Document:

Exhibit

Exhibit 10.1
Execution Version

FOURTH AMENDMENT TO CREDIT AGREEMENT
This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of February 5, 2019, is entered into by and among MARKEL CORPORATION, a Virginia corporation with its principal offices in Glen Allen, Virginia (the “Borrower”), MARKEL BERMUDA LIMITED, a Bermuda company, MARKEL GLOBAL REINSURANCE COMPANY (formerly Alterra Reinsurance USA Inc.), a Delaware corporation, ALTERRA FINANCE LLC, a Delaware limited liability company, ALTERRA USA HOLDINGS LIMITED, a Delaware corporation, the Lenders (as hereinafter defined), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.
RECITALS
A.    The Credit Parties, the several lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are party to the Credit Agreement, dated as of August 1, 2014, as amended by the First Amendment to Credit Agreement, dated as of November 15, 2015, the Second Amendment to Credit Agreement, dated as of November 2, 2017, and the Third Amendment to Credit Agreement, dated as of November 5, 2018 (as so amended, the “Credit Agreement”).  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement as amended by this Amendment.
B.    The Borrower has requested that the Required Lenders amend the Credit Documents on the terms and conditions set forth herein.
STATEMENT OF AGREEMENT
NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
ARTICLE I
AMENDMENTS TO CREDIT DOCUMENTS
1.1    Leverage Ratio.  Section 7.1 of the Credit Agreement is hereby amended and restated in its entirety as follows:
“7.1    Leverage Ratio.  The Borrower will not permit the Leverage Ratio as of any date (i) before December 31, 2018, to be greater than 0.375 to 1.00, or (ii) on December 31, 2018 or thereafter, to be greater than 0.40 to 1.00.”

ARTICLE II
CONDITIONS OF EFFECTIVENESS
2.1    The amendments set forth in Article I shall become effective as of the date (the “Amendment Effective Date”) when, and only when, the Administrative Agent shall have received an executed counterpart of this Amendment from the Credit Parties and the Required Lenders.
ARTICLE III
REPRESENTATIONS AND WARRANTIES
3.1    Each Credit Party (solely as to itself and its Subsidiaries) represents and warrants to the Administrative Agent, the Lenders and the Issuing Banks on and as of the Amendment Effective Date, that: (i) it has taken all necessary action to authorize the execution, delivery and performance of this Amendment, (ii) this Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of equitable remedies, (iii) no consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or third party is required in connection with the execution, delivery or performance by such Credit Party of this Amendment, (iv) the representations and warranties set forth in Article V of the Credit Agreement are true and correct as of the date hereof except for those which expressly relate to an earlier date, (v) after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default, (vi) the Security Documents continue to create a valid security interest in, and Lien upon, all right, title and interest of each Account Party in and to the Collateral purported to be pledged by it thereunder and described therein, superior to and prior to the rights of all third persons and subject to no other Liens except as specifically permitted under the Credit Documents and (vii) the Obligations are not reduced by this Amendment and are not subject to any offsets, defenses or counterclaims.
ARTICLE IV
ACKNOWLEDGEMENT AND CONFIRMATION
4.1    Each party to this Amendment hereby confirms and agrees that, after giving effect to this Amendment, the Credit Agreement and the other Credit Documents to which it is a party remain in full force and effect and enforceable against such party in accordance with their respective terms, as modified hereby, and shall not be discharged, diminished, limited or otherwise affected in any respect.

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ARTICLE V
MISCELLANEOUS
5.1    Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE COMMONWEALTH OF VIRGINIA (WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF).
5.2    Credit Document.  As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this Amendment.  Any reference to the Credit Agreement or any of the other Credit Documents herein or in any such documents shall refer to the Credit Agreement and the other Credit Documents as amended hereby.  This Amendment is limited to the matters expressly set forth herein, and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein.  This Amendment shall constitute a Credit Document under the terms of the Credit Agreement.
5.3    Expenses.  The Credit Parties shall pay all reasonable and documented fees and expenses of counsel to the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment.
5.4    Severability.  To the extent any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction.
5.5    Successors and Assigns.  This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.
5.6    Construction.  The headings of the various sections and subsections of this Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.
5.7    Counterparts; Integration.  This Amendment may be executed and delivered via facsimile or electronic format with the same force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument.  This Amendment constitutes the entire contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

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5.8    Counterparts Received After the Amendment Effective Date.  To the extent that, after the Amendment Effective Date but on or before February 6, 2019, any Lender that is not a party to this Amendment delivers a counterpart signature hereto, such signature page shall be appended hereto and such Lender shall become a party hereto as if such signature page had been included on the Amendment Effective Date.

