Document:

Exhibit 4.2

 

B COMMUNICATIONS LTD.

 

OFFICERS’ COMPENSATION POLICY

Adopted May 2, 2019

 

		1.	General Background

 

		1.1	This Compensation Policy (hereinafter: the “Compensation Policy”), as defined
in the Companies Law, 5759 - 1999 (hereinafter: the “Companies Law” or the “Law”) is a policy
regarding the terms of office and employment of the officers of B Communications Ltd. (hereinafter: the “Company”).
The “Officers” - as this term is defined in the Law from time to time. “Terms of Office and Employment”
of an officer - as this term is defined in the Law from time to time.

 

		1.2	The Company is a public holding company, whose underlying asset is the Bezeq Group - The Israel
Telecommunication Corp. Ltd. (hereinafter: “Bezeq”); the activities of the Company, as a holding company, involve
providing support for a large number of complex processes, such as: (a) complex financial statement processes, which are subject
to the provisions of Israeli law and also the provisions of the law in the USA, and which entail the management of complex activity
interface with the financial statements of the Bezeq Group; (b) in addition, the Company’s operations involve providing support
for capital/debt-raising and issue processes, including public and private issues of various kinds. The Company, by virtue of its
nature and its operations, is characterized by a large number of capital-raising processes and complex work, on a day-to-day basis,
with the capital markets in and outside Israel; (c) the Company’s operations involve providing support for financing processes
and the management of complex financing, taxation and economic processes and agreements at various levels.

 

		1.3	The Compensation Policy takes into account the Company’s characteristics, its business strategy
and its objectives, the characteristics of its area of activities and the Company’s policy to ensure the recruitment and
retention of top-quality officers at the Company.

 

		1.4	Compensation Policy Approval Proceeding: at its meetings, the Compensation Committee discussed
the proposal for the Compensation Policy which had been formulated by the Company’s management, with the assistance of professional
entities, and after the discussions, during which the members of the Committee made comments, asked questions and received answers
from the Company’s management on various matters contained in the Compensation Policy, the Compensation Committee recommended
that the Board of Directors of the Company approve the Compensation Policy. The Board of Directors of the Company approved the
Compensation Policy, after considering the Compensation Committee’s recommendations.

 

		1.5	It should be clarified that the rules set forth in this Policy form an upper threshold for the
Officers’ Terms of Office and Employment. It should be emphasized that the Company is not obligated to grant the Officers
all of the components set forth in this Policy, nor is it obligated to grant the maximum rate in any of the components of the Terms
of Office and Employment set forth in this Policy. The contents of this Policy do not create any right for any officer whatsoever
of the Company, and the rights of each Officer shall be those set forth in the employment agreement applicable between the said
Officer and the Company.

 

		2.	Objectives of the Compensation Policy

 

		2.1	The Company attaches great importance to devising a correct and appropriate Compensation Policy
for the Company’s Officers, inter alia, by creating appropriate incentives for the Company’s Officers, to promote
the Company’s objectives, its work plans and its policy, for both the long and short term, taking into consideration, inter
alia, the Officers’ areas of responsibility, and also the risks applicable to the Company’s activities.

 

		2.2	Emphases Regarding the Company’s Activities

 

The Company attaches the utmost importance
to retaining the Company’s Officers. As of the present date, the Company has only two officers, whose activities require
expertise, professional stability, extensive know-how, extensive experience in working with the Group’s interfaces, and
so on and so forth. Beyond this, the activities of the Officers at the Company require the management of a stable, efficient and
productive work interface with the Bezeq Group, both at the level of the numerous interfaces that exist with regard to the companies’
financial systems, and also at the level of the various management interfaces between the Company and Bezeq. These activities
require stability and preservation over time. Beyond this, the Company’s activities involve providing support for capital/debt-raising
and issue processes, implementing various processes with the capital markets, providing support for complex financing processes
and agreements, and also providing continuous support, on a day-to-day basis, of the management of the Group’s activities
with the financing entities and the Company’s management interfaces, which require skill, extensive experience and know-how
which have been acquired over the years. In view of this, the Company attaches the utmost importance to and places a vital emphasis
on retaining the Company’s Officers.

 

It should be noted that in view of the
parallel nature and activities of Internet Gold - Golden Lines Ltd. (“Internet Gold”), the Company’s parent company,
and of the Company per se, which manage many similar and parallel activity interfaces, at the level of fiscal management, financial
management, activities in the capital markets, corporate headquarter activities, etc., the activities of few of the Company’s
Officers may be divided between Internet Gold and the Company at a ratio of between 25%-33.3% (Igld) to 66.66%-75% (Bcom), based
on an activity assessment performed by the Company’s management and considering that the scope and complexity of the Company’s
debt are significantly greater, as well as the greater equity value, both in terms of the division of time and resources and also
in terms of the division of some of the Officers’ salaries. This being the case, the Officers’ salary is, generally
speaking, low, on average. In addition, the scope of office of the Officers is divided in the manner described above between the
Company and Internet Gold, and therefore the compensation data presented in this Policy reflect the said division.

 

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It is hereby clarified that the Company
may from time to time change the scope of the division of the positions or cancel it, in accordance with the analysis of the relations
between the companies, the volume of activity and the level of the existing operational interfaces between the two companies, including
taking into consideration the possibility of change of control and/or composition of the interested parties between the two companies.

 

		2.3	The Company has formulated the Compensation Policy for its Officers, whilst considering the following
objectives:

 

		2.3.1	Enhancing the Officers’ sense of identification with the Company and with its activities.

 

		2.3.2	Increasing the Officers’ satisfaction and motivation, for the purpose of advancing the Company’s
business and improving the Company’s financial capabilities.

 

		2.3.3	Retaining the top-quality officers at the Company for the long-term.

 

		2.4	In addition, the Compensation Policy is designed to create a uniform and clear general framework
for setting a personal compensation plan for each one of the Officers, based on joint principles and whilst making the relevant
adjustments to the Officer’s experience, the characteristics of his job and the manner of performance of the position by
him.

 

		3.	Guiding Considerations in Setting the Compensation Policy

 

		3.1	In accordance with the provisions of section 267b(a) of the Companies Law, below are the considerations
that guided the Company in setting the Compensation Policy:

 

		3.1.1	Promoting the Company’s objectives, its work plan and its policies, from a long-term perspective.

 

		3.1.2	Creating appropriate incentives for the Officers of the Company, taking into consideration, inter
alia, the Company’s risk management policy.

 

		3.1.3	The high degree of responsibility required of Officers in their work with the reporting authorities
in Israel and in the USA.

 

		3.1.4	The size of the Company, the complexity of its financial structure, its profits and the nature
of its activities.

 

		3.1.5	As regards Terms of Office and Employment which contain variable components - the Officer’s
contribution to the achievement of the Company’s targets and the maximization of the Company’s profits, all from a
long-term perspective and in accordance with the Officer’s position.

 

		3.2	In addition, at the time of determining the terms of compensation for the Officers, the Compensation
Committee and the Board of Directors may set additional, relevant criteria, besides the guiding considerations set forth above,
and they may also refer to additional data besides the data set forth below, taking into consideration the Company’s best
interests, its situation and its plans.

 

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		4.	Key Elements of the Compensation Policy

 

		4.1	Components of the Compensation

 

The total compensation of the Company’s
Officers comprises a number of components (in whole or in part)1:

 

		4.1.1	Fixed monthly salary (for details, see section 5 below).

 

		4.1.2	Related terms and conditions - such as officers’ liability insurance, indemnity and release
from liability (for details, see section 7.2 below); various social benefits (except for directors) such as contributions to executives’
insurance policies and continuing education funds; sick days, vacation days and convalescence days, a company car or the reimbursement
of car maintenance expenses (for details, see section 7 below).

 

		4.1.3	Variable Compensation:

 

		1.	“Retention” components - i.e., payment of a bonus which is contingent
upon the amount of time the Officer has served and stayed at the Company, during such period as determined.

 

It should be clarified that in view of
the unique nature of the Company’s operations, it has been determined that the Compensation Policy will comprise the incorporation
of long-term retention compensation, with the aim of providing an incentive to the Officers to maintain their activities and the
quality of their work at the Company (such as the retention plans).

____________ 

	1	It should be noted that in view of the parallel nature and activities of Internet
Gold - Golden Lines Ltd. (“Internet Gold”), the Company’s parent company, and of the Company per se, which manage
many similar and parallel activity interfaces, at the level of fiscal management, financial management, activities in the capital
markets, corporate headquarter activities, etc., the activities of few of the Company’s Officers may be divided between
Internet Gold and the Company at a ratio of between 25%-33.3% (Igld) to 66.66%-75% (Bcom), based on an activity assessment performed
by the Company’s management and considering that the scope and complexity of the Company’s debt are significantly
greater, as well as the greater equity value, both in terms of the division of time and resources and also in terms of the division
of few of the Officers’ salary. This being the case, the Officers’ salary is, generally speaking, low, on average.
In addition, the scope of office of the Officers is divided in the manner described above between the Company and Internet Gold,
and therefore the compensation data presented in this Policy reflect the said division.

 

It is hereby clarified that the Company
may from time to time change the scope of the division of the positions or cancel it, in accordance with the analysis of the relations
between the companies, the volume of activity and the level of the existing operational interfaces between the two companies,
including taking into consideration the possibility of change of control and/or composition of the interested parties between
the two companies.

 

It is worth noting that the Company’s
results as a holding company are primarily derived from the results of the Bezeq Group, and therefore, there is an inherent difficulty
in imposing a direct connection between the Company’s financial results and the Officers’ compensation. On the other
hand: the Officers’ work at the Company is intensive, it demands expertise and extensive acquired experience, and it also
entails extremely significant challenges which require, in the opinion of the Company’s management, the formulation of stable
employment agreements, with long-term retention attributes.

 

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Moreover, the character of the professional
activities of the Company’s Officers is designed, for the most part, to preserve the Company’s stability, by implementing
various stable work interfaces with financing entities, institutional investors, etc. These activities, by nature, require the
Company to act in order to retain its Officers, inter alia, for the purpose of reinforcing such work interfaces on a proper
and stable basis.

 

		2.	The Company may determine a particular scope of bonuses on an annual basis - bonuses
which are contingent upon the achievement of specific targets at the level of the Company, based on the Company’s strategy,
as reflected in the Company’s budget and/or bonuses which are contingent upon the achievement of personal targets, which
are defined for each Officer in accordance with his position and his contribution to the Company, and in accordance with the Company’s
strategy and its targets (for details, see section 6 below). Notwithstanding the foregoing, the Compensation Committee and the
Board of Directors may in individual cases approve at their discretion a discretionary bonus, subject to a cap of up to three salaries,
for individual achievements, for specific achievements in the course of the year or for the advancement of material/strategic issues.

