Document:

Exhibit 10.1 

 FORM OF

INDEMNIFICATION AGREEMENT

          This
INDEMNIFICATION AGREEMENT (including Appendices A and B hereto, this “Agreement”)
is dated and effective as of July 1, 2010 and made by and between XL Capital
Ltd, a Cayman Islands exempted company (the “Company”), and [●] (“Indemnitee”).
Capitalized terms used but not otherwise defined in the body of this Agreement
shall have the respective meanings ascribed to such terms in Appendix B hereto.

          WHEREAS,
the Company has proposed to effect a scheme of arrangement under Cayman Islands
law (the “Scheme of Arrangement”) pursuant to which the ordinary
shareholders of the Company would become ordinary shareholders of XL Group plc,
an Irish public limited company (“Parent”), and the Company would become
a subsidiary of Parent; 

          WHEREAS,
it is essential to the Company and Parent that Parent retain and attract highly
experienced and capable persons to serve as directors and Employee Officers of
Parent; 

          WHEREAS,
highly experienced and capable persons are more reluctant to serve publicly
held corporations as directors or in other capacities unless they are provided
with adequate protection through insurance, indemnification and exculpation
against risks of claims and actions against them arising out of their service
to and activities on behalf of the corporation; 

          WHEREAS,
due to restrictions imposed by Irish law, Parent is not able to provide for
exculpation of its directors and Employee Officers or to confer indemnification
and expense advancement rights on its directors and Employee Officers as broad
as the indemnification and expense advancement rights provided by the Company
prior to the effectiveness of the Scheme of Arrangement; and 

          WHEREAS,
in light of the limited ability under Irish law for Parent to exculpate or
commit in advance to indemnify or advance expenses to its directors and
Employee Officers, it is reasonable, prudent and desirable for the Company,
acting in its own best interests as a member of the XL group of companies
(which group is comprised of Parent and its subsidiaries (collectively, the “XL
Group of Companies” and each, an “XL Group Company”)), contractually
to obligate itself to indemnify, and, if so requested by Indemnitee, to advance
expenses, as provided herein to an extent substantially similar to that
previously provided by the Company, and contractually to provide additional
procedural protections to help ensure that such indemnification and expense
advancement rights will in fact be available to Indemnitee so long as
Indemnitee acts in good faith in the performance of Indemnitee’s duty to the XL
Group of Companies; and Indemnitee desires to continue to so serve XL Group of
Companies provided, and on the express condition, that he or she is furnished
with the indemnity set forth herein; 

          NOW,
THEREFORE, in consideration of the foregoing and the mutual agreements herein
contained and intending to be legally bound hereby, the parties hereto agree as
follows: 

	
  

 	
  

 
	
           1.
 Service by Indemnitee. Indemnitee agrees to serve as a director or
 Employee Officer, as applicable, of Parent faithfully and to the best of
 Indemnitee’s ability so long as Indemnitee is duly elected or re-elected or
 appointed or re-appointed and until such time as (i) if Indemnitee serves in
 the capacity of director, Indemnitee dies, is removed as a director of Parent
 or resigns or retires as a director of Parent; or (ii) if Indemnitee serves
 in the capacity of Employee Officer, Indemnitee dies, is terminated as an
 Employee Officer of Parent or resigns or retires as an Employee Officer. An
 Indemnitee shall be deemed to be “serving at the request of Parent” or to
 have “served at the request of Parent” (or any similar construction of
 similar meaning) to the extent such Indemnitee is serving or has served as an
 officer, director, employee or executive of any XL Group Company, and
 Indemnitee shall be deemed to be so serving or have so served without any
 express (whether written or otherwise) evidence of such request, unless clear
 evidence to the contrary exists and is provided by Parent. 

 
	
  

 
	
           2.
 Advancement of Expenses. Except as limited by Section 10, to the
 fullest extent permitted under Cayman Islands law, all Expenses incurred by
 Indemnitee in defending against any Indemnifiable Proceeding described in
 Section 3 or 4 in advance of the final disposition of such Indemnifiable
 Proceeding shall be paid by the Company at the request of Indemnitee. Such
 request shall be made pursuant to Article 3 of Appendix A hereto (the “Procedural
 Appendix”). In addition, Indemnitee’s entitlement to advancement of Expenses
 shall include those Expenses incurred in connection with any Indemnifiable
 Proceeding by Indemnitee seeking an adjudication pursuant to Article 5 of the
 Procedural Appendix (including the enforcement of this provision), subject to
 an undertaking by Indemnitee to reimburse such amounts if so required
 pursuant to Article 3 of the Procedural Appendix. 

 
	
  

 
	
           3.
 Indemnification for Proceedings by or in the Name of Parent. 

 
	
  

 	
  

 

	
  

 
	
           (a)
 Eligibility. Except as limited
 by Section 10, Indemnitee shall be entitled to the indemnification rights
 provided in this Section 3 if Indemnitee, after the effective date hereof,
 was or is a party or is threatened to be made a party to any Proceeding
 brought by or in the name of Parent to procure a judgment in Parent’s favor
 by reason of the fact that Indemnitee is or was a director or Employee
 Officer of Parent, or is or was serving at the request of Parent as a
 director, officer, employee or fiduciary of any other entity (including
 another corporation, partnership, joint venture, trust or employee benefit
 plan); or by reason of anything done or not done (or allegedly done or not
 done) by Indemnitee in any such capacity, whether or not Indemnitee is
 actually serving in such capacity at the time any liability or Expense is
 incurred for which indemnification or advancement is sought under this
 Agreement. 

 
	
  

 
	
           (b)
 Indemnity. Except as limited by
 Section 10, pursuant to this Section 3, Indemnitee shall be indemnified to
 the fullest extent permitted under Cayman Islands law against all judgments,
 fines, amounts paid in settlement and Expenses incurred by Indemnitee in
 connection with a Proceeding described in Section 3(a) if Indemnitee acted in
 good faith and in a manner Indemnitee reasonably believed to be in or not
 opposed to the best interests of Parent or such other entity (including
 another corporation, partnership, joint venture, trust or employee benefit
 plan) served by Indemnitee at the request of Parent; provided, however,
 that no such indemnification shall be made in respect of any such Proceeding
 as to which such person shall have been found, in a final 

 

2

	
  

 	
  

 
	
  

 	
 and
 non-appealable judgment of a court of competent jurisdiction, to be liable
 for willful neglect or willful default in the performance of such
 Indemnitee’s duty to Parent or to such other corporation, partnership, joint
 venture or employee benefit plan, unless and only to the extent that a court
 of competent jurisdiction shall determine upon application that, despite the
 adjudication of liability but in view of all the circumstances of the case,
 Indemnitee is fairly and reasonably entitled to indemnification for such
 judgments, fines, amounts paid in settlement and Expenses as such court shall
 deem proper. 

