Document:

Exhibit 4.29

FORM OF GLOBAL SERIES D PREFERENCE
ORDINARY SHARE CERTIFICATE

XLIT LTD.

THE SERIES D PREFERENCE ORDINARY SHARES (EACH, A “PREFERRED
SECURITY”) REPRESENTED HEREBY HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER JURISDICTION, AND MAY
NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, “U.S.
PERSONS” (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) , EXCEPT IN A TRANSACTION THAT COMPLIES WITH, OR IS EXEMPT
FROM, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. ANY OFFER, SALE, PLEDGE, MORTGAGE, CHARGE OR OTHER TRANSFER OF THE PREFERRED
SECURITIES REPRESENTED HEREBY MUST BE MADE (A) IN COMPLIANCE WITH THE REQUIREMENTS SPECIFIED IN THE ISSUER CHARTER AND THE PAYING
AGENCY AGREEMENT REFERRED TO HEREIN AND (B) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF THE CAYMAN ISLANDS AND ANY OTHER
APPLICABLE JURISDICTION.

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE COMMON DEPOSITARY (AS DEFINED IN THE PAYING AGENCY AGREEMENT) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN A NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY
(AND ANY PAYMENT IS MADE TO SUCH ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER,
PLEDGE, MORTGAGE, CHARGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF HAS AN INTEREST HEREIN.

TRANSFERS OF THIS GLOBAL PREFERRED SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO THE COMMON DEPOSITARY, TO NOMINEES OF THE COMMON DEPOSITARY OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL PREFERRED SECURITY SHALL BE LIMITED TO TRANSFERS MADE
IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE PAYING AGENCY AGREEMENT.

  

XLIT LTD.

ISIN: KYG982961099

Common Code: 070183528

Certificate No. [  ]

[  ] Series D Preference Ordinary Shares

Incorporated under the laws of the Cayman
Islands

[  ] Series D Preference Ordinary Shares

of a par value of U.S. $0.01 per share

and having a liquidation preference of U.S.$1,000 per share

THIS IS TO CERTIFY THAT [  ] is the registered
holder of [  ] Series D Preference Ordinary Shares (the “Preferred Securities”) in XLIT Ltd. (the “Issuer”),
subject to the Memorandum of Association and Articles of Association thereof (as the same may be amended, supplemented or otherwise
modified from time to time, the “Issuer Charter”) and the Resolutions of the Board of Directors of the Issuer, dated
as of October 27, 2006, designating the rights, preferences and other terms of the Preferred Securities (the “Resolutions”).
The payment of dividends and any final distribution on the Preferred Securities, and transfers and exchanges of the Preferred Securities,
shall be in the manner provided in the Issuer Charter, the Resolutions and the Paying Agency Agreement (the “Paying Agency
Agreement’), effective as of November 14, 2011, between XLIT Ltd. and The Bank of New York Mellon, as Preferred Security
Paying Agent, Preferred Security Registrar and Settlement Agent.

  

THIS CERTIFICATE IS ISSUED BY the Issuer
as a DEED on this [  ] day of

[  ].

 

	 	XLIT LTD.

	 	 
	 	By:	
	 	 	Name
Title
	 	 

	 	 
	 	By:	
	 	 	Name
Title

 

  

ASSIGNMENT FORM

For value received ____________________________________________
hereby sells, assigns and transfers unto

Please insert social security or

other identifying number of assignee _________________________

Please print or type name and address,

including zip code, of assignee:

______________ Series D Preference Ordinary Shares (the “Preferred
Securities”) and does hereby irrevocably constitute and appoint _______________ Attorney to transfer the Preferred Securities
on the books of the Issuer with full power of substitution in the premises.

 

	 	 
	Date: ________________	Your Signature:	
	 	 	(Sign exactly as your name

appears on the Preferred Security

Certificate)

 

 

Initial issuance on the Closing Date is [ ] Preferred Securities.
Total number of Preferred Securities issued or canceled in exchange for a portion or portions hereof and any portion or portions
hereof exchanged or transferred for other Preferred Securities:

	Date	Number of Preferred
 Securities Issued,
 Canceled, Transferred
 or Exchanged	Remaining Number
 of Preferred Securities
 Represented by
 this Series D Preference Ordinary Share Certificate	Notation made by or on Behalf ofExhibit 10.67

[Company Letterhead]

 [Recipient address]

[Applicable date]

Re: Form of Letter of Agreement--Severance

Dear [Executive]:

                    You
and [XL Group plc / XL Global Services, Inc. (collectively, the “Company”)]
wish to enter into this letter agreement (the “Agreement”) to set forth the
severance benefits that you will be entitled to if your employment is
terminated under the circumstances described below. This Agreement will become
effective on the date executed by you below (the “Effective Date”) and will
continue in effect through the third anniversary thereof.

