Document:

EX-10.8

 Exhibit 10.8 
 ENDURANCE SPECIALTY HOLDINGS LTD. 
 SHAREHOLDER AGREEMENT

 This Shareholder Agreement (this “Agreement”) is dated as of this 28th day of May, 2013 and entered
into by and among John R. Charman (the “Executive”), Dragon Global Holdings Ltd. (the “Investor”), and Endurance Specialty Holdings Ltd., an exempted company incorporated in Bermuda as a holding company (the
“Company”). 
 RECITALS 
 WHEREAS, the Company desires to sell to the Investor and the Investor desires to acquire from the Company 506,350 ordinary shares (the “Purchase Shares”), par value $1.00 per share, of
the Company (the “Ordinary Shares”), upon the terms and conditions set forth in that certain Share Purchase Agreement, between the Company and the Investor, dated as of the date hereof (the “Share Purchase
Agreement”); 
 WHEREAS, in connection with the hiring of the Executive as the Chairman and Chief Executive Officer of
the Company, the Company has granted to the Executive 708,890 Ordinary Shares (the “Restricted Shares”), upon the terms and conditions set forth in that certain Restricted Share Agreement, between the Company and the Executive,
dated as of the date hereof (the “Restricted Share Agreement”); 
 WHEREAS, in connection with the hiring of
the Executive as the Chairman and Chief Executive Officer of the Company, the Company has granted to the Executive an option to acquire 800,000 Ordinary Shares (the “Option Shares”), upon the terms and conditions set forth in that
certain Option Agreement, between the Company and the Executive, dated as of the date hereof (the “Option Agreement”); and 
 WHEREAS, in connection with the Investor’s acquisition of the Purchase Shares, and the Executive’s acquisition of the Option Shares and Restricted Shares, the Company, the Executive and the
Investor desire to enter into this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein
contained, the parties hereto hereby agree as follows: 
  

	 	1.	TRANSFER OF SHARES 

 (a)
Prior to the earliest of (i) the five year anniversary of the date hereof, (ii) the death or Disability of the Executive, (iii) the date of termination of the Executive’s employment with the Company by the Company without Cause
or by the Executive for Good Reason or (iv) the six month anniversary of the date of termination of the Executive’s employment with the Company by the Company with Cause or by the Executive without Good Reason (the “Transfer
Restriction Termination Date”), neither the Executive nor the Investor will, directly or indirectly, Transfer any Purchase Shares, Restricted Shares or Option Shares (“Securities”) owned by the Executive or the Investor, except
for Transfers to Permitted Transferees; provided, that following the two year anniversary of the date hereof, the Investor shall be permitted to sell without restriction up to 5% of the Purchase Shares in each 12 month

 
period following such two-year anniversary; and provided further that the Investor and the Executive may sell without restriction Securities in order to (i) fund the payment of the exercise
price payable upon exercise of Options under the Option Agreement or (ii) reduce the aggregate value of the Securities held by the Investor and the Executive below the then applicable threshold for determining whether companies are required to
notify U.S. federal antitrust authorities under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
 (b) A
Permitted Transferee of Securities pursuant to this Agreement may subsequently Transfer his, her or its Securities only to the Executive, the Investor or to a Person that is a Permitted Transferee of the Executive or the Investor. Each Permitted
Transferee of the Executive or the Investor shall, and the Executive or the Investor shall use best efforts to cause such Permitted Transferee to, Transfer back to the Executive or the Investor (or to another Permitted Transferee of the Executive or
the Investor) the Securities it acquired from the Executive or the Investor if such Permitted Transferee ceases to be a Permitted Transferee of the Executive or the Investor. 
 (c) Any Transfer of Securities in violation of this Section 1 shall, to the fullest extent permitted by law, be null and void ab initio, and the Company shall not, and shall instruct its
transfer agent and other third parties not to, record or recognize any such purported transaction on the share register of the Company. 
 (d) So long as the Executive and the Investor are in compliance with Section 1(a), nothing set forth in Section 1 shall prohibit the Executive or the Investor from Transferring
Securities pursuant to the terms of a Buyout Transaction. 
  

	 	2.	ADDITIONAL RESTRICTIONS 

(a) Prior to the Transfer Restriction Termination Date, the Executive and the Investor agree that the Executive and the Investor shall be
present, in person or by proxy, at all meetings of the shareholders of the Company so that all of the Securities may be counted for the purpose of determining the presence of a quorum at such meetings. 