 

          4.
Indemnification for Proceedings Other than Proceedings by or in the Right of
Parent. 

	
  

 
	
           (a)
 Eligibility. Except as limited
 by Section 10, Indemnitee shall be entitled to the indemnification rights
 provided in this Section 4 if Indemnitee, after the effective date hereof,
 was or is a party or is threatened to be made a party to any Proceeding
 (other than a Proceeding by or in the name of Parent, to which Section 3
 above shall apply) by reason of the fact that Indemnitee is or was a director
 or Employee Officer of Parent, or is or was serving at the request of Parent
 as a director, officer, employee or fiduciary of any other entity (including
 another corporation, partnership, joint venture, trust or employee benefit
 plan); or by reason of anything done or not done (or allegedly done or not
 done) by Indemnitee in any such capacity, whether or not Indemnitee is
 actually serving in such capacity at the time any liability or Expense is
 incurred for which indemnification or advancement is sought under this
 Agreement. 

 
	
  

 
	
           (b)
 Indemnity. Except as limited by
 Section 10, pursuant to this Section 4, Indemnitee shall be indemnified to
 the fullest extent permitted under Cayman Islands law against all judgments,
 fines, amounts paid in settlement and Expenses incurred by Indemnitee in
 connection with a Proceeding described in Section 4(a) if Indemnitee acted in
 good faith and in a manner Indemnitee reasonably believed to be in or not
 opposed to the best interests of Parent or such other entity (including
 another corporation, partnership, joint venture, trust or employee benefit
 plan) served by Indemnitee at the request of Parent and, with respect to any
 criminal Proceeding, had no reasonable cause to believe his or her conduct
 was unlawful. 

 

          5.
Indemnification for Expenses of Successful Party. Notwithstanding the
limitations of Sections 3, 4 or 10(d), to the fullest extent permitted by
Cayman Islands law and to the extent that Indemnitee has been successful, on
the merits or otherwise, in whole or in part, in defense of any Indemnifiable
Proceeding, or in defense of any claim, issue or matter therein, or if it is
determined in a final and non-appealable judgment by a court of competent
jurisdiction that Indemnitee is otherwise entitled to be indemnified against
Expenses, the Company shall indemnify Indemnitee against all Expenses incurred
in connection with such Indemnifiable Proceeding. 

          6.
Partial Indemnification. Except as limited by Section 10, if Indemnitee
is entitled under any provision of this Agreement to indemnification by the
Company for some or a portion of the judgments, fines, amounts paid in
settlement or Expenses incurred in connection with any Indemnifiable Proceeding,
but not, however, for all of the total amount thereof, the Company shall
nevertheless indemnify Indemnitee for the portion of such judgments, fines,
amounts paid 

3

in settlement
and Expenses incurred to which Indemnitee is entitled (as determined in accordance
with Article 2(e) of the Procedural Appendix). 

          7.
Other Rights to Indemnification. Indemnification and advancement of
Expenses provided by this Agreement shall not be deemed exclusive of any other
rights to which Indemnitee may now or in the future be entitled under (i) any
provision of the memorandum of association and articles of association of
Parent (the “Parent Governing Documents”), the memorandum of association
and articles of association of the Company (the “Company Governing
Documents”), or the governing documents of any other entity served by
Indemnitee at the request of Parent; (ii) any vote of the shareholders of
Parent, the Board of Directors of Parent (the “Parent Board”) or the
Board of Directors of the Company (the “Company Board”); (iii) any
provision of law; (iv) any agreement; (v) any insurance policy or (vi)
otherwise. Nothing in this Agreement shall be deemed to limit or impair in any
way any right of Indemnitee with respect to indemnification, advancement of
Expenses or exculpation under the Company Governing Documents as in effect
prior to the Scheme of Arrangement. The Company acknowledges and agrees that
nothing herein shall be deemed to constitute a waiver by Indemnitee of any such
rights. 

          8.
Expenses to Enforce Agreement. In the event that Indemnitee is subject
to or intervenes in any Proceeding in which the validity or enforceability of
this Agreement is at issue or seeks a Proceeding to enforce Indemnitee’s rights
under, or to recover damages for breach of, this Agreement, if Indemnitee
prevails in whole or in part in such Proceeding, Indemnitee shall be entitled
to recover from the Company and shall be indemnified by the Company against any
Expenses incurred by Indemnitee in connection with such Proceeding. 

          9.
Continuation of Indemnity. All agreements and obligations of the Company
contained herein shall continue during the period Indemnitee is a director or
Employee Officer of Parent or is serving at the request of Parent as a
director, officer, employee or fiduciary of any other entity (including another
corporation, partnership, joint venture, trust or employee benefit plan) and
shall continue thereafter with respect to any possible claims by reason of the
fact that Indemnitee was a director or Employee Officer of Parent or was
serving at the request of Parent as a director, officer, employee or fiduciary
of any other entity (including another corporation, partnership, joint venture,
trust or employee benefit plan). This Agreement shall be binding upon all
successors and assigns of the Company and shall inure to the benefit of the
heirs, personal representatives and estate of Indemnitee. From and after the
effective time of the Scheme of Arrangement, the Company shall require and
cause any successor (whether direct or indirect and whether by purchase,
merger, consolidation, scheme or arrangement, amalgamation or otherwise),
including any person or entity who acquires all, substantially all, or a
substantial part, of the business and/or assets of the Company, as the case may
be, by written agreement, 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. If such Agreement
shall be unenforceable against any such successor, or if the Company Board
makes a good faith determination in its discretion that such successor is less
creditworthy than the Company, then the Company will assign the Agreement to a
subsidiary of the Company selected by the Company Board and reasonably
satisfactory to Indemnitee, against which subsidiary the Agreement shall then
be enforceable. 

4

          10.
Limitations on Indemnification and Advancement of Expenses. The rights
of Indemnitee to indemnification and advancement of Expenses under this
Agreement shall be as set forth herein, except that no indemnification or
advancement of Expenses shall be paid hereunder to Indemnitee by the Company: 

	
  

 
	
           (a)
 to the extent expressly prohibited by Cayman Islands law or a final and
 non-appealable judgment of a court of competent jurisdiction; 

 
	
  

 
	
           (b)
 to the extent such indemnification or advancement of Expenses, as applicable,
 is actually made or then due to Indemnitee (i) under an insurance policy;
 (ii) under a valid and enforceable provision of the Parent Governing
 Documents, Company Governing Documents, or the governing documents of any
 other entity served by Indemnitee at the request of Parent; (iii) pursuant to
 an agreement of Parent, to the extent permitted by law, or the Company or any
 other entity served by Indemnitee at the request of Parent; or (iv) by
 Parent, to the extent permitted by law, in its discretion as contemplated by
 Article 1 of the Procedural Appendix, except, in each case, in respect of any
 amounts indemnifiable hereunder exceeding the payment or payments made under
 clauses (i) through (iv) of this paragraph; or 

 
	
  

 
	
           (c)
 except with respect to an Indemnifiable Proceeding pursuant to Section 8
 above or Article 5 of the Procedural Appendix, in connection with a
 Proceeding, or part thereof (including claims and counterclaims) initiated by
 Indemnitee, unless such Proceeding (or part thereof) initiated by Indemnitee
 was authorized by the Parent Board; 

 
	
  

 
	
           (d)
 with respect to any Proceeding that is authorized by the Parent Board and
 brought by or on behalf of the Parent against Indemnitee, except as provided
 in Sections 3, 5 and 6; or 

 
	
  

 
	
           (e)
 with respect to any claim as to which a final and non-appealable judgment
 pursuant to Section 16(b) of the Exchange Act or any similar statute has been
 rendered against Indemnitee for an accounting of profits made from the
 purchase and sale (or sale and purchase) by Indemnitee of securities. 

