EX-10.2






EXHIBIT 10.2




RENAISSANCERE HOLDINGS LTD.

DEFERRED CASH AWARD PLAN




1. Purpose.



The purpose of the Plan is to assist the Company in attracting, retaining, motivating, and
rewarding certain employees, officers, directors, and consultants of the Company and its Affiliates
and promoting the creation of long-term value for shareholders of the Company by providing such
individuals with a deferred cash incentive compensation opportunity.



2. Definitions.



(a) “Affiliate” means, with respect to a Person, any other Person that, directly or
indirectly through one or more intermediaries, controls, is controlled by, or is under common
control with, such Person.



(b) “Board” means the Board of Directors of the Company.



(c) “Cause” means, with respect to a Participant and in the absence of a Deferred Cash
Award Agreement or Participant Agreement otherwise defining Cause, (1) the Participant’s plea of
nolo contendere to, conviction of or indictment for, any crime (whether or not involving the
Company or its Affiliates) (i) constituting a felony or (ii) that has, or could reasonably be
expected to result in, an adverse impact on the performance of the Participant’s duties to the
Service Recipient, or otherwise has, or could reasonably be expected to result in, an adverse
impact on the business or reputation of the Company or its Affiliates, (2) conduct of the
Participant, in connection with his or her employment or service, that has resulted, or could
reasonably be expected to result, in material injury to the business or reputation of the Company
or its Affiliates, (3) any material violation of the policies of the Service Recipient, including,
but not limited to, those relating to sexual harassment or the disclosure or misuse of confidential
information, or those set forth in the manuals or statements of policy of the Service Recipient;
(4) the Participant’s act(s) of gross negligence or willful misconduct in the course of his or her
employment or service with the Service Recipient; (5) misappropriation by the Participant of any
assets or business opportunities of the Company or its Affiliates; (6) embezzlement or fraud
committed by the Participant, at the Participant’s direction, or with the Participant’s prior
actual knowledge; or (7) willful neglect in the performance of the Participant’s duties for the
Service Recipient or willful or repeated failure or refusal to perform such duties. If, subsequent
to the Termination of a Participant for any reason other than by the Service Recipient for Cause,
it is discovered that the Participant’s employment or service could have been terminated for Cause,
such Participant’s employment or service shall, at the discretion of the Committee, be deemed to
have been terminated by the Service Recipient for Cause for all purposes under the Plan, and the
Participant shall be required to repay to the Company all amounts received by him or her in respect
of any Deferred Cash Award following such Termination that would have been forfeited under the Plan
had such Termination been by the Service Recipient for Cause. In the event that there is a
Deferred Cash Award Agreement or Participant Agreement defining Cause, “Cause” shall have
the meaning provided in such agreement, and a Termination by the Service Recipient for Cause
hereunder shall not be deemed to have occurred unless all applicable notice and cure periods in
such Deferred Cash Award Agreement or Participant Agreement are complied with.



(d) “Change in Control” means:




(i) a change in ownership or control of the Company effected through a transaction or
series of transactions (other than an offering of the Company’s common shares, par value
$1.00 per share, to the general public through a registration statement filed with the
U.S. Securities and Exchange Commission or similar non-U.S. regulatory agency or pursuant to
a Non-Control Transaction) whereby any “person” (as defined in Section 3(a)(9) of the
Exchange Act) or any two or more persons deemed to be one “person” (as used in
Sections 13(d)(3) and 14(d)(2) of the Exchange Act), other than the Company or any of its
Affiliates, an employee benefit plan sponsored or maintained by the Company or any of its
Affiliates (or its related trust), or any underwriter temporarily holding securities
pursuant to an offering of such securities, directly or indirectly acquire “beneficial
ownership” (within the meaning of Rule 13d-3 under the Exchange Act) of securities of the
Company possessing more than fifty percent (50%) of the total combined voting power of the
Company’s securities eligible to vote in the election of the Board (the “Company Voting
Securities”);




(ii) the date, within any consecutive twenty-four (24) month period commencing on or
after the Effective Date, upon which individuals who constitute the Board as of the
Effective Date (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual who becomes a director
subsequent to the Effective Date whose election or nomination for election by the Company’s
shareholders was approved by a vote of at least a majority of the directors then
constituting the Incumbent Board (either by a specific vote or by approval of the proxy
statement of the Company in which such individual is named as a nominee for director,
without objection to such nomination) shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest
(including, but not limited to, a consent solicitation) with respect to the election or
removal of directors or other actual or threatened solicitation of proxies or consents by or
on behalf of a Person other than the Board;




