Document:

EX-10.1  LETTER OF INTENT

                                                   Exhibit 10.1

August 5, 2004

Royster-Clark, Inc.
999 Waterside Drive
8th Floor
Norfolk, Virginia  23510

Re:  Letter of Intent

Ladies and Gentlemen:

This letter of intent, effective when executed by all of the parties
hereto, will evidence the current mutual intent, as set forth in
Article 1 below, of Royster-Clark, Inc., a Delaware corporation
("Royster"), to sell, and Rentech Development Corporation, a Colorado
corporation and its affiliates ("Rentech") to acquire (the
"Acquisition") or all of the issued and outstanding capital stock (the
"Stock") of Royster Clark Nitrogen, Inc. (the "Company") which owns a
nitrogen facility located in East Dubuque, Illinois and related assets
(the "Assets").  Each of the Rentech and Royster are sometimes referred
to individually as "Party" and collectively as the "Parties."

This letter is intended to set forth certain basic terms of the
understanding reached to date and to serve as a basis for further
discussions and negotiations between the Parties with respect to the
Acquisition.  The matters set forth in Article 1 are not intended to
and do not constitute a binding agreement of the Parties with respect
to the Acquisition.  Any such binding agreement will arise only upon
the completion of Rentech's legal due diligence investigation of the
Company and its Assets, negotiation, execution and delivery of mutually
satisfactory definitive agreements and the satisfaction of the
conditions set forth therein, including the approval of such agreements
and the Acquisition by the respective board of directors of each Party.
Notwithstanding the foregoing, the matters set forth in Article 2 shall
constitute binding agreements of the Parties.  In consideration of the
rights and obligations of the Parties hereunder, and other good and
valuable consideration, the receipt and sufficiency of which being
hereby acknowledged by the Parties, the Parties hereby agree as
follows:

                                  ARTICLE 1
                               THE ACQUISITION

1.1  Acquisition.  Rentech has completed to its satisfaction, the
technical and business due diligence on the potential conversion of the
Assets to utilize alternative feedstock and co-produce synthetic fuels
with ammonia.  Rentech will complete its legal due diligence  and the
Parties will negotiate definitive agreements (the "Definitive
Agreements") for the Acquisition of the Stock of Royster Clark
Nitrogen, Inc. ("RCN") based upon the Summary of Certain Key Terms
contained in Attachment 1.  To the extent that RCN has assets, other
than the defined term "Assets", the Parties shall structure the
transaction so that RCN can retain possession of those assets.

1.2  Other Agreements.  In addition, the Parties may mutually agree to
other agreements as necessary or desirable for the Acquisition

                                ARTICLE 2
                            BINDING AGREEMENTS

2.1  Expenses.  Each Party shall bear its own costs associated with
negotiating and performing under this letter, except that if the
Acquisition does not close by October 15, 2004, then Rentech shall
reimburse Royster for cost of the ongoing audit of the financial
statements of RCN.
..
2.2  Due Diligence and Related Materials; Approval.  Rentech shall not
be bound to execute any Definitive Agreement relating to the
Acquisition until such time as Rentech shall have completed its legal
due diligence review of the Company and its Assets, and shall be
satisfied with the results of such review.  Neither party shall be
obligated to negotiate any Definitive Agreement.  No Party shall be
bound to execute any Definitive Agreement relating to the Acquisition
until such Party's board of directors shall have approved the
Acquisition and Definitive Agreements.

2.3  Entire Agreement.  Except for (i) the Confidentiality Agreement
discussed in Section 2.10 below and (ii) the Option to Purchase Shares
of Common Stock dated the date hereof between Rentech and Royster, this
letter constitutes the entire agreement of the Parties relating to the
subject matter hereof and supersedes all prior discussions, agreements
or understandings, whether oral or written, relating to such subject
matter, including without limitation that certain Memorandum of
Understanding (MOU) between Rentech and Royster, dated as of January
20, 2004 (the "Superceded MOU"). Any amendment of this letter must be
written and signed by the Parties.