 

          11.
Additional Agreements. 

	
  

 
	
           (a) The
 Company shall enter into additional agreements that are substantially similar
 to this Agreement with each person serving as a director or Employee Officer
 of Parent from time to time, provided, that the Company shall not have
 any liability, or have any obligation, under this Section 11(a) to the extent
 that any such other director or Employee Officer is unable or unwilling to
 enter into such agreement. 

 
	
  

 
	
           (b) The
 provisions of this Section 11 may be amended by the written consent of a
 number of directors or Employee Officers of Parent representing 75% or more
 of the total number of persons currently servings as directors or Employee
 Officers of Parent who are Indemnitees under an agreement containing terms substantially
 similar to this Agreement. 

 

5

          12.
Separability. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the
validity, legality and enforceability of the remaining provisions of this
Agreement (including all portions of any paragraphs of this Agreement
containing any such provision held to be invalid, illegal or unenforceable that
are not by themselves invalid, illegal or unenforceable) shall not in any way
be affected or impaired thereby; and (b) to the fullest extent possible, the
provisions of this Agreement (including all portions of any paragraph of this
Agreement containing any such provision held to be invalid, illegal or
unenforceable that are not themselves invalid, illegal or unenforceable) shall
be construed so as to give effect to the intent of the parties that the Company
provide protection to Indemnitee to the fullest enforceable extent that is
consistent with the obligations of the Company to indemnify Indemnitee prior to
the effectiveness of the Scheme of Arrangement. In the event of any conflict or
inconsistency between this Agreement and the provisions of the Company
Governing Documents, to the maximum extent permitted by applicable law this Agreement
shall govern with respect to any Indemnifiable Proceeding to which Indemnitee
becomes a party on or after the effective date hereof, and to the maximum
extent permitted by applicable law the Company Governing Documents shall govern
with respect to any Indemnifiable Proceeding to which Indemnitee became a party
prior to the effective date hereof. 

          13.
Headings; Interpretation. The headings of the sections of this Agreement
are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof. References herein to
section numbers are to sections of this Agreement, unless otherwise specified.
All pronouns and any variations thereof shall be deemed to refer to the
masculine, feminine, neuter, singular or plural as appropriate. The word
“including” shall be deemed to be followed by the words “without limitation.” 

          14.
Notices. All notices, requests, demands and other communications under
this Agreement shall be in writing and shall be deemed duly given (i) if
delivered by hand and receipted for by the party addressee, on the date of such
receipt; (ii) if mailed by domestic certified or registered mail with postage
prepaid, on the third business day after the date postmarked; or (iii) if sent
by facsimile transmission and fax confirmation is received, on the next
business day following the date on which such facsimile transmission was sent.
Addresses for notice to either party are as shown on the signature page of this
Agreement, or as subsequently modified by written notice to the other party as
provided in this Section. The address for notice to Parent shall be the same as
indicated for the Company on the signature page of this Agreement, or as
subsequently modified by written notice to Indemnitee as provided in this
Section. 

          15.
Governing Law; Consent to Jurisdiction.

	
  

 
	
           (a)
 This Agreement shall be interpreted and enforced in accordance with the laws
 of the State of Delaware. 

 
	
  

 
	
           (b)
 The Company and Indemnitee hereby irrevocably and unconditionally: (i) agree
 that any Proceeding arising out of or in connection with this Agreement shall
 be brought only in the Chancery Court of the State of Delaware (the “Delaware
 Court”), and not in any other state or federal court in the United States
 of America or any court in any 

 

6

other country;
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court for
purposes of any Proceeding arising out of or in connection with this Agreement;
(iii) waive any objection to the laying of venue of any such Proceeding in the
Delaware Court, and (iv) waive, and agree not to plead or to make, any claim
that any such Proceeding brought in the Delaware Court has been brought in an
improper or inconvenient forum. 

16. Other Provisions. 

          (a)
This Agreement may be executed in one or more counterparts, each of which shall
for all purposes be deemed to be an original but all of which together shall
constitute one and the same Agreement. Only one such counterpart signed by the
party against whom enforceability is sought needs to be produced as evidence of
the existence of this Agreement. 

          (b)
Nothing contained in this Agreement shall confer upon Indemnitee (including,
for the avoidance of doubt, any Employee Officer) any right with respect to the
continuation of Indemnitee’s employment with, or provision of services for, any
entity within the XL Group of Companies, as applicable, or interfere in any way
with the right of any entity within the XL Group of Companies, as applicable,
at any time to terminate such employment or services for any reason, with or
without cause, and with or without severance, except as may be otherwise
provided in a separate written contract between Indemnitee and any entity
within the XL Group of Companies. 

          (c)
Upon a payment to Indemnitee under this Agreement, the Company shall be
subrogated to the extent of such payment to all of the rights of Indemnitee to
recover against any person (including Parent) for such liability, and
Indemnitee shall execute all documents and instruments required and shall take
such other actions as may be necessary to secure such rights, including the
execution of such documents as may be necessary for the Company to bring suit
to enforce such rights. 

          (d)
Each person serving as a director, corporate secretary or Employee Officer
after the effectiveness of the scheme is intended to be and shall be a third
party beneficiary of Section 11(a), as such Section 11(a) may be amended from
time to time in accordance with this Agreement. 

          (e)
Except as set forth in Section 11(b), no supplement, modification, amendment or
termination of this Agreement shall be binding unless executed in writing by
all parties hereto. No waiver of any of the provisions of this Agreement shall
be deemed or shall constitute a waiver of any other provisions hereof (whether
or not similar) nor shall such waiver constitute a continuing waiver and no
waiver will be effective unless it is in writing and signed by the waiving
party. 

          (f)
The parties hereto agree that Appendices A and B hereto form an integral part
of this Agreement with respect to the subject matter hereof. 

          (g)
Unless otherwise specified, references to the term “Section” are references to
the Sections of this Agreement, and references to the term “Article” are
references to the Articles of the Procedural Appendix. 

