Document:

Exhibit

GREENLIGHT CAPITAL RE, LTD.
AMENDED AND RESTATED
2004 STOCK INCENTIVE PLAN
RESTRICTED STOCK AWARD AGREEMENT

This Restricted Stock Award Agreement (the “Agreement”) is made, effective as of the 15th day of March 2018 (the “Grant Date”), between Greenlight Capital Re, Ltd., a Cayman Islands exempted company (the “Company”) and Simon Burton (the “Grantee”).
RECITALS:
WHEREAS, the Company has adopted the Greenlight Capital Re, Ltd. Amended and Restated 2004 Stock Incentive Plan (as it may be amended from time to time, the “Plan”) pursuant to which awards of restricted Class A ordinary shares of the Company (the “Shares”) may be granted; 
WHEREAS, the Grantee entered into an employment agreement with the Company and Greenlight Reinsurance, Ltd., dated June 1, 2017 (the “Employment Agreement”) pursuant to which he is eligible to receive an annual grant of restricted Shares following the end of each calendar year of Employment (as defined in the Employment Agreement); and
WHEREAS, the Board has determined that it is in the best interests of the Company and its shareholders to grant the award of restricted Shares provided for herein (the “Restricted Stock Award”) to the Grantee in recognition of the Grantee’s services to the Company, such grant to be subject to the terms set forth herein.
NOW, THEREFORE, in consideration for the services rendered by the Grantee to the Company and the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1.Grant of Restricted Stock Award.  Pursuant to Section 7(b) of the Plan, the Company hereby issues to the Grantee on the Grant Date a Restricted Stock Award consisting of, in the aggregate, 30,660 Shares in the capital of the Company (hereinafter called the “Restricted Shares”) having the rights and subject to the restrictions set out in the Articles of Association of the Company, this Agreement and the Plan.  The Restricted Shares shall vest in accordance with Section 4 hereof.
2.    Incorporation by Reference.  The provisions of the Plan are hereby incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have the authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his legal representative in respect of any questions arising under the Plan or this Agreement.
3.    Restrictions.  Except as otherwise provided in the Plan or this Agreement, the Restricted Shares may not, any time prior to becoming vested, be assigned, alienated, pledged, 

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attached, sold or otherwise transferred or encumbered by the Grantee and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall result in such Shares being mandatorily repurchased for par value and cancelled by the Company.  In such case, all of the Grantee’s rights to such Shares shall immediately terminate. 
4.    Earned Restricted Shares; Vesting; Termination of Employment.  
(a)    Earned Restricted Shares. Subject to Sections 4(c) and 4(d), the number of Restricted Shares earned, if any (the “Earned Restricted Shares”) shall be based upon the cumulative all-in Combined Ratio (as defined below) for the period between July 1, 2017 and December 31, 2022 (the “Performance Period”), as modified by the Adjusted Measurement (as defined below), to the extent applicable, and is determined as follows:
	
		
	Combined Ratio
	Number of Earned Restricted Shares

	97% or Less
	30,660

	Above 97% and less than 102%
	Determined based on linear interpolation between the points

	102% and Higher
	0

The “Combined Ratio” is a ratio whereby: (i) the numerator is the cumulative sum over the Performance Period of (1) losses incurred, (2) acquisition costs, (3) all general and administrative expenses and (4) any reinsurance income/expense reported as Other Income/Expense in the Company’s audited financial statements to be reported in the Company’s Annual Report on Form 10-K (the “Financial Statements”) and (ii) the denominator is the cumulative sum of the earned premiums during the Performance Period. 
The Combined Ratio will be determined by the Committee after the end of the Performance Period, but prior to March 15, 2023 (the “Vesting Date”), based on calculations performed by the Company based on the Financial Statements (such actual date of determination, the “Determination Date”). 
		
	(b)
	Vesting. Subject to Sections 4(c) and 4(d), the restrictions described in Section 3 above will lapse on the Vesting Date with respect to any Earned Restricted Shares. Any Restricted Shares that do not become Earned Restricted Shares will be automatically repurchased for par value and cancelled by the Company on the Determination Date and all of the Grantee’s rights to such Shares shall immediately terminate. 

(c)    Termination without Cause or due to death, Disability or Good Reason.  In the event of (i) the termination of the Grantee’s Employment by the Company without Cause (as defined in the Employment Agreement) (including the Company’s election to not renew the then current term of the Employment Agreement on equivalent terms upon the expiration of such term), (ii) the 

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termination of Grantee’s Employment by the Grantee for Good Reason (as defined in the Employment Agreement), (iii) upon the Grantee’s death or Disability (as defined in the Employment Agreement), or (iv) the Grantee satisfies the Retirement Conditions (as defined in the Employment) throughout the Performance Period, in each case, prior to the Vesting Date, the Restricted Shares will remain outstanding and eligible to be earned and vested in accordance with Sections 4(a) and 4(b) herein; provided, that, the number of Earned Restricted Shares, if any, will be determined based only upon the number of full calendar years of Employment during the Performance Period and the Combined Ratio will be adjusted for any loss development related to any business written during or prior to the Employment Period (as defined in the Employment Period) until the expiration of the Performance Period (the “Adjusted Measurement”). 
(d)    All other Terminations. Except as otherwise set forth in Section 4(c) above, if the Grantee’s Employment terminates for any reason on or prior to the Vesting Date, the Restricted Shares (whether or not Earned Restricted Shares) will be automatically repurchased for par value and cancelled by the Company and all of the Grantee’s rights to such Shares shall immediately terminate. 
5.    Tax Withholding.  The Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan the amount of taxes required by law to be withheld therefrom, or to require the Grantee to pay the Company in cash such amount required to be withheld.  The Grantee may satisfy any foreign, federal, state or local tax withholding obligation relating to the acquisition of Shares under this Restricted Stock Award by any of the following means (in addition to the Company’s right to withhold or to direct the withholding from any compensation paid to the Grantee by the Company or by an Affiliate) or by a combination of such means:  (i) tendering a cash payment; (ii) authorizing the Company to withhold vested Restricted Shares otherwise deliverable to the Grantee hereunder; provided, however, that no Restricted Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by applicable law, except to the extent that to do so will not result in adverse accounting consequences; or (iii) transferring to the Company or to an Affiliate for repurchase for the aggregate sum of US$1.00, owned and unencumbered Shares with a Fair Market Value equal to the amount of the applicable tax liability in exchange for the Company’s or Affiliate’s commitment to remit such amounts to the taxing authority.
6.    Rights as Shareholders; Dividends.  The Grantee shall be the record owner of the Restricted Shares unless and until such Shares are repurchased pursuant to Section 4 hereof or sold or otherwise disposed of, and as record owner shall be entitled to all rights of a shareholder of the Company, including, without limitation, voting rights, if any, with respect to the Restricted Shares and the right to receive dividends, if any, while the Restricted Shares are held in custody.
7.    Certificates.  Reasonably promptly following the Grant Date, the Company shall cause to be issued to the Grantee a certificate in respect of the Restricted Shares which shall bear the following (or a similar) legend in addition to any other legends that may be required under federal or state securities laws:
“THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS 