	
  

 	
  

 	
  

 	
  

 
	
                     1.           Except
 as otherwise set forth in paragraph 2 below, in the event your employment is
 terminated by the Company prior to the third anniversary of the Effective
 Date without Cause (as defined in Exhibit B hereto), you shall be entitled
 to:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
            (a)         unpaid
 base salary through the date on which termination without Cause occurs, to be
 paid in accordance with the Company’s regular payroll practices;

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
            (b)         provided
 you execute, on or before the date that is fifty (50) days following the date
 of termination of your employment, a general release of claims against the
 Company and its affiliates in form and substance satisfactory to the Company
 and do not revoke such release prior to the end of the seven day statutory
 revocation period:

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
              (i)     any
 unpaid annual bonus earned with respect to the calendar year ending prior to
 the date of such termination but unpaid as of such date, to be paid at the
 time such bonus is paid generally to active employees under the applicable
 bonus plan; and

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
  

 	
              (ii)    a
 cash lump sum payment made, subject to Exhibit C hereto, sixty (60) days
 after termination of employment equal to the sum of (x) your annual base
 salary, and (y) your targeted annual bonus for the year of such termination
 multiplied by a fraction, the numerator of which is the number of days in the
 calendar year of termination prior to the termination date, and the
 denominator of which is 365; and

 
	
  

 	
  

 	
  

 	
  

 
	
                     (c)          your
 vested accrued benefits, if any, under the employee benefit programs of the
 Company (including equity-based compensation awards), and your vested accrued
 benefits, if any, under the employee benefit programs of the Company
 (including equity-based compensation awards), and

 

reimbursement
of properly incurred unreimbursed business expenses under the business expense
reimbursement program of the Company, determined in accordance with the
applicable terms and provisions of such employee benefit and expense
reimbursement programs.

                    2.          In
the event your employment is terminated prior to the third anniversary of the
Effective Date and within two years following a Change in Control (as defined
in Exhibit A hereto) (x) by the Company without Cause or (y) by you for
“Good Reason” (as defined in Exhibit B hereto), you shall not be entitled to
the payments and benefits provided for in paragraph 1 above, but instead you
shall be entitled to the following:

	
  

 	
  

 
	
  

 	
           (a)          unpaid
 base salary through the date on which termination occurs, to be paid in
 accordance with the Company’s regular payroll practices;

 
	
  

 	
  

 
	
  

 	
           (b)          and
 any unpaid annual bonus earned with respect to the calendar year ending prior
 to the date of such termination but unpaid as of such date, to be paid at the
 time such bonus is paid generally to active employees under the applicable
 bonus plan;

 
	
  

 	
  

 
	
  

 	
           (c)          a
 cash lump sum payment made, subject to Exhibit C hereto, sixty (60) days
 after termination of your employment equal to the sum of (x) two times your
 annual base salary, and (y) two times your targeted annual bonus for the year
 of such termination; and

 
	
  

 	
  

 
	
  

 	
           (d)          the
 vested accrued benefits, if any, under the employee benefit programs of the
 Company (including equity-based compensation awards), and reimbursement of
 properly incurred unreimbursed business expenses under the business expense
 reimbursement program of the Company, determined in accordance with the
 applicable terms and provisions of such employee benefit and expense
 reimbursement programs.

 

                    3.          This
Agreement, together with Exhibit A (Change in Control Definition), Exhibit B
(Good Reason and Cause Definitions), Exhibit C (Tax-Related Provisions) and
Exhibit D (Notice) hereto, contains the entire agreement between the parties
concerning the subject matter hereof and supersedes all prior offer letters,
agreements, understandings, discussions, negotiations and undertakings, whether
written or oral, between the Company and you with respect thereto.

                    4.          This
Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective successors, heirs and assigns. None of your rights or
obligations under this Agreement may be assigned or transferred by you other
than your right to compensation and benefits hereunder, which may be transferred
by will or laws of descent and distribution. No provision in this Agreement may
be amended unless such amendment is agreed to in writing, signed by you and by
a duly authorized officer of the Company. No waiver by any party of any breach
by the other party of any condition or provision of this Agreement to be
performed by such other party shall be deemed a waiver of a similar or
dissimilar condition or provision at the same or any prior or subsequent time.
In the event that any provision or portion of this Agreement shall be
determined to be invalid or unenforceable for any reason, in whole or in part,
the remaining provisions of this
Agreement shall be unaffected thereby and shall 

remain in full force and effect to the fullest extent permitted by law.
This Agreement shall be governed by and construed and interpreted in accordance
with the laws of the State of New York without reference to the
principles of conflict of laws.

