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Option Agreement

This Option Agreement to obtain the majority control of the Sublicense Holder  ("Agreement"), dated as of February 24, 2015 ("Effective Date"), is by and between Panacea Pharma Inc., a corporation organized under the laws of the province of Ontario, ("Sublicense Holder") and Panacea Global, Inc., a Nevada corporation, ("Prospective Sublicense Holder").

WHEREAS, Sublicense Holder has entered into an Exclusive Sublicense Agreement (“Sublicense Agreement”) with Pharmaceuticals (as defined below) dated December 20, 2014 whereby Sublicense Holder was granted a One Hundred Percent (100%) interest in the Sublicense Rights (as defined below);

WHEREAS the Sublicense Agreement granted Pharmaceuticals a Thirty Percent (30%) ownership interest in Sublicense Holder and, therefore, by extension, a Thirty Percent (30%) interest in the Sublicense Rights; 

WHEREAS the Sublicense Holder holds a Seventy Percent (70%) interest in the Sublicense Rights;

WHEREAS, Prospective Sublicense Holder is interested in obtaining a Fifty-One Percent (51%) interest in the Sublicense Holder (the “Sublicense Holder Majority”);

WHEREAS, Prospective Sublicense Holder will acquire the Sublicense Holder Majority by way of Sublicense Holder issuing to Prospective Sublicense Holder new shares of common stock from its treasury such that, after the issuance, Prospective Sublicense Holder holds Fifty-One Percent (51%) of the total outstanding shares of common stock of Sublicense Holder; and

WHEREAS, Sublicense Holder is willing to grant Prospective Sublicense Holder the right, for a certain period of time, to purchase the Sublicense Holder Majority during which time Sublicense Holder will not negotiate a grant of rights, or grant any rights, to any other third party to purchase or acquire any interest in the Sublicense Holder or the Sublicense Rights.

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NOW, THEREFORE, in consideration of the mutual covenants, terms and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.

Definitions

For purposes of this Agreement, the following terms shall have the following meanings:

"Affiliate" of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such Person. For purposes of this Agreement, the term "control" with respect to a Person (including the terms "controlled by" and "under common control with") means the direct or indirect power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise/ownership of more than Fifty Percent (50%) of the voting securities of a Person.

"Agreement" has the meaning set forth in the preamble.

"Business Day" means a day other than a Saturday, Sunday or other day on which commercial banks in the city of Toronto in Ontario, Canada are authorized or required by Law to be closed for business.

"Controlled" means, with respect to any intellectual property or right therein, the possession by a party of the ability to grant a sublicense or further sub-sublicense without violating the terms of any arrangement or agreements between such party and any third party.

"Effective Date" means the date of this Agreement as set forth in the preamble.

"Field of Use" means the performance of central laboratory-based diagnostic testing for cancer in humans based on the detection of HAAH levels in blood. 

"HAAH" means human aspartyl beta-hydroxylase.

"Know-How" means all unpatented inventions, technology, methods, materials, know-how, studies, pre-clinical and clinical data (including toxicology and safety data), tests and assays, reports, manufacturing processes, regulatory filings (including drafts) and other 

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information Controlled by Pharmaceuticals or its Affiliates as of the Effective Date or during the term of the Agreement, to the extent directly relating to the commercialization of a HAAH-based laboratory test for cancer in humans involving the Field of Use. Notwithstanding anything to the contrary, Know-How shall not include any of the foregoing that is owned, licensed, sublicensed, or otherwise controlled by an entity that acquires Pharmaceuticals prior to the date of the acquisition of Pharmaceuticals by such entity.

"Law" means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree, other requirement or rule of law of any federal, state, local or foreign government or political subdivision thereof, or any arbitrator, court or tribunal of competent jurisdiction.

 

"Option" has the meaning set forth in Section 2.1(a).

"Option Exercise Date" means the Business Day (or the next Business Day if such communication is sent on a day that is not a Business Day) upon which Prospective Sublicense Holder sends a written communication to the Sublicense Holder stating that Prospective Sublicense Holder is exercising the Option.

"Option Period" has the meaning set forth in Section 2.1(a). 

"Patent" means any granted patents and pending patent applications, together with all additions, divisionals, continuations, continuations-in-part, substitutions, reissues, re-examinations, extensions, registrations, patent term extensions, revalidations, supplementary protection certificates, and renewals of any of the foregoing, and all foreign applications and patents corresponding to or claiming priority from any of the foregoing.

"Patent Rights" means the Patents Controlled by Pharmaceuticals covering a HAAH-based laboratory test for cancer in humans in the Territory. Notwithstanding anything to the contrary, Patent Rights shall not include any Patents that are owned, licensed, sublicensed, or otherwise controlled by an entity that acquires Pharmaceuticals prior to the date of the acquisition of Pharmaceuticals by such entity.

"Person" means an individual, corporation, partnership, joint venture, limited liability entity, governmental authority, unincorporated organization, trust, association or other entity.

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"Pharmaceuticals" means Panacea Pharmaceuticals, Inc., a corporation organized under the laws of Maryland.

"Prospective Sublicense Holder" has the meaning set forth in the preamble.

"Representative" means a Party's and its Affiliates employees, officers, directors, consultants, agents, independent contractors, service providers, sublicensees, subcontractors, and legal advisors.

“Sublicense Holder" has the meaning set forth in the preamble.

"Sublicense Holder Majority" has the meaning set forth in the recitals.

"Sublicense Rights" means the sublicense to provide services in the Territory to any Person which is not an Affiliate of a party to this Agreement involving the use of the technology, method, process, Patent Rights, and Know-How related to a HAAH-based laboratory test for cancer in humans involving the Field of Use.

"Term" has the meaning set forth in Section 4.1.

