Document:

PartnerRe Ltd. 2009 Employee Share Purchase Plan

 Exhibit 10.1 
 

 
 PARTNERRE LTD. 
 2009 EMPLOYEE SHARE PURCHASE PLAN 
 Effective as of May 22, 2009 
 1. Purpose. The purpose of the Plan is to provide employees of the Company and its Subsidiaries with an opportunity to purchase Common Shares of
the Company through accumulated payroll deductions or direct contributions to the Plan. It is the intention of the Company to have the Plan qualify as an “Employee Share Purchase Plan” under Section 423 of the Internal Revenue Code of
1986, as amended. The provisions of the Plan, accordingly, shall be construed so as to extend and limit participation in a manner consistent with the requirements of that section of the Code. 
 2. Definitions. 
 (a)
“Board” shall mean the Board of Directors of the Company. 
 (b) “Code” shall mean the
Internal Revenue Code of 1986, as amended. 
 (c) “Committee” shall mean the Compensation Committee of the
Board, or such other committee as may be appointed by the Board, which shall be the administrative committee for the Plan. 
 (d) “Common Shares” shall mean the common shares of the Company, $1.00 par value per share. 
 (e)
“Company” shall mean PartnerRe Ltd., a Bermuda company. 
 (f) “Compensation” shall mean all
base straight time gross earnings, exclusive of payments for overtime, shift premium, incentive compensation, incentive payments, bonuses, commissions and other compensation. 
 (g) “Employee” shall mean any individual who is an employee of the Company or a Subsidiary whose customary employment
with the Company or any Subsidiary is more than three months in any calendar year. For purposes of the Plan, the employment relationship shall be treated as continuing intact while the individual is on sick leave or other leave of absence approved
by the Company. Where the period of leave exceeds 90 days and the individual’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship will be deemed to have terminated on the 91st day of such
leave. 
 (h) “Enrollment Date” shall mean the first day of each Offering Period. 
 (i) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

 (j) “Exercise Date” shall mean the last day of each Purchase Period.

 (k) “Fair Market Value” of a Share on a given date means (A) if the Shares are listed on a national
securities exchange, the closing sale price reported as having occurred on the primary exchange with which the Shares are listed and traded on such date, or, if there is no such sale on that date, then on the last preceding date on which such a sale
was reported, or (B) if the Shares are not listed on any national securities exchange but are quoted in the National Market System of the National Association of Securities Dealers Automated Quotation System on a last sale basis, the closing
sale price reported on such date, or, if there is no such sale on that date then on the last preceding date on which such a sale was reported. If the Common Stock is not quoted on NASDAQ-NMS or listed on an exchange, or representative quotes are not
otherwise available, the Fair Market Value shall mean the amount determined by the Committee in good faith to be the fair market value per Share, on a fully diluted basis. 
 (l) “Offering Period” shall mean, for each calendar year, subject to Section 4(b) hereof, (i) for Employees who
are first eligible to participate in the Plan on the June 1 Enrollment Date, a period of twelve months consisting of two Purchase Periods, commencing on the first Trading Day coincident with or immediately after June 1 of such calendar
year and terminating on the last Trading Day on or immediately prior to the following May 31, and (ii) for new Employees who are first eligible to participate in the Plan on the December 1 Enrollment Date, and for Employees described
in clause (i) who withdraw from the 12-month offering period prior to the December 1 Enrollment Date but elect in accordance with Section 10(a) hereof to recommence participation as of the December 1 Enrollment Date, a period of
six months consisting of one Purchase Period, commencing on the first Trading Day coincident with or immediately after December 1 and terminating on the last Trading Day on or immediately prior to the following May 31. 
 (m) “Parent” shall mean a corporation which is a “parent corporation” of the Company within the meaning of
Section 424(e) of the Code. 
 (n) “Plan” shall mean this PartnerRe Ltd. 2009 Employee Share Purchase
Plan. 
 (o) “Purchase Period” shall mean a period of six months, commencing on the first Trading Day
coincident with or immediately after June 1 and December 1 of each calendar year and terminating on the last Trading Day on or immediately prior to the following November 30 and May 31, respectively. 
 (p) “Purchase Price” shall mean an amount equal to 85 percent of the Fair Market Value of a Common Share on the
Enrollment Date or the Exercise Date, whichever is lower. 
 (q) “Reserves” shall mean the number of Common
Shares covered by each option under the Plan which have not yet been exercised and the number of Common Shares which have been authorized for issuance under the Plan but not yet placed under option. 
 (r) “Subsidiary” shall mean a corporation which is a “subsidiary corporation” of the Company within the meaning
of Section 424(f) of the Code. 

