Document:

Exhibit 10.2

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  
    

        

        

    

    

    

    2019 Long-Term Incentive Plan

    W. R. Berkley Corporation

    EFFECTIVE JANUARY 1, 2019

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
      
        

    

    

    

    TABLE OF CONTENTS

    

    	 	 	 Page
	 	 	 
	
            ARTICLE 1.

          	
            Establishment, Purpose, and Duration

          	
            1

          
	
            ARTICLE 2.

          	
            Definitions

          	
            1

          
	
            ARTICLE 3.

          	
            Administration

          	
            3

          
	
            ARTICLE 4.

          	
            Annual Award Limit

          	
            3

          
	
            ARTICLE 5.

          	
            Eligibility and Participation

          	
            4

          
	
            ARTICLE 6.

          	
            Performance Units

          	
            4

          
	
            ARTICLE 7.

          	
            Performance Measures

          	
            5

          
	
            ARTICLE 8.

          	
            Beneficiary Designation

          	
            5

          
	
            ARTICLE 9.

          	
            Deferrals

          	
            6

          
	
            ARTICLE 10.

          	
            Rights of Participants

          	
            6

          
	
            ARTICLE 11.

          	
            Change in Control

          	
            6

          
	
            ARTICLE 12.

          	
            Amendment, Modification, Suspension, and Termination

          	
            6

          
	
            ARTICLE 13.

          	
            Withholding

          	
            7

          
	
            ARTICLE 14.

          	
            Successors

          	
            7

          
	
            ARTICLE 15.

          	
            General Provisions

          	
            7

          

     

      

     

      

     

      

     

      

     

      

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    W. R. Berkley Corporation

      2019 Long-Term Incentive Plan

    ARTICLE 1.

    Establishment, Purpose, and Duration

    1.1 Establishment.  W. R. Berkley
        Corporation, a Delaware corporation (hereinafter referred to as the “Company”), establishes a long-term incentive plan to be known as the W. R. Berkley Corporation 2019 Long-Term Incentive Plan (hereinafter referred to as the “Plan”), as set forth
        in this document.

    The Plan permits the grant of Performance Units whose payout in cash depends on the
        long-term performance of the Company and/or Participants during a Performance Period.

    The Plan shall be effective as of January 1, 2019 (the “Effective Date”) and remain
        in effect until terminated by the Company.

    1.2 Purpose of the Plan.  The primary
        purposes of the Plan are to (a) encourage teamwork among Participants to help achieve the Company’s long-term goals; (b) reward performance with pay that varies in relation to the Company’s and/or Participant’s performance; and (c) provide a means
        through which the Company may attract, motivate, and retain individuals who can assist the Company in achieving its long-term goals.

    ARTICLE 2.

    Definitions

    Whenever used in the Plan, the following terms shall have the meanings set forth
        below, and when the meaning is intended, the initial letter of the word shall be capitalized.

    2.1 “Affiliate” shall mean an “Affiliate”
        of the Company as such term is defined in Rule 12b-2 of the General Rules and Regulations of the Exchange Act.

    2.2 “Annual Award Limit” has the meaning
        set forth in Article 4.

    2.3  “Award” means a grant of one or more
        Performance Units under Article 6.

    2.4 “Award Agreement” means either (i) a
        written agreement, including in an electronic format, entered into by the Company and a Participant setting forth the terms and provisions applicable to an Award granted under this Plan, or (ii) a written statement, including in an electronic
        format, issued by the Company to a Participant describing the terms and provisions of such Award.

    2.5 “Board” or “Board of Directors” means the Board of Directors of the Company.

     

      

     

      

    
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    2.6 “Change in Control” shall have the
        meaning ascribed thereto in the Company’s 2018 Stock Incentive Plan, as amended and/or restated from time to time, or any successor plan thereto.

    2.7 “Committee” means the Compensation
        Committee of the Board, or any other committee designated by the Board to administer this Plan.  The members of the Committee shall be appointed from time to time by, and shall serve at the discretion of, the Board.

    2.8 “Company” means W. R. Berkley
        Corporation, a Delaware corporation, and any successor thereto as provided in Article 14 herein.

    2.9 “Director” means any individual who
        is a member of the Board.

    2.10 “Effective Date” has the meaning set
        forth in Section 1.1.

    2.11 “Employee” means any employee of the
        Company, an Affiliate, and/or a Subsidiary.

    2.12 “Exchange Act” means the Securities
        Exchange Act of 1934, as amended from time to time, and any successor act thereto.

    2.13 “Insider” shall mean an individual
        who has been determined by the Company to be an “insider” for purposes of Section 16 of the Exchange Act.

    2.14 “Participant” means any eligible
        person as set forth in Article 5 to whom an Award is granted.

    2.15 “Performance Measures” means one or
        more measures on which the performance goals, with respect to any Performance Period, are based, as determined by the Committee in its sole discretion.

    2.16 “Performance Period” means the period
        of time, which must be no shorter than a Plan Year and no longer than five years, as determined by the Committee, during which the performance goals must be met in order to determine the degree of payout and/or vesting with respect to an Award.

    2.17 “Performance Unit” means an Award
        granted to a Participant, as described in Article 6.

    2.18 “Plan” means this W. R. Berkley
        Corporation 2019 Long-Term Incentive Plan.

    2.19 “Plan Year” means the Company’s
        fiscal year.

    2.20 “Subsidiary” means any corporation or
        other entity, whether domestic or foreign, in which the Company has or obtains, directly or indirectly, a proprietary interest of more than fifty percent (50%) by reason of stock ownership or otherwise.

     

      

     

      

    
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    ARTICLE 3.

    Administration

    3.1 General.  The Committee shall be
        responsible for administering the Plan, subject to this Article 3 and the other provisions of the Plan.  The Committee may employ attorneys, consultants, accountants, agents, and other persons, any of whom may be an Employee, and the Committee, the
        Company, and its officers and Directors shall be entitled to rely upon the advice, opinions, and valuations of any such persons.  A majority of the Committee shall constitute a quorum.  Committee decisions and determinations shall be made by a
        majority of its members present at a meeting at which a quorum is present, and all actions taken and all interpretations and determinations made by the Committee shall be final and binding upon the Participants, the Company, and all other
        interested persons.

    3.2 Authority of the Committee.  The
        Committee shall have full and exclusive discretionary power to interpret the terms and the intent of the Plan and any Award Agreement or other agreement or document ancillary to or in connection with the Plan, to determine eligibility for Awards
        and to adopt such rules, regulations, forms, instruments, and guidelines for administering the Plan as the Committee may deem necessary or proper.  Such authority shall include, but not be limited to, selecting Award recipients, granting Awards,
        establishing all Award terms and conditions, including the number of Performance Units subject to each Award and/or the amount and value and/or maximum value for each Award, as applicable, and such other terms and conditions as set forth in Award
        Agreements, and subject to Article 12, adopting modifications and amendments to the Plan or any Award Agreement, including without limitation, any that are necessary to comply with the laws of the countries and other jurisdictions in which the
        Company, an Affiliate, or a Subsidiary operates.

    3.3 Delegation.  The Committee may
        delegate to one or more of its members or to one or more officers of the Company, and/or a Subsidiary or an Affiliate or to one or more agents or advisors such administrative duties or powers as it may deem advisable, and the Committee or any
        person to whom it has delegated duties or powers as aforesaid may employ one or more persons to render advice with respect to any responsibility the Committee or such person may have under the Plan.  The Committee may, by resolution, authorize one
        or more officers of the Company to do one or both of the following on the same basis as the Committee can: (a) designate Employees to be recipients of Awards; and (b) determine the size of any such Awards; provided, however, (i) the Committee shall
        not delegate such responsibilities to any such officer for Awards granted to an Employee who is an Insider; (ii) the resolution providing such authorization sets forth the total number of Awards such officer(s) may grant; and (iii) the officer(s)
        shall report periodically to the Committee regarding the nature and scope of the Awards granted pursuant to the authority delegated.

    ARTICLE 4.

    Annual Award Limit

    The maximum aggregate amount awarded or credited with respect to Awards to any one
        Participant in any one Plan Year may not exceed ten million dollars ($10,000,000) (“Annual Award Limit”), plus the amount of the Participant's unused applicable Annual Award Limit as of the close of the previous Plan Year.

     

      

     

      

    
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    ARTICLE 5.

    Eligibility and Participation

    5.1 Eligibility.  Individuals eligible to
        participate in this Plan include all Employees.

    5.2 Actual Participation.  Subject to the
        provisions of the Plan, the Committee may, from time to time, select from among all Employees those to whom Awards shall be granted.  Only those Employees selected by the Committee to receive an Award shall be granted an Award and become a
        Participant.

    ARTICLE 6.

    Performance Units

    6.1 Grant of Performance Units.  Subject
        to the terms and provisions of the Plan, the Committee may, at any time and from time to time, grant Performance Units to Participants in such amounts and upon such terms as the Committee shall determine.

    6.2 Value of Performance Units.  Each
        Performance Unit shall have an initial value, which may be zero, which is established by the Committee at the time of grant.  The Committee shall set performance goals for a Performance Period in its discretion which, depending on the extent to
        which they are met, will determine the value of Performance Units that will be paid out to the Participant.

    6.3 Earning of Performance Units. 
        Subject to the terms of this Plan, after the applicable Performance Period has ended, the holder of Performance Units shall be entitled to receive payout on the value and number of Performance Units earned by the Participant over the Performance
        Period, which value and number shall be determined as a function of the extent to which the corresponding performance goals have been achieved and may also be based on a Participant’s continued employment.

    6.4 Form and Timing of Payment of Performance Units. 

        Payment of earned Performance Units shall be as determined by the Committee and as evidenced in the Award Agreement.  Subject to the terms of the Plan, earned Performance Units shall be paid in cash equal to the value of the earned Performance
        Units as soon as practicable after the end of the Performance Period or as otherwise set forth in the Award Agreement.

    6.5 Termination of Employment.  Each
        Award Agreement shall set forth the extent to which the Participant shall have the right to retain Performance Units, the extent to which such Performance Units shall be forfeited and the extent to which the value of any Performance Units will be
        paid out in cash to the Participant at or following termination of the Participant’s employment with the Company, and all Affiliates and Subsidiaries, as the case may be.  Such provisions shall be determined in the sole discretion of the Committee,
        shall be included in the Award Agreement entered into with each Participant, need not be uniform among all Awards of Performance Units issued pursuant to the Plan, and may reflect distinctions based on the reasons for termination.

