Document:

Form of Indemnification Agreement between PartnerRe Ltd. and its Directors

 Exhibit 10.16 
 

 
 INDEMNIFICATION AGREEMENT 
 This Indemnification Agreement (this “Agreement”), made and entered into as of the
                     day of
                    , 20    , by and between PartnerRe Ltd., a company formed under the laws of Bermuda (the
“Company”) and                             (“Indemnitee”).

 W I T N E S S E T H: 
 WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against
risks of claims and actions against them arising out of their service to and activities on behalf of the corporation. 
 WHEREAS, the
Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect
persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among corporations and other business enterprises, the Company believes that, given
current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises
are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. 
 WHEREAS, the Bye-Laws of the Company provide that the Company shall indemnify and advance expenses to all directors and officers of the Company in the
manner set forth therein and to the fullest extent permitted by applicable law. The Companies Act of 1981, as amended (Bermuda) (the “Companies Act”) also contemplates that contracts or other arrangements may be entered into between
the Company and members of the board of directors or officers of the Company with respect to indemnification. 
 WHEREAS, the
uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons. 
 WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company’s stockholders and that the Company should act to assure such persons that
there will be increased certainty of such protection in the future. 
  

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 WHEREAS, it is reasonable,
prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free
from undue concern that they will not be so indemnified. 
 WHEREAS, this Agreement is a supplement to and in furtherance of the Bye-Laws
of the Company and any resolutions adopted pursuant thereto and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 WHEREAS, Indemnitee does not regard the protection available under the Company’s Bye-Laws and insurance as adequate in the present circumstances,
and may not be willing to serve as an officer or director of the Company without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service
for or on behalf of the Company on the condition that he be so indemnified. 
 NOW, THEREFORE, in consideration of the premises and the
covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows: 
 ARTICLE 1 
 CERTAIN DEFINITIONS 
 (a) As used in this Agreement: 
 “Change of Control” means any one of the following
circumstances occurring after the date hereof: (i) there shall have occurred an event required to be reported with respect to the Company in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any
similar schedule or form) under the Exchange Act, regardless of whether the Company is then subject to such reporting requirement; (ii) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act) shall have become, without prior approval of the Company’s Board by approval of at least two-thirds of the Continuing Directors, the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing forty percent (40%) or more of the combined voting power of the Company’s then outstanding voting securities (provided that, for purposes of this clause (ii), the term
“person” shall exclude (x) the Company, (y) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (z) any corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their

  

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ownership of stock of the Company); (iii) there occurs a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting
securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) more than 50% of the combined
voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation; (iv) all or substantially all the assets of the Company are sold or disposed of in a transaction or series of related
transactions; (v) the approval by the stockholders of the Company of a complete liquidation of the Company; or (vi) the Continuing Directors cease for any reason to constitute at least a majority of the members of the Board. 
 “Continuing Director” means (i) each director on the Board on the date hereof or (ii) any new director whose election or
nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the directors then still in office who were directors on the date hereof or whose election or nomination was so approved. 
 “Corporate Status” means the status of a person who is or was a director, officer, trustee, general partner, managing member,
fiduciary, board of directors’ committee member, employee or agent of the Company or of any other Enterprise. 
 “Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 
 “Enterprise” means the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee
benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general partner, managing member, fiduciary, board of directors’ committee member, employee or agent.

 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Expenses” means all direct and indirect costs (including attorneys’ fees, retainers, court costs, transcripts, fees of experts,
witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses) reasonably incurred in connection with (i) prosecuting, defending,
preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or (ii) establishing or enforcing a right to indemnification under this Agreement, the Company’s Bye-Laws,
applicable law

  

