Document:

PartnerRe Ltd. Director Share Option Agreement

 Exhibit 10.2 

 

 

 PartnerRe Ltd. 

Director Share Option Agreement 

<Name> 

<Date> 

This Option Agreement (the “Agreement”) commences and is made effective as of <Date>, by and between PartnerRe
Ltd. (the “Company”), and <Name> (the “Optionee”), a non-employee Director of the Company. 

WHEREAS, the Company desires to afford the Optionee the opportunity to purchase common shares, $1.00 par value, of the Company
(“Shares”). 
 NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth and for other good and
valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 
 1.
Definitions; Conflicts. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the PartnerRe Ltd. 2003 Non-Employee Directors Stock Plan (the “Plan”). The terms and provisions of the
Plan are incorporated herein by reference. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the terms and provisions of this Agreement, the terms and provisions of the Plan shall govern and control.

 2. Grant of Options. The Company hereby grants to the Optionee the right and option (the “Option”) to
purchase up to, but not exceeding in the aggregate, the number of Shares as set forth in the attachment to this Agreement, for each Option award on each date of grant as so indicated, on the terms and conditions herein set forth. 

3. Purchase Price. The purchase price per Share of the Options shall be the Grant Price provided in the Notice of Grant.

 4. Term of Options. The term of the Options shall be ten (10) years from the date of grant of such award as so
indicated in the attachment to this Agreement, subject to earlier termination as provided in Section 6 hereof. 
 5.
Vesting of Options. The Options set forth in the attachment to this Agreement, subject to the terms, conditions and limitations contained herein, shall be fully vested and exercisable as of the date hereof. 

6. Termination of Directorship. In the event the Optionee ceases to be a member of the Board of Directors of the Company, any
unexercised portion of the Option may be exercised until the expiration of the Option. 
 7. Shareholder Rights. The
Optionee shall have no rights as a shareholder with respect to any Shares issuable upon the exercise of any Option award until the date of issuance of said Shares by the Company’s Share Registrar. No adjustments, other than as provided in
Section 6(d) of the Plan, shall be made for dividends (ordinary or extraordinary, whether in cash, securities or other property) or distributions for which the record date is prior to the date the certificate for such Shares is issued.

 

 

  

 8. Method of Exercising Options. Subject to the terms and conditions of this
Agreement, the Optionee will need to request pre-clearance from Group Legal in compliance with PartnerRe Ltd.’s Trading Policy. The Committee may, in its sole discretion, provide for automatic exercise of the Options granted hereto, allowing
the automatic exercise of “in-the-money” Options (i.e., Options for which the Fair Market Value of the underlying Shares exceeds their purchase price), if any, if they remain unexercised within a specified time prior to their
expiration. 
 9. Payment of Purchase Price for Shares. Payment for shares acquired pursuant to Options granted
hereunder shall be made in full, upon exercise of the Options either: 
  

	 	(A)	in immediately available funds in United States dollars, by wire transfer, certified or bank cashier’s check; or 

 

	 	(B)	by surrender to the Company of Shares which have either a Fair Market Value equal to such aggregate purchase price and which satisfy such other requirements as the
Committee may impose; or 

  

	 	(C)	by delivering to the Company a copy of irrevocable trade instructions to a stockbroker to deliver promptly to the Company an amount of sale or loan proceeds sufficient
to pay the aggregate exercise price; or 

  

	 	(D)	by any combination of (A), (B), or (C) above; or 

  

	 	(E)	by any other means approved by the Committee. 

The certificate for Shares acquired upon exercise of Options shall be registered in the name of the person or persons so exercising the
Options. All Shares purchased upon the exercise of Options as provided herein shall be fully paid and non-assessable. 
 10.
Non-Qualified Shares Options. Options granted hereunder are not intended to be an “incentive shares option” within the meaning of Section 422 of the U.S. Internal Revenue Code of 1986 as amended. 

11. Binding Effect. This Agreement shall be binding upon the heirs, executors, administrators and successors of the parties
hereto. 
 12. Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of Bermuda
without reference to the principles of conflicts of laws thereof. 
 13. Headings. Headings are for the convenience of
the parties and are not deemed to be part of this Agreement. 
 14. Transferability. These Options shall not be
transferable except in accordance with the provisions of Section 11(e) of the Plan. 

 

 

  

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

			
	PARTNERRE LTD.
		
	By:	 	

	Name:	 	Phil Martin
	Title:	 	Director of Group Compensation & Benefits

As at February 2010PartnerRe Ltd. Restricted Share Unit Award Agreement

 Exhibit 10.3 

 

 

 PartnerRe Ltd. 

