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EXHIBIT 10.22  

 
 

ESG RE Limited
  2000 RESTRICTED STOCK PLAN    
  

Approved
by the Board of Directors February 25, 2000 

 
 

TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	1.	 	Definitions	 	1
	2.	 	Administration of Plan	 	4
	3.	 	Eligibility	 	5
	4.	 	Number of Shares Subject to the Plan	 	5
	5.	 	Certain Terms of Grants	 	5
	6.	 	Tax Withholding	 	6
	7.	 	Regulations and Approvals	 	7
	8.	 	Termination; Amendments	 	8
	9.	 	Changes in Capital Structure	 	8
	10.	 	General Provisions	 	9
	11.	 	Term of the Plan	 	10

 
 

ESG RE LIMITED
  2000 RESTRICTED STOCK PLAN    
  

        The purpose of this ESG Re Limited 2000 Restricted Stock Plan is to promote the interests of ESG Re Limited, a Bermuda company (the "Company"), and its
shareholders by (i) attracting and retaining exceptional officers and other employees of the Company and its Subsidiaries and (ii) enabling such individuals to participate in the
long-term growth and financial success of the Company. 

        1.    Definitions.    

        Whenever
used herein, the following terms shall have the meanings set forth below: 

"Affiliate" shall mean (i) any entity that, directly or indirectly, is controlled by, controls or is under common control with, the Company and
(ii) any entity in which the Company has a significant entity in which the Company has a significant equity interest, in either case as determined by the Committee. 

"Award Agreement" means a written agreement in a form approved by the Committee to be entered into by the Company and the Grantee of Restricted Stock as
provided in Section 2. 

"Board" means the Board of Directors of the Company. 

"Cause" means, unless otherwise provided in the Grantee's Award Agreement, the occurrence of one of the following: 

          (i)  the
commission by the Grantee of an act of deliberately criminal or fraudulent misconduct in the line of duty to the Company or any of its Subsidiaries (including but
not limited to, fraud, misappropriation, embezzlement or the willful violation of any material law, rule, regulation, or cease and desist order applicable to the Grantee, the Company or any of its
Subsidiaries), or a deliberate, willful breach of fiduciary duty owed by the Grantee to the Company or any of its Subsidiaries; 

        (ii)  intentional,
continued failure by the Grantee to perform stated duties (including but not limited to chronic absenteeism), gross negligence, or gross incompetence in
the performance of stated duties; or 

        (iii)  the
Grantee's removal from his or her office with the Company pursuant to an effective order under Section 8(e) of the Federal Deposit Insurance Act, as
amended. 

        "Change of Control" means: 

          (i)  any
"person," including a "group" (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act, but excluding the Company, any entity controlling,
controlled by or under common control with the Company, any employee benefit plan of the Company or any such entity, and, with respect to any particular Grantee, the Grantee and any "group" (as such
term is used in Section 13(d)(3) of the Exchange Act) of which the Grantee is a member), is or becomes the "beneficial owner" (as defined in Rule 13(d)(3) under the Exchange Act),
directly or indirectly, of securities of the Company representing 35% or more of either (A) the combined voting power of the Company's then outstanding securities or (B) the then
outstanding Shares (in either such case other than as a result of an acquisition of securities directly from the Company); or 

        (ii)  any
consolidation or merger of the Company where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the
consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of
the combined voting power of the securities of the corporation issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); or 

        (iii)  there
shall occur (A) any sale, lease, exchange or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a
single plan) of all or substantially 

all of the assets of the Company, other than a sale or disposition by the Company of all or substantially all of the Company's assets to an entity, at least 50% of the combined voting power of the
voting securities of which are owned by Persons in substantially the same proportion as their ownership of the Company immediately prior to such sale or (B) the approval by stockholders of the
Company of any plan or proposal for the liquidation or dissolution of the Company; or 

        (iv)  the
members of the Board at the beginning of any consecutive 24-calendar-month period (the "Incumbent Directors") cease for any reason other than due to
death to constitute at least a majority of the members of the Board; provided that any director whose election, or nomination for election by the Company's stockholders, was approved by a vote of at
least a majority of the members of the Board then still in office who were members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent
Director. 

"Code" means the Internal Revenue Code of 1986, as amended. 

"Committee" shall mean the compensation committee of the Board, or such other committee of the Board as may be designated by the Board to administer the
Plan which Committee shall consist of two or more Directors. It is intended that the Directors appointed to serve on the Committee shall be
"Non-Employee Directors" (within the meaning of Rule 16b-3 promulgated under the Exchange Act) to the extent such are applicable to the Company and the Plan; however,
the mere fact that a Committee member shall fail to qualify under either of the foregoing requirements shall not invalidate any Grant made by the Committee which Grant is otherwise validly made under
the Plan. 