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(INCLUDING FORFEITURE) CONTAINED IN THE GREENLIGHT CAPITAL RE, LTD. AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN AND THE RESTRICTED STOCK AWARD AGREEMENT DATED AS OF MARCH 15, 2018 ENTERED INTO BETWEEN THE REGISTERED OWNER AND GREENLIGHT CAPITAL RE, LTD.  A COPY OF THE PLAN AND THE AWARD AGREEMENT ARE ON FILE AT THE OFFICES OF GREENLIGHT CAPITAL RE, LTD.”
The Committee shall require that the certificate evidencing such Shares be delivered upon issuance to the Company or such other depository as may be designated by the Committee as a depository for safekeeping until the Shares are repurchased or until the restrictions set forth herein and in the Plan lapse.  At the expiration of the restrictions, the Company shall deliver to the Grantee (or his legal representative, beneficiary or heir, if applicable) share certificates for the Shares deposited with it free from legend except as otherwise provided by the Plan or as otherwise required by applicable law.
8.    Compliance with Laws and Regulations.  The issuance and transfer of the Restricted Shares shall be subject to compliance by the Company and the Grantee with all applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed at the time of such issuance or transfer.
9.    Stop-Transfer Instructions.  The Grantee agrees that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.
10.    Refusal to Transfer.  The Company will not be required to (i) register any transfer of Shares on its register of members if such Shares have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.
11.    No Right to Continuous Service.  Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company or any of its Affiliates to terminate the Grantee’s Continuous Service at any time.
12.    Notices.  All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first class mail, return receipt requested, telecopier, courier service or personal delivery:
If to the Company:
Greenlight Capital Re, Ltd.
65 Market Street, Suite 1207
Jasmine Court, Camana Bay
P.O. Box 31110

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Grand Cayman, KY1-1205
Cayman Islands
Facsimile:  (345) 745-4576

If to the Grantee, at the Grantee’s last known address on file with the Company.
All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied.
13.    Bound by Plan.  By signing this Agreement, the Grantee acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all of the terms and provisions of the Plan.
14.    Beneficiary.  The Grantee may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation.  If no designated beneficiary survives the Grantee, the executor or administrator of the Grantee’s estate shall be deemed to be the Grantee’s beneficiary.
15.    Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and on the Grantee and the beneficiaries, executors and administrators, heirs and successors of the Grantee.
16.    Amendment of Restricted Stock Award.  Subject to Section 17 of this Agreement, the Board at any time and from time to time may amend the terms of this Restricted Stock Award; provided, however, that the Grantee’s rights under this Restricted Stock Award shall not be impaired by any such amendment unless (i) the Company requests the Grantee’s consent and (ii) the Grantee consents in writing.
17.    Adjustment Upon Changes in Capitalization.  Restricted Stock Awards may be adjusted as provided in the Plan including, without limitation, Section 11 of the Plan.  The Grantee, by his execution and entry into this Agreement, irrevocably and unconditionally consents and agrees to any such adjustments as may be made at any time hereafter.
18.    Governing Law.  The validity, construction, interpretation and effect of this Agreement shall exclusively be governed by, and determined in accordance with, the laws of the Cayman Islands.
19.    Severability.  Every provision of this Agreement is intended to be severable and any illegal or invalid term shall not affect the validity or legality of the remaining terms.
20.    Headings.  The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation of construction, and shall not constitute a part of this Agreement.

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21.    Limitation of Rights. Nothing in this Agreement or the Plan shall be construed to give the Grantee any right to future Awards under the Plan or otherwise. 
22.    Entire Agreement and Effectiveness. This Agreement embodies the complete agreement and understanding among the parties hereto with respect to the grant of Restricted Shares to the Grantee in 2018 as contemplated in the Employment Agreement and supersedes and preempts any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to the subject matter hereof in any way, including, without limitation, the Employment Agreement.
23.    Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the 15th day of March, 2018.

GREENLIGHT CAPITAL RE, LTD.

/s/ Tim Courtis                      
By: Tim Courtis
Title: Chief Financial Officer

/s/ Simon Burton              
Simon Burton

7Exhibit

EXECUTION COPY

EMPLOYMENT AGREEMENT    
This EMPLOYMENT AGREEMENT (the “Agreement”), dated as of October 1, 2017 is made by and between:
		
	(1)
	Greenlight Capital Re, Ltd. (the “Company”) and Greenlight Reinsurance, Ltd. (the “Subsidiary”), (together with the Company, the “Employer”); and

		
	(2)
	Laura Accurso (the “Executive”). 

