Document:

Employment Agreement

 EXHIBIT 10.2 
 PELEUS REINSURANCE LIMITED 
 PXRE House 

110 Pitts Bay Road 
 Pembroke HM 08 
 Bermuda 

21 June 2007 
 Dear Andrew

 Following the recent conversations with us, I am writing to confirm the terms of our offer of employment with the Company. 

You will find a list of defined terms used in this Agreement and provisions dealing with its interpretation in Clause 18. 

 

	1.	YOUR APPOINTMENT 

  

	1.l	Capacity 

 The Company
will from the Effective Date employ you as President on the terms of this Agreement. You agree that you will continue to serve the Company in that capacity or in such other capacity of similar status as may reasonably be required of you from time to
time by the Chairman. 
  

	1.2	Articles of association 

If you are a director of the Company, you will comply with the obligations and restrictions imposed on directors in the relevant articles
of association from time to time. 
  

	2.	YOUR DUTIES DURING YOUR APPOINTMENT 

  

	2.1	Duties and responsibilities 

 During your Appointment you will: 
  

	 	(a)	loyally and diligently perform such duties and exercise such powers for the Company as the Chairman may from time to time reasonably require; 

 

	 	(b)	keep the Chairman properly and regularly informed about the business of the Company and your activities in those businesses; 

 

	 	(c)	comply with the reasonable and lawful directions given from time to time by the Chairman; 

 

	 	(d)	comply with the Company’s articles of association, internal codes of conduct for its employees and all relevant policies and procedures; 

 

	 	(e)	co-operate with the Company in complying with its obligations on health and safety; 

 

	 	(f)	 promote and protect the interests of the Company, always giving it the full benefit of your knowledge, expertise and skill and not knowingly or

	 	 
deliberately do anything which is to its detriment, including having any direct or indirect involvement in any situation whereby work or business opportunities are or may be diverted away from
the Company; 

  

	 	(g)	immediately notify the Chairman if you become aware of or involved in anything which adversely affects or may adversely affect the business, interests or reputation of
the Company; 

 and in each case, you will cooperate with the Company in any investigation which it may decide to
carry out. 
  

	2.2	Commitment to role 

  

	 	(a)	You have no normal working hours but are required to work during normal business hours and such other hours as may be reasonably necessary for the proper performance of
your duties for the Company. You agree that the duration of your working time is not measured or pre-determined and can be determined by you in a manner consistent with your Appointment; and 

 

	 	(b)	You will (unless prevented by ill health or injury) devote the whole of your working time, attention and abilities during your Appointment to the business of the
Company and will not without the prior written consent of the Chairman (not to be unreasonably withheld or delayed so long as the Chairman is satisfied that your Appointment will not be adversely affected): 

 

	 	(i)	accept any other appointment, work for or be directly or indirectly engaged in or concerned with the conduct of any other business; or 

 

	 	(ii)	be directly or indirectly financially interested in any such business, although this will not prevent you from holding or being interested in genuine investments
representing not more than five per cent of any class of shares or securities in any company whether or not listed or dealt in on any recognised stock exchange. 

 

	2.3	Unauthorised benefit 

 You
will not, without the prior written consent of the Chairman, directly or indirectly receive or retain any payment or benefit, either in respect of any business transacted (whether or not by you) by or on behalf of the Company or with a view to any
such business being transacted. 
  

	3.	LOCATION 

  

	3.1	Base 

 You will initially
be based at the Company’s head office in Bermuda. 
  

	3.2	Mobility 

 You will be
required to travel to other locations outside Bermuda, in the performance of your duties as the Company requires. You will be based in the United Kingdom on a permanent basis. 

  
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	4.	SALARY 

  

	4.1	Salary 

 Your Salary will
be at the rate of £385,000.00 per annum inclusive of any director’s fees which you may be entitled to as a director. It will accrue from day to day and will normally be payable by equal instalments in arrears on or before the 25th
day of each month and will be subject to such deductions as may be required by law or under the terms of this Agreement. 
  

	4.2	Salary review 

 The
Chairman will review your Salary annually, but such review does not necessarily imply an increase. The review will take account of such factors as he considers, in its absolute discretion, to be appropriate, which may include anticipated future
performance or service and/or past performance of you and/or the Company, although it has no obligation to take any of these factors into account. Any increase in the rate of your Salary will normally be effective from 1 April in each year
following the review, the first of such review being with effect from 1 April 2009. 
  

	4.3	Monies owed to Group 

 The
Group may deduct from any money owed to you any money which you owe to the Company. 
  

	5.	EXPENSES 

 You will be
entitled, on production of satisfactory evidence of payment or expenditure, to be reimbursed all reasonable out-of-pocket expenses properly and wholly incurred by you in the performance of your duties in accordance with the Company’s policy on
expenses. 
  

	6.	ILL HEALTH AND INJURY 

  

	6.1	Salary during period of incapacity 

 If during your Appointment you are physically or mentally unable to perform your duties for the Company as a result of ill health or injury, you will, for so long as your Appointment continues, be
entitled to your Salary during any period of incapacity of up to a total of 180 days (whether consecutive or not) in any period of 52 consecutive weeks. Thereafter, for so long as your Appointment continues, any further payments will be limited to
such salary as may be determined in the sole discretion of the Chairman. As a condition of any such payment, you may be required to comply with Clause 10 (Obligations relating to Termination) as if your Appointment had been terminated. For
the purpose of statutory sick pay, your qualifying days are Monday to Friday, to the extent that you are based in the United Kingdom. 
  

	6.2	Evidence of incapacity 

The payment of any such Salary will be: 

  
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	 	(a)	subject to the production of satisfactory evidence from a registered medical practitioner for any period of absence in excess of seven consecutive days; and

  

	 	(b)	inclusive of any statutory sick pay to which you may be entitled and the Company may deduct from your Salary the amount of any social security benefits you may receive
or be entitled to receive. 

  

	6.3	Medical examination 

 At
the reasonable request and expense of the Company, you will submit yourself to a medical examination by a doctor of the Company’s choice. The Company may make a request at any time whether or not you are unable to perform your duties for the
Company as a result of ill health or injury. If the doctor is unable to confirm that you are fit to perform your duties or if there are factors which the doctor considers are relevant to the performance of those duties, you will co-operate in
ensuring the prompt delivery of all relevant medical reports to the Company and will allow the Company access to any relevant medical report which has been prepared by a medical practitioner responsible for your clinical care which is relevant to
your ability to perform your duties. 
  

	6.4	Termination on ground of ill-health 

 If you have been incapacitated by ill health or injury for the period set out in Clause 6.1, the Company may, at any time prior to both your full recovery and full return to work and notwithstanding any
other provision of this Agreement, terminate your Appointment with immediate effect by notice in writing to you, unless it is a requirement by any long term disability policy which is part of your Appointment that you remain employed. In that event
your only entitlements will be those under such policy and as a condition of receiving payment, you will comply with Clause 10 (Obligations relating to Termination) as if your Appointment had terminated. 

 

	7.	HOLIDAYS 

  

	7.1	Holiday entitlement 

 You
will (in addition to normal public holidays) be entitled to 20 paid days’ holiday in each complete Holiday Year during your Appointment. You will take no fewer than 20 days holiday (including public holidays) in each Holiday Year. This holiday
is to be taken at such times as are convenient to the Company in line with its operational requirements and the availability of other directors of the Company. 

  
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	7.2	Calculation of entitlement 

 The entitlement to holiday accrues pro rata throughout each Holiday Year. Any entitlement to holiday remaining at the end of any Holiday Year will lapse and no salary in lieu of such entitlement will be
paid. 
  

	7.3	Holiday entitlement on Termination 

 On the Termination of your Appointment you will be entitled to a Day’s Salary in lieu of each day’s holiday accrued due but not taken. If you have taken holiday in excess of your accrued
entitlement, the Company may deduct a Day’s Salary for each excess day taken from any monies owed to you by the Company. 
  