                    Please
indicate your acceptance by signing, dating and returning an executed copy of
this Agreement to:

	
  

 
	
 Daniel J.
 Losito

 
	
 SVP & Associate General
 Counsel-

 
	
    Global Labor
 & Employment Law

 
	
 XL Group

 
	
 70 Seaview Avenue

 
	
 Stamford, CT 06902 USA

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Sincerely,

 
	
  

 	
  

 	
  

 
	
  

 	
 By:

 	
  

 
	
  

 	
  

 	 

 	
  

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Title:

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 

	
  

 	
  

 	
  

 	
  

 
	
  

 	
 ACCEPTED AND AGREED:

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	 

 	
  

 
	
  

 	
  

 	
  

 	
  

 
	
  

 	
 Date:

 	
  

 	
  

 
	
  

 	
  

 	 

 	
  

 

EXHIBIT A

CHANGE IN CONTROL

A “Change
in Control” shall be deemed to have occurred:

	
  

 	
  

 
	
  

 	
 (i)          if
 any person (which, for all purposes hereof, shall include, without
 limitation, an individual, sole proprietorship, partnership, unincorporated
 association, unincorporated syndicate, unincorporated organization, trust,
 body corporate and a trustee, executor, administrator or other legal
 representative) (a “Person”) or any group, as defined in Sections 13(d) or
 14(d) of the United States Securities Exchange Act of 1934 (other than a
 group of which you are a member or which has been organized by you), becomes
 the beneficial owner, directly or indirectly, of securities of the Company
 representing, or acquires the right to control or direct, or to acquire
 through the conversion of securities or the exercise of warrants or other
 rights to acquire securities, 30% or more of either (I) the outstanding
 Ordinary Shares of the Company, (II) the outstanding securities of the
 Company having a right to vote in the election of directors, or (III) the
 combined voting power of the outstanding securities of the Company having a
 right to vote in the election of directors; or

 
	
  

 	
  

 
	
  

 	
 (ii)         if
 there shall be elected or appointed to the Board of Directors of the Company
 (the “Board”) any director or directors whose appointment or election by the
 Board or nomination for election by the Company’s shareholders was not
 approved by a vote of at least a majority of the directors then still in
 office who were either directors on the date of execution of this Agreement
 or whose election or appointment or nomination for election was previously so
 approved; or

 
	
  

 	
  

 
	
  

 	
 (iii)        upon
 consummation of a reorganization, scheme of arrangement, merger,
 consolidation, combination, amalgamation, corporate restructuring,
 liquidation, winding up, exchange of securities, or similar transaction
 (each, an “Event”), in each case, in respect of which the beneficial owners
 of the outstanding Company Ordinary Shares immediately prior to such Event do
 not, following such Event, beneficially own, directly or indirectly, more
 than 60% of each of the outstanding equity share capital, and the combined
 voting power of the then outstanding voting securities entitled to vote in
 the election of the directors, of the Company and any resulting entity, in
 substantially the same proportions as their ownership, immediately prior to
 such Event, of the Ordinary Shares and voting power of the Company; or

 
	
  

 	
  

 
	
  

 	
 (iv)         if
 there occurs an Event involving the Company as a result of which 25% of more
 of the members of the Board of the Company are not persons who were members
 of the Board immediately prior to the earlier of (x) the Event, (y) execution
 of an agreement, the consummation of which would result in the Event, or (z)
 announcement by the Company of an intention to effect the Event; or

 
	
  

 	
  

 
	
  

 	
 (v)         if
 the Board adopts a resolution to the effect that, for purposes of this
 Agreement, a Change in Control has occurred.

 

  

EXHIBIT B

GOOD REASON AND CAUSE DEFINITIONS

                    For
purposes of this Agreement, “Good Reason” shall mean any of the
following, unless done with your prior express written consent:

	
  

 	
  

 	
  

 
	
  

 	
            (i)          a
 material diminution in your base salary;

 
	
  

 	
  

 	
  

 
	
  

 	
            (ii)         a
 material diminution in your authority, duties or responsibilities; 

 
	
  

 	
  

 	
  

 
	
  

 	
            (ii)         a
 material diminution in the authorities, duties or responsibilities of the
 supervisor to whom your are required to report; 

 
	
  

 	
  

 	
  

 
	
  

 	
            (iii)        a
 material diminution in the budget over which you retain authority; or

 
	
  

 	
  

 	
  

 
	
  

 	
            (iv)        requiring
 you to be based at any office or location that is greater than 35 miles from
 the office or location at which you were principally located immediately
 prior to the Change in Control.

 

Notwithstanding
any provision in this Agreement to the contrary, you must give written notice
of your intention to terminate your employment for Good Reason within sixty
(60) days after the act or omission which constitutes Good Reason, and the
Company shall have thirty (30) days from such notice to remedy the condition,
in which case Good Reason shall no longer exist with regard to such condition.
Any failure to give such written notice within such period will result in a
waiver by you of your right to terminate for Good Reason as a result of such
act or omission. Any termination hereunder shall occur no later than one
hundred twenty (120) days after the Good Reason event occurs.

