Document:

Director Version
	 

	 
		1-year cliff vesting
	 

	 
		

	 

	 
		GREENLIGHT CAPITAL RE, LTD.
	 

	 
		AMENDED AND RESTATED
	 

	 
		2004 STOCK INCENTIVE PLAN
	 

	 
		RESTRICTED STOCK AWARD AGREEMENT
	 

	 
		

	 

	 
		This Restricted Stock Award Agreement (the “Agreement”)
		is made, effective as of the ___ day of ______, 20__ (the “Grant
		Date”), between Greenlight Capital Re, Ltd., a Cayman Islands exempted
		company (the “Company”) and _____________ (the
		“Grantee”).
	 

	 
		RECITALS:
	 

	 
		WHEREAS, the Company has adopted the Greenlight Capital Re, Ltd.
		Amended and Restated 2004 Stock Incentive Plan (the “Plan”)
		pursuant to which awards of restricted Class A ordinary shares of the Company
		(the “Shares”) may be granted; and
	 

	 
		WHEREAS, the Committee has determined that it is in the best
		interests of the Company and its shareholders to grant the award of restricted
		Shares provided for herein (the “Restricted Stock Award”) to
		the Grantee in recognition of the Grantee’s services to the Company, such
		grant to be subject to the terms set forth herein.
	 

	 
		NOW, THEREFORE, in consideration for the services rendered by the
		Grantee to the Company and the mutual covenants hereinafter set forth, the
		parties hereto agree as follows:
	 

	 
		1.
	 

	 
		Grant of Restricted Stock Award.  Pursuant to Section
		7 of the Plan, the Company hereby issues to the Grantee on the Grant Date a
		Restricted Stock Award consisting of, in the aggregate, _____ Shares in the
		capital of the Company (hereinafter called the “Restricted
		Shares”) having the right and subject to the restrictions set out in
		the Articles of Association of the Company, this Agreement and the Plan.
		 The Restricted Shares shall vest in accordance with Section 4 hereof.
		 
	 

	 
		2.
	 

	 
		Incorporation by Reference.  The provisions of the
		Plan are hereby incorporated herein by reference.  Except as otherwise
		expressly set forth herein, this Agreement shall be construed in accordance
		with the provisions of the Plan and any capitalized terms not otherwise defined
		in this Agreement shall have the definitions set forth in the Plan.  The
		Committee shall have the authority to interpret and construe the Plan and this
		Agreement and to make any and all determinations thereunder, and its decision
		shall be binding and conclusive upon the Grantee and his legal representative
		in respect of any questions arising under the Plan or this Agreement.
	 

	 
		3.
	 

	 
		Restrictions.  Except as otherwise provided in the
		Plan or this Agreement, the Restricted Shares may not, any time prior to
		becoming vested, be assigned, alienated, pledged, attached, sold or otherwise
		transferred or encumbered by the Grantee and any such purported assignment,
		alienation, pledge, attachment, sale, transfer or encumbrance shall result in
		such Shares being mandatorily repurchased for par value and cancelled by the
		Company.  In such case, all of the Grantee’s rights to such Shares
		shall immediately terminate. 
	 

	 
		

	 

	 
		
 

	 

	 
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		4.
	 

	 
		Vesting.  Except as otherwise provided herein, the
		restrictions described in Section 3 above will lapse with respect to 100% of
		the Restricted Shares on the earlier of the date of the first anniversary of
		the Grant Date and the next annual general meeting of shareholders (the
		“Vesting Date”); provided, that, the Grantee is
		still in Continuous Service with the Company on such Vesting Date.  
	 

	 
		(a)
	 

	 
		Death, Disability.  All restrictions will lapse with respect
		to 100% of the Restricted Shares upon the termination of the Grantee’s
		Continuous Service due to death or Disability prior to the Vesting Date.
	 

	 
		(b)
	 

	 
		Change in Control.  All restrictions will lapse with respect
		to 100% of the Restricted Shares upon the occurrence of a Change in Control
		prior to the Vesting Date; provided, that, the Grantee is in
		Continuous Service immediately prior to such Change in Control.
	 

