Document:

EX-10.14

 Exhibit 10.14 

CONFIDENTIAL 
 Execution
Version 
  
  

COINSURANCE AGREEMENT 
 between

 LIBERTY LIFE INSURANCE COMPANY 

and 
 PROTECTIVE LIFE INSURANCE
COMPANY 
 Dated as of April 29, 2011 
  

 

 TABLE OF CONTENTS 

 

					
	 ARTICLE
	  	Page	 
		
	 ARTICLE I
	  			
	 COINSURANCE
	  	 	1	  
	 Section 1.1 Scope and Basis of Reinsurance
	  	 	1	  
	 Section 1.2 Reinsuring Clause; Extra Contractual Obligations
	  	 	2	  
	 Section 1.3 Transfer of Assets and Ceding Commission
	  	 	2	  
	 Section 1.4 Net Retained Liabilities
	  	 	7	  
	 Section 1.5 Producer Payments
	  	 	8	  
	 Section 1.6 Guaranty Fund Assessments and Premium Taxes
	  	 	9	  
	 Section 1.7 Other Reinsurance
	  	 	9	  
	 Section 1.8 Policy Changes and Non-Guaranteed Elements
	  	 	10	  
	 Section 1.9 Ownership of Premiums
	  	 	10	  
	 Section 1.10 Security Interest
	  	 	11	  
		
	 ARTICLE II
	  			
	 REINSURANCE LIABILITY
	  	 	12	  
	 Section 2.1 Reinsurance Liability
	  	 	12	  
	 Section 2.2 Other Reinsurance
	  	 	12	  
	 Section 2.3 Disclaimer
	  	 	13	  
		
	 ARTICLE III
	  			
	 CERTAIN FINANCIAL PROVISIONS
	  	 	14	  
	 Section 3.1 Provision of Security by the Reinsurer
	  	 	14	  
	 Section 3.2 Credit for Reinsurance
	  	 	16	  
	 Section 3.3 Conversion to Assumption Reinsurance
	  	 	17	  
	 Section 3.4 RBC Reports
	  	 	17	  
		
	 ARTICLE IV
	  			
	 REPRESENTATIONS AND WARRANTIES
	  	 	17	  
	 Section 4.1 Representations and Warranties of Reinsurer
	  	 	17	  
	 Section 4.2 Representations and Warranties of the Company
	  	 	19	  
		
	 ARTICLE V
	  			
	 PLAN OF REINSURANCE
	  	 	20	  
	 Section 5.1 Plan
	  	 	20	  
	 Section 5.2 Follow the Fortunes
	  	 	20	  
	 Section 5.3 Reductions and Terminations
	  	 	21	  
	 Section 5.4 Reinstatements
	  	 	21	  
	 Section 5.5 Contractual Conversions; Internal Replacement
	  	 	21	  
	 Section 5.6 New Policies
	  	 	22	  

  
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	 ARTICLE VI
	  			
	 ADMINISTRATION
	  	 	22	  
	 Section 6.1 Administrative Services
	  	 	22	  
	 Section 6.2 Regulatory Matters
	  	 	22	  
	 Section 6.3 Bank Accounts
	  	 	22	  
	 Section 6.4 Net Settlements
	  	 	23	  
	 Section 6.5 Actuarial Reports
	  	 	23	  
		
	 ARTICLE VII
	  			
	 DAC TAX
	  	 	24	  
	 Section 7.1 DAC Tax Election
	  	 	24	  
		
	 ARTICLE VIII
	  			
	 INSOLVENCY
	  	 	25	  
	 Section 8.1 Insolvency
	  	 	25	  
		
	 ARTICLE IX
	  			
	 TERMINATION
	  	 	26	  
	 Section 9.1 Duration of Coinsurance; No Recapture
	  	 	26	  
	 Section 9.2 Termination
	  	 	26	  
	 Section 9.3 Termination by the Company
	  	 	26	  
	 Section 9.4 Settlement Upon Termination by the Company
	  	 	26	  
		
	 ARTICLE X
	  			
	 DISPUTE RESOLUTION
	  	 	27	  
	 Section 10.1 Arbitration
	  	 	27	  
	 Section 10.2 Disputes over Initial Coinsurance Premiums and Ceding Commission
Calculations
	  	 	31	  
	 Section 10.3 Other Disputes over Calculations
	  	 	34	  
		
	 ARTICLE XI
	  			
	 INDEMNIFICATION
	  	 	34	  
	 Section 11.1 Indemnification of the Reinsurer by the Company
	  	 	34	  
	 Section 11.2 Indemnification of the Company by the Reinsurer
	  	 	35	  
	 Section 11.3 Claims Notice
	  	 	35	  
	 Section 11.4 Right to Contest Claims of Third Parties
	  	 	35	  
	 Section 11.5 Mitigation
	  	 	37	  
	 Section 11.6 Subrogation; Insurance
	  	 	37	  
		
	 ARTICLE XII
	  			
	 CONFIDENTIALITY
	  	 	37	  
	 Section 12.1 Confidentiality
	  	 	37	  

  
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	 ARTICLE XIII
	  			
	 DEFINITIONS AND CONSTRUCTION
	  	 	38	  
	 Section 13.1 Definitions
	  	 	38	  
	 Section 13.2 Construction
	  	 	50	  
		
	 ARTICLE XIV
	  			
	 GENERAL PROVISIONS
	  	 	51	  
	 Section 14.1 Books and Records
	  	 	51	  
	 Section 14.2 Inspection by Reinsurer
	  	 	51	  
	 Section 14.3 Errors and Omissions
	  	 	51	  
	 Section 14.4 Offset
	  	 	51	  
	 Section 14.5 Reimbursement of Expenses
	  	 	51	  
	 Section 14.6 Parties to this Agreement
	  	 	52	  
	 Section 14.7 Authority
	  	 	52	  
	 Section 14.8 No Assignment
	  	 	52	  
	 Section 14.9 Notices
	  	 	52	  
	 Section 14.10 Severability
	  	 	54	  
	 Section 14.11 Announcements
	  	 	54	  
	 Section 14.12 Schedules, Annexes and Exhibits
	  	 	54	  
	 Section 14.13 Entire Agreement
	  	 	54	  
	 Section 14.14 Binding Effect
	  	 	55	  
	 Section 14.15 Waiver and Amendment
	  	 	55	  
	 Section 14.16 Headings
	  	 	55	  
	 Section 14.17 Counterparts
	  	 	55	  
	 Section 14.18 No Prejudice
	  	 	55	  
	 Section 14.19 Governing Law
	  	 	55	  
	 Section 14.20 Further Assurances
	  	 	55	  
	 Section 14.21 Recourse
	  	 	55	  

  
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	INDEX OF SCHEDULES 
		
	Schedule 1.3(a)(i)	  	Real Property
	Schedule 5.6	  	New Policies Under Producer Agreements
	Schedule 13.1(i)	  	Assumed Reinsurance Agreements
	Schedule 13.1(ttt)	  	Other Reinsurance
	Schedule 13.1(cccc)	  	Other Policies
	
	INDEX OF ANNEXES 
		
	Annex A	  	Assets Supporting Initial Coinsurance Premium
	Annex B	  	Net Settlements
	Annex C	  	Estimated Discounted Interest Maintenance Reserve Amortization
	Annex D	  	Actual Discounted Interest Maintenance Reserve Amortization
	Annex E	  	Valuation Methodology for Net Retained Liabilities
	Annex F	  	Net Retained Liability Ceding Commission Amount
	
	INDEX OF EXHIBITS 
		
	Exhibit A	  	Form of Trust Agreement

  
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 COINSURANCE AGREEMENT 

Coinsurance Agreement, dated as of April 29, 2011 (this “Agreement”), between Liberty Life Insurance Company, a South
Carolina insurance company (the “Company”), and Protective Life Insurance Company, a Tennessee insurance company (the “Reinsurer”; each of the Company and the Reinsurer, a “Party” and together, the
“Parties”). 
 RECITALS 

WHEREAS, the Company desires to cede or retrocede to the Reinsurer certain risks under certain life and health insurance policies issued and
reinsured by it; and 
 WHEREAS, the Reinsurer desires to reinsure such policies from the Company on the terms and conditions stated herein;
and 
 WHEREAS, the Company and the Reinsurer intend that the basis of the reinsurance shall be 100% coinsurance by the Reinsurer; and 

WHEREAS, the Company and the Reinsurer intend that the Reinsurer will provide certain administrative services for policies reinsured
hereunder, and the Company and the Reinsurer have entered into an Administrative Services Agreement of dated as of the date hereof (the “Administrative Services Agreement”) pursuant to which the Reinsurer shall provide such
administrative services on the terms and conditions stated therein. 
 NOW, THEREFORE, in consideration of the mutual promises and covenants
set forth herein, and for other good and valuable consideration the receipt and adequacy of which is hereby acknowledged, and intending to be legally bound hereby, the Company and the Reinsurer hereby agree as follows: 

ARTICLE I 
 COINSURANCE 

Section 1.1 Scope and Basis of Reinsurance. This Agreement applies to each and every of the Policies (a) issued by the
Company and in force as of the Effective Time (the “Existing Direct Reinsured Policies”), (b) issued by the Company after the Effective Time in accordance with Section 5.4, 5.5(a) and 5.6 hereof (the “New Direct Reinsured
Policies” and, together with the Existing Direct Reinsured Policies, the “Direct Reinsured Policies”), (c) reinsured by the Company under the terms of any Assumed Reinsurance Agreement as of the Effective Time (the
“Existing Indirect Reinsured Policies”) and (d) reinsured by the Company after the Effective Time pursuant to the terms of any of the 

 
Assumed Reinsurance Agreements (the “New Indirect Reinsured Policies”, together with the Existing Indirect Reinsured Policies, the “Indirect Reinsured Policies”
and the Indirect Reinsured Policies together with the Direct Reinsured Policies, the “Reinsured Policies”). Except as expressly provided herein, this Agreement does not reinsure any Policy written by the Company, or as
to which the Company otherwise incurs or assumes liability, after the Effective Time. 
 Section 1.2 Reinsuring Clause; Extra
Contractual Obligations. Subject to the terms and conditions of this Agreement, the Company hereby cedes and the Reinsurer hereby reinsures on a coinsurance basis as of the Effective Time, 100% (the “Reinsurer’s
Share”) of all Reinsured Liabilities arising under or relating to the Reinsured Policies. In addition to Reinsurer’s coinsurance of the Reinsurer’s Share of the Reinsured Liabilities pursuant to the preceding sentence, the
Reinsurer hereby accepts and agrees to assume and discharge the Reinsurer’s Share of Extra Contractual Obligations other than Excluded Liabilities. Except as set forth herein, the Reinsurer does not assume any other liabilities of any kind
or description, whether known or unknown, contingent or otherwise. 
 Section 1.3 Transfer of Assets and Ceding Commission. 

(a) Coinsurance Premium. 

(i) On the Effective Date, the Company will transfer to the Reinsurer an initial coinsurance premium with respect to the
Reinsured Policies consisting of cash, cash equivalents and the assets set forth on Annex A (with such additions or substitutions as may be determined by the Reinsurer) (the “Transferred Assets”) with an aggregate Value
determined three Business Days prior to the Effective Date equal to the following amount: (1) Reinsurer’s Share of the Statutory Reserves held by the Company with respect to the Reinsured Policies as of the Effective Time, plus (2) the
Reinsurer’s Share of the Interest Maintenance Reserve attributable to the Transferred Assets, minus (3) the Reinsurer’s Share of the amount of outstanding policy loans on the Reinsured Policies (to the extent such policy loans
constitute admitted assets under SAP, net of any unearned policy loan interest on such loans but including amounts of interest due and accrued with respect thereto), minus (4) the Reinsurer’s Share of net due and deferred Premiums on the
Reinsured Policies, in each case determined in accordance with SAP, consistently applied (such amount, “Initial Coinsurance Premium”); provided that, notwithstanding anything to the contrary in this Agreement, solely for
purposes of calculating the Initial Coinsurance Premium, the term “Reinsured Policies” shall include the portion of the Policies from which Net Retained Liabilities arise. In addition, the Company hereby sells, assigns, transfers

  
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and delivers to the Reinsurer as reinsurance premium, on the Effective Date effective as of the Effective Time, all of Company’s right, title and interest (w) under the Reinsured Policies to
receive principal and interest paid on policy loans, (x) in the Premiums, (y) in agent debit balances as of the Effective Date with respect to the Reinsured Policies and the Net Retained Liabilities and (z) in the real property listed on Schedule
1.3(a)(i) hereto, free and clear of any liens or other encumbrances. To the extent the foregoing sentence is ineffective to transfer the type of asset described, the Company agrees to execute and record all additional instruments, bills of
sale, deeds and other documents necessary to transfer such asset as soon practicable after the Effective Date. 

(ii) The amount of the Initial Coinsurance Premium paid on the Effective Date shall be determined on an estimated basis
(the “Estimated Initial Coinsurance Premium”) as follows: (1) with respect to each of the items set forth in clauses (1), (3) and (4) of the definition of “Initial Coinsurance Premium,” the portion of the Estimated
Initial Coinsurance Premium attributable to such item shall be equal to the amount for such item set forth on the Estimated Balance Sheet delivered to the Reinsurer pursuant to the Stock Purchase Agreement and (2) with respect to the item set forth
in clause (2) of the definition of “Initial Coinsurance Premium”, the portion of the Estimated Initial Coinsurance Premium attributable to such item shall be determined by the Reinsurer in good faith on an estimated basis as of the date
that is three Business Days prior to the Effective Date. 
 (iii) On the Effective Date, the Reinsurer shall deliver to
the Company a statement setting forth (1) the amount of the Estimated Initial Coinsurance Premium and (2) the final list of Transferred Assets, in each case, determined as of the date that is three Business Days prior to the Effective Date. 

(iv) Within five Business Days following the date on which the Purchase Price Adjustment Materials and the determination
of the amounts set forth therein become final and binding pursuant to the penultimate sentence of Section 2.6(e) of the Stock Purchase Agreement (the “True-Up Date”), the Reinsurer shall deliver to the Company a statement (the
“Initial Coinsurance Premium Reconciliation Statement”) prepared in good faith by the Reinsurer setting forth the actual amount of the Initial Coinsurance Premium minus the Net Retained Liabilities Initial Coinsurance Premium
Adjustment as of the True-Up Date (the “Actual Initial Coinsurance Premium”), the calculation of each of items (1) through (4) of the definition of “Initial Coinsurance Premium” and the

  
 3 

 
Value of the Transferred Assets as of the Effective Date; provided that if the True-Up Date has not occurred on or prior to the date that is seventy-five days following the Effective Date,
(x) the Reinsurer shall deliver to the Company a statement setting forth the Reinsurer’s good faith estimate of the Net Retained Liabilities Initial Coinsurance Premium Adjustment as of such date that is seventy-five days following the
Effective Date and the Reinsurer shall pay the Company an amount of cash equal to the amount set forth in such statement within four Business Days of delivery of such statement and (y) for purposes of preparing the Initial Coinsurance Premium
Reconciliation Statement and calculating the Actual Initial Coinsurance Premium and the Initial Coinsurance Premium Adjustment, the Net Retained Liabilities Initial Coinsurance Premium Adjustment shall be reduced by the amount of cash, if any,
received by the Company from the Reinsurer pursuant to clause (x) of this Section 1.3(a)(iv). With respect to each of the items set forth in clauses (1), (3) and (4) of the definition of “Initial Coinsurance Premium,” the portion of the
Actual Initial Coinsurance Premium attributable to such item shall be equal to the amount for such item set forth on the Final Balance Sheet. With respect to the item set forth in clause (2) of the definition of “Initial Coinsurance
Premium,” the portion of the Actual Initial Coinsurance Premium attributable to such item shall be the actual Interest Maintenance Reserves attributable to the Transferred Assets as of the Effective Date. The “Initial Coinsurance
Premium Adjustment” shall be equal to the following amount (whether positive or negative): (1) the difference (whether positive or negative) between the Actual Initial Coinsurance Premium minus the Estimated Initial Coinsurance
Premium, minus (2) the difference (whether positive or negative) between the Value of the Transferred Assets determined in connection with the calculation of the Estimated Initial Coinsurance Premium pursuant to Section 1.3(a)(i) minus
the Value of the Transferred Assets on the Effective Date, minus (3) the Net Retained Liabilities Earned Interest. If the Initial Coinsurance Premium Adjustment is positive, then the Company shall pay to the Reinsurer an amount of cash
equal to the Initial Coinsurance Premium Adjustment within five Business Days after the Initial Coinsurance Premium Adjustment is finalized pursuant to Section 10.2, together with an amount of interest on the portion of the Initial Coinsurance
Premium Adjustment not attributable to the Net Retained Liabilities Initial Coinsurance Premium Adjustment at the Applicable Rate (as such term is defined in the Stock Purchase Agreement) calculated on the basis of a
360-day year for the actual number of days elapsed, accrued from the Effective Date until, but not including, the date of payment. If the Initial Coinsurance Premium Adjustment is negative, then the Reinsurer
shall pay to the Company an amount in cash equal to the absolute value of the Initial Coinsurance 

  
 4 

 
Premium Adjustment within five Business Days after the Initial Coinsurance Premium Adjustment is finalized pursuant to Section 10.2, together with an amount of interest on the portion of the
Initial Coinsurance Premium Adjustment not attributable to the Net Retained Liabilities Initial Coinsurance Premium Adjustment at the Applicable Rate (as such term is defined in the Stock Purchase Agreement) calculated on the basis of a 360-day year
for the actual number of days elapsed, accrued from the Effective Date until, but not including, the date of payment. 
 (b) Ceding
Commission. 
 (i) In consideration of the reinsurance ceded hereunder, on the Effective Date the Reinsurer shall
pay the Company a ceding commission in cash of an amount (the “Ceding Commission”) equal to (1) the sum of (A) $200,500,000 and (B) the Reinsurer’s Share of the aggregate of all Discounted Interest Maintenance Reserve
Amortization for the Transferred Assets, minus (2) the Life NB Amount. 
 (ii) The amount of the Ceding
Commission paid on the Effective Date shall be determined by the Reinsurer in good faith on an estimated basis (such amount, the “Estimated Ceding Commission”) as follows: (1) with respect to the item set forth in clause (1)(B) of
the definition of “Ceding Commission,” the portion of the Estimated Ceding Commission attributable to such item shall be determined by the Reinsurer in accordance with Annex C and (2) with respect to the item set forth in clause (2)
of the definition of “Ceding Commission,” the portion of the Estimated Ceding Commission attributable to such item shall be equal to the amount for such item set forth on the Estimated NB Volume Adjustment Schedule delivered to the
Reinsurer pursuant to the Stock Purchase Agreement.
 (iii) On the Effective Date, the Reinsurer shall deliver to the
Company a statement setting forth the amount of the Estimated Ceding Commission, determined as of the date that is three Business Days prior to the Effective Date. 

(iv) Within five Business Days following the True-Up Date, the Reinsurer shall deliver to the Company a statement (the
“Ceding Commission Reconciliation Statement”) prepared in good faith by the Reinsurer setting forth the actual amount of the Ceding Commission minus the amount of the Net Retained Liabilities Initial Ceding Commission
Adjustment as of the True-Up Date (the “Actual Ceding Commission”) and the calculation of each of items (1)(A), (1)(B) and (2) of the definition 

  
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of “Ceding Commission”; provided that if the True-Up Date has not occurred on or prior to the date that is seventy-five days following the Effective Date, (x) the Reinsurer shall
deliver to the Company a statement setting forth the Reinsurer’s good faith estimate of the Net Retained Liabilities Initial Ceding Commission Adjustment as of such date that is seventy-five days following the Effective Date and the Company
shall pay the Reinsurer an amount of cash equal to the amount set forth in such statement within four Business Days of delivery of such statement and (y) for purposes of preparing the Ceding Commission Reconciliation Statement and calculating the
Actual Ceding Commission and the Ceding Commission Adjustment, the portion of the Actual Ceding Commission attributable to the Net Retained Liabilities Initial Ceding Commission Adjustment shall be reduced by the amount of cash, if any, received by
the Reinsurer from the Company pursuant to clause (x) of this Section 1.3(b)(iv). With respect to the item set forth in clause (1)(B) of the definition of “Ceding Commission,” the portion of the Actual Ceding Commission
attributable to such item shall be determined by the Reinsurer in accordance with Annex D. With respect to the item set forth in clause (2) of the definition of “Ceding Commission,” the portion of the Actual Ceding Commission
attributable to such item shall be equal to the amount for such item set forth on the Final NB Volume Adjustment Schedule. The “Ceding Commission Adjustment” shall be equal to the following amount (whether positive or
negative): (1) the difference (whether positive or negative) between the Actual Ceding Commission minus the Estimated Ceding Commission, minus (2) the Net Retained Liabilities Ceding Commission Interest. If the Ceding Commission
Adjustment is positive, then the Reinsurer shall pay to the Company an amount of cash equal to the Ceding Commission Adjustment within five Business Days after the Ceding Commission Adjustment is finalized pursuant to Section 10.2, together with an
amount of interest on the portion of the Ceding Commission Adjustment not attributable to the Net Retained Liabilities Initial Ceding Commission Adjustment at the Applicable Rate (as such term is defined in the Stock Purchase Agreement) calculated
on the basis of a 360-day year for the actual number of days elapsed, accrued from the Effective Date until, but not including, the date of payment. If the Ceding Commission Adjustment is negative, then the Company shall pay to the Reinsurer an
amount of cash equal to the absolute value of the Ceding Commission Adjustment within five Business Days after the Ceding Commission Adjustment is finalized pursuant to Section 10.2, together with an amount of interest on the portion of the
Ceding Commission Adjustment not attributable to the Net Retained Liabilities Initial Ceding Commission Adjustment at the Applicable Rate (as such term is defined in the Stock Purchase Agreement) calculated on the basis of a 360-day year for the
actual number of days elapsed, accrued from the Effective Date until, but not including, the date of payment. 

  
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 (c) Net Retained Liabilities Cash Adjustment. From the Effective Time until the Net
Retained Liabilities True-Up Date, (i) the Company shall pay the Reinsurer an amount equal to the premiums and considerations, premium adjustments and any and all amounts or payments, including any and all policy fees, charges, reimbursements and
similar amounts, received or collected by the Company during such period in respect of the portion of the Policies from which Net Retained Liabilities arise and (ii) the Reinsurer shall pay to the Company an amount equal to the obligations,
including any and all death claims, cash surrender benefits, policyholder dividends, commissions and similar amounts, arising out of or relating to the portion of the Policies from which Net Retained Liabilities arise (including Extra Contractual
Obligations, but excluding the Excluded Liabilities) incurred by the Company during such period. The payment of such amounts shall be reflected in the Net Settlement for each month ending prior to the Net Retained Liabilities True-Up Date and
for the month in which the Net Retained Liabilities True-Up Date occurs. Following the Net Retained Liabilities True-Up Date, the Reinsurer shall deliver to the Company a statement (the “Net Retained Liabilities Cash Reconciliation
Statement”) setting forth the Reinsurer’s good faith estimate of the difference (whether positive or negative) between (x) the aggregate amount paid to the Reinsurer pursuant to the first sentence of this Section 1.3(c) attributable
each Net Retained Liability that remained a Net Retained Liability on the Net Retained Liabilities True-Up Date minus (y) the aggregate amount paid to the Company pursuant to the first sentence of this Section 1.3(c) attributable each Net
Retained Liability that remained a Net Retained Liability on the Net Retained Liabilities True-Up Date (such difference, the “Net Retained Liabilities Cash Adjustment”).If the Net Retained Liabilities Cash Adjustment is positive,
then the Reinsurer shall pay to the Company an amount of cash equal to the Net Retained Liabilities Cash Adjustment within five Business Days after the Net Retained Liabilities Cash Adjustment is finalized pursuant to Section 10.2, together with an
amount of interest on such payment at the Applicable Rate (as such term is defined in the Stock Purchase Agreement) calculated on the basis of a 360-day year for the actual number of days elapsed, accrued from the Effective Date until, but not
including, the date of payment. If the Net Retained Liabilities Cash Adjustment is negative, then the Company shall pay to the Reinsurer an amount of cash equal to the absolute value of the Net Retained Liabilities Cash Adjustment within five
Business Days after the Net Retained Liabilities Cash Adjustment is finalized pursuant to Section 10.2, together with an amount of interest on such payment at the Applicable Rate (as such term is defined in the Stock Purchase Agreement) calculated
on the basis of a 360-day year for the actual number of days elapsed, accrued from the Effective Date until, but not including, the date of payment. 

Section 1.4 Net Retained Liabilities. The Company and the Reinsurer will cooperate to obtain all waivers and consents
necessary in order to reinsure 100% of the 

  
 7 

 
Net Retained Liabilities under this Agreement. The Company and the Reinsurer shall use their reasonable best efforts to obtain any such waivers and consents (it being understood that the
Reinsurer’s executive officers directly responsible for the Life Reinsurer’s relationships with reinsurers shall, to the extent reasonably appropriate, be personally engaged in that process) and promptly advise the other Party of any
communications with respect to any such waivers and consents. All correspondence from either the Company or the Reinsurer to any Person from whom such a waiver or consent is sought shall be in a form approved by the other Party; provided that
any such approval by the Company shall not be unreasonably withheld, conditioned or delayed. At the Reinsurer’s instruction and expense, the Company shall effect any such action with respect to such waivers and consents as the Reinsurer shall
reasonably request, including sending correspondence requesting such waivers and consents in a form approved by the Reinsurer; provided, however, that the Reinsurer shall indemnify and hold harmless the Company for Losses arising out
of any such action so requested by the Reinsurer. To the extent that after the Effective Time, any such waivers or consents are obtained to reinsure a Net Retained Liability under the terms of this Agreement or the Parties otherwise agree that any
such waivers or consents shall not be required as a condition to coverage hereunder, then the liability and obligation pertaining to such Policy shall no longer be deemed a Net Retained Liability for purposes of this Agreement and the liability and
obligation pertaining to such Policy shall be reinsured hereunder effective as of the date of such consent, waiver or agreement by the Parties, as applicable. In addition, with respect to any such waiver or consent that is obtained after the
Net Retained Liabilities True-Up Date, (i) the Company shall pay the Reinsurer an amount of cash equal to the Net Retained Liability Reserve Transfer Amount with respect to such Net Retained Liability for which waiver or consent was obtained and
(ii) the Reinsurer shall pay the Company an amount of cash equal to the Net Retained Liability Ceding Commission Amount with respect to such Net Retained Liability for which waiver or consent was obtained. For the avoidance of doubt, prior to
obtaining any such required consents or waivers, the portion of each Policy from which Net Retained Liabilities arise shall not be deemed to constitute a Reinsured Policy for purposes of this Agreement; provided that the Reinsurer shall
provide administrative services with respect to any Net Retained Liabilities (and the associated Policies) pursuant to the Administrative Services Agreement. 

Section 1.5 Producer Payments. The Reinsurer hereby assumes the liability of the Company and agrees that is shall be
financially responsible for Producer Payments due in respect of premiums collected and received. The Company hereby designates the Reinsurer as “paying agent” to make such Producer Payments directly to the applicable Producers from
and after the Effective Date. The Company shall act at the Reinsurer’s written direction and cost to exercise all rights of the Company relating to the Reinsured Policies under the terms of the Producer Agreements, including, without
limitation, any rights to suspend or terminate Producer Payments to such Producers for any reason or cause set forth in the Producer Agreements, and the Company hereby transfers and 

  
 8 

 
assigns to the Reinsurer all of its rights under such Producer Agreements, but in each case only to the extent such rights thereunder relate to the Reinsured Policies; provided,
however, that the Reinsurer shall indemnify and hold harmless the Company for Losses arising out of any such action so requested by the Reinsurer. 

Section 1.6 Guaranty Fund Assessments and Premium Taxes. 

(a) Guaranty Funds Assessments. In the event the Company is required to pay an assessment on or after the Effective Date in
respect of the Reinsured Policies to any insurance guaranty, insolvency or other similar fund maintained by any jurisdiction, the portion, if any, of such assessment that relates to such Reinsured Policies shall be reimbursed by the Reinsurer. 

(b) Premium Taxes. The Reinsurer shall pay to the Company a provision for premium taxes and other charges, fees, taxes and
assessments, including retaliatory taxes (collectively, “Premium Taxes”), incurred on or after the Effective Date in connection with premiums written or received under the Reinsured Policies. The provision for Premium Taxes shall be
estimated at 2.5% of premiums received under the Reinsured Policies, as calculated on a monthly basis, and shall be paid by the Reinsurer to the Company as part of the monthly settlement pursuant to Section 6.4 and adjusted annually to an actual
rate for each year as part of the monthly settlement pursuant to Section 6.4 for the second calendar month of the following year, with such monthly settlement to reflect the difference between actual Premium Taxes in respect of the Reinsured
Policies (after giving effect to any offsets for guaranty fund assessments reimbursed by the Reinsurer pursuant to Section 1.6(a)) and estimated Premium Taxes. 

Section 1.7 Other Reinsurance. This Agreement is written on a “gross” basis and thus the costs and benefits of Other
Reinsurance inuring on the Reinsured Policies are intended to be borne by the Reinsurer. Other Reinsurance with respect to the Reinsured Policies shall be deemed to be inuring to the Reinsurer’s benefit for all purposes of this Agreement and
shall be accounted for herein such that Reinsurer participates in the Reinsurer’s Share of any premiums, benefits, recoveries, ceding or expense allowances, other allowances and other adjustments as such amounts and such risks are paid,
received or otherwise collected by the Company with respect to such Other Reinsurance, it being understood that the Reinsurer shall bear all risk of collecting third party reinsurance. Risks under the terms of any agreement of Other Reinsurance
as shall be terminated or recaptured with the Reinsurer’s consent shall be ceded automatically hereunder to the Reinsurer without any further action required subject to the receipt by Reinsurer of its proportional Reinsurer’s Share of any
reserve transfer or similar transfer or settlement amount received by the Company from the applicable third party reinsurer. The Reinsurer shall pay any resulting special transfer or recapture fee incurred by the Company. The Company
covenants that absent the specific prior written consent of the Reinsurer, the Company shall enter into no further reinsurance cession with respect to any of the Reinsured Policies. 

  
 9 

 Section 1.8 Policy Changes and Non-Guaranteed Elements. 

(a) Policy Changes. The Company agrees that it shall not make any changes in the provisions and conditions of a Reinsured
Policy or an Assumed Reinsurance Agreement except with the Reinsurer’s prior written consent or to the extent that any change to the terms of any Reinsured Policy is required by applicable Law, in which case the Company shall consult with the
Reinsurer as to any such change. 
 (b) Non-Guaranteed Elements. The Company shall establish cost of insurance charges,
loads and expense charges, credited interest rates, mortality and expense charges, administrative expense risk charges, and policyholder dividends, as applicable, under the Policies (“Non-Guaranteed Elements”), taking into account
the recommendations of the Reinsurer with respect thereto. The Reinsurer may, from time to time, make recommendations to the Company with respect to Non-Guaranteed Elements so long as the recommendations comply with the written terms of the
Policies, applicable Law and Actuarial Standards of Practice promulgated by the Actuarial Standard Board governing redetermination of non-guaranteed charges. The Company shall fully consider any such recommendations and act reasonably and in
good faith in determining whether any such recommendations be accepted and shall not unreasonably delay implementation of any accepted recommendations more than ten Business Days after such recommendations are provided in writing; provided,
however, that the Reinsurer shall indemnify and hold harmless the Company for Losses arising out of the Company’s acceptance and implementation of the Reinsurer’s recommendations. Notwithstanding the foregoing, the Company
shall establish Non-Guaranteed Elements only in a manner no less favorable to policyholders than those that would have been provided based on the Company’s documented procedures in effect on the Effective Date or, in the absence of such
documented procedures, in a manner no less favorable to policyholders than those that would have been provided based on the historical practices employed by the Company in establishing Non-Guaranteed Elements in respect of the Policies. 

Section 1.9 Ownership of Premiums. Payment of Premiums to the Reinsurer, as Administrator pursuant to the Administrative
Services Agreement, by or on behalf of a policyholder shall be deemed received by the Company. All monies, checks, drafts, money orders, postal notes and other instruments that may be received after the Effective Date by the Company for
premiums, fees or other payments on or in respect of the Reinsured Policies shall be held in trust by the Company for the benefit of the Reinsurer and shall be immediately transferred and delivered to the Reinsurer, and any such instruments when so
delivered shall bear all endorsements required to effect the transfer of same to the Reinsurer. The Reinsurer is hereby authorized to endorse for payment to the Reinsurer any such checks, drafts, money orders and other instruments pertaining to

  
 10 

 
the Reinsured Policies that are payable to, or to the order of, the Company and received by the Reinsurer under this Agreement. As between the Parties, the Reinsurer shall be deemed owner of
all such payments. 
 Section 1.10 Security Interest. 

(a) The Parties intend the Company’s assignment pursuant to the last sentence of Section 1.3(a)(i) to be a present assignment of all of
the Company’s rights, title and interest and not an assignment as collateral. However, to the extent that such assignment is not recognized as a present assignment, is not valid or is recharacterized as a pledge rather than a lawful
conveyance to the Reinsurer, the Company does hereby grant, bargain, sell, convey, assign and otherwise pledge to the Reinsurer, all of the Company’s right, title and interest, if any (legal, equitable or otherwise) to all Premiums, fees and
other payments due or made after the Effective Date under the Reinsured Policies (and any lockbox or account set up for the receipt of said Premiums, fees and other payments after the Effective Date) (the “Collateral”) to secure all
of the Company’s obligations under this Agreement. 
 (b) Upon the failure of the Company to fully perform any of its material
obligations under this Agreement, which failure is not caused by the Reinsurer as Administrator and remains uncured ten days after written notice thereof is received by the Company, the Reinsurer shall have, in addition to all other rights under
this Agreement or under applicable Law, the following rights: 
 (i) the right to exercise all rights and remedies granted a
secured party under the Uniform Commercial Code, as said code has been enacted in the State of South Carolina, the State of Tennessee, the State of Alabama, or any other applicable jurisdiction (the “UCC”), as though all the
Collateral constituted property subject to a security interest under Article 9 thereof; 
 (ii) the right to set off; 

(iii) the right to intercept and retain monies and property in any lockbox and otherwise; 

(iv) without giving rise to any right to double recovery under this Section 1.10 and Section 11.2, the right to reasonable
attorneys’ fees incurred in connection with the enforcement of this Agreement or in connection with disposition of the Collateral; and 

(v) the right to dispose of the Collateral, subject to commercial reasonableness. 

  
 11 

 (c) This Section 1.10 is being included in this Agreement to ensure that, if an insolvency
or other court determines that, notwithstanding the provisions of this Agreement, including Section 1.1, Section 1.2, Section 1.3, Section 1.9, Section 6.4 and Section 11.1, and the intent of this Agreement, the Company retained ownership of or any
rights in the Collateral, the Reinsurer’s rights to the Collateral are protected with a first priority, perfected security interest, and it is the intent of the Parties that this Section 1.10 be interpreted as such. 

(d) Nothing contained herein shall be construed to support the conclusion that the Company will retain any ownership of or any rights in the
Collateral after the Effective Time or to support the conclusion that the Reinsurer does not acquire full ownership thereof as of the Effective Time. 

(e) The Company shall execute and deliver and the Reinsurer is authorized to execute and deliver any and all financing statements reasonably
requested by the Reinsurer to the extent that it may appear appropriate to the Reinsurer to file such financing statements in order to perfect the Reinsurer’s title under Article 9 of the UCC to any and all Premiums and any and all other
Collateral and the Company shall do such further acts and things as Reinsurer may request in order that the security interest granted hereunder may be maintained as a first perfected security interest. 

ARTICLE II 
 REINSURANCE LIABILITY

 Section 2.1 Reinsurance Liability. The reinsurance by Reinsurer of the Reinsured Policies is subject to the same rates,
conditions, limitations and restrictions as the insurance under the Reinsured Policies written by the Company on which the reinsurance is based. The liability of Reinsurer hereunder on the terms described herein begins on the Effective Date
and, subject to Article IX hereof, the liability of Reinsurer on any Reinsured Policy will terminate as and when all liability of the Company with respect to such Reinsured Policy terminates. 

Section 2.2 Other Reinsurance. 

(a) The Company agrees that other than as provided expressly in this Agreement, it shall take any actions reasonably requested by the
Reinsurer to maintain in full force and effect each of the Other Reinsurance Agreements and to perform fully each of its obligations thereunder. The Company may not modify, amend or terminate any Other Reinsurance Agreement or waive any of its
rights under any such agreement without the Reinsurer’s prior written consent and shall fully enforce, at the expense of the Reinsurer, all of its rights thereunder, including, without limitation, at the Reinsurer’s request, requiring the
collateralization by the third party reinsurer of reserve balances and other amounts thereunder. With the Reinsurer’s consent, the Company may exercise any right 

  
 12 

 
it may have to recapture risks ceded thereby under any of the Other Reinsurance Agreements or to otherwise terminate any such agreement and shall, at the Reinsurer’s instruction and expense,
effect any such action with respect to the management or administration of the Other Reinsurance as the Reinsurer shall reasonably request, including, without limitation, termination or recapture, as may be available under or with respect to the
terms of any Other Reinsurance Agreement; provided, however, that the Reinsurer shall indemnify and hold harmless the Company for Losses arising out of any such action so requested by the Reinsurer. The Company agrees that it
shall, at the direction of the Reinsurer, pursue commercially reasonable management and collection efforts with respect to the Other Reinsurance and, in general, will cooperate with the Reinsurer in the management of the Other Reinsurance. 

(b) Following the Effective Date, at the Reinsurer’s request and expense, the Company shall cooperate with the Reinsurer and use its
reasonable best efforts to novate any Other Reinsurance from the Company to the Reinsurer or a designated Affiliate of the Reinsurer. The Company shall promptly advise the Reinsurer of any communications with respect to any such proposed
novation. All correspondence from either the Company or the Reinsurer to any reinsurer under Other Reinsurance in connection with any such proposed novation shall be in a form approved by the other Party; provided that any such approval
shall not be unreasonably withheld, conditioned or delayed. At the Reinsurer’s instruction and expense, the Company shall effect any such action with respect to any such proposed novation as Reinsurer shall reasonably request, including
sending correspondence requesting that an Other Reinsurance Agreement be novated to the Reinsurer or a designated Affiliate of the Reinsurer in a form approved by the Reinsurer; provided, however, that the Reinsurer shall indemnify and
hold harmless the Company for Losses arising out of any such action so requested by Reinsurer. For the avoidance of doubt, the Seller shall not be obligated to take any action or cause the Company to take any action in connection with this
Section 2.2(b). 
 (c) The recoverability of the Other Reinsurance from reinsurers shall be at the risk of and for the account of the
Reinsurer. Notwithstanding anything in this Agreement to the contrary, the Company shall have no obligation to pursue any claims it may have for indemnification to which it may be entitled in connection with the Other Reinsurance unless
requested to do so by the Reinsurer and at the expense of the Reinsurer. In no event shall any such right to indemnification reduce the Reinsurer’s responsibility for the risk of all Other Reinsurance. 

Section 2.3 Disclaimer. The Company has no duty of utmost good faith or other similar duty of disclosure in connection with
the cession of liabilities from the Company to the Reinsurer as of the Effective Time, which the Company expressly disclaims, and makes no representations or warranties to the Reinsurer in connection with the cession of liabilities from the Company
and the Reinsurer as of the Effective Time, other than those expressly contained in this Agreement; provided, however, that the Reinsurer reserves all 

  
 13 

 
of its rights and remedies in respect of any such duty of utmost good faith or other similar duty of disclosure of the Company arising after the Effective Time to the extent information relating
to the liabilities reinsured hereunder has not been disclosed, or is not otherwise available, to the Reinsurer, including in its capacity as Administrator, or any of its designees or agents. 

ARTICLE III 
 CERTAIN FINANCIAL
PROVISIONS 
 Section 3.1 Provision of Security by the Reinsurer. 

(a) On the Effective Date, the Reinsurer shall establish and fund with an amount of cash and assets having a Statutory Book Value equal
to the Required Balance calculated by the Reinsurer as of the Effective Date a trust account (the “Trust Account”) with a Qualified United States Financial Institution unaffiliated with the Reinsurer and the Company and which is
reasonably acceptable to the Reinsurer and the Company (the “Trustee”) at the sole cost and expense of the Reinsurer naming the Company as sole beneficiary until such time as a Trust Account is no longer required pursuant to Section
3.1(b) and shall enter into the Trust Agreement to provide security for the payment of amounts due the Company under this Agreement. The Reinsurer shall transfer or pay into the Trust Account, and shall thereafter maintain in the Trust Account,
until such time as a Trust Account is no longer required pursuant to Section 3.1(b), cash and assets managed by the Reinsurer in accordance with guidelines (including concentration limits, applied on a percentage of assets basis rather than a
percentage of capital basis) applied by the Reinsurer generally for its own general investments supporting insurance liabilities having a Statutory Book Value determined in good faith by Reinsurer on a quarterly basis to be not less than the
Required Balance. In lieu of entering into the Trust Agreement and establishing and funding the Trust Account in the manner set forth in this Section 3.1, Reinsurer may instead, with the Company’s consent (which consent shall not be
unreasonably withheld or delayed), elect to provide to the Company substantially equivalent security as would be provided by the Trust Account such as by providing unconditional letters of credit, performance guarantees or other similar
collateralization. 
 (b) For purposes of this Agreement, the term “Required Balance”, as of any date of
determination, means an amount equal to the Reinsurer’s Share of the Statutory Reserves which would be appropriately held by the Company with respect to the Reinsured Policies as of such date of determination assuming such Statutory Reserves
are gross of any statutory reserve credit taken by the Company for this Agreement and calculated in accordance with SAP, reduced by credit for reinsurance taken by the Reinsurer in respect of Financed Amounts as of such date of determination and net
of the Reinsurer’s Share of (1) policy loan balances on the Reinsured Policies as of such date of determination and (2) net due and deferred Premiums on the Reinsured Policies as of such date of determination, in each case determined in
accordance with SAP, consistently 

  
 14 

 
applied. The Required Balance and the Statutory Book Value of any assets held in the Trust Account shall be calculated by the Reinsurer as of the last day of each calendar quarter, and the
Reinsurer shall provide a certification with respect to such valuation, including the calculation of the aggregate Statutory Book Value of the assets, to the Company and the Trustee within thirty days after the end of such quarter. If the amount of
cash plus the Statutory Book Value of assets held in the Trust Account as of any quarter end is less than the Required Balance as of such quarter end, the Reinsurer shall within ten Business Days after such determination is made make such further
deposits to the Trust Account as are required in order to restore the Required Balance as of such quarter end. If the amount of cash plus the Statutory Book Value of assets held in the Trust Account as of any quarter end is greater than the Required
Balance as of such quarter end, the Reinsurer may provide notice to the Company of its desire to withdraw assets from the Trust Account, specifying the amount and type of assets to be withdrawn. Within five Business Days following its delivery of
such notice to the Company, the Reinsurer may withdraw such assets from the Trust Account in excess of the amount necessary to maintain such Required Balance as of the applicable quarter end. Any disputes by the Company of the valuation of any asset
deposited in the Trust Account pursuant to this Section 3.1 shall be resolved in accordance with Section 10.3. Upon resolution of any such dispute in accordance with Section 10.3, the Reinsurer shall cause to be deposited additional assets that
comply with Section 3.1(a) within two Business Days following such resolution or may withdraw assets from the Trust Account in accordance with this Section 3.1(b), such that following any such deposit or withdrawal, the amount of cash plus the
Statutory Book Value of the assets held in the Trust Account is sufficient to maintain the Required Balance as of the applicable quarter end. Unless otherwise agreed upon in writing by the Company, the Reinsurer shall maintain such Trust Account
until all obligations of the Reinsurer under this Agreement have been fully satisfied, as determined by the Company in its sole reasonable discretion. Notwithstanding the foregoing, the Reinsurer may terminate the Trust Agreement and close the Trust
Account at any time when the Required Balance as of the end of any calendar quarter is less than 10% of the sum of the capital and surplus of the Reinsurer plus the asset valuation reserve of the Reinsurer, in each case as determined in
accordance with the statutory accounting principles and practices prescribed by the Reinsurer’s state of domicile as of such quarter end. 