 

		3.	Notwithstanding the foregoing, a non-material change in the Terms of Office and Employment of an
Officer who is subordinate to the Company’s CEO shall not require the approval of the Compensation Committee, if it was approved
by the Company’s CEO and all the following are fulfilled:

 

		3.1	A non-material change in the Terms of Office and Employment of an Officer as stated in section
272(c) of the Law, within a limit of up to 15% per year, relative to the year before, of the Officer’s terms, shall be approved
by the Company’s CEO and by any other organ as obligated by law (according to the minimum required forum).

 

		3.2	The Terms of Office and Employment conform to the Company’s Compensation Policy.

 

		4.2	The Data to be Examined

 

In their examination and approval of the
Terms of Office and Employment of an Officer, and on a case-by-case basis, the Compensation Committee and the Board of Directors
shall address the following matters:

 

		4.2.1	All of the compensation components, including monthly salary, related terms and conditions, employment
termination bonuses (bonus, payment, remuneration, compensation or any other benefit granted to the Officer in connection with
the termination of his position at the Company, including the advance notice period), and also any benefit, payment or payment
undertaking or grant of such benefit, if any, which are granted in respect of such office or employment.

 

		4.2.2	The economic value of the total compensation package, including all the components thereof, whilst
taking into consideration the Company’s business results, and if the compensation package is based on targets - the examination
of these targets.

 

		4.2.3	The compensation components will be challenging, however, they will not encourage the taking of
risks beyond the range of risk desired by the Company, and they shall not cause the Officer to act against the Company’s
interests.

 

		4.2.4	In order to ensure consistency between all of the compensation components set forth in the Policy,
all of the components of the Officer’s compensation package shall be presented to the Company’s organs, during their
discussion of the approval of each of the compensation components for an Officer of the Company. In addition, the ranges of the
salary and the rest of the Terms of Office and Employment of the Company’s Officers shall be determined, inter alia,
in accordance with comparative data for officers of companies with similar characteristics to those of the Company, as set forth
below and insofar as practicable (“Comparative Data for Similar Companies”). The Comparative Data for Similar
Companies will address the entirety of the components of the Terms of Office and Employment, or part thereof, as the case may be,
insofar as practicable and provided that the information is available. The Comparative Data for Similar Companies will be prepared
by the Company internally, or through an external consultant, in the discretion of the Compensation Committee, in accordance with
such methodology as the Company shall deem appropriate and reasonable. In addition, the Comparative Data for Similar Companies
will be prepared whilst relating to the base salary separately, and also, whilst relating to the total compensation, insofar as
relevant, and if such information exists.

 

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		4.2.5	The comparison shall be made in relation to the compensation granted to an officer in a similar
position at three public companies and/or private companies, at least, which are comparable, inter alia, in all or some
of the following characteristics:

 

		(a)	Their total assets are similar to the Company’s total assets.

 

		(b)	Their market value is similar to the Company’s market value.

 

		(c)	Their scopes of managed debt are similar to the Company’s scopes of managed debt.

 

		(d)	The companies are committed to the level of reporting of dual-listed companies, in terms of the
degree of detail and liability, i.e., they are subject to the SEC’s rules and regulations.

 

		4.2.6	The Officer’s education, qualifications, expertise, professional experience and his activities
and contribution to the achievement of the Company’s business targets and the Company’s compliance with its work plans
(in his current or previous position), based on data pertaining to the Company’s operating results in various aspects relating
to the Officer’s areas of responsibility and the market conditions existing at the time of and prior to the examination.

 

		4.2.7	The Officer’s position, his areas of responsibility and previous salary agreements signed
with him. In addition, insofar as relevant, comparative data shall be presented regarding former or current officers at the Company
in the same position or in similar positions, in relation to all of the components of the Terms of Office and Employment. In addition,
if relevant, any material changes that have taken place in his powers and in his areas of responsibility during the year, if any
- will be taken into account.

 

		4.2.8	The ratio between the Officers’ Terms of Office and Employment and the salary2
of the rest of the Company’s employees, and in particular, the ratio to the average salary and to the median salary of such
employees, and the effect of the disparities between the said salary data on the employment relations at the Company. The Compensation
Committee and the Board of Directors will examine the ratio between the Terms of Office and Employment of each Officer and the
salary of the rest of the Company’s employees, and they will note whether, in their opinion, it is a reasonable and appropriate
ratio taking into consideration, inter alia, the Company’s nature, its size, the mix of the personnel employed by
the Company, and the area of its business, and they will check that these ratios will not be detrimental to the employment relations
at the Company.

 

		4.2.9	As of the date of approval of this Compensation Policy, the current ratio between the base salary
of the various Officers of the Company and the average and median salary of all of the Company’s employees, and the ratio
between the Terms of Office and Employment (cost of salary, including bonuses) of each one of the Officers and the cost of the
average salary and the median salary of all the Company’s employees, are as set forth below:

 

	Position	 	 	Ratio of Base Salary to Average Salary	 	 	 	Ratio of Base Salary to Median Salary	 	 	 	Ratio of Cost of Salary to Average Cost of Salary	 	 	 	Ratio of Cost of Salary to Median Cost of Salary	 
	CEO	 	 	1:3	 	 	 	1:6.6	 	 	 	1:2.8	 	 	 	1:5.5	 
	CFO	 	 	1:0.7	 	 	 	1:1.5	 	 	 	1:0.75	 	 	 	1:1.5	 

 

In determining these ratios the Company
took into account the salary of the officers.

 

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According to the assessment of the Compensation
Committee and the Board of Directors, the above-mentioned ratios are appropriate and reasonable, taking into consideration the
Company’s characteristics, and they will not be detrimental to the employment relations at the Company, particularly in view
of the fact that only five employees are employed at the Company, including the two Officers, and the position of the other three
employees is relatively minor, to a significant extent, to the Officers’ position.

 

Should the Company deviate from the ratio,
in a scope exceeding 40% of the discrepancies described above, then the matter shall be brought for further discussion by the Compensation
Committee and the Board of Directors, and they shall examine whether any changes are necessary in view of the said deviation, and
the Company shall make disclosure to this effect, insofar as the deviation is material. Any deviation within these limits has been
defined by the Company’s organs as reasonable.

 

		4.2.10	The ratio between the variable components and the fixed components to be granted to the Officer
shall be determined, in any event, in a manner that will not encourage the taking of unreasonable risks.

 

The desired ratio between the variable
components and the fixed components of the various Officers at the Company for any given year shall be as set forth below:

 

	Position	 	 	Fixed Components 
 (including related terms) 
 (%)	 	 	 	Variable Components 
 (bonuses and payments based on retention targets) 
 (%)	 
	CEO	 	 	55% - 100%	 	 	 	0% - 45%	 
	CFO	 	 	55% - 100%	 	 	 	0% - 45%	 

 ____________

	2	“Salary” - as this term is defined in the Companies Law from time to time;
as of the present time - the income in respect of which National Insurance payments are made pursuant to Chapter O of the National
Insurance Law [Consolidated Version], 5755 - 1995.

 

It should be emphasized that the intention
is to the planned ratio only, assuming receipt of the target bonus, as stated in this Policy. The actual ratio in any given year
between the components of the compensation package may vary, due to underperformance or due to over performance, which might affect
the variable compensation as stated in this Policy. In addition, it should be clarified that in view of the unique nature of the
Company’s operations and the importance of preserving the many permanent work interfaces at the Company, the Company attaches,
as a matter of principle, importance to strengthening the fixed compensation components for the Officers, and accordingly, the
aforesaid ratios have been determined as part of the entirety of the total considerations.

 

Should the Company deviate from the ratio,
in a scope exceeding 40% of the discrepancies described above, then the matter shall be brought for further discussion by the Compensation
Committee and the Board of Directors, and they shall examine whether any changes are necessary in view of the said deviation, and
the Company shall make disclosure to this effect, insofar as the deviation is material. Any deviation within these limits has been
defined by the Company’s organs as reasonable.

 

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		5.	Salary Component

 

The salary to which the Officer is entitled
is a fixed component which shall be determined, insofar as practicable, by the date of commencement of his service in the relevant
position at the Company and shall be updated from time to time in accordance with the Compensation Policy.

 

		5.1	Salary of CEO and Officers (who are not directors)

 

		5.1.1	The amount of the salary of the Company’s CEO and the other Officers shall be determined
in accordance with the relevant considerations and criteria, as enumerated in sections 2, 3 and 4.2 above, and it shall be approved
by the Company’s competent organs, in accordance with the provisions of the law.

 

		5.1.2	Based on the relevant considerations and criteria, as enumerated in sections 2, 3 and 4.2 above,
the levels of the base monthly salary have been determined for the Company’s Officers, as set forth below1:

 

	Position	 	Maximum (in NIS) (gross, not cost value) per month, and assuming retention of scopes of 

                                                                  50%-75%
	 	 	Maximum (in NIS) 
 (gross, not cost value) per month, 
 assuming full scope of position	 
	CEO	 	 	70,000	 	 	 	100,000	 
	CFO	 	 	35,000	 	 	 	52,500	 

 

These ranges shall be examined by the Compensation
Committee and the Board of Directors in the course of the annual examination of the Compensation Policy in accordance with section
11 below, and they shall be updated insofar as necessary, inter alia, in keeping with the Comparative Data for Similar Companies
and in keeping with the Company’s business situation and the personnel employed at the Company or in accordance with other
considerations.

 

Any deviation beyond the ranges specified
above shall be brought for approval by the Company’s competent organs, in accordance with the provisions of the law.

 

		5.2	Directors’ Fees

 

		5.2.1	Directors of the Company (both external directors and others) shall be paid annual compensation,
participation compensation and the reimbursement of expenses in accordance with the provisions determined in the Companies Regulations
(Rules Regarding Compensation and Expenses for External Directors), 5760 - 2000 (hereinafter: the “Compensation Regulations”),
in accordance with the rank at which the Company is classified pursuant to the said Regulations. The fees to be determined shall
not exceed the maximum compensation permitted in the Compensation Regulations.

 

		5.2.2	Notwithstanding the foregoing, a waiver by a director (who is not an external director) of the
compensation due to him pursuant to the Compensation Regulations shall not be deemed to be a deviation from this Policy5.

 

		6.	Variable Bonus

 

Variable Compensation, Retention:

 

		6.1	In view of the unique nature of the Company’s operations and the importance of retaining the Company’s Officers,
the Company’s Board of Directors and Compensation Committee may set “retention bonuses” for the Company’s
Officers, in a total amount of up to NIS 200,000 for the Company’s CFO, which shall be accumulated gradually over a period
of up to 5 years; and all in view of the reasons specified above. It shall be clarified that in any event, the situation shall
not arise where several retention plans exist, concurrently, for the same Officer.”

