Document:

Exhibit 10.12

 

AMENDMENT TO EMPLOYMENT AGREEMENT

 

WHEREAS ProSight Specialty
Insurance Holdings, Inc. (the “Company”), a Delaware corporation, and Joseph Beneducci (the “Executive”)
are parties to an Employment Agreement, dated September 14, 2010 (“Employment Agreement”);

 

WHEREAS, the Company
and the Executive desire to amend the Employment Agreement to provide that the Company’s election not to extend the Term
shall be deemed a termination without Cause for which the Executive shall not be entitled to any Severance Payments; and

 

WHEREAS, other than
as provided under this amendment to the Employment Agreement (“Amendment”), the terms of the Employment Agreement
shall remain in full force and effect.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained in the Employment Agreement and other valid consideration, the sufficiency of which
is acknowledged, the parties hereto agree to amend the Employment Agreement as follows, effective as of the date hereof.

 

1.1       Section 1.1
of the Employment Agreement is amended in its entirety to read as follows:

 

“Term.
The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, in each case pursuant to this
Employment Agreement, for a period commencing on the date hereof (such date, the “Effective Date”) and ending
on the earlier of (i) the fifth (5th) anniversary of the Effective Date and (ii) the termination of the Executive’s
employment in accordance with Section 4 hereof (the “Term”). The Term shall be extended for an additional
one year period on the fifth (5th) anniversary of the Effective Date, and each subsequent anniversary thereof, absent
ninety (90) days advance written notice of non-extension from either party to the other. In the event the Company elects not to
extend the Term (other than for Cause), the Executive’s employment shall be deemed to be terminated “without Cause”
for all purposes under this Employment Agreement on the last day of the Term, and the Executive shall cease to provide services
to the Company in the capacity of an employee following such date.”

 

1.2       Section
4.2(b) of the Employment Agreement is amended in its entirety to read as follows:

 

“Termination
by the Company Without Cause; Termination by the Executive for Good Reason. Except due to the Company’s election not
to extend the Term pursuant to Section 1.1 hereof, if the Executive’s employment is terminated (x) by the Company
without Cause or (y) by the Executive for Good Reason, in addition to the Accrued Amounts, the Executive shall be entitled
to (i) the Pro Rata Bonus and (ii) a payment equal to two (2) times the amount of the Base Salary at the rate in effect on
the Termination Date plus two (2) times the Target Annual Bonus Opportunity for the calendar year in which the Termination Date
occurs (the “Severance Payment”); provided, however, that the amount of the Severance Payments shall not be
less that $2,500,000. The Company’s obligations to make the Severance Payments shall be conditioned upon: (i) the Executive’s
continued compliance with his obligations under Section 5 hereof, and (ii) the Executive’s execution, delivery
and non-revocation within sixty (60) days following the Termination Date of a valid and enforceable general release of claims (the
“Release”) substantially in the form attached hereto as Exhibit A. The Severance Payments shall be paid
in equal installments on the Company’s regular payroll dates during the twenty four (24) month period beginning with the
first payroll period following the expiration of the period of time following Executive’s delivery of an executed Release
to the Company permitted for Executive to revoke the release in accordance with applicable law. For the avoidance of doubt, the
Executive shall not be entitled to any Severance Payments in the event that the Company, pursuant to Section 1.1 hereof, provides
notice of its intent not to extend the Term.”

 

     

     

    

 

1.3       Entire
Agreement. The Employment Agreement and this Amendment constitute the entire agreement between the parties hereto, and supersedes
all prior representations, agreements and understandings (including any prior course of dealings), both written and oral, between
the parties hereto with respect to the subject matter hereof. To the extent that any term or provision of such other agreements
or the Company’s policies or procedures conflict with the Employment Agreement and this Amendment, the terms and provisions
of the Employment Agreement and this Amendment will govern and prevail.

 

IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and effective as of the day and year written below.

	 	ProSight Specialty Insurance Holdings, Inc.
	 	 
	 	By:	/s/ Sumit Rajpal
	 	 	Name:	Sumit Rajpal
	 	 	Title:	Vice President

 

	 	/s/ Joseph Beneducci
	 	Joseph Beneducci
	 	 
	 	DATE: November 4, 2010

 

    	 	2Exhibit 10.13

 

SECOND AMENDMENT TO EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDMENT
TO EMPLOYMENT AGREEMENT (this “Amendment”), dated as of March 9, 2016, is entered into by and between ProSight
Specialty Insurance Holdings, Inc. (the “Company”), a Delaware corporation, and Joseph Beneducci (the “Executive”).