"Common Stock" means the Company's common stock, par value $1.00 per share, either currently existing or authorized hereafter. 

        "Company" shall mean ESG RE Limited, together with any successor thereto. 

"Disability" means, unless otherwise provided by the Committee in the Grantee's Award Agreement, a disability which renders the Grantee incapable of
performing all of his or her material duties for a period of at least 180 consecutive or non-consecutive days during any consecutive twelve-month period. 

        "Director" means a non-employee director of the Company. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

"Fair Market Value" shall mean (a) with respect to any property other than Shares, the fair market value of such property determined by such
methods or procedures as shall be established from time to time by the Committee, and (b) with respect to the Shares, as of any date, (i) the average closing bid prices of the Shares for
the past ten consecutive trading days on the Nasdaq National Market if the Shares are approved for quotation on such system or, if not so approved, the mean between the closing sales price of the
Shares for the past ten consecutive trading days on the national exchange or over-the-counter market on which the Shares are principally trading on such dates or (ii) in
the event there shall be no public market for the Shares on such date, the fair market value of the Shares as determined in good faith by the Committee. 

        "Grant" means a grant of Restricted Stock hereunder. 

"Grantee" means an officer or employee of the Company to whom Restricted Stock is granted. 

"Plan" means the Company's 2000 Restricted Stock Plan, as set forth herein and as the same may from time to time be amended. 

        "Restricted Stock" means Shares that are subject to restrictions hereunder. 

"Retirement" means the Termination of Service of a Grantee with the Company under circumstances which would entitle an employee of the Company to an
immediate pension under one of the Company's approved retirement plans or retirement as determined by the Committee in its absolute discretion pursuant to such other standard as may be adopted by the
Committee. 

"Securities Act" means the Securities Act of 1933, as amended. 

"Shares" means shares of Common Stock of the Company. 

"Subsidiary" shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in which the Company
has a significant equity interest, in either case as determined by the Committee. 

        2.    Administration of Plan    

        (a)  The
Plan shall be administered by the Committee. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations
conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Grantees; (ii) determine the number of Shares to be covered by, or with
respect to which payments, rights, or other matters are to be calculated in connection with, the Grant; (iii) determine the terms and conditions of any Grant; (iv) determine whether, to
what extent, and under what circumstances a Grant may be canceled, forfeited, or suspended; (v) interpret, administer reconcile any inconsistency, correct any default and/or supply any omission
in the Plan and any instrument or agreement relating to, or Grant made under, the Plan; (vi) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall
deem appropriate for the proper administration of the Plan; and (vii) make any other determination and take any other action that the Committee deems necessary or desirable for the
administration of the Plan. If no Committee is designated by the Board to act for these purposes, the Board shall have the rights and responsibilities of the Committee hereunder and under the Award
Agreements. 

        (b)  Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Grant
shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive and binding upon all
persons, including the Company, any Affiliate, any Grantee, any holder or beneficiary of any Grant, and any shareholder. 

        (c)  Each
Grant hereunder shall be evidenced by an Award Agreement, which shall be delivered to the Grantee and shall specify the terms and conditions of the Grant and any
rules applicable thereto, including, but not limited to, the effect on such Grant of the death, Disability, termination or Retirement of employment of a Grantee, or a Change of Control of the Company
and the effect, if any, of such other events as many be determined by the Committee. 

        (d)  No
member of the Committee shall be liable for any action or determination made in good faith with respect to the Plan or any Grant hereunder. 

        3.    Eligibility    

        Any
officer or other employee of the Company or any of its Subsidiaries (including any prospective officer or key employee) shall be eligible to be designated a Grantee. The Award
Agreement shall contain such other terms, provisions and conditions not inconsistent herewith as shall be determined by the Committee. 

        4.    Number of Shares Subject to the Plan    

        Subject
to adjustments pursuant to Section 9, no more than an aggregate of 2,000,000 Shares may be the subject of Grants. Shares of Restricted Stock that are forfeited may be the
subject of the grant of further Grants. Shares of Common Stock issued hereunder may consist, in whole or in part, of authorized and unissued shares. 

        5.    Certain Terms of Grants.    

        (a)  Each
Grantee shall be issued a stock certificate in respect of any Grant under the Plan. Such certificate shall be registered in the name of the Grantee. The
certificates for Shares issued hereunder may include any legend which the Committee deems appropriate to reflect any restrictions on transfer hereunder or under the Award Agreement, or as the
Committee may otherwise deem appropriate, and, 

without limiting the generality of the foregoing, shall bear a legend referring to the terms, conditions, and restrictions applicable to such Grant, substantially in the following form: 

The
transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions (including forfeiture) of the ESG RE Limited 2000 Restricted Stock
Plan and an Agreement entered into between the registered owner and ESG RE Limited. Copies of such Plan and Agreement are on file in the offices of ESG RE Limited, Skandia International
House, 16 Church Street, Hamilton, HM 11 Bermuda. 