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or otherwise. Expenses also shall include Expenses incurred in connection with any appeal resulting from any Proceeding, including the premium, security for, and other costs relating to any cost
bond, supersedeas bond, or other appeal bond or its equivalent. For the avoidance of doubt, Expenses, however, shall not include any Liabilities. 
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporate law and neither currently is, nor in the five years previous to its selection or
appointment has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar
indemnification agreements) or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the
applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 
 “Liabilities” means any losses or liabilities, including any judgments, fines, ERISA excise taxes and penalties, penalties and
amounts paid in settlement, arising out of or in connection with any Proceeding (including all interest, assessments and other charges paid or payable in connection with or in respect of any such judgments, fines, ERISA excise taxes and penalties,
penalties or amounts paid in settlement). 
 “Proceeding” means any threatened, pending or completed action, derivative
action, suit, claim, counterclaim, cross claim, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether civil (including intentional and
unintentional tort claims), criminal, administrative or investigative, including any appeal therefrom, and whether instituted by or on behalf of the Company or any other party, or any inquiry or investigation that Indemnitee in good faith believes
might lead to the institution of any such action, suit or other proceeding hereinabove listed in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of any Corporate Status of
Indemnitee, or by reason of any action taken (or failure to act) by him or her or of any action (or failure to act) on his or her part while serving in any Corporate Status. 
 (b) For the purposes of this Agreement: 
 References to “Company” shall include, in addition to the resulting or surviving corporation, any constituent corporation (including any constituent of a constituent) absorbed in a consolidation or merger which, if its separate
existence had continued, would have had power and authority to indemnify its directors, officers, employees or agents, so that if Indemnitee is or was a director, officer, employee, or agent of such constituent corporation or is or was serving at
the request of such constituent corporation as a director, officer, employee, or

  

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agent of another corporation, partnership, joint venture, trust or other enterprise, then Indemnitee shall stand in the same position under the provisions of this Agreement with respect to the
resulting or surviving corporation as Indemnitee would have with respect to such constituent corporation if its separate existence had continued. 
 Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to
“serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an
employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to
have acted in a manner “not opposed to the best interests of the Company” as referred to in this Agreement. 
 Reference to
“including” shall mean “including, without limitation,” regardless of whether the words “without limitation” actually appear, references to the words “herein,” “hereof” and “hereunder” and
other words of similar import shall refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection or other subdivision. 
 ARTICLE 2 
 SERVICES BY INDEMNITEE 
 Section 2.01. Services By Indemnitee. Indemnitee hereby agrees to serve or continue to serve as a director or officer of the Company, for so
long as Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed. 
 ARTICLE 3 

INDEMNIFICATION 
 Section 3.01. General. (a) The Company hereby agrees to and shall indemnify Indemnitee and hold Indemnitee harmless from and against any and all Expenses and Liabilities, in either case, actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf by reason of Indemnitee’s Corporate Status, to the fullest extent permitted by applicable law. The Company’s indemnification obligations set forth in this Section 3.01 shall apply (i) in
respect of Indemnitee’s past, present and future service in any Corporate Status and (ii) regardless of whether Indemnitee is serving in any Corporate Status at the time any such Expense or Liability is incurred. 
  

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 For purposes of this Agreement,
the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 
 (i) to the fullest extent permitted by any provision of the Companies Act, or the corresponding provision of any successor statute, and 
 (ii) to the fullest extent authorized or permitted by any amendments to or replacements of the Companies Act adopted after the date of this Agreement that increase the extent to which a corporation may indemnify
its officers and directors. 
 (b) Witness Expenses. Notwithstanding any other provision of this Agreement, to the extent that
Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in
connection therewith. 
 (b) Expenses as a Party Where Wholly or Partly Successful. Notwithstanding any other provisions of this
Agreement, to the fullest extent permitted by applicable law, to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in
whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or
otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall, to the fullest extent permitted by applicable law, indemnify Indemnitee against all Expenses actually and reasonably incurred by
Indemnitee or on his or her behalf in connection with each successfully resolved claim, issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or
without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 Section 3.02. Exclusions.
Notwithstanding any provision of this Agreement and unless Indemnitee ultimately is successful on the merits with respect to any such claim, the Company shall not be obligated under this Agreement to make any indemnity in connection with any
claim made against Indemnitee: 
 (a) for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by
Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act or similar provisions of state

  

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statutory law or common law or (ii) any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by Indemnitee
from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002
(the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or 
 (b) except as otherwise provided in Sections 6.01(e), prior to a Change of Control, in connection with any Proceeding (or any part of any Proceeding)
initiated by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any
part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law. 
 ARTICLE 4 
 ADVANCEMENT
OF EXPENSES; DEFENSE OF CLAIMS 
 Section 4.01. Advances.
Notwithstanding any provision of this Agreement to the contrary, the Company shall advance any Expenses actually and reasonably incurred by Indemnitee in connection with any Proceeding within ten (10) days after the receipt by the Company
of each statement requesting such advance from time to time, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay
such amounts and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of
advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. 
 Section
4.02. Repayment of Advances or Other Expenses. Indemnitee agrees that Indemnitee shall reimburse the Company for all Expenses advanced by the Company pursuant to Section 4.01, in the event and only to the extent that it shall be
determined by final judgment or other final adjudication under the provisions of any applicable law (as to which all rights of appeal therefrom have been exhausted or lapsed) that Indemnitee is not entitled to be indemnified by the Company for such
Expenses. 
 Section 4.03. Defense of Claims. The Company will be entitled to participate in the Proceeding at its own expense. The
Company shall not settle any action, claim or Proceeding (in whole or in part) which would impose any

