Document:

EX-10.3

 Exhibit 10.3 

VERICITY HOLDINGS, INC. 
 CHANGE
IN CONTROL SEVERANCE BENEFITS PLAN 

 TABLE OF CONTENTS 
  

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

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

  
 ii 

 VERICITY HOLDINGS, INC. 

CHANGE IN CONTROL SEVERANCE BENEFITS PLAN 

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

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

ARTICLE II 
 DEFINITIONS

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

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

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

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

  
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 2.4 Cause 

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

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

  

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

  

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

  

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

  

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

 

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

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

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

 

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

  
 2 

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

  

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

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

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

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

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

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

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

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

  

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

  

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

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

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

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

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

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

 

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

  
 4 

 2.13 Eligible Employee 

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

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

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

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

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

 

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

  

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

 2.17 Plan 

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

  
 5 

 ARTICLE III 

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

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

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

 

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

  

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

 

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

  

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

  
 6 

 ARTICLE IV 

AMOUNT AND PAYMENT OF SEVERANCE BENEFITS 

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

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

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

  

	 	B =	 the Eligible Employee’s Base Salary; and 

 

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

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

 

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

  
 7 

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

  

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

  

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

  

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

  

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

  
 8 

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

  

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

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

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

  
 9 

 ARTICLE V 

LIMITATIONS ON BENEFITS 
 5.1 Release

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

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

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

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

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

  
 10 

 5.6 Indebtedness of Eligible Employees 

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

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

  
 11 

 ARTICLE VI 

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

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

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

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

ADMINISTRATION 
 7.1 Committee; Duties

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

  
 12 

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

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

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

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

AMENDMENT AND TERMINATION OF PLAN 
 8.1
Amendment 
  

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

 

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

  

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

 

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

  
 13 

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

 

	 	(C)	 facilitate the administration of the Plan; 

 

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

  

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

 8.2 Termination 

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

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

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

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

  
 14 

 9.4 Protective Provisions 

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

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

 

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

  
 15 

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

  

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

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

 

	 	(a)	 Applications for Benefits and Inquiries 

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

Attn: Director of Human Resources 

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

	 	(b)	 Denial of Claims 

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

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

  
 16 

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

 

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

  

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

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

	 	(c)	 Request for a Review 

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

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

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

  
 17 

	 	(d)	 Decision on Review 

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

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

 

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

 

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

  

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

  

	 	(e)	 Rules and Procedures 

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

 

	 	(f)	 Exhaustion of Remedies 

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

9.12 Other Plan Information 
  

	 	(a)	 Employer and Plan Identification Numbers 

  
 18 

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

 

	 	(b)	 Ending Date for Plan’s Fiscal Year 

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

 

	 	(c)	 Agent for the Service of Legal Process 

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

	 	(d)	 Plan Sponsor and Administrator 

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

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

	 	(a)	 Receive Information About the Plan and Benefits 

 

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

  

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

 

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

  
 19 

	 	(b)	 Prudent Actions by Plan Fiduciaries 

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

	 	(c)	 Enforce Participant Rights 

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

	 	(d)	 Assistance with Questions 

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

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

  
 20 

 
			
	FIDELITY LIFE ASSOCIATION

 
			
		
	By:	 	 
		
	Title:	 	 

  
 21 

 SCHEDULE OF BENEFITS 

 

			
	 Eligible Employee
	  	 Months of Benefits

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

  
 22 

 EXHIBIT A 

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

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

  
 A-1 

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

 

			
	EMPLOYEE

 
			
		
	NAME:	 	 

 
			
		
	DATE:	 	 

  
 A-2 

 EXHIBIT B 

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

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

  
 B-1 

 
			
	EMPLOYEE

 
			
		
	NAME:	 	 
		
	DATE:	 	 

  
 B-2 

 EXHIBIT C 

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

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

  
 C-1 

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

 

			
	EMPLOYEE

 
			
		
	NAME:	 	 
		
	DATE:	 	 