2.4  Governing Law; Consent to Jurisdiction.  THIS LETTER SHALL BE
GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK, WITHOUT GIVING EFFECT TO CONFLICT OF LAW PRINCIPLES

2.5  Non-Inclusive; Non-Binding.  This letter does not contain all
matters upon which agreement must be reached in order for the
Acquisition to be completed.  This letter does not create and is not
intended to create a binding and enforceable contract between the
Parties with respect to the provision of Article 1 and the subject
matter of the Acquisition, and may not be relied upon by a Party as the
basis for a contract by estoppel or otherwise.  A binding commitment
with respect to the Acquisition can only result from the execution and
delivery of the Definitive Agreements.

2.6  Relationship of Parties.  The Parties shall not be deemed in a
relationship of partners or joint venturers by virtue of this letter,
nor shall any Party be an agent, representative, trustee or fiduciary
of the other.  No Party shall have any authority to bind the other to
any agreement.

2.7  Attorneys' Fees.  In the event it becomes necessary for any Party
to file a suit to enforce the binding provisions of this letter, the
prevailing Party shall be entitled to recover, in addition to all other
remedies or damages, reasonable attorneys' fees and costs incurred

2.8  Exclusivity.  Each of the Parties agrees, for the period commencing
as of the date this letter is executed by all of the Parties and
terminating November 5, 2004, Rentech shall have the exclusive right to
negotiate a Purchase Agreement for the Acquisition.

2.9  Termination.  This letter of intent may be terminated by Royster,
on the one hand, or Rentech, on the other hand, if the Parties
fail to enter into the Definitive Agreements by November 5, 2004.
Additionally, Royster can terminate this letter of intent if Rentech
has not provided commitments for financing by November 5, 2004.

2.10  Confidentiality.  The terms and conditions of the Acquisition,
including the existence of this letter of intent, or any conversations
or negotiations relating hereto or thereto, shall be confidential
information and shall be subject to the Confidentiality Agreement
executed by the parties on January 20, 2004 (the "Confidentiality
Agreement").  All documents, studies, opinions, report and financial
projections whether in written, electronic or any other form (whether
existing now or in the future) relating to the Acquisition, this letter
of intent, or any matter relating hereto or thereto shall be subject to
the Confidentiality Agreement.  As this is a material issue with
respect to Rentech a Press release will be issued after review and
approval by Royster indicating that an LOI has been executed and Due
Diligence under way for the potential acquisition or JV with RCN.

If the provisions of Article 1 correctly set forth our current
understanding and the provisions of Article 2 set forth our binding
agreement, please execute all originals of this letter in the space
provided below, retain one fully-executed original for each of your
files, and return the remaining original to us.  This letter may be
executed, via facsimile or otherwise, in counterparts, and all such
counterparts together shall constitute but one agreement

Very truly yours,

RENTECH DEVELOPMENT CORPORATION

        /s/ Richard O. Sheppard
By:   _____________________________
      Richard Sheppard, President

               August 6, 2004
Date:  _____________________________

Acknowledged, Agreed to and Accepted:

ROYSTER-CLARK, INC.

         /s/ G. Kenneth Moshenek
By:   _____________________________
      G. Kenneth Moshenek

         August 6, 2004
Date:  _____________________________

                              Attachment 1
                     (Summary of Certain Key Terms)

Purchase Price:                Subject to the terms and conditions of
                               the Definitive Agreements, Rentech shall
                               pay Sellers a purchase price of $63
                               million for the Stock, assuming $13
                               million of net working capital at the
                               time of closing (the "Purchase Price"),
                               which Purchase Price will be adjusted
                               accordingly based on the actual level of
                               net working capital at the closing.

Representations and             The purchase of the Stock shall be made
Warranties, Conditions to       pursuant to a Purchase Agreement
Closing and Other Customary     reasonably acceptable to Royster and
Terms:                          Rentech, which agreement shall contain,
                                among other things, representations and
                                warranties, and covenants reflecting the
                                provisions set forth herein, and
                                appropriate conditions to the Closing,
                                including without limitation:

                                - An opinion of counsel for the Sellers

                                - Execution and delivery of a
                                  distribution agreement with Royster
                                  providing for a best efforts
                                  commitment to distribute the products
                                  of the plant(1)

                                - Securing and funding of financing for
                                  the Acquisition

                                - Execution and delivery of employment
                                  agreements between key employees and
                                  Rentech

                                - Securing of contracts relating to
                                  feed stock for the Project
                                  satisfactory to Rentech

                                - Satisfaction of the requirements, if
                                  any, under the Hart-Scott-Rodino Act

                                - Securing title insurance for the
                                  plant and property.