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the date first above written.
MARKEL CORPORATION
		
	By:
	/s/ Jeremy A. Noble    

		
	Name:
	Jeremy A. Noble

		
	Title:
	Senior Vice President and Chief Financial Officer

MARKEL BERMUDA LIMITED
		
	By:
	/s/ April L. Duff    

		
	Name:
	April L. Duff

		
	Title:
	Treasurer

MARKEL GLOBAL REINSURANCE COMPANY
		
	By:
	/s/ April L. Duff    

		
	Name:
	April L. Duff

		
	Title:
	Treasurer

ALTERRA USA HOLDINGS LIMITED 
		
	By:
	/s/ Jeremy A. Noble    

		
	Name:
	Jeremy A. Noble

		
	Title:
	Vice President, Chief Financial Officer and Treasurer

ALTERRA FINANCE LLC 
		
	By:
	/s/ Jeremy A. Noble    

		
	Name:
	Jeremy A. Noble

		
	Title:
	Chief Financial Officer and Treasurer

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent, Swingline Lender, a Fronting Bank and as a Lender
By:    /s/ Kimberly Shaffer        
Name:    Kimberly Shaffer
		
	Title:
	Managing Director

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

Citibank, N.A., as a Lender
By:    /s/ John Modin    
Name:    John Modin
		
	Title:
	Vice President & Managing Director

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

BARCLAYS BANK PLC, as a Lender
By:    /s/ Nathalie Majlis    
Name: Nathalie Majlis
		
	Title:
	Director

Executed in: New York

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

JPMORGAN CHASE BANK, N.A., as a Lender
By:    /s/ Hector J. Varona    
Name:    Hector J. Varona
		
	Title:
	Executive Director

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

SUNTRUST BANK, as a Lender
By:    /s/ Doug Kennedy    
Name:    Doug Kennedy
		
	Title:
	Director

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

BRANCH BANKING AND TRUST  
COMPANY, as a Lender
By:    /s/ Scott Hennessee    
Name:    Scott Hennessee
		
	Title:
	Senior Vice President

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

THE NORTHERN TRUST COMPANY, as a Lender
By:    /s/ Joshua Metcalf    
Name:    Joshua Metcalf
		
	Title:
	VP

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

Bank of America, N.A., as a Lender
By:    /s/ Hema Kishnani    
Name:    Hema Kishnani
		
	Title:
	Director

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENT

THE BANK OF NEW YORK MELLON, as a Lender
By:    /s/ Tatiana Ross    
Name:    Tatiana Ross
		
	Title:
	Vice President

SIGNATURE PAGE TO
FOURTH AMENDMENT TO CREDIT AGREEMENTzgl_Ex10_3

		

			EXHIBIT 10.3

		

		

			 

		

		

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			ZAYO GROUP HOLDINGS, INC.
GRANT NOTICE FOR 2014 STOCK INCENTIVE PLAN
RESTRICTED STOCK UNIT AWARD
(Part A Awards – United States)
		

		
			FOR GOOD AND VALUABLE CONSIDERATION, Zayo Group Holdings, Inc. (the “Company”), hereby grants to Participant named below the number of restricted stock units specified below (the “Award”).  Each restricted stock unit represents the right to receive one share of the Company’s common stock, par value $0.001 (the “Common Stock”), upon the terms and subject to the conditions set forth in this Grant Notice, the Zayo Group Holdings, Inc. 2014 Stock Incentive Plan, as amended (the “Plan”) and the Standard Terms and Conditions (the “Standard Terms and Conditions”) promulgated under such Plan, each as amended from time to time. This Award is granted pursuant to the Plan and is subject to and qualified in its entirety by the Standard Terms and Conditions.  
		

