Document:

Exhibit

EXHIBIT 10(iv)

Terms and Conditions of Elective Deferred Share Awards
Anadarko Petroleum Corporation 2008 Director Compensation Plan

		
	•
	Grant of Deferred Shares:  On the last business day of each quarter during 20__, you will be granted a number of Deferred Shares with a grant date fair value equal to the amount of your quarterly fees you elected to defer for such quarter in the form of Deferred Shares in accordance with your Form of Compensation Election (your “Election Form”). You will be provided a quarterly summary of the number of Deferred Shares issued hereunder, which shall be subject to the terms and conditions set forth herein.  

		
	•
	Deferred Shares Generally: Deferred Shares represent a vested contractual right to receive shares of Anadarko Petroleum Corporation (the “Company”) common stock, par value $0.10 per share (“Common Stock”), at the time(s) of settlement specified in your Election Form.  Upon grant, the Deferred Shares will not be issued in your name, but will be held by the Company, either in book-entry form or by the Company’s Benefits Trust (the “Trust”) until the time of settlement set forth in your Election Form. Deferred Shares are considered an unsecured obligation of the Company and any and all assets held in the Trust are subject to claims of the general creditors of the Company. Until the issuance of Common Stock in settlement of your Deferred Shares, you will not have rights as a stockholder of the Company.  

		
	•
	Voting Rights:  Although you will not have beneficial ownership of the Deferred Shares prior to settlement, to the extent the shares underlying your Deferred Shares are held by the Trust, you may have the opportunity to direct the voting of your Deferred Shares (which voting instructions the Trustee of the Trust may not follow, in its sole discretion) and such Deferred Shares will be counted toward your stock ownership requirements. 

		
	•
	Dividend Equivalents:  You will receive a cash payment equal to the cash dividends that are paid on the Company’s common stock each quarter, with such cash amount to be paid within 30 days after the date that such dividends are paid to the Company’s regular stockholders.

		
	•
	Mandatory Holding Period:  Except in the event of your death or Permanent Disability or a Change of Control, no shares of Common Stock will be issued in settlement of your Deferred Shares prior to the one-year anniversary of the grant of the applicable Deferred Shares.  

		
	•
	Subject to Terms of Plan:  Your Deferred Shares are subject to the terms and conditions of the Company’s 2008 Director Compensation Plan and the Election Form. In the event of any conflict between the 2008 Director Compensation Plan and the Election Form, the 2008 Director Compensation Plan shall control.

		
	•
	Payment of Taxes:  You are solely responsible for the payment of any taxes associated with the issuance or settlement of Deferred Shares. You acknowledge that the Company has made no representation as to the tax consequences of your Deferred Shares hereunder.Exhibit

Exhibit 10.1

SECOND AMENDMENT TO THE AMENDED AND RESTATED
INVESTMENT MANAGEMENT AGREEMENT

This SECOND AMENDMENT dated as of June l, 2015 to the Amended and Restated Investment Management Agreement ("Agreement") dated as of December 23, 2014 is entered into between WHITE MOUNTAINS ADVISORS LLC, a Delaware limited liability company (the "Advisor"), and ONEBEACON INSURANCE GROUP, LTD., an exempted limited liability company organized under the laws of Bermuda (the "Client"). Capitalized terms used but not defined herein have the meaning set forth in the Agreement.

WHEREAS, the Advisor and the Client are parties ("Parties") to the Agreement; and 
WHEREAS, pursuant to Section 18 of the Agreement, the Client and Advisor desires to modify certain terms of the Agreement.

NOW, THEREFORE, the Parties, intending to be legally bound agree as follows:

1.    Schedule A of the Agreement, is deleted it in its entirety and replaced with the following Management Fee schedule.
2.    Except as expressly modified by this Amendment, the Investment Management Agreement is hereby ratified and confirmed in full force and effect.

1

SCHEDULE A

FEE SCHEDULE

1.    Investment Account

	
			
	Assets Under Management
	Annual Fee
	Quarterly Fee

	 
	 
	 

	Investment Grade Fixed Income:
	 
	 

	Up to $1 billion
	10 bps
	2.500 bps

	$1 billion - $2 billion
	8.5 bps
	2.125 bps

	$2 billion - $5 billion
	7.5 bps
	1.875 bps

	Greater than $5 billion
	2.5 bps
	0.625 bps

	 
	 
	 

	Equities
	100 bps
	25 bps

	 
	 
	 

	Exchange Traded Funds (ETFs)
	10 bps
	2.5 bps

	 
	 
	 

	Hedge Funds
	100 bps
	25 bps

	 
	 
	 

	Private Equities:
	 
	 

	First 2 Years of Fund's Life (Committed)
	100 bps
	25 bps

	Thereafter (Fair Value)
	100 bps
	25 bps

	 
	 
	 

	Affordable Housing Tax Credit Funds
	 
	 

	First Year of Fund's Life (Committed)
	100 bps
	25 bps

	Thereafter (Fair Value)
	10 bps
	2.5 bps

		
	2.
	Treasury Management Services.  The Advisor will be paid a quarterly fee for the treasury management  services  computed  at  the  annual  rate  of  1.75 basis  points  (0.0175%)  of  the aggregate value of the net assets of the Client's Investment Account.