        (b)  The
Committee shall require that the stock certificates evidencing such Shares be held in custody by the Company until the restrictions thereon shall have lapsed, and
that, as a condition of any Grant, the Grantee shall have delivered a stock power, endorsed in blank, relating to the stock covered by such Grant. If and when such restrictions so lapse, the stock
certificates shall be delivered by the Company to the Grantee or his or her designee. The Grantee shall take whatever additional actions and execute whatever additional documents the Committee may in
its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on the Grantee pursuant to the express provisions of the Plan
and the Award Agreement. The Committee may provide that the Grantee pay to the Company a specified purchase price for the Restricted Stock (whether or not the payment of a purchase price is required
by any state law applicable to the Company). 

        (c)  Restrictions
and Conditions. Unless otherwise provided by the Committee, the Shares of Restricted Stock granted pursuant to the Plan shall be subject to the following
restrictions and conditions: 

          (i)  Subject
to the provisions of the Plan and the Award Agreements, during a period commencing with the date of such Grant and ending on the date the period of forfeiture
with respect to such Shares lapse, the Grantee shall not be permitted voluntarily or involuntarily to sell, transfer, pledge, anticipate, alienate, encumber or assign Shares of Restricted Stock
granted under the Plan (or have such Shares attached or garnished). Subject to the provisions of the Award Agreements, the period of forfeiture with respect to Shares granted hereunder shall lapse as
provided in the applicable Award Agreement. 

        (ii)  Except
as provided in the foregoing clause (i), the Grantee shall have, in respect of the Shares of Restricted Stock, all of the rights of a shareholder of the
Company, including the right to vote the Shares and the right to receive any cash dividends. Certificates for Shares (not subject to restrictions) shall be delivered to the Grantee promptly after, and
only after, the period of forfeiture shall lapse without forfeiture in respect of such Shares of Restricted Stock. 

        (iii)  Subject
to the provisions of the Award Agreement, if the Grantee's employment is terminated during the applicable period of forfeiture, then all Shares still subject
to restriction shall thereupon, and with no further action, be forfeited by the Grantee. 

        6.    Tax Withholding.    

        The
Company shall be entitled to withhold from any payments or deemed payments any amount of tax withholding determined by the Committee to be required by law. Without limiting the
generality of the foregoing, the Committee may, in its discretion, require the Grantee to pay to the Company at the time of vesting of any Restricted Stock (or other income recognition event, such as
election under Section 83(b) of the Code) the amount that the Committee deems necessary to satisfy the Company's obligation to withhold federal, state or local income or other taxes incurred by
reason of the vesting (or other such event). Upon vesting (or such other event), the Grantee may, if approved by the Committee in its discretion, make a written election to have Shares withheld by the
Company from the Shares otherwise to be released from restriction, or to deliver previously owned Shares (not subject to restrictions hereunder), in order to satisfy the liability for such withholding
taxes. In the event that the Grantee makes, and the Committee permits, such an election, the number of Shares so withheld or delivered shall have an aggregate Fair Market Value on the date of exercise
sufficient to satisfy the 

applicable withholding taxes. Notwithstanding anything contained in the Plan to the contrary, the Grantee's satisfaction of any tax-withholding requirements imposed by the Committee shall
be a condition precedent to the release of any restrictions as may otherwise be provided hereunder, and the failure of the Grantee to satisfy such requirements with respect to the vesting of
Restricted Stock (or other income recognition event) shall cause the applicable Restricted Stock to be forfeited. 

        7.    Regulations and Approvals.    

        (a)  The
Committee may make such changes to the Plan as may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax
benefits applicable to restricted stock. 

        (b)  Each
Grant is subject to the requirement that, if at any time the Committee determines, in its discretion, that the listing, registration or qualification of Shares
issuable pursuant to the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a
condition of, or in connection with, the issuance of Shares of Restricted Stock or other Shares, no payment shall be made or Shares issued or Grant made, in whole or in part, unless listing,
registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the Committee. 

        (c)  In
the event that the disposition of stock acquired pursuant to the Plan is not covered by a then current registration statement under the Securities Act, and is not
otherwise exempt from such registration, such Shares shall be restricted against transfer to the extent required under the Securities Act, and the Committee may require any individual receiving Shares
pursuant to the Plan, as a condition precedent to receipt of such Shares, to represent to the Company in writing that such Shares will be disposed of only if registered for sale under the Securities
Act or if there is an available
exemption for such disposition, and, without limiting Section 5(a), may provide for a legending of such Shares to that effect. 