	8.	BENEFITS DURING YOUR APPOINTMENT 

  

	8.1	Pension 

 The Company
shall provide access to a designated stakeholder pension scheme as provided by law. The Company does not make any contributions to such stakeholder scheme. 
  

	8.2	Insurance 

  

	 	(a)	During your Appointment the Company will: 

  

	 	(i)	at its expense provide life assurance for you at 2.5 times your salary; and 

 

	 	(ii)	reimburse you for the premium for private medical insurance for you and your spouse and dependant children up to the age of 18 years, up to a maximum amount of
£2,000 for each complete year of your Appointment or such higher amount as the Chairman agrees in writing; and 

  

	 	(iii)	long term disability cover on the same basis as cover is provided to other employees of similar seniority to you. 

 

	 	(b)	You agree that, if the Company provides you with any insured benefits the Company does not have ultimate responsibility for the decisions taken by the insurers about
any claim by the Company. The Company agrees to take reasonable steps to protect you and your benefits, which may include providing information to the insurers and /or you and making representations on your behalf but which will not require the
Company to issue legal proceedings. Any such insured benefits will be subject always to the terms of the relevant insurance policy between the Company and the insurer. 

  
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	9.	TERMINATION 

  

	9.1	Period of notice 

 Your
Appointment will continue until the Company gives you not less than 12 months’ written notice to terminate it or you give the Company not less than six months’ such notice. 

 

	9.2	Termination with immediate effect 

 The Company may, notwithstanding any other provision of this Agreement at any time by notice in writing to you, terminate it with immediate effect: 

 

	 	(a)	if a petition is presented or any order is made or any notice is issued convening a meeting for the purpose of passing a resolution for your bankruptcy or you become
bankrupt or makes any composition or enter into any deed of arrangement with your creditors generally; 

  

	 	(b)	if you are prohibited by law or by any decision of a regulatory body from being a director or taking part in the management of the Company; 

 

	 	(c)	if you are convicted of: 

  

	 	(i)	a criminal offence other than one which in the reasonable opinion of the Chairman does not affect your position as an employee of the Company, bearing in mind the
nature of your duties and the capacity in which you are employed; or 

  

	 	(ii)	an offence relating to insider dealing; 

  

	 	(d)	if you commit, in the opinion of the Financial Services Authority, the civil offence of market abuse under the Financial Services and Markets Act 2000;

  

	 	(e)	if you are guilty of gross misconduct in connection with or affecting the business of the Company; 

 

	 	(f)	if you commit any serious and material breach of your obligations under this Agreement; or 

 

	 	(g)	 if you behave in a manner (whether on or off duty) which is in the reasonable opinion of the Company likely to bring the Company into serious disrepute
or materially prejudice its interests or which seriously impairs your ability to perform your duties. 

  

	9.3	Retirement 

 Notwithstanding any other provision of this Agreement, your Appointment will automatically cease without any notice being given on your 65th birthday, subject to the Company’s consideration of any request made by you to extend your Appointment beyond
this date in accordance with the Employment Equality (Age) Regulations 2006. 

  
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	9.4	Payment of salary in lieu 

  

	 	(a)	Instead of requiring you to continue performing your duties and requiring the Company to provide you with duties during any unexpired period of your Appointment, the
Company may, at its sole discretion, by written notice elect to terminate your Appointment with immediate effect and give you a payment of Salary for such unexpired period, less such deductions as are required by law. 

 

	 	(b)	For the avoidance of doubt this Clause will not prevent the Company from terminating your Appointment in breach of its terms. 

 

	9.5	Garden leave and projects 

If the Company wishes to terminate your employment or if you wish to leave the employment of the Company in either case before the expiry
of the period of notice specified in Clause 9.1 and whether or not notice has been given under that Clause, the Company may require you: 
  

	 	(a)	to perform reasonable duties not within your normal duties or to undertake special projects, having regard to your skills and experience; 

 

	 	(b)	not to attend for work for all or any part of the period of notice (if notice has been given) or (if notice has not been given) for a period equivalent to the notice
required to be given by you under Clause 9.1. For so long as you are not required to work during such period, you will remain an employee of the Company. You will continue to receive your Salary and other contractual entitlements and will continue
to be bound by all the terms of this Agreement. You will not directly or indirectly work for any person, have any contact with any customer of the Company, or for business purposes, have contact with any employee of the Company without the prior
written agreement of the Board. 

  

	10.	OBLIGATIONS RELATING TO TERMINATION 

  

	10.1	Your obligations 

 Upon
the Termination of your Appointment or, upon the exercise by the Company of its right under Clause 9.5(b) (Garden leave and projects), you will: 
  

	 	(a)	hand over to the Company all property belonging to it or relating to its business (including but not limited to any Confidential Information and any Executive
Intellectual Property and Executive Inventions) which may be in your possession or under your control, and without you or anyone on your behalf keeping copies of any reproduceable items or extracts from them and without having downloaded any
information stored on any computer storage medium. You will, on being requested to do so, send to the Chairman a signed statement that you have complied with this Sub-clause 10.1(a); and 

 

	 	(b)	transfer without payment to such person as the Company nominates any nominee shares registered in your name and held in trust for the Company. 

  
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	10.2	Resignation of directorships 

 Upon the Termination of your Appointment or (if earlier) upon either party giving notice under Clause 9 (Termination) and the Company exercising its rights under Clause 9.4 (Payment of Salary in
lieu) or 9.5 (Garden leave and projects), you will resign at the request of the Company, without claim for compensation, from all offices held by you and from all trusteeships held by you of any pension scheme or other trusts established
by the Company. Should you fail to do so the Board is irrevocably authorised to appoint a person in your name and on your behalf to sign any documents and take such other steps as are necessary to give effect to such resignations. Such resignations
will be given and accepted without prejudice to any claims which the Company and you may have arising out of or in connection with your Appointment and its Termination. 

 

	11.	STATEMENTS AND FURTHER ASSISTANCE 

 After the Termination of your Appointment you: 
  

	 	(a)	will not at any time make any adverse, untrue or misleading statement about the Company or its officers or employees nor will you represent yourself as being employed
by or connected with any such company; and 

  

	 	(b)	for a period of up to 12 months will co-operate with any member of the Company for whom you performed duties by providing such reasonable assistance as may be required
in connection with any matters, where it considers that you have knowledge or information which is relevant to such matter. The provision of such assistance may include attending meetings, giving and signing statements and attending hearings. The
Company will reimburse you for the reasonable out of pocket expenses incurred by you in providing such assistance. 

  

	12.	CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS AND RESTRICTIVE COVENANTS 

 You agree to be bound by the provisions of Schedule 1 (Confidentiality, intellectual property rights and restrictive covenants). 

 

	13.	DATA PROTECTION AND USE OF MONITORING OF EQUIPMENT 

 You agree that the provisions of Schedule 2 (Data Protection and use and monitoring of equipment) are part of your Appointment. 

 

	14.	CONTINUING OBLIGATIONS 

The Termination of your Appointment will not affect the rights or remedies of either party against the other in respect of any prior
breach of any of its provisions or the continuing obligations of either you or the Company under any provision of this Agreement expressed to have effect after your Appointment has terminated. 

  
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	15.	DISCIPLINARY AND GRIEVANCE 

The following information is supplied pursuant to the Employment Rights Act 1996 and reflects the Company’s current practice:

  

	 	(a)	You are expected to exhibit a high standard of propriety, integrity and efficiency in all your dealings with and in the name of the Company and the Group and may be
suspended (with pay) during any investigation which it may be necessary for the Company to undertake. If it becomes necessary to take disciplinary action against you, it will normally be dealt with by the Chairman; 

 

	 	(b)	If you are dissatisfied with any disciplinary decision (including dismissal), you should appeal against such decision to another senior member of the Company not
previously involved. The decision of the appeal hearing will be final and binding; 

  

	 	(c)	If you have any grievance relating to your Appointment or matters where you consider the Company is failing to comply fully with its legal obligations, you should refer
such matter to the Chairman or, in his absence, to another senior member of the Company. Should you remain dissatisfied with the decision made, an appeal may be made to another senior member of the Company not previously involved. The decision of
the appeal hearing will be final and binding. 

