Document:

EX-10.5

 Exhibit 10.5 
 DISTRIBUTION SERVICES AGREEMENT 
 DISTRIBUTION SERVICES AGREEMENT
dated as of January     , 2015 (this “Agreement”) among PowerShares DB Multi-Sector Commodity Trust, a Delaware statutory trust organized in series (the “Trust”), each series of the Trust as set
forth on Schedule A attached hereto, and as it may be amended from time-to-time (individually, each a “Fund” and collectively, the “Funds”), ALPS Distributors, Inc., a Colorado corporation and a
registered broker-dealer under the Securities Exchange Act of 1934 (the “Distributor”), and Invesco PowerShares Capital Management LLC, a Delaware limited liability company (the “Managing Owner”). Capitalized terms
used but not defined in this Agreement shall have the meaning ascribed thereto in the Trust’s Prospectus included in its corresponding Registration Statement as referenced in the attached Schedule C. 

WHEREAS, the Managing Owner serves as the sole managing owner of each Fund; and 

WHEREAS, each Fund and the Managing Owner wish to employ Distributor in connection with the performance of the services listed in
Schedule B and additional services as may be agreed to from time-to-time. 
 NOW, THEREFORE, in consideration of the
mutual promises and undertakings herein contained, the parties agree as follows: 
 1. Documents — The Trust has furnished or will
furnish, upon request, the Distributor with copies of the Trust’s or, as applicable, each Fund’s Amended and Restated Declaration of Trust, advisory agreement, custodian agreement, transfer agency agreement, administration agreement,
current prospectus, and statement of additional information, and all forms relating to any plan, program or service offered by each Fund. The Trust shall, on behalf of each Fund, furnish, within a reasonable time period, to the Distributor a copy of
any amendment or supplement to any of the above-mentioned documents. Upon request, the Trust, on behalf of each Fund, shall furnish promptly to the Distributor any additional documents necessary or advisable to perform its functions hereunder. As
used in this Agreement the terms “registration statement,” “prospectus” and “statement of additional information” shall mean any registration statement, prospectus and statement of additional information filed by the
Trust and each Fund with the Securities and Exchange Commission (“SEC”) and any amendments and supplements thereto that are filed with the SEC. 
 2. Authorized Representations — The Distributor is not authorized by the Trust or any Fund to give any information or to make any representations other than those contained in the registration
statement or prospectus and statement of additional information, or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust or any Fund for the Distributor’s use. Consistent with the foregoing, the
Distributor may prepare and distribute sales literature or other material as it may deem appropriate in consultation with the Trust and the Managing Owner, provided such sales literature is approved in accordance with Paragraph 8 below and complies
with applicable law and regulations. 
 3. Registration of Shares — The Trust agrees that it will take all action necessary to
register the Shares of each Fund under the Securities Act of 1933 (the “Securities Act”) (subject to the necessary approval of its shareholders). The Trust shall make available to the Distributor, at the Distributor’s expense, such
number of copies of its prospectus and statement of additional information as the Distributor may reasonably request. The Trust shall furnish to the Distributor copies of all information, financial statements and other papers related to the Funds,
which the Distributor may reasonably request for use in connection with the distribution of Shares of each Fund. 

 4. Fees and Fund Expenses — (a) In consideration of the services to be performed for each
Fund by the Distributor hereunder as set forth on Schedule B attached hereto and as it may be amended from time-to-time, the Managing Owner (and not the Trust or any Fund) will pay the Distributor a fee in an amount set forth in Schedule
C hereto, subject to any limitation imposed by any law, rule or regulation applicable to any of the parties hereto. 
 (b)
The Managing Owner shall reimburse the Distributor for any reasonable fees or disbursements incurred by the Distributor in connection with the performance by the Distributor of its duties under and pursuant to this Agreement with the prior written
consent of the Managing Owner. Further, unless otherwise agreed to by the parties hereto in writing, the Distributor shall not be responsible for fees and expenses in connection with (a) filing of any registration statement, printing and the
distribution of any prospectus and statement of additional information under the Securities Act and amendments prepared for use in connection with the offering of Shares for sale to the public, preparing, setting in type, printing and mailing the
prospectus, statement of additional information and any supplements thereto sent to existing shareholders, (b) preparing, setting in type, printing and mailing any report (including annual and semi-annual reports) or other communication to
shareholders of the Funds, and (c) the Blue Sky registration and qualification of Shares for sale in the various states in which the officers of each Fund shall determine it advisable to qualify such Shares for sale (including registering the
Trust or any Fund as a broker or dealer or any officer of the Trust or any Fund as agent or salesman in any state). 
 (c) The
Managing Owner, on behalf of each Fund, and the Distributor will monitor compensation received in connection with the Trust to determine if the payments described hereunder must be limited, when combined with selling commissions charged by other
FINRA members, in order to comply with the 10% limitation on total underwriters’ compensation pursuant to FINRA Rule 2310. 
 5. Use of
the Distributor’s Name — Neither the Trust nor any Fund shall use the name of the Distributor, or any of its affiliates, in any prospectus or statement of additional information, sales literature, and other material relating to the
Funds in any manner without the prior written consent of the Distributor (which shall not be unreasonably withheld); provided, however, that the Distributor hereby approves all lawful uses of the names of the Distributor and its
affiliates in the prospectus and statement of additional information of each Fund and in all other materials which merely refer to accurate terms to their appointment hereunder or which are required by the SEC, FINRA, OCC, CFTC, NFA or any state
securities authority. 
 6. Use of the Trust’s and Funds’ Name — Neither the Distributor nor any of its affiliates shall
use the name of the Trust or any Fund in any publicly disseminated materials, including sales literature in any manner without the prior consent of the Trust and/or the applicable Fund (which shall not be unreasonably withheld); provided,
however, that the Trust and each Fund hereby approve all lawful uses of their respective names in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or
which are required by the SEC, FINRA, OCC, CFTC, NFA or any state securities authority. 
 7. Indemnification — Subject to the
limitations set forth in Paragraph 12 below, each Fund agrees to indemnify and hold harmless the Distributor and each of its directors and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the
Securities Act, against any loss, liability, claim, damage or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in connection therewith) by
reason of any person acquiring any Shares, based upon the ground that the registration statement, prospectus, statement of additional information, shareholder reports or other information filed or made public by any Fund (as from time-to-time
amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements 

 
not misleading under the Securities Act or any other statute or the common law. However, each Fund does not agree to indemnify the Distributor or hold it harmless to the extent that the statement
or omission was made in reliance upon, and in conformity with, information furnished to it by or on behalf of the Distributor. In no case (i) is the indemnity of any Fund in favor of the Distributor or any person indemnified to be deemed to
protect the Distributor or any person against any liability to a Fund or its security holders to which the Distributor or such person would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its
duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is a Fund to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against the Distributor or
any person indemnified unless the Distributor or person, as the case may be, shall have notified the applicable Fund in writing of the claim promptly after the summons or other first written notification giving information of the nature of the
claims shall have been served upon the Distributor or any such person (or after the Distributor or such person shall have received notice of service on any designated agent). However, failure to notify a Fund of any claim shall not relieve that Fund
from any liability which it may have to any person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph. Each Fund shall be entitled to participate at its own expense in the defense,
or, if it so elects, to assume the defense of any suit brought to enforce any claims, and if a Fund elects to assume the defense, the defense shall be conducted by counsel chosen by such Fund. In the event a Fund elects to assume the defense of any
suit and retain counsel, the Distributor, officers or directors or controlling person(s) or defendant(s) in the suit, shall bear the fees and expenses of any additional counsel retained by them. If a Fund does not elect to assume the defense of any
suit, it will reimburse the Distributor, officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable fees and expenses of any counsel retained by them. Each Fund agrees to notify the Distributor promptly of the
commencement of any litigation or proceeding against it or any of its officers in connection with the issuance or sale of any of the Shares. 