(c) The Company and the Reinsurer agree that the assets maintained in the Trust Account may be withdrawn by the Company only after a
default by Reinsurer in the performance of its monetary obligations hereunder, which default has not been cured by the Reinsurer within ten days following its receipt of a specific written notice thereof delivered by the Company, and solely to the
extent required to cure such default and, notwithstanding any other provision of this Agreement, shall be utilized and applied by the Company or any successor by operation of law, including, without limitation, any liquidator, rehabilitator,
receiver or conservator of the Company, without diminution because of insolvency on the part of the Company or the Reinsurer, only to pay amounts 

  
 15 

 
then due to the Company under this Agreement. The amount of any such withdrawal in excess of amounts then due to Company hereunder shall be deemed maintained in constructive trust for the
benefit of Reinsurer and promptly returned to the Reinsurer. Notwithstanding the foregoing, upon prior written notice to the Company, the Reinsurer shall have the right to withdraw all or any part of the cash and assets maintained in the Trust
Account provided that the Reinsurer shall, at the time of such withdrawal, replace the withdrawn assets with cash or other qualified assets having a Statutory Book Value equal to the Statutory Book Value of the assets and the amount of cash
withdrawn so as to maintain at all times the deposit in the Required Balance. 
 (d) With respect to transfer of any Transferred Assets
to the Trust Account, the Reinsurer will hold valid title to all such Transferred Assets free and clear of all Encumbrances, other than Permitted Encumbrances and interests of nominees, custodians or similar intermediaries. As of the date of
the transfer of any assets to the Trust Account after the Effective Date, the Reinsurer will have good and marketable title, free and clear of any liens, to all such assets transferred by it to the Trust Account, all assets transferred by the
Reinsurer after the Effective Date to the Trust Account shall be transferred free and clear of any liens or other encumbrances and the Reinsurer will not create, incur, assume or permit any lien or other encumbrance on any of the assets held in the
Trust Account, or on any interest therein or on any of the proceeds thereof. 
 (e) The Reinsurer shall notify the Company in writing
of any payment default occurring as to any asset in the Trust Account within five Business Days after the Reinsurer receives notice of such default. In the event the Reinsurer determines that a delinquency of a timely payment in regard to any
of the assets in the Trust Account has occurred, the Reinsurer shall inform the Company of such delinquency promptly upon such determination. 

(f) Notwithstanding the forgoing, in the event the Reinsurer’s RBC Ratio is less than 125%, the Reinsurer shall fund the Trust
Account with an amount of cash and assets having a fair market value equal to the Required Balance, and all references to “Statutory Book Value” in this Section 3.1 shall be deemed to be references to “fair market value.” 

Section 3.2 Credit for Reinsurance. At all times during the term of this Agreement, the Reinsurer agrees that it (a) shall
hold and maintain all licenses, permits and authorities required under applicable laws to perform its obligations hereunder or (b) establish and maintain security in the form of letters of credit, assets held in a reinsurance trust or a combination
thereof at its sole expense in a manner that meets all applicable Laws regarding credit for reinsurance, in each case as necessary to enable the Company to receive statutory reserve credit in all jurisdictions where it is licensed as an insurer
unless otherwise mutually agreed by the Parties. 

  
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 Section 3.3 Conversion to Assumption Reinsurance. 

(a) If the Company’s RBC Ratio is less than 125% or the Company’s A.M. Best insurer financial strength rating is downgraded
below A, the Company agrees that the Reinsurer shall have the right, at its option and expense, to assume on a novation basis the Reinsured Policies, subject to receipt by the Company and the Reinsurer of all required approvals of Governmental or
Regulatory Authorities and any required policyholder approvals. 
 (b) In the event that the Reinsurer elects to effect such an
assumption, at the direction and expense of the Reinsurer, the Parties shall cooperate fully with each other (i) in complying with requirements of Governmental or Regulatory Authorities and responding to regulatory inquiries associated with
assumption of the Reinsured Policies; (ii) in giving notice to policyholders of the assumed Reinsured Policies of the assumption as required by applicable Law; (iii) in obtaining, as required by applicable Law, the consent of policyholders of the
assumed Reinsured Policies to the assumption; and (iv) in all other reasonable respects in order to accomplish the objectives of the assumption provided, however, that the Reinsurer shall indemnify and hold harmless the Company for
Losses arising out of any action taken by the Company pursuant to this Section 3.3(b). 
 Section 3.4 RBC Reports. Within
five Business Days of the submission by the Company and the Reinsurer to the insurance department of its domiciliary state of a report of its risk-based capital levels as of the end of the previous calendar year, each of the Company and the
Reinsurer shall provide to the other written certification of such Party’s RBC Ratio as of the end of such calendar year. In the event that one Party has a good faith basis to believe that there has been a material deterioration in the
other Party’s RBC Ratio as of the end of any calendar quarter, such Party may request, and the other Party shall deliver to the requesting Party as promptly as practicable, a report of such Party’s RBC Ratio as of the end of such calendar
quarter, as estimated in good faith by such Party. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

Section 4.1 Representations and Warranties of Reinsurer. Reinsurer hereby represents and warrants to the Company as of the
Effective Date: 
 (a) Organization, Standing and Authority. The Reinsurer is a corporation duly organized and validly
existing under the laws of the State of Tennessee and has all requisite power and authority to own, lease and operate its assets, properties and business and to carry on the operations of its business as they are now being conducted, except where
the failure to have such authority would not, individually or in the aggregate, reasonably be expected to have a material adverse effect. The Reinsurer is duly qualified to do business as a foreign corporation and is in good standing in each
jurisdiction where such qualification is necessary, except for those jurisdictions where the failure to be so 

  
 17 

 
qualified would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement.

 (b) Authorization. The Reinsurer has all requisite corporate power and authority to execute, deliver and perform its
obligations under this Agreement. This Agreement has been duly executed and delivered by the Reinsurer, and, subject to the due execution and delivery by the Company, this Agreement is valid and the binding obligations of the Reinsurer,
enforceable against the Reinsurer in accordance with its terms, subject to (i) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other similar laws now or hereafter in effect relating to or affecting the rights of creditors
of insurance companies or creditor’s rights generally and (ii) general principles of equity (regardless of whether considered in a proceeding at law or in equity). 

(c) Actions and Proceedings. There are no outstanding orders, decrees or judgments by or with any Governmental or Regulatory
Authority applicable to the Reinsurer or its properties or assets that, individually or in the aggregate, have a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement. There are no actions,
suits, arbitrations or legal, administrative or other proceedings pending or, to the knowledge of the Reinsurer, threatened against, at law or in equity, or before or by any Governmental or Regulatory Authority or before any arbitrator of any kind
which would, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement. 

(d) No Conflict or Violation. The execution, delivery and performance by the Reinsurer of this Agreement and the consummation
of the transactions contemplated hereby in accordance with the terms and conditions hereof will not: (i) violate any provision of the charter, bylaws or other organizational document of Reinsurer, (ii) violate, conflict with or result in the breach
of any of the terms of, result in any modification of the effect of, otherwise give any other contracting party the right to terminate or constitute (or with notice or lapse of time or both, constitute) a default under, any contract to which the
Reinsurer is a party or by or to which its properties may be bound or subject, (iii) violate any order, judgment, injunction, award or decree of any arbitrator or Governmental or Regulatory Authority, or any agreement with, or condition imposed by,
any arbitrator or Governmental or Regulatory Authority, binding upon, the Reinsurer, (iv) violate any applicable Law or (v) result in a breach or violation of any of the terms or conditions of, constitute a default under, or otherwise cause an
impairment of, any license or authorization related to the Reinsurer’s business or necessary to enable the Reinsurer to perform its obligations under this Agreement, except for any such violations, conflicts or breaches which would not
individually or in the aggregate reasonably be expected to have a material adverse effect on the Reinsurer’s ability to perform its obligations under this Agreement. 

  
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 (e) Brokers and Financial Advisers. No broker, finder or financial adviser has
acted directly or indirectly as such for, or is entitled to any compensation from, the Reinsurer in connection with this Agreement or the transactions contemplated hereby. 

(f) Independent Investigation. The Reinsurer has (i) performed its own independent investigation of the Policies and the
Other Reinsurance Agreements and (ii) had the opportunity to ask questions and receive information from Seller concerning the Policies and the Other Reinsurance Agreements and the Reinsurer has obtained sufficient information from Seller to evaluate
the relative risks and benefits of, and made its own analysis as it deemed necessary in order for it to make a determination concerning, entering into the reinsurance transaction contemplated hereby. 

Section 4.2 Representations and Warranties of the Company. The Company hereby represents and warrants to Reinsurer as of the
Effective Date: 
 (a) Organization, Standing and Authority. The Company is a corporation duly organized and validly
existing under the laws of the State of South Carolina and has all requisite power and authority to own, lease and operate its assets, properties and business and to carry on the operations of its business as they are now being conducted, except
where the failure to have such authority would not, individually or in the aggregate, reasonably be expected to have a material adverse effect. The Company is duly qualified to do business as a foreign corporation and is in good standing in
each jurisdiction where such qualification is necessary, except for those jurisdictions where the failure to be so qualified would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the Company’s
ability to perform its obligations under this Agreement. 
 (b) Authorization. The Company has all requisite corporate
power and authority to execute, deliver and perform its obligations under this Agreement. This Agreement has been duly executed and delivered by the Company, and, subject to the due execution and delivery by Reinsurer, this Agreement is valid
and the binding obligations of the Company, enforceable against the Company in accordance with its terms, subject to (i) bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium and other similar laws now or hereafter in effect
relating to or affecting the rights of creditors of insurance companies or creditor’s rights generally and (ii) general principles of equity (regardless of whether considered in a proceeding at law or in equity). 

(c) Actions and Proceedings. There are no outstanding orders, decrees or judgments by or with any Governmental or Regulatory
Authority applicable to the Company or its properties or assets that, individually or in the aggregate, have a material adverse effect on the Company’s ability to perform its obligations under this Agreement. There are no actions, suits,
arbitrations or legal, administrative or other proceedings pending or, to the knowledge of the Company, threatened against, at law or in equity, or 

  
 19 

 
before or by any Governmental or Regulatory Authority or before any arbitrator of any kind which would, individually or in the aggregate, reasonably be expected to have a material adverse effect
on the Company’s ability to perform its obligations under this Agreement. 
 (d) No Conflict or Violation. The
execution, delivery and performance by the Company of this Agreement and the consummation of the transactions contemplated hereby in accordance with the terms and conditions hereof will not: (i) violate any provision of the charter, bylaws or other
organizational document of the Company, (ii) violate, conflict with or result in the breach of any of the terms of, result in any modification of the effect of, otherwise give any other contracting party the right to terminate or constitute (or with
notice or lapse of time or both, constitute) a default under, any contract to which the Company is a party or by or to which its properties may be bound or subject, (iii) violate any order, judgment, injunction, award or decree of any arbitrator or
Governmental or Regulatory Authority, or any agreement with, or condition imposed by, any arbitrator or Governmental or Regulatory Authority, binding upon, the Company, (iv) violate any applicable Law or (v) result in a breach or violation of any of
the terms or conditions of, constitute a default under, or otherwise cause an impairment of, any license or authorization related to the Company’s business or necessary to enable the Company to perform its obligations under this Agreement,
except for any such violations, conflicts or breaches which would not individually or in the aggregate reasonably be expected to have a material adverse effect on the Company’s ability to perform its obligations under this Agreement. 

(e) Brokers and Financial Advisers. No broker, finder or financial adviser has acted directly or indirectly as such for, or
is entitled to any compensation from, the Company in connection with this Agreement or the transactions contemplated hereby. 
 ARTICLE V

 PLAN OF REINSURANCE 
 Section
5.1 Plan. Reinsurance under this Agreement is on a 100% coinsurance basis and is subject to the terms and conditions of the original policy forms for the Reinsured Policies, and any amendments thereto in effect as of the Effective
Date. 
 Section 5.2 Follow the Fortunes. The Reinsurer’s liability under this Agreement shall commence on the
Effective Date, and all reinsurance with respect to which the Reinsurer shall be liable by virtue of this Agreement shall be subject in all respects to the same risks, terms, rates, conditions, interpretations, assessments, waivers, proportion of
premiums paid to, and reinsurance recoveries benefiting, the Company with respect to the Reinsured Liabilities and the Reinsured Policies, the true intent of this Agreement being that the Reinsurer shall follow the fortunes of the Company with
respect to the Reinsured Liabilities and Reinsured Policies. 

  
 20 

 Section 5.3 Reductions and Terminations. Reinsurance amounts are calculated in
terms of coverages on a “per policy” basis. If the coverage of any Reinsured Policy on an insured is reduced or terminated, reinsurance under this Agreement on such Reinsured Policy will be equally reduced or terminated. 

Section 5.4 Reinstatements. Reinsured Policies ceded under this Agreement shall include any Policy that is reduced,
terminated, lapsed or surrendered, and later reinstated pursuant to its policy provisions and will be reinsured by the Reinsurer in accordance with the terms of this Agreement. The Reinsurer will retain any Premiums and interest that the
Company has received for reinstatement in respect of periods on or after the Effective Date. A terminated Policy that would have been a Reinsured Policy had it been in force at the Effective Time, that later reinstates pursuant to its policy
provisions, will be reinsured by the Reinsurer and become a Reinsured Policy. The Reinsurer will be entitled to retain any Premiums and interest for coverage on or after the Effective Date that is received for such reinstatement, and the
Company will transfer to the Reinsurer the amount of reserves for such reinstated Reinsured Policy calculated as of the Effective Date. The date of reinsurance for such reinstated Reinsured Policies shall be the Effective Date. 

Section 5.5 Contractual Conversions; Internal Replacement. 

(a) Any conversion, exchange or replacement policy or contract arising from the Reinsured Policies shall be deemed to constitute a
Reinsured Policy for purposes of this Agreement and, in the event of a conversion, exchange or replacement of any Reinsured Policy, the Reinsurer shall reinsure the risk resulting from such conversion on the basis set forth hereby with respect to
the Reinsured Policies; provided, however, that the Reinsurer shall not be required to pay any additional ceding commission with respect to any such converted, exchanged or replacement policy or contract. The Reinsurer will
reimburse the Company for any expenses incurred in issuing a converted, exchanged or replacement policy or contract. 
 (b) Absent the
Reinsurer’s prior written consent in its sole discretion, the Company will not solicit owners, beneficiaries or policyholders in connection with, or sponsor or assist, directly or indirectly, in the conduct of, (and will cause each of its
Affiliates to refrain from soliciting in connection with, and sponsoring or assisting, directly or indirectly, in the conduct of) any program of internal replacement under which the owners, beneficiaries or policyholders of Reinsured Policies are or
would be encouraged to exchange, or assisted in the exchange of, insurance or health policies or contracts for other insurance or heath policies or contracts that are not reinsured under this Agreement. Should the Company or its Affiliates or
any of their respective successors or assigns initiate such a program of internal replacement that would include any of the risks reinsured hereunder in violation of the preceding sentence, the Company will immediately notify the Reinsurer. For
each risk reinsured hereunder that has been 

  
 21 

 
replaced under a program of internal replacement, the Reinsurer shall have the option at its sole discretion of either treating the risks reinsured as recaptured on terms reasonably acceptable to
the Reinsurer or continuing reinsurance on the new policy under the terms of this Agreement without any additional ceding commission therefor. 

Section 5.6 New Policies. From and after the Effective Date, the Company shall issue in its name (a) new Policies issued or
reinstated pursuant to Section 5.4 or 5.5(a), (b) new Policies for which applications were received by the Company on or before the Effective Date utilizing the same policy forms and underwriting standards in use for the Policies prior to the
Effective Date and (c) new Policies for which applications were received by the Company through a Producer party to a Producer Agreement, including the Producer Agreements listed on Schedule 5.6, after the Effective Date but on or before the
effective date of termination of new production by such Producer utilizing the same policy forms and underwriting standard in use for the Policies prior to the Effective Date. In connection with the issuance of new Policies described in this
Section 5.6, the Reinsurer shall maintain the Company’s current rate and form filings with Governmental or Regulatory Authorities, make any required rate and form filings with Governmental or Regulatory Authorities in connection with any
changes in Company’s rates and forms for the Policies and use best efforts to obtain all regulatory approvals required by applicable Law and the Reinsurer shall reimburse the Company for expenses incurred by the Company in connection with such
issuance of new Policies (including any costs related to the actions described in this sentence). 
 ARTICLE VI 

ADMINISTRATION 
 Section
6.1 Administrative Services. The Parties hereby agree that the Policies and Other Reinsurance Agreements shall be administered by the Reinsurer in accordance with or as otherwise provided in the Administrative Services
Agreement.
 Section 6.2 Regulatory Matters. If the Company or the Reinsurer receive notice of, or otherwise become aware
of any inquiry, investigation, examination, audit or proceeding by Governmental or Regulatory Authorities relating to the Policies, the Company or the Reinsurer, as applicable, shall promptly notify the other Party thereof, whereupon the Parties
shall cooperate in good faith to resolve such matter in a mutually satisfactory manner and shall act reasonably in light of the Parties’ respective interests in the matter at issue. 

Section 6.3 Bank Accounts. During the term of this Agreement, the Reinsurer may establish and maintain accounts with banking
institutions with respect to the Reinsured Policies provided hereby (the “Bank Accounts”). To the extent such Bank Accounts are established, the Reinsurer shall have the exclusive authority over the Bank Accounts including, without
limitation, the exclusive authority to (a) open the Bank 

  
 22 

 
Accounts in the name of the Company, (b) designate the authorized signatories on the Bank Accounts, (c) issue drafts on and make deposits in the Bank Accounts in the name of the Company, (d) make
withdrawals from the Bank Accounts and (e) enter into agreements with respect to the Bank Accounts on behalf of the Company; provided, that in no event shall the Company be responsible for any fees, overdraft charges or other payments,
liabilities or obligations with respect to any such Bank Accounts. The Company shall do all things necessary to (x) enable and authorize the Reinsurer to use the Company’s existing lockboxes with respect to the Reinsured Policies and (y) to
enable the Reinsurer to open and maintain the Bank Accounts including, without limitation, executing and delivering such depository resolutions and other documents as may be requested from time to time by the banking institutions. The Company agrees
that without the Reinsurer’s prior written consent it shall not make any changes to the authorized signatories on the Bank Accounts nor attempt to withdraw any funds therefrom. 

Section 6.4 Net Settlements. For each Monthly Accounting Period the Parties will effect a settlements on a net basis (the
“Net Settlement”) as contemplated in Annex B hereto. The Reinsurer shall provide the Company with reports reflecting in detail the Net Settlement determinations contemplated in Annex B (a) in the case of the first
three Monthly Accounting Periods ending after the Effective Date, not later than twenty Business Days after the end of such Monthly Accounting Period and (b) in the case of all other Monthly Accounting Periods, not later than ten Business Days after
the end of each Monthly Accounting Period. If a Net Settlement report reflects a balance due the Company, the amount(s) shown as due shall be paid within ten Business Days of the delivery of the report. If (x) a Net Settlement report
reflects a balance due the Reinsurer and (y) the Company does not object to the report within ten Business Days of its delivery, the amount(s) shown as due shall be paid within ten Business Days after the date on which the report was
delivered. If there is a delayed settlement of any payment due hereunder, interest will accrue on such payment at the Applicable Rate. For purposes of this section, a payment will be considered overdue on the date which is ten Business
Days after the date such payment is due hereunder provided that such interest will begin to accrue from the original due date with respect to such payment. All settlements of account between the Company and the Reinsurer shall be made in cash
or its equivalent. 
 Section 6.5 Actuarial Reports. Each year in connection with the preparation of the Company’s
annual financial statements, the Reinsurer’s appointed actuary shall provide to the Company’s appointed actuary a certificate of reliance stating that in his opinion, the reserves and related actuarial values concerning the Reinsured
Policies: 
 (a) are computed in accordance with presently accepted actuarial standards consistently applied and are fairly stated, in
accordance with sound actuarial principles; 

  
 23 

 (b) are based on actuarial assumptions which produce reserves at least as great as those called
for in any contract provision as to reserve basis and method, and are in accordance with all other policy or contract provisions; 

(c) meet the requirements of the insurance laws and regulations of the Reinsurer’s state of domicile and, to the extent applicable
regulations of the Reinsurer’s state of domicile vary materially from the parallel requirements of the Company’s state of domicile, a good faith estimate of the effects of any such differences and a summary description of the
Reinsurer’s methodologies used in developing such estimations; and 
 (d) have been subjected to satisfactory asset adequacy
testing in accordance with applicable regulations. 
 Any certification provided pursuant to this Section 6.5 is not, and shall not be deemed to constitute,
any representation as to the ultimate adequacy or sufficiency of the reserves held by the Company in respect of the Reinsured Policies. 

ARTICLE VII 
 DAC TAX 

Section 7.1 DAC Tax Election. The Company and the Reinsurer hereby elect and agree under Treasury Regulations
Section 1.848-2(g)(8) as follows: 
 (a) The Company and the Reinsurer will each attach a schedule to its federal income tax
return for the first taxable year ending after the Effective Date that identifies this Agreement as a reinsurance agreement for which a joint election under Treasury Regulation Section 1.848-2(g)(8) has been made, and will otherwise file its
respective federal income tax returns in a manner consistent with the provisions of Treasury Regulation Section 1.848-2 as in effect on the date this Agreement is executed; 

(b) For each taxable year under this Agreement, the Party with the net positive consideration, as defined in the regulations promulgated
under Section 848 of the Code, will capitalize specified policy acquisition expenses with respect to this Agreement without regard to the general deductions limitation of Section 848(c)(1) of the Code; 

(c) The Company and the Reinsurer agree to exchange information pertaining to the amount of net consideration under this Agreement each
year to ensure consistency or as otherwise required by the Code and applicable Treasury Regulations; 
 (d) The first tax year for
which this election is effective is 2011; 
 (e) The Reinsurer will submit to the Company by May 15 each year its calculation of
the amount of the net consideration for the preceding calendar year. This schedule of calculations will be accompanied by a statement that the Reinsurer will report such amount of net consideration in its tax return for the preceding calendar year;

  
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 (f) The Company may contest such calculation by providing an alternative calculation to the
Reinsurer in writing within thirty days of the Company’s receipt of the Reinsurer’s calculation. If the Company does not so notify the Reinsurer, the Company will report the amount of net consideration as determined by the Reinsurer
in the Company’s tax return for the previous calendar year; 
 (g) If the Company contests the Reinsurer’s calculation of the
amount of net consideration, the Parties will act in good faith to reach an agreement as to the correct amount within thirty days of the date the Company submits its alternative calculation. 

Both the Company and the Reinsurer are subject to U.S. taxation under Subchapter L of Chapter 1 of the Code. 

ARTICLE VIII 
 INSOLVENCY 

Section 8.1 Insolvency. The amount recoverable by a liquidator of the Company from the Reinsurer may not be reduced as a
result of delinquency proceedings with respect to the Company. Payment made directly to an insured or other creditor does not diminish the Reinsurer’s obligation hereunder except: (1) where this Agreement specifically provides for another
payee of the reinsurance in the event of the insolvency of the ceding insurer; or (2) where the Reinsurer, with the consent of the direct insured, has assumed the policy obligations of the Company as direct obligations of the Reinsurer to the payees
under a Reinsured Policy and in substitution for the obligations of the Company to the payees. The reinsurance hereunder is payable under the Reinsured Policies reinsured by the Reinsurer on the basis of reported claims allowed in the
liquidation proceedings, subject to court approval, without diminution because of the insolvency of the Company. In the event of an insolvency of the Company, the domiciliary liquidator of the Company will give written notice to the Reinsurer
of the pendency of a claim against the Company on a Reinsured Policy reinsured hereunder within a reasonable time after the claim is filed in the liquidation proceeding. During the pendency of the claim, the Reinsurer may investigate the claim
and interpose, at its own expense in the proceeding where the claim is to be adjudicated, any defenses which it considers available to the Company or its liquidator. This expense is chargeable, subject to court approval, against the insolvent
Company as part of the expense of liquidation to the extent of a proportionate share of the benefit which may accrue to the Company solely as a result of the defense undertaken by the Reinsurer. Where two or more assuming insurers are involved
in the same claim and a majority in interest elect to interpose a defense to the claim, the expense must be apportioned in accordance with the terms of this Agreement as though the expense had been incurred by the Company. 

  
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 ARTICLE IX

TERMINATION 
 Section
9.1 Duration of Coinsurance; No Recapture. This Agreement will be effective as of the Effective Time. Subject to the provisions of this Article IX, this Agreement will remain in effect, and the reinsurance provided hereunder
will remain in force, until termination of the policy or policies on which the reinsurance is based in accordance with the terms of this Agreement. Except as provided in Section 9.3, the Reinsured Policies are not eligible for recapture by the
Company. 
 Section 9.2 Termination. This Agreement shall terminate: 

(a) at any time upon the mutual written consent of the Parties hereto, which writing shall state the effective date of termination; or

 (b) automatically at such time as no liability remains under this Agreement. 

Section 9.3 Termination by the Company. The Company, in its sole discretion, shall have the option to terminate this
Agreement upon the occurrence of any one of the following events: 
 (a) The Reinsurer is placed in receivership, conservatorship,
rehabilitation or liquidation by any insurance regulatory authority;
 (b)The Reinsurer breaches Section 3.1 or 3.2 and fails to cure such
breach by the earlier of (i) thirty days following receipt of written notice of such breach from the Company, or (ii) the last day of the calendar quarter in which such breach occurs; or

(c) In the event that the Reinsurer fails to pay any material amount due to the Company under this Agreement and (i) such amount is not
subject to a good faith dispute, (ii) the Company has exhausted all other remedies available to it under the terms of this Agreement and (iii) such failure is not cured within five Business Days following the Reinsurer’s receipt of written
notice of such failure from the Company. 
 Section 9.4 Settlement Upon Termination by the Company. Upon the termination of
this Agreement by the Company pursuant to Section 9.3, subject to payment by the Reinsurer of any amounts due to the Company pursuant to this Section 9.4 and the payment by the Company of any amounts due to the Reinsurer pursuant to this Section
9.4, the Company shall recapture all liabilities previously ceded to the Reinsurer, the Reinsurer’s liability under this Agreement will terminate (provided, that such termination shall not relieve any Party of any pre-termination breach of this
Agreement) and, subject to compliance by the Reinsurer with Section 7.3(b) of the Administrative Services Agreement, the Reinsurer shall be relieved of on-going responsibilities for servicing the Policies. The Company shall prepare a Net
Settlement 

  
 26 

 
report for the period commencing on the first day of the then-current calendar month and ending on the date this Agreement is terminated pursuant to Section 9.3. On the tenth Business Day
following the delivery of such Net Settlement report (a) the applicable Party shall pay any amounts due and owing by such Party on such Net Settlement report; (b) the Reinsurer shall transfer to the Company cash and assets with an aggregate Fair
Market Value equal to 100% of the amount equal to the sum of: (i) Reinsurer’s Share of the Statutory Reserves held by the Company with respect to the Reinsured Policies as of the date of termination, plus (ii) the Reinsurer’s Share
of the Interest Maintenance Reserve attributable to the transferred assets, minus (iii) the Reinsurer’s Share of the amount of outstanding policy loans on the Reinsured Policies (to the extent such policy loans constitute admitted assets
under SAP, net of any unearned policy loan interest on such loans but including amounts of interest due and accrued with respect thereto), minus (iv) the Reinsurer’s Share of net due and deferred Premiums on the Reinsured Policies
reduced by advances thereon, in each case determined by the Company in accordance with SAP, consistently applied as of the date of termination (the sum of (i) through (iv), the “Reinsurer Termination Payment”); and (c) the Company
shall pay to the Reinsurer cash equal to the sum of (i) 100% of the unamortized portion of the Ceding Commission, plus (ii) an amount equal to the amount of any cash and assets withdrawn by the Company or any successor by operation of law,
including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Company from the Trust Account prior to the date of termination, and not used to satisfy claims of policyholders under the Reinsured Policies prior to the
date of termination, or otherwise pay amounts due to the Company pursuant to this Agreement, in each case determined by the Reinsurer as of the date of termination (the sum of (i) and (ii), the “Company Termination
Payment”). Any dispute by either Party of the Company Termination Payment or the Reinsurer Termination Payment shall be resolved in accordance with Section 10.3. 

ARTICLE X 
 DISPUTE RESOLUTION 

Section 10.1 Arbitration. 

(a) Arbitration. Any dispute or other matter in question between the Reinsurer and the Company arising out of, or relating
to, the formation, interpretation, performance, or breach of this Agreement (other than disputes with respect to (i) calculations relating to DAC tax, which shall be resolved in accordance with Article VII hereof, (ii) calculations of the Initial
Coinsurance Premium, the Ceding Commission and the Net Retained Liabilities Cash Adjustment pursuant to Sections 1.3(a), 1.3(b) and 1.3(c), which shall be resolved in accordance with Section 10.2 hereof and (iii) calculations of other amounts that
are to be calculated or reported pursuant to this Agreement, which shall be resolved in accordance with Section 10.3 hereof), whether such dispute arises before or after termination of this Agreement, and whether in contract or in tort, shall be
settled by arbitration. 

  
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 (b) Good Faith Negotiation. The Reinsurer and the Company agree that, prior to
resorting to arbitration, they will negotiate diligently and in good faith, in an effort to resolve any dispute. Once a Party notifies the other of a dispute and invokes this paragraph, the Parties shall have sixty days (or such longer period
as they may agree) within which to negotiate a resolution. At the end of sixty days, either Party may initiate arbitration. 

(c) Initiation of Arbitration. To initiate arbitration, either the Reinsurer or the Company (the “Claimant”)
shall notify the other Party (the “Respondent”) in writing of its desire to arbitrate (the “Demand”). The Demand shall identify the nature of the dispute, the claims asserted and the relief sought. The
Demand shall be sent certified mail, with return receipt, or another service which produces a receipt. The arbitration will be deemed to have been commenced on the date the Demand is received by the Respondent. 

(d) Arbitration Panel. 

(i) Number and Qualification of Arbitrators. The arbitration will be conducted by a panel (the
“Panel”) consisting of three arbitrators who will each have no less than ten years of industry experience and who are (1) current or former officers of life insurance or life reinsurance companies other than the Parties to this
Agreement or their respective Affiliates or subsidiaries or (2) professionals with no less than twenty years of experience in or serving the life insurance or reinsurance industries. The arbitrators serving on the Panel shall not be under the
control of any Party, nor shall any member of the Panel have a financial interest in the outcome of the dispute. 

(ii) Selection of Arbitrators. Within thirty days following the commencement of the arbitration proceedings,
each Party will provide the other with the identification of their appointed arbitrator, and provide a copy of the arbitrator’s curriculum vitae. If either Party refuses or neglects to appoint an arbitrator within thirty days, the other Party
may appoint the second arbitrator to act as the appointed arbitrator for the defaulting Party. The Parties’ appointed arbitrators shall jointly appoint a third arbitrator (the “Umpire”). Each Party may consult, in
confidence, with the arbitrator they appointed concerning the appointment of an Umpire. If the two Party-appointed arbitrators fail to reach agreement on an Umpire within sixty days of their appointment, each Party shall exchange, within seven days
thereafter, six names of qualified individuals. Each Party will select three names from the list and notify the other Party as to its selection. Each Party will rank the six candidates in order of preference, and the individual with the
lowest total numerical ranking will 

  
 28 

 
act as Umpire. If the ranking results in a tie, the Parties will draw lots from the tied individuals, and the individual chosen by lot will act as Umpire. If either Party fails to act
in good faith within a reasonable period of time to complete these procedures, the non-defaulting Party will appoint the Umpire from its original candidate pool. The Umpire selected under this paragraph will not be advised as to which Party
initiated his or her selection. 
 (iii) Replacement. In the event any arbitrator fails, refuses, or becomes
unable to act as such before an award has been rendered, a successor shall be selected in the same manner as the original arbitrator. 

(e) Procedural Requirements. 

(i) Submission of Briefs. The Claimant and Respondent shall each submit initial briefs to the Panel outlining
the issues in dispute and the reasons for their respective positions within thirty days of the notice of the appointment of the Umpire. 

(ii) Standard of Review. Insofar as not in conflict with the express terms of this Agreement, it is the
intention of the parties that customs and practices of the life and reinsurance industries may be considered by the arbitrators in resolving any ambiguities inherent in this Agreement or its operation. In the absence of any such ambiguity, the
express terms of this Agreement will control. 
 (iii) Hearing Procedures. The arbitrators shall decide all
substantive and procedural issues by a majority of votes. As soon as possible following appointment, the arbitrators will meet and establish arbitration procedures as warranted by the facts and issues of the particular case. Except as
provided specifically in this Article X, the arbitrators shall have the power to determine all procedural rules of the arbitration, including, but not limited to inspection of documents, examination of witnesses, and any other matter related to the
conduct of the arbitration. Each Party may examine the witnesses who testify at the arbitration hearing. Each Party shall have the right to be represented by legal counsel. The arbitrator shall not be obligated to follow judicial
formalities or the rules of evidence. To the extent permitted by law, the Panel and the Umpire shall have the authority to issue subpoenas (including subpoenas to third party witnesses) and other orders to enforce their decisions. Ex parte
communications with Party-appointed arbitrators shall be permitted until the arbitration hearing commences. 

  
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 (iv) Confidentiality. The arbitrators shall recognize the
attorney/client privilege and neither a Party nor an arbitrator may disclose the existence, content, or result of any arbitration hereunder, except to the extent such disclosure may be required for review and enforcement by a court of competent
jurisdiction, independent accounting audit, to support reinsurance or retrocessional recoveries, or is otherwise agreed to by the Parties. Any third party receiving confidential information must agree to maintain confidentiality before
disclosure will be permitted. 
 (v) Location of Hearing. The location of all proceedings shall be
determined by the arbitrators. 
 (f) Arbitration Award. 

(i) Interim Relief. The Panel may issue orders for interim relief upon showing of good cause, including
pre-award security. 
 (ii) Time of Decision. Absent good cause for an extension as determined by the Panel,
the Panel shall render the award within thirty days after the date of the closing of the hearing, or if an arbitration hearing has been waived or otherwise dispensed with, within thirty days after the date that the Panel received all materials
submitted by the Parties for disposition. 
 (iii) Remedies. The Panel is authorized to award any remedy or
sanctions allowed by applicable law, including, but not limited to monetary damages, equitable relief, pre- or post-award interest, costs of arbitration, attorneys fees, and other final or interim relief. Arbitrators shall not be empowered to
award damages in excess of compensatory damages, and each Party irrevocably waives any damages in excess of compensatory damages. 

(iv) Decisions. The decision of the arbitrators will be made by majority rule, and shall be final and binding
on both Parties. There shall be no appeal from the decision, except that the Parties retain all rights to challenge under the Federal Arbitration Act (9 U.S.C. §1, et seq.). Either Party to the arbitration may petition any
court having jurisdiction over the Parties to reduce the decision to judgment. 
 (v) Expenses. Unless the
arbitrators decide otherwise, each Party will bear the expense of its own arbitration activities, including its appointed arbitrator and any outside attorney and witness fees. The parties will jointly and equally bear the expense of the Umpire
and other costs of the arbitration. 

  
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 Section 10.2 Disputes over Initial Coinsurance Premiums and Ceding
Commission Calculations. 
 (a) Within thirty days following its receipt from the Reinsurer of the Initial Coinsurance
Premium Reconciliation Statement or the Ceding Commission Reconciliation Statement, as applicable, or within five Business Days following its receipt from the Reinsurer of the Net Retained Liabilities Cash Reconciliation Statement (the
“Review Period”), the Company shall either (i) notify the Reinsurer in writing of its agreement with the calculation of the Actual Initial Coinsurance Premium, the Actual Ceding Commission or the Net Retained Liabilities Cash
Adjustment, as applicable, set forth therein (“Notice of Agreement”); or (ii) if the Company determines that the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net
Retained Liabilities Cash Reconciliation Statement, as applicable, or the calculations reflected therein either (x) have not been prepared on the basis set forth in Section 1.3 or (y) contain or reflect mathematical errors, inform the Reinsurer in
writing of its objection (the “Company’s Objection”), which notice shall set forth in reasonable detail a description of the basis of the Company’s Objection and the adjustments to such Initial Coinsurance Premium
Reconciliation Statement, Ceding Commission Reconciliation Statement or Net Retained Liabilities Cash Reconciliation Statement, as applicable, or the calculations reflected therein that the Company requests be made. The Reinsurer shall,
following the Effective Date through the date that the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as applicable, becomes final
in accordance with the last sentence of Section 10.2(c), take all actions necessary or desirable to maintain and preserve all accounting books, records, policies and procedures on which such Initial Coinsurance Premium Reconciliation Statement,
Ceding Commission Reconciliation Statement or Net Retained Liabilities Cash Reconciliation Statement, as applicable, are based or on which the finalized Initial Coinsurance Premium Adjustment, the finalized Ceding Commission Adjustment or the
finalized Net Retained Liabilities Cash Adjustment, as applicable, are to be based so as not to impede or delay the determination of the finalized Actual Initial Coinsurance Premium, the finalized Value of the Transferred Assets on the Effective
Date, the finalized Actual Ceding Commission or the finalized the Net Retained Liabilities Cash Adjustment, as applicable, or the preparation of the Company’s Objection in the manner and utilizing the methods permitted by this Agreement. Upon
receipt by the Reinsurer of a Notice of Agreement from the Company or if no Company’s Objection is received by the Reinsurer prior to the expiration of the Review Period, the Actual Initial Coinsurance Premium or the Actual Ceding Commission,
as applicable, and the Reinsurer’s calculation of the Initial Coinsurance Premium Adjustment, the Ceding Commission Adjustment or the Net Retained Liabilities Cash Adjustment (as set forth in the Net

  
 31 

 
Retained Liabilities Cash Reconciliation Statement), as applicable, shall be deemed to have been accepted by the Company and will become final and binding upon the Parties in accordance with the
last sentence of Section 10.2(c). 
 (b) If the Company timely delivers a Company’s Objection to the Reinsurer, the Reinsurer
shall have thirty days in the case of a Company’s Objection with respect to the Initial Coinsurance Premium or the Ceding Commission or five Business Days in the case of a Company’s Objection with respect to the Net Retained Liabilities
Cash Adjustment, as applicable, in each case from the date of such delivery to review and respond to such Company’s Objection (the “Consultation Period”). The Parties shall use reasonable, good faith efforts to resolve any
disagreements that they may have with respect to the matters set forth in the Company’s Objection. If the Parties are unable to resolve all of their disagreements with respect to the matters set forth in the Company’s Objection within
ten Business Days following the expiration of the Consultation Period, then the Parties shall submit all matters that remain in dispute with respect to the Company’s Objection (along with a copy of the Initial Coinsurance Premium Reconciliation
Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as applicable, and the Reinsurer’s calculation of the amounts set forth therein, marked to indicate those line items that
are still in dispute) to Ernst & Young, LLP, or another internationally recognized firm of independent certified public accountants with appropriate actuarial expertise as to which the Parties mutually agree (the “CPA Firm”),
which shall, acting as an expert and not as an arbitrator, make a final determination, on the basis of the standards set forth in Section 1.3 hereof, and only with respect to any remaining differences submitted to the CPA Firm, in accordance with
this Section 10.2(b), of the appropriate amount of each line item in the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as
applicable, and the Reinsurer’s calculation of the amounts set forth therein as to which the Parties disagree (such items that remain in dispute, the “Unresolved Items”). 