 (s) “Trading Day” shall mean a day on which national stock exchanges and
NASDAQ are open for trading. 
 3. Eligibility. 
 (a) Each person who is an Employee on a given Enrollment Date shall be eligible to participate in the Plan; provided that an
Employee may only participate in one Offering Period at a time. 
 (b) Any provisions of the Plan to the contrary
notwithstanding, no Employee shall be granted an option under the Plan (i) if, immediately after the grant, such Employee would own shares (together with shares owned by any other person or entity that would be attributed to such Employee
pursuant to Section 424(d) of the Code) of the Company (including, for this purpose, all shares subject to any outstanding options to purchase such shares, whether or not currently exercisable and irrespective of whether such options are
subject to the favorable tax treatment of Section 421(a) of the Code) possessing five percent or more of the total combined voting power or value of all classes of shares of the Company or of any Parent or Subsidiary, or (ii) which permits
his or her rights to purchase shares under all employee shares purchase plans (within the meaning of Section 423 of the Code) of the Company and its Parents and Subsidiaries to accrue at a rate which exceeds $25,000 worth of shares (determined
at the Fair Market Value of the shares at the time such option is granted) for each calendar year in which such option is outstanding at any time. The limitation described in clause (ii) of the preceding sentence shall be applied in a manner
consistent with Section 423(b)(8) of the Code. 
 4. Offering Periods. 
 (a) The Plan shall be implemented by consecutive Offering Periods continuing from the first Offering Period until terminated in accordance
with Section 19 hereof. The Committee shall have the power to change the duration of Offering Periods (including the commencement dates thereof) with respect to future offerings without shareholder approval if such change is announced at least
ten business days prior to the scheduled beginning of the first Offering Period to be affected thereafter. 
 (b)
Notwithstanding anything herein to the contrary, in the event that the Fair Market Value of a Common Share on the June 1 Enrollment Date of a twelve-month Offering Period is greater than the Fair Market Value of a Common Share on the
December 1 Enrollment Date of such Offering Period, (i) such Offering Period shall terminate, and (ii) all participants in such Offering Period shall be automatically withdrawn from such Offering Period immediately after the exercise
of their option (pursuant to Section 8 hereof) and reenrolled in a new Offering Period, which shall commence on the December 1 Enrollment Date and end on the Exercise Date. For purposes of this new Offering Period, the December 1
Enrollment Date shall be the first day of the Purchase Period. 
 5. Participation. 
 (a) An Employee may become a participant in the Plan for an Offering Period by enrolling in the Plan through their on-line brokerage
account and by completing the Employee Share Purchase Plan Form authorizing payroll deductions or providing for contributions to the 

 
Plan and filing it with the Company’s payroll office at least ten business days prior to the applicable Enrollment Date, unless a later time for
enrolling in the Plan is set by the Committee for all Employees with respect to a given Offering Period. 
 (b) Payroll
deductions for a participant who elects to have such deductions made ratably during an Offering Period shall commence on the first payroll date following the Enrollment Date and shall end on the last payroll date in the Offering Period to which such
authorization is applicable, unless sooner terminated by the participant as provided in Section 10 hereof. Payroll deductions for a participant who elects to have such deductions made in a lump sum on the last payroll date of a Purchase Period
shall be made on such date, unless the participant withdraws from the Plan prior to such date pursuant to Section 10 hereof. Contributions to the Plan by a participant who elects to make direct contributions may be made at any time during the
applicable Purchase Period, but no later than five business days prior to the Exercise Date, unless the participant withdraws from the Plan during such Purchase Period pursuant to Section 10 hereof. 
 6. Payroll Deductions and Direct Contributions. 
 (a) At the time a participant enrolls into the Plan, he or she shall elect to either (1) have payroll deductions made either (i) on each pay day during the Offering Period in an amount (expressed as a whole
number percentage) not less than one percent and not more than ten percent of the Compensation which he or she receives on each pay day during the Offering Period, or (ii) on the last pay day of a Purchase Period, in an amount (expressed as a
whole number percentage) not exceeding the lesser of (A) the amount of such paycheck and (B) up to ten percent (expressed as a whole number percentage) of the aggregate Compensation payable to such participant during such Purchase Period,
or (2) pay to the Company, in a single lump sum by check or wire transfer of immediately available funds, an amount (expressed as a whole number percentage) not exceeding ten percent of the aggregate Compensation paid to such participant during
such Purchase Period. 
 (b) All payroll deductions and contributions to the Plan shall be credited to a participant’s
account under the Plan and will be withheld in whole percentages only. 
 (c) A participant may discontinue his or her
participation in the Plan, as provided in Section 10 hereof, during any Offering Period by withdrawing from the Plan through the participant’s on-line brokerage account at least ten business days prior to the Exercise Date. Once an
Offering Period has commenced, a participant may not increase or decrease the rate of his or her payroll deductions or contributions to the Plan (as applicable) for that Offering Period, except that for any Offering Period consisting of two Purchase
Periods, a Participant may, prior to the commencement of the second Purchase Period, change his or her payroll deductions or contributions to the Plan (as applicable) for such second Purchase Period. A participant may also during that Offering
Period, increase or decrease the rate of his or her payroll deductions or contributions to the Plan (as applicable) for the next succeeding Offering Period. Such changes must be effected by making the election through the participant’s on-line
brokerage account and by completing the Employee Share Purchase Plan Form, at least ten business days prior to the end of that Offering Period, authorizing a change in payroll deduction or Plan contribution rate. A participant’s on-line
election shall remain in effect for successive Offering Periods unless terminated as provided in Section 10 hereof. 

 (d) Notwithstanding the foregoing, a participant’s payroll deductions or Plan
contributions (as applicable) may be decreased to 0% at any time, to the extent necessary to comply with Section 423(b)(8) of the Code and Section 3(b) or Section 7 hereof. Subject to the preceding sentence, payroll deductions and
Plan contributions (as applicable) shall recommence at the rate provided in the on-line brokerage account at the beginning of the next succeeding Offering Period, unless terminated by the participant as provided in Section 10 hereof.