        8.    Termination; Amendments.    

        (a)  The
Board may amend, alter, suspend, discontinue, or terminate the Plan or any portion thereof at any time; provided that no such amendment, alteration, suspension,
discontinuation or termination shall be made without shareholder approval if such approval is necessary to comply with any tax or regulatory requirement applicable to the Plan, and provided, further,
that any such amendment, alteration, suspension, discontinuance or termination that would impair the rights of any Grantee or any holder or beneficiary of any Grant theretofore granted shall not to
that extent be effective without the consent of the affected Grantee, holder or beneficiary. 

        (b)  The
Committee may waive any conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Grant theretofore granted,
prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance, cancellation or termination that would impair the rights of any Grantee or any holder
or beneficiary or any Grant theretofore granted shall not to that extent be effective without the consent of the affected Grantee, holder or beneficiary. 

        9.    Changes in Capital Structure.    

        (a)  In
the event that the Committee determines that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other
securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an
adjustment is determined by the Committee in its discretion to be appropriate in order to prevent dilution or enlargement of the potential benefits intended to be made available under the Plan, then
the Committee may adjust the maximum aggregate number and kind of Shares of Restricted Stock that may be granted under the Plan. 

        (b)  Any
Shares or other securities distributed to a Grantee with respect to Restricted Stock shall be subject to the restrictions and requirements imposed by
Section 5, including depositing the certificates therefor with ESG RE Limited together with a stock power and bearing a legend as provided in Section 5(b). 

        (c)  If
the Company shall be consolidated or merged with another corporation, each Grantee who has received Shares of Restricted Stock that is then subject to restrictions
imposed by Section 5 may be required to deposit with the successor corporation the certificates for the stock or securities or the other property that the Grantee is entitled to receive by
reason of ownership of Shares of Restricted Stock in a manner consistent with Section 5(b), and such stock, securities or other property shall become subject to the restrictions and
requirements imposed by Section 5(c), and the certificates therefor or other evidence thereof shall bear a legend similar in form and substance to the legend set forth in Section 5(a). 

        10.    General Provisions    

        (a)  No Limit on Other Compensation Arrangements. Nothing contained in the Plan shall prevent the Company or any Affiliate
from adopting or continuing in effect other compensation arrangements, which may, but need not, provide for the grant of options (subject to shareholder approval if such approval is required), and
such arrangements may be either generally applicable or applicable only in specific cases. 

        (b)  No Right to Employment. The Grant shall not be construed as giving a Grantee the right to be retained in the employ of
the Company or any Affiliate. Further, the Company or an Affiliate may at any time dismiss a Grantee from employment, free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award Agreement. 

        (c)  GOVERNING LAW. THE VALIDITY, CONSTRUCTION, AND EFFECT OF THE PLAN AND ANY RULES AND REGULATIONS RELATING TO THE PLAN AND
ANY AWARD AGREEMENT SHALL BE DETERMINED IN ACCORDANCE WITH THE LAWS OF BERMUDA. 

        (d)  Severability. If any provision of the Plan or any Grant is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or Grant, or would disqualify the Plan or any Grant under any law deemed applicable by the Committee, such provision shall be construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Grant, such provision shall be stricken as to such jurisdiction, Person or Grant and the
remainder of the Plan and any such Grant remain in full force and effect. 

        (e)  Other Laws. The Committee may refuse to issue or transfer any Shares or other consideration under a Grant if, acting in
its sole discretion and in accordance with the By-laws of the Company, it determines that the issuance or transfer of such Shares or such other consideration might violate any applicable
law or regulation or the Company By-laws or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Grantee,
other holder or beneficiary in connection with a Grant shall be promptly refunded to the relevant Grantee, holder or beneficiary. 

        (f)    Headings. Headings are given to the Sections and subsections of the Plan solely as a convenience to facilitate reference.
Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 

        11.    Term of the Plan    

        (a)  Effective Date. The Plan shall be effective as of the date of its approval by the Board. 

        (b)  Expiration Date. No Grant shall be granted under the Plan after 10 years from the Effective Date of the Plan.
Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Grant hereunder may, and the authority of the Board or the Committee to amend, alter, adjust, suspend,
discontinue, or terminate any such Grant or to waive any conditions or rights under any such Grant shall, continue after such date. 

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ESG RE Limited 2000 RESTRICTED STOCK PLAN

TABLE OF CONTENTS

ESG RE LIMITED 2000 RESTRICTED STOCK PLANEXHIBIT 10.23  

ESG RE LIMITED  

 DEFERRED COMPENSATION PLAN

(Amended and Restated as of February 25, 2000)  

        I.    Purpose    The purpose of the Deferred Compensation Plan (the "Plan") of ESG Re Limited
(the "Company") is to provide certain eligible individuals the opportunity to defer receipt of compensation, under terms advantageous to both these individuals and the Company, for the periods
provided in the Plan. 