"Territory" means the United States of America, its territories and possessions, any state of the United States, and the District of Columbia.

 

2.

Exclusive Option Grant

2.1.

Grant

(a)

Sublicense Holder grants to Prospective Sublicense Holder  an exclusive option, exercisable for a period of Two Hundred Seventy (270) days from the Effective Date, and any extension thereof ("Option Period" ), to obtain the Sublicense Holder Majority (the "Option"). This grant is irrevocable subject only to a termination of this Agreement pursuant to Section 4.2(b).

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(b)

In consideration for the rights granted in Section 2.1(a), Prospective Sublicense Holder shall pay to Sublicense Holder Five Million One Hundred Thousand US Dollars ($5,100,000) within Five (5) Business Days after the Option Exercise Date.

(c)

Within Five (5) Business Days of Sublicense Holder’s receipt of the Five Million One Hundred Thousand US Dollars ($5,100,000), Sublicense Holder will issue to Prospective Sublicense Holder new shares of common stock from its treasury such that, after the issuance, Prospective Sublicense Holder shall hold Fifty-One Percent (51%) of the total outstanding shares of common stock of Sublicense Holder.

(d)

Prospective Sublicense Holder in its sole discretion may extend the Option Period for up to Thirty (30) days by providing to Sublicense Holder before the end of the Option Period written notice and payment of One Thousand US Dollars ($1,000) for each Thirty (30) day period that Prospective Sublicense Holder wishes to extend the Option Period.

2.2.

Exclusivity

During the Option Period, Sublicense Holder:

(a)

Shall neither grant to any Person (other than Prospective Sublicense Holder) nor directly or indirectly, solicit, initiate, facilitate, encourage, or participate in any discussions or negotiations with any Person concerning entering into, continuing or consummating any transaction under which any Person other than Prospective Sublicense  Holder does or will obtain (i) any interest in the Sublicense Rights, (ii) any interest in the Sublicense Holder, or (iii) control of Sublicense Holder or any Affiliate of Sublicense Holder that may result in any interference with, delay, complication or prevention of Sublicense Holder's sale of the Sublicense Holder Majority; and

(b)

Shall continue to maintain and hold, in its own name, sole ownership and control of its Seventy Percent (70%) interest in the Sublicense Rights.

2.3.

Exercise of Option

Prospective Sublicense Holder may exercise the Option by delivering to Sublicense Holder during the Option Period a written communication stating that Prospective Sublicense Holder is exercising the Option.

2.4.

No Obligation

Prospective Sublicense Holder has no obligation or commitment to exercise the Option. However, Sublicense Holder shall be bound to sell the 

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Sublicense Holder Majority to Prospective Sublicense Holder if Prospective Sublicense Holder exercises the Option.

3.

Representations and Warranties

3.1.

Mutual Representations and Warranties

Each party represents and warrants to the other party that:

(a)

It is duly organized, validly existing and in good standing as a corporation or other entity as represented herein under the laws and regulations of its jurisdiction of incorporation, organization or chartering;

(b)

It has the full right, power and authority to enter into this Agreement and to perform its obligations hereunder;

(c)

The execution of this Agreement by a Representative whose signature is set forth at the end hereof has been duly authorized by all necessary corporate action of the party; and

(d)

When executed and delivered by the party, this Agreement shall constitute the legal, valid and binding obligation of that party, enforceable against that party in accordance with its terms.

3.2.

Sublicense Holder's Representations and Warranties

Sublicense Holder represents and warrants that:

(a)

It has sole and exclusive control (by ownership, sublicense or otherwise) of the right and title in its Seventy Percent (70%) interest in the Sublicense Rights;

(b)

It has and, throughout the Term, shall retain the unconditional and irrevocable right, power and authority to grant the Option contemplated hereunder;

(c)

Neither its performance of any of its obligations under this Agreement nor the grant of Option contemplated hereunder does or shall at any time:

(i) conflict with or violate any applicable Law;

(ii) require the consent, approval or authorization of any governmental or regulatory authority or other third party; or

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(iii) require the provision of any payment or other consideration to any third party;

(d)

It is, and throughout the Term shall remain, under no obligation, that does or will conflict with or otherwise affect this Agreement, including any of Sublicense Holder's representations, warranties or obligations or Potential Sublicense Holder's rights hereunder; and

(e)

There neither are, nor, at any time during the Term, will there be any encumbrances, liens or security interests involving its Seventy Percent (70%) interest in the Sublicense Rights.

4.

Term and Termination

4.1.

Term

This Agreement shall commence as of the Effective Date and, unless terminated earlier in accordance with Section 4.2, shall remain in force until the expiration of the Option Period and any extension thereof ("Term").

4.2.

Termination

(a)

Prospective Sublicense Holder may terminate this Agreement at any time without cause, and without incurring any obligation, liability or penalty by reason of such termination on giving Sublicense older not less than Five (5) Business Days prior written notice.

(b)

Either party may terminate this Agreement effective upon written notice to the other party if the other party materially breaches this Agreement and such breach: (i) is incapable of cure; or (ii) being capable of cure, remains uncured Fifteen (15) Business Days after the breaching party receives written notice thereof.

4.3.

Survival

The rights and obligations of the parties set forth in this Section 4.3 (Survival) and Section 1 (Definitions), Section 3 (Representations and Warranties), and Section 5 (Miscellaneous), and any right, obligation or required performance of the parties in this Agreement which by its express terms or nature and context is intended to survive termination or expiration of this Agreement, will survive any such termination or expiration.

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5.

Miscellaneous

5.1.

