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  Exhibit 10.34    
    

 
  CONSULTING AGREEMENT

        This
CONSULTING AGREEMENT ("Agreement") is made as of the 31st day of December, 2008 (the
"Effective Date") by and between LEVEL 3 COMMUNICATIONS, LLC, a Delaware limited liability
company ("Company"), whose address is 1025 Eldorado Boulevard, Broomfield, CO 80021 and HOBBS
MANAGEMENT, LLC, a limited liability company ("Consultant"), whose address is 1845 Sugarloaf Club Drive, Duluth, GA,
30097. Company and Consultant hereby agree as follows: 

	1.
	Services.    During the term of this Agreement,
Consultant agrees to perform the following work and services: operations analysis and support, capital raising support, regulatory and government affairs support, market positioning and strategy,
customer targeting, sales, mergers and acquisitions support, and any other activities related to his prior responsibilities with Company, requested by a President, Chief Operating Officer, or Chief
Executive Officer, to be performed at such locations as are designated by Company ("Services"). The Services to be provided by Consultant to Company shall be performed by John N. Hobbs. Consultant
shall be available to provide Company the Services under this Agreement for such time as reasonably requested by Company. As used in this Agreement, references to Consultant shall include all of
Consultant's managers, officers, members and employees.

	2.
	Representations.    Consultant represents and
warrants that the execution of this Agreement and the performance of Consultant's obligations hereunder shall not violate the terms of any other agreement or any rule, law, order or consent decree by
which Consultant or John N. Hobbs is bound.

	3.
	Term.    Unless earlier terminated, the term of
this Agreement shall be from the Effective Date to June 30, 2009, unless earlier terminated as provided herein.

	4.
	Consideration.    In consideration for Consultant's
full and timely performance of the Services, Company shall pay Consultant the sum of Fifty Thousand Dollars ($50,000.00) per month, payable in arrears on the 1st day following
each month of this Agreement.

	5.
	Expenses and Administrative Support.    Subject to
the Company's travel and expense reimbursement policies, the Company shall reimburse Consultant for Consultant's reasonable expenses incurred in performing the Services. Company will provide
Consultant with administrative support, to the extent it is necessary for the performance of Services. In addition, Consultant shall be allowed to continue the use of Company's computer during the
term of this Agreement, but will not have access to Company's computer network. All expenses to be reimbursed shall be submitted directly to Thomas C. Stortz for payment.

	6.
	Independent Contractor.    Consultant and Company,
expressly intending that no employment, partnership, or joint venture relationship is created by this Agreement, hereby agree as follows:

	A.
	Consultant shall act at all times as an independent contractor hereunder and is not an employee, partner, or
co-venturer of, or in any other relationship with Company. The manner in which Consultant's services are rendered shall be within Consultant's sole control and discretion.

	B.
	Neither Consultant nor anyone employed by or acting for or on behalf of Consultant shall ever be construed as
an employee of Company and Company shall not be liable for employment or withholding taxes or any benefits respecting Consultant or any employee of Consultant.

	C.
	Consultant shall determine when, where and how Consultant shall perform the Services. 

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	D.
	Consultant shall take all steps to ensure that Consultant and Consultant's employees (if any) are treated as
independent contractors of Company.

	E.
	Consultant expressly acknowledges and agrees that except to the extent expressly provided in
Sections 5 and 6 above, neither Consultant nor anyone employed by or acting for or on behalf of Consultant shall receive or be entitled to any consideration, compensation or benefits of any
kind from Company, including without limitation, pension, stock options, profit sharing or similar plans or benefits, or accident, health, medical, life or disability insurance benefits or coverages.

	F.
	To the extent permitted by law, Consultant, for Consultant and for anyone claiming through Consultant, waives
any and all rights to any consideration, compensation or benefits, except as expressly provided for herein.

 

	7.
	Indemnity.    Consultant shall indemnify and hold
harmless Company and its officers, directors, agents and employees, from and against any and all claims, demands, causes of action, losses, damages, costs and expenses (including reasonable attorneys'
fees) arising out of or relating to Consultant's execution of this Agreement, Consultant's performance of the Services, a breach of the Consultant's representations contained in this Agreement or any
claim for withholding or other taxes that might arise or be imposed due to this Agreement or the performance of the Services, except to the extent such claim, demand, cause of action, loss, damage,
cost and expense is caused solely by the negligent acts or failures to act of Company, its officers, directors, agents and employees, in which case Company shall indemnify and hold Consultant harmless
from any and all claims, demands, causes of action, losses, damages, costs and expenses (including reasonable attorney fees) to the extent and in the same proportion as said loss or damage was caused
by Company's (or its officers, directors, agents and employees') negligent acts or failures to act.

	8.
	Confidential Information.    All information and materials disclosed during
the performance of this Agreement shall be subject to the Non-Disclosure Agreement dated December 15, 2008, executed by John N. Hobbs and the Company, which is incorporated herein
and is considered a material part of this Agreement.

