Document:

Exhibit 10.1

 

 

 

Employment Agreement

 

between

 

 

 

PartnerRe Ltd.

Wellesley House South, 5th floor

90 Pitts Bay Road

Pembroke HM08

Bermuda

(the “Company”)

and

Laurie Desmet

At the address maintained in the Company’s employment records

(the “Executive”)

This Employment Agreement shall be subject to the competent authorities issuing permits required for the Executive under Bermuda law.

 

 

 

WITNESSETH:

 

 

WHEREAS, the Company desires to memorialize the terms of employment of the Executive as Executive Vice President and Chief Operations Officer, Group of the Company; and

 

WHEREAS, the Executive is willing to serve the Company on the terms and conditions herein provided.

 

 

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

 

 1.           EMPLOYMENT

 

The Company agrees to employ the Executive and the Executive agrees to serve the Company on the terms and conditions set forth herein.

 

  

  

  

 

 

 2.           EFFECTIVE DATE

 

This Agreement shall be effective, and the Executive’s employment as contemplated hereunder shall commence, as of April 1, 2013 (the “Effective Date”).

 

 3.           POSITION AND DUTIES

 

	
  

	
(a)

	
The Executive shall serve as Executive Vice President and Chief Operations Officer, Group of the Company and shall report directly to the Chief Executive Officer of the Company (the “CEO”).  The Executive shall perform such duties and exercise such supervision and powers over and with regard to the business of the Company as are consistent with such positions, as well as such other reasonable duties and services consistent with such positions with a multi-national reinsurance company and as may be prescribed from time to time by the CEO. The Executive’s performance of any duties and responsibilities shall be conducted in a manner consistent with all Company policies and any other reasonable guidelines provided to the Executive by the CEO.

 

	
  

	
(b)

	
Subject to (a) above, the Executive also agrees to serve as an officer and/or director of any subsidiary of the Company without additional compensation.

 

	
  

	
(c)

	
Except during customary vacation periods and periods of illness, the Executive shall, during her employment hereunder, devote substantially her full business time and attention to the performance of services for the Company. The Company hereby acknowledges that the Executive shall be permitted to devote a reasonable amount of her business time, consistent with her duties to the Company and with the prior consent of the CEO, to (a) the management of personal and family investments, (b) serving on the board of directors and/or acting as an officer of any not-for-profit entities that are not engaged in businesses similar to the Company or (c) serving on the board of directors of any private or public companies that are not engaged in businesses similar to the Company; provided that such activities do not materially affect the duties of the Executive owed to the Company.

 

 4.           PLACE OF PERFORMANCE

 

The Executive shall generally perform her duties in Greenwich, Connecticut, USA, except for reasonably necessary travel on business and in connection with the performance of her duties hereunder and with the understanding that she may perform her duties hereunder at such other places as are mutually agreed upon with the CEO.

 

 5.           COMPENSATION AND RELATED MATTERS

 

	
  

	
(a)

	

Base Salary.During the term of the Executive’s employment hereunder, the Company shall pay to the Executive a base salary at an aggregate initial rate as further detailed in the attached Schedule, which shall be approved by the Compensation Committee of PartnerRe Ltd.’s Board of Directors (the “Compensation Committee”) (which salary, as adjusted from time to time, is referred to herein as “Base Salary”). The Base Salary shall be paid in equal installments in accordance with normal payroll practices of the Company but not

 

  

  

  

 

	
  

	
 

	

less frequently than monthly. Base Salary may be increased (but not decreased) annually at the discretion of the Compensation Committee. Base Salary payments (including any increased Base Salary payments) hereunder shall not in any way limit or reduce any other obligation of the Company hereunder, and no other compensation, benefit or payment hereunder shall in any way limit or reduce the obligation of the Company to pay the Executive’s Base Salary hereunder.

 

	
  

	
 (b)

	
Annual Incentive. During the term of the Executive’s employment hereunder, the Executive will be eligible to receive annual incentive compensation in an amount based upon PartnerRe’s then applicable fiscal year determined in the sole discretion of the Compensation Committee in accordance with PartnerRe’s Annual Incentive Guidelines (the “Annual Incentive”). The Executive’s target Annual Incentive as a percentage of her Base Salary is set forth on the attached Schedule (the “Target Annual Incentive”).  In no event shall the Annual Incentive be paid later than March of the year following the year with respect to which such Annual Incentive is payable.

 

	
  

	
(c)

	
Equity. The Executive will be eligible to participate in the equity plans of the Company (the “Plans”). The Executive shall receive equity awards at the sole discretion of the Compensation Committee and in accordance with, and subject to, the terms of the Plans and any agreement executed by the Executive in connection therewith (any such agreement, an “Equity Award Agreement”).

 

	
  

	
(d)

	
Expenses.  During the term of this Agreement, the Executive shall be entitled to receive prompt reimbursement from the Company of all reasonable expenses incurred by the Executive in promoting the business of  the Company and in performing services hereunder, including all expenses of travel and entertainment and living expenses while away from home on business or at the request of, or in the service of the Company; provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Company, as applicable, from time to time. Without limiting the generality of the foregoing, the Executive must submit reimbursement requests within one year after incurring the underlying expense, provided that no reimbursements shall occur more than twelve months after the expense is submitted for reimbursement.

 

	
  

	
(e)

	
Benefit Plans.  During the term of this Agreement, the Executive shall be eligible to participate in all of the applicable benefit plans and perquisite programs of  the Company that are available to other executives of  the Company, as applicable, on the same terms as such other executives (“Benefit Plans”).  The Company may at any time or from time to time amend, modify, suspend or terminate any employee benefit plan, program or arrangement so long as such amendment, modification, suspension or termination affects all executives similarly. A list of the current Benefit Plans, in which the Executive is eligible to participate, is set forth on the attached Schedule.

 

  

  

  

 

 6.           TERMINATION

 

The Executive’s employment hereunder may be terminated under the following circumstances, subject to the effective Date of Termination described in Section 6(e) hereof:

 

	
  

	
(a)

	
Death, Disability or Retirement

	
  

	
(i)

	
The Executive’s employment hereunder shall terminate upon her death.

 

	
  

	
(ii)

	
If the Executive shall have qualified for long-term disability benefits under any Company long-term disability insurance arrangement in which she is participating, then the Company may at any time after the date of such qualification, give to the Executive a Notice of Termination (as defined in Section 6(d) hereof) and the Executive’s employment hereunder shall terminate on the Date of Termination described in Section 6(e) hereof.

 

	
  

	
(iii)

	
The Executive’s employment hereunder shall terminate upon her retirement. Retirement shall be defined by the policy in place in the Executive’s country of employment in the year of her retirement.

 

	
  

	
(b)

	
Termination by the Company.  The Company may terminate the Executive’s employment hereunder (i) for Cause at any time or (ii) without Cause by providing twelve months’ prior written notice to the Executive. For the purposes of this Agreement, the Company shall have “Cause” to terminate the Executive’s employment hereunder upon (A) the engaging by the Executive in serious negligence or willful misconduct which is demonstrably injurious to  its subsidiaries; provided that the Board of Directors of PartnerRe Ltd. (the “Board”) has provided the Executive with written notice identifying the act or acts or failure or failures to act said to constitute Cause and an opportunity for the Executive to cure the deficiency within 30 days after receipt of such notice, or (B) willful and intentional failure to comply in all material respects with the direction of the CEO or the Board, after written notice and the opportunity to correct, or (C) the willful and intentional material breach of this Agreement, or (D) the conviction, a plea of guilty or a plea of no contest of the Executive for a serious criminal act. For purposes of this paragraph, no act, or failure to act, on the Executive’s part shall be considered “willful” unless done, or omitted to be done, by her not in good faith and without reasonable belief that her action or omission was in the best interest of the Company.

 

	
  

	
(c)

	
Termination by the Executive.  The Executive may terminate her employment hereunder (i) with Good Reason at any time or (ii) without Good Reason by providing twelve months’ prior written notice to the Company. For purposes of this Agreement, “Good Reason” shall mean (A) a failure by the Company to comply with any material provision of this Agreement, (B) the assignment to the Executive by  the Company of duties inconsistent in a material adverse respect with the Executive’s position, authority, duties or responsibilities with  the Company, as applicable, as in effect immediately after the date of execution of this Agreement including, but not limited to, any reduction whatsoever in such position, authority, duties, responsibilities or status, or a change in the Executive’s

 

  

  

  

 

	
  

	
 

	
titles as then in effect, except in connection with the termination of her employment on account of her death, disability, or for Cause, (C) without the Executive’s prior written consent, any reduction in Base Salary and annual benefits in accordance with the provisions of Schedule 1 or (D) change in the condition of employment or (E) any purported termination of the Executive’s employment by the Company which is not effected pursuant to a Notice of Termination satisfying the requirements of Section 6(d) hereof; provided that the Executive has provided the Board with written notice identifying the act or acts or failure or failures to act said to constitute Good Reason within 90 days of the occurrence of such act(s) and the opportunity for the Company to cure the deficiency within 30 days after receipt of such notice.