Force Majeure

Neither party shall be liable or responsible to the other party, or be deemed to have defaulted under or breached this Agreement, for any failure or delay in fulfilling or performing any term hereof, when and to the extent such failure or delay is caused by: acts of God, flood, fire or explosion, war, terrorism, invasion, riot or other civil unrest, embargoes or blockades in effect on or after the Effective Date, national or regional emergency, strikes, labor stoppages or slowdowns or other industrial disturbances, any passage of law or governmental order, rule, regulation or direction, or any action taken by a governmental or public authority, including imposing an embargo, export or import restriction, quota or other restriction or prohibition, or national or regional shortage of adequate power or telecommunications or transportation facilities, in each case provided that: (a) such event is outside the reasonable control of the affected party; (b) the affected party gives prompt written notice to the other party, stating the period of time the occurrence is expected to continue; and (c) the affected party uses diligent efforts to end the failure or delay and minimize the effects of such event.

5.2.

Further Assurances

Each party shall, and shall cause their respective Affiliates to, upon the reasonable request, and at the sole cost and expense, of the other party, promptly execute and deliver such further documents and instruments and perform such further actions, necessary to give full effect to the terms of this Agreement.

		
	If to Sublicense Holder:

	277 Byng Avenue, North York, Ontario, Canada M2N 4L4

Email Address: reza_samimi2003@yahoo.com

Attention: Reza Samimi, Chief Executive Officer

	

If to Prospective Sublicense Holder:

With a Copy to

(which copy shall not constitute notice)

	

330 Highway 7 East, Suite 502 

Richmond Hill, Ontario, Canada L4B 3P8

Email Address: moshiri@panaceaglobalinc.com

Attention: Dr. Mahmood Moshiri, Chief Executive Officer

Szaferman Lakind Blumstein & Blader, PC

101 Grovers Mill Road

Second Floor

Lawrenceville, NJ 08648

Email Address: gjaclin@szaferman.com

Attention: Gregg E. Jaclin, Esq., Partner

 5.3.

Independent Contractors

The relationship between the parties is that of independent contractors. Nothing contained in this Agreement shall be construed as creating any agency, partnership, joint venture or other form of joint enterprise, employment or fiduciary relationship between the parties and neither party shall have authority to contract for or bind the other party in any manner whatsoever.

5.4.

Notices

All notices, requests, consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given in accordance with this Section:

Notices sent in accordance with this Section shall be deemed effectively given:

(a)

When delivered by hand (with written confirmation of receipt);

(b)

When received, if sent by a nationally recognized overnight courier (receipt requested);

(c)

On the date sent by e-mail if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the recipient; or

(d)

On the Third (3rd) Business Day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid.

5.5.

Interpretation

For purposes of this Agreement:

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(a)

The words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation";

(b)

The word "or" is not exclusive; and

(c)

The words "herein," "hereof," "hereby," "hereto" and "hereunder" refer to this Agreement as a whole.

Unless the context otherwise requires, references herein: (x) to Sections, Exhibits and Schedules refer to the Sections of and Exhibits and Schedules attached to, this Agreement; (y) to an agreement, instrument or other document means that agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; and (z) to a statute means that statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Exhibits and Schedules referred to herein shall be construed with, and as an integral part of, this Agreement to the same extent as if they were set forth verbatim herein.

5.6.

Headings

The headings in this Agreement are for reference only and shall not affect its interpretation.

5.7.

Entire Agreement

This Agreement, all Exhibits and, Schedules and any other documents incorporated herein by reference, constitute the sole and entire agreement of the parties to this Agreement with respect to the subject matter contained herein, and supersedes all prior and contemporaneous understandings and agreements, both written and oral, with respect to such subject matter. In the event of any conflict between the terms and provisions of this Agreement and those of any Exhibit, Schedule or other document, the following order of precedence shall govern: (a) first, this Agreement, excluding its Exhibits and Schedules; (b) second, the Exhibits and Schedules to this Agreement as of the Effective Date; and (c) third, any other documents incorporated herein by reference.

5.8.

Assignment

Sublicense Holder shall not assign or otherwise transfer any of its rights, or delegate or otherwise transfer any of its obligations or performance, under this Agreement, in each case whether voluntarily, involuntarily, by operation of law or otherwise, without Prospective Sublicense Holder's prior written consent, which consent Prospective 

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Sublicense Holder shall not unreasonably withhold or delay. For purposes of the preceding sentence, and without limiting its generality, any merger, consolidation or reorganization involving Sublicense Holder (regardless of whether Sublicense Holder is a surviving or disappearing entity) shall be deemed to be a transfer of rights, obligations or performance under this Agreement for which Prospective Sublicense Holder’s prior written consent is required. No delegation or other transfer will relieve Sublicense Holder of any of its obligations or performance under this Agreement. Any purported assignment, delegation or transfer in violation of this Section 5.8 is void. Prospective Sublicense Holder may freely assign or otherwise transfer all or any of its rights, or delegate or otherwise transfer all or any of its obligations or performance, under this Agreement without Sublicense Holder's consent. This Agreement is binding upon and inures to the benefit of the parties hereto and their respective permitted successors and assigns.

5.9.

No Third Party Beneficiaries This Agreement is for the sole benefit of the parties hereto and their respective successors and permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person any legal or equitable right, benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

5.10.

Amendment; Modification; Waiver

This Agreement may only be amended, modified or supplemented by an agreement in writing signed by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the waiving party. Except as otherwise set forth in this Agreement, no failure to exercise, or delay in exercising, any rights, remedy, power or privilege arising from this Agreement shall operate or be construed as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude the exercise, or further exercise, of any other right, remedy, power or privilege.

5.11.

Severability

If any term or provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, the invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable that term or provision in any other jurisdiction. Upon a determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this Agreement to effect the original intent of the parties as closely as possible in a mutually acceptable manner so the transactions contemplated hereby can be consummated as originally contemplated to the greatest extent possible.