	9.
	Confidentiality of Agreement.    The terms of this Agreement, and the
proposal of and discussions relating to this Agreement, are and shall remain confidential as between the parties, unless, and to the extent, disclosure is required by law or to secure advice from a
legal or tax advisor.

	10.
	Standard of Conduct.    In rendering Services under this Agreement,
Consultant shall conform to high professional standards of work and business ethics.

	11.
	Public Relations.    This Agreement shall not be construed as granting to
Consultant any right to use any of Company or its affiliates' trademarks, service marks or trade names, or otherwise refer to Company in any marketing, promotional or advertising materials or
activities. Without limiting the generality of the forgoing, Consultant shall not disclose (i) the terms and conditions of this Agreement, or (ii) the existence of the project or any
contractual relationship between Company and Consultant, except as is reasonably necessary to perform the Services, or (iii) issue any publication or press release relating directly or
indirectly to (i) or (ii) above; without Company's prior written consent.

	12.
	No-Solicitation / No Competition.    Consultant agrees, that
for a period of 12 months from the Effective Date, it, or any of its employees, including John N. Hobbs as well as the Consultant's officers, directors, and managers, will not:
(a) directly or indirectly, solicit the services of, induce away from employment with, or hire any employee of Company or its affiliates during their employment with Company and for a period of
six months after they are no longer employed by Company, without Company's prior written consent; (b) solicit, directly or indirectly, for himself or on behalf of a third party any corporation,
firm, or organization that is a customer of Company 

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any
business, service or product that the Company is providing said customer; (c) without the express written consent of the Chief Executive Officer of the Company, which consent will not be
unreasonably withheld, directly or indirectly engage in, own, manage, be employed by, assist, loan money to, or promote any business, for any person or entity; or (d) directly or indirectly
engage in, own, manage, be employed by, assist, loan money to, or promote any business, for any person or entity who or which is engaged in the same business of Company, offers for sale the same
products or services of the Company, or otherwise is a Competitor of Company. Section 12(d) shall be limited to: (i) companies that include within their corporate structure competitive
local exchange carrier(s) and/or incumbent local exchange carrier(s), which with affiliates have, for their most recent fiscal year, annual consolidated total communications revenue equal to or
greater than $1 Billion; or (ii) providers of content delivery network services which with affiliates have, for their most recent fiscal year, consolidated total content delivery network
revenues greater than $50 million; or (iii) international communication services providers which with affiliates have a presence in the United States and, with affiliates, have, for
their most recent fiscal year, annual consolidated total revenue equal to or greater than $1Billion; or (iv) XO Holdings, Inc., Global Crossing Ltd., Qwest Communications
International Inc., AT&T Inc., Sprint Nextel Corporation, Time Warner Telecom Inc., Verizon Communications Inc., Limelight Networks, Inc., Akamai
Technologies Inc., PAETEC Holding Corp., Reliance Communications Venture Limited, including in each case their affiliates, successors and assigns.  

	13.
	Conceptions.    Consultant acknowledges that Company is engaged in a
continuous program of research, development and marketing in connection with its business and that, in the performance of the Services, Consultant may participate in and support such activities. To
the extent that Consultant participates in or supports such activities on behalf of Company, Consultant hereby agrees to promptly disclose exclusively to Company all improvements, original works of
authorship, process, computer programs, ideas, discoveries, techniques, data bases and trade secrets ("Conceptions"), whether or not patentable or
copyrightable, that are made, conceived, first reduced to practice or created by Consultant, either alone or jointly with others. Consultant further agrees that all Conceptions that (a) are
developed using equipment, supplies, facilities or trade secrets of Company, or (b) result from or are any way connected with the Services performed by Consultant, or (c) relate to the
business or the actual or anticipated research or development of Company, including any "moral" rights under any copyright or other similar law, shall be the sole and exclusive property of, and are
hereby automatically assigned to, Company. Consultant agrees to assist Company in obtaining and enforcing all rights and other legal protections for the Proprietary Information and the Conceptions and
to execute any and all documents that Company may reasonably request in connection therewith. Consultant's agreement set forth in the preceding sentence shall continue throughout the period of five
(5) years following the termination or expiration of this Agreement; however, Company agrees to pay Consultant reasonable consideration for time actually spent and sufficiently documented by
Consultant for such assistance during such five (5) year period.

	14.
	Termination.    To the extent the Company, through its Compensation
Committee Chairman, provides a consent pursuant to Section 12(c), the Company's payment obligations under this Agreement shall cease as of the date of such consent. 

