EXHIBIT 10.2

TERMINATION AGREEMENT

TERMINATION AGREEMENT, dated as of January 1, 2008 (this “Agreement”), by and
between Greenlight Reinsurance, Ltd., a Cayman Islands insurance company (the
“Company”), DME Advisors, LP, a Delaware limited partnership (the “Investment
Advisor”), and Greenlight Capital Re, Ltd., a Cayman Islands exempted company
with limited liability (“Greenlight Capital Re”).

W I T N E S S E T H:

WHEREAS, the Company, the Investment Advisor and Greenlight Capital Re are
parties to that certain Second Amended and Restated Investment Advisory
Agreement dated as of January 1, 2007 (the “Investment Advisory Agreement”); and

WHEREAS, each of the Company, the Investment Advisor, and Greenlight Capital Re
desires to terminate the Investment Advisory Agreement.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Company, the Investment Advisor and
Greenlight Capital Re agree as follows:

Section 1. Termination.

The Company, the Investment Advisor and Greenlight Capital Re., Ltd. hereby
agree that the Investment Advisory Agreement will terminate effective 12:01 a.m.
on January 1, 2008 and shall be of no further force or effect after such time
and date; provided that Sections 2 (with respect to payments due for the period
ending December 31, 2007) 5, 6, 9(c) (with respect

 

 

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to payments due for the period ending December 31, 2007) and 12 of the
Investment Advisory Agreement and Section 4(a) of Exhibit B thereto shall
survive such termination.

Section 2. Mutual Release.

Except for the obligations expressly set forth in this Agreement, including,
without limitation, the obligations under the Investment Advisory Agreement that
survive termination pursuant to Section 1 above, each party, on behalf of itself
and its respective affiliates, hereby releases the other party and its
affiliates from any and all claims, obligations and liabilities arising from or
relating to the Investment Advisory Agreement.

Section 3. Governing Law.

This Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York (without giving effect to principles of
conflicts of laws).

Section 4. Headings.

Section headings are used for convenience only and shall in no way affect the
construction of this Agreement.

Section 5. Entire Agreement; Amendments.

This Agreement contains the entire understanding of the parties with respect to
its subject matter and supersedes any and all prior agreements, and neither it
nor any part of it may in any way be altered, amended, extended, waived,
discharged or terminated except by a written agreement signed by each of the
parties hereto.

 

 

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Section 6. Counterparts.

This Agreement may be executed in counterparts, and each such counterpart shall
be deemed to be an original instrument, but all such counterparts together shall
constitute but one agreement.

[Signature Page Follows]

 

 

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IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date
first written above.

 

 

 

 

 

GREENLIGHT REINSURANCE, LTD.

 

 

 

 

By: 

/s/ Leonard Goldberg

 

 

 

 

 

Name: Leonard Goldberg

 

 

 

 

 

Title: Chief Executive Officer

 

 

 

 

DME ADVISORS, LP

           

 

 

 

 

By: 

/s/ Harry Brandler

 

 

 

 

 

Name: Harry Brandler

 

 

 

 

 

Title: CFO

 

 

 

 

GREENLIGHT CAPITAL RE, LTD.

           

 

 

 

 

By: 

/s/ Tim Courtis

 

 

 

 

 

Name: Tim Courtis

 

 

 

 

 

Title: CFO

 

 

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