 

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Designated Annual Bonus:

 

		6.2	So as to create a correlation between the Officers’ variable compensation and the Company’s
results and its performance from a long-term perspective, taking into consideration the Company’s best interests, its situation
and its plans, an annual bonus plan may be devised for the Company’s Officers (except for the directors). The annual bonus
will be contingent upon compliance with targets to be set by the Board of Directors, subsequent to the Compensation Committee’s
recommendation, in accordance with a bonus plan which shall be brought each year, or on a multi-annual basis, for approval by the
Compensation Committee and the Board of Directors. The bonus plan, if any, will be devised in accordance with that stated in this
Compensation Policy, including the threshold conditions and the restrictions specified below, and in accordance with the relevant
considerations and criteria, as enumerated in sections 2, 3 and 4.2 above.

 

		6.3	Should an annual bonus plan be devised, the Company’s Officers (as of the present time, the
CEO and the CFO) shall be entitled to an annual bonus based on measurable quantitative targets, which are contingent upon the achievement
of the Company’s objectives and business targets, from a long-term perspective. The targets shall include, inter alia,
the following components:

 

		6.3.1	Quantitative targets at the level of the Company.

 

		6.3.2	Measurable, personal targets, which shall be set for each Officer personally, in accordance with
his job and the extent of the Officer’s contribution to the Company’s business, and in accordance with the Company’s
strategy and work plan, and from a long-term perspective.

 

		6.3.3	The internal division between the relative weight of the quantitative estimates, based on the Company’s
targets, and the personal quantitative targets, shall be adjusted to suit each Officer separately, in accordance with the characteristics
of his position, the areas of his responsibility, and his degree of influence over the achievement of the Company’s targets
and its profits. A relative weight in the variable bonus component shall be set for each target.

 

		3	For officers who are not directors. The Company’s results shall be pursuant to the Company’s audited financial
statements.

 

		6.3.4	The evaluation of performance by the Company’s Board of Directors which shall address, inter
alia, the Officer’s contribution and performance, and also criteria which cannot be objectively quantified. The qualitative
indices (the evaluation by the Board of Directors) shall constitute 25%, at the most, of the basis for the annual bonus, which,
in the opinion of the Compensation Committee and the Board of Directors, represents an insubstantial part, as compared with the
total variable components granted to the Officers, or up to three salaries for any Officer, whichever the higher. Notwithstanding
the foregoing, the share of such discretionary components maybe at a higher rate, up to the maximum extent permitted by law,as
in effect from time to time, specifically, with respect to officers which are not the CEO.

 

Below are several examples, in principle,
of the above-mentioned targets (without derogating from the right of the Board of Directors to determine additional targets, in
accordance with the criteria as set forth in this Policy):

 

		(a)	A target for the decrease in the Company’s financing expenses, as a percentage of the Company’s
financial debt (effective financing rate), in the year in which the measurement shall be made. The financing expenses mean: the
amount of the Company’s full financing expenses, net. The calculation shall include all of the full financing costs, less
the financing income and the income from securities. The financial debt: the average, gross balance of the Company’s full
financial debt. Notwithstanding the foregoing, the financing expenses shall be in real terms - i.e., net of any index effects;

 

		(b)	A target for the decrease in the Company’s net financial debt, as compared with the Company’s
budget in the relevant year in respect of which the measurement was made. This target is a derivative of the Company’s net
cash flow, plus dividends received by the Company - and net of financing expenses, current expenses, etc.

 

		(c)	The Company’s net profit target in the year in which the measurement was made. The measurement
of this target shall be performed according to the net profit stated in the Company’s consolidated financial statements,
which is derived from the Company’s stake in Bezeq, net of financing expenses, current expenses, and the deduction of cost
surpluses.

 

		(d)	An improvement in the Company’s rating level; the rating of the companies/ the debt, is vital
for all of the companies’ investors, shareholders and bondholders alike, for the purpose of measuring the Company’s
strength, its financial flexibility and the economic projections regarding the long-term. Generally speaking, a significant part
of the rating is frequently based on the activities performed by the Company’s managers directly. The rating companies examine
the manner of management of the Company’s debt, its financial flexibility, its ability to make improvements regarding the
financing and the financing agreements of the companies, its ability to refinance debt, and so forth. All of these activities are
activities which are performed by the Company directly, and by the Company’s managers.

 

		(e)	Meeting the time schedules for the filing of reports, financial statements, success in the annual
audit conducted on companies of the same type as the Company, by the SEC. As far as the Company’s organs are concerned, success
in the periodic audits conducted by the regulator, as aforesaid, is an important index.

 

		(f)	A target for the return on the securities portfolio and the Company’s liquid balances, as
compared with the Company’s budget in the relevant year in respect of which the measurement was made and/or as compared with
the reference indices in the market. This target shall be measured according to the reference index derived from the various stock
exchange indices (the Tel Bond Index, the Tel Aviv 100 Index, etc.).

 

		(g)	Targets involving an improvement in the prices of the Company’s share or involving the share’s
trading volumes and the identity of its shareholders.

 

		(h)	The return on the Company’s securities portfolio relative to corresponding reference indices,
the performance of managed portfolios maintained by the Company and the performance of indices and relevant ETFs.

 

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These targets shall be set, based on the
Company’s strategy, as reflected in its annual budget, as devised and approved each year by the Board of Directors of the
Company (hereinafter: the “Annual Budget”), and they shall be adjusted to the Company’s performance in
the course of the year for which the bonus is being paid.

 

Notwithstanding the foregoing, the Compensation
Committee and the Board of Directors may in individual cases approve at their discretion a discretionary bonus, subject to a cap
of up to three salaries, for individual achievements, for specific achievements in the course of the year or for the advancement
of material/strategic issues.

 

		6.4	The Board of Directors shall determine the text of the targets in advance, whilst determining the
various components thereof.

 

The Board of Directors shall have discretion
and flexibility in determining the weights and the targets, and they shall be reviewed by it once a year as aforesaid, in accordance
with the recommendations of the Compensation Committee in that regard. For purposes of this matter, the Compensation Committee
and the Board of Directors shall consider the recommendation of the Company’s CEO regarding the mix of targets and weights
for the managers subordinate to him and the recommendation of the Chairman of the Board of Directors regarding the mix of targets
and weights for the CEO. It is further clarified that, to the extent allowed by law, the Board of Directors upon the recommendation
of the Compensation Committee may increase with respect to any of the Company’s Officers the discretionary component and
even determine that this will be the only component for purposes of calculating the performance-dependent bonus for the relevant
Officer, all as aforesaid and subject to any law.

 

		6.5	The Company’s targets, as aforesaid, shall be determined whilst taking the following principles
into consideration:

 

		6.5.1	Compliance with these targets provides an incentive for achieving the Company’s objectives,
targets, business plans and strategies, and for increasing the Company’s future profits.

 

		6.5.2	Compliance with these targets will give rise to an improvement in the Company’s performance
from a long-term perspective.

 

		6.5.3	The Company aspires to reward its Officers, in a fair and appropriate manner, for their contribution
and their achievements, as reflected in the Company’s results and in its long-term business development.

 

		6.5.4	The compensation based on the Company’s targets is in keeping with the Company’s best
interests, the advancement of its business objectives and its work plan, and there are no concerns that the said targets will create
an incentive for managers to take unnecessary risks.

 

		6.6	Furthermore, in addition to the annual bonus as stated above, the Board of Directors may, subsequent
to the Compensation Committee’s recommendation, decide that the Company shall pay to any of the Officers, including at the
end of a relevant calendar year, but without derogating from the provisions of section 6.9.6 below, a bonus in respect of
special projects or special achievements, as arise from their activities and their contribution to the Company, in accordance with
the Company’s long-term work plan (such as: the achievement of strategic objectives, special issues, special financing agreements
or the signing of material agreements for the Company’s operations, etc.) (hereinafter: the “Special Bonus”).
It should be clarified that in addition to the foregoing, the Special Bonus is subject to the rest of the provisions of this Compensation
Policy, and, inter alia, to the threshold conditions and to the restrictions set forth in section 6.

 

		6.7	It is further clarified that the Compensation Committee and the Board of Directors may approve,
from time to time, the conclusion of management agreements with the controlling shareholders of the Company, directly or indirectly,
subject to individual approvals as determined from time to time by the Company’s organs including the general meeting of
the Company and based on well-ordered comparative data.

 

		6.8	Threshold Conditions for Payment of the Annual Bonus

 

Notwithstanding that stated in this section
6 above and below, the annual bonus shall not be distributed to any of the Officers of the Company in any of the events set forth
below:

 

		6.8.1	In respect of the achievement of a target which is lower than the minimum rate to be determined
each year for compliance with each one of the targets (the lower limit).

 

		6.8.2	If payment of the bonuses would place the Company in a situation that constitutes cause for immediate
payment of any series of bonds that has been or shall be issued by the Company.

 

		6.8.3	Upon approval of the bonus plan, if approved, the Compensation Committee and the Board of Directors
may determine additional threshold conditions, whether quantitative or otherwise, taking into consideration the Company’s
targets, its strategy and its situation - whereby upon satisfaction of the said conditions, the annual bonus shall not be distributed
to any of the Officers of the Company.

 

     9

     

    

  

		6.9	Restrictions Regarding the Annual Bonus

 

Furthermore, the annual bonus, if determined,
shall be subject to the restrictions set forth below:

 

	 	6.9.1	The Officer’s entitlement to those parts of the annual bonus attributed
to each one of the targets to be determined for the Officers, may be determined (a) on an “absolute” basis, i.e.,
failure to comply with any target whatsoever shall not entitle the Officer to compensation in respect thereof; or (b) the entitlement
may be determined in accordance with the degree of the Officer’s compliance with the various targets to be determined for
him, relative to the targets as approved in the Company’s budget for the relevant year, in a linear manner, so that precise
compliance with 100% of a specific target to be defined for the Officer in the relevant year - shall entitle the said Officer
to the full amount of the bonus in respect of this target, and partial compliance with the said target (whilst “marking”
a lower target) - shall entitle the said Officer to a relative part of the amount of the bonus attributed to this target, all
pursuant to the terms and conditions determined in the bonus plan for the said year. In addition, the rate shall be determined
out of the bonus to be paid in respect of the achievement of the target at the lower limit and also a ceiling for the amount of
the bonus (the higher limit, which constitutes the “excellence” target, beyond the threshold of 100% of the compensation).

 

		6.9.2	The total amount of the annual bonus shall be limited as set forth below:

 

		(a)	CEO - shall not exceed three salaries (including the Special Bonus as set forth in section
6.6 above).

 

		(b)	CFO - shall not exceed two salaries.

 

According to the assessment of the Compensation
Committee and the Board of Directors, the ceiling for the annual bonus reflects targets which do not create an incentive to take
increased risks.

 

		6.9.3	The amount of the annual bonuses for all of the Officers of the Company in respect of a particular
year, as shall be actually distributed, shall not exceed 0.2% of the Company’s income. In the event of a deviation from the
threshold determined - a pari passu distribution shall be implemented.