	 
		(c)
	 

	 
		Termination of Continuous Service.  Except as otherwise set
		forth in Section 4(a) or 4(b) above, if the Grantee’s Continuous Service
		terminates for any reason at any time prior to the Vesting Date, the unvested
		Restricted Shares will be automatically repurchased for par value and cancelled
		by the Company and all of the Grantee’s rights to such Shares shall
		immediately terminate.
	 

	 
		5.
	 

	 
		Taxes.  
	 

	 
		(a)
	 

	 
		Tax Withholding.  The Company shall have the right to deduct
		from any compensation paid to the Grantee pursuant to the Plan the amount of
		taxes required by law to be withheld therefrom, or to require the Grantee to
		pay the Company in cash such amount required to be withheld.  The Grantee
		may satisfy any foreign, federal, state or local tax withholding obligation
		relating to the acquisition of Shares under this Restricted Stock Award by any
		of the following means (in addition to the Company’s right to withhold or
		to direct the withholding from any compensation paid to the Grantee by the
		Company or by an Affiliate) or by a combination of such means:  (i)
		tendering a cash payment; (ii) authorizing the Company to withhold vested
		Restricted Shares otherwise deliverable to the Grantee hereunder;
		provided, however, that no Restricted Shares are withheld with a
		value exceeding the minimum amount of tax required to be withheld by applicable
		law; or (iii) transferring to the Company or to an Affiliate for repurchase for
		the aggregate sum of US$1.00, owned and unencumbered Shares with a Fair Market
		Value equal to the amount of the applicable tax liability in exchange for the
		Company’s or Affiliate’s commitment to remit such amounts to the
		taxing authority.
	 

	 
		(b)
	 

	 
		Section 83(b) of the Code.  If the Grantee properly elects,
		within thirty (30) days of the Grant Date, to include in gross income for
		federal income tax purposes an amount equal to the Fair Market Value of the
		Restricted Shares as of the Grant Date pursuant to Section 83(b) of the Code,
		to the extent required by law, the Grantee shall pay to the Company, or make
		other arrangements satisfactory to the Committee to pay to the Company in the
		year of such grant, any federal, state or local taxes required to be withheld
		with respect to such Shares.  If the Grantee fails to make such payments,
		the
	 

	 
		
 

	 

	 
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		Company or its Affiliates shall, to the extent permitted by law, have the
		right to deduct from any payment of any kind otherwise due to the Grantee any
		federal, state or local taxes of any kind required by law to be withheld with
		respect to such Shares.
	 

	 
		6.
	 

	 
		Rights as Shareholder; Dividends.  The Grantee shall
		be the record owner of the Restricted Shares unless and until such Shares are
		repurchased pursuant to Section 4 hereof or sold or otherwise disposed of, and
		as record owner shall be entitled to all rights of a shareholder of the
		Company, including, without limitation, voting rights, if any, with respect to
		the Restricted Shares and the right to receive dividends, if any, while the
		Restricted Shares are held in custody.
	 

	 
		7.
	 

	 
		Certificates.  Reasonably promptly following the Grant
		Date, the Company shall cause to be issued to the Grantee a certificate in
		respect of the Restricted Shares which shall bear the following (or a similar)
		legend in addition to any other legends that may be required under federal or
		state securities laws:
	 

	 
		“THE TRANSFERABILITY OF THIS
		CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
		CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE GREENLIGHT CAPITAL RE, LTD.
		AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN AND THE RESTRICTED STOCK AWARD
		AGREEMENT DATED AS OF [INSERT DATE] ENTERED INTO BETWEEN THE REGISTERED OWNER
		AND GREENLIGHT CAPITAL RE, LTD.  A COPY OF THE PLAN AND THE AWARD
		AGREEMENT ARE ON FILE AT THE OFFICES OF GREENLIGHT CAPITAL RE,
		LTD.”
	 