2

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the day and year first above written.

	
					
	ADVISOR:
	 
	CLIENT:

	 
	 
	 
	 
	 

	WHITE MOUNTAINS ADVISORS LLC
	 
	ONEBEACON INSURANCE GROUP, LTD.

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By
	/s/ Kevin B. Crawford
	 
	By
	/s/ Sarah A. Kolar

	Print:
	Kevin B. Crawford
	 
	Print:
	Sarah A. Kolar

	Title:
	CCO
	 
	Title:
	Secretary

	 
	 
	 
	 
	 

3Exhibit

Exhibit 10.2

THIRD AMENDMENT TO THE AMENDED AND RESTATED 
INVESTMENT MANAGEMENT AGREEMENT

This THIRD AMENDMENT dated as of February 10, 2016 to the Amended and Restated Investment Management Agreement ("Agreement") dated as of December 23, 2014 is entered into between WHITE MOUNTAINS ADVISORS LLC, a Delaware limited liability company (the "Advisor"), and ONEBEACON INSURANCE GROUP, LTD., an exempted limited liability company organized under the laws of Bermuda (the "Client"). Capitalized terms used but not defined herein have the meaning set forth in the Agreement.

WHEREAS, the Advisor and the Client are parties ("Parties") to the Agreement; and

WHEREAS, pursuant to Section 18 of the Agreement, the Client and Advisor desires to modify certain terms of the Agreement.

WHEREAS, pursuant to Section 17 of the Agreement, the Client and Advisor desire to add OB (Barbados) International SRL and Grand Marais Capital Limited to the Agreement as Affiliated Companies of the Client and to have OB (Barbados) International SRL and Grand Marais Capital Limited acknowledge such addition.

NOW, THEREFORE, the Parties, intending to be legally bound agree as follows:

1.Schedule B to the Investment Management Agreement is hereby updated to read in its entirety as set forth in Schedule B to this Amendment.

2.All terms used herein and not otherwise defined having the meanings set forth in the Investment Management Agreement.

3.Except as expressly modified by this Amendment, the Investment Management Agreement is hereby ratified and confirmed in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their duly authorized representatives as of the day and year first above written.

	
					
	ADVISOR:
	 
	CLIENT:

	 
	 
	 
	 
	 

	WHITE MOUNTAINS ADVISORS LLC
	 
	ONEBEACON INSURANCE GROUP, LTD.

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By
	/s/ Kevin B. Crawford
	 
	By
	/s/ Sarah A. Kolar

	Print:
	Kevin B. Crawford
	 
	Print:
	Sarah A. Kolar

	Title:
	CCO
	 
	Title:
	Secretary

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	ADDED COMPANY:
	 
	ADDED COMPANY:

	 
	 
	 
	 
	 

	OB (Barbados) International SRL
	 
	Grand Marais Capital Limited

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By
	/s/ John Sinkus
	 
	By
	/s/ Davina Smith

	Print:
	John Sinkus
	 
	Print:
	Davina Smith

	Title:
	Director
	 
	Title:
	Director

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

2

SCHEDULE B
AFFLIATED COMPANIES

Mill Shares Holdings (Bermuda) Ltd.
OneBeacon Holdings (Gibraltar) Limited
WM Belvaux (Luxembourg) S.à.r.l.
OneBeacon Investments (Luxembourg) S.à.r.l.
WM Findel (Luxembourg) S.à.r.l.
WM Kehlen (Luxembourg) S.à.r.l.
WM Queensway (Gibraltar) Limited
OneBeacon Insurance Group LLC
OneBeacon U.S. Enterprises Holdings, Inc.
OneBeacon U.S. Financial Services, Inc.
OneBeacon U.S. Holdings, Inc.
Atlantic Specialty Insurance Company
Homeland Insurance Company of Delaware
Homeland Insurance Company of New York
OneBeacon Select Insurance Company
OBI National Insurance Company
OneBeacon Specialty Insurance Company
OBI America Insurance Company
A.W.G. Dewar, Inc.
EBI Claims Services, LLC
National Marine Underwriters, Inc.
OneBeacon Entertainment, LLC
OneBeacon Professional Insurance, Inc.
OneBeacon Services, LLC
OneBeacon Sports and Leisure, LLC
Split Rock Insurance, Ltd.
OB (Barbados) International SRL
Grand Marais Capital Limited

3Exhibit

Exhibit 10.3

ONEBEACON’S 2016 MANAGEMENT INCENTIVE PLAN

Purpose
The Management Incentive Plan (MIP) is an integral part of the total compensation program for managers and certain key individual contributors. Its primary purpose is to focus attention on 2016 profitability goals and to reward eligible participants for the achievement of those goals. 

Eligibility
The Plan is limited to senior staff and certain key individuals who have a significant impact on OneBeacon’s operating results.

Target Awards
Target awards for all participants are expressed as a percent of salary.