  

	16.	THIRD PARTIES 

  

	16.1	Enforcement of Agreement 

If the Company after your Appointment has started forms any Associated Company, this Agreement is entered into by the Company for itself
and in trust for that other Associated Company with the intention that each company will be entitled to enforce the terms of this Agreement directly against you as if it was the Company and you will enter into such direct obligations with such
Associated Company as the Company may request. 
  

	16.2	Rights of third parties 

The Contracts (Rights of Third Parties) Act 1999 will not create any rights in your favour in relation to the benefits granted now or at
any time in connection with your employment. 
  

	17.	NOTICES 

 All notices and
other communications relating to your Appointment will take effect if delivered, upon delivery; if posted, at the earlier of the time of delivery and (if posted in the United Kingdom by first class post) 10.00 a.m. on the fifth business day after
posting; or if sent by facsimile, when a complete and legible copy of the communication has been received. Any communications posted to you should be sent to your last known domestic address or your last known home fax number. Any communications
posted to the Company should be sent to the Company’s head office, for 

  
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the attention of the Company Secretary or faxed to any fax number indicated by the Company for the use of confidential documents addressed to the Chairman. 

 

	18.	DEFINITIONS AND INTERPRETATION 

  

	18.1	Defined terms 

 In this
Agreement: 
 “Appointment” means your employment on the terms of this Agreement; 

“Associated Company” means any company which for the time being is: 

 

	 	(a)	a holding company (as defined by s736 Companies Act 1985) of the Company; 

  

	 	(b)	a subsidiary (as defined by the same section) or a subsidiary undertaking (as defined by s258 Companies Act 1985) of the Company or of any holding company of the
Company; or 

  

	 	(c)	a company over which the Company or any holding company of the Company has control within the meaning of s416 Income and Corporation Taxes Act 1988;

 “Board” means the board of directors of the Company, as constituted from time to time,
including any duly appointed committee or nominee of the Board; 
 “Chairman” means the person holding that
position from time to time or his nominee; 
 “Confidential Information” means the confidential information and
trade secrets included in paragraph 1.1 of Schedule 1; 
 “Day’s Salary” means 1/260th of your Salary;

 “Effective Date” means 1 February 2008 or such earlier date as you are free to take up employment with
the Company. This is the date your period of continuous employment will begin; 
 “Executive Personal Data”
means Personal Data and Sensitive Personal Data; 
 “Executive Intellectual Property” means all Intellectual
Property and all works in which Intellectual Property rights subsist or may subsist and any related materials which you alone or with one or more others make, originate or develop during the period of your employment with the Company (whether or not
made, originated or developed during normal working hours) and which affect or relate to its business of or are capable of being used or adapted for use in it; 
 “Executive Invention” means all inventions (which term bears the same meaning as the Patents Act 1977) which you alone or with one or more others may make, originate or develop during the
period of your employment with the Company (whether or not made, originated or developed during normal working hours) and which 

  
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affect or relate to its business or are capable of being used or adapted for use in it; 
 “Group” means the Company and/or any Associated Company;  

“Holiday Year” means the calendar year; 
 “Intellectual Property” means all present and future intellectual property, including patents, utility models, trade and service marks, trade names, domain names, rights in designs,
copyrights, moral rights, topography rights, rights in databases, trade secrets and know-how, in all cases whether or not registered or registrable and including registrations and applications for registration of any of these and rights to apply for
the same, rights to receive equitable remuneration in respect of any of these and all rights and forms of protection of a similar nature or having equivalent or similar effect to any of these anywhere in the world, in each case for the full term
thereof including all renewals and extensions; 
 “Personal Data” means personal data (as defined by s1
(1) Data Protection Act 1998) about you; 
 “Salary” means the salary payable from time to time under
Clause 5.1 (Salary); 
 “Sensitive Personal Data” means data about your: 

 

	 	(d)	racial or ethnic origins; 

  

	 	(e)	political opinions 

  

	 	(f)	religious beliefs or other beliefs of a similar nature; 

  

	 	(g)	membership of a trade union; 

  

	 	(h)	physical or mental health or condition; 

  

	 	(i)	sexual life; and 

  

	 	(j)	commission or alleged commission of any offence, or any proceedings for any offence committed or alleged to have been committed by you, the disposal of such proceedings
or any sentence of any court in connection with such proceedings; 

 “Termination” means the
ending of your Appointment however it arises and irrespective of its cause or manner but excluding wrongful termination by the Company in relation to Schedule 1, Paragraph 3 (Restrictive covenants). 

 

	18.2	Construction 

  

	 	(a)	The provisions of Schedule 13, Part 1 Companies Act 1985 apply in determining whether you have an interest in any shares or other securities. 

  
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	 	(b)	References to acting directly or indirectly include acting alone or jointly with or on behalf of or by means of another person and/or giving advice or providing
services with a view to assisting another person. 

  

	 	(c)	References to a person include an individual, firm, corporation and any other organisation however it is constituted and words denoting the singular include the plural
and vice versa. 

  

	 	(d)	References to an individual holding a position in the Company mean the holder of that position from time to time or his or her nominee or such other representative as
the Board may nominate. 

  

	 	(e)	References to statutory provisions are construed as references to those provisions as amended or re-enacted from time to time (whether before or after the date of this
Agreement) and references to documents are construed as references to documents as replaced or amended from time to time after the date of this Agreement. 

  

	 	(f)	References to this Agreement include the Schedules which form part of this Agreement for all purposes. 

 

	 	(g)	Unless the context otherwise requires, references to Clauses and Schedules are to Clauses and Schedules to this Agreement and reference in a Schedule to Paragraphs are
to Paragraphs of that Schedule. 

  

	19.	MISCELLANEOUS 

  

	19.1	Status of Agreement 

  

	 	(a)	This Agreement operates in substitution for and wholly replaces with effect from the Effective Date all terms previously agreed between the Company and you which will
be deemed to have been terminated by mutual consent. 

  

	 	(b)	Except as otherwise agreed in writing, this Agreement constitutes the entire agreement and understanding between the parties. The Company will have no liability or
remedy in tort against it in respect of any representation, warranty or other statement (other than those contained in this Agreement) being false, inaccurate or incomplete unless it was made fraudulently. You acknowledge that you are not entering
into this Agreement in reliance on any representation, warranty or undertaking which is not contained in this Agreement. 

  

	 	(c)	No variation or addition to this Agreement and no waiver of any provision of it will be valid unless in writing and signed by or on behalf of both parties.

  

	19.2	Jurisdiction 

 This
Agreement will be construed in accordance with English law and the parties irrevocably submit to the jurisdiction of the English Courts to settle any disputes which may arise in connection with this Agreement. 

I would ask you to confirm your acceptance of our offer by signing the attached copy and returning it to me. 