(Each a “Party” and together the “Parties”).
WHEREAS, 
		
	(a)
	The Subsidiary previously entered into an employment agreement with Executive dated as of November 23, 2010 (the “Prior Agreement”), pursuant to which Executive served as Counsel and Corporate Secretary; and  

		
	(b)
	The Employer desires to continue to retain the services of the Executive as the General Counsel (“GC”) of the Employer (the “Employment”); and 

		
	(c)
	The Parties have agreed to enter into the Employment on the terms set out herein.

IT IS HEREBY AGREED AS FOLLOWS:
		
	1.
	Employment.

		
	1.1
	The Employer hereby agrees to continue to employ the Executive as the GC, and the Executive hereby accepts such employment, on the terms and conditions hereinafter set forth. 

		
	2.
	Employment Period. 

		
	2.1
	The period of employment of Executive by the Employer under this Agreement (the “Employment Period”) shall commence on the date first written above (“Effective Date”) and shall continue until terminated by either party in accordance with Section 9 of this Agreement.  Executive’s employment shall at all times be “at will” and not for a definite duration, and nothing contained herein shall confer upon Executive any contractual right to continued employment.

		
	2.2
	The Employment is conditional upon the Executive maintaining the right to live and work in the Cayman Islands.

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	3.
	Position and Duties.

		
	3.1
	The Executive shall serve as GC and shall report directly to the Chief Executive Officer of the Company (the “CEO”).

		
	3.2
	The Executive shall have those powers and duties ordinarily associated with the position of GC and such other powers and duties as may reasonably be prescribed by the CEO; provided that, such other powers and duties are consistent with Executive’s position as GC and do not violate any applicable laws or regulations.

		
	3.3
	The Executive shall perform her duties to the best of her abilities and shall devote all of her working time, attention and energies to the performance of her duties for the Employer. The Executive shall not accept any other post, role or employment during the period of the Employment without having first obtained the written consent of the Employer.

		
	3.4
	During the Employment Period, if requested by the Board of Directors of the Company (the “Board”), Executive shall also serve as an officer and/or director of other subsidiaries or affiliates of the Employer for no additional compensation.

		
	3.5
	The Executive's normal hours of work shall be 8:30 am - 6:00 pm Monday-Friday, with a one hour lunch break to be taken at a time consistent with the business needs of the Employer.

		
	3.6
	The Executive's standard work week is 42.5 hours. As an employee of professional and managerial level, the Executive will work such additional hours in excess of her standard work week as are necessary to properly discharge her duties and hereby waives any entitlement to overtime pay in respect of such additional hours or for any hours worked on a public holiday.

		
	4.
	Place of Performance.

		
	4.1
	The Executive’s principal place of work shall be the Employer's premises in the Cayman Islands.

		
	4.2
	The Executive may be required to travel and work overseas insofar as is necessary to discharge her duties and meet the business needs of the Employer. At all times the Executive shall conduct the business needs of the Employer in such a manner as to ensure that neither Executive nor Employer is deemed to be engaged in a trade or business within the United States of America.

		
	5.
	Compensation and Related Matters.

		
	5.1
	The Subsidiary shall pay the Executive a base salary of US $355,000 per annum (the “Base Salary”), such salary to be paid monthly in arrears by direct deposit to a bank account nominated by the Executive.

		
	5.2
	The Executive shall be paid the Base Salary gross and the Executive shall be solely responsible for the payment of any national, state or federal taxes or similar obligations to 

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which she may be liable from time to time and the filing of any documents or returns that may be required in connection therewith.
		
	5.3
	The CEO shall periodically review Executive’s Base Salary consistent with the compensation practices and guidelines of the Subsidiary. If Executive’s Base Salary is increased by the CEO, such increased Base Salary shall then constitute the Base Salary for all purposes of this Agreement. 

		
	5.4
	The Executive hereby consents to all deductions as may be permitted by law being made by the Employer from the Base Salary.

		
	5.5
	During the Employment Period, the Subsidiary shall promptly reimburse Executive for all reasonable out-of-pocket expenses properly incurred by Executive in the ordinary course of the Employer’s business that are reported and evidenced to the Subsidiary in accordance with its published expense reimbursement policies and procedures. 

		
	5.6
	In addition to Base Salary during the Employment, the Executive shall be eligible to be considered for a discretionary annual bonus based on pre-established individual and Company performance metrics established by the Board (the “Bonus”).  For the avoidance of doubt the payment of any bonus is entirely within the discretion of the Board and the Executive shall not have any entitlement to be paid any particular amount or anything at all in this regard. 

		
	5.7
	The Executive shall be eligible to be considered for a discretionary Bonus with a target of 50% of Base Salary (the “Target Bonus”).  Any Bonus earned during a calendar year shall be paid in accordance with the bonus payment provisions of the Company’s applicable compensation plan (the “Compensation Plan”), as amended from time to time, and shall be subject to such other terms and conditions as are set forth therein. 

		
	5.8
	In order to be eligible to receive a bonus, the Executive must be employed by the Company and not serving out any period of notice (such as the notice period given prior to termination) on the date that Bonus is to be awarded.

		
	6.
	Leave.

		
	6.1
	The Executive shall be entitled to 25 days paid vacation per calendar year, in addition to Cayman Islands public holidays, which shall accrue pro rata during the course of the year in accordance with the Employer’s published policies as amended from time to time and shall be taken at a time mutually agreed with the Employer. For the avoidance of doubt, unused leave may not be carried into subsequent years without the express written consent in advance of the Employer.

		
	6.2
	The Executive shall be entitled to a maximum of ten days paid sick leave per year, such leave to be taken only when sick or otherwise incapacitated from work. The Employer shall in its discretion be entitled to request the production of a doctor's note in support of any such absence.

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	6.3
	The Executive shall also be entitled to compassionate, adoption and such other leave as may be prescribed by law.