  
 C-2EX-10.4

 Exhibit 10.4 

INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made and entered into as of __________, 2018, between Vericity, Inc., a Delaware corporation (the “Company”), and __________
(“Indemnitee”). 
 WHEREAS, the Board of Directors of the Company (the “Board” or “Board of
Directors”) has concluded that to retain and attract talented and experienced individuals to serve as directors and officers of the Company, it is necessary for the Company to contractually indemnify its directors and certain of its officers
and to assume liability for expenses and damages in connection with claims against such directors and officers in connection with their service to the Company, to the fullest extent permitted under Delaware law; 

WHEREAS, Section 145 of the General Corporation Law of the State of Delaware (the “DGCL”) permits the Company to
indemnify by agreement its directors, officers, employees and agents, and persons who serve, at the request of the Company, as directors, officers, employees or agents of other corporations or enterprises, and expressly provides that the
indemnification provided by, or granted pursuant to, the DGCL is not exclusive; 
 WHEREAS, the Company’s Amended
and Restated Certificate of Incorporation (the “Certificate of Incorporation”) authorizes the Company to provide indemnification and to advance expenses to the fullest extent permitted by Delaware law; 

WHEREAS, Indemnitee is currently serving, or has been nominated to serve, as a director and/or officer of the Company and the Company
wishes to secure Indemnitee’s service in such capacity without concern of unwarranted personal liability arising out of or related to such services to the Company; and 
 WHEREAS, the Company wishes to provide Indemnitee with an independent contractual right to indemnification and advancement of expenses in addition to those rights provided by the DGCL and the
Certificate of Incorporation. 
 NOW, THEREFORE, the Company and Indemnitee, intending to be legally bound, hereby agree
as follows: 
 1. Indemnity of Indemnitee. The Company hereby agrees to hold harmless and indemnify Indemnitee to the
fullest extent permitted by the DGCL as such may be amended from time to time. In furtherance of the foregoing, and without limiting the generality thereof: 
 (a) Proceedings Other Than Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this Section l(a) if, by reason of
Indemnitee’s Corporate Status (as defined below), Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding (as defined below) other than a Proceeding by or in the right of the Company. Pursuant to this
Section 1(a), Indemnitee shall be indemnified against all Expenses (as defined below), judgments, penalties, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the 

 
Company and, with respect to any criminal Proceeding, had no reasonable cause to believe Indemnitee’s conduct was unlawful. 

(b) Proceedings by or in the Right of the Company. Indemnitee shall be entitled to the rights of indemnification provided in this
Section 1(b) if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be made, a party to or participant in any Proceeding brought by or in the right of the Company. Pursuant to this Section 1(b), Indemnitee
shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee, or on Indemnitee’s behalf, in connection with such Proceeding if Indemnitee acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of the Company; provided, however, no indemnification against such Expenses shall be made in respect of any claim, issue or matter in such Proceeding as to which Indemnitee shall have been adjudged to be liable to
the Company unless and to the extent that the Delaware Court (as defined below) shall determine that despite the adjudication of liability but in view of all the circumstances of the case, such person is fairly and reasonably entitled to indemnity
for such Expenses which the Delaware Court shall deem proper. 
 (c) Indemnification for Expenses of a Party Who is Wholly
or Partly Successful. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a party to any Proceeding and is successful, on the merits or otherwise, in such
Proceeding, Indemnitee shall be indemnified to the fullest extent permitted by the DGCL, as such may be amended from time to time, against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is partly successful on the merits or has met the applicable standard for indemnification under this Agreement, as to one or more but less than all claims, issues or matters in
such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each claim, issue or matter that is successfully resolved or with respect
to which Indemnitee has met the applicable standard for indemnification under this Agreement. For purposes of this Section 1(c) and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or
without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 2. Indemnification for
Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee’s Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be
indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 
 3. Advancement of Expenses. Notwithstanding any other provision of this Agreement, the Company shall advance all Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding by
reason of Indemnitee’s Corporate Status within thirty (30) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by an undertaking by or on behalf of Indemnitee to repay any Expenses advanced
if it shall ultimately be determined that Indemnitee is not entitled to be indemnified against such Expenses. Any advances and undertakings to repay pursuant to this Section 3 shall be unsecured and interest free. 