(1)  The plant may not be in compliance with PSM requirements.  However,
due diligence will identify what needs to be done, if anything, to
bring the plant back into compliance.

Assignment:                     The Definitive Agreements shall not be
                                Assignable by any Party without the
                                Remaining Parties' prior written
                                consent, which shall not be unreasonably
                                withheld, conditioned or delayed.
                                Notwithstanding the foregoing, Rentech
                                may assign the attached letter of intent
                                or all or any portion of the Definitive
                                Agreements to an affiliate, providing
                                that the assignment shall not relieve
                                Rentech of its obligations under the
                                letter of intent or Definitive
                                Agreements.  In addition, either Part
                                may make appropriate collateral
                                assignments to sources of financing.

Governing Law:                  New York

L:\LegalDept\8k\8kam1ltrofintexh101e.doc
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??Exhibit 10.1

INDEMNIFICATION AGREEMENT

            THIS AGREEMENT is entered into, effective as of _____________ by and between ACE Limited, a Cayman Islands company (the “Company”), and
______________ (“Indemnitee”).

            WHEREAS, it is essential to the Company to retain and attract as directors and officers the most capable persons available;

            WHEREAS, Indemnitee is a director and/or officer of the Company;

            WHEREAS, both the Company and Indemnitee recognize the increased risk of litigation and other claims currently being asserted against directors and officers of
corporations;

            WHEREAS, the Articles of Association of the Company require the Company to indemnify its directors and officers to the fullest extent permitted by law, and
permit the Company to advance expenses relating to the defense of indemnification matters, and the Indemnitee has been serving and continues to serve as a director and/or officer of the Company in part in reliance on the Company’s Articles of Association;
and

            WHEREAS, in recognition of Indemnitee’s need for (i) substantial protection against personal liability based on Indemnitee’s reliance on the
aforesaid Articles of Association, (ii) specific contractual assurance that the protection promised by the Articles of Association will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of the Articles of Association
or any change in the composition of the Company’s Board of Directors or acquisition transaction relating to the Company), and (iii) an inducement to provide effective services to the Company as a director and/or officer, the Company wishes to provide in this
Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete) permitted under law and as set forth in this Agreement, and, to the extent insurance is maintained, to provide for the continued
coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies.

            NOW, THEREFORE, in consideration of the above premises and of Indemnitee continuing to serve the Company directly or, at its request, with another enterprise,
and intending to be legally bound hereby, the parties agree as follows:

            1.         Certain Definitions:

	
              

	
         (a)        Board: the Board of Directors of the Company.

    

	
 

	
              

	
         (b)        Affiliate: any corporation or other person or entity that directly, or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the person specified.

    

	
 

	
              

	
         (c)        Change in Control: shall be deemed to have occurred if:

    

	
 

	
              

	
        

	
         (i)        any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the United States Securities Exchange Act of
1934, becomes a “beneficial owner,” as such term is used in Rule 13d‐3 promulgated under that act, of 50% or more of the Voting Stock (as defined below) of the Company;

    

	
 

	

	
              

	
        

	
         (ii)        the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the Board on the
Effective Date; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by three-quarters of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent
Director;

    

	
 

	
              

	
        

	
         (iii)       the Company adopts any plan of liquidation providing for the distribution of all or substantially all of its assets;

    

	
 

	
              

	
        

	
         (iv)       all or substantially all of the assets or business of the Company is disposed of pursuant to a merger, consolidation or other
transaction (unless the shareholders of the Company immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned the Voting Stock of the Company, all of the Voting
Stock or other ownership interests of the entity or entities, if any, that succeed to the business of the Company); or

    

	
 

	
              

	
        

	
         (v)       the Company combines with another company and is the surviving corporation but, immediately after the combination, the shareholders of
the Company immediately prior to the combination hold, directly or indirectly, 50% or less of the Voting Stock of the combined company (there being excluded from the number of shares held by such shareholders, but not from the Voting Stock of the combined company,
any shares received by Affiliates (as defined below) of such other company in exchange for stock of such other company).

