Document:

exv10w1

Exhibit 10.1

Oplink Communications, Inc.

Form of Executive Corporate Event Agreement

          This Executive Corporate Event Agreement (this “Agreement”) is entered into by and
between Oplink Communications, Inc., a Delaware corporation (the “Company”), and [River Gong]
[Thomas P. Keegan] [Peter Lee] [Stephen M. Welles] [Yanfeng Yang] [Shirley Yin] (“Executive”) to be
effective as of                     , 2008.

          Whereas, the Company has granted equity awards to Executive under the Company’s
equity compensation plans for the purpose of providing equity compensation to Executive and
aligning [his/her] interests with those of the stockholders of the Company; and

          Whereas, the Compensation Committee of the Company’s Board of Directors (the
“Compensation Committee”) has determined that it would be in the best interests of the Company and
its stockholders to enhance the Equity Awards (as defined in Section 3) to provide for acceleration
of the vesting of the Equity Awards in the event of termination of Executive’s employment in
connection with a Corporate Event (as defined in Section 3) of the Company in order to align
further the interests of Executive with those of the stockholders of the Company as set forth
below;

          Whereas, the Compensation Committee has also determined that it would be in the best
interests of the Company and its stockholders to provide for certain severance payments in the
circumstances as set forth below; and

          Now, Therefore, for valuable consideration, the adequacy of which is hereby
acknowledged by the parties, the parties hereby agree as follows:

          1. Term. This Agreement will have a term of three (3) years commencing on the effective date
of this Agreement and ending on the third anniversary of such effective date (the “Stated
Expiration Date”); provided, however, that if a Corporate Event occurs prior to the Stated
Expiration Date, then the term of this Agreement shall be extended until thirteen (13) months
following the effective date of such Corporate Event, and if a Covered Termination occurs during
the relevant period, giving rise to benefits under this Agreement, then the term of this Agreement
shall be further extended until all such benefits have been paid or otherwise delivered to
Executive.

          2. Acceleration of Vesting and Extension of Period of Exercisability; Severance Payments.
Subject to Sections 4 and 6, in the event of the occurrence of a Corporate Event, then, if
Executive’s employment with the Company or its successor ceases by reason of a Covered Termination
(as defined in Section 3) within the period beginning three (3) months prior to and ending thirteen
(13) months following the effective date of the Corporate Event, then Executive shall be entitled
to the following benefits:

          (a) The vesting of Executive’s Equity Awards (or any substituted equity awards) shall be
accelerated

	 	 	 	 	 
	 

	 	[Thomas Keegan, Stephen Welles and
Shirley Yin]
	 	[in full, such that the Equity
Awards shall be 100% vested and
exercisable as of the
Event/Termination Date (as defined
in Section 3)]
	 
	 	 	 	 
	 

	 	[River Gong, Peter Lee and [Yanfeng
Yang]
	 	[so that the unvested portion of
each Equity Award that would
normally vest over the following
twelve (12) months shall immediately
vest and become exercisable as of
the Event/Termination Date];

          (b) The post-termination exercise period with respect to Executive’s Options shall extended
such that the Options shall continue to be exercisable until the earliest of: (1) the date
twenty-four (24) months

 

 

after the Event/Termination Date, (2) the maximum term for each Option in effect on the date
such Option was granted (i.e., the Option’s original expiration date), (3) the effective date of
the Corporate Event if the Corporate Event is a Non-Assumption Event, or (4) the ten (10) year
anniversary of the original date of grant for each such Option (as defined in Section 3);

          (b) Executive shall be entitled to a severance payment in the form of a lump-sum cash payment
equal to one (1) year’s base salary, subject to standard payroll deductions and withholdings,
within ten (10) business days after Executive executes and delivers to the Company the release and
waiver contemplated by Section 4 hereof and such release and waiver becomes effective; and  

          (c) The Company shall pay the premiums for group health plan continuation coverage (i.e.,
medical, dental and vision insurance) under Title X of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended (“COBRA”), for Executive and/or Executive’s eligible
dependents’ for up to twelve (12) months following Executive’s employment termination date (the
“COBRA Premiums”); provided, that Executive and/or Executive’s eligible dependents timely elect(s)
continued group health coverage under COBRA and otherwise qualifies for continued coverage.

          To the extent that any Equity Awards held by Executive are settled in cash (“Cash-Settled
Awards”), all such Cash-Settled Awards shall be promptly settled upon the Event/Termination Date,
but in no event after the later of (i) 2 1/2 months after the end of the Company’s fiscal year in
which the Event/Termination Date occurs, or (ii) March 15 following the calendar year in which the
Event/Termination Date occurs. Notwithstanding the foregoing, settlement of Cash-Settled Awards
shall be subject to any delay period required under Section 6 of this Agreement, to the extent
applicable.

          3. Definitions. The following terms in this Agreement shall have the meanings set forth below
solely for purposes of this Agreement.

          (a) “Involuntary Termination Without Cause” shall mean the involuntary termination of
Executive’s employment by the Company for reasons other than (1) any intentional act of fraud,
embezzlement or misappropriation of property of the Company by Executive which has a materially
adverse impact on the business or affairs of the Company, (2) any intentional unauthorized use or
disclosure by Executive of confidential information or trade secrets of the Company (or any
affiliated corporation or entity of the Company (“Affiliate”)), or (3) any other intentional
misconduct by Executive which has a materially adverse impact on the business or affairs of the
Company (or any Affiliate), provided that solely for the purpose of this Agreement, Executive shall
be given thirty (30) days written notice (and the opportunity to correct such conduct if such
conduct can be corrected during that notice period) of the Company’s intention to deem the
termination of Executive’s employment to be for any of the foregoing reasons. The termination of
Executive’s employment as a result of Executive’s death or disability (provided that Executive is
provided reasonable accommodation of Executive’s disability to perform Executive’s duties for the
Company to the extent required by the federal Americans With Disability Act and any similar
applicable state laws) shall not constitute Involuntary Termination without Cause.

          (b) “Voluntary Termination With Good Reason” shall mean Executive’s voluntary resignation
within sixty (60) days following the initial occurrence of any of the following actions without
Executive’s consent: (1) the material reduction in Executive’s authorities, duties, or
responsibilities as an employee of the Company as in effect immediately prior to such reduction
(but not merely a change in title or reporting relationships), except in connection with the
termination of Executive’s employment for death, disability, or any conduct listed in the
definition of Involuntary Termination without Cause as grounds for termination that would not
result in an Involuntary Termination without Cause; (2) the material reduction in Executive’s base
compensation (for purposes of this Agreement, a reduction in Executive’s base compensation equal to
or less than ten percent (10%) shall not be considered a material reduction in Executive’s base
compensation), (3) a material change in the geographic location at which Executive must perform
services (for purposes of this Agreement , a relocation of Executive’s place of employment equal to
or less than fifty (50) miles shall not be

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considered a material change in the geographic location at which Executive must perform
services), or (4) any other action or inaction that constitutes a material breach by the Company of
any employment agreement between the Company and Executive, including this Agreement.

