prior to the date for payment by the Person entitled thereto.

 

This Note is an unsecured obligation of the Company
ranking equally in right of payment with all of the Company’s existing and future unsecured and unsubordinated indebtedness. This
Note ranks senior in right of payment to any subordinated indebtedness of the Company.

 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS
OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT
THIS PLACE.

 

Unless the certificate of authentication hereon
has been executed by the Trustee or an Authenticating Agent by manual or electronic signature, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

 

    A-2

     

    

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

 

Dated:

 

	 	JACKSON FINANCIAL INC.
	 	 
	 	By:	                    
	 	Name:
	 	Title:

 

    A-1

     

    

 

 

Certificate
of Authentication

 

This is one of the Notes referred to in the within
mentioned Indenture.

 

	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

 

	 	By:	 

	 	 	Authorized Signatory

 

Dated:

 

    A-2 

     

    

 

(Reverse of Note)

 

4.000% Senior Notes due 2051

 

1.            This
Note is one of a duly authorized issue of senior debt securities of the Company (the “Securities”) issued and issuable
in one or more series under an Indenture, dated as of November 23, 2021 (the “Base Indenture”), as supplemented
by the Third Supplemental Indenture, dated as of November 23, 2021 (the “Third Supplemental Indenture,” and together
with the Base Indenture, the “Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A.,
as trustee (the “Trustee”), to which the Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and the
holders of the Notes issued thereunder and of the terms upon which said Notes are, and are to be, authenticated and delivered. This Note
is one of the series designated on the face hereof as the 4.000% Senior Notes due 2051. Capitalized terms used herein for which no definition
is provided herein shall have the meanings set forth in the Indenture.

 

2.            This
Note is exchangeable in whole or, from time to time, in part for Notes in definitive registered form only as provided herein and in
the Indenture. If (i) at any time the Depositary notifies the Company that it is unwilling or unable to continue as
Depositary for this Note or if at any time the Depositary shall no longer be registered or in good standing as a “clearing
agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934, as amended, or other
applicable statute or regulation, at such time as the Depositary is required to be so registered and the Depositary so notifies the
Company and, in each case, the Company does not appoint a successor Depositary within 90 days after the Company receives such notice
or becomes aware of such condition, as the case may be, (ii) any Event of Default or Default has occurred and is
continuing with respect to the Notes or (iii) subject to the procedures of the Depositary, the Company in its sole
discretion determines that this Note shall be exchangeable for Notes in definitive registered form and executes and delivers to the
Security Registrar a written order of the Company providing that this Note shall be so exchangeable, this Note shall be exchangeable
for Notes in definitive registered form, provided that the definitive Notes so issued in exchange for this Note shall be in
denominations of $2,000 and integral multiples of $1,000 in excess thereof and be of like aggregate principal amount and tenor as
the portion of this Note to be exchanged. Except as provided herein or in the Third Supplemental Indenture, owners of beneficial
interests in this Note will not be entitled to have Notes registered in their names, will not receive or be entitled to physical
delivery of Notes in definitive registered form and will not be considered the holders thereof for any purpose under the Indenture.
None of the Company, the Trustee, any Paying Agent nor the Security Registrar shall have any responsibility or liability for
any aspect of the records relating to or payments made on account of beneficial ownership interests in this Note, or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

 

    A-3 

     

    

 

3.            If
an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable
in the manner, with the effect and subject to the conditions provided in the Indenture.

 

4.            The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the holders of the Securities under the Indenture at any time by the Company and the Trustee with the
consent of the holders of not less than a majority in aggregate principal amount of the Securities at the time Outstanding of each series
to be affected. The Indenture also contains provisions permitting the holders of specified percentages in principal amount of the Notes
at the time Outstanding, on behalf of the holders of all Notes, to waive compliance by the Company with certain provisions of the Indenture
and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note shall be conclusive
and binding upon such holder and upon all future holders of this Note and of any Note issued upon the registration of transfer hereof
or in exchange hereof or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

5.            The
Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company pursuant to this Note
and (b) restrictive covenants and the related Events of Default, upon compliance by the Company with certain conditions set
forth therein, which provisions apply to this Note.

 

6.            (a)          At
any time and from time to time prior to May 23, 2051 (the “Par Call Date”), the Notes will be redeemable at the
Company’s option, in whole or in part, at a redemption price equal to the greater of 100% of the principal amount of Notes to be
redeemed, plus accrued and unpaid interest thereon to, but excluding, the Redemption Date and the Make-Whole Redemption Amount (as defined
below).

 

(b)            At
any time and from time to time on or after the Par Call Date, the Notes will be redeemable at the Company’s option, in whole or
in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest thereon
to, but excluding, the Redemption Date.

 

“Make-Whole Redemption
Amount” means the sum, as calculated by the Company or by such Premium Calculation Agent as the Company may designate, of
the present values of the remaining scheduled payments of principal of and interest on the Notes to be redeemed (not including any
portion of those payments of interest accrued as of any Redemption Date), as if they were redeemed on the Par Call Date, discounted
from their respective scheduled payment dates to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 35 basis points, plus accrued and unpaid interest thereon to, but excluding, such
Redemption Date. The Trustee will have no duty to calculate or verify the calculation of the Make-Whole Redemption Amount.

 

    A-4 

     

    

 

For purposes of the preceding definition:

 

(i)            “Treasury
Rate” means, with respect to any Redemption Date, the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, calculated using a price for such Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate will be calculated on the third Business Day
preceding such Redemption Date.

 

(ii)            “Premium
Calculation Agent” means an investment banking institution of national standing appointed by the Company.

 

(iii)           “Comparable
Treasury Issue” means, with respect to any Redemption Date, the U.S. Treasury security selected by the Premium Calculation Agent
as having an actual or interpolated maturity (on a day-count basis) comparable to the term remaining from such Redemption Date to the
Par Call Date (the “Remaining Life”) that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life.

 

(iv)           “Comparable
Treasury Price” means, with respect to any Redemption Date, as determined by the Company (1) the average of five
applicable Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if the Company obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such
quotations.

 

(v)            “Reference
Treasury Dealers” means each of (1) Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley &
Co. LLC, and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S.
government securities dealer in the United States of America (a “Primary Treasury Dealer”), the Company will substitute
therefor another Primary Treasury Dealer, and (2) any other Primary Treasury Dealers selected by the Company.

 

(vi)           “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined
by the Company, of the bid and ask prices for the applicable Comparable Treasury Issue (expressed, in each case, as a percentage of its
principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third Business
Day preceding such Redemption Date.

 

    A-5 

     

    

 

(c)            Notice
of any redemption will be mailed (or, if the Notes are represented by one or more Global Securities, transmitted in accordance with the
Depositary’s standard procedures therefor) at least 10 days but not more than 60 days before the Redemption Date to each holder
of the Notes to be redeemed; provided, however, that any notice of redemption may be sent more than 60 days prior to a Redemption
Date if such notice is issued in connection with a defeasance pursuant to Article XIII of the Base Indenture or a satisfaction and
discharge pursuant to Article XI of the Base Indenture. Unless the Company defaults in payment of the redemption price, on and after
the Redemption Date, interest will cease to accrue on the Notes called for redemption and all rights under such Notes will terminate.

 

(d)            The
notice of redemption need not set forth the Redemption Price but only the manner of calculation thereof as described above.

 

7.            [Intentionally
Omitted.]

 

8.            The
Company shall be responsible for calculating the Redemption Price with respect to any redemption occurring prior to the Par Call Date.

 

9.            No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company,
which is absolute and unconditional, to pay the principal of, and premium, if any, and interest due on this Note at the time, place and
rate, and in the coin or currency, herein prescribed.

 

10.          (a)            As
provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the
Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company for such purpose,
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company or the Security Registrar
and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and of like tenor and for the same aggregate principal amount, will be issued to the designated transferee
or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Company will require payment
of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

    A-6 

     

    

 

(b)            Prior
to due presentment of this Note for registration of transfer, the Company, the Trustee, the Paying Agent and the Security Registrar of
the Company or the Trustee may deem and treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes
(subject to Section 1.03(a) of the Third Supplemental Indenture), whether or not this Note be overdue and notwithstanding any
notice of ownership or writing thereon made by anyone other than the Security Registrar, and none of the Company nor the Trustee nor any
Paying Agent nor the Security Registrar shall be affected by notice to the contrary. Except as provided in Section 1.03(a) of
the Third Supplemental Indenture, all payments of the principal of and premium, if any, and interest due on this Note made to or upon
the order of the registered holder hereof shall, to the extent of the amount or amounts so paid, effectually satisfy and discharge liability
for moneys payable on this Note.

 

(c)            The
Notes are issuable only in registered form without coupons in denominations of $2,000, or any integral multiple of $1,000 in excess thereof.
As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal
amount of Notes of a different authorized denomination, as requested by the holder surrendering the same upon surrender of the Note or
Notes to be exchanged at the office or agency of the Company.

 

11.          No
recourse shall be had for payment of the principal of, or premium, if any, or interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, stockholder, officer or director, past,
present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof
and as part of the consideration for the issuance hereof, expressly waived and released.