     

      

    
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    6.6 Nontransferability.  Except as
        otherwise provided in a Participant’s Award Agreement or otherwise determined at any time by the Committee, Performance Units may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than to a designated
        beneficiary upon death, by will, or by the laws of descent and distribution.

    ARTICLE 7.

    Performance Measures

    7.1 Performance Measures.  With respect
        to any Performance Period, the payment or vesting of an Award shall be determined based on the achievement of performance goals pursuant to one or more Performance Measures established by the Committee in its sole discretion.  The Performance
        Measures for any particular Award shall be set forth in the applicable Award Agreement as determined by the Committee and need not be uniform among Participants.

    7.2 Evaluation of Performance.  The
        Committee may provide in any Award Agreement or at any time thereafter that any calculation of performance may include or exclude any of the following events that occur during a Performance Period: (a) asset write-downs or impairments, (b)
        litigation or claim judgments or settlements, (c) the effect of changes in tax or securities laws, accounting principles, or other laws or provisions affecting reported results, (d) reorganization, restructuring and recapitalization programs, (e)
        unusual or infrequent items pursuant to GAAP and/or in management’s discussion and analysis of financial condition and results of operations appearing in the Company’s annual report to shareholders for the applicable year, (f) acquisitions or
        divestitures, (g) foreign exchange gains and losses, (h) stock repurchases and imputed income on stock repurchases, (i) payment of dividends or distributions on equity, (j) accrual of tax expense from all the Awards made under the Plan, (k) such
        other event not in the ordinary course of business, (l) a change in the Company’s fiscal year, and (m) such other events determined by the Committee in its sole discretion.

    7.3 Adjustments.  The Committee may in
        its discretion (a) reduce or eliminate the amount of any payment under the Plan that would otherwise be made to any Participant and/or (b) determine that an amount shall be paid under the Plan that is greater than what would apply under the
        applicable performance goals, based on individual performance or any other criteria as the Committee deems appropriate.

    ARTICLE 8.

    Beneficiary Designation

    Each Participant under the Plan may, from time to time, name any beneficiary or
        beneficiaries (who may be named contingently or successively) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit.  Each such designation shall revoke all prior
        designations by the same Participant, shall be in a form prescribed by the Committee, and shall become effective only when filed by the Participant in writing, including an electronic writing, with the Company during the Participant’s lifetime.  In
        the absence of any such designation, earned benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate.

     

      

    
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    ARTICLE 9.

    Deferrals

    The Committee may permit or require a Participant to defer such Participant’s receipt
        of the payment of cash that would otherwise be due to such Participant by virtue of the satisfaction of any requirements or performance goals with respect to Awards.  If any such deferral election is required or permitted, the Committee shall, in
        its sole discretion, establish rules and procedures for such payment deferrals.

    ARTICLE 10.

    Rights of Participants

    10.1 Employment.  Nothing in the Plan or
        an Award Agreement shall interfere with or limit in any way the right of the Company, an Affiliate, or a Subsidiary to terminate any Participant’s employment any time or for any reason not prohibited by law, or confer upon any Participant any right
        to continue his or her employment for any specified period of time.

    Neither an Award hereunder nor the Plan nor any benefits arising under this Plan
        shall constitute an employment contract between the Participant and the Company, an Affiliate, or a Subsidiary and, accordingly, shall not restrict or prohibit the Company, an Affiliate, or a Subsidiary from terminating such Participant’s
        employment at any time and for any reason.

    10.2 Participation.  No individual shall
        have the right to be selected to receive an Award under this Plan or, having been so selected, to be selected to receive a future Award.

    ARTICLE 11.

    Change in Control

    Upon the occurrence of a Change in Control, unless otherwise specifically prohibited
        under applicable laws or by the rules and regulations of any governing governmental agencies or national securities exchanges, the treatment of any outstanding Awards shall be governed by the provisions of the applicable Award Agreements.

    ARTICLE 12.

    Amendment, Modification, Suspension, and Termination

    12.1 Amendment, Modification, Suspension, and
            Termination.  Subject to Section 12.2, the Committee may, at any time and from time to time, alter, amend, modify, suspend, or terminate the Plan and any Award Agreement in whole or in part.

     

      

     

      

    
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    12.2 Awards Previously Granted. 
        Notwithstanding any other provision of the Plan to the contrary but subject to Sections 7.2 and 7.3 herein, no termination, amendment, suspension, or modification of the Plan or an Award Agreement shall adversely affect in any material way any
        Award previously granted under the Plan, without the written consent of the Participant holding such Award.

    ARTICLE 13.

    Withholding

    The Company shall have the power and the right to deduct or withhold, or require a
        Participant to remit to the Company, an amount necessary to satisfy federal, state, and local taxes, domestic or foreign, required by law or regulation to be withheld with respect to any taxable event arising as a result of this Plan.

    ARTICLE 14.

    Successors

    All obligations of the Company under the Plan with respect to Awards granted
        hereunder shall be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of
        the Company.

    ARTICLE 15.

    General Provisions

    15.1 Forfeiture Events.

    (a)   The Committee may specify in an Award Agreement that the Participant’s rights, payments, and benefits with respect to an
        Award shall be subject to reduction, cancellation, forfeiture, or recoupment upon the occurrence of certain specified events, in addition to any otherwise applicable vesting or performance conditions of an Award.  Such events may include, but shall
        not be limited to, termination of employment for cause, termination of the Participant’s provision of services to the Company, an Affiliate, and/or a Subsidiary, violation of material Company, Affiliate, and/or Subsidiary policies, breach of
        noncompetition, confidentiality, or other restrictive covenants that may apply to the Participant, or other conduct by the Participant that is detrimental to the business or reputation of the Company, any Affiliates, and/or any Subsidiaries.

    (b) Any amounts payable to Participants under this Plan shall be subject to forfeiture as and to the extent provided in Section 304
        of the Sarbanes-Oxley Act of 2002 or other applicable law.

    15.2 Gender and Number.  Except where
        otherwise indicated by the context, any masculine term used herein also shall include the feminine, the plural shall include the singular, and the singular shall include the plural.

     

      

     

      

    
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    15.3 Severability.  In the event any
        provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been
        included.

    15.4 Requirements of Law.  The granting of
        Awards under the Plan shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required.

    15.5 Unfunded Plan.  Participants shall
        have no right, title, or interest whatsoever in or to any investments that the Company, a Subsidiary, or an Affiliate may make to aid the Company in meeting its obligations under the Plan.  Nothing contained in the Plan, and no action taken
        pursuant to its provisions, shall create or be construed to create a trust of any kind (other than a rabbi trust, as described below, if instituted), or a fiduciary relationship between the Company and any Participant, beneficiary, legal
        representative, or any other person.  To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the right of an unsecured general creditor of the Company, a Subsidiary,
        or an Affiliate, as the case may be.  All payments to be made hereunder shall be paid from the general funds of the Company, a Subsidiary or an Affiliate, as determined by the Committee, and no special or separate fund shall be established and no
        segregation of assets shall be made to assure payment of such amounts; provided, however, that the Company may establish a grantor trust within the meaning of IRS Revenue Procedure 92-64 (a “rabbi trust”) and fund such trust for the purpose of
        providing payments when due hereunder.

    15.6 Retirement and Welfare Plans. 
        Neither Awards made under the Plan nor cash paid pursuant to such Awards may be included as “compensation” for purposes of computing the benefits payable to any Participant under the Company’s or any Subsidiary’s or Affiliate’s retirement plans
        (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such compensation shall be taken into account in computing a participant’s benefit.

    15.7 Nonexclusivity of the Plan.  The
        adoption of this Plan shall not be construed as creating any limitations on the power of the Board or Committee to adopt such other compensation arrangements as it may deem desirable for any Participant.

    15.8 No Constraint on Corporate Action. 
        Nothing in this Plan shall be construed to (i) limit, impair, or otherwise affect the Company’s or a Subsidiary’s or an Affiliate’s right or power to make adjustments, reclassifications, reorganizations, or changes of its capital or business
        structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its business or assets, or (ii) limit the right or power of the Company or a Subsidiary or an Affiliate to take any action which such entity deems
        to be necessary or appropriate.

     

      

     

      

    
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    15.9 Governing Law.  The Plan and each
        Award Agreement shall be governed by the laws of the State of Delaware, excluding any conflicts and choice of law rules or principles that might otherwise refer construction or interpretation of the Plan to the substantive law of another
        jurisdiction.  Unless otherwise provided in the Award Agreement, recipients of an Award under the Plan are deemed to submit to the exclusive jurisdiction and venue of the federal or state courts of Delaware, to resolve any and all issues that may
        arise out of or relate to the Plan or any related Award Agreement.

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  9Exhibit 10.3

  

  

  

  

  

  
    2019 Performance
        Unit Award Agreement

      Under the W. R. Berkley Corporation 2019 Long-Term Incentive Plan

    This 2019 Performance Unit Award Agreement (this “Agreement”), effective January 1,
        2019, represents an Award of Performance Units by W. R. Berkley Corporation (the “Company”), to the Participant named below, pursuant to the provisions of the W. R. Berkley Corporation 2019 Long-Term Incentive Plan (the “Plan”). The value of the
        Performance Units will be determined based on the increase in the Company’s Book Value Per Share during the Performance Period, as determined below.

    The Plan provides a complete description of the terms and conditions governing the Performance Units. If
        there is any inconsistency between the terms of this Agreement and the terms of the Plan, the Plan’s terms shall completely supersede and replace the conflicting terms of this Agreement. All capitalized terms shall have the meanings ascribed to
        them in the Plan, unless specifically set forth otherwise herein.  Important jurisdiction-specific modifications to this Agreement are contained in Exhibit A hereto and are incorporated herein by reference.

      

    The parties hereto agree as follows:

    1. General
          Grant Information. The individual named below has been selected to be a Participant in the Plan and receive a grant of Performance Units, as specified below:

    (a)  Participant:

    (b)  Number of Performance Units Granted:

    (c)  Initial Value of Performance Units: $0.00

    (d)  Date of Grant: January 1, 2019

    (e)  Performance Measure: Increase in Book Value Per Share, as set forth in Section 3 below.