  

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Expense, judgment, fine, penalty or limitation on Indemnitee without Indemnitee’s prior written consent, such consent not to be unreasonably withheld. Indemnitee shall not settle any action,
claim or Proceeding (in whole or in part) which would impose any Expense, judgment, fine, penalty or limitation on the Company without the Company’s prior written consent, such consent not to be unreasonably withheld. 
 ARTICLE 5 
 PROCEDURES
FOR NOTIFICATION OF AND DETERMINATION OF ENTITLEMENT TO INDEMNIFICATION 
 Section 5.01. Notification; Request For Indemnification. (a) As soon as reasonably practicable after receipt by Indemnitee of written
notice that he is a party to or a participant (as a witness or otherwise) in any Proceeding or of any other matter in respect of which Indemnitee intends to seek indemnification or advancement of Expenses hereunder, Indemnitee shall provide to the
Company written notice thereof, including the nature of and the facts underlying the Proceeding. The omission by Indemnitee to so notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or
otherwise. 
 (b) To obtain indemnification under this Agreement, Indemnitee shall deliver to the Company a written request for
indemnification, including therewith such information as is reasonably available to Indemnitee and reasonably necessary to determine Indemnitee’s entitlement to indemnification hereunder. Such request(s) may be delivered from time to time and
at such time(s) as Indemnitee deems appropriate in his or her sole discretion. Indemnitee’s entitlement to indemnification shall be determined according to Section 5.02 of this Agreement and applicable law. 
 Section 5.02. Determination of Entitlement. (a) Where there has been a written request by Indemnitee for indemnification pursuant to
Section 5.01(b), then as soon as is reasonably practicable (but in any event not later than 60 days) after final disposition of the relevant Proceeding, a determination, if required by applicable law, with respect to Indemnitee’s
entitlement thereto shall be made in the specific case: (i) if a Change of Control shall not have occurred, (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (B) by a committee of
Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Board, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by Independent
Counsel in a written opinion to the Board, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the

  

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Board, a copy of which shall be delivered to Indemnitee. If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after
such determination. Indemnitee shall reasonably cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon
reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses
(including attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to
Indemnitee’s entitlement to indemnification). 
 (b) If entitlement to indemnification is to be determined by Independent Counsel
pursuant to Section 5.02(a)(ii), such Independent Counsel shall be selected by Indemnitee, and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. If entitlement to
indemnification is to be determined by Independent Counsel pursuant to Section 5.02(a)(i)(C) (or if Indemnitee requests that such selection be made by the Board), such Independent Counsel shall be selected by the Company in which case the
Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within 10 days after such written notice of selection
shall have been received, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not
meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so
selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court of competent
jurisdiction has determined that such objection is without merit. If, within 20 days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 5.01(b) hereof and the final disposition of the
Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee
to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom all objections are so
resolved or the person so appointed shall act as Independent Counsel under Section 5.02(a) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 6.01(a) of this Agreement, the Independent Counsel
shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). 
  

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 (c) The Company agrees to pay
the reasonable fees and expenses of any Independent Counsel serving under this Agreement. 
 Section 5.03. Presumptions and Burdens of
Proof; Effect of Certain Proceedings. (a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law,
presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.01(b) of this Agreement, and the Company shall, to the fullest extent not
prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of any person, persons or entity to have
made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by any person,
persons or entity that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 (b) If the person, persons or entity empowered or selected under Section 5.02 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within the sixty (60) day period referred to in Section 5.02(a), the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be
deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an
additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or
information relating thereto. 
 (c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order,
settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that
Indemnitee did not act in good faith

  

