Document:

Terms Document

 Exhibit 4.1 
 CHASE ISSUANCE TRUST 
 as Issuing Entity 
 CLASS A(2007-3) TERMS DOCUMENT 
 dated as of February 15, 2007 
 to 
 AMENDED AND RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 
 dated as of October 15, 2004 
 to 
 SECOND AMENDED AND RESTATED 
 INDENTURE 
 dated as of March 14, 2006 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	ARTICLE I Definitions and Other Provisions of General Application
			
	Section 1.01	  	Definitions	  	1
	Section 1.02	  	Governing Law	  	3
	Section 1.03	  	Counterparts	  	4
	Section 1.04	  	Ratification of Indenture and Indenture Supplement	  	4
	
	ARTICLE II The Class A(2007-3) Notes
			
	Section 2.01	  	Creation and Designation	  	5
	Section 2.02	  	Specification of Required Subordinated Amount and Other Terms	  	5
	Section 2.03	  	Interest Payment	  	6
	Section 2.04	  	Payments of Interest and Principal	  	6
	Section 2.05	  	Form of Delivery of Class A(2007-3) Notes; Depository; Denominations.	  	6
	Section 2.06	  	Delivery and Payment for the Class A(2007-3) Notes	  	7
	Section 2.07	  	Supplemental Indenture	  	7
	Section 2.08	  	Appointment of co-Paying Agent and co-Transfer Agent	  	7

 THIS CLASS A(2007-3) TERMS DOCUMENT (this “Terms Document”), by and between the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and collateral agent (the “Collateral Agent”), is made and entered into as of February 15, 2007. 
 Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and shall
specify the principal terms thereof. 
 ARTICLE I 
 Definitions and Other Provisions of General Application 
 Section 1.01 Definitions For all
purposes of this Terms Document, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in
this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms used
herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in
this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any such certificate or other document to the extent not defined, shall have the respective meanings given to them
under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or
in any such certificate or other document shall control; 
 (4) the words “hereof,” “herein,” “hereunder” and
words of similar import when used in this Terms Document shall refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to
subsections, Sections, clauses, Schedules and Exhibits in or to this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or
regulation as amended from time to time and include any successor law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or
otherwise modified from time to time; 

 (5) in the event that any term or provision contained herein shall conflict with or be inconsistent with
any term or provision contained in the Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 
 (6) each capitalized term defined herein shall relate only to the Class A(2007-3) Notes and no other Tranche of CHASEseries Notes issued by the Issuing
Entity. 
 “Asset Pool Supplement” means the Amended and Restated Asset Pool One Supplement to the Indenture, dated as of
October 15, 2004, as amended by the First Amendment thereto, dated as of May 10, 2005, and the Second Amendment thereto, dated as of February 1, 2006, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent.

 “BDL” means Banque de Luxembourg. 
 “Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 
 “Class A(2007-3) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with respect to the Class A(2007-3) Notes, (b) an Event of Default and
acceleration of the Class A(2007-3) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2007-3) Notes becomes greater than zero or (d) the Class A Usage of the Class C Required Subordinated
Amount for the Class A(2007-3) Notes becomes greater than zero. 
 “Class A(2007-3) Note” means any Note, substantially in
the form set forth in Exhibit A-1 to the Indenture Supplement, designated therein as a Class A(2007-3) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class A(2007-3) Noteholder” means a Person in whose name a Class A(2007-3) Note is registered in the Note Register. 
 “Class A(2007-3) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar
Principal Amount of the Class A(2007-3) Notes is paid in full, (b) the Legal Maturity Date and (c) the date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class A Required Subordinated Amount of Class B Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is defined in Section 2.02(b). 
 “Controlled Accumulation Amount” means $37,500,000; provided, however, if the Accumulation Period Length is determined to
be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation 

  

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Amount for any Note Transfer Date with respect to the Class A(2007-3) Notes will be the amount specified in the definition of “Controlled Accumulation
Amount” in the Indenture Supplement. 
 “Indenture” means the Second Amended and Restated Indenture, dated as of
March 14, 2006, between the Issuing Entity and the Indenture Trustee. 
 “Indenture Supplement” means the Amended and
Restated CHASEseries Indenture Supplement, dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial Dollar Principal Amount” means $450,000,000. 
 “Interest Payment
Date” means March 15, 2007 and the 15th day of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 “Interest Period” means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and
including the Issuance Date) to but excluding such Interest Payment Date. 
 “Issuance Date” means February 15, 2007.