The Distributor also covenants and agrees to indemnify and hold harmless the Trust and each Fund, the Managing Owner, and each of their respective
officers, representatives or agents and each person, if any, who controls the Trust and each Fund or the Managing Owner within the meaning of Section 15 of the Securities Act (each, an “Indemnified Party”), against any loss,
liability, claim, damage or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person
acquiring any Shares, based upon the Securities Act or any other statute or common law, alleging (a) any wrongful act of the Distributor or any of its employees or (b) that any sales literature, advertisements, information, statements or
representations used or made by the Distributor or any of its affiliates or employees or that the registration statement, prospectus, statement of additional information, (as from time-to-time amended) included an untrue statement of a material fact
or omitted to state a material fact required to be stated or necessary in order to make the statements not misleading, insofar as the statement or omission was made in reliance upon, and in conformity with, information furnished to such Fund or
Managing Owner by or on behalf of the Distributor. In no case (i) is the indemnity of the Distributor in favor of any Indemnified Party to be deemed to protect any such party against any liability to which the Indemnified Party would otherwise
be subject by reason of willful misfeasance, bad faith or negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the Distributor to be liable under its
indemnity agreement contained in this paragraph with respect to any claim made against any Indemnified Party unless such Indemnified Party shall have notified the Distributor in writing of the claim promptly after the summons or other first written
notification giving information of the nature of the claim shall have been served upon such Indemnified Party (or after such Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Distributor
of any claim shall not relieve the Distributor from any liability which it may have to the Indemnified Party against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph. In the case of any
notice to the Distributor it shall be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of any 

 
suit brought to enforce any claims, and if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Indemnified Party, to its
officers and to any controlling person(s), or defendant(s) in the suit. In the event that the Distributor elects to assume the defense of any suit and retain counsel, the Indemnified Party or controlling person(s), defendant(s) in the suit, shall
bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any suit, it will reimburse the Indemnified Party, officers or controlling person(s) or defendant(s) in the suit for
the reasonable fees and expenses of any counsel retained by them. The Distributor agrees to notify the Indemnified Party promptly of the commencement of any litigation or proceeding against it in connection with the Indemnified Party and sale of any
of the Shares. 
 8. Supplemental Information — The Distributor and the Trust, on behalf of each Fund, shall regularly consult with
each other regarding the Distributor’s performance of its obligations under this Agreement. In connection therewith, the Trust, on behalf of each Fund shall submit to the Distributor at a reasonable time in advance of filing with the SEC
reasonably final copies of any amended or supplemented registration statement (including exhibits) under the Securities Act; provided, however, that nothing contained in this Agreement shall in any way limit the Trust’s or any
Fund’s right to file at any time such amendments to any registration statement and/or supplements to any prospectus or statement of additional information, of whatever character, as the Trust or such Fund may deem advisable, such right being in
all respects absolute and unconditional. 
 The Distributor acknowledges that the only information provided to it by the Trust and each Fund is
that contained in the registration statement, the prospectus, the statement of additional information and reports and financial information referred to herein. Neither the Distributor nor any other person is authorized by the Trust or any Fund to
give any information or to make any representations, other than those contained in such documents and any sales literature or advertisements specifically approved by appropriate representatives of the Trust, on behalf of each Fund. 

9. Term — This Agreement shall become effective as of the date first written above, and shall continue until two years from such date and
thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved (with respect to each individual Fund) at least annually by the Managing Owner. This Agreement is terminable, with respect
to each individual Fund, without penalty on sixty (60) days’ written notice by the Managing Owner or by the Distributor. This Agreement shall automatically terminate in the event of its assignment. 

Upon the termination of this Agreement by any one or more of the Funds, at the expense and direction of the applicable Fund, the Distributor shall
transfer to such successor, as the applicable Fund shall specify all relevant books, records and other data established or maintained by the Distributor for such Fund under this Agreement. 
 10. Notice — Any notice required or permitted to be given by any party to another party shall be deemed sufficient if sent by (i) telecopier (fax), (ii) email or
(iii) registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice: 

 if to the Trust, any Fund or the Managing Owner, at: 

Invesco PowerShares Capital Management LLC 

3500 Lacey Road, Suite 700 
 Downers Grove, IL 60515 
 Attn: Head of Legal 

if to the Distributor at: 
 1290 Broadway, Suite 1100, 
 Denver, Colorado, 80203 

Attn: General Counsel 
 or such other telecopier (fax) number or email address as may be furnished by one party to the other. 
 11. Confidential Information — The Distributor, its officers, directors, employees and agents will treat confidentially and as proprietary information of each Fund, all records and other
information relative to each Fund and to prior or present shareholders or to those persons or entities who respond to the Distributor’s inquiries concerning investment in a particular Fund, and will not use such records and information for any
purposes other than performance of its responsibilities and duties hereunder. If the Distributor is requested or required by, but not limited to, depositions, interrogatories, requests for information or documents, subpoena, civil investigation,
demand or other action, proceeding or process or as otherwise required by law, statute, regulation, writ, decree or the like to disclose such information, the Distributor will provide the applicable Fund with prompt written notice of any such
request or requirement so that particular Fund may seek an appropriate protective order or other appropriate remedy and/or waive compliance with this provision. If such order or other remedy is not sought, or obtained, or waiver not received within
a reasonable period following such notice, then the Distributor may without liability hereunder, disclose to the person, entity or agency requesting or requiring the information, that portion of the information that is legally required in the
reasonable opinion of the Distributor’s counsel. 
 12. Limitation of Liability —The Distributor agrees that, pursuant to
Section 3804(a) of the Delaware Statutory Trust Act, the liabilities of each Fund shall be limited such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing and relating to this Agreement
with respect to a particular Fund shall be enforceable against the assets of that particular Fund only, and not against the assets of the Trust generally or the assets of any other Fund and (b) none of the debts, liabilities, obligations and
expenses incurred, contracted for, or otherwise existing and relating to this Agreement with respect to the Trust generally and any other Fund shall be enforceable against the assets of such particular Fund. The Distributor further agrees that it
shall not seek satisfaction of any such obligation from the shareholders, any individual shareholder, officer, representative or agent of the Trust or any Fund, nor shall the Distributor seek satisfaction of any such obligation from the Managing
Owner, its members, managers, directors or officers. 
 Obligations of the Trust or any Fund entered into in the name or on behalf thereof by
the Managing Owner, members managers, officers, representatives or agents are made not individually, but in such capacities, and are not binding upon any of the Managing Owner, members, managers, or officers, representatives or agents personally,
but bind only the property of a particular Fund party to said obligation, and all persons dealing with such Fund must look solely to that Fund’s property for the enforcement of any claims against that Fund. 

13. Miscellaneous — Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the
purposes hereof. Except with respect to Paragraph 12 above, which shall be construed, interpreted, and enforced in accordance with and governed by the laws of the 

 
State of Delaware, this Agreement shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of Colorado. The captions in this Agreement are included
for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may not be changed, waived, discharged or amended except by written instrument that shall
make specific reference to this Agreement and which shall be signed by the party against which enforcement of such change, waiver, discharge or amendment is sought, provided, however, Schedule C to this Agreement may be unilaterally amended and
replaced by the Managing Owner at its discretion provided a copy of such revised Schedule C is provided to the Distributor. This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one
and the same instrument. 
 All activities by the Distributor and its agents and employees as distributor of the Shares shall comply with all
applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted by the SEC, CFTC or any securities association registered under the Exchange Act or futures association registered under the Commodity
Exchange Act, as amended. Should the Distributor, or any of its agents and employees, materially fail to maintain compliance with all applicable laws, rules and regulations to which it is subject, or otherwise lose its status as a registered
broker-dealer in good standing with the SEC, the Distributor agrees to promptly notify the Managing Owner. 
 The Distributor will promptly
transmit any orders received by it for purchase, redemption or exchange of the Shares to the Fund’s transfer agent. 

Remainder of page intentionally left blank. Signature page follows. 

 IN WITNESS WHEREOF, each of the undersigned have executed this instrument in its name
and behalf, and the Distributor has executed this instrument in its name and behalf, as of the date and year first above written. 
  

			
	 POWERSHARES DB MULTI-SECTOR
 COMMODITY TRUST
 By: INVESCO POWERSHARES CAPITAL MANAGEMENT
LLC,
 as Managing Owner of PowerShares DB

Multi-Sector Commodity Trust

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST WITH RESPECT ONLY TO POWERSHARES DB ENERGY FUND

By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
 as Managing Owner of PowerShares DB
 Energy Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST WITH RESPECT

ONLY TO POWERSHARES DB OIL FUND
 By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
 as Managing Owner of
PowerShares
 DB Oil Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 
			
	 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST WITH RESPECT ONLY TO POWERSHARES DB PRECIOUS METALS FUND

By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
 as Managing Owner of PowerShares DB Precious Metals Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST WITH RESPECT ONLY TO POWERSHARES DB GOLD FUND

By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
 as Managing Owner of PowerShares DB Gold Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST WITH RESPECT ONLY TO POWERSHARES DB SILVER FUND

By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
 as Managing Owner of PowerShares DB Silver Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 
			
	 POWERSHARES DB MULTI-SECTOR COMMODITY TRUST WITH RESPECT
 ONLY TO POWERSHARES DB BASE METALS FUND
 By: INVESCO POWERSHARES
CAPITAL MANAGEMENT LLC,
 as Managing Owner of PowerShares DB Base Metals Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	 POWERSHARES DB MULTI-SECTOR
 COMMODITY TRUST WITH RESPECT
 ONLY TO POWERSHARES DB

AGRICULTURE FUND

By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,
 as Managing Owner of PowerShares DB Agriculture Fund

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

  

			
	ALPS DISTRIBUTORS, INC.
		
	 By:
	 	 
	 Name:
	 	Jeremy O. May
	 Title:
	 	President

  

			
	INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	
		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	

 Schedule A 
 List of Funds 
 Dated as of January 1, 2015 

 

			
	 PowerShares DB Energy Fund
	  	
	 PowerShares DB Oil Fund
	  	
	 PowerShares DB Precious Metals Fund
	  	
	 PowerShares DB Gold Fund
	  	
	 PowerShares DB Silver Fund
	  	
	 PowerShares DB Base Metals Fund
	  	
	 PowerShares DB Agriculture Fund
	  	

 Schedule B 
 List of Services for Each Fund 
 Dated as of January 1, 2015 

 

	 	n	 	 Review distribution related legal documents and contracts. 

