Document:

EX-10.2

 Exhibit 10.2 

FIFTH SUPPLEMENTAL INDENTURE 
 BY
AND BETWEEN 
 SOMPO INTERNATIONAL HOLDINGS LTD., 

AS ISSUER 
 AND 

THE BANK OF NEW YORK MELLON, 
 AS
TRUSTEE 
  
  

DATED AS OF SEPTEMBER 27, 2017 
  

 
 FIFTH SUPPLEMENTAL INDENTURE

 FIFTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 27, 2017, between SOMPO
INTERNATIONAL HOLDINGS LTD., an exempted company organized under the laws of Bermuda (the “New Issuer”), and THE BANK OF NEW YORK MELLON (as successor to The Bank of New York), as trustee under the Indenture referred to below (the
“Trustee”). 
 RECITALS 

WHEREAS, Montpelier Re Holdings Ltd., a Bermuda exempted company (“Montpelier”), has heretofore executed and delivered to the
Trustee an indenture dated as of July 15, 2003, between Montpelier, as issuer, and the Trustee, as supplemented by the First Supplemental Indenture thereto, dated as of July 30, 2003 (the “First Supplemental Indenture”),
as further supplemented by the Second Supplemental Indenture thereto, dated as of October 5, 2012 (the “Second Supplemental Indenture”), the Third Supplemental Indenture thereto, dated as of July 31, 2015, between Millhill
Holdings Ltd. (“Millhill”), as successor to Montpelier, and the Trustee (the “Third Supplemental Indenture”), and the Fourth Supplemental Indenture thereto, dated as of July 31, 2015, between Endurance
Specialty Holdings Ltd. (“Endurance”), as successor to Millhill, and the Trustee (the “Fourth Supplemental Indenture”) (as heretofore amended, supplemented or otherwise modified by the First Supplemental Indenture,
the Second Supplemental Indenture, the Third Supplemental Indenture and the Fourth Supplemental Indenture, the “Indenture”) (capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the
Indenture); 
 WHEREAS, pursuant to the Stock and Asset Purchase and Sale Agreement, dated as of September 27, 2017, between the New
Issuer and Endurance, Endurance will transfer substantially all of its assets and liabilities to the New Issuer; 

 WHEREAS, Section 11.1 of the Indenture provides that if Endurance conveys, transfers or
leases its properties and assets as an entirety or substantially as an entirety to any other Person, such Person (1) shall be a Corporation or limited liability company organized and existing under the laws of the United States of America, any
state thereof or the District of Columbia, Bermuda, or any other country (including under the laws of any state, province or other political subdivision thereof) which is on the date of the Indenture (or, with respect to the Notes issued pursuant to
the Second Supplemental Indenture, the date of the Second Supplemental Indenture) a member of the Organization for Economic Cooperation and Development and (2) shall expressly assume, by an indenture (or indentures, if at such time there is
more than one Trustee) supplemental thereto, executed by the successor Person and delivered to the Trustee, the due and punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to all the Securities
and the performance of every obligation in the Indenture and the Outstanding Securities on the part of Endurance to be performed or observed and shall provide for conversion or exchange rights in accordance with the provisions of the Securities of
any series that are convertible or exchangeable into Common Stock or other securities; 
 WHEREAS, the New Issuer is a company organized
under the laws of Bermuda; 
 WHEREAS, Section 10.1 of the Indenture provides that without the consent of any Holders, Endurance, when
authorized by a Board Resolution, and the Trustee may enter into a supplemental indenture to evidence the succession of another Person to Endurance, or successive successions, and the assumption by the successor Person of the covenants, agreements
and obligations of Endurance under the Indenture and the Securities, in each case in compliance with the Indenture; and 
 WHEREAS, all acts
and requirements necessary to authorize the execution and delivery of this Supplemental Indenture have been done or performed. 
 NOW,
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the New Issuer and the Trustee mutually covenant and agree as follows: 

ARTICLE I 
 SUCCESSOR
ISSUER 
 Section 1.1 Agreement to Assume Obligations. The New Issuer hereby agrees to unconditionally assume the due and
punctual payment of the principal of, any premium and interest on and any Additional Amounts with respect to all the Securities and the performance of every obligation in the Indenture and the Outstanding Securities on the part of Endurance to be
performed or observed. 