          Notwithstanding the foregoing, Executive must assert any termination for Good Reason by
written notice to the Company no later than twenty (20) days following the initial existence of the
event giving rise to Good Reason, and the Company must have an opportunity within thirty (30) days
following delivery of such notice to attempt to rescind or correct the matter giving rise to Good
Reason (the “Cure Period”). If the Company does not rescind or correct the conduct giving rise to
Good Reason to Executive’s reasonable satisfaction by the expiration of the Cure Period,
Executive’s employment will then terminate with Good Reason.

          (c) “Corporate Event” shall mean any of the following events:

               (1) the dissolution or liquidation of the Company;

               (2) a sale, lease or other disposition of all or substantially all of the assets of the
Company so long as the Company’s stockholders immediately prior to such transaction will,
immediately after such transaction, fail to possess direct or indirect beneficial ownership of more
than fifty percent (50%) of the voting power of the acquiring entity (for purposes of this section,
any person who acquired securities of the Company prior to the occurrence of such asset transaction
in contemplation of such transaction and who after such transaction possesses direct or indirect
ownership of at least ten percent (10%) of the securities of the acquiring entity immediately
following such transaction shall not be included in the group of stockholders of the Company
immediately prior to such transaction);

               (3) either (A) a merger or consolidation in which the Company is not the surviving corporation
and the stockholders of the Company immediately prior to the merger or consolidation fail to
possess direct or indirect beneficial ownership of more than fifty percent (50%) of the voting
power of the securities of the surviving corporation (or if the surviving corporation is a
controlled Subsidiary of another entity, then the required beneficial ownership shall be determined
with respect to the securities of that entity which controls the surviving corporation and is not
itself a controlled Subsidiary of any other entity) immediately following such transaction, or (B)
a merger in which the Company is the surviving corporation and the stockholders of the Company
immediately prior to the merger fail to possess direct or indirect beneficial ownership of more
than fifty percent (50%) of the securities of the Company (or if the Company is a controlled
Subsidiary of another entity, then the required beneficial ownership shall be determined with
respect to the securities of that entity which controls the Company and is not itself a controlled
Subsidiary of any other entity) immediately following the merger. (For purposes of this subsection,
any person who acquired securities of the Company prior to the occurrence of a merger or
consolidation in contemplation of such transaction and who after such transaction possesses direct
or indirect beneficial ownership of at least ten percent (10%) of the securities of the Company or
the surviving corporation (or if the Company or the surviving corporation is a controlled
Subsidiary, then of the appropriate entity as determined above) immediately following such
transaction shall not be included in the group of stockholders of the Company immediately prior to
such transaction.);

               (4) an acquisition by any person, entity or group within the meaning of Section 13(d) or 14(d)
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any comparable
successor provisions (excluding any employee benefit plan, or related trust, sponsored or
maintained by the Company or a subsidiary or other controlled Subsidiary of the Company) of the
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or
comparable successor rule) of securities of the Company representing at least fifty percent (50%)
of the combined voting power entitled to vote in the election of directors;

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               (5) any “going private” transaction (or series of related transactions) in which (A) any
person, entity or group obtains all of the outstanding common stock of the Company, (B) the other
stockholders of the Company receive cash, debt or preferred stock in exchange for their shares of
common stock of the Company, and (C) as a result of such transaction or series of transactions, the
Company will no longer be subject to the ongoing reporting requirements of the Exchange Act;

               (6) the individuals who, as of the date of this Agreement, are members of the Board (the
“Incumbent Board”), cease for any reason to constitute at least fifty percent (50%) of the Board.
If the election, or nomination for election by the Company’s stockholders, of any new director was
approved by a vote of at least fifty percent (50%) of the Incumbent Board, such new director shall
be considered as a member of the Incumbent Board; or

               (7) approval by the Company’s board of directors (or committee thereof) of any of the events
set forth in subsections (i), (ii), (iii), (iv) and (v) above; provided, however, that a Corporate
Event shall be deemed not to have occurred pursuant to this subsection (vii) if both (a) the event
contemplated in subsection (i), (ii), (iii), (iv) or (v) has not been consummated and (b) the
Company’s board of directors (or committee thereof) rescinds, revokes or otherwise unwinds such
approval before the Executive’s employment with the Company has been terminated by reason of a
Covered Termination.

          Notwithstanding the foregoing, a public offering (including the initial or any subsequent
public offering) of the common stock of the Company shall not be considered a Corporate Event.

          (d) “Covered Termination” shall mean an Involuntary Termination Without Cause or a Voluntary
Termination With Good Reason.

          (e) “Equity Awards” shall mean (i) the Options and (ii) any and all other equity awards
granted to Executive by the Company, including without limitation restricted stock, restricted
stock units and performance shares, whether granted prior to or after the date of this Agreement
(other than any awards granted to Executive which expressly provide that the terms and conditions
of this Agreement shall not apply to such awards).

          (f) “Event/Termination Date” shall mean the later of: (i) the date on which occurs a Corporate
Event or (ii) the date on which occurs a Covered Termination related to such Corporate Event for
the purposes of Section 2.

          (g) “Non-Assumption Event” shall mean an event which would result in the termination of
outstanding Equity Awards pursuant to a Termination Event. Notwithstanding the foregoing, a
Non-Assumption Event shall not be deemed to have occurred if the Equity Awards are or will be
continued, substituted for or assumed such that the economic benefit of the Equity Awards continues
after the Termination Event.

          (h) “Options” shall mean any and all stock options granted to Executive by the Company to
acquire common stock of the Company, whether granted prior to or after the date of this Agreement
(other than any options granted to Executive which expressly provide that the terms and conditions
of this Agreement shall not apply to such options).

          (i) “Section 409A Limit” shall mean the lesser of two (2) times: (i) Executive’s annualized
compensation based upon the annual rate of pay paid to Executive during the Company’s taxable year
preceding the Company’s taxable year of Executive’s termination of employment as determined under
Treasury Regulation 1.409A-1(b)(9)(iii)(A)(1) and any Internal Revenue Service guidance issued with
respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan
pursuant to Section 401(a)(17) of the Code for the year in which Executive’s employment is
terminated.

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          (j) “Termination Event” shall mean an event which would result in the termination of
outstanding options pursuant to (i) Section 13(b) of the Oplink Communications, Inc. 1995 Stock
Option Plan (the “1995 SOP”), (ii) Section 13(b) of the Oplink Communications, Inc. 1998 Stock
Option Plan (the “1998 SOP”), or (iii) Section 12(b) or Section 12(c) of the Oplink Communications,
Inc. 2000 Equity Incentive Plan (the “2000 EIP”) (or like provisions of any other applicable
Company equity compensation plan).

          4. Release. Executive shall be entitled to the benefits set forth in Section 2 of this
Agreement provided that Executive executes and delivers to the Company a general release and waiver
of claims (following the date of the Corporate Event) in favor of the Company in a time, form and
manner acceptable to the Company and such release and waiver becomes legally effective within
seventy-five (75) days of the date of Executive’s separation from service, and Executive has not
materially breached Executive’s confidential information and inventions agreement with the Company.