	 
		The Committee shall require that the certificate evidencing such Shares
		be delivered upon issuance to the Company or such other depository as may be
		designated by the Committee as a depository for safekeeping until the Shares
		are repurchased or until the restrictions set forth herein and in the Plan
		lapse.  At the expiration of the restrictions, the Company shall deliver
		to the Grantee (or his legal representative, beneficiary or heir, if
		applicable) share certificates for the Shares deposited with it free from
		legend except as otherwise provided by the Plan or as otherwise required by
		applicable law.
	 

	 
		8.
	 

	 
		Compliance with Laws and Regulations.  The issuance
		and transfer of the Restricted Shares shall be subject to compliance by the
		Company and the Grantee with all applicable requirements of securities laws and
		with all applicable requirements of any stock exchange on which the
		Company’s Shares may be listed at the time of such issuance or transfer.
	 

	 
		9.
	 

	 
		Stop-Transfer Instructions.  The Grantee agrees that,
		to ensure compliance with the restrictions imposed by this Agreement, the
		Company may issue appropriate “stop-transfer” instructions to its
		transfer agent, if any, and if the Company transfers its own securities, it may
		make appropriate notations to the same effect in its own records.
	 

	 
		10.
	 

	 
		  Refusal to Transfer.  The Company will not
		be required to (i) register any transfer of Shares on its register of members
		if such Shares have been sold or otherwise transferred in violation of any of
		the provisions of this Agreement or (ii) treat as owner of such
	 

	 
		
 

	 

	 
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		Shares, or to accord the right to vote or pay
		dividends to any purchaser or other transferee to whom such Shares have been so
		transferred.
	 

	 
		11.
	 

	 
		  No Right to Continuous Service.  Nothing
		in this Agreement shall be deemed by implication or otherwise to impose any
		limitation on any right of the Company or any of its Affiliates to terminate
		the Grantee’s Continuous Service at any time.
	 

	 
		12.
	 

	 
		  Notices.  All notices, demands and other
		communications provided for or permitted hereunder shall be made in writing and
		shall be by registered or certified first class mail, return receipt requested,
		telecopier, courier service or personal delivery:
	 

	 
		If to the Company:
	 

	 
		Greenlight Capital Re, Ltd.
	 

	 
		802 West Bay Rd.
	 

	 
		The Grand Pavillion
	 

	 
		Grand Cayman, KY1-1205
	 

	 
		Cayman Islands
	 

	 
		Facsimile:  (345) 745-4576
	 

	 
		

	 

	 
		If to the Grantee, at the Grantee’s last known address on file with
		the Company.
	 

	 
		All such notices, demands and other communications shall be deemed to
		have been duly given when delivered by hand, if personally delivered; when
		delivered by courier, if delivered by commercial courier service; five (5)
		business days after being deposited in the mail, postage prepaid, if mailed;
		and when receipt is mechanically acknowledged, if telecopied.
	 

	 
		13.
	 

	 
		  Bound by Plan.  By signing this Agreement,
		the Grantee acknowledges that he has received a copy of the Plan and has had an
		opportunity to review the Plan and agrees to be bound by all of the terms and
		provisions of the Plan.
	 

	 
		14.
	 

	 
		  Beneficiary.  The Grantee may file with
		the Committee a written designation of a beneficiary on such form as may be
		prescribed by the Committee and may, from time to time, amend or revoke such
		designation.  If no designated beneficiary survives the Grantee, the
		executor or administrator of the Grantee’s estate shall be deemed to be
		the Grantee’s beneficiary.
	 

	 
		15.
	 

	 
		  Successors.  The terms of this Agreement
		shall be binding upon and inure to the benefit of the Company, its successors
		and assigns, and on the Grantee and the beneficiaries, executors and
		administrators, heirs and successors of the Grantee.
	 

	 
		16.
	 

	 
		  Amendment of Restricted Stock Award.
		 Subject to Section 17 of this Agreement, the Board at any time and from
		time to time may amend the terms of this Restricted Stock Award;
		provided, however, that the Grantee’s rights under this
		Restricted Stock Award shall not be impaired by any such amendment unless (i)
		the Company requests the Grantee’s consent and (ii) the Grantee consents
		in writing.
	 