  
 2 

 4. Procedures and Presumptions for Determination of Entitlement to
Indemnification. It is the intent of this Agreement to secure for Indemnitee rights of indemnification that are as comprehensive as may be permitted under the DGCL and public policy of the State of Delaware. Accordingly, the parties agree that
the following procedures and presumptions shall apply in the event of any question as to whether Indemnitee is entitled to indemnification under this Agreement: 
 (a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including such documentation and information as is reasonably available to Indemnitee and is
reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has
requested indemnification. 
 (b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of
Section 4(a) hereof, a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control (as defined below) shall have occurred, by Independent Counsel (as defined below) in
a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, unless Indemnitee shall request that such determination be made by the Board of Directors or the stockholders in which case the decision shall be made by
the individuals as provided for in clause (ii) of this Section 4(b); or (ii) by one of the following three methods, which shall be at the election of the Board: (1) by a majority vote of the Disinterested Directors (as defined
below), even though less than a quorum, or by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum, (2) if there are no Disinterested Directors or if the
Disinterested Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (3) by the stockholders of the Company. 

(c) If the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 4(b) hereof,
the Independent Counsel shall be selected as provided in this Section 4(c). The Independent Counsel shall be selected by the Board of Directors. Indemnitee may, within 10 days after such written notice of selection shall have been given to
Indemnitee, deliver to the Company, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of
“Independent Counsel” as defined in Section 10 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as
Independent Counsel. If a written objection is made and substantiated, the Independent Counsel selected may not serve as Independent Counsel unless and until such objection is withdrawn or the Delaware Court determines that such objection is without
merit. If, within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 4(a) hereof, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may
petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee to the Company’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by
such other person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 4(b) hereof. The Company shall pay reasonable fees and
expenses of Independent Counsel incurred by such Independent Counsel in connection with acting pursuant to Section 4(b) hereof, and the Company 

  
 3 

 
shall pay the reasonable fees and expenses incident to the procedures of this Section 4(c), regardless of the manner in which such Independent Counsel was selected or appointed. 

(d) Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of
the Enterprise (as defined below), including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or
records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert or advisor selected, to the Indemnitee’s knowledge, with reasonable care by the Enterprise. In addition, the
knowledge and/or actions, or failure to act, of any director, officer, employee, agent or fiduciary of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not
the foregoing provisions of this Section 4(d) are satisfied, it shall in any event be presumed that Indemnitee has at all times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company. Anyone seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by a preponderance of the evidence. 
 (e) Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person,
persons or entity any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. 

(f) The Company acknowledges that a settlement or other disposition short of final judgment may be successful if it permits a party to
avoid expense, delay, distraction, disruption or uncertainty. In the event that any action, claim or proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee (including, without
limitation, settlement of such action, claim or proceeding with or without payment of money or other consideration) it shall be presumed that Indemnitee has been successful on the merits or otherwise in such action, suit or proceeding. Anyone
seeking to overcome this presumption shall have the burden of proof and the burden of persuasion by a preponderance of the evidence. 
 (g) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as
otherwise expressly provided in this Agreement), of itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Company or, with
respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that Indemnitee’s conduct was unlawful. 
 5. Remedies of Indemnitee. 
 (a) In the event that (i) a
determination is made pursuant to Section 4 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 3 of this Agreement,
(iii) no determination of entitlement to indemnification is made pursuant to Section 4(b) of this Agreement within 90 days after receipt by the Company of the request for indemnification or (iv) payment of

  
 4 

 
indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant
to Section 4 of this Agreement, Indemnitee shall be entitled to an adjudication in the Delaware Court of Indemnitee’s entitlement to such indemnification. Indemnitee shall commence such proceeding seeking an adjudication within 270 days
following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 5(a). The Company shall not oppose Indemnitee’s right to seek any such adjudication. 