          5. Parachute Excise Tax. If the aggregate benefits set forth in Section 2 of this Agreement
(the “Acceleration”) would (i) constitute a “parachute payment” within the meaning of Section 280G
of the Internal Revenue Code of 1986, as amended (the “Code”), and (ii) but for this sentence, be
subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such
Acceleration shall be reduced to the Reduced Amount. The “Reduced Amount” shall be whichever of the
following which would provide the largest after-tax benefit to Executive: (i) the largest portion
of the Acceleration that would result in no portion of the Acceleration being subject to the Excise
Tax or (ii) the largest portion, up to and including the total, of the Acceleration, whichever
amount, after taking into account all applicable federal, state and local employment taxes, income
taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in
Executive’s receipt, on an after-tax basis, of the greater amount of the Acceleration
notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. In the
event that the Acceleration is to be reduced, such Acceleration shall be cancelled in the following
order: subsection 1(b)(ii), subsection 1(b)(i), and subsection 1(a). In the event that any Options
are to be cancelled in connection with a reduction of the Acceleration, the Options shall be
cancelled in the order of the Executive’s stock awards with the highest exercise price first.

     An accounting firm or other person mutually agreed upon by the parties shall perform the
foregoing calculations. The Company shall bear all expenses with respect to the determinations by
such accounting firm or other person required to be made hereunder. The accounting firm or other
person engaged to make the determinations hereunder shall provide its calculations, together with
detailed supporting documentation, to the Company and Executive within fifteen (15) calendar days
after the date on which Executive’s right to Acceleration arises (if requested at that time by the
Company or Executive) or at such other time as requested by the Company or Executive. If the
accounting firm or other person determines that no Excise Tax is payable with respect to an
Acceleration, either before or after the application of the Reduced Amount, upon request by the
Company or Executive, it shall furnish the Company and Executive with an opinion reasonably
acceptable to Executive that no Excise Tax will be imposed with respect to such Acceleration. Any
good faith determination of the accounting firm or other person made hereunder shall be final,
binding and conclusive upon the Company and Executive.

          6. Code Section 409A. Notwithstanding anything to the contrary in this Agreement, if
Executive is a “specified employee” within the meaning of Section 409A of the Code and any final
regulations and official guidance promulgated thereunder (“Section 409A”) at the time of
Executive’s separation from service, as such term is defined in Section 409A, and any portion of
the severance payable to Executive, if any, pursuant to this Agreement, including the vesting of
the balance, or some lesser portion of the balance, of any restricted stock unit award is
accelerated in connection with Executive’s separation from service, when considered together with
any other severance payments or separation benefits which may be considered deferred compensation
under Section 409A (together, the “Deferred Compensation Separation Benefits”) will not and could
not under any circumstances, regardless of when such separation from service occurs, be paid in
full by the fifteenth (15th) day of the third (3rd) month of the Company’s
fiscal year following Executive’s separation from service, then only that portion of the Deferred
Compensation

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Separation Benefits which do not exceed the Section 409A Limit (as defined in Section 3) may
be made within the first six (6) months following Executive’s separation from service in accordance
with the payment schedule applicable to each payment or benefit. Any portion of the Deferred
Compensation Separation Benefits in excess of the Section 409A Limit shall accrue and, to the
extent such portion of the Deferred Compensation Separation Benefits would otherwise have been
payable within the first six (6) months following Executive’s separation from service, will become
payable on the first payroll date that occurs on or after the date six (6) months and one (1) day
following the date of Executive’s separation from service. All subsequent Deferred Compensation
Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to
each payment or benefit. It is the intent of this Agreement to comply with the requirements of
Section 409A so that none of the severance payments and benefits to be provided hereunder will be
subject to the additional tax imposed under Section 409A, and any ambiguities herein will be
interpreted to so comply.

          7. No Additional Rights. This Agreement and the provisions herein shall not be construed to
be a grant to or modification of any right of the Executive to continued employment with the
Company or its successor. Such right, if any, shall be governed by any other employment agreements
between Executive and the Company. In particular, the definition of Involuntary Termination without
Cause shall not be deemed to be inclusive of all the acts or omissions which the Company (or any
Affiliate) may consider as grounds for Executive’s dismissal or discharge.

          8. Successors. This Agreement shall be binding on the successors of the Company (including
but not limited to any successors of the Company following a Corporate Event) for the benefit of
Executive. The Company will obtain the assumption of any material agreement, including this
Agreement and the material provisions of any stock option grant, between Executive and the Company
from any successor or assign of the Company following a Corporate Event.

          9. Complete Agreement and Modification of this Agreement. This Agreement represents the sole
agreement of the parties regarding the subject matter of this Agreement and supersedes any prior or
contemporaneous verbal or written agreements, promises or representations regarding the subject
matter of this Agreement. This Agreement may not be modified except by a written instrument signed
by both parties.

          10. Attorneys Fees and Costs. In any legal action in a court of competent jurisdiction to
enforce the terms of this Agreement, the prevailing party (as determined by a court of competent
jurisdiction) shall be entitled to his, her or its reasonable attorneys fees and court costs in the
action.

          11. Jurisdiction and Governing Law. Jurisdiction and venue in any action to interpret or
enforce the terms of this Agreement shall be in the State of California and in the County of Santa
Clara of the State of California. This Agreement shall be governed by the laws of the State of
California other than the choice of laws principles of the laws of that state.

          In Witness Whereof, the parties hereto have executed this Agreement to be effective as of the
date first above written.

	 	 	 	 	 	 	 	 	 
	Executive:	 	 	 	Oplink Communications, Inc.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	Its:	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

-6-exv4w1

OMNIBUS INSTRUMENT

     WHEREAS, the parties named herein desire to enter into certain Program Documents, by executing
this Omnibus Instrument dated as of August 29, 2008, relating to the issuance by Principal Life
Income Fundings Trust 2008-76 (the “Trust”) of Notes with a principal amount of $1,443,000 to
investors under Principal Life’s secured notes program;

     WHEREAS, the Trust is a trust and will be organized under and its activities will be governed
by the provisions of the Trust Agreement (set forth in Section A of this Omnibus Instrument), dated
as of the date specified herein, by and between the parties thereto indicated in Section F herein;

     WHEREAS, certain expense and indemnification arrangements between Principal Life and the
Trustee, on behalf of itself and on behalf of the Trust, are governed pursuant to the provisions of
the Expense and Indemnity Agreement dated as of November 21, 2007, by and between Principal Life
and the Trustee;

     WHEREAS, certain licensing arrangements between the Trust and Principal Financial Services,
Inc. will be governed pursuant to the provisions of the License Agreement (set forth in Section B
of this Omnibus Instrument), dated as of the date specified herein, by and between the parties
thereto indicated in Section F herein;

     WHEREAS, certain custodial arrangements of the Funding Agreement and the Guarantee will be
governed pursuant to the provisions of the Custodial Agreement (the “Custodial Agreement”) dated as
of November 21, 2007 by and among Bankers Trust Company, N.A., acting as custodian (the
“Custodian”), the Indenture Trustee and the Trustee, on behalf of the Trust;

     WHEREAS, the Notes will be issued pursuant to the Indenture (set forth in Section C of this
Omnibus Instrument), dated as of the date specified herein, by and between the parties thereto
indicated in Section F herein;

     WHEREAS, the sale of the Notes will be governed by the Terms Agreement (set forth in Section D
of this Omnibus Instrument), dated as of the date specified herein, by and among the parties
thereto indicated in Section F herein; and

     WHEREAS, certain agreements relating to the Notes, the Funding Agreement and the Guarantee are
set forth in the Coordination Agreement (set forth in Section E of this Omnibus Instrument), dated
as of the date specified herein, by and among the parties thereto indicated in Section F herein.