(iii) the consummation of a merger, consolidation, share exchange, or similar form of
corporate transaction involving the Company or any of its Affiliates that requires the
approval of the Company’s shareholders (whether for such transaction, the issuance of
securities in the transaction or otherwise) (a “Reorganization”), unless immediately
following such Reorganization (i) more than fifty percent (50%) of the total voting power of
(A) the corporation resulting from such Reorganization (the “Surviving Company”) or
(B) if applicable, the ultimate parent corporation that has, directly or indirectly,
beneficial ownership of one hundred percent (100%) of the voting securities of the Surviving
Company (the “Parent Company”), is represented by Company Voting Securities that
were outstanding immediately prior to such Reorganization (or, if applicable, is represented
by shares into which such Company Voting Securities were converted pursuant to such
Reorganization), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of such Company Voting Securities among holders thereof
immediately prior to such Reorganization, (ii) no Person, other than an employee benefit
plan sponsored or maintained by the Surviving Company or the Parent Company (or its related
trust), is or becomes the beneficial owner, directly or indirectly, of fifty percent (50%)
or more of the total voting power of the outstanding voting securities eligible to elect
directors of the Parent Company, or if there is no Parent Company, the Surviving Company,
and (iii) at least a majority of the members of the board of directors of the Parent
Company, or if there is no Parent Company, the Surviving Company, following the consummation
of such Reorganization are members of the Incumbent Board at the time of the Board’s
approval of the execution of the initial agreement providing for such Reorganization (any
Reorganization which satisfies all of the criteria specified in clauses (i), (ii), and (iii)
above shall be a “Non-Control Transaction”); or




(iv) the sale or disposition, in one or a series of related transactions, of all or
substantially all of the assets of the Company to any “person” (as defined in
Section 3(a)(9) of the Exchange Act) or to any two or more persons deemed to be one “person”
(as used in Sections 13(d)(3) and 14(d)(2) of the Exchange Act) other than the Company’s
Affiliates.



Notwithstanding the foregoing, (x) a Change in Control shall not be deemed to occur solely because
any person acquires beneficial ownership of fifty percent (50%) or more of the Company Voting
Securities as a result of an acquisition of Company Voting Securities by the Company that reduces
the number of Company Voting Securities outstanding; provided that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting Securities that
increases the percentage of outstanding Company Voting Securities beneficially owned by such
person, a Change in Control shall then be deemed to occur, and (y) with respect to the payment of
any amount that constitutes a deferral of compensation subject to Section 409A of the Code payable
upon a Change in Control, a Change in Control shall not be deemed to have occurred, unless the
Change in Control constitutes a change in the ownership or effective control of the Company or in
the ownership of a substantial portion of the assets of the Company under Section 409A(a)(2)(A)(v)
of the Code.



(e) “Code” means the U.S. Internal Revenue Code of 1986, as amended from time to time,
including the rules and regulations thereunder and any successor provisions, rules and regulations
thereto.



(f) “Committee” means the Board or such other committee consisting of two or more
individuals appointed by the Board to administer the Plan and each other individual or committee of
individuals designated to exercise authority under the Plan.



(g) “Company” means RenaissanceRe Holdings Ltd., a Bermuda company, and its successors
by operation of law.



(h) “Deferred Cash Award” means an unfunded, unsecured promise to make a cash payment
to a Participant at the end of a specified period of time.



(i) “Deferred Cash Award Agreement” means a written agreement between the Company and
a Participant evidencing the terms and conditions of an individual Deferred Cash Award grant.



(j) “Effective Date” means November 10, 2017.



(k) “Eligible Person” means (i) each employee and officer of the Company or any of its
Affiliates; (ii) each non-employee director of the Company or any of its Affiliates; (iii) each
other natural Person who provides substantial services to the Company or any of its Affiliates as a
consultant or advisor (or a wholly owned alter ego entity of the natural Person providing such
services of which such Person is an employee, shareholder or partner) and who is designated as
eligible by the Committee; and (iv) any natural Person who has been offered employment by the
Company or its Affiliates; provided that such prospective employee may not receive any payment
relating to the vesting of Deferred Cash Awards until such Person has commenced employment with the
Company or any of its Affiliates. An employee on an approved leave of absence may be considered as
still in the employ of the Company or any of its Affiliates for purposes of eligibility for
participation in the Plan.