    2. Performance

          Period. The Performance Period commences on January 1, 2019, and ends on December 31, 2023; provided, however, that, in the event that the Participant dies or experiences a Qualifying Termination, the Performance Period for such Participant shall be deemed to end on December 31 of the fiscal year
        immediately prior to the fiscal year in which such death or Qualifying Termination occurred.

    3. Value of
          a Performance Unit. Each Performance Unit shall have a value determined by multiplying the Increase in Book Value Per Share by two and fifty-seven hundredths (2.57), subject to a maximum value of one hundred dollars ($100.00) per
        Performance Unit.

     

      

    
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    4. Eligibility

          for Earned Performance Units. The Participant shall only be eligible for payment of earned Performance Units. Performance Units will be earned only if the Participant’s employment with the Company continues through the end of the
        Performance Period. Notwithstanding anything herein to the contrary, the Performance Units shall not be earned and shall not become payable unless and until the Participant has complied with the Competitive Action restriction set forth in Section
        5(d) below on or prior to the Settlement Date.

    5. Payout
          of Performance Units. (a) Except as set forth in Section 5(b) or 8 below, the aggregate positive value, if any, of the earned Performance Units, based on the value of the earned Performance Units on the last day of the Performance Period
        as determined in accordance with this Agreement and subject to the maximum value set forth in Section 3 hereof, shall be paid to the Participant in cash following the last day of the Performance Period but in no event later than March 31, 2024
        (also referred to as the Settlement Date).

    (b) In the event of the death or Qualifying Termination of the Participant, payment of the value, if any, of the earned Performance Units in accordance with the terms of this Agreement shall extinguish the
        Company’s obligation hereunder, and the Participant shall not be entitled to any further payment or appreciation in the value of the Performance Units. In the event such payment is made due to the Participant’s death, such payment shall be made to
        the Participant’s beneficiary (or the Participant’s estate if no beneficiary has been chosen or if such beneficiary has predeceased the Participant).  Any payment upon death or any Qualifying Termination shall be made within ninety (90) calendar
        days following such death or Qualifying Termination; provided, however,
        that if such ninety (90) day period spans two separate taxable years, such payment shall be made in the later taxable year; provided further, however, that any payment hereunder (calculated as of the end of the fiscal year immediately prior to the fiscal year in which such Qualifying Termination
        occurred) upon a Qualifying Termination shall be delayed until the earlier of (x) March 31, 2024 and (y) such time as the Participant has also undergone a “separation from service” as defined in Treas. Reg. 1.409A-1(h), at which time such payment
        shall be made to the Participant according to the schedule set forth in this Section 5(b) as if the Participant had undergone such Qualifying Termination (under the same circumstances), solely for the purpose of the date of payment, on the date of
        such “separation from service.” Notwithstanding anything herein to the contrary, to the extent the Participant is a “specified employee” as defined in Treas. Reg. 1.409A-1(i), any payment to be made upon the Participant’s “separation from service”
        shall be delayed until and made upon the earlier of (i) the six (6) month anniversary of the Participant’s “separation from service” and (ii) the Participant’s death.

    (c) This Award shall expire and the Company shall have no further obligation to make any payment hereunder once a payment is made pursuant to Section 5(a) or (b) above or Section 8 below.

     

      

    
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    (d) If prior to the Settlement Date, the Participant engages in a Competitive Action or enters into, or has entered into, an agreement (written, oral or otherwise) to engage in Competitive Action or has engaged in
        Misconduct, all of the Performance Units, whether earned or unearned, shall be immediately forfeited, and the Participant shall have no further rights with respect to such Performance Units. In the event that the Participant engages in any
        Competitive Action or enters into, or has entered into, an agreement (written, oral or otherwise) to engage in Competitive Action or engages in Misconduct on or after the Settlement Date (or said Competitive Action or agreement or Misconduct occurs
        prior to the Settlement Date and is discovered on or after the Settlement Date) but on or prior to the second anniversary of the Settlement Date, the Participant shall pay to the Company, upon demand by the Company, an amount equal to the amount
        paid to the Participant in respect of the Performance Units on the Settlement Date. The determination as to whether the Participant has engaged in any Competitive Action or Misconduct shall be made by the Committee in its sole and absolute
        discretion.  The Committee has sole and absolute discretion to determine whether, notwithstanding its determination that the Participant has engaged in a Competitive Action or Misconduct, recapture or forfeiture as provided herein shall not occur.
        The Committee’s exercise or nonexercise of such discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of Performance Units under the Plan shall not in any way reduce or eliminate
        the authority of the Committee to (i) determine that any event or occurrence by or with respect to the Participant constitutes engaging in Competitive Action or Misconduct, or (ii) determine the related Competitive Action or Misconduct date. The
        Participant acknowledges that the restriction with respect to engaging in a Competitive Action, in view of the nature of the business in which the Company is engaged, is reasonable in scope (as to both the temporal and geographical limits) and
        necessary in order to protect the legitimate business interests of the Company. The Participant acknowledges further that engaging in a Competitive Action or Misconduct would result in irreparable injuries to the Company and would cause loss in an
        amount that cannot be readily quantified. The Participant acknowledges further the amounts required to be paid to the Company pursuant to this provision are reasonable and are not liquidated damages nor shall they be characterized as such.

    (e) The Participant’s employment will not be considered to continue if his or her employment has been terminated (regardless of the reason for such termination and whether or not later found to be invalid or in
        breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant’s employment agreement, if any), and unless otherwise expressly provided in this Agreement or determined by the Committee, the
        Participant’s right to continue to earn pursuant to the Performance Units awarded hereunder, if any, will terminate as of such date and will not be extended by any notice period arising under local law or contract.  However, the Participant’s
        period of service would not include any contractual notice period (except for such period of time the Participant is actively providing substantial services as required by the Company during any notice period) or any period of “garden leave” or
        similar period arising under employment laws in the jurisdictions where the Participant is employed or the terms of Participant’s employment agreement, if any.

    6. Nontransferability.
        The Performance Units granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, or as otherwise provided for in the Plan.

    7. Administration.
        This Agreement and the rights of the Participant hereunder are subject to all the terms and conditions of the Plan, as the same may be amended from time to time, as well as to such rules and regulations as the Committee may adopt for administration
        of the Plan. It is expressly understood that the Committee is authorized to administer, construe, and make all determinations necessary or appropriate to the administration of the Plan and this Agreement, all of which shall be final and binding
        upon the Participant, including without limitation any determination concerning a Competitive Action. Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan.  If there is any inconsistency between this Agreement and Exhibit A, Exhibit A shall prevail.  The Participant hereby acknowledges that he or she has received a copy of the Plan and understands and agrees to the terms
          thereof.  This Agreement, together with the Plan, constitutes the entire agreement by and between the parties hereto with respect to the subject matter hereof, and this Agreement and the Plan supersede all prior agreements, correspondence and
          understandings and all prior and contemporaneous oral agreements and understandings, among the parties hereto with regard to the subject matter hereof.  

     

        

    
      3

      
        

    

    8. Change
          in Control.  In the event of a Change in Control, unless otherwise specifically prohibited under applicable laws or by the rules and regulations of any governing governmental agencies or national securities exchanges: 

    (a) With respect to each outstanding Performance Unit that is assumed or substituted in connection with a Change in Control, in the event that the Participant’s employment with the Company is terminated (i) by the
        Company or a Subsidiary or Affiliate, as applicable, without Cause or (ii) by the Participant for Good Reason, in each case during the eighteen (18) month period following such Change in Control, the value of all Performance Units shall be
        determined and fixed as of the end of the fiscal year immediately preceding the fiscal year in which such termination occurs, and such value shall be paid to the Participant in accordance with, and subject to, the provisions of Sections 4 and 5
        hereof.  Following such termination, Performance Units shall not accrue any additional value for the fiscal year in which such termination occurs or for any subsequent fiscal years.

    (b) With respect to each outstanding Performance Unit that is not assumed or substituted in connection with a Change in Control, immediately upon the occurrence of the Change in Control, which shall be deemed the
        end of the Performance Period, the value of all Performance Units shall be determined and fixed as of the end of the fiscal year immediately preceding the fiscal year in which such Change in Control occurs, and such value shall be paid to the
        Participant within ninety (90) calendar days following the date of such Change in Control; provided, however, that if such ninety (90) day period spans two separate taxable years, such payment shall be made in the later taxable year. Following such Change in Control, Performance Units shall not accrue any
        additional value for the fiscal year in which such Change in Control occurs or for any subsequent fiscal years.

    (c) For purposes of this Section 8, a Performance Unit shall be considered assumed or substituted for if, following the Change in Control, the Performance Unit is assumed or substituted for with one of comparable
        value and remains subject to the same terms and conditions that were applicable to the Performance Units immediately prior to the Change in Control.

    (d) For purposes of this Section 8, an event shall only constitute a Change in Control if the event constituting a Change in Control also constitutes “a change in the ownership or effective control of the Company,
        or in the ownership of a substantial portion of the assets of the Company” within the meaning of Section 409A(a)(2)(A)(v) of the Code and the regulations promulgated thereunder.

     

      

     

      

    
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    9. Miscellaneous.

    (a) This Agreement shall not confer upon the Participant any right to continuation of employment by the Company, nor shall this Agreement interfere in any way with the Company’s right to terminate the
        Participant’s employment at any time.

    (b) The Committee may terminate, amend, or modify the Plan; provided, however, that no such termination, amendment, or modification of the Plan may in any material way adversely affect the Participant’s rights under this Agreement. 

    (c) The Company or a Subsidiary or Affiliate, as applicable, shall have the authority to deduct or withhold from any payment hereunder or from any other source of the Participant’s compensation from the Company or
        a Subsidiary or Affiliate, as applicable, or may require the Participant to remit to the Company or a Subsidiary or Affiliate, as applicable, before payment hereunder, an amount sufficient to satisfy federal, state, and local taxes (including
        Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising out of this Agreement. 