     All capitalized terms used herein and not otherwise defined will have the meanings set forth
in the Indenture.

[Remainder of Page Left Intentionally Blank.]

 

 

SECTION A

TRUST AGREEMENT

     This TRUST AGREEMENT (this “Trust Agreement”), dated as of the date of the Omnibus Instrument,
is entered into by and between GSS Holdings II, Inc., a Delaware corporation, as trust beneficial
owner (the “Trust Beneficial Owner”), and U.S. Bank Trust National Association, a national banking
association, as Trustee (the “Trustee”).

WITNESSETH:

     WHEREAS, the Trust Beneficial Owner and the Trustee desire to authorize the issuance of a
Trust Beneficial Interest and a series of Notes in connection with the entry into this Trust
Agreement;

     WHEREAS, all things necessary to make this Trust Agreement a valid and legally binding
agreement of the Trustee and the Trust Beneficial Owner, enforceable in accordance with its terms,
have been done;

     WHEREAS, the parties intend to provide for, among other things, (i) the issuance and sale of
the Notes (pursuant to the Indenture, the Distribution Agreement and the related Terms Agreement)
and the Trust Beneficial Interest, (ii) the use of the proceeds of the sale of the Notes and Trust
Beneficial Interest to acquire the Funding Agreement, the payment obligations of which will be
fully and unconditionally guaranteed by the Guarantee, and (iii) all other actions deemed necessary
or desirable in connection with the transactions contemplated by this Trust Agreement; and

     WHEREAS, the parties hereto desire to incorporate by reference those certain Standard Trust
Terms, dated as of November 21, 2007, and attached to the Omnibus Instrument as Exhibit A
(the “Standard Trust Terms”) and all capitalized terms not otherwise defined herein (including the
recitals hereof) shall have the meanings set forth in the Standard Trust Terms (the Standard Trust
Terms and this Trust Agreement, collectively, the “Trust Agreement”).

     NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the sufficiency of which are hereby acknowledged, each party
hereby agrees as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. All terms, provisions and agreements set
forth in the Standard Trust Terms (except to the extent expressly modified herein) are hereby
incorporated herein by reference with the same force and effect as though fully set forth herein.
To the extent that the terms set forth in Article 2 of this Trust Agreement are inconsistent with
the terms of the Standard Trust Terms, the terms set forth in Article 2 herein shall apply.

A-1

 

ARTICLE 2

     Section 2.01 Name. The Trust created and governed by the Trust Agreement shall be
the trust specified in the Omnibus Instrument. The name of the Trust shall be the name specified
in the first paragraph of the Omnibus Instrument, as such name may be modified from time to time by
the Trustee following written notice to the Trust Beneficial Owner.

     Section 2.02 Jurisdiction. The Trust is hereby organized in, and formed under and
pursuant to, the laws of the State of New York.

     Section 2.03 Initial Capital Contribution and Ownership. The Trust Beneficial Owner
has paid or has caused to be paid to, or to an account at the direction of, the Trustee, on the
date hereof, the sum of $15 (or, in the case of Notes issued with original issue discount, such
amount multiplied by the issue price of the Notes). The Trustee hereby acknowledges receipt in
trust from the Trust Beneficial Owner, as of the date hereof, of the foregoing contribution, which
shall be used along with the proceeds from the sale of the series of Notes to purchase the Funding
Agreement. Upon the creation of the Trust and the registration of the Trust Beneficial Interest in
the Securities Register (as defined in the Trust Agreement) by the Registrar in the name of the
Trust Beneficial Owner, the Trust Beneficial Owner shall be the sole beneficial owner of the Trust.

     Section 2.04 Acknowledgment. The Trustee, on behalf of the Trust, expressly
acknowledges its duties and obligations set forth in the Standard Trust Terms incorporated herein.

     Section 2.05 Additional Terms.

     None.

     Section 2.06 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties to the Trust Agreement will enter into the Trust Agreement by executing the
Omnibus Instrument.

     By executing the Omnibus Instrument, the Trustee and the Trust Beneficial Owner hereby agree
that the Trust Agreement will constitute a legal, valid and binding agreement between the Trustee
and the Trust Beneficial Owner.

     All terms relating to the Trust or the series of Notes not otherwise included in the Trust
Agreement will be as specified in the Omnibus Instrument, the Pricing Supplement (attached to this
Omnibus Instrument as Exhibit D) (the “Pricing Supplement”) or the Distribution Agreement
as indicated herein.

A-2

 

     Section 2.07 Governing Law. The Trust Agreement will be governed by, and construed
in accordance with, the laws of the State of New York.

     Section 2.08 Counterparts. The Trust Agreement, through the Omnibus Instrument, may
be executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same instrument.

[Remainder of Page Left Intentionally Blank.]

A-3

 

SECTION B

LICENSE AGREEMENT

     This LICENSE AGREEMENT (this “License Agreement”), dated as of the date of the Pricing
Supplement, is entered into by and between Principal Financial Services, Inc., an Iowa corporation
with its principal place of business at 711 High Street, Des Moines, Iowa 50392 (the “Licensor”),
and the Principal Life Income Fundings Trust specified in the Omnibus Instrument (the “Licensee”).

WITNESSETH:

     WHEREAS, the Licensor is the owner of certain trademarks and service marks and registrations
and pending applications therefor, and may acquire additional trademarks and service marks in the
future, all as described more fully below;

     WHEREAS, the Licensee desires to use certain of the Licensor’s trademarks and service marks in
connection with the Licensee’s activities, as described more fully below;

     WHEREAS, the Licensor and the Licensee wish to formalize the agreement between them regarding
the Licensee’s use of the Licensor’s marks; and

     WHEREAS, the parties hereto desire to incorporate by reference those certain Standard License
Agreement Terms, dated March 5, 2004, and attached to the Omnibus Instrument as Exhibit B
(the “Standard License Agreement Terms”) and all capitalized terms not otherwise defined herein
(including the recitals hereof) shall have the meanings set forth in the Standard License Agreement
Terms (the Standard License Agreement Terms and this License Agreement, collectively, the “License
Agreement”).

     NOW, THEREFORE, in consideration of the mutual promises set forth herein and for other good
and valuable consideration, the sufficiency and receipt of which are hereby acknowledged, each
party hereby agrees as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. All terms, provisions and agreements set
forth in the Standard License Agreement Terms (except to the extent expressly modified herein) are
hereby incorporated herein by reference with the same force and effect as though fully set forth
herein. To the extent that the terms set forth in Article 2 of this License Agreement are
inconsistent with the terms of the Standard License Agreement Terms, the terms set forth in Article
2 herein shall apply.

ARTICLE 2

     Section 2.01 Additional Terms.