    

	
 

	
              

	
For the purpose of this definition of “Change in Control,” (I) an “Affiliate” of a person or other entity shall mean a person or other entity that directly or indirectly controls, is controlled by, or
is under common control with the person or other entity specified and (II) “Voting Stock” shall mean capital stock of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors of
a corporation.

    

	
              

	
         (d)        Expenses: any expense, liability, or loss, including attorneys’ fees, judgments, fines, ERISA excise taxes and
penalties, amounts paid or to be paid in settlement, any interest, assessments, or other charges imposed thereon, any federal, state, local, or foreign taxes imposed as a result of the actual or deemed receipt of any payments under this Agreement, and all other costs
and obligations, paid or incurred in connection with investigating, defending, prosecuting (subject to Section 2(b)), being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding relating to any
Indemnifiable Event.

    

	
              

	
         (e)        Indemnifiable Event: any event or occurrence that takes place either prior to or after the execution of this Agreement,
related to the fact that Indemnitee is or was a director or officer of the Company, or while a director or officer is or was serving at the request of the Company as a director, officer, employee, trustee, agent, or fiduciary of another foreign or domestic
corporation, partnership, limited liability company, joint venture, employee benefit plan, trust, or other enterprise, or was a director, officer, employee, or agent of a foreign or domestic corporation that was a predecessor corporation of the Company or of another
enterprise at the request of such predecessor corporation, or related to anything done or not done by Indemnitee in any such capacity, whether or not the basis of the Proceeding is alleged action in an official capacity as a director, officer, employee, or agent or
in any other capacity while serving as a director, officer, employee, or agent of the Company, as described above.

    

	
              

	
         (f)         Independent Counsel: the person or body appointed in connection with Section 3.

    

	

	
              

	
         (g)        Proceeding: any threatened, pending, or completed action, suit, or proceeding or any alternative dispute resolution
mechanism (including an action by or in the right of the Company), or any inquiry, hearing, or investigation, whether conducted by the Company or any other party, that Indemnitee in good faith believes might lead to the institution of any such action, suit, or
proceeding, whether civil, criminal, administrative, investigative, or other.

    

	
              

	
         (h)        Reviewing Party: the person or body appointed in accordance with Section 3.

    

	
              

	
         (i)         Voting Securities: any securities of the Company that vote generally in the election of directors.

    

            2.         Agreement to Indemnify.

	
              

	
         (a)        General Agreement. In the event Indemnitee was, is, or becomes a party to or witness or other participant in, or is
threatened to be made a party to or witness or other participant in, a Proceeding by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee from and against any and all Expenses to the fullest extent permitted by law, as
the same exists or may hereafter be amended or interpreted (but in the case of any such amendment or interpretation, only to the extent that such amendment or interpretation permits the Company to provide broader indemnification rights than were permitted prior
thereto). The parties hereto intend that this Agreement shall provide for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Company’s Articles of Association, vote of its
shareholders or disinterested directors, or applicable law.

    

	
              

	
         (b)        Initiation of Proceeding. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to
indemnification pursuant to this Agreement in connection with any Proceeding initiated by Indemnitee against the Company or any director or officer of the Company unless (i) the Company has joined in or the Board has consented to the initiation of such Proceeding;
(ii) the Proceeding is one to enforce indemnification rights under Section 5; or (iii) the Proceeding is instituted after a Change in Control (other than a Change in Control approved by a majority of the directors on the Board who were directors immediately
prior to such Change in Control) and Independent Counsel has approved its initiation.

    

	
              

	
         (c)        Expense Advances. If so requested by Indemnitee, the Company shall advance (within ten business days of such request) any
and all Expenses to Indemnitee (an “Expense Advance”); provided that, (i) such an Expense Advance shall be made only upon delivery to the Company of an undertaking by or on behalf of the Indemnitee to repay the amount thereof if it is ultimately
determined that Indemnitee is not entitled to be indemnified by the Company, and (ii) if and to the extent that the Reviewing Party determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be
reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid. If Indemnitee has commenced or commences legal proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be
indemnified under applicable law, as provided in Section 4, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding, and Indemnitee shall not be required to reimburse the
Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed). Indemnitee’s obligation to reimburse the Company for Expense Advances shall be
unsecured and no interest shall be charged thereon.