7

          IN
WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of
the day and year first above written. 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 XL CAPITAL LTD

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
 Name:

 	
 Michael S.
 McGavick

 
	
  

 	
  

 	
 Title:

 	
 Chief
 Executive Officer

 

	
  
 	
  
 	
  
 
	
  
 	
 Address:
 	
   XL
 House
 
	
  
 	
  
 	
   One
 Bermudiana Road
 
	
  
 	
  
 	
   Hamilton
 HM 08
 
	
  
 	
  
 	
   Bermuda
 
	 
	 
	 

	
  
 	
 Facsimile:
 	
   (441)
 294-7307
 
	 
	 
	 

Agreed and accepted as of the date hereof:

	
  

 	
  

 	
  

 
	
 INDEMNITEE

 
	
  

 	
  

 
	
 By:

 	

 

 
	
  

 	
 Name:

 
	
  

 	
 Title:

 
	
  

 	
  

 
	
  

 	
 Address:

 	
  

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	

 

 
	
  

 	
  

 	
  

 
	
  

 	
 Facsimile:

 	
  

 
	
  

 	
  

 	

 

 

Signature Page to Deed of
Indemnification 

Appendix A

Certain Procedural Provisions

          Article
1. Request for Parent to Indemnify or Advance as a Prerequisite to
Indemnification or Advancement Hereunder. Prior to submitting a claim for,
or being entitled to indemnification or advancement of Expenses under this
Agreement, Indemnitee shall first submit a written request to the Secretary of
Parent for Parent to consider in its discretion, and to the extent permitted by
law, whether Parent itself will provide indemnification (and whether Parent
itself will advance Expenses in connection with the matter that is the subject
of such indemnification request). Such request shall include documentation or
information reasonably available to Indemnitee that provides a reasonably
detailed description of the facts and circumstances of the request for
indemnification or advancement of Expenses. Upon any such request by
Indemnitee, Parent may, to the extent permitted by law, consider whether to
make such indemnification or advancement of Expenses based on the facts and
circumstances related to the request. Parent may require, as a condition to
providing any permitted indemnification or advancement of Expenses, that
Indemnitee enter into an agreement providing for such indemnification or
advancement of Expenses (as applicable) to be made subject to substantially the
same terms and conditions applicable to the provision of indemnification and/or
advancement of Expenses (as applicable) by the Company hereunder. In the event indemnification
and/or advancement of Expenses, as applicable (or a written commitment by
Parent to promptly provide such indemnification and/or advancement of Expenses)
has not been provided by Parent and received by Indemnitee within 5 business
days after the delivery of Indemnitee’s request of Parent pursuant to this
Article 1, Indemnitee may submit a written request to the Company for
indemnification pursuant to Article 2 of this Procedural Appendix or make a
request for advancement under this Agreement pursuant to Article 3 of this
Procedural Appendix, as applicable. 

          Article
2. Request for Company to Provide Indemnification. 

          (a)
To receive indemnification under this Agreement, after complying with Article 1
of this Procedural Appendix, Indemnitee must submit a written request to the
Secretary of the Company to provide such indemnification. Such request shall
include (i) documentation or information reasonably available to Indemnitee
that provides a reasonably detailed description of the facts and circumstances
of the request for indemnification, and (ii) Indemnitee’s selection of the
Determining Party under Article 2(b). 

          (b)
Upon receipt of a request made pursuant to Article 2(a), the entitlement of
Indemnitee to indemnification under this Agreement shall be determined by one
of the following parties, as selected by Indemnitee in his or her sole
discretion (such party, the “Determining Party”): (i) the Company Board
by a majority vote of Disinterested Directors, or (ii) by Independent Counsel
in a written opinion to the Company Board, a copy of which shall be delivered
to Indemnitee. In the event no Disinterested Director exists to constitute the
Determining Party, Independent Counsel shall be the Determining Party. The Determining
Party shall make the determination as to the entitlement of Indemnitee to
indemnification under this Agreement not later than 45 calendar days after
receipt by the Company of a request made 

A-1

pursuant to
Article 2(a) or, if Independent Counsel acts as the Determining Party, within
45 calendar days of agreement on the identity of such Independent Counsel. 

          (c)
In the event that a determination is made by the Company Board that Indemnitee
is not entitled to indemnification by the Company hereunder, Indemnitee shall
be entitled to seek a determination by Independent Counsel of Indemnitee’s
entitlement to indemnification. Independent Counsel shall within 45 calendar
days of agreement on the identity of such Independent Counsel provide a determination
as to the entitlement of Indemnitee to indemnification under this Agreement in
a written opinion to the Company Board, a copy of which shall be delivered to
Indemnitee. Such determination by Independent Counsel shall be made de novo and Indemnitee shall not be
prejudiced by reason of the determination by the Company Board that Indemnitee
is not entitled to indemnification. The Company shall not oppose Indemnitee’s
right to seek any such determination of Independent Counsel. If a determination
is made by Independent Counsel that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination and shall be precluded from
asserting that such determination has not been made or that the procedure by
which such determination was made is not valid, binding and enforceable. Any
determination of Independent Counsel under this Article 2(c) shall be the final
determination of entitlement to indemnification under this Article 2, subject
to Article 5 of this Procedural Appendix. 

          (d)
Any Independent Counsel selected for purposes of Article 2(b) or Article 2(c)
shall be selected by the Company and approved by Indemnitee (such approval not
to be unreasonably withheld, conditioned or delayed), except that in the event
that a Change in Control has occurred, any Independent Counsel shall be
selected by Indemnitee. Upon failure of the Company to so select such
Independent Counsel or upon failure of Indemnitee to so approve (or to so
select, in the event that a Change in Control has occurred), such Independent
Counsel shall be selected upon application to a court of competent
jurisdiction. 

          (e)
If the Determining Party (including, for purposes of this Article 2(e),
Independent Counsel selected under Article 2(c)) determines that Indemnitee is
entitled to indemnification as to part (but not all) of the application for
indemnification, such person shall reasonably allocate such partial
indemnification among the claims, issues or matters at issue at the time of the
determination. 

          (f)
Any Expenses incurred by Indemnitee in connection with a request for
indemnification or payment of Expenses hereunder, under any other agreement
with the Company or Parent, any provision of the Company Governing Documents or
Parent Governing Documents or any directors’ and officers’ liability insurance,
shall be borne by the Company. The Company shall indemnify Indemnitee for any
such amounts referred to in the immediately preceding sentence and agrees to
hold Indemnitee harmless therefrom irrespective of the outcome of the
determination of Indemnitee’s entitlement to indemnification. 

          (g)
Notwithstanding anything to the contrary contained in this Article 2, it is
understood that no such determination pursuant to Article 2 of this Procedural
Appendix shall be required with respect to Indemnitee’s entitlement to
indemnification pursuant to Section 8 of this Agreement, Article 2(f) of this
Procedural Appendix, or the last sentence of Article 5 of this Procedural
Appendix. 