 

12.          THIS
NOTE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH LAWS OF THE STATE OF NEW YORK.

 

13.         The
holder of this Note is entitled to the benefits of the Registration Rights Agreement. Additional Interest, if any, will be payable in
cash semi-annually on May 23 and November 23 of each year, or if any such date is not a Business Day, on the next succeeding
Business Day. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of Additional Interest, if any, hereon from time to time on demand at the same rate to the extent lawful.

 

14.         [Pursuant
to the Registration Rights Agreement, the Company will be obligated upon the occurrence of certain events to consummate the Exchange Offer
pursuant to which the holder of this Note shall have the right to exchange this Original Note for the Company’s Exchange Notes,
which have been registered under the Securities Act, in like principal amount and having terms identical in all material respects as the
Original Notes. The holders of this Note shall be entitled to receive Additional Interest in the event such Exchange Offer is not consummated
and upon certain other conditions, all pursuant to and in accordance with the terms of the Registration Rights Agreement.]5

 

15.         In
the event of a conflict between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control.

 

 

5           
To be included in any Original Note.

 

    A-7 

     

    

 

ABBREVIATIONS

 

The following abbreviations, when used in the inscription on the face
of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN COM	     - as tenants in common	UNIF GIFT MIN ACT - Custodian under 

Uniform Gift to Minors Act
	 	 	 
	 	 	(State)
	 	 	 
	TEN
ENT	      - as tenants by the entireties	 
	 	 	 
	JT
TEN	     - as joint tenants with right of survivorship and not as tenants in common.

 

Additional abbreviations may also be used though not on the above list.

 

FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP
CODE OF ASSIGNEE

 

 

 

 

(please insert Social Security or other identifying
number of assignee)

 

the within Note and all rights thereunder, hereby irrevocably constituting
and appointing

 

 

 

 

agent to transfer said Note on the books of the Company, with full
power of substitution in the premises.

 

	Dated:	 	 	
	 	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular
without alteration or enlargement, or any change whatsoever.

 

    A-8 

     

    

 

EXHIBIT B

 

Rule 144A Certificate

 

_______________, _______

 

The Bank of
New York Trust Company, N.A.

240 Greenwich Street 7E

New
York, NY 10286

Attention: Corporate Trust

 

	Re:	Jackson Financial Inc. (the “Company”) 
	 	4.000% Senior Notes due 2051 (the “Notes”)

 

Reference is made to the Indenture, dated as of
November 23, 2021 (the “Base Indenture”), as amended and supplemented by the Third Supplemental Indenture, dated
as of November 23, 2021 (the “Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
relating to the Notes. Terms used herein and defined in the Indenture or in Rule 144A under the U.S. Securities Act of 1933, as amended
(the “Securities Act”), are used herein as so defined.

 

This certificate relates to U.S.$_____________
principal amount of Notes, which are evidenced by the following certificate(s) (the “Specified Securities”):

 

CUSIP
No.: [●]

 

CERTIFICATE
No(s). _____________________

 

The person in whose name this certificate is executed
below (the “Undersigned”) hereby certifies that (i) it is the sole registered holder of the Specified Securities,
or (ii) it is acting on behalf of all the registered holders of the Specified Securities and is duly authorized by them to do so.
Such registered holder or holders are referred to herein collectively as the “Holder”.

 

The Holder has requested that the Specified Securities
be transferred. In connection with such transfer, the Holder hereby certifies that the transfer is being effected in accordance with Rule 144A
under the Securities Act and all applicable securities laws of the states of the United States and other jurisdictions. Accordingly, the
Holder hereby further certifies as follows:

 

		1.	the Specified Securities are being transferred to a person that the Holder and any person acting on its behalf reasonably believe
is a “qualified institutional buyer” within the meaning of Rule 144A, acquiring for its own account or for the account
of a qualified institutional buyer; and

 

    B-1 

     

    

 

		2.	the Holder and any person acting on its behalf have taken reasonable steps to ensure that such transferee of the Specified Securities
is aware that the Holder may be relying on Rule 144A in connection with the transfer.

 

This certificate and the statements contained herein
are made for your benefit and the benefit of the Company.

 

Date: _________________

 

	 	Very truly yours,

 

	 	By:	 
	 	 	Name:	 
	 	 	Title:	 
	 	 	Address:	 
	 	
     

    (If the Undersigned, as such term is defined in the third paragraph
    of this certificate, is a corporation, partnership or fiduciary, the title of the person signing on behalf of the Undersigned must be
    stated.)

 

    B-2 

     

    

 

EXHIBIT C

 

FORM OF REGULATION S CERTIFICATE

 

_________________, _____

 

The Bank
of New York Trust Company, N.A.

240 Greenwich Street 7E 

New York,
NY 10286

Attention: Corporate Trust

 

	 	Re:	Jackson Financial Inc.
    (the “Company”) 
	 	 	     4.000%
Senior Notes due 2051 (the “Notes”)

 

Dear Sirs:

 

In connection with our proposed sale of $        
aggregate principal amount at maturity of the Notes, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the Securities Act of 1933, as amended, and, accordingly, we represent that:

 

(1) the offer of the Notes was
not made to a person in the United States;

 

(2) at the time the buy order
was originated, the transferee was outside the United States or we and any person acting on our behalf reasonably believed that the transferee
was outside the United States;

 

(3) no directed selling efforts
have been made by us in the United States in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation
S, as applicable; and

 

(4) the transaction is not part
of a plan or scheme to evade the registration requirements of the U.S. Securities Act of 1933.

 

You and the Company are entitled to rely upon this letter and are
irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation S.

 

	 	Very truly yours,
	 	 
	 	[Name of Transferor]
	 	 	 
	 	By:	
	 	 	Authorized
    Signature

 

    C-1

     

    

 

EXHIBIT D

 

Restricted Legend

 

Each Global Security offered and sold in reliance
on Rule 144A or in an offshore transaction in reliance on Regulation S shall contain the following legend:

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED
OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

 

    D-1

     

    

 

THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS IN THE CASE OF RULE 144A
NOTES: ONE YEAR AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES
AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY), IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH
THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF
REGULATION S) IN RELIANCE ON REGULATION S, ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE
ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS
A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO
OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D) OR (E) TO
REQUIRE CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE EARLIER OF THE
TRANSFER OF THIS SECURITY PURSUANT TO CLAUSE (B) ABOVE OR REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY OF THE RESALE RESTRICTIONS
REFERRED TO IN THIS PARAGRAPH. IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS
NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN
ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

    D-2

     

    

 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER HEREOF
WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR
HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT
INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT
THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) (A
 “COVERED PLAN”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE
SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED
TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS
SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR
A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 

BY ITS ACQUISITION OF THIS SECURITY, EACH PURCHASER OF THIS
SECURITY THAT IS USING ASSETS OF ANY COVERED PLAN TO ACQUIRE OR HOLD THIS SECURITY PURSUANT TO THE INITIAL OFFERING WILL BE DEEMED TO
REPRESENT THAT NONE OF THE COMPANY, THE INITIAL PURCHASERS OR ANY OF THE COMPANY’S OR THEIR RESPECTIVE AFFILIATES HAS ACTED AS
THE COVERED PLAN’S FIDUCIARY, OR HAS BEEN RELIED UPON FOR ANY ADVICE, WITH RESPECT TO THE PURCHASER’S DECISION TO ACQUIRE
THE SECURITIES.

 

    D-3

     

    

 

EXHIBIT E

 

Temporary Regulation S Legend

 

Each Global Security offered and sold in an offshore
transaction in reliance on Regulation S, as a temporary Global Security, shall also initially bear the following legend on the face thereof:

 

BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS
THAT IT IS NOT A U.S. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON, AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION
IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

 

EXCEPT AS SPECIFIED IN THE INDENTURE, BENEFICIAL
OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL
NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS
ON TRANSFER, UNTIL THE EXPIRATION OF THE “40 DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(b)(2) OF
REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON RECEIPT BY THE TRUSTEE OF THE REGULATION S CERTIFICATE DULY EXECUTED BY THE
HOLDER OR HIS ATTORNEY DULY AUTHORIZED IN WRITING. DURING SUCH 40 DAY DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS
IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY NOT BE SOLD, PLEDGED OR TRANSFERRED TO A U.S. PERSON OR FOR THE ACCOUNT OR BENEFIT
OF A U.S. PERSON.

 

    E-1Exhibit 10.1

 

Execution Version

 

JACKSON FINANCIAL INC.

 

$600,000,000 principal amount of 1.125% Senior
Notes due 2023

$500,000,000 principal amount of 3.125% Senior
Notes due 2031

$500,000,000 principal amount of 4.000% Senior
Notes due 2051

 

 

REGISTRATION RIGHTS
AGREEMENT

 

November 23, 2021

 

	
    Citigroup Global Markets Inc.

    J.P. Morgan Securities LLC

    Morgan Stanley & Co. LLC

     

    As Representatives of the Initial Purchasers

     

    c/o Citigroup Global Markets Inc.