(l) “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended from
time to time, including the rules and regulations thereunder and any successor provisions, rules
and regulations thereto.



(m) “Good Reason” means, with respect to a Participant and in the absence of a
Deferred Cash Award Agreement or Participant Agreement otherwise defining Good Reason, without the
Participant’s consent, (i) a material diminution in the Participant’s employment duties,
responsibilities, or authority, or the assignment to the Participant of duties that are materially
inconsistent with his or her position; (ii) a material reduction in the Participant’s base salary
or target annual bonus or incentive compensation opportunity; or (iii) a relocation of the
Participant’s principal place of employment to a location more than thirty-five (35) miles farther
from his or her principal residence than the location at which the Participant was employed
immediately preceding such change. In no event will a Participant have the right to terminate his
or her employment for Good Reason unless (x) such Participant provides written notice to the
Company within ninety (90) days after the initial occurrence of the event or condition that gives
such Participant the right to terminate his or her employment for Good Reason and (y) the Company
has not cured such Participant’s right to terminate his or her employment for Good Reason within
thirty (30) days of the receipt of such written notice by the Company. In the event that there is
a Deferred Cash Award Agreement or Participant Agreement defining Good Reason, “Good
Reason” shall have the meaning provided in such agreement, and a Termination by the Participant
for Good Reason hereunder shall not be deemed to have occurred unless all applicable notice and
cure periods in such Deferred Cash Award Agreement or Participant Agreement are complied with.



(n) “Participant” means an Eligible Person who has been granted Deferred Cash Awards
under the Plan or, if applicable, such other Person who holds Deferred Cash Awards.



(o) “Participant Agreement” means an employment or other services agreement between a
Participant and the Service Recipient that describes the terms and conditions of such Participant’s
employment or service with the Service Recipient and is effective as of the date of determination.



(p) “Payment Date” shall mean the Service Recipient’s first administratively
practicable payroll date immediately following the Vesting Date.



(q) “Person” means any individual, corporation, partnership, firm, joint venture,
association, joint-stock company, trust, unincorporated organization, or other entity.



(r) “Plan” means this RenaissanceRe Holdings Ltd. Deferred Cash Award Plan, as amended
from time to time.



(s) “Service Recipient” means, with respect to a Participant holding Deferred Cash
Awards, either the Company or an Affiliate by which the original recipient of such Deferred Cash
Awards is, or following a Termination was most recently, principally employed or to which such
original recipient provides, or following a Termination was most recently providing, services, as
applicable.



(t) “Termination” means the termination of a Participant’s employment or service, as
applicable, with the Service Recipient; provided, however, that, if so determined by the Committee
at the time of any change in status in relation to the Service Recipient (e.g., a Participant
ceases to be an employee and begins providing services as a consultant, or vice versa), such change
in status will not be deemed a Termination hereunder. Unless otherwise determined by the
Committee, in the event that the Service Recipient ceases to be an Affiliate of the Company (by
reason of sale, divestiture, spin-off, or other similar transaction), unless a Participant’s
employment or service is transferred to another entity that would constitute the Service Recipient
immediately following such transaction, such Participant shall be deemed to have suffered a
Termination hereunder as of the date of the consummation of such transaction. Notwithstanding
anything herein to the contrary, a Participant’s change in status in relation to the Service
Recipient (for example, a change from employee to consultant) shall not be deemed a Termination
hereunder with respect to any Deferred Cash Awards constituting “nonqualified deferred
compensation” subject to Section 409A of the Code that are payable upon a Termination unless such
change in status constitutes a “separation from service” within the meaning of Section 409A of the
Code. Any payments in respect of Deferred Cash Awards constituting nonqualified deferred
compensation subject to Section 409A of the Code that are payable upon a Termination shall be
delayed for such period as may be necessary to meet the requirements of Section 409A(a)(2)(B)(i) of
the Code. On the first business day following the expiration of such period, the Participant shall
be paid, in a single lump sum without interest, an amount equal to the aggregate amount of all
payments delayed pursuant to the preceding sentence, and any remaining payments not so delayed
shall continue to be paid pursuant to the payment schedule applicable to such Deferred Cash Awards.