 

	 	n	 	 Consult with sponsor’s marketing staff on development of FINRA compliant marketing campaigns. 

 

	 	n	 	 Review and file all marketing materials (including internet sites) with FINRA. 

 

	 	n	 	 Consult with sponsor on marketing/sales strategy. 

  

	 	n	 	 800 line telephone servicing. 

  

	 	n	 	 Maintain certain books and records in respect of the Funds 

 

	 	n	 	 Perform such additional marketing and distribution related services as may be agreed among the parties from time-to-time. 

 Schedule C 
 Pursuant to Section 4(a) 
 In consideration of the services to be provided by the
Distributor under and pursuant to this Agreement, Managing Owner shall pay to the Distributor the following: 
 With respect to each of
PowerShares DB Gold Fund and PowerShares DB Silver Fund- $35,000 per annum ($8,750 per quarter), paid quarterly in arrears on the last business day of each calendar quarter and prorated for partial quarters in the event the Distribution Services
Agreement becomes effective on a date that is not the first day of a calendar quarter or is terminated on a date that is not the last day of a calendar quarter. 
 With respect to each of PowerShares DB Energy Fund, PowerShares DB Oil Fund, PowerShares DB Precious Metals Fund, PowerShares DB Base Metals Fund and PowerShares DB Agriculture Fund—$25,000 per annum
($6,250 per quarter), paid quarterly in arrears on the last business day of each calendar quarter and prorated for partial quarters in the event the Distribution Services Agreement becomes effective on a date that is not the first day of a calendar
quarter or is terminated on a date that is not the last day of a calendar quarter.EX-10.1

 Exhibit 10.1 

[AXIS Logo] 
 January 23, 2015 

John D. Nichols, Jr. 
 [Address] 

Dear Jay: 
 We are delighted that you have
decided to continue your service with AXIS Specialty U.S. Services, Inc., a Delaware corporation (the “Company”) and wholly owned, indirect subsidiary of AXIS Capital Holdings Limited, a Bermuda company (the
“Parent”). We thought it would be useful to lay out the terms and conditions of our agreement in this letter agreement (this “Agreement”). 
  

	1)	Employment 

  

	 	a)	Position and Duties. Effective January 1, 2015 the Company shall employ you in the position of Chief Executive Officer of AXIS Reinsurance of the Parent or in such other position as is mutually agreeable to
you and the Company. You will report directly and exclusively to the Chief Executive Officer of the Parent, or any other individual as is mutually agreeable to you and the Company. You will be expected to devote your full business time and energy,
attention, skills and ability to the performance of your duties and responsibilities to the Company and its direct and indirect subsidiaries (collectively, the “Parent Group”) on an exclusive basis, as requested by the Chief Executive
Officer of the Parent, and shall faithfully and diligently endeavor to promote the business and best interests of the Company and its subsidiaries and affiliates. Anything herein to the contrary notwithstanding, nothing shall preclude you from
(i) upon the written approval of the Parent’s Board, serving on the board of directors of another corporation or a trade association; (ii) serving on the board of charitable organizations, (iii) engaging in charitable, community
and other business affairs, and (iv) managing your personal investments and affairs; provided such activities do not, in the reasonable judgment of the Company, materially interfere with the proper performance of your responsibilities and
duties hereunder. 

  

	 	b)	Place of Performance. In connection with your employment during the Employment Term (as defined in Section 3(a)), you shall be based primarily at the Company’s office in Hartford, CT except for
necessary travel on company business, except that throughout the duration of your secondment to AXIS Re Europe under the terms of a letter agreement dated July 5, 2013 between you and the Company, you shall be based primarily at AXIS Re
Europe’s office in Zurich, Switzerland except for necessary travel on company business. 

	2)	Compensation and Benefits 

  

	 	a)	During the Employment Term, your annual base salary shall be no less than $900,000 (the base salary as may be increased from time to time referred to as “Base Salary”) and shall be paid pursuant to the
Company’s customary payroll practices. 

  

	 	b)	In addition to the Base Salary, in each fiscal year of the Parent ending during the Employment Term, you will be eligible to earn an annual cash bonus (“Annual Bonus”). Your target Annual Bonus is 125%
of your then current Base Salary if the Parent achieves certain performance objectives and subject to your individual performance pursuant to the Parent’s annual bonus plan. Except as provided in Section 4 below, the Annual Bonus for each
period will be paid only if you are actively employed with the Company on the date of disbursement. Any Annual Bonus payable hereunder shall be paid in the calendar year following the applicable fiscal year of the Parent, after it has been
determined by the Compensation Committee of the Parent. Any such Annual Bonus shall be subject in all respects to the Parent’s Executive Compensation Recoupment Policy, as it may be amended from time to time, or any successor policy thereto.

  

	 	c)	You will be eligible to participate in the Parent’s 2013 Executive Long-Term Equity Compensation Program (the “Program”) as it may be amended from time to time, or a successor plan, with an annual target
restricted stock unit award valued at $1,400,000 subject to: (i) the rules of the Program, which may include adjustment of the target award value based on the Parent’s achievement of certain performance objectives, and (ii) an award
agreement in such form as the Compensation Committee of the Parent may determine from time to time. Any such award granted under the Program shall be subject in all respects to the Parent’s Executive Compensation Recoupment Policy, as it may be
amended from time to time, or any successor policy thereto. 

  

	 	d)	During the Employment Term, you will be eligible to participate in or receive benefits under any 401(k) savings plan, medical and dental benefits plan, life insurance plan, short-term and long-term disability plans,
supplemental and/or incentive compensation plans, or any other employee benefit or fringe benefit plan, generally made available by the Parent to senior executives in accordance with the eligibility requirements of such plans and subject to the
terms and conditions set forth in this Agreement. 

  

	 	e)	During the Employment Term, you will be entitled to twenty-five (25) days of paid vacation per calendar year (prorated for any partial years of employment), subject to the applicable vacation policies and
procedures on usage and carry over. You are also eligible for two (2) personal days per year. 

  

	 	f)	During the Employment Term, the Company will reimburse you for all reasonable business expenses incurred by you in the course of performing your duties under this Agreement which are consistent with the Company’s
policies in effect from time to time with respect to travel, entertainment and other business expenses, subject to the Company’s requirements with respect to reporting and documentation of expenses. Reimbursements will be paid promptly after
submission and review of appropriate documentation, but in any event no later than two and a half (2 1⁄2) months after the end of the calendar year in
which the expense was incurred. 

  

	 	g)	The Company will reimburse you for the reasonable legal expenses you incur to have this Agreement approved within thirty (30) days of receiving proof of such incurred expenses. 

  
 2 

	3)	Term of Employment 

  

	 	a)	The employment period shall commence on January 1, 2015, and shall terminate on December 31, 2017 (the “Employment Term”), unless earlier terminated as provided in this Section 3. Your
employment hereunder may be terminated by the Company or by you, as applicable, without any breach of this Agreement under the following circumstances: 

  

	 	(i)	Death. Your employment shall automatically terminate upon your death. 

  

	 	(ii)	Disability. The Company shall be entitled to terminate your employment if, as a result of your incapacity due to physical or mental illness or injury, you shall have been unable to perform your duties hereunder
for a period of one hundred eight-one (181) days in any twelve (12) month period (your “Disability”). 

  

	 	(iii)	Cause. The Company may terminate your employment at any time for Cause which, for purposes of this Agreement, shall mean (i) any act or omission which constitutes a material breach by you of the terms of
this Agreement, the employment policies of the Parent Group, or applicable law governing the Parent Group or your employment, (ii) the conviction of a felony or commission of any act which would rise to the level of a felony, (iii) the
conviction (or commission of any act which would rise to the level of) a lesser crime or offense that adversely impacts or potentially could impact upon the business or reputation of the Parent Group in a material way, (iv) your willful
violation of specific lawful and material directives of the Parent that are not contrary to this Agreement, (v) commission of a dishonest or wrongful act involving fraud, misrepresentation or moral turpitude causing damage to the Company, its
parent and/or affiliates and subsidiaries, (vi) the willful failure to perform a substantial part of your substantial job functions after written notice from the Board requesting such performance, or (vii) material breach of fiduciary
duty. 

 Anything to the contrary notwithstanding, you shall not be terminated for “Cause” within the meaning of
clauses (i) through (vii), above, unless written notice stating the basis for the termination is provided to you and you are given fifteen (15) days to cure the event that is the basis of such claim, provided, however, the foregoing right
to cure will not apply in the event of a termination for Cause due to any of the acts described in clauses (ii), (iii) or (v), above. 
  

	 	(iv)	Without Cause. The Company may terminate your employment at any time without Cause; provided, however, that the Company provides you with notice of its intent to terminate at least thirty (30) days in
advance of the date of termination. A non-renewal of this Agreement by the Company at the end of the Employment Term on terms and conditions at least as favorable as specified in this Agreement will be considered a termination without Cause. The
parties acknowledge and agree that good faith negotiations related to such renewal will commence no later than June 30, 2017. 

