Amended & Restated Reliance Standard Life Insurance Company Supplemental Executive Retirement Plan

Exhibit 10.4 RELIANCE STANDARD LIFE INSURANCE COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN As Amended and Restated Effective January 1, 2009


TABLE OF CONTENTS Section Title Page No. ARTICLE 1 NAME 1 ARTICLE 2 PURPOSE 1 ARTICLE 3 DEFINITIONS 1 ARTICLE 4 OPERATION AND ADMINISTRATION OF THE PLAN 4 ARTICLE 5 ELIGIBILITY FOR PARTICIPATION 5 ARTICLE 6 RETIREMENT BENEFITS 5 ARTICLE 7 DEATH BENEFITS 6 ARTICLE 8 VESTING 6 ARTICLE 9 FUNDING 7 ARTICLE 10 REGULATIONS GOVERNING DISTRIBUTION OF BENEFITS 7 ARTICLE 11 AMENDMENT AND TERMINATION 9 ARTICLE 12 GENERAL PROVISIONS 9 i


RELIANCE STANDARD LIFE INSURANCE COMPANY SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN Article 1 Name The nonqualified plan set forth herein shall be known as the Reliance Standard Life Insurance Company Supplemental Executive Retirement Plan. Article 2 Purpose The Company recognizes that the Internal Revenue Service limitations on compensation that may be taken into account for purposes of determining retirement benefits under a retirement plan qualified under Section 401(a) of the Code may prevent some key employees from realizing sufficient benefits from qualified retirement plans. The purpose of the Supplemental Executive Retirement Plan is to acknowledge and reward certain key employees of the Company for their efforts on behalf of the Company by providing additional postemployment income to such key employees in order to facilitate their attaining adequate levels of retirement income. The Plan was originally effective January 1, 1994, and is hereby amended and restated effective January 1, 2009.The Plan is intended to constitute a nonqualified deferred retirement plan which, in accordance with Sections 201(2), 301(a)(3) and 401(a)(1) of ERISA is " unfunded and maintained by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees." Article 3 Definitions For purposes of the Plan, the following words and phrases shall have the following meanings unless a different meaning is plainly required by the context. Wherever used, the masculine pronoun shall include the feminine pronoun and the feminine pronoun shall include the masculine and the singular shall include the plural and the plural shall include the singular. 3.1 " Actuarial Equivalent" shall mean a benefit of equivalent value determined in accordance with the 1984 Unisex Pension Mortality Table with a three-year setback in age for Participants and no set-back for beneficiaries, and an interest rate of 7 1 / 2 %. 3.2 " Affiliated Company" shall mean any entity with whom the Company would be considered a single employer under Code Section 414(b) or 414(c) provided that in applying Code Section 1563(a)(1), (2) and (3) for purposes of determining a controlled group of corporations under Code Section 414(b), the language " at least 50 percent" is used instead of " at

1


least 80 percent" each place it appears in Code Section 1563(a)(1), (2) and (3), and in applying Regulation 1.414(c)-2 for purposes of determining trades or businesses (whether or not incorporated) that are under common control for purposes of Code Section 414(c), " at least 50 percent" is used instead of " at least 80 percent" each place it appears in Regulation 1.414(c)-2. 3.3 " Anniversary Date" shall mean each January 1 after the Effective Date. 3.4 " Beneficiary" shall mean the person or persons designated in accordance with the Qualified Pension Plan to receive any benefits under the Qualified Pension Plan in the event of a Participant' s death. 3.5 " Benefit" shall mean the benefit to which a Participant or Beneficiary is entitled in accordance with Article 6. 3.6 " Board of Directors" shall mean members of the Board of Directors of the Company. 3.7 " Code" shall mean the Internal Revenue Code of 1986, as amended. 3.8 " Committee" shall mean the person or persons appointed by the Board of Directors of the Company to administer the Plan. 3.9 " Company" shall mean Reliance Standard Life Insurance Company. 3.10 " Compensation" means the sum of (a) and (b): (a) The entire amount of all salaries, wages, overtime pay, commissions, bonuses and similar payments for services rendered to the Company as reported on Form W-2, or on any similar form which may be adopted for federal income tax purposes for the calendar year ending on or within the Company' s fiscal year, plus the dollar value of any bonus paid in the form of options in lieu of cash, but excluding any severance pay, tuition, auto expense, or moving expense reimbursements or allowances, and further excluding any imputed taxable income resulting from Company-provided group life insurance coverage which is included as taxable income on Form W-2 and any amounts contributed by the Company under this Plan or under any other employee benefit plan of the Company. (b) Amounts subject to salary reduction under the plans maintained by the Company pursuant to Code Sections 125 and 401(k) and amounts subject to reduction under the Reliance Standard Life Insurance Company Nonqualified Deferred Compensation Plan. Such pay shall be limited by the Theoretical Compensation Limit. 3.11 " Deferred Retirement Date" shall mean the first day of any month coincident with or next following the date the Participant terminates his employment with the Company subsequent to his Normal Retirement Date. 3.12 " Early Retirement Date" shall mean the first day of any month coincident with or next following the date on which a Participant attains age 55, provided he has completed 10 Years of Service as of such date. 3.13 " Effective Date" shall mean January 1, 2009. 3.14 " Employee" shall mean a person who is employed by the Company and falls under the usual common law rules applicable in determining the employer-employee relationship.