    388 Greenwich Street

    New York, NY 10013

     

    c/o J.P. Morgan Securities LLC

    383 Madison Avenue

    New York, NY 10179

     

    c/o Morgan Stanley & Co. LLC

    1585 Broadway

    New York, NY 10036

     

 

Ladies and Gentlemen:

 

This Registration Rights Agreement (this “Agreement”),
dated November 23, 2021, is entered into by and among Jackson Financial Inc., a Delaware corporation (the “Issuer”),
and Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (collectively with, for and on behalf of
the Initial Purchasers named in the Purchase Agreement referred to below, the “Initial Purchasers”). The Issuer proposes
to issue and sell to the Initial Purchasers, upon the terms set forth in a purchase agreement, dated November 17, 2021 (the “Purchase
Agreement”), $600,000,000 principal amount of its 1.125% Senior Notes due 2023, $500,000,000 principal amount of its 3.125%
Senior Notes due 2031 and $500,000,000 principal amount of its 4.000% Senior Notes due 2051 (collectively, the “Original Notes”)
(such sale, the “Initial Placement”). As an inducement to the Initial Purchasers to enter into the Purchase Agreement
and in satisfaction of a condition to your obligations thereunder, the Issuer agrees with you, (i) for your benefit and (ii) for the benefit
of the holders from time to time of the Registrable Securities (as defined below), including you (each of the foregoing a “Holder”
and together the “Holders”), as follows:

 

1.                 
 Definitions. Capitalized terms used herein without definition have their respective meanings set forth in the Purchase
Agreement. As used in this Agreement, the following capitalized defined terms have the following meanings:

 

“Affiliate” of any specified person
means any other person that, directly or indirectly, controls, or is controlled by, or is under common control with, such specified person.
For purposes of this definition, the term “control” (including the terms “controlling,” “controlled by”
and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of such person, whether through the ownership of voting securities, by contract, or otherwise.

 

     

     

    

 

“Agreement” has the meaning set
forth in the introductory paragraph hereto.

 

“Commission” means the Securities
and Exchange Commission.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Exchange Offer Prospectus” means
the prospectus included in the Exchange Offer Registration Statement, as amended or supplemented by any prospectus supplement, with respect
to the terms of the offering of any portion of the New Notes covered by such Exchange Offer Registration Statement, and all amendments
and supplements thereto and all material incorporated by reference therein.

 

“Exchange Offer Registration Period”
means the 90-day period following the last date for acceptance for exchange of the Original Notes for New Notes in the Registered Exchange
Offer, which period shall be extended by one day for each day of a Suspension Period.

 

“Exchange Offer Registration Statement”
means a registration statement of the Issuer on an appropriate form under the Securities Act with respect to the Registered Exchange Offer,
all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus
contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Exchange Period” has the meaning
set forth in the Section 2(c).

 

“Exchanging Dealer” means any
Holder (which may include the Initial Purchasers) which is a broker-dealer electing to exchange Original Notes acquired for its own account
as a result of market-making activities or other trading activities for New Notes.

 

“Holder” has the meaning set forth
in the introductory paragraph hereto.

 

“Indenture” means the Indenture
relating to the Original Notes and the New Notes, dated as of November 23, 2021, between the Issuer and The Bank of New York Mellon Trust
Company, N.A., as trustee, as the same may be amended from time to time in accordance with the terms thereof, as supplemented by the supplemental
indenture for each series of Original Notes.

 

    -2-

     

    

 

“Initial Placement” has the meaning
set forth in the introductory paragraph hereto.

 

“Initial Purchasers” has the meaning
set forth in the introductory paragraph hereto.

 

“Issuer” has the meaning set forth
in the introductory paragraph hereto.

 

“Letter of Transmittal” has the
meaning set forth in Section 2(c) hereto.

 

“Losses” has the meaning set forth
in Section 7(d) hereto.

 

“Majority Holders” means the Holders
of a majority of the aggregate principal amount of the Original Notes and the New Notes registered under a Registration Statement.

 

“Managing Underwriters” means
the investment banker or investment bankers and manager or managers that shall administer an offering of securities under a Shelf Registration
Statement.

 

“New Notes” means, for each applicable
series of Original Notes, senior notes of the Issuer identical in all material respects to the applicable series of Original Notes (except
that the interest rate step-up provisions for failure to comply with this Agreement and the transfer restrictions will be modified or
eliminated, as appropriate), to be issued under the Indenture.

 

“Notes” means any Original Notes
and New Notes.

 

“Original Notes” has the meaning
set forth in the introductory paragraph hereto.

 

“Prospectus” means the prospectus
included in any Registration Statement (including, without limitation, a prospectus that discloses information previously omitted from
a prospectus filed as part of an effective registration statement in reliance upon Rule 430A, Rule 430B or Rule 430C under the Securities
Act), as amended or supplemented by any prospectus supplement, with respect to the terms of the offering of any portion of the Original
Notes or the New Notes covered by such Registration Statement, and all amendments and supplements to the Prospectus, including post-effective
amendments.

 

“Purchase Agreement” has the meaning
set forth in the introductory paragraph hereto.

 

“Registered Exchange Offer” means
the proposed offer by the Issuer to the Holders to issue and deliver to such Holders, in exchange for the Original Notes, a like principal
amount of the New Notes.

 

“Registrable Securities”
means the Original Notes and any New Notes issued pursuant to Section 2(g) hereof; provided that such Notes shall cease to be
Registrable Securities (i) when a Registration Statement with respect to such Notes has become effective under the Securities Act
and such Notes have been exchanged or disposed of pursuant to such Registration Statement, (ii) when such Notes cease to be
outstanding or (iii) with respect to Original Notes (except for Original Notes constituting any portion of an unsold allotment with
respect to which any Purchaser determines that it is not eligible to participate in the Registered Exchange Offer), when a
Registered Exchange Offer is consummated regardless of whether such Original Notes have been exchanged in the Registered Exchange
Offer.

 

    -3-

     

    

 

“Registration Default” means the
occurrence of any of the following: (i) the Registered Exchange Offer is not completed on or prior to the Target Registration Date, (ii)
the Shelf Registration Statement, if required by Section 3 of this Agreement, has not become effective on or prior to the Target Registration
Date, or (iii) the Shelf Registration Statement, if required by Section 3 of this Agreement, has become effective and thereafter ceases
to be effective or the Prospectus contained therein ceases to be usable for resales of Notes, in each case whether or not permitted by
this Agreement, (a) on more than two occasions during the Shelf Registration Period or (b) at any time in any 12-month period during the
Shelf Registration Period there exists a Suspension Period for more than 30 days, whether or not consecutive.

 

“Registration Expenses” means
all costs and expenses incident to the performance of or compliance by the Issuer with this Agreement, including without limitation the
following: (i) all Commission or FINRA registration and filing fees, (ii) the fees, disbursements and expenses of counsel and accountants
to the Issuer and all other expenses in connection with the preparation, printing, distribution and mailing of any Registration Statement,
any Prospectus, any free writing prospectus and any amendments or supplements thereto, any letter of transmittal and documents related
to a Registered Exchange Offer, any underwriting agreements, securities sales agreements or other similar agreements and any other documents
relating to the performance of and compliance with this Agreement; (iii) all fees and expenses in connection with compliance with state
securities or Blue Sky laws; (iv) the costs incident to the authorization, issuance and delivery of the New Notes and any taxes payable
in connection therewith, including expenses and application fees incurred in connection with the approval of New Notes for book-entry
transfer by DTC; (v) any fees charged by securities rating services incurred by the Issuer (including with respect to maintaining the
ratings of the Notes); (vi) the fees and expenses of any trustee and the fees and disbursements of counsel for any such trustee, in connection
with the Indenture, including in connection with the qualification of the Indenture under applicable securities laws; and (vii) all expenses
and application fees incurred in connection with the approval of New Notes for book-entry transfer by DTC.

 

“Registration Statement” means
any Exchange Offer Registration Statement or Shelf Registration Statement that covers any of the Original Notes or the New Notes pursuant
to the provisions of this Agreement, all amendments and supplements to such registration statement, including, without limitation, post-effective
amendments, in each case including the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Shelf Registration” means a registration
effected pursuant to Section 3 hereof.

 

“Shelf Registration Period” has
the meaning set forth in Section 3(b) hereof.

 

    -4-

     

    

 

“Shelf Registration Statement”
means a “shelf” registration statement of the Issuer pursuant to the provisions of Section 3 hereof which covers some of or
all the Registrable Securities, on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted
by the Commission, all amendments and supplements to such registration statement, including post-effective amendments, in each case including
the Prospectus contained therein, all exhibits thereto and all material incorporated by reference therein.

 

“Suspension Actions” has the meaning
set forth in Section 3(c) hereof.

 

“Suspension Period” means, with
respect to any Registration Statement or Prospectus, any period or periods during which such Registration Statement ceases to be effective
or such Prospectus ceases to be usable.

 

“Target Registration Date” means
December 31, 2022.

 

“Trustee” means the trustee with
respect to the Original Notes and the New Notes under the Indenture.

 

“underwriter” means any underwriter
of securities in connection with an offering thereof under a Shelf Registration Statement.