    (d) This Agreement shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 

    (e) To the extent not preempted by federal law, this Agreement shall be governed by, interpreted and construed in accordance with, the laws of the State of Delaware, regardless of its conflicts of laws
        principles.  The jurisdiction and venue for any dispute arising under, or any action brought to enforce or otherwise relating to, this Agreement will be exclusively in
          the courts of the State of Delaware, including the federal courts located in Delaware in the event federal jurisdiction exists.  Participant hereby irrevocably consents to the exclusive personal jurisdiction and venue of the federal and State
          courts of the State of Delaware for the resolution of any disputes arising out of, or relating to, this Agreement and irrevocably waives any claim or argument that the courts of the State of Delaware are an inconvenient forum.  In any action
          arising under or relating to this Agreement, the court shall not have the authority to, and shall not, conduct a de novo review of any determination made by the Committee or the Company but is instead authorized to determine solely whether the determination was the result of fraud or bad faith
          under Delaware law.

    (f) All obligations of the Company under the Plan and this Agreement with respect to the Performance Units shall be binding on any successor to the Company, whether the existence of such successor is the result of
        a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company.

     

      

     

      

    
      5

      
        

    

    (g) The invalidity or unenforceability of any provision or provisions of this Agreement shall not affect the validity or enforceability
          of any other provision or provisions of this Agreement, which shall remain in full force and effect.  If any provision of this Agreement is held to be invalid, void or unenforceable in any jurisdiction, any court so holding shall substitute a
          valid, enforceable provision that preserves, to the maximum lawful extent, the terms and intent of such provisions of this Agreement.  If any of the provisions of, or covenants contained in, this Agreement are hereafter construed to be invalid or
          unenforceable in any jurisdiction, the same shall not affect the remainder of the provisions or the enforceability thereof in any other jurisdiction, which shall be given full effect, without regard to the invalidity or unenforceability in such
          other jurisdiction.  Any such holding shall affect such provision of this Agreement, solely as to that jurisdiction, without rendering that or any other provisions of this Agreement invalid, illegal or unenforceable in any other jurisdiction.  If
          any covenant should be deemed invalid, illegal or unenforceable because its scope is considered excessive, such covenant will be modified so that the scope of the covenant is reduced only to the minimum extent necessary to render the modified
          covenant valid, legal and enforceable.

    (h) By accepting this Award or other benefit under the
        Plan, the Participant and each person claiming under or through the Participant shall be conclusively deemed to have indicated their acceptance and ratification of, and consent to, any action taken under the Plan by the Company, the Board or the
        Committee.

    (i) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTICIPANT, EVERY PERSON CLAIMING UNDER OR THROUGH THE PARTICIPANT, AND THE COMPANY HEREBY WAIVE AND RELEASE ANY CLAIM UNDER STATE OR FEDERAL LAW THEY
        MAY HAVE HAD TO A JURY TRIAL WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER, OR IN CONNECTION WITH THE PLAN OR THIS AWARD AGREEMENT ISSUED PURSUANT TO THE PLAN.

    (j) Definitions. The following terms shall have the meanings ascribed to them when used in this Agreement:

    (i) “Beginning Book Value Per Share” means $48.43.

    (ii) “Book Value Per Share” as of the end of any fiscal year shall be equal to the quotient of X divided by Z,
        where X is equal to the sum of A, B, C, D and E minus the sum of F and G, and Z is equal to the sum of W plus Y:  [((A+B+C+D+E)-(F+G)) ÷ (W+Y)].  For purposes of this calculation, 

    (A) shall be equal to the Company’s total common stockholders’ equity as of the end
        of such fiscal year, as determined in accordance with generally accepted accounting principles and reported in the Company’s audited financial statements, 

    (B) shall be equal to the cumulative after-tax expense of the Company from January
        1, 2019 through the end of such fiscal year arising from all the Awards made under the Plan, 

    (C) shall be equal to the cumulative cash dividends on the Company’s common stock
        declared from January 1, 2019 through the end of such fiscal year, 

     

      

    
      6

      
        

    

    (D) shall be equal to the cumulative cost of the Company’s common stock repurchased
        by the Company from January 1, 2019 through the end of such fiscal year, 

    (E) shall represent imputed interest on the cost of the Company’s common stock
        repurchased by the Company and the amount of special dividends (any dividend other than the regular quarterly cash dividend) paid by the Company during the Performance Period.  Such interest shall be imputed on such repurchases and special
        dividends from the first day of the quarter following such repurchases and special dividends to the end of the Performance Period.  The imputed interest rate shall be equal to the average annual Increase in Book Value Per Share for the Performance
        Period, before consideration of this subsection E,

    (F) shall be equal to the Company’s accumulated other comprehensive income as of
        the end of such fiscal year, 

    (G) shall be equal to the cumulative unrealized gains and losses, net of tax, on
        equity securities (other than securities of consolidated subsidiaries or securities accounted for on the equity method) reported in retained earnings at the end of such fiscal year as a result of Accounting Standards Update 2016-01, 

    (W) shall be equal to the number of shares of the Company’s common stock issued and
        outstanding, net of treasury shares, as of the end of such fiscal year, and 

    (Y) shall be the cumulative number of shares of the Company’s common stock
        repurchased by the Company from January 1, 2019 through the end of such fiscal year.  

    Book Value Per Share shall be calculated without taking into account any forward or
        reverse split of the Company’s common stock or any stock dividend declared on the Company’s common stock and there shall be no adjustment to the number of Performance Units awarded hereunder in either event.  Notwithstanding anything herein to the
        contrary the formula to determine Book Value Per Share may be further modified to take into account any factor set forth in Section 7.2 of the Plan.

    (iii) “Cause” means “Cause” as defined in any active employment agreement between the Participant and the
        Company or any Subsidiary or Affiliate, as applicable, or, in the absence of any such definition, means the occurrence of any one of the following events: (A) fraud, personal dishonesty, embezzlement or acts of gross negligence or gross misconduct
        on the part of the Participant in the course of his or her employment or services, (B) the Participant’s engagement in conduct that is materially injurious to the Company, a Subsidiary or an Affiliate, (C) the Participant’s conviction by a court of
        competent jurisdiction of, or pleading “guilty” or “no contest” to, (x) a felony or (y) any other criminal charge (other than minor traffic violations) which could reasonably be expected to have a material adverse impact on the Company’s or a
        Subsidiary’s or an Affiliate’s reputation or business; (D) public or consistent drunkenness by the Participant or his or her illegal use of narcotics which is, or could reasonably be expected to become, materially injurious to the reputation or
        business of the Company, a Subsidiary or an Affiliate or which impairs, or could reasonably be expected to impair, the performance of the Participant’s duties to the Company, a Subsidiary or an Affiliate; (E) willful failure by the Participant to
        follow the lawful directions of a superior officer; or (F) the Participant’s continued and material failure to fulfill his or her employment obligations to the Company or any Subsidiary or Affiliate.

     

      

    
      7

      
        

    

    (iv)  “Client” means any insured, agent, producer or other intermediary to or through whom the Company or its Subsidiaries or Affiliates provides insurance or reinsurance or related services.

    (v) “Competitive Action” means, either directly or indirectly, whether as an employee, consultant, independent
        contractor, partner, joint venturer or otherwise, (A)  engaging in or directing any business activities, except those which are ministerial or clerical in nature, which are competitive with any business activities conducted by the Company at the
        relevant time of enforcement in any geographical area (x) where the Participant had a responsibility on behalf of the Company or about which the Participant received Confidential Information and (y) in which the Company is engaged in business at
        the relevant time of enforcement, (B) on behalf of any person or entity engaged in business activities competitive with the business activities of the Company, soliciting or inducing, or in any manner attempting to solicit or induce, any person
        employed by, or as an agent or producer of, the Company to terminate such person's employment or agency or producer relationship, as the case may be, with the Company, (C) diverting, or attempting to divert, any Covered Business Partner from doing
        business with the Company or attempting to induce any Covered Business Partner to cease being a customer of the Company, (D) soliciting a Covered Business Partner to do business with a competitor or prospective competitor of the Company or
        (E) making use of, or attempting to make use of, the Company’s property or Confidential Information, other than in the course of the performance of services to the Company or at the direction of the Company.  References to the Company in this
        definition and Exhibit A to this Agreement shall include the Company and all Subsidiaries and Affiliates.

    (vi)  “Confidential Information” means an item of information or a compilation of information, in any form (tangible or intangible), related to the business of the Company or of a subsidiary for whom Participant performs
        services that the Company/subsidiary has not made public or authorized public disclosure of, and that is not generally known to the public through proper means, including but not limited to:

    (A) underwriting premiums or quotes, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, profit commission; 

    (B) operating unit or other business projections and forecasts; 

    (C) Client lists, brokers lists and price sensitive information; 

    (D) technical information, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets; 

    (E) remuneration and personnel details; 

    (F) planned products, planned services, marketing surveys, research reports, market share and pricing statistics, budgets, fee levels; 

     

      

    
      8

      
        

    

    (G) computer passwords, the contents of any databases, tables, know how documents or materials; 

    (H) commissions, commission charges, pricing policies and all information about research and development; and

    (I) the Company’s suppliers’, Clients’ or Prospective Clients’
        names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of their business operations, their requirements for services supplied by the Company and all confidential aspects of their
        relationship with the Company.

    (vii)  “Covered Business Partner” means any person, concern or entity (including, without limitation, any Client) as to which Participant, or persons supervised by Participant, had more than de minimis business-related contact
        or received Confidential Information during the most recent two years of Participant’s employment with the Company or its Subsidiaries or Affiliates or such shorter period of time as employed (the “Look Back Period”).

    (viii)  “Disability” means the inability of the Participant to continue to perform services for the Company or any Subsidiary or Affiliate, as applicable, on account of his or her total and permanent disability as determined by
        the Committee.

    (vi) “Ending Book Value Per Share” means the highest Book Value Per Share determined as of the end of each
        fiscal year in the Performance Period.