	 
		
 

	 

	 
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		17.
	 

	 
		  Adjustment Upon Changes in Capitalization.
		 Restricted Stock Awards may be adjusted as provided in the Plan
		including, without limitation, Section 11 of the Plan.  The Grantee, by
		his execution and entry into this Agreement, irrevocably and unconditionally
		consents and agrees to any such adjustments as may be made at any time
		hereafter.
	 

	 
		18.
	 

	 
		  Governing Law.  The validity,
		construction, interpretation and effect of this Agreement shall exclusively be
		governed by, and determined in accordance with, the laws of the Cayman Islands.

	 

	 
		19.
	 

	 
		  Severability.  Every provision of this
		Agreement is intended to be severable and any illegal or invalid term shall not
		affect the validity or legality of the remaining terms.
	 

	 
		20.
	 

	 
		  Headings.  The headings of the Sections
		hereof are provided for convenience only and are not to serve as a basis for
		interpretation of construction, and shall not constitute a part of this
		Agreement.
	 

	 
		21.
	 

	 
		  Signature in Counterparts.  This Agreement
		may be signed in counterparts, each of which shall be deemed an original, with
		the same effect as if the signatures thereto and hereto were upon the same
		instrument.
	 

	 
		

	 

	 
		[SIGNATURE PAGE FOLLOWS]
	 

	 
		
 

	 

	 
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		IN WITNESS WHEREOF, the parties have executed this Agreement as of the
		____ day of ______, 20__.
	 

	 
		

	 

	 
		GREENLIGHT CAPITAL RE, LTD.
	 

	 
		

	 

	 
		

	 

	 
		_________________________________
	 

	 
		By:
	 

	 
		Title:
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		_________________________________
	 

	 
		Grantee
	 

	 
		
 

	 

	 
		6Employee Version
	 

	 
		3-year cliff vesting
	 

	 
		GREENLIGHT CAPITAL RE, LTD.
	 

	 
		AMENDED AND RESTATED
	 

	 
		2004 STOCK INCENTIVE PLAN
	 

	 
		RESTRICTED STOCK AWARD AGREEMENT
	 

	 
		

	 

	 
		This Restricted Stock Award Agreement (the “Agreement”)
		is made, effective as of the ___ day of ______, 20__ (the “Grant
		Date”), between Greenlight Capital Re, Ltd., a Cayman Islands exempted
		company (the “Company”) and _____________ (the
		“Grantee”).
	 

	 
		RECITALS:
	 

	 
		WHEREAS, the Company has adopted the Greenlight Capital Re, Ltd.
		Amended and Restated 2004 Stock Incentive Plan (the “Plan”)
		pursuant to which awards of restricted Class A ordinary shares of the Company
		(the “Shares”) may be granted; and
	 

	 
		WHEREAS, the Committee has determined that it is in the best
		interests of the Company and its shareholders to grant the award of restricted
		Shares provided for herein (the “Restricted Stock Award”) to
		the Grantee in recognition of the Grantee’s services to the Company, such
		grant to be subject to the terms set forth herein.
	 

	 
		NOW, THEREFORE, in consideration for the services rendered by the
		Grantee to the Company and the mutual covenants hereinafter set forth, the
		parties hereto agree as follows:
	 

	 
		1.   Grant of
		Restricted Stock Award.  Pursuant to Section 7 of the Plan, the
		Company hereby issues to the Grantee on the Grant Date a Restricted Stock Award
		consisting of, in the aggregate, _____ Shares in the capital of the Company
		(hereinafter called the “Restricted Shares”) having the right
		and subject to the restrictions set out in the Articles of Association of the
		Company, this Agreement and the Plan.  The Restricted Shares shall vest in
		accordance with Section 4 hereof.
	 