  

	 	(v)	Voluntary Resignation. You may voluntarily terminate your employment hereunder; provided, however, that in the event you are not terminating for Good Reason pursuant to subparagraphs (vi) and
(vii) below, you provide the Company with notice of your intent to terminate at least twelve (12) months in advance of the date of termination. 

  
 3 

	 	(vi)	Good Reason. You may terminate your employment for Good Reason if (i) (A) the scope of your position, authority or duties is materially adversely changed (except for changes during a Notice Period as
authorized under Section 3(c) below), (B) your compensation under this Agreement is not paid or your Base Salary or your Target Bonus is reduced below the levels specified in Sections 2(a) and (b) or there is a material adverse change
in your employee benefits (excluding changes in any benefits plan where such changes apply generally to participants in the plan), (C) you are notified by the Company that you are required to relocate to a place more than 50 miles from your
place of employment in Hartford, Connecticut, (D) you are assigned duties that are materially inconsistent with your position with the Company/Parent, (E) you are required to report to anyone other than the Chief Executive Officer of the
Parent or any other individual that is not mutually agreeable to you and the Company; (ii) you give the Company written notice of your intent to terminate your employment as a result of such event and provide the specific reasons therefore
within sixty (60) days of such event occurring; (iii) the Company does not make the necessary corrections within sixty (60) days of receipt of your written notice; and (iv) you terminate employment no later than ten
(10) days following the end of such sixty (60) day period. 

  

	 	(vii)	Good Reason following a Change in Control. You may terminate your employment for Good Reason if (i) during the twenty-four (24) month period immediately following a Change in Control (A) the scope
of your position, authority or duties is materially adversely changed (except for changes during a Notice Period as authorized under Section 3 (c) below), (B) your compensation under this Agreement is not paid or your Base Salary or
your Target Bonus is reduced below the levels specified in Sections 2(a) and (b) or there is a material adverse change in your employee benefits (excluding changes in any benefits plan where such changes apply generally to participants in the
plan), (C) ) you are notified by the Company that you are required to relocate to a place more than 50 miles from your current place of employment in Hartford, Connecticut, (D) you are assigned duties that are materially inconsistent with
your position with the Company/Parent, (E) you are required to report to anyone other than the Chief Executive Officer of the Parent or any other individual that is not mutually agreeable to you and the Company, or (F) in the event that
any other person or entity acquires all or substantially all of the Parent Group’s business, the Company fails to obtain the assumption of this Agreement by the successor; (ii) you give the Company written notice of your intent to
terminate your employment as a result of such event and provide the specific reasons therefore within sixty (60) days of your knowledge of such event occurring; (iii) the Company does not make the necessary corrections within sixty
(60) days of receipt of your written notice; and (iv) you terminate employment no later than ten (10) days following the end of such sixty (60) day period. For purposes of this Agreement, the “Change in Control” will be
deemed to have occurred as of the first day any of the following events occur: 

  

	 	1.	Any person or entity is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934, as amended), directly or indirectly, of securities of the Parent representing
50% or more of the combined voting power of the Parent’s then outstanding voting securities entitled to vote generally in the election of directors (the “Outstanding Parent Voting Securities”); provided, however, that
for purposes of this Section 3(a)(vii)(1), the following acquisitions shall not constitute a Change in Control: (A) any acquisition directly from the Parent, (B) any acquisition by the Parent, (C) any acquisition by any employee
benefit plan (or related trust) sponsored or maintained by the Parent or any affiliate of the Parent, or (D) any acquisition by any entity pursuant to a transaction which complies with clauses (A), (B) and (C) of
Section 3(a)(vii)(3) hereof; 

  
 4 

	 	2.	Individuals who, as of the date of this Agreement, constitute the Board (hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board;
provided, however, that any individual becoming a director subsequent to the date hereof whose election, or nomination for election by the Parent’s stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered a member of the Incumbent Board, excluding any individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of
directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person or entity other than the Board; 

  

	 	3.	Consummation of a reorganization, merger, share exchange, amalgamation, recapitalization, consolidation or similar transaction by and among the Parent and another person or entity, including, for this purpose, a
transaction as a result of which another person or entity owns the Parent or all or substantially all of the Parent’s assets, either directly or through one or more subsidiaries (a “Business Combination”), in each case, unless,
following such Business Combination, (A) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the Outstanding Parent Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or equivalent management personnel) of the entity resulting from
such Business Combination or that, as a result of such Business Combination, owns the Parent or all or substantially all of the Parent’s assets, either directly or through one or more subsidiaries, in substantially the same proportions as their
ownership of the Outstanding Parent Voting Securities immediately prior to such Business Combination, (B) no person or entity (excluding any entity resulting from such Business Combination, or that, as a result of such Business Combination,
owns the Parent or all or substantially all of the Parent’s assets, either directly or through one or more subsidiaries, or any employee benefit plan (or related trust) of the foregoing) beneficially owns, directly or indirectly, 50% or more of
the then outstanding shares of common stock or the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors (or equivalent management personnel) of the entity resulting from such
Business Combination or that, as a result of such Business Combination, owns the Parent or all or substantially all of the Parent’s assets, either directly or through one or more subsidiaries, except to the extent that such ownership existed
with respect to the Parent prior to the Business Combination, and (C) at least a majority of the members of the board of directors (or equivalent management personnel) of the entity resulting from such Business Combination or that, as a result
of such Business Combination, owns the Parent or all or substantially all of the Parent’s assets, either directly or through one or more subsidiaries, were members of the Incumbent Board at the time of the execution of the initial agreement, or
of the action of the Board, pursuant to which such Business Combination is effected or approved; or 

  

	 	4.	Approval by the shareholders of the Parent of a complete liquidation or dissolution of the Parent or the sale or other disposition of all or substantially all of the Parent’s assets. 

  
 5 

	 	b)	Any termination of your employment by the Company or by you under this Section 3 (other than termination pursuant to Section 3(a)(i)) shall be communicated by a written notice to the other party hereto
indicating the specific termination provision in this Agreement relied upon and specifying a date of termination. 

  

	 	c)	The period between the date notice of termination is provided and your termination date shall be referred to as the “Notice Period.” During any Notice Period, the Company may, in its absolute discretion
(i) require you to perform only such portion of your normal duties as it may allocate to you from time to time, (ii) require you not to perform any of your duties, (iii) require you not to have any contact with customers or clients of
the Company nor any contact (other than purely social contact) with such employees of the Company as the Company shall determine, (iv) exclude you from any premises of the Company, and/or (v) require you to resign from all directorships
and other offices that you hold in connection with your employment with the Company (including any directorships with subsidiaries or other affiliates of the Company) effective as of any date during the Notice Period. If the Company elects to take
any such action, such election shall not constitute a breach by the Company of this Agreement or Good Reason for you to terminate your Employment under Sections 3(a)(vi) or (vii) and you shall not have any claim against the Company in
connection therewith so long as, during the Notice Period, the Company continues to pay to you your Base Salary, Annual Bonus and all of the other amounts described in Section 2 of this Agreement. 

 

	4)	Severance Payments and Other Benefits Following Termination of Employment 

  

	 	a)	In the event that your employment with the Company shall terminate for any reason, and except as otherwise set forth in this Agreement, the Company’s sole obligation under this Agreement shall be to pay to you any
accrued but unpaid Base Salary for services rendered to the date of termination, any bonus awarded by the Compensation Committee in respect of a prior year’s target Annual Bonus but not yet paid as of the date of termination, any accrued but
unpaid expenses required to be reimbursed under this Agreement, any unused vacation accrued to the date of termination. For the sake of clarity, this Section 4(a) does not limit any rights you may have under the Company’s retirement or
welfare plans. 

  

	 	b)	Death. In the event your employment is terminated due to your death pursuant to Section 3(a)(i), then in addition to the amounts provided under Section 4(a) above: 

 

	 	(i)	Your beneficiary will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on the number of days you were employed by
the Parent Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; and 

 

	 	(ii)	All outstanding and unvested shares of restricted stock and restricted stock units of the Common Stock of the Parent pursuant to the 2007 Long-Term Equity Compensation Plan as it may be amended from time to time, or any
successor plan, unless prohibited by such successor plan (“Restricted Shares”), shall immediately vest upon said termination. 

  

	 	c)	Disability. In the event that the Company terminates your employment due to your disability, pursuant to Section 3(a)(ii), then in addition to the amounts provided under Section 4(a) above:

  
 6 

	 	(i)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on the number of days you were employed by the Parent
Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; and 

  

	 	(ii)	All outstanding and unvested Restricted Shares shall immediately vest upon said termination. 