(b) During the period from the last day of the Executive’s employment with the Company and to the date 6 months after that date (the
“Standstill Period”), the Executive and the Investor agree that: 
 (i) Neither the Executive nor the Investor shall
in any manner acquire, agree to acquire or make any proposal to acquire any securities or property of the Company or any of its subsidiaries or affiliates; 
 (ii) Neither the Executive nor the Investor shall make, or in any way participate in, directly or indirectly, any “solicitation” of “proxies”, or become a “participant” in
any “solicitation” (as such terms are used in Regulation 14A under the Exchange Act) to vote or to seek to advise or influence any person to vote against any proposal or director nominee recommended to the shareholders of the Company or
any of its subsidiaries or affiliates by at least a majority of the Board; 

  
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 (iii) Neither the Executive nor the Investor shall form, join or in any way participate in
any group of Persons acquiring, holding, voting or disposing of any securities of the Company which would be required under Section 13(d) of the Exchange Act and the rules and regulations thereunder to file a statement on Schedule 13D with the
SEC as a “person” within the meaning of Section 13(d)(3) of the Exchange Act; and 
 (iv) Neither the Executive
nor the Investor shall otherwise act, alone or in concert with others, to seek to control or influence the management, Board or policies of the Company. 
  

	 	3.	RESTRICTIVE LEGEND 

 (a)
All certificates representing any of the Purchased Shares, shall have endorsed thereon the following legend: 
 “The
transferability of this certificate and the ordinary shares represented hereby are subject to the restrictions, terms and conditions (including restrictions against transfer) contained in a Shareholder Agreement entered into between the registered
owner of such ordinary shares and the Company. 
 All certificates representing any of the Option Shares and Restricted
Shares shall have endorsed thereon the respective legends set forth in the Option Agreement and the Restricted Share Agreement. 
  

	 	4.	REGISTRATION RIGHTS 

Prior to the second anniversary of this Agreement, the Company shall use commercially reasonable efforts to file and maintain an effective
Registration Statement on Form S-3 with respect to those Securities which are not otherwise registered under the U.S. Securities Act of 1933, as amended, to provide the Investor and any of its Permitted Transferees, if applicable, the ability to
resell such Securities, subject to any limitation under Section 1(a). 
  

	 	5.	INTERPRETATION OF THIS AGREEMENT 

 (a) Terms Defined. As used in this Agreement, the following terms have the respective meanings set forth below: 
 Board: shall mean the board of directors of the Company. 
 Business
Day: shall mean any day other than a Saturday, Sunday or a day on which banks in New York, New York are authorized or obligated by law or executive order to close. 
 Buyout Transaction: shall mean a tender offer, exchange offer, merger, consolidation, amalgamation, scheme or arrangement, acquisition, business combination or similar transaction that has been
approved by the Board (or that has become unconditional otherwise than as a result of an acceptance by the Investor), that offers each holder of Ordinary Shares (other than, if applicable, the Person proposing such transaction or other Persons

  
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participating in such transaction, including Persons who rollover their Ordinary Shares or other Securities) the opportunity to receive with respect to such holder’s Ordinary Shares the same
consideration per Ordinary Share (which shall include, without limitation, cash and share election transactions) or otherwise contemplates the acquisition of Ordinary Shares beneficially owned by each such holder for the same consideration (which
shall include, without limitation, cash and share election transactions); provided that the decision by certain holders to rollover their Ordinary Shares shall not exclude such a transaction from being considered a Buyout Transaction.

 Change of Control: shall have the meaning set forth in the Employment Agreement. 

Cause: shall have the meaning set forth in the Employment Agreement. 

Disability: shall have the meaning set forth in the Employment Agreement. 

Employment Agreement: shall mean the Employment Agreement, dated the date hereof, between the Company and the Executive, as such
Employment Agreement may be amended from time to time. 
 Exchange Act: shall mean the U.S. Securities Exchange Act of
1934, as amended. 
 Good Reason: shall have the meaning set forth in the Employment Agreement. 