Company
may terminate this Agreement for "cause". For purposes of this Agreement "cause" shall mean the Company's good faith determination that the Consultant or Consultant's employees has committed
any of the following in breach of this Agreement: (1) failure to provide Services; (2) conduct that is materially injurious to Company or any of its affiliates; (3) fraud, theft
or embezzlement or any other material act of dishonesty with respect to Company or its affiliates; (4) willful use or imparting of any confidential or proprietary information of Company or an
affiliate; (5) a felony or crime involving moral turpitude; or (6) Consultant's employment with or 

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performance
of any work or services on behalf of any other company, person, or other entity, including any self-employment.. In the event that Company reasonably believes, in good faith,
that Consultant has breached the Agreement, Company shall provide Consultant prior written notice of such alleged breach (the "Alleged Breach Notice"), which notice shall identify with reasonable
particularity the basis for such belief, along with the provision of the Agreement that Company alleges has been breached. If Consultant disagrees with Company's belief as set forth in the Alleged
Breach Notice, Consultant and the Chairman of the Compensation Committee, on Company's behalf, shall attempt in good faith to resolve the dispute within fourteen (14) business days of
Consultant's receipt of the Alleged Breach Notice. If Consultant and Company are unable to definitively resolve the dispute and Company, in good faith, maintains its position that Consultant has
breached the Agreement, Company shall promptly send a second notice to Consultant (the "Notice of Breach"). If Consultant does not cure such alleged breach within five (5) business days of
receipt of the Notice of Breach, Company may take any action at law or in equity that it may otherwise have against Consultant, including terminating the Agreement, and paying to Consultant the
pro-rata amount due for Services performed as of the date of termination. Except for such payment, Company's payment obligations under this Agreement shall cease. 

If
this Agreement is terminated, the provisions of Sections 2, 6, 7, 8, 9, 11, 12 (but not Section 12(c)), 13, 17, 18, 19, 20, and 21 shall survive and be enforceable by either party to
this Agreement.  

	15.
	Assignment.    Neither this Agreement nor any rights or obligations
created hereby may be assigned by either party and any attempt to do so shall be void, provided, however, Company may freely assign this Agreement to Company affiliates and subsidiaries and in
connection with a change in control of Company.

	16.
	Notice.

	A.
	Whenever under the provisions of this Agreement it shall be necessary or desirable for one party to serve any
notice, request, demand, report or other communication on another party, the same shall be in writing and shall be served (i) personally; (ii) by independent, reputable, overnight
commercial carrier; or (iii) by electronic transmission where the sender is able to obtain verification of receipt and review, and where the electronic transmission is immediately followed by
service of the original of the subject item in the manner provided in clause (i), or (ii) hereof; addressed as follows: 

			
	 
	 	 

	If to Company:	 	Level 3 Communications, LLC

Attn: Chief Legal Officer

1025 Eldorado Blvd.

Broomfield, CO 80021

Facsimile (720) 888-5127
	
 If to Consultant:	
 	
Hobbs Management, LLC

Attn: John N. Hobbs

1845 Sugarloaf Club Drive

Duluth, GA 30097

	B.
	Any party may, from time to time, by notice in writing served upon the other party as aforesaid, designate an
additional and/or a different mailing address or an additional and/or a different person to whom all such notices, requests, demands, reports and communications are thereafter to be addressed. Any
notice, request, demand, report or other communication served personally shall be deemed delivered upon receipt, if received by independent courier shall be deemed delivered on the date of receipt as
shown by the addressee's registry or 

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certification
receipt or on the date receipt at the appropriate address, as shown on the records or manifest of the independent courier, and if served by facsimile transmission shall be deemed
delivered on the date of receipt as shown on the received facsimile (provided the original is thereafter delivered as aforesaid).  

	17.
	Affiliates.    All representations, covenants and
agreements of Consultant and/or John N. Hobbs set forth in this Agreement made to or for the benefit or protection of Company shall also benefit and protect, with equal force and effect, all
affiliates of Company.

	18.
	Authority.    Consultant shall have no authority to legally bind Company
or its affiliates to any liability or obligation whatsoever. Consultant shall advise all persons and entities with whom he communicates on behalf of Company that Consultant is only a consultant and
has no authority to bind Company or its affiliates.

	19.
	Entire Agreement.    The foregoing constitutes the entire agreement
between the parties relating to the subject matter hereof, and supersedes all prior understandings, agreements and documentation relating to the subject matter hereof. This Agreement may be amended
only by an instrument executed by Company and Consultant.

	20.
	Severability.    If any provision of this Agreement is held to be
unenforceable for any reason, it shall be modified rather than voided, if possible, in order to achieve the intent of the parties to the extent possible. In any event, all other provisions of this
Agreement shall be deemed valid and enforceable to the fullest extent possible.

	21.
	Governing Law.    This Agreement and the rights and obligations of the
parties hereto shall be governed by, and construed and enforced in accordance with, the laws of the State of Colorado. 