 (e) Notwithstanding the foregoing, the value of the Common Shares that are purchasable under the Plan by Participants who
reside within the EU shall not exceed €2.5 million over any 12 month period (the “Limit”). In order to comply with this Section 6(e), the Company shall be permitted to reduce, unilaterally and without consent, the amount of
the payroll deductions or Plan contributions (as applicable) of a Participant who resides within the EU to ensure that the Limit is not exceeded. 
 (f) At the time the option is exercised, in whole or in part, or at the time some or all of the Common Shares issued under the Plan are disposed of, the participant must make adequate provisions for the Company’s
federal, state, or other tax withholding obligations, if any, which arise upon the exercise of the option or the disposition of the Common Shares. At any time, the Company may, but will not be obligated to, withhold from the participant’s
compensation the amount necessary for the Company to meet applicable withholding obligations, including any withholding required to make available to the Company any tax deductions or benefits attributable to sale or early disposition of Common
Shares by the Employee. 
 7. Grant of Option. On the Enrollment Date of each Offering Period, each Employee participating in such
Offering Period shall be granted an option to purchase on each Exercise Date of such Offering Period (at the applicable Purchase Price) up to a number of Common Shares determined by dividing such Employee’s payroll deductions or Plan
contributions (as applicable) accumulated prior to such Exercise Date and retained in the participant’s account as of the Exercise Date by the applicable Purchase Price; provided, however, that in no event shall an Employee be
permitted to purchase during each Offering Period more than a number of Shares determined by dividing $25,000 by the Fair Market Value of a Common Share on the Enrollment Date, and provided, further, that such purchase shall be subject to the
limitations set forth in Sections 3(b) and 12 hereof. Exercise of the option shall occur as provided in Section 8 hereof, unless the participant has withdrawn pursuant to Section 10 hereof, and shall expire on the last day of the Offering
Period. 
 8. Exercise of Option. Unless a participant withdraws from the Plan as provided in Section 10 hereof, his or her
option for the purchase of shares will be exercised automatically on the Exercise Date, and, subject to the limitations set forth in Sections 3(b), 7 and 12 hereof, the maximum number of full shares subject to option shall be purchased for such
participant at the applicable Purchase Price with the accumulated payroll deductions or Plan contributions (as applicable) in his or her account. No fractional shares will be purchased; any payroll deductions or Plan contributions (as applicable)
accumulated in a participant’s account which are not sufficient to purchase a full share shall, at the election of the participant, either be (i) retained in the 

 
participant’s account for the subsequent Offering Period, subject to earlier withdrawal by the participant as provided in Section 10 hereof, or
(ii) returned to the participant. Any other monies left over in a participant’s account after the Exercise Date shall also be retained in the participant’s account for the subsequent Offering Period. During a participant’s
lifetime, a participant’s option to purchase shares hereunder is exercisable only by the participant. 
 9. Delivery. As promptly
as practicable after each Exercise Date on which a purchase of Common Shares occurs, the Company shall arrange the allocation of the Common Shares purchased upon exercise of a participant’s option to the participant’s account with a broker
selected by the Company. The Common Shares shall be held in such brokerage account until they are sold or transferred by such participant. 
 10. Withdrawal; Termination of Employment. 
 (a) A participant may withdraw all but not less than all the
payroll deductions or Plan contributions (as applicable) credited to his or her account and not yet used to exercise his or her option under the Plan at any time but not less than ten business days prior to the Exercise Date by withdrawing on-line
through the participant’s brokerage account. All of the participant’s payroll deductions or Plan contributions (as applicable) credited to his or her account will be paid to such participant promptly after receipt of notice of withdrawal
and such participant’s option for the Offering Period will be automatically terminated, and no further payroll deductions or Plan contributions for the purchase of shares will be made during the Offering Period. If a participant withdraws from
the Plan during an Offering Period, he or she may not resume participation until the next Offering Period, except that for any Offering Period consisting of two Purchase Periods, a Participant may terminate his or her participation in the Plan in
the first Purchase Period and resume participation in the second Purchase Period of such Offering Period by enrolling on-line through the participant’s brokerage account and by delivering to the Company a new Employee Share Purchase Plan Form
at least ten business days prior to the beginning date of the applicable Purchase Period. If a participant withdraws from the Plan during the second Purchase Period, he or she may not resume participation until the next Offering Period. He or she
may resume participation for any other Offering Period by enrolling on-line and delivering to the Company a new Form at least ten business days prior to the Enrollment Date for such Offering Period. 
 (b) Upon a participant’s ceasing to be an Employee, for any reason, he or she will be deemed to have elected to withdraw from the
Plan and the payroll deductions or Plan contributions (as applicable) credited to such participant’s account during the Offering Period but not yet used to exercise the option will be returned to such participant or, in the case of his or her
death, to the person or persons entitled thereto under Section 14 hereof, and such participant’s option will be automatically terminated. 
 (c) A participant’s withdrawal from an Offering Period will not have any effect upon his or her eligibility to participate in any similar plan which may hereafter be adopted by the Company. 
 11. Interest. No interest or other increment shall accrue or be payable with respect to any of the payroll deductions or Plan contributions of a
participant in the Plan. 

 12. Shares. 
 (a) The maximum number of Common Shares which shall be made available for sale under the Plan shall be 600,000 shares, subject to
adjustment upon changes in capitalization of the Company as provided in Section 18 hereof. If on a given Exercise Date the number of shares with respect to which options are to be exercised exceeds the number of shares then available under the
Plan, the Company shall make a pro rata allocation of the shares remaining available for purchase in as uniform a manner as shall be practicable and as it shall determine to be equitable. 
 (b) No participant will have an interest or voting right in shares covered by his or her option until such option has been exercised.

 (c) Shares to be delivered to a participant under the Plan will be registered in the name of the participant. 

13. Administration. The Plan shall be administered by the Committee. The Committee shall have full and exclusive discretionary authority to
construe, interpret and apply the terms of the Plan, to determine eligibility and to adjudicate all disputed claims filed under the Plan. Every finding, decision and determination made by the Committee shall, to the full extent permitted by law, be
final and binding upon all parties. Members of the Board who are Employees are permitted to participate in the Plan; provided that: 
 (a) Members of the Board who are eligible to participate in the Plan may not vote on any matter affecting the administration of the Plan or the grant of any option pursuant to the Plan. 
 (b) No member of the Board who is not an employee may participate in the Plan. 
 14. Designation of Beneficiary. 
 (a) A participant may file a written designation of a beneficiary who is to receive any shares and cash, if any, from the participant’s account under the Plan in the event of such participant’s death
subsequent to an Exercise Date on which the option is exercised but prior to delivery to such participant of such shares or cash. In addition, a participant may file a written designation of a beneficiary who is to receive any cash from the
participant’s account under the Plan in the event of such participant’s death prior to exercise of the option. 
 (b) Such designation of beneficiary may be changed by the participant at any time by written notice. In the event of the death of a participant and in the absence of a beneficiary validly designated under the Plan who is living at the time
of such participant’s death, the Company shall deliver such shares or cash to the executor or administrator of the estate of the participant, or if no such executor or administrator has been appointed (to the knowledge of the Company), the
Company, in its discretion, may deliver such shares or cash to the spouse or to any one or more dependents or relatives of the participant, or if no spouse, dependent or relative is known to the Company, then to such other person as the Company may
designate. 