			
					
						 

					
					
						 

				
	
					
						Name of Participant:

					
					
						[Participant Name] 

				
	
					
						Grant Date:

					
					
						[Grant Date]

				
	
					
						Number of restricted stock units:

					
					
						[Number of Shares Granted]

				
	
					
						Vesting Schedule:

					
					
						The Award vests with respect to 100% of the restricted stock units on [VESTING DATE]  (the “Vesting Date”), subject to continued employment through the Vesting Date.

				

		
			Participant must accept and electronically sign this Grant Notice by the date that is 90 days following the Grant Date as written above or the Award will be forfeited and cancelled on that date without payment of any additional consideration and without further action by Participant or Company. 
		

		
			In addition, by accepting this Grant Notice, Participant irrevocably agrees to elect to fund the payment of withholding taxes in connection with the Award by means of a “sell-to-cover” election. 
		

		
			By accepting this Grant Notice, Participant acknowledges that he or she has received and read, and agrees that this Award shall be subject to, the terms of this Grant Notice, the Plan and the Standard Terms and Conditions.
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						ZAYO GROUP HOLDINGS, INC.

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						By:

					
					
						 

					
					
						 

					
					
						[Signed Electronically]

				
	
					
						Title:

					
					
						Assistant Secretary

					
					
						 

					
					
						Participant Signature

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			GRANT AGREEMENT APPROVED 20 August 2018

		

 

		

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			ZAYO GROUP HOLDINGS, INC.
		

		
			STANDARD TERMS AND CONDITIONS FOR
RESTRICTED STOCK UNITS 
(Part A Awards – United States)
		

		
			These Standard Terms and Conditions apply to the Award of restricted stock units granted pursuant to the Zayo Group Holdings, Inc. 2014 Stock Incentive Plan, as amended (the “Plan”), which are evidenced by a Grant Notice or an action of the Committee that specifically refers to these Standard Terms and Conditions and are designated as “Part A Awards”.  In addition to these Standard Terms and Conditions, the restricted stock units shall be subject to the terms of the Plan, which are incorporated into these Standard Terms and Conditions by this reference.  Capitalized terms not otherwise defined herein shall have the meaning set forth in the Plan.
		

			
	
			
				 1.
			TERMS OF RESTRICTED STOCK UNITS

		
			 
		

		
			Zayo Group Holdings, Inc. (the “Company”), has granted to the Participant named in the Grant Notice provided to said Participant herewith (the “Grant Notice”) an award of a number of restricted stock units (the “Award” or the “Restricted Stock Units”) with each Restricted Stock Unit representing the right to receive one share of the Company’s common stock, par value $0.001 (the “Common Stock”) specified in the Grant Notice.  The Award is subject to the conditions set forth in the Grant Notice, these Standard Terms and Conditions, and the Plan, each as amended from time to time.  For purposes of these Standard Terms and Conditions and the Grant Notice, any reference to the Company shall include a reference to any Subsidiary.
		

			
	
			
				 2.
			VESTING AND FORFEITURE OF RESTRICTED STOCK UNITS

		
			 
		

		
			The Award shall not be vested as of the Grant Date set forth in the Grant Notice and shall be forfeitable unless and until otherwise vested pursuant to the terms of the Grant Notice and these Standard Terms and Conditions.  After the Grant Date, subject to termination or acceleration as provided in these Standard Terms and Conditions and the Plan, the Award shall become vested as described in the Grant Notice with respect to that number of Restricted Stock Units as set forth in the Grant Notice.   Restricted Stock Units that have vested and are no longer subject to forfeiture are referred to herein as “Vested RSUs.”  
		

		
			Notwithstanding anything contained in these Standard Terms and Conditions to the contrary and unless otherwise determined by the Company, upon a Participant’s Termination of Employment prior to the Vesting Date set forth in the Grant Notice for any reason, the Award and all of the Restricted Stock Units subject thereto shall be forfeited and canceled as of the date of such Termination of Employment; provided, that if Participant’s employment terminates as the result of Participant’s death, all shares of Restricted Stock Units that have not vested shall vest immediately upon Participant’s death and the Vesting Date of any such shares shall be the date of Participant’s death.  
		