					
	 
	 	 
	 	 

	 
	 	 LEVEL 3 COMMUNICATIONS, LLC
	 
	 	 By:
	 	 /s/ Thomas C. Stortz

 
	 
	 	Name:	 	Thomas C. Stortz
	 
	 	Title:	 	Executive Vice President
	

 
	
 	
HOBBS MANAGEMENT, LLC
	 
	 	 By:
	 	 /s/ John N. Hobbs

 
	 
	 	Name:	 	John N. Hobbs
	 
	 	Title:	 	Partner

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Exhibit 10.34

CONSULTING AGREEMENTExhibit
10(c)(1)

 

PROTECTIVE
LIFE CORPORATION

EXCESS
BENEFIT PLAN

(AMENDED
AND RESTATED AS OF DECEMBER 31, 2008)

 

This Excess Benefit Plan
has been adopted by the Company to provide benefits to certain employees of the
Company and its subsidiaries in excess of the Limitations imposed by the Code
on the Company’s Pension Plan.

 

1.  Definitions.  Each of the following words and phrases as
used herein shall have the meaning set forth in this Section 1.  Any term that is not defined in this Section 1
and that is defined in the Pension Plan shall have the meaning set forth in the
Pension Plan.

 

“Change
of Control”  means, subject to
the provisions of Code Section 409A, the occurrence of one or more of the
following: (i) any one person (or more than one person acting as a group
(as provided in Code Section 409A)) (such person or group, an “Acquiring
Person”) acquires ownership of the Company’s stock that, together with stock
previously held by the Acquiring Person, constitutes more than 50% of the total
fair market value or more than 50% of the total voting power of the Company, or
(ii) a majority of the members of the Board is replaced during any
12-month period by directors whose appointment or election was not endorsed by
a majority of the members of the Board before the date of the appointment or
election, or (iii) an Acquiring Person acquires (or has acquired during
the 12-month period ending on the date of the most recent acquisition by such
Acquiring Person) assets from the Company that have a total gross fair market
value equal to or more than 80% of the total gross fair market value of the
Company’s assets immediately before such acquisition or acquisitions.

 

 “Code” means the Internal
Revenue Code of 1986, as amended from time to time.  Reference to any provision of the Code shall
include such provision, any comparable provision or provisions of any
legislation that amends or supersedes such provision, and any regulations or
rulings with respect thereto.

 

“Committee”
means the Compensation and Management Succession Committee of the Company’s
Board of Directors.

 

“Company”
means Protective Life Corporation, a Delaware corporation.

 

“Disability”
means that the Participant (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental
impairment that can be expected to result in death or can be expected to last
for a continuous period of at least 12 months, (ii) is, by reason of any
medically determinable physical or mental impairment that can be expected to result
in death or can be expected to last for a continuous period of at least 12
months, receiving income replacement benefits for a period of not less than 3
months under an accident and health plan covering employees of the Company, or (iii) has
been determined to be totally disabled by the Social Security Administration.

 

1

 

 “ERISA” means the Employee
Retirement Income Security Act of 1974, as amended from time to time.  Reference to any provision of ERISA shall
include such provision, any comparable provision or provisions of any
legislation that amends or supersedes such provision, and any regulations or
rulings with respect thereto.

 

“Excess
Benefit” means a benefit provided under the Plan to a
Participant or the Participant’s Beneficiary.

 

“Limitations”
means the provisions of the Code that restrict the benefits determined under
the Pension Plan, including (1) the limitations set forth in Code Sections
415 and 401(a)(17), and (2) the limitations on benefits imposed by the
Code’s incidental benefit rules.  
References to the Limitations shall include any cost of living
adjustments made by the Secretary of the Treasury pursuant to Code Sections 415(d) and
401(a)(17).

 

“Participant”
means an employee of the Company or its subsidiaries who is a participant in
the Pension Plan and whose benefits under the Pension Plan are reduced by
application of the Limitations; provided,  however that (1) an employee whose benefits under the
Pension Plan were first reduced by application of the Limitations with respect
to service before January 1, 2008, shall be a Participant as of January 1,
2008, and (2) an employee whose benefits under the Pension Plan were first
reduced by application of the Limitations with respect to service after December 31,
2007, shall be a Participant as of the earlier of (A) January 1 of
the second Plan Year after the Plan Year in which such service occurred, and (B) the
date of such employee’s death. 
Notwithstanding the previous sentence, (1) with respect to a
participant in the Pension Plan who retired or whose employment with the
Company or its subsidiaries otherwise terminated before January 1, 2000, a
Participant shall be limited to a participant in the Pension Plan who has been
notified in writing by the Committee that he or she is covered under this Plan,
and (2) an employee shall not be a Participant unless either (A) the
employee is a member of a select group of management or highly compensated
employees within the meaning of Section 201(2) of ERISA, or (B) the
benefits under the Plan are provided solely by virtue of the limitations of
Code Section 415.

