Document:

exv10w2

GUARANTEE

     FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in connection with
that certain funding agreement (the “Funding Agreement”), entered into by and between Principal
Life Insurance Company, an Iowa insurance company (“Principal Life”), and Principal Life Income
Fundings Trust 2008-41, a New York common law trust (the “Trust”), relating to the notes (the
“Notes”) issued by the Trust, Principal Financial Group, Inc., a Delaware corporation and the
indirect parent company of Principal Life (the “Guarantor”), hereby furnishes to the Trust its full
and unconditional guarantee of the Guaranteed Amounts (as hereinafter defined) as follows:

     1. Guarantee.

          (a) The Guarantor hereby fully, irrevocably, absolutely and unconditionally guarantees, as a
guarantee of payment and not merely as a guarantee of collection, immediate payment when due to the
Trust any payments required to be made by Principal Life to the Trust under the Funding Agreement
which shall become due and payable regardless of whether such payment is due at maturity, on an
interest payment date or as a result of redemption or otherwise (the “Scheduled Payments”) but
shall be unpaid by Principal Life (the “Guaranteed Amounts”). Notwithstanding anything to the
contrary contained herein, in no event shall the Guaranteed Amounts exceed the Deposit (as defined
in the Funding Agreement) of the Funding Agreement, plus accrued but unpaid interest and any other
amounts due and owing under the Funding Agreement, less any amounts paid by Principal Life to the
Trust.

          (b) In the event that Principal Life fails to make a Scheduled Payment in full when due (the
“Payment Notice Date”), then the Trust or Citibank, N.A., as indenture trustee for the benefit of
the holders of the Notes (the “Indenture Trustee”), pursuant to the indenture (the “Indenture”)
between the Trust and the Indenture Trustee, may present the Guarantor with notice (each, a
“Payment Notice”) of such failure in writing on or after the Payment Notice Date. The Payment
Notice shall identify (1) the Funding Agreement, (2) the Trust, (3) the Payment Notice Date and (4)
the amount of the Scheduled Payments not paid by Principal Life to the Trust as of the Payment
Notice Date. Upon receipt of such Payment Notice, the Guarantor will immediately pay the
Guaranteed Amounts pursuant to Section 7.

          (c) In the event that, after receipt of a Payment Notice from the Trust, the Guarantor fails
to make immediate payment to the Trust or the Indenture Trustee of the Guaranteed Amounts, then
the Trust and the Indenture Trustee may enforce the obligations of the Guarantor under this
Guarantee, including by immediately bringing suit directly against the Guarantor (without first
bringing suit against Principal Life) for the Guaranteed Amounts not paid to the Trust as of the
Payment Notice Date.

          (d) This Guarantee is an unsecured, unsubordinated and contingent obligation of the Guarantor
and ranks equally with all other unsecured and unsubordinated obligations of the Guarantor.

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     2. Termination. This Guarantee is a continuing and irrevocable guarantee of the Guaranteed
Amounts now or hereafter existing and shall terminate and be of no further force and effect with
respect to the Funding Agreement and the Notes upon the full payment of the Scheduled Payments or
upon the earlier extinguishment of the obligations of Principal Life under the Funding Agreement.

     3. Amendments. Subject to the trust agreement relating to the Trust and the Indenture, no
provision of this Guarantee may be waived, amended, supplemented or modified, except by a written
instrument executed by the Trust and the Guarantor.

     4. Assignment; Governing Law. This Guarantee shall inure to the benefit of the Trust and its
successors, assigns and pledgees. This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to conflict of law principles.

     5. Notices. All notices given pursuant to this Guarantee shall be in writing, and shall
either be delivered, mailed or telecopied to the locations listed below or at such other address or
to the attention of such other persons as such party shall have designated for such purpose in a
written notice complying as to delivery with the terms of this Section 5. Each such notice shall
be effective (i) if given by telecopy, when transmitted to the applicable number so specified in
this Section 5 (such notice shall also be sent by mail, with first class postage prepaid), (ii) if
given by mail, three days after deposit in the mails with first class postage prepaid, or (iii) if
given by any other means, when actually delivered at such address.