        II.    Definitions    For purposes of this Plan, the following terms shall have the following meanings: 

        "Account" shall have the meaning specified in Section 4.1. 

        "Affiliate" means, with respect to any specified Person, any other Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by, or is under common control with, such specified Person. For purposes of this Agreement, the term "control" means the possession, directly or indirectly, 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 representation on the board of directors, management committee or
similar governing body, by contract or otherwise. 

        "Award" shall mean a payment by the Company of an amount equal to a percentage, up to twenty percent (20%) unless a greater percentage is
specified by the Board, of a Participant's Compensation, the payment of which the Participant has elected to defer under this Plan. 

        "Beneficiary" shall mean the person or persons designated from time to time in writing delivered to the Committee by a Participant to
receive payments under this Plan after the death of such Participant or, in the absence of any such designation or in the event that such designated person or persons shall predecease such
Participant, the Participant's estate or legal representative. 

        "Board" shall mean the Board of Directors of the Company. 

        "Cause" shall mean: 

        (a)  in
the case of an Eligible Individual whose employment with the Company is subject to the terms of an employment agreement between such Eligible Individual and the
Company, which employment agreement includes a definition of "Cause," the term "Cause" as used in this Plan shall have the meaning set forth in such employment agreement during the period that such
employment agreement remains in effect; and 

        (b)  in
all other cases, (i) dishonesty or willful misconduct in the performance of duties, (ii) involvement in a transaction in connection with the performance
of duties to the Company or any of its Subsidiaries which transaction is adverse to the interests of the Company or any of its Subsidiaries and which is engaged in for personal profit, or
(iii) willful violation of any law, rule or regulation in connection with the performance of duties (other than traffic violations or similar offenses). 

        "Change in Control" shall mean the occurrence of any of the following: 

        (a)  an
acquisition (other than directly from the Company) of any voting securities of the Company (the "Voting Securities") by any Person, immediately after which such
Person has "Beneficial Ownership" (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of twenty percent (20%) or more of the then outstanding Shares or the
combined voting power of the Company's then outstanding Voting Securities; provided, however, in determining whether a Change in Control has occurred
pursuant to this Section, Shares or Voting Securities which are acquired in a "Non-Control Acquisition" (as hereinafter defined) shall not constitute an acquisition which would cause a
Change in Control. A "Non-Control Acquisition" shall mean an acquisition by (i) an employee benefit plan (or a trust forming a part thereof) maintained by (A) the Company or
(B) any corporation or other Person 

of which a majority of its voting power or its voting equity securities or equity interest is owned, directly or indirectly, by the Company (for purposes of this definition, a "Related Entity"),
(ii) the Company or any Related Entity, (iii) a John Head Entity, or (iv) any Person in connection with a "Non-Control Transaction" (as hereinafter defined); 

        (b)  the
individuals who, as of February 25, 2002 are members of the Board (the "Incumbent Board"), cease for any reason to constitute at least a majority of the
members of the Board or, following a Merger which results in a Parent corporation, the board of directors of the ultimate Parent Corporation (as defined in paragraph (c)(i)(A) below);  provided, however, that if the election, or nomination for election by the Company's common stockholders, of any new director was approved by a vote of
at least three-fourths of the Incumbent Board, such new director shall, for purposes of this Plan, be considered as a member of the Incumbent Board; provided further,
however, that no individual shall be considered a member of the Incumbent Board if such individual initially assumed office as a result of an actual or threatened solicitation
of proxies or consents by or on behalf of a Person other than the Board (a "Proxy Contest") including by reason of any agreement intended to avoid or settle a Proxy Contest; or 

        (c)  the
consummation of: 

          (i)  a
merger, consolidation or reorganization with or into the Company or in which securities of the Company are issued (a "Merger"), unless such Merger is a
"Non-Control Transaction." A "Non-Control Transaction" shall mean a Merger where: 

        (A)  the
stockholders of the Company, immediately before such Merger own directly or indirectly immediately following such Merger at least fifty percent (50%) of the combined
voting power of the outstanding voting securities of (x) the corporation resulting from such Merger (the "Surviving Corporation") if fifty percent (50%) or more of the combined voting power of
the then outstanding voting securities of the Surviving Corporation is not Beneficially Owned, directly or indirectly by another Person (a "Parent Corporation"), or (y) if there are one or more
Parent Corporations, the ultimate Parent Corporation; and, 

        (B)  the
individuals who were members of the Incumbent Board immediately prior to the execution of the agreement providing for such Merger constitute at least a majority of
the members of the board of directors of (x) the Surviving Corporation, if there is no Parent Corporation, or (y) if there are one or more Parent Corporations, the ultimate Parent
Corporation; and 