(c) The Parties shall instruct the CPA Firm to deliver its written determination to the Reinsurer and the Company no later than fifteen
Business Days after the Unresolved Items are referred to the CPA Firm. The CPA Firm’s determination shall include a certification that it reached such determination in accordance with this Section 10.2(c) and shall be conclusive and
binding upon the Parties, absent clear and manifest error. With respect to each Unresolved Item, the CPA Firm’s determination, if not in accordance with the position of either the Company or the Reinsurer, shall not be more favorable to
the Company than the amounts advocated by the Company in the Company’s Objection or more favorable to the Reinsurer than the amounts advocated by the Reinsurer in the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission
Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as applicable, or the Reinsurer’s calculations of the amounts set forth therein with respect to such disputed line item and/or calculation. For the

  
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avoidance of doubt, (i) the CPA Firm’s review of the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash
Reconciliation Statement, as applicable, and the Reinsurer’s calculation of the amounts set forth therein shall be limited to a determination of whether such documents and calculations were prepared in accordance with Section 1.3, and (ii) the
CPA Firm shall not review any line items or make any determination with respect to any matters other than the Unresolved Items that were referred to the CPA Firm for resolution pursuant to this Section 10.2(c). The Initial Coinsurance Premium
Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as applicable, and the determination of the amounts set forth therein that are final and binding on the Parties,
as determined either through (1) the Company’s delivery of a Notice of Agreement pursuant to Section 10.2 (a), (2) the Company’s failure to deliver Company’s Objection prior to expiration of the Review Period pursuant to Section
10.2(a), (3) agreement by the Parties during the Consultation Period or (4) the determination of the CPA Firm pursuant to this Section 10.2(c) are referred to herein as the “finalized Initial Coinsurance Premium Reconciliation Statement”,
the “finalized Ceding Commission Reconciliation Statement”, the “finalized Net Retained Liabilities Cash Reconciliation Statement”, the “finalized Actual Initial Coinsurance Premium”, the “finalized Value of
the Transferred Assets as of the Effective Date”, the “finalized Actual Ceding Commission”, the “finalized Initial Coinsurance Premium Adjustment”, the “finalized Ceding Commission Adjustment” and the
“finalized Net Retained Liabilities Cash Adjustment”, as the case may be. 
 (d) The Parties agree that judgment may be
entered upon the CPA Firm’s determination in any court having jurisdiction over the Reinsurer or the Company, as the case may be. The fees and disbursements of the CPA Firm shall be paid by the Parties in proportion to those matters
submitted to the CPA Firm that are resolved against that Party, as such fees and disbursements are allocated by the CPA Firm in accordance with this Section 10.2 at the time of the CPA Firm’s determination. At any time following delivery
of the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as applicable, the Reinsurer shall provide to the Company and its
Representatives full access to books and records and other information with respect to the Reinsured Policies, including work papers of its accountants (subject to execution by the Company and/or its Representatives, as applicable, of a customary
hold-harmless agreement in form and substance reasonably acceptable to such accountants), and to any employees during regular business hours and on reasonable advance notice, to the extent necessary for the Company to review the Initial Coinsurance
Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation Statement, as applicable, or the Reinsurer’s calculation of the amounts set forth therein, to prepare
Company’s Objection or to prepare materials for presentation to the CPA Firm. The Parties shall make readily available to the CPA Firm, during regular business hours and on reasonable advance notice, interviews with such

  
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employees, and all relevant information, books and records and any work papers of their respective accountants (in each case, subject to execution by the CPA Firm of a customary hold-harmless
agreement in form and substance reasonably acceptable to such accountants) relating to the Initial Coinsurance Premium Reconciliation Statement, the Ceding Commission Reconciliation Statement or the Net Retained Liabilities Cash Reconciliation
Statement, as applicable, and any Unresolved Items and all other items reasonably required by the CPA Firm to fulfill its obligations under Section 10.2(c). In acting under this Section 10.2, the CPA Firm will be entitled to the privileges and
immunities of an arbitrator. 
 Section 10.3 Other Disputes over Calculations. After the Effective Date, any dispute
between the Parties with respect to the calculation of amounts that are to be calculated or reported pursuant to this Agreement (other than disputes with respect to calculations relating to DAC tax, which shall be resolved in accordance with Article
VII hereof, and dispute with respect to the Initial Coinsurance Premium, the Ceding Commission and the Net Retained Liabilities Cash Adjustment pursuant to Sections 1.3(a), 1.3(b) and 1.3(c), which shall be resolved in accordance with Section 10.2
hereof), including disputes with respect to any Net Settlement, valuation of the assets held in the Trust Account or the amount of the Reinsurer Termination Payment or the Company Termination Payment, that cannot be resolved by the Parties within
sixty calendar days, shall be referred to an independent accounting firm of national recognized standing (which shall not have any material relationship with the Reinsurer or the Company) mutually agreed to by the Parties; provided, however, that
where the dispute involves an actuarial issue, the dispute shall instead be referred to an independent actuarial firm of national recognized standing (which shall not have any material relationship with the Reinsurer or the Company) mutually agreed
to by the Parties. There shall be no appeal from the decision made by such firm, which shall be final and binding, except that, either Party may petition a court having jurisdiction over the Parties and subject matter to reduce the
arbitrator’s decision to judgment. The fees charged by the accounting firm or actuarial firm, as applicable, to resolve the dispute shall be allocated between the Company and the Reinsurer by such firm in accordance with its judgment as to
the relative merits of the Parties’ positions in respect of the dispute. 
 ARTICLE XI 

INDEMNIFICATION 
 Section
11.1 Indemnification of the Reinsurer by the Company. From and after the Effective Date, the Company shall indemnify, defend and hold harmless the Reinsurer and its officers, directors and Representatives (the “Reinsurer
Indemnified Parties”) against, and hold each of them harmless from all Losses imposed on, sustained or incurred or suffered by, or asserted against, the Reinsurer Indemnified Parties (a) with respect to the Excluded Liabilities, or (b)
which arise out of (i) any inaccuracy or breach of any representation or warranty of the Company set forth in Section 4.2 hereof or (ii) 

  
 34 

 
any breach or nonfulfillment by the Company of, or any failure by the Company to perform, any of the covenants, terms or conditions of or any of its duties or obligations under this Agreement
unless such breach, nonfulfillment or failure arises out of or results from the action or omission of the Reinsurer pursuant to the Administrative Services Agreement, or (c) which arise out of any enforcement of this indemnity. 

Section 11.2 Indemnification of the Company by the Reinsurer. From and after the Effective Date, the Reinsurer shall
indemnify, defend and hold harmless the Company, and its officers, directors and Representatives (the “Company Indemnified Parties”) against, and hold each of them harmless from all Losses imposed on, sustained or incurred or
suffered by, or asserted against, the Company Indemnified Parties (a) with respect to the Reinsured Liabilities, or (b) arising from Extra Contractual Obligations other than the Excluded Liabilities, or (c) arising out of (i) any inaccuracy or
breach of any representation or warranty of the Reinsurer set forth in Section 4.1 hereof or (ii) any breach or nonfulfillment by the Reinsurer of, or any failure by the Reinsurer to perform, any of the covenants, terms or conditions of or any of
its duties or obligations under this Agreement, or (iii) written instructions of the Reinsurer given pursuant to Section 1.4, Section 1.5, Section 1.8(b), Section 2.2 or Section 3.3(b) hereof, or (c) arising out of any enforcement of this indemnity.

 Section 11.3 Claims Notice. In the event that either the Company or Reinsurer wishes to assert a claim for
indemnification hereunder, the Party seeking indemnification (the “Indemnified Party”) shall deliver written notice (a “Claims Notice”) to the other Party (the “Indemnifying Party”) no later than
ten Business Days after such claim becomes known to the Indemnified Party, specifying the facts constituting the basis for, and the amount (if known) of the claim asserted. Failure to deliver a Claims Notice with respect to a claim (other than
a claim based on an Asserted Liability, as defined below) in a timely manner as specified in the preceding sentence shall not be deemed a waiver of the Indemnified Party’s right to indemnification hereunder for Losses in connection with such
claim, but the amount of reimbursement to which the Indemnified Party is entitled shall be reduced to the extent the Indemnifying Party is materially prejudiced by such failure to timely deliver such Claims Notice. 

Section 11.4 Right to Contest Claims of Third Parties. 

(a) If an Indemnified Party asserts, or may in the future seek to assert, a claim for indemnification hereunder because (i) of a claim or
demand made, or an action, proceeding or investigation instituted, by any Person not a party to this Agreement (a “Third Party Claimant”) that may result in a liability with respect to which the Indemnified Party would be entitled
to indemnification pursuant to this Article XI or (ii) the Company has become aware of any circumstance that could result in a claim for indemnification by the Reinsurer hereunder with respect to any Extra Contractual Obligation described in clauses
(v) through (viii) of the definition of “Extra Contractual 

  
 35 

 
Obligation” (regardless of whether any claim or demand has been made, or any action, proceeding or investigation has been instituted by a Third Party Claimant with respect to such Extra
Contractual Obligation), (each, an “Asserted Liability”), the Indemnified Party, shall deliver to the Indemnifying Party a Claims Notice with respect thereto, which Claims Notice shall, in accordance with the provisions of Section
11.3 be delivered as promptly as practicable after such Asserted Liability is actually known to the Indemnified Party. Failure to deliver a Claims Notice with respect to a claim in a timely manner as specified in the preceding sentence shall
not be deemed a waiver of the Indemnified Party’s right to indemnification hereunder for a liability in connection with such claim, but the amount of reimbursement to which the Indemnified Party is entitled shall be reduced to the extent the
Indemnifying Party is materially prejudiced by such failure to timely deliver such Claims Notice. 
 (b) The Indemnifying Party shall
have the right, upon written notice to the Indemnified Party, to investigate, contest, defend or settle any Asserted Liability that may result in a liability with respect to which the Indemnified Party is entitled to indemnification pursuant to this
Article XI, provided that the Indemnified Party may, at its option and at its own expense, participate in the investigation, contesting, defense or settlement of any such Asserted Liability through Representatives and counsel of its own
choosing; and, provided further, that the Indemnifying Party shall not settle any Asserted Liability unless (i)(A) such settlement is on exclusively monetary terms, (B) the Indemnifying Party obtains a complete release for the
Indemnified Party with respect to such Asserted Liability, (C) such settlement does not involve a class action claim or a claim which alleges bad faith on the part of the Indemnified Party and (D) such settlement would not be reasonably expected to
result in an adverse effect on the reputation, licenses or regulatory status of the Indemnified Party; or (ii) the Indemnified Party shall have consented to the terms of such settlement, which consent shall not unreasonably be withheld. If requested
by the Indemnifying Party, the Indemnified Party will, at the sole cost and expense of the Indemnifying Party, cooperate with the Indemnifying Party and its counsel in contesting any Asserted Liability or, if appropriate and related to the Asserted
Liability in question, in making any counterclaim against the Third Party Claimant, or any cross-complaint against any Person (other than the Indemnified Party or its Affiliates). Unless and until the Indemnifying Party elects to defend the
Asserted Liability, the Indemnified Party shall have the right, at its option and at the Indemnifying Party’s expense to do so in such manner as it deems appropriate, provided, however, that the Indemnified Party shall not settle
or compromise any Asserted Liability for which it seeks indemnification hereunder without the prior written consent of the Indemnifying Party (which shall not be unreasonably withheld). 

(c) The Indemnifying Party shall be entitled to participate in (but not to control) the defense of any Asserted Liability which it is not
defending with its own counsel and at its own expense. 
 (d) The Company and Reinsurer shall make mutually available to each other all
relevant information in their possession relating to any Asserted Liability (except to the extent that such action would result in a loss of attorney-client privilege) and shall cooperate with each other in the defense thereof. 

  
 36 

 Section 11.5 Mitigation. Each Party agrees to use its respective commercially
reasonable efforts to mitigate Losses and not to cause or worsen any liability as would constitute a liability of the other Party pursuant to any claim of indemnification hereunder. 

Section 11.6 Subrogation; Insurance. Upon making any indemnification payment, the Indemnifying Party will, to the extent of
such payment, be subrogated to all rights of the Indemnified Party against any third party in respect of the Loss to which the payment relates. The amount of Losses sustained by an Indemnified Party and owed by an Indemnifying Party shall be
reduced by any amount received by such Indemnified Party with respect thereto under any insurance or reinsurance coverage from any other party alleged to be responsible therefor. The Indemnified Party shall use reasonable efforts at the
Indemnifying Party’s expense to collect any amounts available under such insurance or reinsurance coverage and from such other party alleged to have responsibility. 

ARTICLE XII 
 CONFIDENTIALITY 

Section 12.1 Confidentiality. Each of the Reinsurer and the Company agrees to hold any Confidential Information with respect
to the other Party in strictest confidence and to take all reasonable steps to ensure that such Confidential Information is not disclosed in any form by any means by it or by its Affiliates, employees, advisors, agents or administrators
(collectively, “Representatives”) to third parties of any kind; provided that the foregoing obligation shall not prohibit disclosure of any such information (a) if required by Law, stock exchange rules or a Governmental or
Regulatory Authority (in which case the disclosing party shall allow (to the extent permitted by law and reasonably practicable) the other Party a reasonable opportunity to comment on such disclosure in advance of such disclosure); (b) to
Representatives, auditors or ratings agencies, provided, that such Representatives, auditors or ratings agencies are made aware of the provisions of this Article XII; (c) to the extent that the information has been made public by or on behalf
of, or with the prior consent of, the non-disclosing party; (d) if required in connection with any report required to be filed or submitted with any Governmental or Regulatory Authority; and (e) to the extent reasonably necessary in connection with
any dispute with respect to this Agreement. The Reinsurer agrees to hold medical, financial and other personal information about proposed, current, and former policyowners, insureds, applicants, and beneficiaries of Policies in confidence to
the extent required to be held in confidence under applicable Law and the Reinsurer’s privacy policy or policies 

  
 37 

 
and shall establish and maintain safeguards against the unauthorized access, destruction, loss or alteration of such information which are no less rigorous than those maintained by Reinsurer for
its own information of a similar nature. Notwithstanding anything to the contrary, for purposes of this Section 12.1, the Reinsurer in its capacity as Administrator on behalf of the Company shall not be considered an advisor, agent or administrator
of the Company. 
 ARTICLE XIII 

DEFINITIONS AND CONSTRUCTION 

Section 13.1 Definitions. Unless the context requires otherwise, for all purposes of this Agreement, the capitalized terms
set forth below shall have the following meanings: 
 (a) “Actual Ceding Commission” has the meaning ascribed thereto
in Section 1.3(b)(iv). 
 (b) “Actual Initial Coinsurance Premium” has the meaning ascribed thereto in Section 1.3(a)(iv).

 (c) “Adjusted Capital and Surplus” has the meaning ascribed thereto in the Stock Purchase Agreement. 

(d) “Administrative Services Agreement” has the meaning ascribed thereto in the Recitals. 

(e) “Administrator” means the Reinsurer in its capacity as administrator under the Administrative Services Agreement.

 (f) “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled
by, or under common control with, such other Person at the time at which the determination of affiliation is made. The term “control” (including, with correlative meanings, the terms “controlled by” and “under common
control with”), as applied to any Person, means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or other
ownership interests, by contract or otherwise. 
 (g) “Agreement” has the meaning ascribed thereto in the Recitals.

 (h) “Applicable Rate” means, with respect to any payment date, an interest rate equal to one-month LIBOR for dollars
that appears on page LIBOR 01 (or a successor page) of the Reuters Telerate Screen as of 11:00 a.m., London time, on the day that is two Business Days preceding such payment date. 

  
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 (i) “Asserted Liability” has the meaning ascribed thereto in Section
11.4(a). 
 (j) “Assumed Reinsurance Agreement” means any reinsurance agreement in effect as of the Effective Time
under which the Company assumes liabilities or obligations with respect to any Policy, including the assumed reinsurance agreements listed on Schedule 13.1(i) hereto. 

(k) “Bank Accounts” has the meaning ascribed thereto in Section 6.3. 

(l) “Books and Records” has the meaning ascribed thereto in the Stock Purchase Agreement, but shall not include Tax
Returns or Tax Records (each as defined in the Stock Purchase Agreement). 
 (m) “Business Day” means any day other
than a Saturday, a Sunday or a day on which banks in Birmingham, Alabama or Greenville, South Carolina are authorized or obligated by law or executive order to remain closed. 

(n) “Ceding Commission” has the meaning ascribed thereto in Section 1.3(b)(i). 

(o) “Ceding Commission Adjustment” has the meaning ascribed thereto in Section 1.3(b)(iv). 

(p) “Ceding Commission Reconciliation Statement” has the meaning ascribed thereto in Section 1.3(b)(iv). 

(q) “Claimant” has the meaning ascribed thereto in Section 10.1(c). 

(r) “Claims Notice” has the meaning ascribed thereto in Section 11.3. 

(s) “Closing Date” means the date on which the closing of the transactions contemplated by the Stock Purchase Agreement
occurs. 
 (t) “Code” means the Internal Revenue Code of 1986, as amended. 

(u) “Collateral” has the meaning ascribed thereto in Section 1.10(a). 

(v) “Company” has the meaning ascribed thereto in the Recitals. 

(w) “Company Indemnified Parties” has the meaning ascribed thereto in Section 11.2. 

(x) “Company’s Objection” has the meaning ascribed thereto in Section 10.2(a). 

(y) “Company Termination Payment” has the meaning ascribed thereto in Section 9.4. 

  
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 (z) “Confidential Information” means (i) with respect to the Company, any
information with respect to the Company (other than information relating to the Policies) that is not generally available to the public, and includes, without limitation, policyholder lists, any medical, financial and other personal information
about proposed, current, and former policyowners, insureds, applicants, and beneficiaries of the Company (other than proposed, current, and former policyowners, insureds, applicants and beneficiaries of the Policies) and information or knowledge
about the Company’s processes, services, finances and reserving methodology and (ii) with respect to the Reinsurer, any information with respect to the Policies or the Reinsurer that is not generally available to the public, and includes,
without limitation, policyholder lists, any medical, financial and other personal information about proposed, current, and former policyowners, insureds, applicants, and beneficiaries of Policies and information or knowledge about the
Reinsurer’s processes, services, finances and reserving methodology. 
 (aa) “Consultation Period” has the meaning
ascribed thereto in Section 10.2(b). 
 (bb) “CPA Firm” has the meaning ascribed thereto in Section 10.2(b). 

(cc) “Demand” has the meaning ascribed thereto in Section 10.1(c). 

(dd) “Direct Reinsured Policies” has the meaning ascribed thereto in Section 1.1. 

(ee) “Discounted Interest Maintenance Reserve Amortization” has the meaning ascribed thereto in (i) with respect to the
calculation of the Estimated Ceding Commission, Annex C and (ii) with respect to the calculation of the Actual Ceding Commission, Annex D. 

(ff) “Effective Date” means April 29, 2011. 

(gg) “Effective Time” means 12:01 a.m. Eastern time on the Effective Date. 

(hh) “Encumbrance” has the meaning ascribed thereto in the Stock Purchase Agreement. 

(ii) “Estimated Balance Sheet” has the meaning ascribed thereto in the Stock Purchase Agreement. 

(jj) “Estimated Ceding Commission” has the meaning ascribed thereto in Section 1.3(b)(ii). 

(kk) “Estimated Initial Coinsurance Premium” has the meaning ascribed thereto in Section 1.3(a)(ii). 

  
 40 

 (ll) “Estimated NB Volume Adjustment Schedule” has the meaning ascribed thereto
in the Stock Purchase Agreement. 
 (mm) “Excluded Liabilities” means any claim or liability under, in connection with, or
with respect to the Policies, for Extra Contractual Obligations (i) that are based upon, relate to, or arise out of, any act, error or omission of the Company, its Affiliates or any of their respective officers, directors, employees or agents
(excluding the Reinsurer and its Affiliates in their capacity as Administrator pursuant to the Administrative Services Agreement and any successor, assign, designee or subcontractor appointed by the Reinsurer as Administrator) occurring on or after
the Effective Time, unless the Reinsurer directed or consented to the act or course of conduct that led directly to the imposition of the Extra Contractual Obligations; provided, however, that the term “Excluded Liabilities”
shall not apply to Extra Contractual Obligations in Schedule 7.3(a)(1) to the Stock Purchase Agreement; or (ii) to the extent such Extra Contractual Obligations were included as liabilities on the Final Balance Sheet and were not included in
Adjusted Capital and Surplus; provided, that an amount in excess of the amount reflected as a liability on the Final Balance Sheet shall not be an Excluded Liability. 

(nn) “Existing Direct Reinsured Policies” has the meaning ascribed thereto in Section 1.1. 

(oo) “Existing Indirect Reinsured Policies” has the meaning ascribed thereto in Section 1.1. 

(pp) “Extra Contractual Obligations” means all liabilities, obligations or losses (whether known or unknown, contingent or
otherwise) incurred or arising at any time under or relating to any Policy that are not provided by the contractual benefits arising under the express terms and conditions of such Policy or are in excess of the applicable Policy benefits, including,
without limitation, any liability for taxes, toll charges, fines, penalties, forfeitures, excess or penalty interest, punitive, special, exemplary or other form of extra-contractual damages or attorneys’ fees and costs awarded, which
liabilities, obligations or losses arise from any act, error or omission, whether or not intentional, negligent, in bad faith or otherwise relating to: (i) the marketing, sale, underwriting, issuance or administration of the Policies; (ii) the
investigation, defense, trial, settlement or handling of claims, benefits or payments under the Policies; (iii) the failure to pay, the delay in payment of, or errors in calculating or administering the payment of, benefits, claims or any other
amounts due or alleged to be due under or in connection with the Policies; (iv) Premium Taxes other than those settled under Section 1.6 in connection with premiums received under the Policies; (v) the failure of any Policy to provide the purchaser,
policyholder, account holder or other holder or intended beneficiaries thereof with tax treatment under the Code that is the same as or more favorable than the tax treatment under the Code (1) that was purported to apply in materials provided at the
time of issuance, assumption, exchange, modification or sale of the Policy by the Company or 

  
 41 

 
any of its predecessors or (2) for which policies or contracts of that type are intended to qualify under the Code; (vi) the treatment of any Policy as a “modified endowment contract”
within the meaning of Section 7702A of the Code, except where the holder of the Policy shall have consented to its status as a “modified endowment contract” under Section 7702A; (vii) costs and expenses attributable to services performed
pursuant to Schedule 7.3(a)(1)(a)(ii) to the Stock Purchase Agreement; (viii) the failure of the Company to comply with any applicable tax information reporting or disclosure requirements (other than any such requirements applicable to the
Company’s income tax returns) or tax withholding requirements with respect to distributions or payments made pursuant to the Policies; (ix) any Taxes (as defined in the Stock Purchase Agreement) applicable to the Transferred Assets; and (x) any
transfer, sales, use, value added, excise, stock transfer, documentary stamp, recording, registration and any similar taxes that become payable as a result of the acquisition by the Life Reinsurer of the Transferred Assets (including any real
property transfer tax and any similar tax); provided that “Extra Contractual Obligations” will not under any circumstances include U.S. federal or state income or capital stock or similar taxes (or interest or penalties payable with
respect thereto) imposed upon the Company or any of its Affiliates. 
 (qq) “Fair Market Value” means, with respect to any
asset (other than cash) as of any date of determination, the fair market value of such asset determined in accordance with SAP and based on the closing price obtained from Interactive Data Corporation, as of the close of business on the Business Day
prior to the date of determination, together with any accrued and unpaid interest thereon, minus (x) for purposes of determining the Value of the Transferred Assets three Business Days prior to the Effective Date, the estimated amount of any
principal and interest (to the extent included in such valuation) to be paid to the Company (and not the Reinsurer) following the date of determination as holder of record of such asset on or prior to the Closing Date or (y) for purposes of
determining the Value of the Transferred Assets as of the Effective Date, the amount of any principal and interest (to the extent included in such valuation) paid or to be paid to the Company (and not the Reinsurer) following the date of
determination as holder of record of such asset on or prior to the Closing Date. 
 (rr) “Final Balance Sheet” has the
meaning ascribed thereto in the Stock Purchase Agreement. 
 (ss) “Final NB Volume Adjustment Schedule” has the meaning
ascribed thereto in the Stock Purchase Agreement. 
 (tt) “Financed Amount” means, as of any date of determination, the
gross statutory reserves (including deficiency reserves) and any additional policy-related liabilities that are required to be held by the Reinsurer with respect to all or any portion of the Reinsured Policies retroceded by the Reinsurer in
connection with any reserve financing or securitization transaction as of such date of determination reduced by credit 

  
 42 

 
for reinsurance taken by the Company in respect of such Financed Amount for Other Reinsurance; provided that the Financed Amount shall not exceed $250,000,000 without the prior written
consent of the Company. Such reserves and liabilities are posted in lines 1 through 9.4 inclusive on page 3 of the Company’s 2010 financial statements as prepared under SAP. For years after 2010, reserves and liabilities corresponding
to those lines of the Company’s 2010 SAP financial statements will be included in the Financed Amount even if the form of SAP financial statements changes. 

(uu) “Governmental or Regulatory Authority” means any court, tribunal, arbitrator, authority, agency, commission,
official or other instrumentality of the United States or any federal, national, state, municipal, county, city or other political subdivision. 

(vv) “Indemnified Party” has the meaning ascribed thereto in Section 11.3. 

(ww) “Indemnifying Party” has the meaning ascribed thereto in Section 11.3. 

(xx) “Indirect Reinsured Policies” has the meaning ascribed thereto in Section 1.1. 

(yy) “Initial Coinsurance Premium” has the meaning ascribed thereto in Section 1.3(a)(i). 

(zz) “Initial Coinsurance Premium Adjustment” has the meaning ascribed thereto in Section 1.3(a)(iv). 

(aaa) “Initial Coinsurance Premium Reconciliation Statement” has the meaning ascribed thereto in Section 1.3(a)(iv).

 (bbb) “Interest Maintenance Reserve” means the interest maintenance reserve, as determined in accordance with SAP,
consistently applied. 
 (ccc) “Law” means all laws, statutes, rules, regulations, ordinances and
other pronouncements having the effect of law of the United States or any state, municipality, county, city or other political subdivision thereof or of any Governmental or Regulatory Authority. 

(ddd) “Life NB Amount” has the meaning ascribed thereto in Exhibit B to the Stock Purchase Agreement. 

(eee) “Losses” means any damages, claims, losses, liabilities, charges, actions, suits, proceedings, deficiencies,
taxes, fees, assessments, interest, penalties, and reasonable out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses). 

  
 43 

 (fff) “Monthly Accounting Period” means, with respect to any calendar
month, the period beginning on the first day of such calendar month and ending on the last day of such calendar month. 
 (ggg) “Net
Retained Liabilities” means, with respect to any time of determination, all liabilities or obligations in respect of any Policies that, under the terms of any Other Reinsurance Agreement covering such Policy, (i) the Company is required to
retain unreinsured and for its own account or (ii) in the opinion of the Company and the Reinsurer, requires consent from any party to such agreement in order to effect reinsurance under this Agreement, and as to which a waiver of such requirement
or other consent has not been obtained prior to such time of determination. 
 (hhh) “Net Retained Liabilities Cash
Adjustment” has the meaning ascribed thereto in Section 1.3(c). 
 (iii) “Net Retained Liabilities Cash Reconciliation
Statement” has the meaning ascribed thereto in Section 1.3(c). 
 (jjj) “Net Retained Liabilities Ceding Commission
Interest” means an amount equal to the ratio of the Net Retained Liabilities Initial Ceding Commission Adjustment as of the True-Up Date over the Net Retained Liabilities as of the True-Up Date, multiplied by an amount equal to the Net
Retained Liabilities Earned Interest. 
 (kkk) “Net Retained Liabilities Earned Interest” means an amount equal to the
ratio of the Net Retained Liabilities Initial Coinsurance Premium Adjustment as of the True-Up Date over the actual amount of the Initial Coinsurance Premium, multiplied by an amount equal to the aggregate interest earned on the Transferred Assets
from the Effective Date through the True-Up Date. 
 (lll) “Net Retained Liabilities Initial Ceding Commission
Adjustment” means, as of any time of determination, an amount equal to the portion of the $200,500,000 amount set forth in clause (1) of the definition “Ceding Commission” attributable to the Net Retained Liabilities
immediately prior to such time, determined by the Reinsurer in accordance with the methodology set forth on Annex E. 

(mmm) “Net Retained Liabilities Initial Coinsurance Premium Adjustment” means, as of any time of determination, an
amount equal to the Reinsurer’s Share of gross statutory reserves (including deficiency reserves) and any additional policy-related liabilities that were required to be held by the Company immediately prior to the Effective Time with respect to
the Net Retained Liabilities as of such time, net of (1) the Reinsurer’s Share of policy loan balances immediately prior to the Effective Time on Net Retained Liabilities as of such time, and (2) the Reinsurer’s Share of net due and
deferred Premiums immediately prior to the Effective Time on Net Retained Liabilities as of such 

  
 44 

 
time, reduced by credit for reinsurance taken by the Company in respect of the Net Retained Liabilities for Other Reinsurance immediately prior to the Effective Time. Such reserves and
liabilities are posted in lines 1 through 9.4 inclusive on page 3 of the Company’s 2010 financial statements as prepared under SAP. For years after 2010, reserves and liabilities corresponding to those lines of the Company’s 2010 SAP
financial statements will be included in the Net Retained Liabilities Initial Coinsurance Premium Adjustment even if the form of SAP financial statements changes. 

(nnn) “Net Retained Liabilities True-Up Date” means the earlier of (i) the True-Up Date and (ii) the date that is
seventy-five days following the Effective Date. 
 (ooo) “Net Retained Liability Ceding Commission Amount” means with
respect to any Net Retained Liability for which a waiver or consent is obtained subsequent to the Net Retained Liabilities True-Up Date to reinsure such Net Retained Liability under the terms of this Agreement or the Parties otherwise agree that any
such waivers or consents shall not be required as a condition to coverage hereunder, an amount equal to the portion of the $200,500,000 amount set forth in clause (1) of the definition “Ceding Commission” attributable to such Net Retained
Liability determined by the Reinsurer in accordance with the methodology set forth on Annex F. 
 (ppp) “Net Retained
Liability Reserve Transfer Amount” means with respect to any Net Retained Liability for which a waiver or consent is obtained subsequent to the Net Retained Liabilities True-Up Date to reinsure such Net Retained Liability under the terms of
this Agreement or the Parties otherwise agree that any such waivers or consents shall not be required as a condition to coverage hereunder, the gross statutory reserves (including deficiency reserves) and any additional policy-related liabilities
that are required to be held by the Company with respect to such Net Retained Liability immediately prior to the time of such waiver, consent or agreement by the Parties, as applicable, net of the Reinsurer’s Share of (1) policy loan
balances on such Net Retained Liability immediately prior to the time of such waiver, consent or agreement by the Parties, as applicable, and (2) net due and deferred Premiums on such Net Retained Liability immediately prior to the time of such
waiver, consent or agreement by the Parties, as applicable, reduced by credit for reinsurance taken by the Company in respect of such Net Retained Liability for Other Reinsurance immediately prior to the time of such waiver, consent or
agreement by the Parties, as applicable. Such reserves and liabilities are posted in lines 1 through 9.4 inclusive on page 3 of the Company’s 2010 financial statements as prepared under SAP. For years after 2010, reserves and
liabilities corresponding to those lines of the Company’s 2010 SAP financial statements will be included in Net Retained Liability Reserve Transfer Amount even if the form of SAP financial statements changes. 

(qqq) “Net Settlement” has the meaning ascribed thereto in Section 6.4. 

  
 45 

 (rrr) “New Direct Reinsured Policies” has the meaning ascribed thereto in
Section 1.1. 
 (sss) “New Indirect Reinsured Policies” has the meaning ascribed thereto in Section 1.1. 

(ttt) “Non-Guaranteed Elements” has the meaning ascribed thereto in Section 1.8(b). 

(uuu) “Notice of Agreement” has the meaning ascribed thereto in Section 10.2(a). 

(vvv) “Other Reinsurance” means reinsurance ceded with respect to Reinsured Policies under the terms of the ceded
reinsurance agreements that the Company has entered into with third parties prior to the Effective Time covering the Reinsured Policies, including the ceded reinsurance agreements listed on Schedule 13.1(ttt) hereto, and any ceded reinsurance
agreement entered into by the Company with the Reinsurer’s consent pursuant to Section 1.7, as all such reinsurance ceded may be in force from time to time. 

(www) “Other Reinsurance Agreements” means the reinsurance treaties and agreements documenting the Other Reinsurance
(including all amendments and modifications thereto entered into prior to the Effective Date or pursuant to Section 2.2). 

(xxx) “Other Reinsurance Benefits” means, for any period, the aggregate amount of benefits received by the Company for
reinsurance ceded pursuant to Other Reinsurance Agreements with respect to the Reinsured Policies during such period. 

(yyy) “Other Reinsurance Premiums” means, for any period, the aggregate amount of premiums paid by the Company pursuant
to Other Reinsurance Agreements with respect to the Reinsured Policies during such period. 
 (zzz) “Panel” has the
meaning ascribed thereto in Section 10.1(d)(i). 
 (aaaa) “Party” has the meaning ascribed thereto in the Recitals.

 (bbbb) “Parties” has the meaning ascribed thereto in the Recitals. 

(cccc) “Permitted Encumbrance” has the meaning ascribed thereto in the Stock Purchase Agreement. 

(dddd) “Person” means an individual, a corporation, a partnership, an association, a limited liability company, a trust
or other entity or organization. 
 (eeee) “Policies” mean (1) all of the insurance policies and contracts (including
supplementary contracts), together with all related binders, slips and certificates and 

  
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including applications therefor and all supplements, endorsements, riders and agreements in connection therewith, issued or reinsured by Company other than such insurance polices and contracts
falling within the following lines of business: annuities, variable life and annuity certain supplemental contracts included on Exhibit 7 of the Company’s statutory financial statements and (2) the insurance policies and contracts (including
supplementary contracts), together with all related binders, slips and certificates and including applications therefor and all supplements, endorsements, riders and agreements in connection therewith, issued or reinsured by Company and listed on
Schedule 13.1(cccc) hereto. 
 (ffff) “Premiums” means premiums and considerations due or to become due, premiums
deferred and uncollected, premium adjustments and any and all amounts or payments, including any and all policy fees, charges, reimbursements and similar amounts, which are or were held, received or collected by Company, or which are now due or will
become due from any source under or in connection with the Reinsured Policies, but not including Other Reinsurance Premiums.

(gggg) “Premium Taxes” has the meaning ascribed thereto in Section 1.6(b). 

(hhhh) “Producer” has the meaning ascribed thereto in the Stock Purchase Agreement. 

(iiii) “Producer Agreements” has the meaning ascribed thereto in the Stock Purchase Agreement.

(jjjj) “Producer Payments” means any expense allowance, commission, override commission, service fee or other
compensation payable by the Company to a Producer pursuant to a Producer Agreement (i) in connection with any Reinsured Policy and (ii) not in the ordinary course of the Company’s business in connection with any Policy other than a Reinsured
Policy. 
 (kkkk) “Purchase Price Adjustment Materials” has the meaning ascribed thereto in the Stock Purchase
Agreement. 
 (llll) “Qualified United States Financial Institution” means an institution that is (a) organized or,
for a United States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers and (b) regulated, supervised and
examined by federal or state authorities having regulatory authority over banks and trust companies. 
 (mmmm) “RBC
Ratio” means the ratio, as of the date of determination, of the Company’s or the Reinsurer’s “total adjusted capital” over its “company action level risk-based capital”, as applicable, as such terms are defined
and prescribed by requirements 

  
 47 

 
promulgated by the National Association of Insurance Commissioners and regulations adopted by the insurance regulatory authorities in the Company’s or the Reinsurer’s state of domicile,
as applicable, which are in effect as of such date, calculated as of the end of each calendar quarter, and using reserving methodologies and asset classifications that are in accordance with generally accepted statutory accounting principles and
practices required or permitted by the National Association of Insurance Commissioners and the insurance regulatory authority in the Company’s or the Reinsurer’s state of domicile, as applicable, consistently applied throughout the
specified period and in the immediately prior comparable period. When an RBC Ratio is calculated for any period that is not based on data contained in the annual financial statement of the Company or the Reinsurer, “premium” (as
defined in the instructions for preparing the RBC Ratio as promulgated by the National Association of Insurance Commissioners) for such year-to-date period will be reasonably estimated and annualized wherever required in such calculation. 

(nnnn) “Reinsured Liabilities” means all gross liabilities and obligations arising out of or relating to the Reinsured
Policies (other than the Net Retained Liabilities, Extra Contractual Obligations and the Excluded Liabilities), net of Other Reinsurance Benefits. 

(oooo) “Reinsured Policies” has the meaning ascribed thereto in Section 1.1. 

(pppp) “Reinsurer” has the meaning ascribed thereto in the Recitals. 

(qqqq) “Reinsurer Indemnified Parties” has the meaning ascribed thereto in Section 11.2. 

(rrrr) “Reinsurer’s Share” has the meaning ascribed thereto in Section 1.2. 

(ssss) “Reinsurer Termination Payment” has the meaning ascribed thereto in Section 9.4. 

(tttt) “Representatives” has the meaning ascribed thereto in Section 12.1. 

(uuuu) “Required Balance” has the meaning ascribed thereto in Section 3.1(b). 

(vvvv) “Respondent” has the meaning ascribed thereto in Section 10.1(c). 

(wwww) “Review Period” has the meaning ascribed thereto in Section 10.2(a). 

(xxxx) “SAP” means the statutory accounting principles and practices prescribed by the Company’s state of domicile.

 (yyyy) “Seller” has the meaning ascribed to it in the Stock Purchase Agreement. 

  
 48 

 (zzzz) “Statutory Book Value” means the carrying value of the subject asset
or liability on the books of the Reinsurer for statutory statement purposes determined in accordance with the statutory accounting principles and practices prescribed by the Reinsurer’s state of domicile, consistently applied. 

(aaaaa) “Statutory Reserves” means, as of any date of determination, the gross statutory reserves (including deficiency
reserves) and any additional policy-related liabilities that are required to be held by the Company with respect to the Reinsured Policies, as of such date of determination reduced by credit for reinsurance taken by the Company or by the Reinsurer
in respect of the Reinsured Policies for Other Reinsurance as of such date of determination. Such reserves and liabilities are posted in lines 1 through 9.4 inclusive on page 3 of the Company’s 2010 financial statements as prepared under
SAP. For years after 2010, reserves and liabilities corresponding to those lines of the Company’s 2010 SAP financial statements will be included in Statutory Reserves even if the form of SAP financial statements changes. 

(bbbbb) “Stock Purchase Agreement” means the Stock Purchase Agreement, dated as of October 22, 2010, by and among
RBC Insurance Holdings (USA) Inc., Athene Holding, Ltd., Protective Life Insurance Company, and, solely for purposes of Sections 5.14 through Section 5.17 and Articles 7, 8 and 10 of thereof, RBC USA Holdco Corporation, as amended from time to time.

 (ccccc) “Third Party Claimant” has the meaning ascribed thereto in Section 11.4(a). 

(ddddd) “Transferred Assets” has the meaning ascribed thereto in Section 1.3(a)(i). 

(eeeee) “Transition Services Agreement” has the meaning ascribed thereto in the Stock Purchase Agreement. 

(fffff) “True-Up Date” has the meaning ascribed thereto in Section 1.3(a)(iv). 

(ggggg) “Trust Account” has the meaning ascribed thereto in Section 3.1(a).

(hhhhh) “Trust Agreement” means the Trust Agreement between the Reinsurer, as grantor, the Company, as beneficiary, and the
Trustee, as trustee, substantially in the form attached as Exhibit A hereto. 
 (iiiii) “Trustee” has the
meaning ascribed thereto in Section 3.1(a). 
 (jjjjj) “UCC” has the meaning ascribed thereto in Section 1.10(b)(i).

 (kkkkk) “Umpire” has the meaning ascribed thereto in Section 10.1(d)(ii). 

  
 49 

 (lllll) “Unresolved Items” has the meaning ascribed thereto in Section
10.2(b). 
 (mmmmm) “Value” means, as of any date of determination, the sum of (i) the amount of cash included in the
Transferred Assets as of such date, (ii) the excess of (1) the aggregate Statutory Book Value (as reflected in the Company’s Estimated Balance Sheet or Final Balance Sheet, as applicable) of all assets included in the Transferred Assets that
are commercial mortgage loans and real estate owned for investment purposes, together with any accrued and unpaid interest thereon, but net of any liability specifically related to any such Transferred Assets to the extent such liability is
accounted for on the Estimated Balance Sheet or the Final Balance Sheet, as applicable, over (2) $18,000,000 and (iii) the aggregate Fair Market Value of all other assets included in the Transferred Assets as of such date. 

Section 13.2 Construction. 

(a) For purposes of this Agreement, the words “hereof,” “herein,” “hereby” and other words of similar
import refer to this Agreement as a whole unless otherwise indicated. 
 (b) Whenever the singular is used herein, the same shall
include the plural, and whenever the plural is used herein, the same shall include the singular, where appropriate. 
 (c) For purposes
of this Agreement, the term “including” means “including but not limited to.” 
 (d) Whenever used in this
Agreement, the masculine gender shall include the feminine and neutral genders. 
 (e) All references herein to Articles, Sections,
Subsections, Paragraphs, Exhibits and Schedules shall be deemed references to Articles, Sections, Subsections and Paragraphs of, and Exhibits, Annexes and Schedules to, this Agreement, unless the context shall otherwise require. 

(f) Any reference herein to any statute, agreement or document, or any section thereof, shall, unless otherwise expressly provided, be a
reference to such statute, agreement, document or section as amended, modified or supplemented (including any successor section) and in effect from time to time. 

(g) All terms defined in this Agreement shall have the defined meaning when used in any Schedule, Annex, Exhibit, certificate or other
documents attached hereto or made or delivered pursuant hereto unless otherwise defined therein. 

  
 50 

 ARTICLE XIV 

GENERAL PROVISIONS 
 Section 14.1
Books and Records. On the Effective Date or as soon as possible thereafter (but not later than three Business Days after the Company has received the applicable Books and Records from Seller pursuant to the transfer required under the Stock
Purchase Agreement) in the manner (and in the case of physical Books and Records at the location(s)) reasonably requested by the Reinsurer, the Company will transfer the Books and Records relating to the Reinsured Policies to the Reinsurer;
provided, that the Company shall be permitted to retain a copy of the Books and Records transferred to the Reinsurer. The Reinsurer agrees that, on and after the Effective Date, and for such period of time as may be required under the
Reinsurer’s standard record retention practices and procedures, and in accordance with applicable Law, it will maintain true and accurate Books and Records with respect to the Reinsured Policies of all reinsurance hereunder. So long as any
Reinsured Policies are in force and subject to coinsurance hereunder, the Reinsurer shall make available for inspection and copying by the Company and its Representatives, during normal business hours of the Reinsurer upon forty-eight hours’
advance written notice, any non-privileged financial or other records pertaining to the Reinsured Policies that may reasonably be required by the Company for financial statement preparation or any other reasonable business purpose. 