  

	 	d)	Termination by the Company without Cause. In the event that the Company terminates your employment without Cause in accordance with the provisions of Section 3(a)(iv) hereof, and conditioned on your
compliance with this Agreement during the Notice Period (but not for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v)), then in addition to the amounts you have received during the Notice Period and any
other amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(h) below, the following will be provided to you following the termination of the Notice Period: 

 

	 	(i)	You will be paid a lump sum amount equal to one year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your termination;

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in Section 2(b) that you must be actively employed with
the Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid an amount equal to the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, calculated as if all targets were met, to be paid in a lump sum
no later than sixty (60) days following your termination; 

  

	 	(iv)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on the number of days you were employed by the Parent
Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of (i) twelve (12) months from the date of termination, or
(ii) the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer group
health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

  

	 	(vi)	In the event that the Company terminates your employment without Cause in accordance with the provisions of Section 3(a)(iv), then for so long as you shall remain in full compliance with the obligations set forth
in Sections 7, 8, 9 and 10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set
forth in the applicable award agreements granting such Restricted Shares. 

  
 7 

	 	e)	Termination by the Company without Cause Following Change in Control. In the event that within twenty-four (24) months following a Change in Control as defined in Section 3(a)(vii) (1 – 4) hereof
the Company terminates your employment without Cause, (but not for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v)) then in addition to the amounts you have received during the Notice Period and any other
amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(h) below, the following will be provided to you following the termination of the Notice Period: 

 

	 	(i)	You will be paid a lump sum amount equal to twelve (12) month’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your
termination; 

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in Section 2(b) that you must be actively employed with
the Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid an amount equal to two times the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, calculated as if all targets were met, to be paid in a
lump sum no later than sixty (60) days following your termination; 

  

	 	(iv)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on the number of days you were employed by the Parent
Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of (i) twelve (12) months from the date of termination, or
(ii) the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer group
health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

  

	 	(vi)	All outstanding and unvested Restricted Shares shall immediately vest upon said termination. 

  

	 	f)	Termination by You for Good Reason. In the event that you terminate for Good Reason in accordance with the provisions of Section 3(a)(vi) hereof, (but not for any other reason, including without limitation
under Sections 3(a)(i), (ii), (iii), or (v)) then in addition to the amounts provided in Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(h) below, the following will be provided to you:

  

	 	(i)	You will be paid a lump sum amount equal to one (1) year’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your termination;

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in Section 2(b) that you must be actively employed with
the Company on the date of disbursement in order to receive the Bonus; 

  
 8 

	 	(iii)	You will be paid an amount equal to the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, calculated as if all targets were met, to be paid in a lump sum
no later than sixty (60) days following your termination; 

  

	 	(iv)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on the number of days you were employed by the Parent
Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of (i) twelve (12) months from the date of termination, or
(ii) the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer group
health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

  

	 	(vi)	In the event that you terminate for Good Reason in accordance with the provisions of Section 3(a)(vi), then for so long as you shall remain in full compliance with the obligations set forth in Sections 7, 8, 9 and
10 below, and conditioned on such continued compliance, all Restricted Shares previously granted to you which have not vested as of the date of your termination, if any, shall continue to vest on the applicable dates set forth in the applicable
award agreements granting such Restricted Shares. 

  

	 	g)	Termination by You for Good Reason Following Change in Control. In the event that within twenty-four (24) months following a Change of Control as defined in Section 3(a)(vii) (1 – 4) hereof you
terminate for Good Reason in accordance with the provisions of Section 3(a)(vii) hereof, (but not for any other reason, including without limitation under Sections 3(a)(i), (ii), (iii), or (v)) then in addition to the amounts provided in
Section 4(a), but subject to your timely satisfaction of the condition precedent in Section 4(h) below, the following will be provided to you: 

  

	 	(i)	You will be paid a lump sum amount equal to twelve (12) month’s Base Salary at the rate in effect immediately prior to said termination, to be paid no later than sixty (60) days following your
termination; 

  

	 	(ii)	With respect to the Annual Bonus for the calendar year prior to the calendar year in which your termination occurs, you will be excused from the requirement in Section 2(b) that you must be actively employed with
the Company on the date of disbursement in order to receive the Bonus; 

  

	 	(iii)	You will be paid a pro-rata portion of your Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, based on the number of days you were employed by the Parent
Group during such year and calculated as if all targets were met, to be paid in a lump sum no later than sixty (60) days following your termination; 

  
 9 

	 	(iv)	You will be paid an amount equal to two (2) times the Annual Bonus that you would have been entitled to receive for the calendar year in which your termination occurs, calculated as if all targets were met, to be
paid in a lump sum no later than sixty (60) days following your termination; 

  

	 	(v)	The Company will pay COBRA premiums to continue your coverage pursuant to COBRA and the applicable insurance policies up and until the earlier of (i) twelve (12) months from the date of termination, or
(ii) the date upon which you cease to be eligible for COBRA continuation coverage under applicable law and the terms of the applicable policies. You agree to notify the Company in the event that you obtain coverage with another employer group
health plan that does not contain any exclusions or limitations with respect to any pre-existing condition, or if you become entitled to Medicare benefits; and 

  

	 	(vi)	All outstanding and unvested Restricted Shares shall immediately vest upon said termination. 

  

	 	h)	No severance benefits or payments provided pursuant to this Section 4, other than the amounts described in Section 4(a), will be provided to you unless you execute a waiver and release in the form specified in
Exhibit A hereto (with such changes as may be required due to change in applicable law or regulation) within forty-five (45) days following your employment termination date and do not revoke such release. To the extent required to avoid
penalty taxes under Section 409A of the Code, any payment or benefit payment hereunder shall commence on the 60th day following your termination, including any payments that would otherwise
have been made prior to such date. 

  

	 	i)	In the event of any termination of your Employment by the Company, or by you in conformity with this Agreement, you shall be under no obligation to seek other employment, and there shall be no offset against amounts due
you under this Agreement on account of any remuneration attributable to any subsequent employment you may obtain. Any amounts due under this Section 4 are considered to be reasonable by the Company and not in the nature of a penalty.

  

	5)	Resignation from Directorships and Other Offices 

 In addition, upon your
termination of employment with the Company for any reason, you agree to resign from all directorships and other offices that you hold in connection with your employment with the Company (including any directorships with subsidiaries or other
affiliates of the Company). 
  

	6)	Conflict of Interest 

 During employment with the Company, you may not use your
position, influence, knowledge of Confidential Information or Trade Secrets or the Company’s assets for personal gain. A direct or indirect financial interest (excluding investments in mutual funds or other similar investment vehicles),
including joint ventures in or with a supplier, vendor, customer or prospective customer without disclosure and the express written approval of the Chief Executive Officer of the Parent is strictly prohibited during employment with the Company. 

 

	7)	Confidential Information 

  

	 	a)	 As an executive of the Company, you will learn or have access to, or may assist in the development of, highly confidential and sensitive information
and trade secrets about the Company, its operations, its subsidiaries and affiliates, its employees, and its customers, 

  
 10 

	 	
which are the property of the Company. Such Confidential Information and Trade Secrets include but are not limited to: (i) financial and business information relating to the Company, such as
information with respect to costs, commissions, fees, profits, expenses, sales, markets, mailing lists, strategies and plans for future business, new business, product or other development, potential acquisitions or divestitures, and new marketing
ideas, (ii) product and technical information relating to the Company, such as product formulations, new and innovative product ideas, methods, procedures, devices, machines, equipment, data processing programs, software, software codes,
computer models, and research and development projects, (iii) customer information, such as the identity of the Company’s customers, the names of representatives of the Company’s customers responsible for entering into contracts with
the Company, the amounts paid by such customers to the Company, specific customer needs and requirements, specific customer risk characteristics, policy expiration dates, policy terms and conditions, information regarding the markets or sources with
which insurance is placed, and leads and referrals to prospective customers, (iv) personnel information, such as the identity and number of the Company’s other employees, their salaries, bonuses, benefits, skills, qualifications, and
abilities, (v) any and all information in whatever form relating to any client or prospective customer of the Company, including but not limited to, its business, employees, operations, systems, assets, liabilities, finances, products, and
marketing, selling and operating practices, (vi) any information not included in (i) or (ii) above which you know or should know is subject to a restriction on disclosure or which you know or should know is considered by the Company
or the Company’s customers or prospective customers to be confidential, sensitive, proprietary or a trade secret or is not readily available to the public, and (vii) intellectual property, including inventions and copyrightable works.
Confidential Information and Trade Secrets are not generally known or available to the general public, but have been developed, compiled or acquired by the Company at its great effort and expense. Confidential Information and Trade Secrets can be in
any form: oral, written or machine readable, including electronic files, but shall not include any information known generally to the public or within the Company’s industry. 

 

	 	b)	You acknowledge and agree that the Company is engaged in a highly competitive business and that its competitive position depends upon its ability to maintain the confidentiality of the Confidential Information and Trade
Secrets which were developed, compiled and acquired by the Company at its great effort and expense. You further acknowledge and agree that any disclosing, divulging, revealing, or using of any of the Confidential Information and Trade Secrets, other
than in connection with the Company’s business or as appropriate to carry out your duties for the Parent Group, will be highly detrimental to the Company and cause it to suffer serious loss of business and pecuniary damage. 

 

	 	c)	Accordingly, you agree that you will not, while associated with the Company and for so long thereafter as the pertinent information or documentation remains confidential, for any purpose whatsoever, directly or
indirectly use, disseminate or disclose to any other person, organization or entity Confidential Information or Trade Secrets, except as appropriate to carry out your duties as an executive of the Parent and except (i) as expressly authorized
by the Chief Executive Officer of the Company, (ii) appropriate to enforce the terms of this Agreement, or (iii) required by law or legal process; provided, that you give notice to the Company promptly on becoming aware of any obligations
to disclose such information under this provision, and not less than ten days prior to making any such disclosure. 