 15. Transferability. Neither payroll deductions, nor Plan contributions credited to a
participant’s account nor any rights with regard to the exercise of an option or to receive shares under the Plan may be assigned, transferred, pledged or otherwise disposed of in any way (other than by will, the laws of descent and
distribution or as provided in Section 14 hereof) by the participant. Any such attempt at assignment, transfer, pledge or other disposition shall be without effect, except that the Company may treat such act as an election to withdraw funds
from an Offering Period in accordance with Section 10 hereof. Common Shares acquired by a participant pursuant to the Plan may be sold or transferred at any time. 
 16. Use of Funds. All payroll deductions and Plan contributions received or held by the Company under the Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to
segregate such payroll deductions and Plan contributions. 
 17. Reports. Individual accounts will be maintained for each participant
in the Plan. Statements of account will be given by the Broker to participating Employees quarterly, which statements will set forth the amounts of payroll deductions or Plan contributions (as applicable), the Purchase Price, the number of shares
purchased and the remaining cash balance, if any. 
 18. Adjustments Upon Changes in Capitalization. 
 (a) Changes in Capitalization. Subject to any required action by the shareholders of the Company, the Reserves as well as the price
per Common Shares covered by each option under the Plan which has not yet been exercised shall be proportionately adjusted for any increase or decrease in the number of issued Common Shares resulting from a share split, reverse share split, share
dividend, combination or reclassification of the Common Shares, or any other increase or decrease in the number of Common Shares effected without receipt of consideration by the Company; provided, however, that conversion of any convertible
securities of the Company shall not be deemed to have been “effected without receipt of consideration.” Such adjustment shall be made by the Committee, whose determination in that respect shall be final, binding and conclusive. Except as
expressly provided herein, no issuance by the Company of shares of any class, or securities convertible into shares of any class, shall affect, and no adjustment by reason thereof shall be made with respect to, the number or price of Common Shares
subject to an option. 
 (b) Dissolution or Liquidation. In the event of the proposed dissolution or liquidation of the
Company, the Offering Period will terminate immediately prior to the consummation of such proposed action, unless otherwise provided by the Committee. 
 (c) Merger or Asset Sale. In the event of a proposed sale of all or substantially all of the assets of the Company, or the merger of the Company with or into another corporation, each option under the Plan
shall be assumed or an equivalent option shall be substituted by such successor corporation or a parent or subsidiary of such successor corporation, unless the Committee determines, in the exercise of its sole discretion and in lieu of such
assumption or substitution, to shorten the Offering Period then in progress by setting a new Exercise Date (the “New Exercise Date”). If the Committee shortens the Offering Period then in progress in lieu of assumption or substitution in
the event of a merger or sale of assets, the Committee shall notify each participant in writing, at least ten business days prior to the New Exercise Date, that the 

 
Exercise Date for his option has been changed to the New Exercise Date and that his option will be exercised automatically on the New Exercise Date, unless
prior to such date he has withdrawn from the Offering Period as provided in Section 10 hereof. For purposes of this paragraph, an option granted under the Plan shall be deemed to be assumed if, following the sale of assets or merger, the option
confers the right to purchase, for each share subject to the option immediately prior to the sale of assets or merger, the consideration (whether shares, cash or other securities or property) received in the sale of assets or merger by holders of
Common Shares for each Common Share held on the effective date of the transaction (and if such holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority of the outstanding Common Shares);
provided, however, that if such consideration received in the sale of assets or merger was not solely common shares of the successor corporation or its parent (as defined in Section 424(e) of the Code), the Committee may, with the
consent of the successor corporation and the participant, provide for the consideration to be received upon exercise of the option to be solely common shares of the successor corporation or its parent equal in fair market value to the per share
consideration received by holders of Common Shares in the sale of assets or merger. 
 The Committee may, if it so determines
in the exercise of its sole discretion, also make provision for adjusting the Reserves, as well as the price per Common Share covered by each outstanding option, in the event the Company effects one or more reorganizations, recapitalizations, rights
offerings or other increases or reductions of its outstanding Common Shares, and in the event of the Company being consolidated with or merged into any other corporation. 
 19. Amendment or Termination. 
 (a) The Board may at any time and for any reason
terminate or amend the Plan. Except as provided in Section 18 hereof, no such termination may adversely affect options previously granted; provided, that an Offering Period may be terminated by the Board on any Exercise Date if the Board
determines that the termination of the Plan is in the best interests of the Company and its shareholders. Except as provided in Section 18 hereof, no amendment may make any change in any option theretofore granted which adversely affects the
rights of any participant. To the extent necessary to comply with Section 423 of the Code (or any successor rule or provision or any other applicable law or regulation), the Company shall obtain shareholder approval in such a manner and to such
a degree as required. 
 (b) Without shareholder consent and without regard to whether any participant rights may be
considered to have been “adversely affected,” the Board (or the Committee) shall be entitled to change the Offering Periods, limit the frequency or number of changes in the amount withheld during an Offering Period, establish and change,
at any time in its sole discretion, a formula for determining the conversion rate applicable to amounts withheld in a currency other than U.S. dollars, permit payroll withholding in excess of the amount designated by a participant in order to adjust
for delays or mistakes in the Company’s processing of properly completed withholding elections, establish reasonable waiting and adjustment periods or accounting and crediting procedures to ensure that amounts applied toward the purchase of
Common Shares for each participant properly correspond with amounts withheld from the participant’s Compensation, and establish such other limitations or procedures as the Board (or the Committee) finds, in its sole discretion, advisable and
consistent with the Plan. 