If to the Guarantor:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

If to the Trust:

Principal Life Income Fundings Trust (followed by the number of the Trust specified in this Guarantee)

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c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Janet P. O’Hara

Telephone: (212) 361-2527

Facsimile: (212) 809-5459

With a copy to:

Citibank, N.A.

Corporate and Investment Banking

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Jennifer H. McCourt

Telephone: (212) 816-5680

Facsimile: (212) 816-5527

     6. Representations and Warranties. The Guarantor represents and warrants that: (i) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guarantee, and all necessary authority has been
obtained; (ii) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law; (iii) the making and performance of this
Guarantee does not and will not violate the provisions of any applicable law, regulation or order,
and does not and will not result in the breach of, or constitute a default under, any material
agreement, instrument or document to which it is a party or by which it or any of its property may
be bound or affected, except to the extent disclosed in the registration statement registering the
issuance of this Guarantee and the Funding Agreement, as amended, supplemented or modified from
time to time (the “Registration Statement”), and to the extent that any such violation, breach or
default does not result in a material adverse effect on the Guarantor; and (iv) all consents,
approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under applicable law and regulations for the making and performance of this
Guarantee have been obtained or made and are in full force and effect, except to the extent
disclosed in the Registration Statement and to the extent that the failure to acquire any such
consent, approval, license, authorization, filing or registration does not result in a material
adverse effect on the Guarantor.

     7. Notice of, and Consent to, Security Interest. The Trust hereby notifies the Guarantor that
it has granted to the Indenture Trustee, on behalf of the holders of the Notes, a security interest
in the Collateral (as defined in the Indenture), including, but not limited to, any and all payment
to be made by the Guarantor to the Trust under this Guarantee. The Trust hereby notifies the
Guarantor that it has collaterally assigned to the Indenture Trustee, for the benefit of the
holders of the Notes, this Guarantee. The Guarantor, by executing this Guarantee, hereby (i)
affirms that it has made or simultaneously will make changes to its books and records to reflect
such security interest and collateral assignment, (ii) consents to the security interest

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granted, and collateral assignment made, by the Trust to the Indenture Trustee of this Guarantee,
(iii) agrees to make all payments due under this Guarantee to the Collection Account (as defined in
the Indenture) or any other account designated in writing to the Guarantor by the Indenture Trustee
and (iv) agrees to comply with all orders of the Indenture Trustee with respect to this Guarantee
without any further consent from the Trust.

     8. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE
GUARANTOR WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING
OUT OF THIS GUARANTEE. THIS GUARANTEE REPRESENTS THE FINAL AGREEMENT BETWEEN THE GUARANTOR AND THE
TRUST AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS AMONG SUCH
PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES.

	 	 	 	 	 	 	 
	 
	 	PRINCIPAL FINANCIAL GROUP, INC.
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Elizabeth D. Swanson	 	 
	 

	 	Name:
	 	 

Elizabeth D. Swanson
	 	 
	 

	 	Title:
	 	Counsel	 	 
	 

	 	Date:
	 	The Effective Date (as defined in
the Funding Agreement)	 

Acknowledged and Agreed:

THE PRINCIPAL LIFE INCOME FUNDINGS

TRUST DESIGNATED IN THIS GUARANTEE

	 	 	 
	By:    

	 	U.S. Bank Trust National Association,

not in its individual capacity, but solely in its
capacity as trustee
	 
	 	 
	By:    

	 	Bankers Trust Company, N.A.,

under Limited Power of Attorney, dated November 21, 2007

	 	 	 	 	 
	By:

	/s/ Debra Williams	 	 
	 

	 

	 	 
	Name: Debra Williams	 	 
	Title: Vice President	 	 
	Date: The Effective
Date (as defined in the Funding Agreement)

4Ex-10.1 First Amendment to Credit Agreement

Exhibit 10.1

FIRST AMENDMENT TO CREDIT AGREEMENT 

THIS FIRST AMENDMENT TO CREDIT AGREEMENT (“Amendment”), dated effective as of February 28,
2008, is made and entered into by and among between LUMINEX CORPORATION, a Delaware corporation
(the “Borrower”), and JPMORGAN CHASE BANK, N.A., a national banking association (the
“Lender”).