2


3.15 " ERISA" shall mean the Employee Retirement Income Security Act of 1974, as amended. 3.16 " Key Employee" shall mean an Employee who earns Compensation in excess of the limitation of Section 401(a)(17) of the Code. 3.17 " Normal Retirement Age" shall mean the Participant' s 65th birthday. 3.18 " Normal Retirement Date" shall mean the first day of the month coincident with or next following the date the Participant attains his Normal Retirement Age. 3.19 " Participant" shall mean any Key Employee who is participating in the Plan in accordance with the provisions set forth herein. 3.20 " Participating Employer" shall mean (a) the Company, Delphi Capital Management, Inc., First Reliance Standard Life Insurance Company, and any Affiliated Company which shall adopt the Plan for their Employees with the approval of the Board of Directors of the Company; and (b) any successor to the business entity described in Subsection (a) as a result of a statutory merger, purchase of assets or any other form of reorganization of the business of the business entity described in Subsection (a). 3.21 " Plan" shall mean the Reliance Standard Life Insurance Company Supplemental Executive Retirement Plan as it may be amended from time to time. 3.22 " Plan Year" shall mean a period of 12 consecutive months beginning on the Effective Date and each Anniversary Date thereafter. 3.23 " Qualified Pension Plan" shall mean the Reliance Standard Life Insurance Company Pension Plan as it may be amended from time to time. 3.24 " Qualified Pension Retirement Benefit" shall mean the normal form of retirement income to which a Participant is entitled under the Qualified Pension Plan at the time such retirement income is payable. 3.25 " Spouse" means the husband or wife of the Participant. 3.26 " Theoretical Compensation Limit (TCL)" shall mean, for calendar years prior to 1994, the compensation limit under Code Section 401(a)(17). For any calendar year after 1994, the TCL shall be the TCL from the previous year increased by a cost-of-living adjustment (COLA). The COLA applied to the previous TCL shall be the same as the COLA applied to the compensation limit from the previous year under Code Section 401(a)(17). For 1994, the TCL shall be determined by applying the 1994 COLA under Code Section 415(d) to the 1993 compensation limit of $235,840.

3


Article 4 Operation and Administration of the Plan 4.1 Organization of the Committee (a) The Board of Directors of the Company shall appoint the members of a Committee to administer the Plan. Upon acceptance of such appointment, each member of the Committee shall serve at the pleasure of the Board of Directors. Any member may resign by delivering his written resignation to the Board of Directors and to the Committee. Vacancies in the Committee arising from resignation, death, or removal shall be filled by the Board of Directors. (b) The Committee shall act by a majority of its members unless unanimous consent is required by the Plan or by unanimous approval of its members if there are two or less members in office at the time. In the event of a Committee deadlock, the Committee shall determine the method for resolving such deadlock. No Committee member shall act upon any question pertaining solely to himself, and the other member or members shall make any determination required by the Plan in respect to such member. (c) The Committee may, by unanimous consent, delegate specific authority and responsibilities to one or more of its members. ...