5.12.

Governing Law; Submission to Jurisdiction

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(a)

This Agreement and all related documents, and all matters arising out of or relating to this Agreement, are governed by, and construed in accordance with, the laws of the State of Nevada, United States of America, without regard to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Nevada.

(b)

Any legal suit, action or proceeding arising out of or related to this Agreement shall be instituted exclusively in the federal courts of the United States or the courts of the State of Nevada in each case located in the city of Las Vegas and County of Clark, and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of process, summons, notice or other document by mail to such party's address set forth herein shall be effective service of process for any suit, action or other proceeding brought in any such court.

5.13.

Waiver of Jury Trial

Each party irrevocably and unconditionally waives any right it may have to a trial by jury for any legal action arising out of or relating to this Agreement or the transactions contemplated hereby.

5.14.

Equitable Relief

Each party to this Agreement acknowledges and agrees that (a) a breach or threatened breach by such party of any of its obligations under this Agreement would give rise to irreparable harm to the other party for which monetary damages would not be an adequate remedy and (b) in the event of a breach or a threatened breach by such party of any such obligations, the other party hereto shall, in addition to any and all other rights and remedies that may be available to such party at law, at equity or otherwise in respect of such breach, be entitled to equitable relief, including a temporary restraining order, an injunction, specific performance and any other relief that may be available from a court of competent jurisdiction, without any requirement to post a bond or other security, and without any requirement to prove actual damages or that monetary damages will not afford an adequate remedy. Each party to this Agreement agrees that such party will not oppose or otherwise challenge the appropriateness of equitable relief or the entry by a court of competent jurisdiction of an order granting equitable relief, in either case, consistent with the terms of this Section 5.14. 

5.15.

Attorneys Fees

In the event that any action, suit, or other legal or administrative proceeding is instituted or commenced by either party hereto against the other party arising 

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out of or related to this Agreement, the prevailing party shall be entitled to recover its reasonable attorneys' fees and court costs from the non-prevailing party.

5.16

Counterparts

This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by e-mail or other means of electronic transmission (to which a PDF copy is attached) shall be deemed to have the same legal effect as delivery of an original signed copy of this Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Effective Date by their respective officers thereunto duly authorized.

PANACEA PHARMA INC.

By: /s/ Reza Samimi ______________

Name: Mr. Reza Samimi

Title: Chief Executive Officer

PANACEA GLOBAL, INC.

By: /s/ Mahmood Moshiri___________

Name: Dr. Mahmood Moshiri

Title: Chief Executive Officer

13EX-10.1

 Exhibit 10.1 

CONSENT AND AMENDMENT TO CREDIT AGREEMENT 

This CONSENT AND AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 2, 2015, is entered into by
and among PLATINUM UNDERWRITERS HOLDINGS, LTD., a Bermuda exempted company (“Platinum Holdings”), the subsidiaries of Platinum Holdings party hereto (the “Subsidiary Credit Parties”), the Lenders party
hereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, as administrative agent (the “Administrative Agent”). 

RECITALS 
 A. Platinum
Holdings, the Subsidiary Credit Parties, the Lenders and the Administrative Agent are parties to a Third Amended and Restated Credit Agreement, dated as of April 9, 2014 (as amended, amended and restated, supplemented or otherwise modified from
time to time, the “Credit Agreement”), pursuant to which the Lenders party thereto have made available to the Credit Parties a revolving credit facility in the aggregate principal amount of $300,000,000 for the making of revolving
loans and the issuance of standby letters of credit. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement. 

B. Platinum Holdings has entered into an Agreement and Plan of Merger (the “Merger Agreement”), dated as of November 23,
2014, with RenaissanceRe Holdings Ltd., a Bermuda exempted company (“RenRe Holdings”), and Port Holdings Ltd., a Bermuda exempted company and a wholly owned subsidiary of RenRe Holdings (“Port Holdings”), pursuant
to which Platinum Holdings will merge with Port Holdings, with Platinum Holdings being the surviving entity and becoming a wholly owned subsidiary of RenRe Holdings (the “Merger”). 

C. The Credit Parties have requested that (i) the Lenders party hereto (the “Required Lenders”) consent to the Merger
and waive any noncompliance with Sections 8.1 and 9.1(m) of the Credit Agreement that would result from the Merger, (ii) the Credit Agreement be amended, effective upon the consummation of the Merger, to, among other things, (a) terminate
the Commitments of the Lenders to make Loans, (b) reduce the aggregate Commitments of the Lenders to Issue and/or participate in Letters of Credit to $100,000,000 and (c) to make certain other amendments to the Credit Agreement. 

D. The Administrative Agent and the Required Lenders are willing to consent to the Merger and to amend the Credit Agreement on the terms and
conditions set forth herein. 
 STATEMENT OF AGREEMENT 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows: 
 ARTICLE I 

LIMITED CONSENT 
 The
Required Lenders hereby consent to the Merger and waive any Default or Event of Default under Section 8.1 and Section 9.1(m) of the Credit Agreement that would otherwise result from the Merger; provided that, the Merger shall have
been consummated substantially in 

 
accordance with the terms of the Merger Agreement in all material respects and without giving effect to any modifications, amendments, consents or waivers of the terms of the Merger Agreement
that are material and adverse to the Lenders or the Administrative Agent as reasonably determined by the Administrative Agent, without the prior consent of the Required Lenders (such consent not to be unreasonably withheld, delayed or conditioned).