Section 14.2 Inspection by Reinsurer. Upon reasonable notice, Reinsurer and its Representatives may inspect any and all books, records,
documents or similar information reasonably relating to or affecting the Reinsured Policies or reinsurance under this Agreement at the appropriate office of the Company, during normal business hours upon forty-eight hours’ advance written
notice. 
 Section 14.3 Errors and Omissions. If any delay, omission, error or failure to pay amounts due or to perform any other act
required by this Agreement is caused by mistake, misunderstanding or oversight, the Parties will equitably adjust the situation to what it would have been had the mistake, misunderstanding or oversight not occurred, and the reinsurance provided
hereunder will not be invalidated. Should it not be possible to adjust the situation, it will be referred to dispute resolution pursuant to Article X or to such other dispute resolution procedure as may be mutually selected by the Parties.

Section 14.4 Offset. Any amount which either the Company or the Reinsurer is contractually obligated to pay to the other Party under
this Agreement may be paid out of any amount which is due and unpaid under this Agreement. The application of this offset provision will not be deemed to constitute diminution in the event of insolvency. 

Section 14.5 Reimbursement of Expenses. The Reinsurer shall reimburse the Company promptly for any expenses it incurs in complying with
any request, direction, recommendation or instruction of the Reinsurer pursuant to Section 1.4, Section 1.5, Section 2.2 or Section 3.3(b). 

  
 51 

 Section 14.6 Parties to this Agreement. This is an agreement for indemnity reinsurance
solely between the Company and the Reinsurer. The performance of the obligations of each Party under this Agreement shall be rendered solely to the other Party. The acceptance of risks under this Agreement shall create no right or legal relationship
between the Reinsurer and the insured, owner or beneficiary of any insurance policy or other contract of the Company. 
 Section 14.7
Authority. Neither the Company nor the Reinsurer shall have any power or authority to act for or on behalf of the other except as expressly granted herein or in the Administrative Services Agreement, and no other or greater power or authority
shall be implied by the grant or denial of power or authority specifically mentioned herein. No employee or agent of either Party shall be considered an employee or agent of the other. 

Section 14.8 No Assignment. This Agreement may not be assigned by either of the Parties hereto without the prior written approval of
the other Party. Notwithstanding the foregoing, the Reinsurer shall not be prohibited from further transfer of risks accepted hereunder on a retrocession or other basis without the prior approval of the Company, provided that any transfer shall not
relieve the Reinsurer of its obligations under this Agreement. 
 Section 14.9 Notices. Any notice, approval, request, consent,
instruction, or other document to be given hereunder by any Party hereto to the other Party hereto will be delivered by personal delivery, overnight express or facsimile (followed by telephone confirmation with the intended recipient), as follows:

 If to the Company, to: 

Liberty Life Insurance Company

P.O. Box 1389 
 Greenville, South
Carolina 29602-1389 
 Telephone: (864) 609-1307

Facsimile: (864) 609-1049 

Attention: President
 with copies
(which shall not constitute notice) to: 
 Liberty Life Insurance Company 

c/o Athene Asset Management LLC 

1219 Morningside Drive 
 Manhattan
Beach, CA 90266 
 Telephone: (310) 939-1904 

Fax: (310) 939-1903 
 Attention:
Secretary 
 Email: golden@athenellc.com 

  
 52 

 and 

Athene Holding Ltd. 
 First Floor,
Chesney House, 96 Pitt’s Bay Road 
 Pembroke HM 08, Bermuda 

Telephone: (441) 279-8412 

Facsimile: (441) 279-8401 

Attention: Chip Gillis; Zachary Jones; Tab Shanafelt 

Email: cgillis@athenelifere.bm; zjones@athenelifere.bm; 

tshanafelt@athenelifere.bm 

Sidley Austin LLP 
 1 South
Dearborn 
 Chicago, Illinois 60603 

			
	Telephone:	 	(312) 853-7061
	Facsimile:	 	(312) 853-7036

 
			
	Attn: Perry J. Shwachman, Esq.

 and 

Sidley Austin LLP 
 787 Seventh
Avenue
 New York, New York 10019

			
	Telephone:	 	(212) 839-5835
	Facsimile:	 	(212) 839-5599

 Attn: Jonathan J. Kelly, Esq. 

If to the Reinsurer, to: 

Protective Life Insurance Company 

2801 Highway 280 South 

Birmingham, Alabama 35223 

Telephone: (205) 268-1000 

Facsimile: (205) 268-3597 

Attn: Alfred F. Delchamps, III 

Email: Al.Delchamps@Protective.com 

  
 53 

 with a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 
 919
Third Avenue 
 New York, New York 10022 

			
	Telephone:	 	(212) 909- 6459
	Facsimile:	 	(212) 909- 7459

 Attn: Nicholas F. Potter, Esq. 

or at such other address for a Party as will be specified by like notice. Each notice or other communication required or permitted under this Agreement
that is addressed as provided in this section will be deemed given upon delivery. 
 Section 14.10 Severability. If any provision of
this Agreement is held to be illegal, invalid, or unenforceable under any present or future law, and if the rights or obligations of the Company or Reinsurer under this Agreement will not be materially and adversely affected thereby, (a) such
provision will be fully severable, (b) this Agreement will be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part hereof, (c) the remaining provisions of this Agreement will remain in full force
and effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance from this Agreement, and (d) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this
Agreement a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible. 

Section 14.11 Announcements. Except as required by applicable Law or in connection with public disclosure to investors or analysts, the
content and timing of public announcements by either Party concerning the transactions contemplated by this Agreement must be approved in advance by both Parties, but such approval shall not be unreasonably withheld, conditioned or delayed. 

Section 14.12 Schedules, Annexes and Exhibits. All Schedules, Annexes and Exhibits to this Agreement are attached hereto and are
incorporated herein by reference. The provisions of this Agreement (without reference to any attached Schedules, Annexes and Exhibits) shall be deemed to control in the event of any inconsistency or conflict between the provisions of this Agreement
(without reference to any attached Schedules, Annexes and Exhibits) and the Schedules, Annexes and Exhibits attached hereto. 
 Section
14.13 Entire Agreement. This Agreement and any Schedules, Annexes and Exhibits attached hereto supersede all prior discussions and written and oral agreements between the Parties with respect to the subject matter of this Agreement. This
Agreement (and any Schedules, Annexes and Exhibits attached hereto) and the Administrative Services Agreement contain the sole and entire agreement between the Parties hereto with respect to the subject matter hereof. 

  
 54 

 Section 14.14 Binding Effect. This Agreement is binding upon, and will inure to the
benefit of, the Parties and their respective permitted assignees and successors (including, without limitation, any liquidator, rehabilitator, receiver or conservator of a Party). 

Section 14.15 Waiver and Amendment. This Agreement may be modified or amended only by a writing duly executed by the Company and the
Reinsurer. Any term or condition of this Agreement may be waived at any time by the Party that is entitled to the benefit thereof. A waiver must be in writing and must be executed by such Party. A waiver on any occasion shall not be deemed to be a
waiver of the same or any term or condition on a future occasion. 
 Section 14.16 Headings. The headings in this Agreement are for
reference purposes only and shall not affect the interpretation of this Agreement. 
 Section 14.17 Counterparts. This Agreement may
be executed simultaneously in any number of counterparts, each of which will be deemed an original, but all of which will constitute one and the same instrument. 

Section 14.18 No Prejudice. The Parties agree that this Agreement has been jointly negotiated and drafted by the Parties hereto and
that the terms hereof shall not be construed in favor of or against any Party on account of its participation in such negotiations and drafting. 

Section 14.19 Governing Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of South
Carolina without giving effect to the principles of conflicts of law rules thereof. 
 Section 14.20 Further Assurances. Each Party
shall take, or cause to be taken, any and all reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that the other Party may reasonably request in order to effect the intent and
purpose of this Agreement and the transactions contemplated hereby.
 Section 14.21 Recourse. Without limiting the rights of any
party under the Stock Purchase Agreement of any party thereto, the Parties agree that all obligations of the Company under this Agreement and all representations and warranties of the Company made herein are without recourse to the Seller or its
Affiliates or any director, officer, agent or representative of any of the foregoing. 
 [Remainder of page intentionally left blank] 

  
 55 

 IN WITNESS WIIEREOF, the parties hereto have caused this Agreement to be executed by their respective duly
authorized officers effective this 29th day of April, 2011. 
  

			
	LIBERTY LIFE INSURANCE COMPANY
		
	By:	 	

		 	  

	Name:	 	Guy Hudson Smith III
	Title:	 	President
	
	PROTECTIVE LIFE INSURANCE COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 Signature page—Life Business Reinsurance Agreement 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective duly
authorized officers effective this 29th day of April, 2011. 
  

			
	LIBERTY LIFE INSURANCE COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	PROTECTIVE LIFE INSURANCE COMPANY
		
	By:	 	

		 	  

	Name:	 	Carolyn King
	Title:	 	Senior Vice President, Acquisitions and Corporate Development

 Signature page—Life Business Reinsurance Agreement 

 Schedule 1.3(a)(i) 

Real Property 
  

	1.	Property located at 11219 South Orange Blossom Trail, Orange County, Florida, 32827 acquired through foreclosure sale on March 10, 2009. 

 

	2.	Property located at 15704 90th Street NE, Otsego, Minnesota 55330 acquired through foreclosure sale on January 5, 2010. 

 

	3.	Property located at 8961 Conference Drive, Lee County, Florida, 33919 acquired through foreclosure sale on September 24, 2010. 

  

	4.	Summergreen Court – Rear Summergreen Court, Gwinnett County, Georgia – Pin: R7214408 

  

	5.	Property located at 2355 Mall of Georgia Boulevard, Gwinnett County, Georgia, 30519 acquired through foreclosure sale on October 5, 2010. 

 

	6.	Property located at 2401 Dineen Avenue, Orlando, Orange County, Florida, 32804 acquired through foreclosure sale on October 11, 2010. 

 

	7.	Property located at 1160 Due West Avenue North, Madison, Tennessee, 37115 acquired through foreclosure on October 25, 2010. 

 Schedule 5.6 

New Policies Under Producer Agreements 

Producer Agreements with the following Producers: 
  

	1.	Producers Choice 

  

	2.	Annuity Source, Inc. 

  

	3.	ECA 

  

	4.	Ash Brokerage 

  

	5.	LTA Marketing Group 

  

	6.	E-Financial 

  

	7.	Spectrum Direct Insurance Services, Inc. 

  

	8.	Select Quote 

  

	9.	Matrix Direct, Inc. 

  

	10.	Creative Marketing International Corporation 

 Schedule 13.1(i) 

Assumed Reinsurance Agreements 
  

	1.	American Accident Reinsurance Group, effective as of September 1, 1979 

  

	2.	American Accident Reinsurance Group, effective as of September 1, 1979 

  

	3.	American Bankers Life Assurance Co., effective as of July 1, 1989 

  

	4.	Continental Assurance Co., effective as of November 1, 1954 

  

	5.	Continental Assurance Co., effective as of November 1, 1954 

  

	6.	Family Benefit Life Insurance Co., effective as of November 1, 1964 

  

	7.	Reassure America Life Insurance Co., effective as of June 1, 1950 

  

	8.	Reassure America Life Insurance Co., effective as of June 1, 1950 

  

	9.	VFL Int’l Life Co. SPC Ltd., effective as of June 1, 2000 

 Schedule 13.1(ttt) 

Other Reinsurance 

[Attached] 

																							
	 Initial
Year
	 	 Product

Line
	 	 Product
	 	 Company
	 	 Former Company
	 	 Reinsurer
	 	 Former Reinsurer
	 	 Former
Reinsurer

#2
	 	 Status
	 	 Termination
Date

												
	1	 	2003	 	Life	 	Coinsurance (Express Term I & II)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Wilton Reassurance Life of NY	 	American Life Ins. Co. of NY	 		 	Closed for NB	 	January 6, 2006
	2	 	1981	 	Life	 	Facultative YRT Agreement & AD&D (Ten Year Select Non Experience Refund)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	American United (Employers Reassurance Co. as admins for AUL)	 	American United Life	 		 	Closed for NB	 	February 29, 2004
	3	 	1987	 	Life	 	Coinsurance (Argus Universal Life “Gold Plan”)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Argus)	 	Generali	 	BMA	 	Argus	 	Closed for NB	 	
	4	 	1984	 	Life	 	YRT (LP-90, LP-80, GPWL & SWL Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Argus)	 	Generali	 	BMA	 	Argus	 	Open	 	
	5	 	1990	 	Life	 	Bulk ADB	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	BMA	 		 		 	Closed for NB	 	January 1, 1999
	6	 	1995	 	Life	 	Continuum Product	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Protective Life	 	BMA	 		 	Open	 	
	7	 	1988	 	Life	 	Automatic YRT (New Life/Super New Life(76232)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central)	 	US Business of Canada Life Assurance Co.	 	Crown Life Reinsurance Options	 		 	Closed for NB	 	April 14, 1997
	8	 	2003	 	Life	 	Automatic Coinsurance (RBC Express Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	US Business of Canada Life Assurance Co.	 		 		 	Closed for NB	 	August 31, 2007
	9	 	2004	 	Life	 	Automated Coinsurance (Express Term II, Simplified Issue, Fully Gauranteed Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	US Business of Canada Life Assurance Co.	 		 		 	Closed for NB	 	December 31, 2007
	10	 	1969	 	Life	 	YRT (Disaster Excess Reinsurance Agreement)	 	RBC Ins	 	State National	 		 	ERC	 		 		 	Open	 	
	11	 	1983	 	Life	 	Facultative YRT	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	ERC	 	Phoenix Home Life	 		 	Closed for NB	 	
	12	 	1988	 	Life	 	Automatic Coinsurance (ART to 75, 5 year R&C)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	ERC	 	Phoenix Home Life	 		 	Open	 	
	13	 	1998	 	Life	 	Automatic YRT (Ultra, Ultra II, Plus, Plus II, SPUL, Flex, ISWL, 10 yr Level Term Rider, OIR)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	ERC	 	Phoenix Home Life	 		 	Open	 	
												
	14	 	1988	 	Life	 	Automatic YRT (New Life/Super New Life(76232)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central)	 	ERC	 	Frankona America Life	 		 	Open	 	
												
	15	 	1989	 	Life	 	Automatic Coinsurance (Level 10 Plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central)	 	ERC	 	Frankona America Life	 		 	Open	 	
												
	16	 	2003	 	Life	 	Automatic Coinsurance (Express Term)	 	RBC Ins	 	Liberty Life Ins. Co	 	(BMA)	 	ERC	 		 		 	Open	 	
	17	 	1993	 		 	Indemnity Reinsurance Agreement (Preneed) (Estate Assurance)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Union Security Ins.Co.	 	Fortis Benefits Ins.	 	Pierce National Life	 	Open	 	
	18	 	1994	 		 	Indemnity Reinsurance Agreement (Preneed)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Union Security Ins.Co.	 	Fortis Benefits Ins.	 	Pierce National Life	 	Open	 	
	19	 	1981	 	Life	 	Facultative YRT	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	General Re Life Corp.	 	General & Cologne Life Re	 		 	Open	 	
												
	20	 	2003	 	Life	 	Automatic YRT (Clarity Duo VUL Plan)	 	RBC Ins	 	BMA	 		 	General Re Life Corp.	 	General & Cologne Life Re	 		 	Open	 	
	21	 	2003	 	Life	 	Automatic YRT (Clarity Duo VUL Plan)	 	RBC Ins	 	BMA	 		 	Hannover Life Re Assurance Co. of America	 		 		 	Open	 	
												
	22	 	2006	 	Life	 	AD&D Quota Share agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Hannover Life Re Assurance Co. of America	 		 		 	Open	 	
	23	 	1998	 	Accident & Health	 	Bulk ADB Quota Share agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Hartford Life & Accident Ins. Co.	 		 		 	Closed for NB	 	March 1, 2005
	24	 	1999	 	Accident & Health	 	Bulk ADB Quota Share agreement (Liberty Direct)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Hartford Life & Accident Ins. Co.	 		 		 	Closed for NB	 	December 31, 2004
	25	 	2001	 	Accident & Health	 	Hospital Income Quota Share agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Hartford Life & Accident Ins. Co.	 		 		 	Closed for NB	 	December 31, 2005
	26	 	2002	 	Accidental Death	 	Low Cost Decreasing Bulk Adb Quota Share agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Hartford Life & Accident Ins. Co.	 		 		 	Closed for NB	 	December 31, 2005
	27	 	1999	 	Life & Accident and Health	 	Coinsurance (Mortgage Life, disability Life & Accidental Death Ins.)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Lifeshield National Insurance Co.	 	Homeshield Ins. Co.	 		 	Open	 	
	28	 	1980	 	Life	 	Automatic Coinsurance (ART 80 Plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Argus)	 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 	General Re Corp.	 	Closed for NB	 	July 1, 1987
	29	 	1981	 	Life	 	Facultative YRT	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Argus)	 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 	General Re Corp.	 	Open	 	
	30	 	1984	 	Life	 	Automatic Coinsurance UL	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Argus)	 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 	General Re Corp.	 	Closed for NB	 	July 1, 1987
												
	31	 	1984	 	Life	 	Automatic Coinsurance UL	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Southern Life Ins)	 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 	General Re Corp.	 	Open	 	
	32	 	1992	 	Life	 	Automatic Coinsurance Bulk (Limited ART, Five Year R&C, ART to 75)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 		 	Open	 	
	33	 	1991	 	Life	 	Automatic Coinsurance (GAM Business)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 		 	Open	 	
												
	34	 	1992	 	Life	 	Automatic YRT Bulk (Flex, Int. Sensitive WL,Plus, Plus II and Term to 95, Single Premium UL, Ultra & Ultra II)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Life Re Corp. of America	 		 	Open	 	

																							
	 Initial
Year
	 	 Product

Line
	 	 Product
	 	 Company
	 	 Former Company
	 	 Reinsurer
	 	 Former Reinsurer
	 	 Former
Reinsurer

#2
	 	 Status
	 	 Termination
Date

	35	 	2001	 	Life	 	Direct Term 10, 20LT Coinsurance Agreement (Auto & Fac)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Closed for NB	 	
	36	 	1970	 	Life	 	YRT (Group Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Lincoln (GX-2048)	 		 	Open	 	
	37	 	1999	 	Life	 	YRT (Auto & Fac)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Lincoln (37)	 		 	Open	 	
	38	 	1961	 	ART	 	Coinsurance (YRT to 75 & 5-Year Renewable and Convertible Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Lincoln (Linc-3)	 		 	Closed for NB	 	
	39	 	1964	 	Life	 	Facultative YRT	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich American Reassurance Co.	 		 		 	Closed for NB	 	February 1, 1992
	40	 	1989	 	Life	 	Automatic YRT (New & Super Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central)	 	Munich American Reassurance Co.	 		 		 	Open	 	
	41	 	1989	 	Life	 	Coinsurance (New Life Level 10 plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central)	 	Munich American Reassurance Co.	 		 		 	Open	 	
												
	42	 	1988	 	Life	 	Automatic Coinsurance ( ART to 75)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich American Reassurance Co.	 	Continental Assurance Co.	 		 	Open	 	
												
	43	 	1988	 	Life	 	Automatic YRT	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich American Reassurance Co.	 	Continental Assurance Co.	 		 	Open	 	
	44	 	2008	 	Life	 	Automatic Coinsurance (Express Term II)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich American Reassurance Co.	 		 		 	Open	 	
	45	 	2008	 	Life	 	Automatic Coinsurance (RBC Level Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich American Reassurance Co.	 		 		 	Open	 	
	46	 	1982	 	Life	 	Coinsurance (Modernizer Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Magnolia Life)	 	Optimum Re Insurance Co.	 	Life & Casualty Insurance Co. of Tennessee	 		 	Closed for NB	 	
	47	 	1963	 	Life	 	YRT	 	RBC Ins	 	Libertry Life Ins. Co.	 	(State National Life Ins. Co.)	 	Optimum Re Insurance Co.	 	AGC Life Ins. Co.	 		 	Open	 	
	48	 	1982	 	Life	 	YRT	 	RBC Ins	 	Liberty Life Ins. Co.	 	(State National Life Ins. Co.)	 	Optimum Re Insurance Co.	 	AGC Life Ins. Co.	 		 	Open	 	
	49	 	1983	 	Life	 	Coinsurance (ART 70 Plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(State National Life Ins. Co.)	 	Optimum Re Insurance Co.	 	AGC Life Ins. Co.	 		 	Open	 	
	50	 	1990	 	Life	 	Coinsurance (Term to 90)	 	RBC Ins	 	Liberty Life Ins. Co	 	(State National Life Ins. Co.)	 	Optimum Re Insurance Co.	 	AGC Life Ins. Co.	 		 	Open	 	
	51	 	1994	 	Life	 	YRT & Facultative Coinsurance (Millennium Series Term plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Optimum Re Insurance Co.	 		 		 	Open	 	
	52	 	1999	 	Life	 	Coinsurance (Auto & Fac) (Term to 99)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Optimum Re Insurance Co.	 		 		 	Open	 	
	53	 	1983	 	Life	 	Automatic YRT (New & Super Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central Life Ins. Co.)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	
	54	 	2004	 	Life	 	Coinsurance (Auto & Fac) (ART to 75)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	RGA Reinsurance Co.	 		 		 	Open	 	
	55	 	2004	 	Life	 	YRT (Auto & Fac) (UL Interest Sensitive, WL, LP65)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	RGA Reinsurance Co.	 		 		 	Open	 	
	56	 	2004	 	Life	 	Coinsurance (Auto & Fac) (Level Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	RGA Reinsurance Co.	 		 		 	Closed for NB	 	
	57	 	2003	 	Life	 	Automatic YRT (Clarity Duo VUL Plan)	 	RBC Ins	 	BMA	 		 	Scottish Re U.S. , Inc	 		 		 	Closed for NB	 	
	58	 	2004	 	Life	 	Coinsurance Agreement (Level Term Products)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Scottish Re U.S. , Inc	 		 		 	Closed for NB	 	
	59	 	1993	 	Life	 	Coinsurance (Credit Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Southern Providence Life Ins. Co.	 		 		 	Open	 	
	60	 	1988	 	Life	 	Automatic YRT (New Life/Super New Life, Commercial Term Policy Decreasing Term Policy)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central Life Ins. Co.)	 	Security Life of Denver	 	ING	 		 	Open	 	
	61	 	1989	 	Life	 	Coinsurance (Level-10 plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central Life Ins. Co.)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	62	 	2004	 	Life	 	Coinsurance (RBC Level Term - 10,15,20&30 Year Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Security Life of Denver	 	ING	 		 	Open	 	
												
	63	 	2000	 	Annuity	 	Automatic Coinsurance Agreement (Equity indexed annuity)	 	RBC Ins	 	BMA	 		 	Sun Life Assurance Co. Of Canada US	 	KeyPort Life Ins. Co.	 		 	Open	 	
	64	 	1982	 	Life	 	Automatic YRT (Super Life Plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central Life Ins. Co.)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	65	 	1988	 	Life	 	Automatic YRT (New Life / Super New Life Plan & Commercial Term, Decreasing Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central Life Ins. Co.)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	66	 	1989	 	Life	 	Automatic Coinsurance (Level - 10 Plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central Life Ins. Co.)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	67	 	1956	 	Life	 	Automatic YRT (1Manual policy inforce)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	68	 	1967	 	Life	 	Accident and Sickness Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Southern Life Ins. Co.)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	69	 	2005	 	Life	 	YRT (Millennium Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Closed for NB	 	
	70	 	1975	 	Life	 	Excess (Simplematic Individual Excess (SIE) Business)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Southern Life	 		 	Closed for NB	 	December 31, 1986
	71	 	2005	 	Life	 	Coinsurance (Term 10/Term 20)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Open	 	
	72	 	1996	 	AD&D	 	Quota Share Agreement (Forms L-991 (1-96) and L-994 (1-96) PA, SC,WV)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Cigna	 		 	Open	 	
	73	 	1975	 	Life	 	Coinsurance (One Year Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Southern Life	 		 	Open	 	
	74	 	2005	 	Life	 	YRT (ART to 100, YRT to 95, YRT to 75, UL products)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Open	 	
	75	 	2006	 	Life	 	Coinsurance (Level Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	
	76	 	2008	 	Life	 	Automatic YRT (WL & LP65)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	
	77	 	2007	 	Life	 	Automatic YRT (Indexed Universal Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	

																							
	 Initial
Year
	 	 Product

Line
	 	 Product
	 	 Company
	 	 Former Company
	 	 Reinsurer
	 	 Former Reinsurer
	 	 Former
Reinsurer

#2
	 	 Status
	 	 Termination
Date

	78	 	1982	 	Life	 	YRT (Advanced Big Case Program)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Cigna	 		 	Closed for NB	 	November 1, 1988
	79	 	1988	 	Life	 	YRT (FLEX, Interest Sensitive WL, PLUS, PLUS II, Single Prem UL, ULTRA, ULTRA II)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Connecticate General	 		 	Open	 	
	80	 	1988	 	Life	 	Coinsurance	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 	Connecticate General	 		 	Closed for NB	 	April 20, 1989
	81	 	1997	 	Life	 	Automatic & Facultative YRT (LifeTrack Plus UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	
	82	 	1976	 	Life	 	Facultative Coinsurance Agreement (YRT-80, YRT-100, Mortgage Term)	 	RBC Ins	 	Liberty Life Ins. Co	 	(Argus Life Ins. Co.)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	83	 	1984	 	Life	 	YRT (UL plan)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Southern Life Ins. Co.)	 	Swiss Re Life & Health America, Inc	 	Cigna	 		 	Open	 	
	84	 	1987	 	Life	 	Facultative (All forms of UL plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Transamerica Life Ins Co.	 		 		 	Open	 	
	85	 	1987	 	Life	 	Automatic Reinsurance (All UL plans, ART, 5 Yr RT,10 Yr LT, Term - 95)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Transamerica Life Ins Co.	 		 		 	Open	 	
	86	 	1987	 	Life	 	Automatice Reinsurance (Excuflex (Group Term Carve Out))	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Transamerica Life Ins Co.	 		 		 	Open	 	
	87	 	1984	 	Life	 	Automatic Reinsurance (Flexable Premium Adjustable Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Southern Life Ins. Co.)	 	Transamerica Life Ins Co.	 		 		 	Open	 	
	88	 	1988	 	Life	 	Automatic Reinsurance (Requalification Term Plan w/Guaranteed Requal Opt)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Argus Life Ins. Co.)	 	Transamerica Life Ins Co.	 		 		 	Open	 	
	89	 	1988	 	Life	 	Automatic Reinsurance (UL and WL Plans)	 	RBC Ins	 	Liberty Life Ins Co.	 	(Argus Life Ins. Co.)	 	Transamerica Life Ins Co.	 		 		 	Open	 	
	90	 	1988	 	Life	 	Automatic YRT (New & Super Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(Kentucky Central)	 	Transamerica Life Ins Co.	 	General American Life Ins. Co.	 		 	Open	 	
	91	 	1992	 	Life	 	Automatic Reinsurance (Group Decreasing Mortgage Protection)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Triangle Life	 		 		 	Open	 	
	92	 	2008	 	Life	 	Automatic Coinsurance (Express Term II)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Wilton Reassurance Co.	 		 		 	Open	 	
												
	93	 	1972	 	Life	 	Facultative - Obligatory Reinsurance	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	AIG Life Ins. Co.	 	All American Life	 		 	Closed for NB	 	May 29, 2004
												
	94	 	2001	 	Life	 	Automatic Reinsurance (Clarity 10 YR Term - Form L7079)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	RGA Reinsurance Co.	 	Allianz Re	 		 	Open	 	
	95	 	2001	 	Life	 	Facultative (Clarity VUL - Form VL50)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	American United (Employers Reassurance Co. as admins for AUL)	 	American United Life	 		 	Closed for NB	 	May 29, 2004
	96	 	1994	 	Life	 	Automatic YRT (Assurflex)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	American United (Employers Reassurance Co. as admins for AUL)	 	American United Life	 		 	Closed for NB	 	February 29, 2004
												
	97	 	2001	 	Life	 	Automatic Reinsurance (Clarity SVUL Form VL51)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Employers Reassurance Corp.	 		 		 	Open	 	
												
	98	 	2001	 	Life	 	Automatic Reinsurance (Clarity SVUL Form VL51)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Munich American Reassurance Co.	 		 		 	Open	 	
												
	99	 	2001	 	Life	 	Automatic Reinsurance (Clarity SVUL Form VL51)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	RGA Reinsurance Co.	 		 		 	Open	 	
												
	100	 	1959	 	Life	 	Automatic Reinsurance (Traditional, UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Washington National Insurance Co.	 	Bankers National Life	 		 	Closed for NB	 	November 1, 1983
												
	101	 	1976	 	Life	 	Automatic/Facultative Reinsurance (Traditional, UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Washington National Insurance Co.	 	Bankers National Life	 		 	Closed for NB	 	November 1, 1983
	102	 	1974	 	Life	 	Facultative-Obligatory Reinsurance (Single Life Plans, Joint WL, BMA Preferred/ART)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Cincinnati Life	 	Inter-Ocean Ins. Co.	 		 	Open	 	
												
	103	 	2003	 	Life	 	Reinsurance Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Sun Life Assurance Co. Of Cananda US	 	Clarica Life	 		 	Open	 	
	104	 	1998	 	Life	 	Automatic YRT Reinsurance (Flexable Premium Adjustable Varible Life)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Conseco Life	 		 		 	Open	 	
												
	105	 	1977	 	Life	 	Facultative YRT (Single Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	AXA Equitable Life	 		 		 	Open	 	
	106	 	1994	 	Life	 	Facultative YRT (Flexible Premium Adjustable Life, WL2000 & LP75, T-95, Omniterm)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Munich American Reassurance Co.	 	CNA	 	Continental Assurance Co.	 	Open	 	
												
	107	 	2001	 	Life	 	Facultative YRT (Clarity VUL - Form VL50)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Employers Reassurance Corp.	 		 		 	Closed for NB	 	
	108	 	2001	 	Life	 	Automatic YRT (Clarity SVUL Form VL51, 4 year Term, Survivorship Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Employers Reassurance Corp.	 		 		 	Open	 	
												
	109	 	2001	 	Life	 	Automatic Coinsurance (Clarity 10 Yr Term Form L7079)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Employers Reassurance Corp.	 		 		 	Closed for NB	 	
												
	110	 	1993	 	Life	 	Facultative YRT Self-Administered (LP75 & WL2000)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Scottish Re Life Corp. (ERC Life)	 	Frankona America Life	 		 	Open	 	
												
	111	 	1993	 	Life	 	Facultative (Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Scottish Re Life Corp. (ERC Life)	 	Phoenix Home Life	 		 	Open	 	
												
	112	 	1993	 	Life	 	Automatic YRT (OmniTerm , VUL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Scottish Re Life Corp. (ERC Life)	 	Frankona America Life	 		 	Closed for NB	 	
	113	 	1989	 	Life	 	Automatic YRT (CAWL Form L-5015, BWL II Form L-5014) Fac. 5/1/1993	 	RBC Ins	 	Liberty Life Ins. Co.	 	 (BMA)
	 	Scottish Re Life Corp. (ERC Life)	 	Frankona America Life	 		 	Closed for NB	 	February 29, 2004

																							
	 Initial
Year
	 	 Product

Line
	 	 Product
	 	 Company
	 	 Former Company
	 	 Reinsurer
	 	 Former Reinsurer
	 	 Former
Reinsurer

#2
	 	 Status
	 	 Termination
Date

												
	114	 	1979	 	Life	 	Facultative/Obligatory Excess (Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Scottish Re Life Corp. (ERC Life)	 	Frankona America Life	 		 	Closed for NB	 	December 30, 1993
												
	115	 	1980	 	Life	 	Facultative (Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Great West	 		 		 	Open	 	
	116	 	1992	 	Life	 	Automatic & Facultative YRT (LP75,WL2000,UL & Term riders)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	General Re Life Corp.	 	General & Cologne Life Re	 		 	Open	 	
	117	 	1998	 	Life	 	Automatic (All Single Life Plans & Riders)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	SCOR Global Life Re Insurance Company of Texas (Revios)	 	Gerling Global	 		 	Closed for NB	 	
	118	 	1980	 	Life	 	Automatic (All Single Life Plans & Riders) tied to Excess Treaty	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	SCOR Global Life Re Insurance Company of Texas (Revios)	 	Gerling Global	 		 	Open	 	
												
	119	 	1993	 	Life	 	Automatic & Facultative YRT (Group Carve Out)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	Saint Louis Re	 		 	Open	 	
												
	120	 	1996	 	Life	 	Automatic & Facultative YRT (Assurflex UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	121	 	1997	 	Life	 	Automatic Coinsurance (Term Track, 10/20, RT	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	122	 	1997	 	Life	 	Automatic & Facultative YRT (LifeTrack Plus UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	123	 	1996	 	Life	 	Facultative Coinsurance Agreement (Endeavor)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	124	 	2001	 	Life	 	Automatic & Facultative YRT (Clarity VUL Form VL50)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	125	 	1980	 	Life	 	Automatic (Preferred Life & ART)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Manhattan Life	 		 		 	Closed for NB	 	September 1, 1989
												
	126	 	1974	 	Life	 	Automatic Second Excess Reinsurance Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Manhattan Life	 		 		 	Closed for NB	 	June 23, 1989
												
	127	 	1969	 	Life	 	Facultative-Obligatory Reinsurance	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Manhattan Life	 		 		 	Closed for NB	 	June 23, 1989
	128	 	1984	 	Life	 	Automatic Excess Coinsurance (Compuflex II, Compuflex III UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	John Hancock Life Insurance Co.	 	Manulife	 		 	Open	 	
												
	129	 	1982	 	Life	 	Coinsurance (Compuflex)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	John Hancock Life Insurance Co.	 	Manulife	 		 	Open	 	
	130	 	1987	 	Life	 	Automatic Coinsurance (Compu-Flex III, Magnum II, Value Builder)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	AIG Life Ins. Co.	 	Old Line Life	 		 	Open	 	
	131	 	1999	 	Life	 	Facultative YRT (Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Hannover Life Re Assurance Co. of America	 		 		 	Open	 	
												
	132	 	1998	 	Life	 	Automatic & Facultative YRT (VUL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Munich American Reassurance Co.	 		 		 	Open	 	
												
	133	 	1993	 	Life	 	Automatic & Facultative YRT (Omniterm)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Munich American Reassurance Co.	 		 		 	Open	 	
												
	134	 	1992	 	Life	 	Automatic & Facultative YRT (WL2000, LP75) (Fac. Only Magnum II, Compuflex III, Value Builder & Term 5, 10, 95)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Munich American Reassurance Co.	 		 		 	Open	 	
												
	135	 	2001	 	Life	 	Automatic YRT (Clarity VUL, Form VL51 Second to Die)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Munich American Reassurance Co.	 		 		 	Open	 	
												
	136	 	1985	 	Health	 	Individual Health Administration Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Union Central	 		 		 	Open	 	
	137	 	1998	 	Life	 	Facultative YRT (UL, WL, LP-75, Term and VUL Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	US Business of Canada Life Assurance Co.	 	Crown Life	 		 	Open	 	October 31, 2009
	138	 	1996	 	Life	 	Automatic Coinsurance (Endeavor Term, VUL CAWL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	US Business of Canada Life Assurance Co.	 	Crown Life	 		 	Open	 	October 31, 2009
	139	 	1973	 	Life	 	Automatic (BMA Preferred Life, ART)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	US Business of Canada Life Assurance Co.	 	Crown Life	 		 	Closed for NB	 	October 31, 2009
	140	 	1989	 	Life	 	Automatic & Facultative YRT (ART - L5020, L5466, L5467, L5468, L5469)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	141	 	1993	 	Life	 	Automatic & Facultative YRT (Protector Second to Die)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	142	 	1993	 	Life	 	Automatic & Facultative YRT (BMAVUL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Life of Denver	 	ING	 		 	Open	 	
												
	143	 	1989	 	Life	 	Automatic YRT (All Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Sun Life Assurance Co. Of Canada US	 	Clarica Life	 		 	Open	 	
												
	144	 	1984	 	Life	 	Automatic Coinsurance Excess (Compu Flex II)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Sun Life Assurance Co. Of Canada US	 	Clarica Life	 		 	Open	 	
												
	145	 	1985	 	Life	 	Automatic Coinsurance Excess (Magnum)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Sun Life Assurance Co. Of Canada US	 	Clarica Life	 		 	Open	 	
												
	146	 	1983	 	Life	 	Excess Coinsurance (Direct ART Pool & Replacements)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Sun Life Assurance Co. Of Canada US	 	Clarica Life	 		 	Open	 	
	147	 	1991	 	Life	 	Automatic (Current Assumption WL - 2nd to die)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	

																							
	 Initial
Year
	 	 Product

Line
	 	 Product
	 	 Company
	 	 Former Company
	 	 Reinsurer
	 	 Former Reinsurer
	 	 Former
Reinsurer

#2
	 	 Status
	 	 Termination
Date

												
	148	 	1994	 	Life	 	Facultative (Flexible Premium Adjustable Life (MLII) (CF3), WL2000, LP75,T-95, Omniterm, Endeavor 10 & Assurflex)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	Minnesota Life	 		 	Open	 	
												
	149	 	2008	 	Life	 	Coinsurance (RBC Level Term - 10,15,20&30 Year Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Transamerica Life Ins Co.	 		 		 	Open	 	
	150	 	2008	 	Life	 	YRT Agreement (Family Protection Series - WL, LP65) (2001 CSO)	 	RBC Ins	 	Liberty Life Life Ins. Co.	 		 	Transamerica Life Ins Co.	 		 		 	Open	 	
												
	151	 	1997	 	Life	 	Automatic & Facultative YRT (LifeTrack Plus UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 		 		 	Open	 	
												
	152	 	1996	 	Life	 	Automatic & Facultative YRT (Assurflex UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 		 		 	Open	 	
	153	 	1992	 	Life	 	Automatic & Facultative YRT (LP75,WL2000,Value Builder, Term 5,10 &95)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	
	154	 	1989	 	Life	 	Automatic Agreement (Select & Ultimate Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	
	155	 	1989	 	Life	 	Automatic Agreement (BWL & BWL II)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	
	156	 	1993	 	Life	 	Automatic & Facultative YRT (Omniterm)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	
	157	 	1991	 	Life	 	Automatic Agreement (LT5 & LT10)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	RGA Reinsurance Co.	 	General American Life Ins. Co.	 		 	Open	 	
	158	 	2001	 	Life	 	Facultative (Clarity SVUL, 4 YR Term, Survivorship Term Rider)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Open	 	
	159	 	2001	 	Life	 	Automatic YRT (Clarity VUL, Form VL50)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Open	 	
	160	 	2001	 	Life	 	Automatic Coinsurance (Clarity 10 Yr Term Form L7079)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Lincoln National Life Insurance Co. (Admin. By Swiss Re)	 		 		 	Open	 	
												
	161	 	1996	 	Life	 	Automatic Coinsurance (Endeavor Term, UL CAWL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	
												
	162	 	1996	 	Life	 	Automatic & Facultative YRT (Assurflex UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	
	163	 	1992	 	Life	 	Automatic & Facultative YRT (WL2000, LP75, Value Builder, T5, T10,T95, Magnum II & Compuflex)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	164	 	1981	 	Life	 	Automatic Quota Share Coinsurance (Traditional G20, L5000)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	165	 	1979	 	Life	 	Automatic Coinsurance (ML I, ML II, UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 	North American Reassurance Co.	 		 	Open	 	
	166	 	1993	 	Life	 	YRT Reinsurance Agreement (Omni Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 	The Mercantile & General Life Re.	 		 	Open	 	
	167	 	1993	 	Life	 	Facultative YRT (Single Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Swiss Re Life & Health America, Inc	 	The Mercantile & General Life Re.	 		 	Open	 	
												
	168	 	1970	 	Life	 	Facultative YRT (Traditional, UL)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Mutual Life Ins. Co. of NY	 		 		 	Open	 	
												
	169	 	1972	 	Life	 	Facultative Obligatory (Life Plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Mutual Life Ins. Co. of NY	 		 		 	Open	 	
												
	170	 	1978	 	Life	 	Automatic YRT (Life plans)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Security Mutual Life Ins. Co. of NY	 		 		 	Open	 	
												
	171	 	1981	 	Life	 	Facultative Obligatory (Life Plans tied to excess treaty)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	United of Omaha	 	United Benefit Life Ins. Co.	 		 	Closed for NB	 	
												
	172	 	1981	 	Life	 	Automatic Second Excess Reinsurance Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	United of Omaha	 	United Benefit Life Ins. Co.	 		 	Closed for NB	 	
	173	 	1992	 	Life	 	Automatic (Magnum Life II, Compu-Flex III, FPO, PIR, COL, AIB Riders)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Transamerica Financial Life Ins Co.	 		 		 	Open	 	
	174	 	1992	 	Life	 	Facultative (All Plans covered by 1055-13 except Magnum Life II & Compu-Flex III)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Transamerica Financial Life Ins Co.	 		 		 	Open	 	
	175	 	1973	 	Life	 	Facultative YRT (Traditional) *only two policies left inforce under this treaty*	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Pacific Life	 	Scottish Re	 	World Wide	 	Closed for NB	 	April 16, 1984
	176	 	2008	 	Life	 	Automatic Coinsurance (Express Term I)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich American Reassurance Co.	 		 		 	Open	 	
	177	 	2005	 	Life	 	Automatic & Facultative (Clarity VUL)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	RGA Reinsurance Co.	 		 		 	Open	 	
	178	 	2008	 	Life	 	Automatic Self Admin. Coinsurance (Express Term I)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Swiss Re Life & Health America, Inc	 		 		 	Open	 	
	179	 	2008	 	Life	 	Automatic Coinsurance (Level Term)	 	RBC Ins	 	Liberty Life Ins Co.	 		 	Wilton Reassurance Co.	 		 		 	Closed for NB	 	July 10, 2009
	180	 	2009	 	Life	 	Enhanced AD& D Quota Share (Coverdell)	 	RBC Ins	 	Liberty Life Ins Co.	 		 	Hannover Life Reassurance Co. of America	 		 		 	Open	 	
	181	 	2007	 	Life	 	Automatic YRT (Indexed Universal Life & NAA - RBC Lifeshield Simplified Issue Level Term) Amended to include the RBC Lifeshield product effective: 4/1/2010	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	General Re Life Corp.	 	General & Cologne Life Re	 		 	Open	 	
	182	 	2010	 	Life	 	Automatic YRT (RBC Lifeshield Simplified Issue Level Term)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Generali USA Life Reassurance Co.	 		 		 	Open	 	