 

	
  

	
(d)

	
Notice of Termination.  Any termination of the Executive’s employment by the Company or by the Executive (other than for death) shall be communicated by written Notice of Termination to the other party hereto. For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination and shall set forth in reasonable detail the facts and circumstances, if any, claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

 

	
  

	
(e)

	
Date of Termination.  “Date of Termination” shall mean (i) if the Executive’s employment is terminated by her death, the date of her death, (ii) if the Executive’s employment is terminated by her disability pursuant to Section 6(a)(ii) hereof, the date specified in the Notice of Termination, (iii) if the Executive’s employment is terminated by the Company without Cause or by the Executive without Good Reason, the date specified in the Notice of Termination, which shall be not less than twelve months after such Notice is delivered, or (iv) if the Executive’s employment is terminated by the Company for Cause or if the Executive voluntarily terminates her employment with Good Reason, the date specified in the Notice of Termination, which can be immediate.

 

	
  

	
(f)

	
Payment in lieu of notice.  In lieu of providing Notice of Termination of employment in accordance with Sections 6(d) and 6(e)(iii) hereof and remaining employed by the Company for any notice period specified within such Notice of Termination, the Company may, in its discretion, terminate the Executive’s employment immediately or upon such date as it determines appropriate (the “Section 6(f) Termination Date”) provided that the Company must then pay to the Executive, within a reasonable time period determined by the Board the sum of: (x) her Annual Base Salary and annual benefits as described in Schedule I ; and (y) an amount equal to the average of the Annual Incentive received by the Executive for the three fiscal years prior to the year of the Section 6(f) Termination Date  or the target annual incentive for the current year, whichever is the greater, (the “Average Incentive Amount”) prorated based on the number of days elapsed in the current fiscal year as of the Section 6(f) Termination Date.

 

	
  

	
 (g)

	
Removal from Boards and Positions.  If the Executive’s employment is terminated for any reason under this Agreement, she shall be deemed to resign (i) if a director, from the Board or Board of Directors of any subsidiary or affiliate of Company,

 

  

  

  

 

	
  

	
 

	
(ii) from any position with Company or any subsidiary or affiliate of Company, including, but not limited to, as an officer of the Company or any of its subsidiaries or affiliates.

 

 7.           COMPENSATION UPON RETIREMENT

 

In the event that the Executive’s employment terminates by reason of retirement, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination.

 

If the Executive’s employment terminates as a result of her retirement on or after attaining retirement age, as defined by the policy in place in the Executive’s country of employment in the year of her retirement, the Company shall pay to the Executive, within 30 days after the date on which her employment terminates as a result of this retirement (the “Retirement Date”): (i) all accrued Base Salary and benefits through the Retirement Date (the “Accrued Benefits”), and (ii) the Average Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Retirement Date, and (iii) any other payments or benefits that may be approved by the Board in its sole discretion; provided that, if at the time of such termination, any payments required under this Section 7 are determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (“Section 409A”), and the Executive is a “specified employee” as defined in Section 409A, such payments shall be paid to the Executive on the first business day of the seventh month after the Retirement Date. All equity awards will be treated in accordance with the terms set forth in the Plans and Equity Award Agreements.

 

 8.           COMPENSATION UPON TERMINATION

 

In the event that the Executive’s employment terminates for any reason other than pursuant to section 7, the provisions of this Section 8 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination.

 

	
  

	
(a)

	
If (i) the Company terminates the employment of the Executive for Cause or (ii) the Executive terminates her employment without Good Reason, the Company shall pay to the Executive, within 30 days after the Date of Termination, all accrued Base Salary and benefits through the Date of Termination (the “Accrued Benefits”) and within a reasonable period as determined by the Compensation Committee and/or as is administratively practical any Annual Incentive earned in respect of the previous completed fiscal year but not paid as of the Date of Termination. The Company shall have no further obligations to the Executive after the Date of Termination.

 

	
  

	
(b)

	
If the Executive’s employment terminates due to her death or disability, the Company shall pay to the Executive, or her legal representative or estate, as the case may be, within 30 days after the Date of Termination the following:

 

  

  

  

 

 (i) Upon her death, the Company shall either pay the spouse (as defined in the State of Connecticut, the Executive’s State of permanent residence), or her dependent children or other dependents, in aggregate, provide for or take such actions necessary to ensure the following:

 

(v) 6 months Base Salary (reduced, in the case of termination by reason of disability, by any amounts paid pursuant to section 8 (b) (ii) hereof);

 

(w) a bonus equal to 50% of the annual target rate of bonus in the year of the Date of Termination;

 

(x) take actions necessary such that all Options or Shares granted to the Employee under the Plans which remain unvested shall immediately vest;

 

(y) a pro rata bonus for the fiscal year in which the Date of Termination occurs based on the Average Incentive amount and the number of days elapsed in the current fiscal year as of the Date of Termination.

 

(ii) If the Company terminates the employment of the Employee by reason of disability, the Company shall:

 

(v) pay to the Employee, not less frequently than monthly, the amount of any difference between the level of long-term disability benefits required to be maintained under the Benefit Plans (the “Maximum Monthly Benefit” as defined in the US Benefit Plans), and the amount actually paid in satisfaction of such benefits by insurance, for so long as the Employee remains disabled and therefore entitled to such benefits;

 

(w) take actions necessary such that all Options or Shares granted to the Employee under the Plans which remain unvested shall immediately vest;

 

(x) pay a pro rata bonus for the fiscal year in which the Date of Termination occurs, based on the Average Incentive amount and the number of days elapsed in the current fiscal year as of the Date of Termination; and

 

(y) following the Date of Termination pursuant to this Section 8(b) (ii), ensure that the Employee's Health Coverage under the Benefit Plans as described in Schedule I shall continue to be provided at the Company’s expense.

 

	
  

	
(c)

	
If the Executive’s employment terminates for any reason other than the reasons described in Section 7 or subsections (a) or (b) of this Section 8, the Executive shall be entitled to the following payments and benefits: (i) the Accrued Benefits, paid within 30 days after the Date of Termination, (ii) the target Annual Incentive Amount, prorated based on the number of days elapsed in the current fiscal year as of the Date of Termination, paid on the first business day of the seventh month after the Date of Termination, (iii) an amount equal to 12 months’ Base Salary at the rate in effect on the Date of Termination, paid in part as a lump sum equal to 6 months’ Base Salary on the first business day of the seventh month after the Date of Termination and the remainder in equal installments in accordance with the Company’s normal payroll practices, commencing with the first payroll after the sixth month following the Date of Termination, (iv) an amount equal to the target Annual Incentive Amount, paid in part as a lump sum equal to 6/12ths of such target Annual Incentive Amount on the first business day of the seventh month

 

  

  

  

 

	
  

	
 

	
after the Date of Termination and the remainder in 6 monthly installments, commencing after the sixth month following the Date of Termination, and (v) the Executive and her dependents, as applicable, shall continue to be eligible to participate in the Company’s health plans on the same basis as an active employee of the Company for a period of 12 months following the Date of Termination (the “Severance Period”) or, if shorter, until the Executive becomes entitled to participate in or receive coverage under health plans of a subsequent employer.  For the avoidance of doubt, if the Executive’s employment is terminated pursuant to this subsection (c) of this Section 8, the Executive shall receive any payments to which she is entitled under subsection (f) of Section 6 (to the extent that subsection (f) of Section 6 is applicable) in addition to any payments and benefits to which she is entitled under this subsection (c) of this Section 8.

 

	
  

	
(d)

	
Notwithstanding the foregoing, if the Executive’s employment terminates for any reason other than those reasons described in Section 7 or subsections (a) or (b) of this Section 8 in connection with a Change in Control as defined in Section 22 hereof, the provisions of Section 22 shall govern.