    

	

	
              

	
         (d)        Mandatory Indemnification. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been
successful on the merits or otherwise in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

    

	
              

	
         (e)        Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company
for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.

    

	
              

	
         (f)         Prohibited Indemnification. No indemnification pursuant to this Agreement shall be paid by the Company:

    

	
              

	
       

	
         (i)         on account of any Proceeding in which judgment is rendered against Indemnitee for an accounting of profits made from the
purchase or sale by Indemnitee of securities of the Company pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of any federal, state, or local laws; or

    

	
              

	
        

	
         (ii)        if a court of competent jurisdiction by a final judicial determination, shall determine that such indemnity is not permitted under
applicable law.

    

            3.         Reviewing Party. Prior to any Change in Control, the Reviewing Party shall be any appropriate person
or body consisting of a member or members of the Board or any other person or body appointed by the Board who is not a party to the particular Proceeding with respect to which Indemnitee is seeking indemnification; after a Change in Control, the Independent Counsel
referred to below shall become the Reviewing Party. With respect to all matters arising after a Change in Control (other than a Change in Control approved by a majority of the directors on the Board who were directors immediately prior to such Change in Control)
concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under applicable law or the Company’s Articles of Association now or hereafter in effect relating to indemnification for Indemnifiable
Events, the Company shall seek legal advice only from Independent Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld), and who has not otherwise performed services for the Company or the Indemnitee (other
than in connection with indemnification matters) within the last five years. The Independent Counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee should be permitted to be
indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities, loss, and damages arising out of or
relating to this Agreement or the engagement of Independent Counsel pursuant hereto.

            4.         Indemnification Process and Appeal.

	
              

	
            (a)        Indemnification Payment. Indemnitee shall be entitled to indemnification of Expenses, and shall receive
payment thereof, from the Company in accordance with this Agreement as soon as practicable after Indemnitee has made written demand on the Company for indemnification, unless the Reviewing Party has given a written opinion to the Company that Indemnitee is not
entitled to indemnification under applicable law.

    

	

	
              

	
            (b)        Suit to Enforce Rights. Regardless of any action by the Reviewing Party, if Indemnitee has not received
full indemnification within thirty days after making a demand in accordance with Section 4(a), Indemnitee shall have the right to enforce its indemnification rights under this Agreement by commencing litigation in any court in the U.S. District Court for
the Southern District of New York having subject matter jurisdiction thereof seeking an initial determination by the court or challenging any determination by the Reviewing Party or any aspect thereof.  The Company hereby consents to service of process and to
appear in any such proceeding.  Any determination by the Reviewing Party not challenged by Indemnitee shall be binding on the Company and Indemnitee. The remedy provided for in this Section 4 shall be in addition to any other remedies available to
Indemnitee at law or in equity.

    

	
              

	
            (c)        Defense to Indemnification, Burden of Proof, and Presumptions. It shall be a defense to any action brought
by Indemnitee against the Company to enforce this Agreement (other than an action brought to enforce a claim for Expenses incurred in defending a Proceeding in advance of its final disposition where the required undertaking has been tendered to the Company) that it
is not permissible under applicable law for the Company to indemnify Indemnitee for the amount claimed. In connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the
burden of proving such a defense or determination shall be on the Company. Neither the failure of the Reviewing Party or the Company (including its Board, independent legal counsel, or its stockholders) to have made a determination prior to the commencement of such
action by Indemnitee that indemnification of the claimant is proper under the circumstances because Indemnitee has met the standard of conduct set forth in applicable law, nor an actual determination by the Reviewing Party or Company (including its Board, independent
legal counsel, or its stockholders) that the Indemnitee had not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct.  For purposes of this Agreement,
to the fullest extent permitted by law, the termination of any claim, action, suit, or proceeding, by judgment, order, settlement (whether with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create
a presumption that Indemnitee did not meet any particular standard of conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law.