     None.

B-1

 

     Section 2.02 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties to the License Agreement will enter into the License Agreement by executing the
Omnibus Instrument.

     By executing the Omnibus Instrument, the Licensor and the Licensee hereby agree that the
License Agreement will constitute a legal, valid and binding agreement between the Licensor and the
Licensee.

     All terms relating to the Trust or the Notes not otherwise included in the License Agreement
will be as specified in the Omnibus Instrument or Pricing Supplement, as indicated herein.

     Section 2.03 Counterparts. The License Agreement, through the Omnibus Instrument,
may be executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same instrument.

[Remainder of Page Left Intentionally Blank.]

B-2

 

SECTION C

INDENTURE

     This INDENTURE (this “Indenture”) is entered into as of the Original Issue Date by and between
the Principal Life Income Fundings Trust specified in the Omnibus Instrument (the “Trust”) and
Citibank, N.A., as indenture trustee (the “Indenture Trustee”).

     Citibank, N.A., in its capacity as indenture trustee, hereby accepts its role as Registrar,
Paying Agent, Transfer Agent and Calculation Agent hereunder.

     References herein to “Indenture Trustee,” “Registrar,” “Transfer Agent,” “Paying Agent” or
“Calculation Agent” shall include the permitted successors and assigns of any such entity from time
to time.

WITNESSETH:

     WHEREAS, the Trust has duly authorized the execution and delivery of this Indenture to provide
for the issuance of Notes;

     WHEREAS, all things necessary to make this Indenture a valid and legally binding agreement of
the Trust and the other parties to this Indenture, enforceable in accordance with its terms, have
been done, and the Trust proposes to do all things necessary to make the Notes, when executed by
the Trust and authenticated and delivered pursuant hereto, valid and legally binding obligations of
the Trust as hereinafter provided; and

     WHEREAS, the parties hereto desire to incorporate by reference those certain Standard
Indenture Terms, dated as of May 2, 2008, and attached to the Omnibus Instrument as
Exhibit C (the “Standard Indenture Terms”) and all capitalized terms not otherwise defined
herein (including the recitals hereof) shall have the meanings set forth in the Standard Indenture
Terms (the Standard Indenture Terms and this Indenture, collectively, the “Indenture”).

     NOW, THEREFORE, for and in consideration of the premises and the purchase of the Notes by the
Holders thereof, it is mutually covenanted and agreed by each of the parties hereto as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. All terms, provisions and agreements set
forth in the Standard Indenture Terms (except to the extent expressly modified herein) are hereby
incorporated herein by reference (with the same force and effect as though fully set forth herein).
To the extent that the terms set forth in Article 2 of this Indenture are inconsistent with the
terms of the Standard Indenture Terms, the terms set forth in Article 2 herein shall apply.

C-1

 

ARTICLE 2

     Section 2.01 Agreement to be Bound. Each of the Trust, the Indenture Trustee, the
Registrar, the Transfer Agent, the Paying Agent and the Calculation Agent hereby agrees to be bound
by all of the terms, provisions and agreements set forth in the Indenture, with respect to all
matters contemplated in the Indenture, including, without limitation, those relating to the
issuance of the below-referenced Notes.

     Section 2.02 Designation of the Trust, the Notes, the Funding Agreement and the
Guarantee. The Trust created by the Trust Agreement and referred to in the Indenture is the
Principal Life Income Fundings Trust specified in the Omnibus Instrument. The Notes issued by the
Trust and governed by the Indenture shall be the Notes specified in the Pricing Supplement. The
Funding Agreement designated hereby is the Funding Agreement designated in the Pricing Supplement
dated as of the Original Issue Date between the Trust and Principal Life. The Guarantee designated
hereby is the Guarantee dated as of the Original Issue Date of PFG.

     Section 2.03 Additional Terms.

     None.

     Section 2.04 Omnibus Instrument; Execution and Incorporation of Terms. 

     The parties to the Indenture will enter into the Indenture by executing the Omnibus
Instrument.

     By executing the Omnibus Instrument, the Indenture Trustee, the Registrar, the Transfer Agent,
the Paying Agent, the Calculation Agent and the Trust hereby agree that the Indenture will
constitute a legal, valid and binding agreement between the Indenture Trustee, the Registrar, the
Transfer Agent, the Paying Agent, the Calculation Agent and the Trust.

     All terms relating to the Trust or the Notes not otherwise included in the Indenture will be
as specified in the Omnibus Instrument or Pricing Supplement, as indicated herein.

     Section 2.05 Counterparts. The Indenture, through the Omnibus Instrument, may be
executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute one and the same instrument.

[Remainder of Page Left Intentionally Blank.]

C-2

 

SECTION D

TERMS AGREEMENT

     This TERMS AGREEMENT (this “Terms Agreement”) is entered into as of the date of the Omnibus
Instrument by and among Principal Life Insurance Company (“Principal Life”), Principal Financial
Group, Inc. (“PFG”), the Principal Life Income Fundings Trust specified in the Omnibus Instrument
(the “Trust”) and the Purchasing Agent(s) specified in the Pricing Supplement (the “Purchasing
Agent”).

WITNESSETH:

     WHEREAS, Principal Life, PFG and the agents named therein, including the Purchasing Agent have
entered into that certain Distribution Agreement dated November 21, 2007 (the “Distribution
Agreement”).

     NOW, THEREFORE, in consideration of the mutual promises set forth herein and other good and
valuable consideration, the sufficiency and receipt of which are hereby acknowledged, each of the
parties hereby agrees as follows:

ARTICLE 1

     Section 1.01 Incorporation by Reference. The provisions of the Distribution
Agreement and the related definitions (unless otherwise specified herein) are incorporated by
reference herein and shall be deemed to have the same force and effect as if set forth in full
herein.

ARTICLE 2

     Section 2.01 Addition of Trust as Party to Distribution Agreement.

     Pursuant to Section 1 of the Distribution Agreement, each of the undersigned parties
hereby acknowledges and agrees that the Trust, upon execution hereof by the Trust and the other
parties to the Distribution Agreement (other than any other trusts organized in connection with the
Registration Statement that are party thereto as of the date hereof), shall become a Trust for
purposes of the Distribution Agreement in accordance with the terms thereof, in respect of the
Notes, with all the authority, rights, powers, duties and obligations of a Trust under the
Distribution Agreement. The Trust confirms that any agreement, covenant, acknowledgment,
representation or warranty under the Distribution Agreement applicable to the Trust is made by the
Trust at the date hereof, unless another time or times are specified in the Distribution Agreement,
in which case such agreement, covenant, acknowledgment, representation or warranty shall be deemed
to be confirmed by the Trust at such specified time or times.

     Section 2.02 Purchase of Notes as Principal.

     (a) Subject in all respects to the terms and conditions of the Distribution Agreement, the
Trust hereby agrees to sell to the Purchasing Agent and the Purchasing Agent hereby agrees to
purchase the Notes having the terms specified in the Pricing Supplement relating to such Notes.

D-1

 

     (b) In connection with any purchase of Notes from the Trust by the Purchasing Agent as
principal, the parties agree that the items specified on Schedule I of the Omnibus Instrument will
be delivered as of the Settlement Date.