(u) “Vesting Date” means, with respect to any Deferred Cash Award, the date upon which
the applicable vesting conditions set forth in a Participant’s Deferred Cash Award Agreement are
satisfied.



3. Administration.



(a) Authority of the Committee. Except as otherwise provided below, the Plan shall be
administered by the Committee. The Committee shall have full and final authority, in each case
subject to and consistent with the provisions of the Plan, to (i) select Eligible Persons to become
Participants; (ii) grant Deferred Cash Awards; (iii) determine the terms and conditions of, and all
other matters relating to, Deferred Cash Awards; (iv) prescribe Deferred Cash Award Agreements
(which need not be identical for each Participant) and rules and regulations for the administration
of the Plan; (v) construe and interpret the Plan and Deferred Cash Award Agreements and correct
defects, supply omissions, and reconcile inconsistencies therein; and (vi) make all other decisions
and determinations as the Committee may deem necessary or advisable for the administration of the
Plan. Any action of the Committee shall be final, conclusive, and binding on all Persons,
including, without limitation, the Company, its shareholders and Affiliates, Eligible Persons,
Participants, and beneficiaries of Participants. Notwithstanding anything in the Plan to the
contrary, to the extent permitted under Sections 409A and 457A of the Code, the Committee shall
have the ability to accelerate the vesting of any outstanding Deferred Cash Awards at any time and
for any reason or in the event of a Participant’s Termination by the Service Recipient other than
for Cause, by the Participant for Good Reason, or due to the Participant’s death, disability or
retirement (as such terms may be defined in an applicable Deferred Cash Award Agreement or
Participant Agreement, or, if no such definition exists, in accordance with the Company’s
then-current employment policies and guidelines). For the avoidance of doubt, the Board shall have
the authority to take all actions under the Plan that the Committee is permitted to take.



(b) Delegation. To the extent permitted by applicable law, the Committee may delegate
to officers or employees of the Company or any of its Affiliates, or committees thereof, the
authority, subject to such terms as the Committee shall determine, to perform such functions under
the Plan, including, but not limited to, administrative functions, as the Committee may determine
appropriate. The Committee may appoint agents to assist it in administering the Plan. Any actions
taken by an officer or employee delegated authority pursuant to this Section 3(b) within the scope
of such delegation shall, for all purposes under the Plan, be deemed to be an action taken by the
Committee.



4. Deferred Cash Awards.



(a) General. Deferred Cash Awards may be granted to Eligible Persons in such form and
having such terms and conditions as the Committee shall deem appropriate. The provisions of
separate Deferred Cash Awards shall be set forth in separate Deferred Cash Award Agreements, which
agreements need not be identical. Notwithstanding anything contained in the Deferred Cash Award
Agreement, the Committee shall have the authority to remove any or all of the conditions imposed
on, and restrictions relating to, the Deferred Cash Awards whenever it may determine that, by
reason of changes in applicable laws or other changes in circumstances arising after the applicable
date of grant, such action is appropriate. Participants shall have no rights with respect to the
Deferred Cash Awards granted hereunder beyond those of a general creditor of the Company, and such
Deferred Cash Awards represent an unfunded and unsecured obligation of the Company.



(b) Payment. The vested portion of a Participant’s Deferred Cash Award shall be paid
or distributed to the Participant in cash on the Payment Date following the applicable Vesting
Date. The Company shall deduct from all amounts paid to the Participant under the Plan all
U.S. federal, state, local, and other taxes required by law to be withheld with respect to such
payments.



(c) Termination of Employment or Service. Except as provided by the Committee in a
Deferred Cash Award Agreement, Participant Agreement or otherwise, in the event of a Participant’s
Termination for any reason prior to the time that such Participant’s Deferred Cash Awards have
vested, (1) all vesting with respect to such Participant’s Deferred Cash Awards outstanding shall
cease; (2) all of such Participant’s unvested Deferred Cash Awards outstanding (or portions
thereof) shall be forfeited for no consideration as of the date of such Termination, and (3) any
vested Deferred Cash Awards (or portions thereof) then held by such Participant that have not been
settled shall be settled as soon as practicable following the date of such Termination and in no
event later than the Payment Date.