 20. Notices. All notices or other communications by a participant to the Company under or in
connection with the Plan shall be deemed to have been duly given when received in the form specified by the Company at the location, or by the person, designated by the Company for the receipt thereof. 
 21. Conditions Upon Issuance of Shares. Shares shall not be issued with respect to an option unless the exercise of such option and the issuance
and delivery of such shares pursuant thereto shall comply with all applicable provisions of law, domestic or foreign, including, without limitation, the Securities Act of 1933, as amended, the Exchange Act, the rules and regulations promulgated
thereunder and the requirements of any shares exchange upon which the shares may then be listed, and shall be further subject to the approval of counsel for the Company with respect to such compliance. 
 As a condition to the exercise of an option, the Company may require the person exercising such option to represent and warrant at the
time of any such exercise that the shares are being purchased only for investment and without any present intention to sell or distribute such shares if, in the opinion of counsel for the Company, such a representation is required by any of the
aforementioned applicable provisions of law. 
 22. Term of Plan. The Plan shall become effective upon the earlier to occur of its
adoption by the Board of Directors or its approval by the shareholders of the Company. It shall continue in effect for a term of ten years thereafter unless soon terminated under Section 19 hereof. 
 *      *      *PartnerRe Ltd. 2003 Non-Employee Directors Share Plan

 Exhibit 10.2 
 

 
 PARTNERRE LTD. 
 2003 NON-EMPLOYEE DIRECTORS SHARE PLAN 
 Originally Effective May 22, 2003, and As Amended and
Restated Effective 
 February 10, 2005 and May 22, 2009 
 Section 1. Purpose. 
 The PartnerRe Ltd. 2003 Non-Employee Directors Share Plan is designed to enhance the ability of the Company to attract, retain and reward outside directors of the Company with equitable and competitive compensation opportunities and to
allow outside directors of the Company to share in the share ownership of the Company. 
 Section 2. Definitions.
 
 As used in the Plan, the following terms shall have the meanings set forth below: 
 (a) “Affiliate” shall mean (i) any entity that, directly or indirectly, is controlled by the Company and (ii) any entity in
which the Company has a significant equity interest, in either case as determined by the Committee. 
 (b) “Alternative
Award” shall mean an Award granted pursuant to Section 10. 
 (c) “Award” shall mean any Option, award of
Restricted Shares or Restricted Share Units, Alternative Award or Other Share-Based Award granted under the Plan. 
 (d) “Award
Agreement” shall mean any written agreement, contract or other instrument or document evidencing any Award granted under the Plan, which may, but need not, be executed or acknowledged by a Participant. 
 (e) “Board” shall mean the board of directors of the Company. 
 (f) “Change in Control” shall occur when (i) any “person” within the meaning of Section 13(d) of the Exchange Act,
other than the Company, a Subsidiary or any employee benefit plan(s) sponsored by the Company or any Subsidiary, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40 percent
or more of the then outstanding Common Shares; (ii) at any time during a period of 12 consecutive months, individuals who constitute the Board on the effective date of this Plan cease for any reason to constitute at least a majority thereof,
provided that any person becoming a director subsequent to the effective date of this Plan, whose election, or nomination for election by the Company’s shareholders, was on the recommendation or with the approval of at least a majority
of the directors comprising the Board on the effective date of this Plan (either by a specific vote or by approval of the proxy statement of 

 
the Company in which such person is named as a nominee for director, without objection to such nomination) shall be, for purposes of this clause (ii),
considered as though such person were a member of the Board on the effective date of this Plan; (iii) all or substantially all of the assets of the Company are sold, (in one or a series of related transactions); or (iv) there occurs a
reorganization, merger, consolidation or other corporate transaction involving the Company (a “Transaction”), other than with a wholly-owned Subsidiary and other than a merger or consolidation that would result in the voting securities of
the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or ultimate parent thereof) more than 50 percent of the combined voting
power of the voting securities of the Company or such surviving entity, or the ultimate parent thereof, outstanding immediately after such Transaction. 
 (g) “Code” shall mean the U.S. Internal Revenue Code of 1986, as amended from time to time. 
 (h) “Committee” shall mean the Nominating & Governance Committee of the Board, or such other committee as may be appointed by the Board, which shall be the administrative committee for the Plan. 
 (i) “Company” shall mean PartnerRe Ltd., a Bermuda corporation together with any successor thereto. 
 (j) “Event” shall mean any of the corporate transactions or events described in Section 6(d). 
 (k) “Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 
 (l) “Exercise Price” shall mean the purchase price per Share under the terms of an Option as determined pursuant to Section 7 of
the Plan. 
 (m) “Expiration Date” shall mean the final date of the term of an Option, which shall be fixed by the Committee
pursuant to Section 7(b) of the Plan. 
 (n) “Fair Market Value” with respect to a Share shall mean, (i) if the
Shares are listed on a national securities exchange, the closing sale price reported as having occurred on the primary exchange with which the Shares are listed and traded on such date, or, if there is no such sale on that date, then on the last
preceding date on which such a sale was reported, or (ii) if the Shares are not listed on any national securities exchange but are quoted in the National Market System of the National Association of Securities Dealers Automated Quotation System
(“NASDAQ-NMS”) on a last sale basis, the closing sale price reported on such date, or, if there is no such sale on that date then on the last preceding date on which such a sale was reported. If the Shares are not quoted on NASDAQ-NMS or
listed on an exchange, or representative quotes are not otherwise available, the Fair Market Value shall mean the amount determined by the Committee in good faith to be the fair market value per Share, on a fully diluted basis. 