 

2.                 
Registered Exchange Offer; Resales of New Notes by Exchanging Dealers; Private Exchange.

 

(a)              
The Issuer shall for the benefit of Holders, at the Issuer’s cost, use its reasonable best efforts to (i) prepare
and file with the Commission the Exchange Offer Registration Statement with respect to the Registered Exchange Offer, (ii) cause the Exchange
Offer Registration Statement to be declared effective under the Securities Act, (iii) keep the Exchange Offer Registration Statement effective
until the closing of the Registered Exchange Offer, (iv) cause the Registered Exchange Offer to be consummated not later than 60 days
after the Exchange Offer Registration Statement becomes effective and (v) cause the Registered Exchange Offer to be consummated not later
than the Target Registration Date.

 

(b)               Upon
the effectiveness of the Exchange Offer Registration Statement, the Issuer shall promptly commence the Registered Exchange Offer, it
being the objective of such Registered Exchange Offer to enable each Holder electing to exchange Original Notes of each applicable
series for corresponding New Notes (assuming that such Original Notes do not constitute a portion of an unsold allotment acquired by
such Holder directly from the Issuer and that such Holder (i) is not an Affiliate of the Issuer, (ii) acquires the New Notes in the
ordinary course of its business, (iii) at the time of commencement of the Registered Exchange Offer, has no arrangements or
understandings with any person to participate in the distribution (within the meaning of the Securities Act) of the New Notes in
violation of the Securities Act, and (iv) if such Holder is a broker-dealer that will receive New Notes for its own account in
exchange for Original Notes that were acquired as a result of market-making or other trading activities, that it will deliver a
prospectus (or, to the extent permitted by law, make a prospectus available) in connection with any resale of the New Notes) to
trade such New Notes from and after their receipt without any limitations or restrictions under the Securities Act or under state
securities or Blue Sky laws.

 

    -5-

     

    

 

(c)              
In connection with the Registered Exchange Offer, the Issuer shall:

 

(i)                 deliver
or cause to be delivered to each Holder a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together
with an appropriate letter of transmittal (the “Letter of Transmittal”) and related documents;

 

(ii)             
keep the Registered Exchange Offer open for not less than twenty (20) business days after the date notice thereof is mailed
to the Holders (or any shorter or longer period permitted or required by applicable law) (such period, the “Exchange Period”);

 

(iii)           
utilize the services of a depositary for the Registered Exchange Offer with an address in the Borough of Manhattan, The
City of New York;

 

(iv)            
permit Holders to withdraw tendered Original Notes at any time prior to the expiration of the Exchange Period, by sending
to the institution specified in the Letter of Transmittal or other applicable notice, a notice of withdrawal by electronic mail, facsimile
transmission or letter setting forth the name of such Holder, the principal amount of Original Notes delivered for exchange, and a statement
that such Holder is withdrawing such Holder’s election to have such Original Notes exchanged or as otherwise required by the applicable
procedures of the depositary; and

 

(v)              
comply in all material respects with all applicable laws.

 

(d)              
As soon as practicable after the expiration of the Registered Exchange Offer, the Issuer shall:

 

(i)                
accept for exchange all Original Notes tendered and not validly withdrawn pursuant to the Registered Exchange Offer in accordance
with the terms of the Exchange Offer Registration Statement and the Letter of Transmittal;

 

(ii)             
deliver to the Trustee for cancellation all Original Notes so accepted for exchange; and

 

(iii)           
promptly cause the Trustee to authenticate and deliver to each Holder of Original Notes so accepted for exchange a principal
amount of New Notes, in the applicable series, equal to the principal amount of the Original Notes of such Holder so accepted for exchange.

 

    -6-

     

    

 

(e)              
 The Registered Exchange Offer shall not be subject to any conditions, other than that it does not violate any applicable
law or applicable interpretations of the Commission’s staff, the due tendering of Registrable Securities in accordance with the
Registered Exchange Offer and that no action or proceeding has been instituted or threatened in any court or by or before any governmental
agency relating to the Exchange Offer which could reasonably be expected to impair the Issuer’s ability to proceed with the Exchange
Offer.

 

(f)               
The Initial Purchasers and the Issuer acknowledge that, pursuant to current interpretations by the Commission’s staff
of Section 5 of the Securities Act, and in the absence of an applicable exemption therefrom, each Exchanging Dealer is required to deliver
a Prospectus in connection with a sale of any New Notes received by such Exchanging Dealer pursuant to the Registered Exchange Offer in
exchange for Original Notes acquired for its own account as a result of market-making activities or other trading activities. Accordingly,
the Issuer shall:

 

(i)                
include the information set forth in Annex A hereto on the cover of the Exchange Offer Registration Statement, in Annex
B hereto in the forepart of the Exchange Offer Registration Statement in a section setting forth details of the Exchange Offer, in Annex
C hereto in the underwriting or plan of distribution section of the Prospectus forming a part of the Exchange Offer Registration Statement,
and in Annex D hereto in the Letter of Transmittal delivered pursuant to the Registered Exchange Offer (it being understood that a Holder’s
participation in the Registered Exchange Offer is conditioned on the Holder, by executing and returning the Letter of Transmittal, representing
in writing to the Issuer as set forth in Rider B of Annex D hereto); and

 

(ii)             
use reasonable best efforts to keep the Exchange Offer Registration Statement continuously effective under the Securities
Act during the Exchange Offer Registration Period for delivery by Exchanging Dealers in connection with sales of New Notes received pursuant
to the Registered Exchange Offer, as contemplated by Section 5(h) below.

 

(g)              
In the event that any Purchaser determines that it is not eligible to participate in the Registered Exchange Offer with
respect to the exchange of Original Notes constituting any portion of an unsold allotment, at the request of such Purchaser, the Issuer
shall issue and deliver to such Purchaser or the party purchasing New Notes registered under a Shelf Registration Statement as contemplated
by Section 3 hereof from such Purchaser, in exchange for such Original Notes, a like principal amount of New Notes, of the applicable
series. The Issuer shall seek to cause CUSIP Global Securities (formerly known as the CUSIP Service Bureau) to issue the same CUSIP number
for such New Notes as for New Notes issued pursuant to the Registered Exchange Offer.

 

3.                  Shelf
Registration. If (i) the Issuer determines upon advice of outside counsel that a Registered Exchange Offer as contemplated by
Section 2 hereof may not be completed as soon as practicable after the last date for acceptance of Original Notes for exchange
because it would violate any applicable law or applicable interpretations of the Commission’s staff, or (ii) for any other
reason the Registered Exchange Offer is not consummated on or prior to the Target Registration Date, or (iii) any Purchaser so
requests with respect to Original Notes not eligible to be exchanged for New Notes in a Registered Exchange Offer (or any New Notes
received pursuant to Section 2(g)) or, in the case of any Purchaser that participates in any Registered Exchange Offer, such
Purchaser does not receive freely tradable New Notes, or (iv) any Holder (other than a Purchaser) is not eligible to
participate in the Registered Exchange Offer or (v) in the case of any such Holder that participates in the Registered Exchange
Offer, such Holder does not receive freely tradable New Notes in exchange for tendered Original Notes, other than by reason of such
Holder being an affiliate of the Issuer within the meaning of the Securities Act (it being understood that, for purposes of this
Section 3, (1) the requirement that a Purchaser deliver a Prospectus containing the information required by Items 507 and/or 508 of
Regulation S-K under the Securities Act in connection with sales of New Notes acquired in exchange for such Original Notes shall
result in such New Notes being not “freely tradeable,” but (2) the requirement that an Exchanging Dealer deliver a
Prospectus in connection with sales of New Notes acquired in the Registered Exchange Offer in exchange for Original Notes acquired
as a result of market-making activities or other trading activities shall not result in such New Notes being not “freely
tradeable”), the following provisions shall apply:

 

(a)              
The Issuer shall as promptly as practicable file with the Commission and thereafter shall use its reasonable best efforts
to cause to become effective under the Securities Act, or, if permitted by Rule 430B under the Securities Act, otherwise designate an
existing registration statement filed with the Commission as, a Shelf Registration Statement relating to the offer and sale of the applicable
Registrable Securities, by the Holders from time to time in accordance with the methods of distribution elected by such Holders and set
forth in such Shelf Registration Statement; provided, however, that, with respect to New Notes received by a Purchaser in
exchange for Original Notes constituting any portion of an unsold allotment, the Issuer may, if permitted by current interpretations by
the Commission’s staff, file a post-effective amendment to the Exchange Offer Registration Statement containing the information
required by Regulation S-K Items 507 and/or 508, as applicable, in satisfaction of its obligations under this paragraph (a) with respect
thereto, and any such Exchange Offer Registration Statement, as so amended, shall be referred to herein as, and governed by the provisions
herein applicable to, a Shelf Registration Statement. Unless the Shelf Registration Statement is an automatic shelf registration statement
(as defined in Rule 405 under the Securities Act), the Issuer shall include therein the information required by Rule 430B(b)(2)(iii) under
the Securities Act.