        (C)  no
Person other than (1) the Company, (2) any Related Entity, (3) any employee benefit plan (or any trust forming a part thereof) that, immediately
prior to such Merger was maintained by the Company or any Related Entity, or (4) any Person who, immediately prior to such Merger had Beneficial Ownership of twenty percent (20%) or more of the
then outstanding Voting Securities or Shares, has Beneficial Ownership of twenty percent (20%) or more of the combined voting power of the
outstanding voting securities or common stock of (x) the Surviving Corporation if there is no Parent Corporation, or (y) if there are one or more Parent Corporations, the ultimate Parent
Corporation; 

        (ii)  a
complete liquidation or dissolution of the Company; or 

        (iii)  the
sale or other disposition of all or substantially all of the assets of the Company to any Person (other than a transfer to a Related Entity or under conditions
that would constitute a Non-Control Transaction with the disposition of assets being regarded as a Merger for this purpose or the distribution to the Company's stockholders of the stock of
a Related Entity or any other assets). 

        Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the "Subject Person") acquired Beneficial Ownership of more than the permitted
amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by the Company which, by reducing the number of Shares or Voting Securities
then 

outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons, provided that if a Change in Control would occur (but for the operation of this sentence) as a
result of the acquisition of Shares or Voting Securities by the Company, and after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Shares or
Voting Securities which increases the percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 

        If
an Eligible Individual's status as an Eligible Individual is terminated by the Company without Cause prior to the date of a Change in Control but the Eligible Individual reasonably
demonstrates that the termination (A) was at the request of a third party who has indicated an intention or taken steps reasonably calculated to effect a Change in Control or
(B) otherwise arose in connection with, or in anticipation of, a Change in Control which has been threatened or proposed, then such Eligible Individual's Termination Date shall be deemed to
have occurred after a Change in Control for purposes of this Plan provided a Change in Control shall actually have occurred. 

        "Committee" shall have the meaning specified in Section 6.1. 

        "Compensation" shall mean the periodic base salary of, or fees for services paid to, an Eligible Individual during a fiscal year. 

        "Deferral Election" shall have the meaning specified in Section 3.1. 

        "Deferred Amount" shall mean at any time the sum of all of a Participant's Awards plus all Investment Income credited as of such date to
the Account of such Participant, as provided herein. 

        "Designated Pay-Out Schedule" shall have the meaning specified in Section 3.1. 

        "Designee" shall mean any Eligible Individual who is designated as a Participant by the Board during a fiscal year. 

        "Director" means a director of the Company. 

        "Election Date" shall have the meaning specified in Section 3.2. 

        "Eligible Individual" shall mean those individuals who either: (a) receive periodic payments for services from the Company, or
(b) work exclusively for the Company. Independent contractors shall not be considered Eligible Individuals. Nothing herein, however, shall prohibit the Board from specially designating an
independent contractor an Eligible Individual for purposes of receipt of benefits under the Plan. 

        "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. 

        "Investment Income" shall have the meaning specified in Section 4.2. 

        "John Head Entity" means John C Head III or any of his Affiliates or Relatives. 

        "Participant" shall mean any Eligible Individual who is a Designee on any date which is an Election Date for an Award, which, if
thereafter earned, will be earned in respect of the Company's fiscal year following the fiscal year in which the Election Date occurs, or such other period as provided herein. 

        "Person" means any individual, partnership, firm, corporation, limited liability company, joint venture, association, trust,
unincorporated organization or other entity, as well as any syndicate or group that would be deemed to be a person under Section 13(d)(3) of the Exchange Act. 

        "Relative" with respect to any natural person, means (i) the spouse, sibling, parent, child or other blood or in-law
family members within the fourth degree, in a direct or collateral line, of such natural person; (ii) a trust solely for the benefit of such natural person or any of the individuals referred to
in clause (i); (iii) the guardian, estate or conservator of such natural person or any of the individuals referred to in clause (i); and (iv) any corporation, partnership,
limited liability company or other entity all of the outstanding equity interests of which are owned, directly or indirectly, by such natural person or the individuals or entities referred to in
clauses (i), (ii) or (iii). 

        "Termination Date" shall mean the date on which an individual's status as an as an Eligible Individual is terminated. For the purposes of
this Plan, it shall not be considered a termination of as an Eligible Individual status when a Participant is granted a military or personal leave of absence by the Company. 