		
	7.
	Benefits.

		
	7.1
	In accordance with the National Pensions Law, the Executive will be required to participate in the pension plan nominated by the Employer. The Executive’s participation will be in accordance with applicable law and Company policy as in effect from time to time, including with respect to Employer contributions and salary deductions.  

		
	7.2
	The Employer shall enroll the Executive and her dependents in an approved medical insurance plan in accordance with the Health Insurance Law (as amended) and shall pay any premiums as mandated by law in respect thereof. 

		
	7.3
	The Executive shall also be eligible to participate in any other employee benefit plan as may be provided from time to time by the Employer.

		
	8.
	Long Term Incentive Plan.

		
	8.1
	The Executive shall be eligible to receive equity awards in accordance with the Long-Term Incentive Plan (the “LTIP”) as set out in the Compensation Plan. 

		
	8.2
	For the avoidance of doubt the grant of any LTIP award is entirely within the discretion of the Board.  Shares will vest on the third anniversary the date of grant.

		
	8.3
	If the Employment is terminated by the Company Without Cause or by the Executive For Good Reason, or upon death or Disability, LTIP awards are not cancelled and shall remain subject to the vesting conditions.

		
	8.4
	On termination by the Company For Cause or by the Executive Without Good Reason, the unvested LTIP awards shall be cancelled and all restricted Class A Shares shall be immediately forfeited. 

		
	9.
	Termination. 

		
	9.1
	The Employment may be terminated under the following circumstances:

		
	9.1.1
	Death.  The Employment hereunder shall terminate automatically upon the Executive’s death;

		
	9.1.2
	Disability.  If, as a result of Executive’s incapacity due to physical or mental illness, the Executive shall have been substantially unable to perform her duties hereunder for an entire period of at least 90 consecutive days or 180 non-consecutive days within any 365-day period (“Disability”), the Employer shall have the right to terminate the Employment without further notice and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of the Agreement.

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	9.1.3
	Cause.  The Employer shall have the right to terminate the Employment for Cause, and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of the Agreement. For purposes of the Agreement, “Cause” shall mean:  

		
	(a)
	Misconduct on the part of the Executive so serious that the Employer cannot reasonably be expected to take any action other than termination;

		
	(b)
	Further misconduct on the part of the Executive within twelve (12) months of the issue of a formal written warning in respect of misconduct so serious that the Employer cannot reasonably be expected to tolerate any repetition thereof;

		
	(c)
	A failure by the Executive to commence performance of her duties in a satisfactory manner within one (1) month of the issue of a formal a written warning in respect thereof.

		
	9.1.4
	Misconduct includes (but is not limited to):

		
	(a)
	Habitual drug or alcohol use which impairs the ability of Executive to perform her duties hereunder (other than where such drug is prescribed be and administered in accordance with the instructions of a qualified physician);

		
	(b)
	Commission of a criminal offence in the course of the Employment (other than a minor traffic offence);

		
	(c)
	Wilful violation of the Restrictive Covenants set forth in Section 11 of the Agreement; 

		
	(d)
	Wilful failure or refusal to perform duties hereunder after a written demand for performance is delivered to Executive by the Board that specifically identifies the manner in which the Board believes that Executive has failed or refused to perform her duties;

		
	(e)
	Breach of any material provision of the Agreement or any policies of the Employer entities or any of their affiliates (collectively, the “Group”) related to conduct which is not cured, if curable, within ten (10) days after written notice thereof.  

		
	9.2
	The Employer shall have the right to suspend the Executive with pay in order to investigate any event which it reasonably believes may provide a basis to terminate Executive’s employment for Cause during which period the Executive may be excluded from the Employer's offices and/or business and such action shall not give Executive Good Reason to terminate her employment. 

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	9.3
	Good Reason.  The Executive may terminate her employment with the Employer for “Good Reason” within thirty (30) days after Executive has knowledge of the occurrence, without Executive’s written consent, of any one of the events defined below that has not been cured, if curable, within thirty (30) days after written notice thereof has been given by the Executive to the Employer and such termination in and of itself shall not be, nor shall it be deemed to be, a breach of the Agreement. “Good Reason” shall be limited to the following: (i) any material and adverse change to Executive’s title or duties which is inconsistent with her duties set forth herein, (ii) a reduction of Executive’s Base Salary, or (iii) a failure by the Employer to comply with any other material provisions of the Agreement.

		
	9.4
	Without Good Reason. The Executive shall have the right to terminate her employment hereunder without Good Reason by providing the Employer with a Notice of Termination at least ninety (90) days prior to such termination, and such termination shall not in and of itself be, nor shall it be deemed to be, a breach of the Agreement.

		
	9.5
	Without Cause. The Employer shall have the right to terminate the Employment without Cause at any time by providing Executive with a Notice of Termination at least 90 days prior to such termination and such termination shall not in and of itself be, nor shall it be deemed to be, a breach of the Agreement.    

		
	9.6
	Having provided Notice of Termination in accordance with clause 9.5 above the Employer may in its absolute discretion:

		
	9.6.1
	terminate the employment immediately upon payment to the Executive of all sums that she would have received had she worked throughout the period of notice; or 

		
	9.6.2
	place the Executive on “garden leave” for some or all of the period of notice whereby she will not be required to attend at the Employer’s premises or render any services unless expressly required to do so.

		
	10.
	Compensation Upon Termination. 

		
	10.1
	In the event the Executive’s employment is terminated other than due to the Executive’s death, the Subsidiary shall provide the Executive with the payments set forth below and shall not be required to provide any other payments or benefits to Executive upon such termination.

		
	10.2
	The Executive acknowledges and agrees that the payments set forth in this Section 10 constitute liquidated damages for termination of her employment and that prior to receiving any such payments under this Section 10, other than the Accrued Obligations (as defined below), and as a material condition thereof, Executive shall, if requested by the Employer, sign and agree to be bound by a general release of claims (a “Release”) against the Employer and its affiliates related to the Employment and its termination with the Employer in such form as the Board reasonably determines.