  
 2 

 Section 1.2 Amendment to Section 13.5 of the Indenture.
Section 13.5 of the Indenture is hereby deleted in its entirety and replaced as follows: 
 “Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the Holders of Securities of any series on the Company may be given or served by registered mail addressed (until another address is filed by the Company
with the Trustee) as follows: Sompo International Holdings Ltd., Waterloo House, 100 Pitts Bay Road, Pembroke HM 08, Attention: Chief Financial Officer. Any notice, direction, request or demand by the Company or any Holders of Securities of any
series to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if received at the Corporate Trust Office of such Trustee.” 

Section 1.3 Notices. All notices or other communications to the New Issuer shall be given as provided in Section 13.5 of the
Indenture, as amended by this Supplemental Indenture, at the address provided therein for the Company. 
 Section 1.4 Release of
Obligations of Endurance. Endurance is hereby automatically released and discharged from all obligations under the Indenture and the Securities, without any further action on the part of Endurance or the Trustee. 

ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 2.1 Ratification and Incorporation of Indenture. As supplemented hereby, the Indenture is in all respects ratified and
confirmed, and the Indenture as supplemented by this Supplemental Indenture shall be read, taken and construed as one and the same instrument. However, to the extent any provision of the Indenture conflicts with the express provisions of this
Supplemental Indenture, the provisions of this Supplemental Indenture will govern and be controlling. 
 Section 2.2
Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

Section 2.3 Governing Law. This Supplemental Indenture and the rights and obligations of each of the Holders, the New Issuer and
the Trustee shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Sections 5-1401 and 5-1402 of the General Obligations Law). 
 Section 2.4 Headings. The Article and Section
headings herein are for convenience only and shall not affect the construction hereof. 
 Section 2.5 Trustee. The Trustee makes
no representations as to the validity or sufficiency of this Supplemental Indenture. The recitals and statements herein are deemed to be those of the New Issuer and not of the Trustee. 

Section 2.6 Separability. In case any provision of this Supplemental Indenture or of the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

  
 3 

 Section 2.7 Submission to Jurisdiction. ANY JUDICIAL PROCEEDINGS INSTITUTED IN
RELATION TO ANY MATTER ARISING UNDER THIS SUPPLEMENTAL INDENTURE, THE SECURITIES APPERTAINING THERETO MAY BE BROUGHT IN ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK TO THE
EXTENT THAT SUCH COURT HAS SUBJECT MATTER JURISDICTION OVER THE CONTROVERSY, AND, BY EXECUTION AND DELIVERY OF THIS SUPPLEMENTAL INDENTURE, THE NEW ISSUER HEREBY IRREVOCABLY ACCEPTS, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID
COURTS, ACKNOWLEDGES THEIR COMPETENCE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED IN SUCH PROCEEDING. THE NEW ISSUER ALSO IRREVOCABLY AND UNCONDITIONALLY WAIVES FOR THE BENEFIT OF THE TRUSTEE AND THE HOLDERS OF THE SECURITIES ANY
IMMUNITY FROM JURISDICTION AND ANY IMMUNITY FROM LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN THE AID OF EXECUTION, EXECUTION OR OTHERWISE) IN RESPECT OF THIS SUPPLEMENTAL INDENTURE. NOTHING HEREIN
SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY ANY LAW OR LIMIT THE RIGHT OF THE TRUSTEE OR ANY HOLDER TO INSTITUTE PROCEEDINGS AGAINST THE NEW ISSUER IN THE COURTS OF ANY OTHER JURISDICTION OR JURISDICTIONS. 

[SIGNATURE PAGE FOLLOWS] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	SOMPO INTERNATIONAL HOLDINGS LTD.
		