                    For
purposes of this Agreement, “Cause” shall mean: (A) your conviction
for a felony involving moral turpitude, dishonesty or laws to which the Company
or its affiliates are subject in connection with the conduct of its or their
business; (B) you, in carrying out your duties for the Company, have been
guilty of (1) willful misconduct or (2) refusal by you to perform the duties
assigned to you and the continuance of such refusal after receipt of written
notice; or (C) your refusal to obey any lawful policy or requirement
adopted by the Company and the continuance of such refusal after receipt of
written notice.

  

EXHIBIT C

TAX-RELATED PROVISIONS 

It is intended that this Agreement will comply with Section 409A of the
Code (and any regulations and guidelines issued thereunder) to the extent the
Agreement is subject thereto, and the Agreement shall be interpreted on a basis
consistent with such intent. No action or failure to act, pursuant to this
Exhibit C shall subject the Company to any claim, liability, or expense, and
the Company shall not have any obligation to indemnify or otherwise protect you
from the obligation to pay any taxes, interest or penalties pursuant to Section
409A of the Code. Without prejudice to the characterization of any other
amounts payable under this Agreement, the parties hereto specifically intend
that any amounts payable under paragraphs 1(a) and (b) and
paragraphs 2(a) and (b) will not be considered deferred compensation for
purposes of Section 409A due to Treas. Reg. Section 1.409A-1(b)(4) or another
applicable exception. However, notwithstanding any provision to the contrary in
this Agreement, if you are deemed on the date of your “separation from service”
(within the meaning of Treas. Reg. Section 1.409A-1(h)) with the Company
to be a “specified employee” (within the meaning of Treas. Reg.
Section 1.409A-1(i)), then with regard to any payment or benefit that is
considered deferred compensation under Section 409A payable on account of a
“separation from service” that is required to be delayed pursuant to Section
409A(a)(2)(B) of the Code (after taking into account any applicable exceptions
to such requirement), such payment or benefit shall be made or provided on the
date that is the earlier of (i) the expiration of the six (6)-month period
measured from the date of your “separation from service,” or (ii) the date of
your death (the “Delay Period”). Upon the expiration of the Delay Period, all
payments and benefits delayed pursuant to this Exhibit C (whether they would
have otherwise been payable in a single sum or in installments in the absence
of such delay) shall be paid or reimbursed to you in a lump sum and any
remaining payments and benefits due under this Agreement shall be paid or
provided in accordance with the normal payment dates specified for them herein.
Notwithstanding any provision of this Agreement to the contrary, for purposes
of any provision of this Agreement providing for the payment of any amounts or
benefits upon or following a termination of employment, references to your
“termination of employment” (and corollary terms) with the Company shall be
construed to refer to your “separation from service” (within the meaning of
Treas. Reg. Section 1.409A-1(h)) with the Company. Whenever payments under this
Agreement are to be made in installments, each such installment shall be deemed
to be a separate payment for purposes of Section 409A.

Anything in this Agreement to the contrary notwithstanding, all
payments required to be made by the Company to you under the Agreement shall be
subject to withholding of such amounts relating to taxes as the Company may
reasonably determine should be withheld pursuant to any applicable law or
regulation. 

  

EXHIBIT D

NOTICE

Any notice required or permitted to be given under the Agreement shall
be in writing and shall be deemed to have been duly given (a) on the date
of delivery, if delivered by hand, (b) on the date of transmission, if
delivered by confirmed facsimile or electronic mail, (c) on the first
business day following the date of deposit, if delivered by guaranteed
overnight delivery service, or (d) on the fourth business day following the
date mailed by United States registered or certified mail, return receipt
requested, postage prepaid, in any case addressed to the party concerned at the
address indicated below or to such changed address as such party may
subsequently by similar process give notice of:

	
  

 	
  

 	
  

 
	
  

 	
 If to the Company:
 

 
	
  

 	
  

 
	
  

 	
  

 	
 XL Group

 
	
  

 	
  

 	
 Seaview House

 
	
  

 	
  

 	
 70 Seaview Avenue

 
	
  

 	
  

 	
 Stamford, CT 06902

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 Attention: Daniel J. Losito,
 Associate General Counsel

 
	
  

 	
  

 	
  

 
	
  

 	
  

 	
 fax: (203) 964-5309

 
	
  

 	
  

 	
  

 
	
  

 	
 If to you:

 
	
  

 	
  

 	
 To the last address, fax number
 or email address delivered to the Company by you in the manner set forth
 herein.

 

  

SCHEDULE 1

As of December 31, 2011, the following Executive Officers
    were parties to this Form of Letter of Agreement:

Susan L. Cross

Gregory S. Hendrick

Myron Hendry
Elizabeth L. Reeves

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