 

		6.9.4	An annual bonus may be given to Officers who have worked or provided services to the Company for
at least 12 (twelve) months prior to the approval of the financial statements for the said year, except in the event that the Officer
resigned or was dismissed due to circumstances which negate the entitlement to receive severance pay. Notwithstanding the foregoing,
in the event of a new officer who has worked for less than 12 months at the Company, the Board of Directors may, at the recommendation
of the Company’s CEO, determine his entitlement to a bonus pro rata to the said Officer’s period of employment
at the Company.

 

		6.9.5	The grant of an annual bonus to the Company’s Officers is subject to the discretion of the
Company’s Board of Directors, which may decide to reduce the amount of the bonus, or not to distribute a bonus at all to
any of the Officers of the Company, in a particular year, at any time as it shall choose during the said year, including after
termination thereof, should it find that there are relevant considerations, such as financial or other considerations, which, paying
heed to the Company’s situation, justify the reduction or cancellation of the bonuses of the Company’s Officers, even
if retroactively.

 

		6.9.6	Any Officer entitled to a bonus based on any financial data whatsoever undertakes to reimburse
the Company for any amounts paid to him, if any, based on data which transpired to be erroneous and which were restated in the
Company’s financial statements. Such an Officer shall sign his consent that the Company may offset the amount due to it from
him, from any amount which he is entitled to receive from the Company, subject to the provisions of the law.

 

		6.9.7	The annual bonus, if determined, shall be paid to the Officers once a year, after approval of the
audited financial statements of the relevant year by the Board of Directors of the Company, and in accordance with the Company’s
actual results for the said year, and in the event that data needs to be calculated - in accordance with the financial statements
of the said relevant year.

 

		6.9.8	In special cases, the CEO (or the Board of Directors, in the event of an advance payment to the
CEO) may approve the acceleration of payment on account of the bonus due to any Officer, provided that the advance payment shall
not exceed two salaries. For the sake of caution it is hereby clarified that if, in said year it is determined that the said Officer
is not entitled to a bonus or is entitled to a bonus which is lower than the amount of the advance payment, the Company shall demand
that the Officer refund the advance payment made as aforesaid.

 

		6.9.9	In addition to that stated in this section 6 above, the bonus plan may include additional provisions
pursuant to which a mechanism shall be determined for the scheduling or conditioning of part of the payment of the annual bonuses,
based on the achievement of a measurable long-term target/ measurable long-term targets during a period of two or three calendar
years, and also rules for the calculation of the entitlement to the said multi-annual bonus, at the end of the multi-annual period
of measurement. The rules and the conditions for the said multi-annual bonus, if applicable, shall be determined and brought for
approval by the Company’s competent organs, in accordance with the provisions of the law.

 

     10

     

    

  

		7.	Related Terms and Benefits

 

Should an Officer’s Terms of Office
and Employment include provisions regarding the matters set forth below, they shall be determined in accordance with the relevant
considerations and criteria, as enumerated in sections 2, 3 and 4.2 above, and in accordance with the terms and conditions set
forth below:

 

		7.1	Related Benefits Granted to All the Officers (except for directors)

 

		7.1.1	The Officers employed at the Company are entitled to contributions for managers’ insurance,
disability insurance and a continuing education fund, in keeping with standard practice at the Company.

 

		7.1.2	The Officers employed at the Company are entitled to sick days, vacation days and convalescence
days in keeping with standard practice at the Company for senior employees and in accordance with their length of service at the
Company, and in any event, not less than that set forth in the law, and not more than 28 vacation days per year of work.

 

		7.1.3	The Company may provide any Officer with a car, for the purpose of performing his duties. Should
a company car be provided to the Officer, as aforesaid, the Company shall bear the fixed expenses entailed in use, for the maintenance
of the car, in keeping with the procedures generally applied at the Company. The Officer shall undertake to bear any fines or tickets
in respect of use of the car, if any. The Company may gross up the value of use of the vehicle for tax purposes.

 

		7.1.4	Should the Officer’s Terms of Office and Employment include a cell phone, the Officer shall
be entitled to the reimbursement of cell phone expenses, as per the Company’s decision, and in its sole discretion. The Officer
shall bear the payment of any tax that may be applicable to him due to use of the cell phone. The Company may gross up the value
of use of the vehicle for tax purposes.

 

		7.1.5	Should the Officer’s Terms of Office and Employment include the reimbursement of expenses,
the Officer shall be entitled to the reimbursement of reasonable expenses as incurred by him in the course of performance of his
duties, against presentation of receipts, and in accordance with the Company’s policy.

 

		7.1.6	Should the Officer’s Terms of Office and Employment include per diem expenses for
trips overseas, the Company shall bear the payment of the per diem expenses for the Officer during the period of his stay
overseas for work purposes, in keeping with the Company’s procedures.

 

		7.1.7	The Company’s Officers may be entitled, in accordance with and subject to their personal
terms of employment, to the payment of full severance pay at the time of the termination of the employer - employee relationship
for any reason whatsoever, including following resignation, except in the event of dismissal under “grave circumstances”
as defined below, or to the payment of severance pay pursuant to the provisions of section 14 of the Severance Pay Law, 5723 -
1963.

 

		7.1.8	Subject to the approval of the Compensation Committee, the Company may grant the Company’s
Officers additional benefits at a rate not exceeding 10% of the monthly cost of the fixed component of the relevant Officer of
the Company (on an annual scope).

 

     11

     

    

  

		7.2	Insurance, Release and Indemnity

 

The Company has insurance to cover the
liability of officers and directors who are serving and/or shall serve at the Company from time to time, including directors who
have control, or a relative thereof, and also letters of release from liability and an undertaking to indemnify officers and directors
of the Company (who are not controlling shareholders, or a relative thereof).

 

In accordance with the provisions of the
Company’s Articles, the maximum amount of indemnity for all of the Officers shall not exceed 25% of the Company’s shareholders’
equity pursuant to the Company’s most recent financial statements, as shall be accurate as of the actual date of payment
of the indemnity.

 

		7.2.1.	The Company has insurance to cover the liability of officers and directors who are serving and/or
shall serve at the Company from time to time, including directors who have control, or a relative thereof, and also letters of
release from liability and an undertaking to indemnify officers and directors of the Company (who are not controlling shareholders,
or a relative thereof).

 

		7.2.2	The Compensation Committee and the Board of Directors may authorize Management to approve any renewal,
extension contracts or replacements of insurance policies to cover the liability of officers and directors, such as the controlling
shareholder and his relatives, who serve or will serve as officers of our company or its subsidiaries from time to time, without
the approval of the shareholders, provided that (i) the liability coverage does not exceed $35,000,000 (for each claim and in the
aggregate) and the aggregate annual premium does not exceed $500,000, the side “A” directors and officers liability
coverage does not exceed $25,000,000 (for each claim and in the aggregate) and its aggregate annual premium does not exceed $250,000;
and (ii) the insurance is on market terms and shall not have a material impact on our profitability, assets or liabilities.”
Side “A” coverage is only for the benefit of the Company’s directors and executive officers and only in situations
where coverage under the General Policy has been exhausted or is otherwise insufficient or unavailable.

 

		7.2.3	Subject to the approval of the Compensation Committee (and, if required by law, by the Board) the
Company shall be entitled to purchase a “run off” Insurance Policy of up to seven (7) years, with the existing insurance
carrier or any other insurance company, including but not limited to in case of a merger, consolidation or insolvency involving
the Company, a change of control in the Company, sale of all or most of the Company’s assets, or any other circumstances
determined by the Compensation Committee, which policy shall comply with the following:

 

		•	The liability coverage shall not exceed a per-occurrence limit and an aggregate limit (for one
year period) of $35 million in addition to reasonable litigation expenses;

 

		•	The total premium shall not exceed 450% of the annual premium the Company paid for the previous
applicable year;

 

		•	The amount of the participation fee which shall be determined in any policy purchased as stated
shall not deviate from that customary in the market for insurance policies of the type and the scope and at the time of the engagement
in the policy;

 

		•	The purchase of such Insurance Policy shall be approved by the Compensation Committee (and, if
required by law, by the Board) which shall determine that the Insurance Policy reflects the current market conditions and that
it shall not materially affect the Company’s profitability, assets or liabilities. For this purpose, an impact of less than
10% will not be considered a material effect on the Company’s profitability, assets or liabilities.

 

     12

     

    

  

		7.2.4	The Company may release the Company’s Officers, in advance, from liability for breach of
the duty of care to the Company, in accordance with any law, including any Officer of the Company who is the controlling shareholder
or a relative thereof, subject to the receipt of approvals in accordance with any law. Such a release shall not apply to a resolution
or transaction in which the controlling shareholder or any Officer of the Company (including an Officer other than the one to whom
the release is granted) has a personal interest, all the above subject to the provisions of the Companies Law and the Company’s
Articles. Such limitation on the release regarding resolutions or transactions in which the controlling shareholder or any Officer
of the Company has a personal interest shall be included in the Company’s Articles of Association and in the indemnity/release
letters or agreements provided to all Officers.

 

		8.	Terms of Termination of Office

 

		8.1	An Officer shall be entitled to advance notice at the time of termination of employment, as shall
be determined in the employment agreement or in the agreement for the provision of services between the Company and the Officer,
in accordance with that set forth below (in such a manner that shall not be less than the minimum required by law):

  

	Position	 	Maximum Period
	CEO	 	Up to 6 months
	CFO	 	Up to 4 months

 

		8.2	The advance notice period shall be determined in accordance with the relevant considerations and
criteria, as enumerated in sections 2, 3 and 4.2 above, and it shall be approved by the Company’s competent organs, in accordance
with the provisions of the law.

 

		8.3	The Officers employed at the Company may be entitled to receive the full benefits pursuant to the
employment agreement or the redemption thereof, as if they had continued to be employed at the Company, including if the advance
notice period (or part thereof) is redeemed.

 

		8.4	During the advance notice period, the Officer is required to continue to perform his duties at
the Company (as per the Company’s decision).

 

		8.5	Termination Bonus

 

		8.5.1	In addition to the foregoing, it is proposed to determine that the Company may approve for the
CEO/CFO a termination bonus/ an adjustment bonus in an amount of up to 4 salaries and up to 3 salaries (respectively), in the event
of dismissal by the Company (except in the event of dismissal under grave circumstances) or in the event of resignation, respectively.
The amount of the termination bonus shall be solely the amount of the component of the Officer’s monthly salary (exclusive
of related benefits, bonus, etc.), multiplied by the number of months granted to the said Officer. This bonus is similar to the
situation that exists at present.