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	10.3
	If the Executive should fail to execute such Release within 45 days following the later of (i) the date upon which the Executive’s employment terminates (the “Termination Date”) or (ii) the date Executive actually receives an execution copy of such Release (which shall be delivered to Executive within ten (10) business days following of the Termination Date and if not timely delivered, the release condition will be deemed waived by the Company with respect to payments under this Section 11), the Company and Subsidiary shall not have any obligation to make the payments contemplated under this Section 10; 

		
	10.4
	Any release provided pursuant to this Section 10 shall not limit, release or waive Executive’s right to indemnification as provided for by the Agreement or otherwise by law or contract and shall not impose additional restrictive covenants of the type provided for in the Agreement. Upon the Executive’s termination of employment for any reason, upon the request of the Board, he shall immediately resign any membership or positions that he then holds with the Employer or any of its affiliates.

		
	10.5
	If the Executive’s employment is terminated by the Employer Without Cause or by Executive for Good Reason:

		
	10.5.1
	the Subsidiary shall pay to Executive as soon as practicable following such termination, but in no event later than two and one half months following the Termination Date:

		
	(a)
	her accrued, but unpaid Base Salary earned until the Termination Date and any accrued, but unused vacation pay as at the Termination Date;

		
	(b)
	any earned, but unpaid Bonus earned under the terms of the Compensation Plan for years prior to the year in which the Termination Date occurs payable in accordance with the terms of such plan (together with Section 10.5.1(a), the “Accrued Obligations”);

		
	(c)
	the target Bonus Executive would have earned for the year of termination assuming targets have been achieved, pro-rated based on the number of days Executive was employed by the Employer during the year over the number of days in such year (the “Pro-Rated Bonus”);

		
	10.5.2
	commencing on the 60th day following the Termination Date (and provided the Executive does not breach this Agreement following her termination in which case all payments under this clause shall cease) the Subsidiary shall pay to the Executive an amount equal to 50% of the sum of her annual rate of Base Salary and Target Bonus (assuming targets have been achieved) payable over six (6) months in substantially equal monthly installments (the “Severance Payment”); 

		
	10.5.3
	the Subsidiary shall promptly reimburse the Executive pursuant to Section 5 for reasonable expenses incurred, but not paid prior to such termination of employment (contingent upon the availability of appropriate evidence); and

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	10.5.4
	the Executive shall be entitled to any other Benefits, as defined in Section 7 of this Agreement, for a period of six months following the Termination Date. The Executive shall also be entitled to any quantitative bonus payments as may be due to the Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	10.6
	If the Executive’s employment is terminated by the Employer for Cause or by the Executive Without Good Reason:  

		
	10.6.1
	the Subsidiary shall pay the Executive, in accordance with the relevant payment provisions set forth in Section 10.5.1, the Accrued Obligations; and

		
	10.6.2
	the Subsidiary shall promptly reimburse the Executive pursuant for all reasonable expenses incurred, but not paid prior to such termination of employment (contingent upon the availability of appropriate evidence); and

		
	10.6.3
	the Executive shall be entitled to any other Benefits, as defined in Section 7 of this Agreement, for a period of six months following the Termination Date. The Executive shall also be entitled to any quantitative bonus payments as may be due to the Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer. 

		
	10.7
	During any period that Executive fails to perform her duties hereunder as a result of incapacity due to physical or mental illness (the “Disability Period”), Executive shall continue to receive her full compensation and benefits under the Agreement until her employment is terminated pursuant to Section 9.1.2 hereof. 

		
	10.8
	In the event Executive’s employment is terminated for Disability pursuant to Section 9.1.2 hereof:

		
	10.8.1
	the Subsidiary shall pay to the Executive as soon as reasonably practicable following such termination the Accrued Obligations and the Pro-Rated Bonus; and

		
	10.8.2
	the Subsidiary shall promptly reimburse the Executive pursuant for all reasonable expenses incurred, but not paid prior to the Termination Date (contingent upon the availability of appropriate evidence); and

		
	10.8.3
	the Executive shall be entitled to any other Benefits, as defined in Section 7 of this Agreement, for a period of six months following the Termination Date. The Executive shall also be entitled to any quantitative bonus payments as may be due to the Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	10.9
	If Executive’s employment is terminated by her death:

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	10.9.1
	the Subsidiary shall pay to Executive’s beneficiary, legal representatives or estate, as the case may be, the Accrued Obligations and Pro-Rated Bonus; and

		
	10.9.2
	the Subsidiary shall promptly reimburse Executive’s beneficiary, legal representatives, or estate, as the case may be for all reasonable expenses incurred by the Executive, but not paid prior to the Termination Date (contingent upon the availability of appropriate evidence); and

		
	10.9.3
	The Executive’s beneficiary, legal representatives or estate, as the case may be, shall be entitled to any other Benefits, as defined in Section 7 of this Agreement, for a period of six months following the Termination Date. The Executive’s beneficiary, legal representatives or estate, as the case may be, shall also be entitled to any quantitative bonus payments as may be due to the Executive in accordance with the terms and provisions of any agreements, plans or programs of the Employer.

		
	11.
	Restrictive Covenants.

		
	11.1
	The Executive acknowledges that: (i) as a result of Executive’s employment by the Employer, Executive has obtained and will obtain Confidential Information (as defined below); (ii) the Confidential Information has been developed and created by the Group at substantial expense and the Confidential Information constitutes valuable proprietary assets; (iii) the Group will suffer substantial damage and irreparable harm which will be difficult to compute if, during the Employment Period and thereafter, Executive should enter a Competitive Business (as defined herein) in violation of the provisions of the Agreement; (iv) the nature of the Group’s business is such that it could be conducted anywhere in the world and that it is not limited to a geographic scope or region; (v) the Group will suffer substantial damage which will be difficult to compute if, during the Employment Period or thereafter, the Executive should solicit or interfere with the Group’s employees, clients or customers or should divulge Confidential Information relating to the business of the Group; (vi) the provisions of the Agreement are reasonable and necessary for the protection of the business of the Group; (vii) the Employer would not have hired or continued to employ the Executive unless he agreed to be bound by the terms hereof; and (viii) the provisions of the Agreement will not preclude Executive from other gainful employment. 