 (o) “Option” shall mean the right to purchase Shares granted under Section 7.

 (p) “Other Share-Based Award” shall mean any right granted under Section 9. 
 (q) “Outside Director” shall mean any director of the Company who is not an employee of the Company or any of its Affiliates.

 (r) “Participant” shall mean an individual granted an Award under the Plan. 
 (s) “Person” shall mean an individual, corporation, partnership, limited partnership, syndicate, person (including, without limitation,
a “person” as defined in Section 13(d)(3) of the Exchange Act), trust, association or entity or government, political subdivision, agency or instrumentality of a government, but excluding any of the Company, any Subsidiary or any
employee benefit plan sponsored or maintained by the Company or any Subsidiary. 
 (t) “Plan” shall mean this PartnerRe Ltd.
2003 Non-Employee Directors Share Plan, as may be amended from time to time. 
 (u) “Plan Year” shall mean, with respect to
an Outside Director, the period commencing at the time of election of directors at an annual meeting of shareholders of the Company (or the election of a class of directors if the Company then has a classified board), or such Outside Director’s
initial election or appointment to the Board if not at such an annual meeting of shareholders, and continuing until the close of business of the day preceding the next annual meeting of shareholders of the Company. 
 (v) “Policies” shall mean policies established from time to time by the Board as set forth in Section 4. 
 (w) “Restricted Share” shall mean any Share granted under Section 8. 
 (x) “Restricted Share Unit” shall mean a contractual right granted under Section 8 that is denominated in Shares, each of which
represents a right to receive the value of a Share (or a percentage of such value, which percentage may be higher than 100%) upon the terms and conditions set forth in the Plan and the applicable Award Agreement. 
 (y) “Retainer Fees” shall mean all retainer fees including, without limitation, meeting or chair fees, payable to an Outside Director in
his or her capacity as such for services to the Board. 
 (z) “Securities Act” shall mean the U.S. Securities Act of 1933,
as amended. 

 (aa) “Shares” shall mean common shares of the Company, $1.00 par value. 
 (bb) “Subsidiary” shall mean any corporation of which a majority of the outstanding voting shares or voting power is beneficially owned
directly or indirectly by the Company and otherwise as provided in Section 86 of the Companies Act 1981 of Bermuda. 
 Section 3. Eligibility.  
 All Outside Directors shall be eligible to receive Awards under the
Plan. 
 Section 4. Outside Director Awards.  
 (a) Awards shall be granted to Outside Directors in accordance with Policies established from time to time by the Board specifying
(i) the classes of directors (if the Company then has a classified board) to be granted such Awards; (ii) the type or types of Awards to be granted to Participants under the Plan; (iii) the number of Shares to be covered by (or with
respect to which payments, rights, or other matters are to be calculated in connection with) Awards and (iv) the time(s) at which such Awards shall be granted. 
 (b) All decisions of the Board and of the Committee shall be final, conclusive and binding upon all parties, including the shareholders and the Participants. 
 (c) Notwithstanding the foregoing, the maximum number of Shares to which all Awards granted to any Outside Director in a single Plan Year may relate
shall not exceed 30,000 for the Chairman or 20,000 for any Outside Director. 
 Section 5. Administration.  

 (a) The Plan shall be administered by the Committee. All actions by the Committee shall be subject to and consistent with the Policies. The
Committee may issue rules and regulations for administration of the Plan. It shall meet at such times and places as it may determine. 
 (b)
Subject to the terms of the Plan, Policies and applicable law, the Committee shall have full power and authority to: (i) determine the terms and conditions of any Award; (ii) determine whether, to what extent, and under what circumstances
Awards may be settled or exercised in cash, Shares, other securities, other Awards, or other property, or canceled, forfeited or suspended, and the method or methods by which Awards may be settled, exercised, canceled, forfeited or suspended;
(iii) determine whether, to what extent, and under what circumstances cash, Shares, other securities, other Awards, other property, and other amounts payable with respect to an Award under the Plan shall be deferred either automatically or at
the election of the holder thereof or of the Committee; (iv) interpret and administer the Plan and any instrument or agreement relating to, or Award made under, the Plan; (v) establish, amend, suspend or waive such rules and regulations
and appoint such agents as it shall deem appropriate for the proper administration of the Plan; (vi) determine 

 
whether and to what extent Awards should comply or continue to comply with any requirement of statute or regulation; (vii) correct any defect or supply
any omission or reconcile any inconsistency in the Plan in the manner and to the extent the Committee decides necessary or desirable; and (viii) make any other determination and take any other action that the Committee deems necessary or
desirable for the administration of the Plan. 
 Section 6. Shares Available for Awards.  
 (a) Subject to adjustment as provided below, the number of Shares available for issuance under the Plan shall be 800,000. 
 (b) If, after the effective date of the Plan, any Shares covered by an Award, or to which such an Award relates, terminate, lapse or are forfeited or
cancelled, then the Shares covered by such Award, or to which such Award relates, to the extent of any such forfeiture or termination, shall again be, or shall become, available for issuance under the Plan. 
 (c) Any Shares delivered pursuant to an Award will consist of newly issued Shares. 
 (d) In the event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Shares, other securities, or
other property), recapitalization, share split, reverse share split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of Shares or other securities of the Company, issuance of warrants or other rights to
purchase Shares or other securities of the Company, or other similar corporate transaction or event affects the Shares such that an adjustment is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares (or other securities or property) which
thereafter may be made the subject of Awards, including without limitation the Share limits set forth in Section 4(c) and Section 6(a), (ii) the number and type of Shares (or other securities or property) subject to outstanding
Awards, and (iii) the grant, purchase, or Exercise Price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, however, that the number of Shares subject
to any Award denominated in Shares shall always be a whole number. 
 Section 7. Options.  
 Options granted under the Plan shall be, as determined by the Committee, non-qualified share options for U.S. federal income tax purposes (or other types
of Options in jurisdictions outside the United States), as evidenced by the related Award documents, and shall be subject to the foregoing and the following terms and conditions and to such other terms and conditions, not inconsistent with the
provisions of the Plan and the Policies, as the Committee shall determine: 
 (a) Exercise Price. The Exercise Price per Share under
an Option shall be determined by the Committee. Except in connection with an action taken pursuant to Section 6(d), no Option shall be amended or replaced in any manner that would have the effect of reducing the exercise price of such Option
established at the time of grant thereof. 