    (v) “Good Reason” means “Good Reason” as defined in any active employment agreement between the Participant
        and the Company or any Subsidiary or Affiliate, as applicable, or, in the absence of any such definition, means the occurrence of any one of the following events, unless the Participant agrees in writing that such event shall not constitute Good
        Reason: (A) a material reduction in the Participant’s duties or responsibilities from those in effect immediately prior to a Change in Control; (B) a material reduction in the Participant’s base salary below the levels in effect immediately prior
        to a Change in Control; or (C) relocation of the Participant’s primary place of employment to a location more than fifty (50) miles from its location, and further from the Participant’s primary residence, immediately prior to a Change in Control; provided, however, that with respect to any Good Reason termination, the Company will be given not less than thirty (30) days’ written notice by the Participant (within sixty (60) days of the occurrence of
        the event constituting Good Reason) of the Participant’s intention to terminate the Participant’s employment for Good Reason, such notice to state in detail the particular act or acts or failure or failures to act that constitute the grounds on
        which the proposed termination for Good Reason is based, and such termination shall be effective at the expiration of such thirty (30) day notice period only if the Company has not fully cured such act or acts or failure or failures to act that
        give rise to Good Reason during such period.  Further notwithstanding any provision in this definition to the contrary, in order to constitute a termination for Good Reason, such termination must occur within six (6) months of the initial existence
        of the applicable condition.

     

      

    
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    (xi) “Increase in Book Value Per Share” means the amount, if any, by which the Ending Book Value Per Share
        exceeds Beginning Book Value Per Share for the Performance Period.

    (xii) “Misconduct” means the Participant’s engagement, during the Participant’s employment with the Company or
        any Subsidiary or any Affiliate, in an act which would, in the judgment of the Committee, constitute fraud that could be punishable as a crime, or embezzlement against either the Company, any Subsidiary or any Affiliate.

    (xiii)  “Prospective Client” means any person, concern or entity (including, without limitation, any potential insured, agent, producer or other intermediary) to or through whom the Company or any of its Subsidiaries or
        Affiliates has been in negotiations during the Look Back Period to provide insurance or reinsurance or related services.

    (xiv) “Qualifying Termination” means the termination of the Participant’s employment with the Company and all
        Subsidiaries and Affiliates prior to the end of the Performance Period as a result of: (i) Disability or Retirement; (ii) an action by the Company or a Subsidiary or Affiliate, as applicable, for any reason other than Cause; or, (iii) following a
        Change in Control, an action by the Participant for Good Reason.

    (xvi) “Restricted Period” means
          the period beginning on the date hereof through the second anniversary of the Settlement Date.

    (xv) “Retirement” means the Participant’s retirement from service with the Company and all Subsidiaries and
        Affiliates with the written consent of the Executive Chairman of the Board of the Company or the Committee.

    (xvi) “Settlement Date” means the date on which the value of the Performance Units is actually paid to the
        Participant.

    10. Signature

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

     

      

     

      

    
      10

      
        

    

    11. Protected

            Conduct.  Nothing in this Agreement prohibits the Participant from reporting an event that the Participant reasonably and in good faith believes is a violation of law to the relevant law-enforcement agency (such as the Securities and
        Exchange Commission or Department of Labor), requires notice to or approval from the Company before doing so, or prohibits the Participant from cooperating in an investigation conducted by such a government agency.  This may include a disclosure of
        trade secret information provided that it must comply with the restrictions in the Defend Trade Secrets Act of 2016 (DTSA).  The DTSA provides that no individual will be held criminally or civilly liable under Federal or State trade secret law for
        the disclosure of a trade secret that: (i) is made in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney; and made solely for the purpose of reporting or investigating a suspected
        violation of law; or, (ii) is made in a complaint or other document if such filing is under seal so that it is not made public. Also, the DTSA further provides that an individual who pursues a lawsuit for retaliation by an employer for reporting a
        suspected violation of the law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual files any document containing the trade secret under seal, and does not
        disclose the trade secret, except as permitted by court order.  To the extent that the Participant is covered by Section 7 of the National Labor Relations Act (NLRA) because the Participant is not in a supervisor or management role, nothing in this
        Agreement shall be construed to prohibit the Participant from using information the Participant acquires regarding the wages, benefits, or other terms and conditions of employment at the Company for any purpose protected under the NLRA.

    [Signatures to appear on following page]

     

      

     

      

    
      11

      
        

    

    IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective
        as of January 1, 2019.

    	 	
            W. R. Berkley Corporation

          
	 	 
	 	 
	 	 
	 	
            By:__________________________

          
	 	
            Name:

          
	 	
            Title:

          
	 	 
	 	 
	 	
            ______________________________

          
	 	
            Participant

          

    

    

    

    

    

    

    Please indicate the name of the Participant’s beneficiary:

     

      

     

      

    

    

    ______________________________________

    

     

    

    Name

    

    

    The Participant may change his or her beneficiary hereunder only by written notice to the Company, which
        change will become effective only upon receipt by the Company during the Participant’s lifetime.

     

      

     

      

     

      

     

      

     

      

     

      

    
      12

      
        

    

     

      

    EXHIBIT A

    

    

    JURISDICTION SPECIFIC MODIFICATIONS

    

    

    As used in this Exhibit A, the term “Company” includes W. R. Berkley Corporation and all of its
        Subsidiaries and Affiliates.

    

    

    I.  States of the United
            States of America

    

    

    A. Arkansas, Connecticut, Illinois, Indiana, Maryland, Minnesota, South Carolina,
            South Dakota, Texas, and Virginia:  Section 9(j)(v)(A) is further limited to situations where the Participant is performing
        services that are the same as or similar in function or purpose to the services the Participant performed for the  Company (as appropriate) during the Look Back Period.

    

    

    B. Arizona.  For an Arizona resident, for so long as the Participant
        resides in Arizona and is subject to the laws of Arizona:  (i) the restrictions in Sections 9(j)(v)(A), (C) and (D) will only apply within any geographical area (x) where the Participant had responsibilities on behalf of the Company or about which
        the Participant received Confidential Information during the Look Back Period and (y) in which the Company is engaged in business; (ii) Sections 9(j)(v)(A) is further limited to situations where the Participant is performing services that are the
        same as or similar in function or purpose to the services the Participant performed for the Company during the Look Back Period; and (iii) with respect to the Participant’s nondisclosure obligation under Section 9(j)(v)(E), the Participant’s
        nondisclosure obligation only extends during the Restricted Period (this is not a deviation from the text of the Agreement, but a clarification for the avoidance of any doubt).

    

    

    C. California.  For a resident of California, for so long as the
        Participant resides in California and is subject to the laws of California:  (i) no provision or requirement of this Agreement will be construed or interpreted in a manner contrary to the public policy of the State of California; (ii) the
        restrictions in Section 9(j)(v)(A) shall not apply; (iii) Sections 9(j)(v)(C) and (D) shall be limited to situations where the Participant is aided in his or her conduct by the Participant’s use or disclosure of trade secrets (as defined by
        applicable law); and (iv) Section 9(i) shall not apply.

    

    

    D. Massachusetts.  For so long as Massachusetts General Laws Part I Title XXI Chapter  149 Section 24 L applies to the obligations of Participant under this Agreement:  (i) the restrictions in Sections 9(j)(v)(A),
        (C) and (D) will only apply within any geographical area (x) where Participant had responsibilities on behalf of the Company or about which Participant received Confidential Information during the Look Back Period and (y) in which the Company is
        engaged in business; (ii) Section 9(j)(v)(A) is further limited to situations where Participant is performing services that are the same as or similar in function or purpose to the services Participant performed for the Company (as appropriate)
        during the Look Back Period; (iii) the second and third sentences of Section 9(e) are amended to replace “Delaware” with “Massachusetts”; (iv) Section 5(d) is amended by inserting after the phrase “but on the second anniversary of the Settlement
        Date” the following: “and in no event longer than one year after the date the Participant terminates employment with the Company; and (v) this Agreement is amended to add the following new Section 12:

     

      

     

      

     

      

     

      

    
      13

      
        

    

     

      

    SECTION 12.  The Company and Participant agree that the grant of Performance Units to Participant is fair
        and reasonable consideration for the obligations of Participant in this Agreement.  The Company and Participant agree that the grant of Performance Units is consideration for the Participant’s obligations under Section 5(d) and Section 9(j)(v)(A)
        (as applicable) of this Agreement (as such obligations are modified by Exhibit A hereto)  during the duration of such obligations.  For the avoidance of doubt, Participant has the right to consult with an attorney prior to accepting this award. 
        Participant acknowledges that Participant has been given at least ten business days to accept this award.  

    

    

    E. Nebraska.  For a Nebraska resident, for so long as the Participant resides in Nebraska and is subject to the laws of Nebraska:  (i) Section 9(j)(v)(A) shall not apply; and (ii) the definition of “Covered
        Business Partner” in Section 9(j)(vii) is modified so that it means any persons or entities with which the Participant, or persons supervised by the Participant, did business and had personal business-related contact during the Look Back Period.

    

    

    F. North Carolina. For a North Carolina resident, for so long as the
        Participant resides in North Carolina and is subject to the laws of North Carolina: (i) Section 9(j)(v)(Ai) is further limited to situations where the Participant is performing services that are the same as or similar in function or purpose to the
        services the Participant performed for the Company during the Look Back Period; and (ii) the Look Back Period shall be calculated looking back two years from the date of enforcement and not from the date employment ends.

    

    

    G. North Dakota.  For a resident of North Dakota, for so long as the
        Participant resides in and is subject to the laws of North Dakota: (i) no provision or requirement of this Agreement will be construed or interpreted in a manner contrary to the public policy of the State of North Dakota; (ii) the restrictions in
        Section 9(j)(v)(A) shall not apply; and (iii) Sections 9(j)(v)(C) and (D) shall be limited to situations where the Participant is aided in his or her conduct by the  Participant’s use or disclosure of trade secrets (as defined by applicable law).

    

    

    H. Oklahoma.  For an Oklahoma resident, for so long as the Participant
        resides in Oklahoma and is subject to the laws of Oklahoma:  the  restrictions in Section 9(j)(v)(A) shall not apply and  “Covered Business Partner” of the Company means any individual, company, or business entity (including, without limitation,
        any Client) with which the Company has transacted business within the Look Back Period and with which the Participant, or persons supervised by the Participant, had material business-related contact or about which the Participant had access to
        Confidential Information during the Look Back Period.