  
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	 Yours sincerely
	  				  	
			
	 /s/ Robert P. Myron
	  				  	
			
	 SIGNED as a deed by Andrew Carrier in
	  	 	)	  	  	/s/ Andrew J. Carrier
	 the presence of:
	  	 	)	  	  	

  

			
	 Witness’s signature:
	  	/s/ Philippa Robbins
		
	 Witness’s name
	  	PHILIPPA ROBBINS
	 (in capitals):
	  	

  

			
	 Witness’s address:
	 	Rooks Rider
		 	Challoner House
		 	10 Clerkenwell Close
		 	London EC1R0RR

  
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 SCHEDULE 1 
 CONFIDENTIALITY, INTELLECTUAL PROPERTY RIGHTS AND RESTRICTIVE 
 COVENANTS

  

	I.	CONFIDENTIALITY 

  

	1.1	Confidential information 

You acknowledge that during your Appointment you will have access to and will be entrusted with confidential information and trade secrets
relating to the business of the Company. This includes but is not limited to information and secrets relating to: 
  

	 	(a)	corporate and marketing strategy, business development and plans, maturing business opportunities, sales reports and research results; 

 

	 	(b)	business methods and processes, manuals and operating procedures, technical information and know-how relating to the Company’s business and which is not in the
public domain, including inventions, designs, programs, techniques, database systems, formulae and ideas; 

  

	 	(c)	business contacts, lists of customers and suppliers and details of contracts with them and their current or future requirements; 

 

	 	(d)	information on employees, including their particular skills and areas of expertise and their terms of employment; 

 

	 	(e)	expenditure levels and pricing discounting policies; 

  

	 	(f)	budgets, management accounts, trading statements and other financial reports; and 

 

	 	(g)	any document marked “confidential” or any information not in the public domain. 

 

	1.2	Using confidential information 

 You will not during your Appointment (otherwise than in the proper performance of your duties and then only to those who need to know such Confidential Information) or thereafter (except with the prior
written consent of the Chairman or as required by law): 
  

	 	(a)	divulge or communicate to any person (including any representative of the press or broadcasting or other media); 

 

	 	(b)	cause or facilitate any unauthorised disclosure through any failure by you to exercise due care and diligence of; or 

 

	 	(c)	make use (other than for the benefit of the Company) of 

 any Confidential Information relating to the business of the Company which may have come to your knowledge during your employment with the Company or in respect of which the Company may be bound by an
obligation of confidence to any 

  
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third party. You will also use your reasonable endeavours to prevent the publication or disclosure of any such Confidential Information. These restrictions will not apply after your Appointment
has terminated to Confidential Information which has become available to the public generally, otherwise than through unauthorised disclosure. 
 This does not prevent you from making a protected disclosure within the meaning of section 43A of the Employment Rights Act 1996. 

 

	1.3	Returning Confidential Information 

 All notes, memoranda, and other records (however stored) made by you during your Appointment and which relate to the business of the Company will belong to the relevant member of the Company and will
promptly be handed over to it (or as it directs) from time to time on request and at the end of your Appointment, without copies being kept by you or anyone else on your behalf. 

 

	2.	INTELLECTUAL PROPERTY RIGHTS 

  

	2.1	Executive Intellectual Property and Executive Inventions 

  

	 	(a)	Any Executive Intellectual Property and any Executive Inventions will be notified and disclosed by you to the Company in an appropriate manner as soon as it comes into
existence irrespective of whether you are entitled to ownership of such Executive Invention.) 

  

	 	(b)	Save as provided by law, any Executive Inventions or Executive Intellectual Property will belong to the Company. Insofar as permissible by law, you hereby assign to the
Company absolutely with full title guarantee and free from all encumbrances (by way of present assignment of all future rights) all rights in Executive Inventions and Executive Intellectual Property. Any Executive Inventions or Executive
Intellectual Property which do not belong and cannot be assigned to the Company in accordance with this Paragraph 2.1 will insofar as permissible by law be held on trust by you for the benefit of the Company until they are vested absolutely in the
Company. 

  

	 	(c)	Save as provided by law and set out in this Schedule, you have no rights to additional remuneration or compensation in respect of any Executive Intellectual Property or
Executive Invention. 

  

	2.2	Company interests 

 You
acknowledge that, because of the nature of your duties and the particular responsibilities arising from those duties, your employment with the Company carries with it a special obligation to further the interests of the Company. 

 

	2.3	Your duties 

  

	 	(a)	 You undertake that, at the Company’s expense and upon request (whether during or after the termination of your Appointment), you will execute such
documents, make such applications, give such reasonable assistance and do such acts and things as may be necessary to enable the Company to enjoy the full benefit of this Paragraph 2. This will include the giving of reasonable assistance or advice
(including 

  
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giving evidence if so required) in connection with: 

  

	 	(i)	the prosecution of any applications for the registration of; 

  

	 	(ii)	any proceedings brought to prevent the infringement of; and/or 

  

	 	(iii)	any proceedings concerning or affecting the validity of 

 any Executive Intellectual Property. 
  

	 	(b)	Should you fail to comply with a request under Paragraph 2.3(a) the Board is irrevocably authorised to appoint some person in your name and on your behalf to sign any
documents and take such other steps as are necessary to give effect to this Paragraph 2. 

  

	3.	RESTRICTIVE COVENANTS 

  

	3.1	Scope of restrictive covenants 

 Without prejudice to Clause 2 (Your duties during your Appointment), during your Appointment and in the case of each of the Paragraphs (a)-(d) for the periods set out at the start of each
Paragraph after the Termination of your Appointment less (in the case of Paragraph 3.1(a) and (b) any period during which you are not required to attend for work pursuant to Clause 9.5 (Garden leave and projects), you will not (except
with prior written consent of the Board) directly or indirectly do or attempt to do any of the following: 
  

	 	(a)	for 12 months, to any material extent, undertake, carry on or be employed, engaged or interested in any capacity in the supply or proposed supply of Competitive
Services within the Territory. Competitive Services will be provided within the Territory if any business in which you are to be involved is located, or will be located, or is conducted or will be conducted, wholly or partly within the Territory;

  

	 	(b)	for 12 months be employed or engaged in any capacity by a Customer in connection with the supply of Competitive Services; 

 

	 	(c)	for 12 months entice, induce or encourage a Customer to transfer or remove custom from the Company; 

 

	 	(d)	for 12 months solicit or accept business from a Customer for the supply of Competitive Services; 

 

	 	(e)	for 12 months: 

  

	 	(i)	entice, induce or encourage an Employee to leave or seek to leave his or her position with the Company; or 

 

	 	(ii)	 work with an Employee, 

  
 16 

	 	 
in either case for the purpose of being involved in or concerned with the supply or proposed Supply of Competitive Services regardless of whether or not that Employee acts in breach of his or her
contract of employment with the Company by so doing; or 

  

	 	(f)	for 12 months (i) entice, induce or encourage an Employee to leave or seek to leave his or her position with the Company; or (ii) work with an Employee.

 Nothing in Paragraph 3.1(a) will prevent you after the Termination of your Appointment from holding or being
interested in bona fide investments representing not more than five per cent of any class of shares or securities in any company listed or dealt in on any recognised stock exchange. Nothing in paragraph 3.1(e) or (f), will prevent you working with
an Employee during your Appointment. 
  

	3.2	Defined terms in this Paragraph  

 For the purpose of this Paragraph 3: 
  

	 	(a)	“Competitive Services” means goods or services competitive with those which during or at the expiry of the Relevant Period the Company was supplying or
negotiating or actively and directly seeking to supply to any Customer for the purpose of Relevant Business but excluding such types of goods or services if they were only provided to persons who indicated unequivocally during the first six months
of the Relevant Period that they would not be a customer for the purposes of Sub-Paragraph 3.2(b)(i); 

  

	 	(b)	“Customer” means a person: 

  

	 	(i)	who is at the expiry of the Relevant Period or who was at any time during the Relevant Period a customer of the Company (whether or not goods or services were actually
provided during such period) or to whom at the expiry of the Relevant Period the Company was actively and directly seeking to supply goods or services, in either case for the purpose of Relevant Business; and 

with whom you or an Employee reporting directly to you working to any material extent in Relevant Business had dealings at any time during
the Relevant Period or for whom you were responsible or about whom you were in possession of confidential information, in any such case in the performance of duties for the Company. 