    

            5.         Indemnification for Expenses Incurred in Enforcing Rights. The Company shall indemnify Indemnitee
against any and all Expenses that are incurred by Indemnitee in connection with any action brought by Indemnitee for

	
              

	
            (a)        indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement or
under applicable law or the Company’s Articles of Association now or hereafter in effect relating to indemnification for Indemnifiable Events, and/or

    

	
              

	
            (b)        recovery under directors’ and officers’ liability insurance policies maintained by the Company, but
only in the event that Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be. In addition, the Company shall, if so requested by Indemnitee, advance the foregoing Expenses to Indemnitee, subject to and in
accordance with Section 2(c).

    

	

            6.         Notification and Defense of Proceeding.

	
              

	
            (a)        Notice. Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee
shall, if a claim in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof; but the omission so to notify the Company will not relieve the Company from any liability that it may have to Indemnitee,
except as provided in Section 6(c).

    

	
              

	
            (b)        Defense. With respect to any Proceeding as to which Indemnitee notifies the Company of the commencement
thereof, the Company will be entitled to participate in the Proceeding at its own expense and except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice
from the Company to Indemnitee of its election to assume the defense of any Proceeding, the Company shall not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by Indemnitee in connection with the defense of such
Proceeding other than reasonable costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ legal counsel in such Proceeding, but all Expenses related thereto incurred after notice from the Company of its assumption of the
defense shall be at Indemnitee’s expense unless: (i) the employment of legal counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the
defense of the Proceeding, (iii) after a Change in Control (other than a Change in Control approved by a majority of the directors on the Board who were directors immediately prior to such Change in Control), the employment of counsel by Indemnitee has been approved
by the Independent Counsel, or (iv) the Company shall not in fact have employed counsel to assume the defense of such Proceeding, in each of which cases all Expenses of the Proceeding shall be borne by the Company. The Company shall not be entitled to assume the
defense of any Proceeding brought by or on behalf of the Company or as to which Indemnitee shall have made the determination provided for in (ii), (iii) and (iv) above.

    

	
              

	
            (c)        Settlement of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or
otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, such consent not to be unreasonably withheld; provided, however, that if a Change in Control has occurred (other than a Change in Control approved by
a majority of the directors on the Board who were directors immediately prior to such Change in Control), the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if the Independent Counsel has approved the settlement. The Company
shall not settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. The Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial award if
the Company was not given a reasonable and timely opportunity, at its expense, to participate in the defense of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding by the Company was barred by this
Agreement.

    

	

            7.         Establishment of Trust. In the event of a Change in Control (other than a Change in Control approved
by a majority of the directors on the Board who were directors immediately prior to such Change in Control) the Company shall, upon written request by Indemnitee, create a Trust for the benefit of the Indemnitee and from time to time upon written request of
Indemnitee shall fund the Trust in an amount sufficient to satisfy any and all Expenses reasonably anticipated at the time of each such request to be incurred in connection with investigating, preparing for, participating in, and/or defending any Proceeding relating
to an Indemnifiable Event. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding obligation shall be determined by the Independent Counsel. The terms of the Trust shall provide that (i) the Trust shall not be revoked or the principal
thereof invaded without the written consent of the Indemnitee, (ii) the Trustee shall advance, within ten business days of a request by the Indemnitee, any and all Expenses to the Indemnitee (and the Indemnitee hereby agrees to reimburse the Trust under the same
circumstances for which the Indemnitee would be required to reimburse the Company under Section 2(c) of this Agreement), (iii) the Trust shall continue to be funded by the Company in accordance with the funding obligation set forth above, (iv) the Trustee
shall promptly pay to the Indemnitee all amounts for which the Indemnitee shall be entitled to indemnification pursuant to this Agreement or otherwise, and (v) all unexpended funds in the Trust shall revert to the Company upon a final determination by the Independent
Counsel or a court of competent jurisdiction, as the case may be, that the Indemnitee has been fully indemnified under the terms of this Agreement. The Trustee shall be chosen by the Indemnitee. Nothing in this Section 7 shall relieve the Company of any of its
obligations under this Agreement. All income earned on the assets held in the Trust shall be reported as income by the Company for federal, state, local, and foreign tax purposes. The Company shall pay all costs of establishing and maintaining the Trust and shall
indemnify the Trustee against any and all expenses (including attorneys’ fees), claims, liabilities, loss, and damages arising out of or relating to this Agreement or the establishment and maintenance of the Trust.