 

	
  

	
(e)

	
In the event of the Executive’s termination of employment other than by the Company for Cause or due to the Executive’s death, the Executive agrees to execute a general release in a form acceptable to the Company.  The payments and provision of benefits to the Executive required by Section 7 or subsections (b) and (c) of this Section 8 (other than the Accrued Benefits) shall be conditioned on the Executive’s delivery (and non-revocation prior to the expiration of the revocation period contained in the release) of such release.

 

9.           INDEMNIFICATION

 

The Company shall indemnify the Executive (and her legal representatives or other successors and heirs) to the fullest extent permitted (including payment of expenses in advance of final disposition of the proceeding provided approved by the Board) by the laws of Bermuda, as in effect at the time of the subject act or omission; and the Executive shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by her or her legal representatives in connection with any action, suit or proceeding to which she (or her legal representatives or other successors and heirs) may be made a party by reason of her being or having been a director, officer or Executive of the Company or any of its subsidiaries; provided, however, that no indemnification shall be made to the Executive for losses relating to any disgorgement remedy contemplated by Section 16 of the Securities and Exchange Act of 1934. If any action, suit or proceeding is brought or threatened against the Executive in respect of which indemnity may be sought against the Company pursuant to the foregoing, the Executive shall notify the Company promptly in writing of the institution of such action, suit or proceeding and the Company shall assume the defense thereof and the employment of counsel and payment of all fees and expenses, provided, however, that if a conflict of interest exists between the Company and the Executive such that it is not legally practicable for the Company to assume the Executive’s defense, the Executive

 

  

  

  

 

shall be entitled to retain separate counsel reasonably acceptable to the Company at the Company’s expense.

 

 10.           TAXES

 

The Company shall deduct all taxes required by law from all amounts payable under this Agreement.

 

11.           CONFIDENTIALITY

 

Unless otherwise required by law or judicial process, the Executive shall retain in confidence during and after termination of the Executive’s employment with the Company all confidential information known to the Executive concerning the Company and its business.  This clause shall remain in effect in perpetuity or until such confidential information is publicly disclosed by the Company or otherwise becomes publicly disclosed other than through the Executive’s actions. Violation by the Executive of this Section 11 will give the Company the right to immediately terminate all future severance payments including any post termination exercise periods.

 

 12.         COVENANTS NOT TO COMPETE OR INTERFERE

 

In consideration of the benefits and entitlements provided by this Agreement, the Executive agrees that, during her employment hereunder and for the duration of the Severance Period (the period between the date of “Notice of Termination” and “Date of Termination”) she will not, other than on behalf of the Company, directly or indirectly, as a sole proprietor, agent, broker or intermediary, member of a partnership, or stockholder, investor, officer or director of a corporation, or as an employee, agent, associate or consultant of any person, firm or corporation:

 

	
  

	
(a)

	
Solicit, encourage, induce or accept business (i) from any clients of the Company or its affiliates, (ii) from any prospective clients whose business the Company or any of its affiliates is in the process of soliciting at the time of the Executive's termination, or (iii) from any former clients which had been doing business with the Company or its affiliates within one year prior to the Executive’s termination;

 

	
  

	
(b)

	
Solicit or hire any employee of the Company or its affiliates to terminate such employee's employment with the Company; provided

 

	
  

	
(c)

	
Nothing contained in this Section 12 shall prohibit the Executive from making investments in or from serving as an officer or employee of a firm or corporation which is not directly or indirectly engaged in the same type of business as the Company.

 

The parties acknowledge and agree that the Executive’s breach or threatened breach of any of the restrictions set forth in Sections 11 and 12 will result in irreparable and continuing damage to the Company for which there may be no adequate remedy at law and that the Company shall be entitled to equitable relief, including specific performance and injunctive relief as remedies for any breach or threatened or attempted breach. The

 

  

  

  

 

Executive hereby consents to the grant of an injunction (temporary or otherwise) against the Executive or the entry of any other court order against the Executive prohibiting and enjoining her from violating, or directing her to comply with any provision of Sections 11 and 12. The Executive also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the Company against her for such breaches or threatened or attempted breaches. The Executive acknowledges that she has received good and valuable consideration for the obligations contained in Sections 11 and 12. Violation by the Executive of any of the restrictions contained in Sections 11 and 12 will give the Company the right to immediately terminate all future severance payments including any post termination exercise periods.

 

13.           PROPERTY.

 

The Executive acknowledges that all originals and copies of materials, records and documents generated by her or coming into her possession during the term of her employment hereunder are the sole property of the Company (“Company Property”). During the term of her employment, and at all times thereafter, the Executive shall not remove, or cause to be removed, from the premises of  the Company, copies of any record, file, memorandum, document, computer related information or equipment, or any other item relating to the business of  the Company, except in furtherance of her duties under the Agreement. When the Executive’s employment terminates, or upon request of the Company at any time, the Executive shall promptly deliver to the Company all copies of Company Property in her possession or control.

 

14.           SUCCESSORS; BINDING AGREEMENT

 

	
  

	
(a)

	
This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution. This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives or heirs.

 

	
  

	
(b)

	
This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

 

 15.           NOTICE

 

For the purposes of this Agreement, notices, demands and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or (unless otherwise specified) when mailed by courier or registered mail, return receipt requested, postage prepaid, addressed as follows:

 

 

If to the Executive:

 

At the address maintained in the Company’s employment records.

 

If to the Company:

PartnerRe Ltd.:

Attn:  Chief Executive Officer

 

  

  

  

 

Wellesley House

90 Pitts Bay Road

Pembroke HM08

Bermuda

or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.

 

16.           GOVERNING LAW AND JURISDICTION

 

This Agreement shall be governed by and construed and enforced in accordance with the laws of Bermuda, without regard to the principles of conflict of laws.  Each party agrees to submit to the exclusive jurisdiction of the ordinary courts of the country of Bermuda.

 

17.           SURVIVORSHIP

 

The respective rights and obligations of the parties hereunder, including, without limitation, the rights and obligations set forth in Sections 5 through 15, 16 and 18 of this Agreement, shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 

 

18.           ARBITRATION

 

The Company and the Executive agree to arbitrate any controversy or claim arising out of this Agreement or otherwise relating to the Executive’s employment by the Company or the termination of such employment to the extent required (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race or other discrimination); provided that the Company shall have the right to, and be permitted to, seek and obtain injunctive relief from a court of competent jurisdiction pursuant to Section 12. Any such arbitration shall be fully and finally resolved in binding arbitration which shall be conducted in accordance with the rules of the Chartered Institute of Arbitrators rules. The seat of arbitration shall be Hamilton, Bermuda. The arbitration shall take place before a single arbitrator appointed by the Chartered Institute of Arbitrators (Bermuda Branch). The arbitrator shall not have the authority to modify or change any of the terms of this Agreement, except as provided in Section 12 hereof. The arbitrator’s award shall be final and binding upon the parties, each party shall bear her or its own costs incurred by any such arbitration. The arbitrator may require the losing party thereto, as determined by the arbitrator, to bear the costs and fees incurred in any such arbitration, including legal fees and expenses. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Company and the Executive.

 

  

  

  

 

19.           MISCELLANEOUS

 

	
  

	
(a)

	
The parties agree that the provisions of this Agreement may not be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the parties hereto. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

 

	
  

	
(b)

	
The form and timing of all payments under this Agreement shall be made in a manner which complies with all applicable laws, rules and regulations.

 

	
  

	
(c)

	
Except as set forth in the Plans, Equity Award Agreements or Benefit Plans, no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement.

 

	
  

	
(d)

	
Except as otherwise set forth in Section 9 or Section 14 hereof, nothing expressed or referred to in this Agreement will be construed to give any Person other than the Company and the Executive any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement.

 

20.           SEVERABILITY AND JUDICIAL MODIFICATION

 

If any provision of this Agreement is held by a court or arbitration panel of competent jurisdiction to be enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification to become a part hereof and treated as though originally set forth in this Agreement. The parties further agree that any such court or arbitration panel is expressly authorized to modify any such unenforceable provision of this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law. The parties expressly agree that this Agreement as so modified by the court or arbitration panel shall be binding upon and enforceable against each of them. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been set forth herein.

 

  

  

  

 

21.           COUNTERPARTS

 

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

 

22.           CHANGE OF CONTROL

 

The terms of the Change in Control Policy (the “CIC Policy”) as approved by the Compensation Committee and any amendment thereto, shall apply to the Executive. The CIC Policy shall be incorporated in this Agreement and shall be binding on the Executive as if such CIC Policy were contained herein verbatim.