Permitted Transferee: shall mean, (i) the Executive’s spouse or direct lineal descendants (including by adoption),
(ii) any trust established for the sole benefit of the Executive or the Executive’s spouse or direct lineal descendants (including by adoption), (iii) any Person in which the direct or indirect and beneficial owner of all voting
securities of such Person is the Executive or the Executive’s spouse or direct lineal descendants (including by adoption), (iv) the Executive’s heirs, executors, administrators or personal representatives upon the death, incompetency
or disability of the Executive, and (v) any affiliate of such Executive that has been approved by the Board as a “Permitted Transferee” in writing prior to any transfer of Securities, which approval shall be granted by the Board
unless the Board determines, in its sole and absolute discretion, that the applicable Transfer would result in an increased risk of adverse tax, regulatory or legal consequences to the Company, any of its subsidiaries or any of its shareholders;
provided that, such trust or other Person shall only be a Permitted Transferee if such Person agrees in writing to be bound by the terms of Section 1. 
 Person: shall mean an individual, partnership (whether general or limited), joint-stock company, corporation, limited liability company, trust or unincorporated organization, and a government or
agency or political subdivision thereof. 
 SEC: shall mean the Securities and Exchange Commission or any successor
agency. 
 Transfer: shall mean (i) any sale, assignment, pledge, transfer, hypothecation or other disposition or
encumbrance of Ordinary Shares, (ii) any purchase, sale and trading of puts, calls, options, variable forward contracts, equity swaps, collars, or other derivative securities 

  
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based on the Ordinary Shares,(iii) any utilization of Ordinary Shares as collateral in a margin account or pledge of Ordinary Shares as security or collateral for any outstanding or new debt or
(iv) any short sale of Ordinary Shares (except in connection with the exercise of the option under the Option Agreement), and each of “Transferred”, “Transferee” and “Transferor” have a
correlative meaning. 
 (b) Directly or Indirectly. Where any provision in this Agreement refers to action to be taken by
any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 
 (c) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda applicable to contracts made and to be performed entirely within Bermuda. Subject to
Section 5(k), the parties submit to the non-exclusive jurisdiction of the Bermuda courts in relation to this Agreement. 

(d) Section Headings. The headings of the sections and subsections of this Agreement are inserted for convenience only and shall
not be deemed to constitute a part thereof. 
  

	 	6.	MISCELLANEOUS 

 (a)
Notices. 
 (i) All communications under this Agreement shall be in writing and shall be delivered by hand or facsimile
or mailed by overnight courier or by registered or certified mail, postage prepaid: 
 (A) if to the Executive,
at the address of the Executive shown on signature page hereto or at such other address as the Executive may have furnished the Company in writing; 
 (B) if to the Investor, at the address or facsimile number of the Investor shown on signature page hereto or at such other address as the Investor may have furnished the Company in writing; and

 (C) if to the Company, at Wellesley House, 90 Pitts Bay Road, Pembroke HM 08, Bermuda, marked for attention of
John Del V Col, facsimile 441-278-0401, with a copy (which shall not constitute notice) to Willkie Farr & Gallagher LLP, 787 Seventh Avenue, New York, NY 10019, facsimile 212-728-8111, marked for attention of Michael Groll, Esq., or at such
other address as it may have furnished in writing to the Investor. 
 (ii) Any notice so addressed shall be deemed to be given:
if delivered by hand or facsimile, on the date of such delivery if a Business Day and delivered during regular business hours, otherwise the first Business Day thereafter; if mailed by overnight courier, on the first Business Day following the date
of such mailing; and if mailed by registered or certified mail, on the third Business Day after the date of such mailing. 

  
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 (b) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and permitted assigns of each of the parties, provided that the parties shall not be permitted to assign any of their rights or obligations pursuant to this Agreement without the prior written consent of the other.
Any attempted assignment by any party in violation of the foregoing shall be null and void. 
 (c) Entire Agreement;
Amendment and Waiver. This Agreement constitutes the entire understanding of the parties hereto and supersedes all prior agreements or understandings with respect to the subject matter hereof among such parties. This Agreement may be amended,
and the observance of any term of this Agreement may be waived, with (and only with) the written consent of all parties hereto. 

(d) Severability. In the event that any part or parts of this Agreement shall be held illegal or unenforceable by any court or
administrative body of competent jurisdiction, such determination shall not affect the remaining provisions of this Agreement which shall remain in full force and effect. 
 (e) Further Assurances. In connection with this Agreement and the transactions contemplated hereby, the Investor shall execute and deliver any additional documents and instruments and perform any
additional acts that the Company determines to be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions. 
 (f) No Partnership. Nothing in this Agreement and no actions taken by the parties under this Agreement shall constitute a partnership, association or other co-operative entity between any of the
parties or cause any party to be deemed the agent of any other party for any purpose. 
 (g) Specific Performance. It is
hereby agreed and acknowledged that it will be impossible to measure in money the damages that would be suffered if the parties fail to comply with any of the obligations herein imposed on them and that, in the event of any such failure, an
aggrieved Person will be irreparably damaged and will not have an adequate remedy at law. Any such party shall, therefore, be entitled (in addition to any other remedy to which such party may be entitled at law or in equity) to injunctive relief,
including specific performance, to enforce such obligations, without the posting of any bond and if any action should be brought in equity to enforce any of the provisions of this Agreement, none of the parties hereto shall raise the defense that
there is an adequate remedy at law. 
 (h) Third Party Beneficiaries. This Agreement does not create any rights, claims
or benefits inuring to any Person that is not a party hereto, and it does not create or establish any third party beneficiary hereto. 
 (i) Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile), each of which shall be deemed an original and all of which together shall be considered one
and the same agreement. 
 (j) After Acquired Securities. The Investor agrees that, except as otherwise provided herein,
all of the provisions of this Agreement shall apply to all Securities and any 