 

    -7-

     

    

 

(b)               The
Issuer shall use its reasonable best efforts to keep the Shelf Registration Statement continuously effective in order to permit the
Prospectus forming part thereof to be usable by Holders until the Notes covered by the Shelf Registration Statement cease to be
Registrable Securities (such period being called the “Shelf Registration Period”). The Issuer shall be deemed not
to have used its reasonable best efforts to keep the Shelf Registration Statement effective during the Shelf Registration Period if
the Issuer voluntarily takes any action that would result in Holders of securities covered thereby not being able to offer and sell
such securities during that period, unless (i) such action is required by applicable law or (ii) such action is taken by such party
in good faith and for valid business reasons (not including avoidance of the obligations of the Issuer hereunder), including the
acquisition or divestiture of assets, so long as the Issuer promptly thereafter complies with the requirements of Section 5(k)
hereof, if applicable.

 

(c)              
The Issuer shall be entitled to suspend its obligation to file any amendment to a Shelf Registration Statement, furnish
any supplement or amendment to a Prospectus included in a Shelf Registration Statement or any free writing prospectus, make any other
filing with the Securities and Exchange Commission that would be incorporated by reference into a Shelf Registration Statement, cause
a Shelf Registration Statement to remain effective or the Prospectus or any free writing prospectus usable or take any similar action
(collectively, “Suspension Actions”) if there is a possible acquisition, disposition or business combination or other
transaction, business development or event involving the Issuer or its subsidiaries that may require disclosure in the Shelf Registration
Statement or Prospectus and the Issuer determines that such disclosure is not in the best interest of the Issuer and its stockholders
or obtaining any financial statements relating to any such acquisition or business combination required to be included in the Shelf Registration
Statement or Prospectus would be impracticable. Upon the occurrence of any of the conditions described in the foregoing sentence, the
Issuer shall give prompt notice of the delay or suspension (but not the basis thereof) to the Holders. Upon the termination or disclosure
of such condition, the Issuer shall promptly proceed with all Suspension Actions that were delayed or suspended and, if required, shall
give prompt notice to the Holders of the cessation of the delay or suspension (but not the basis thereof).

 

    -8-

     

    

  

4.                 
Registration Default.

 

(a)              
If a Registration Default occurs, the interest rate on the Registrable Securities will be increased by the following amounts
(hereinafter referred to as “Additional Interest”): (A) 0.25% per annum for the first 90-day period beginning on the
day immediately following such Registration Default and (B) an additional 0.25% per annum with respect to each subsequent 90-day period,
in each case until and including the date such Registration Default ends, provided that the maximum increase shall be 0.50% per
annum.

 

(b)              
A Registration Default ends when the securities subject to the applicable Registration Statement cease to be Registrable
Securities or, if earlier, (1) in the case of a Registration Default under clause (i) of the definition thereof, when the Registered Exchange
Offer is completed, (2) in the case of a Registration Default under clause (ii) of the definition thereof, when the Shelf Registration
Statement becomes effective, or (3) in the case of a Registration Default under clause (iii) of the definition thereof, when the Shelf
Registration Statement again becomes effective or the Prospectus again becomes usable.

 

5.                 
Registration Procedures. In connection with any Shelf Registration Statement and, to the extent applicable, any Exchange
Offer Registration Statement, the following provisions shall apply:

 

(a)              
 (i) The Issuer shall furnish to you, prior to the filing or designation thereof with the Commission, a copy of any Exchange
Offer Registration Statement, each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein and
shall use its reasonable best efforts to reflect in each such document, when so filed or designated with the Commission, such comments
as you reasonably may propose.

 

    -9-

     

    

 

(ii)             
The Issuer shall furnish to you, prior to the filing or designation thereof with the Commission, a copy of any Shelf Registration
Statement, each amendment thereof and each amendment or supplement, if any, to the Prospectus included therein and shall use its reasonable
best efforts to reflect in each such document, when so filed or designated with the Commission, such comments as any Holder whose securities
are to be included in such Shelf Registration Statement reasonably may propose.

 

(b)              
The Issuer shall ensure that (i) any Registration Statement and any amendment thereto and any Prospectus forming part thereof
and any amendment or supplement thereto complies in all material respects with the Securities Act and the rules and regulations promulgated
thereunder, (ii) any Registration Statement and any amendment thereto does not, when it becomes effective (or, in the case of a previously
filed registration statement that is effective at the time it is designated as a Shelf Registration Statement, when it is so designated),
contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading and (iii) any Prospectus forming part of any Registration Statement, and any amendment or supplement
to such Prospectus, does not include an untrue statement of a material fact or omit to state a material fact necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading.

 

(c)              
(i) The Issuer shall advise you and, in the case of a Shelf Registration Statement, the Holders of securities covered thereby,
and, if requested by you or any such Holder, confirm such advice in writing:

 

(1)              
when a Registration Statement and any amendment thereto has been filed (or, in the case of a previously filed registration
statement designated as a Shelf Registration Statement, when it is so designated) with the Commission and when the Registration Statement
or any post-effective amendment thereto has become effective (or, in the case of a previously filed registration statement that is effective
at the time it is designated as a Shelf Registration Statement, when it is so designated); and

 

(2)              
of any request by the Commission for amendments or supplements to the Registration Statement or the Prospectus included
therein or for additional information.

 

    -10-

     

    

 

(ii)             
 The Issuer shall advise you and, in the case of a Shelf Registration Statement, the Holders of securities covered thereby,
and, in the case of an Exchange Offer Registration Statement, any Exchanging Dealer which has provided in writing to the Issuer a telephone
or facsimile number or e-mail address and address for notices, and, if requested by you or any such Holder or Exchanging Dealer, confirm
such advice in writing:

 

(1)              
of the issuance by the Commission of any stop order suspending the effectiveness of the Registration Statement or the initiation
of any proceedings for that purpose;

 

(2)              
of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the securities included
therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(3)              
of the happening of any event that requires the making of any changes in the Registration Statement or the Prospectus so
that, as of such date, the statements therein are not misleading and do not omit to state a material fact required to be stated therein
or necessary to make the statements therein (in the case of the Prospectus, in the light of the circumstances under which they were made)
not misleading (which advice shall be accompanied by an instruction to suspend the use of the Prospectus until the requisite changes have
been made).

 

Each such Holder or Exchanging Dealer agrees by its acquisition
of such securities to be sold by such Holder or Exchanging Dealer, that, upon being so advised by the Issuer of any event described in
clause (3) of this paragraph (c)(ii), such Holder or Exchanging Dealer will forthwith discontinue disposition of such securities under
such Registration Statement or Prospectus, until such Holder’s or Exchanging Dealer’s receipt of the copies of the supplemented
or amended Prospectus contemplated by section 5(k) hereof, or until it is advised in writing by the Issuer that the use of the applicable
Prospectus may be resumed.

 

(d)              
The Issuer shall use its reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of any
Registration Statement at the earliest possible time.

 

(e)              
The Issuer shall furnish to each Holder of securities included within the coverage of any Shelf Registration Statement,
without charge, at least one copy of such Shelf Registration Statement and any post-effective amendment thereto, including financial statements
and schedules, and, if the Holder so requests in writing, any documents incorporated by reference therein and all exhibits thereto (including
those incorporated by reference therein).

 

(f)                The
Issuer shall, during the Shelf Registration Period, deliver to each Holder of securities included within the coverage of any Shelf
Registration Statement, without charge, as many copies of the Prospectus (including each preliminary Prospectus) included in such
Shelf Registration Statement and any amendment or supplement thereto as such Holder may reasonably request; and the Issuer hereby
consents to the use of the Prospectus or any amendment or supplement thereto by each of the selling Holders of securities in
connection with the offering and sale of the securities covered by the Prospectus or any amendment or supplement thereto.

 

    -11-

     

    

 

(g)              
The Issuer shall furnish to each Exchanging Dealer which so requests, without charge, at least one copy of the Exchange
Offer Registration Statement and any post-effective amendment thereto, including financial statements and schedules and, if the Exchanging
Dealer so requests in writing, any documents incorporated by reference therein and all exhibits thereto (including those incorporated
by reference therein).

 

(h)              
The Issuer shall, during the Exchange Offer Registration Period, promptly deliver to each Exchanging Dealer, without charge,
as many copies of the Prospectus included in such Exchange Offer Registration Statement and any amendment or supplement thereto as such
Exchanging Dealer may reasonably request for delivery by such Exchanging Dealer in connection with a sale of New Notes received by it
pursuant to the Registered Exchange Offer; and the Issuer hereby consents to the use of the Prospectus or any amendment or supplement
thereto by any such Exchanging Dealer, as aforesaid.

 

(i)                
Prior to the Registered Exchange Offer or any other offering of securities pursuant to any Registration Statement, the Issuer
shall register or qualify or cooperate with the Holders of securities included therein and their respective counsel in connection with
the registration or qualification of such securities for offer and sale under the securities or Blue Sky laws of such jurisdictions as
any such Holder reasonably requests in writing and do any and all other acts or things necessary or advisable to enable the offer and
sale in such jurisdictions of the securities covered by such Registration Statement; provided, however, that the Issuer
will not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which
would subject it to general service of process or to taxation in any such jurisdiction where it is not then so subject.

 

(j)                
The Issuer shall cooperate with the Holders of Original Notes to facilitate the timely preparation and delivery of certificates
representing Original Notes to be sold pursuant to any Registration Statement free of any restrictive legends and in such denominations
and registered in such names as Holders may request prior to sales of securities pursuant to such Registration Statement.