Nothing in Paragraph 3.2(b)(i) will include a person who indicated unequivocally during the first six months of the Relevant Period that
such person would not be a customer for the purposes of that Paragraph; 
  

	 	(c)	“Employee” means a person who: 

  

	 	(i)	is employed in or who renders services to Relevant Business of the Company in a managerial or marketing or sales or senior capacity; 

 

	 	(ii)	has responsibility for customers of the Company or influence over them; or 

  
 17 

	 	(iii)	is in possession of confidential information about the Company’s business; 

 and who in any such case was so employed and so rendered services during the Relevant Period and who: 
  

	 	(iv)	had dealings with you during the Relevant Period; or 

  

	 	(v)	about whom at the end of the Relevant Period you had confidential or sensitive information by virtue of your duties; 

 

	 	(d)	“Relevant Business” means the areas of business of the Company in which, pursuant to your duties, you were materially involved or were in possession of
Confidential Information, in either case at any time during the Relevant Period; 

  

	 	(e)	“Relevant Period” means: 

  

	 	(i)	the period of your Appointment, in relation to your actions during your Appointment; and 

 

	 	(ii)	the period of twelve months ending on the last day of your Appointment or the period of your Appointment if shorter than twelve months, in relation to your actions
following the end of your Appointment; and 

  

	 	(f)	“Territory” means England, Wales, Scotland and/or Northern Ireland, Bahamas and any other country or, in the United States, any other state in which
the Company is operating or planning to operate Relevant Business at the expiry of the Relevant Period. Relevant Business will be operating within the Territory at the expiry of the Relevant Period it has been located, conducted or promoted in that
country or state during the Relevant Period. 

  

	3.3	Severability 

 Each part
of this Paragraph 3 constitutes an entirely separate and independent restriction and does not operate to limit any other obligation owed by you, whether that obligation is express or implied by law. If any restriction is held to be invalid or
unenforceable by a court of competent jurisdiction, it is intended and understood by the parties that such invalidity or unenforceability will not affect the remaining restrictions. 

 

	3.4	Legitimate business interest 

 You acknowledge that each of the restrictions in this Paragraph 3 goes no further than is necessary for the protection of the Company’s legitimate business interests. 

 

	3.5	Future offers of employment 

 Before accepting any offer of employment either during your Appointment or during the continuance of the restrictions in this Paragraph 3, you will immediately provide

  
 18 

 
to the person making such offer and its agents, including any head hunter a complete signed copy of this Agreement. 

  
 19 

 SCHEDULE 2 

 

	20.	DATA PROTECTION 

  

	20.1	Consent to process Executive’s Personal Data 

 For the purpose of the Data Protection Act 1998 you consent, by signing this Agreement, to the collection, holding, use, disclosure and processing (both electronically and manually) by the Company or any
Associated Company (or a company appointed by them for such purposes) of the Executive Personal Data. This Executive Personal Data may be used for purposes relating to your employment and the operation, management, security and administration of the
business of the Company or any Associated Company. This may include but is not limited to processing done in connection with: 
  

	 	(a)	administering and maintaining personnel records; 

  

	 	(b)	planning, paying and reviewing salary and other remuneration and benefits; 

 

	 	(c)	planning, providing and administering benefits whether statutory or contractual; 

 

	 	(d)	assessments of your performance or conduct including performance appraisals and reviews and for disciplinary and grievance procedure purposes; 

 

	 	(e)	maintaining sickness and other absence records; 

  

	 	(f)	maintaining health and safety records and ensuring a safe working environment; 

 

	 	(g)	taking decisions on your fitness to work and complying with obligations under the Disability Discrimination Act 1995; 

 

	 	(h)	providing references and information to future employers (whether inside the Group or outside the Group); 

 

	 	(i)	providing information to the appropriate external authorities for tax, social security and other purposes as required by law to comply with any statutory duty;

  

	 	(j)	equal opportunities, ethnic monitoring and compliance with legal obligations in connection with them; 

 

	 	(k)	providing information to any future purchasers of the Company or to any transferees of the business in which you work, including but not limited to, for due diligence
purposes; and 

  

	 	(l)	planning or reviewing options, in relation to the operation or management of the Company. 

  
 20 

	1.2	Consent to transfer the Executive Personal Data 

 You also consent to the transferring of the Executive Personal Data to a country or territory outside the European Economic Area for any of the above purposes. 

 

	21.	USE AND MONITORING OF EQUIPMENT 

  

	21.1	Use of equipment 

 You
will not use any computer hardware or software or any other technical equipment or systems owned, licensed or rented: 
  

	 	(a)	by the Company for any purpose other than to carry out your proper duties; or 

 

	 	(b)	by you or any person other than the Company for any purpose connected with the carrying out of your proper duties. 

 

	21.2	Monitoring use of equipment 

 You agree that the Company may monitor, intercept or record your use of office equipment, including but not limited to: email, the internet, your telephone and any mobile phone issued to you by the
Company. 

  
 21Compromise Agreement

 EXHIBIT 10.3 
 Dated      13 January 2011 
 ARGO GROUP
SERVICES LIMITED 
 and 
 JULIAN ENOIZI 
 Without Prejudice and Subject to Contract 

 
  

FIRST COMPROMISE AGREEMENT 
  

 

 

 

 Condor House 
 5-10 St. Paul’s Churchyard 
 London EC4M 8AL 

Tel. +44 (0)20 3201 5000 
 Fax: +44 (0)20 3201 5001 
 www.morganlewis.com 

 THIS AGREEMENT is made on 13 January 2011 

BETWEEN: 
  

	 	(1)	Argo Group Services Limited whose registered office is 33 St Mary’s Axe, London EC3A 8AA (the “Company”); and 

 

	 	(2)	Julian Enoizi of The Island, Heath Drive, Walton on the Hill, Surrey KT20 7QE (“You”). 

IT IS AGREED as follows: 
 Termination
Date 
  

	1.	Your employment with the Company will end on 4 March 2011 (the “Termination Date”) by mutual agreement. You will be paid your normal salary
and benefits up to the Termination Date when all such entitlement shall cease and receive a payment in lieu of any accrued but untaken holiday entitlement up to the Termination Date. Such payments will be subject to such income tax and National
Insurance contributions as the Company is obliged by law to deduct. 

  

	2.	You agree that you will sign and return to the Company a second compromise agreement (the “Second Agreement”) the form of which is attached at Schedule
4 (together with the signed Relevant Independent Adviser’s certificate attached at Annex 1 to the Second Agreement) within 5 days of the Termination Date. For the avoidance of doubt, in the event that the Second Agreement is not entered into in
accordance with the terms of this Agreement, this Agreement, other than clause 3 below will remain in full force and effect. 

Compensation 
  

	3.	Within 14 days of receipt by the Company of (i) a copy of this Agreement signed by you (including compliance with clause 12 of this Agreement), (ii) a copy of
the Relevant Independent Adviser’s certificate signed by the Relevant Independent Adviser at Schedule 1, and (iii) the Company receiving a copy of the Second Agreement signed by you together with the signed Relevant Independent
Adviser’s certificate at Annex 1 to the Second Agreement, the Company shall: 

  

	3.1	without any admission of liability, pay to you £100,000 as compensation for the termination of your employment (the “Termination Payment”)
the first £30,000 will be paid without deduction of tax in accordance with the Company’s understanding of the applicable tax legislation. The balance will be subject to basic rate income tax as required by law; 

 

	3.2	pay to you £100 (less such income tax and National Insurance contributions if any as the Company is obliged by law to deduct) by way of consideration for the
obligations at clauses 13 and 15; and 

  

	3.3	continue to provide you with membership of the Company’s private health insurance scheme, subject to the rules of the relevant benefit scheme in force from time to
time until 3 September 2011 or such time as any contract which shall provide the Employee with equivalent benefits commences, whichever is earlier together the “Settlement”. 