 ARTICLE II 

AMENDMENTS TO CREDIT AGREEMENT 

2.1 Amendments to the Credit Agreement. Effective upon the Amendment Effective Date (as defined below), the Credit Agreement shall be
automatically amended as follows. 
 (a) Termination of Revolving Loan Sublimit. The Commitments of the Lenders to make Loans to the
Borrowers pursuant to Section 2.1 of the Credit Agreement shall be terminated and the definition of “Revolving Loan Sublimit” is hereby amended by deleting the figure “$100,000,000” and substituting therefor the figure
“$0.” For the avoidance of doubt, the Fronting Bank’s and the Lenders’ Commitments to Issue and/or participate in Letters of Credit pursuant to Section 2.1 of the Credit Agreement shall remain in full force and effect, as
reduced pursuant to Section 2.1(b) of this Amendment. 
 (b) Reduction of Commitments. The aggregate Commitments of the
Lenders under the Credit Agreement to Issue and/or participate in Letters of Credit shall be reduced to $100,000,000. Schedule 1.1(a) of the Credit Agreement is hereby replaced with Schedule 1.1(a) attached hereto. 

(c) Amendments to Defined Terms. 

(i) The defined term “Credit Documents” shall be amended and restated in its entirety as follows. 

“Credit Documents” means this Agreement, the Consent and Amendment, the Letter of Credit Documents, the Fee Letters, the
Security Agreement, all of the other Security Documents, the RenRe Holdings Guaranty and all other agreements, instruments, documents and certificates now or hereafter executed and delivered to the Administrative Agent or any Lender by or on behalf
of any Credit Party with respect to this Agreement; but specifically excluding any Hedge Agreement to which Platinum Holdings or any of its Subsidiaries and any Hedge Party are parties. 

(ii) The following defined terms shall be added to Section 1.1 of the Credit Agreement in appropriate alphabetical order.

 “Amendment Effective Date” has the meaning set forth in the Consent and Amendment. 

  
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 “Consent and Amendment” means the Consent and Amendment, dated as of
March 2, 2015, between Platinum Holdings, the Subsidiary Credit Parties, the Lenders party thereto and the Administrative Agent. 

“RenRe Holdings” means RenaissanceRe Holdings Ltd., a Bermuda exempted company. 

“RenRe Holdings Credit Agreement” means the Credit Agreement, dated as of May 17, 2012, among RenRe Holdings, the lenders
party thereto and Wells Fargo Bank, National Association, as administrative agent. 
 “RenRe Holdings Guaranty” means the
Guaranty executed as of the Amendment Effective Date by RenRe Holdings in favor of the Lenders, the Fronting Bank and the Administrative Agent pursuant to the Consent and Amendment. 

(d) Section 2.6(c) of the Credit Agreement shall be amended and restated in its entirety as follows. 

“(c) Subject to the provisions of Section 3.9(a), in the event that, at any time, the aggregate Loans and L/C Obligations of any
Credit Party exceeds the Borrowing Base of such Credit Party at such time, such Credit Party shall within three Business Days deposit into a Custodial Account Eligible Collateral or prepay its Loans or reduce its L/C Obligations, or a combination of
the foregoing, in an amount sufficient to eliminate such excess.” 
 (e) Deletion of Certain Affirmative Covenants. Each of
Sections 6.1, 6.2, 6.3(a), 6.3(b), 6.3(c), 6.3(e), 6.3(f), 6.6, 6.7, 6.8, and 6.9 of the Credit Agreement shall be deleted in its entirety and replaced with “[Reserved].” 

(f) Deletion of Financial Covenants. Each of Sections 7.1 and 7.2 of the Credit Agreement shall be deleted in its entirety and replaced
with “[Reserved].” 
 (g) Deletion of Certain Negative Covenants. Each of Sections 8.2, 8.3, 8.4, 8.5, 8.6, 8.7, 8.8, 8.9,
8.10, 8.11, 8.12 and 8.13 shall be deleted in its entirety and replaced with “[Reserved].” 
 (h) Fundamental Changes.
Section 8.1 of the Credit shall be amended and restated in its entirety as follows. 
 “Fundamental Changes. Such Credit
Party will not (a) liquidate, wind up or dissolve, and (b) solely with respect to any Credit Party that is an Account Party, such Account Party will not enter into any consolidation, merger or other combination, or agree to do any of the
foregoing; provided, however, that such Account Party may merge into or consolidate with any other Person so long as (y) the surviving corporation is either (i) such Account Party or (ii) a Wholly Owned Subsidiary of
RenRe Holdings 

  
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organized under the laws of Bermuda or the United States of America, and (z) immediately after giving effect thereto, no Default or Event of Default would occur or exist.” 

(i) Events of Default. Section 9.1 of the Credit Agreement shall be amended as follows. 

(i) Section 9.1(d) shall be amended by replacing the phrase “any Credit Party” in such Section with “RenRe
Holdings or any Credit Party”. 
 (ii) Section 9.1(f) shall be amended by replacing the phrase “Platinum
Holdings or any of its Material Subsidiaries” in such Section with “RenRe Holdings, Platinum Holdings or any of the Material Subsidiaries of Platinum Holdings”. 

(iii) Section 9.1(g) shall be amended by replacing the phrase “Platinum Holdings or any of its Material
Subsidiaries” in such Section with “RenRe Holdings, Platinum Holdings or any of the Material Subsidiaries of Platinum Holdings”. 

(iv) Section 9.1(k) shall be amended and restated in its entirety as follows. 