A-2

          Article
3. Request for Company to Provide Advancement of Expenses. To receive
advancement of Expenses under this Agreement, after complying with Article 1 of
this Procedural Appendix, Indemnitee shall submit a written request to the
Secretary of the Company. Such request shall reasonably evidence the Expenses
incurred by Indemnitee and shall include or be accompanied by an undertaking,
by or on behalf of Indemnitee, to reimburse such amounts to the Company if it
is determined in a final and non-appealable judgment of a court of competent
jurisdiction that Indemnitee is not entitled to be indemnified against such
Expenses by the Company or Parent as provided by this Agreement or otherwise.
Indemnitee’s undertaking to reimburse any such amounts shall not be required to
be secured and shall be interest free, subject to Section 10 of this Agreement.
Each payment of Expenses by the Company shall be made within 10 calendar days
after the receipt by the Company of a valid written request for advancement of
Expenses. 

          Article
4. Effect of Certain Proceedings. 

          (a)
In making a determination with respect to entitlement to indemnification
hereunder, the Determining Party shall, to the fullest extent permitted by
Cayman Islands law, presume that Indemnitee is entitled to indemnification
under this Agreement if Indemnitee has submitted a request for indemnification
in accordance with Articles 1 and 2 of this Procedural Appendix, and the
Company shall, to the fullest extent permitted by Cayman Islands law, have the
burden of proof to overcome the presumption that Indemnitee is entitled to
indemnification hereunder in connection with any determination to the contrary
made pursuant to Articles 1 or 2 of this Procedural Appendix. 

          (b)
If the Determining Party of this Procedural Appendix shall have failed to make
the requested determination within 45 calendar days pursuant to Article 2(b), a
requisite determination of entitlement to indemnification shall be deemed to
have been irrevocably made and Indemnitee shall be absolutely entitled to such
indemnification, absent (i) fraud in the request for indemnification or (ii) a
prohibition on such indemnification under Cayman Islands law; provided, however,
that such 45-day period may be extended for a reasonable period of time, not to
exceed an additional 45 days, if the Determining Party shall in good faith
require such additional time to obtain or evaluate documentation and/or
information relating to such determination and shall have provided written notice
to Indemnitee within the initial 45-day period of such need for an extension of
time. 

          (c)
The termination of any Indemnifiable Proceeding described in Sections 3 or 4 of
this Agreement by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall
not in and of itself: (i) create a presumption that Indemnitee did not act in
good faith and in a manner which Indemnitee reasonably believed to be in or not
opposed to the best interests of Parent, or any other entity served by
Indemnitee at the request of Parent, or a relevant employee benefit plan (as
the case may be), or, with respect to any criminal Proceeding, that Indemnitee
had reasonable cause to believe that Indemnitee’s conduct was unlawful; or (ii)
otherwise adversely affect the rights of Indemnitee to indemnification by the
Company except as otherwise provided herein. 

          Article
5. Effect of Determination Whether to Indemnify or to Advance Expenses.
In the event that a determination is made that Indemnitee is not entitled to
indemnification by the 

A-3

Company
hereunder or if payment has not been timely made following a determination of
entitlement to indemnification pursuant to Articles 1, 2 or 4 of this
Procedural Appendix, or if Expenses are not paid pursuant to Article 1 or 3 of
this Procedural Appendix, Indemnitee shall be entitled to seek final
adjudication in a court of competent jurisdiction of entitlement to such
indemnification or payment of Expenses. The determination in any such judicial
Proceeding shall be made de novo
and Indemnitee shall not be prejudiced by reason of a determination (if so
made) pursuant to Articles 1, 2 or 4 of this Procedural Appendix that
Indemnitee is not entitled to indemnification. The Company shall not oppose
Indemnitee’s right to seek any such adjudication or any other claim. If a
determination is made or deemed to have been made pursuant to the terms of
Articles 1, 2 or 4 of this Procedural Appendix that Indemnitee is entitled to
indemnification, the Company shall be bound by such determination and shall be
precluded from asserting that such determination has not been made or that the
procedure by which such determination was made is not valid, binding and
enforceable. The Company further agrees to stipulate in any such court that the
Company is bound by all the provisions of this Agreement and is precluded from
making any assertions to the contrary. If such court shall determine that
Indemnitee is entitled to any indemnification or payment of Expenses hereunder,
the Company shall also pay all Expenses incurred by Indemnitee in connection
with such adjudication (including any appellate Proceedings). 

          Article
6. Notification and Defense of Claim. Promptly after receipt by
Indemnitee of notice of any Indemnifiable Proceeding, Indemnitee shall, if a
claim in respect of such Proceeding is to be made against the Company under
this Agreement, notify the Company and Parent in writing of the commencement of
such Indemnifiable Proceeding; but the omission to so notify the Company and
Parent shall not relieve the Company from any liability that it may have to
Indemnitee. Notwithstanding any other provision of this Agreement, with respect
to any such Proceeding of which Indemnitee notifies the Company and Parent, the
Company and Parent shall be entitled to participate therein at their own
expense. 

          Article
7. Notice to Insurers. If, at the time of the receipt of a notice of a
Indemnifiable Proceeding pursuant to Articles 1, 2 or 3 of this Procedural
Appendix, Parent or the Company has directors’ and officers’ liability
insurance in effect, Company shall, or, as applicable, shall use its reasonable
best efforts to cause Parent to, give prompt notice of the commencement of such
Proceeding to the insurers in accordance with the procedures set forth in the
respective policies. 

A-4

Appendix B

Certain Definitions

          “Change
in Control” means a change in control of Parent occurring after the
effective time of the Scheme of Arrangement of a nature that would be required
to be reported in response to Item 5.01 of Current Report on Form 8-K (or in
response to any similar item on any similar schedule or form) promulgated under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
whether or not Parent is then subject to such reporting requirement; provided,
however, that, without limitation, a Change in Control shall be deemed
to have occurred if after the date of this Agreement (i) any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act ) becomes the
“beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly
or indirectly, of securities of Parent representing (or which upon settlement,
exercise or conversion pursuant to their terms would represent) 30% or more of
the combined voting power of Parent’s then-outstanding voting securities
without the prior approval of at least two-thirds of the members of the Parent
Board in office immediately prior to such person attaining such percentage; (ii)
Parent consummates a merger, consolidation, scheme of arrangement, sale of
assets or other reorganization as a consequence of which members of the Parent
Board in office immediately prior to entry into the agreement providing for
such transaction constitute less than a majority of the board of directors or
similar governing body of the company that is then the ultimate parent company
of the corporate group of which Parent is a part upon completion of such
transaction; or (iii) during any period of two consecutive years, individuals
who at the beginning of such period constituted the Parent Board (including for
this purpose any new member of the Parent Board whose election or nomination
for election by Parent’s shareholders was approved by a vote of at least
two-thirds of the members of the Parent Board then still in office who were
members of the Parent Board at the beginning of such period and such approval
was not in connection with an actual or threatened proxy contest) cease for any
reason to constitute at least a majority of the Parent Board. 