Restricted Share Unit Award Agreement 

<Name> 

<Date> 

This Award Agreement (the “Agreement”) is made effective as of <Date>, by and between PartnerRe Ltd. (the
“Company”), and <Name> (the “Participant”), a non-employee Director of the Company. 
 NOW,
THEREFORE, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 

1. Definitions; Conflicts. Unless defined in this Restricted Share Unit Award (this “Award Document”), capitalized terms
will have the same meanings ascribed to them in the PartnerRe Ltd. 2003 Non-Employee Directors Stock Plan (the “Plan”). 

2. Purpose of Award Document. The purpose of this Award Document is to grant Restricted Share Units to the Participant receiving
this Award and named below. The Restricted Share Units that are the subject of this grant will be known as “RSUs”. 

3. Award Document. This Award Document is entered into pursuant to the terms of the Plan, and evidences the grant of a share-based
award in the form of RSUs pursuant to the Plan. By receipt of this Award Document, the Participant acknowledges receipt of a copy of the Plan and further agrees to be bound thereby and by the actions of the Committee and/or the Board pursuant to the
Plan. 
 4. Grant of RSUs. The Participant is granted an award of RSUs in the amount and on the date (the “Grant
Date”) as specified in the Notice of RSU attached to this document. 
 5. Rights. A RSU carries no voting rights. A
RSU carries the right to receive dividend equivalents payable in cash or Shares. Such dividend equivalents will accrue on the same basis as dividends accrue on the Shares underlying the RSUs and will be payable annually on June 15, with no
interest on the return. 
 6. Terms. Except as provided otherwise in this Award Document or the Plan, 100% of RSUs will
vest on the fifth anniversary of the Grant Date (the “Vest Date”), with delivery occurring immediately thereafter. The Participant will have the ability to elect to receive 60% of the value of the RSUs in Shares and 40% of the value of the
RSUs in cash, any such election to occur prior to the Grant Date, in connection with such delivery. Absent such an election, such delivery will be made 100% in Shares. 

 

 

  

 7. Change in Control. Upon a Change in Control, the RSUs will be subject to
Section 12(e)(i) of the Plan. In addition, in the event that the Participant’s service is terminated in connection with such Change in Control, the RSUs will be subject to applicable provisions in Section 10 of this Award Document.

 8. Shareholder Rights. Subject to Section 5, the Participant will have no rights as a shareholder with respect to
the Shares to which this Award relates until the date on which the Participant becomes the holder of record of such Shares. 

9. Transferability. The transferability of a RSU will be subject to Sections 11(d) and 11(e) of the Plan. 

10. Termination. All unvested RSUs will be forfeited upon termination of the Participant’s service prior to the Vest Date;
provided however, that if the termination is due to a Change in Control, death, permanent disability, mandatory retirement, voluntary termination due to the acceptance of a public service position that would either preclude continued Board
service or make such service impractical, or failure to be re-elected to the Board by shareholders (each, a “Permissible Termination”), the RSUs will fully vest upon termination, with delivery occurring immediately thereafter, except that,
in the case where a Permissible Termination occurs in the same calendar year as the Grant Date, instead of vesting fully, the RSUs will vest upon termination on a pro rata basis in an amount equal to (i) the total number of RSUs subject
to this Award, multiplied by (ii) a fraction, the numerator of which is the number of completed full months of service by the Participant in such calendar year and the denominator of which is 12, with delivery occurring immediately thereafter
and the remaining, unvested amount forfeited upon termination. 
 11. Entire Agreement. The Plan and this Award Document
(including the Notice of RSU) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the
subject matter hereof. Any modification of this Award Document must be in writing signed by the Company (oral statements by any person cannot modify this Award Document). Decisions of the Committee with respect to the administration and
interpretation of the Plan and this Award Document will be final, conclusive and binding on all persons. 
 12. Data
Protection. The Participant hereby acknowledges and agrees that the Company or any of its Affiliates may process sensitive personal data about the Participant. The Participant hereby gives his or her explicit consent to the Company to process
any such personal and/or sensitive data. The Participant also hereby provides explicit consent to the Company to transfer any such personal and/or sensitive data outside of the country in which he or she is providing services. 

13. Acquired Rights. The Participant hereby acknowledges and agrees that this Award does not provide any entitlement to any
benefit other than that granted under the Plan. 
  

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The Participant acknowledges and agrees that the benefits granted under the Plan are entirely at the discretion of the Committee and/or the Board and that the Committee and/or the Board, subject
to Section 12 of the Plan, retains the right to amend or terminate the Plan at any time, in its sole discretion and without notice. 

14. Governing Law. This Award Document will be governed by and construed in accordance with the laws of Bermuda, without regard to
conflict of laws. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date and year first written
above. 
  

	
	PARTNERRE LTD.
	
	

	Phil Martin
	Director of Group Compensation & Benefits

As at February 2010 
  

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