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and in a manner which he reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that his or her conduct was unlawful. 
 (d) For purposes of any determination of good faith, Indemnitee shall be deemed to have
acted in good faith if Indemnitee’s action is in good faith reliance on the records or books of account of any Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of such Enterprise in the course
of their duties, or on the advice of legal counsel for such Enterprise or on information or records given or reports made to such Enterprise by an independent certified public accountant or by an appraiser or other expert selected by such
Enterprise. The provisions of this Section 5.03(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which Indemnitee may be deemed or found to have met the applicable standard of conduct set forth in this
Agreement. 
 (e) The knowledge and/or actions, or failure to act, of any other director, trustee, partner, managing member, fiduciary,
officer, agent or employee of any Enterprise shall not be imputed to Indemnitee for purposes of determining any right to indemnification under this Agreement. 
 ARTICLE 6 
 REMEDIES OF INDEMNITEE 
 Section 6.01. Adjudication or Arbitration. (a) In the event of any dispute between Indemnitee and the Company hereunder as to entitlement
to indemnification or advancement of Expenses (including where (i) a determination is made pursuant to Section 5.02 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of
Expenses is not timely made pursuant to Section 4.01 of this Agreement, (iii) payment of indemnification pursuant to Section 3.01 of this Agreement is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification, (iv) no determination as to entitlement to indemnification is timely made pursuant to Section 5.02 of this Agreement and no payment of indemnification is made within ten (10) days after
entitlement is deemed to have been determined pursuant to Section 5.03(b)) or (v) a contribution payment is not made in a timely manner pursuant to Section 8.04 of this Agreement, then Indemnitee shall be entitled to an adjudication
by a court of his or her entitlement to such indemnification, contribution or advancement. Alternatively, in such case, Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the
Commercial Arbitration Rules of the American Arbitration Association. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration. 
  

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 (b) In the event that a
determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 6.01 shall be conducted in all
respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 6.01 the Company
shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be, and the Company may not refer to or introduce into evidence any determination pursuant to Section 5.02(a) of this
Agreement adverse to Indemnitee for any purpose. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 6.01, Indemnitee shall not be required to reimburse the Company for any advances pursuant to
Section 4.02 until a final determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). 
 (c) If a determination shall have been made pursuant to Section 5.02(a) of this Agreement that Indemnitee is entitled to indemnification, the
Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 6.01, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make
Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 
 (d) The Company shall be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 6.01 that the
procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. 
 (e) The Company shall indemnify Indemnitee to the fullest extent permitted by law against all Expenses and, if requested by Indemnitee, shall (within
ten (10) days after the Company’s receipt of such written request) advance such Expenses to Indemnitee, which are reasonably incurred by Indemnitee in connection with any judicial proceeding or arbitration brought by Indemnitee for
(i) indemnification or advances of Expenses by the Company (or otherwise for the enforcement, interpretation or defense of his or her rights) under this Agreement or any other agreement, including any other indemnification, contribution or
advancement agreement, or any provision of the

  

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Company’s Certificate of Incorporation or Bye-Laws now or hereafter in effect or (ii) recovery or advances under any directors’ and officers’ liability insurance policy
maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, contribution, advancement or insurance recovery, as the case may be. 
 ARTICLE 7 
 DIRECTORS’ AND OFFICERS’ LIABILITY INSURANCE 
 Section 7.01. D&O Liability Insurance. The Company shall obtain and maintain a policy or policies of insurance (“D&O Liability Insurance”) with reputable insurance companies providing liability insurance for
directors and officers of the Company in their capacities as such (and for any capacity in which any director or officer of the Company serves any other Enterprise at the request of the Company), in respect of acts or omissions occurring while
serving in such capacity, on terms with respect to coverage and amount (including with respect to the payment of Expenses) customary for companies similarly situated. 
 ARTICLE 8 
 MISCELLANEOUS 
 Section 8.01. Nonexclusivity of Rights. The rights of indemnification, contribution and advancement of Expenses as provided by this Agreement
shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the Company’s Certificate of Incorporation, the Company’s Bylaws, any agreement, a vote of stockholders or a
resolution of directors, or otherwise. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder
or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy. 
 Section 8.02. Insurance and Subrogation. (a) To the extent that, pursuant to Section 7.01, the Company maintains a policy or
policies providing D&O Liability Insurance, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director or officer under such policy or policies.
If, at the time the Company receives notice of a claim hereunder, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth
in the respective policies. The Company shall thereafter take all necessary or

  