  
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Ordinary Shares or other securities of the Company now owned or hereafter issued to or acquired by the Investor in consequence of any exchange or reclassification of the Securities, corporate
reorganization, or any other form of recapitalization, consolidation, acquisition, stock split or stock dividend. 
 (k)
Dispute Resolution. All disputes, controversies or claims arising out of, relating to or in connection with this Agreement, or the breach, termination or validity thereof, shall be finally settled by arbitration. The arbitration shall be
conducted in accordance with the arbitration procedures set forth in Section 7.7 of the Employment Agreement. 
 (l)
Terms Generally. The words “hereby”, “herein”, “hereof”, “hereunder” and words of similar import refer to this Agreement as a whole and not merely to the specific section, paragraph or clause in which
such word appears. All references herein to Articles and Sections shall be deemed references to Articles and Sections of this Agreement unless the context shall otherwise require. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The definitions given for terms in this Agreement shall apply equally to both the singular and plural forms of the terms defined. References herein to
any agreement or letter shall be deemed references to such agreement or letter as it may be amended, restated or otherwise revised from time to time. Whenever required by the context hereof, the singular number shall include the plural, and vice
versa; the masculine gender shall include the feminine and neuter genders; and the neuter gender shall include the masculine and feminine genders. 
 (m) Draftsmanship. Each of the parties signing this Agreement on the date first set forth above has been represented by his or its own counsel and acknowledges that he or it has participated in the
drafting of this Agreement, and any applicable rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in connection with the construction or interpretation of this Agreement. Each of
the parties joining this Agreement after the date first set forth above has been represented by his or its own counsel, has read and understands the terms of this Agreement and has been afforded the opportunity to ask questions concerning the
Company and this Agreement, and any applicable rule of construction to the effect that ambiguities are to be resolved against the drafting party shall not be applied in connection with the construction or interpretation of this Agreement.

 (n) Termination. This Agreement shall terminate and be of no further force or effect upon either party upon the later
to occur of (i) the Transfer Restriction Termination Date or (ii) the end of the Standstill Period. 
 [Remainder of
Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
above written. 
  

			
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	John V. Del Col
	Name:	 	John V. Del Col
	Title:	 	General Counsel

  

	
	JOHN R. CHARMAN
	
	/s/ John R. Charman
	 John R. Charman

Address:
 Benbarra 47 Tuckers Town
Road
 St George’s HS02

Bermuda

  

			
	DRAGON GLOBAL HOLDINGS LTD.
		
	By:	 	/s/ Alec Anderson    /s/ Peter A.S. Pearman
	Name:	 	For and on behalf of Codan Services (BVI) Ltd.
	Title:	 	Director
	 Address:
 Commerce
House
 PO Box 3140
 Road
Town
 Torola VG1110
 British Virgin
Islands
 Fax 1 284 852 1000

 With a copy (which shall not constitute notice) to: 
 Alec Anderson 
 Conyers Dill and Pearman Limited 

