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CONFIDENTIAL

Amended and Restated Third Point Reinsurance Ltd. 
Director Compensation Policy 
The Compensation Committee of the Board of Directors (the “Board”) of Third Point Reinsurance Ltd. (the “Company”) has adopted the following modifications to the compensation policy applicable to its independent directors.  This amended and restated policy is adopted as of February 23, 2021 (the “Adoption Date”), and is effective as of the date of the closing (the “Closing Date”) of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of August 6, 2020, among Sirius International Insurance Group, Ltd., a Bermuda exempted company limited by shares, the Company and Yoga Merger Sub Limited, a Bermuda exempted company limited by shares and a wholly owned subsidiary of Parent (the “Merger Agreement”, and such transactions, the “Transactions”).  
This policy has been developed to compensate certain independent directors of the Company for their time, commitment and contributions to the Board and to the boards of any subsidiaries of the Company on which they serve.  This policy shall apply to independent directors of the Company who are not employees of the Company or any of its subsidiaries, and who do not have any material financial relationship with the Company, either directly or as part of an organization that has a material financial relationship with the Company, which shall include, but not be limited to, (x) Third Point LLC, Daniel S. Loeb or any related entities and (y) CM Bermuda Limited, CMIG International Holding Pte. Ltd. or any related entities.  Each independent director meeting these qualifications is referred to below as an “Independent Director”.
1.Effective Date of Policy.  This Third Point Reinsurance Ltd. Director Compensation Policy is an amendment and restatement of the prior Amended and Restated Director Compensation Policy, dated as of August 6, 2020 (the “Prior Policy”), and supersedes the Prior Policy as of the Closing Date.  This policy shall be effective as of the Closing Date.
2.Director Compensation.  
    (a)    Cash Compensation.  Each Independent Director shall be paid a cash retainer of $137,500 per year (or $172,500, in the case of the chairman of the Audit Committee of the Board, or $187,500, in the case of the Lead Independent Director, or $237,500, in the case of a non-executive Chair of the Board), payable quarterly in arrears on or about March 31st, June 30th, September 30th and December 31st, for each fiscal year of service on the Board.  Cash retainers for partial years of service shall be pro-rated to reflect the number of days served by an Independent Director during any such year.  Board members will also be entitled to receive reimbursement for reasonable expenses that are incurred in connection with their functions as a director of the Company.  
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    (b)    Equity-based Compensation.  
(i)Each Independent Director shall receive an annual grant of $137,500 worth of restricted shares of the Company, calculated based on the fair market value of a common share of the Company, par value US $0.10 per share, on the date on which such restricted shares are granted (the “Annual Grant”).  Each Annual Grant shall typically be made on or around the date of the annual meeting of shareholders.  Annual Grants for partial years of service shall be pro-rated to reflect the number of days served by an Independent Director during any such year, and shall typically be made on or around the date on which the Independent Director begins his or her service on the Board.  The Annual Grants will be granted under, and subject to the terms and conditions of, the Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan or successor thereto (the “Plan”) and applicable award agreement entered into between the Company and the Independent Director, including, without limitation, the vesting and forfeiture provisions contained therein.  The Annual Grant shall vest in one installment on April 30 of the calendar year following the year in which the Annual Grant is made, subject to the Independent Director’s continued service on the Board through such vesting date.
(ii)Each Independent Director whose service on the Board begins on or after the Adoption Date shall also receive an initial grant of $250,000 worth of restricted shares of the Company, calculated based on the fair market value of a common share of the Company, par value US $0.10 per share, on the date on which such restricted shares are granted (the “Initial Grant”).  Each Initial Grant shall typically be made on or around the date on which the Independent Director begins his or her service on the Board (the “Commencement Date”).  Such Initial Grant will be granted under, and subject to the terms and conditions of, the Plan and applicable award agreement entered into between the Company and the Independent Director, including, without limitation, the vesting and forfeiture provisions contained therein.  The Initial Grant shall vest in three equal annual installments on each anniversary of the Commencement Date, subject to the Independent Director’s continued service on the Board through each such vesting date.  In order to promote fairness and consistency in the compensation of the Independent Directors, all Independent Directors whose service on the Board began prior to, and will continue through, the Adoption Date shall also receive an Initial Grant effective as of the Adoption Date, on the terms and conditions as are set forth in this Section 2(b)(ii).
3.This policy may be amended, revised or terminated by the Board at any time and from time to time.  Any interpretive questions over the application of this policy shall be conclusively resolved by the Compensation Committee, the determination of which shall be final, binding and conclusive.
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Adopted on February 23, 2021.
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[Director Awards]