		
	11.2
	“Competitive Business” as used in the Agreement shall mean any business which competes, directly or indirectly, with any aspect of the Group’s business. 

		
	11.3
	“Confidential Information” as used in the Agreement shall mean any and all confidential and/or proprietary knowledge, data, or information of the Group including, without limitation, any

		
	11.3.1
	trade secrets, drawings, inventions, methodologies, mask works, ideas, processes, formulas, source and object codes, data, programs, software source documents, works of authorship, know-how, improvements, discoveries, developments, designs 

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and techniques, and all other work product of the Group, whether or not patentable or registrable under trademark, copyright, patent or similar laws in any jurisdiction;
		
	11.3.2
	information regarding plans for research, development, new service offerings and/or products, marketing, advertising and selling, distribution, business plans, business forecasts, budgets and unpublished financial statements, licenses, prices and costs, suppliers, customers or distribution arrangements;

		
	11.3.3
	any information regarding the skills and compensation of employees, suppliers, agents, and/or independent contractors of the Group;

		
	11.3.4
	concepts and ideas relating to the development and distribution of content in any medium or to the current, future and proposed products or services of the Group;

		
	11.3.5
	information about the Group’s investment program, trading methodology, or portfolio holdings; or

		
	11.3.6
	any other information, data or the like that is labeled confidential or orally disclosed to Executive on terms of confidentiality. 

		
	11.4
	The Executive agrees not to, at any time, either during the Employment Period or thereafter, divulge, use, publish or in any other manner reveal, directly or indirectly, to any person, firm, corporation or any other form of business organization or arrangement and keep in the strictest confidence any Confidential Information, except:

		
	11.4.1
	as may have been necessarily disclosed by the Executive in the good faith performance of her duties hereunder;

		
	11.4.2
	with the Employer’s express written consent;

		
	11.4.3
	to the extent that any such information is in or becomes in the public domain other than as a result of Executive’s breach of any of her obligations hereunder, or 

		
	11.4.4
	where required to be disclosed by law and in such event, Executive shall cooperate with the Employer in attempting to keep such information confidential.

		
	11.5
	Upon the request of the Employer, Executive agrees to promptly deliver to the Employer the originals and all copies, in whatever medium, of all such Confidential Information.

		
	11.6
	In consideration of the benefits provided for in the Agreement, the Executive hereby agrees and covenants that during the Employment and for a period of six (6) months following the termination of her employment for whatever reason, or following the date of cessation of the last violation of the Agreement, or from the date of entry by a court of competent jurisdiction of a final, unappealable judgment enforcing the covenant, whichever of the foregoing is last to occur, he will not, for himself, or in conjunction with any other person, firm, partnership, corporation or other form of business organization or arrangement (whether as a shareholder, partner, member, principal, agent, lender, director, officer, 

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manager, trustee, representative, employee or consultant), directly or indirectly, be employed by, provide services to, in any way be connected, associated or have any interest in, or give advice or consultation to any Competitive Business.
		
	11.7
	In consideration of the benefits provided for in the Agreement, the Executive further covenants and agrees that during the Employment and for a period of (6) months thereafter, Executive shall not, without the prior written permission of the Employer, (i) directly or indirectly solicit, employ or retain, or have or cause any other person or entity to solicit, employ or retain, any person who is employed or is providing services to the Group at the time of her termination of employment or was or is providing such services within the six (6) month period before or after her termination of employment or (ii) request or cause any employee of the Group to breach or threaten to breach any terms of said employee’s agreements with the Group or to terminate her employment with the Group.

		
	11.8
	In consideration of the benefits provided for in the Agreement, the Executive further covenants and agrees that during the Employment Period and for a period of six (6) months thereafter, she will not, for herself, or in conjunction with any other person, firm, partnership, corporation or other form of business organization or arrangement (whether as a shareholder, partner, member, lender, principal, agent, director, officer, manager, trustee, representative, employee or consultant), directly or indirectly: (i) solicit or accept any business that is directly related to the business of the Group from any person or entity who, at the time of, or at the time during the twenty-four (24) month period preceding, termination was an existing or prospective customer or client of the Group; (ii) request or cause any of the Group’s clients or customers to cancel, terminate or change the terms of any business relationship with the Group involving services or activities which were directly or indirectly the responsibility of Executive during her employment or (iii) pursue any Group project known to Executive upon termination of her employment that the Group is actively pursuing (or was actively pursuing within six months of termination) while the Group is (or is contemplating) actively pursuing such project. 

		
	12.
	Intellectual Property.

		
	12.1
	The Parties agree that any work of authorship, invention, design, discovery, development, technique, improvement, source code, hardware, device, data, apparatus, practice, process, method or other work product whatever (whether patentable or subject to copyright, or not, and hereinafter collectively called “discovery”) related to the business of the Group that the Executive, either solely or in collaboration with others, has made or may make, discover, invent, develop, perfect, or reduce to practice during the course of the Employment, whether or not during regular business hours and created, conceived or prepared on the Group’s premises or otherwise shall be the sole and complete property of the Group. 