(b) In the event that Indemnitee, pursuant to this Section 5, seeks a judicial adjudication of Indemnitee’s rights under, or
to recover damages for breach of, this Agreement, or to recover under any directors’ and officers’ liability insurance policies maintained by the Company, the Company shall pay on Indemnitee’s behalf, in advance, any and all expenses
(of the types described in the definition of Expenses in Section 10 of this Agreement) actually and reasonably incurred by Indemnitee in such judicial adjudication, but only if Indemnitee ultimately is determined to be entitled to such
indemnification, advancement of expenses or insurance recovery. If it shall be determined in said judicial adjudication that Indemnitee is entitled to receive part, but not all, of the indemnification or advancement of expenses sought, the expenses
incurred by Indemnitee in connection with such judicial adjudication shall be appropriately prorated. 
 (c) The Company shall
be precluded from asserting in any judicial proceeding commenced pursuant to this Section 5 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Company is
bound by all the provisions of this Agreement. 
 6. Non-Exclusivity; Survival of
Rights; Insurance; Subrogation. 
 (a) The rights of indemnification as provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may at any time be entitled under the DGCL, the Certificate of Incorporation, the Company’s Amended and Restated Bylaws (the “Bylaws”), any agreement, a vote of stockholders, a
resolution of directors or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee
in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in the DGCL, whether by statute or judicial decision, permits greater indemnification than would be afforded currently under the
Certificate of Incorporation, the Bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment
of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 (b) To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, agents or fiduciaries of the Company or of any other
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the
maximum extent of the coverage provided under such policy or policies for any director, officer, employee, agent or 

  
 5 

 
fiduciary. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt
notice of the commencement of such proceeding to the insurer(s) in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of
Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. 
 (c) In the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (d) The
Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or
otherwise. 
 (e) The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving
at the request of the Company as a director, officer, employee, agent or fiduciary of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement of expenses from such other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise. 
 7. Exception to Right of Indemnification. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim
made against Indemnitee: 
 (a) for which payment has actually been made to or on behalf of Indemnitee under any insurance
policy, other indemnity provision, contract, agreement or otherwise, except with respect to any excess beyond the amount paid under any insurance policy, other indemnity provision, contract, agreement or otherwise; 

(b) for an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company
within the meaning of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law; 
 (c) in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its
directors, officers, employees or other indemnitees, unless (i) the Board of Directors of the Company authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in
its sole discretion, pursuant to the powers vested in the Company under the DGCL; or 
 (d) if a final decision by a court of
law having jurisdiction in the matter shall determine that such indemnification is not lawful. 

  
 6 

 8. Duration of Agreement. 

(a) All agreements and obligations of the Company contained herein shall continue during the period Indemnitee is an officer or director
of the Company (or is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise) and shall continue
thereafter so long as Indemnitee shall be subject to any Proceeding (or any proceeding commenced under Section 5 hereof) by reason of Indemnitee’s Corporate Status, whether or not Indemnitee is acting or serving in any such capacity at the
time any liability or expense is incurred for which indemnification can be provided under this Agreement. 
 (b) This Agreement
shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Company), assigns, spouses, heirs, executors, and personal and legal representatives. 
 9.
Enforcement. 
 (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumes the
obligations imposed on it hereby in order to induce Indemnitee to serve as an officer or director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as an officer or director of the Company.

 (b) This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof. 
 10. Definitions. For purposes of this Agreement: 
 (a) “Change in
Control” means a change in control of the Company shall be deemed to have occurred if after the Effective Date (i) any “person” other than principal shareholders or an affiliate thereof as of the Effective Date is or becomes
the “beneficial owner” directly or indirectly, of securities of the Company representing 50% or more of the combined voting power of the Company’s then outstanding securities; or (ii) the Company is a party to a merger,
consolidation, sale of assets or other reorganization, as a consequence of which members of the Board of Directors in office immediately prior to such a transaction or event constitute less than a majority of the Board of Directors thereafter.