																							
	 Initial
Year
	 	 Product

Line
	 	 Product
	 	 Company
	 	 Former Company
	 	 Reinsurer
	 	 Former Reinsurer
	 	 Former
Reinsurer

#2
	 	 Status
	 	 Termination
Date

	183	 	2010	 	Life	 	Automatic YRT (NAA - RBC Level Term- Fully Underwritten)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Hannover Life Reassurance Co. of America	 		 		 	Open	 	
	184	 	2010	 	Life	 	Automatic YRT (NAA - RBC Level Term- Fully Underwritten)	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Munich Re	 		 		 	Open	 	
												
	185	 	2001	 	Critical Illness	 	Quota Share	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	American National Ins. Co. (W/ ESG)	 		 		 	Open	 	June 1, 2009
												
	186	 	2006	 		 	Reinsurance Intermediary Agreement	 	RBC Ins	 		 		 	Aon Re	 		 		 	Open	 	
	187	 	2006	 		 	Collins Broker of Record Agreement	 	RBC Ins	 		 		 	Collins	 		 		 	Open	 	
	188	 	2006	 		 	Assumption Amendment to the Reinsurance Agreeement	 	RBC Ins	 	Liberty Life Ins. Co.	 		 	Optimum Re	 	Generali USA Life Reassurance Co.	 		 	Open	 	
	189	 	1995	 		 	(AARG) American Accident Reinsurance Group Trust Agree	 	RBC Ins	 	Liberty Life Ins. Co.	 	(State National Life)	 	American Accident Reinsurance	 		 		 		 	
	190	 	2002	 		 	Retrocession Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Generali Reassurance (Bermada) Ltd.	 		 		 	Open	 	
	191	 	2002	 		 	Retrocession Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Manulife Reinsurance Limited (Bermuda)	 		 		 	Open	 	
	192	 	2002	 		 	Automatic Coinsurance Retrocession Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Transamerica International Re Bermuda Ltd.	 		 		 	Open	 	
	193	 	2002	 		 	Automatic Coinsurance Retrocession Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Transamerica International Re Bermuda Ltd.	 		 		 	Open	 	
	194	 	1998	 		 	Assumption Reinsurance Agreeement (A&H)	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Reassure America	 	LoneStar	 		 	Open	 	
	195	 	1998	 		 	Coinsurance Agreement	 	RBC Ins	 	Liberty Life Ins. Co.	 	(BMA)	 	Reassure America	 	LoneStar	 		 	Open	 	
	196	 	2000	 		 	Indemnity Reunsurance Agreement	 	RBC Ins	 	Liberty life Ins. Co.	 	(BMA)	 	Metropolitan Life Ins. Co.	 	Met Life	 		 	Open	 	

 Schedule 13.1(cccc) 

Other Policies 
  

							
	 Originating Company
	  	 Block
	  	 Description
	  	 Policy Count

				
	Company	  	Deferred Annuity	  	FPAR – Riders to Life Policies	  	—  
				
	Company	  	Deferred Annuity	  	State National	  	129
				
	Company	  	Deferred Annuity	  	Argus	  	105
				
	Company	  	Life Payout	  	SCWLC	  	66
				
	Company	  	Life Payout	  	SCWOLC	  	187
				
	BMA	  	Deferred Annuity	  	GVP – Rider to Life Policies	  	—  
				
	BMA	  	Life Payout	  	SCWLC	  	655
				
	BMA	  	Life Payout	  	SCWOLC	  	690
				
	BMA	  	Deferred Annuity	  	HR-10 Side Fund	  	—  

  
 2 

 Annex A 

Assets Supporting Initial Coinsurance Premium 

All commercial mortgage loans and real estate owned for investment purposes by the Company and the following assets: 

 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 002824AV2
	  	 ABBOTT LABORATORIES
	  	 	1,000,000.00	  	  	 	997,788.88	  
				
	 002824AX8
	  	 ABBOTT LABORATORIES
	  	 	5,000,000.00	  	  	 	5,017,801.15	  
				
	 008916AH1
	  	 AGRIUM INC
	  	 	6,000,000.00	  	  	 	5,719,498.36	  
				
	 010392DZ8
	  	 ALABAMA POWER CO (SOUTHERN CO)
	  	 	1,000,000.00	  	  	 	1,023,238.77	  
				
	 010392EB0
	  	 ALABAMA POWER CO (SOUTHERN CO)
	  	 	680,000.00	  	  	 	685,645.38	  
				
	 010392EB0
	  	 ALABAMA POWER CO (SOUTHERN CO)
	  	 	1,000,000.00	  	  	 	1,078,443.85	  
				
	 013817AL5
	  	 ALCOA INC
	  	 	4,000,000.00	  	  	 	3,987,758.90	  
				
	 020002AN1
	  	 ALLSTATE CORP
	  	 	1,500,000.00	  	  	 	1,507,129.38	  
				
	 03072SMR3
	  	 AMERIQUEST MTG SEC INC (HE)
	  	 	2,852,868.87	  	  	 	2,850,097.45	  
				
	 03072SQP3
	  	 AMERIQUEST MTG SEC INC (HE)
	  	 	5,000,000.00	  	  	 	5,000,000.00	  
				
	 030955AJ7
	  	 AMERITECH CAPITAL FDG (AT&T)
	  	 	1,000,000.00	  	  	 	947,917.51	  
				
	 035229BP7
	  	 ANHEUSER BUSCH CO INC (INBEV)
	  	 	1,000,000.00	  	  	 	1,003,470.37	  
				
	 035229CS0
	  	 ANHEUSER BUSCH CO INC (INBEV)
	  	 	2,000,000.00	  	  	 	1,953,114.56	  
				
	 03523TAN8
	  	 ANHEUSER BUSCH CO INC (INBEV)
	  	 	1,000,000.00	  	  	 	994,359.22	  
				
	 03523TBH0
	  	 ANHEUSER BUSCH CO INC (INBEV)
	  	 	1,000,000.00	  	  	 	1,032,768.68	  
				
	 037735BZ9
	  	 APPALACHIAN PR CO(AM ELEC PWR)
	  	 	2,000,000.00	  	  	 	2,007,272.48	  
				
	 039483AY8
	  	 ARCHER-DANIELS-MIDLAND
	  	 	1,000,000.00	  	  	 	1,014,171.78	  
				
	 05348EAL3
	  	 AVALON BAY COMMUNITIES
	  	 	7,000,000.00	  	  	 	6,848,859.64	  
				
	 054303AR3
	  	 AVON PRODUCTS INC
	  	 	1,000,000.00	  	  	 	949,749.47	  

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 054303AR3
	  	 AVON PRODUCTS INC
	  	 	1,000,000.00	  	  	 	935,805.12	  
				
	 054937AF4
	  	 BB&T CORP
	  	 	2,000,000.00	  	  	 	1,980,429.93	  
				
	 054937AF4
	  	 BB&T CORP
	  	 	5,000,000.00	  	  	 	5,093,295.07	  
				
	 054937AG2
	  	 BB&T CORP
	  	 	2,000,000.00	  	  	 	1,939,842.51	  
				
	 05522RAS7
	  	 BANK OF AMERICA CR CRD TR (CC)
	  	 	4,600,000.00	  	  	 	4,244,731.46	  
				
	 05568BAA6
	  	 BURLINGTON NORTHERN
	  	 	1,338,374.62	  	  	 	1,338,374.62	  
				
	 05948KRM3
	  	 BANK OF AMERICA ALTER LN TR
	  	 	5,985,000.00	  	  	 	5,859,099.99	  
				
	 05948XX22
	  	 BANK OF AMERICA MTG SEC
	  	 	4,765,000.00	  	  	 	3,965,363.22	  
				
	 060505AU8
	  	 BANK OF AMERICA
	  	 	2,000,000.00	  	  	 	1,963,964.98	  
				
	 060505BG8
	  	 BANK OF AMERICA
	  	 	2,000,000.00	  	  	 	1,990,335.15	  
				
	 060505BG8
	  	 BANK OF AMERICA
	  	 	3,000,000.00	  	  	 	2,985,502.73	  
				
	 06050TKN1
	  	 BANK OF AMERICA
	  	 	2,000,000.00	  	  	 	1,925,742.41	  
				
	 06051GEC9
	  	 BANK OF AMERICA
	  	 	2,000,000.00	  	  	 	1,993,167.94	  
				
	 06738CAF6
	  	 BARCLAYS BK PLC
	  	 	4,000,000.00	  	  	 	4,008,179.58	  
				
	 07388YAG7
	  	 BEAR STEARNS COMML MTGE SEC
	  	 	5,000,000.00	  	  	 	4,958,180.96	  
				
	 079867AW7
	  	 BELLSOUTH TELECOMM INC
	  	 	2,000,000.00	  	  	 	2,062,451.11	  
				
	 079867AW7
	  	 BELLSOUTH TELECOMM INC
	  	 	600,000.00	  	  	 	533,418.76	  
				
	 084664AD3
	  	 BERKSHIRE HATHAWAY INC
	  	 	5,000,000.00	  	  	 	4,984,519.45	  
				
	 084664AD3
	  	 BERKSHIRE HATHAWAY INC
	  	 	3,000,000.00	  	  	 	2,979,470.51	  
				
	 097023AZ8
	  	 BOEING COMPANY
	  	 	14,000,000.00	  	  	 	13,977,712.75	  
				
	 110122AL2
	  	 BRISTOL-MYERS SQUIBB CO
	  	 	2,000,000.00	  	  	 	1,988,437.37	  
				
	 110122AL2
	  	 BRISTOL-MYERS SQUIBB CO
	  	 	2,000,000.00	  	  	 	1,996,250.49	  
				
	 12189TAN4
	  	 BURLINGTON NORTHERN SANTA FE
	  	 	3,000,000.00	  	  	 	3,334,572.47	  
				
	 12189TAU8
	  	 BURLINGTON NORTHERN SANTA FE
	  	 	2,000,000.00	  	  	 	2,011,979.62	  

  
 2 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 12641LBU6
	  	 CSX CORPORATION
	  	 	600,000.00	  	  	 	603,749.55	  
				
	 12667FJN6
	  	 COUNTRYWIDE ALTERNATIVE LN TR
	  	 	5,005,000.00	  	  	 	4,806,291.23	  
				
	 12667FJN6
	  	 COUNTRYWIDE ALTERNATIVE LN TR
	  	 	5,000,000.00	  	  	 	4,801,489.73	  
				
	 12669FDP5
	  	 COUNTRYWIDE HOME LOANS
	  	 	5,468,000.00	  	  	 	5,451,102.01	  
				
	 136375BT8
	  	 CANADIAN NATIONAL RWY
	  	 	7,800,000.00	  	  	 	8,073,232.41	  
				
	 14041NDX6
	  	 CAPITAL ONE MULTI-AST EXEC(CC)
	  	 	6,850,000.00	  	  	 	6,247,337.45	  
				
	 141781AR5
	  	 CARGILL INC
	  	 	4,000,000.00	  	  	 	4,000,547.16	  
				
	 141781AR5
	  	 CARGILL INC
	  	 	1,000,000.00	  	  	 	990,723.99	  
				
	 141781AX2
	  	 CARGILL INC
	  	 	10,000,000.00	  	  	 	9,901,979.17	  
				
	 141784BZ0
	  	 CARGILL INC
	  	 	600,000.00	  	  	 	600,000.00	  
				
	 144141CS5
	  	 CAROLINA P&L (PROGRESS ENERGY)
	  	 	2,000,000.00	  	  	 	1,999,608.33	  
				
	 144141CT3
	  	 CAROLINA P&L (PROGRESS ENERGY)
	  	 	1,000,000.00	  	  	 	998,635.42	  
				
	 149123BF7
	  	 CATERPILLAR INC
	  	 	8,000,000.00	  	  	 	8,449,536.59	  
				
	 14912L4M0
	  	 CATERPILLAR FINANCIAL
	  	 	2,500,000.00	  	  	 	2,500,000.00	  
				
	 15132EDZ8
	  	 CENDANT MTG CORP
	  	 	5,575,000.00	  	  	 	5,570,910.67	  
				
	 161546CW4
	  	 CHASE FUNDING MTG LOAN (HE)
	  	 	2,275,710.81	  	  	 	2,272,894.22	  
				
	 161546FV3
	  	 CHASE FUNDING MTG LOAN (HE)
	  	 	2,922,293.00	  	  	 	2,922,293.00	  
				
	 16162WFD6
	  	 CHASE MTG FIN CORP
	  	 	2,588,288.81	  	  	 	2,610,738.53	  
				
	 17275RAC6
	  	 CISCO SYSTEMS INC
	  	 	8,000,000.00	  	  	 	7,977,352.05	  
				
	 17275RAH5
	  	 CISCO SYSTEMS INC
	  	 	7,000,000.00	  	  	 	7,284,254.72	  
				
	 17305EBU8
	  	 CITIBANK CR CARD ISSUANCE (CC)
	  	 	5,040,000.00	  	  	 	5,305,648.61	  
				
	 17305EBU8
	  	 CITIBANK CR CARD ISSUANCE (CC)
	  	 	1,000,000.00	  	  	 	999,949.54	  
				
	 17305EEE1
	  	 CITIBANK CR CARD ISSUANCE (CC)
	  	 	5,000,000.00	  	  	 	4,699,062.13	  
				
	 20030NAW1
	  	 COMCAST CORP
	  	 	2,000,000.00	  	  	 	2,088,581.98	  

  
 3 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 205887BA9
	  	 CONAGRA FOODS INC
	  	 	2,000,000.00	  	  	 	2,001,576.29	  
				
	 207597DW2
	  	 CONNECTICUT L&P (NORTHEAST UT)
	  	 	1,007,000.00	  	  	 	1,034,450.15	  
				
	 207597ED3
	  	 CONNECTICUT L&P (NORTHEAST UT)
	  	 	1,000,000.00	  	  	 	1,045,143.09	  
				
	 207597EE1
	  	 CONNECTICUT L&P (NORTHEAST UT)
	  	 	1,720,000.00	  	  	 	1,787,792.84	  
				
	 20825CAF1
	  	 CONOCOPHILLIPS
	  	 	800,000.00	  	  	 	804,145.66	  
				
	 20825CAR5
	  	 CONOCOPHILLIPS
	  	 	1,000,000.00	  	  	 	1,025,338.57	  
				
	 20825CAR5
	  	 CONOCOPHILLIPS
	  	 	1,000,000.00	  	  	 	1,047,524.12	  
				
	 209111ED1
	  	 CONSOL ED CO OF NY INC
	  	 	5,000,000.00	  	  	 	4,804,091.77	  
				
	 209111EV1
	  	 CONSOL ED CO OF NY INC
	  	 	1,000,000.00	  	  	 	1,101,903.47	  
				
	 209111EX7
	  	 CONSOL ED CO OF NY INC
	  	 	8,000,000.00	  	  	 	8,192,890.17	  
				
	 22541LAH6
	  	 CREDIT SUISSE FIRST BOSTON
	  	 	4,000,000.00	  	  	 	4,028,442.65	  
				
	 22541LAM5
	  	 CREDIT SUISSE FIRST BOSTON
	  	 	2,000,000.00	  	  	 	1,997,344.44	  
				
	 22541QYK2
	  	 CS FIRST BOSTON MTG SEC CORP
	  	 	2,902,085.71	  	  	 	2,885,282.24	  
				
	 244199AW5
	  	 DEERE & CO
	  	 	2,000,000.00	  	  	 	2,225,922.22	  
				
	 244199BC8
	  	 DEERE & CO
	  	 	2,000,000.00	  	  	 	1,990,465.04	  
				
	 2463804H9
	  	 DELAWARE STATE
	  	 	5,000,000.00	  	  	 	5,036,912.31	  
				
	 24702RAG6
	  	 DELL INC
	  	 	2,000,000.00	  	  	 	1,998,920.02	  
				
	 24702RAJ0
	  	 DELL INC
	  	 	1,000,000.00	  	  	 	999,347.89	  
				
	 251528AA3
	  	 DEUTSCHE BANK CAP FDG TR I
	  	 	4,000,000.00	  	  	 	4,000,000.00	  
				
	 25156PAN3
	  	 DEUTSCHE TELEKOM INT FIN
	  	 	15,000,000.00	  	  	 	15,966,753.52	  
				
	 25179MAG8
	  	 DEVON ENERGY CORP
	  	 	1,000,000.00	  	  	 	998,613.35	  
				
	 25468PCB0
	  	 DISNEY (WALT) CO
	  	 	7,000,000.00	  	  	 	7,000,624.47	  
				
	 25746UBH1
	  	 DOMINION RESOURCES INC/VA
	  	 	1,500,000.00	  	  	 	1,498,184.03	  
				
	 263534BG3
	  	 DUPONT (E.I.) DE NEMOURS
	  	 	2,000,000.00	  	  	 	2,244,664.59	  

  
 4 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 263534BG3
	  	DUPONT (E.I.) DE NEMOURS	  	 	2,000,000.00	  	  	 	2,244,894.63	  
				
	 26441YAH0
	  	DUKE-WEEKS REALTY LP	  	 	2,000,000.00	  	  	 	1,994,589.00	  
				
	 26884AAE3
	  	ERP OPERATING LP	  	 	2,000,000.00	  	  	 	2,178,680.55	  
				
	 292505AH7
	  	ENCANA CORP	  	 	7,500,000.00	  	  	 	7,653,838.71	  
				
	 29364DAL4
	  	ENTERGY ARK INC(ENTERGY CORP)	  	 	3,000,000.00	  	  	 	3,007,963.72	  
				
	 29364NAP3
	  	ENTERGY MISS INC	  	 	1,000,000.00	  	  	 	999,381.22	  
				
	 29476LAC1
	  	ERP OPERATING LP	  	 	2,000,000.00	  	  	 	1,993,064.02	  
				
	 30239XAC1
	  	FBG FINANCE LTD	  	 	6,170,000.00	  	  	 	5,656,680.99	  
				
	 302508AQ9
	  	FMR CORP	  	 	1,000,000.00	  	  	 	991,743.40	  
				
	 3128E2A97
	  	FHLMC	  	 	1,791,709.88	  	  	 	1,866,194.45	  
				
	 31331V4S2
	  	FEDERAL FARM CREDIT BANK	  	 	5,800,000.00	  	  	 	5,774,911.64	  
				
	 31335HUD3
	  	FHLMC	  	 	1,518,820.67	  	  	 	1,559,385.78	  
				
	 31335HUG6
	  	FHLMC	  	 	1,159,946.60	  	  	 	1,191,625.90	  
				
	 31335HUZ4
	  	FHLMC	  	 	1,433,611.49	  	  	 	1,472,949.58	  
				
	 31359M7M9
	  	FNMA	  	 	10,000,000.00	  	  	 	9,842,650.81	  
				
	 31359MRK1
	  	FNMA	  	 	5,000,000.00	  	  	 	4,960,638.86	  
				
	 31371KXR7
	  	FNMA	  	 	1,262,689.09	  	  	 	1,293,511.81	  
				
	 31371KY62
	  	FNMA	  	 	1,367,459.70	  	  	 	1,410,078.98	  
				
	 31371KY88
	  	FNMA	  	 	1,545,165.81	  	  	 	1,590,549.79	  
				
	 313747AN7
	  	FEDERAL REALTY INVESTMENT TR	  	 	1,000,000.00	  	  	 	991,102.29	  
				
	 31388V6L7
	  	FNMA	  	 	1,542,422.40	  	  	 	1,573,533.23	  
				
	 31389NGN9
	  	FNMA	  	 	1,275,968.48	  	  	 	1,304,654.16	  
				
	 31390GW52
	  	FNMA	  	 	1,526,563.47	  	  	 	1,579,018.18	  
				
	 31391QKF0
	  	FNMA	  	 	2,608,638.28	  	  	 	2,707,873.81	  

  
 5 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 31393EER6
	  	FNMA	  	 	9,000,000.00	  	  	 	8,864,819.68	  
				
	 31393EJZ3
	  	FNMA	  	 	2,000,000.00	  	  	 	2,002,837.85	  
				
	 31393GLP7
	  	FHLMC	  	 	744,284.97	  	  	 	742,298.67	  
				
	 31393NN70
	  	FHLMC	  	 	1,000,000.00	  	  	 	999,225.87	  
				
	 31393VCF6
	  	FHLMC	  	 	2,456,880.00	  	  	 	2,457,837.81	  
				
	 31394CBA9
	  	FNMA	  	 	2,000,000.00	  	  	 	1,980,063.60	  
				
	 31394DTK6
	  	FNMA	  	 	10,000,000.00	  	  	 	9,850,467.64	  
				
	 31394JZF7
	  	FHLMC	  	 	7,000,000.00	  	  	 	6,698,903.48	  
				
	 31394MJJ0
	  	FHLMC	  	 	10,000,000.00	  	  	 	9,837,361.94	  
				
	 31394PSG9
	  	FHLMC	  	 	1,000,000.00	  	  	 	986,549.54	  
				
	 31395EB48
	  	FHLMC	  	 	10,000,000.00	  	  	 	9,833,600.16	  
				
	 31395JDR4
	  	FHLMC	  	 	1,000,000.00	  	  	 	986,512.23	  
				
	 31395MAM1
	  	FHLMC	  	 	10,000,000.00	  	  	 	9,841,087.98	  
				
	 31395NHJ9
	  	FNMA	  	 	3,000,000.00	  	  	 	2,983,107.47	  
				
	 31396E5Z5
	  	FHLMC	  	 	13,370,851.00	  	  	 	13,323,773.57	  
				
	 31396NZP4
	  	FHLMC	  	 	3,000,000.00	  	  	 	2,990,976.20	  
				
	 31398FX63
	  	FNMA	  	 	10,000,000.00	  	  	 	10,000,000.00	  
				
	 31398GD63
	  	FNMA	  	 	12,747,000.00	  	  	 	12,959,735.52	  
				
	 31398GKM0
	  	FNMA	  	 	6,725,888.00	  	  	 	6,438,930.70	  
				
	 31398JQP1
	  	FHLMC	  	 	10,501,607.00	  	  	 	10,532,926.01	  
				
	 31398QNY9
	  	FHLMC	  	 	2,590,225.00	  	  	 	2,617,193.64	  
				
	 31428XAQ9
	  	FEDEX CORP	  	 	1,000,000.00	  	  	 	1,000,000.00	  
				
	 361849XD9
	  	GMAC	  	 	5,000,000.00	  	  	 	5,001,504.47	  
				
	 36200AE88
	  	GNMA	  	 	2,298,014.78	  	  	 	2,395,635.85	  

  
 6 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 369604AY9
	  	GENERAL ELECTRIC CO	  	 	4,000,000.00	  	  	 	4,059,292.44	  
				
	 370334AS3
	  	GENERAL MILLS INC	  	 	3,144,000.00	  	  	 	3,170,424.58	  
				
	 370334BE3
	  	GENERAL MILLS INC	  	 	2,000,000.00	  	  	 	1,998,911.71	  
				
	 373384PA8
	  	GEORGIA STATE	  	 	10,000,000.00	  	  	 	10,219,237.21	  
				
	 38141GDK7
	  	GOLDMAN SACHS	  	 	2,000,000.00	  	  	 	1,980,151.91	  
				
	 38141GEA8
	  	GOLDMAN SACHS	  	 	2,000,000.00	  	  	 	1,999,704.57	  
				
	 38143UAB7
	  	GOLDMAN SACHS GROUP	  	 	2,000,000.00	  	  	 	1,985,011.25	  
				
	 38373QEU1
	  	GNMA	  	 	1,580,000.00	  	  	 	1,561,969.17	  
				
	 38373QEU1
	  	GNMA	  	 	10,000,000.00	  	  	 	9,885,880.84	  
				
	 38373YXP4
	  	GNMA	  	 	1,000,000.00	  	  	 	999,357.20	  
				
	 38374CS85
	  	GNMA	  	 	1,000,000.00	  	  	 	995,474.64	  
				
	 38374F2K9
	  	GNMA	  	 	10,870,208.00	  	  	 	10,679,955.53	  
				
	 38374JGJ9
	  	GNMA	  	 	1,000,000.00	  	  	 	983,178.74	  
				
	 38374KHG1
	  	GNMA	  	 	10,000,000.00	  	  	 	9,902,601.99	  
				
	 38374KZF3
	  	GNMA	  	 	1,000,000.00	  	  	 	987,642.30	  
				
	 38374VJG5
	  	GNMA	  	 	10,000,000.00	  	  	 	9,109,014.21	  
				
	 38375D5C8
	  	GNMA	  	 	10,000,000.00	  	  	 	9,792,565.60	  
				
	 38376JZ56
	  	GNMA	  	 	2,556,346.00	  	  	 	2,554,317.49	  
				
	 3837H0QK2
	  	GNMA	  	 	920,260.60	  	  	 	898,053.69	  
				
	 3837H2XD6
	  	GNMA	  	 	766,250.82	  	  	 	757,818.54	  
				
	 3837H2XD6
	  	GNMA	  	 	766,250.82	  	  	 	757,818.54	  
				
	 40429CFN7
	  	HSBC FINANCE CORP	  	 	2,000,000.00	  	  	 	1,998,174.64	  
				
	 428236AG8
	  	HEWLETT PACKARD CO	  	 	2,000,000.00	  	  	 	2,027,904.81	  
				
	 437076AP7
	  	HOME DEPOT INC	  	 	13,000,000.00	  	  	 	12,846,417.99	  

  
 7 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 452151LE1
	  	ILLINOIS STATE	  	 	5,000,000.00	  	  	 	4,909,722.65	  
				
	 459200AR2
	  	IBM CORP	  	 	2,000,000.00	  	  	 	2,116,692.95	  
				
	 459200AS0
	  	IBM CORP	  	 	8,000,000.00	  	  	 	8,108,353.90	  
				
	 459200AS0
	  	IBM CORP	  	 	2,000,000.00	  	  	 	2,267,017.79	  
				
	 46625MA66
	  	JP MORGAN CHASE COMML MTG SEC	  	 	3,000,000.00	  	  	 	2,999,969.95	  
				
	 46629YAB5
	  	JP MORGAN CHASE COMML MTG SEC	  	 	3,390,000.00	  	  	 	3,361,480.77	  
				
	 476556DA0
	  	JERSEY CENTRAL P&L(FRSTENERGY)	  	 	5,400,000.00	  	  	 	5,481,122.59	  
				
	 478160AL8
	  	JOHNSON & JOHNSON	  	 	9,000,000.00	  	  	 	8,928,352.26	  
				
	 478160AN4
	  	JOHNSON & JOHNSON	  	 	2,000,000.00	  	  	 	2,210,721.82	  
				
	 49446QBD2
	  	KIMCO REALTY CORP	  	 	2,000,000.00	  	  	 	2,000,000.00	  
				
	 49446QBF7
	  	KIMCO REALTY CORP	  	 	2,000,000.00	  	  	 	2,000,000.00	  
				
	 50075NAQ7
	  	KRAFT FOODS INC	  	 	1,000,000.00	  	  	 	998,809.67	  
				
	 501044BM2
	  	KROGER CO	  	 	500,000.00	  	  	 	508,737.03	  
				
	 548661AK3
	  	LOWE’S COS INC	  	 	2,000,000.00	  	  	 	2,108,105.87	  
				
	 55265KYS2
	  	MASTR ASSET SEC TR	  	 	1,685.25	  	  	 	1,685.25	  
				
	 55265KZG7
	  	MASTR ASSET SEC TR	  	 	3,138,186.02	  	  	 	3,157,840.67	  
				
	 55265KZG7
	  	MASTR ASSET SEC TR	  	 	3,480,248.31	  	  	 	3,502,045.32	  
				
	 5526E2AB5
	  	MBNA CORP (BK OF AMER)	  	 	1,000,000.00	  	  	 	998,936.84	  
				
	 57582PUD0
	  	MASSACHUSETTS STATE	  	 	5,000,000.00	  	  	 	5,044,691.54	  
				
	 57582PUE8
	  	MASSACHUSETTS STATE	  	 	8,000,000.00	  	  	 	8,000,000.00	  
				
	 57708QAW7
	  	MATTEL INC	  	 	2,000,000.00	  	  	 	1,997,355.58	  
				
	 58013MDU5
	  	MCDONALD’S CORP	  	 	2,000,000.00	  	  	 	1,995,590.15	  
				
	 589331AP2
	  	MERCK & CO INC	  	 	3,000,000.00	  	  	 	3,180,113.55	  
				
	 590188JN9
	  	MERRILL LYNCH (BANK OF AMER)	  	 	800,000.00	  	  	 	760,893.31	  

  
 8 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 59018YJ36
	  	MERRILL LYNCH (BANK OF AMER)	  	 	1,000,000.00	  	  	 	999,487.19	  
				
	 59018YRZ6
	  	MERRILL LYNCH (BANK OF AMER)	  	 	3,000,000.00	  	  	 	2,995,656.33	  
				
	 59025KAE2
	  	MERRILL LYNCH MTG TR	  	 	5,000,000.00	  	  	 	4,972,408.41	  
				
	 60636WNR2
	  	MISSOURI ST HWYS & TRANS COMM	  	 	2,500,000.00	  	  	 	2,500,000.00	  
				
	 63534PAG2
	  	NATIONAL CITY BANK (PNC)	  	 	2,000,000.00	  	  	 	1,995,192.45	  
				
	 63536SAA7
	  	NATIONAL CITY BANK (PNC)	  	 	2,000,000.00	  	  	 	1,840,764.71	  
				
	 635405AM5
	  	NATIONAL CITY CORP (PNC)	  	 	4,000,000.00	  	  	 	4,407,216.67	  
				
	 637432DC6
	  	NATL RURAL UTILITIES	  	 	2,000,000.00	  	  	 	1,978,694.77	  
				
	 641461LE6
	  	NEVADA STATE	  	 	4,975,000.00	  	  	 	4,975,000.00	  
				
	 649840CM5
	  	NY STATE ELEC & GAS(IBERDROLA)	  	 	7,000,000.00	  	  	 	7,088,237.29	  
				
	 649840CP8
	  	NY STATE ELEC & GAS(IBERDROLA)	  	 	5,000,000.00	  	  	 	4,995,275.30	  
				
	 652482BX7
	  	NEWS AMERICA INC (NEWS CORP)	  	 	2,000,000.00	  	  	 	2,109,969.10	  
				
	 655844AF5
	  	NORFOLK SOUTHERN CORP	  	 	2,000,000.00	  	  	 	2,332,671.94	  
				
	 655844AW8
	  	NORFOLK SOUTHERN CORP	  	 	1,033,000.00	  	  	 	1,009,128.47	  
				
	 665772CE7
	  	NORTHERN STATES PWR-MINN(XCEL)	  	 	1,000,000.00	  	  	 	975,869.21	  
				
	 674599BM6
	  	OCCIDENTAL PETROLEUM CORP	  	 	600,000.00	  	  	 	603,098.72	  
				
	 677415CD1
	  	OHIO POWER CO(AM ELEC PWR)	  	 	2,000,000.00	  	  	 	1,987,494.40	  
				
	 677415CG4
	  	OHIO POWER CO(AM ELEC PWR)	  	 	1,000,000.00	  	  	 	994,497.64	  
				
	 677521CQ7
	  	OHIO STATE	  	 	2,000,000.00	  	  	 	2,000,000.00	  
				
	 677521CR5
	  	OHIO STATE	  	 	2,500,000.00	  	  	 	2,500,000.00	  
				
	 677521CU8
	  	OHIO STATE	  	 	1,215,000.00	  	  	 	1,215,000.00	  
				
	 68402LAC8
	  	ORACLE CORP/OZARK HLDG	  	 	8,000,000.00	  	  	 	7,937,084.67	  
				
	 68608KA24
	  	OREGON STATE	  	 	12,000,000.00	  	  	 	12,103,507.54	  
				
	 68608KD47
	  	OREGON STATE	  	 	5,000,000.00	  	  	 	5,090,601.69	  

  
 9 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 69349LAC2
	  	PNC BANK NA	  	 	2,000,000.00	  	  	 	1,945,537.36	  
				
	 69373UAA5
	  	PACCAR INC	  	 	1,000,000.00	  	  	 	999,706.86	  
				
	 694032AX1
	  	PACIFIC BELL	  	 	3,000,000.00	  	  	 	2,964,971.08	  
				
	 694308GD3
	  	PACIFIC GAS & ELEC CO	  	 	8,000,000.00	  	  	 	7,892,672.06	  
				
	 694308GE1
	  	PACIFIC GAS & ELEC CO	  	 	2,000,000.00	  	  	 	2,041,219.38	  
				
	 694308GL5
	  	PACIFIC GAS & ELEC CO	  	 	1,000,000.00	  	  	 	1,034,642.90	  
				
	 695114CK2
	  	PACIFICORP (BERKSHIRE)	  	 	1,000,000.00	  	  	 	994,577.29	  
				
	 708696BW8
	  	PENNSYLVANIA ELEC(FIRSTENERGY)	  	 	2,000,000.00	  	  	 	1,993,705.03	  
				
	 70914PME9
	  	PENNSYLVANIA STATE	  	 	10,000,000.00	  	  	 	9,968,986.28	  
				
	 70914PNE8
	  	PENNSYLVANIA STATE	  	 	5,000,000.00	  	  	 	4,983,057.80	  
				
	 74456QAS5
	  	PUBLIC SERVICE ELEC & GAS CO	  	 	10,000,000.00	  	  	 	10,185,649.63	  
				
	 76110WRQ1
	  	RESIDENTIAL ASSET SEC (HE)	  	 	2,681,824.55	  	  	 	2,678,354.93	  
				
	 76110WSZ0
	  	RESIDENTIAL ASSET SEC (HE)	  	 	4,726,038.45	  	  	 	4,700,225.87	  
				
	 771196AS1
	  	ROCHE HLDGS INC	  	 	10,000,000.00	  	  	 	9,868,448.43	  
				
	 771367CB3
	  	ROCHESTER GAS & ELECTRIC	  	 	2,000,000.00	  	  	 	2,027,688.36	  
				
	 780097AM3
	  	ROYAL BANK OF SCOTLAND GRP PLC	  	 	7,000,000.00	  	  	 	6,651,802.13	  
				
	 780097AM3
	  	ROYAL BANK OF SCOTLAND GRP PLC	  	 	5,000,000.00	  	  	 	4,832,921.86	  
				
	 786514AS8
	  	SAFEWAY INC	  	 	600,000.00	  	  	 	625,222.68	  
				
	 786514BF5
	  	SAFEWAY INC	  	 	2,000,000.00	  	  	 	2,023,768.62	  
				
	 797440BJ2
	  	SAN DIEGO G & E CO (SEMPRA)	  	 	1,000,000.00	  	  	 	1,049,536.60	  
				
	 805564MT5
	  	SAXON ASSET SEC TR (HE)	  	 	2,790,587.08	  	  	 	2,799,481.06	  
				
	 81413WAA8
	  	SEC CAP INDUSTRIAL (PROLOGIS)	  	 	1,300,000.00	  	  	 	1,308,057.97	  
				
	 822582AJ1
	  	SHELL INT’L FIN (ROYAL DUTCH)	  	 	2,000,000.00	  	  	 	1,993,924.03	  
				
	 826200AC1
	  	SIEMENS FINAN	  	 	7,000,000.00	  	  	 	6,999,410.58	  

  
 10 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 828806AF6
	  	SIMON PROP GROUP	  	 	2,000,000.00	  	  	 	1,991,455.76	  
				
	 837004BY5
	  	SC ELEC & GAS CO (SCANA)	  	 	1,000,000.00	  	  	 	1,011,367.83	  
				
	 842400FA6
	  	SOU CALIF ED CO (EDISON INTL)	  	 	2,000,000.00	  	  	 	1,992,559.75	  
				
	 842400FH1
	  	SOU CALIF ED CO (EDISON INTL)	  	 	2,000,000.00	  	  	 	2,110,333.32	  
				
	 857449AB8
	  	STATE STREET BANK	  	 	2,000,000.00	  	  	 	1,965,970.12	  
				
	 857449AB8
	  	STATE STREET BANK	  	 	2,000,000.00	  	  	 	1,993,850.75	  
				
	 85744NAA9
	  	STATE STREET BANK & TR	  	 	1,000,000.00	  	  	 	998,805.32	  
				
	 85771SAA4
	  	STATOILHYDRO ASA	  	 	10,000,000.00	  	  	 	9,978,318.99	  
				
	 866930AD2
	  	SUNAMERICA INC (AM INTL GRP)	  	 	1,850,000.00	  	  	 	1,874,408.71	  
				
	 86787GAC6
	  	SUNTRUST BANK	  	 	2,000,000.00	  	  	 	2,003,071.27	  
				
	 86787GAD4
	  	SUNTRUST BANK	  	 	3,000,000.00	  	  	 	2,994,915.67	  
				
	 87305QBZ3
	  	TTX CO	  	 	2,000,000.00	  	  	 	1,997,075.85	  
				
	 87305QBZ3
	  	TTX CO	  	 	2,000,000.00	  	  	 	1,997,075.85	  
				
	 880541NR4
	  	TENNESSEE STATE	  	 	5,000,000.00	  	  	 	5,000,000.00	  
				
	 880591DW9
	  	TENNESSEE VALLEY AUTH	  	 	30,000,000.00	  	  	 	29,948,076.30	  
				
	 882722KB6
	  	TEXAS STATE TRANS COMM	  	 	3,150,000.00	  	  	 	3,360,043.13	  
				
	 883556AT9
	  	THERMO FISHER SCIENTIFIC	  	 	1,000,000.00	  	  	 	999,636.47	  
				
	 887315BJ7
	  	TIME WARNER INC	  	 	600,000.00	  	  	 	601,497.07	  
				
	 887317AC9
	  	TIME WARNER INC	  	 	2,000,000.00	  	  	 	2,088,160.39	  
				
	 88731EAD2
	  	TIME WARNER INC	  	 	1,500,000.00	  	  	 	1,497,681.76	  
				
	 907818CF3
	  	UNION PACIFIC CORP	  	 	2,000,000.00	  	  	 	2,182,320.18	  
				
	 907818CF3
	  	UNION PACIFIC CORP	  	 	1,000,000.00	  	  	 	1,063,619.11	  
				
	 911312AJ5
	  	UNITED PARCEL SERVICE	  	 	1,000,000.00	  	  	 	1,048,982.86	  
				
	 91324PAM4
	  	UNITED HEALTHCARE	  	 	7,000,000.00	  	  	 	6,901,514.04	  

  
 11 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 914378CP7
	  	UNIVERSITY OF KENTUCKY	  	 	3,335,000.00	  	  	 	3,335,000.00	  
				
	 914378CQ5
	  	UNIVERSITY OF KENTUCKY	  	 	3,440,000.00	  	  	 	3,440,000.00	  
				
	 914378CR3
	  	UNIVERSITY OF KENTUCKY	  	 	3,555,000.00	  	  	 	3,555,000.00	  
				
	 914378CT9
	  	UNIVERSITY OF KENTUCKY	  	 	6,000,000.00	  	  	 	6,000,000.00	  
				
	 914455JZ4
	  	UNIVERSITY OF MICHIGAN	  	 	12,500,000.00	  	  	 	12,500,000.00	  
				
	 917542QR6
	  	UTAH STATE	  	 	4,500,000.00	  	  	 	4,510,279.94	  
				
	 92345NAA8
	  	VERIZON VIRGINIA INC	  	 	4,000,000.00	  	  	 	3,927,699.65	  
				
	 923474AA8
	  	VERIZON FLORIDA INC	  	 	1,000,000.00	  	  	 	1,009,375.13	  
				
	 925524AU4
	  	CBS CORP	  	 	3,000,000.00	  	  	 	2,896,897.15	  
				
	 927804EU4
	  	VA ELEC & PR CO(DOMINION)	  	 	8,000,000.00	  	  	 	7,955,608.54	  
				
	 927804FF6
	  	VA ELEC & PR CO(DOMINION)	  	 	1,000,000.00	  	  	 	1,021,782.10	  
				
	 92922FGC6
	  	WASHINGTON MUTUAL	  	 	6,009,000.00	  	  	 	5,794,778.10	  
				
	 929903CH3
	  	WACHOVIA CORP (WFC)	  	 	1,000,000.00	  	  	 	991,098.21	  
				
	 931142AU7
	  	WAL-MART STORES	  	 	1,000,000.00	  	  	 	1,132,141.65	  
				
	 931142BT9
	  	WAL-MART STORES	  	 	5,000,000.00	  	  	 	4,923,025.66	  
				
	 931142CH4
	  	WAL-MART STORES	  	 	4,955,000.00	  	  	 	5,413,343.91	  
				
	 931142CH4
	  	WAL-MART STORES	  	 	12,500,000.00	  	  	 	13,315,668.39	  
				
	 93974CPL8
	  	WASHINGTON STATE	  	 	3,510,000.00	  	  	 	3,510,000.00	  
				
	 93974CRF9
	  	WASHINGTON STATE	  	 	20,000,000.00	  	  	 	20,000,000.00	  
				
	 94874RCC8
	  	WEINGARTEN REALTY INVST	  	 	3,000,000.00	  	  	 	3,023,488.43	  
				
	 94973VAG2
	  	WELLPOINT INC	  	 	1,000,000.00	  	  	 	988,834.59	  
				
	 949746CR0
	  	WELLS FARGO & CO	  	 	3,000,000.00	  	  	 	3,048,934.77	  
				
	 94979RAJ9
	  	WELLS FARGO MBS TR	  	 	3,316,423.54	  	  	 	3,307,202.06	  
				
	 94979RAJ9
	  	WELLS FARGO MBS TR	  	 	3,316,423.51	  	  	 	3,310,727.97	  

  
 12 

											
	 Security ID
	  	 DESCRIPTION
	  	Current UNITS	 	  	STAT BOOK
VALUE	 
				
	 94980YAH5
	  	WELLS FARGO MBS TR	  	 	6,036,000.00	  	  	 	5,881,751.42	  
				
	 94981AAD5
	  	WELLS FARGO MBS TR	  	 	2,650,000.00	  	  	 	2,529,838.32	  
				
	 94984EBA9
	  	WELLS FARGO MBS TR	  	 	10,000,000.00	  	  	 	9,871,547.83	  
				
	 976826BH9
	  	WISCONSIN PWR & LT (ALLIANT)	  	 	5,000,000.00	  	  	 	5,026,081.16	  
				
	 983024AE0
	  	WYETH (PFIZER)	  	 	3,000,000.00	  	  	 	2,997,899.83	  
				
	 983024AF7
	  	WYETH (PFIZER)	  	 	2,000,000.00	  	  	 	2,244,073.49	  
				
	 98385XAT3
	  	XTO ENERGY INC (EXXON)	  	 	5,000,000.00	  	  	 	5,172,356.25	  
				
	 98389BAM2
	  	XCEL ENERGY INC	  	 	2,000,000.00	  	  	 	1,993,983.93	  
				
	 38375D4T2
	  	GNMA	  	 	4,718,934.00	  	  	 	4,735,077.16	  
				
	 054937AF4
	  	BB&T CORP	  	 	11,000,000.00	  	  	 	10,954,423.17	  
				
	 2463804G1
	  	DELAWARE STATE	  	 	12,350,000.00	  	  	 	12,441,581.96	  
				
	 312915U58
	  	FHLMC	  	 	187,283.54	  	  	 	184,123.33	  
				
	 31395MDZ9
	  	FHLMC	  	 	2,500,000.00	  	  	 	2,533,701.77	  
				
	 31396Q3D9
	  	FNMA	  	 	2,869,193.00	  	  	 	2,902,829.05	  
				
	 31396QB81
	  	FNMA	  	 	1,264,705.00	  	  	 	1,161,052.51	  
				
	 31398CU55
	  	FHLMC	  	 	3,350,000.00	  	  	 	3,338,016.80	  
				
	 31398PSA8
	  	FNMA	  	 	3,000,000.00	  	  	 	2,895,783.47	  
				
	 38373AJK3
	  	GNMA	  	 	3,874,143.00	  	  	 	3,926,827.26	  
				
	 38374T6M1
	  	GNMA	  	 	2,000,000.00	  	  	 	1,989,840.99	  
			
	 Cash equal to $40,706.00
	  				  			

  
 13 

 Annex B 

Net Settlements 
 For each Monthly
Accounting Period, the Parties will effect a Net Settlement, as follows: 
  

					
	A =	  	(i)	  	Reinsurer’s Share of Premiums collected during the relevant month;
			
		  	+ (ii)	  	Amounts due and owing to the Reinsurer pursuant to Section 11.1;
			
		  	- (iii)	  	Reinsurer’s Share of the net increase (decrease is negative) in policy loan principal balances; and
			
		  	+ (iv)	  	Reinsurer’s Share of Interest on policy loans.
			