		
	12.2
	More particularly, and without limiting the foregoing, the Executive agrees that all of the foregoing and any (i) inventions (whether patentable or not, and without regard to whether any patent therefor is ever sought), (ii) marks, names, or logos (whether or not registrable 

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as trade or service marks, and without regard to whether registration therefor is ever sought), (iii) works of authorship (without regard to whether any claim of copyright therein is ever registered), and (iv) trade secrets, ideas, and concepts ((i) - (iv) collectively, “Intellectual Property Products”) created, conceived, or prepared on the Group’s premises or otherwise, whether or not during normal business hours, shall perpetually and throughout the world be the exclusive property of the Group, as shall all tangible media (including, but not limited to, papers, computer media of all types, and models) in which such Intellectual Property Products shall be recorded or otherwise fixed. 
		
	12.3
	The Executive further agrees promptly to disclose in writing and deliver to the Employer all Intellectual Property Products created during her engagement by the Employer, whether or not during normal business hours. The Executive agrees that all works of authorship created by the Executive during her engagement by the Employer shall be works made for hire of which the Group is the author and owner of copyright. 

		
	12.4
	To the extent that any competent decision-making authority should ever determine that any work of authorship created by the Executive during her engagement by the Employer is not a work made for hire, the Executive hereby assigns all right, title and interest in the copyright therein, in perpetuity and throughout the world, to the applicable Group entity. To the extent that the Agreement does not otherwise serve to grant or otherwise vest in the Group all rights in any Intellectual Property Product created by Executive during her engagement by the Employer, the Executive hereby assigns all right, title and interest therein, in perpetuity and throughout the world, to the Employer. The Executive agrees to execute, immediately upon the Employer’s reasonable request and without charge, any further assignments, applications, conveyances or other instruments, at any time after execution of the Agreement, whether or not Executive is engaged by the Employer at the time such request is made, in order to permit the Group and/or its respective assigns to protect, perfect, register, record, maintain, or enhance their rights in any Intellectual Property Product; provided, that, the Employer shall bear the cost of any such assignments, applications or consequences. 

		
	12.5
	Upon termination of the Executive’s employment with the Employer for any reason whatsoever, and at any earlier time the Employer so requests, the Executive will immediately deliver to the custody of the person designated by the Employer all originals and copies of any documents and other property of the Employer in the Executive’s possession, under the Executive’s control or to which he may have access.

		
	13.
	Non-Disparagement.

		
	13.1
	The Executive acknowledges and agrees that she will not defame or publicly criticize the services, business, integrity, veracity or personal or professional reputation of the Group and its respective officers, directors, partners, executives or agents thereof in either a professional or personal manner at any time during or following the Employment Period. The Employer acknowledges and agrees that it will not defame, publicly criticize, or cause any of its officers, directors, partners, executives or agents to defame or publicly criticize 

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the services, integrity, veracity or personal or professional reputation of the Executive in either a professional or personal manner at any time during or following the Employment Period.
		
	14.
	Enforcement.

		
	14.1
	If Executive commits a breach, or threatens to commit a breach, of any of the provisions of sections 12 to 14 hereof, the Employer shall have the right and remedy to have the provisions specifically enforced by any court having jurisdiction by way of injunction or otherwise, it being acknowledged and agreed by the Executive that any such breach or threatened breach will cause irreparable injury to the Group and that money damages will not provide an adequate remedy to the Group. Such right and remedy shall be in addition to, and not in place of, any other rights and remedies available to the Employer at law or in equity. Accordingly, the Executive consents to the issuance of an injunction, whether preliminary or permanent, consistent with the terms of the Agreement. In addition, the Employer shall have the right to cease making any payments or provide any benefits to the Executive under the Agreement in the event he wilfully breaches any of the provisions hereof (and such action shall not be considered a breach under the Agreement).

		
	14.2
	The Executive acknowledges that the restrictions contained in sections 12 to 14 of the Agreement are reasonable and intended to apply after the termination of her employment whether such termination is lawful or otherwise and that the restrictions will apply even where the termination results from a breach of the Agreement.

		
	14.3
	If, at any time, the provisions of Sections 12 to 14 hereof shall be determined to be invalid or unenforceable under any applicable law, by reason of being vague or unreasonable as to area, duration or scope of activity, the Agreement shall be considered divisible and shall become and be immediately amended to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter and the Executive and the Employer agree that the Agreement as so amended shall be valid and binding as though any invalid or unenforceable provision had not been included herein.

		
	15.
	Dispute Resolution.

		
	15.1
	The Parties shall use good faith efforts to resolve any controversy or claim arising out of, or relating to the Agreement or the breach thereof, first in accordance with the Employer’s internal review procedures, except that the requirement shall not apply to any claim or dispute under or relating to Sections 12 to 14 of the Agreement. 

		
	15.2
	If despite their good faith efforts, the Parties are unable to resolve such controversy or claim through the Employer’s internal review procedures, then such controversy or claim shall be resolved by binding arbitration seated in New York, New York in accordance with the rules and procedures of the Employment Dispute Resolution Rules of the American Arbitration Association then in effect. The decision of the arbitrator shall be final and binding on both 

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Parties, and any court of competent jurisdiction may enter judgment upon the award. Each party shall pay its own expenses, including legal fees, in such dispute and shall split the cost of the arbitrator and the arbitration proceedings.  
		
	16.
	Indemnification.

		
	16.1
	The Employer agrees that if the Executive is made a party or threatened to be made a party to any action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that the Executive is or was a director or officer of the Employer or any other entity within the Group or is or was serving at the request of the Employer or any other member of the Group as a director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise (each such event, an “Action”), the Executive shall be indemnified and held harmless by the Employer to the fullest extent permitted by applicable law and authorized by the Company’s or the Subsidiary’s by-laws and/or charter, as the same exists or may hereafter be amended, against all expenses incurred or suffered by Executive in connection therewith, save in respect of any actual fraud, willful misconduct or any acts (or omissions) of gross negligence by the Executive.

		
	17.
	Policies and Procedures.

		
	17.1
	The Executive hereby acknowledges that the Employer maintains written policies and procedures which may be amended from time to time, and hereby agrees to familiarize herself with and at all times abide by such policies and/or procedures.