 

“Pension
Plan” means the Protective Life Corporation Pension Plan, as
amended from time to time.

 

“Plan”
means this Excess Benefit Plan established by the Company effective September 1,
1984 and as amended and restated from time to time thereafter.

 

“Plan Year”
shall mean each period beginning on January 1 and ending on December 31
of the same year.

 

“Post-2004
Benefit” means (i) a Participant’s benefit determined
under clause (i) of Section 3, 4 or 5 of the Plan or clauses (i)(A) and
(ii)(A) of Section 6 of the Plan (as the case may be), minus (ii) the Participant’s benefit determined under
clause (ii) of Section 3, 4 or 5 of the Plan or clauses (i)(B) and
(ii)(B) of Section 6 of the Plan (as the case may be), minus (iii) the Participant’s Pre-2005 Benefit.

 

2

 

“Pre-2005
Benefit” means the benefit earned and vested (before January 1,
2005) under this Plan with respect to a Participant’s service and earnings with
the Company before January 1, 2005. 
For purposes of determining the amount of a Participant’s Pre-2005
Benefit, eligibility for an Early Retirement Benefit (and the applicable Early
Retirement Benefit reduction factors) under Section 5.2 or Section 6.2
of the Pension Plan and under this Plan shall be based on the Participant’s
service before January 1, 2005 and the Participant’s age as of the
Participant’s date of Termination of Employment.

 

“Specified
Employee” means, with respect to April 1 of each Plan
Year (beginning April 1, 2005) and for the 12-month period thereafter, any
person who met the definition of a “key employee” of the Company under Code Section 416(i) (without
regard to Code Section 416(i)(5)) at any time during the preceding Plan
Year, all as provided in Code Section 409A.

 

“Termination
of Employment” shall mean a Participant’s “separation from
service” with the Company and each of the Company’s subsidiaries and affiliates
by which the Participant is employed, as defined in Code Section 409A
(other than a separation from service as a result of death).

 

2.  Governing Law;
Interpretation.  The Plan is
intended to be (1) an “excess benefit plan” within the meaning of Section 3(36)
of ERISA, (2) a plan maintained by the Company primarily for the purpose
of providing deferred compensation for a select group of management or highly
compensated employees within the meaning of Section 201(2) of ERISA,
and (3) “unfunded” within the meaning of the Code and ERISA.  Excess Benefits will not and may not be
funded, and the payment thereof shall be made at the appropriate time or times
from the general assets of the Company. 
The Plan shall be interpreted and administered so that Plan benefits are
not taxable under Code Section 409A. 
If any provision of the Plan is determined to be inconsistent with the
Code or ERISA, or with any law, regulation, ruling or decision governing the
status of the Plan or the Pension Plan, the Company shall take whatever steps
are necessary or appropriate to conform it to the applicable authority.  Except as provided above, the provisions of
the Plan shall be governed by and construed in accordance with the laws of the
State of Alabama. Whenever necessary or appropriate to the meaning hereof, the
singular shall include the plural, and the plural shall include the singular.

 

3.  Normal Retirement.  If a Participant has a Termination of
Employment and is eligible for a Normal Retirement Benefit under the Pension
Plan, the Participant shall be entitled to an Excess Benefit that is the
Actuarial Equivalent of (i) the amount of the Participant’s Normal
Retirement Benefit and (if the Participant is a Non-Grandfathered Participant
or a Post-2007 Participant) the amount of the Participant’s Cash Balance
Benefit under the Pension Plan, expressed in each case as a Life Annuity and
without regard to the Limitations, reduced by (ii) the amount of the
Normal Retirement Benefit and (if the Participant is a Non-Grandfathered
Participant or a Post-2007 Participant) the amount of the Cash Balance Benefit
which the Participant is entitled to receive under the Pension Plan, expressed
in each case as a Life Annuity and after application of the Limitations.

 

3

 

4.  Early Retirement.  If a Participant has a Termination of
Employment and is eligible for an Early Retirement Benefit under the Pension
Plan, the Participant shall be entitled to an Excess Benefit that is the
Actuarial Equivalent of (i) the amount of the Participant’s Early
Retirement Benefit and (if the Participant is a Non-Grandfathered Participant
or a Post-2007 Participant) the amount of the Participant’s Cash Balance
Benefit under the Pension Plan, expressed in each case as a Life Annuity and
without regard to the Limitations, reduced by (ii) the amount of the Early
Retirement Benefit and (if the Participant is a Non-Grandfathered Participant
or a Post-2007 Participant) the amount of the Cash Balance Benefit which the
Participant is entitled to receive under the Pension Plan, expressed in each
case as a Life Annuity and after application of the Limitations.