 (b) Term. The term of each Option shall be fixed by the Committee; in no event, however, shall the
period for exercising an Option extend more than 10 years from the date of grant. 
 (c) Payment for Shares. Payment for Shares
acquired pursuant to Options granted hereunder shall be made in full upon exercise of the Options (i) in immediately available funds in United States dollars, by wire transfer, certified or bank cashier’s check; (ii) by surrender to
the Company of Shares that have either been (A) held by the Participant for at least six-months, or (B) acquired from a person other than the Company, and have a Fair Market Value equal to such aggregate Exercise Price; (iii) by
delivering to the Company a copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an amount of sale or loan proceeds sufficient to pay the aggregate Exercise Price; (iv) by any combination of (i), (ii), or
(iii) above; or (v) by any other means approved by the Committee. 
 Section 8. Restricted Shares and Restricted
Share Units.  
 (a) The Committee is hereby authorized to grant, or to provide for the automatic grant of, Awards of
Restricted Shares and Restricted Share Units pursuant to the Policies to Participants. 
 (b) Restricted Shares and Restricted Share Units
shall be subject to such restrictions as the Committee may impose (including, without limitation, any limitation on the right to vote a Restricted Share or the right to receive any dividend or other right or property), which restrictions may lapse,
be lifted or waived separately or in combination at such time or times, in such installments or otherwise, as the Committee may deem appropriate. 
 (c) Any Restricted Share granted under the Plan may be evidenced in such manner as the Committee may deem appropriate including, without limitation, book-entry registration or issuance of a share certificate or certificates. In the event
any share certificate is issued in respect of Restricted Shares granted under the Plan, such certificate shall be registered in the name of the Participant and shall bear an appropriate legend referring to the terms, conditions, and restrictions
applicable to such Restricted Shares. During the applicable restricted period, such certificates shall remain in the custody of the Company or its agent. 
 (d) Except as otherwise determined by the Committee pursuant to the Policies whether in an Award Agreement or otherwise, upon termination of a Participant’s service (as determined under criteria established by
the Committee) for any reason during the applicable restriction period, all Restricted Shares and all Restricted Share Units still, in either case, subject to restriction shall be forfeited. 

 Section 9. Other Share-Based Awards.  
 The Committee is hereby authorized to grant, or to provide for the automatic grant of, such other Awards (including, without limitation, share
appreciation rights and rights to dividends and dividend equivalents) that are denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, Shares (including, without limitation, securities convertible
into Shares) as are deemed by the Committee to be consistent with the purposes of the Plan and the Policies. Subject to the terms of the Plan and the Policies, the Committee shall determine the terms and conditions of such Awards. Shares or other
securities delivered pursuant to a purchase right granted under this Section 9 shall be purchased for such consideration, which may be paid by such method or methods and in such form or forms, including, without limitation, cash, Shares, other
securities, other Awards, or other property, or any combination thereof, as the Committee shall determine, the value of which consideration, as established by the Committee, shall, not be less than the Fair Market Value of such Shares or other
securities as of the date such purchase right is granted. 
 Section 10. Receipt of Alternative Awards in Lieu of Retainer
Fees.  
 If and to the extent provided by the Policies, a Participant may elect to receive up to 100% of his or her Retainer
Fees in Alternative Awards which may be Shares, Restricted Share Units, Options or other Awards, subject to such terms and conditions as the Committee shall determine. 
 Section 11. General Provisions Applicable to Awards.  
 (a) Awards shall be
granted for no cash consideration or for such minimal consideration as may be required by applicable law. 
 (b) Awards may be granted either
alone or in addition to or in tandem with any other Award or any award granted under any other plan of the Company. Awards granted in addition to or in tandem with other Awards, or in addition to or in tandem with awards granted under any other plan
of the Company, may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 
 (c)
Subject to the terms of the Plan and the Policies, payments or transfers to be made by the Company upon the grant, exercise or payment of an Award may be made in such form or forms as the Committee shall determine including, without limitation,
cash, Shares, other securities, other Awards, or other property, or any combination thereof, and may be made in a single payment or transfer, in installments, or on a deferred basis, in each case in accordance with rules and procedures established
by the Committee. Such rules and procedures may include, without limitation, provisions for the payment or crediting of reasonable interest on installment or deferred payments or the grant or crediting of dividend equivalents in respect of
installment or deferred payments. 