 

		8.5.2	The termination bonuses shall be brought for the approval of the competent organs at the Company,
in accordance with the provisions of the law, prior to the execution of the employment agreement or the agreement for the provision
of services, and the bonuses shall be determined in accordance with the relevant considerations and criteria, as enumerated in
sections 2, 3 and 4.2 above, and subject to the Officer’s compliance with all of the following terms and conditions:

 

		8.5.2.1	He was employed at the Company or he provided services to the Company for at least three years.

 

		8.5.2.2	During the period of his employment, he made a significant contribution to the advancement of the
Company’s business and the maximization of its profits.

 

		8.5.2.3	The circumstances of the termination of the Officer’s employment do not justify the negation
of severance pay.

 

     13

     

    

  

		9.	Commercial Protections

 

The employment agreements and the agreements
for the provision of services by the Officers shall contain provisions whose purpose is to protect the Company’s intellectual
property rights and also confidentiality and non-competition stipulations, and the wording thereof shall be adjusted to suit the
relevant Officer, in accordance with the sensitivity of his position and his importance to the Company.

 

		10.	Additional General Terms and Conditions

 

		10.1	The Officers who are subject to the Compensation Policy may be employees of the Company or independent
contractors who provide services to the Company. In the event that the Officer provides services to the Company as an independent
contractor, the provisions of the Compensation Policy shall apply to him mutatis mutandis, the compensation for the said
Officer shall be paid against an invoice, and the compensation components shall be normalized, so that from a total economic point
of view, they shall be consistent with that stated in this Policy, provided that this shall not be detrimental to the Company’s
best interests, its situation or its plans.

 

		10.2	The provisions of this Compensation Policy shall not derogate from any provision which exists and/or
provision which shall be determined in any law (including, without derogating from the generality of the foregoing, the provisions
of the Companies Law and/or the regulations and/or orders pursuant thereto), and any concession and/or exemption and/or additional
exercise of discretion to any of the Company’s organs as shall be determined in any such statutory provision, even after
the approval of this Policy, shall apply to the Company and shall be deemed to form part of this Compensation Policy, after the
Compensation Committee or the Board of Directors shall resolve to add them, in whole or in part, to this Policy - without it requiring
the approval of the Company’s shareholders’ meeting.

 

		10.3	The Compensation Committee and the Board of Directors may approve a deviation of up to 5% per calendar
year from any ceiling, restriction or any other provision set forth in this policy document, and such a deviation shall be deemed
to be in compliance with the Compensation Policy.

 

However, non-material changes in the Terms
of Office and Employment of Officers of the Company shall require the prior approval of the Compensation Committee only, where
the latter confirmed that a particular change in the Terms of Office and Employment is non-material. In this regard, it has been
determined that the total of non-material changes in the Terms of Office and Employment of an Officer of the Company that may be
approved by the Compensation Committee in any reporting year may not exceed 5% (in real terms) of the total of the Terms of Office
and Employment of an Officer of the Company that were approved by the Company’s competent organs for that reporting year.

 

		11.	Validity

 

The Compensation Policy shall be in full
force and effect for three years from the date of approval thereof by the general meeting as aforesaid, in accordance with the
provisions of section 267a(d) of the Law.

 

Notwithstanding the foregoing, the Board
of Directors of the Company shall examine from time to time, and at the latest, each year, the Compensation Policy and also its
consistency with the provisions of the law, insofar as any material change shall take place in the circumstances which existed
at the time of determination hereof or for other reasons. Subject to that stated in section 10.2 above, changes to the Compensation
Policy, if any, shall be approved in accordance with the provisions of the law.

 

In addition, the Compensation Committee
shall examine the application of the Compensation Policy, from time to time; and should the Committee so deem fit, it shall recommend
that the Board of Directors update the Compensation Policy.

 

     14EX-4.2

 Exhibit 4.2 
  

 
 Fifth Supplemental Indenture 

between 
 Reinsurance Group of
America, Incorporated 
 and 

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

as Trustee 
  

 
 Dated
May 15, 2019 
  
  

3.900% Senior Notes due 2029 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS
	  	 	1	 
			
	 Section 1.1
	 	 Definition of Terms
	  	 	1	 
		
	 ARTICLE II TERMS AND CONDITIONS OF THE SENIOR NOTES
	  	 	6	 
			
	 Section 2.1
	 	 Designation and Principal Amount
	  	 	6	 
			
	 Section 2.2
	 	 Issue Date; Maturity
	  	 	7	 
			
	 Section 2.3
	 	 Percentage of Principal Amount
	  	 	7	 
			
	 Section 2.4
	 	 Place of Payment and Surrender for Registration of Transfer
	  	 	7	 
			
	 Section 2.5
	 	 Registered Securities; Form; Denominations; Depositary
	  	 	7	 
			
	 Section 2.6
	 	 Interest
	  	 	8	 
			
	 Section 2.7
	 	 Optional Redemption
	  	 	8	 
			
	 Section 2.8
	 	 No Sinking Fund
	  	 	9	 
			
	 Section 2.9
	 	 Events of Default
	  	 	9	 
			
	 Section 2.10
	 	 Ranking
	  	 	9	 
			
	 Section 2.11
	 	 Paying Agent; Security Registrar
	  	 	9	 
			
	 Section 2.12
	 	 Defeasance
	  	 	9	 
			
	 Section 2.13
	 	 No Conversion
	  	 	9	 
			
	 Section 2.14
	 	 CUSIP Numbers
	  	 	9	 
			
	 Section 2.15
	 	 Definitive Form of Senior Notes
	  	 	10	 
			
	 Section 2.16
	 	 Company Reports
	  	 	10	 
		
	 ARTICLE III COVENANTS
	  	 	10	 
			
	 Section 3.1
	 	 Limitation on Liens
	  	 	10	 
			
	 Section 3.2
	 	 Limitations on Issuance or Disposition of Stock of Restricted Subsidiaries
	  	 	10	 

  
 i 

							
		
	 ARTICLE IV MISCELLANEOUS
	  	 	11	 
			
	 Section 4.1
	 	 Ratification, Extension and Renewal of Indenture
	  	 	11	 
			
	 Section 4.2
	 	 Trustee Not Responsible for Recitals
	  	 	11	 
			
	 Section 4.3
	 	 Governing Law
	  	 	11	 
			
	 Section 4.4
	 	 Severability
	  	 	11	 
			
	 Section 4.5
	 	 Counterparts
	  	 	12	 
			
	 Section 4.6
	 	 Successors and Assigns
	  	 	12	 
			
	 Section 4.7
	 	 FATCA Withholding
	  	 	12	 
		
	 EXHIBIT A - FORM OF SENIOR NOTE
	  	 	A-1	 

  
 ii 

 FIFTH SUPPLEMENTAL INDENTURE, dated May 15, 2019 (this “Fifth Supplemental
Indenture”), between REINSURANCE GROUP OF AMERICA, INCORPORATED, a Missouri corporation (the “Company”), having its principal executive office at 16600 Swingley Ridge Road, Chesterfield, Missouri 63017 and THE BANK OF NEW
YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (the “Trustee”), having its corporate trust office at 601 Travis Street, 16th Floor, Houston, Texas
77002, supplementing the Indenture, dated as of August 21, 2012, between the Company and the Trustee (the “Base Indenture” and, together with this Fifth Supplemental Indenture, the “Indenture”). 

RECITALS OF THE COMPANY 
 The
Company executed and delivered the Base Indenture to the Trustee to provide for the issuance from time to time by the Company of its debentures, notes, bonds or other evidences of indebtedness (hereinafter generally called the “Debt
Securities”) to be issued in one or more series as provided in the Base Indenture, in an unlimited aggregate principal amount which may be authenticated and delivered as provided in the Base Indenture; 

Pursuant to the terms of this Fifth Supplemental Indenture, the Company desires to provide for the establishment of a new series of Debt
Securities to be known as the 3.900% Senior Notes due 2029 (the “Senior Notes”), the form and substance of such Senior Notes and the terms, provisions and conditions thereof to be as set forth in the Indenture; 

Pursuant to Section 3.1 of the Base Indenture, a new series of Debt Securities may at any time be established in or pursuant to a Board
Resolution, an Officers’ Certificate or one or more indentures supplemental to the Base Indenture; 
 The Company has requested that
the Trustee execute and deliver this Fifth Supplemental Indenture. All requirements necessary to make this Fifth Supplemental Indenture a valid instrument in accordance with its terms (and to make the Senior Notes, when duly executed by the Company
and duly authenticated and delivered by the Trustee, the valid and enforceable obligations of the Company) have been performed, and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects. 

NOW, THEREFORE, THIS FIFTH SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of Senior Notes by the Holders thereof, it is mutually covenanted and agreed, for
the equal and proportionate benefit of all Holders of Senior Notes, as follows: 
 ARTICLE I 

DEFINITIONS 

Section 1.1    Definition of Terms 

Unless the context otherwise requires: 

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

 (b)    a term defined anywhere in this Fifth Supplemental Indenture has
the same meaning throughout; 
 (c)    the singular includes the plural and vice versa; 

(d)    a reference to a Section or Article is to a Section or Article of this Fifth Supplemental Indenture; 

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

(f)    the following terms have the following meanings: 

“Base Indenture” has the meaning set forth in the Recitals. 

“Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per annum equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of redemption.

 “Capital Lease Obligation” means an obligation of the Company or any Subsidiary to pay rent or other
amounts under a lease of (or another agreement conveying the right to use) real or personal property thereof that is required to be classified and accounted for as a capital lease on the face of a balance sheet thereof in accordance with GAAP. For
purposes of this Fifth Supplemental Indenture, the amount of such obligation shall be the capitalized amount thereof and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease (or such
other agreement) prior to the first date upon which such lease (or such other agreement) may be terminated by the lessee (or obligor) without payment of a penalty. 

“Capital Stock” means with respect to any Person, any and all shares, interests, participations, rights or
other equivalents (however designated) of corporate stock of such Person, including, without limitation, if such Person is a partnership, partnership interests (whether general or limited) and any other interest or participation that confers on a
Person the right to receive a share of the profits and losses of, or distributions of assets of, such partnership. 

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

“Company” has the meaning set forth in the Recitals. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having a
maturity comparable to the remaining term of the Senior Notes to be redeemed (assuming, for this purpose, that such Senior Notes mature on 

  
 2 

 
February 15, 2029) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Senior Notes (assuming, for this purpose, that such Senior Notes mature on February 15, 2029). 