	B =	  	(i)	  	Reinsurer’s Share of Reinsured Liabilities incurred during the relevant month;
			
		  	+ (ii)	  	Reinsurer’s Share of Producer Payments paid during the relevant month pursuant to Section 1.5;
			
		  	+ (iii)	  	Reinsurer’s Share of guaranty fund assessments paid during the relevant month pursuant to Section 1.6(a);
			
		  	+ (iv)	  	Estimated Premium Taxes equal to 2.5% of premiums received under the Reinsured Policies during the relevant month pursuant to Section 1.6(b);
			
		  	+ (v)	  	with respect to the Net Settlement for the second calendar month of each year, an adjustment equal the difference (whether positive or negative) between actual Premium Taxes paid by the Company in respect of the Reinsured Policies
for the prior calendar year (after giving effect to any offsets for guaranty fund assessments reimbursed by the Reinsurer pursuant to Section 1.6(a)) and estimated Premium Taxes for such prior calendar year paid by the Reinsurer pursuant to item
(iv) above in any previous Net Settlement;
			
		  	+ (vi)	  	Reinsurer’s Share of expenses incurred by the Company during the relevant month in connection with issuance of new Policies pursuant to Section 5.6; and
			
		  	+ (vii)	  	Amounts due and owing to the Company pursuant to Section 11.2.

 “Net Settlement” = (A minus B), and is payable to the Reinsurer if positive and, if negative, the
absolute value is payable to the Company. 

  
 2 

 Annex C 

Estimated Discounted Interest Maintenance Reserve Amortization 

“Discounted Interest Maintenance Reserve Amortization” for purposes of calculating the Estimated Ceding Commission means, with respect to an
asset, an amount equal to the discounted present value (at a 12% discount rate) of the future amortization of the amount (either positive or negative) that would have been allocated to the Company’s Interest Maintenance Reserve in the event
such asset had been sold on the date three Business Days prior to the Effective Date. 

 Annex D 

Actual Discounted Interest Maintenance Reserve Amortization 

“Discounted Interest Maintenance Reserve Amortization” for purposes of calculating the Actual Ceding Commission means, with respect to an
asset, an amount equal to the discounted present value (at a 12% discount rate) of the future amortization of the amount (either positive or negative) that would have been allocated to the Company’s Interest Maintenance Reserve in the event
such asset had been sold on the Effective Date. 

 Annex E 

Valuation Methodology for Net Retained Liabilities 

The Net Retained Liabilities Initial Ceding Commission Adjustment shall be calculated as (A / B) X C, where: 

“A” equals the actuarial appraisal value at a 12.0% discount rate, after tax and after cost of capital, of the Net Retained
Liabilities that were inforce as of December 31, 2009, using the same assumptions, methods, and procedures as were used in the Actuarial Appraisal,

“B” equals $164.0 million, and 

“C” equals $200.5 million. 

For purposes of this Annex E, the term “Actuarial Appraisal” shall have the meaning ascribed thereto in the Stock Purchase
Agreement. 

 Annex F 

Net Retained Liability Ceding Commission Amount 

The Net Retained Liabilities Ceding Commission Amount shall be calculated as (A / B) X C, where: 

“A” equals the actuarial appraisal value at a 12.0% discount rate, after tax and after cost of capital, of the Net Retained
Liability as inforce as of December 31, 2009, using the same assumptions, methods, and procedures as were used in the Actuarial Appraisal,

“B” equals $164.0 million, and 

“C” equals $200.5 million. 

For purposes of this Annex F, the term “Actuarial Appraisal” shall have the meaning ascribed thereto in the Stock Purchase
Agreement.

 Exhibit A 

Form of Trust Agreement 

[Attached] 

 CONFIDENTIAL 

EXECUTION VERSION 
  

 
  

TRUST AGREEMENT 
 Dated
as of 
 April 29, 2011 

among 
 PROTECTIVE LIFE
INSURANCE COMPANY, 
 as Grantor 

LIBERTY LIFE INSURANCE COMPANY, 

as Beneficiary 
 and

 THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
  

 Table of Contents 

 

							
	 	 	 	  	Page	 
		 		  			
	 1.
	 	Deposit of Assets to the Trust Account	  	 	1	  
	 2.
	 	Withdrawal of Assets from the Trust Account	  	 	3	  
	 3.
	 	Redemption, Investment and Substitution of Assets	  	 	5	  
	 4.
	 	Dividends, Interest and Income	  	 	6	  
	 5.
	 	Right to Vote Assets	  	 	7	  
	 6.
	 	Additional Rights and Duties of the Trustee	  	 	7	  
	 7.
	 	Trustee’s Compensation, Expenses, etc.	  	 	10	  
	 8.
	 	Resignation or Removal of the Trustee	  	 	10	  
	 9.
	 	Termination of the Trust Account	  	 	11	  
	 10.
	 	Definitions	  	 	12	  
	 11.
	 	Governing Law	  	 	14	  
	 12.
	 	Successors and Assigns	  	 	15	  
	 13.
	 	Severability	  	 	15	  
	 14.
	 	Force Majeure	  	 	15	  
	 15.
	 	Entire Agreement	  	 	15	  
	 16.
	 	Amendments	  	 	16	  
	 17.
	 	Notices, etc.	  	 	16	  
	 18.
	 	Headings	  	 	18	  
	 19.
	 	Counterparts	  	 	18	  
	 20.
	 	Representations	  	 	18	  
	 21.
	 	USA Patriot Act	  	 	18	  
	 22.
	 	Required Disclosure	  	 	18	  

  
 i 

 TRUST AGREEMENT 

TRUST AGREEMENT, dated as of April 29, 2011 (this “Agreement”), among PROTECTIVE LIFE INSURANCE COMPANY, a Tennessee insurance company
(the “Grantor”), LIBERTY LIFE INSURANCE COMPANY, a South Carolina insurance company (the “Beneficiary”), and THE BANK OF NEW YORK MELLON, a New York banking corporation (the
“Trustee”) (the Grantor, the Beneficiary and the Trustee are hereinafter each sometimes referred to individually as a “Party” and collectively as the “Parties”). 

WITNESSETH: 
 WHEREAS, pursuant
to a Coinsurance Agreement dated the date hereof between the Beneficiary and the Grantor (the “Coinsurance Agreement”), the Beneficiary is ceding or retroceding to the Grantor, and the Grantor is reinsuring on a coinsurance
basis, certain risks under certain life and health insurance policies issued and reinsured by the Beneficiary pursuant to the terms and conditions thereof; 

WHEREAS, pursuant to Section 3.1 of the Coinsurance Agreement, the Grantor desires to transfer to the Trustee for deposit to a trust account
or accounts as provided herein (the “Trust Account”) such assets as it may desire to make subject to this Agreement as security for the payment of amounts due the Beneficiary under the Coinsurance Agreement; 

WHEREAS, the Trustee has agreed to act as Trustee hereunder, and to hold such assets in trust in the Trust Account for the sole use and
benefit of the Beneficiary;
 WHEREAS, this Agreement is made for the sole use and benefit of the Beneficiary and for the purpose of setting
forth the duties and powers of the Trustee with respect to the Trust Account; 
 WHEREAS, the Parties hereto intend that this Agreement
shall be treated as a grantor trust and that the Grantor shall be treated as the grantor of the Trust for United States federal income tax purposes; and 

NOW, THEREFORE, for and in consideration of the foregoing and for other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the Parties hereby agree as follows: 
  

	1.	Deposit of Assets to the Trust Account. 

 (a) The Grantor shall establish the Trust
Account on the date hereof for the sole use and benefit of the Beneficiary, and the Trustee shall receive Assets (as defined below) hereunder and administer the Trust Account and the trust established hereunder in its name as Trustee for the sole
benefit of the Beneficiary (the “Trust”). 

 (b) The Grantor shall transfer to the Trustee cash and assets as may be required from time to
time pursuant to Section 3.1 of the Coinsurance Agreement for deposit to the Trust Account (all such cash and assets, together with the proceeds thereof, all investments of such cash, assets and proceeds in other assets and all substitutions of such
cash, assets and proceeds for other assets are herein referred to individually as an “Asset” and collectively as the “Assets”). The Trustee is authorized and shall have power to receive the Assets
from the Grantor and to hold, invest, reinvest and dispose of the same for the uses and purposes of, and according to, the provisions set forth herein. The Assets shall consist only of Permitted Investments (as defined herein). All Assets
credited to the Trust Account shall be in the name of the Trustee and shall be held by the Trustee in its capacity as trustee hereunder. No Asset credited to the Trust Account shall be registered in the name of the Grantor, payable to the order
of the Grantor or indorsed to the Grantor, except to the extent that the Grantor has indorsed such Assets to the order of the Trustee. In the event of any payment default as to any Asset in the Trust Account or in the event that any Asset no
longer is a Permitted Investment, the Grantor shall promptly substitute other Assets which meet the requirements of a Permitted Investment and have a Statutory Book Value equal to the Statutory Book Value of such Asset which has a payment default or
no longer meets the requirements for a Permitted Investment on the last statement provided by the Trustee. 
 (c) Within fifteen days after
(i) the date of inception of the Trust Account, (ii) the last day of each calendar month and (iii) receipt of a written request of the Grantor or the Beneficiary, the Trustee shall prepare and deliver to each of the Beneficiary and the Grantor a
report listing all Assets held in the Trust Account, which report shall set forth the type of asset, CUSIP number, if any, position size and its maturity. 

(d) Any Assets transferred by the Grantor to the Trustee for deposit to the Trust Account and all Assets invested and substituted at the
direction of the Grantor hereunder will be in such form that the Beneficiary whenever necessary may, and the Trustee upon direction by the Beneficiary will, negotiate any such Assets without consent or signature from the Grantor or any person or
entity in accordance with the terms of this Agreement. The Grantor shall ensure that (i) only cash and assets of the type permitted under the guidelines (including concentration limits, applied on a percentage of assets basis rather than a
percentage of capital basis) applied by the Grantor generally for its own general investments supporting insurance liabilities (the “Permitted Investments”) are deposited or retained as Assets in the Trust Account, (ii) as of
the date of the transfer of any Assets to the Trust Account, the Grantor has good and marketable title to such Assets (iii) each such Asset transferred on the date hereof, shall be at the time of deposit free and clear of all Encumbrances, other
than Permitted Encumbrances and interests of nominees, custodians or similar intermediaries and (iv) each such Asset deposited after 

  
 2 

 
the date hereof shall be at the time of deposit free and clear of all claims, liens and Encumbrances whatsoever (other than those arising under this Agreement). The Grantor shall not, and shall
not cause the Trustee to, take any action that would create, incur, assume or permit any claim, lien or Encumbrance on any Asset in the Trust Account. Notwithstanding anything herein to the contrary, for a period of 30 days following the date
hereof, the concentration limits and other limits contained in the guidelines applied by the Grantor generally for its own general investments supporting insurance liabilities shall not apply to Assets deposited or retained in the Trust Account.

 (e) On the date hereof, Grantor shall transfer to the Trustee for deposit to the Trust Account Permitted Investments with an aggregate
Statutory Book Value equal to or greater than $1,612,744,040.
 (f) The Required Balance and the Statutory Book Value of the Permitted
Investments held in the Trust Account shall be calculated by the Grantor as of the last day of each calendar quarter and the Grantor shall provide a certification with respect to such valuation, including the calculation of the aggregate Statutory
Book Value of the Permitted Investments, to each of the Beneficiary and the Trustee within thirty days after the end of such quarter. If the Statutory Book Value of the Permitted Investments held in the Trust Account as of any quarter end is
less than the Required Balance as of such quarter end, the Grantor shall within ten Business Days after such determination is made make such further deposits to the Trust Account as are required so that following such deposit the Permitted
Investments in the Trust Account have an aggregate Statutory Book Value of not less than the Required Balance as of such quarter end. 
 (g)
Notwithstanding anything herein to the contrary, in the event that the Grantor’s RBC Ratio is less than 125%, the Grantor shall fund the Trust Account, in accordance with the mechanics outlined above, with Permitted Investments with an
aggregate fair market value equal to or greater than the Required Balance, and all references in this Agreement to “Statutory Book Value” shall be deemed to be references to “fair market value.”

 

	2.	Withdrawal of Assets from the Trust Account. 

 (a) Pursuant to Section 3.1 of the
Coinsurance Agreement, the Beneficiary shall have the right to withdraw Assets from the Trust Account pursuant to the third sentence of this Section 2(a) only after a default by the Grantor in the performance of its monetary obligations under the
Coinsurance Agreement, which default has not been cured by the Grantor within ten days following its receipt of a specific written notice thereof delivered by the Beneficiary. Pursuant to Section 3.1 of the Coinsurance Agreement, any such
withdrawals shall be utilized and applied by the Beneficiary or any successor by operation of law, including, without limitation, any liquidator, rehabilitator, receiver or conservator of the Beneficiary, without diminution because of insolvency on
the part of the Beneficiary or the Grantor, only to pay amounts then due to the 

  
 3 

 
Beneficiary under the Coinsurance Agreement. The Beneficiary shall be permitted to direct the Trustee to withdraw Assets from the Trust Account not in excess of the amount the Beneficiary is
permitted to withdraw from the Trust Account under the preceding two sentences upon written notice to the Trustee and the Grantor substantially in the form attached hereto as Exhibit A (a “Beneficiary Withdrawal
Notice”), which Beneficiary Withdrawal Notice shall specify the Assets to be withdrawn. The Trustee shall have no responsibility whatsoever to determine whether the basis for the Beneficiary’s issuance of the Beneficiary
Withdrawal Notice is proper and in accordance with the terms of the Coinsurance Agreement. A Beneficiary Withdrawal Notice delivered pursuant to this Section 2(a) may designate a third party designee to whom Assets specified therein shall be
delivered. Each withdrawal from the Trust Account by the Beneficiary (i) shall constitute a representation and certification by the Beneficiary that such withdrawal is being made in accordance with the terms of the Coinsurance Agreement and this
Agreement and (ii) shall be deemed to satisfy in full all the obligations of the Grantor in respect of which such withdrawal is made. Nothing in this Agreement shall limit the right of the Grantor to seek equitable relief to enjoin any
withdrawal on the grounds that any condition precedent to withdrawal under this Section 2(a) has not been satisfied. The amount of any withdrawal by the Beneficiary hereunder in excess of amounts then due to the Beneficiary under the
Coinsurance Agreement shall be deemed maintained by the Beneficiary in constructive trust for the benefit of the Grantor and promptly returned to the Grantor. 

(b) If the aggregate Statutory Book Value of all Permitted Investments held in the Trust Account as of any quarter end is greater than the
Required Balance as of such quarter end, the Grantor may provide notice to the Beneficiary, with a copy to the Trustee, of its desire to withdraw Assets from the Trust Account, specifying the amount and type of Assets to be withdrawn. Within
five Business Days following its delivery of such notice to the Beneficiary, the Grantor shall be permitted, without further notice to, or consent of, the Beneficiary, to direct the Trustee to withdraw Assets from the Trust Account in excess of the
amount necessary to maintain such Required Balance as of the applicable quarter end, which notice shall be substantially in the form attached hereto as Exhibit B (a “Grantor Withdrawal Notice”), which Grantor
Withdrawal Notice shall specify the Assets to be withdrawn. Each withdrawal from the Trust Account by the Grantor shall constitute a representation and certification by the Grantor that such withdrawal is being made in accordance with the terms
of the Coinsurance Agreement and this Agreement. The Trustee shall have no responsibility whatsoever to determine (i) the Statutory Book Value of the Assets in the Trust Account, (ii) the Required Balance, (iii) the excess
of the amount necessary to maintain the Required Balance or (iv) whether written notice has been delivered to or received by the Beneficiary pursuant to this Section 2(b). A Grantor Withdrawal Notice delivered pursuant to this Section
2(b) may designate a third party designee to whom Assets specified therein shall be delivered. 

  
 4 

 (c) Upon receipt of a Beneficiary Withdrawal Notice or a Grantor Withdrawal Notice by the
Trustee, the Trustee shall immediately take any and all steps necessary to transfer absolutely and unequivocally all right, title and interest in the Assets specified in such Beneficiary Withdrawal Notice or Grantor Withdrawal Notice, and shall
deliver physical custody of such Assets, to or for the account of the Beneficiary, the Grantor or such designee as specified in such Beneficiary Withdrawal Notice or Grantor Withdrawal Notice, as applicable. Upon its receipt of Assets from the
Trustee pursuant to this Section 2(c), the Grantor or the Beneficiary, as applicable, shall execute and deliver to the Trustee a receipt evidencing the delivery of such Assets. 

(d) Except as provided in Sections 1(b) and 3, in the absence of a Beneficiary Withdrawal Notice or a Grantor Withdrawal Notice, the Trustee
shall allow no substitution or withdrawal of any Asset from the Trust Account.
  

	3.	Redemption, Investment and Substitution of Assets. 

 (a) The Trustee shall surrender for
payment all maturing Assets and all Assets called for redemption and deposit the principal amount of the proceeds of any such payment to the Trust Account. 

(b) From time to time, at the written order and direction of the Grantor or its designated Investment Manager (as hereinafter defined), the
Trustee shall, and is hereby given authority to, invest Assets in the Trust Account in Permitted Investments without the Beneficiary’s consent and without notice to the Beneficiary. 

(c) From time to time upon not less than five Business Days’ prior written notice to the Beneficiary, at the written order and direction
of the Grantor or its designated Investment Manager (as hereinafter defined), the Trustee shall, and is hereby given authority to, accept substitutions of Assets in the Trust Account in Permitted Investments without the Beneficiary’s consent;
provided, that such notice to the Beneficiary shall not be required for substitutions of Assets made pursuant to this Section 3(c) within the 30 day period following the date hereof. Such written order and direction shall specify by
CUSIP number the specific Assets to be deposited in, and withdrawn from, the Trust Account, and shall contain a certification to the Trustee and the Beneficiary that the Assets to be deposited in the Trust Account are Permitted
Investments. The Grantor or its designated Investment Manager shall only substitute Assets if following such substitution the aggregate Statutory Book Value of the Permitted Investments in the Trust Account is not less than the
aggregate Statutory Book Value of the Assets prior to any such substitution. The Trustee shall not have responsibility whatsoever to monitor whether prior written notice of such substitution has been given to the Beneficiary or to determine the
Statutory Book Value of such substituted Assets or that such substituted Assets actually constitute Permitted Investments. 

  
 5 

 (d) Any instruction or order concerning investments or substitutions of Assets shall be referred
to herein as an “Investment Order.” The Trustee shall execute Investment Orders and settle securities transactions by itself or by means of an agent or broker. The Trustee shall not be responsible for any act or omission in
the selection, or for the solvency, of any such agent or broker. 
 (e) When the Trustee is directed to deliver Assets against payment,
delivery will be made in accordance with generally-accepted market practice. 
 (f) Any loss incurred from any investment pursuant to the
terms of this Section 3 shall be borne exclusively by the Trust Account; provided, however, that in no event shall any such loss relieve the Grantor’s obligations to maintain the Required Balance. 

 

	4.	Dividends, Interest and Income. 

 (a) All payments of interest, dividends and other
income in respect of Assets in the Trust Account shall be posted and credited by the Trustee to the Trust Account. Any such interest, dividends and other income shall immediately become part of the Trust Account and be available for withdrawal,
substitution and investment as provided in this Agreement. Any interest, dividends or other income automatically posted and credited on the payment date to the Trust Account that is not subsequently received by the Trustee shall be reimbursed
by the Grantor to the Trustee, and the Trustee may debit the Trust Account for this purpose. All interest, dividends and other income in respect of Assets in the Trust Account shall be considered income attributable to the Grantor. Any
United States federal, state, local or other income tax liability for capital gains on Assets in the Trust Account shall be the responsibility of Grantor. 

(b) The Grantor shall pay, prior to delinquency, all taxes, assessments and other charges levied upon the Assets or the Trust Account and
shall discharge all liens against the Assets or the Trust Account; provided, however, that unless and until foreclosure, distraint, levy, sale or similar proceedings shall have been commenced, the Grantor need not pay any such tax,
assessment or other charge so long as the validity thereof is contested in good faith and by appropriate proceedings diligently conducted and so long as security sufficient to pay such tax, assessment or other charge (and any interest and penalties
which may be applicable thereon) has been provided to the Trustee to protect the Beneficiary and the Trustee. In the event that the Grantor shall fail so to pay any such tax, assessment or other charge (and shall not be so contesting it) or to
discharge any such lien, the Beneficiary may, at its option, but shall not be required to, make any payments necessary to pay such tax, assessment or other charge and/or to discharge such lien, and the Grantor shall, upon demand, reimburse the
Beneficiary for the full amount of such payments (together with interest from the date paid to, but not including the date reimbursed at, a fluctuating rate per annum equal to the prime rate as announced by the Trustee from time to time). The
Trustee shall not be responsible for paying any taxes, assessments or other charges or discharging liens on the Trust Account or any of the Assets thereof. 

(c) The Parties intend that the Trust Account be classified for United States federal income tax purposes as a grantor trust. Each Party
agrees to treat the Trust Account as a grantor trust for all United States federal, state and local tax purposes. The Trustee shall not be authorized or empowered to do anything that would cause the Trust Account to fail to qualify as a grantor
trust for such tax purposes. The Grantor shall be responsible for any tax reporting (including filing of any income tax returns and, if applicable, obtaining tax identification numbers) required on behalf of the Trust or Trust Account and shall
notify the Trustee of the tax identification number of the Trust. 

  
 6 

	5.	Right to Vote Assets. 

 Within a reasonable time of the Trustee’s receipt thereof,
the Trustee shall forward to the Grantor or a person authorized in writing for such purpose (including a designated Investment Manager (as defined herein)) any and all annual and interim stockholder reports and all proxies, ballots and proxy
materials relating to the Assets, notices of required actions related to bankruptcy cases, and information received by the Trustee or summaries thereof regarding ownership rights pertaining to the Assets, each as actually received by the Trustee and
in accordance with the Trustee’s customary practices. Absent the Trustee’s actual receipt of such notice, the Trustee shall have no liability for failing to so notify the Grantor or its designee. Absent the Trustee’s timely
receipt of instructions, the Trustee shall not be liable for failure to take any action relating to, or to exercise any rights conferred by, such Assets. The Grantor or a person authorized in writing for such purpose (including a designated
Investment Manager) shall have the full and unqualified right to vote any Assets in the Trust Account and shall be responsible for making any decisions and taking any other action with respect to any voluntary rights that may be exercised or
alternate courses of action that may be taken by reason of the ownership of such Assets and for directing the Trustee to act. 
  

	6.	Additional Rights and Duties of the Trustee. 

 (a) The Trustee shall be a Qualified
United States Financial Institution that does not control, is not controlled by and is not under common control with, the Grantor or the Beneficiary, and which maintains trust accounts for others in the ordinary course of its business and is acting
in that capacity in this Agreement.
 (b) The Trustee shall notify the Grantor and the Beneficiary in writing within ten days following each
deposit to, or withdrawal from, the Trust Account. 
 (c) Before accepting any Asset for deposit to the Trust Account, the Trustee shall
determine that such Asset is in such form that the Beneficiary, whenever necessary, or the Trustee, upon direction by the Beneficiary, may negotiate such Asset without consent or signature from the Grantor or any other person or entity other than
the Trustee in accordance with the terms of this Agreement. 

  
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 (d) The Trustee shall have no responsibility whatsoever to determine that any Assets in the Trust
Account are or continue to be Permitted Investments, comply with the guidelines referred to in Section 1(d) or are or continue to be free of Encumbrances or subject to any Permitted Encumbrances. All Assets shall be maintained by the Trustee in
the Trust Account separate and distinct from all other assets under the control of or on the books of the Trustee. 
 (e) The Trustee shall
hold all Assets in a safe place at one of its offices in the United States, and such Assets may be held in certificated or electronic form. The Trustee may deposit any Assets in the Trust Account in a book-entry account maintained at the
Federal Reserve Bank of New York or in depositories such as The Depository Trust Company and hold them in electronic form. The Trustee shall have no liability whatsoever for the action or inaction of any depositary or for any losses resulting
from the maintenance of Assets with a depositary. Assets may be held in the name of a nominee maintained by the Trustee or by any such depository. 

(f) The Trustee shall keep full and complete records of the administration of the Trust Account in accordance with applicable law. Upon the
request of the Grantor or the Beneficiary, the Trustee shall promptly permit the Grantor or the Beneficiary, their respective agents, employees or independent auditors to examine, audit, excerpt, transcribe and copy, during the Trustee’s normal
business hours, any books, documents, papers and records relating to the Trust Account or the Assets. The Trustee shall accept and open all mail directed to the Grantor or the Beneficiary in care of the Trustee. 

(g) Unless otherwise provided in this Agreement, the Trustee is authorized to follow and rely upon all instructions given by officers
(including officers of any investment manager designated in writing by the Grantor and approved in writing by the Beneficiary (such approval not to be unreasonably withheld) (each, an “Investment Manager”)) named in
incumbency certificates furnished to the Trustee from time to time by the Grantor, a designated Investment Manager or the Beneficiary, respectively, and by attorneys-in-fact acting under written authority furnished to the Trustee by the Grantor or
the Beneficiary, including, without limitation, instructions given by letter, facsimile or electronic media, if the Trustee reasonably believes such instructions to be genuine and to have been signed, sent or presented by the proper Party or
Parties, a designated Investment Manager or attorney-in-fact. The Trustee shall not incur any liability to anyone resulting from actions taken by the Trustee in reliance in good faith on such instructions. The Grantor shall provide written
notice to the Trustee of any change to any Investment Manager or attorney-in-fact (for the avoidance of doubt any such replacement Investment Manager shall have been approved in writing by the Beneficiary (such approval not to be unreasonably
withheld)). The Trustee shall not incur any liability in executing instructions (i) from any attorney-in-fact prior to receipt by it of notice of the 

  
 8 

 
revocation of the written authority of such attorney-in-fact or (ii) from any officer of the Grantor (or its designated Investment Manager) or the Beneficiary named in an incumbency certificate
delivered hereunder prior to receipt by it of a more current certificate or notice of revocation of the authority of such Investment Manager. Each of the Grantor and the Beneficiary acknowledges and agrees that it is fully informed of the
protections and risks associated with the various methods of transmitting instructions to the Trustee, and that there may be more secure methods of transmitting instructions than the method selected by the sender. Each of the Grantor and the
Beneficiary agrees that the security procedures, if any, to be followed in connection with a transmission of instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances. 

(h) The duties and obligations of the Trustee shall only be such as are specifically set forth in this Agreement, as it may from time to time
be amended, and no implied duties or obligations shall be read into this Agreement against the Trustee. Notwithstanding anything to the contrary herein, the Trustee shall not be liable except for its own negligence, willful misconduct or lack of
good faith arising out of or in connection with the performance of its obligations in accordance with this Agreement. 
 (i) No provision of
this Agreement shall require the Trustee to take any action which, in the Trustee’s reasonable judgment, would result in any violation of this Agreement or any provision of law. 

(j) Anything in this Agreement to the contrary notwithstanding, in no event shall the Trustee be liable under or in connection with this
Agreement for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not foreseeable, even if the Trustee has been advised of the possibility thereof
and regardless of the form of action in which such damages are sought. 
 (k) The Trustee shall not be responsible for ensuring or
determining the existence, genuineness or value of any of the Assets or the validity, perfection, priority or enforceability of any liens on any of the Assets whether impaired by operation of law or by reason of any action or omission to act on its
part hereunder, except to the extent such action or omission constitutes negligence, lack of good faith or willful misconduct on the part of the Trustee, for the validity of title to the Assets, for insuring the Assets or for the payment of taxes,
charges, assessments or liens upon the Assets. 
 (l) The Trustee shall not be required to risk or expend its own funds in performing its
obligations under this Agreement. The foregoing sentence shall not apply to the ordinary out-of-pocket expenses referred to in the second sentence of Section 7(a) which are incurred by the Trustee in the normal administration of this Agreement and
which are to be reimbursed as provided in Section 7(a) or to ordinary internal overhead expenses which are incurred by the Trustee in the normal administration of this Agreement. 

  
 9 

	7.	Trustee’s Compensation, Expenses, etc. 

 (a) The Grantor shall pay the Trustee, as
compensation for its services under this Agreement, a fee computed at rates determined by the Trustee from time to time and communicated in writing to, and consented to by, the Grantor. The Grantor shall pay or reimburse the Trustee for all of
the Trustee’s expenses and disbursements in connection with its duties under this Agreement (including attorney’s fees and expenses), except any such expense or disbursement as may arise from the Trustee’s negligence, willful
misconduct or lack of good faith. The Grantor hereby indemnifies the Trustee for, and holds it harmless against, any loss, liability, costs or expenses (including attorney’s fees and expenses) incurred or made without negligence, willful
misconduct or lack of good faith on the part of the Trustee, arising out of or in connection with the performance of its obligations in accordance with the provisions of this Agreement or the status of the Trustee and its nominee as the holder of
record of the Assets. In addition to and not in limitation of the foregoing, the Beneficiary hereby indemnifies the Trustee for, and holds it harmless against, any loss, liability, costs or expenses (including attorney’s fees and expenses)
incurred or made without negligence, willful misconduct or lack of good faith on the part of the Trustee, arising out of or in connection with actions taken by the Trustee pursuant to any written instruction from the Beneficiary to perform any such
action. The Grantor and the Beneficiary each hereby acknowledge that the foregoing indemnities shall survive the resignation or discharge of the Trustee or the termination of this Agreement.

(b) No Assets shall be withdrawn from the Trust Account or used in any manner for paying compensation to, or reimbursement of expenses or
indemnification of, the Trustee. 
 (c) The Trustee may consult with counsel selected by it. The written opinion or advice of said
counsel shall be full and complete authority and protection for the Trustee with respect to any action taken, suffered or omitted by it in good faith and in accordance with the opinion or advice of said counsel. 

 

	8.	Resignation or Removal of the Trustee. 

 (a) The Trustee may resign at any time by
delivery of a written notice of resignation, effective not less than 90 days after receipt by the Beneficiary and the Grantor of such notice. The Trustee may be removed by the Grantor’s delivery to the Trustee and the Beneficiary of a
written notice of removal, effective not less than 90 days after receipt by the Trustee and the Beneficiary of such notice; provided, that no such resignation or removal shall become effective until a successor Trustee has been duly appointed
and approved by the Beneficiary and the Grantor and all Assets in the Trust 

  
 10 

 Account have been duly transferred to the new Trustee in accordance with Section 8(b). The Beneficiary may
instruct the Grantor to deliver a written notice of removal in accordance with this Section 8(a) in the event the Trustee breaches any of its duties hereunder and such breach is not cured within five Business Days after delivery by the
Grantor of written notice thereof to the Trustee. 
 (b) Upon receipt by the proper Parties of the Trustee’s notice of resignation or
the Grantor’s notice of removal, the Grantor and the Beneficiary shall appoint a successor trustee. The Trustee and any successor trustee shall be a bank that is a Qualified United States Financial Institution that does not control, is not
controlled by and is not under common control with, the Grantor or the Beneficiary. Upon the acceptance of the appointment as trustee hereunder by a successor trustee and the transfer to such successor trustee of all Assets in the Trust
Account, the resignation or removal of the Trustee shall become effective. Thereupon, such successor trustee shall succeed to and become vested with all the rights, powers, privileges and duties of the resigning or removed Trustee, and the
resigning or removed Trustee shall be discharged from any future duties and obligations under this Agreement, but the resigning or removed Trustee shall continue after such resignation or removal to be entitled to the benefits of the indemnities
provided herein for the Trustee. 
  

	9.	Termination of the Trust Account. 

 (a) The Trust Account and this Agreement, except for
the indemnification provided pursuant to Section 7(a) hereof, may be terminated (i) upon the Grantor and the Beneficiary providing the Trustee with joint written notice of their mutual intention to terminate the Trust Account, (ii) in connection
with the termination of the Coinsurance Agreement upon the Beneficiary providing the Trustee and the Grantor with written notice that all obligations of the Grantor under the Coinsurance Agreement have been satisfied or (iii) upon the Grantor
providing the Trustee and the Beneficiary with written notice of its intention to terminate the Trust Account solely in the event the Required Balance as of the end of any calendar quarter is less than ten percent (10%) of the sum of the (x) capital
and surplus of the Grantor plus (y) asset valuation reserve of the Grantor, in each case determined in accordance with the statutory accounting principles and practices prescribed by the Grantor’s state of domicile as of such quarter
end. The written notice of termination delivered pursuant to Section 9(a)(i), (ii) or (iii) (the “Notice of Intention”) shall specify the date on which the notifying Party or Parties intend the Trust Account to terminate
(the “Proposed Date”). 
 (b) Within three days following receipt by the Trustee of the Notice of Intention, the
Trustee shall give written notification (the “Termination Notice”) to the Beneficiary and the Grantor of the date (the “Termination Date”) on which this Agreement and the Trust Account shall
terminate. The Termination Date shall be (i) the Proposed Date if the Proposed Date is at least thirty days but no more than forty-five days subsequent to the date the Termination Notice is given; (ii) thirty days subsequent to the

  
 11 

 
date the Termination Notice is given if the Proposed Date is fewer than thirty days subsequent to the date the Termination Notice is given; or (iii) forty-five days subsequent to the date the
Termination Notice is given if the Proposed Date is more than forty-five days subsequent to the date the Termination Notice is given. 
 (c)
On the Termination Date, the Trustee shall transfer to the Grantor or its designee any Assets not previously withdrawn from the Trust Account, at which time all liability of the Trustee with respect to such Assets shall cease. 

(d) For the avoidance of doubt, the consent of the Grantor shall not be required in connection with a termination pursuant to Section 9(a)(ii)
and the consent of the Beneficiary shall not be required in connection with a termination pursuant to Section 9(a)(iii) or the transfer of Assets pursuant to Section 9(c). 
  

	10.	Definitions. 

 Except as the context shall otherwise require, the following terms shall
have the following meanings for all purposes of this Agreement (the definitions to be applicable to both the singular and the plural forms of each term defined if both forms of such term are used in this Agreement): 

The term “Beneficiary” has the meaning ascribed thereto in the preamble hereto and shall include any successor of the
Beneficiary by operation of law. If a court of law appoints a successor in interest to the Beneficiary, the Beneficiary includes and is limited to the court appointed domiciliary receiver (including any conservator, rehabilitator or
liquidator). 
 The term “Business Day” means any day other than a Saturday, a Sunday or a day on which banks in
Birmingham, Alabama, Greenville, South Carolina or New York, New York are authorized or obligated by law or executive order to remain closed. 

The term “control” (including the related terms “controlled by” and “under common
control with”) shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract other than a
commercial contract for goods or non-management services, or otherwise, unless the power is the result of an official position with or corporate office held by the person. Control shall be presumed to exist if a person, directly or indirectly,
owns, control or holds with the power to vote, or holds proxies representing ten percent or more of the voting securities of another person. 

The term “Encumbrance” means any mortgage, deed of trust, pledge, hypothecation, security interest, encumbrance,
claim, lien or charge of any kind. 

  
 12 

 The term “Governmental Authority” means any U.S. or foreign federal,
state, local, municipal, county or other governmental, quasi-governmental, administrative, regulatory or self-regulatory authority or organization, body, agency, court, tribunal, commission or other similar entity, including any branch, department
or official thereof. 
 The term “Law” means any U.S. or foreign federal, regional, state or local law, statute,
ordinance, directive, rule, regulation, order, judgment, decree, injunction or other legally binding obligation imposed by a Governmental Authority. 

The term “Permitted Encumbrance” means the following Encumbrances: (a) Encumbrances for all federal, state, local and
foreign net or gross income, profits, franchise, gross receipts, premium, license, environmental (including taxes under Section 59A of the Internal Revenue Code of 1986), customs duty, escheat payments, capital stock, alternative or add-on minimum,
severances, stamp, transfer, payroll, sales, employment, unemployment, disability, use, ad valorem, property, withholding, excise, retaliatory, occupation, production, value added, windfall, occupancy and other taxes, charges, fees, levies, duties
or assessments of any nature whatsoever, together with all interest, penalties and additions imposed with respect to such amounts and any interest in respect of such penalties and additions imposed by any Governmental Authority and any liability for
any of the foregoing as transferee, assessments or other governmental charges or levies that are not yet due or payable or that are being contested in good faith by appropriate proceedings and for which adequate reserves have been established (if
required pursuant to the statutory accounting practices and procedures otherwise required, permitted or then in effect by the South Carolina Department of Insurance); (b) materialmen’s, mechanics’, carriers’, workmen’s and
repairmen’s Encumbrances and other like Encumbrances arising in the ordinary course of business by operation of Law for amounts not yet due or which are being contested in good faith or pursuant to original purchase price conditional sales
contracts and equipment leases with third parties entered into in the ordinary course of business that would not reasonably be expected to materially impair or detract from the value and use of such property and assets; (c) all deposits that have
been made in the ordinary course of business with any Governmental Authorities in connection with a governmental authorization, registration, filing, license, permit or approval; (d) landlords’ Encumbrances under leases arising by operation of
Law for amounts not yet due; or (e) all exceptions to any title insurance coverage that (1) customarily or of necessity are not or cannot be removed (such as rights or instruments that are recorded against the applicable real property or any part
thereof), (2) would be shown by a current title report or other similar report or listing, (3) may be shown by a current survey or physical inspection, (4) are zoning, building, subdivision, land use, environmental regulations or other similar
requirements or restrictions or (5) are matters that are the obligations of tenants, subtenants or other occupants of any portion of any real property owned by the Beneficiary under any lease, sublease, license or other occupancy agreement, in each
case to the extent such exceptions to title insurance coverage would not reasonably be expected materially to impair or detract from the value or use of the applicable properties and assets. 

  
 13 

 The term “person” shall mean and include an individual, a corporation, a
partnership, a limited liability company, an association, a trust, an unincorporated organization or a government or political subdivision thereof. 

The term “Qualified United States Financial Institution” means an institution that is (a) organized or, for a United
States branch or agency office of a foreign banking organization, licensed under the laws of the United States or any state thereof and has been granted authority to operate with fiduciary powers and (b) regulated, supervised and examined by United
States federal or state authorities having regulatory authority over banks and trust companies. 
 The term “RBC
Ratio” shall have the meaning ascribed thereto in the Coinsurance Agreement. 
 The term “Required
Balance” shall have the meaning ascribed thereto in the Coinsurance Agreement. 
 The term “Statutory Book
Value” shall mean (a) as to cash, the amount of such cash in United States dollars and (b) as to any other Asset, the carrying value of the subject Asset on the books of the Grantor for statutory statement purposes determined in
accordance with the statutory accounting principles and practices prescribed by the Grantor’s state of domicile, consistently applied. 

The term “Stock Purchase Agreement” means the Stock Purchase Agreement, dated as of October 22, 2010, by and among RBC
Insurance Holdings (USA) Inc., Athene Holding Ltd., Protective Life Insurance Company, and, solely for purposes of Sections 5.14 through Section 5.17 and Articles 7, 8 and 10 of thereof, RBC USA Holdco Corporation. 

 

	11.	Governing Law. 

 This Agreement shall be subject to and governed by the laws of the State
of New York, without regard to the conflicts of laws principles thereof to the extent such principles would permit or require the application of the law of another jurisdiction and are not required to be applied by law. 

Each of the Parties hereto hereby waives the right to trial by jury in any proceedings arising out of or relating to this Agreement. To
the extent that, in any jurisdiction either of the Grantor and the Beneficiary may be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (whether before or after judgment) or other legal process, each hereby
irrevocably agrees not to claim and hereby waives, 

  
 14 

 
such immunity. Each Party consents to the jurisdiction of any state or federal court situated in the County and State of New York in connection with any dispute arising hereunder. Each
Party hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in
such a court has been brought in an inconvenient forum. The establishment and maintenance of the Trust Account, and all interests, duties and obligations with respect thereto, shall be governed by the laws of the State of New York. 