 “Legal Maturity Date” means April 15, 2019. 
 “Note Interest Rate” means a rate per annum equal to 5.23%. 
 “Paying Agent” means Wells Fargo Bank, National Association. 
 “Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same
debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date” means, for any Note Transfer Date, the last Business
Day of the preceding Monthly Period. 
 “Scheduled Principal Payment Date” means February 15, 2017. 
 “Stated Principal Amount” means $450,000,000. 
 Section 1.02 Governing Law THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE
OBLIGATIONS, RIGHTS AND REMEDIES 

  

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OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 
 Section 1.03 Counterparts This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed to be an
original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04 Ratification of
Indenture and Indenture Supplement As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset
Pool Supplement and the Indenture Supplement as so supplemented by this Terms Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 
  

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 ARTICLE II 
 The Class A(2007-3) Notes 
 Section 2.01 Creation and Designation There is hereby created a
Tranche of CHASEseries Class A Notes to be issued pursuant to the Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2007-3) Notes.” 
 Section 2.02 Specification of Required Subordinated Amount and Other Terms 
 (a) For the Class A(2007-3) Notes for any date of determination, the Class A Required Subordinated Amount of Class B Notes will be an amount equal to
7.80347% of (i) prior to the occurrence of a Class A(2007-3) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-3) Notes on such date of determination or (ii) on and after the date on which a Class
A(2007-3) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-3) Notes on such date of determination and (2) the Adjusted Outstanding Dollar Principal Amount of the
Class A(2007-3) Notes as of the close of business on the day immediately preceding the date on which such Class A(2007-3) Adverse Event shall have occurred. 
 (b) For the Class A(2007-3) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be an amount equal to 7.80347% of (i) prior to the occurrence of a Class
A(2007-3) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2007-3) Notes on such date or (ii) on and after the date on which a Class A(2007-3) Adverse Event shall have occurred, the greater of (1) the Adjusted
Outstanding Dollar Principal Amount of the Class A(2007-3) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal Amount of the Class A(2007-3) Notes as of the close of business on the day immediately preceding the
date on which such Class A(2007-3) Adverse Event shall have occurred. 
 (c) The Issuing Entity may change the percentages or the formulas
set forth in either clause (a) or (b) above without the consent of any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in
either of such percentages or formulas, as applicable, will not result in a Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing
Entity Tax Opinion. 
  

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 Section 2.03 Interest Payment 
 (a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2007-3) Notes shall be an amount equal to one-twelfth the
product of (i) the Note Interest Rate times, (ii) the Outstanding Dollar Principal Amount of the Class A(2007-3) Notes determined as of the close of business on the Interest Payment Date preceding the related Note Transfer Date for
the Class A(2007-3) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2007-3) Notes is $1,961,250. Interest on the Class A(2007-3) Notes will be calculated on the
basis of a 360-day year consisting of twelve 30-day months. 
 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note
Transfer Date with respect to the Class A(2007-3) Notes, the Indenture Trustee shall deposit into the Class A(2007-3) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2007-3)
Notes. 
 Section 2.04 Payments of Interest and Principal 
 (a) Any installment of interest or principal payable on any Class A(2007-3) Note which is punctually paid or duly provided for by the Issuing Entity and
the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2007-3) Note (or one or more Predecessor Notes) is registered on the Record Date, by
wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding the date
of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the Record
Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 
 (b) The right of the Class A(2007-3) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day following the Class A(2007-3) Termination Date. 
 Section 2.05 Form of Delivery of Class A(2007-3) Notes; Depository; Denominations. 
 (a) The Class A(2007-3) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of the Indenture,
respectively. 
  

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 (b) The Depository for the Class A(2007-3) Notes shall be The Depository Trust Company, and the Class
A(2007-3) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2007-3) Notes will be
issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.06 Delivery and
Payment for the Class A(2007-3) Notes The Issuing Entity shall execute and deliver the Class A(2007-3) Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Class A(2007-3) Notes when authenticated, each
in accordance with Section 3.03 of the Indenture. 
 Section 2.07 Supplemental Indenture The Issuing Entity may enter into a
supplemental indenture with respect to the Class A(2007-3) Notes as provided in Section 9.01 of the Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit
enhancement for the Class A(2007-3) Notes shall, in addition to the requirements set forth in Section 9.01 of the Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such
change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the CHASEseries. 
 Section 2.08 Appointment of co-Paying Agent and co-Transfer Agent 
 BDL is appointed as co-paying agent and as
co-transfer agent in Luxembourg with respect to the Class A(2007-3) Notes for so long as the Class A(2007-3) Notes are listed on the Luxembourg Stock Exchange. Any reference in this Terms Document, the Indenture Supplement, the Asset Pool Supplement
and the Indenture to the Paying Agent or the Transfer Agent shall be deemed to include BDL as co-paying agent or co-transfer agent, as the case may be, unless the context requires otherwise. 
 [END OF ARTICLE II] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all as of the
day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
		