 

23.           SECTION 409A

It is intended that the provisions of this Agreement comply with Section 409A and the Treasury regulations relating thereto so as not to subject the Executive to the payment of interest and tax penalty which may be imposed under Section 409A. In furtherance of this objective, to the extent that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of “additional tax” under Section 409A, the parties agree to use their best efforts to amend this Agreement in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to minimize the adverse economic effect on the Executive without increasing the cost to the Company (other than transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent practicable the original intent of the applicable provisions. This Section 23 does not guarantee that payments under this Agreement will not be subject to "additional tax" under Section 409A.

 

Signature page follows.

 

  

  

  

 

IN WITNESS WHEREOF, the Company has caused its name to be ascribed to this Agreement by its duly authorized representative, and the Executive has executed this Agreement effective as of the date set forth in Section 2 hereof.

 

 

 

___/s/ Costas Miranthis _________________

 

Name: Costas Miranthis

 

Title: President and CEO, PartnerRe Ltd.

 

Date: March 27, 2013

 

 

___/s/ Laurie Desmet _________________

 

Name: Laurie Desmet

 

Date: March 27, 2013

 

  

  

  

 

Schedule

 

Laurie Desmet, Executive Vice President and Chief Operations Officer, Group, PartnerRe Ltd.

 

	
1. Annual Base Salary:

	 	
US$530,000

	 	 	 
	
2. Annual Incentive

	 	
Target 100% of Annual Base Salary For 2013, AI payout will be prorated based on time as an EC member, PartnerRe Ltd.

	 	 	 
	
3. Promotion Equity Award

	 	
3,000 RSUs on promotion to Executive Vice President and Chief Operations Officer, Group as an Executive Committee member, PartnerRe Ltd.

	 	 	 
	
4. US Benefit Plans:

 

Full details of the PartnerRe US Benefit Plans are contained in the official Plan documents, which are available at the office of the Plan Administrator. PartnerRe US reserves the right to modify, discontinue or terminate any benefit or benefit plan and to implement any changes at any time, and for any reason, at its sole discretion

	 	
You will be eligible for all the US Benefit Plans as set-up and administered for all US Company employees, as may be changed from time to time.  These currently include:

 

Health Coverage – Major Medical, Dental and Hospitalization

Group Term Life Insurance

 

Short and Long Term Disability

 

Accidental Death and Dismemberment

 

401k Plan

 

Restoration and Salary Deferral Plan

 

5 weeks vacation per calendar year

 

Personal/Floating Days: 5 per calendar year

 

Paid Holidays: 10 per calendar year

 

Free Parking

	 	 	 
	
5. Tax Advice

	 	
Entitled to reimbursement of reasonable tax advice and preparation costs.

	 	 	 
	
6. Continuous Service:

	 	
Your original employment start date with PartnerRe Ltd. of December 4, 2004 will be maintained for the calculation of service related benefits.TriState Capital Holdings, Inc. 2006 Stock Option Plan

 Exhibit 10.1 
 TRISTATE CAPITAL HOLDINGS, INC. 
 2006 STOCK OPTION PLAN 

The TriState Capital Holdings, Inc. 2006 Stock Option Plan (the “Plan”) was adopted by the Board of Directors of TriState Capital Holdings,
Inc., a Pennsylvania Corporation (the “Company”), effective as of November 20, 2006, subject to approval by the Company’s stockholders. 
 ARTICLE 1 
 PURPOSE 
 The purpose of the Plan is to attract and retain the services of key employees, key contractors and Outside Directors of the Company and its Subsidiaries and to provide the persons with a proprietary
interest in the Company through the granting of incentive stock options and non-qualified stock options, whether granted singly, or in combination, or in tandem, that will: 
 (a) increase the interest of the persons in the Company’s welfare; 
 (b)
furnish an incentive to the persons to continue their services for the Company; and 
 (c) provide a means through which the
Company may attract able persons as Employees, Contractors and Outside Directors. 
 With respect to Reporting Participants, the Plan and all
transactions under the Plan are intended to comply with all applicable conditions of Rule 16b-3 promulgated under the Securities Exchange Act of 1934 (the “1934 Act”). To the extent any provision of the Plan or action by the Committee
fails to so comply, it shall be deemed null and void ab initio, to the extent permitted by law and deemed advisable by the Committee. 
 ARTICLE 2 
 DEFINITIONS 
 For the purpose of the Plan, unless the context requires otherwise, the following terms shall have the meanings indicated: 
 2.1 “Award” means the grant under this Plan of any Incentive Stock Option or Nonqualified Stock Option, whether granted singly or in combination or in tandem (each individually referred to
herein as a “Stock Option”). 

 2.2 “Award Agreement” means a written agreement between a Participant and the Company which sets
out the terms of the grant of an Award. 
 2.3 “Award Period” means the period set forth in the Award Agreement during which one or
more Stock Options granted under an Award may be exercised. 
 2.4 “Board” means the board of directors of the Company. 

2.5 “Change in Control” means any of the following, except as otherwise provided herein: 

(a) any Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by the Person any securities acquired directly from the Company or its Affiliates) representing 51% or more of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes a
Beneficial Owner in connection with a transaction described in clause (i) of paragraph (c) below; or 
 (b) the
following individuals cease for any reason to constitute a majority of the number of directors then serving: individuals who, on the Effective Date of this Plan, constitute the Board and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the Board or nomination
for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors on June 30, 2007, or whose appointment, election or
nomination for election was previously so approved or recommended; or 
 (c) there is consummated a merger or consolidation of
the Company or any direct or indirect subsidiary of the Company with any other corporation, other than (i) a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to the merger or
consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or any parent thereof) at least 51% of the combined voting power of the securities of the Company or the
surviving entity or any parent thereof outstanding immediately after the merger or consolidation or (ii) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person is or becomes
the Beneficial Owner, directly or indirectly, of securities of the Company (not including the securities Beneficially Owned by the Person any securities acquired directly from the Company or its Affiliates other than in connection with the
acquisition by the Company or its Affiliates of a business) representing 51% or more of the combined voting power of the Company’s then outstanding securities; or 
 (d) the stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement for the sale or

  
 2 

 
disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an
entity, at least 51% of the combined voting power of the voting securities of which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to the sale. 

For purposes hereof: 
 “Affiliate”
shall have the meaning set forth in Rule 12b-2 promulgated under Section 12 of the 1934 Act. 
 “Beneficial Owner” shall have the
meaning set forth in Rule 13d-3 under the 1934 Act. 
 “Person” shall have the meaning given in Section 3(a)(9) of the 1934 Act,
as modified and used in Sections 13(d) and 14(d) thereof, except that the term shall not include (i) the Company or any of its subsidiaries, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company
or any of its Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of the securities or (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of stock of the Company. 
 Notwithstanding the foregoing provisions of this Section 2.5, in the event an
Award issued under the Plan is subject to Code Section 409A, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Code Section 409A, the definition of “Change in Control” for
purposes of the Award shall be the definition provided for under Code Section 409A and the regulations or other guidance issued thereunder. 
 2.6 “Code” means the Internal Revenue Code of 1986, as amended. 
 2.7
“Committee” means the Committee appointed or designated by the Board to administer the Plan in accordance with Article 3 of this Plan. 
 2.8 “Common Stock” means the common stock, par value $0.01 per share, which the Company is currently authorized to issue or may in the future be authorized to issue, or any securities into which
or for which the common stock of the Company may be converted or exchanged, as the case may be, pursuant to the terms of this Plan. 
 2.9
“Company” means TriState Capital Holdings, Inc., a Pennsylvania corporation, and any successor entity. 
 2.10 “Contractor”
means any person, who is not an Employee, performing services for the Company or a Subsidiary, with or without compensation, pursuant to a written independent contractor or consulting agreement between the person and the Company or a Subsidiary,
provided that bona fide services must be rendered by the person and the services shall not be rendered in connection with the offer or sale of securities in a capital raising transaction. 

  
 3 

 2.11 “Corporation” means any entity that (i) is defined as a corporation under Code
Section 7701 and (ii) is the Company or is in an unbroken chain of corporations (other than the Company) beginning with the Company, if each of the corporations other than the last corporation in the unbroken chain owns stock possessing a
majority of the total combined voting power of all classes of stock in one of the other corporations in the chain. For purposes of clause (ii) hereof, an entity shall be treated as a “corporation” if it satisfies the definition of a
corporation under Code Section 7701. 
 2.12 “Date of Grant” generally means the effective date on which an Award is made to a
Participant as set forth in the applicable Award Agreement. However, solely for purposes of Section 16 of the 1934 Act and the rules and regulations promulgated thereunder, the Date of Grant of an Award shall be the date of stockholder approval
of the Plan if that date is later than the effective date of the Award as set forth in the Award Agreement. 
 2.13 “Employee” means
common law employee (as defined in accordance with the Regulations and Revenue Rulings then applicable under Code Section 3401(c)) of the Company or any Subsidiary of the Company. 
 2.14 “Executive Officer” means an officer of the Company or a Subsidiary subject to Section 16 of the 1934 Act or a “covered employee” as defined in Code Section 162(m)(3).