        III.    Deferral of Awards    

        A.    Deferral Election.    "Deferral Election" shall mean an election by a Participant to have the payment of an
amount equal to a percentage of his Compensation deferred pursuant to this Plan until the Termination Date with a Designated Pay-Out Schedule. A "Designated Pay-Out Schedule"
shall mean one of the following, as selected by the Participant for a particular Award: (i) a lump-sum pay-out 30 days after the Termination Date; or
(ii) a pay-out in three annual installments: (a) 30 days after the Termination Date; (b) on the second anniversary of the Termination Date; and (c) on
the third anniversary of the Termination Date, in accordance with the following method with respect to each Award: 

INSTALLMENT
METHOD WITH RESPECT TO AN AWARD 

1st
payment is 1/3 of the Deferred Amount then credited to such Participant's Account with respect to such Award, 

2nd
payment is 1/2 of the Deferred Amount then credited to such Participant's Account with respect to such Award, 

3rd
payment is the remainder of the Deferred Amount then credited to such Participant's Account with respect to such Award. 

        B.    Form and Timing of Deferral Election.    A Deferral Election shall be in writing on a form delivered to the
Designee by the Company on or before the Election Date. The "Election Date" for an Award shall be (i) the last business day in December of the prior fiscal year of the Company in respect of
which the Award is earned, or (ii) with respect to years beginning prior to December 31, 2002, the date this Plan was originally adopted; provided, however, that in the case of an
Eligible Individual who becomes a Designee for the first time, the "Election Date" shall be 30 days after such Eligible Individual receives notice that he has become a Designee for an Award
earned or made following such Election Date. Each Deferral Election shall specify which Designated Pay-Out Schedule will apply. 

        C.    Duration of Deferral Election.    A Deferral Election, once made, shall be irrevocable and shall apply to future
Awards, provided, however, that a Designee may notify the Company in writing at least thirty days prior to the end of the fiscal year prior to the year in which an Award is earned that the Designee
elects to cease future deferrals under the Plan. A Designee who elects to cease the deferral of Awards may not make a subsequent Deferral Election until the fiscal year following such election to
cease future deferrals. 

        IV.    Treatment of Deferred Amounts    

        A.    Memorandum Account.    The Company shall establish on its books a memorandum account (the "Account") for each
Participant who elects to defer an Award under this Plan. Immediately following the date on which an Award would otherwise be payable to a Participant, the amount of such Award shall be credited to
such Participant's Account. 

        B.    Investment Income.    Prior to each calendar quarter, the Committee, in its sole discretion, shall select the
assets or group of assets to which the Accounts under the Plan shall be indexed, with such changes from time to time as the Committee in its sole discretion deems advisable. On the last day of each
calendar quarter, the total investment return (including dividends, interest, and realized and unrealized gains or losses, if any) of those assets or group of assets (the "Investment Income") shall be
credited to each Participant's Account, computed separately for each Account, on the balance (if any) of such Account as of such date. 

        C.    Assets.    No assets shall be segregated or earmarked in respect of any Deferred Amount and no Participant shall
have any right to assign, transfer, pledge or hypothecate his interest, or any portion 

thereof, in his Account. The Plan and the crediting of Accounts hereunder shall not constitute a trust and shall be merely for the purpose of recording an unsecured contractual obligation. 

        D.    Reports.    Until the entire Deferred Amount in an Account shall have been paid in full, the Company will
furnish to each Participant a report, at least annually, setting forth transactions in such Account and the status of his Account. 

        V.    Payment of Deferred Amounts    

        A.    Form of Payment.    All payments of Deferred Amounts under this Plan shall be made in cash. 

        B.    Payment of Deferred Amount.    The Deferred Amount credited to each Participant's Account with respect an Award
(including all Investment Income attributable to such Award) shall be payable to such Participant, in accordance with the Designated Pay-Out Schedule, commencing as provided in
Section 3.1. If a Participant dies prior to payment of all or any portion of the Deferred Amount, the entire Deferred Amount credited to such Participant's Account shall (if not sooner payable)
be payable to such Participant's Beneficiary in accordance with the Designated Pay-Out Schedule commencing within 30 days following the Participant's death; provided, however, that
the Board may, in its sole discretion, accelerate the payment of the entire Deferred Amount in a lump-sum within 30 days following the date of Participant's death. 

        C.    Acceleration of Payments.    Notwithstanding any other provision of this Plan to the contrary, the Board, in its
sole discretion, is empowered to accelerate the payment of Deferred Amounts to a Participant or to all Participants, for any reason, including but not limited to an event of substantial hardship to a
Participant arising out of mental or physical disability of the Participant or an immediate family member, death of an immediate family member or such other cause as the Board shall in its sole
discretion determine to constitute substantial hardship. The Board shall not have any obligation to make such acceleration for any such reason or any other reason. 