“(k) At any time, any Subsidiary Credit Party shall cease to be a Wholly Owned Subsidiary of RenRe Holdings other than as
otherwise permitted in this Agreement; or” 
 (v) Section 9.1(m) shall be amended and restated in its entirety as
follows. 
 “(m) (i) RenRe Holdings shall fail (1) to pay any amounts under the RenRe Holdings Guaranty when due, (2) to
comply with the covenants set forth in Section 6.2 of the RenRe Holdings Guaranty or (3) to observe, perform or comply with any other condition, covenant or agreement contained in the RenRe Holdings Guaranty and such failure to observe,
perform or comply shall continue for a period of 30 days from the earlier of (I) the date on which any of the Chief Executive Officer, Chief Financial Officer, Treasurer, General Counsel or Controller of Guarantor acquires knowledge of such
failure and (II) the date the Administrative Agent has given notice of such failure to Guarantor, (ii) the obligations of RenRe Holdings under the RenRe Holdings Guaranty shall for any reason terminate or cease, in whole or in material part, to
be a legally valid and binding obligation of RenRe Holdings, or RenRe Holdings or any Person acting for or on behalf of RenRe Holdings shall contest the validity or binding nature of the RenRe Holdings Guaranty, or (iii) there shall occur an
Event of Default under and as defined in the RenRe Holdings Credit Agreement.” 
 (j) Section 11.4 of the Credit Agreement shall be
amended to add Section 11.4(d) as follows. 

  
 4 

 “(d) Each notice given to a Credit Party shall also be given concurrently to RenRe Holdings
at the address set forth in the RenRe Holdings Guaranty.” 
 ARTICLE III 

CONDITIONS OF EFFECTIVENESS 

3.1 The limited consent set forth in Article I shall become effective as of the date when, and only when, the Administrative Agent
shall have received an executed counterpart of this Amendment from the Credit Parties and Lenders constituting Required Lenders under the Credit Agreement. 

3.2 The amendments set forth in Section 2.1 hereof shall become effective as of the date (the “Amendment Effective
Date”) when, and only when, each of the following conditions precedent shall have been satisfied: 
 (a) The Administrative Agent
shall have received an executed counterpart of this Amendment from the Credit Parties and Lenders constituting Required Lenders under the Credit Agreement; 

(b) The Merger shall have been consummated substantially simultaneously with the Amendment Effective Date in accordance with the terms of the
Merger Agreement in all material respects and without giving effect to any modifications, amendments, consents or waivers of the terms of the Merger Agreement that are material and adverse to the Lenders, the Fronting Bank or the Administrative
Agent as reasonably determined by the Administrative Agent, without the prior consent of the Required Lenders (such consent not to be unreasonably withheld, delayed or conditioned). 

(c) The Administrative Agent shall have received an executed Guaranty from RenRe Holdings in substantially the form attached hereto as
Exhibit A (the “RenRe Holdings Guaranty”); 
 (d) The Administrative Agent shall have received a certificate, signed
by a Responsible Officer of Platinum Holdings, in form and substance reasonably satisfactory to the Administrative Agent, certifying that (i) all representations and warranties of the Credit Parties contained in the Credit Agreement and the
other Credit Documents (including the representations and warranties set forth in Article IV hereof) are true and correct as of the Amendment Effective Date, immediately after giving effect to this Amendment (except to the extent any such
representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date), and (ii) no Default or Event of Default has occurred and is
continuing as of the Amendment Effective Date, immediately after giving effect to this Amendment; 
 (e) The Administrative Agent shall have
received a certificate of the secretary, an assistant secretary or other appropriate officer of Platinum Holdings, in form and substance reasonably satisfactory to the Administrative Agent, certifying that (i) attached thereto is a true and
complete copy of the articles or certificate of incorporation, certificate of formation or other 

  
 5 

 
organizational document and all amendments thereto of Platinum Holdings as in effect immediately following the consummation of the Merger and (ii) attached thereto is a true and complete
copy of the bylaws or similar governing document of Platinum Holdings as in effect immediately following the consummation of the Merger; 

(f) The Administrative Agent shall have received a certificate of the secretary, an assistant secretary or other appropriate officer of RenRe
Holdings, in form and substance reasonably satisfactory to the Administrative Agent, certifying that (i) attached thereto is a true and complete copy of the articles or certificate of incorporation, certificate of formation or other
organizational document and all amendments thereto of RenRe Holdings, certified as of a recent date by the Secretary of State (or comparable Governmental Authority) of its jurisdiction of organization, and that the same has not been amended since
the date of such certification, (ii) attached thereto is a true and complete copy of the bylaws or similar governing document of RenRe Holdings, as then in effect and as in effect at all times from the date on which the resolutions referred to
in clause (iii) below were adopted to and including the date of such certificate, and (iii) attached thereto is a true and complete copy of resolutions adopted by the board of directors (or similar governing body) of RenRe Holdings
authorizing the execution, delivery and performance of the RenRe Holdings Guaranty, and as to the incumbency and genuineness of the signature of each officer of RenRe Holdings executing the RenRe Holdings Guaranty; 

(g) There shall be no Loans outstanding on the Amendment Effective Date and the aggregate Letter of Credit Exposure of the Lenders on the
Amendment Effective Date shall not be greater than $100,000,000; 
 (h) Each Lender shall have received such other documentation or
information regarding RenRe Holdings required to satisfy applicable “know your customer” and anti-money laundering rules and regulations, including without limitation the Patriot Act, as each Lender may reasonably request at least five
Business Days prior to the consummation of the Merger; 
 (i) All material governmental authorizations and approvals necessary in connection
with the consummation of the Merger shall have been obtained and shall remain in effect and shall not impose any restriction or condition materially adverse to the Administrative Agent, the Fronting Bank or the Lenders; and no law or regulation
shall be applicable that seeks to enjoin, restrain, restrict, set aside or prohibit, or impose materially adverse conditions upon, the consummation of the Merger; and all third-party consents necessary in connection with the consummation of the
Merger shall have been obtained and remain in effect (except for any third-party consents with respect to which the failure to obtain such consents would not result in a Material Adverse Effect); and 

(j) The Credit Parties shall have paid all reasonable out-of-pocket costs and expenses of the Administrative Agent in connection with the
preparation, negotiation, execution and delivery of this Amendment (including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Administrative Agent with respect thereto). 