          “Disinterested
Director” means a director of the Company who is not and was not a party to
the Indemnifiable Proceeding in respect of which indemnification is being
sought by Indemnitee. 

          “Employee
Officer” means an “officer” (as such term is used under Section 2 of the
Companies Act 1963 of the Republic of Ireland) who is an employee of Parent,
which, for the avoidance of doubt, shall not be deemed to include auditors,
liquidators, or other advisors of Parent. 

          “Expenses”
includes expenses actually and reasonably incurred in connection with the
defense or settlement of any Proceeding, and appeals, attorneys’ and other
advisors’ fees and expenses (including retainers and disbursements and advances
thereon), witness fees and expenses, expenses relating to any bond, and any
expenses relating to establishing a right to indemnification or advancement
hereunder, but shall not include the amount of judgments, penalties, fines or
amounts paid in settlement. 

B-1

          “Indemnifiable
Proceeding” means any Proceeding of the type described in Sections 3, 4 or
8 of this Agreement, or Article 5 of the Procedural Appendix and any Proceeding
approved by the Parent Board for such purpose, as contemplated by Section 10(c)
of this Agreement. 

          “Independent
Counsel” means a law firm or a member of a law firm that at the relevant
time is not, and for the prior five years has not been, retained to represent:
(i) the Company, Parent or Indemnitee (or their respective affiliates) in any
matter material to any such party, or (ii) any other party to the Indemnifiable
Proceeding (or their respective affiliates) giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “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 the Company, Parent or Indemnitee in a Proceeding to determine
Indemnitee’s right to indemnification under this Agreement. 

          “Proceeding”
includes any actual, threatened, pending or completed investigation, action,
suit or other proceeding, whether of a civil, criminal, administrative,
arbitral, investigative, legislative or other nature. 

B-2Exhibit 10.2

DEED POLL INDEMNITY

          This
DEED POLL INDEMNITY (this “Deed Poll”) is dated July 1, 2010 and made by
XL Capital Ltd, a Cayman Islands exempted company (the “Indemnitor”),
acting unilaterally in respect of each individual who has not entered into a
separate indemnification agreement with the Indemnitor but is serving as an
officer, director, employee, or other executive of XL Group plc, an Irish
public limited company (“Parent”) or is serving at the request of Parent
as an officer, director, employee, or other executive of any other entity
(including another corporation, partnership, joint venture, trust or employee
benefit plan) (such individual, an “Indemnitee”). Capitalized terms used
but not otherwise defined in this Deed Poll shall have the respective meanings
ascribed to such terms in Section 11.

          NOW,
THEREFORE, the Indemnitor hereby declares, undertakes and agrees as follows:

	
 

	
 

	
 

	
          1.
Indemnification for Proceedings by or in the Name of Parent. 

	
 

	
 

	
 

	
          (a)
Eligibility. Except as limited
by Section 9, Indemnitee shall be entitled to the indemnification rights
provided in this Section 1 if Indemnitee, after the effective date hereof,
was or is a party or is threatened to be made a party to any Proceeding
brought by or in the name of Parent to procure a judgment in its favor by
reason of the fact that Indemnitee is or was an officer, director, employee
or other executive of Parent, or is or was serving at the request of Parent
as an officer, director, employee or other executive of any other entity
(including another corporation, partnership, joint venture, trust or employee
benefit plan); or by reason of anything done or not done (or allegedly done
or not done) by Indemnitee in any such capacity, whether or not Indemnitee is
actually serving in such capacity at the time any liability or Expense is
incurred for which indemnification or advancement is sought under this Deed
Poll.

	
 

	
 

	
 

	
          (b)
Indemnity. Except as limited by
Section 9, pursuant to this Section 1(b), Indemnitee shall be indemnified to
the fullest extent permitted under Cayman Islands law against all judgments,
fines, amounts paid in settlement and Expenses incurred by Indemnitee in
connection with such Proceeding referred to in Section 1(a) above if
Indemnitee acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of Parent or any such entity
(including another corporation, partnership, joint venture, trust or employee
benefit plan) served by Indemnitee at the request of Parent; provided,
however, that no such indemnification shall be made in respect of any
claim, issue, or matter as to which such Indemnitee shall have been found, in
a final and non-appealable judgment of a court of competent jurisdiction, to
be liable for willful neglect or willful default in the performance of such
Indemnitee’s duty to Parent or such other entity (including another
corporation, partnership, joint venture, trust or employee benefit plan)
served by Indemnitee at the request of Parent, unless and only to the extent
that a court of competent jurisdiction shall determine upon application that,
despite the adjudication of liability but in view of all the circumstances of
the case, Indemnitee is fairly and reasonably entitled to indemnification for
such judgments, fines, amounts paid in settlement and Expenses as such court
shall deem proper. 

          2.
Indemnification for Proceedings Other than Proceedings by or in the Right of
Parent. 

          (a)
Eligibility. Except as limited by
Section 9, each Indemnitee shall be entitled to the indemnification rights
provided in this Section 2 if Indemnitee, after the effective date hereof, was
or is a party or is threatened to be made a party to any Proceeding (other than
an action by or in the name of Parent, to which Section 1 above shall apply) by
reason of the fact that Indemnitee is or was an officer, director, employee, or
other executive of Parent, or is or was serving at the request of Parent as an
officer, director, employee, or other executive of any other entity (including
another corporation, partnership, joint venture, trust or employee benefit
plan); or by reason of anything done or not done (or allegedly done or not
done) by Indemnitee in any such capacity, whether or not Indemnitee is actually
serving in such capacity at the time any liability or Expense is incurred for
which indemnification or advancement is sought under this Deed Poll. 

          (b)
Indemnity. Except as limited by
Section 9, pursuant to this Section 2(b), Indemnitee shall be indemnified to
the fullest extent permitted under Cayman Islands law against all judgments,
fines, amounts paid in settlement and Expenses incurred by Indemnitee in
connection with such Proceeding referred to in Section 2(a) above if Indemnitee
acted in good faith and in a manner Indemnitee reasonably believed to be in or
not opposed to the best interests of Parent, or such other entity (including
another corporation, partnership, joint venture, trust or employee benefit
plan) served by Indemnitee at the request of Parent and, with respect to any
criminal Proceeding, had no reasonable cause to believe his or her conduct was
unlawful. 