THE SIRIUSPOINT LTD.
2013 OMNIBUS INCENTIVE PLAN
DIRECTOR RESTRICTED SHARES 
AWARD NOTICE
[Name]
You have been granted a number of shares of Restricted Shares as set forth below of SiriusPoint Ltd. (the “Company”), US $0.10 par value, pursuant to the terms and conditions of the SiriusPoint Ltd. 2013 Omnibus Incentive Plan (the “Plan”) and the Director Restricted Shares Agreement (together with this Award Notice, the “Agreement”).  The Director Restricted Shares Agreement is attached hereto, and a copy of the Plan is publicly available or will be provided on request.  Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement.
						
	Restricted Shares:
	You have been awarded [______] shares of Restricted Shares of the Company, US $0.10 par value, subject to adjustment as provided in Section 5 of the Director Restricted Shares Agreement.
	Grant Date:
	[                             ]

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SIRIUSPOINT LTD.
by                          
         Name:
         Title:

Acknowledgment, Acceptance and Agreement:

By signing below and returning this Award Notice to SiriusPoint Ltd., I hereby acknowledge receipt of the Agreement and the Plan, accept the Restricted Shares granted to me and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

____________________________________
Name: 
[Signature Page to Director Restricted Shares Agreement]

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DIRECTOR RESTRICTED SHARES AGREEMENT 
DIRECTOR RESTRICTED SHARES AGREEMENT (the “Agreement”) dated as of the Grant Date set forth in the Notice of Grant (as defined below), by and between SiriusPoint Ltd., a Bermuda exempted company (the “Company”), and the Eligible Director whose name appears in the Notice of Grant (the “Participant”), pursuant to the SiriusPoint Ltd. 2013 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”).  Capitalized terms that are not defined herein shall have the meanings given to such terms in the Plan.  Reference is made to that certain Agreement and Plan of Merger, dated as of August 6, 2020, among Sirius International Insurance Group, Ltd., a Bermuda exempted company limited by shares, the Company and Yoga Merger Sub Limited, a Bermuda exempted company limited by shares and a wholly owned subsidiary of Parent (the “Merger Agreement”).
1.Grant of Restricted Shares.  The Company hereby evidences and confirms its grant to the Participant, effective as of the Grant Date, of the number of restricted shares of the Company (the “Restricted Shares”) specified in the SiriusPoint Ltd. 2013 Omnibus Incentive Plan Director Restricted Shares Award Notice delivered by the Company to the Participant (the “Notice of Grant”).  This Agreement is subordinate to, and the terms and conditions of the Restricted Shares granted hereunder are subject to, the terms and conditions of the Plan, which are incorporated by reference herein.  If there is any inconsistency between the terms hereof and the terms of the Plan, the terms of the Plan shall govern.  The Restricted Shares shall be considered a Service Award under the Plan.  
2.Vesting of Restricted Shares; Restricted Period.  
(a)Vesting.  Except as otherwise provided in this Section 2, the Restricted Shares shall become vested, if at all, in three equal installments on each of the first through third anniversaries of the grant date set forth in the Notice of Grant (the “Grant Date”), subject to the Participant’s continued provision of Services to the Company or any Subsidiary thereof through such date.  The period over which the Restricted Shares vest is referred to as the “Restricted Period.”
(b)Termination of Services.  
(i)If, at any time during the Restricted Period, (x) the Participant’s Services on the Board terminate at the request of the Board without the Participant having engaged in events constituting Cause or (y) the Participant’s Services on the Board shall terminate by reason of the Participant’s death or Disability, all unvested Restricted Shares shall immediately vest upon such Termination of Services. 
(ii)If, at any time during the Restricted Period, the Participant’s Services on the Board terminate for any reason other than as set forth in Section 2(b)(i), all unvested Restricted Shares shall immediately be forfeited and canceled effective as of the effective date of the Participant’s Termination of Services.
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(c)Change in Control. In the event of a Change in Control (which, for avoidance of doubt, shall not include the closing of the merger pursuant to the Merger Agreement), all unvested Restricted Shares shall fully vest on the effective date of the Change in Control.