“Comparable Treasury Price” means, with respect to any date of redemption, (i) the average of the
Reference Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three (3) Reference Treasury Dealer Quotations,
the average of all such Reference Treasury Dealer Quotations. 
 “Consolidated Tangible Net Worth” means the
total shareholders’ equity as reflected in the Company’s most recent consolidated balance sheet prepared in accordance with GAAP and filed with the Securities and Exchange Commission, less intangible assets such as goodwill, trademarks,
tradenames, patents and unamortized debt discount and expense. 
 “Debt Securities” has the meaning set
forth in the Recitals. 
 “FATCA” means Sections 1471 through 1474 of the Code, as of the date hereof (or
any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreement entered into pursuant to
Section 1471(b)(1) of the Code. 
 “Fifth Supplemental Indenture” has the meaning set forth in the
Recitals. 
 “GAAP” means generally accepted accounting principles as set forth in the statements and
pronouncements of the Financial Accounting Standards Board and in opinions of the Accounting Principles Board of the American Institute of Certified Public Accountants or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession or which have other substantial authoritative support in the United States and are applicable in the circumstances, in each case, as applied on a consistent basis, which are in effect on the Issue
Date, provided, however, that leases shall continue to be classified and accounted for on a basis consistent with that reflected in the financial statements of the Company for the fiscal year ended December 31, 2018 for all purposes,
notwithstanding any change in GAAP relating thereto, including with respect to Accounting Standards Codification 842. 

“Guarantee” by any Person means any Obligations, contingent or otherwise, of such Person guaranteeing any
Indebtedness of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and including, without limitation, every obligation of such Person (i) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security for the payment of such Indebtedness, (ii) to purchase property, securities or services for the purpose of assuring
the holder of such Indebtedness of the payment of such Indebtedness or (iii) to maintain working capital, equity capital or other financial statement condition or liquidity of the primary obligor so

  
 3 

 
as to enable the primary obligor to pay such Indebtedness (and the terms “Guaranteed,” “Guaranteeing” and “Guarantor” shall have meanings
correlative to the foregoing); provided, however, that the Guarantee by any Person shall not include endorsements by such Person for collection or deposit, in either case in the ordinary course of business. 

“Global Senior Note” has the meaning set forth in Section 2.5(a). 

“Holder” means a Person in whose name a Senior Note is registered. 

“Indenture” has the meaning set forth in the Recitals. 

“Indebtedness” of any Person means, without duplication: (i) every obligation of such Person for money
borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or similar instruments, including obligations incurred in connection with the acquisition of property, assets or businesses; (iii) every obligation of
such Person under conditional sale or other title retention agreements relating to assets or property purchased by such Person or issued or assumed as the deferred purchase price of property, assets or services (but excluding trade accounts payable
or accrued liabilities arising in the ordinary course of business that are nor overdue by more than 90 days or are being contested by such Person in good faith); (iv) every Capital Lease Obligation of such Person; (v) every obligation of such
Person with respect to any Sale and Leaseback Transaction to which such Person is a party; (vi) every obligation of such Person with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such
Person; (vii) the maximum fixed redemption or repurchase price of outstanding Redeemable Stock of such Person; (viii) every obligation of such Person with respect to performance, surety or similar bonds; (ix) every obligation of such
Person under interest rate swap or cap or similar agreements, or under foreign currency hedge, exchange or similar agreements, of such Person; (x) if such Person is engaged in the insurance business, all Surplus Debt of such Person; and
(xi) every obligation of the type referred to in clauses (i) through (x) and (xii) of another Person the payment of which such Person has Guaranteed or is otherwise responsible for or liable for, directly or indirectly, as obligor,
Guarantor or otherwise; and (xii) every amendment, modification, renewal and extension of an obligation of the type referred to in clauses (i) through (xi). 

“Insurance Regulator” means any Person having (i) authority to administer or enforce any statute,
regulation or other law of the United States, any State or the District of Columbia or any instrumentality or political subdivision thereof (or any order or decree of any court thereof) governing the conduct of an insurance business, and
(ii) jurisdiction over the matter in question. 
 “Interest Payment Date” has the meaning set forth in
Section 2.6(a). 
 “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 

“Quotation Agent” means one of the Reference Treasury Dealers appointed by the Company. 

  
 4 

 “Recitals” means the Recitals of the Company set forth in
this Fifth Supplemental Indenture. 
 “Redeemable Stock” of a Person means every Capital Stock of such
Person that by its terms or otherwise is required to be redeemed or otherwise purchased by such Person, or is redeemable or so purchasable at the option of the holder thereof, at any time prior to the Stated Maturity of the Capital Stock. 

“Reference Treasury Dealer” means (i) BofA Securities, Inc., J.P. Morgan Securities LLC, RBC Capital
Markets, LLC and Wells Fargo Securities, LLC, and, in each case, their respective successors or their respective affiliates that are Primary Treasury Dealers (as defined herein); provided, however, that if any of them shall cease to be a Primary
Treasury Dealer, the Company shall substitute therefor another nationally recognized investment banking firm that is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), and (ii) one
other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Quotation Agent, after consultation with the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that date of redemption. 

“Restricted Subsidiary” means (i) any Significant Subsidiary of the Company existing on the date hereof,
(ii) any Subsidiary of the Company, organized or acquired after the date hereof, which is a Significant Subsidiary and (iii) an Unrestricted Subsidiary which is reclassified as a Restricted Subsidiary by a resolution adopted by the Board
of Directors. 
 “Sale and Leaseback Transaction” means any arrangement with any bank, insurance company or
other lender or investor (other than the Company or a Subsidiary), or to which such lender or investor is a party, providing for the leasing by the Company or any Subsidiary of any property or asset of the Company or any Subsidiary that has been or
is to be sold or transferred by the Company or any Subsidiary to such lender or investor or to any Person (other than the Company or a Subsidiary) to whom funds have been or are to be advanced by such lender or investor on the security of such
property or asset. 
 “Senior Notes” has the meaning set forth in the Recitals. 

“Significant Subsidiary” means a Subsidiary, including its direct and indirect Subsidiaries, which meets any
of the following conditions (in each case determined in accordance with GAAP): (i) the Company’s and its other Subsidiaries’ investment in and advances to the Subsidiary exceed ten percent (10%) of the total assets of the Company and its
Subsidiaries consolidated as of the end of the most recently completed fiscal year; 

  
 5 

 
(ii) the Company’s and its other Subsidiaries’ proportionate share of the total assets (after inter-company eliminations) of the Subsidiary exceeds ten percent (10%) of the total assets
of the Company and its Subsidiaries consolidated as of the end of the most recently completed fiscal year; or (iii) the Company’s and its other Subsidiaries’ equity interest in the income from continuing operations before income
taxes, extraordinary items and cumulative effect of a change in accounting principles of the Subsidiary exceeds ten percent (10%) of such income of the Company and its Subsidiaries consolidated for the most recently completed fiscal year. 

“Surplus Debt” of any Person engaged in the insurance business means any liability of such Person to another
for repayment of a sum of money to such other Person under a written agreement approved by an Insurance Regulator providing for such liability to be paid only out of surplus of such Person in excess of a minimum amount of surplus specified in such
agreement. 
 “Trustee” has the meaning set forth in the Recitals. 

“Unrestricted Subsidiary” means any Subsidiary of the Company which is not a Restricted Subsidiary. 

“Voting Stock” means capital stock, the holders of which have general voting power under ordinary
circumstances to elect at least a majority of the board of directors of a corporation, provided that, for the purposes of such definition, capital stock which by a resolution adopted by the Board of Directors carries only the right to vote
conditioned on the happening of an event shall not be considered Voting Stock, whether or not such event shall have happened. 
 ARTICLE II

 TERMS AND CONDITIONS OF THE SENIOR NOTES 

Pursuant to Section 3.1 of the Base Indenture, the Senior Notes are hereby established with the following terms and other provisions:

 Section 2.1    Designation and Principal Amount 

(a)    There is hereby authorized a series of Debt Securities designated the “3.900% Senior Notes due 2029,”
initially in the aggregate principal amount at maturity of Six Hundred Million Dollars ($600,000,000). 
 (b)    Without
the consent of the Holders of the Senior Notes, the Company may, from time to time, create and issue additional Senior Notes having the same terms and conditions as the Senior Notes in all respects, except for issue date, issue price and, if
applicable, the first payment of interest thereon. Additional Senior Notes issued after the date hereof will form a single series with all such outstanding Senior Notes; provided that additional Senior Notes will not be issued with the same CUSIP,
if any, as existing Senior Notes unless such additional Senior Notes are fungible with existing Senior Notes for U.S. federal income tax purposes. 

  
 6 

 Section 2.2    Issue Date; Maturity 

Subject to Section 2.1(b), the Senior Notes shall initially be issued as of the date hereof; the Stated Maturity of the Senior Notes shall
be May 15, 2029 or if such date is not a Business Day, the next Business Day. 
 Section 2.3    Percentage of
Principal Amount 
 Subject to Section 2.1(b), the Senior Notes will initially be issued at 99.754% of the principal amount. 

Section 2.4    Place of Payment and Surrender for Registration of Transfer 

(a)    Payment of principal of (and premium, if any) and interest on Senior Notes shall be made, the transfer of Senior
Notes will be registrable, and Senior Notes will be exchangeable for Senior Notes of other denominations of a like principal amount at the office or agency of the Company maintained for such purpose, initially the Corporate Trust Office of the
Trustee. Payment of principal of (and premium, if any) and interest on Senior Notes issued as Global Senior Notes shall be payable by the Company through the Paying Agent to the Depositary in immediately available funds. 

(b)    Payment of principal of (and premium, if any) and interest on Senior Notes issued in physical form shall be made,
the transfer of Senior Notes will be registrable, and Senior Notes will be exchangeable for Senior Notes of other denominations of a like principal amount at the office or agency of the Company maintained for such purpose, initially the Corporate
Trust Office of the Trustee; provided that, at the Company’s option, interest on Senior Notes issued in physical form may be payable by (i) a U.S. Dollar check drawn on a bank in The City of New York mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register, or (ii) upon application to the Security Registrar not later than the relevant Regular Record Date by a Holder of a principal amount of Securities in excess of
$5,000,000, wire transfer in immediately available funds, which application shall remain in effect until the Holder notifies, in writing, the Security Registrar to the contrary. 

Section 2.5    Registered Securities; Form; Denominations; Depositary 

(a)    Subject to Section 2.1(b), the Senior Notes shall be issued in fully registered form, without coupons, as
registered Debt Securities and shall initially be issued in the form of one or more permanent Global Notes (the “Global Senior Notes”), and with the legends contained in, the form of Exhibit A hereto. 

(b)    The Senior Notes shall not be issuable in bearer form. The terms and provisions contained in the form of Senior
Note shall constitute, and are hereby expressly made, a part of the Indenture and to the extent applicable, the Company, and the Trustee, by their execution and delivery of the Indenture, expressly agree to such terms and provisions and to be bound
thereby. 
 (c)    The Senior Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. 

  
 7 

 (d)    Initially, the Depositary for the Senior Notes will be The
Depository Trust Company. The Global Senior Notes will be registered in the name of the Depositary or its nominee, Cede & Co., and held by the Trustee as custodian for the Depositary for crediting to the accounts of its participants. 