        VI.    Administration    

        A.    Committee.    The Plan shall be established by the Board and shall be administered
day-to-day and interpreted by a committee appointed from time to time by the Board and consisting of three or more Directors, officers or employees of the Company (the
"Committee"). Notwithstanding the administration of the Plan by the Committee, the Board shall have the final authority to construe and interpret the terms and provisions of the Plan, to adopt, alter
and repeal such rules, guidelines and practices governing this Plan and perform all acts, including the delegation of its administrative responsibilities as it shall, from time to time, deem
advisable, and to otherwise supervise the administration of this Plan. The Board may correct any defect, supply any omission or reconcile any inconsistency in the Plan, or in any election hereunder,
in the manner and to the extent it shall deem necessary to carry the Plan into effect. Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company,
the Board, or the Committee (or any of its members) arising out of or in connection with the Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be
final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns. 

        B.    Liability.    No member of the Board, no employee of the Company and no member of the Committee (nor the
Committee itself) shall be liable for any act or action hereunder, whether of omission or commission, by any other member or employee or by any agent to whom duties in connection with the
administration of the Plan have been delegated or, except in circumstances involving his bad faith, gross negligence or fraud, for anything done or omitted to be done by himself. The Company, the
Board, or the Committee may consult with legal counsel, who may be counsel for the Company or other counsel, with respect to its obligations or duties hereunder, or with respect to any action or
proceeding or any question of law, and shall not be liable with respect to any action taken or omitted by it in good faith pursuant to the advice of such counsel. 

        VII.    Miscellaneous    

        A.    Amendment or Termination.    Notwithstanding any other provision of this Plan, the Board may at any time, and
from time to time, amend, in whole or in part, any or all of the provisions of the Plan, or suspend or terminate it entirely, retroactively or otherwise; provided,
however, that any such amendment, suspension or termination may not, without the Participant's consent, adversely affect any Deferred Amount credited to him for any calendar
year ended prior to the effective date of such amendment, suspension or termination. Notwithstanding the foregoing, upon any termination of this Plan, the Board may in its sole discretion accelerate
the payment of all Deferred Amounts credited as of the date of termination of this Plan. The Plan shall remain in effect until terminated pursuant to this Section. 

        B.    Termination and Amendment following a Change in Control.    Notwithstanding anything to the contrary contained
in this Plan, for the period of three (3) years following a Change of Control, the provisions of this Plan, including any agreements, or exhibits incorporated by reference into, referred to or
otherwise necessary to the operation of the Plan, in effect immediately prior to the Change of Control, shall be binding on any successor to the Company and may not be amended or terminated without
the prior written consent of any person so affected; provided, however, that such successor shall not be obligated to continue to grant Awards under the
Plan. 

        C.    Expenses.    The Company will bear all expenses incurred in administering this Plan. 

        D.    Withholding.    The Company shall have the right to deduct from any payment to be made pursuant to this Plan, or
to otherwise require prior to the payment of any amount hereunder, payment by the Participant of, any federal, state or local taxes required by law to be withheld. 

        E.    No Obligation.    Neither this Plan nor any elections hereunder shall create any obligation on the Company to
continue any existing Award plans or policies or to establish or continue any other programs, plans or policies of any kind. Neither this Plan nor any election made pursuant to this Plan shall give
any Participant or other employee any right with respect to continuance of employment by the Company or any subsidiary, nor shall there be a limitation in any way on the right of the Company or any
subsidiary by which an employee is employed to terminate his employment at any time. 

        F.    No Assignment.    Except by will or the laws of descent and distribution, no right or interest in any Account or
Deferred Amount under this Plan shall be assignable or transferable, and no right or interest of any Participant in any Account hereunder or to any Deferred Amount shall be subject to any lien,
obligation or liability of such Participant. 

        G.    Applicable Law.    This Plan and the obligations of the Company hereunder shall be subject to all applicable
laws, rules and regulations and to such approvals by any governmental or regulatory agency as may from time to time be required. The Board of Directors of the Company may make such changes in this
Plan as may be necessary or desirable, in the opinion of the Board of Directors, to comply with the laws, rules and regulations of any governmental or regulatory authority, or to be eligible for tax
benefits under the Internal Revenue Code of 1986, as amended, or any other laws or regulations of any federal, state, local or foreign government. 

        H.    Governing Law.    This Plan and actions taken in connection herewith shall be governed and construed in
accordance with the laws of Bermuda, except with respect to its conflicts of laws principles. 

        I.    Construction.    Wherever any words are used in this Plan in the masculine gender they shall be construed as
though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though they were also
used in the plural form in all cases where they would so apply. The titles to sections of this Plan are intended solely as a convenience and shall not be used as an aid in construction of any
provisions thereof. 

        J.    Name.    This Plan shall be known as "The ESG Re Limited Deferred Compensation Plan." 

        K.    Effective Date.    The Plan is effective and is amended and restated as of February 25, 2000.

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