 2.15 “Fair Market Value” means, as of a particular date, (a) if the shares of Common Stock are listed on any established
national securities exchange, the closing sales price per share of Common Stock on the consolidated transaction reporting system for the principal securities exchange for the Common Stock on that date, or, if there shall have been no such sale
reported on that date, on the last preceding date on which such a sale was reported, (b) if the shares of Common Stock are not so listed but are quoted on the NASDAQ National Market System, the closing sales price per share of Common Stock on
the NASDAQ National Market System on that date, or, if there shall have been no sale reported on that date, on the last preceding date on which such a sale was reported, (c) if the Common Stock is not so listed or quoted, the mean between the
closing bid and asked price on that date, or, if there are no quotations available for the date, on the last preceding date on which the quotations shall be available, as reported by NASDAQ, or, if not reported by NASDAQ, by the National Quotation
Bureau, Inc., or (d) if none of the above is applicable, the amount as may be determined by the Committee (acting on the advice of an Independent Third Party, should the Committee elect in its sole discretion to utilize an Independent Third
Party for this purpose), in good faith, to be the fair market value per share of Common Stock. 
 2.16 “Independent Third Party” means
an individual or entity independent of the Company having experience in providing investment banking or similar appraisal or valuation services and with expertise generally in the valuation of securities or other property for purposes of this Plan.
The Committee may utilize one or more Independent Third Parties. 

  
 4 

 2.17 “Incentive Stock Option” means an incentive stock option within the meaning of Code
Section 422, granted pursuant to this Plan. 
 2.18 “Nonqualified Stock Option” means a stock option, granted pursuant to this
Plan, which is not an Incentive Stock Option. 
 2.19 “Option Price” means the price which must be paid by a Participant upon exercise
of a Stock Option to purchase a share of Common Stock. 
 2.20 “Outside Director” means a director of the Company who is not an
Employee. 
 2.21 “Participant” means an Employee, Contractor or Outside Director of the Company or a Subsidiary to whom an Award is
granted under this Plan. 
 2.22 “Plan” means this TriState Capital Holdings, Inc. 2006 Stock Option Plan, as amended from time to
time. 
 2.23 “Reporting Participant” means a Participant who is subject to the reporting requirements of Section 16 of the 1934
Act. 
 2.24 “Retirement” means any Termination of Service solely due to retirement upon or after attainment of age sixty-five (65),
or permitted early retirement as determined by the Committee. 
 2.25 “Stock Option” means a Nonqualified Stock Option or an Incentive
Stock Option. 
 2.26 “Subsidiary” means (i) any corporation in an unbroken chain of corporations beginning with the Company, if
each of the corporations other than the last corporation in the unbroken chain owns stock possessing a majority of the total combined voting power of all classes of stock in one of the other corporations in the chain, (ii) any limited
partnership, if the Company or any corporation described in item (i) above owns a majority of the general partnership interest and a majority of the limited partnership interests entitled to vote on the removal and replacement of the general
partner, and (iii) any partnership or limited liability company, if the partners or members thereof are composed only of the Company, any corporation listed in item (i) above or any limited partnership listed in item (ii) above.
“Subsidiaries” means more than one of any corporations, limited partnerships, partnerships or limited liability companies. 
 2.27
“Termination of Service” occurs when a Participant who is (i) an Employee of the Company or any Subsidiary ceases to serve as an Employee of the Company and its Subsidiaries, for any reason; (ii) an Outside Director of the
Company or a Subsidiary ceases to serve as a director of the Company and its Subsidiaries for any reason; or (iii) a Contractor of the Company or a Subsidiary ceases to serve as a Contractor of the Company and its Subsidiaries for any reason.
Except as may be necessary or desirable to comply with applicable federal or state law, a “Termination of Service” shall not be deemed to have occurred when a Participant who is an Employee becomes a Contractor or Outside

  
 5 

 
Director or vice versa. If, however, a Participant who is an Employee and who has an Incentive Stock Option ceases to be an Employee but does not suffer a Termination of Service, and if that
Participant does not exercise the Incentive Stock Option within the time required under Code Section 422 upon ceasing to be an Employee, the Incentive Stock Option shall thereafter become a Nonqualified Stock Option. Notwithstanding the
foregoing provisions of this Section 2.27, in the event an Award issued under the Plan is subject to Code Section 409A, then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Code
Section 409A, the definition of “Termination of Service” for purposes of the Award shall be the definition of “separation from service” provided for under Code Section 409A and the regulations or other guidance issued
thereunder. 
 2.28 “Total and Permanent Disability” means a Participant is qualified for long-term disability benefits under the
Company’s or Subsidiary’s disability plan or insurance policy. However, if no plan or policy is then in existence or if the Participant is not eligible to participate in the plan or policy, then it means that the Participant, because of a
physical or mental condition resulting from bodily injury, disease, or mental disorder, is prevented from performing his or her duties of employment for a period of six (6) continuous months, as determined in good faith by the Committee, based
upon medical reports or other evidence satisfactory to the Committee. Notwithstanding the forgoing provisions of this Section 2.28, with respect to any Incentive Stock Option, Total and Permanent Disability shall have the meaning given it under
the rules governing Incentive Stock Options under the Code. And further, notwithstanding the foregoing provisions of this Section 2.28, in the event an Award issued under the Plan is subject to Code Section 409A, then, in lieu of the
foregoing definition and to the extent necessary to comply with the requirements of Code Section 409A, the definition of “Total and Permanent Disability” for purposes of the Award shall be the definition of “disability”
provided for under Code Section 409A and the regulations or other guidance issued thereunder. 
 ARTICLE 3 

ADMINISTRATION 
 3.1 General
Administration; Establishment of Committee. Subject to the terms of this Article 3, the Plan shall be administered under the provisions of this Section 3.1. The Company’s executive officers shall make Awards and eligible person
recommendations to the Company’s Compensation Committee. The Compensation Committee of the Board shall review any recommendations of the Company’s executive officers and shall submit its recommendations to the Board. Every Award shall
require the approval of the Board acting as a Committee under this Plan (the “Committee”), provided that awards up to 50,000 shares per officer may be made by the Chairman and CEO from time to time subject to review and ratification by the
Board at its next regular meeting. Notwithstanding the general condition that the Board must act as the Committee, unless another exception to remuneration subject to Code Section 162(m) applies to an Award under this Plan, such as if the
Company pays remuneration pursuant to this Plan during the period in which the Company is not publicly held, when making any Award to a “covered employee” as 

  
 6 

 
defined in Code Section 162(m)(3), the Committee shall consist solely of not fewer than two persons who are “outside directors” under Code Section 162(m), unless the Board
expressly determines otherwise. The Committee shall select one of its members to act as its Chairman. A majority of the Committee shall constitute a quorum, and the act of a majority of the members of the Committee present at a meeting at which a
quorum is present shall be the act of the Committee. 
 3.2 Designation of Participants and Awards. 

(a) The Committee shall determine and designate from time to time the eligible persons to whom Awards will be granted and shall set forth
in each related Award Agreement, where applicable, the Award Period, the Date of Grant, and the other terms, provisions, limitations, and performance requirements, as are approved by the Committee, but not inconsistent with the Plan. The Committee
shall determine whether an Award shall include one type of Stock Option or two or more Stock Options granted in combination or two or more Stock Options granted in tandem (that is, a joint grant where exercise of one Stock Option results in
cancellation of all or a portion of the other Stock Option). Although the members of the Committee shall be eligible to receive Awards, all decisions with respect to any Award, and the terms and conditions thereof, to be granted under the Plan to
any member of the Committee shall be made solely and exclusively by the other members of the Committee, or if there are not at least two other Committee members, by the Board. 
 (b) Except as required by this Plan, Awards granted at different times need not contain similar provisions. The Committee’s determinations under the Plan (including without limitation determinations
of which Employees, Contractors or Outside Directors, if any, are to receive Awards, the form, amount and timing of the Awards, the terms and provisions of the Awards and the agreements evidencing same) need not be uniform and may be made by it
selectively among Participants who receive, or are eligible to receive, Awards under the Plan. 
 3.3 Authority of the Committee. 