 

(k)              
Upon the occurrence of any event contemplated by paragraph (c)(ii)(3) above, the Issuer shall promptly prepare a post-effective
amendment to any Registration Statement or an amendment or supplement to the related Prospectus or file any other required document so
that, as thereafter delivered to purchasers of the securities included therein, the Prospectus will not include an untrue statement of
a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading.

 

    -12-

     

    

 

(l)                
 Not later than the effective date (or the designation date, in the case of a previously filed registration statement that
is effective at the time it is designated as a Shelf Registration Statement) of any such Registration Statement hereunder, the Issuer
shall provide a CUSIP number for each of the Original Notes or the New Notes, as the case may be, registered under such Registration Statement,
and provide the Trustee with printed certificates for such Original Notes or New Notes, in a form, if requested by the applicable Holder
or Holder’s counsel, eligible for deposit with The Depository Trust Company or any successor thereto under the Indenture.

 

(m)            
The Issuer shall use its reasonable best efforts to comply with all applicable rules and regulations of the Commission to
the extent and so long as they are applicable to the Registered Exchange Offer or the Shelf Registration and will make generally available
to the security holders of the Issuer a consolidated earnings statement (which need not be audited) covering a twelve-month period commencing
after the effective date (or the designation date, in the case of a previously filed registration statement that is effective at the time
it is designated as a Shelf Registration Statement) of the Registration Statement and ending not later than fifteen (15) months thereafter,
as soon as practicable after the end of such period, which consolidated earnings statement shall satisfy the provisions of Section 11(a)
of the Securities Act.

 

(n)              
The Issuer shall cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended, on or prior to the
effective date (or the designation date, in the case of a previously filed Registration Statement that is effective at the time it is
designated as a Shelf Registration Statement) of any Shelf Registration Statement or Exchange Offer Registration Statement.

 

(o)              
The Issuer may require each Holder of securities to be sold pursuant to any Shelf Registration Statement to furnish to the
Issuer in writing such information regarding the Holder and the distribution of such securities as the Issuer may from time to time reasonably
require for inclusion in such Registration Statement. The Issuer may exclude from any such Registration Statement the securities of any
such Holder who fails to furnish such information within a reasonable time after receiving such request. Each Holder as to which any Shelf
Registration is being effected agrees to furnish promptly to the Issuer all information required to be disclosed in order to make the
information previously furnished to the Issuer by such Holder not materially misleading. Each Holder further agrees that neither such
Holder nor any underwriter participating in any disposition pursuant to any Shelf Registration Statement on such Holder’s behalf
will make any offer relating to the securities to be sold pursuant to such Shelf Registration Statement that would constitute an issuer
free writing prospectus (as defined in Rule 433 under the Securities Act) or that would otherwise constitute a “free writing prospectus”
(as defined in Rule 405 under the Securities Act) required to be filed by the Issuer with the Commission or retained by the Issuer under
Rule 433 of the Securities Act, unless it has obtained the prior written consent of the Issuer (and except for as otherwise provided in
any underwriting agreement entered into by the Issuer and any such underwriter).

 

(p)               The
Issuer shall, if requested, promptly incorporate in a Prospectus supplement or post-effective amendment to a Shelf Registration
Statement, such information as the Managing Underwriters, if any, and the Majority Holders reasonably agree should be included
therein and shall make all required filings of such Prospectus supplement or post-effective amendment as soon as notified of the
matters to be incorporated in such Prospectus supplement or post-effective amendment.

 

    -13-

     

    

 

 

(q)          
(i) In the case of any Shelf Registration Statement, the Issuer shall enter into such agreements (including underwriting
agreements) and take all other appropriate actions reasonably required in order to expedite or facilitate the registration or the disposition
of the Registrable Securities, and in connection therewith, if an underwriting agreement is entered into, cause the same to contain indemnification
provisions and procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable
to the Majority Holders and the Managing Underwriters, if any), with respect to all parties to be indemnified pursuant to Section 7 hereof.

 

(ii)             
Without limiting in any way paragraph (q)(i) above, no Holder may participate in any underwritten registration hereunder
unless such Holder (x) agrees to sell such Holder’s securities to be covered by such registration on the basis provided in
any underwriting arrangements approved by the Majority Holders and the Managing Underwriters and (y) completes and executes in a timely
manner all customary questionnaires, powers of attorney, underwriting agreements and other documents reasonably required by the Issuer
or the Managing Underwriters in connection with such underwriting arrangements.

 

(r)            In
the case of any Shelf Registration Statement, the Issuer shall (i) make reasonably available for inspection by the Holders of securities
to be registered thereunder, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney,
accountant or other agent retained by the Holders or any such underwriter all relevant financial and other records, pertinent corporate
documents and properties of the Issuer and its subsidiaries reasonably requested by such person; (ii) cause the officers, directors
and employees of the Issuer to supply all relevant information reasonably requested by the Holders or any such underwriter, attorney,
accountant or agent in connection with any such Registration Statement as is customary for due diligence examinations in connection with
primary underwritten offerings; provided, however, that any information that is nonpublic at the time of delivery of such
information shall be kept confidential by the Holders or any such underwriter, attorney, accountant or agent, unless such disclosure
is made in connection with a court proceeding or required by law, or such information becomes available to the public generally or through
a third party without an accompanying obligation of confidentiality; (iii) make such representations and warranties to the Holders of
securities registered thereunder and the underwriters, if any, in form, substance and scope as are customarily made by an issuer to underwriters
in primary underwritten offerings; (iv) obtain opinions of counsel to the Issuer (which counsel and opinions (in form, scope and substance)
shall be reasonably satisfactory to the Managing Underwriters, if any) addressed to each selling Holder and the underwriters, if any,
covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters as may be reasonably
requested by such Holders and underwriters; (v) obtain “comfort” letters and updates thereof from the independent certified
public accountants of the Issuer (and, if necessary, any other independent certified public accountants of any subsidiary of the Issuer
or of any business acquired by the Issuer for which financial statements and financial data are, or are required to be, included or incorporated
by reference in the Registration Statement), addressed to each selling Holder of securities registered thereunder and the underwriters,
if any, in customary form and covering matters of the type customarily covered in “comfort” letters in connection with primary
underwritten offerings; and (vi) deliver such documents and certificates as may be reasonably requested by the Majority Holders and the
Managing Underwriters, if any, including those to evidence compliance with Section 5(k) and with any customary conditions contained in
the underwriting agreement or other agreement entered into by the Issuer. The foregoing actions set forth in clauses (iii), (iv), (v)
and (vi) of this Section 5(r) shall be performed (A) on the effective date (or the designation date, in the case of a previously filed
registration statement that is effective at the time it is designated as a Shelf Registration Statement) of such Registration Statement
and each post-effective amendment thereto and (B) at each closing under any underwriting or similar agreement as and to the extent required
thereunder.

 

    -14- 

     

    

 

(s)           In
the case of any Exchange Offer Registration Statement, the Issuer shall (i) make reasonably available for inspection by each Initial
Purchaser, and any attorney, accountant or other agent retained by such Initial Purchaser, all relevant financial and other records,
pertinent corporate documents and properties of the Issuer and its subsidiaries reasonably requested by such person; (ii) cause the
officers, directors and employees of the Issuer to supply all relevant information reasonably requested by such Initial Purchaser or
any such attorney, accountant or agent in connection with any such Registration Statement as is customary for due diligence
examinations in connection with primary underwritten offerings; provided, however, that any information that is
nonpublic at the time of delivery of such information shall be kept confidential by such Initial Purchaser or any such attorney,
accountant or agent, unless such disclosure is made in connection with a court proceeding or required by law, or such information
becomes available to the public generally or through a third party without an accompanying obligation of confidentiality; (iii) make
such representations and warranties to such Initial Purchaser, in form, substance and scope as are customarily made by an issuer to
underwriters in primary underwritten offerings; (iv) obtain opinions of counsel to the Issuer (which counsel and opinions (in form,
scope and substance) shall be reasonably satisfactory to such Initial Purchaser and its counsel), addressed to such Initial
Purchaser, covering such matters as are customarily covered in opinions requested in underwritten offerings and such other matters
as may be reasonably requested by such Initial Purchaser or its counsel; (v) obtain “comfort” letters and updates
thereof from the independent certified public accountants of the Issuer (and, if necessary, any other independent certified public
accountants of any subsidiary of the Issuer or of any business acquired by the Issuer for which financial statements and financial
data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to such Initial
Purchaser, in customary form and covering matters of the type customarily covered in “comfort” letters in connection
with primary underwritten offerings; and (vi) deliver such documents and certificates as may be reasonably requested by such Initial
Purchaser or its counsel, including those to evidence compliance with Section 5(k) and with conditions customarily contained in
underwriting agreements. The foregoing actions set forth in clauses (iii), (iv), (v) and (vi) of this Section 5(s) shall be
performed (A) at the close of the Registered Exchange Offer and (B) on the effective date of any post-effective amendment to
the Exchange Offer Registration Statement.