			
	
			
				 3.
			SETTLEMENT OF RESTRICTED STOCK UNITS

		
			 
		

		
			Each Vested RSU will be settled by the delivery of one share of Common Stock (subject to adjustment under Section 14 of the Plan) to the Participant or, in the event of the Participant’s death, to the Participant’s estate, heir or beneficiary, promptly following the Vesting Date (but in no event later than 30 days following the Vesting Date); provided that the Participant has satisfied all of the tax withholding obligations, and that the Participant has completed, signed and returned any documents and taken any additional action that the Company deems appropriate to enable it to accomplish the delivery of the shares of Common Stock.  The date upon which shares of Common Stock are to be issued under this Section 3 is referred to as the “Settlement Date.”  The issuance of the shares of Common Stock hereunder may be 

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						GRANT AGREEMENT APPROVED 20 August 2018

					

					

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made pursuant to the issuance of a stock certificate, recording shares on the stock records of the Company or by crediting shares in an account established on the Participant’s behalf with a brokerage firm or other custodian, in each case as determined by the Company.  Fractional shares will not be issued pursuant to the Award.  
		

		
			Notwithstanding the above,  the date on which shares are issued hereunder may include a delay (which delay shall in no event extend beyond 30 days following the Vesting Date) in order to provide the Company such time as it determines appropriate to address tax withholding and other administrative matters.  
		

			
	
			
				 4.
			RIGHTS AS STOCKHOLDER

		
			 
		

		
			Participant shall not be, nor have any of the rights or privileges of, a stockholder of the Company in respect of any RSUs unless and until shares of Common Stock settled for such RSUs shall have been issued by the Company to Participant (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company).  
		

		
			Notwithstanding the foregoing, from and after the Grant Date and until the earlier of (a) the time when the Restricted Stock Units become vested and payable in accordance with the terms hereof or (b) the time when the Participant’s right to receive Common Stock upon payment of Restricted Stock Units is forfeited, on the date that the Company pays a cash dividend (if any) to holders of Common Stock generally, the Participant shall be entitled to a number of additional whole Restricted Stock Units determined by dividing (i) the product of (A) the dollar amount of the cash dividend paid per share of Common Stock on such date and (B) the total number of Restricted Stock Units (including Dividend Equivalents paid thereon) previously credited to the Participant as of such date, by (ii) the Fair Market Value per share of Common Stock on such date.  Such Dividend Equivalents (if any) shall be subject to the same terms and conditions and shall be settled or forfeited in the same manner and at the same time as the Restricted Stock Units to which the Dividend Equivalents were credited.
		

			
	
			
				 5.
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				 6.
			[INTENTIONALLY LEFT BLANK]

			
	
			
				 7.
			[INTENTIONALLY LEFT BLANK]

			
	
			
				 8.
			NON-SOLICIT

		
			The Participant hereby agrees that during Participant’s service with the Company and for a period of one year after Participant’s Termination of Employment (the “Restricted Period”), Participant will not (a) induce any customer or supplier of the Company or a Subsidiary or Affiliate, with which the Company or a Subsidiary or Affiliate has a business relationship, to curtail, cancel, not renew, or not continue his or her or its business with the Company or any Subsidiary or Affiliate, or (b) induce, or attempt to influence, any employee of or service provider to the Company or a Subsidiary or Affiliate to terminate such employment or service, or (c) interfere with or harm, or attempt to interfere with or harm, the relationship of the Company or any Subsidiary or Affiliate with any person who at any time was a customer or supplier of the Company or any Subsidiary or Affiliate or otherwise had a business relationship with the Company or any Subsidiary or Affiliate or hire, solicit for hire or cause to be hired, either as an employee, contractor or consultant, any person who is currently employed, or was employed at any time during the six-month period prior thereto, as an employee, contractor or consultant of the Company or any Subsidiary or Affiliate.  Notwithstanding the foregoing, this Section 8 shall not apply (i) in any case where the Participant’s Termination of Employment by the Company was not for Cause 