 

5.  Vested Benefit and/or Cash
Balance Benefit.  If a
Participant has a Termination of Employment and is eligible for only a Vested
Benefit and/or a Cash Balance Benefit under the Pension Plan, the Participant
shall be entitled to an Excess Benefit that is the Actuarial Equivalent of (i) the
amount of the Participant’s Vested Benefit and/or Cash Balance Benefit under
the Pension Plan, expressed in each case as a Life Annuity and without regard
to the Limitations, reduced by (ii) the amount of the Vested Benefit
and/or Cash Balance Benefit which the Participant is entitled to receive under
the Pension Plan, expressed in each case as a Life Annuity and after
application of the Limitations.

 

6.  Disability.  If a Participant has a Disability, and is
eligible for a Disability Pension Benefit in accordance with the Pension Plan,
the Participant shall be entitled to an Excess Benefit that is the Actuarial
Equivalent of (i) the amount of the Participant’s Disability Pension
Benefit under the Pension Plan, expressed as a Life Annuity and without regard
to the Limitations, reduced by (ii) the amount of the Disability Pension
Benefit that the Participant is entitled to receive under the Pension Plan,
expressed as a Life Annuity and after application of the Limitations.  The Excess Benefit determined pursuant to
this Section 6 shall be payable in a single lump sum payment on the first
business day of the third calendar month after the calendar month in which the
Participant reaches Normal Retirement Age.

 

7.  Death.  If a Participant’s Beneficiary becomes
eligible at any time to receive a death benefit payable before or after the
commencement of the Participant’s benefit under the Pension Plan, the
Beneficiary shall be entitled to an Excess Benefit that is the Actuarial
Equivalent of (i) the amount of the death benefit which the Beneficiary is
entitled to receive under the Pension Plan without regard to the Limitations,
reduced by (ii) the amount of the death benefit which the Beneficiary is
entitled to receive under the Pension Plan, after application of the
Limitations.  The Beneficiary’s Excess
Benefit shall be payable (a) if the Participant had commenced receipt of
all or a portion of the Participant’s Excess Benefit, in the manner provided in
the Participant’s election with respect thereto, and (b) if the
Participant had not commenced receipt of all or a portion of the Participant’s
Excess Benefit, in a single lump sum payment that is the Actuarial Equivalent
of such portion of the Participant’s Excess Benefit and that is paid within 90
days after the Participant’s date of death.

 

4

 

8.  Benefit Payments.  (a)  Participant Who Terminated
Employment before January 1, 2005. 
Except as otherwise specifically provided herein, if a Participant has a
Termination of Employment before January 1, 2005, the payment of the
Participant’s Pre- 2005 Benefit shall be made at the same time, in the same
form and subject to the same conditions as payment of the Participant’s benefit
under the Pension Plan.  The foregoing
notwithstanding, the form of payment of the Participant’s Pre-2005 Benefit must
be a form of payment that was available under the Pension Plan as of December 31,
2004; provided that if the Participant elects
a form of payment that was not available under the Pension Plan as of December 31,
2004, the Participant’s Pre-2005 Benefit shall be paid as a single lump sum
payment.

 

(b) 
Participant Who Terminated Employment After December 31, 2004 and Before December 1,
2007.  Except as
otherwise specifically provided herein, if a Participant has a Termination of
Employment after December 31, 2004 and before December 1, 2007, the
payment of the Participant’s Pre-2005 Benefit and Post-2004 Benefit shall be
made (1) as a Qualified Joint and Survivor Annuity, if the Participant is
married to a Spouse on the date the Participant’s Excess Plan Benefit commences
(as set forth below), and (2) as a Life Annuity, if the Participant is not
married to a Spouse on the date the Participant’s Excess Plan Benefit
commences.  The Participant’s Excess Plan
Benefit shall commence (1) if the Participant’s Early Retirement Eligibility
Date precedes the date of the Participant’s Termination of Employment, as of
the later of (A) the first business day of the third month after the month
in which the Participant’s Termination of Employment occurred and (B) July 1,
2009; (2) if the Participant attains their Early Retirement Eligibility
Date after the date of the Participant’s Termination of Employment, as of the
later of (A) the first business day of the month after the month in which
the Participant attains age 55 and (B) July 1, 2009; and (3) if
the Participant’s Termination of Employment occurred before the Participant
attained 10 years of Continuous Service (and will therefore not attain their
Early Retirement Eligibility Date), as of their Normal Retirement Date.

 

(c) 
Participant Who Terminated Employment After November 30, 2007 and Before December 1,
2008.  Except as
otherwise specifically provided herein, if a Participant has a Termination of
Employment after November 30, 2007 and before December 1, 2008, the
payment of the Participant’s Pre-2005 Benefit and Post-2004 Benefit shall be
made (1) in a form of payment that is available under the Pension Plan and
elected by the Participant, provided such election is made before January 1,
2009; or (2) if the Participant does not make an election as provided in
clause (1) above, in the form of a single lump sum payment.  The Participant’s Excess Plan Benefit shall
commence (1) on July 1, 2009, if the Excess Plan Benefit is being
paid as a single lump sum payment; (2) if the Participant’s Early
Retirement Eligibility Date occurred before the date of the Participant’s
Termination of Employment, on July 1, 2009; (3) if the Participant
attains their Early Retirement Eligibility Date after the date of the
Participant’s Termination of Employment, as of the later of (A) the first
business day of the month after the month in which the Participant attains age
55 and (B) July 1, 2009; and (4) if the Participant’s
Termination of Employment occurred before the Participant attained 10 Years of
Continuous Service (and will therefore not attain their Early Retirement
Eligibility Date), on their Normal Retirement Date.