	3.4	The Company will reimburse You all business expenses incurred up to and including the Termination Date subject to receipt of satisfactory evidence of expenditure in
accordance with the Company’s current expenses policy. 

 Payment of Tax 

 

	4.	You hereby undertake and agree to be responsible for the payment of any tax in respect of the Settlement (other than, for the avoidance of doubt, any tax withheld by
the Company in paying the sums to you) and you hereby agree to indemnify the Company and keep the Company indemnified on a continuing basis against any claim or demand which is made against the Company in respect of any liability of the Company to
deduct an amount of tax or an amount in respect of tax from the payments made and benefits provided under this Agreement, including any interest or penalties imposed in connection therewith and including, but without prejudice to the generality of
the foregoing, any claim or demand made in respect of United Kingdom income tax or PAYE. The Company agrees that it will give you a reasonable opportunity (at your own expense) to challenge any assessment for tax before making any payment to HM
Revenue & Customs provided always that the Company shall not be obliged to act contrary to its obligations to HM Revenue & Customs or in any way that adversely affects its relationship or standing with HM Revenue &
Customs. 

 Legal Fees 
  

	5.	The Company shall pay directly to the Relevant Independent Adviser, on presentation of an invoice from the Relevant Independent Adviser following the Relevant
Independent Adviser signing the second Relevant Independent Adviser’s certificate, the Employee’s legal fees reasonably incurred in connection with taking advice on the termination of your employment, this Agreement and the Second
Agreement limited to £2,500 exclusive of VAT. 

 Settlement 

 

	6.	You agree to accept the above settlement terms and the arrangements set out in this Agreement in full and final settlement of all claims you have or may have against
the Company and/or any Group Company or any of the officers or employees arising out of your employment or its termination or otherwise including any claims for compensation, reinstatement, re-engagement, or otherwise which you may have before a
Court or Employment Tribunal. “Group Company” for the purposes of this Agreement means any company which is a parent undertaking or a subsidiary undertaking of the Company’s parent undertaking (other than the Company) from time
to time where the expressions “subsidiary undertaking” and “parent undertaking” shall have the meanings given to them by section 1162 Companies Act 2006. Without prejudice to the generality of the settlement terms
in this Agreement, you accept the payments referred to above in full and final settlement of: 

  

	6.1	any claim for unfair dismissal; 

	6.2	any claim for payment in lieu of notice or damages for failure to give notice or other breach of contract; 

 

	6.3	any claim for a redundancy payment (whether statutory or enhanced); 

  

	6.4	any claim in respect of deductions from wages; 

  

	6.5	any claim relating to a protected disclosure; 

  

	6.6	any claim for discrimination (whether direct or indirect), less favourable treatment, harassment, detriment or victimisation because of the protected characteristics of
sex, race, disability, sexual orientation, religion or belief or age or on the grounds of part-time or fixed-term status; 

  

	6.7	any claim for discrimination by association or perception discrimination; 

  

	6.8	any claim for discrimination related to disability or arising from the protected characteristic of disability; 

 

	6.9	any equal pay claim under the Equal Pay Act 1970 and the Equality Act 2010; 

 

	6.10	any claim relating to parental, paternity, adoption or dependent leave; and 

 

	6.11	any claim not mentioned above under the Employment Rights Act 1996, Sex Discrimination Act 1975, Race Relations Act 1976 or the Disability Discrimination Act 1995 and
any claim under the Trade Union and Labour Relations (Consolidation) Act 1992 (including any claim whatsoever for a protective award), the National Minimum Wage Act 1998, the Working Time Regulations 1998, the Human Rights Act 1998, the Employment
Relations Act 1999, The Transnational Information and Consultation of Employees Regulations 1999, the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed-term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Sexual Orientation) Regulations 2003, Part VII of the Information and Consultation of Employees Regulations 2004, the Transfer of Undertakings
(Protection of Employment) Regulations 2006, the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, the Employment Equality (Age) Regulations 2006 and the Equality Act
2010 but excluding any Accrued Pension Rights Claim, any Personal Injury Claims and any claim to enforce the terms of this Agreement. In this clause: 

 “Accrued Pension Rights Claim” means any claims by you in respect of accrued pension rights save for any such accrued pension rights claim where you are currently aware of any facts or
circumstances which do or may give rise to the claim; and 
 “Personal Injury Claims” means any claims by you in
respect of personal injury save for (a) any such personal injury claim where you are currently aware of any facts or circumstances which do or which may give rise to the claim and, (b) any such personal injury claim which may be brought
under discrimination legislation. 
  

	7.	Clause 6 above applies to all present and future claims, costs, expenses or rights of action and shall have effect irrespective of whether or not you are or could be
aware of such claims, costs, expenses or rights of action at the date of this Agreement and irrespective of whether or not such claims, costs, expenses or rights of action are in the express contemplation of the Company and you at the date of this
Agreement (including such claims, costs, expenses or rights of action of which you become aware after the date of this Agreement in whole or in part as a result of the commencement of new legislation or the development of common law or which arise
after the date of this Agreement). 

	8.	If you: 

  

	8.1	commit a material breach of any term of this Agreement; or 

  

	8.2	commence proceedings against the Company or any Group Company in breach of this Agreement; or 

 

	8.3	proceedings are commenced on your behalf by an appropriate representative within the meaning of Section 188(1)(B) of the Trade Union & Labour Relations
(Consolidation) Act 1992 and Regulation 13(3) of the Transfer of Undertakings (Protection of Employment) Regulations 2006; 

 then you will pay to the Company on demand by way of liquidated damages an amount equivalent to, in the case of clause 8.1, the damages suffered by the Company as a result of the breach or, in the case of
clause 8.2, the value of any damages or other compensation sought by you or the amount which could be awarded in any such proceedings, or, in the case of clause 8.3, the value of any damages or other compensation sought on your behalf, or the amount
which could be awarded in any such proceedings, subject however to a maximum of the amount of the Settlement, and any such payment shall be recoverable as a debt. 
 Legal Advice 
  

	9.	You warrant to the Company that you have received independent legal advice from David Bickford, Penningtons Solicitors LLP, Da Vinci House, Basing View, Basingstoke,
Hampshire RG21 4EQ (the “Relevant Independent Adviser”) as to the terms and effect of this Agreement and in particular its effect on your ability to pursue your rights before a Court or Employment Tribunal in respect of any of the
claims set out in clause 6. You also confirm that when this advice was given there was in place a valid contract of insurance or indemnity covering the risk of a claim by you in respect of any loss arising in consequence of that advice.

  

	10.	This Agreement satisfies the conditions for regulating compromise agreements/contracts under section 203 of the Employment Rights Act 1996 (as amended), section 77 of
the Sex Discrimination Act 1975 (as amended), Schedule 3A of the Disability Discrimination Act 1995, section 72 of the Race Relations Act 1976, Regulation 35(3) of the Working Time Regulations 1998, section 288 of the Trade Union and Labour
Relations (Consolidation) Act 1992, section 49 of the National Minimum Wage Act 1998, Regulation 42 of the Transnational Information and Consultation of Employees Regulations 1999, Regulation 10 of the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002, Schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, Schedule 4 of the Employment Equality (Religion and Belief) Regulations 2003, sub-paragraphs (a)-(e) of paragraph 13(1) of the
Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, Schedule 4 of the Employment Equality (Age) Regulations 2006 and section 147 of the Equality Act 2010.

 Warranties 
  

	11.	You hereby warrant that you: 

  

	11.1	have not at any time committed a repudiatory breach of your employment agreement which would entitle the Company to terminate your employment without notice. The
Company is not aware of any such repudiatory breach at the present time; and 

  

	11.2	are not aware of any facts or circumstances which might give rise to any claim by you against the Company (including, for the avoidance of doubt, any Accrued Pension
Rights Claims or Personal Injury Claims or any claim to enforce the terms of this Agreement), other than those claims set out at clause 6. 