 

    -15- 

     

    

 

6.             Registration Expenses. The Issuer shall bear all Registration Expenses and, in the event of any Shelf Registration
Statement, will reimburse the Holders for the reasonable fees and disbursements of one firm or counsel (in addition to one local counsel
in each relevant jurisdiction) designated by the Majority Holders to act as counsel for the Holders in connection therewith. The Holders
of Registrable Securities being registered shall pay all agency or brokerage fees and commissions and underwriting discounts and commissions
attributable to the sale of such Registrable Securities and the fees and disbursements of any counsel or other advisors or experts retained
by such Holders (severally or jointly), other than the counsel and experts specifically referred to above in this Section 6, transfer
taxes on resale of any of the Registrable Securities by such Holders and any advertising expenses incurred by or on behalf of such Holders
in connection with any offers they may make.

 

7.             Indemnification and Contribution. (a) In connection with any Registration Statement, the Issuer agrees to indemnify
and hold harmless each Holder of securities covered by a Registration Statement (including each Initial Purchaser and, with respect to
any Prospectus delivery as contemplated in Section 5(h) hereof, each Exchanging Dealer), the directors, officers, employees and agents
of each Holder, each person, if any, who controls any such Holder within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act and each affiliate of each Initial Purchaser within the meaning of Rule 405 under the Securities Act from and
against any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the
Securities Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement
of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, or in any preliminary Prospectus
or Prospectus, or in any amendment thereof or supplement thereto, or in any issuer free writing prospectus approved for use by the Issuer,
or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary
to make the statements therein not misleading, and agrees to reimburse each such indemnified party, as incurred, for any legal or other
expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Issuer will not be liable in any case to the extent that any such loss, claim, damage or liability
arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance
upon and in conformity with written information furnished to the Issuer by or on behalf of any such Holder specifically for inclusion
therein. This indemnity agreement will be in addition to any liability which the Issuer may otherwise have.

 

The Issuer agrees to indemnify or contribute to
Losses (as defined below) of, as provided in Section 7(d), any underwriters of Original Notes or New Notes registered under a Shelf
Registration Statement, their officers, directors, employees and agents and each person who controls such underwriters on
substantially the same basis as that of the indemnification of the Initial Purchasers and the selling Holders provided in this
Section 7(a) and shall, if requested by any Holder, enter into an underwriting agreement reflecting such agreement, as provided in
Section 5(q) hereof.

 

    -16- 

     

    

 

(b)           Each
Holder of securities covered by a Registration Statement (including each Initial Purchaser and, with respect to any Prospectus delivery
as contemplated in Section 5(h) hereof, each Exchanging Dealer) severally and not jointly agrees to indemnify and hold harmless the Issuer,
each of its directors and officers and each other person, if any, who controls the Issuer within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuer to each such Holder, but only with
reference to written information relating to such Holder furnished to the Issuer by or on behalf of such Holder specifically for inclusion
in the documents referred to in the foregoing indemnity. This indemnity agreement will be in addition to any liability which any such
Holder may otherwise have.

 

(c)         Promptly
after receipt by an indemnified party under this Section 7 of notice of the commencement of any action, such indemnified party will,
if a claim in respect thereof is to be made against the indemnifying party under this Section 7, notify the indemnifying party in
writing of the commencement thereof; but the failure to so notify the indemnifying party (i) will not relieve it from liability
under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such action and such failure results in the
forfeiture by the indemnifying party of substantial rights and defenses and (ii) will not, in any event, relieve the indemnifying
party from any obligations to any indemnified party other than the indemnification obligations provided in paragraph (a) or (b)
above. The indemnifying party shall be entitled to appoint counsel of the indemnifying party’s choice at the indemnifying
party’s expense to represent the indemnified party in any action for which indemnification is sought (in which case the
indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel retained by the indemnified
party or parties except as set forth below); provided, however, that such counsel shall be reasonably satisfactory to
the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel to represent the indemnified party
in an action, the indemnified party shall have the right to employ separate counsel (including local counsel), and the indemnifying
party shall bear the reasonable fees, costs and expenses of such separate counsel (and local counsel) if (i) the use of counsel
chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of interest, (ii) the
actual or potential defendants in, or targets of, any such action include both the indemnified party and the indemnifying party and
the indemnified party shall have reasonably concluded that there may be legal defenses available to it and/or other indemnified
parties which are different from or additional to those available to the indemnifying party, (iii) the indemnifying party shall not
have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified party within a reasonable time
after notice of the institution of such action or (iv) the indemnifying party shall authorize the indemnified party to employ
separate counsel at the expense of the indemnifying party. An indemnifying party will not, without the prior written consent of the
indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened claim,
action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent includes
an unconditional release of each indemnified party from all liability arising out of such claim, action, suit or proceeding. It is
understood, however, that the Issuer shall, in connection with any one such action or separate but substantially similar or related
actions in the same jurisdiction arising out of the same general allegations or circumstances, be liable for the reasonable fees and
expenses of only one separate firm of attorneys (in addition to any local counsel) at any time for all such Holders and controlling
persons. An indemnifying party shall not be liable under this Section 7 to any indemnified party regarding any settlement or
compromise or consent to the entry of any judgment with respect to any pending or threatened claim, action, suit or proceeding in
respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified parties are actual or
potential parties to such claim or action) unless such settlement, compromise or consent is consented to by such indemnifying party,
which consent shall not be unreasonably withheld.

 

    -17- 

     

    

 

(d)         In
the event that the indemnity provided in paragraph (a) or (b) of this Section 7 is unavailable to or insufficient to hold harmless
an indemnified party for any reason, then the Issuer and the Holders, as applicable, in lieu of indemnifying such indemnified party,
shall, in the case of the Issuer, have an obligation to, and in the case of each Holder, have a several and not joint obligation to,
contribute to the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably incurred in
connection with investigating or defending same) (collectively “Losses”) to which the Issuer and the Holders may
be subject in such proportion as is appropriate to reflect the relative benefits received by the Issuer, on the one hand, and by the
Holders, on the other hand, from the Initial Placement and the Registration Statement which resulted in such Losses; provided, however,
that in no case shall any Initial Purchaser or any subsequent Holder of any Original Note or New Note be responsible, in the
aggregate, for any amount in excess of the purchase discount or commission applicable to such Original Note, or in the case of a New
Note, applicable to the security which was exchangeable into such New Note, as set forth in the Offering Memorandum and in the
Purchase Agreement, nor shall any underwriter be responsible for any amount in excess of the underwriting discount or commission
applicable to the securities purchased by such underwriter under the Registration Statement which resulted in such Losses. If the
allocation provided by the immediately preceding sentence is unavailable for any reason, the Issuer and the Holders severally shall
contribute in such proportion as is appropriate to reflect not only such relative benefits but also the relative fault of the
Issuer, on the one hand, and the Holders, on the other hand, in connection with the statements or omissions which resulted in such
Losses as well as any other relevant equitable considerations. Benefits received by the Issuer shall be deemed to be equal to the
sum of (x) the total net proceeds from the Initial Placement (before deducting expenses) as set forth in the Offering Memorandum and
in the Purchase Agreement and (y) the total amount of additional interest which the Issuer was not required to pay as a result of
registering the securities covered by the Registration Statement which resulted in such Losses. Benefits received by the Initial
Purchasers shall be deemed to be equal to the total purchase discounts and commissions as set forth in the Offering Memorandum and
in the Purchase Agreement, and benefits received by any other Holders shall be deemed to be equal to the value of receiving Original
Notes or New Notes, as applicable, registered under the Securities Act. Benefits received by any underwriter shall be deemed to be
equal to the total underwriting discounts and commissions, as set forth on the cover page of the Prospectus forming a part of the
Registration Statement which resulted in such Losses. Relative fault shall be determined by reference to whether any alleged untrue
statement or omission relates to information provided by the Issuer, on the one hand, or by Holders, on the other hand. The parties
agree that it would not be just and equitable if contribution were determined by pro rata allocation or any other method of
allocation which does not take account of the equitable considerations referred to above. Notwithstanding the provisions of this
paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be
entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 7,
each person who controls a Holder within the meaning of either the Securities Act or the Exchange Act and each director, officer,
employee and agent of such Holder shall have the same rights to contribution as such Holder, and each person who controls the Issuer
within the meaning of either the Securities Act or the Exchange Act, each of their officers who shall have signed the Registration
Statement and each of their directors shall have the same rights to contribution as the Issuer, subject in each case to the
applicable terms and conditions of this paragraph (d).

 

    -18- 

     

    

 

(e)            The provisions of this Section 7 will remain in full force and effect, regardless of any investigation made by or on behalf
of any Initial Purchaser, any other Holder, the Issuer or any underwriter or any of the officers, directors or controlling persons referred
to in this Section 7, and will survive the sale by a Holder of securities covered by a Registration Statement.

 

8.             Miscellaneous.

 

(a)            No
Inconsistent Agreements. The Issuer has not, as of the date hereof, entered into, nor shall it, on or after the date hereof, enter
into, any agreement with respect to its securities that limits the rights granted to the Holders herein or otherwise conflicts with the
provisions hereof.