(a) The Committee, in its discretion, shall (i) interpret the Plan, (ii) prescribe, amend, and rescind any rules and
regulations necessary or appropriate for the administration of the Plan, and (iii) make other determinations or certifications and take other action as it deems necessary or advisable in the administration of the Plan. Any interpretation,
determination, or other action made or taken by the Committee shall be final, binding, and conclusive on all interested parties. 
 (b) The Committee may delegate to officers of the Company, pursuant to a written delegation, the authority to perform specified functions under the Plan. Any actions taken by any officers of the Company
pursuant to the written delegation of authority shall be deemed to have been taken by the Committee. 
 (c) With respect to
restrictions in the Plan that are based on the requirements of Rule 16b-3 promulgated under the 1934 Act, Code Section 422, Code Section 162(m), the 

  
 7 

 
rules of any exchange or inter-dealer quotation system upon which the Company’s securities are listed or quoted, or any other applicable law, rule or restriction (collectively,
“applicable law”), to the extent that any restrictions are no longer required by applicable law, the Committee shall have the sole discretion and authority to grant Awards that are not subject to the mandated restrictions and/or to waive
any mandated restrictions with respect to outstanding Awards. 
 ARTICLE 4 

ELIGIBILITY 
 Any Employee
(including an Employee who is also a director or an officer), Contractor or Outside Director of the Company whose judgment, initiative, and efforts contributed or may be expected to contribute to the successful performance of the Company is eligible
to participate in the Plan; provided that only Employees shall be eligible to receive Incentive Stock Options. The Committee, upon its own action, may grant, but shall not be required to grant, an Award to any Employee, Contractor or Outside
Director of the Company or any Subsidiary. Awards may be granted by the Committee at any time and from time to time to new Participants, or to then Participants, or to a greater or lesser number of Participants, and may include or exclude previous
Participants, as the Committee shall determine. 
 ARTICLE 5 

SHARES SUBJECT TO PLAN 
 5.1 Number Available for Awards. Subject to adjustment as provided in Articles 11 and 12, the maximum number of shares of Common Stock that may be delivered pursuant to Awards granted under the Plan is
Four Million (4,000,000) shares1, 100% of which may be delivered pursuant to Incentive Stock Options.
During the term of this Plan, the Company will at all times reserve and keep available the number of shares of Common Stock that shall be sufficient to satisfy the requirements of this Plan. 
 5.2 Reuse of Shares. To the extent that any Award under this Plan shall be forfeited, expire or be canceled, in whole or in part, then the number of shares of Common Stock covered by the Award or stock
option so forfeited, expired or canceled may again be awarded pursuant to the provisions of this Plan. In the event that previously acquired shares of Common Stock are delivered to the Company in full or partial payment of the exercise price for the
exercise of a Stock Option granted under this Plan, the number of shares of Common Stock available for future Awards under this Plan shall be reduced only by the net number of shares of Common Stock issued upon the exercise of the Stock Option.
Awards that may be satisfied either by the issuance of shares of Common Stock or by cash or other consideration shall be counted against the maximum number of shares of Common Stock 

 

	1 	The Board of Directors at its meeting held on February 28, 2012 adopted a resolution increasing the number of share subject to the plan from Two Million to Four
Million shares. The increase in the number of shares subject to the plan was approved at the annual meeting of Shareholders of the Company held on April 24, 2012. 

  
 8 

 
that may be issued under this Plan only during the period that the Award is outstanding or to the extent the Award is ultimately satisfied by the issuance of shares of Common Stock.
Notwithstanding any provisions of the Plan to the contrary, only shares forfeited back to the Company, shares canceled on account of termination, expiration or lapse of an Award, shares surrendered in payment of the exercise price of an option or
shares withheld for payment of applicable employment taxes and/or withholding obligations resulting from the exercise of an option shall again be available for grant of Incentive Stock Options under the Plan, but shall not increase the maximum
number of shares described in Section 5.1 above as the maximum number of shares of Common Stock that may be delivered pursuant to Incentive Stock Options. 
 ARTICLE 6 
 GRANT OF AWARDS 

6.1 In General 
 (a) The grant
of an Award shall be authorized by the Committee and shall be evidenced by an Award Agreement setting forth the Stock Option or Stock Options being granted, the total number of shares of Common Stock subject to the Stock Option(s), the Option Price
(if applicable), the Award Period, the Date of Grant, and other terms, provisions and limitations as are approved by the Committee, but not inconsistent with the Plan. The Company shall execute an Award Agreement with a Participant after the
Committee approves the issuance of an Award. Any Award granted pursuant to this Plan must be granted within ten (10) years of the date of adoption of this Plan. The Plan shall be submitted to the Company’s stockholders for approval;
however, the Committee may grant Awards under the Plan prior to the time of stockholder approval. Any Award granted prior to the stockholder approval shall be made subject to the stockholder approval. The grant of an Award to a Participant shall not
be deemed either to entitle the Participant to, or to disqualify the Participant from, receipt of any other Award under the Plan. 
 (b) Any Award under this Plan that is settled in whole or in part in cash on a deferred basis may provide for interest equivalents to be credited with respect to the cash payment. Interest equivalents may
be compounded and shall be paid upon the terms and conditions as may be specified by the Award Agreement. 
 6.2 Option Price. The Option Price
for any share of Common Stock which may be purchased under a Nonqualified Stock Option for any share of Common Stock may be equal to or greater than the Fair Market Value of the share on the Date of Grant. The Option Price for any share of Common
Stock which may be purchased under an Incentive Stock Option must be at least equal to the Fair Market Value of the share on the Date of Grant. Further, if an Incentive Stock Option is granted to an Employee who owns or is deemed to own (by reason
of the attribution rules of Code Section 424(d)) more than ten percent (10%) of the combined voting power of all classes of stock of the Company (or any parent or Subsidiary), the Option Price shall be at least 110% of the Fair Market
Value of the Common Stock on the Date of Grant. 

  
 9 

 6.3 Maximum ISO Grants. The Committee may not grant Incentive Stock Options under the Plan to any Employee
which would permit the aggregate Fair Market Value (determined on the Date of Grant) of the Common Stock with respect to which Incentive Stock Options (under this and any other plan of the Company and its Subsidiaries) are exercisable for the first
time by the Employee during any calendar year to exceed $100,000. To the extent any Stock Option granted under this Plan which is designated as an Incentive Stock Option exceeds this limit or otherwise fails to qualify as an Incentive Stock Option,
the Stock Option (or any portion thereof) shall be a Nonqualified Stock Option. In that case, the Committee shall designate which stock will be treated as Incentive Stock Option stock by causing the issuance of a separate stock certificate and
identifying the stock as Incentive Stock Option stock on the Company’s stock transfer records. 
 ARTICLE 7 

AWARD PERIOD; VESTING 
 7.1
Award Period. Subject to the other provisions of this Plan, the Committee may, in its discretion, provide that a Stock Option may not be exercised in whole or in part for any period or periods of time or beyond any date specified in the Award
Agreement. Except as provided in the Award Agreement, a Stock Option may be exercised in whole or in part at any time during its term. No Stock Option granted under the Plan may be exercised at any time after the end of its Award Period. No portion
of any Stock Option may be exercised after the expiration of ten (10) years from its Date of Grant. However, if an Employee owns or is deemed to own (by reason of the attribution rules of Code Section 424(d)) more than ten percent
(10%) of the combined voting power of all classes of stock of the Company (or any parent or Subsidiary) and an Incentive Stock Option is granted to the Employee, the term of the Incentive Stock Option (to the extent required by the Code at the
time of grant) shall be no more than five (5) years from the Date of Grant. 
 7.2 Vesting. All Stock Options awarded
under the Plan shall vest at the rate of fifty percent (50%) on the date which is two and one-half (2 1/2) years following the Award Date and one hundred percent (100%) on the date which is five (5) years following the
Award Date. 
 ARTICLE 8 
 EXERCISE OR CONVERSION OF STOCK OPTION 
 8.1 In General. A vested Stock Option may be exercised
during its Award Period, subject to limitations and restrictions set forth in the Award Agreement. 
 8.2 Securities Law and Exchange
Restrictions. In no event may a Stock Option be exercised or shares of Common Stock be issued pursuant to an Award if a necessary listing or quotation of the shares of Common Stock on a stock exchange or inter-dealer quotation system or any
registration under state or federal securities laws required under the circumstances has not been accomplished. 