 

5

 

(d) Participant
Who Terminates Employment After November 30, 2008; Pre-2005 Benefit.  Except as otherwise specifically provided
herein, if a Participant has a Termination of Employment after November 30,
2008, the payment of the Participant’s Pre-2005 Benefit shall be made at the
same time, in the same form and subject to the same conditions as payment of
the Participant’s benefit under the Pension Plan.   The foregoing notwithstanding, the form of
payment of the Participant’s Pre-2005 Benefit must be a form of payment that
was available under the Pension Plan as of December 31, 2008; provided that if the Participant elects a form of payment
that was not available under the Pension Plan as of December 31, 2008, the
Participant’s Pre-2005 Benefit shall be paid as a single lump sum payment.

 

(e) 
Participant Who Terminates Employment After November 30, 2008; Post-2004
Benefit.  Except as
otherwise specifically provided herein, if a Participant has a Termination of
Employment after November 30, 2008, the payment of a Participant’s
Post-2004 Benefit shall commence as of the first business day of the third
month after the month in which the Participant’s Termination of Employment
occurred.  Except as otherwise
specifically provided herein, the payment of a Participant’s Post-2004 Benefit
shall be (1) in a form of payment that is available under the Pension Plan
and elected by the Participant, provided such election is made (i) before January 1,
2009 (if the Participant was eligible to participate in the Plan on January 1,
2008), or (ii) before the date the Participant becomes eligible to
participate in the Plan (if the Participant becomes eligible to participate in
the Plan after December 31, 2007); or (2) if the Participant does not
make an election as provided in clause (1) above, in the form of a single
lump sum payment.  If a Participant
elects to change an election of the form of payment of the Participant’s
Post-2004 Benefit, then (1) such
election must be made and received by the Company before the Participant’s
Termination of Employment, (2) such election shall not take effect until
at least 12 months after the date on which it is made, (3) such election
may not be made less than 12 months before the date the first such payment is
scheduled to be paid, and (4) if the Participant changes from a Lump Sum
form to any other form permitted under the Pension Plan, or from any other form
permitted under the Pension Plan to a Lump Sum form, payment of the Participant’s
Post-2004 Benefit must be deferred for a period of not less than 5 years from
the date the first such payment would otherwise have been paid.

 

(f) 
Delay of Distributions—General. 
Any Plan provision to the contrary notwithstanding, the Company may
delay making a distribution under the Plan, in whole or in part, if (1) the
Company reasonably anticipates that the Company’s tax deduction with respect to
such payment otherwise would be limited or eliminated by application of Code Section 162(m);
provided that such delayed distribution
shall be made at the earliest date at which the Company reasonably anticipates
that the Company’s tax deduction with respect to such payment will not be
limited or eliminated by application of Code Section 162(m), (2) the
Company reasonably anticipates that making the distribution will violate
applicable law; provided that such delayed
distribution shall be made at the earliest date at which the Company reasonably
anticipates that making the distribution will not cause such violation, or (3) such
other events or conditions occur to permit the Company to delay distributions,
as may be prescribed pursuant to Code Section 409A.

 

6

 

(g)  Delay
of Distributions—Certain Key Employees. 
Any Plan provision
to the contrary notwithstanding and subject to Code Section 409A, payment
of a Specified Employee’s Post-2004 Benefit upon a Termination of Employment
may not be made before the date that is six months after the date of the
Specified Employee’s Termination of Employment (or, if earlier, the date of
death of the Specified Employee).  All
payments to which the Specified Employee would otherwise be entitled during
such six month period shall be paid as soon as practicable after the end of
such six month period (and within the same calendar year as the end of such six
month period).

 

(h)  Time
for Distributions—Section 409A Provision.  Any Plan provision to the contrary notwithstanding, for purposes of
Code Section 409A, a payment that is to be made upon a designated date (as
set forth in the Plan) shall be made (1) no earlier than such designated
date, and (2) no later than the later of (A) the first date that it
is administratively feasible to make such payment on or after such designated
date or (B) the end of the calendar year containing such designated date.