	 
		2.   Incorporation by Reference.  The
		provisions of the Plan are hereby incorporated herein by reference.
		 Except as otherwise expressly set forth herein, this Agreement shall be
		construed in accordance with the provisions of the Plan and any capitalized
		terms not otherwise defined in this Agreement shall have the definitions set
		forth in the Plan.  The Committee shall have the authority to interpret
		and construe the Plan and this Agreement and to make any and all determinations
		thereunder, and its decision shall be binding and conclusive upon the Grantee
		and his legal representative in respect of any questions arising under the Plan
		or this Agreement.
	 

	 
		3.   Restrictions.  Except as otherwise
		provided in the Plan or this Agreement, the Restricted Shares may not, any time
		prior to becoming vested, be assigned, alienated, pledged, attached, sold or
		otherwise transferred or encumbered by the Grantee and any such purported
		assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall
		result in such Shares being mandatorily repurchased for par value and cancelled
		by the Company.  In such case, all of the Grantee’s rights to such
		Shares shall immediately terminate. 
	 

	 
		4.   Vesting.
		 Except as otherwise provided herein, the restrictions described in
		Section 3 above will lapse with respect to 100% of the Restricted Shares on the
		third anniversary
	 

	 
		
 

	 

	 
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		Employee Version
	 

	 
		3-year cliff vesting
	 

	 
		

	 

	 
		of the Grant Date (the “Vesting Date”);
		provided, that, the Grantee is still in Continuous Service with
		the Company on such Vesting Date.  
	 

	 
		(a)   Death,
		Disability.  All restrictions will lapse with respect to 100% of the
		Restricted Shares upon the termination of the Grantee’s Continuous Service
		due to death or Disability prior to the Vesting Date.
	 

	 
		(b)   Change in Control.  All restrictions will
		lapse with respect to 100% of the Restricted Shares upon the occurrence of a
		Change in Control prior to the Vesting Date; provided, that, the
		Grantee is in Continuous Service immediately prior to such Change in Control.
	 

	 
		(c)   Termination of Continuous Service.  Except as
		otherwise set forth in Section 4(a) or 4(b) above, if the Grantee’s
		Continuous Service terminates for any reason at any time prior to the Vesting
		Date, the unvested Restricted Shares will be automatically repurchased for par
		value and cancelled by the Company and all of the Grantee’s rights to such
		Shares shall immediately terminate.
	 

	 
		5.   Taxes.
		 
	 

	 
		(a)   Tax
		Withholding.  The Company shall have the right to deduct from any
		compensation paid to the Grantee pursuant to the Plan the amount of taxes
		required by law to be withheld therefrom, or to require the Grantee to pay the
		Company in cash such amount required to be withheld.  The Grantee may
		satisfy any foreign, federal, state or local tax withholding obligation
		relating to the acquisition of Shares under this Restricted Stock Award by any
		of the following means (in addition to the Company’s right to withhold or
		to direct the withholding from any compensation paid to the Grantee by the
		Company or by an Affiliate) or by a combination of such means:  (i)
		tendering a cash payment; (ii) authorizing the Company to withhold vested
		Restricted Shares otherwise deliverable to the Grantee hereunder;
		provided, however, that no Restricted Shares are withheld with a
		value exceeding the minimum amount of tax required to be withheld by applicable
		law; or (iii) transferring to the Company or to an Affiliate for repurchase for
		the aggregate sum of US$1.00, owned and unencumbered Shares with a Fair Market
		Value equal to the amount of the applicable tax liability in exchange for the
		Company’s or Affiliate’s commitment to remit such amounts to the
		taxing authority.
	 

	 
		(b)   Section 83(b) of the Code.  If the Grantee
		properly elects, within thirty (30) days of the Grant Date, to include in gross
		income for federal income tax purposes an amount equal to the Fair Market Value
		of the Restricted Shares as of the Grant Date pursuant to Section 83(b) of the
		Code, to the extent required by law, the Grantee shall pay to the Company, or
		make other arrangements satisfactory to the Committee to pay to the Company in
		the year of such grant, any federal, state or local taxes required to be
		withheld with respect to such Shares.  If the Grantee fails to make such
		payments, the Company or its Affiliates shall, to the extent permitted by law,
		have the right to deduct from any payment of any kind otherwise due to the
		Grantee any federal, state or local taxes of any kind required by law to be
		withheld with respect to such Shares.
	 