  
 10 

 8.3 Exercise of Stock Option. 
 (a) In General. If the Committee imposes conditions upon exercise, then subsequent to the Date of Grant, the Committee may, in its sole discretion, accelerate the date on which all or any portion of the
Stock Option may be exercised. No Stock Option may be exercised for a fractional share of Common Stock. The granting of a Stock Option shall impose no obligation upon the Participant to exercise that Stock Option. 

(b) Notice and Payment. Subject to the administrative regulations as the Committee may from time to time adopt, a Stock Option may be
exercised by the delivery of written notice to the Company setting forth the number of shares of Common Stock with respect to which the Stock Option is to be exercised and the date of exercise thereof (the “Exercise Date”) which shall be
at least three (3) days after giving notice unless an earlier time shall have been mutually agreed upon. On the Exercise Date, the Participant shall deliver to the Company consideration with a value equal to the total Option Price of the shares
to be purchased, payable as provided in the Award Agreement, which may provide for payment in any one or more of the following ways: (i) cash, check, bank draft or money order payable to the order of the Company, (ii) Common Stock
(including Restricted Stock) owned by the Participant on the Exercise Date, valued at its Fair Market Value on the Exercise Date, and which the Participant has not acquired from the Company within six (6) months prior to the Exercise Date,
(iii) by delivery (including by FAX) to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions from the Participant to a broker or dealer, reasonably acceptable to the Company,
to sell certain of the shares of Common Stock purchased upon exercise of the Stock Option or to pledge the shares as collateral for a loan and promptly deliver to the Company the amount of sale or loan proceeds necessary to pay the purchase price,
and/or (iv) in any other form of valid consideration that is acceptable to the Committee in its sole discretion. 
 (c)
Issuance of Certificate. Except as otherwise provided in the applicable Award Agreement, upon payment of all amounts due from the Participant, the Company shall cause certificates for the Common Stock then being purchased to be delivered as directed
by the Participant (or the person exercising the Participant’s Stock Option in the event of his death) at its principal business office promptly after the Exercise Date; provided that if the Participant has exercised an Incentive Stock Option,
the Company may at its option retain physical possession of the certificate evidencing the shares acquired upon exercise until the expiration of the holding periods described in Code Section 422(a)(1). The obligation of the Company to deliver
shares of Common Stock shall, however, be subject to the condition that, if at any time the Committee shall determine in its discretion that the listing, registration, or qualification of the Stock Option or the Common Stock upon any securities
exchange or inter-dealer quotation system or under any state or federal law, or the consent or approval of any governmental regulatory body, is necessary as a condition of, or in connection with, the Stock Option or the issuance or purchase of
shares of 

  
 11 

 
Common Stock thereunder, the Stock Option may not be exercised in whole or in part unless the listing, registration, qualification, consent, or approval shall have been effected or obtained free
of any conditions not reasonably acceptable to the Committee. 
 (d) Failure to Pay. Except as may otherwise be provided in an
Award Agreement, if the Participant fails to pay for any of the Common Stock specified in the notice or fails to accept delivery thereof, that portion of the Participant’s Stock Option and right to purchase the Common Stock may be forfeited.

 8.4 Disqualifying Disposition of Incentive Stock Option. If shares of Common Stock acquired upon exercise of an Incentive Stock Option are
disposed of by a Participant prior to the expiration of either two (2) years from the Date of Grant of the Stock Option or one (1) year from the transfer of shares of Common Stock to the Participant pursuant to the exercise of the Stock
Option, or in any other disqualifying disposition within the meaning of Code Section 422, the Participant shall notify the Company in writing of the date and terms of the disposition. A disqualifying disposition by a Participant shall not
affect the status of any other Stock Option granted under the Plan as an Incentive Stock Option within the meaning of Code Section 422. 
 ARTICLE 9 
 AMENDMENT OR DISCONTINUANCE 

Subject to the limitations set forth in this Article 9, the Board may at any time and from time to time, without the consent of the Participants, alter,
amend, revise, suspend, or discontinue the Plan in whole or in part; provided, however, that no amendment for which stockholder approval is required either (i) by any securities exchange or inter-dealer quotation system on which the Common
Stock is listed or traded or (ii) in order for the Plan and Stock Options awarded under the Plan to continue to comply with Code Sections 162(m), 421 and 422, including any successors to those Sections; shall be effective unless the amendment
shall be approved by the requisite vote of the stockholders of the Company entitled to vote thereon. Any amendment shall, to the extent deemed necessary or advisable by the Committee, be applicable to any outstanding Stock Options theretofore
granted under the Plan, notwithstanding any contrary provisions contained in any Award Agreement. In the event of any amendment to the Plan, the holder of any Stock Option outstanding under the Plan shall, upon request of the Committee and as a
condition to the exercisability thereof, execute a conforming amendment in the form prescribed by the Committee to any Award Agreement relating thereto. Notwithstanding anything contained in this Plan to the contrary, unless required by law, no
action contemplated or permitted by this Article 9 shall adversely affect any rights of Participants or obligations of the Company to Participants with respect to any Stock Option theretofore granted under the Plan without the consent of the
affected Participant. 

  
 12 

 ARTICLE 10 
 TERM 
 The Plan shall be effective from the date that this Plan is approved by the Board. Unless
sooner terminated by action of the Board, the Plan will terminate on November 19, 2016, but Stock Options and Awards granted before that date will continue to be effective in accordance with their terms and conditions. 

ARTICLE 11 

CAPITAL ADJUSTMENTS 
 In the
event that the Committee shall determine that any dividend or other distribution (whether in the form of cash, Common Stock, other securities, or other property), recapitalization, stock split, reverse stock split, rights offering, reorganization,
merger, consolidation, split-up, spin-off, split-off, combination, subdivision, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the
Company, or other similar corporate transaction or event affects the Common Stock such that an adjustment is determined by the Committee to be appropriate to prevent the dilution or enlargement of the benefits or potential benefits intended to be
made available under the Plan, then the Committee shall, in the manner as it may deem equitable, adjust any or all of the (i) the number of shares and type of Common Stock (or the securities or property) which thereafter may be made the subject
of Awards, (ii) the number of shares and type of Common Stock (or other securities or property) subject to outstanding Awards, (iii) the number of shares and type of Common Stock (or other securities or property) specified as the annual
per-participant limitation under Section 5.1 of the Plan, and (iv) the Option Price of each outstanding Award; provided however, that the number of shares of Common Stock (or other securities or property) subject to any Award shall always
be a whole number. In lieu of the foregoing, if deemed appropriate, the Committee may make provision for a cash payment to the holder of an outstanding Award. Notwithstanding the foregoing, no adjustment or cash payment shall be made or authorized
to the extent that the adjustment or cash payment would cause the Plan or any Stock Option to violate Code Section 422. The adjustments shall be made in accordance with the rules of any securities exchange, stock market, or stock quotation
system to which the Company is subject. 
 Upon the occurrence of any adjustment or cash payment, the Company shall provide notice to each
affected Participant of its computation of the adjustment or cash payment which shall be conclusive and shall be binding upon each Participant. 

  
 13 

 ARTICLE 12 
 RECAPITALIZATION, MERGER AND CONSOLIDATION 
 12.1 No Effect on Company’s Authority. The
existence of this Plan and Stock Options granted hereunder shall not affect in any way the right or power of the Company or its stockholders to make or authorize any or all adjustments, recapitalizations, reorganizations, or other changes in the
Company’s capital structure and its business, or any Change in Control, or any merger or consolidation of the Company, or any issuance of bonds, debentures, preferred or preference stocks ranking prior to or otherwise affecting the Common Stock
or the rights thereof (or any rights, options, or warrants to purchase same), or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether
of a similar character or otherwise. 
 12.2 Conversion of Stock Options Where Company Survives. Subject to any required action by the
stockholders and except as otherwise provided by Section 12.4 hereof or as may be required to comply with Code Section 409A and the regulations or other guidance issued thereunder, if the Company shall be the surviving or resulting
corporation in any merger, consolidation or share exchange, any Stock Option granted hereunder shall pertain to and apply to the securities or rights (including cash, property, or assets) to which a holder of the number of shares of Common Stock
subject to the Stock Option would have been entitled. 
 12.3 Exchange or Cancellation of Stock Options Where Company Does Not Survive. Except
as otherwise provided by Section 12.4 hereof or as may be required to comply with Code Section 409A and the regulations or other guidance issued thereunder, in the event of any merger, consolidation or share exchange pursuant to which the
Company is not the surviving or resulting corporation, there shall be substituted for each share of Common Stock subject to the unexercised portions of outstanding Stock Options, that number of shares of each class of stock or other securities or
that amount of cash, property, or assets of the surviving, resulting or consolidated company which were distributed or distributable to the stockholders of the Company in respect to each share of Common Stock held by them, the outstanding Stock
Options to be thereafter exercisable for the stock, securities, cash, or property in accordance with their terms. 
 ARTICLE 13