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						GRANT AGREEMENT APPROVED 20 August 2018

					

					

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or (ii) at any time after expiration of the Restricted Period.  For avoidance of doubt, this Section 8 will apply in any case where the Participant voluntarily terminates service with the Company or where the Participant experiences a Termination of Employment with Cause.  In the event that Participant violates the terms of this Section 8, upon written demand of the Company, the Participant shall be obligated to disgorge to the Company the number of shares of Common Stock, or the cash value equivalent thereto (based upon the market value thereof on the applicable vesting date(s)), which vested during the twelve (12) months prior to Participant’s Termination of Employment. 
		

			
	
			
				 9.
			[INTENTIONALLY LEFT BLANK]

			
	
			
				 10.
			OTHER AGREEMENTS SUPERSEDED

		
			 
		

		
			The Grant Notice, these Standard Terms and Conditions and the Plan constitute the entire understanding between the Participant and the Company regarding the Award.  Any prior agreements, commitments or negotiations concerning the Award are superseded.
		

			
	
			
				 11.
			

			
	
			
			LIMITATION OF INTEREST IN SHARES SUBJECT TO RESTRICTED STOCK UNITS

		
			 
		

		
			Neither the Participant (individually or as a member of a group) nor any beneficiary or other person claiming under or through the Participant shall have any right, title, interest, or privilege in or to any shares of Common Stock allocated or reserved for the purpose of the Plan or subject to the Grant Notice or these Standard Terms and Conditions except as to such shares of Common Stock, if any, as shall have been issued to such person in connection with the Award.  Nothing in the Plan, in the Grant Notice, these Standard Terms and Conditions or any other instrument executed pursuant to the Plan shall confer upon the Participant any right to continue in the Company’s employ or service nor limit in any way the Company’s right to terminate the Participant’s employment at any time for any reason.
		

			
	
			
				 12.
			

			
	
			
			SECTION 409A

		
			 
		

		
			Notwithstanding any other provision of the Plan or these Standard Terms and Conditions, this Award is not intended to provide for a deferral of compensation within the meaning of Section 409A of the Code and is intended to qualify for as a “short-term deferral” under Section 409A of the Code, and these Standard Terms and Conditions shall be construed or deemed to be amended as necessary to effect such intent.  Under no circumstances, however, shall the Company have any liability under the Plan or these Standard Terms and Conditions for any taxes, penalties or interest due on amounts paid or payable pursuant to the Plan or these Standard Terms and Conditions, including any taxes, penalties or interest imposed under Section 409A of the Code.  
		

			
	
			
				 13.
			GENERAL

		
			 
		

			
	
			
				 (a)
			

			
	
			
			The headings preceding the text of the sections hereof are inserted solely for convenience of reference, and shall not constitute a part of these Standard Terms and Conditions, nor shall they affect its meaning, construction or effect.

			
	
			
				 (b)
			

			
	
			
			These Standard Terms and Conditions shall inure to the benefit of and be binding upon the parties hereto and their respective permitted heirs, beneficiaries, successors and assigns.

			
	
			
				 (c)
			

			
	
			
			In the event of any conflict between the Grant Notice, these Standard Terms and Conditions and the Plan, the Grant Notice and these Standard Terms and Conditions shall control.  In the event 

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						GRANT AGREEMENT APPROVED 20 August 2018

					

					

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	of any conflict between the Grant Notice and these Standard Terms and Conditions, the Grant Notice shall control.

			
	
			
				 (d)
			

			
	
			
			All questions arising under the Plan or under these Standard Terms and Conditions shall be decided by the Committee in its total and absolute discretion.  

			
	
			
				 14.
			ELECTRONIC DELIVERY

		
			 
		

		
			By executing the Grant Notice, the Participant hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, and the Restricted Stock Units via Company web site or other electronic delivery.
		

		 

			

					

						 

					

					

						 

					

					

						 

				
	

					

						GRANT AGREEMENT APPROVED 20 August 2018

					

					

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