	 
		
 

	 

	 
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		6.   Rights as
		Shareholders; Dividends.  The Grantee shall be the record owner of
		the Restricted Shares unless and until such Shares are repurchased pursuant to
		Section 4 hereof or sold or otherwise disposed of, and as record owner shall be
		entitled to all rights of a shareholder of the Company, including, without
		limitation, voting rights, if any, with respect to the Restricted Shares and
		the right to receive dividends, if any, while the Restricted Shares are held in
		custody.
	 

	 
		7.   Certificates.  Reasonably promptly
		following the Grant Date, the Company shall cause to be issued to the Grantee a
		certificate in respect of the Restricted Shares which shall bear the following
		(or a similar) legend in addition to any other legends that may be required
		under federal or state securities laws:
	 

	 
		“THE TRANSFERABILITY OF THIS
		CERTIFICATE AND THE SHARES REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND
		CONDITIONS (INCLUDING FORFEITURE) CONTAINED IN THE GREENLIGHT CAPITAL RE, LTD.
		AMENDED AND RESTATED 2004 STOCK INCENTIVE PLAN AND THE RESTRICTED STOCK AWARD
		AGREEMENT DATED AS OF [INSERT DATE] ENTERED INTO BETWEEN THE REGISTERED OWNER
		AND GREENLIGHT CAPITAL RE, LTD.  A COPY OF THE PLAN AND THE AWARD
		AGREEMENT ARE ON FILE AT THE OFFICES OF GREENLIGHT CAPITAL RE,
		LTD.”
	 

	 
		The Committee shall require that the certificate evidencing such Shares
		be delivered upon issuance to the Company or such other depository as may be
		designated by the Committee as a depository for safekeeping until the Shares
		are repurchased or until the restrictions set forth herein and in the Plan
		lapse.  At the expiration of the restrictions, the Company shall deliver
		to the Grantee (or his legal representative, beneficiary or heir, if
		applicable) share certificates for the Shares deposited with it free from
		legend except as otherwise provided by the Plan or as otherwise required by
		applicable law.
	 

	 
		8.   Compliance with
		Laws and Regulations.  The issuance and transfer of the Restricted
		Shares shall be subject to compliance by the Company and the Grantee with all
		applicable requirements of securities laws and with all applicable requirements
		of any stock exchange on which the Company’s Shares may be listed at the
		time of such issuance or transfer.
	 

	 
		9.   Stop-Transfer Instructions.  The
		Grantee agrees that, to ensure compliance with the restrictions imposed by this
		Agreement, the Company may issue appropriate “stop-transfer”
		instructions to its transfer agent, if any, and if the Company transfers its
		own securities, it may make appropriate notations to the same effect in its own
		records.
	 

	 
		10.   Refusal to Transfer.  The Company will
		not be required to (i) register any transfer of Shares on its register of
		members if such Shares have been sold or otherwise transferred in violation of
		any of the provisions of this Agreement or (ii) treat as owner of such Shares,
		or to accord the right to vote or pay dividends to any purchaser or other
		transferee to whom such Shares have been so transferred.
	 

	 
		
 

	 

	 
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		Employee Version
	 

	 
		3-year cliff vesting
	 

	 
		

	 

	 
		11.   No Right to
		Continuous Service.  Nothing in this Agreement shall be deemed by
		implication or otherwise to impose any limitation on any right of the Company
		or any of its Affiliates to terminate the Grantee’s Continuous Service at
		any time.
	 

	 
		12.   Notices.  All notices, demands and
		other communications provided for or permitted hereunder shall be made in
		writing and shall be by registered or certified first class mail, return
		receipt requested, telecopier, courier service or personal delivery:
	 

	 
		If to the Company:
	 

	 
		Greenlight Capital Re, Ltd.
	 