 LIQUIDATION OR DISSOLUTION 
 Subject to Section 12.4 hereof, in case the Company shall, at any time while any Stock Option under this Plan shall be in force and remain unexpired, (i) sell all or substantially all of its
property, or (ii) dissolve, liquidate, or wind up its affairs, then each Participant shall be entitled to receive, in lieu of each share of Common Stock of the Company which the 

  
 14 

 
Participant would have been entitled to receive under the Stock Option, the same kind and amount of any securities or assets as may be issuable, distributable, or payable upon any sale,
dissolution, liquidation, or winding up with respect to each share of Common Stock of the Company. If the Company shall, at any time prior to the expiration of any Stock Option, make any partial distribution of its assets, in the nature of a partial
liquidation, whether payable in cash or in kind (but excluding the distribution of a cash dividend payable out of earned surplus and designated as such) and an adjustment is determined by the Committee to be appropriate to prevent the dilution of
the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in the manner as it may deem equitable, make the adjustment in accordance with the provisions of Article 11 hereof. 

ARTICLE 14 

STOCK OPTIONS IN SUBSTITUTION FOR 
 STOCK OPTIONS GRANTED BY OTHER ENTITIES 
 Stock Options may be granted under the Plan from time to
time in substitution for similar instruments held by employees, consultants, contractors or directors of a corporation, partnership, or limited liability company who become or are about to become Employees, Contractors or Outside Directors of the
Company or any Subsidiary as a result of a merger or consolidation of the employing corporation with the Company, the acquisition by the Company of equity of the employing entity, or any other similar transaction pursuant to which the Company
becomes the successor employer. The terms and conditions of the substitute Stock Options so granted may vary from the terms and conditions set forth in this Plan to the extent as the Committee at the time of grant may deem appropriate to conform, in
whole or in part, to the provisions of the Stock Options in substitution for which they are granted. 
 ARTICLE 15 

MISCELLANEOUS PROVISIONS 
 15.1
Investment Intent. The Company may require that there be presented to and filed with it by any Participant under the Plan, the evidence as it may deem necessary to establish that the Stock Options granted or the shares of Common Stock to be
purchased or transferred are being acquired for investment and not with a view to their distribution. 
 15.2 No Right to Continued Employment.
Neither the Plan nor any Stock Option granted under the Plan shall confer upon any Participant any right with respect to continuance of employment by the Company or any Subsidiary. 
 15.3 Indemnification of Board and Committee. No member of the Board or the Committee, nor any officer or Employee of the Company acting on behalf of the Board or the Committee, shall be personally liable
for any action, determination, or interpretation taken or made in good faith with respect to the Plan, and all members of the Board and the 

  
 15 

 
Committee, each officer of the Company, and each Employee of the Company acting on behalf of the Board or the Committee shall, to the extent permitted by law, be fully indemnified and protected
by the Company in respect of any action, determination, or interpretation. 
 15.4 Effect of the Plan. Neither the adoption of this Plan nor any
action of the Board or the Committee shall be deemed to give any person any right to be granted an Award or any other rights except as may be evidenced by an Award Agreement, or any amendment thereto, duly authorized by the Committee and executed on
behalf of the Company, and then only to the extent and upon the terms and conditions expressly set forth therein. 
 15.5 Compliance With Other
Laws and Regulations. Notwithstanding anything contained herein to the contrary, the Company shall not be required to sell or issue shares of Common Stock under any Stock Option if the issuance thereof would constitute a violation by the Participant
or the Company of any provisions of any law or regulation of any governmental authority or any national securities exchange or inter-dealer quotation system or other forum in which shares of Common Stock are quoted or traded (including without
limitation Section 16 of the 1934 Act and Code Section 162(m)); and, as a condition of any sale or issuance of shares of Common Stock under a Stock Option, the Committee may require the agreements or undertakings, if any, as the Committee
may deem necessary or advisable to assure compliance with any law or regulation. The Plan, the grant and exercise of Stock Options hereunder, and the obligation of the Company to sell and deliver shares of Common Stock, shall be subject to all
applicable federal and state laws, rules and regulations and to the approvals by any government or regulatory agency as may be required. 
 15.6
Tax Requirements. The Company or, if applicable, any Subsidiary (for purposes of this Section 15.6, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash
or other form in connection with the Plan, any Federal, state, local, or other taxes required by law to be withheld in connection with an Award granted under this Plan. The Company may, in its sole discretion, also require the Participant receiving
shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to the Award. The payments shall be required to be
made when requested by Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock. The payment may be made (i) by the delivery of cash to the Company in an amount that equals or exceeds
(to avoid the issuance of fractional shares under (iii) below) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the exercising Participant
to the Company of shares of Common Stock that the Participant has not acquired from the Company within six (6) months prior to the date of exercise, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid
the issuance of fractional shares under (iii) below) the required tax withholding payment; (iii) if the Company, in its sole discretion, so consents in writing, the Company’s withholding of a number of shares to be delivered upon the
exercise of the Award, which shares so withheld 

  
 16 

 
have an aggregate fair market value that equals (but does not exceed) the required tax withholding payment; or (iv) any combination of (i), (ii), or (iii). The Company may, in its sole
discretion, withhold any taxes from any other cash remuneration otherwise paid by the Company to the Participant. The Committee may in the Award Agreement impose any additional tax requirements or provisions that the Committee deems necessary or
desirable. 
 15.7 Assignability. Incentive Stock Options and Nonqualified Stock Options may not be transferred, assigned, pledged, hypothecated
or otherwise conveyed or encumbered other than by will or the laws of descent and distribution and may be exercised during the lifetime of the Participant only by the Participant or the Participant’s legally authorized representative, and each
Award Agreement in respect of an Incentive Stock Option shall so provide. The designation by a Participant of a beneficiary will not constitute a transfer of the Stock Option. 
 15.8 Use of Proceeds. Proceeds from the sale of shares of Common Stock pursuant to Stock Options granted under this Plan shall constitute general funds of the Company. 

15.9 Legends. The following legends, or similar legends deemed by the Company to constitute appropriate notice (any certificate not having the legend
shall be surrendered upon demand by the Company and so endorsed) shall be inserted on a certificate evidencing Common Stock issued upon exercise of a Stock Option under the Plan if the shares were not issued in a transaction registered under the
applicable federal and state securities laws: 
 On the face of the certificate: 
 “Transfer of this stock is restricted in accordance with conditions printed on the reverse of this certificate.” 
 On the reverse: 
 “Shares of stock represented by this certificate have been acquired by the
holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred
other than pursuant to effective registration under the laws, or in transactions otherwise in compliance with the laws, and upon evidence satisfactory to the Company of compliance with the laws, as to which the Company may rely upon an opinion of
counsel satisfactory to the Company.” 
 15.10 Required Exercise or Forfeiture of Options by Regulators. All Options shall automatically be
subject to exercise or forfeiture if the Company’s capital falls below the minimum requirements., as determined by its state or federal primary regulator, and the Company’s primary federal regulator so directs the Company to require such
exercise or forfeiture. 

  
 17 

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed as of November 20, 2006, by
its Chief Executive Officer and Secretary pursuant to prior action taken by the Board. 
  

	
	TRISTATE CAPITAL HOLDINGS, INC.
	By:
	
	 /s/ James F. Getz

	James F. Getz, Chairman and Chief Executive Officer

  

	
	Attest:
	
	 /s/

  
 18 

 AMENDMENT NO. 1 TO 

TRISTATE CAPITAL HOLDINGS, INC. 
 2006 STOCK OPTION PLAN 
 In accordance with the resolutions of the Board of Directors of
TriState Capital Holdings, Inc. adopted at its regular meeting on February 28, 2012, upon the recommendation of the Compensation Committee and as approved by the shareholders of TriState Capital Holdings, Inc. at its annual meeting of
shareholders on April 24, 2012, the number of shares of the Common Stock of TriState Capital Holdings, Inc. available for issuance under, and subject to, the 2006 Stock Option Plan has been increased from 2,000,000 shares to 4,000,000 shares
effective as of April 24, 2012. 

  
 19

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