12 Par-la-Ville Road 
 Hamilton HM 08 

Bermuda 
 Fax: 441 298 7849 

Email: alec.anderson@conyersdill.comEX-10.9

 Exhibit 10.9 
 INDEPENDENT CONSULTANT AGREEMENT 
 This Independent Consultant Agreement
(this “Agreement”) is effective as of May 28, 2013 (the “Commencement Date”), by and between Endurance Specialty Holdings Ltd. (the “Company”) and David Cash (the “Consultant” and, together with the
Company, the “Parties”). 
 WHEREAS, the Company desires to retain and engage the Consultant as an independent
consultant and the Consultant desires to be retained and engaged by the Company to provide independent consultant services to the Company as provided herein. 
 NOW, THEREFORE, in consideration of the agreements and provisions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties
hereto agree as follows: 
 1. Term. The term of this Agreement shall be from the Commencement Date until the six month
anniversary of the Commencement Date, unless earlier terminated pursuant to the provisions of Section 5 of this Agreement (the “Term”). 
 2. Consultant Status. The Consultant represents, acknowledges and agrees that he is an independent consultant and is not an employee of the Company. No provision of this Agreement shall be deemed
to create an employment relationship between the Consultant and the Company. The Consultant expressly warrants and agrees that no person acting on his behalf will hold himself out as, or otherwise represent to any person or entity that he is an
employee of the Company. The Consultant shall be responsible for meeting any legal requirements imposed on the Consultant or any person acting on his behalf as a result of this Agreement including, but not limited to, the filing of income tax
returns and the payment of taxes. The Consultant shall be responsible for meeting all legal requirements imposed on the Consultant or any person acting on the Consultant’s behalf in connection with this Agreement and agrees to indemnify and
hold harmless the Company from and against any tax claims, summonses, levies, attachments, liens or other legal or equitable process, including but not limited to attorney’s fees in connection therewith, relating to or arising out of the
Consultant’s status as an independent consultant to the Company hereunder. 
 3. Services to be Provided. 

 (a) Services. The Consultant shall perform services for the Company as set forth in Exhibit A hereto, as such exhibit
may be amended from time to time by agreement of both Parties in writing. The Consultant shall adhere to established professional standards, and will perform all services required under this Agreement in a manner consistent with generally accepted
business practices. 
 While it is the intent of this Agreement that the mutual convenience of the Parties hereto be served, it
is understood between the Parties that during the Term the Consultant shall act in the capacity of an independent consultant and shall not be subject to the direction, 

 
control or supervision of the Company with respect to the time spent or procedures followed in the performance of his services hereunder. The Consultant will determine the method, details, and
means of performing the above-described services. The Company understands and hereby warrants that it retains no right to control the Consultant, the Consultant’s agents, employees, or assistants in the performance of the above-described
services. 
 (b) No Authority. The Consultant shall not have any authority to accept, reject, modify or otherwise bind
the Company or any subsidiary or affiliate of the Company in any manner whatsoever, including without limitation to accept, reject, modify any contract, agreement or understanding or represent to any third party that the Consultant has the authority
to do any of the foregoing. The Consultant shall not be restricted from providing services to other parties, including insurance brokers, reinsurance brokers, insurance companies or reinsurance companies, but only to the extent such services are not
in conflict with any services provided to the Company pursuant to this Agreement. The Consultant shall adhere to established professional standards, and will perform all services required under this agreement in a manner consistent with generally
accepted business practices. 
 (c) Personal Performance. It is specifically understood and agreed that David Cash shall
personally perform all services to be undertaken by the Consultant under this Agreement and that such services shall not be delegable or assignable to others employed by Consultant, or to third-parties, without the express written consent of the
Company. 
 4. Fee. 
 (a) Consultant Fee. The Consultant shall be paid in full for all services provided to the Company hereunder based on a negotiated and agreed-upon consultant rate per month of engagement as set
forth on Exhibit A hereto and a proportionate amount for each portion of a month, if applicable. The Consultant shall not be paid any additional amounts for overtime or for travel time. The Consultant shall keep accurate records of time spent in
connection with providing the services herein, including descriptions of the particular service undertaken and the Company personnel for whom such service was undertaken, which shall be made available to the Company upon request. The Consultant
shall submit invoices to the Company on a bi-monthly basis or as otherwise agreed to by the Parties. Upon receipt of an appropriate invoice from the Consultant, payment shall be made by the Company to the Consultant pursuant to the Company’s
Accounts Payable standard procedures. The Consultant acknowledges that the rate set forth above is a gross rate, and that the Company shall not be responsible for the deduction or withholding of applicable taxes, social security and other customary
deductions. 
 (b) Equipment & Expenses. Except as set forth in Subsection (c) below, the Consultant will
not be reimbursed by the Company for any day-to-day business expenses incurred in the rendition of services to or related to the Company. The Company shall have no obligation to make any payment or to provide any assistance to the Consultant with
respect to the Consultant’s operation of his business including, but not limited to, sales, supplies, materials, immigration matters and means of transportation required for rendering services under this Agreement. When present at the
Company’s offices, the Consultant may use the offices and facilities only to the extent available and not otherwise in use. 