  
 6 

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent, the Fronting Bank and the Lenders to enter into this Amendment, each Credit Party represents and warrants
to the Administrative Agent, the Fronting Bank and the Lenders as follows: 
 4.1 Authorization; Enforceability. Such Credit Party
has taken all necessary corporate action to execute, deliver and perform this Amendment and has validly executed and delivered this Amendment. This Amendment constitutes the legal, valid and binding obligation of such Credit Party, enforceable
against it in accordance with its terms except as enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, fraudulent transfer, moratorium or other similar laws affecting creditors’ rights generally or by
general equitable principles regardless of whether enforceability is considered in a proceeding in equity or at law. 
 4.2 No
Violation. The execution, delivery and performance by each Credit Party of this Amendment, and compliance by it with the terms hereof, do not and will not (i) violate any provision of its articles of incorporation or formation, bylaws or
other applicable formation or organizational documents, (ii) contravene any other Requirement of Law applicable to it or (iii) conflict with, result in a breach of, or result in the creation of any Lien under, or require any payment to be
made under, or constitute (with notice, lapse of time or both) a default under any material indenture, agreement or other instrument to which it is a party, by which it or any of its properties are bound or to which it is subject, other than, in the
case of clauses (ii) and (iii), such contraventions, conflicts, breaches, Liens, payments and defaults that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

4.3 Governmental and Third-Party Authorization. No consent, approval, authorization or other action by, notice to, or registration or
filing with, any Governmental Authority or other third-party Person is or will be required as a condition to or otherwise in connection with the due execution, delivery and performance by such Credit Party of this Amendment or the legality, validity
or enforceability hereof. 
 ARTICLE V 

ACKNOWLEDGEMENT AND CONFIRMATION 

Each Credit Party hereby confirms and agrees that, after giving effect to this Amendment, and except as expressly amended hereby, the Credit
Agreement and the other Credit Documents to which it is a party remain in full force and effect and enforceable against it in accordance with their respective terms and shall not be discharged, diminished, limited or otherwise affected in any
respect. Each Credit Party represents and warrants to the Administrative Agent, the Fronting Bank and the Lenders that as of the Amendment Effective Date it has no knowledge of any claims, counterclaims, offsets, or defenses to or with respect to
its obligations under the Credit Documents, or if such Credit Party has any such claims, counterclaims, offsets or defenses to the Credit Documents or any transaction related to the Credit Documents, the same are hereby waived, relinquished and
released in consideration of the execution of this Amendment. The amendments contained herein shall not, in any manner, be construed to constitute payment of, or 

  
 7 

 
impair, limit, cancel or extinguish, or constitute a novation in respect of, the Obligations of the Credit Parties evidenced by or arising under the Credit Agreement and the other Credit
Documents. This acknowledgement and confirmation by the Credit Parties is made and delivered to induce the Administrative Agent, the Fronting Bank and the Lenders to enter into this Amendment, and the Credit Parties acknowledge that the
Administrative Agent, the Fronting Bank and the Lenders would not enter into this Amendment in the absence of the acknowledgement and confirmation contained herein. 

ARTICLE VI 

MISCELLANEOUS 
 6.1
Governing Law. This Amendment shall be governed by and construed and enforced in accordance with the laws of the State of New York (including Sections 5-1401 and 5-1402 of the New York General Obligations Law, but excluding all other choice
of law and conflicts of law rules). 
 6.2 Credit Document. As used in the Credit Agreement, “hereinafter,”
“hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this Amendment. Any reference to the Credit Agreement or any of the other Credit Documents
herein or in any such documents shall refer to the Credit Agreement and Credit Documents as amended hereby. This Amendment is limited to the matters expressly set forth herein, and shall not constitute or be deemed to constitute an amendment,
modification or waiver of any provision of the Credit Agreement except as expressly set forth herein. This Amendment shall constitute a Credit Document under the terms of the Credit Agreement. 

6.3 Severability. To the extent any provision of this Amendment is prohibited by or invalid under the applicable law of any
jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of
this Amendment in any jurisdiction. 
 6.4 Successors and Assigns. This Amendment shall be binding upon, inure to the benefit of and
be enforceable by the respective successors and permitted assigns of the parties hereto. 
 6.5 Construction. The headings of the
various sections and subsections of this Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof. 

6.6 Counterparts; Integration. This Amendment may be executed and delivered via facsimile or electronic mail with the same force and
effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument. This Amendment constitutes the entire
contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
duly authorized officers as of the date first above written. 
  

			
	PLATINUM UNDERWRITERS HOLDINGS, LTD.
		
	 By:
	 	/s/ Gareth S. Bahlmann
	 Name:
	 	Gareth S. Bahlmann
	 Title:
	 	Assistant Secretary
	
	PLATINUM UNDERWRITERS BERMUDA, LTD.
		
	 By:
	 	 /s/ Gareth S. Bahlmann

	 Name:
	 	Gareth S. Bahlmann
	 Title:
	 	Assistant Secretary
	
	PLATINUM UNDERWRITERS REINSURANCE, INC.
		
	 By:
	 	 /s/ Gareth S. Bahlmann

	 Name:
	 	Gareth S. Bahlmann
	 Title:
	 	Assistant Secretary
	
	PLATINUM UNDERWRITERS FINANCE, INC.
		