  

	 	d)	 Immediately upon the termination of employment with the Company for any reason, or at any time the Company so requests, you will return to the Company
(i) any originals and 

  
 11 

	 	
all copies of all files, notes, documents, slides (including transparencies), computer disks, printouts, reports, lists of the Company’s clients or leads or referrals to prospective clients,
and other media or property in Employee’s possession or control which contain or pertain to Confidential Information or Trade Secrets, and (ii) all property of the Company, including, but not limited to, supplies, keys, access devices,
books, identification cards, computers, telephones and other equipment. 

  

	8)	Intellectual Property 

  

	 	a)	You agree that all inventions, improvements, products, designs, specifications, trademarks, service marks, discoveries, formulae, processes, software or computer programs, modifications of software or computer programs,
data processing systems, analyses, techniques, trade secrets, creations, ideas, work product or contributions thereto, and any other intellectual property, regardless of whether patented, registered or otherwise protected or protectable, and
regardless of whether containing or constituting Trade Secrets or Confidential Information as defined in this Agreement (referred to collectively as “Intellectual Property”), that were conceived, developed or made by you during the period
of your employment by the Company and that relate directly to the Company’s insurance and reinsurance business and any other business in which the Company was engaged as of the date of your termination of employment with the Company (the
“Proprietary Interests”), shall belong to and be the property of the Company. 

  

	 	b)	You further covenant and agree that you will (i) promptly disclose such Intellectual Property to the Company, (ii) make and maintain for the Company, adequate and current written records of your innovations,
inventions, discoveries and improvements, (iii) assign to the Company, without additional compensation, the entire rights to Intellectual Property for the United States and all foreign countries, (iv) execute assignments and all other
papers and do all acts necessary to carry out the above, including enabling the Company to file and prosecute applications for, acquire, ascertain and enforce in all countries, letters patent, trademark registrations and/or copyrights covering or
otherwise relating to Intellectual Property and to enable the Company to protect its proprietary interests therein, and (v) give testimony, at the Company’s expense, in any action or proceeding to enforce rights in the Intellectual
Property. 

  

	 	c)	You further covenant and agree that it shall be conclusively presumed as against you that any Intellectual Property related to the Proprietary Interests described by you in a patent, service mark, trademark, or
copyright application, disclosed by you in any manner to a third person, or created by you or any person with whom you have any business, financial or confidential relationship, within one (1) year after cessation of your employment with the
Company, was conceived or made by you during the period of employment by the Company and that such Intellectual Property be the sole property of the Company. 

  

	 	d)	Nothing in this Section 8 shall be construed as granting or implying any right to you under any patent or unpatented intellectual property right of the Company, or your right to use any invention covered thereby.

  

	 	e)	 In the event that you are requested or required (by oral questions, interrogatories, requests for information or documents, subpoena or similar
process) to disclose any information protected by Sections 7 and 8 (collectively, “Restricted Material,”) you agree to provide the Company with prompt notice of such request(s) so that the Company may seek an appropriate protective order
or other appropriate remedy and/or waive your compliance with the provisions of this Agreement. In the event that such protective order or other remedy is not obtained, or that the Company grants a waiver hereunder, you may furnish

  
 12 

	 	
that portion (and only that portion) of the Restricted Material which you are legally compelled to disclose and will exercise your reasonable best efforts to obtain reliable assurance that
confidential treatment will be accorded any Restricted Material so furnished. 

  

	9)	Non-Competition 

  

	 	a)	You acknowledge and agree that the Company is engaged in a highly competitive business and that by virtue of your senior executive position and responsibilities with the Company and your access to the Confidential
Information and Trade Secrets, engaging in any business which is directly competitive with the Company during the 12-month period following the termination of your employment will cause it great and irreparable harm. 

 

	 	b)	Accordingly, you covenant and agree that during the Employment Term and for a period of twelve (12) months after such employment ends for any reason whatsoever, whether voluntarily or involuntarily and whether with
or without cause, you will not, without the express written consent of the Chief Executive Officer of the Parent, directly or indirectly, own, manage, operate or control, or be employed in the same or substantially the same position or duties as the
position(s) held by you with the Company or the Parent, by any company or entity engaged in the insurance or reinsurance business in which the Company is engaged or has announced an intention to become engaged as of the date of termination of
employment, and for which you had responsibility or about which you had knowledge of or access to Confidential Information and Trade Secrets. In recognition of the nature of the Company’s business which includes the sale of its products and
services throughout the areas of Bermuda, Zurich, Switzerland and New York, NY, and in the nature of your senior executive position, this restriction shall only apply throughout Bermuda, Zurich, Switzerland and a 50 mile radius from the
Company’s offices in New York, NY. In the event that the Company exercises its right to relieve you of your normal duties during the Notice Period as set forth and described in Section 3(c) of this Agreement (a “Garden Leave
Period”), then the twelve (12) month non-competition period shall be reduced on a day-for-day basis by any such Garden Leave Period. 

  

	10)	Non-Solicitation of Employees 

  

	 	a)	You acknowledge and agree that solely as a result of employment with the Company, and in light of the broad responsibilities of such employment which include working with other employees of the Company, you have and
will come into contact with and acquire Confidential Information and Trade Secrets regarding other employees of the Company, and will develop relationships with those employees. 

Accordingly, you covenant and agree that during the Employment Term and for a period of twelve (12) months after such employment ends for
any reason whatsoever, whether voluntarily or involuntarily and whether with or without cause, you will not, either on your own account or on behalf of any person, company, corporation, or other entity, directly or indirectly, solicit any employee
of the Company to leave employment with the Company. This restriction shall apply to those employees of the Company with whom you came into contact or about whom you obtained Confidential Information or Trade Secrets during the last two
(2) years of your employment with the Company. 
  

	11)	Enforcement 

  

	 	a)	 The parties acknowledge and agree that compliance with the covenants set forth in this Agreement is necessary to protect the Confidential Information
and Trade Secrets, 

  
 13 

	 	
business and goodwill of the Company, and that any breach of this Agreement will result in irreparable and continuing harm to the Company, for which money damages may not provide adequate relief.
Accordingly, in the event of any breach or anticipatory breach of this Agreement by you, or your claim in a declaratory judgment action that all or part of this Agreement is unenforceable, the parties agree that the Company shall be entitled to the
following particular forms of relief as a result of such breach, in addition to any remedies otherwise available to it at law or equity: (a) injunctions, both preliminary and permanent, enjoining or restraining such breach or anticipatory
breach, and you consent to the issuance thereof forthwith and without bond by any court of competent jurisdiction; and (b) recovery of all reasonable sums and costs, including attorneys’ fees, incurred by the Company to defend or enforce
the provisions of this Agreement if you argue that such covenants are unreasonable or unenforceable. 

  

	 	b)	The parties hereto hereby declare that it is impossible to measure in money the damages that will accrue to the Company by reason of your failure to perform any of your obligations under Sections 7, 8, 9, and 10.
Accordingly, if the Company institutes any action or proceeding to enforce the provisions hereof, to the extent permitted by applicable law, you hereby waive the claim or defense that the Company has an adequate remedy at law, and you shall not urge
in any such action or proceeding the defense that any such remedy exists at law. The foregoing rights shall be in addition to any other rights and remedies available to the Company under law or in equity. 

 

	 	c)	If any of the covenants contained in Sections 7, 8, 9, and 10, or any part thereof, is construed to be invalid or unenforceable, the same shall not affect the remainder of the covenant or covenants, which shall be given
full effect, without regard to the invalid portion(s). In addition, if any of the covenants contained in Sections 7, 8, 9, and 10 hereof, or any part thereof, is held by any person or entity with jurisdiction over the matter to be invalid or
unenforceable because of duration of such provision or the geographical area covered thereby, the parties agree that such person or entity shall have the power to reduce the duration and/or geographical area of such provision and, in its reduced
form, said provisions shall then be enforceable. 

  

	 	d)	It is understood and agreed that no failure or delay by the Company in exercising any right, power or privilege contained in Sections 7, 8, 9, and 10 shall operate as a waiver thereof, nor shall any single or partial
exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege contained in Sections 7, 8, 9, or 10. 

  

	 	e)	It is understood and agreed that references to the “Company” in the foregoing Sections 7, 8, 9 and 10 include the Company, the Parent and its affiliates. 

 

	12)	Disclosure of Agreement; Disclosure of New Employment 

 You agree that you will
promptly disclose the existence of this Agreement and the post-employment restrictions contained herein to all subsequent employers until all such covenants have expired. 
  

	13)	Confidential Information Belonging to Others 

 You affirm that you have informed
the Company of any restrictive covenant or other contract or agreement of any kind which would prohibit, restrict or limit your employment with the Company. If you learn or become aware or are advised that you are subject to an additional actual or
alleged restrictive covenant or other prior agreement which may prohibit or restrict employment by the Company, you shall immediately notify the Company of the same. You 

  
 14 

 
agree that you shall not disclose to the Company, use for the Company’s benefit, or induce the Company to use any trade secret or confidential information you may possess or any Intellectual
Property belonging to any former employer or other third party. 
  