3.Securities Law Compliance.  Notwithstanding any other provision of this Agreement, the Participant may not sell the Restricted Shares that become vested unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities Act”), or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act.  The sale of such Shares must also comply with other applicable laws and regulations governing the Shares, and Participant may not sell the Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.
4.Participant’s Rights with Respect to the Restricted Shares.
(a)Restrictions on Transferability.  During the Restricted Period, the Restricted Shares granted hereby are not assignable or transferable, in whole or in part, and may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including without limitation by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Participant upon the Participant’s death.
(b)Rights as Shareholder; Dividends.  The Participant shall be the record owner of the Restricted Shares until the Shares are sold or otherwise disposed of, and shall be entitled to all of the rights of a shareholder of the Company including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares.  Notwithstanding the foregoing, any non-cash dividends or other distributions shall be subject to the same restrictions on transferability as the Restricted Shares with respect to which they were paid.  If the Participant forfeits any rights he has under this Agreement in accordance with Section 2, the Participant shall, on the date of such forfeiture, no longer have any rights as a shareholder with respect to the Restricted Shares and shall no longer be entitled to vote or receive dividends on such Shares.
(c)Shares Certificates.  The Company may issue shares certificates or evidence the Participant’s interest by using a restricted book entry account with the Company’s transfer agent.  Physical possession or custody of any shares certificates that are issued shall be retained by the Company until such time as the Restricted Shares vest.
5.Adjustment in Capitalization.  The number, class or other terms of any outstanding Restricted Shares shall be adjusted by the Board to reflect any extraordinary dividend, shares dividend, shares split or share combination or any recapitalization, business combination, merger, consolidation, spin-off, exchange of shares, liquidation or dissolution of the Company or other similar transaction affecting the Shares in such manner as it determines in its sole discretion.
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6.Miscellaneous.
(a)Binding Effect; Benefits.  This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns.  Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein.
(b)No Right to Continued Services.  Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries or Shareholders to terminate the Participant’s Services at any time, or confer upon the Participant any right to continue in the Services of the Company or any of its Subsidiaries.
(c)Section 83(b) Election.  The Participant may make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect to the Restricted Shares.  Any such election must be made within thirty (30) days after the Grant Date.  If the Participant elects to make a Section 83(b) Election, the Participant shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the US Internal Revenue Service.  The Participant agrees to assume full responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election.
(d)Applicable Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction.
(e)Data Privacy.  By entering into this Agreement and accepting the Restricted Shares evidenced hereby, the Participant: (a) authorizes the Company, any agent of the Company administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its affiliates any information and data the Company requests in order to facilitate the grant of the Award and the administration of the Plan; (b) waives any data privacy rights the Participant may have with respect to such information; and (c) authorizes the Company and its agents to store and transmit such information in electronic form.
(f)Consent to Electronic Delivery.  By entering into this Agreement and accepting the Restricted Shares evidenced hereby, 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, this Agreement and the Restricted Shares via Company website, email or other electronic delivery.
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(g)Headings and Captions.  The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
(h)Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.
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