	By:	 	CHASE BANK USA, NATIONAL ASSOCIATION,
		 	as Beneficiary and not in its individual capacity
		
	By:	 	 /s/ Keith W. Schuck

	Name:	 	Keith W. Schuck
	Title:	 	President
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Indenture Trustee and Collateral Agent
		
	By:	 	 /s/ Cheryl C. Zimmerman

	Name:	 	Cheryl C. Zimmerman, CCTS
	Title:	 	Assistant Vice President

  

 Chase Issuance Trust 
 CHASEseries Class A(2007-3) Notes Terms Document 
 Signature PageForm of Stock Option Agreement

 Exhibit 10.8 
 [INCENTIVE] [NON-QUALIFIED] STOCK OPTION AGREEMENT 
 UNDER THE MAX RE CAPITAL LTD. 
 2000 STOCK INCENTIVE PLAN 
 THIS AGREEMENT,
made this     day of             , 200  , by and between Max Re Capital Ltd. (the “Company”) and
[            ] (the “Optionee”). 
 W I T N E S S E T H:

 WHEREAS, pursuant to the Max Re Capital Ltd. 2000 Stock Incentive Plan, as amended (the “Plan”), the Company desires to afford
the Optionee the opportunity to acquire, or enlarge, his/her ownership of the Company’s common stock, $1.00 par value per share (“Common Stock”), so that he/she may have a direct proprietary interest in the Company’s success.

 NOW, THEREFORE, in consideration of the covenants and agreements herein contained, the parties hereto hereby agree as follows: 

1. Grant of Option. Subject to the terms and conditions set forth herein and in the Plan, the terms
of which are attached as Exhibit A, the Company hereby grants to the Optionee, during the period commencing on the date of this Agreement and ending on the close of business on the day of the [tenth]1 anniversary of the date hereof (the “Termination Date”), the right and option (the right to purchase any one share of Common Stock hereunder being an
“Option”) to purchase from the Company, at a price of $             per share (the “Option Price”), an aggregate of
[            ] shares of Common Stock (the “Option Shares”). 
 2.
Limitation on Exercise of Option. Subject to the terms and conditions set forth herein and the Plan, the Optionee will be vested in __% of the Options on and after the
             anniversary of the date hereof and an additional __% on each of the             anniversaries of the
date hereof (each such anniversary, a “Vesting Date”); provided, that, except as otherwise provided herein, the Optionee is then employed by the Company on the relevant Vesting Date. 
 3. Termination of Employment. Any Options held by the Optionee upon termination of employment shall remain exercisable as follows, subject
to the conditions set forth in Section 4 hereof: 
 (a) If the Optionee’s termination of employment is due to death or Retirement,
or if the Optionee’s employment is terminated by the Company for Disability (as defined below) [or without Cause (as defined in the Plan), by the Optionee for Good Reason (as defined below), or upon the Company’s failure to renew the
Optionee’s work permit in Bermuda,] a pro rata portion of the Options which would have vested upon the next Vesting Date shall vest as of the date of such termination, and all other unvested Options shall immediately terminate and be forfeited.
The pro rata portion of the Options that vests shall be calculated by 

	 1
	 Term must be 5 years if the Option is an Incentive Stock Option granted to a 10% Shareholder.

  