Section 2.6    Interest 

(a)    The Senior Notes will bear interest at a rate of 3.900% per annum on the principal amount thereof from and including
May 15, 2019 to, but excluding, May 15, 2029, payable semiannually in arrears on May 15 and November 15 of each year (each, an “Interest Payment Date”), commencing on November 15, 2019. The Regular Record
Dates for the Senior Notes shall be the immediately preceding May 1 and November 1, respectively, of each year. 

(b)    The amount of interest payable on the Senior Notes for any period will be computed on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the Senior Notes is not a Business Day, payment of the interest payable on
such date will be made on the next day that is a Business Day (and without any additional interest or other payment in respect of any such delay), except that, if such Business Day is in the next calendar year, such payment will be made on the
preceding Business Day with the same force and effect as if made on the date such payment was originally payable. 

(c)    The Company shall pay interest on overdue principal and on overdue installments of interest (without regard to any
applicable grace periods) from time to time on demand at the rate borne by the Senior Notes plus 1% per annum to the extent lawful. 

Section 2.7    Optional Redemption 

(a)    The Company may, at its option, redeem the Senior Notes, in whole or in part, at any time, or from time to time, at
a Redemption Price equal to: 
 (i)    if the Senior Notes are redeemed prior to February 15, 2029,
the greater of: (A) 100% of the principal amount of the Senior Notes to be redeemed, and (B) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest thereon to
February 15, 2029 (not including any portion of those payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 25 basis points; or 

(ii)    if the Senior Notes are redeemed on or after February 15, 2029, 100% of the principal amount
of the Senior Notes to be redeemed; 
 plus, in each case, accrued interest thereon to the date of redemption. 

(b)    The redemption provisions of Article XII of the Base Indenture shall apply to the Senior Notes. 

  
 8 

 Section 2.8    No Sinking Fund 

The Senior Notes shall not be subject to a sinking fund provision. The provisions contained in Article XIII of the Base Indenture shall not
apply to the Senior Notes. 
 Section 2.9    Events of Default 

In addition to the Events of Default set forth in Section 5.1 of the Base Indenture, it shall be an “Event of Default” with
respect to the Senior Notes if the following occurs and shall be continuing: an acceleration of the maturity of any Indebtedness of the Company or any Subsidiary, in an aggregate principal amount in excess of One Hundred Seventy-Five Million Dollars
($175,000,000), if such failure to pay is not discharged or such acceleration is not annulled within 15 days after the Company shall have received due notice of such acceleration. 

The additional Events of Default set forth in this Section 2.9 are expressly being included solely to be applicable to the Senior Notes
specified in this Fifth Supplemental Indenture. 
 Section 2.10    Ranking 

The Senior Notes shall constitute the senior debt obligations of the Company and shall rank equally in right of payment with all other existing
and future senior debt obligations of the Company. 
 Section 2.11    Paying Agent; Security Registrar 

Initially, the Trustee shall act as Paying Agent and Security Registrar. If the Senior Notes are issued in definitive form, the Corporate Trust
Office shall be the office or agency of the Paying Agent and the Security Registrar for the Senior Notes. 

Section 2.12    Defeasance 

The defeasance provisions of Article XIV of the Base Indenture shall apply to the Senior Notes. 

Section 2.13    No Conversion 

The Senior Notes will not be convertible into shares of Common Stock or any other security. The provisions contained in Article XV of the Base
Indenture shall not apply to the Senior Notes. 
 Section 2.14    CUSIP Numbers 

The Company in issuing the Senior Notes may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Senior Notes or as contained
in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Senior Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly
notify the Trustee of any change in the “CUSIP” numbers. 

  
 9 

 Section 2.15    Definitive Form of Senior Notes 

The Senior Notes will be issued in definitive form only under the limited circumstances set forth in Section 3.4 of the Base Indenture.

 Section 2.16    Company Reports 

The provisions of Section 7.4 of the Base Indenture relating to the nature, content and date for reports by the Company to the Holders, to
the extent such provisions are mandated by the Trust Indenture Act, shall apply to the Senior Notes. 
 ARTICLE III 

COVENANTS 
 Article XI of the Base
Indenture is hereby supplemented by the following additional covenants of the Company: 
 Section 3.1    Limitation on Liens

 The Company will not, and will not permit any Subsidiary to, incur, issue, assume or guaranty any Indebtedness if such Indebtedness is
secured by a mortgage, pledge of, lien on, security interest in or other encumbrance upon any shares of Voting Stock of any Restricted Subsidiary, whether such Voting Stock is now owned or is hereafter acquired, without providing that the Senior
Notes (together with, if the Company shall so determine, any other Indebtedness or obligations of the Company or any Subsidiary ranking equally with such Senior Notes and then existing or thereafter created) shall be secured equally and ratably
with, or prior to, such Indebtedness. The foregoing limitation shall not apply to (a) Indebtedness incurred, issued, assumed, guaranteed or permitted to exist and secured by liens, security interests, pledges or other encumbrances which does
not exceed 10% of the Company’s then Consolidated Tangible Net Worth; (b) Indebtedness secured by a pledge of, lien on or security interest in any shares of Voting Stock of any corporation if such pledge, lien or security interest is made
or granted prior to or at the time such corporation becomes a Restricted Subsidiary; provided that such pledge, lien or security interest was not created in anticipation of the transfer of such shares of Voting Stock to the Company or its
Subsidiaries; (c) liens or security interests securing Indebtedness of a Restricted Subsidiary to the Company or another Restricted Subsidiary; or (d) the extension, renewal or replacement (or successive extensions, renewals or
replacements), in whole or in part, of any lien or security interest referred to in the foregoing clauses (b) and (c) but only if the principal amount of Indebtedness secured by the liens or security interests immediately prior thereto is not
increased and the lien or security interest is not extended to other property. 
 Section 3.2    Limitations on Issuance or
Disposition of Stock of Restricted Subsidiaries 
 The Company will not, nor will it permit any Restricted Subsidiary to, issue, sell,
assign, transfer or otherwise dispose of any shares of Capital Stock (other than nonvoting preferred stock) of any Restricted Subsidiary (or of any Subsidiary having direct or indirect control of any

  
 10 

 
Restricted Subsidiary), except for, subject to Article IX of the Base Indenture: (a) director’s qualifying shares; (b) a sale, assignment, transfer or other disposition of any
Capital Stock of any Restricted Subsidiary (or of any Subsidiary having direct or indirect control of any Restricted Subsidiary) to the Company or to one or more Restricted Subsidiaries; (c) a sale, assignment, transfer or other disposition of
all or part of the Capital Stock of any Restricted Subsidiary (or of any Subsidiary having direct or indirect control of any Restricted Subsidiary) for consideration which is at least equal to the fair value of such Capital Stock as determined by
the Company’s Board of Directors acting in good faith; (d) the issuance, sale, assignment, transfer or other disposition made in compliance with an order of a court or regulatory authority of competent jurisdiction, other than an order
issued at the request of the Company or any Restricted Subsidiary; or (e) issuance for consideration which is at least equal to fair value as determined by the Company’s Board of Directors acting in good faith. 

ARTICLE IV 
 MISCELLANEOUS 

Section 4.1    Ratification, Extension and Renewal of Indenture 

The Base Indenture, as supplemented and amended by this Fifth Supplemental Indenture, is ratified, confirmed, extended and renewed, and this
Fifth Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided. If any provision of this Fifth Supplemental Indenture is inconsistent with a provision of the Base Indenture, the
terms of this Fifth Supplemental Indenture shall control. This Fifth Supplemental Indenture shall only apply to the Senior Notes and shall not apply to any other Debt Securities of any other series issued under the Base Indenture (unless otherwise
specified pursuant to Section 3.1 of the Base Indeture for Debt Securities of any such series). 
 Section 4.2    Trustee
Not Responsible for Recitals 
 The Recitals are made by the Company and not by the Trustee, and the Trustee assumes no responsibility
for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Fifth Supplemental Indenture or the Senior Notes. The Trustee shall not be accountable for the use or application by the Company of the Senior
Notes or the proceeds thereof. 
 Section 4.3    Governing Law 

This Fifth Supplemental Indenture and the Senior Notes shall be governed by, and construed in accordance with, the laws of the State of New
York. 
 Section 4.4    Severability 

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

  
 11 

 Section 4.5    Counterparts 

This Fifth Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall
together constitute but one and the same instrument. 
 Section 4.6    Successors and Assigns 

All covenants and agreements in the Indenture by the Company shall bind its successors and assigns, whether expressed or not. The Company will
have the right at all times to assign any of its respective rights or obligations under the Indenture to a direct or indirect wholly owned Subsidiary of the Company; provided that, in the event of any such assignment, the Company will remain liable
for all of its respective obligations. Subject to the foregoing, the Indenture will be binding upon and inure to the benefit of the parties thereto and their respective successors and assigns. The Indenture may not otherwise be assigned by the
parties thereto. 
 Section 4.7    FATCA Withholding 

In order to comply with the applicable reporting requirements of FATCA, the Company agrees (i) to provide to the Trustee tax information
about holders or the transactions contemplated hereby (including any modification to the terms of such transactions), to the extent such information is directly available to the Company, so that the Trustee can determine whether it has tax-related obligations under FATCA and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Senior Notes to the extent necessary to comply with FATCA. 

Signature page follows. 

  
 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

			
	REINSURANCE GROUP OF AMERICA, INCORPORATED
		
	By:	 	 /s/ Brian W.
Haynes                    

		 	Brian W. Haynes
		 	Senior Vice President and Corporate Treasurer

  

	
	Attest:
	
	 /s/ William L. Hutton

William L. Hutton

	Executive Vice President, General Counsel and Secretary

 Seal 
  

					
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Lawrence M. Kusch

		 	Name:	 	Lawrence M. Kusch
		 	Title:	 	Vice President

 Signature page to Fifth Supplemental Indenture 

 EXHIBIT A 

FORM OF SENIOR NOTE 
 [FACE
OF SENIOR NOTE] 
 [THIS SENIOR NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF
CEDE & CO. AS NOMINEE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”), OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS EXCHANGEABLE FOR SENIOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SENIOR NOTE (OTHER THAN A TRANSFER OF THIS SENIOR NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE
DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY) MAY BE REGISTERED UNLESS AND UNTIL THIS SENIOR NOTE IS EXCHANGED IN WHOLE OR IN PART FOR
SENIOR NOTES IN DEFINITIVE FORM. UNLESS THIS SENIOR NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY TO REINSURANCE GROUP OF AMERICA, INCORPORATED OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SENIOR NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.] * 
 REINSURANCE GROUP OF AMERICA, INCORPORATED 

3.900% Senior Notes due 2029 
  

			
	Certificate No.: R-             	  	$            
	CUSIP No.:             	  	

 This Senior Note is one of a duly authorized series of Debt Securities of REINSURANCE GROUP OF AMERICA,
INCORPORATED (the “Senior Notes”), all issued under and pursuant to an Indenture dated as of August 21, 2012, duly executed and delivered by REINSURANCE GROUP OF AMERICA, INCORPORATED, a Missouri corporation (the
“Company”, which term includes any successor corporation under the Indenture hereinafter referred to), and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as supplemented by the Fifth
Supplemental Indenture thereto dated May 15, 2019, 
  

	* 	 Insert if Senior Notes are in global form. 