	By:	 	 /s/ John V. Del Col

		 	Name: John V. Del Col
		 	Title: General Counsel and Secretary
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name: Francine Kincaid
		 	Title: Vice President

  

			
	Acknowledged by:
	
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	 /s/ John V. Del Col

		 	Name: John V. Del Col
		 	Title: General Counsel and Secretary

 [Signature Page to Fifth Supplemental Indenture]EX-10.3

 Exhibit 10.3 

FOURTH SUPPLEMENTAL INDENTURE 
 BY
AND BETWEEN 
 SOMPO INTERNATIONAL HOLDINGS LTD., 

AS ISSUER 
 AND 

THE BANK OF NEW YORK MELLON, 
 AS
TRUSTEE 
  
  

DATED AS OF SEPTEMBER 27, 2017 
  

 
 FOURTH SUPPLEMENTAL INDENTURE

 FOURTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of September 27, 2017, between SOMPO
INTERNATIONAL HOLDINGS LTD., an exempted company organized under the laws of Bermuda (the “New Issuer”), and THE BANK OF NEW YORK MELLON (as successor to The Bank of New York), as trustee under the Indenture referred to below (the
“Trustee”). 
 RECITALS 

WHEREAS, Endurance Specialty Holdings Ltd., a Bermuda exempted company (“Endurance”), has heretofore executed and delivered
to the Trustee an indenture dated as of July 15, 2004, between Endurance, as issuer, and the Trustee, as supplemented by the First Supplemental Indenture thereto, dated as of July 15, 2004 (the “First Supplemental
Indenture”), as further supplemented by the Third Supplemental Indenture thereto, dated as of March 26, 2010 (the “Third Supplemental Indenture”) (as heretofore amended, supplemented or otherwise modified by the First
Supplemental Indenture and the Third Supplemental Indenture, the “Indenture”) (capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Indenture); 

WHEREAS, pursuant to the Stock and Asset Purchase and Sale Agreement, dated as of September 27, 2017, between the New Issuer and
Endurance, Endurance will transfer substantially all of its assets and liabilities to the New Issuer; 
 WHEREAS, Section 9.1 of the
Indenture provides that if Endurance sells other than for cash all or substantially all its assets to another Person, (1) either Endurance shall be the continuing Person or the successor Person (if other than Endurance) shall expressly assume
by supplemental indenture the obligations and covenants evidenced by the Indenture and the Securities (in which case, Endurance shall be discharged therefrom) and (2) immediately thereafter, Endurance or the successor Person (if other than
Endurance) shall not be in default in the performance of any covenant or condition contained therein; 

 WHEREAS, the New Issuer is the successor Person; 

WHEREAS, Section 8.1 of the Indenture provides that without the consent of any Holders, Endurance, when authorized by a Board Resolution,
and the Trustee may enter into a supplemental indenture to evidence the succession of another Person to Endurance, or successive successions, and the assumption by the successor Person of the covenants, agreements and obligations of Endurance
pursuant to Article IX thereof; and 
 WHEREAS, all acts and requirements necessary to authorize the execution and delivery of this
Supplemental Indenture have been done or performed. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the New Issuer and the Trustee mutually covenant and agree as follows: 

ARTICLE I 
 SUCCESSOR
ISSUER 
 Section 1.1 Agreement to Assume Obligations. The New Issuer hereby agrees to unconditionally assume the
obligations and covenants evidenced by the Indenture and the Securities. 
 Section 1.2 Amendment to Section 11.4
of the Indenture. The first sentence of Section 11.4 of the Indenture is hereby deleted in its entirety and replaced as follows: 

“Any notice or demand which by any provision of this Indenture is required or permitted to be given or served by the Trustee or by the
Holders of Securities or Coupons to or on the Issuer shall be in writing (which may be by facsimile) and may be given or served by being deposited postage prepaid, first-class mail (except as otherwise specifically provided herein) addressed (until
another address of the Issuer is filed by the Issuer with the Trustee) to Sompo International Holdings Ltd., Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda, Attn: General Counsel.” 