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 multiplying the number of Options which would have vested upon the next Vesting Date by a fraction, the numerator of
which shall equal the number of consecutive days since the most recent Vesting Date that the Optionee is employed by the Company to the date of termination, and the denominator of which shall equal 365 (rounded to the nearest whole number). If the
Optionee’s termination of employment is for any other reason (including, without limitation, a termination by the Company for Cause), all unvested Options shall terminate on the date of termination. 
 (b) If the Optionee’s termination of employment is due to death or Retirement, or if the Optionee’s employment is terminated by the Company for
Disability [or without Cause, by the Optionee for Good Reason, or upon the Company’s failure to renew the Optionee’s work permit in Bermuda], to the extent vested, all vested Options shall be exercisable by the Optionee or any prior
transferee of the Option or by the Optionee’s designated beneficiary, or, if none, the person(s) to whom such Optionee’s rights under the Option are transferred by will or the laws of descent and distribution for 1 year following such
termination of employment (but in no event beyond the term of the Option), and shall thereafter terminate; provided, that, any exercise of an Incentive Stock Option beyond (a) three (3) months after the date of termination
when the termination is for any reason other than the Optionee’s death or Disability or (b) twelve (12) months after the date of termination when the termination is for the Optionee’s Disability will cause the Option to be deemed
a Nonqualified Stock Option and not an Incentive Stock Option. If the Optionee’s termination of employment is for any other reason (including, without limitation, a termination by the Company for Cause), all vested Options, shall be exercisable
for a period of 90 days following such termination of employment (but in no event beyond the term of the Option), and shall thereafter terminate. An Optionee’s status as an employee shall not be considered terminated in the case of a leave of
absence agreed to in writing by the Company (including, but not limited to, military and sick leave); provided, that, such leave is for a period of not more than 90 days or re-employment upon expiration of such leave is guaranteed by
contract or statute. 
 (c) For purposes of this Agreement, “Disability” shall mean termination upon 30 days’ notice in the
event that the Optionee suffers a mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any 365 day period;
provided, that, the Optionee shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. The Optionee shall have “Good Reason” to terminate his/her employment within 30
days after the Optionee has knowledge of the occurrence, without the Optionee’s written consent, of one of the following events that has not been cured, if curable, within 30 days after a notice of termination has been given by the Optionee to
the Company or its Subsidiary, as applicable: (i) any material and adverse change to the Optionee’s duties or authority which are inconsistent with his/her title and position, (ii) a material diminution of the Optionee’s title or
position; (iii) a reduction of the Optionee’s base salary; or (iv) any other reason which the Company determines in its sole discretion to be a Good Reason; provided, however, that if termination for “Good
Reason” is defined in an employee’s employment agreement, the definition in the employment agreement shall apply for purposes of this Section 3 with respect to such employee. 
  

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 4. Method of Exercising Option. 
 (a) Options, to the extent vested, may be exercised, in whole or in part, by giving written notice of exercise to the Company specifying the number of
shares of Common Stock to be purchased. Such notice shall be accompanied by the payment in full of the Option Price. Such payment shall be made: (a) in cash, (b) to the extent authorized by the Committee, by surrender of Common Stock owned
by the holder of the Option for at least six (6) months prior to the exercise of such Option, or (c) through simultaneous sale through a broker of shares acquired on exercise, as permitted under Regulation T of the Federal Reserve Board,
or (d) through additional methods prescribed by the Committee, or (e) by a combination of any such methods. 
 (b) At the time of
exercise, the Optionee shall pay to the Company such amount as the Company deems necessary to satisfy its obligation to withhold federal, state or local income or other taxes incurred by reason of the exercise of Options granted hereunder. Such
payment shall be made: (a) in cash, (b) to the extent authorized by the Committee, having the Company retain shares which would otherwise be delivered upon exercise of an Option, (c) to the extent authorized by the Committee,
delivering Common Stock owned by the holder of the Option prior to the exercise of such Option or (d) any combination of any such methods. For purposes hereof, Common Stock shall be valued at Fair Market Value. 
 5. Issuance of Shares. Except as otherwise provided in the Plan, as promptly as practical after receipt of such written notification of
exercise and full payment of the Option Price and any required income tax withholding, the Company shall issue or transfer to the Optionee the number of Option Shares with respect to which Options have been so exercised (less shares withheld in
satisfaction of tax withholding obligations, if any), and shall deliver to the Optionee a certificate or certificates therefor, registered in the Optionee’s name. 
 6. Company; Optionee. 
 (a) The term “Company” as used in this Agreement with
reference to employment shall include the Company and its Subsidiaries, as appropriate. 
 (b) Whenever the word “Optionee” is used
in any provision of this Agreement under circumstances where the provision should logically be construed to apply to the beneficiaries, the executors, the administrators, or the person or persons to whom the Options may be transferred by will or by
the laws of descent and distribution, the word “Optionee” shall be deemed to include such person or persons. 
 7.
Non-Transferability. The Options are not transferable by the Optionee otherwise than to a designated beneficiary upon death or by will or the laws of descent and distribution, and are exercisable during the Optionee’s lifetime
only by him/her (or his or her legal representative in the event of incapacity). No assignment or transfer of the Options, or of the rights represented thereby, whether voluntary or involuntary, by operation of law or otherwise (except to a
designated beneficiary, upon death, by will or the laws of descent and distribution), shall vest in the assignee or transferee any interest or right herein whatsoever, but immediately upon such assignment or transfer the Options shall terminate and
become of no further effect. 
  