     

      

     

      

    
      14

      
        

    

    

    

    I. Wisconsin.  For a Wisconsin resident, for so long as Participant
        resides in Wisconsin and is subject to the laws of Wisconsin:  (i) Section 9(j)(v)(A) is further limited to situations where the Participant is performing services that are the same as or similar in function or purpose to the services the
        Participant performed for the Company during the Look Back Period; and (ii) Section 9(j)(v)(B) is rewritten as follows:   “participating in soliciting or attempting to solicit any employee of the Company that is in a Sensitive Position to leave the
        employment of the Company on behalf of (or for the benefit of) a competing business, or knowingly assists a competing business in efforts to hire such an employee away from the Company.  An employee in a “Sensitive Position” refers to an employee
        of the Company who is in a management, supervisory, sales, research and development, underwriting, claims, actuarial, loss control or similar role where the employee is provided Confidential Information or is involved in business dealings with the
        Company’s customers.”

     

      

     

      

     

      

     

      

     

      

     

      

     

      

     

      

     

      

     

      

    

      

      

      

      

      

      

      

      

      

      

      

      

      

      

      
        15

        
          

      

      

      

    

    

    II.  Countries Other than
            the United States of America

    

    

    Argentina. For
        an Argentinian resident, for so long as the Participant resides in Argentina and is subject to the laws of Argentina:

    (i) Section 9(e) shall be deleted in its entirety and replaced with the following:

    “(e)   This Agreement shall be construed and interpreted in accordance with the laws
        of Argentina.  The Participant hereby irrevocably consents to the exclusive personal jurisdiction of the Argentine courts for the resolution of any disputes arising out of, or relating, to this Agreement.”

    
      
        	(ii)	
                This Agreement shall not be effective unless the Participant physically signs an original Agreement.

              

      

    

    

    

    Australia. For
        an Australian resident, for so long as the Participant resides in Australia and is subject to the laws of Australia:

    

    

    
      
        	(i)	
                Section 9(e) shall be deleted in its entirety and replaced with the following:

              

      

    

    “(e) This Agreement shall be construed and interpreted in accordance with the laws of
        the State of New South Wales in Australia.  The Participant hereby irrevocably consents to the personal jurisdiction of the federal and state courts of the State of New South Wales in Australia for the resolution of any disputes arising out of, or
        relating to, this Agreement.”

    
      
        	(ii)	
                The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

              

      

    

    Canada. For a
        Canadian resident, for so long as the Participant resides in Canada and is subject to the laws of Canada:

     

    

    
      
        	

              	
                The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

              

      

    

     

          

    Colombia. For a
        Colombian resident, for so long as the Participant resides in Colombia and is subject to the laws of Colombia:

     

      

    The Participant agrees that the Performance Units rights derived from this Agreement
        are not consideration for the services rendered by the Participant in Colombia.  For this Agreement to be effective, the Participant must enter into a local agreement, governed by Colombian laws, with the Participant’s current employer in which the
        Participant agrees to the statement in the prior sentence.

    Hong
            Kong. For a Hong Kong resident, for so long as the Participant resides in Hong Kong and is subject to the laws of Hong Kong:

    

    

    

    

    
      16

      
        

    

    
      
        	(i)	
                Section 6 shall be deleted in its entirety and replaced with the following:

              

      

    

    SECTION 6.  Non-Transferability.  (a)  Subject to Section 6(b) below and except as specifically consented to by the Committee, the Participant may not sell, transfer, pledge, or otherwise encumber
        or dispose of the Performance Units other than by will, the laws of descent and distribution, or as otherwise provided for in the Plan.

    (b) Notwithstanding any other provisions of this Agreement, if
        the Participant resides in, or received this offer in Hong Kong, the Participant shall have no rights or entitlement to sell, transfer or otherwise dispose of the Performance Units, except if such sale, transfer or disposal is permitted pursuant to
        the Plan and specifically consented to by the Committee.

    
      
        	(ii)	
                The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

              

      

    

    Norway. For a
        Norwegian resident, for so long as Participant resides in Norway and is subject to the laws of Norway:

     

      

    
      
        	(i)	
                In Section 5(d), the words “or Solicitation” shall be added, in each instance after the phrase “Competitive Action”;

              

      

    

    
      
        	(ii)	
                In Section 5(d), in the second sentence, solely with respect to Solicitation  the word “second” shall be replaced with “first”;

              

      

    

    
      
        	(iii)	
                In Section 9(j)(v), subsections (C) and (D) shall be deleted and subsection (E) shall be renumbered as subsection (C); and

              

      

    

    
      
        	(iv)	
                In Section 9(j), the following new subsection (xvii) shall be added:

              

      

    

    “(xvii) ”Solicitation”.  For purposes of this Agreement, the Participant has engaged in "Solicitation" if the Participant from the date
        hereof through the first anniversary of the Settlement Date, directly or indirectly (i) diverts, or attempts to divert, any person, concern or entity from doing business with the Company or attempts to induce any such person, concern or entity to
        cease being a customer of the Company, (ii) solicits the business of the Company or (iii) influences customers, suppliers and/or other business associates/contract parties of the Company  to limit or  terminate their relationship with the Company .
        With respect to customers, the preceding sentence only applies to customers which the Participant has had contact with and/or responsibility for during the last 12 months prior to the time of the written statement as mentioned below.

    

    

    
      
        
          	(v)	In Section 5, a new subsection (f) shall be added

        

      

    

     

      

    

  
    17

    
      

  

   

    
     

      

    (f)  The Company may, upon the request from the Participant and in connection with
        termination, summary dismissal or other cessation of employment, decide whether and to what extent the Participant’s obligation to refrain from Solicitation shall be invoked. With respect to customers, the procedure in connection with such a
        decision shall comply with the mandatory provisions of Chapter 14A in the Norwegian Working Environment Act, including the specification of which customers are covered by the Participant’s obligation to refrain from Solicitation in a written
        statement.”

    

    

    Singapore. For
        a Singaporean resident, for so long as the Participant resides in Singapore and is subject to the laws of the Republic of Singapore:

    

    

    
      
        	

              	(i)	
                In second sentence of Section 5(d),the phrase “that, in the Committee’s sole and absolute discretion, reflects the seriousness of the Competitive Action
                    and/or Misconduct; the maximum amount that the Company may demand from the Participant is” shall be added after the words “an amount” ;

              

      

    

    
      
        	

              	(ii)	
                In Section 5(d), in  the last sentence, the following phrase shall be deleted:

              

      

    

    “and are not liquidated damages nor shall they be characterized as such”;

    
      
        	

              	(iii)	
                Section 9(e) shall be deleted in its entirety and replaced with the following:

              

      

    

    “(e)  This Agreement shall be construed and interpreted in accordance with the laws of the State of
        Delaware.  The Participant hereby irrevocably consents to the personal jurisdiction of the courts of the Republic of Singapore for the resolution of any disputes arising out of, or relating to, this Agreement.”

     

    

    
      
        	

              	(iv)	
                The provisions in “Addendum for Australia, Canada, Hong Kong and Singapore” set forth below shall be applicable.

              

      

    

    

    

    United Kingdom. 
        For a United Kingdom resident, for so long as the Participant resides in the United Kingdom and is subject to the laws of England and Wales or if the Participant is employed under an employment contract which is governed by English law at the time
        of grant of the Performance Units:  (i) in the last sentence of Section 4 the phrase “the Competitive Action restriction set forth in Section 5(d)” shall be deleted and replaced with “the restrictions set forth in Exhibit A II. Countries other than
        the United States of America:  United Kingdom” and (ii) the following terms and provisions shall amend and supersede the terms and provisions of Section 5(d), Section 9(e), Section 9(j)(iv), Section 9(j)(v), Section 9(j)(vi), Section 9(j)(vii),
        Section 9(j)(xii) and Section 9(j)(xiii) of this Agreement as follows:

     

      

     

      

     

      

    
      18

      
        

    

     

      

    
      	1.	TERMINATION OF EMPLOYMENT

       

     

      

    
      
        	

              	
                With effect from the earlier of the date of termination of the Participant’s employment or the date that the Participant gives or receives notice of
                    termination of the Participant’s employment for any reason, any unsettled Performance Units shall lapse and be forfeited (except as set out in Section 5(b) of this Agreement and subject to the forfeiture provisions in paragraph 3 below)
                    and the Participant shall have no further rights with respect to any such unsettled Performance Units.

              

      

    

    

    

    
      
        	2.	
                RESTRICTIVE COVENANTS

              

      

    

    

    

    
      
        	2.1	
                The Participant covenants with the Company and the Group that the Participant will not, save with the prior written consent of the Committee (in its absolute
                    discretion):

              

      

    

    

    

    
      
        	2.1.1.	
                during the Restricted Period directly or indirectly be employed, engaged or retained by or otherwise concerned or interested in any Competing Business. For
                    this purpose, the Participant is directly or indirectly employed, engaged or retained by or concerned or interested in a Competing Business if:

              

      

    

    
      	

            	(a)	the Participant carries it on as principal or agent; or

    

    
      
        	

              	(b)	
                the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who carries on the Competing Business;

              

      

    

    
      
        	

              	(c)	
                the Participant has any direct or indirect financial interest (as shareholder, creditor or otherwise) in any person who carries on the Competing Business;
                    and/or

              

      

    

    
      
        	

              	(d)	
                the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who has a direct or indirect financial interest (as
                    shareholder, creditor or otherwise) in any person who carries on the Competing Business,

              

      

    

    disregarding any financial interest the Participant may have in securities
        which are listed or dealt in on a recognised investment exchange if the Participant is interested in securities which amount to less than 3% of the issued securities of that class and which, in all circumstances, carry less than 3% of the voting
        rights (if any) attaching to the issued securities of that class;

    

    

    
      
        	2.1.2	
                during the Restricted Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his
                    or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, have any business dealings with any Client or Prospective Client in relation to or for the benefit of a
                    Competing Business;

              

      

    

    

    

    
      
        	2.1.3	
                during the Restricted Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his
                    or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, canvass or solicit business or custom from or seek to entice away any Client or Prospective Client from the
                    Company or any Group Company in relation to or for the benefit of a Competing Business;

              

      

    

    

    

    
      
        	2.1.4	
                during the Restricted Period, directly or indirectly, solicit or endeavour to solicit the employment or engagement of any Key Employee (whether or not such
                    person would thereby breach their contract of employment or engagement);

              

      

    

    

    

    

    

    

    

    
      19

      
        

    

    
      
        	2.1.5	
                at any time after the Termination Date represent himself as being in any way connected with (other than as a former employee) or interested in the business of
                    the Company or any Group Company or use any registered names, domain names or trading names the same as or that could reasonably be expected to be confused with any such names used by the Company or any Group Company.