          3.
Indemnification for Expenses of Successful Party. Notwithstanding the limitations
of Sections 1 and 2 above, to the fullest extent permitted by Cayman Islands
law and to the extent that Indemnitee has been successful, on the merits or
otherwise, in whole or in part, in defense of any Indemnifiable Proceeding or
in defense of any claim, issue or matter therein, or if it is determined in a
final and non-appealable judgment by a court of competent jurisdiction that
Indemnitee is otherwise entitled to be indemnified against Expenses, the
Indemnitor shall indemnify Indemnitee against all Expenses incurred in
connection with such Indemnifiable Proceeding.

          4.
Partial Indemnification. Except as limited by Section 9, if Indemnitee
is entitled under any provision of this Deed Poll to indemnification by the
Indemnitor for some or a portion of the judgments, fines, amounts paid in
settlement or Expenses incurred in connection with any Indemnifiable
Proceeding, but not, however, for all of the total amount thereof, the
Indemnitor shall nevertheless indemnify Indemnitee for the portion of such
judgments, fines, amounts paid in settlement and Expenses incurred to which
Indemnitee is entitled to indemnification.

          5.
Advancement of Expenses. Except as limited by Section 9, to the fullest
extent permitted under Cayman Islands law, all Expenses incurred by Indemnitee
in defending against an Indemnifiable Proceeding under Section 1 or 2 in
advance of the final disposition of such Indemnifiable Proceeding shall be paid
by the Indemnitor at the request of Indemnitee. Pursuant to Section 12,
Indemnitee must submit to the Secretary of the Indemnitor a written request (i)
reasonably evidencing the Expenses incurred by Indemnitee and (ii) including or
accompanied by an undertaking, by or on behalf of Indemnitee, to reimburse such
amounts to the Indemnitor if it is finally determined in a final and
non-appealable judgment of a court of competent jurisdiction that 

2

Indemnitee is
not entitled to be indemnified against such Expenses by the Indemnitor as
provided by this Deed Poll or otherwise. Indemnitee’s undertaking to reimburse
any such amounts shall not be required to be secured and shall be interest
free. Each payment of Expenses by the Indemnitor shall be made within 10
calendar days after the receipt by the Indemnitor of a valid written request
for advancement of Expenses.

          6.
Determination Whether to Indemnify.

          (a)
To receive indemnification under this Deed Poll, Indemnitee must submit a
written request to the Indemnitor to provide such indemnification. Such request
shall include documentation or information reasonably available to Indemnitee
that provides a reasonably detailed description of the facts and circumstances
of the request for indemnification. Upon such request, the entitlement of
Indemnitee to indemnification shall be determined by one of the following not
later than 45 calendar days after receipt by the Indemnitor of a written
request for indemnification or, if Independent Counsel makes the determination
of entitlement to indemnification under this Section 6(a), within 45 calendar
days of agreement on the identity of such Independent Counsel:

	
 

	
 

	
 

	
 

	
 

	
 

	
(i)

	
the Board of
Directors of the Indemnitor (the “Indemnitor Board”) by a majority
vote of Disinterested Directors constituting a quorum of the Indemnitor Board;

	
 

	
 

	
 

	
 

	
 

	
 

	
(ii)

	
a majority
vote of a committee of Disinterested Directors designated by a majority vote
of Disinterested Directors constituting a quorum of the Indemnitor Board; or

	
 

	
 

	
 

	
 

	
 

	
 

	
(iii)

	
if the
number of Disinterested Directors on the Indemnitor Board does not constitute
a quorum of the Indemnitor Board, or if a majority of Disinterested Directors
constituting such a quorum so direct, by Independent Counsel in a written
opinion to the Indemnitor Board and board of directors of Parent (the “Parent
Board”), a copy of which shall be delivered to Indemnitee.

The decision
as to which of clauses (i), (ii) and (iii) shall apply to the determination in
any particular case shall be made upon the approval of a majority of the
Disinterested Directors of the Indemnitor Board (even if less than a quorum),
or by the sole Disinterested Director if there is then only one. 

          (b)
Any Independent Counsel selected for purposes of Section 6(a) shall be selected
by the Indemnitor Board and approved by Indemnitee (such approval not to be
unreasonably withheld, conditioned or delayed). Upon failure of the Indemnitor
Board to so select such Independent Counsel or upon failure of Indemnitee to so
approve, such Independent Counsel shall be selected upon application to a court
of competent jurisdiction. 

          (c)
If the person or persons or entity making such determination shall determine
that Indemnitee is entitled to indemnification as to part (but not all) of the
application for indemnification, such person shall reasonably allocate such
partial indemnification among the claims, issues or matters at issue at the
time of the determination.

3

          7.
Effect of Determination Whether to Indemnify or to Advance Expenses. If
a claim for indemnification or advancement of expenses hereunder is not paid in
full by the Indemnitor within 45 days after a written claim has been received
by the Indemnitor (or, if Independent Counsel makes the determination of
entitlement to indemnification under Section 6(a), within 45 calendar days of
agreement on the identity of such Independent Counsel), Indemnitee shall be entitled to seek
final adjudication in a court of competent jurisdiction of entitlement to such
indemnification or payment of Expenses. The determination in any such judicial
Proceeding shall be made de novo
and Indemnitee shall not be prejudiced by reason of a determination (if so
made) that Indemnitee is not entitled to indemnification. The Indemnitor shall
not oppose Indemnitee’s right to seek any such adjudication or any other claim.
If a determination is made or deemed to have been made that Indemnitee is
entitled to indemnification, the Indemnitor shall be bound by such
determination and shall be precluded from asserting that such determination has
not been made or that the procedure by which such determination was made is not
valid, binding and enforceable. The Indemnitor further agrees to stipulate in
any such court that the Indemnitor is bound by all the provisions of this Deed
Poll and is precluded from making any assertions to the contrary. If such court
shall determine that Indemnitee is entitled to any indemnification or payment
of Expenses hereunder, the Indemnitor shall also pay all Expenses incurred by
Indemnitee in connection with such adjudication (including any appellate
Proceedings).

          8.
Duration.

          (a)
This Deed Poll shall take effect on and be deemed to be delivered as a deed at
the effective time of the scheme of arrangement under Cayman Islands law (the “Scheme
of Arrangement”) pursuant to which the ordinary shareholders of the
Indemnitor become ordinary shareholders of Parent and the Indemnitor becomes a
subsidiary of Parent.

          (b)
This Deed Poll shall continue and remain in force and effect until and shall
expire on the earlier of the date on which the Indemnitor shall have (i)
performed all its obligations and discharged its liabilities hereunder or (ii)
terminated this Deed Poll.

          9.
Rights to Indemnification.

          (a)
Indemnification and advancement of Expenses provided by this Deed Poll shall
not be deemed exclusive of any other rights to which Indemnitee may now or in
the future be entitled, including under any other agreement or provision of the
memorandum of association and articles of association of Parent (the “Parent
Governing Documents”), the memorandum of association and articles of
association of the Indemnitor (the “Indemnitor Governing Documents”), or
the governing documents of any other entity served by Indemnitee at the request
of Parent. Nothing in this Deed Poll shall be deemed to limit or impair in any
way any right of Indemnitee with respect to indemnification, advancement of
expenses or exculpation under the Indemnitor Governing Documents as in effect
prior to effectiveness the Scheme of Arrangement.