     Section 2.03 Termination. Upon the termination of this Terms Agreement pursuant to
Section 13(b) of the Distribution Agreement the undersigned parties hereby agree to that the
expenses reasonably incurred prior to or in connection with such termination will be borne by
Principal Life and PFG.

     Section 2.04 Applicable Time. For purposes of the Distribution Agreement, the
Applicable Time shall be 10:00 am Central Standard Time on August 29, 2008.

     Section 2.05 Free Writing Prospectus. For purposes of the Distribution Agreement,
each free writing prospectus (attached to this Omnibus Instrument as Exhibit G) constitutes
a part of the Time of Sale Prospectus.

     Section 2.06 Governing Law. This Terms Agreement shall be governed by and construed
in accordance with the laws of the State of New York without regard to the principles of conflicts
of laws thereof.

     Section 2.07 Notices. For purposes of Section 14 of the Distribution Agreement, the
Trust’s communications details are as set forth in Section E of the Omnibus Instrument.

     Section 2.08 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties to this Terms Agreement will enter into this Terms Agreement by executing the
Omnibus Instrument.

     By executing the Omnibus Instrument, each party hereto agrees that this Terms Agreement will
constitute a legal, valid and binding agreement by and among such parties.

     All terms relating to the Trust or the Notes not otherwise included in this Terms Agreement
will be as specified in the Omnibus Instrument, the Pricing Supplement or the Distribution
Agreement as indicated herein.

     Section 2.09 Counterparts. This Terms Agreement, through the Omnibus Instrument, may
be executed in any number of counterparts, each of which counterparts shall be deemed to be an
original, and all of which counterparts shall constitute but one and the same instrument.

[Remainder of Page Left Intentionally Blank.]

D-1

 

SECTION E

COORDINATION AGREEMENT

     This COORDINATION AGREEMENT (this “Coordination Agreement”), dated as of the date of the
Omnibus Instrument, is entered into by and among Principal Life Insurance Company (“Principal
Life”), Principal Financial Group, Inc. (“PFG”), the Principal Life Income Fundings Trust specified
in the Omnibus Instrument (the “Trust”), Bankers Trust Company, N.A. and Citibank, N.A., as
indenture trustee (the “Indenture Trustee”).

WITNESSETH

     WHEREAS, the Trust will enter into the Funding Agreement with Principal Life dated as of the
Original Issue Date specified in the Pricing Supplement;

     WHEREAS, PFG will issue a Guarantee to the Trust as of the Original Issue Date specified in
the Pricing Supplement, which will fully and unconditionally guarantee the payment obligations of
Principal Life under the Funding Agreement;

     WHEREAS, the Purchasing Agent (as defined in the Terms Agreement) has agreed to sell the Notes
in accordance with the Registration Statement;

     WHEREAS, the Trust intends to issue the Notes in accordance with the Indenture, to
collaterally assign to, and grant a security interest in, the Funding Agreement and the Guarantee
to and in favor of the Indenture Trustee in accordance with the Indenture to secure payment of the
Notes; and

     WHEREAS, the Custodian will hold the Funding Agreement and the Guarantee on behalf of the
Indenture Trustee pursuant to the terms of the Custodial Agreement.

     NOW, THEREFORE, to give effect to the agreements and arrangements established under the Terms
Agreement included in the Omnibus Instrument, as applicable, the Trust Agreement, the Indenture and
the Notes, and in consideration of the agreements and obligations set forth herein and for other
good and valuable consideration, the sufficiency of which are hereby acknowledged, each party
hereby agrees as follows:

ARTICLE 1

     Section 1.01 Delivery of the Funding Agreement and the Guarantee. The Trust hereby
authorizes the Custodian, on behalf of the Indenture Trustee, to receive the Funding Agreement from
Principal Life and the Guarantee from PFG pursuant to the assignment of the Funding Agreement and
Guarantee (the “Assignment”), to be entered into on the Original Issue Date, included in the
closing instrument dated as of the Original Issue Date (the “Closing Instrument”).

E-1

 

     Section 1.02 Issuance and Purchase of the Notes.

     (a) Delivery of the Funding Agreement and the Guarantee to the Custodian, on behalf of the
Indenture Trustee, pursuant to the Assignment or execution of the cross receipt contained in the
Closing Instrument shall be confirmation of payment by the Trust for the Funding Agreement.

     (b) The Trust hereby directs the Indenture Trustee, upon receipt by the Custodian, on behalf
of the Indenture Trustee, of the Funding Agreement pursuant to the Assignment and upon receipt by
the Custodian, on behalf of the Indenture Trustee, of the Guarantee, (i) to authenticate the
certificates representing the Notes (the “Notes Certificates”) in accordance with the Indenture and
(ii) to (A) deliver each relevant Notes Certificate to the clearing system or systems identified in
each such Notes Certificate, or to the nominee of such clearing system, or the custodian thereof,
for credit to such accounts as the Purchasing Agent may direct, or (B) deliver each relevant Notes
Certificate to the purchasers thereof as identified by the Purchasing Agent.

ARTICLE 2

     Section 2.01 Directions Regarding Periodic Payments. As registered owner of the
Funding Agreement and the Guarantee as collateral securing payments on the Notes, the Indenture
Trustee will receive payments on the Funding Agreement and the Guarantee on behalf of the Trust.
The Trust hereby directs the Indenture Trustee to use such funds to make payments on behalf of the
Trust pursuant to the Trust Agreement and the Indenture.

     Section 2.02 Maturity of the Funding Agreement. Upon the maturity of the Funding
Agreement and the return of funds thereunder, the Trust hereby directs the Indenture Trustee to set
aside from such funds an amount sufficient for the repayment of the outstanding principal on the
Notes and Trust Beneficial Interest when due.

ARTICLE 3

     Section 3.01 Certificates. Principal Life hereby agrees to deliver an Officer’s
Certificate, a copy of which is attached hereto as Exhibit E, on a quarterly basis to any
rating agency currently rating the Program. The Trust hereby agrees to deliver an Officer’s
Certificate, a copy of which is attached hereto as Exhibit F, on a quarterly basis to any
rating agency currently rating the Program.

     Section 3.02 Filings. Principal Life hereby covenants, as sponsor and depositor, to
file, or cause to be filed, in a timely manner on behalf of the Trust all reports, certifications
or similar filings required under the Securities Exchange Act of 1934, as amended.

ARTICLE 4

     Section 4.01 No Additional Liability. Nothing in this Coordination Agreement shall
impose any liability or obligation on the part of any party to this Coordination Agreement to make
any payment or disbursement in addition to any liability or obligation such party has under the
Program Documents, except to the extent that a party has actually received funds which it is
obligated to disburse pursuant to this Coordination Agreement.

E-2

 

     Section 4.02 No Conflict. This Coordination Agreement is intended to be in
furtherance of the agreements reflected in the documents related to the Program Documents, and not
in conflict. To the extent that a provision of this Coordination Agreement conflicts with the
provisions of one or more Program Documents, the provisions of such Program Documents shall govern.

     Section 4.03 Governing Law. This Coordination Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard to the principles of
conflicts of laws thereof.