              

      

    

    

    

    
      
        	2.1.6	
                before or after the Termination Date, and except in the proper performance of his or her duties of employment by the Company or any Group Company, directly or
                    indirectly use for his or her own purposes or those of a third party or disclose to any third party any Confidential Information. The Participant will use his or her best endeavours to prevent any unauthorised use or disclosure of
                    Confidential Information. The obligations contained in this clause 2.1.6 will not apply to any disclosures required by law or to any information or documents which after the Termination Date are in the public domain other than by way of
                    unauthorised disclosure.

              

      

    

    

    

    
      
        	2.2	
                The Participant gives the covenants above to the Company as trustee for itself (and any company forming part of the Group).

              

      

    

    

    

    
      
        	2.3	
                Each restriction contained in this clause 2 is an entirely separate and independent restriction, despite the fact that they may be contained in the same
                    phrase, and if any part is found to be unenforceable the remainder will remain valid and enforceable.

              

      

    

    

    

    
      
        	2.4	
                While the restrictions in this clause 2 are considered by the parties to be fair and reasonable in the circumstances, it is agreed that if any such
                    restriction should be held to be void or ineffective for any reason but would be treated as valid and effective if some part of parts of the restriction were deleted, the restriction in question will apply with such deletion as may be
                    necessary to make it valid and effective.

              

      

    

    

    

    
      
        	2.5	
                If, during the Participant’s employment or any period during which these restrictions apply, any person, firm, company or entity offers the Participant any
                    employment, engagement, arrangement or contract which might or would cause him or her to breach any of the restrictions, he or she will notify that person, firm, company or entity of the terms of these restrictions.

              

      

    

    

    

    
      
        	2.6	
                The period of any restraint on the Participant’s activities after the Termination Date imposed pursuant to clauses 2.1.1 to 2.1.4 shall be reduced pro rata by
                    any period of garden leave served by the Participant pursuant to his or her service agreement with the Company or any Group Company.

              

      

    

    

    

    
      
        	2.7	
                If the Participant breaches any of the covenants contained in clauses 2.1.1 to 2.1.6, then any unsettled Performance Units will lapse with immediate effect
                    and the Participant will be obliged to return all amounts paid to the Participant in respect of the Performance Units within the Restricted Period to the Company within 14 days of being notified by the Company of its discovery of the
                    breach.

              

      

    

    

    

    

    

    

    

    
      20

      
        

    

    
      
        	2.8	
                In this clause, the following definitions shall apply:

              

      

    

    

    

    	
            “Client”

             

          	
            means any person, firm, company or other business entity whom or which during the Relevant Period:

            (a) to whom the Company or any Group Company provided insurance or reinsurance; or

            (b) was an insurance intermediary which introduced such insurance or reinsurance business to the Company or any
                Group Company,

            and in each case with whom or which during the Relevant Period:

            i)     the Participant (or any person reporting to the Participant) had
                Material Dealings in relation to Relevant Business; or

            ii) about whom or which the Participant has had Confidential Information during
                the course of his or her employment.

             

          
	
            “Competing Business”

          	
            means any business which at any time is in or which intends to be in competition with any Relevant Business.

          
	
            “Confidential Information”

          	
            means any and all information which is of a confidential nature or which the Company reasonably regards as being
                confidential or a trade secret concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective Clients or
                Prospective Clients including without prejudice to the generality of the foregoing all information, records and materials relating to:

            (1) underwriting premiums or quotes, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas,    profit commission;

            (2) syndicate or other business projections and forecasts;

            (3) Client lists, brokers lists and price sensitive information;

            (4) technical information, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets;

            (5) remuneration and personnel details;

            (6) planned products, planned services, marketing surveys, research reports, market share and pricing statistics, budgets, fee levels;

            (7) computer passwords, the contents of any databases, tables, know how documents or materials;

            (8) commissions, commission charges, pricing policies and all information about research and development; and

            (9) the Company’s or any Group Company’s suppliers’, Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names,
                the nature of their business operations, their requirements for services supplied by the Company or any Group Company and all confidential aspects of their relationship with the Company or any Group Company.

             

          

    

    

    

    

    

    

    
      21

      
        

    

    

    

    	
            “directly or indirectly”

          	
            means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any
                other person and whether on his or her own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person.

          
	
            “Group”

          	
            means the Company, its subsidiaries or holding companies from time to time and any subsidiary of any holding
                company from time to time; and “Group Company” means any company within the Group.

          
	
            “Key Employee”

          	
            means any director or officer of the Company or any Group Company and/or any employee (other than administrative
                or clerical personnel) of the Company or any Group Company, in each case who, at any time during the Relevant Period:

            i)    was employed by the Company or any Group Company; and

            ii)   with whom the Participant has had Material  Dealings or exercised control or had management responsibility for; and/or

            iii)  has had access to or has obtained Confidential Information during the Relevant Period.

             

          
	
            “Material Dealings”

          	
            means receiving orders, instructions or enquiries from, contracting or making preparations to contract with,
                making sales or presenting to or with, tendering for business from, having responsibility with or for, having personal knowledge of or otherwise having significant other contact.

          
	 	 

    

    

    

    

    

    

    
      22

      
        

    

    

    

    	
            “Prospective Client”

             

          	
            means any person, firm, company or other business entity who was at any time during the Relevant Period:

            (a) in negotiations with the Company or any Group Company for the provision of insurance or reinsurance; or

            (b) an insurance intermediary who may introduce such insurance or reinsurance business to the Company or any Group
                Company,

            and in each case with whom or which during the Relevant Period:

            i)   the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or

            ii)  about whom or which the Participant has had Confidential Information during the course of Participant’s employment.

            Provided that this definition shall not apply to any such person, firm, company or other business entity which has
                withdrawn from or discontinued such negotiations or discussions, having stated its intention to do so (other than through any unlawful activity by the Participant).

          
	
            “Relevant Business”

          	
            means any class or classes of insurance or reinsurance business which was underwritten in the twelve months
                immediately prior to the Termination Date by the Company or any Group Company and with which the Participant was directly or indirectly materially concerned or involved or had personal knowledge in the course of Participant’s duties during
                the Relevant Period.

          
	
            “Relevant Period”

          	
            means (1) during employment, the twelve month period immediately prior to the action or activity that may be in
                breach of clauses 2.1.1 to 2.1.4 and (2) after termination of employment, the twelve month period immediately prior to the Termination Date.

          
	
            “Restricted Period”

          	
            means the period beginning on the date hereof and ending two years following the Settlemant Date.

          
	
            “Termination Date”

             

          	
            means the date on which the Participant’s employment or engagement with the Company terminates for any reason.

          

    

    

    

    

    

    

    

    

    
      23

      
        

    

    

    

    
      
        	3.	
                CLAWBACK

              

      

    

    

    

    
      
        	3.1	
                If at any time under the terms of this Agreement the Committee becomes aware of any material wrongdoing, negligence or misconduct on the part of the
                    Participant that would have entitled the Company to terminate the Participant's employment with or without notice for Cause, and (x) if such material wrongdoing, negligence or misconduct occurred prior to the Settlement Date, all
                    Performance Units will lapse with immediate effect or (y) if such material wrongdoing, negligence or misconduct occurred on or after the Settlement Date or occurred prior to the Settlement Date but was not discovered until after the
                    Settlement Date, the Company will be entitled, in its absolute discretion, to recover from the Participant up to 100% of the amount paid on the Settlement Date to the Participant in respect of  the Performance Units (which have been
                    settled within the 2 years prior to such determination by the Committee)  to the Company within 14 days of being notified in writing by the Company of its discovery of the material wrongdoing, negligence or misconduct.

              

      

    

    

    

    
      
        	3.2	
                Clause 3.1 is without prejudice to the Company's other remedies for such wrongdoing or any other clawback policy that the Company may adopt from time to time
                    as required by applicable laws or the applicable listing rules of any securities exchange.

              

      

    

    

    

    
      
        	3.3	
                The Committee may review any Performance Units granted to the Participant under the terms of this Agreement, in light of:

              

      

    

    
      
        	

              	a.	
                there being a significant deterioration in the financial health of the Company, the Group or the business area or team in which the Participant worked;

              

      

    

    
      
        	

              	b.	
                the Participant having caused harm to the reputation of the Company or the Group;

              

      

    

    
      
        	

              	c.	
                the Participant having deliberately misled the Company in relation to the financial performance of the Company, the Group or the business area or team in
                    which he or she worked; and/or

              

      

    

    
      
        	

              	d.	
                the Participant’s actions having amounted to gross misconduct, incompetence or negligence.

              

      

    

    Following a review, the Committee may, in its sole discretion, (x) if prior to the
        Settlement Date, determine that up to 100% of any unsettled Performance Units granted under this Agreement will lapse with immediate effect or, (y) if on or after the Settlement Date, the Company will be entitled in its absolute discretion to
        recover from the Participant up to 100% of the amount paid to the Participant in respect of the Performance Units granted under this Agreement (which have been settled within the 2 years prior to such determination by the Committee).

     

      

     

      

     

      

    
      24

      
        

    

    

    

    
      
        	3.4	
                The Participant agrees that any sums owed to the Company or any Group Company under this Agreement including any adjustment, forfeiture or repayment may be
                    deducted from any sums due to the Participant from the Company or any Group Company. For the avoidance of doubt, this is without prejudice to any right the Company or the Group may have at any time to recover any sums from the
                    Participant and the Participant agrees that such sums are recoverable by the Company or any Group Company as a debt.

              

      

    

    

    

    
      
        	3.5	
                In this Clause 3, “Cause” means:

              

      

    

    
      
        	

              	a.	
                any serious negligence or gross misconduct by the Participant in connection with or affecting the business or affairs of the Company or any member of the
                    Group;

              

      

    

    
      
        	

              	b.	
                the Participant being convicted of any arrestable offence other than an offence under road traffic legislation in the UK; or

              

      

    

    
      
        	

              	c.	
                the Participant being convicted of an offence under any statutory enactment or regulation relating to insider dealing or market abuse.

              

      

    

    

    

    4. CHOICE OF LAW

    

    

    
      
        	4.1	
                Any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with this Agreement or its subject matter or formation
                    shall be governed by and construed in accordance with the law of England and Wales.