  
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 (c) Travel Expenses. To the extent the Consultant is required to travel outside of
the Bermuda on Company business, the Consultant shall be entitled to reimbursement for all actual and reasonable travel expenses, including but not limited to airline fare approved in advance of travel (coach or economy class only), car mileage
costs at the then-current rate published by the Internal Revenue Service, meals, standard business class hotel accommodations, automobile rental costs, and telephone usage charges properly incurred and approved in connection with the performance of
the Consultant’s services pursuant to this Agreement. The Consultant shall submit expenses for review and approval to the General Counsel of the Company. Any type of travel expense to be incurred by the Consultant, but not explicitly described
in this Subsection 4(c), must be approved in advance by the General Counsel prior to billing the Company. 
 (d) No Injury,
Unemployment or Workers’ Compensation Benefits. The Consultant hereby agrees to hold harmless and indemnify the Company for any and all claims arising out of any injury or disability. The Consultant shall be solely responsible for providing
workers’ compensation insurance for the Consultant, the Consultant’s agents, employees or assistants, and agrees to hold harmless and indemnify the Company for any and all claims for unemployment and/or workers’ compensation benefits
and for any and all claims arising out of any injury, disability or death of the Consultant or any of the Consultant’s agents, employees or assistants. 
 5. Termination. The Term, this Agreement and the engagement of the Consultant by the Company may be terminated prior to the end of the Term: 

 

	 	(i)	By the Consultant, at his option, for any reason, upon two weeks advance written notice of termination by Consultant delivered to the Company in accordance with the
notice provisions of Section 7. 

  

	 	(iii)	Immediately and automatically upon the death or disability of the Consultant. 

 Upon termination of the Term, this Agreement and the engagement of the Consultant by the Company as provided herein, the Company shall be responsible only to pay to the Consultant the Fee through the date
of such termination, and shall have no further financial or other obligation to the Consultant hereunder. 
 6. Covenants of
The Consultant 
 (a) Confidentiality. The Consultant acknowledges that the Consultant may become privy to
confidential, non-public information of the Company, its clients, consultants, employees, contractors, parents, subsidiaries, affiliates, successors and assigns (which, for 

  
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purposes of this paragraph, collectively comprise the “Company”) and that any unauthorized use or communication of such Confidential Information to or for the benefit of third parties
could damage the Company’s business. The Consultant shall hold strictly confidential, secret and inviolate all such Confidential Information and shall not disclose or cause or permit to be disclosed any Confidential Information to any person,
party or entity other than (i) individuals specifically designated by the Company, (ii) to any employee of the Company not having reasonable Company business needs for access to such information or (iii) as required by applicable law,
regulation, stock exchange requirement or legal or judicial process in accordance with Subsection (b) below. “Confidential Information” means all information concerning the Company (including but not limited to any information
concerning any Company clients or other proprietary information or trade secret of the Company), other than information generally available to the public, except for information that becomes public through the Consultant’s breach of this
Agreement, specifically including without limitation, information or documents in whatever form maintained that relates in any way to research, development, implementation or marketing of any Company plan, product or service; business or marketing
plans or strategy; claims information; trade secrets; innovation; marketing strategies; pending projects and proposals; intellectual property; computer processes, computer programs; technological or other operating data; pricing information or
policies, compensation; vendors; product development, service development, financial or tax information; organizational and cost structures; the Company’s past, present, or potential clients or agents; the Company’s client information or
lists; any confidential personnel information relating to the Company’s employees, agents or contractors; and any other Company information or document that is marked as, maintained as, or is reasonably understood to be privileged, confidential
or proprietary to the Company. Confidential Information also shall include any information or documents created by the Consultant in connection with the services provided by the Company under this Agreement or for the Company’s benefit.

  
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 (b) Disclosure of Confidential Information. In the event that the Consultant or any
person acting on his behalf are required by applicable law, regulation, stock exchange requirement or legal or judicial process (including, without limitation, by deposition, interrogatory, request for documents, subpoena, civil investigative demand
or similar process) to disclose any Confidential Information, the Consultant will provide the Company with prompt prior written notice of such requirement to the extent not prohibited by law or regulation in order to enable the Company to seek an
appropriate protective order or other remedy, and the Consultant will consult and reasonably cooperate with the Company (at the Company’s sole expense) to the extent permitted by law or regulation with respect to taking steps to resist or
narrow the scope of such requirement or legal process. If a protective order or other remedy is not obtained, the terms of this Agreement are not waived by the Company and disclosure of Confidential Information is legally required, the Consultant
(i) may disclose such information only to the extent required based upon the advice of external legal counsel and (ii) will give advance notice to the Company of the information to be disclosed as far in advance as is practicable and
legally permissible. In any such event, the Consultant will use commercially reasonable efforts to ensure that all Confidential Information that is so disclosed will be accorded confidential treatment. 