     Section 4.04 Severability. If any provision in this Coordination Agreement shall be
invalid, illegal or unenforceable, such provision shall be deemed severable from the remaining
provisions of this Coordination Agreement and shall in no way affect the validity or enforceability
of such other provisions of this Coordination Agreement.

     Section 4.05 Notices. All demands, notices and communications under this
Coordination Agreement shall be in writing and shall be deemed to have been duly given upon receipt
at the addresses set forth below:

     To the Trust:

Principal Life Income Fundings Trust (followed by the number set forth in the Omnibus Instrument)

c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Corporate Trust Administration

Telephone: (212) 361-2184

Facsimile: (212) 509-3384

     To the Indenture Trustee:

Citibank, N.A.

Citibank Agency & Trust

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Jennifer H. McCourt

Telephone: (212) 816-5680

Facsimile: (212) 816-5527

     To Principal Life:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

E-3

 

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

     To PFG:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

     To
Bankers Trust Company, N.A.:

Bankers Trust Company, N.A.

453 7th Street

Des Moines, Iowa 50309-2728

Attention: Diana L. Cook

Telephone: (515) 245-2418

Facsimile: (515) 247-2101

or at such other address as shall be designated by any such party in a written notice to the other
parties.

ARTICLE 5

     Section 5.01 Omnibus Instrument; Execution and Incorporation of Terms.

     The parties to this Coordination Agreement will enter into this Coordination Agreement by
executing the Omnibus Instrument.

E-4

 

     By executing the Omnibus Instrument, each party hereto agrees that this Coordination Agreement
will constitute a legal, valid and binding agreement by and among the Trust, Principal Life, PFG,
the Custodian and the Indenture Trustee.

     All terms relating to the Trust or the Notes not otherwise included in this Coordination
Agreement will be as specified in the Omnibus Instrument or Pricing Supplement, as indicated
herein.

     Section 5.02 Acknowledgment. Principal Life hereby acknowledges Section 2.10 of the
Indenture and Section 6.1 of the Custodial Agreement. The Trust hereby acknowledges and agrees to
the terms of the Custodial Agreement.

     Section 5.03 Counterparts. This Coordination Agreement, through the Omnibus
Instrument, may be executed in any number of counterparts, each of which counterparts shall be
deemed to be an original, and all of which counterparts shall constitute but one and the same
instrument.

     Section 5.04 Capitalized Terms. All capitalized terms used herein and not otherwise
defined in this Coordination Agreement will have the meanings set forth in the Indenture.

[Remainder of Page Left Intentionally Blank.]

E-5

 

SECTION F

MISCELLANEOUS AND EXECUTION PAGES

     This Omnibus Instrument may be executed by each of the parties hereto in any number of
counterparts, and by each of the parties hereto on separate counterparts, each of which
counterparts, when so executed and delivered, shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

     Each signatory, by its execution hereof, does hereby become a party to each of the agreements
or indenture identified for such party as of the date specified in such agreements or indenture.

     IN WITNESS WHEREOF, the undersigned have executed this Omnibus Instrument with respect to the
Notes as of the date first specified above.

	 	 	 	 	 
	 	PRINCIPAL LIFE INSURANCE COMPANY (in executing below
agrees and becomes a party to (i) the Terms Agreement
set forth in Section D herein and (ii) the Coordination
Agreement set forth in Section E herein)

 	 
	 	By:  	/s/ Michael Garvin
 	 
	 	 	Name:  	Michael Garvin 	 
	 	 	Title:  	Associate Actuary 	 
	 
	 	PRINCIPAL FINANCIAL GROUP, INC. (in executing below
agrees and becomes a party to (i) the Terms Agreement
set forth in Section D herein and (ii) the Coordination
Agreement set forth in Section E herein)

 	 
	 	By:  	/s/ Elizabeth D. Swanson
 	 
	 	 	Name:  	Elizabeth D. Swanson 	 
	 	 	Title:  	Counsel 	 
	 
	 	PRINCIPAL FINANCIAL SERVICES, INC. (in executing below
agrees and becomes a party to the License Agreement set
forth in Section B herein)

 	 
	 	By:  	/s/ Elizabeth D. Swanson
 	 
	 	 	Name:  	Elizabeth D. Swanson 	 
	 	 	Title:  	Counsel 	 
	 

Omnibus Instrument Execution Page 1 of 3

 

	 	 	 	 	 
	 	THE PRINCIPAL LIFE INCOME FUNDINGS TRUST DESIGNATED IN
THIS OMNIBUS INSTRUMENT (in executing below agrees and
becomes a party to (i) the License Agreement set forth
in Section B herein, (ii) the Indenture set forth in
Section C herein, (iii) the Terms Agreement set forth
in Section D herein and (iv) the Coordination Agreement
set forth in Section E herein)

By: U.S. Bank Trust National Association, not in its

individual capacity but solely in its capacity as

trustee of the Trust

 	 
	 	By:  	/s/ Janet O’Hara
 	 
	 	 	Name:  	Janet O’Hara 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	U.S. BANK TRUST NATIONAL ASSOCIATION (in executing
below agrees and becomes a party to the Trust Agreement
set forth in Section A herein), as Trustee

 	 
	 	By:  	/s/ Janet O’Hara
 	 
	 	 	Name:  	Janet O’Hara 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	GSS HOLDINGS II, INC. (in executing below agrees and

becomes a party to the Trust Agreement set forth in

Section A herein), as Trust Beneficial Owner

 	 
	 	By:  	/s/ Bernard J. Angelo
 	 
	 	 	Name:  	Bernard J. Angelo 	 
	 	 	Title:  	Vice President 	 
	 
	 	CITIBANK, N.A. (in executing below agrees and becomes a
party to (i) the Indenture set forth in Section C
herein, as Indenture Trustee, Registrar, Transfer
Agent, Paying Agent and Calculation Agent and (ii) the
Coordination Agreement set forth in Section E herein),
as Indenture Trustee, Registrar, Transfer Agent, Paying
Agent and Calculation Agent

 	 
	 	By:  	/s/ Jennifer McCourt
 	 
	 	 	Name:  	Jennifer McCourt 	 
	 	 	Title:  	Vice President 	 

Omnibus Instrument Execution Page 2 of 3

 

	 	 	 	 	 
	 	BANKERS TRUST COMPANY, N.A. (in executing
 below agrees
and becomes a party to the Coordination Agreement set
forth in Section E herein)

 	 
	 	By:  	/s/ Diana L. Cook
 	 
	 	 	Name:  	Diana L. Cook 	 
	 	 	Title:  	Vice President 	 
	 
	 	MERRILL LYNCH, PIERCE, FENNER & SMITH
 INCORPORATED (in
executing below agrees and becomes a party to the Terms
Agreement set forth in Section D herein)

 	 
	 	By:  	/s/ Diane Kenna
 	 
	 	 	Name:  	Diane Kenna 	 
	 	 	Title:  	Authorized Signatory 	 

Omnibus Instrument Execution Page 3 of 3

 

	 	 	 	 	 

INDEX OF EXHIBITS AND SCHEDULES TO THE OMNIBUS INSTRUMENT

	 	 	 
	Exhibit A

	 	Standard Trust Terms — Incorporated herein by reference to
Exhibit 4.2 to Principal Life Insurance Company’s Current Report
on Form 8-K filed on December 5, 2007.
	 