  

	11.3	the claims set out in clause 6 are all of the claims and prospective claims which you intimate and asserts that you have or may have against the Company or any Group
Company. 

 Return of Company Property 
  

	12.	It is agreed that: 

  

	12.1	you will return to the Company all property in your possession, custody or control which belongs to the Company or any Group Company or relates to their businesses or
affairs as set out in clause 16.1 of your employment contract with the Company dated 1 June 2009. You warrant that no copies of any of the above property have been retained by you or alternatively, that such copies as have been taken have been
returned to the Company; 

  

	12.2	subject to your successful completion of the tasks set out in clause 16 of this Agreement your mobile telephone number (07825805698) will be transferred to you. The
Company agrees that you may contact the mobile phone operator to arrange for the transfer of your number to you with effect from the Termination Date. You shall be responsible for all costs and charges incurred in connection with the use of that
number from the Termination Date; and 

  

	12.3	subject to your successful completion of the tasks set out in clause 16 of this Agreement you will be entitled to retain possession of the Company laptop with effect
from the Termination Date on the strict understanding that the laptop must first be returned to the Company for all Company property to be removed. In the event that you do not return the lap top to the company to allow sufficient time for all
Company property to be removed the lap top will be provided to you as soon as possible after the Termination Date. 

Continuing Obligations 
  

	13.	You undertake (subject to your rights, if any, under the Public Interest Disclosure Act 1998) not to make or cause any statement to be made (whether fact, belief or
opinion) which directly or indirectly disparages, is inimical to or damages the reputation or standing of the Company or any Group Company or any of their businesses, affairs, officers, employees, agents, customers, suppliers or shareholders which
relate in any way to your employment by or departure from the Company. 

	14.	The Company undertakes to use reasonable endeavours to ensure that it will not make or cause to be made or publish or cause to be published and not authorise its
officers, employees or agents to make or cause to be made or publish or cause to be published any derogatory comment or statement about you to any third person. 

 In this clause 14, “third person” shall not include any professional adviser, auditor, bankers or insurer of the Company or any Group Company or any employee, agent or officer of any of
them. 
  

	15.	The parties to this Agreement agree to maintain as secret and confidential the terms of this Agreement and the circumstances concerning the termination of your
employment save where disclosure is required by law or where disclosure is necessary or appropriate to professional advisers or HM Revenue & Customs and, in the case of You, to your immediate family and to any prospective employer only to
the extent necessary to discuss your employment history. 

  

	16.	You agree to continue to perform your contractual duties in a professional manner and to use reasonable endeavours to ensure the sign off on the fourth quarter close, a
successful FSA Arrow visit, successful lodging of the Lloyd’s Plan and ICA (capital allocation) and successful conclusion of the trade negotiations. For the avoidance of doubt you also agree to provide regular updates on the same to Mark
Watson. Further you will insofar as it is reasonably practicable also prepare a Distribution Plan, CSR plan and an FSA Application for both ADL Paris and an insurance company and to continue to assist Mark Watson in the build-out of the European
Direct Operation. 

 Stock Options and Shares 

 

	17.	The Company agrees that you will be permitted to deal with any Argo Group International Holdings, LTD restricted stock which vest before the Termination Date and shall
be able to deal with Argo Group International Holdings, LTD vested share appreciation rights in accordance with the provisions of the relevant Share Appreciation Right Agreement. 

Press Release 
  

	18.	The Company agrees to publish a joint press release on the date of this agreement in the form set out at Schedule 2 to this First Agreement. You agree that the Company
has the right to refer to other matters in the press release and alter the heading provided that if it does so, the section in such press release relating to you shall in the terms set out in Schedule 2. 

Reference 
  

	19.	The Company agrees to provide, on written request to its HR Department from your new or prospective employer, a reference in the terms set out in Schedule 3 to this
First Agreement and to answer all direct requests for a reference in a manner consistent with and substantially in these terms. 

 Personal Belongings 
  

	20.	The Company will, on or before the Termination Date, arrange at the Company’s cost for your personal belongings to be delivered to your home address on a date and
at a time convenient to You. 

 Third Parties 

 

	21.	Each Group Company shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the rights bestowed on it by clauses 6-8, 12, 13 and 15. The
consent of a Group Company is not required to amend any term of this Agreement. Except as set out in this clause, a person who is not a party to this Agreement, may not enforce any of its provisions under the Contracts (Rights of Third Parties) Act
1999. 

  

	22.	This Agreement supersedes any previous written or oral agreement in relation to the matters dealt with in this Agreement and contains the whole agreement between the
parties relating to the subject matter of this Agreement. 

  

	23.	If any provision of this Agreement shall be held illegal, invalid or unenforceable, in whole or in part, under any enactment or rule of law, such provision or part
shall to that extent be deemed not to form part of this Agreement but the legality, validity and enforceability of the remainder of this Agreement shall not be affected. 

 

	24.	This Agreement, although marked “without prejudice and subject to contract”, will upon signature by both parties and upon the Relevant Independent
Adviser signing the attached certificate be treated as an open document evidencing an agreement binding both parties. 

Jurisdiction 
  

	25.	This Agreement shall be construed in accordance with the law of England and Wales and the parties submit to the exclusive jurisdiction of the English courts.

  

					
	Signed:	 	 /s/ David Spiller
	 	 (For and on behalf of the Company)

			
	Dated:	 	January 19, 2011	 	
			
	Signed:	 	 /s/ Julian Enoizi
	 	Julian Enoizi
			
	Dated:	 	January 14, 2011	 	 

  

 Schedule 4 
 Dated                                
        2011 
 ARGO GROUP SERVICES LIMITED 

and 

JULIAN ENOIZI 
 Without Prejudice and Subject to Contract 
  

 
 SECOND
COMPROMISE AGREEMENT 
  
  

 

 

 Condor House 
 5-10 St. Paul’s Churchyard 
 London EC4M 8AL 

Tel. +44 (0)20 3201 5000 
 Fax: +44 (0)20 3201 5001 
 www.morganlewis.com 

 THIS SECOND AGREEMENT is made on
                                         
        2011 
 BETWEEN: 

 

	 	(1)	Argo Group Services Limited whose registered office is Knollys House, 47 Mark Lane, London EC3R 7QQ (the “Company”); and 

 

	 	(2)	Julian Enoizi of The Island, Heath Drive, Walton on the Hill, Surrey KT20 7QE (“You”). 

IT IS AGREED as follows: 
  

	1.	Unless otherwise stated, defined terms in this Second Agreement have the same meaning as set out in the Agreement previously entered into between the Company and you
(the “First Agreement”), to which the form of this Second Agreement was attached as Schedule 4. 

Company’s Obligations 
  

	2.	Provided that you remain in employment up until the Termination Date, (ii) have, in the reasonable opinion of the Company, complied with the terms of the First
Agreement and (iii) enter into this Second Agreement in compliance with clause 2 of the First Agreement, the Company will, in consideration for this, make the payments set out in clause 3 of the First Agreement in accordance with, and subject
to, the First Agreement’s terms and the terms of this Second Agreement. 