		
	18.
	Miscellaneous.

		
	18.1
	Successors:  The rights and benefits of Executive hereunder shall not be assignable, whether by voluntary or involuntary assignment or transfer by Executive. The Agreement shall be binding upon, and inure to the benefit of, the successors and assigns of the Employer, and the heirs, executors and administrators of Executive, and shall be assignable by the Employer to any entity acquiring substantially all of the assets of the Company and/or the Subsidiary, whether by merger, consolidation, sale of assets or similar transactions.

		
	18.2
	Notice.  For the purposes of the Agreement, notices, demands and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered either personally or by overnight, certified or registered mail, return receipt requested, postage prepaid, addressed, in the case of Executive, to the last address on file with the Employer and if to the Employer, to its executive offices or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.  Notices, demands and other communications hereunder may also be delivered or furnished by e-mail communication. Notices, demands and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such e-mail notice, demand or other 

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communication is not sent during the normal business hours of the recipient, such notice, demand or communication shall be deemed to have been sent at the opening of business on the next business day for the recipient.
		
	18.3
	Governing Law.  The Agreement shall be governed by and construed in accordance with the laws of the Cayman Islands.

		
	18.4
	Amendment.  No provisions of the Agreement may be amended, modified, or waived unless such amendment or modification is executed in writing by all Parties. No waiver by either party hereto at any time of any breach by the other party hereto of any condition or provision of the Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

		
	18.5
	Survival.  The respective obligations of, and benefits afforded to, Executive and the Employer as provided in Section 12 to 14 of the Agreement shall survive the termination of the Agreement.

		
	18.6
	Counterparts.  The Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.

		
	18.7
	Entire Agreement.  The Agreement sets forth the entire agreement of the Parties hereto in respect of the subject matter contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, employee or representative of any party hereto in respect of such subject matter. 

		
	18.8
	Section Headings.  The section headings in the Agreement are for convenience of reference only and shall not affect its interpretation. 

		
	18.9
	Representation.  The Executive represents and warrants to the Employer, and acknowledges that the Employer has relied on such representations and warranties in employing Executive, that neither the Executive’s duties as an employee of the Employer nor her performance of the Agreement will breach any other agreement to which Executive is a party, including without limitation, any agreement limiting the use or disclosure of any information acquired by Executive prior to her employment by the Employer. The Executive further represents and warrants and acknowledges that the Employer has relied on such representations and warranties in employing the Executive, that he has not entered into, and will not enter into, any agreement, either oral or written, in conflict herewith. If it is determined that the Executive is in breach or has breached any of the representations set forth herein, the Employer shall have the right to terminate Executive’s employment for Cause. 

[SIGNATURE PAGE FOLLOWS]

15

IN WITNESS WHEREOF, the Parties hereto have executed the Agreement on the date first above written.
GREENLIGHT CAPITAL RE, LTD.

By:     /s/ Simon Burton            
Name: Simon Burton
Title: CEO

GREENLIGHT REINSURANCE, LTD.

By:     /s/ Simon Burton            
Name: Simon Burton
Title: CEO

/s/ Laura Accurso                 
LAURA ACCURSO

    

16

AMENDMENT TO EMPLOYMENT AGREEMENT
This AMENDMENT TO THE EMPLOYMENT AGREEMENT (this “Amendment”), dated as of February 18, 2019 (the “Amendment Date”) is entered into by and among GREENLIGHT CAPITAL RE, LTD. (the “Company”), GREENLIGHT REINSURANCE, LTD. (the “Subsidiary”) and LAURA ACCURSO (the “Executive”).
RECITALS
WHEREAS, the Company, the Subsidiary and the Executive have entered into that certain Employment Agreement, dated as of October 1, 2017 (as amended, the “Employment Agreement”); and
WHEREAS, the Company, the Subsidiary and the Executive desire to make certain changes to the Employment Agreement as set forth herein.
NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein and in the Employment Agreement, the parties hereto agree as follows:
SECTION 1.    Definitions.  All capitalized terms not otherwise defined herein are used as defined in the Employment Agreement.
SECTION 2.      Amendment to Employment Agreement.  The Employment Agreement is hereby amended as follows on the date as set forth below:
2.1    Section 5(a) of the Employment Agreement is hereby amended and restated in its entirety as follows, effective as of January 1, 2019:
“Effective as of January 1, 2019, the Subsidiary shall pay the Executive a base salary of US $390,000 per annum (the “Base Salary”), such salary to be paid monthly in arrears by direct deposit to a bank account nominated by the Executive.”
SECTION 3.     Miscellaneous.
3.1.    Effect on Employment Agreement.  Except as specifically amended by this Amendment, the Employment Agreement shall remain in full force and effect and is hereby ratified and confirmed.
3.2    Governing Law; Dispute Resolution.  This Amendment shall be governed by and construed in accordance with, the laws of the Cayman Islands and any controversy or claim related hereto shall be resolved in accordance with Section 15 of the Employment Agreement.
3.3    Successors and Assigns. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and the successors and assigns of the Company and the Subsidiary.
3.4    Headings.  Section headings are for convenience of reference only and shall in no way affect the interpretation of this Amendment.

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3.5    Counterparts.  This Amendment may be executed in any number of counterparts, all of which when taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart.  Electronic signatures shall be effective as originals.

[SIGNATURE PAGE FOLLOWS]

2

IN WITNESS WHEREOF, the parties hereto have caused this amendment to be duly executed effective as of the Amendment Date.

GREENLIGHT CAPITAL RE, LTD.

By:     /s/ Simon Burton            
Name: Simon Burton
Title: CEO

GREENLIGHT REINSURANCE, LTD.

By:     /s/ Simon Burton            
Name: Simon Burton
Title: CEO

/s/ Laura Accurso                        
LAURA ACCURSO

[SIGNATURE PAGE TO AMENDMENT TO EMPLOYMENT AGREEMENT]

3

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