 (b) “Corporate Status” describes the status of a person who is or was a director, officer, employee, agent
or fiduciary of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving at the request of the Company. 

(c) “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in
respect of which indemnification is sought by Indemnitee. 
 (d) “Effective Date” means the date first set
forth above. 

  
 7 

 (e) “Enterprise” shall mean the Company and any other corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise that Indemnitee is or was serving at the express written request of the Company as a director, officer, employee, agent or fiduciary. 

(f) “Expenses” shall include reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of
experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees and other disbursements or expenses of the types customarily paid or incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, participating, or being or preparing to be a witness in a Proceeding. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including
without limitation the premium, security for, and other costs relating to any cost bond, supersede as bond, or other appeal bond or its equivalent. 
 (g) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither presently is, nor in the past five years has been,
retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements),
or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

(h) “Proceeding” includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution
mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or otherwise and whether civil, criminal, administrative or investigative, in which
Indemnitee was, is or will be involved as a party or otherwise, by reason of the fact that Indemnitee is or was an officer or director of the Company, by reason of the fact that Indemnitee is or was serving at the request of the Company as a
director, officer, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, employee benefit plan or other enterprise, or by reason of any action taken by Indemnitee or of any inaction on Indemnitee’s part while
acting in any such capacity; in each case whether or not Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification can be provided under this Agreement; including one pending on
or before the date of this Agreement, but excluding one initiated by Indemnitee pursuant to Section 5 of this Agreement to enforce Indemnitee’s rights under this Agreement. 

11. Severability. The invalidity or unenforceability of any provision hereof shall in no way affect the validity or enforceability
of any other provision. Without limiting the generality of the foregoing, this Agreement is intended to confer upon Indemnitee indemnification rights to the fullest extent permitted by the DGCL. In the event any provision hereof conflicts with any
applicable law, such provision shall be deemed modified, consistent with the aforementioned intent, to the extent necessary to resolve such conflict. 
 12. Modification and Waiver. No supplement, modification, termination or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of
the provisions of this Agreement shall be deemed or shall constitute 

  
 8 

 
a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
 13. Notice By Indemnitee. Indemnitee agrees to notify the Company in writing within ten (10) days of being served with or otherwise receiving any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification covered hereunder. The failure to so notify the Company shall not relieve the Company of any obligation which it may have to
Indemnitee under this Agreement or otherwise unless and only to the extent that such failure or delay materially prejudices the Company. 
 14. Notices. All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be delivered only via personal delivery, electronic mail or facsimile or via
nationally recognized overnight courier. Such notice shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of
the recipient, and if not so confirmed, then on the next business day, or (c) one (1) day after deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall
be sent: 
 (a) To Indemnitee as set forth below Indemnitee’s signature. 

(b) To the Company at: 
 Vericity, Inc. 
 8700 W. Bryn Mawr Ave. 

Chicago, IL 60631 
 Attn: General Counsel 
 or to such other address as may have been furnished to Indemnitee by the
Company or to the Company by Indemnitee, as the case may be. 
 15. Counterparts. This Agreement may be executed in two
or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of
which shall be deemed an original, but all of which together shall constitute one and the same instrument. 
 16.
Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

17. Governing Law and Consent to Jurisdiction. This Agreement shall be governed by, and construed and enforced in accordance with,
the laws of the State of Delaware, without regard to its conflict of laws rules. The Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall
be brought only in the Chancery Court of the State of Delaware (the “Delaware Court”), and not in any other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the
exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) 

  
 9 

 
waive any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum. 
 Signature Page Follows

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the
day and year first above written. 
  

					
	VERICITY, INC.
		
	By: 	 	 
		 	Name:	 	 
		 	Title:	 	 

  

			
	INDEMNITEE
	
	 

 
			
	Name:	 	 
		
	Address:	 	
	
	 
	
	 
	
	 
	
	 

  
 11

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