(c) Ownership/Return of Confidential Information and Documents. The Consultant acknowledges and agrees that all materials, records
and documents, and any copies thereof, prepared by the Consultant or coming into the Consultant’s possession during the Consultant’s engagement by the Company and concerning the business of the Company, its clients, consultants, employees,
contractors, parents, subsidiaries, affiliates, successors and assigns are and shall be the Company’s sole property and shall be returned to the Company upon termination of the Term, upon request by the Company. The Consultant agrees that all
Company materials, records and documents and all copies thereof (including without limitation, its Confidential Information), prepared by the Consultant or within the Consultant’s possession during the Term and Consultant’s engagement by
the Company and concerning the business of the Company, its clients, consultants, employees, contractors, parents, subsidiaries, affiliates, successors and assigns are and shall be the Company’s sole property and shall be promptly returned to
the Company upon termination of the Term, this Agreement and the Consultant’s engagement by the Company, upon request by the Company. 
 (d) Competition; Conflict of Interest. During the Term, the Consultant may enter the employ of, consult with or render services to or for, other persons or entities provided that such employment,
consulting arrangement or services to such persons or entities do not violate this Agreement or create any conflict of interest concerning the Consultant’s engagement with the Company. The Consultant shall not work on the same business for any
insurance broker, reinsurance broker, insurance company or reinsurance company who is a competitor of the Company or any affiliate of the Company during the Term without the prior written consent of the Company. However, the Consultant is not
restricted from providing services to other parties to the extent such services are not in conflict with any provision of this Agreement. The foregoing is not intended to prevent the Consultant from seeking out and accepting opportunities where
performance would commence after the cessation of the Term. 

  
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 (e) Proprietary Rights. The Consultant acknowledges and agrees that all work product,
including without limitation, works of authorship, design, copyright or other intellectual property created, invented, designed, developed, contributed to or improved by the Consultant, either alone or with third parties, or at the direction of the
Consultant, at any time during the Term or while engaged by the Company and within the scope of this Agreement, (“Company Works”), shall be and remain the property of, and be exclusively owned by the Company without further act of the
Consultant or the Company. The Consultant shall promptly and fully disclose all Company Works to the Company, and hereby irrevocably relinquishes for the benefit of the Company and its assigns any rights the Consultant may have to the Company Works,
and hereby irrevocably assigns, transfers and conveys, to the maximum extent permitted by applicable law, all rights and intellectual property rights therein (including rights under patent, industrial property, copyright, trademark, trade secret,
unfair competition and related laws) to the Company to the extent ownership of any such rights does not vest originally in the Company, without further consideration. All such Company Works shall be deemed “works made for hire” pursuant to
the Copyright Act of 1976 (U.S.C. Title 17) sections 101 and 201, and all similar laws of jurisdiction, with the Company being deemed the sole author and owner of the results and proceeds of the Consultant’s engagement with the Company for all
purposes, with all right, title and interest into the results and proceeds of such engagement and the right to use and/or exploit the results and proceeds of such engagement an unlimited number of times, in perpetuity, throughout the universe, in
any and all media, whether now known or hereafter devised, for any purpose without restriction, and without further required permission, approval or payment. The Consultant hereby relinquishes all rights and/or licenses to use the Company Works in
any capacity other than in connection with the Consultant’s engagement by the Company herein to the extent any such rights or licenses originally vested in the Consultant, and shall take all requested actions by the Company and execute all
requested documents, without further remuneration, to assist the Company in validating, maintaining, protecting, enforcing, perfecting, recording, patenting or registering any of the Company’s rights in the Company Works. The Consultant
represents and warrants that the Consultant had rightful ownership of all right, title and interest in the Company Works herein transferred to the Company and that no Company Works infringe the intellectual property rights, contractual rights, or
any other right of any third party. 
 (f) Remedies; Survival. The Consultant recognizes and affirms that in the event of
the Consultant’s breach of any of the provisions of this Section 6, money damages would be inadequate and there would be no adequate remedy at law. Accordingly, the Parties hereto recognize that any breach or threatened breach of this
Section 6 by the Consultant will damage the Company irreparably, the specific amount of which will be impossible to ascertain. The Parties hereto acknowledge that in the event of any such breach, the Company shall, in addition to such other
relief as might be appropriate, be entitled to the following relief against the Consultant from a court or arbitrator of competent jurisdiction without proof of irreparable harm and without waiving any other right or remedy available to it:
(i) injunctive relief (including a temporary restraining order) enjoining any such breach; (ii) specific performance of the Consultant’s obligations hereunder; and (iii) the costs incurred by the Company in obtaining

  
 6 

 
such relief, including reasonable attorney’s fees. All of the provisions of this Section 6 shall survive the termination or expiration of the Term. If any of the provisions contained in
this Section 6 shall be deemed unenforceable by a court or arbitrator of competent jurisdiction, said court or arbitrator shall be permitted to modify such provision to the maximum extent possible to render such provision enforceable.