 

9.  Automatic  Lump Sum Provision. 
Any Plan provision (other than Section 10) to the contrary
notwithstanding, if a Participant dies or has a Termination of Employment for
any reason and the present value of the Excess Benefit payable to the
Participant or the Participant’s Beneficiary under the Plan is less than (a) $100,000
(with respect to a Participant who has a Termination of Employment or dies
after November 30, 2007) or (b) $50,000 (with respect to a
Participant who had a Termination of Employment or dies on or before November 30,
2007) (in either case, as determined as set forth in Section 11), the
Company shall distribute the present value of the Excess Benefit in a single
lump sum payment.  Such payment shall be
made as of the later of (a) within 90 days after the Participant’s
Termination of Employment (or, if the Participant has died, within 90 days
after the date on which the Company receives written notice of the Participant’s
death), or (b) July 1, 2009. 
Any such payment shall be in full satisfaction of the Company’s
obligations under the Plan.

 

10.  Change of Control.  Any Plan provision to the contrary
notwithstanding, if a Participant has a Termination of Employment for any
reason after a Change of Control, the Participant’s Excess Benefit shall be
paid in a single lump sum payment (determined as provided in Section 11)
within 30 days after January 1 of the calendar year immediately following
such Termination of Employment.

 

11.  Calculation of Lump Sum
Payments.  The calculation of
the present value of an Excess Benefit under Section 9 shall be determined
as soon as reasonably practicable before the date of payment, using the
mortality table (including any set backs of ages) and interest rate used for
determining lump sum payment amounts under the Pension Plan as of the date on
which the calculation is being made.  The
calculation of the present value of an Excess Benefit under Section 10
shall be determined as soon as reasonably practicable before the date of
payment, using (a) the mortality table (including any set backs of ages)
used for determining lump sum payment amounts under the Pension Plan as of the
date on which the calculation is being made, and (b) an interest rate
equal to the lesser of (A) the sum of (1) the yield on U.S. 10-year
Treasury Notes at constant maturity as most recently published by the Federal
Reserve Bank of New York; provided, however,
that if such yield 

 

7

 

has not been so published within 90 days before the date on which the
calculation is being made, the interest rate shall be the yield on
substantially similar securities on the preceding business day as determined by
Regions Bank upon the request of either the Company or the Participant, plus (2) .75%,
and (B) the interest rate used for determining lump sum payment amounts
under the Pension Plan as of the date on which the calculation is being made.

 

12.  Administration.  Notwithstanding the incorporation of various
provisions of the Pension Plan into this Plan, all matters pertaining to
benefit payments, options and elections hereunder shall be administered by the
Committee, which shall have the sole authority to interpret and act on behalf
of the Company hereunder.

 

13.  Tax Withholding.  All payments under the Plan shall be subject
to applicable federal, state and local tax withholding.  If taxes are imposed under the Federal
Insurance Contributions Act or any other tax law (“Advance Taxes”) with respect
to the Excess Benefits payable to a Participant or Beneficiary, and the
Participant’s or Beneficiary’s portion of such Advance Taxes is due and payable
before payment of an Excess Benefit at least equal in amount to such portion of
such Advance Taxes, then (a) the Company shall remit such Advance Taxes as
required by law, and (b) the Committee shall request the Participant or
Beneficiary to pay the Participant’s or Beneficiary’s portion of such Advance
Taxes to the Company.  If the Participant
or Beneficiary fails to pay such amount, the Company shall (1) treat the
Participant’s or Beneficiary’s portion of such Advance Taxes that was so remitted
as taxable income to the Participant or Beneficiary, in accordance with all
laws regarding tax liability, withholding and reporting, and (2) reduce
the value of the Excess Benefits otherwise payable hereunder to take into
account, on an actuarial basis, the present value of all taxes remitted by the
Company with respect to the Participant’s or Beneficiary’s portion of such
Advance Taxes.

 

14.  Amendment or Termination.
The Plan may be amended or terminated at any time by the Company with respect
to any or all Participants by written instrument executed with the same
formality as the Plan; provided that no such amendment or termination shall
impair the benefits a Participant has accrued under the Plan before such
amendment or termination.

 

15.  Non-Alienation of
Benefits.  Except as provided
in Section 13, no benefit payable under the Plan shall be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
garnishment, encumbrance or charge by a Participant, a Participant’s Beneficiary,
or anyone claiming under or through either of them.

 

16.  Effective Date.  Except as expressly set forth herein, payment
of benefits to a Participant whose benefit under this Plan had been paid, or
was in pay status, on or before December 31, 2008, shall be determined
under the Plan as set in effect on the date of payment, and not under the terms
of the Plan as set forth herein.

 

[This
document is executed on the following page.]

 

8

 

IN WITNESS WHEREOF, the
Company has caused this document to be executed and effective as of December 31,
2008.

 

	
   

  	
  PROTECTIVE LIFE
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  John D. Johns

  
	
   

  	
   

  	
  Chairman of the
  Board, President

  
	
   

  	
   

  	
  and Chief
  Executive Officer

  

 

9

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