5. Change in Control.



Unless otherwise provided for in Deferred Cash Award Agreement or Participant Agreement, any
Deferred Cash Award held by a Participant who experiences an involuntary Termination as a result of
a Change in Control shall immediately vest as of the date of such Termination. For purposes of
this Section 5, a Participant will be deemed to experience an involuntary Termination as a result
of a Change in Control if the Participant experiences a Termination by the Service Recipient other
than for Cause or by the Participant for Good Reason, or otherwise experiences a Termination under
circumstances which entitle the Participant to mandatory severance payment(s) pursuant to
applicable law or, in the case of a non-employee director of the Company, if the non-employee
director’s service on the Board terminates in connection with or as a result of a Change in
Control, in each case, at any time beginning on the date of the Change in Control up to and
including the second (2nd) anniversary of the Change in Control.



6. Transferability of Awards.



Deferred Cash Awards may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will or by the applicable laws of descent and distribution.
Notwithstanding the foregoing, Deferred Cash Awards and a Participant’s rights under the Plan shall
be transferable for no value to the extent provided in a Deferred Cash Award Agreement or otherwise
determined at any time by the Committee.



7. Employment or Service Rights.



No individual shall have any claim or right to be granted Deferred Cash Awards under the Plan
or, having been selected for the grant of Deferred Cash Awards, to be selected for the grant of any
other Deferred Cash Awards. Neither the Plan nor any action taken hereunder shall be construed as
giving any individual any right to be retained in the employ or service of the Company or an
Affiliate of the Company.



8. Amendment of the Plan or Awards; Plan Termination.



(a) Amendment. The Board or the Committee, at any time, and from time to time, may
amend the Plan and/or the terms of the Deferred Cash Awards; provided, however, that the rights
provided under Deferred Cash Awards outstanding at the time of any such amendment shall not be
impaired by any such amendment unless the Participant consents in writing (it being understood that
no action taken by the Board or the Committee that is expressly permitted under the Plan shall
constitute an amendment to the Plan or a Deferred Cash Award for such purpose). Notwithstanding
the foregoing, subject to the limitations of applicable law, if any, and without an affected
Participant’s consent, the Board or the Committee may amend the terms of the Plan or any one or
more Deferred Cash Awards from time to time as necessary to bring such Deferred Cash Awards into
compliance with applicable law, including, without limitation, Section 409A of the Code and
Section 457A of the Code.



(b) Termination or Suspension of Plan. The Board may suspend or terminate the Plan at
any time. No Deferred Cash Awards may be granted under the Plan while the Plan is suspended or
after it is terminated; provided, however, that following any suspension or termination of the
Plan, the Plan shall remain in effect for the purpose of governing all Deferred Cash Awards then
outstanding hereunder until such time as all Deferred Cash Awards under the Plan have been
terminated, forfeited, or otherwise canceled, or earned, settled, or otherwise paid out, in
accordance with their terms.



9. Effective Date of the Plan.



The Plan is effective as of the Effective Date.



10. Miscellaneous.



(a) Section 409A; Section 457A. It is intended that the payments to be made under
this Plan comply with the “short-term deferral exemption” provided under each of Section 409A and
457A of the Code and the regulations promulgated thereunder, and the Committee shall interpret the
Plan provisions accordingly. Notwithstanding such, in no event whatsoever shall the Company or any
of its affiliates be liable for any additional tax, interest, or penalties that may be imposed on
any Participant by Section 409A or 457A of the Code or any damages for failing to comply with
Section 409A or 457A of the Code or any similar state or local laws (other than for withholding
obligations or other obligations applicable to employers, if any, under Sections 409A and 457A of
the Code).



(b) Other Benefits. No Deferred Cash Awards granted or paid out under the Plan shall
be deemed compensation for purposes of computing benefits under any retirement plan of the Company
or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in
effect under which the availability or amount of benefits is related to the level of compensation.