          (b)
Notwithstanding anything to the contrary contained in this Deed Poll, no
indemnification or advancement of Expenses shall be paid hereunder to
Indemnitee by the Indemnitor for which such indemnification or advancement of
Expenses, as applicable, is actually made or then due to Indemnitee (i) under
an insurance policy; (ii) under a valid and enforceable provision of the Parent
Governing Documents, the Indemnitor Governing Documents or the 

4

governing
documents of any other entity served by Indemnitee at the request of Parent;
(iii) pursuant to an agreement of Parent, to the extent permitted by law, or
the Indemnitor or any other entity served by Indemnitee at the request of
Parent; or (iv) where such payment is actually made to Indemnitee by Parent in
its discretion to the extent permitted by law, except, in each case, in respect
of any amounts indemnifiable hereunder exceeding the payment or payments made
under clauses (i) through (iv) of this paragraph.

          (c)
Except with respect to an Indemnifiable Proceeding pursuant to Section 7 above,
no indemnification or advancement of Expenses shall be paid to Indemnitee by
the Indemnitor in connection with a Proceeding, or part thereof (including
claims and counterclaims) initiated by Indemnitee, unless such Proceeding (or
part thereof) initiated by Indemnitee was authorized by the Parent Board.

          10.
Nature of Indemnity. 

          (a)
The Indemnitor assumes the obligations hereunder in consideration of
each Indemnitee’s service as an officer, director, employee or other
executive of Parent or
Indemnitee’s service at the request of Parent as officer, director,
employee or other executive of any other entity. An Indemnitee shall be deemed
to be “serving at the request of Parent” or to have “served at the request of
Parent” (or any similar construction of similar meaning) to the extent such
Indemnitee is serving or has served as an officer, director, employee or
executive of any subsidiary of Parent, and Indemnitee shall be deemed to be so
serving or have so served without any express (whether written or otherwise)
evidence of such request, unless clear evidence to the contrary exists and is
provided by Parent.

          (b)
This Deed Poll is made for the benefit of Indemnitees severally, and the
rights granted under this Deed Poll shall be a contract right and as
such shall run for the benefit of each Indemnitee.

          11.
Certain Definitions. 

          (a)
“Disinterested Director” means a director of the Indemnitor who is not
and was not a party to the Indemnifiable Proceeding in respect of which
indemnification is being sought by Indemnitee.

          (b)
“Expenses” includes expenses actually and reasonably incurred in
connection with the defense or settlement of any Proceeding, and appeals,
attorneys’ and other advisors’ fees and expenses (including retainers and
disbursements and advances thereon), witness fees and expenses, expenses
relating to any bond, and any expenses relating to establishing a right to
indemnification or advancement hereunder, but shall not include the amount of
judgments, penalties, fines or amounts paid in settlement.

          (c)
“Indemnifiable Proceeding” means any Proceeding of the type described in
Sections 1, 2 or 7.

          (d)
“Independent Counsel” means a law firm or a member of a law firm that is
experienced in matters of corporation law and at the relevant time is not, and
for the prior five years has not been, retained to represent: (i) the
Indemnitor, Parent or Indemnitee (or their respective affiliates) in any matter
material to any such party, or (ii) any other party to the Indemnifiable
Proceeding (or their 

5

respective
affiliates) giving rise to a claim for indemnification hereunder.
Notwithstanding the foregoing, the term “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 the Indemnitor,
Parent or Indemnitee in an action to determine Indemnitee’s right to indemnification
under this Deed Poll.

          (e)
“Proceeding” includes any actual, threatened, pending or completed
investigation, action, suit or other proceeding, whether of a civil, criminal,
administrative, arbitral, investigative, legislative or other nature. 

          12. Notices.
All notices, requests, demands and other communications under this Deed Poll
shall be in writing and shall be deemed duly given (i) if delivered by hand and
receipted for by the party addressee, on the date of such receipt; (ii) if
mailed by domestic certified or registered mail with postage prepaid, on the
third business day after the date postmarked; or (iii) if sent by facsimile
transmission and fax confirmation is received, on the next business day
following the date on which such facsimile transmission was sent, in each case,
to the following address:

	
 

	
 

	
 

	
 

	
 

	
Corporate
Secretary

	
 

	
 

	
XL Capital
Ltd

	
 

	
 

	
XL House,
One Bermudiana Road

	
 

	
 

	
Hamilton,
Bermuda HM 08

	
 

	
 

	
Fax: (441)
294-7307

          The
Indemnitor waives notice of acceptance of this Deed Poll by any
Indemnitee.

          13.
Assignment.

          (a)
No Indemnitee may assign its rights, interests or obligations under this Deed
Poll to any other person (except by operation of law) without the prior written
consent of the Indemnitor.

          (b)
The obligations under this Deed Poll may, at the option of the Indemnitor, be
assigned or transferred to, or assumed by, a successor company of the
Indemnitor (whether by merger, consolidation, scheme of arrangement or amalgamation
or otherwise), a parent company of the Indemnitor or a company to which all or
substantially all of the assets and business of the Indemnitor are transferred.

          14.
Amendment or Termination. The Indemnitor may amend or terminate this
Deed Poll at any time provided that any amendment or termination of this Deed
Poll shall be prospective only and shall not limit the rights of any Indemnitee
or the obligations of the Indemnitor with respect to any Indemnifiable
Proceeding arising from or related to any action indemnified pursuant to
Section 1 or Section 2 of this Deed Poll taken by an Indemnitee prior to such
amendment or termination.

          15.
Governing Law. This Deed Poll shall be interpreted and enforced in
accordance with the laws of the Cayman Islands.

[Signature
page follows.]

6

          IN
WITNESS WHEREOF, this Deed Poll has been duly executed by the Indemnitor as a
deed by the Indemnitor and shall take effect on the day and year first above
written.

	
 

	
 

	
 

	
 

	
 

	
XL CAPITAL LTD

	
 

	
 

	
By:

	
          /s/
Kirstin Romann Gould

	
 

	
 

	

	
 

	
 

	
Name:

	
Kirstin
Romann Gould

	
 

	
 

	
Title:

	
Executive
Vice President, 

	
 

	
 

	
 

	
General
Counsel & Secretary

	
 
	
 
	
 

	
 
	
Address:
	
   XL
House

	
 
	
 
	
  One
Bermudiana Road

	
 
	
 
	
   Hamilton
HM 08

	
 
	
 
	
   Bermuda

	 
	 
	 

	
 
	
Facsimile:
	
   (441)
294-7307

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