RECITALS:

     WHEREAS, the Borrower and the Lender are parties to a Credit Agreement dated as of March 1,
2007 (the “Credit Agreement”); and

     WHEREAS, in connection with the extension of the Maturity Date under the Credit Agreement, the
Lender and the Borrower have agreed, on the terms and conditions herein set forth, that the Credit
Agreement be amended in certain respects.

AGREEMENTS:

     NOW, THEREFORE, in consideration of the premises and the mutual agreements, representations
and warranties herein set forth, and for other good and valuable consideration, the receipt and
sufficiency which are hereby acknowledged and confessed, the Borrower and the Lender do hereby
agree as follows:

     Section 1. General Definitions. Capitalized terms used herein which are
defined in the Credit Agreement shall have the same meanings when used herein.

     Section 2. Extension of Maturity Date. The definitions of “Maturity Date”
and “Note” in Section 1.01 of the Credit Agreement are hereby amended and restated in their
entirety to hereafter read as follows:

Maturity Date means the earlier to occur of (a) February 26, 2009, (b) any date that
the Commitment is terminated in full by Borrower pursuant to Section 2.01(c) hereof,
and (c) any date the Maturity Date is accelerated or the Revolving Loan Commitment is
terminated by Lender pursuant to Section 7.02 hereof.

Note means the promissory note dated February 28, 2008, executed by Borrower payable
to the order of Lender in the face amount of $15,000,000.00, and any and all renewals,
extensions, modifications, rearrangements and/or replacements thereof.

     Section 3. Modification of Tangible Net Worth Financial Covenant.
Section 5.03(a) of the Credit Agreement is hereby amended and restated in its entirety to
hereafter read as follows:

     (a) Tangible Net Worth. Borrower and its Subsidiaries shall maintain a
consolidated Tangible Net Worth in an amount greater than or equal to $35,000,000 at all
times on and after February 28, 2008.

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     Section 4. Representations and Warranties. The Borrower represents and
warrants to the Lender that the representations and warranties contained in Article IV of
the Credit Agreement and in all of the other Credit Documents are true and correct in all material
respects on and as of the effective date hereof as though made on and as of such effective date,
except to the extent any such representation or warranty is stated to relate solely to an earlier
date. The Borrower hereby certifies that no event has occurred and is continuing which constitutes
a Default or an Event of Default under the Credit Agreement or which, upon the giving of notice or
the lapse of time, or both, would constitute a Default or an Event of Default.

     Section 5. Limitations. The amendments set forth herein are limited
precisely as written and shall not be deemed to (a) be a consent to, or waiver or modification of,
any other term or condition of the Credit Agreement or any of the other Credit Documents, or (b)
except as expressly set forth herein, prejudice any right or rights which the Lenders may now have
or may have in the future under or in connection with the Credit Agreement, the Loan Documents or
any of the other documents referred to therein. Except as expressly modified hereby or by express
written amendments thereof, the terms and provisions of the Credit Agreement and all other Credit
Documents or any other documents or instruments executed in connection with any of the foregoing
are and shall remain in full force and effect. In the event of a conflict between this Amendment
and any of the foregoing documents, the terms of this Amendment shall be controlling.

     Section 6. Payment of Expenses. The Borrower agrees, whether or not the
transactions hereby contemplated shall be consummated, to reimburse and save the Lender harmless
from and against liability for the payment of all reasonable substantiated out-of-pocket costs and
expenses arising in connection with the preparation, execution, delivery, amendment, modification,
waiver and enforcement of, or the preservation of any rights under this Amendment, including,
without limitation, the reasonable fees and expenses of counsel for the Lender and other charges
which may be payable in respect of, or in respect of any modification of, the Credit Agreement and
the Credit Documents. The provisions of this Section shall survive the termination of the Credit
Agreement and the repayment of the Obligations.