(c) Corporate Action Constituting Grant of Awards. Corporate action constituting a
grant by the Company of a Deferred Cash Award to any Participant will be deemed completed as of the
date of such corporate action, unless otherwise determined by the Committee, regardless of when the
instrument, certificate, or letter evidencing the Deferred Cash Award is communicated to, or
actually received or accepted by, the Participant. In the event that the corporate records (e.g.,
Committee consents, resolutions or minutes) documenting the corporate action constituting the grant
contain terms (e.g., vesting schedule) that are inconsistent with those in the Deferred Cash Award
Agreement as a result of a clerical error in connection with the preparation of the Deferred Cash
Award Agreement, the corporate records will control and the Participant will have no legally
binding right to the incorrect term in the Deferred Cash Award Agreement.



(d) Clawback/Recoupment Policy. Notwithstanding anything contained herein to the
contrary, all Deferred Cash Awards granted under the Plan shall be and remain subject to any
incentive compensation clawback or recoupment policy currently in effect or as may be adopted by
the Board (or a committee or subcommittee of the Board) and, in each case, as may be amended from
time to time. No such policy adoption or amendment shall in any event require the prior consent of
any Participant. No recovery of compensation under such a clawback policy will be an event giving
rise to a right to resign for “good reason” or “constructive termination” (or similar term) under
any agreement with the Company or any of its Affiliates. In the event that a Deferred Cash Award
is subject to more than one such policy, the policy with the most restrictive clawback or
recoupment provisions shall govern such Deferred Cash Award, subject to applicable law.



(e) Data Privacy. As a condition of receipt of any Deferred Cash Awards, each
Participant explicitly and unambiguously consents to the collection, use, and transfer, in
electronic or other form, of personal data as described in this Section 10(e) by and among, as
applicable, the Company and its Affiliates for the exclusive purpose of implementing,
administering, and managing the Plan and Deferred Cash Awards and the Participant’s participation
in the Plan. In furtherance of such implementation, administration, and management, the Company
and its Affiliates may hold certain personal information about a Participant, including, but not
limited to, the Participant’s name, home address, telephone number, date of birth, social security
or insurance number or other identification number, salary, nationality, job title(s), information
regarding any securities of the Company or any of its Affiliates, and details of all Deferred Cash
Awards (the “Data”). In addition to transferring the Data amongst themselves as necessary
for the purpose of implementation, administration, and management of the Plan and Deferred Cash
Awards and the Participant’s participation in the Plan, the Company and its Affiliates may each
transfer the Data to any third parties assisting the Company in the implementation, administration,
and management of the Plan and Deferred Cash Awards and the Participant’s participation in the
Plan. Recipients of the Data may be located in the Participant’s country or elsewhere, and the
Participant’s country and any given recipient’s country may have different data privacy laws and
protections. By accepting Deferred Cash Awards, each Participant authorizes such recipients to
receive, possess, use, retain, and transfer the Data, in electronic or other form, for the purposes
of assisting the Company in the implementation, administration, and management of the Plan and
Deferred Cash Awards and the Participant’s participation in the Plan. The Data related to a
Participant will be held only as long as is necessary to implement, administer, and manage the Plan
and Deferred Cash Awards and the Participant’s participation in the Plan. A Participant may, at
any time, view the Data held by the Company with respect to such Participant, request additional
information about the storage and processing of the Data with respect to such Participant,
recommend any necessary corrections to the Data with respect to the Participant, or refuse or
withdraw the consents herein in writing, in any case without cost, by contacting his or her local
human resources representative. The Company may cancel the Participant’s eligibility to
participate in the Plan, and in the Committee’s discretion, the Participant may forfeit any
outstanding Deferred Cash Awards if the Participant refuses or withdraws the consents described
herein. For more information on the consequences of refusal to consent or withdrawal of consent,
Participants may contact their local human resources representative.



(f) Participants Outside of the United States. The Committee may modify the terms of
any Deferred Cash Award under the Plan made to or held by a Participant who is then a resident, or
is primarily employed or providing services, outside of the United States in any manner deemed by
the Committee to be necessary or appropriate in order that such Deferred Cash Award shall conform
to laws, regulations, and customs of the country in which the Participant is then a resident or
primarily employed or providing services, or so that the value and other benefits of the Deferred
Cash Award to the Participant, as affected by non-U.S. tax laws and other restrictions applicable
as a result of the Participant’s residence, employment, or providing services abroad, shall be
comparable to the value of such Deferred Cash Award to a Participant who is a resident, or is
primarily employed or providing services, in the United States. A Deferred Cash Award may be
modified under this Section 10(f) in a manner that is inconsistent with the express terms of the
Plan, so long as such modifications will not contravene any applicable law or regulation or result
in actual liability under Section 16(b) of the Exchange Act for the Participant whose Deferred Cash
Award is modified. Additionally, the Committee may adopt such procedures and sub-plans as are
necessary or appropriate to permit participation in the Plan by Eligible Persons who are non-U.S.
nationals or are primarily employed or providing services outside the United States.