 Settlement 

 

	3.	You agree to accept the above settlement terms and the arrangements set out in this Second Agreement in full and final settlement of all claims you have or may have
against the Company and/or any Group Company or any of the officers or employees arising out of your employment or its termination or otherwise including any claims for compensation, reinstatement, re-engagement, or otherwise which you may have
before a Court or Employment Tribunal. “Group Company” for the purposes of this Agreement means any company which is a parent undertaking or a subsidiary undertaking of the Company’s parent undertaking (other than the Company)
from time to time where the expressions “subsidiary undertaking” and “parent undertaking” shall have the meanings given to them by section 1162 Companies Act 2006. Without prejudice to the generality of the
settlement terms in this Second Agreement, you accept the payments in clause 3 of the First Agreement in full and final settlement of: 

  

	3.1	any claim for unfair dismissal; 

  

	3.2	any claim for payment in lieu of notice or damages for failure to give notice or other breach of contract; 

 

	3.3	any claim for a redundancy payment (whether statutory or enhanced); 

  

	3.4	any claim in respect of deductions from wages; 

  

	3.5	any claim relating to a protected disclosure; 

	3.6	any claim for discrimination (whether direct or indirect), less favourable treatment, harassment, detriment or victimisation because of the protected characteristics of
sex, race, disability, sexual orientation, religion or belief or age or on the grounds of part-time or fixed-term status; 

  

	3.7	any claim for discrimination by association or perception discrimination; 

  

	3.8	any claim for discrimination related to disability or arising from the protected characteristic of disability; 

 

	3.9	any equal pay claim under the Equal Pay Act 1970 and the Equality Act 2010; 

 

	3.10	any claim relating to parental, paternity, adoption or dependent leave; and 

 

	3.11	any claim not mentioned above under the Employment Rights Act 1996, Sex Discrimination Act 1975, Race Relations Act 1976 or the Disability Discrimination Act 1995 and
any claim under the Trade Union and Labour Relations (Consolidation) Act 1992 (including any claim whatsoever for a protective award), the National Minimum Wage Act 1998, the Working Time Regulations 1998, the Human Rights Act 1998, the Employment
Relations Act 1999, The Transnational Information and Consultation of Employees Regulations 1999, the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, the Fixed-term Employees (Prevention of Less Favourable Treatment)
Regulations 2002, the Employment Equality (Religion or Belief) Regulations 2003, the Employment Equality (Sexual Orientation) Regulations 2003, Part VII of the Information and Consultation of Employees Regulations 2004, the Transfer of Undertakings
(Protection of Employment) Regulations 2006, the Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, the Employment Equality (Age) Regulations 2006 and the Equality Act
2010 but excluding any Accrued Pension Rights Claim, any Personal Injury Claims and any claim to enforce the terms of this Agreement. In this clause: 

 “Accrued Pension Rights Claim” means any claims by you in respect of accrued pension rights save for any such accrued pension rights claim where you are currently aware of any facts or
circumstances which do or may give rise to the claim; and 
 “Personal Injury Claims” means any claims by you in
respect of personal injury save for (a) any such personal injury claim where you are currently aware of any facts or circumstances which do or which may give rise to the claim and, (b) any such personal injury claim which may be brought
under discrimination legislation. 
  

	4.	Clause 3 above applies to all present and future claims, costs, expenses or rights of action and shall have effect irrespective of whether or not you are or could be
aware of such claims, costs, expenses or rights of action at the date of this Second Agreement and irrespective of whether or not such claims, costs, expenses or rights of action are in the express contemplation of the Company and you at the date of
this Second Agreement (including such claims, costs, expenses or rights of action of which you become aware after the date of this Second Agreement in whole or in part as a result of the commencement of new legislation or the development of common
law or which arise after the date of this Second Agreement). 

	5.	If you: 

  

	5.1	commit a material breach of any term of this Second Agreement; or 

  

	5.2	commence proceedings against the Company or any Group Company in breach of this Second Agreement; or 

 

	5.3	proceedings are commenced on your behalf by an appropriate representative within the meaning of Section 188(1)(B) of the Trade Union & Labour Relations
(Consolidation) Act 1992 and Regulation 13(3) of the Transfer of Undertakings (Protection of Employment) Regulations 2006; 

 then you will pay to the Company on demand by way of liquidated damages an amount equivalent to, in the case of clause 5.1, the damages suffered by the Company as a result of the breach or, in the case of
clause 5.2, the value of any damages or other compensation sought by you or the amount which could be awarded in any such proceedings, or, in the case of clause 5.3, the value of any damages or other compensation sought on your behalf, or the amount
which could be awarded in any such proceedings, subject however to a maximum of the amount of the payments in clause 3 of the First Agreement, and any such payment shall be recoverable as a debt. 

Legal Advice 
  

	6.	You warrant to the Company that you have received independent legal advice from David Bickford, Penningtons Solicitors LLP, Da Vinci House, Basing View, Basingstoke,
Hampshire RG21 4EQ (the “Relevant Independent Adviser”) as to the terms and effect of this Second Agreement and in particular its effect on your ability to pursue your rights before a Court or Employment Tribunal in respect of any
of the claims set out in clause 3. You also confirm that when this advice was given there was in place a valid contract of insurance or indemnity covering the risk of a claim by you in respect of any loss arising in consequence of that advice.

  

	7.	This Second Agreement satisfies the conditions for regulating compromise agreements/contracts under section 203 of the Employment Rights Act 1996 (as amended), section
77 of the Sex Discrimination Act 1975 (as amended), Schedule 3A of the Disability Discrimination Act 1995, section 72 of the Race Relations Act 1976, Regulation 35(3) of the Working Time Regulations 1998, section 288 of the Trade Union and Labour
Relations (Consolidation) Act 1992, section 49 of the National Minimum Wage Act 1998, Regulation 42 of the Transnational Information and Consultation of Employees Regulations 1999, Regulation 10 of the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002, Schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, Schedule 4 of the Employment Equality (Religion and Belief) Regulations 2003, sub-paragraphs (a)-(e) of paragraph 13(1) of the
Schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, Schedule 4 of the Employment Equality (Age) Regulations 2006 and section 147 of the Equality Act 2010.

 Warranties 
  

	8.	You hereby warrant that you: 

  

	8.1	have not at any time committed a repudiatory breach of your employment agreement which would entitle the Company to terminate your employment summarily and without
notice. The Company is not aware of any such repudiatory breach at the present time; and 

  

	8.2	are not aware of any facts or circumstances which might give rise to any claim by you against the Company (including, for the avoidance of doubt, any Accrued Pension
Rights Claims or Personal Injury Claims or any claim to enforce the terms of this Second Agreement), other than those claims set out at clause 3. 

  

	8.3	the claims set out in clause 3 are all of the claims and prospective claims which you intimate and assert that you have or may have against the Company or any Group
Company. 

 Third Parties 
  

	9.	Each Group Company shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the rights bestowed on it by clauses 3-5. The consent of a
Group Company is not required to amend any term of this Second Agreement. Except as set out in this clause, a person who is not a party to this Second Agreement, may not enforce any of its provisions under the Contracts (Rights of Third Parties) Act
1999. 

 Miscellaneous 
  

	10.	This Second Agreement will, upon signature by both parties and your completion of the Independent Legal Adviser’s certificate at Annex 1, be treated as an open
document evidencing an agreement binding on the parties. 

  

	11.	The First Agreement and this Second Agreement set out the entire agreement and understanding between the parties and supersedes all prior agreements, understanding or
arrangements, whether oral or written, in respect of the subject matter of the First Agreement and this Second Agreement. For the avoidance of doubt, you and the Company confirm that the provisions of the First Agreement remain in full force and
effect notwithstanding the execution of this Second Agreement. 

  

	12.	If any provision of this Second Agreement shall be held illegal, invalid or unenforceable, in whole or in part, under any enactment or rule of law, such provision/part
shall to that extent be deemed not to form part of this Second Agreement but the legality, validity and enforceability of the remainder of this Second Agreement shall not be affected. 

 

	13.	This Second Agreement, although marked “without prejudice and subject to contract”, will upon signature by both parties and upon the Relevant
Independent Adviser signing the attached certificate be treated as an open document evidencing an agreement binding both parties. 

 Jurisdiction 
  

	14.	This Second Agreement shall be construed in accordance with the law of England and Wales and the parties submit to the exclusive jurisdiction of the English courts.

  

					
	Signed:	 	  
	 	(For and on behalf of the Company)
			
	Dated:	 	  
	 	
			
	Signed:	 	  
	 	Julian Enoizi
			
	Dated:

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