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desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. The failure or refusal
of any such insurer to pay any such amount shall not affect or impair the obligations of the Company under this Agreement. 
 (b) In the
event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights,
including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 
 (c) The Company
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided) hereunder if and to the extent that Indemnitee has actually received such payment under any insurance policy or
other indemnity provision. 
 Section 8.03 The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is
or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, board of directors’ committee member, employee or agent of any other Enterprise shall be reduced by any amount Indemnitee has
actually received as indemnification or advancement of Expenses from such Enterprise. 
 Section 8.04. Contribution. To the fullest
extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by
Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed
fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding;
and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 Section 8.05. Amendment. This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the
parties hereto. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit, restrict or reduce any right of Indemnitee under this Agreement in respect of any act or omission, or any event occurring, prior to such
amendment, alteration or repeal. To the extent that a change in applicable

  

 14 

 

 
  
 
law, whether by statute or judicial decision, (i) permits greater indemnification, contribution or advancement of Expenses than would be afforded currently under the Company’s Bye-Laws
and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change or (ii) limits rights with respect to indemnification, contribution or advancement of
Expenses, it is the intent of the parties hereto that the rights with respect to indemnification, contribution or advancement of Expenses in effect prior to such change shall remain in full force and effect to the extent permitted by applicable law.

 Section 8.06. Waivers. The observance of any term of this Agreement may be waived (either generally or in a particular instance
and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party
hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or
privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or privilege hereunder. 
 Section 8.07. Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto
with respect to the matters covered hereby, and any other prior or contemporaneous oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement, provided that this Agreement is a supplement
to and in furtherance of the Certificate of Incorporation and Bye-Laws of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder. 
 Section 8.08. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any
reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable,
that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the
extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including each portion of any Section of this Agreement
containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
  

 15 

 

 
  
 Section 8.09. Notices.
All notices, requests, demands and other communications under this Agreement shall be in writing (which may be by facsimile transmission). All such notices, requests and other communications shall be deemed received on the date of receipt by the
recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding
business day in the place of receipt. The address for notice to a party is as shown on the signature page of this Agreement, or such other address as any party shall have given by written notice to the other party as provided above. 
 Section 8.10. Binding Effect. (a) The Company expressly confirms and agrees that it has entered into this Agreement and assumed the
obligations imposed on it hereby in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company.

 (b) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective
successors, assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, and executors, administrators, personal and
legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all, or a substantial part of the business or assets of the Company, by
written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the manner and to the same extent that the Company would be required to perform if no such succession had taken place.

 (c) The indemnification, contribution and advancement of Expenses provided by, or granted pursuant to this Agreement shall continue as
to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors, administrators, legatees and assigns of such a person. 
 Section 8.11. Governing Law. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of New York, without regard to
its conflict of laws rules. 
  

 16 

 

 
  
 Section 8.12. Consent To
Jurisdiction. Except with respect to any arbitration commenced by Indemnitee pursuant to Section 6.01(a) of this Agreement, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any action or proceeding
arising out of or in connection with this Agreement shall be brought only in any appropriate state or federal court in the Borough of Manhattan of the City of New York in the State of New York (the “New York Court”) and not in any
other state or federal court in the United States of America or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the New York Court for purposes of any action or proceeding arising out of or in connection
with this Agreement, (iii) waive any objection to the laying of venue of any such action or proceeding in the New York Court, and (iv) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
New York Court has been brought in an improper or inconvenient forum. 
 Section 8.13. Headings. The Article and Section headings
in this Agreement are for convenience of reference only, and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 
 Section 8.14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the
same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 
 Section 8.15. Use of Certain Terms. As used in this Agreement, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole
and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular
form of nouns, pronouns and verbs shall include the plural and vice versa. 
  

 17 

 

 
  
 IN WITNESS WHEREOF, this
Agreement has been duly executed and delivered to be effective as of the date first above written. 
  

					
	PARTNERRE LTD.
			