(g) Change in Time Commitment. In the event a Participant’s regular level of time
commitment in the performance of his or her services for the Company or any of its Affiliates is
reduced (for example, and without limitation, if the Participant is an employee of the Company and
the employee has a change in status from a full-time employee to a part-time employee) after the
date of grant of any Deferred Cash Awards to the Participant, the Committee has the right in its
sole discretion to (i) make a corresponding reduction in the amount deferred pursuant to such
Deferred Cash Awards that is scheduled to vest or become payable after the date of such change in
time commitment, and (ii) in lieu of or in combination with such a reduction, extend the vesting or
payment schedule applicable to such Deferred Cash Awards. In the event of any such reduction, the
Participant will have no right with respect to any portion of the Deferred Cash Awards that is so
reduced or extended.



(h) No Liability of Committee Members. Neither any member of the Committee nor any of
the Committee’s permitted delegates shall be liable personally by reason of any contract or other
instrument executed by such member or on his or her behalf in his or her capacity as a member of
the Committee or for any mistake of judgment made in good faith, and the Company shall indemnify
and hold harmless each member of the Committee and each other employee, officer, or director of the
Company to whom any duty or power relating to the administration or interpretation of the Plan may
be allocated or delegated, against all costs and expenses (including counsel fees) and liabilities
(including sums paid in settlement of a claim) arising out of any act or omission to act in
connection with the Plan unless arising out of such Person’s own fraud or willful misconduct;
provided, however, that approval of the Board shall be required for the payment of any amount in
settlement of a claim against any such Person. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such Persons may be entitled under the
Company’s certificate or articles of incorporation or bye-laws, each as may be amended from time to
time, as a matter of law, or otherwise, or any power that the Company may have to indemnify them or
hold them harmless.



(i) Payments Following Accidents or Illness. If the Committee shall find that any
Person to whom any amount is payable under the Plan is unable to care for his or her affairs
because of illness or accident, or is a minor, or has died, then any payment due to such Person or
his or her estate (unless a prior claim therefor has been made by a duly appointed legal
representative) may, if the Committee so directs the Company, be paid to his or her spouse, child,
relative, an institution maintaining or having custody of such Person, or any other Person deemed
by the Committee to be a proper recipient on behalf of such Person otherwise entitled to payment.
Any such payment shall be a complete discharge of the liability of the Committee and the Company
therefor.



(j) Governing Law. The Plan shall be governed by and construed in accordance with the
internal laws of Bermuda without reference to the principles of conflicts of laws thereof.



(k) Electronic Delivery. Any reference herein to a “written” agreement or document or
“writing” will include any agreement or document delivered electronically or posted on the
Company’s intranet (or other shared electronic medium controlled or authorized by the Company to
which the Participant has access) to the extent permitted by applicable law.



(l) Funding. No provision of the Plan shall require the Company, for the purpose of
satisfying any obligations under the Plan, to purchase assets or place any assets in a trust or
other entity to which contributions are made or otherwise to segregate any assets, nor shall the
Company be required to maintain separate bank accounts, books, records, or other evidence of the
existence of a segregated or separately maintained or administered fund for such purposes.
Participants shall have no rights under the Plan other than as unsecured general creditors of the
Company, except that insofar as they may have become entitled to payment of additional compensation
by performance of services, they shall have the same rights as other employees and service
providers under general law.



(m) Reliance on Reports. Each member of the Committee and each member of the Board
shall be fully justified in relying, acting, or failing to act, and shall not be liable for having
so relied, acted, or failed to act in good faith, upon any report made by the independent public
accountant of the Company and its Affiliates and upon any other information furnished in connection
with the Plan by any Person or Persons other than such member.



(n) Titles and Headings. The titles and headings of the sections in the Plan are for
convenience of reference only, and in the event of any conflict, the text of the Plan, rather than
such titles or headings, shall control.



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