              

      

    

    

    

    5. ARBITRATION

    
      
        	5.1	
                If at any time any dispute or question shall arise between the parties arising out of or in connection with this Agreement or its or their validity,
                    construction or performance then the same shall be referred to and finally resolved by arbitration under the London Court of International Arbitration Rules, which Rules are deemed to be incorporated by reference into this clause.

              

      

    

    The number of arbitrators shall be three.

    The seat, or legal place, of arbitration shall be London, England.

    The language to be used in the arbitral proceedings shall be English.

    The governing law of the contract shall be the substantive law of England and Wales.

    

    

    Addendum for Australia,
          Canada, Hong Kong and Singapore. For residents of Australia, Canada, Hong Kong or Singapore, for so long as Participant resides in his or her respective country and is subject to the laws of such country, Sections 9(j)(iv), 9(j)(v),
        9(j)(vi), 9(j)(vii) and 9(j)(xiii) shall be deleted and the remaining subsections in Section 9(j) shall be renumbered accordingly.

    

    

    In Section 5 a new subsection (f) shall be added as follows

     

      

     

      

    
      25

      
        

    

    

    

    (f) The Participant covenants with the Company and the Group that the Participant will not, save with the prior written consent of the Committee (in its
        absolute discretion):

    

    

    
      
        	A.	
                during the Restricted Period, directly or indirectly, be employed, engaged or retained by or otherwise concerned or interested in any Competing Business. For
                    this purpose, the Participant is directly or indirectly employed, engaged or retained by or concerned or interested in a Competing Business if:

              

      

    

     

      	

            	(i)	the Participant carries it on as principal or agent; or

    

    
      
        	

              	(ii)	
                the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who carries on the Competing Business;

              

      

    

    
      
        	

              	(iii)	
                the Participant has any direct or indirect financial interest (as shareholder, creditor or otherwise) in any person who carries on the Competing Business;
                    and/or

              

      

    

    
      
        	

              	(iv)	
                the Participant is a partner, director, employee, secondee, consultant or agent in, of or to any person who has a direct or indirect financial interest (as
                    shareholder, creditor or otherwise) in any person who carries on the Competing Business,

              

      

    

    disregarding any financial interest the Participant may have in securities
        which are listed or dealt in on a recognised investment exchange if the Participant is interested in securities which amount to less than 3% of the issued securities of that class and which, in all circumstances, carry less than 3% of the voting
        rights (if any) attaching to the issued securities of that class;

    

    

    
      
        	B.	
                during the Restricted Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his
                    or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, have any business dealings with any Client or Prospective Client in relation to or for the benefit of a
                    Competing Business;

              

      

    

    

    

    
      
        	C.	
                during the Restricted Period and whether directly or indirectly, either alone or with or on behalf of any person, firm, company or entity and whether on his
                    or her own account or as principal, partner, shareholder, director, employee, consultant or in any other capacity whatsoever, canvass or solicit business or custom from or seek to entice away any Client or Prospective Client from the
                    Company or any Group Company in relation to or for the benefit of a Competing Business;

              

      

    

    

    

    
      
        	D.	
                during the Restricted Period, directly or indirectly, solicit or endeavour to solicit the employment or engagement of any Key Employee (whether or not such
                    person would thereby breach their contract of employment or engagement);

              

      

    

    

    

    
      
        	E.	
                at any time after the Termination Date represent himself or herself as being in any way connected with (other than as a former employee) or interested in the
                    business of the Company or any Group Company or use any registered names, domain names or trading names the same as or that could reasonably be expected to be confused with any such names used by the Company or any Group Company.

              

      

    

    

    

    

    

    

    

    
      26

      
        

    

    
      
        	F.	
                before or after the Termination Date and except in the proper performance of his or her duties of employment for the Company or Group Company directly or
                    indirectly use for his or her own purposes or those of a third party or disclose to any third party any Confidential Information. The Participant will use his or her best endeavours to prevent any unauthorised use or disclosure of
                    Confidential Information. The obligations contained in this subsection F will not apply to any disclosures required by law or to any information or documents which after the Termination Date are in the public domain other than by way of
                    unauthorised disclosure.

              

      

    

    

    

    The Participant gives the covenants above to the Company as trustee for itself (and any company forming part of the
        Group).

    

    

    Each restriction contained in this Section 5(f) is an entirely separate and independent restriction, despite the fact that
        they may be contained in the same phrase, and if any part is found to be unenforceable the remainder will remain valid and enforceable.

    

    

    While the restrictions in this Section 5(f) are considered by the parties to be fair and reasonable in the circumstances,
        it is agreed that if any such restriction should be held to be void or ineffective for any reason but would be treated as valid and effective if some part of parts of the restriction were deleted, the restriction in question will apply with such
        deletion as may be necessary to make it valid and effective.

    

    

    The period of any restraint on the Participant’s activities after the Termination Date imposed pursuant to sub-section A
        to D of Section 5(f) shall be reduced pro rata by any period of garden leave served by the Participant pursuant to his or her service agreement with the Company or any Group Company.

    

    

    The determination as to whether the Participant has engaged in a Competitive Action shall be made by the Committee in its
        sole and absolute discretion.  The Committee has sole and absolute discretion to determine whether, notwithstanding its determination that Participant has engaged in a Competitive Action, recapture or forfeiture as provided herein shall not occur. 
        The Committee’s exercise or nonexercise of its discretion with respect to any particular event or occurrence by or with respect to the Participant or any other recipient of restricted stock units shall not in any way reduce or eliminate the
        authority of the Committee to (i) determine that any event or occurrence by or with respect to the Participant constitutes engaging in a Competitive Action or (ii) determine the related Competitive Action date.

    

    

    In this Agreement, the following definitions shall apply:

     

      

     

      

    
      27

      
        

    

    

    

    	
            “Client”

             

          	
            means any person, firm, company or other business entity whom or which during the Relevant Period:

            (a) to whom the Company or any Group Company provided insurance or reinsurance; or

            (b) was an insurance intermediary which introduced such insurance or reinsurance business to the Company or any
                Group Company,

            and in each case with whom or which during the Relevant Period:

            i)   the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or

            ii)  about whom or which the Participant has had Confidential Information during the course of his or her employment.

             

          
	
            “Competitive Action”

          	
            means any of the activities, individually or in the aggregate, described in sub-sections A through F of Section
                5(f).

          
	
            “Competing Business”

          	
            means any business which at any time is in or which intends to be in competition with any Relevant Business.

          
	
            “Confidential Information”

          	
            means any and all information which is of a confidential nature or which the Company reasonably regards as being
                confidential or a trade secret concerning the business, business performance or prospective business, financial information or arrangements, plans or internal affairs of the Company, any Group Company or any of their respective Clients or
                Prospective Clients including without prejudice to the generality of the foregoing all information, records and materials relating to:

            (1) underwriting premiums or quotes, income and receipts, claims records and levels, renewals, policy wording and terms, reinsurance quotas, profit commission;

            (2) syndicate or other business projections and forecasts;

            (3) Client lists, brokers lists and price sensitive information;

            (4) technical information, reports, interpretations, forecasts, corporate and business plans and accounts, business methods, financial details, projections and targets;

            (5) remuneration and personnel details;

            (6) planned products, planned services, marketing surveys, research reports, market share and pricing statistics, budgets, fee levels;

            (7) computer passwords, the contents of any databases, tables, know how documents or materials;

            (8) commissions, commission charges, pricing policies and all information about research and development; and

            (9) the Company’s or any Group Company’s suppliers’, Clients’ or Prospective Clients’ names, addresses (including email addresses), telephone, facsimile or other contact numbers and contact names, the nature of
                their business operations, their requirements for services supplied by the Company or any Group Company and all confidential aspects of their relationship with the Company or any Group Company.

             

          

    

    

    

    

    

    

    

    

    
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            “directly or indirectly”

          	
            means (without prejudice to the generality of the expression) either alone or jointly with or on behalf of any
                other person and whether on his or her own account or in partnership with another or others or as the holder of any interest in or as officer, employee or agent of or consultant to any other person.

          
	
            “Group”

          	
            means the Company, its subsidiaries or holding companies from time to time and any subsidiary of any holding
                company from time to time; and “Group Company” means any company within the Group.

          
	
            “Key Employee”

          	
            means any director or officer of the Company or any Group Company and/or any employee (other than administrative
                or clerical personnel) of the Company or any Group Company, in each case who, at any time during the Relevant Period:

            i)   was employed by the Company or any Group Company; and

            ii)  with whom the Participant has had Material  Dealings or exercised control or had management responsibility for; and/or

            iii)  has had access to or has obtained Confidential Information during the Relevant Period.

             

          
	
            “Material Dealings”

          	
            means receiving orders, instructions or enquiries from, contracting or making preparations to contract with,
                making sales or presenting to or with, tendering for business from, having responsibility with or for, having personal knowledge of or otherwise having significant other contact.

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    
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            “Prospective Client”

             

          	
            means any person, firm, company or other business entity who was at any time during the Relevant Period:

            (a) in negotiations with the Company or any Group Company for the provision of insurance or reinsurance; or

            (b) an insurance intermediary who may introduce such insurance or reinsurance business to the Company or any Group
                Company,

            and in each case with whom or which during the Relevant Period:

            i)       the Participant (or any person reporting to the Participant) had Material Dealings in relation to Relevant Business; or

            ii) about whom or which the Participant has had Confidential Information during
                the course of Participant’s employment.

            Provided that this definition shall not apply to any such person, firm, company or other business entity which has
                withdrawn from or discontinued such negotiations or discussions, having stated its intention to do so (other than through any unlawful activity by the Participant).

          
	
            “Relevant Business”

          	
            means any class or classes of insurance or reinsurance business which was underwritten in the twelve months
                immediately prior to the Termination Date by the Company or any Group Company and with which the Participant was directly or indirectly materially concerned or involved or had personal knowledge in the course of Participant’s duties during
                the Relevant Period.

          
	
            “Relevant Period”

          	
            means (1) during employment, the twelve month period immediately prior to the action or activity that may be in
                breach of clauses A to D of Section 5(f) and (2) after termination of employment, the twelve month period immediately prior to the Termination Date.

          
	
            “Termination Date”

          	
            means the date on which the Participant’s employment or engagement with the Company terminates for any reason.

          

    

    

    

    

    

    

    

    

    

    

    

    

    

    

  

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