     Section 7. Descriptive Headings, etc. The descriptive headings of the
several Sections of this Amendment are inserted for convenience only and shall not be deemed to
affect the meaning or construction of any of the provisions hereof.

     Section 8. Entire Agreement. This Amendment and the documents referred to
herein represent the entire understanding of the parties hereto regarding the subject matter hereof
and supersede all prior and contemporaneous oral and written agreements of the parties hereto with
respect to the subject matter hereof, including, without limitation, any commitment letters
regarding the transactions contemplated by this Amendment.

     Section 9. Counterparts. This Amendment may be executed in any number of
counterparts and by different parties on separate counterparts and all of such counterparts shall
together constitute one and the same instrument. Complete sets of counterparts shall be lodged
with the Borrower and the Lender.

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     Section 10. References to Credit Agreement. As used in the Credit
Agreement (including all Exhibits thereto) and all other Credit Documents, on and subsequent to the
effective date hereof, the terms “Agreement” and “Compliance Certificate” shall mean the Credit
Agreement and the Compliance Certificate, as each of the same are amended by this Amendment.

     Section 11. Security Documents Ratification. The Borrower hereby ratifies
and confirms that all Security Agreements previously executed and delivered under the terms of the
Credit Agreement are in full force and effect and that the same continue to secure and cover any
and all Obligations of the Borrower to the Lender, including without limitation, the Obligations
now or hereafter outstanding under the Note.

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

NOTICE PURSUANT TO TEX. BUS. & COMM. CODE §26.02

THIS AMENDMENT AND ALL OTHER LOAN DOCUMENTS EXECUTED BY ANY OF THE PARTIES BEFORE OR SUBSTANTIALLY
CONTEMPORANEOUSLY WITH THE EXECUTION HEREOF TOGETHER CONSTITUTE A WRITTEN CREDIT AGREEMENT AND
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR,
CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL
AGREEMENTS BETWEEN THE PARTIES.

	 	 	 	 	 
	 	LUMINEX CORPORATION,

a Delaware corporation

 	 
	 	By:  	              /s/ David S. Reiter
 	 
	 	 	Name:  	David S. Reiter 	 
	 	 	Title:  	Vice President, General Counsel and

Corporate Secretary 	 
	 

Date of Execution: May 28, 2008

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.

 	 
	 	By:  	                     /s/ James Pritchett
 	 
	 	 	Name:  	James Pritchett 	 
	 	 	Title:  	Vice President 	 
	 

Date of Execution: May 28, 2008

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GUARANTOR RATIFICATION

The undersigned Guarantors (a) acknowledge and consent to the execution of the foregoing Amendment,
(b) confirm that the Guaranty and Security Agreements previously executed or joined in by the
undersigned Guarantors applies and shall continue to apply to all Obligations evidenced by or
arising pursuant to the Credit Agreement, as amended hereby or any other Credit Documents,
notwithstanding the execution and delivery of this Amendment by the Borrower and the Lender, and
(c) acknowledge that without this consent and confirmation, the Lender would not agree to the
modifications of the Credit Agreement which are evidenced by the foregoing Amendment.

	 	 	 	 	 
	 	LUMINEX INTERNATIONAL CORPORATION,

a Delaware corporation

 	 
	 	By:  	/s/ David S. Reiter
 	 
	 	 	Name:  	David S. Reiter 	 
	 	 	Title:  	Secretary 	 
	 

Date of Execution: May 28, 2008

	 	 	 	 	 
	 	LUMINEX PROJECT, INC.,

a Delaware corporation

 	 
	 	By:  	/s/ David S. Reiter
 	 
	 	 	Name:  	David S. Reiter 	 
	 	 	Title:  	Secretary 	 
	 

Date of Execution: May 28, 2008

EXHIBITS:

Exhibit D — Compliance Certificate

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