Performance Measures
The corporate MIP pool will be established primarily based upon achievement of solid financial performance and can vary from 25% to 175% of the total aggregate of target awards. The OneBeacon Insurance Group, Ltd. Compensation Committee (the “Committee”) set the 2016 MIP primary performance objective at a 95.0% Combined Ratio or better.
The Committee established a performance scale around this primary objective as shown below:

	
		
	AECR
	Performance Factor

	90.0%
	175%

	91.0%
	160%

	92.0%
	145%

	93.0%
	130%

	94.0%
	115%

	95.0%
	100%

	96.0%
	85%

	97.0%
	70%

	98.0%
	55%

	99.0%
	40%

	100.0%
	25%

In addition to the primary combined ratio objective, the 2016 MIP objectives include maintaining an appropriately conservative loss reserve position, optimizing capital management, being opportunistic about adding new teams or growing current teams, and continuing work on sun-setting of IT systems in order to reduce overall expense.

The Committee will look first to the actual combined ratio performance and the corresponding performance score on the scale and may adjust the size of the pool based on under- or over-achievement of the Company’s other objectives at its sole discretion.

Page 1

Individual Awards
Each business unit will be judged against a number of performance metrics including, where appropriate, a combined ratio target.  Generally these metrics will relate to the aggregate financial plan rolled up by line of business. If the financial metrics are achieved, in conjunction with other business metrics, the business may be awarded 100% of its indicated share of the corporate pool. Businesses failing to meet goals may or may not, at the discretion of the CEO, receive a reduced, partial allocation of the pool. Businesses exceeding objectives may receive greater than 100% of indicated allocation.  In no event will the sum of the performance-adjusted business unit pools be greater than the performance-adjusted Company pool as authorized by the Committee.

Within each business, it will be the prerogative of the business leader, with guidance from and after consultation with the CEO, to further allocate the business' pool amount to the constituent branches, lines of business and individuals, based upon performance and contributions to the attainment of business goals throughout the year.
 
For corporate or administrative functions that support all or multiple businesses, participants will receive allocations from the corporate pool based upon attainment of their department and individual goals for 2016. Each department leader shall allocate the department’s pool amount to individuals based on performance and contributions to attainment of department goals throughout the year. 

The salary used to determine the amount of the individual awards will be that in effect at the end of the plan year (12/31/16)

Plan Participation for New Hires
Employees hired during the plan year are eligible to participate in the MIP.  Awards will be pro-rated, specifically based on date of hire unless other arrangements are agreed to at the time of the employment offer.

Payment of Awards
Except as provided under Special Circumstances below, in the event of termination of employment prior to the payment of awards, no incentive payments will be made.  Unless payment is deferred in accordance with an election made pursuant to the OneBeacon Deferred Compensation Plan and any related procedures adopted by the Company, payment of any MIP award shall be made by the Company no later than 2 1/2 months after the end of the Company's fiscal year in which such MIP award is earned, but in any event not prior to the Committee’s certification of performance results following the end of the plan year.  In all cases, payment will not be made unless and until the Committee approves the overall corporate performance factor and performance-adjusted MIP pool and no payment will be made to the CEO, the Executive Team or any of the other executive officers without specific approval from the Committee.   

Clawback Policy    
Amounts paid pursuant to the MIP are subject to clawback by OneBeacon pursuant to the Clawback Policy adopted by the Board of Directors of OBIG on June 16, 2010.   The Clawback Policy provides that, in the event of a restatement of the financial statements of OBIG for failure to comply with the federal securities laws due to misconduct of a MIP participant, the Board of Directors of OBIG may require the participant to reimburse OneBeacon for all or a portion of his or her MIP award; provided, however, that in the event of fraud, the MIP participant shall reimburse OneBeacon for all of his or her MIP award.

Special Circumstances
The Committee may, in its sole discretion, also recognize extraordinary conditions or circumstances in determining payment eligibility.

Page 2

In the event of termination due to (i.) retirement, (ii.) reduction in force, or (iii.) transfer of employment upon the acquisition of a OneBeacon business by a third party, at or after the end of the plan year but before payment is made, MIP payments may be made if approved by the senior business leader. Payment shall be contingent upon the participant signing a OneBeacon Agreement and Release as consideration for all incentive payments. No participant who has terminated prior to the payment of awards due to a reduction in force may be considered for a MIP payment unless the participant also signed the Agreement and Release provided to the participant at the time of termination within the time period specified in the Agreement and Release. For purposes of the MIP, “retirement” shall mean termination of service with the Company, other than for cause, at any time after attaining age sixty (60) or termination of service under circumstances which the Committee deems equivalent to retirement. These exceptions will be made on a case by case basis. In the event of death or disability, the participant or beneficiary may be considered for an award payment if approved by the senior business leader. 

The MIP is discretionary; in no way does eligibility in this plan imply an obligation of payment on the part of OneBeacon nor should it be construed as a promise of continued employment.

Effect on Benefit Plans
Amounts paid under the terms of the MIP will not be counted for purposes of determining compensation under any other employee benefit plan sponsored by OneBeacon.

Plan Continuation
Notwithstanding any of the aforementioned, the MIP may be amended or terminated, in whole or in part, at any time, by the Committee.

Page 3

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