 

	12.	Successors and Assigns. 

 This Agreement shall not be assignable, except as expressly
permitted by Section 8 of this Agreement, and any attempt to so assign this Agreement except as so permitted shall be void and of no effect. This Agreement shall be binding upon and inure to the benefit of the successors and permitted assigns
of each Party hereto. 
  

	13.	Severability. 

 In the event that any provision of this Agreement shall be declared
invalid or unenforceable by any regulatory body or court having jurisdiction, such invalidity or unenforceability shall not affect the validity or enforceability of the remaining portions of this Agreement. 

 

	14.	Force Majeure. 

 No Party to this Agreement shall be responsible or liable for any
failure or delay in the performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including but not limited to: acts of God, accidents, labor disputes,
earthquakes, fires, floods, wars, acts of terrorism, civil or military disturbances, epidemics, riots, interruptions, loss or malfunctions of utilities, computer hardware or software or communications services, acts of civil or military authority or
governmental actions, the unavailability of the Federal Reserve Bank wire or other wire or communication facilities; it being understood that any such Party shall use its best efforts to resume performance as soon as practicable under the
circumstances. 
  

	15.	Entire Agreement. 

 This Agreement constitutes the entire agreement among the Parties and
is not subject to any conditions or qualifications outside of this Agreement. 

  
 15 

	16.	Amendments. 

 This Agreement may be modified or otherwise amended, and the observance of
any term of this Agreement may be waived, only if such modification, amendment or waiver is in writing and signed by the Parties. 
  

	17.	Notices, etc. 

 Unless otherwise provided in this Agreement, all notices, directions,
requests, demands, acknowledgments and other communications required or permitted to be given or made under the terms hereof shall be in writing and shall be deemed to have been duly given or made (a) (i) when delivered personally, (ii) when made or
given by facsimile or electronic media, or (iii) in the case of mail delivery, upon the expiration of three days after any such notice, direction, request, demand, acknowledgment or other communication shall have been deposited in the United States
mail for transmission by first class mail, postage prepaid, or upon receipt thereof, whichever shall first occur and (b) when addressed as follows: 

If to the Grantor: 
 Protective
Life Insurance Company 
 2801 Highway 280 South 

Birmingham, Alabama 35223 

Telephone: (205) 268-1000 

Facsimile: (205) 268-3597 

Attn: Alfred F. Delchamps, III 

Email: Al.Delchamps@Protective.com 

with a copy (which shall not constitute notice) to: 

Debevoise & Plimpton LLP 
 919
Third Avenue 
 New York, New York 10022 

Telephone:      (212) 909- 6459 

Facsimile:        (212) 909- 7459 

Attn: Nicholas F. Potter, Esq. 

If to the Beneficiary: 
 Liberty
Life Insurance Company 
 P.O. Box 1389 

Greenville, South Carolina 29602-1389 

Telephone: (864) 609-1307 

Facsimile: (864) 609-1049 

Attn: President and General Counsel 

  
 16 

 with copies (which shall not constitute notice) to: 

Athene Holding Ltd. 
 44 Church
Street 
 Hamilton HM 12, Bermuda 

Telephone: (441) 279-8412 

Facsimile: (441) 279-8401 

Attention: President and General Counsel 

Email: cgillis@athenelifere.bm; tshanafelt@athenelifere.bm 

Sidley Austin LLP 
 1 South
Dearborn 
 Chicago, Illinois 60603 

Telephone:      (312) 853-7061 

Facsimile:        (312) 853-7036 

Attn: Perry J. Shwachman, Esq. 

and 
 Sidley Austin LLP 

787 Seventh Avenue
 New York, New
York 10019
 Telephone:      (212) 839-5835 

Facsimile:        (212) 839-5599

Attn: Jonathan J. Kelly, Esq. 

If to the Trustee: 
 The Bank of
New York Mellon 
 101 Barclay Street 

Mailstop: 101-0850 
 New York, New
York 10286 
 Attn: Insurance Trust & Escrow Group 

Fax: (732) 667-9536 
 Each Party may from
time to time designate a different address for notices, directions, requests, demands, acknowledgments and other communications by giving written notice of such change to the other Parties. Without limiting the generality of the foregoing, all
notices, directions, requests, demands, acknowledgments and other communications relating to the Beneficiary’s approval of the Grantor’s authorization to substitute Assets and to the termination of the Trust Account shall be in writing and
may be made or given by facsimile or electronic media. 

  
 17 

	18.	Headings. 

 The headings of the Sections and the Table of Contents have been inserted for
convenience of reference only and shall not be deemed to constitute a part of this Agreement. 
  

	19.	Counterparts. 

 This Agreement may be executed in any number of counterparts, each of
which when so executed and delivered shall constitute an original, but such counterparts together shall constitute but one and the same Agreement. 
  

	20.	Representations. 

 Each of the Parties hereby represents and warrants to the others that
it has full authority to enter into this Agreement upon the terms and conditions hereof, that the individual executing this Agreement on its behalf has the requisite authority to bind such Party to this Agreement and that this Agreement constitutes
its binding obligation enforceable in accordance with the terms hereof. 
  

	21.	USA Patriot Act. 

 The Grantor and Beneficiary hereby acknowledge that the Trustee is
subject to United States federal laws, including the Customer Identification Program (“CIP”) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which the Trustee must obtain, verify and
record information that allows the Trustee to identify the Grantor and Beneficiary. Accordingly, prior to opening the Trust Account hereunder, the Trustee will ask each of the Grantor and Beneficiary to provide certain information including,
but not limited to, the Grantor’s and Beneficiary’s name, physical address, tax identification number and other information that will help the Trustee to identify and verify the Grantor’s and Beneficiary’s identity such as
organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. Each of the Grantor and Beneficiary agrees that the Trustee cannot open the Trust Account hereunder unless and until the
Trustee verifies the Grantor’s and Beneficiary’s identity in accordance with the Trustee’s CIP. 
  

	22.	Required Disclosure. 

 The Trustee is authorized to supply any information regarding the
Trust Account and related Assets required by any law, regulation or rule now or hereafter in effect. 

  
 18 

 Each of the Grantor and the Beneficiary agrees to supply the Trustee with any such required information if it is
not otherwise reasonably available to the Trustee. 
 (remainder of page left intentionally blank) 

  
 19 

 IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and
delivered by their respective officers thereunto duly authorized as of the date first above written. 
  

			
	PROTECTIVE LIFE INSURANCE COMPANY,
	as Grantor
		
	By:	 	  

		 	Name:
		 	Title:
	
	LIBERTY LIFE INSURANCE COMPANY,
	as Beneficiary
		
	By:	 	  

		 	Name:
		 	Title:
	
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 Exhibit A 

Form of Beneficiary Withdrawal Notice 

[Insert Date] 
 The Bank of New York Mellon 

101 Barclay Street 
 Mailstop: 101-0850 

New York, NY 10286 
 Attn: Insurance Trust & Escrow Group 

Protective Life Insurance Company 
 2801 Highway 280 South 

Birmingham, Alabama 35223 
 Attn: Alfred F. Delchamps, III

 Ladies and Gentlemen: 
 Reference is hereby
made to the Trust Agreement dated [●], 2011 (as amended, supplemented or otherwise modified from time to time, the “Trust Agreement”), entered into by and among Liberty Life Insurance Company (the
“Beneficiary”), Protective Life Insurance Company (the “Grantor”) and The Bank of New York Mellon (the “Trustee”). Terms not defined herein shall have the meaning set forth in the Trust
Agreement. 
 Pursuant to Section 2(a) of the Trust Agreement, the Beneficiary hereby notifies the Trustee and the Grantor that it intends
to withdraw the Assets specified below from the Trust Account, The Bank of New York Mellon Account # [●], for the following purposes permitted and as permitted under Section 2(a) of the Trust Agreement: [specify basis for issuance of
Beneficiary Withdrawal Notice]. 
 [Specify list of Assets to be withdrawn] 

The Trustee is instructed to deliver the Assets described above directly to [specify account information, including address, for the
Beneficiary or its designee] on [specify date of transfer] or as soon as possible thereafter. 

 This is a “Beneficiary Withdrawal Notice” within the meaning of Section
2(a) of the Trust Agreement. 
  

			
	LIBERTY LIFE INSURANCE COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 cc: Debevoise & Plimpton LLP 

919 Third Avenue 
 New York, New York 10022 

Telephone:      (212) 909- 6459 

Facsimile:       (212) 909- 7459 

Attn: Nicholas F. Potter, Esq. 

 Exhibit B 

Form of Grantor Withdrawal Notice 
 [Insert
Date] 
 The Bank of New York Mellon 
 101 Barclay Street

 Mailstop: 101-0850 
 New York, NY 10286 

Attn Insurance Trust & Escrow Group 
 Liberty Life Insurance
Company 
 P.O. Box 1389 
 Greenville, South Carolina 29602-1389

 Attn: President and General Counsel 
 Ladies and Gentlemen:

 Reference is hereby made to the Trust Agreement dated [●], 2011 (as amended, supplemented or otherwise modified from time to time,
the “Trust Agreement”), entered into by and among Liberty Life Insurance Company (the “Beneficiary”), Protective Life Insurance Company (the “Grantor”) and The Bank of New York
Mellon (the “Trustee”). Terms not defined herein shall have the meaning set forth in the Trust Agreement. 

Pursuant to Section 2(b) of the Trust Agreement, the Grantor hereby notifies the Trustee and the Beneficiary that it intends to withdraw the
Assets specified below from the Trust Account, Bank of New York Mellon Account # [●], as permitted under Section 2(b) of the Trust Agreement. 

[Specify list of Assets to be withdrawn] 

The Trustee is instructed to deliver the assets described above directly to [specify account information, including address, for the
Grantor or its designee] on [specify date of transfer] or as soon as possible thereafter. 

 This is a “Grantor Withdrawal Notice” within the meaning of Section 2(b)
of the Trust Agreement. 
  

			
	PROTECTIVE LIFE INSURANCE COMPANY
		
	By:	 	  

	Name:	 	
	Title:	 	

 cc: Sidley Austin LLP 
 1
South Dearborn 
 Chicago, Illinois 60603 

Telephone:      (312) 853-7061 

Facsimile:       (312) 853-7036 

Attn: Perry J. Shwachman, Esq. 
 and 

Sidley Austin LLP 
 787 Seventh Avenue

New York, New York 10019

Telephone:      (212) 839-5835 

Facsimile:       (212) 839-5599

Attn: Jonathan J. Kelly, Esq.EX-10.15.1

 Exhibit 10.15.1 

EXECUTION VERSION 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into this
     day of February, 2013, by and between Athene Holding Ltd., a Bermuda exempted company limited by shares (the “Company”), and James R. Belardi (the “Executive”). 

RECITALS 
 THE PARTIES
ENTER THIS AGREEMENT on the basis of the following facts, understandings and intentions: 
 A. The Company and the Executive entered
into that certain Employment Agreement (the “Original Agreement”), dated as of July 15, 2009 (the “Effective Date”) pursuant to which the Executive serves as the Chief Executive Officer of the Company. 

B. The Company and the Executive (the “Parties”) desire that the Executive continue to serve as the Chief Executive Officer
of the Company pursuant to the terms and conditions hereof. This Agreement shall govern the employment relationship between the Executive and the Company from and after the date hereof, and, as of the date hereof, supersedes and negates all previous
agreements with respect to such relationship, including the Original Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the above recitals incorporated herein and the mutual covenants and promises contained herein and
other good and valuable consideration, the receipt and sufficiency of which are hereby expressly acknowledged, the Parties agree as follows: 
  

	1.	Retention and Duties. 

  

	 	1.1	Retention. The Company does hereby engage and employ the Executive for the Period of Employment (as such term is defined in Section 2) on the terms and conditions expressly set forth in this
Agreement. The Executive does hereby accept and agree to such engagement and employment, on the terms and conditions expressly set forth in this Agreement. 

  

	 	1.2	Duties. During the Period of Employment, the Executive shall serve the Company as its Chief Executive Officer and shall have the powers, authorities, duties and obligations of management
usually vested in the office of the Chief Executive Officer, and such other powers, authorities, duties and obligations commensurate with such position as the Company’s Board of Directors (the “Board”) may assign from time to
time, all subject to the lawful directives of the Board and the corporate policies of the Company as they are in effect from time to time throughout the Period of Employment (including, without limitation, the Company’s business conduct and
ethics policies and the Company’s operating guidelines as they may be in effect from time to time). The parties acknowledge that the Executive was appointed to the Board as of the Effective Date. During the Period of Employment, the Executive
shall report to the Board. 

	 	1.3	No Other Employment; Minimum Time Commitment. During the Period of Employment, the Executive shall (i) devote substantially all of the Executive’s business time, energy and skill to the
performance of the Executive’s duties for the Company, Athene Asset Management LLC and their subsidiaries (collectively, the “Company Entities”), (ii) perform such duties in a faithful, effective and efficient manner to the
best of his abilities, and (iii) hold no other employment other than pursuant to the Amended and Restated Employment Agreement with Athene Asset Management LLC, dated as of even date herewith (the “Asset Management Employment
Agreement”). The Executive’s service on the boards of directors (or similar body) of other business entities is subject to the approval of the Board; provided, however, that service on the board of directors (or similar body) of any
Company Entity shall be deemed pre-approved. During the Period of Employment, the Executive shall be permitted to manage his personal investments and engage in charitable activities, so long as such activities do not, in each case and in the
aggregate, interfere with the effective discharge of the Executive’s duties and responsibilities to the Company. The Company shall have the right to require the Executive to resign from any board or similar body (including, without limitation,
any association, corporate, civic or charitable board or similar body) on which he may then serve if the Board reasonably determines that the Executive’s service on such board or body interferes with the effective discharge of the
Executive’s duties and responsibilities to the Company or that any business related to such service is then in competition with any business of the Company, the Asset Management Company, or any of their respective Affiliates (as such terms are
defined in Section 5.5), successors or assigns. 

  

	 	1.4	Representations. 

  

	 	(a)	 The Executive hereby represents to the Company that: (i) the execution and delivery of this Agreement by the
Executive and the Company and the performance by the Executive of the Executive’s duties hereunder do not and shall not constitute a breach of, conflict with, or otherwise contravene or cause a default under, the terms of any other agreement or
policy to which the Executive is a party or otherwise bound or any judgment, order or decree to which the Executive is subject; (ii) that the Executive has no information (including, without limitation, confidential information and trade secrets)
relating to any other Person (as such term is defined in Section 5.5) which would prevent, or be violated by, the Executive entering into this Agreement or carrying out his duties hereunder; (iii) other than this Agreement and the Asset Management
Employment Agreement, the Executive is not bound by any employment, consulting, non-compete, trade secret or similar agreement with any other Person; (iv) the Executive understands the Company will rely upon the accuracy and truth of the
representations and warranties of the Executive set forth herein and the Executive consents to such reliance and (v) upon the execution 

  
 2 

	 	
and delivery of this Agreement by the Parties, this Agreement shall be his valid and binding obligation, enforceable against the Executive in accordance with its terms, except to the extent that
enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally and general principles of equity (whether considered by a court of law or a court of equity).

  

	 	(b)	The Company hereby represents to the Executive that (i) it is fully authorized by action of its Board (and of any other Person or body whose action is required) to enter into this Agreement and to perform its
obligations under it, (ii) the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document to which it or
any of its Affiliates is a party or by which it or any of its Affiliates is bound and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be its valid and binding obligation, enforceable against it in
accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditor’s rights generally and general principles of equity (whether
considered by a court of law or a court of equity). 

  

	 	1.5	Location. The Executive’s principal places of employment shall be the Company’s principal executive offices as they may be located from time to time initially located in Los Angeles
and in Bermuda. The Executive agrees that he will be regularly present at those offices. The Executive acknowledges that he will be required to travel from time to time in the course of performing his duties for the Company, and in particular, that
he will be required to travel to Bermuda regularly. 

 2. Period of Employment. The “Period of
Employment” shall commence on the date hereof and end at the close of business on November 3, 2016 (the “Termination Date”); provided, however, that this Agreement shall be automatically renewed, and the Period of
Employment shall be automatically extended for one (1) additional year on the Termination Date and each anniversary of the Termination Date thereafter, unless either party gives written notice at least one hundred and twenty (120) days prior to the
expiration of the Period of Employment (including any renewal thereof) of such party’s desire to terminate the Period of Employment (such notice to be delivered in accordance with Section 21). The term “Period of Employment” shall
include any extension thereof pursuant to the preceding sentence. Provision of notice by the Company or the Executive that the Period of Employment shall not be extended or further extended, as the case may be, shall not constitute a breach of this
Agreement and shall not constitute “Good Reason” for purposes of this Agreement. Notwithstanding the foregoing, the Period of Employment is subject to earlier termination as provided below in this Agreement. 

  
 3 

	3.	Compensation. 

  

	 	3.1	Base Salary. During the Period of Employment, the Company shall pay the Executive a base salary (the “Base Salary”), which shall be paid in monthly installments (or more
frequently) as are consistent with the Company’s regular payroll practices in effect from time to time. The Executive’s Base Salary shall be at an annualized rate of one hundred and thirty-five thousand dollars ($135,000). The Compensation
Committee of the Board (the “Compensation Committee”) will review the Executive’s rate of Base Salary on an annual basis and may, in its sole discretion, increase (but not decrease) the rate then in effect. The Executive’s
Base Salary shall not be reduced other than (x) as part of an across the board reduction applicable to all members of senior management that results in a proportional reduction to the Executive’s Base Salary equal to that of other members of
senior management or (y) if in connection with such reduction the Executive’s base salary is increased by a like amount by the Asset Management Company. In the discretion of the Company the Base Salary may be paid to the Executive by the Asset
Management Company. 

  

	 	3.2	Incentive Bonus. The Executive shall be eligible to receive an incentive bonus for each fiscal year of the Company that ends during the Period of Employment (“Incentive
Bonus”); provided that, except as provided in Section 5.3, the Executive must be employed by the Company at the time the Company pays its annual bonuses generally with respect to any such fiscal year in order to be eligible for an Incentive
Bonus with respect to that fiscal year (and, if the Executive is not so employed at such time, in no event shall he have been considered to have “earned” any Incentive Bonus with respect to the fiscal year in question). The
Executive’s target Incentive Bonus amount for a particular fiscal year of the Company shall equal one hundred percent (100%) of the Executive’s Base Salary paid to the Executive for that fiscal year; provided that the Executive’s
actual Incentive Bonus amount for a particular fiscal year shall be determined by the Compensation Committee in its sole discretion, based on performance objectives (which may include corporate, business unit or division, financial, strategic,
individual or other objectives) established with respect to that particular fiscal year by the Compensation Committee. Any Incentive Bonus earned by the Executive for a particular fiscal year shall be paid in cash as soon as reasonably practicable
following the date that the audited financial statements of the Company for such fiscal year are issued and at the same time that incentive bonuses for such fiscal year are paid to other senior executives of the Company generally, and in no event
later than December 31 of the year following the close of the fiscal year for which the bonus is earned. In the discretion of the Company the Incentive Bonus may be paid to the Executive by the Asset Management Company. 

 

	4.	Benefits. 

  

	 	4.1	 Retirement, Welfare and Fringe Benefits. During the Period of Employment, the
Executive shall be entitled to participate in all employee pension and welfare 

  
 4 

	 	
benefit plans and programs, and fringe benefit plans and programs, made available to the Company’s employees generally, in accordance with the eligibility and participation provisions of
such plans and as such plans or programs may be in effect from time to time. 

  

	 	4.2	Reimbursement of Business Expenses. The Executive is authorized to incur reasonable expenses in carrying out the Executive’s duties under this Agreement and shall be entitled to
reimbursement for all reasonable business expenses the Executive incurs during the Period of Employment in connection with carrying out such duties, subject to the Company’s expense reimbursement policies and any pre-approval policies in effect
from time to time. 

  

	 	4.3	Vacation and Other Leave. During the Period of Employment, the Executive’s annual rate of vacation accrual shall be four (4) weeks per year; provided that such vacation shall accrue and
be subject to the Company’s vacation policies in effect from time to time. The Executive shall also be entitled to all other holiday and leave pay generally available to other executives of the Company. 

 

	5.	Termination. 

  

	 	5.1	Termination by the Company. The Executive’s employment by the Company, and the Period of Employment, may be terminated at any time by the Company: (i) with Cause (as such term is defined
in Section 5.5), or (ii) without Cause, or (iii) in the event that the Executive has a Disability (as such term is defined in Section 5.5). Further, the Executive’s employment by the Company and the Period of Employment shall automatically
terminate in the event of the Executive’s death. 

  

	 	5.2	Termination by the Executive. The Executive’s employment by the Company, and the Period of Employment, may be terminated by the Executive with no less than ninety (90) days advance
written notice to the Company (such notice to be delivered in accordance with Section 21); provided, however, that in the case of a resignation by the Executive with Good Reason, the Executive may provide immediate written notice of termination once
the applicable cure period (as contemplated by the definition of Good Reason) has lapsed if the circumstances that gave rise to the basis for the resignation with Good Reason have not been cured as provided in Section 5.5(h), below. No termination
of the Executive’s employment hereunder by either Party in accordance with the provisions of this Section 5.2 shall be deemed a breach of this Agreement. 

  

	 	5.3	Benefits Upon Termination. If the Executive’s employment hereunder terminates (the date of such termination being referred to as the “Severance Date”), the Company shall
have no further obligation to make or provide to the Executive, and the Executive shall have no further right to receive or obtain from the Company, any payments or benefits except as follows: 

 

	 	(a)	Upon any termination of the Executive’s employment hereunder, the Company shall pay or provide the Executive any Accrued Obligations (as such term is defined in Section 5.5); 

  
 5 

	 	(b)	If the Executive’s employment hereunder terminates due to an Involuntary Termination (as such term is defined in Section 5.5, below) then: 

 

	 	(i)	The Company shall pay the Executive a cash amount (the “Pro Rata Bonus”) equal to a pro rata portion (based on the number of days during which he remained employed hereunder during the fiscal year in
which the termination occurs) of his Bonus Severance (as such term is defined in Section 5.3(d)). Subject to Sections 5.4(a) and 5.8(a) below, such amount shall be payable in substantially equal installments in accordance with the Company’s
standard payroll practices over the period that ends at the end of the 12th calendar month that begins after the Severance Date; provided, however, that the first installment shall be paid on the
60th day following the Severance Date and shall include all installments that would have been paid from the Severance Date through the date of such first installment if the release described in
Section 5.4(a) had become irrevocable, in accordance with its terms, on the Severance Date (but only if such release, in fact, was executed and delivered by the Executive in accordance with Section 5.4(a)). 

 

	 	(ii)	The Company shall pay the Executive a cash amount equal to one (1) times his annualized Adjusted Base Salary in effect on the Severance Date (the “Severance Payment”). Subject to Sections 5.4(a) and
5.8(a) below, the Company shall pay the Severance Payment in substantially equal installments in accordance with the Company’s standard payroll practices over the period that ends at the end of the twelfth (12th) calendar month that begins
after the Severance Date; provided, however, that the first installment shall be paid on the 60th day following the Severance Date and shall include all installments that would have been paid from
the Severance Date through the date of such first installment if the release described in Section 5.4(a) had become irrevocable, in accordance with its terms, on the Severance Date (but only if such release, in fact, was executed and delivered by
the Executive in accordance with Section 5.4(a)). 

  

	 	(iii)	 The Company will pay or reimburse the Executive for his premiums charged to continue medical coverage pursuant to
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”), at the same or reasonably equivalent medical coverage and on the same terms and conditions for the Executive (and, if applicable, the Executive’s eligible
dependents) as in effect immediately prior to 

  
 6 

	 	
the Severance Date, to the extent that the Executive elects-such continued coverage; provided that the Company’s obligation to make any payment or reimbursement pursuant to this clause (ii)
shall, subject to Section 5.8(a), commence with continuation coverage for the month following the month in which the Executive’s Separation from Service occurs and shall cease with continuation coverage for the eighteenth month following the
month in which the Executive’s Separation from Service occurs (or, if earlier, shall cease upon the first to occur of the Executive’s death, the date the Executive becomes eligible for coverage under the health plan of a future employer,
or the date the Company ceases to offer group medical coverage to its active executive employees or the Company is otherwise under no obligation to offer COBRA continuation coverage to the Executive). To the extent the Executive elects COBRA
coverage, he shall notify the Company in writing of such election prior to such coverage taking effect and complete any other continuation coverage enrollment procedures the Company may then have in place. 

 

	 	(c)	If the Executive’s employment hereunder is terminated in an Involuntary Termination that is not due to the Company’s provision of notice pursuant to Section 2 that the Period of Employment shall not be
extended then: 

  

	 	(i)	Subject to Section 5.4(a) below, any outstanding and unvested time-vesting restricted shares granted to the Executive by the Company that are scheduled to vest during the one (1) year period immediately following the
Severance Date shall immediately vest. 

  

	 	(ii)	Subject to Section 5.4(a) below, a portion of each tranche of outstanding and unvested performance-vesting restricted shares granted to the Executive by the Company shall remain outstanding and eligible to vest pursuant
to their terms for a period of eighteen (18) months following the Severance Date. The portion of each tranche that shall remain outstanding shall be determined by multiplying the total number of shares in such tranche that are outstanding and
unvested as of the Severance Date by a fraction the numerator of which is the number of whole months during the period between the date that such tranche was originally granted to the Executive and the Severance Date and the denominator of which is
60. 

  

	 	(d)	 If the Executive’s employment hereunder is terminated in an Involuntary Termination that is not due to his
death or Disability, then the Company shall also pay the Executive an amount (the “Bonus Severance”) equal to the product of (A) the Executive’s annualized Adjusted Base Salary in effect on the Severance Date times (B) the
Bonus Percentage. Subject to Sections 5.4(a) and 5.8(a) below, the Bonus Severance shall be paid at the 

  
 7 

	 	
time that the incentive bonus (if any) for the fiscal year in which the Severance Date occurred would have been paid under Section 5.2 above if the Executive’s employment hereunder had
continued. 

  

	 	(e)	Notwithstanding the foregoing provisions of this Section 5.3, if the Executive (i) materially breaches his obligations under Sections 6.2 through 6.4 of this Agreement, (i) knowingly and materially breaches his
obligations under Section 6.5 of this Agreement, or (iii) materially breaches his obligations under Section 6.1 of this Agreement either knowingly or as a result of his gross negligence and, in each case, fails to cure such breach(es) within fifteen
(15) days following written notice from the Company describing the breach(es) in reasonable detail and requesting cure, and not in any way in limitation of any right or remedy otherwise available to the Company, the Executive will no longer be
entitled to, and the Company will no longer be obligated to pay or provide, any payment or benefit under Sections 5.3(b) through 5.3(d) of this Agreement that is not already due to be paid or provided as of the date of the first such uncured breach
and any then-unvested restricted shares held by the Executive shall be forfeited and terminate for no consideration; provided that, if the Executive provides the release contemplated by Section 5.4, in no event shall the Executive be entitled to a
Severance Payment of less than $5,000, which amount the parties agree is good and adequate consideration, in and of itself, for the Executive’s release contemplated by Section 5.4. 

 

	 	5.4	Release; Exclusive Remedy. 

  

	 	(a)	This Section 5.4 shall apply notwithstanding anything else contained in this Agreement or any stock option or other equity-based award agreement to the contrary. As a condition precedent to any Company obligation to the
Executive pursuant to Sections 5.3(b) through 5.3(d) or any other obligation to accelerate vesting of any equity-based award in connection with the termination of the Executive’s employment, the Executive shall have provided the Company, on or
after the Severance Date, a valid, executed general release in substantially the form attached hereto as Exhibit A (with any such changes to such form as the Company (i) has reasonably determined to be necessary or advisable to help ensure that the
release is enforceable to the fullest extent permissible under applicable law and (ii) has communicated to the Executive no later than five (5) business days following the Severance Date), and such release has become irrevocable, in accordance with
its terms, no later than sixty (60) days after the Severance Date. 

  

	 	(b)	 The Executive agrees that the payments and benefits contemplated by Section 5.3 shall constitute the exclusive
and sole remedy for any termination of his employment. The Executive agrees to resign, on the Severance Date, as an officer and director of the Company and any 

  
 8 

	 	
Affiliate of the Company, and as a fiduciary of any benefit plan of the Company or any Affiliate of the Company, and to promptly execute and provide to the Company any further documentation, as
reasonably requested by the Company, to confirm such resignation. 

  

	 	5.5	Certain Defined Terms. 

  

	 	(a)	As used herein, “Accrued Obligations” means: 

 (i) any Base Salary that had
accrued but had not been paid (including accrued and unpaid vacation time) on or before the Severance Date; 
 (ii) except in the event the
Executive’s employment is terminated by the Company for Cause or by the Executive without Good Reason, any Incentive Bonus payable pursuant to Section 3.2 with respect to any fiscal year in the Period of Employment preceding the fiscal year in
which the Severance Date occurs (provided, however, that any such Incentive Bonus that is already due to be paid under Section 3.2 shall in all events other than a termination for Cause be paid promptly following the Severance Date); 

(iii) any reimbursement due to the Executive pursuant to Section 4.2 for expenses reasonably incurred by the Executive on or before the
Severance Date and documented and pre-approved, to the extent applicable, in accordance with the Company’s expense reimbursement policies in effect at the applicable time; and 

(iv) any other payment or benefit then or thereafter due to the Executive under the then-applicable terms of any applicable Company
Arrangement. 
  

	 	(b)	As used herein, “Adjusted Base Salary” shall be equal to the Executive’s Base Salary in effect on the Severance Date, adjusted to eliminate the effect of any reduction of Base Salary (i) pursuant
to clause (x) of Section 3.1 or (ii) that was the grounds used for an actual termination for Good Reason. 

  

	 	(c)	 As used herein, “Affiliate” shall mean, with respect to any specified Person, any other Person
that directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with such specified Person. As used in this definition, the term “control,” including the correlative terms
“controlling,” “controlled by” and “under common control with,” means the possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of
securities or any partnership or other ownership interest, by contract or otherwise) of a Person. With respect to the Company, the term “Affiliate” shall not include at any time the Asset Management Company, any member of the Apollo Group
(as such term is 

  
 9 

	 	
defined in the Company’s Fifth Amended and Restated Shareholders Agreement dated as of December 27, 2012, as may be further amended from time to time (the “Shareholders
Agreement”)), or any portfolio companies of the Apollo Group, other than the Company and its subsidiaries. With respect to the Asset Management Company, the term “Affiliate” shall not include at any time the Company, any member of
the Apollo Group (as defined in the previous sentence), or any portfolio company of the Apollo Group, other than the Asset Management Company and its subsidiaries. 

 

	 	(d)	As used herein, “Asset Management Company” means Athene Asset Management LLC, a Delaware limited liability company, together with (where appropriate) any of its subsidiaries. 

 

	 	(e)	As used herein, “Bonus Percentage” shall mean a fraction, the numerator being the sum of the annual bonus payments paid (or due to be paid) to the Executive by (or on behalf of) the Company and/or the
Asset Management Company for the calendar year preceding the year in which the Severance Date occurred and the denominator being the sum of the actual aggregate base salaries paid to the Executive by (or on behalf of) the Company and/or the Asset
Management Company in the calendar year preceding the year in which the Severance Date occurred. 

  

	 	(f)	As used herein, “Cause” shall mean that one or more of the following has occurred: 

(i) the Executive has been indicted for, otherwise formally charged for, or plead guilty or no contest to, a felony (under the laws of the
United States or any relevant state, or a similar crime or offense under the applicable laws of any relevant foreign jurisdiction); 
 (ii)
the Executive has engaged in acts of fraud, material dishonesty or other acts of knowing misconduct in the course of his duties hereunder and such acts have resulted in, or are reasonably expected to result in, material harm to the Company; 

(iii) the Executive has knowingly failed to perform or uphold his duties under this Agreement and/or has knowingly failed to comply with
reasonable directives of the Board (including, without limitation, the Board’s reasonable directive to the Executive to relocate if such relocation is determined by the Board, acting in good faith, to be advisable for regulatory or tax
purposes); 
 (iv) the Executive has engaged in gross negligence in the course of his duties hereunder that has resulted in, or is
reasonably expected to result in, material harm to the Company; 

  
 10 

 (v) the Executive’s violation of a fiduciary duty of loyalty to the Company that has
resulted in, or is reasonably expected to result in, material harm to the Company; 
 (vi) the Executive’s knowing attempt to obstruct,
or knowing failure to cooperate on reasonable request with, any investigation authorized by the Company or any governmental or self-regulatory entity; 

(vii) the Executive’s disqualification or bar by any governmental or self-regulatory authority from serving in the capacity contemplated
by this Agreement or the Executive’s loss of any governmental or self-regulatory license that is reasonably necessary for the Executive to perform his responsibilities under this Agreement; 

(viii) any directive to terminate the Executive’s employment has been made by any governmental or self-regulatory authority with
jurisdiction over the matter; 
 (ix) a material breach by the Executive of any material provision of this Agreement, or any material breach
by the Executive of any other material provision of any contract he is a party to with the Company or any of its Affiliates; or 
 (x) the
Executive’s employment with Athene Asset Management LLC has been terminated for Cause pursuant to the Asset Management Employment Agreement. 

provided, however, that if the Executive is in breach of (iii), (iv), (v), (vi) or (ix) above, the Company shall first notify the
Executive in writing, and in reasonable detail, of the specific breach(es) claimed to constitute Cause and may only terminate the Executive for Cause if the Executive fails to cure such breach(es), if curable, within ten (10) business days following
his receipt of the written notice. 
  

	 	(g)	 As used herein, “Company Arrangement” shall mean: (i) any equity-based awards granted by any
Company Entity or any of their parents, subsidiaries or Affiliates to the Executive, to the extent that such awards continue after the termination of the Executive’s employment in accordance with the applicable terms of such awards (and subject
to any period in which to exercise such awards following such termination of employment); (ii) any right to indemnification (including, without limitation, advancement of legal fees and other expenses) that the Executive may have under any written
agreement or arrangement or under applicable state law; (iii) any rights that the Executive may have to insurance coverage for losses, damages or expenses under any insurance policy; (iv) the Executive’s receipt of benefits otherwise due to
terminated employees under group insurance coverage consistent with the terms of 

  
 11 

	 	
the applicable welfare benefit plans; (v) the Executive’s rights under COBRA to continue participation in medical, dental, hospitalization and life insurance coverage; (vi) the
Executive’s receipt of benefits otherwise due in accordance with the terms of the any written 401(k), retirement, deferred compensation plan, program, agreement or arrangement; (vii) the Executive’s rights under any written vacation
policy, as in effect from time to time, with respect to any accrued but unused vacation; and (viii) any rights to reimbursement of business expenses incurred on or before the Separation Date in accordance with this Agreement or the Asset Management
Employment Agreement. 

  

	 	(h)	As used herein, “Disability” shall mean a physical or mental impairment that has rendered the Executive unable to perform the essential functions of his employment with the Company, even with reasonable
accommodation that does not impose an undue hardship on the Company, for more than 90 days in any 180-day period, unless a longer period is required by federal or state law, in which case that longer period would apply. 

 

	 	(i)	As used herein, “Good Reason” shall mean a resignation by the Executive after the occurrence (without the Executive’s prior written consent) of any one or more of the following conditions:

 (i) a material diminution in the Executive’s rate of Base Salary or Incentive Bonus target, other than in accordance
with Section 3.1 (for the avoidance of doubt it shall not constitute Good Reason if the Executive’s Base Salary or Incentive Bonus is paid to the Executive by the Asset Management Company); 

(ii) a material diminution in the Executive’s title, authority, duties or responsibilities with respect to the Company; 

(iii) assignment of duties inconsistent with the Executive’s title set forth in Section 1.2 hereof; 

(iv) a material adverse change in the Executive’s title set forth in Section 1.2 hereof; 

(v) an adverse change in the Executive’s reporting relationship to the Board; 

(vi) a material change in geographic locations at which the Executive must perform his services to the Company (except if such change is
determined by the Board, acting in good faith, to be advisable for regulatory or tax purposes); 
 (vii) the Executive’s removal from
or the failure to reappoint the Executive to the Board (except if such removal is as a result of Cause); or 

  
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 (viii) a material breach by the Company or any of its subsidiaries of this Agreement or any
other material agreement to which the Company or any of its subsidiaries, and the Executive, are parties; 
 provided, however, that
any such condition or conditions, as applicable, shall not constitute grounds for resignation with Good Reason unless both (x) the Executive provides written notice to the Company of the conditions claimed to constitute grounds for a resignation
with Good Reason within sixty (60) days after he learns of the initial existence of such condition(s) (such notice to be delivered in accordance with Section 21), and (y) the Company fails to remedy such condition(s) within sixty (60) days of
receiving such written notice thereof; and provided, further, that in all events the termination of the Executive’s employment with the Company shall not constitute a resignation with Good Reason unless such termination occurs not more than one
hundred and twenty (120) days following the date the Executive learns of the initial existence of the condition(s) claimed to constitute grounds for a resignation with Good Reason. 

 

	 	(j)	As used herein, “Involuntary Termination” shall mean: (i) a termination by the Company of the Executive’s employment hereunder without Cause; (ii) a termination by the Executive of his employment
hereunder with Good Reason; (iii) a termination by the Company of the Executive’s employment hereunder in connection with the Company’s provision of notice pursuant to Section 2 that the Period of Employment shall not be extended or
further extended, as the case may be; (iv) the Executive’s death; or (v) a termination by the Company of the Executive’s employment hereunder due to the Executive’s Disability. 

 

	 	(k)	As used herein, the term “Person” shall be construed broadly and shall include, without limitation, an individual, a partnership, a limited liability company, a corporation, an association, a joint
stock company, a trust, a joint venture, an unincorporated organization and a governmental entity or any department, agency or political subdivision thereof. 

  

	 	(l)	As used herein, a “Separation from Service” occurs when the Executive dies, retires, or otherwise has a termination of employment with the Company that constitutes a “separation from service”
within the meaning of Treasury Regulation Section 1.409A-1(h)(1). Notwithstanding anything in this Agreement or elsewhere to the contrary, the Executive shall have no duties following the Severance Date that are inconsistent with his having a
Separation from Service on the Severance Date. 

  

	 	5.6	Notice of Termination. Any termination of the Executive’s employment under this Agreement shall be communicated by written notice of termination from the terminating party to the other
party. This notice of termination must be delivered in accordance with Section 21 and must indicate the specific provision(s) of this Agreement relied upon in effecting the termination. 

  
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	 	5.7	Limitation on Benefits. 

  

	 	(a)	Notwithstanding anything contained in this Agreement to the contrary, except as provided in Section 5.7(d), to the extent that any payment, benefit or distribution of any type to or for the benefit of the Executive by
the Company or any of its Affiliates, whether paid or payable, provided or to be provided, or distributed or distributable pursuant to the terms of this Agreement or otherwise (including, without limitation, any accelerated vesting of stock options
or other equity-based awards) (collectively, the “Total Payments”) would be subject to the excise tax imposed under Section 4999 of the Internal Revenue Code of 1986, as amended (the “Code”), then the Total Payments
shall be reduced (but not below zero) so that the maximum amount of the Total Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Total Payments to be subject to the excise tax imposed by Section 4999 of
the Code. Unless the Executive shall have given prior written notice to the Company to effectuate a reduction in the Total Payments if such a reduction is required, any such notice consistent with the requirements of Section 409A of the Code to
avoid the imputation of any tax, penalty or interest thereunder, the Company shall reduce or eliminate the Total Payments by first reducing or eliminating any cash severance benefits (with the payments to be made furthest in the future being reduced
first), then by reducing or eliminating any accelerated vesting of stock options or similar awards, then by reducing or eliminating any accelerated vesting of restricted stock or similar awards, then by reducing or eliminating any other remaining
Total Payments. This Section 5.7 shall take precedence over the provisions of any other Company Arrangement. 

  

	 	(b)	Any initial determination that Total Payments to the Executive must be reduced or eliminated in accordance with Section 5.7(a) and the assumptions to be utilized in arriving at such determination, shall be made by the
Board in the exercise of its reasonable, good faith discretion based upon the advice of such professional advisors it may deem appropriate in the circumstances. As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the initial determination by the Board hereunder, it is possible that Total Payments to the Executive which will not have been made should have been made (“Underpayment”) or that Total Payments to the Executive which were
made should not have been made (“Overpayment”). If an Underpayment has occurred, the amount of any such Underpayment shall be promptly paid to or for the benefit of the Executive. In the event of an Overpayment, then the Executive
shall promptly repay the amount of any such Overpayment together with interest on such amount (at the same rate as is applied to determine the present value of payments under Section 280G of the Code or any successor thereto), from the date the
reimbursable payment was received by the Executive to the date the same is repaid. 

  
 14 

	 	(c)	If any portion of the Total Payments would otherwise be subject to the excise tax imposed by Section 4999 of the Code (before giving effect to any reduction in Total Payments contemplated by Section 5.7(a)), the Company
shall use its reasonable efforts to obtain (in a manner which satisfies all applicable requirements of such Section 280G(b)(5)(B) of the Code and the Treasury Regulations thereunder, including Q-7 of Section 1.280G-1 of such Treasury
Regulations) the approval by such number of shareholders of the Company as is required by the terms of Section 280G(b)(5)(B) of the Code so as to render the parachute payment provisions of Section 280G of the Code inapplicable to the Total
Payments that would be reduced or eliminated by operation of Section 5.7(a) if such shareholder approval was not obtained. 

  

	 	(d)	Notwithstanding anything in Section 5.7(a) or elsewhere to the contrary, the Company and its Affiliates will pay the full amount of the Total Payments to the Executive if the Executive makes the Company and its
Affiliates whole on an after-tax basis for any adverse tax consequences imposed on the Company and its Affiliates under Section 280G of the Code as a result of paying the Total Payments to the Executive. 