	By:	 	 	 	 
		 	Name:	 	Christine Patton
		 	Title:	 	Secretary and Corporate
Counsel to the Board

  

			
	 Address: 5th floor Wellesley House South
Pitts Bay Road, Pembroke

	Facsimile: 1 441 292 3060
	Attention: Christine Patton
	
	INDEMNITEE
	
	 
	
	Address:
	
	With a copy to:
	
	Address:Amended Executive Total Compensation Program

 Exhibit 10.17 
 

 
 Executive Total 
 Compensation Program 

 Executive Total Compensation Program 
 Table of Contents 
  

			
	 Policy Objectives
	  	3
		
	 Compensation Philosophy
	  	3
		
	 •        Base Salary
	  	3
		
	 •        Annual Incentive
	  	3
		
	 •        Annual Equity Award
	  	4
		
	 Participation
	  	4
		
	 Share Ownership Requirements
	  	4
		
	 Equity Customization Guidelines
	  	5
		
	 Deferred Annual Incentive
	  	6
		
	 Retirement
	  	6
		
	 Program Administration
	  	7

  

					
	 PartnerRe
 Executive Total Compensation Program
	 		  	
		 		  	September 2009
		 	2	  	

 Policy Objectives 
  

	 	•	 	 To align the long-term interests of Program Participants and shareholders; 

  

	 	•	 	 To establish competitive pay levels on a total compensation basis; 

  

	 	•	 	 To clearly link pay with performance; 

  

	 	•	 	 To provide flexibility in form and structure to meet individual time horizons; 

  

	 	•	 	 To demonstrate good governance and corporate responsibility; 

  

	 	•	 	 To encourage the retention of the Group Chief Executive Officer and other key executives 

 Compensation Philosophy 
 The Executive Total Compensation
Program is the basis for compensation and benefits that will motivate and reward contributions and behaviors of participants that effectively produce optimal financial and non-financial results and ensure the long-term success of PartnerRe Ltd.
(“PartnerRe” or the “Company”). 
 Compensation should be positioned at the market median of Total Compensation (as defined below) for
target performance. The median is determined by an analysis of peer companies within the global market environment (the “Peer Group”). The Peer Group is confirmed annually by the Compensation Committee of the Board of Directors (the
“Compensation Committee”). Total Compensation will consist of the following: 
  

	 	•	 	 Base Salary 

 The Program Participant’s
base salary should be competitive at the median of base salary data as determined by an analysis of the Peer Group. Base salaries will be reviewed and approved annually by the Compensation Committee. 
  

	 	•	 	 Annual Incentive 

 Program Participants are
eligible for an incentive award, as approved annually by the Compensation Committee and pursuant to the annual incentive guidelines of the Company. Annual incentive awards are based on the Company’s financial results, organizational objectives
as well as individual performance against predefined goals. 
  

					
	 PartnerRe
 Executive Total Compensation Program
	 		  	
		 		  	September 2009
		 	3	  	

	 	•	 	 Annual Equity Award 

 Program Participants are
eligible for an equity award, as approved annually by the Compensation Committee. Annual equity awards are based upon the Company’s financial results as well as individual performance. 
 The equity award delivered to the Program Participant will consist of 60% of the value in share options or share-settled share appreciation rights (share-settled
SAR’s) and 40% in restricted share units (RSU’s). Equity awards will vest according to the standard vesting schedule in practice at the time of the grant. 
 Participation 
 The Group Chief Executive Officer and such other key executives, as determined by the
Compensation Committee from time to time (together the “Program Participants”) shall be eligible to participate in the Executive Total Compensation Program. 
 Share Ownership Requirements 
 To promote the goal of aligning the interests of Program Participants with the
interests of shareholders, each Program Participant is required to meet and maintain two share ownership targets (Target A and Target B), as detailed in the table below: 
  

							
	 	  	Ownership Targets	 
	 	  	Target A - Total
Shares/Equivalents as
percentage of Shares
Outstanding	 	 	Target B - Total
Shareholdings as
percentage of Shares
Outstanding	 
	 Group Chief Executive Officer
	  	0.2	% 	 	1.0	% 
	 Other Program Participants
	  	0.05	% 	 	0.25	% 

  

	A)	Includes shares owned, restricted shares, RSU’s, shares held in qualified plans, and deferred share units). 

  

	B)	Target A plus all exercisable and unexercisable options and share-settled SAR’s. 

 Program Participants that have not reached Target A may not sell any of the net shares that they have been granted, and they are not eligible for the equity customization feature (see below). For this purpose,
“net shares” are the shares remaining from a transaction (i.e., the exercise of an option or the vesting of restricted shares) after the Program Participant sells enough shares to pay the applicable exercise price and any related
tax or social security liabilities. 
  