  
 A-1 

 
between the Company and the Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations,
duties and immunities thereunder of the Trustee, the Company and the Holders of the Senior Notes. By the terms of the Indenture, the Debt Securities are issuable in series that may vary as to amount, date of maturity, rate of interest and in other
respects as provided in the Indenture. 
 The Company, for value received, hereby promises to pay to [Cede & Co.]*, or registered assigns, the principal sum of                     
($                    ) [(as increased or decreased on the attached Schedule of Increases and Decreases)]* on May 15, 2029 or if such date is not a Business Day, the following Business Day. 

Interest Payment Dates: May 15 and November 15, commencing on November 15, 2019. 

Record Dates: May 1 and November 1. 

Reference is hereby made to the further provisions of this Senior Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 IN WITNESS WHEREOF, the Company has caused this Senior Note to be duly
executed manually or by facsimile by its duly authorized officers under its corporate seal. 
  

			
	REINSURANCE GROUP OF AMERICA, INCORPORATED
		
	By:	 	  

		 	Brian W. Haynes
		 	Senior Vice President and Corporate Treasurer

  

	
	Attest:
	
	  

	William L. Hutton
	Executive Vice President, General Counsel and Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the 3.900% Senior Notes due 2029 issued under the within mentioned Indenture. 

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

 

	* 	 Insert if Senior Notes are in global form. 

  
 A-2 

			
	By:	 	  

		 	Authorized Signatory

 Dated:             , 20     

  
 A-3 

 [REVERSE OF SENIOR NOTE] 

REINSURANCE GROUP OF AMERICA, INCORPORATED 

3.900% Senior Notes due 2029 

To the extent that any rights or other provisions of this Senior Note differ from or are inconsistent with those contained in the Indenture,
then the Indenture shall control. Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

 

	1.	 Principal and Interest. 

Reinsurance Group of America, Incorporated, a Missouri corporation (the “Company”), promises to pay interest on the
principal amount of this Senior Note in the manner specified below at the rate of 3.900% per annum from and including May 15, 2019, to, but excluding, the Stated Maturity. The Company will pay interest on this Senior Note semiannually in
arrears on May 15 and November 15 of each year (each an “Interest Payment Date”), commencing on November 15, 2019. Interest not paid on the scheduled Interest Payment Date will accrue and compound semiannually at the
rate borne by the principal amount of this Senior Note. 
 Interest on the Senior Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 
 The Company shall pay
interest on overdue principal and on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the rate borne by the Senior Notes plus 1% per annum to the extent lawful. 

 

	2.	 Ranking. 

The Senior Notes shall constitute the senior debt obligations of the Company and shall rank equally in right of payment with all other existing
and future senior debt obligations of the Company. 
  

	3.	 Method of Payment. 

Interest on any Senior Note which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the
person in whose name that Senior Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for the payment of such interest. In the event that any date on which interest is payable on the Senior
Notes is not a Business Day, payment of the interest payable on such date will be made on the next day that is a Business Day (and without any additional interest or other payment in respect of any such delay), except that, if such Business Day is
in the next calendar year, such payment will be made on the preceding Business Day with the same force and effect as if made on the date such payment was originally payable. 

  
 A-4 

	4.	 Paying Agent and Security Registrar. 

Initially, The Bank of New York Mellon Trust Company, N.A., the Trustee, will act as Paying Agent and Security Registrar. The Company may
change the Paying Agent and Security Registrar without notice to any Holder. The Company or any of its Subsidiaries may, subject to certain exceptions, act in any such capacity. 

 

	5.	 Indenture. 

This Senior Note is one of a duly authorized series of the 3.900% Senior Notes due 2029 (the “Senior Notes”) of the Company,
initially limited in aggregate principal amount to $600,000,000 and issued under an Indenture, dated as of August 21, 2012 (the “Base Indenture”), as supplemented by a Fifth Supplemental Indenture dated as of May 15, 2019
(the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), in each case, between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the
“Trustee”). The terms of this Senior Note include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). This Senior Note is
subject to all such terms, and by acceptance hereof, Holders agree to be bound by all of such terms, as the same may be amended from time to time. Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent
permitted by applicable law, in the event of any inconsistency between the terms of this Senior Note and the terms of the Indenture, the terms of the Indenture shall control. Capitalized terms used but not defined herein have the meanings assigned
to them in the Indenture unless otherwise indicated. 
  

	6.	 Optional Right of Redemption. 

(a) The Company may, at its option, redeem the Senior Notes, in whole or in part, at any time at a Redemption Price equal to: 

(i) if the Senior Notes are redeemed prior to February 15, 2029, the greater of: (A) 100% of the principal amount of the Senior Notes to
be redeemed, and (B) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest thereon to February 15, 2029 (not including any portion of those payments of interest
accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the
Adjusted Treasury Rate plus 25 basis points; or 
 (ii) if the Senior Notes are redeemed on or after February 15, 2029, 100% of the
principal amount of the Senior Notes to be redeemed; 
 plus, in each case, accrued interest thereon to the date of redemption. 

(b) The redemption provisions of Article XII of the Base Indenture shall apply to the Senior Notes. 

“Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per annum equal to the semi-annual
equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that date of redemption. 

  
 A-5 

 “Comparable Treasury Issue” means the U.S. Treasury security selected by
the Quotation Agent as having a maturity comparable to the remaining term of the Senior Notes to be redeemed (assuming, for this purpose, that such Senior Notes mature on February 15, 2029) that would be utilized, at the time of selection and
in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Senior Notes (assuming, for this purpose, that such Senior Notes mature on February 15,
2029). 
 “Comparable Treasury Price” means, with respect to any date of redemption, (i) the average of the Reference
Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Quotation Agent obtains fewer than three (3) Reference Treasury Dealer Quotations, the
average of all such Reference Treasury Dealer Quotations. 
 “Quotation Agent” means one of the Reference Treasury Dealers
appointed by the Company. 
 “Reference Treasury Dealer” means (i) BofA Securities, Inc., J.P. Morgan Securities LLC,
RBC Capital Markets, LLC and Wells Fargo Securities, LLC, and, in each case, their respective successors or their respective affiliates that are Primary Treasury Dealers (as defined herein); provided, however, that if any of them shall cease to be a
Primary Treasury Dealer, the Company shall substitute therefor another nationally recognized investment banking firm that is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”), and
(ii) one other Primary Treasury Dealer selected by the Company. 
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Quotation Agent, after consultation with the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that date of redemption. 

Pursuant to Article XII of the Base Indenture, notice of any redemption will be delivered at least 30 days but not more than 60 days
before the date of redemption to each Holder of the Senior Notes to be redeemed. 
  

	7.	 No Sinking Fund. 

The Senior Notes will not be subject to a sinking fund provision. 
  

	8.	 Defaults and Remedies. 

The Indenture provides that an Event of Default with respect to the Senior Notes occurs upon the occurrence of specified events. If an Event of
Default shall occur and be continuing, the principal of all of the Senior Notes may become or be declared due and payable, in the manner, with the effect provided in the Indenture. 

  
 A-6 

	9.	 Amendment; Supplement; Waiver. 

The Indenture provides for amendments, supplements and waivers with respect to the Indenture as set forth in Article X of the Base Indenture.

  

	10.	 Restrictive Covenants. 

The Indenture imposes certain limitations on the ability of the Company and its Subsidiaries to, among other things, create certain liens,
issue or dispose of stock of Restricted Subsidiaries and consummate certain mergers and consolidations or sales of all or substantially all of its assets. The limitations are subject to a number of important qualifications and exceptions. 

 

	11.	 Denomination; Transfer; Exchange. 

The Senior Notes of this series are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to certain limitations herein and therein set forth, Senior Notes of this series so issued are exchangeable for a like aggregate principal amount at maturity of Senior Notes of this
series of a different authorized denomination, as requested by the Holder surrendering the same. 
 As provided in the Indenture and subject
to certain limitations therein set forth, this Senior Note is transferable by the registered Holder hereof on the Security Register of the Company, upon surrender of this Senior Note for registration of transfer at the office or agency of the
Trustee in the City and State of New York accompanied by a written instrument or instruments of transfer in form satisfactory to the Company or the Trustee duly executed by the registered Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Senior Notes of authorized denominations and for the same aggregate principal amount at maturity will be issued to the designated transferee or transferees. No service charge will be made for any such transfer, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in relation thereto. 
  

	12.	 Persons Deemed Owners. 

The registered Holder of this Senior Note shall be treated as its owner for all purposes. 

 

	13.	 Defeasance. 

Subject to certain conditions contained in the Indenture, at any time some or all of the Company’s obligations under the Senior Notes and
the Indenture may be discharged if the Company deposits with the Trustee money and/or U.S. Government Obligations sufficient to pay the principal of and interest on the Senior Notes to Stated Maturity. 

  
 A-7 

	14.	 No Recourse Against Others. 

No recourse shall be had for the payment of the principal of or the interest on this Senior Note, or any part hereof or of the indebtedness
represented hereby, or upon any obligation, covenant or agreement of the Indenture, against any incorporator, shareholder, officer or director, as such, past, present or future, of the Company (or any incorporator, shareholder, officer or director
of any predecessor or successor corporation), either directly or through the Company (or of any predecessor or successor corporation), whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty
or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released; provided, however, that nothing herein shall be taken to prevent recourse to and the
enforcement of the liability, if any, of any shareholder or subscriber to capital stock upon or in respect of the shares of capital stock not fully paid. 
  

	15.	 CUSIP Numbers. 

The Company may cause CUSIP numbers to be printed on the Senior Notes as a convenience to Holders. No representation is made as to the accuracy
of such numbers, and reliance may be placed only on the other identification numbers printed hereon. 
  

	16.	 Authentication. 

This Senior Note shall not be valid until the Trustee (or authenticating agent) executes the certificate of authentication on the other side of
this Senior Note. 
  

	17.	 Governing Law. 

The Indenture and this Senior Note shall be governed by, and construed in accordance with, the laws of the State of New York. 

  
 A-8 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SENIOR NOTE * 
 The initial aggregate principal amount of this Global Senior Note is
$        . The following increases or decreases in this Global Senior Note have been made: 
  

																	
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of Senior Notes
evidenced by this
Global Senior 
Note	 	  	Amount of increase
in Principal Amount
of Senior Notes
evidenced by this
Global Senior Note	 	  	Principal Amount of
Senior Notes
evidenced by this
Global Senior Note
following such
decrease or increase	 	  	Signature of
authorized officer of
Trustee or Securities
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  

	* 	 Insert if Senior Notes are in global form. 

  
 A-9

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