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 8. Change in Control. Upon the occurrence of a Change in Control, all outstanding Options
shall automatically become vested and immediately exercisable in full. 
 9. Rights as Shareholder. The Optionee or a
transferee of the Options shall have no rights as shareholder with respect to any Option Shares until he/she shall have become the holder of record of such share, and no adjustment shall be made for dividends or distributions or other rights in
respect of such Option Shares for which the record date is prior to the date upon which he/she shall become the holder of record thereof. 
 10. Adjustments. In the event of any change in the outstanding Common Stock of the Company by reason of any stock dividend or split, recapitalization, merger, consolidation, spin-off, combination or exchange of shares or other
corporate change, or any distribution to holders of Common Stock other than regular cash dividends, the number and kind of shares subject to any outstanding Options granted hereunder and the purchase price thereof shall be adjusted by the Committee
as it shall in its sole discretion deem equitable to preserve the value of such Options. 
 11. Compliance with Law.
Notwithstanding any of the provisions hereof, the Optionee hereby agrees that he/she will not exercise the Options, and that the Company will not be obligated to issue or transfer any shares to the Optionee hereunder, if the exercise hereof or the
issuance or transfer of such shares shall constitute a violation by the Optionee or the Company of any provisions of any law or regulation of any governmental authority. Any determination in this connection by the Committee shall be final, binding
and conclusive. The Company shall in no event be obliged to register any securities pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended) or to take any other affirmative action in order to cause the exercise of the
Options or the issuance or transfer of shares pursuant thereto to comply with any law or regulation of any governmental authority. 
 12.
Notice. Every notice or other communication relating to this Agreement shall be in writing, and shall be mailed to or delivered to the party for whom it is intended at such address as may from time to time be designated by it in a
notice mailed or delivered to the other party as herein provided; provided, that, unless and until some other address be so designated, all notices or communications by the Optionee to the Company shall be mailed or delivered to the
Company at its principal executive office, and all notices or communications by the Company to the Optionee may be given to the Optionee personally or may be mailed to him/her at his/her address as recorded in the records of the Company. 

13. [Incentive Stock Options][Non-Qualified Stock Options]. [The Options granted hereunder are not intended to be incentive stock
options within the meaning of Section 422 of the Code.] [The Options granted hereunder are intended to be incentive stock options within the meaning of Section 422 of the Code. The Company shall have no liability to any Optionee or any
other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time. If the Option is an Incentive Stock Option, and if the Optionee sells or otherwise disposes of any of the Option Shares acquired pursuant to the
Incentive Stock 

  

 4 

 
Option on or before the later of (a) the date two (2) years after the date of grant, and (b) the date one (1) year after transfer of such
Option Shares to the Optionee upon exercise of the Option, the Optionee shall immediately notify the Company in writing of such disposition. In the event any such disposition causes the Company to incur additional federal, state, or local tax
withholding obligations, the Optionee will satisfy any such obligations in cash or out of the current wages or other compensation payable to the Optionee.] 
 14. Binding Effect. Subject to Section 7 hereof, this Agreement shall be binding upon the heirs, executors, administrators and successors of the parties hereto. 
 15. Governing Law. This Agreement shall be construed and interpreted in accordance with the laws of the State of New York without regard to
its conflict of law principles. 
 16. Plan. The terms and provisions of the Plan are incorporated herein by reference, and the
Optionee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. All capitalized terms not
defined herein shall have the meaning ascribed to them as set forth in the Plan. 
 17. Interpretation. Any dispute regarding
the interpretation of this Agreement shall be submitted by the Optionee or the Company to the Committee for review. The resolution of such a dispute by the Committee shall be binding on the Company and the Optionee. 
 18. No Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any
right of the Company to terminate the Optionee’s employment. 
 19. Section 409A Limitation. The Company shall have
no liability to the Optionee or any other person if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the additional
conditions applicable to nonqualified deferred compensation under Section 409A of the Code. 
 IN WITNESS WHEREOF, the parties hereto
have executed this Agreement as of the day and year first above written. 
  

			
	MAX RE CAPITAL LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

  

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