 

	 	5.8	Section 409A. 

  

	 	(a)	If the Executive is a “specified employee” within the meaning of Treasury Regulation Section 1.409A-1(i) as of the date of the Executive’s Separation from Service, the Executive shall not be entitled to
any payment or benefit from the Company or any of its Affiliates that constitutes “nonqualified deferred compensation” within the meaning of Section 409A of the Code until the earlier of (i) the date which is six (6) months after his or
her Separation from Service for any reason other than death, or (ii) the date of the Executive’s death. The provisions of this paragraph shall only apply if, and to the extent, required to avoid the imputation of any tax, penalty or interest
pursuant to Section 409A of the Code. Any amounts otherwise payable to the Executive upon or in the six (6)month period following the Executive’s Separation from Service that are not so paid by reason of this Section 5.8(a) shall be paid
(without interest) as soon as practicable (and in all events within thirty (30) days) after the date that is six (6) months after the Executive’s Separation from Service (or, if earlier, as soon as practicable, and in all events within thirty
(30) days, after the date of the Executive’s death). 

  

	 	(b)	 To the extent that any reimbursement pursuant to Section 4.2 or otherwise, or any benefit pursuant to
Section 5.3(a) or 5.3(b)(iii) or otherwise, is taxable to the Executive, then such payment or benefit shall be paid or provided to the Executive on or before the last day of the Executive’s

  
 15 

	 	
taxable year following the taxable year in which the related expense was incurred. The benefits and reimbursements described in the immediately preceding sentence are not subject to liquidation
or exchange for another benefit and the amount of such benefits and reimbursement that the Executive receives in one taxable year shall not affect the amount of such benefits and reimbursement that the Executive receives in any other taxable year.

  

	 	(c)	It is intended that any amounts payable under this Agreement and the Company’s and the Executive’s exercise of authority or discretion hereunder shall comply with and avoid the imputation of any tax, penalty
or interest under Section 409A of the Code. This Agreement shall be construed and interpreted consistent with that intent. 

  

	 	(d)	If under this Agreement an amount is paid in two or more installments, for purposes of Section 409A of the Code, each installment shall be treated as a separate payment. 

 

	 	5.9	No Mitigation; No Offset. In the event of any termination of the Executive’s employment hereunder, the Executive shall be under no obligation to seek other employment or otherwise
mitigate the obligations of the Company or its Affiliates under this Agreement, and there shall be no offset against amounts or benefits due the Executive under this Agreement or otherwise (except as expressly set forth in Section 5.3(b)(iii) above)
on account of any remuneration or other benefit earned or received by the Executive after such termination. Any amounts due under this Section 5 are considered to be reasonable by the Company and are not in the nature of a penalty.

  

	6.	Protective Covenants. 

  

	 	6.1	Confidential Information; Inventions. 

  

	 	(a)	The Executive shall not disclose or use at any time, either during the Period of Employment or thereafter, any Confidential Information (as defined below) of which the Executive is or becomes aware, whether or not such
information is developed by him, except to the extent that such disclosure or use is directly related to and required by the Executive’s performance in good faith of duties for the Company, the Asset Management Company or their respective
Affiliates. The Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure, misuse, espionage, loss and theft. The Executive shall deliver to the Company at the termination
of the Period of Employment, or at any time the Company may request, all memoranda, notes, plans, records, reports, computer tapes and software and other documents and data (and copies thereof) relating to the Confidential Information or the Work
Product (as hereinafter defined) of the business of the Company, the Asset Management Company or any of their respective Affiliates which the Executive may then possess or have under his control. 

  
 16 

	 	(b)	As used in this Agreement, the term “Confidential Information” means information that is not generally known to the public and that is used, developed or obtained by the Company, the Asset Management
Company or their respective Affiliates in connection with their businesses, including, but not limited to, information, observations and data obtained by the Executive while employed by the Company, the Asset Management Company, their respective
Affiliates or any predecessors thereof (including those obtained prior to the Effective Date) concerning (i) the business or affairs of the Company, the Asset Management Company or their respective Affiliates (or such predecessors), (ii) products or
services, (iii) fees, costs and pricing structures, (iv) designs, (v) analyses, (vi) drawings, photographs and reports, (vii) computer software, including operating systems, applications and program listings, (viii) flow charts, manuals and
documentation, (ix) data bases, (x) accounting and business methods, (xi) inventions, devices, new developments, methods and processes, whether patentable or unpatentable and whether or not reduced to practice, (xii) customers and clients and
customer or client lists, (xiii) other copyrightable works, (xiv) all production methods, processes, technology and trade secrets, and (xv) all similar and related information in whatever form. Confidential Information will not include any
information that has been published (other than a disclosure by the Executive in breach of this Agreement) in a form generally available to the public prior to the date the Executive proposes to disclose or use such information. Confidential
Information will not be deemed to have been published merely because individual portions of the information have been separately published, but only if all material features comprising such information have been published in combination.

  

	 	(c)	 As used in this Agreement, the term “Work Product” means all inventions, innovations,
improvements, technical information, systems, software developments, methods, designs, analyses, drawings, reports, service marks, trademarks, trade names, logos and all similar or related information (whether patentable or unpatentable,
copyrightable, registerable as a trademark, reduced to writing, or otherwise) which relates to the Company’s, the Asset Management Company’s or any of their respective Affiliates’ actual or anticipated business, research and
development or existing or future products or services and which are conceived, developed or made by the Executive (whether or not during usual business hours, whether or not by the use of the facilities of the Company, the Asset Management Company
or any of their respective Affiliates, and whether or not alone or in conjunction with any other person) while employed by the Company (including those conceived, developed or made prior to the Effective Date) together with all patent applications,
letters patent, trademark, trade name and service mark 

  
 17 

	 	
applications or registrations, copyrights and reissues thereof that may be granted for or upon any of the foregoing. All Work Product that the Executive may have discovered, invented or
originated during his employment by the Company, the Asset Management Company or any of their respective Affiliates prior to the Effective Date, that he may discover, invent or originate during the Period of Employment or prior to the Severance
Date, shall be the exclusive property of the Company, the Asset Management Company and their respective Affiliates, as applicable, and Executive hereby assigns all of Executive’s right, title and interest in and to such Work Product to the
Company, the Asset Management Company or their applicable Affiliates, including all intellectual property rights therein. Executive shall promptly disclose all Work Product to the Company or the Asset Management Company, shall execute at the request
of the Company or the Asset Management Company any assignments or other documents the Company or the Asset Management Company may reasonably deem necessary to protect or perfect its (or any of their respective Affiliates’, as applicable) rights
therein, and shall assist the Company or the Asset Management Company, at the Company’s or the Asset Management Company’s expense, in obtaining, defending and enforcing the Company’s or the Asset Management Company’s (or any of
their respective Affiliates’, as applicable) rights therein. The Executive hereby appoints the Company and the Asset Management Company, as applicable, as his attorney-in-fact to execute on his behalf any assignments or other documents
reasonably deemed necessary by the Company or the Asset Management Company to protect or perfect the Company’s and the Asset Management Company’s (and any of their respective Affiliates’, as applicable) rights to any Work Product.

  

	 	(d)	Notwithstanding anything in this Agreement or elsewhere to the contrary, the Executive may: 

  

	 	(i)	at any time make disclosures of documents and information (A) as reasonably appropriate in order to carry out his duties for the Company or any of its Affiliates, (B) when required to do so by law or by a court,
governmental agency, legislative body, self-regulatory body, arbitrator or other governmental body with jurisdiction to order him by force of law to divulge, disclose or make accessible such information, (C) in the course of any proceeding under
Section 6.7 or 14 below, or (D) in confidence to an attorney or other professional for the purpose of securing professional advice. In the event that the Executive is required to disclose any documents or information pursuant to clause (B) or (C) of
the immediately preceding sentence, he shall (x) promptly give the Company notice that such disclosure is or may be made and (y) cooperate with the Company, at its reasonable request and sole expense, in seeking to protect the confidentiality of any
document or information; 

  

	 	(ii)	at all times retain, and utilize appropriately, (A) his rolodex and electronic equivalents (provided that his rolodex and electronic equivalents do not contain any Confidential Information) and (B) any document relating
to his personal entitlements and obligations. 

  
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	 	6.2	 Restriction on Competition. The Executive acknowledges that, in the course of his employment
with the Company, the Asset Management Company, their respective subsidiaries and/or their predecessors (the “Protected Companies”), he has become familiar, or will become familiar, with the Protected Companies’ trade secrets
and with other confidential and proprietary information concerning the Protected Companies and that his services have been and will be of special, unique and extraordinary value to the Protected Companies. The Executive agrees that if the Executive
were to become employed by, or substantially involved in, the business of a competitor of the Protected Companies during the Restricted Period, it would be very difficult for the Executive not to rely on or use the Protected Companies’ trade
secrets and confidential information. Thus, to avoid the inevitable disclosure of the Protected Companies’ trade secrets and confidential information, and to protect such trade secrets and confidential information and the Protected
Companies’ relationships and goodwill with customers, during the Restricted Period, the Executive will not directly or indirectly through any other Person engage in, enter the employ of, render any services to, have any ownership interest in,
nor participate in the financing, operation, management or control of, any Competing Business. For purposes of this Agreement, the phrase “directly or indirectly through any other Person engage in” shall include, without limitation, any
direct or indirect ownership or profit participation interest in such enterprise, whether as an owner, stockholder, member, partner, joint venturer or otherwise, and shall include any direct or indirect participation in such enterprise as an
employee, consultant, director, officer or licensor of technology. For purposes of this Agreement, “Restricted Area” means anywhere in the United States, Bermuda and elsewhere in the world where the Protected Companies engage in
business, including, without limitation, jurisdictions where any of the Protected Companies reasonably anticipate engaging in business, on the Severance Date (provided that as of the Severance Date, to the knowledge of the Executive, such area has
been discussed as a market that the Protected Companies reasonably contemplate engaging in within the twelve (12) month period following the Severance Date). For purposes of this Agreement, “Competing Business” means a Person that
at any time during the Period of Employment has competed, or any time during the twelve (12) month period following the Severance Date begins competing with the Protected Companies anywhere in the Restricted Area and in the business of (i) annuity
reinsurance, focusing on contracts reinsuring a quota share of future premiums of various fixed annuity product lines, (ii) reinsuring closed blocks of existing fixed annuity business, (iii) managing investments held by ceding companies pursuant to
funds withheld coinsurance contracts with its affiliates, (iv) managing investments in the life insurance industry, or (v) any significant business conducted by the Protected Companies as of the Severance Date and any significant business the
Protected Companies conduct in the twelve (12) month 

  
 19 

	 	
period after the Severance Date (provided that as of the Severance Date, to the knowledge of the Participant, such business has been discussed as a business that the Protected Companies
reasonably contemplate engaging in within such twelve (12) month period). For purposes of this Agreement, “Restricted Period” means the Period of Employment through and including twelve (12) months after the Severance Date

 Nothing herein shall prohibit the Executive from (i) being a passive owner of not more than 1% of the outstanding stock of
any class of a corporation which is publicly traded, so long as the Executive has no active participation in the business of such corporation, or (ii) providing services to a subsidiary, division or affiliate of a Competing Business if such
subsidiary, division or affiliate is not itself engaged in a Competing Business and the Executive does not provide services to, or have any responsibilities regarding, the Competing Business. 

 

	 	6.3	Non-Solicitation of Employees and Consultants. During the Period of Employment and for a period of twenty-four (24) months after the Severance Date, the Executive will not directly or
indirectly through any other Person (i) induce or attempt to induce any Person that he knows to be an employee or independent contractor of the Protected Companies to leave the employ or service, as applicable, of the Protected Companies, or in any
way knowingly interfere with the relationship between the Protected Companies, on the one hand, and any employee or independent contractor thereof, on the other hand, or (ii) hire any person who was an employee of the Protected Companies, in each
case, until six (6) months after such individual’s employment relationship with the Protected Companies has been terminated. 

  

	 	6.4	Non-Solicitation of Customers. During the Period of Employment and for a period of twelve (12) months after the Severance Date, the Executive will not directly or indirectly through any other
Person influence or attempt to influence any Person that he knows to be a customer, vendor, supplier, licensors, lessor, joint venturer, ceding company, associate, consultant, agent, or partner of the Protected Companies to divert such Person’s
business away from the Protected Companies, and the Executive will not otherwise interfere with, disrupt or attempt to disrupt the business relationships, contractual or otherwise, between the Protected Companies, on the one hand, and any Person
that he knows to be a customer, supplier, vendor, lessor, licensor, joint venturer, associate, officer, employee, consultant, manager, partner, member or investor of any Protected Company, on the other hand. 

 

	 	6.5	 Non-Disparagement. The Executive agrees that he will not at any time, during the
Period of Employment or thereafter, directly or indirectly, make or ratify any statement, public or private, oral or written, to any Person that disparages, either professionally or personally, the Protected Companies or any of Person he knows to be
one of their past or present directors, officers, agents, attorneys, insurers, employees, stockholders, and successors. The Executive further agrees that he will not, at any time during the Period of Employment or for twenty-four (24)

  
 20 

	 	
months after the Severance Date, make any statement that has the purpose or the effect of disrupting the business of the Protected Companies. The Company likewise agrees to use its best efforts
to instruct its officers and directors, and those of its subsidiaries, to refrain from, during the Period of Employment or thereafter, directly or indirectly, making or ratifying any statement, public or private, oral or written, to any Person that
disparages the Executive, either professionally or personally. 

  

	 	6.6	Understanding of Covenants. The Executive represents and agrees that he (i) is familiar with and carefully considered the foregoing covenants set forth in this Section 6 (together, the
“Restrictive Covenants”), (ii) is fully aware of his obligations hereunder, (iii) agrees to the reasonableness of the length of time, scope and geographic coverage, as applicable, of the Restrictive Covenants, (iv) agrees that the
Restrictive Covenants are necessary to protect the Protected Companies’ confidential and proprietary information, good will, stable workforce and customer relations, and (v) agrees that the Restrictive Covenants will continue in effect for the
applicable periods set forth above in this Section 6 regardless of whether the Executive is then entitled to receive severance pay or benefits from any of the Protected Companies. The Executive understands that the Restrictive Covenants may limit
his ability to earn a livelihood in a business similar to the business of the Protected Companies, but he nevertheless believes that he has received and will receive sufficient consideration and other benefits as an employee of the Company and as
otherwise provided hereunder or as described in the recitals hereto to clearly justify such restrictions which, in any event (given his education, skills and ability), the Executive does not believe would prevent him from otherwise earning a living.
The Executive agrees that the Restrictive Covenants do not confer a benefit upon the Protected Companies disproportionate to the detriment of the Executive. The Executive shall be subject to no restrictions on his post-employment activities that are
more onerous than the covenants set forth in this Agreement and/or in the Asset Management Employment Agreement. 

  

	 	6.7	Enforcement. The Executive agrees that the Executive’s services are unique and that he has access to Confidential Information and Work Product. Accordingly, without limiting the
generality of Section 20, the Executive agrees that a breach by the Executive of any of the covenants in this Section 6 would cause immediate and irreparable harm to the Company that would be difficult or impossible to measure, and that damages to
the Company for any such injury would therefore be an inadequate remedy for any such breach. Therefore, the Executive agrees that in the event of any breach or threatened breach of any provision of this Section 6, the Company shall be entitled, in
addition to and without limitation upon all other remedies the Company may have under this Agreement, at law or otherwise, to obtain specific performance, injunctive relief and/or other appropriate relief (without posting any bond or deposit) in
order to enforce or prevent any violations of the provisions of this Section 6, as the case may be, or require the Executive to account for and pay over to the Company all compensation, profits, moneys, accruals, increments or other benefits derived
from or received as a result of any transactions constituting a breach of this 

  
 21 

	 	
Section 6, if and when final judgment of a court of competent jurisdiction is so entered against the Executive. The Executive further agrees that the applicable period of time the restrictive
covenants set forth in Section 6.2 through Section 6.4 are in effect following the Severance Date, as determined pursuant to such Sections, shall be extended by the same amount of time that the Executive is in breach of such restrictive
covenants. 

  

	 	6.8	Breaches. In the event that (i) the Company, or any of its Affiliates, is in material breach of any of its material obligations to the Executive on or after the Severance Date and (ii) such
breach has not been fully cured within thirty (30) days after the Executive gives written notice to the Company describing such breach in reasonable detail and requesting cure, then the Executive’s obligations under Sections 6.2 and 6.4 shall
immediately become null and void. 

  

	7.	Withholding Taxes. Notwithstanding anything else herein to the contrary, the Company may withhold (or cause there to be withheld, as the case may be) from any amounts otherwise due or payable
under or pursuant to this Agreement such federal, state and local income, employment, or other taxes as may be required to be withheld pursuant to any applicable law or regulation. 

 

	8.	Insurance. The Company may, for its own benefit, maintain “keyman” life and disability insurance policies covering the Executive. The Executive will cooperate with the Company and
provide such information or other assistance as the Company may reasonably request in connection with the Company obtaining and maintaining such policies. The Company may also purchase a death benefit insurance policy which may (in the
Company’s sole discretion) be used to fund the Company’s obligation to pay the Severance Payment and Bonus Severance pursuant to Section 5.3 in the event of the Executive’s death. 

 

	9.	Indemnification. 

  

	 	9.1	 The Company shall indemnify the Executive should he be a party or be threatened to be made a party to any
threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Company), by reason of the fact that he is or was (x)a Manager, officer or
consultant of the Company or any of its Affiliates, or (y) is or was serving at the request of the Company as a director, officer, manager, employee, representative or agent of another corporation, limited liability company, general partnership,
limited partnership, joint venture, trust, business trust or other enterprise or entity, against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by the Executive in
connection with such action, suit or proceeding if the Executive acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, had no
reasonable cause to believe such conduct was unlawful. The termination of any action, suit or proceeding by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall

  
 22 

	 	
not, of itself, create a presumption the Executive did not act in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company, and, with respect to
any criminal action or proceeding, had reasonable cause to believe that such conduct was unlawful. Notwithstanding the foregoing, the Executive shall not be entitled to indemnification from the Company (nor any amounts provided for under Section
9.4, below) for any acts or omissions of the Executive in the Executive’s role (x) as a director, officer or consultant of the Asset Management Company, or (y) as a representative or agent of the Asset Management Company. 

 

	 	9.2	To the extent that the Executive has been successful on the merits or otherwise in defense of any action, suit or proceeding referred to in Section 9.1 or in defense of any claim, issue or matter therein, he shall be
indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by him in connection therewith. 

  

	 	9.3	Any indemnification under Section 9.1 shall be made by the Company unless it has been determined upon final determination by a court of competent jurisdiction that the Executive has not met the applicable standard of
conduct set forth in Section 9.1. 

  

	 	9.4	Expenses (including attorneys’ fees) incurred by the Executive in defending any civil, criminal, administrative or investigative action, suit or proceeding shall be paid by the Company in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking by or on behalf of the Executive to repay such amount if it shall ultimately be determined that he is not entitled to be indemnified by the Company pursuant to this
Section 9. 

  

	 	9.5	The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 9 shall not be deemed exclusive of any other rights to which the Executive may be entitled under any by-law, agreement,
vote of shareholders or disinterested members of the Board or otherwise, both as to action in an official capacity and as to action in another capacity while holding such office. 

 

	 	9.6	The indemnification and advancement of expenses provided by, or granted pursuant to, this Section 9 shall continue following termination of the employment of the Executive for acts or omissions alleged to having
occurred prior thereto and shall inure to the benefit of his heirs and beneficiaries and any executors and administrators. 

  

	 	9.7	Notwithstanding anything in this Section 9 to the contrary, the Company will not have the obligation of indemnifying the Executive with respect to proceedings, claims or actions initiated or brought voluntarily by the
Executive and not by way of defense. 

  

	 	9.8	A directors’ and officers’ liability insurance policy (or policies) shall be kept in place, during the Period of Employment and thereafter until the later of (x) the sixth anniversary of the Severance Date and
(y) the date on which all claims against the Executive that would otherwise be covered by such policy (or policies) become fully time-barred, providing coverage to the Executive that is no less favorable to him in any respect (including, without
limitation, with respect to scope, exclusions, amounts, and deductibles) than the coverage then being provided to any other present or former senior executive, director, or manager of the Company or any of its Affiliates. 

  
 23 

	10.	Successors and Assigns. This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the
laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives. This Agreement shall inure to the benefit of and be binding upon the Company and its successors and
assigns. In the event of the Executive’s death or a judicial determination of his incompetence, references in this Agreement to the Executive shall be deemed, where appropriate, to be references to his executor(s), heir(s), estate,
beneficiar(ies), guardian(s) or other legal representative(s). 

 In the event of a reorganization of the Company as
contemplated in Section 3.9 of the Shareholders Agreement, the Company and the Executive agree to make modifications to this Agreement, including, without limitation, adjustments in duties, location, Base Salary and Incentive Bonus to the extent
needed as a result of such reorganization; provided that any such adjustments will be made in a manner that will not, in the aggregate, reduce the compensation and benefits that existed prior to the reorganization. 

 

	11.	Number and Gender; Examples. Where the context requires, the singular shall include the plural, the plural shall include the singular, and any gender shall include all other genders. Where
specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates.

  

	12.	Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this Agreement are for the purpose of convenience only, and they neither form a part of
this Agreement nor are they to be used in the construction or interpretation thereof. 

  

	13.	 Governing Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
ITS EXPRESS TERMS, AND OTHERWISE IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE LAWS
OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS

  
 24 

	 	
AGREEMENT, EVEN IF UNDER SUCH JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 

 

	14.	Arbitration. Except for suits seeking solely injunctive relief or specific performance or as otherwise prohibited by law, the parties hereby agree that any dispute, controversy or
claim arising out of, connected with and/or otherwise relating to this Agreement, the Executive’s employment with the Company or any of its Affiliates, any termination of such employment, or the arbitrability of any controversy or claim
relating to any of the foregoing, will be finally settled by binding arbitration. The parties hereby knowingly and voluntarily waive any rights that they may have to a jury trial for any such disputes, controversies or claims. The parties agree to
resolve any dispute arising out of this Agreement before the American Arbitration Association (the “AAA”) in accordance with the AAA’s then existing National Rules for the Resolution of Employment Disputes. The arbitration
shall be administered by the AAA and the hearing shall be conducted in the State of New York before a neutral arbitrator, who must have been admitted to the practice of law for at least the last ten years (the “Arbitrator”). Each
party further agrees to pay its or his own arbitration costs, attorneys’ fees, and expenses, unless otherwise required by the AAA’s then-existing arbitration rules. The Arbitrator shall issue an opinion within thirty (30) days of the final
arbitration hearing and shall be authorized to award reasonable attorneys’ fees to the prevailing party, which decision of the Arbitrator will be final, conclusive, unappealable and binding on the parties. The arbitration proceeding shall be
confidential except that any arbitration award may be filed in a court of competent jurisdiction by either party for the purpose of enforcing the award. 

  

	15.	Severability. It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced as written to the fullest extent permissible under the laws and public
policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Agreement shall be adjudicated by a court or arbitrator of competent jurisdiction to be invalid, prohibited or unenforceable under
any present or future law, and if the rights and obligations of any party under this Agreement will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be ineffective, without invalidating the remaining
provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Agreement are declared to be severable; furthermore, in lieu of such invalid or
unenforceable provision there will be added automatically as a part of this Agreement, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision: as may be possible. Notwithstanding the foregoing, if
such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be so narrowly drawn, without
invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

  

	16.	 Entire Agreement. This Agreement embodies the entire agreement of the parties hereto
with respect to the matters specifically addressed in it. This Agreement supersedes all prior and contemporaneous agreements of the parties hereto that are inconsistent with 

  
 25 

	 	
its terms. Any prior negotiations, correspondence, agreements, proposals or understandings that are inconsistent with the terms of this Agreement shall be deemed to have been merged into this
Agreement, and to the extent inconsistent herewith, such negotiations, correspondence, agreements, proposals, or understandings shall be deemed to be of no force or effect. There are no representations, warranties, or agreements, whether express or
implied, or oral or written, with respect to the subject matter hereof, except as expressly set forth herein. Nothing in this Agreement shall, however, affect rights of either Party under the Original Agreement, or under any other Company
Arrangement, that have already accrued as of the date of this Agreement. In the event of any inconsistency between any provision of this Agreement and any provision of any other Company Arrangement, the provisions of this Agreement shall control
unless the Executive and the Company otherwise agrees in a writing that expressly refers to the provision of this Agreement whose control he and it are waiving. 

  

	17.	Modifications. This Agreement may not be amended, modified or changed (in whole or in part), except by a formal, definitive written agreement expressly referring to this Agreement, which
agreement is executed by both of the parties hereto. 

  

	18.	Waiver. Neither the failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single
or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence
be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

 

	19.	Waiver of Jury Trial. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

  

	20.	Remedies. Each of the parties to this Agreement and any such person or entity granted rights hereunder whether or not such person or entity is a signatory hereto shall be entitled to enforce
its rights under this Agreement specifically to recover damages for any breach of any provision of this Agreement and to exercise all other rights existing in its favor. The parties hereto agree and acknowledge that money damages may not be an
adequate remedy for any breach of the provisions of this Agreement and that each party may in its sole discretion (except as otherwise provided in Section 14, above) apply to any court of law or equity of competent jurisdiction for specific
performance, injunctive relief and/or other appropriate equitable relief (without posting any bond or deposit) in order to enforce or prevent any violations of the provisions of this Agreement. Each party shall be responsible for paying its own
attorneys’ fees, costs and other expenses pertaining to any such legal proceeding and enforcement regardless of whether an award or finding or any judgment or verdict thereon is entered against either party. 

  
 26 

	21.	Notices. Any notice provided for in this Agreement must be in writing and must be either personally delivered, transmitted via telecopier and receipt acknowledged, mailed by first class mail
(postage prepaid and return receipt requested and received) or sent by reputable overnight courier service (charges prepaid and return receipt requested and received) to the recipient at the address below indicated or at such other address or to the
attention of such other person as the recipient party has specified by prior written notice to the sending party. Notices will be deemed to have been given hereunder and received when delivered personally, when received if transmitted via
telecopier, five days after deposit in the U.S. mail and one day after deposit with a reputable overnight courier service. 

if to the Company: 
 Athene
Holding Ltd. 
 Clarendon House 

44 Church Street 
 Hamilton, HM 12

 Bermuda 
 Attention: Frank
Gillis 
 Telephone: (441) 279-8410 

Facsimile: (441) 279-8401 
 Email:
cgillis@Athene.bm 
 with copy to: 

Sidley Austin LLP 
 One South
Dearborn 
 Chicago, IL 60603 

Attention: Perry Shwachman 

Telephone: (312) 853-7061 

Facsimile: (312) 853-7036 
 Email:
pshwachman@sidley.com 
 with a copy to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attention: Harvey Eisenberg 

Telephone: (212) 310-8663 

Facsimile: (212) 310-8007 
 Email:
harvey.eisenberg@weil.com 
 if to the Executive, to the address most recently on file in the payroll records of the Company. 

  
 27 

 with, during the Period of Employment, a copy delivered to the Executive at his principal office
at the Company 
 and with a copy delivered to 

Morrison Cohen LLP 
 909 Third
Avenue, 27th Floor 
 New York, New York 10022 

Attention: Robert M. Sedgwick 

Telephone: (212) 735-8833 

Facsimile: (212) 735-8708 
 Email:
rsedgwick@morrisoncohen.com 
  

	22.	Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original as against any party whose signature appears thereon, and all of which
together shall constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all of the parties reflected hereon as the signatories.
Delivery of signatures by facsimile (including, without limitation, by “pdf”) shall be effective for all purposes. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

 

	23.	Legal Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they have had the opportunity to consult with legal counsel of
their choice. Each party has cooperated in the drafting, negotiation and preparation of this Agreement. Hence, in any construction to be made of this Agreement, the same shall not be construed against either party on the basis of that party being
the drafter of such language. The Executive agrees and acknowledges that he has read and understands this Agreement, is entering into it freely and voluntarily, and has been advised to seek counsel prior to entering into this Agreement and has had
ample opportunity to do so. 

 [The remainder of this page has intentionally been left blank.] 

  
 28 

 IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the
date hereof. 
  

			
	“COMPANY”
	
	Athene Holding Ltd.,
	a Bermuda exempted company limited by shares
		
	By:	 	  

	Name:
	Title:
	
	“EXECUTIVE”
	

	James R. Belardi

 IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the
date hereof. 
  

			
	“COMPANY”
	
	Athene Holding Ltd.,
	a Bermuda exempted company limited by shares
		
	By:	 	

	Name:	 	Matthew Michelini
	Title:	 	Director
	
	“EXECUTIVE”
	
	  

	James R. Belardi

 EXHIBIT A 

FORM OF RELEASE1 

This Release (this “Release”) is entered into this      day of
             20    , by James R. Belardi, an individual (“Executive”), for the benefit of Athene Holding Ltd., a Bermuda exempted company limited by shares
(the “Company”) and certain other releasees described in this Release. 
 WHEREAS, Executive has been employed by the
Company or one of its affiliates; and 
 WHEREAS, Executive’s employment by the Company has terminated and, in connection with
the Amended and Restated Employment Agreement dated as of February     , 2013, by and between the Executive and the Company, as amended from time to time in accordance with its terms (the “Employment Agreement”), the
Executive desires to enter into this Release upon the terms set forth herein; 
 NOW, THEREFORE, in consideration of the covenants
undertaken and the releases contained in this Release, and in consideration of the obligations of the Company (or one of its subsidiaries) to pay severance benefits (conditioned upon this Release) under and pursuant to the Employment Agreement,
Executive agrees as follows: 
 1. Termination of Employment. Executive’s employment with the Company terminated on
[            ,         ] (the “Separation Date”). Executive waives any right or claim to reinstatement as an employee of the Company and
each of its affiliates. Executive hereby confirms that Executive does not hold any position as an officer, director, employee, member, manager and in any other capacity with the Company and each of its parents, subsidiaries and other affiliates,
other than positions in which he has been requested in writing by the Company to continue. 
 2. Release. Executive, on behalf of
himself or herself, his or her descendants, dependents, heirs, executors, administrators, assigns, and successors, and each of them, hereby covenants not to sue and fully releases and discharges the Company, Athene Asset Management LLC (“Athene
Asset Management”), their parents, subsidiaries and affiliates, past and present, as well as each of their trustees, directors, officers, members, managers, partners, agents, attorneys, insurers, employees, stockholders, representatives,
assigns, and successors, past and present, and each of them, hereinafter together and collectively referred to as the “Releasees,” with respect to and from any and all claims, wages, demands, rights, liens, agreements or contracts
(written or oral), covenants, actions, suits, causes of action, obligations, debts, costs, expenses, attorneys’ fees, damages, judgments, orders and liabilities of whatever kind or nature in law, equity or otherwise, whether now known or
unknown, suspected or unsuspected, and whether or not concealed or hidden (each, a “Claim”), which he or she now owns or holds or he or she has at any time heretofore owned or held or may in the future hold as against any of said Releasees
(including, without limitation, any Claim arising out of or in any way connected with Executive’s service as an officer, director, employee, member or manager of any Releasee, 

 

	1 	 The Company reserves the right to modify this form to the extent provided in Section 5.4(a) of the Employment
Agreement. 

  
 1 

 
Executive’s separation from his or her position as an officer, director, employee, manager and/or member, as applicable, of any Releasee, or any other transactions, occurrences, acts or
omissions or any loss, damage or injury whatever), whether known or unknown, suspected or unsuspected, resulting from any act or omission by or on the part of said Releasees, or any of them, committed or omitted prior to the date of this Release
including, without limiting the generality of the foregoing, any Claim under Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Americans with Disabilities Act, the Family and Medical Leave Act of 1993,
or any other federal, state or local law, regulation, or ordinance, or any Claim for severance pay, bonus, sick leave, holiday pay, vacation pay, life insurance, health or medical insurance or any other fringe benefit, workers’ compensation or
disability (the “Release”); provided, however, that the foregoing Release does not apply to any obligation of any Releasee to Executive pursuant to any of the following: (1) any equity-based awards granted to Executive by the Company,
Athene Asset Management or any of their respective parents, subsidiaries or affiliates, to the extent that such awards continue after the termination of Executive’s employment in accordance with the applicable terms of such awards (and subject
to any period in which to exercise such awards following such termination of employment); (2) any right to indemnification, or advancement of expenses subject to indemnification, that Executive may have pursuant to the bylaws, certificate of
incorporation, operating agreement, written indemnification agreement or similar governing document of the Company, Athene Asset Management, or any of their respective parents, subsidiaries or affiliates, or under applicable law (including but not
limited to attorneys’ fees to the extent otherwise provided); (3) with respect to any rights that Executive may have to insurance coverage for such losses, damages or expenses under any directors and officers liability insurance policy of the
Company, Athene Asset Management or any of their respective parents, subsidiaries or affiliates; (4) any rights to continued medical or dental coverage that Executive may have under COBRA (or similar applicable state law); (5) any rights to benefits
under Section 5.3 of the Employment Agreement in accordance with the terms of the Employment Agreement; (6) any rights to benefits under Section 5.3 of Executive’s Employment Agreement with Athene Asset Management dated as of February
    , 2013 in accordance with the terms of such employment agreement; or (7) any rights to payment of benefits that Executive may have under a retirement plan sponsored or maintained by the Company, Athene Asset Management or any
of their respective parents, subsidiaries or affiliates that is intended to qualify under Section 401(a) of the Internal Revenue Code of 1986, as amended. In addition, this Release does not cover (a) any Claim that cannot be so released as a matter
of applicable law, (b) any Claim against any Releasee (other than the Company and its affiliates) that neither arises out of, nor relates to, Executive’s employment with the Company or the termination thereof, or (c) if Executive continues to
be an employee of Athene Asset Management following the date hereof, any Claim against Athene Asset Management or any of its affiliates that arises out of, or relates to, Executive’s employment with Athene Asset Management, or any termination
thereof. 
 3. Section 1542 Waiver. It is the intention of Executive in executing this Release that the same shall be effective as a
bar to each and every Claim hereinabove specified. In furtherance of this intention, Executive hereby expressly waives any and all rights and benefits conferred upon him or her by the provisions of SECTION 1542 OF THE CALIFORNIA CIVIL CODE or any
similar applicable law of any other state and expressly consents that this Release (including, without limitation, the Release set forth above) shall be given full force and effect according to each and all of its express terms and provisions,
including those related to unknown and unsuspected Claims, if any, as well as those relating to any other Claims hereinabove specified. SECTION 1542 OF THE CALIFORNIA CIVIL CODE provides: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT
THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 

  
 2 

 Executive acknowledges that he or she may hereafter discover Claims or facts in addition to or different from
those which Executive now knows or believes to exist with respect to the subject matter of this Release and which, if known or suspected at the time of executing this Release, may have materially affected this settlement. Nevertheless, Executive
hereby waives any right, Claim or cause of action that might arise as a result of such different or additional Claims or facts. Executive acknowledges that he or she understands the significance and consequences of such release and such specific
waiver of SECTION 1542 OF THE CALIFORNIA CIVIL CODE and any similar applicable law of any other state. 
 4. ADEA Waiver. Executive
expressly acknowledges and agrees that by entering into this Release, Executive is waiving any and all rights or Claims that he or she may have arising under the Age Discrimination in Employment Act of 1967, as amended (the “ADEA”), which
have arisen on or before the date of execution of this Release. Executive further expressly acknowledges and agrees that: 

A. In return for this Release, Executive will receive consideration beyond that which Executive was already entitled to receive
before entering into this Release; 
 B. Executive is hereby advised in writing by this Release to consult with an attorney
before signing this Release; 
 C. Executive has voluntarily chosen to enter into this Release and has not been forced or
pressured in any way to sign it; 
 D. Executive was informed that he or she had [twenty one (21)/forty five (45)] days
within which to consider this Release and that if he or she wished to execute this Release prior to expiration of such [21-day/45-day] period, he or she should execute the Endorsement attached
hereto;2 
 E. Executive was informed that he or she had seven (7) days
following the date of execution of this Release in which to revoke this Release, and this Release will become null and void if Executive elects revocation during that time. Any revocation must be in writing and must be received by the Company during
the seven-day revocation period. In the event that Executive exercises his or her right of revocation, neither the Company nor Executive will have any obligations under this Release; 

F. Nothing in this Release prevents or precludes Executive from challenging or seeking a determination in good faith of the
validity of this waiver under the ADEA, nor does it impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law. 

 

	2 	Whether Executive has 21 days, 45 days, or some other period in which to consider the Release will be determined with reference to the requirements of the ADEA in order for such waiver to be valid in the circumstances.

  
 3 

 5. No Transferred Claims. Executive warrants and represents that Executive has not
heretofore assigned or transferred to any person not a party to this Release any released matter or any part or portion thereof and he or she shall defend, indemnify and hold the Company and each of its affiliates harmless from and against any claim
(including the payment of attorneys’ fees and costs actually incurred whether or not litigation is commenced) based on or in connection with or arising out of any such assignment or transfer made, purported or claimed. 

6. Severability. It is the desire and intent of the parties hereto that the provisions of this Release be enforced to the fullest
extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any particular provision of this Release shall be adjudicated by an arbitrator or a court of competent jurisdiction to
be invalid, prohibited or unenforceable under any present or future law, and if the rights and obligations of any party under this Release will not be materially and adversely affected thereby, such provision, as to such jurisdiction, shall be
ineffective, without invalidating the remaining provisions of this Release or affecting the validity or enforceability of such provision in any other jurisdiction, and to this end the provisions of this Release are declared to be severable;
furthermore, in lieu of such invalid or unenforceable provision there will be added automatically as a part of this Release, a legal, valid and enforceable provision as similar in terms to such invalid or unenforceable provision as may be possible.
Notwithstanding the foregoing, if such provision could be more narrowly drawn (as to geographic scope, period of duration or otherwise) so as not to be invalid, prohibited or unenforceable in such jurisdiction, it shall, as to such jurisdiction, be
so narrowly drawn, without invalidating the remaining provisions of this Release or affecting the validity or enforceability of such provision in any other jurisdiction. 

7. Counterparts. This Release may be executed in any number of counterparts, each of which shall be deemed an original as against any
party whose signature appears thereon, and all of which together shall constitute one and the same instrument. This Release shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of all
of the parties reflected hereon as the signatories. Photographic copies of such signed counterparts may be used in lieu of the originals for any purpose. 

8. Successors. This Release is personal to Executive and shall not, without the prior written consent of the Company, be assignable by
Executive. This Release shall inure to the benefit of and be binding upon the Company and its respective successors and assigns and any such successor or assignee shall be deemed substituted for the Company under the terms of this Release for all
purposes. As used herein, “successor” and “assignee” shall include any person, firm, corporation or other business entity which at any time, whether by purchase, merger, acquisition of assets, or otherwise, directly or indirectly
acquires the ownership of the Company, acquires all or substantially all of the Company’s assets, or to which the Company assigns this 

  
 4 

 
Release by operation of law or otherwise. In the event of Executive’s death or a judicial determination of his incompetence, references in this Release to Executive shall be deemed, where
appropriate, to be references to his executor(s), guardian(s), or other legal representative(s). 
 9. Governing Law. THIS RELEASE
WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICTING PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE
LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK TO BE APPLIED. IN FURTHERANCE OF THE FOREGOING, THE INTERNAL LAW OF THE STATE OF NEW YORK WILL CONTROL THE INTERPRETATION AND CONSTRUCTION OF THIS AGREEMENT, EVEN IF UNDER SUCH
JURISDICTION’S CHOICE OF LAW OR CONFLICT OF LAW ANALYSIS, THE SUBSTANTIVE LAW OF SOME OTHER JURISDICTION WOULD ORDINARILY APPLY. 

10. Modifications. This Release may not be amended, modified or changed (in whole or in part), except by a formal, definitive written
agreement expressly referring to this Release, which agreement is executed by both of the parties hereto. 
 11. Waiver. Neither the
failure nor any delay on the part of a party to exercise any right, remedy, power or privilege under this Release shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other
or further exercise of the same or of any right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect
to any other occurrence. No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver. 

12. Section Headings. The section headings of, and titles of paragraphs and subparagraphs contained in, this Release are for the
purpose of convenience only, and they neither form a part of this Release nor are they to be used in the construction or interpretation thereof. 

13. Construction. Where specific language is used to clarify by example a general statement contained herein, such specific
language shall not be deemed to modify, limit or restrict in any manner the construction of the general statement to which it relates. The language used in this Release shall be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction shall be applied against any party. 
 14. Waiver of Jury Trial. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

15. Number and Gender; Examples. Where the context requires, the singular shall include the plural, the plural shall include the
singular, and any gender shall include all other 

  
 5 

 
genders. Where specific language is used to clarify by example a general statement contained herein, such specific language shall not be deemed to modify, limit or restrict in any manner the
construction of the general statement to which it relates. 
 16. No Wrongdoing. This Release does not constitute an adjudication or
finding on the merits and it is not, and shall not be construed as, an admission or acknowledgment by any party of any violation of any policy, procedure, state or federal law or regulation, or any unlawful or improper act or conduct, all of which
is expressly denied. Moreover, neither this Release nor anything in this Release shall be construed to be, or shall be, admissible in any proceeding as evidence of or an admission by any party of any violation of any policy, procedure, state or
federal law or regulation, or any unlawful or improper act or conduct. This Release may be introduced, however, in any proceeding to enforce this Release or the Employment Agreement. 

17. Legal Counsel; Mutual Drafting. Each party recognizes that this is a legally binding contract and acknowledges and agrees that they
have had the opportunity to consult with legal counsel of their choice. Each party has cooperated in the drafting, negotiation and preparation of this Release. Hence, in any construction to be made of this Release, the same shall not be construed
against either party on the basis of that party being the drafter of such language. Executive agrees and acknowledges that he has read and understands this Release, is entering into it freely and voluntarily, and has been advised to seek counsel
prior to entering into this Release and has had ample opportunity to do so. 
 [Remainder of page intentionally left blank]

  
 6 

 The undersigned have read and understand the consequences of this Release and voluntarily sign
it. The undersigned declare under penalty of perjury under the laws of the State of California that the foregoing is true and correct. 

EXECUTED this              day of
             20    , at [            ],
[            ]. 
  

			
	“Executive”	 	
		
	 	 	 
	Print Name:	 	  

 ENDORSEMENT 

I,                     , hereby
acknowledge that I was given [21/45] days to consider the foregoing Release and voluntarily chose to sign the Release prior to the expiration of the [21-day/45-day] period. 

I declare under penalty of perjury under the laws of the United States and the State of California that the foregoing is true and correct.

 EXECUTED this [            ] day of
[            20    ], at [            ],
[            ]. 
  

			
		
	 	 	 
		
	Print Name:

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