	 	 
	Exhibit B

	 	Standard License Agreement Terms — Incorporated herein by
reference to Exhibit 99.1 to Principal Life Insurance Company’s
Current Report on Form 8-K, filed on March 29, 2004.
	 
	 	 
	Exhibit C

	 	Standard Indenture Terms — Incorporated herein by reference to
Exhibit 4.1 to Principal Life Insurance Company’s Current Report
on Form 8-K, filed on May 2, 2008.
	 
	 	 
	Exhibit D

	 	Pricing Supplement — Incorporated herein by reference to the
Pricing Supplement with respect to Principal Life Income Fundings
Trust 2008-76, filed on August 25, 2008, with the Securities and
Exchange Commission pursuant to Rule 424(b)(2) under the
Securities Act of 1933, as amended.
	 
	 	 
	Exhibit E

	 	Principal Life Insurance Company Officer’s Certificate
	 
	 	 
	Exhibit F

	 	Principal Life Income Fundings Trusts Trustee Officer’s Certificate
	 
	 	 
	Exhibit G

	 	Free Writing Prospectus(es)
	 
	 	 
	Schedule I

	 	Terms Agreement Specifications

I-1

 

EXHIBIT E

Principal Life Insurance Company

Officer’s Certificate

     The undersigned, an officer of Principal Life Insurance Company, an Iowa stock life insurance
company (“Principal Life”), does hereby certify to Standard & Poor’s Ratings Services, a division
of The McGraw-Hill Companies, Inc. and Moody’s Investors Service, Inc., in such capacity and on
behalf of Principal Life, to the knowledge of the undersigned and after reasonable inquiry, that:

	 	1.	 	each of the representations and warranties of Principal Life contained in each
Expense and Indemnity Agreement entered into in connection with the Registration
Statement (defined below), and each Funding Agreement issued in connection with the
Program (the “Specified Agreements”) (other than any representation or warranty
expressly made as of a date prior to the date hereof) are true and correct on and as of
the date hereof, with the same effect as though such representation or warranty had
been made on and as of the date hereof;
	 
	 	2.	 	no default under any of the Specified Agreements and no event or any condition
which, with notice or lapse of time or both, would become a default, has occurred and
is continuing as of the date hereof;
	 
	 	3.	 	Principal Life has performed and complied with, respectively, in all material
respects, all of the agreements, covenants, obligations and conditions applicable to
Principal Life required by the Specified Agreements to be performed or complied with by
Principal Life on or before the date hereof;
	 
	 	4.	 	the Registration Statement filed on Form S-3 (File Nos. 333-147181 and
333-147181-01) (the “Registration Statement”) by Principal Life and Principal Financial
Group, Inc. has been declared effective by the Securities and Exchange Commission (the
“Commission”) under the Securities Act of 1933, as amended (the “Act”) and no stop
order suspending the effectiveness of the Registration Statement has been issued and no
proceedings for that purpose have been commenced by or are pending before or
contemplated by the Commission;
	 
	 	5.	 	all filings, if any, required by Rule 424 and Rule 430A under the Act have been
made in a timely manner;
	 
	 	6.	 	since ___, the Trusts organized in connection with the program contemplated
by the Registration Statement have issued the following series of Notes:

	 	 	 	[List each series of Notes.] [(collectively, the “Designated Notes”)]; and

	 
	 	7.	 	the Funding Agreements issued in connection with the Designated Notes have been
executed and delivered by Principal Life in accordance with the terms and conditions of
the Program Documents.

E-1

 

     Capitalized terms used herein and not otherwise defined herein shall have the meanings
set forth in the Standard Indenture Terms dated May 2, 2008.

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the l day of
l, 200l.

	 	 	 	 	 
	 	[Name], [in his/her] capacity as an

authorized officer of Principal Life

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

E-2

 

EXHIBIT F

Principal Life Income Fundings Trusts

Trustee Officer’s Certificate

     U.S. Bank Trust National Association, not in its individual capacity but solely in its
capacity as trustee acting on behalf of each common law trust organized under the laws of the State
of New York (in such capacity, the “Trustee,” and each such common law trust being referred to
herein as, a “Trust”) in connection with the program contemplated by Registration Statement Nos.
333-147181 and 333-147181-01 filed on Form S-3 (the “Registration Statement”) by Principal Life
Insurance Company and Principal Financial Group, Inc. with the Securities and Exchange Commission,
does hereby certify to Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies,
Inc. and Moody’s Investors Service, Inc., in such capacity and on behalf of each Trust, to the
knowledge of the Trustee, that:

	 	1.	 	each of the representations and warranties of each Trust contained in the Notes
issued in connection with the Program, each Indenture entered into in connection with
the Registration Statement and the Expense and Indemnity Agreement concerning the
Trusts (the “Specified Agreements”) (other than any representation or warranty
expressly made as of a date prior to the date hereof) are true and correct on and as of
the date hereof, with the same effect as though such representation or warranty had
been made on and as of the date hereof;
	 
	 	2.	 	no default under any of the Specified Agreements and no event or any condition
which, with notice or lapse of time or both, would become a default, has occurred and
is continuing as of the date hereof;
	 
	 	3.	 	each Trust has performed and complied with, respectively, in all material
respects, all of the agreements, covenants, obligations and conditions applicable to
such Trust required by the Specified Agreements to be performed or complied with by
such Trust on or before the date hereof;
	 
	 	4.	 	the Notes issued in connection with the Program, have been issued, in all
material respects, in accordance with the terms and conditions of the Program
Documents; and
	 
	 	5.	 	each Funding Agreement has been executed and delivered by the related Trust in
accordance with the terms and conditions of the Program Documents.

     Capitalized terms used herein and not otherwise defined herein shall have the meanings set
forth in the Standard Indenture Terms, dated as of May 2, 2008. In no event shall U.S. Bank
Trust National Association in its personal corporate capacity have any liability for any of the
certifications or statements contained in this Trustee Officer’s Certificate, such liability being
solely that of each Trust.

F-1

 

     IN WITNESS WHEREOF, the undersigned has executed this Certificate as of the l day of
l, 200l.

	 	 	 	 	 
	 	U.S. Bank Trust National Association, not in its

capacity but solely in its capacity as Trustee acting

on behalf of each Trust

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

F-2

 

EXHIBIT G

Free Writing Prospectus(es)

None.

G-1

 

SCHEDULE I

Terms Agreement Specifications

     In connection with Section 3(a)(iv) of the Distribution Agreement, the Institutional Program
under which the Notes are issued is rated Aa2 by Moody’s Investors Service, Inc. (“Moody’s”) and AA
by Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. (“S&P”).
Principal Life and PFG expect that the Notes will be rated Aa2 by Moody’s. The Company’s financial
strength rating is Aa2 by Moody’s and AA by S&P.

     All capitalized terms used herein and not otherwise defined herein will have the meanings set
forth in the Distribution Agreement.

I-1

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