Section 1.3 Notices. All notices or other communications to the New Issuer shall be given as provided in Section 11.4 of the
Indenture, as amended by this Supplemental Indenture, at the address provided therein for the Issuer. 
 Section 1.4 Release of
Obligations of Endurance. Endurance is hereby automatically released and discharged from all obligations under the Indenture and the Securities, without any further action on the part of Endurance or the Trustee. 

  
 2 

 ARTICLE II 

MISCELLANEOUS PROVISIONS 

Section 2.1 Ratification and Incorporation of Indenture. As supplemented hereby, the Indenture is in all respects ratified and
confirmed, and the Indenture as supplemented by this Supplemental Indenture shall be read, taken and construed as one and the same instrument. However, to the extent any provision of the Indenture conflicts with the express provisions of this
Supplemental Indenture, the provisions of this Supplemental Indenture will govern and be controlling. 
 Section 2.2
Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. 

Section 2.3 Governing Law. This Supplemental Indenture and the rights and obligations of each of the Holders, the New Issuer and
the Trustee shall be construed and enforced in accordance with and governed by the laws of the State of New York without reference to its conflict of laws provisions (other than Sections 5-1401 and 5-1402 of the General Obligations Law). 
 Section 2.4 Headings. The Article and Section
headings herein are for convenience only and shall not affect the construction hereof. 
 Section 2.5 Trustee. The Trustee makes
no representations as to the validity or sufficiency of this Supplemental Indenture. The recitals and statements herein are deemed to be those of the New Issuer and not of the Trustee. 

Section 2.6 Separability. In case any provision of this Supplemental Indenture or of the Securities shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 2.7 Submission to Jurisdiction. ANY JUDICIAL PROCEEDINGS INSTITUTED IN RELATION TO ANY MATTER ARISING UNDER THIS
SUPPLEMENTAL INDENTURE, THE SECURITIES APPERTAINING THERETO MAY BE BROUGHT IN ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN THE BOROUGH OF MANHATTAN, THE CITY OF NEW YORK, NEW YORK TO THE EXTENT THAT SUCH COURT HAS SUBJECT MATTER
JURISDICTION OVER THE CONTROVERSY, AND, BY EXECUTION AND DELIVERY OF THIS SUPPLEMENTAL INDENTURE, THE NEW ISSUER HEREBY IRREVOCABLY ACCEPTS, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS, ACKNOWLEDGES THEIR COMPETENCE AND
IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED IN SUCH PROCEEDING. THE NEW ISSUER ALSO IRREVOCABLY AND UNCONDITIONALLY WAIVES FOR THE BENEFIT OF THE TRUSTEE AND THE HOLDERS OF THE SECURITIES ANY IMMUNITY FROM JURISDICTION AND ANY IMMUNITY
FROM LEGAL PROCESS (WHETHER THROUGH SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN THE 

  
 3 

 AID OF EXECUTION, EXECUTION OR OTHERWISE) IN RESPECT OF THIS SUPPLEMENTAL INDENTURE. NOTHING HEREIN SHALL AFFECT
THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY ANY LAW OR LIMIT THE RIGHT OF THE TRUSTEE OR ANY HOLDER TO INSTITUTE PROCEEDINGS AGAINST THE NEW ISSUER IN THE COURTS OF ANY OTHER JURISDICTION OR JURISDICTIONS. 

[SIGNATURE PAGE FOLLOWS] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed as of the date first above written. 
  

			
	SOMPO INTERNATIONAL HOLDINGS LTD.
		
	By:	 	 /s/ John V. Del Col

		 	Name: John V. Del Col
		 	Title:   General Counsel and Secretary
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Francine Kincaid

		 	Name: Francine Kincaid
		 	Title:   Vice President

  

			
	 Acknowledged by:
  

	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	 /s/ John V. Del Col

		 	Name: John V. Del Col
		 	Title: General Counsel and Secretary

 [Signature Page to Fourth Supplemental Indenture]

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