					
	 PartnerRe
 Executive Total Compensation Program
	 		  	
		 		  	September 2009
		 	4	  	

 After the Program Participant reaches Target A, the Net Share retention requirement will drop from 100% to 50%. The
Program Participant is required to retain 50% of the Net Shares received for a period of three years, unless they are 55 or older, in which case the retention period for the Net Shares will be one year. 
 All retention requirements end upon termination or upon a change in control of PartnerRe as defined in the equity plan documents from which the equity is granted.

 Equity Customization Guidelines 
 After the
Program Participant reaches both ownership Targets A & B they may elect to participate in the Equity Customization program and tailor their Annual Equity Award. Qualifying Program Participants may choose from the following combinations:

  

							
	 	  	Share Options/
Share-settled
SAR’s**	 	 	Restricted Shares/
RSU’s**	 
	 Alternative 1*
	  	60	% 	 	40	% 
	 Alternative 2
	  	25	% 	 	75	% 
	 Alternative 3
	  	75	% 	 	25	% 
	 Alternative 4
	  	0	% 	 	100	% 
	 Alternative 5
	  	100	% 	 	0	% 

  

	*	Executives who do not elect to customize their equity mix will continue to receive Alternative 1. 

  

	**	Share options or share-settled SAR’s, restricted shares and RSU’s will vest according to standard vesting schedule currently in practice at the time of grant.

 Customization elections are made once every three years on a prescribed election form. Once made, the election is irrevocable.

 If the Program Participant’s Total Shares or Total Shareholdings percentage drops below the Ownership Targets due to: 
  

	 	•	 	 a share issuance by the Company, or 

  

	 	•	 	 the sale of shares by the individual to cover taxes upon the vesting of restricted shares or RSU’s, 

 the Program Participant will have a one year grace period to once again meet the Ownership Targets. During this grace period, the Program Participant can continue to
participate in the Equity Customization program. 
  

					
	 PartnerRe
 Executive Total Compensation Program
	 		  	
		 		  	September 2009
		 	5	  	

 Deferred Annual Incentive 
 To further encourage Program Participants to reach the share ownership targets, the company will provide a match on elective deferrals of annual cash incentives. Program Participants may defer all, or a portion of,
their annual cash incentive by converting it immediately to vested restricted deferred share units. These restricted deferred share units have a minimum delivery date restriction of five years from the date of grant, but Program Participants may
choose to defer their delivery dates for 10 years or until retirement. 
 The company match will consist of restricted share units valued at 25 percent of
the deferred cash incentive value and will vest after three years. The delivery date restrictions will match the restrictions of the related deferred share units. 
 Once a Program Participant has satisfied the Ownership Targets he/she will no longer be eligible to receive the company match on elective deferrals of annual cash incentives. 
 Deferred elections are expressed as a percentage of the total annual cash incentive. Executives are given the following four choices for deferral: 
  

	 	•	 	 0% 

	 	•	 	 25% 

	 	•	 	 50% 

	 	•	 	 100% 

 All share delivery date restrictions
will end upon termination or upon a change in control of PartnerRe as defined in the equity plan documents from which the equity is granted. 
 Retirement 
 Under the Executive Total Compensation Program, any unvested awards held by an eligible Program Participant as of his or her
retirement date will continue to vest under the original vesting provisions. Similarly, any vested options or vested share-settled share appreciation rights (including those that vest post-retirement) will remain exercisable for the remainder of
their original term. 
  

					
	 PartnerRe
 Executive Total Compensation Program
	 		  	
		 		  	September 2009
		 	6	  	

 Unless country specific compliance issues apply, Program Participants are eligible for executive retirement benefits
once they meet one of these age and service requirements: 
  

	 	•	 	 Age 65; or 

  

	 	•	 	 Age 60 with 10 years of service 

 These age and
service criteria will apply to equity grants made pursuant to the 2009 performance year and beyond. 
 Post-retirement Conditions 
 In order to retain the beneficial treatment of long-term equity compensation awards, the Program Participant must refrain from any of the following activities for 36
months following retirement 
  

	 	•	 	 competing in the reinsurance business in locations where PartnerRe does business. 

  

	 	•	 	 soliciting employees or customers to a company that competes in the reinsurance business in the locations where PartnerRe does business.

  

	 	•	 	 disclosing confidential information (unless legally required to do so). 

 Program Administration 
 The Executive Total Compensation Program is approved and administered by the
Compensation Committee. Policy implementation and reporting is managed by Group Human Resources. 
  

					
	 PartnerRe
 Executive Total Compensation Program
	 		  	
		 		  	September 2009
		 	7

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