	 
		802 West Bay Rd.
	 

	 
		The Grand Pavillion
	 

	 
		Grand Cayman, KY1-1205
	 

	 
		Cayman Islands
	 

	 
		Facsimile:  (345) 745-4576
	 

	 
		

	 

	 
		If to the Grantee, at the Grantee’s
		last known address on file with the Company.
	 

	 
		All such notices, demands and other communications shall be deemed to
		have been duly given when delivered by hand, if personally delivered; when
		delivered by courier, if delivered by commercial courier service; five (5)
		business days after being deposited in the mail, postage prepaid, if mailed;
		and when receipt is mechanically acknowledged, if telecopied.
	 

	 
		13.   Bound by
		Plan.  By signing this Agreement, the Grantee acknowledges that he
		has received a copy of the Plan and has had an opportunity to review the Plan
		and agrees to be bound by all of the terms and provisions of the Plan.
	 

	 
		14.   Beneficiary.  The Grantee may file
		with the Committee a written designation of a beneficiary on such form as may
		be prescribed by the Committee and may, from time to time, amend or revoke such
		designation.  If no designated beneficiary survives the Grantee, the
		executor or administrator of the Grantee’s estate shall be deemed to be
		the Grantee’s beneficiary.
	 

	 
		15.   Successors.  The terms of this
		Agreement shall be binding upon and inure to the benefit of the Company, its
		successors and assigns, and on the Grantee and the beneficiaries, executors and
		administrators, heirs and successors of the Grantee.
	 

	 
		16.   Amendment of Restricted Stock Award.
		 Subject to Section 17 of this Agreement, the Board at any time and from
		time to time may amend the terms of this Restricted Stock Award;
		provided, however, that the Grantee’s rights under this
		Restricted Stock Award shall not be impaired by any such amendment unless (i)
		the Company requests the Grantee’s consent and (ii) the Grantee consents
		in writing.
	 

	 
		17.   Adjustment Upon Changes in Capitalization.
		 Restricted Stock Awards may be adjusted as provided in the Plan
		including, without limitation, Section 11 of the Plan.  The Grantee, by
		his execution and entry into this Agreement, irrevocably and unconditionally
		consents and agrees to any such adjustments as may be made at any time
		hereafter.
	 

	 
		
 

	 

	 
		4
	 

	 
		

	 

	 
	 
		Employee Version
	 

	 
		3-year cliff vesting
	 

	 
		

	 

	 
		18.   Governing
		Law.  The validity, construction, interpretation and effect of
		this Agreement shall exclusively be governed by, and determined in accordance
		with, the laws of the Cayman Islands.
	 

	 
		19.   Severability.  Every provision of this
		Agreement is intended to be severable and any illegal or invalid term shall not
		affect the validity or legality of the remaining terms.
	 

	 
		20.   Headings.  The headings of the
		Sections hereof are provided for convenience only and are not to serve as a
		basis for interpretation of construction, and shall not constitute a part of
		this Agreement.
	 

	 
		21.   Signature in Counterparts.  This
		Agreement may be signed in counterparts, each of which shall be deemed an
		original, with the same effect as if the signatures thereto and hereto were
		upon the same instrument.
	 

	 
		

	 

	 
		[SIGNATURE PAGE FOLLOWS]
	 

	 
		
 

	 

	 
		5
	 

	 
		

	 

	 
	 
		Employee Version
	 

	 
		3-year cliff vesting
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		IN WITNESS WHEREOF, the parties have executed this Agreement as of the
		____ day of ______, 20__.
	 

	 
		

	 

	 
		GREENLIGHT CAPITAL RE, LTD.
	 

	 
		

	 

	 
		

	 

	 
		_________________________________
	 

	 
		By:
	 

	 
		Title:
	 

	 
		

	 

	 
		

	 

	 
		

	 

	 
		_________________________________
	 

	 
		Grantee
	 

	 
		
 

	 

	 
		6

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