	14)	Choice of Forum 

 The Parent is an international insurance company, and has
subsidiaries that conduct business in the United States (including New York) and other countries. You and the Company are desirous of having any disputes resolved in a forum having a substantial body of law and experience with the matters contained
herein. As a result, you and the Company have a strong interest in providing a single forum and governing law for the convenience of you and the Company to resolve any and all legal claims. In addition, you recognize that the Company’s and the
Parent’s savings from limiting the forum for legal claims allow them and their affiliates to maintain lower business expenses, which help all of them provide more cost effective and competitive insurance products and services. For all of these
reasons, you and the Company agree that any action or proceeding brought in any court or other forum with respect to this Agreement and Employee’s employment shall be brought exclusively in the Supreme Court of the State of New York, New York
County, or in the United States District Court for the Southern District of New York, or in any other court of competent jurisdiction sitting in the County and State of New York, and the parties agree to the personal jurisdiction thereof. The
parties hereby irrevocably waive any objection they may now or hereafter have to the laying of venue of any such action in the said court(s), and further irrevocably waive any claim they may now or hereafter have that any such action brought in said
court(s) has been brought in an inconvenient forum. The parties recognize that, should any dispute or controversy arising from or relating to this agreement be submitted for adjudication to any court or other third party, the preservation of the
secrecy of Confidential Information or Trade Secrets may be jeopardized. Consequently, the parties agree that all issues of fact shall be tried without a jury. 
  

	15)	Governing Law 

 You and the Company agree that for the reasons recited in the
foregoing paragraph 14, this Agreement shall be governed by, and construed in accordance with, the laws of the State of New York, without regard to its conflict of laws provisions. 

 

	16)	Section 409A 

 You and the Company understand and agree that certain payments
contemplated by this Agreement may be “nonqualified deferred compensation” for purposes of Section 409A of the Code. No nonqualified deferred compensation payable hereunder shall be paid or be subject to acceleration or to any change
in the specified time or method of payment, except as otherwise provided under this Agreement and consistent with Section 409A of the Code. Notwithstanding any other provision of this Agreement to the contrary, and to the extent required by
Section 409A of the Code (as amended from time to time), in the event that payment of nonqualified deferred compensation made pursuant to this Agreement is based upon or attributable to your termination of employment and you are at the time of
your termination a “Specified Employee,” then any payment of nonqualified deferred compensation otherwise required to be made to you shall be deferred and paid in a lump sum to you on the day after the date that is six (6) months from
the date of your “Separation from Service” within the meaning of Section 409A of the Code; provided, however, if you die prior to the expiration of such six (6) month period, payment to your beneficiary shall be made as soon as
practicable following your death. You will be a “Specified Employee” for purposes of this Agreement if, on the date of your Separation from Service, you are an individual who is, under the method of determination adopted by the Company
designated as, 

  
 15 

 
or within the category of employees deemed to be, a “specified employee” within the meaning and in accordance with Treasury Regulation Section 1.409A-1(i). The Company shall
determine in its sole discretion all matters relating to who is a “Specified Employee” and the application of and effects of the change in such determination. 
  

	17)	Indemnification 

 The Parent shall indemnify you to the same extent and by the
same means as provided to other officers generally (excluding the Parent’s Chief Executive Officer). 
  

	18)	Miscellaneous 

  

	 	a)	Any notice or other communication required or permitted under this Agreement shall be effective only if it is in writing and shall be deemed to be given when delivered personally or three days after it is mailed by
registered or certified mail, postage prepaid, return receipt requested or one day after it is sent by a reputable overnight courier service and, in each case, addressed to the relevant party at the address provided for such party on the first page
hereof, or to such other address as any party hereto may designate by notice to the other in accordance with the foregoing. 

  

	 	b)	This Agreement constitutes the entire agreement among you and the Company, the Parent and any affiliate with respect to your employment by the Company, and supersedes and is in full substitution for any and all prior
understandings or agreements with respect to your employment including, but not limited to, the letter agreement dated February 6, 2012 between you and the Company. This Agreement shall be binding upon execution by both parties, it being
understood and agreed that your employment shall not commence under this Agreement until January 1, 2015. Notwithstanding the foregoing, the terms and conditions of the letter agreement dated July 5, 2013 between you and the Company shall
remain in effect throughout the duration of your secondment to AXIS Re Europe at its office in Zurich, Switzerland in the capacity of Chief Executive Officer of AXIS Reinsurance. 

 

	 	c)	This Agreement may be amended only by an instrument in writing signed by the parties hereto, and any provision hereof may be waived only by an instrument in writing signed by the party against whom or which enforcement
of such waiver is sought. Any amendment to this Agreement must comply with the requirements of Section 409A of the Code. 

  

	 	d)	The Company shall withhold from any compensation and benefits payable under this Agreement all applicable U.S. federal, state, local, or other taxes. 

 

	 	e)	Except as otherwise set forth herein, in the event of any contest or dispute between you and the Company with respect to this Agreement, each of the parties shall be responsible for their respective legal fees and
expenses. 

  

	 	f)	If any term or provision of this Agreement is declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to be enforceable, such term or provision shall immediately become null and
void, leaving the remainder of this Agreement in full force and effect. 

  

	 	g)	 Except as otherwise provided in this Agreement, this Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, representatives, successors and assigns. Your rights and benefits under this Agreement are personal to you and no such right or benefit shall be subject to voluntary or involuntary alienation,

  
 16 

	 	
assignment or transfer; provided, however, that nothing in this Section 18 shall preclude you from designating a beneficiary or beneficiaries to receive any benefit payable on your death.

  

	 	h)	The headings in this Agreement are inserted for convenience of reference only and shall not be a part of or control or affect the meaning of any provision hereof. 

 

	 	i)	Except as otherwise expressly set forth in this Agreement, to the extent necessary to carry out the intentions of the parties hereunder, the respective rights and obligations of the parties hereunder shall survive any
termination of your employment or expiration or termination of this Agreement. 

  

	 	j)	Nothing in this Agreement shall be construed as giving you any claim against any specific assets of the Company, Parent or any affiliate or as imposing any trustee relationship upon the Company in respect of you. The
Company shall not be required to establish a special or separate fund or to segregate any of its assets in order to provide for the satisfaction of its obligations under this Agreement. Your rights under this Agreement shall be limited to those of
an unsecured general creditor of the Company, Parent and its affiliates; 

  

	 	k)	Both parties, through their respective counsel, have participated in the preparation of this Agreement and its Exhibit A. Accordingly, both parties shall be deemed to be the drafter of this Agreement or its
Exhibit A for purposes of construing their provisions. The language in all parts of this Agreement and its exhibits shall be interpreted according to its fair meaning, and shall not be interpreted for or against either of the Parties as the
drafter of the language. 

 If the terms of this Agreement meet with your approval, please sign and return one copy to the
Company. 
 [signatures on following page] 

  
 17 

 
			
	AXIS SPECIALTY U.S. SERVICES, INC.
		
	By:		 /s/ Noreen McMullan

	Name:		Noreen McMullan
	Title:		Executive Vice President

  

	
	Accepted and Agreed
	as of the date first set forth above:
	
	 /s/ John D. Nichols, Jr.

	John D. Nichols, Jr.

  
 18 

 Exhibit A to Employment Agreement 

GENERAL RELEASE AND WAIVER 
 In
consideration of the payment by AXIS Specialty U.S. Services, Inc. (the “Company”) to or for the benefit of John D. Nichols, Jr. of the payments and benefits set forth in that certain Employment Agreement by and between John D. Nichols,
Jr. (“Executive”) and the Company effective January 1, 2015 (“Employment Agreement”), and in compliance with the terms of the Employment Agreement, Executive hereby makes and delivers to the Company this General Release and
Waiver (“Release”) as set forth herein: 
 Release of All Claims 