            8.         Non-Exclusivity. The rights of Indemnitee hereunder shall be in addition to any other rights
Indemnitee may have under the Company’s Articles of Association, applicable law, or otherwise; provided, however, that this Agreement shall supersede any prior indemnification agreement between the Company and the Indemnitee. To the extent that a change in
applicable law (whether by statute or judicial decision) permits greater indemnification than would be afforded currently under the Company’s Articles of Association, applicable law, or this Agreement, it is the intent of the parties that Indemnitee enjoy by
this Agreement the greater benefits so afforded by such change.

            9.         Liability Insurance. To the extent the Company maintains an insurance policy or policies providing
general and/or directors’ and officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer.

            10.       Continuation of Contractual Indemnity or Period of Limitations. All agreements and obligations of the Company
contained herein shall continue for so long as Indemnitee shall be subject to, or involved in, any proceeding for which indemnification is provided pursuant to this Agreement.  Notwithstanding the foregoing, no legal action shall be brought and no cause of
action shall be asserted by or on behalf of the Company or any Affiliate of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors, or personal or legal representatives after the expiration of two years from the date of accrual of such cause of
action, or such longer period as may be required by Cayman Islands law under the circumstances. Any claim or cause of action of the Company or its Affiliate shall be extinguished and deemed released unless asserted by the timely filing and notice of a legal action
within such period; provided, however, that if any shorter period of limitations is otherwise applicable to any such cause of action, the shorter period shall govern.

	

            11.       Amendment of this Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless
executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver
of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver
thereof.

            12.       Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such
payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to
enforce such rights.

            13.       No Duplication of Payments. The Company shall not be liable under this Agreement to make any payment in
connection with any claim made against Indemnitee to the extent Indemnitee has otherwise received payment (under any insurance policy, Articles of Association, or otherwise) of the amounts otherwise indemnifiable hereunder.

            14.       Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the
parties hereto and their respective successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially all of the business and/or assets of the Company), assigns, spouses, heirs, and personal and legal
representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business and/or assets of the Company, by written agreement in
form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. The indemnification provided under
this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity pertaining to an Indemnifiable Event even though he may have ceased to serve in such capacity at the time of any Proceeding.

            15.       Severability. If any provision (or portion thereof) of this Agreement shall be held by a court of competent
jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by law.  Furthermore, to the fullest extent possible, the provisions of this Agreement (including, without limitation,
each portion of this Agreement containing any provision held to be invalid, void, or otherwise unenforceable, that is not itself invalid, void, or unenforceable) shall be construed so as to give effect to the intent manifested by the provision held invalid, void, or
unenforceable.

            16.       Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of New
York applicable to contracts made and to be performed in such State without giving effect to its principles of conflicts of laws.

	

            17.       Notices. All notices, demands, and other communications required or permitted hereunder shall be made in writing
and shall be deemed to have been duly given if delivered by hand, against receipt, or mailed, postage prepaid, certified or registered mail, return receipt requested, and addressed to the Company at:

               ACE Limited

               ACE Global Headquarters

               17 Woodbourne Avenue

               Hamilton HM08 Bermuda

               Attention:       General Counsel

and to Indemnitee at:

               INDEMNITEE NAME

               ADDRESS 1

               ADDRESS 2

Notice of change of address shall be effective only when given in accordance with this Section. All notices complying with this Section shall be deemed to have been received on the date of hand delivery or on the third
business day after mailing.

            18.       Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an
original, but all of which together shall constitute one and the same instrument.

            IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of the day specified above.

                                                                                               
ACE LIMITED

                                                                                               
By:   ____________________________

                                                                                               
Its:   ____________________________

                                                                                               
INDEMNITEE

                                                                                               
_________________________________

                                                                                               
Typed Name:

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