 

WHEREAS, the Company
and Executive were parties to an Employment Agreement, dated September 14, 2010 as amended pursuant to the Amendment to Employment
Agreement, dated as of November 4, 2010 (the “Employment Agreement”, capitalized terms used but not defined
herein shall have the meanings ascribed to them in the Employment Agreement);

 

WHEREAS, the Term of
the Employment Agreement expired on September 14, 2015 and the Company currently employs the Executive on an at-will basis;

 

WHEREAS, the Company
and the Executive wish to reinstate the Employment Agreement as of the end of the prior Term, as amended by this Amendment, as
if the Employment Agreement had never been terminated and the Term thereunder had not expired and to treat the Executive as if
he had been continuously employed under the Employment Agreement; and

 

WHEREAS, as consideration
for certain changes in the terms of the Executive’s compensation, including the performance vesting criteria of certain equity
awards and the grant of a restricted stock unit, the Company and the Executive agree to amend the Employment Agreement as set forth
herein.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained herein and in the Employment Agreement and other valid consideration, the sufficiency
of which is acknowledged, the parties hereto agree to amend the Employment Agreement as follows, effective as of the date hereof.

 

1.1         Section
1.1 of the Employment Agreement is deleted in its entirety and the following shall be substituted therefor:

 

“1.1           Term.
The Company agrees to continue to employ the Executive, and the Executive agrees to continue to be employed by the Company, in
each case pursuant to this Employment Agreement, for a period commencing on September 14, 2010 (such date, the “Effective
Date”) and ending on the earlier of (i) the eighth (8th) anniversary of the Effective Date and (ii) the termination of
the Executive’s employment in accordance with Section 4 hereof (the “Term”). The Term shall be extended
for an additional one year period on the eighth (8th) anniversary of the Effective Date, and each subsequent anniversary thereof,
absent ninety (90) days advance written notice of non-extension from either party to the other. In the event the Company elects
not to extend the Term (other than for Cause), the Executive’s employment shall be deemed to be terminated “without
Cause” for all purposes under this Employment Agreement on the last day of the Term, and the Executive shall cease to provide
services to the Company in the capacity of an employee following such date. If the Executive continues in employment after the
expiration of the Term, such employment shall be “at-will” employment and may be terminated at any time by either party
on written notice; provided, that Sections 5 and 6 hereof shall continue to apply to the Executive during such period of at-will
employment and after the termination of the Executive’s employment (whether by the Executive or by the Company, for any reason
or no reason). Notwithstanding anything to the contrary, Sections 5 and 6 shall survive termination of this Agreement and shall
continue to apply following the termination of the Executive’s employment for any reason or no reason (including, without
limitation, due to the expiration of the Term, a resignation by the Executive or a termination by the Company).”

 

    	 

     

    

 

1.2         The
first sentence of Section 2.1 of the Employment Agreement is deleted in its entirety and the following sentence shall be substituted
therefor:

 

“2.1           Salary.
As compensation for the performance of the Executive’s services hereunder during the Term, effective as of September 14,
2015, the Company shall pay to the Executive a salary at an annual rate of seven hundred and fifty thousand dollars ($750,000),
payable in accordance with the Company’s standard payroll policies (the “Base Salary”).”

 

1.3         Section
2.2 of the Employment Agreement is deleted in its entirety and the following shall be substituted therefor:

 

“2.2           Annual
Bonus. For each completed calendar year occurring during the Term, the Executive shall be eligible for an annual bonus under
the Short Term Incentive Program (such bonus, the “Annual Bonus” and such program, the “STIP”).
The Company acknowledges and agrees that (i) for the calendar year of 2015, the Executive is guaranteed an Annual Bonus of $1,031,250,
of which thirty three percent (33%) shall be payable in restricted stock units of ProSight Global Holdings Limited (“Parent”)
and (ii) for the calendar year of 2016, the Executive is guaranteed an Annual Bonus of $1,031,250, of which thirty-three percent
(33%) of the Annual Bonus shall be payable in restricted stock units of Parent. For the 2017 calendar year and for each calendar
year of the Term thereafter, the Executive’s target Annual Bonus opportunity for each such completed calendar year shall
be equal to $1,031,250. Any restricted stock units of Parent granted pursuant to this Section 2.2 shall be granted pursuant to
an agreement that is substantially identical to that certain Restricted Stock Unit Award Agreement, dated as of February 10,
2015, by and between Parent and Executive. The cash portion of the Annual Bonus shall be paid, and the portion of the Annual Bonus
payable in restricted stock units of Parent shall be granted, no later than March 15th of the calendar year following the calendar
year in which the Annual Bonus was earned.”

 

1.4         Section
2.3 of the Employment Agreement is deleted in its entirety and the following shall be substituted therefor:

 

“2.3           P
Shares Grant. The parties hereto agree and acknowledge that Executive was granted P Shares of Parent pursuant to the terms
and conditions set forth in that certain P Shares Percentage Grant Agreement, dated as of June 10, 2015, by and between Parent
and Executive.”

 

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1.5         The
term “Target Annual Bonus Opportunity” in the first sentence of Section 4.2(a) of the Employment Agreement shall be
deleted in its entirety and replaced with the term “Annual Bonus.”