Executive voluntarily, knowingly and willingly on behalf of himself, his heirs, executors, administrators, successors and assigns, hereby irrevocably and
unconditionally release the Company, its parents, their subsidiaries, divisions and affiliates, together with their respective owners, assigns, agents, directors, partners, officers, employees, consultants, shareholders, attorneys and
representatives, and any of their predecessors and successors and each of their estates, heirs and assigns (collectively, the “Company Releasees”) from any and all charges, complaints, claims, liabilities, obligations, promises,
agreements, causes of action, rights, costs, losses, debts and expenses of any nature whatsoever, known or unknown, which he or his heirs, executors, administrators, successors or assigns ever had, now have or hereafter can, will or may have (either
directly, indirectly, derivatively or in any other representative capacity) against the Company or any of the other Company Releasees by reason of any matter, cause or thing whatsoever arising on or before the date this General Release and Waiver is
executed by Executive. In addition, this Release includes, without limitation, any rights or claims relating in any way to any and all employment relationships between Executive and the Company or any of the Company Releasees, or the termination
thereof, arising under the Employment Act 2000 of Bermuda, the Human Rights Act 1981 of Bermuda, Title VII of the Civil Rights Act of 1964, Sections 1981 through 1988 of Title 42 of the United States Code, The Employee Retirement Income Security Act
of 1974 (“ERISA”) (except for any vested benefits under any tax qualified benefit plan), The Immigration Reform and Control Act, The Americans with Disabilities Act of 1990, The Age Discrimination in Employment Act of 1967
(“ADEA”), The Workers Adjustment and Retraining Notification Act, The Fair Credit Reporting Act, New York State Human Rights Law, New York Human Rights Law, New York Rights of Persons With Disabilities, New York Confidentiality of Records
of Genetic Tests, New York Whistleblower Law, New York Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers’ Compensation Claim, New York Adoptive Parents’ Child Care Leave Law, New York Smokers’ Rights Law,
New York Equal Pay Law, New York AIDS Testing Confidentiality Act, New York Nondiscrimination Against Genetic Disorders Law, New York Bone Marrow Leave Law, New York Equal Rights Law, New York Confidentiality of Records of Genetic Tests, New York
Executive Law Section 290 et seq., The New York State Labor Relations Act, the general regulations of the New York State Division of Human Rights, The New York Labor Law, The New York Wage Hour and Wage Payment Laws, The New York Minimum Wage
Law, as amended, The New York City Administrative Code, New York State Public Employee Safety and Health Act, New York Executive Law §290 et seq., the New York City Charter and Administrative Code, New York Labor Law §740 et seq., the New
York Legal Activities Law, New York Labor Law §201-d, the New York occupational safety and health laws, the New Jersey Law Against Discrimination – N.J. Rev. Stat. §10:5-1 et seq,, New Jersey Statutory Provision Regarding
Retaliation/Discrimination for Filing a Workers’ Compensation Claim – N.J. Rev. Stat. §34:15-39.1 et seq., New Jersey Family Leave Act – N.J. Rev. Stat. §34:11B-1 et seq., New Jersey Smokers’ Rights Law – N.J. Rev.
Stat. §34:6B-1 et seq., New Jersey Equal Pay Act – N.J. Rev. Stat. §34:11-56.1 et seq., New Jersey Genetic Privacy Act – N.J. Rev. Stat. Title 10, Ch. 5, §10:5-

  
 19 

 
43 et seq., New Jersey Conscientious Employee Protection Act (Whistleblower Protection) – N.J. Stat. Ann. §34:19-3 et seq., New Jersey Wage Payment and Work Hour Laws, The New Jersey
Public Employees’ Occupational Safety and Health Act- N.J. Stat. Ann. §34:6A-25 et seq., New Jersey Fair Credit Reporting Act, and the New Jersey laws regarding Political Activities of Employees, Lie Detector Tests, Jury Duty, Employment
Protection, and Discrimination, and any other federal, state or local law, statute, rule, regulation, or ordinance, any public policy, contract, tort, or common law whether of any state in the United States or Bermuda; or any basis for recovering
costs, fees, or other expenses including attorneys’ fees incurred in these matters. Notwithstanding anything in this Release to the contrary, Executive is not waiving, and shall not be deemed to have waived, any entitlements under the terms of
the Employment Agreement, the Company’s Bye-Laws or the applicable terms of any other agreement, plan or program of the Company or its affiliates that survive a termination of employment. 

Acknowledgements and Affirmations 
 Executive
affirms and agrees that the Company has fulfilled all of its obligations to him under Bermudan employment law, including without limitation the Employment Act 2000 as may be amended from time to time, and has not violated his rights under Bermudan
employment law. Executive affirms and acknowledges that the payments, that are referenced in this Release fully, fairly and finally compensate him for any and all monies that may be due or become to him under Bermudan law in connection with his
employment or termination of his employment, including without limitation any severance allowance or repatriation expenses. 
 By signing this Release,
Executive represents that Executive has not commenced or joined in any claim, charge, action or proceeding whatsoever against the Company or any of the Company Releasees with respect to the matters released hereby. Executive further represents that
he will not be entitled to any personal recovery in any action or proceeding of any nature whatsoever against the Company or any of the other Company Releasees that may be commenced on his behalf arising out of any of the matters released hereby.

 Executive also affirms that he has been paid and/or has received all compensation, wages, bonuses and/or commissions to which he may be entitled prior to
the date hereof except as expressly provided in, or preserved by, this Release and Section 4 of the Employment Agreement. Executive affirms he has been granted any leave to which he was entitled under the Employment Act 2000 of Bermuda, the
Family and Medical Leave Act or similar state or local leave or disability accommodation laws. Executive further affirms that he has no unreported workplace injuries or occupational diseases. The Company acknowledges that it shall comply with
Section 4 of the Employment Agreement. 
 Return and Possession of Property 

Executive affirms that he has returned all of the Company’s property, documents, and/or any confidential information in his possession or control to which
he is not entitled. 
 Effect of Violation by Executive of Employment Agreement 

Executive affirms and acknowledges that the provisions of Sections 7-10 of the Employment Agreement remain in full force and effect as to him according to
their terms. 
 No Admission by Company 
 The
Company’s acceptance and acknowledgement of this Release and the payments and benefits set forth herein are not, and shall not be construed as, any admission of liability or wrongdoing on the part of the Company or any of the Company Releasees.

  
 20 

 Revocation Rights 

EXECUTIVE IS ADVISED THAT HE HAS UP TO TWENTY-ONE (21) CALENDAR DAYS TO CONSIDER THIS GENERAL RELEASE AND WAIVER. EXECUTIVE ALSO IS ADVISED TO CONSULT
WITH AN ATTORNEY PRIOR TO HIS SIGNING OF THIS GENERAL RELEASE AND WAIVER. 
 EXECUTIVE MAY REVOKE THIS GENERAL RELEASE AND WAIVER FOR A PERIOD OF SEVEN
(7) CALENDAR DAYS FOLLOWING THE DAY HE SIGNS THIS AGREEMENT AND GENERAL RELEASE. ANY REVOCATION WITHIN THIS PERIOD MUST BE SUBMITTED, IN WRITING, TO THE AXIS GENERAL COUNSEL AND STATE, “I HEREBY REVOKE MY ACCEPTANCE OF OUR AGREEMENT AND
GENERAL RELEASE.” THE REVOCATION MUST BE PERSONALLY DELIVERED TO THE GENERAL COUNSEL OR HIS/HER DESIGNEE, OR MAILED TO THE GENERAL COUNSEL AND POSTMARKED WITHIN SEVEN (7) CALENDAR DAYS AFTER EXECUTIVE SIGNS THIS AGREEMENT AND GENERAL
RELEASE. 
 EXECUTIVE AGREES THAT ANY MODIFICATIONS, MATERIAL OR OTHERWISE, MADE TO THIS AGREEMENT AND GENERAL RELEASE, DO NOT RESTART OR AFFECT IN
ANY MANNER THE ORIGINAL UP TO TWENTY-ONE (21) CALENDAR DAY CONSIDERATION PERIOD. 
 EXECUTIVE FREELY AND KNOWINGLY, AND AFTER DUE CONSIDERATION,
ENTERS INTO THIS AGREEMENT AND GENERAL RELEASE INTENDING TO WAIVE, SETTLE AND RELEASE ALL CLAIMS EXECUTIVE HAS OR MIGHT HAVE AGAINST RELEASEES. 

Descriptive Headings 
 The Section headings
contained herein are for reference purposes only and will not in any way affect the meaning or interpretation of this Release. 
 Enforceability

 It is the desire and intent of the parties that the provisions of this General Release and Waiver shall be enforced to the fullest extent
permissible. In the event that any one or more of the provisions of this General Release and Waiver is held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remainder hereof will not in any way be affected or
impaired thereby and any such provision or provisions will be enforced to the fullest extent permitted by law. 
 Each Party the Drafter 

This General Release and Waiver, and the provisions contained in it, shall not be construed or interpreted for, or against, any party to this General Release
and Waiver because that party drafted or caused that party’s legal representatives to draft any of its provisions. 
 Governing Law 

This General Release and Waiver shall be governed by, and construed and enforced in accordance with, the laws of New York, without reference to its choice of
law rules. The parties hereby irrevocably consent to the jurisdiction of New York and courts located in New York for purposes of resolving any dispute under this General Release and Waiver and expressly waive any objections as to venue in any such
courts. 

  
 21 

 No Other Assurances 

Executive affirms and acknowledges that he has not relied on any representations, promises, or agreements of any kind made to him in connection with his
decision to execute and deliver this General Release and Waiver, except for those set forth in or expressly referenced herein. 
 Now therefore, intending
to be fully and irrevocably bound by the terms hereof, Executive has executed this General Release and Waiver and has delivered it to AXIS Capital Holdings Limited as of this     day of
            , 20    . 
  

									
	 Executed and delivered by:
	 		 	Accepted by:
				
		 		 		 	AXIS SPECIALTY U.S. SERVICES, INC.
					
	 By:
	 	  
	 		 	By:	 	  

		 	 Executive
	 		 		 	

  
 22

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