	 By:
	 	 /s/ Gareth S. Bahlmann

	 Name:
	 	Gareth S. Bahlmann
	 Title:
	 	Assistant Secretary

 SIGNATURE PAGE TO 

CONSENT AND AMENDMENT TO CREDIT AGREEMENT 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
as Administrative Agent, as Fronting Bank and as a Lender
		
	By:		 /s/ Karen Hanke

	Name:		Karen Hanke
	Title:		Managing Director

 SIGNATURE PAGE TO 

CONSENT AND AMENDMENT TO CREDIT AGREEMENT 

			
	U.S. BANK NATIONAL ASSOCIATION, as
Syndication Agent and as a Lender
		
	By:		 /s/ Inna Kotsubey

	Name:		 Inna Kotsubey

	Title:		 Vice President

 SIGNATURE PAGE TO 

CONSENT AND AMENDMENT TO CREDIT AGREEMENT 

			
	ING BANK N.V., as Documentation Agent and as a
Lender
		
	By:		 /s/ M.E.R. Sharman

	Name:		 M.E.R. Sharman

	Title:		 Managing Director

		
	By:		 /s/ M.D. Riordan

	Name:		 M.D. Riordan

	Title:		 Managing Director

 SIGNATURE PAGE TO 

CONSENT AND AMENDMENT TO CREDIT AGREEMENT 

 
			
	NATIONAL AUSTRALIA BANK LIMITED, as Documentation Agent and as a Lender
		
	By:		 /s/ Helen Hsu

	Name:		 Helen Hsu

	Title:		 Director

 SIGNATURE PAGE TO 

CONSENT AND AMENDMENT TO CREDIT AGREEMENT 

 Exhibit A 

RenRe Holdings Guaranty 
 [see
attached] 

 Schedule 1.1(a) 

Commitments and Notice Addresses 

Commitments 
  

					
	 Lender
	  	Commitment	 
	 Wells Fargo Bank, National Association
	  	$	22,500,000.00	  
	 U.S. Bank National Association
	  	$	22,500,000.00	  
	 ING Bank N.V.
	  	$	22,500,000.00	  
	 National Australia Bank Limited
	  	$	22,500,000.00	  
	 State Street Bank and Trust Company
	  	$	10,000,000.00	  
		  	  
	  
	 
	 Total
		$	100,000,000.00	  
		  	  
	  
	 

 Notice Addresses for Credit Parties1 

Platinum Underwriters Holdings, Ltd. 

Address: 
 Renaissance
House 
 12 Crow Lane 

Pembroke, HM-19 
 Bermuda 

Attention: 
 Chief
Financial Officer 
 General Counsel 

Fax: (441) 295-4513 
 Platinum
Underwriters Bermuda, Ltd. 
 Address: 

Renaissance House 
 12 Crow Lane

 Pembroke, HM-19 
 Bermuda

 Attention: 
 Chief
Financial Officer 
 Fax: (441) 295-4513 

 

	1 	Platinum Underwriters Finance, Inc. is the agent to receive, accept and acknowledge for and on behalf Platinum Underwriters Bermuda, Ltd. and Platinum Underwriters Holdings, Ltd. and in respect of their respective
properties, service of any and all legal process, summons, notices and documents which may be served in any action or proceeding arising under or as a result of the Credit Agreement or any other Credit Documents. 

 Platinum Underwriters Reinsurance, Inc. 

Address: 
 140 Broadway

 Suite 4200 
 New York, NY
10005 
 USA 
 Attention:

 Chief Financial Officer 

General Counsel 
 Fax:
(212) 238-9626 
 Platinum Underwriters Finance, Inc. 

Address: 
 140 Broadway

 Suite 4200 
 New York, NY
10005 
 USA 
 Attention:

 Chief Financial Officer 

General Counsel 
 Fax:
(212) 238-9466 
  

	 	•	 	Each notice given to a Credit Party shall also be given concurrently to RenRe Holdings at the address set forth in the RenRe Holdings Guaranty. 

 Notice Addresses for Administrative Agent/Wells Fargo as Fronting Bank 

Administrative Agent’s Office 
 (for payments and
requests for Credit Extensions): 
 Wells Fargo Bank, National Association, as Administrative Agent 

1525 W. W.T. Harris Blvd. 
 Building 1B1 East, MAC D1109-019 

Charlotte, North Carolina 28262 
 Attention: Syndication Agency
Services 
 Telephone: (704) 590-2706 
 Facsimile:
(704) 590-2782 
 with a copy to: 
 Wells Fargo Bank,
National Association, as Administrative Agent 
 One Wells Fargo Center, 14th Floor, MAC D1053-144 

301 South College Street 
 Charlotte, North Carolina 28202 

Attention: Karen Hanke 
 Telephone: (704) 374-3061 

Facsimile: (704) 715-1486 
 Instructions for wire
transfers to the Administrative Agent: 
 Wells Fargo Bank, National Association 

ABA Routing No. 121000248 
 Charlotte, North Carolina 

Account Number: 01459670001944 
 Account Name: Agency Services
Clearing Account 
 Ref: Platinum Underwriters Holdings, Ltd. 

Attn: Financial Cash Controls 
 Other Notices as
Administrative Agent: 
 Wells Fargo Bank, National Association, as Administrative Agent 

One Wells Fargo Center, 14th Floor, MAC D1053-144 
 301 South
College Street 
 Charlotte, North Carolina 28202 
 Attention:
Karen Hanke 
 Telephone: (704) 374-3061 
 Facsimile:
(704) 715-1486 
 Fronting Bank 
 Wells Fargo Bank,
National Association, as Fronting Bank 
 One Wells Fargo Center, 14th Floor, MAC D1053-144 

301 South College Street 
 Charlotte, North Carolina 28202 

Attention: Karen Hanke 
 Telephone: (704) 374-3061 

Facsimile: (704) 715-1486

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