 7. Notice. For the purposes of this Agreement, notices, demands and all other communications shall be in writing and
shall be deemed to have been duly given when delivered to the recipient at one of the following addresses: 
 If to the
Consultant: 
 David Cash 
 Aerie 
 #6 Overock Hill 

Pembroke HM 05 

Bermuda 
 If to
the Company: 
 Endurance Specialty Holdings Ltd. 
 Wellesley House 
 90 Pitts Bay Road 

Pembroke HM08 

Bermuda 
 or to such other
address as any party may have furnished to the other in writing. 
 8. Arbitration. Except as otherwise set forth in
Section 6 herein with respect to the Company’s remedy for any breach of Section 6, all controversies, claims, or disputes arising out of or related to this Agreement, shall be settled by arbitration in Bermuda, as the sole and
exclusive remedy of either party, and judgment upon such award rendered by the arbitrator(s) may be entered in any court of competent jurisdiction. In the event that a court of competent jurisdiction determines that arbitration is not appropriate
for the adjudication of any claim, the Consultant hereby waives his rights to a jury trial. 
 One arbitrator shall be chosen by
the Consultant, the other by the Company, and an umpire shall be chosen by the two arbitrators, all of whom shall be active or former legal professionals. In the event that either party shall fail to choose an arbitrator within 30 days following a
written request by the other party to do so, the requesting party may choose two arbitrators who shall in turn choose an umpire. If the two arbitrators fail to agree on the selection of an umpire within 30 days following their appointment, each
arbitrator shall name three nominees, of whom the other shall decline two, and the decision shall be made by drawing lots. 

  
 7 

 Each Party shall bear the expense of its own arbitrator, and shall jointly and equally bear
with the other the expense of the umpire. Except as expressly set forth herein, the Parties hereto agree that any arbitration undertaken shall be governed by the Arbitration Act 1986. 

9. Successors and Assigns. Without the prior written consent of the Company, the Consultant may not assign his rights or
obligations under this Agreement. The Company may assign its rights and obligations under this Agreement at any time. 
 10.
Miscellaneous. No provision of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by both Parties. No waiver by either Party at any time of any breach by the other
Party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other Party (whether express or implied), or breach or default thereof, shall be deemed a continuing waiver of similar or dissimilar provisions
or conditions at the same or at any prior or subsequent time. The headings and other captions in this Agreement are for convenience and reference only and shall not be used in interpreting, construing or enforcing any of the provisions of this
Agreement. The validity, interpretation, construction and performance of this Agreement shall be governed and enforced in all respects by the laws of Bermuda without regard to its conflicts of law principles. Unless the context clearly indicates
otherwise, where appropriate the singular shall include the plural and the masculine shall include the feminine or neuter, and vice versa, to the extent necessary to give the terms defined herein and/or the terms otherwise used in this Agreement the
proper meanings. 
 11. Severability. If any provision (or any portion thereof) of this Agreement or the application
thereof to any circumstance shall, for any reason and to any extent, be held to be void, invalid or unenforceable, the remaining provisions of this Agreement (and the remaining portions of any provision held void, invalid or unenforceable) shall not
be affected thereby (and the application of such provision to other circumstances shall not be affected thereby), but rather shall continue in full force and effect and be enforced to the greatest extent permitted by law. 

12. Entire Agreement. This Agreement sets forth the entire agreement of the Parties hereto in respect of the subject matter
contained herein and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, express or implied, by any affiliate, officer, employee or representative of any Party
hereto. 
 13. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to
be an original but all of which together will constitute one and the same instrument. 
 [SIGNATURES APPEAR ON FOLLOWING PAGE]

  
 8 

 IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the date and year first written
above. 
  

			
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	/s/ John V. Del Col
	Name:	 	John V. Del Col
	Title:	 	General Counsel

  

			
		
		 	/s/ David Cash
		 	David Cash
		 	

  
 9

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