 (d) No Award and no right under any such Award, shall be assignable, alienable, saleable or transferable
by a Participant otherwise than by will or by the laws of descent and distribution (or in the case of Awards that are forfeited or canceled, to the Company); provided, however, that, if so determined by the Committee, a Participant may, in
the manner established by the Committee, designate a beneficiary or beneficiaries to exercise the rights of the Participant, and to receive any property distributable, with respect to any Award upon the death of the Participant. Each Award, and each
right under any Award, shall be exercisable during the Participant’s lifetime only by the Participant or, if permissible under applicable law, by the Participant’s guardian or legal representative. No Award and no right under any such
Award, may be pledged, alienated, attached, or otherwise encumbered, and any purported pledge, alienation, attachment or encumbrance thereof shall be void and unenforceable against the Company. 
 (e) Notwithstanding Section 11(d) to the contrary, Awards may be transferred to family members or trusts during the lifetime of the Participant, and
may be exercised by such transferees in accordance with the terms of such Award, but only if and to the extent such transfers are permitted by the Committee, subject to any terms and conditions which the Committee may impose thereon (including
limitations the Committee may deem appropriate in order that offers and sales under the Plan will meet applicable requirements of registration forms under the Securities Act specified by the Securities and Exchange Commission). A beneficiary,
transferee, or other person claiming any rights under the Plan from or through any Participant shall be subject to all terms and conditions of the Plan and any Award document applicable to such Participant, except as otherwise determined by the
Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee. 
 (f) All certificates for Shares or
other securities delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or the rules, regulations, and other
requirements of the Securities and Exchange Commission, any stock exchange upon which such Shares or other securities are then listed, and any applicable Federal or state securities laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions. 
 (g) Except to the extent specifically provided to the contrary
in any Award Agreement and subject to Section 12(e), upon a Change in Control, all Awards shall become fully vested and exercisable, and any restrictions applicable to any Award shall automatically lapse. 
 Section 12. Amendment and Termination.  
 (a) Except to the extent prohibited by applicable law and unless otherwise expressly provided in an Award Agreement or in the Plan, the Board may amend, alter, suspend, discontinue, or terminate the Plan or any
portion thereof at any time; provided, however, that no such amendment, alteration, suspension, discontinuation or termination shall be 

 
made without (i) shareholder approval if such approval is necessary to comply with any tax or regulatory requirement for which or with which the Board
deems it necessary or desirable to qualify or comply or (ii) the consent of the affected Participant, if such action would adversely affect the rights of such Participant under any outstanding Award. Notwithstanding anything to the contrary
herein, the Committee may amend the Plan in such manner as may be necessary to enable the Plan to achieve its stated purposes in any jurisdiction in a tax-efficient manner and in compliance with local rules and regulations. Without limiting the
generality of the foregoing, if the implementation of any provision of the Plan or any Award would cause any Outside Director to incur adverse tax consequences under Section 409A or Section 457A of the Code, the implementation of such
provision shall be delayed until the first time at which the provision’s implementation would not cause adverse tax consequences under such Section 409A or Section 457A, as applicable. 
 (b) The Committee may waive any conditions or rights under, amend any terms of, or amend, alter, suspend, discontinue or terminate, any Award theretofore
granted, prospectively or retroactively, without the consent of any relevant Participant or holder or beneficiary of an Award, provided, however, that no such action shall impair the rights of any affected Participant or holder or beneficiary
under any Award theretofore granted under the Plan; and provided further that, except as provided in Section 6(d), no such action shall reduce the exercise price of any Option established at the time of grant thereof. 
 (c) The Committee may, in its sole discretion, amend, or otherwise modify, without Board or shareholder approval, the terms of the Plan or Awards;
provided that such amendment or other modification shall not increase the total number of shares reserved for purposes of the Plan without the approval of the shareholders of the Company. 
 (d) The Committee shall be authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual
or nonrecurring events (including, without limitation, an Event affecting the Company, or the financial statements of the Company, or of changes in applicable laws, regulations or accounting principles), whenever the Committee determines that such
adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
 (e) In connection with a Change in Control or an Event, the Committee may, in its discretion (i) cancel any or all outstanding Awards under the Plan in consideration for payment to the holder of each such
cancelled Award of an amount equal to the portion of the consideration that would have been payable to such holder pursuant to such transaction if such Award had been fully vested and exercisable, and had been fully exercised, immediately prior to
such transaction, less the exercise price if any that would have been payable therefore, or (ii) if the net amount referred to in clause (i) would be negative, cancel such Award for no consideration or payment of any kind. Payment of any
amount payable pursuant to the preceding sentence may be made in cash and/or securities or other property in the Committee’s discretion. 

 Section 13. Miscellaneous.  
 (a) No Participant shall have any claim to be granted any Award under the Plan, and there is no obligation for uniformity of treatment of Participants or
holders or beneficiaries of Awards under the Plan. The terms and conditions of Awards need not be the same with respect to each recipient. 
 (b) Nothing contained in the Plan shall prevent the Company from adopting or continuing in effect other or additional compensation arrangements, and such arrangements may be either generally applicable or applicable only in specific cases.

 (c) The grant of an Award shall not be construed as giving a Participant the right to be retained in the service of the Company. Further,
the Board may at any time terminate the services of a Participant, free from any liability, or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award Agreement or in any other agreement binding the parties.

 (d) If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction, or
as to any person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed
amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or Award, and the remainder of the Plan and any such Award shall remain
in full force and effect. 
 (e) Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind
or a fiduciary relationship between the Company and a Participant or any other person. To the extent that any person acquires a right to receive payments from the Company pursuant to an Award, such right shall be no greater than the right of any
unsecured general creditor of the Company. 
 (f) No fractional Shares shall be issued or delivered pursuant to the Plan or any Award, and
the Committee shall determine whether cash, other securities or other property shall be paid or transferred in lieu of any fractional Shares, or whether such fractional Shares or any rights thereto shall be canceled, terminated or otherwise
eliminated. 
 Section 14. Effective Date of Plan.  
 The Plan shall be effective as of May 22, 2003, the date of its initial approval by the shareholders of the Company. 
 Section 15. Term of the Plan.  
 This Plan shall have a term of ten Plan Years, beginning on the effective date of the Plan. No Award shall be granted under the Plan after the conclusion of the tenth Plan Year. 

 
However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award theretofore granted may extend beyond such date, and
the authority of the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award, or to waive any conditions or rights under any such Award, and the authority of the Board to amend the Plan, shall extend beyond such date
subject to the applicable rules of Section 409A of the Code. 
 Section 16. Governing Law.  

The Plan shall be governed by and construed in accordance with the laws of Bermuda without regard to conflicts of laws. 
 *      *      *

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