 

1.6         The
first sentence of Section 4.2(b) of the Employment Agreement is deleted in its entirety and the following sentence relating to
the Executive’s severance entitlement upon a termination by the Company without Cause or by the Executive for Good Reason
shall be substituted therefor:

 

“If
the Executive’s employment is terminated (x) by the Company without Cause or (y) by the Executive for Good Reason, in addition
to the Accrued Amounts, the Executive shall be entitled to (i) the Pro Rata Bonus and (ii) a payment equal to three million and
six hundred thousand dollars ($3,600,000) (the “Severance Payments”).”

 

1.7         The
third sentence of Section 4.2(b) of the Employment Agreement is deleted in its entirety and the following sentence relating to
the timing of the Severance Payments shall be substituted therefor:

 

“The
Severance Payments (other than the Accrued Amounts) shall be paid quarterly in advance for the succeeding quarter in equal instalments
during the twenty four (24) month period beginning with the first payroll period following the expiration of the period of time
following Executive’s delivery of an executed Release to the Company permitted for Executive to revoke the release in accordance
with applicable law.”

 

1.8         A
new clause (vi) shall  be added to the first sentence of Section 4.2(c)(3) of the Employment Agreement relating to the
definition of Good Reason as follows:

 

“(vi)
a failure to pay to the Executive, in respect of any performance year during the Term after 2016, an Annual Bonus in an amount
at least equal to the product of (A) a fraction, the numerator of which is the amount of cash funded into the STIP for such performance
year (excluding the portion of such amount paid to the Executive as an Annual Bonus under the STIP), and the denominator of which
is the aggregate amount of target bonuses for all other employees of the Company under the STIP and (B) $1,031,250.”

 

1.9         Section
5.3 of the Employment Agreement is deleted in its entirety and the following shall be substituted therefor:

 

“5.3           Non-Competition;
Non-Solicitation; No-Hire. During the period commencing on the date hereof and ending twenty four (24) months after the termination
of the Executive’s employment, the Executive will not, and will not permit any person or entity with which the Executive
is associated to, without first obtaining the written permission of the Board, directly or indirectly:

 

(a)          hold
any economic interest in any Competitive Enterprise (other than a passive equity interest of up to 3% in a publicly traded company
with a market capitalization of $500 million or more);

 

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(b)          associate
(including as a director, manager, officer, employee, partner, member, consultant, agent or advisor) with a Competitive Enterprise;

 

(c)          solicit,
except in the normal course of business on behalf of the Company, any of the Company’s customers, clients, employees, non-employee
insurance agents, brokers or producers (or individuals who were employees, non-employee insurance agents, brokers or producers
within six months of the Executive’s solicitation) to, as applicable, limit or cease their business relationships with, or
leave their employment or limit their services to, the Company, or attempt to solicit customers, clients, employees, or such agents,
brokers or producers of the Company, either for the Executive or for any other person or entity; or

 

(d)          hire
any person who is, or at any time within the twelve (12) month period prior to the termination of the Executive’s employment
was, an employee, independent contractor or consultant of the Company or its affiliates (other than on behalf of the Company or
its affiliates).

 

For purposes
of this Section 5.3, “Competitive Enterprise” shall mean any business enterprise engaged in any insurance or insurance-related
business, other than any business that (i) exclusively is engaged in personal lines, medical, health, life and/or benefits insurance
activities or (ii) solely operates outside of the United States; provided, however, that any business described in clause (i) or
clause (ii) of this definition shall be deemed to be a “Competitive Enterprise” if (x) the Executive participates,
in any capacity, in any activity related to the commercial lines insurance market in the United States or (y) such business otherwise
competes with the Company.”

 

1.10       Section
8.11 of the Employment Agreement is deleted in its entirety and the following shall be substituted therefor:

 

“8.11         Binding
Effect. Subject to Section 8.5 hereof, this Employment Agreement shall inure to the benefit of, and be binding on, the successors
and assigns of each of the parties, including, without limitation, the Executive’s heirs and the personal representatives
of the Executive’s estate and any successor to at least 50% of the business and/or assets of the Company, including by merger,
purchase or otherwise.”

 

1.11       Entire
Agreement. The Employment Agreement and this Amendment constitute the entire agreement between the parties hereto, and supersedes
all prior representations, agreements and understandings (including any prior course of dealings), both written and oral, between
the parties hereto with respect to the subject matter hereof. To the extent that any term or provision of such other agreements
or the Company’s policies or procedures conflict with the Employment Agreement and this Amendment, the terms and provisions
of the Employment Agreement and this Amendment will govern and prevail.

 

[SIGNATURES ON FOLLOWING PAGE]

 

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IN WITNESS WHEREOF,
the parties hereto have caused this Amendment to be duly executed and effective as of the day and year written below.

 

	 	ProSight Specialty Insurance Holdings, Inc.
	 	 	 
	 	By:	/s/ Frank Bosse
	 	 	Name:  Frank Bosse
	 	 	Title:    CHRO
	 	 	 
	 	/s/ Joseph Beneducci
	 	Joseph Beneducci
	 	 	 
	 	DATE:	March 9, 2016

 

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