 

(b)           Amendments
and Waivers. The provisions of this Agreement, including the provisions of this sentence, may not be amended, qualified,
modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given, unless the Issuer has
obtained the written consent of the Holders of at least a majority of the then outstanding aggregate principal amount of Registrable
Securities; provided that, with respect to any matter that directly or indirectly affects the rights of any Initial Purchaser
hereunder, the Issuer shall obtain the written consent of each such Initial Purchaser against which such amendment, qualification,
supplement, waiver or consent is to be effective. Notwithstanding the foregoing (except the foregoing proviso), a waiver or consent
to departure from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose Registrable
Securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect the rights of other
Holders may be given by the Majority Holders, determined on the basis of Registrable Securities being sold rather than registered
under such Registration Statement.

 

    -19- 

     

    

 

(c)            Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery,
first-class mail, facsimile, or air courier guaranteeing overnight delivery:

 

(i)              if to a Holder, at the most current address given by such Holder to the Issuer in accordance with the provisions of this
Section 8(c), which address initially is, with respect to each Holder, the address of such Holder maintained by the registrar under the
Indenture, with a copy in like manner to you at the applicable address set forth in the Purchase Agreement; and

 

(ii)            
if to you, initially at the applicable address set forth in the Purchase Agreement; and

 

(iii)           
if to the Issuer, initially at the address set forth in the Purchase Agreement.

 

All such notices and communications shall be deemed
to have been duly given when received.

 

The Initial Purchasers or the Issuer by notice to
the other may designate additional or different addresses for subsequent notices or communications.

 

(d)           Successors
and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties,
including, without the need for an express assignment or any consent by the Issuer or subsequent Holders of Registrable Securities. The
Issuer hereby agrees to extend the benefits of this Agreement to any Holder of Registrable Securities and any such Holder may specifically
enforce the provisions of this Agreement as if an original party hereto. The Initial Purchasers (in their capacity as initial purchasers)
shall have no liability or obligation to the Issuer with respect to any failure by a Holder to comply with, or any breach by any Holder
of, any of the obligations of such Holder under this Agreement. Any successor to the Issuer, whether by merger, consolidation or other
transaction, shall expressly assume the obligations of the Issuer hereunder.

 

(e)           Third Party Beneficiaries. Each Holder shall be a third party beneficiary to the agreements made hereunder between
the Issuer and the Initial Purchasers, and shall have the right to enforce such agreements directly to the extent it deems such enforcement
necessary or advisable to protect its rights or the rights of other Holders hereunder.

 

(f)            Counterparts.
This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Agreement or any document to be signed in connection with this Agreement shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the
case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

    -20- 

     

    

 

(g)           Headings.
The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

(h)           Governing
Law. This agreement shall be governed by and construed in accordance with the internal laws of the state of New York (without
regard to the conflict of law provisions thereof that would result in the application of the law of another jurisdiction).

 

(i)             Severability.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, is held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every other
respect and of the remaining provisions hereof shall not be in any way impaired or affected thereby, it being intended that all the rights
and privileges of the parties shall be enforceable to the fullest extent permitted by law.

 

(j)             Securities
Held by the Issuer, etc. Whenever the consent or approval of Holders of a specified percentage of principal amount of Registrable
Securities is required hereunder, Registrable Securities held by the Issuer or its Affiliates (other than subsequent Holders of Registrable
Securities if such subsequent Holders are deemed to be Affiliates solely by reason of their holdings of such Registrable Securities)
shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage.

 

    -21- 

     

    

 

Please confirm that the foregoing correctly sets
forth the agreement among the Issuer and you.

 

	 	Very truly yours,
	 	 
	 	JACKSON FINANCIAL INC.
	 	 
	 	By: 	/s/ Marcia Wadsten
	 	 	Name:	Marcia Wadsten
	 	 	Title:	Executive Vice President, Chief Financial Officer

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

The foregoing Agreement is hereby confirmed and accepted
as of the date first above written.

 

	 	CITIGROUP GLOBAL MARKETS INC.
	 	 
	 	By:	/s/ Adam Bordner
	 	 	Name:	Adam Bordner
	 	 	Title:	Director

 

	 	J.P. MORGAN SECURITIES LLC
	 	 
	 	By:	/s/ Som Bhattacharyya
	 	 	Name:	Som Bhattacharyya
	 	 	Title:	Executive Director

 

	 	MORGAN STANLEY & CO. LLC
	 	 
	 	By:	/s/ Yurij Slyz
	 	 	Name:	Yurij Slyz
	 	 	Title:	Executive Director
	 	 	 
	 	 	As Representatives of the several Initial Purchasers named in Schedule 1 to the Purchase Agreement

 

Signature Page to Registration Rights Agreement

 

     

     

    

 

ANNEX A

 

Each broker-dealer that receives New Notes for its
own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale
of such New Notes. The Letter of Transmittal states that by so acknowledging and by delivering a prospectus, a broker-dealer will not
be deemed to admit that it is an “underwriter” within the meaning of the Securities Act. This Prospectus, as it may be amended
or supplemented from time to time, may be used by a broker-dealer in connection with resales of New Notes received in exchange for Original
Notes where such New Notes were acquired by such broker-dealer as a result of market-making activities or other trading activities. The
Issuer has agreed that, starting on the Expiration Date and ending on the close of business on the day that is 90 days following the Expiration
Date, it will make this Prospectus available to any broker-dealer for use in connection with any such resale. See “Plan of Distribution.”

 

     

     

    

 

ANNEX B

 

Each broker-dealer that receives New Notes for its
own account in exchange for Original Notes, where such Original Notes were acquired by such broker-dealer as a result of market-making
activities or other trading activities, must acknowledge that it will deliver a prospectus in connection with any resale of such New Notes.
See “Plan of Distribution.”

 

     

     

    

 

ANNEX C

 

PLAN OF DISTRIBUTION

 

Each broker-dealer that receives New Notes for its
own account pursuant to the Registered Exchange Offer must acknowledge that it will deliver a prospectus in connection with any resale
of such New Notes. The Prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer in connection
with resales of New Notes received in exchange for Original Notes where such Original Notes were acquired as a result of market-making
activities or other trading activities. The Issuer has agreed that, starting on the Expiration Date and ending on the close of business
on the day that is 90 days following the Expiration Date, it will make this Prospectus, as amended or supplemented, available to any broker-dealer
for use in connection with any such resale. [In addition, until          , 20   ,
all dealers effecting transactions in the Exchange Securities may be required to deliver a prospectus.]1

 

The Issuer will not receive any proceeds from any
sale of New Notes by broker-dealers. New Notes received by broker-dealers for their own account pursuant to the Registered Exchange Offer
may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions, through the writing
of options on the New Notes or a combination of such methods of resale, at market prices prevailing at the time of resale, at prices related
to such prevailing market prices or negotiated prices. Any such resale may be made directly to purchasers or to or through brokers or
dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the purchasers of any
such New Notes. Any broker-dealer that resells New Notes that were received by it for its own account pursuant to the Registered Exchange
Offer and any broker or dealer that participates in a distribution of such New Notes may be deemed to be an “underwriter”
within the meaning of the Securities Act and any profit of any such resale of New Notes and any commissions or concessions received by
any such persons may be deemed to be underwriting compensation under the Securities Act. The Letter of Transmittal states that by acknowledging
that it will deliver and by delivering a prospectus, a broker-dealer will not be deemed to admit that it is an “underwriter”
within the meaning of the Securities Act.

 

For a period of 90 days after the Expiration Date,
the Issuer will promptly send additional copies of this Prospectus and any amendment or supplement to this Prospectus to any broker-dealer
that requests such documents in the Letter of Transmittal. The Issuer has agreed to pay all expenses incident to the Registered Exchange
Offer (other than the expenses of counsel for the Holders of the Original Notes) other than commissions or concessions of any brokers
or dealers and will indemnify the Holders of the Original Notes (including any broker-dealers) against certain liabilities, including
liabilities under the Securities Act.

 

[If applicable, add information required by Regulation
S-K Items 507 and/or 508.]

 

 

1      In addition, the legend required by
Item 502(b) of Regulation S-K, if required under Rule 174, will appear on the back cover page of the Exchange Offer Prospectus.

 

     

     

    

 

ANNEX D

 

Rider A

 

	 	CHECK HERE IF YOU ARE A BROKER-DEALER AND WISH TO RECEIVE TEN (10) ADDITIONAL COPIES OF THE PROSPECTUS AND TEN (10) COPIES OF ANY AMENDMENTS
OR SUPPLEMENTS THERETO.
	 	 
	 	Name:	 
	 	 	 
	 	Address:	 
	 	 	 
	 	 	 

 

Rider B

 

If the undersigned is not a broker-dealer, the undersigned represents
that it acquired the New Notes in the ordinary course of its business, it is not engaged in, and does not intend to engage in, a distribution
of New Notes and it has no arrangements or understandings with any person to participate in a distribution of the New Notes. If the undersigned
is a broker-dealer that will receive New Notes for its own account in exchange for Original Notes, it represents that the Original Notes
to be exchanged for New Notes were acquired by it as a result of market-making activities or other trading activities and acknowledges
that it will deliver a prospectus in connection with any resale of such New Notes; however, by so acknowledging and by delivering a prospectus,
the undersigned will not be deemed to admit that it is an “underwriter” within the meaning of the Securities Act.

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