Document:

Agreement of Resignation, Appointment and Acceptance dated as of November 13, 06

 Exhibit 4.3 
 AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, dated as of November 13, 2006 by and among BHP Billiton Finance (USA) Limited (ABN 49 057 525 505), a corporation duly organized and existing under the laws
of the Commonwealth of Australia and having its principal office at 180 Lonsdale Street Melbourne, 3000, Australia (the “Company”), The Bank of New York, a banking corporation duly organized and existing under the laws of the State of New
York and having its principal corporate trust office at 101 Barclay Street, 4E, New York, New York 10286 (“Successor Trustee”) and CITIBANK, N.A., a national banking association duly organized and existing under the laws of the United
States of America and having its principal corporate trust office at 388 Greenwich Street, New York, New York 10013 (“Resigning Trustee”). 
 RECITALS: 
 WHEREAS, there are currently $750,000,000 aggregate principal amount of the Company’s 5.25% Senior Notes due 2015,
$600,000,000 aggregate principal amount of the Company’s 5.00% Senior Notes due 2010 and $850,000,000 aggregate principal amount of the Company’s 4.8% Senior Notes due 2013 (the “Securities”) outstanding under an Indenture, dated
as of April 17, 2003, by and between the Company and Resigning Trustee (the “Indenture”); 
 WHEREAS, the Company appointed
Resigning Trustee as the Trustee, Security Registrar and Paying Agent under the Indenture; 
 WHEREAS, Section 610 of the Indenture
provides that the Trustee may at any time resign with respect to the Securities of one or more series by giving written notice of such resignation to the Company, effective upon the acceptance by a successor Trustee of its appointment as a successor
Trustee; 
 WHEREAS, Section 610 of the Indenture provides that, if the Trustee shall resign, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee; 
 WHEREAS, Section 611 of the Indenture provides that any successor Trustee appointed in
accordance with the Indenture shall execute, acknowledge and deliver to the Company and to its predecessor trustee an instrument accepting such appointment under the Indenture, and thereupon the resignation of the predecessor Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all rights, powers, duties and obligations of the predecessor trustee; 
 WHEREAS, the Resigning Trustee has given written notice to the Company that it is resigning as Trustee, Security Registrar and Paying Agent under the
Indenture. 
 WHEREAS, the Company desires to appoint Successor Trustee as successor Trustee, Security Registrar and Paying Agent to succeed
Resigning Trustee in such capacities under the Indenture; and 
 WHEREAS, Successor Trustee is willing to accept such appointment as
successor Trustee, Security Registrar and Paying Agent under the Indenture; 
 NOW, THEREFORE, the Company, Resigning Trustee and Successor
Trustee, for and in consideration of the premises and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby consent and agree as follows: 
 THE RESIGNING TRUSTEE 
 1.1 Pursuant
to Section 610 of the Indenture, Resigning Trustee has by letter notified the Company that Resigning Trustee is resigning as Trustee, Security Registrar, and Paying Agent under the Indenture. 
  

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 1.2 Resigning Trustee hereby represents and warrants to Successor Trustee that: 
  

	 	(a)	No covenant or condition contained in the Indenture has been waived by Resigning Trustee or, to the best knowledge of responsible officers of Resigning Trustee’s corporate
trust department, by the Holders of the percentage in aggregate principal amount of the Securities required by the Indenture to effect any such waiver. 

  

	 	(b)	There is no action, suit or proceeding pending or, to the best knowledge of responsible officers of Resigning Trustee’s corporate trust department, threatened against Resigning
Trustee before any court or any governmental authority arising out of any act or omission of Resigning Trustee as Trustee under the Indenture. 

  

	 	(c)	As of the effective date of this Agreement, Resigning Trustee will hold no moneys or property under the Indenture. 

  

	 	(d)	Pursuant to Section 303 of the Indenture, Resigning Trustee has duly authenticated and delivered $750,000,000 aggregate principal amount of 5.25% Senior Notes due 2015,
$600,000,000 aggregate principal amount of 5.00% Senior Notes due 2010 and $850,000,000 aggregate principal amount of 4.8% Senior Notes due 2013 which are outstanding as of the effective date hereof. 

  

	 	(e)	The registers in which it has registered and transferred registered Securities accurately reflect the amount of Securities issued and outstanding and the amounts payable thereon.

  

	 	(f)	Each person who so authenticated the Securities was duly elected, qualified and acting as an officer or authorized signatory of Resigning Trustee and empowered to authenticate the
Securities at the respective times of such authentication and the signature of such person or persons appearing on such Securities is each such person’s genuine signature. 

  

	 	(g)	This Agreement has been duly authorized, executed and delivered on behalf of Resigning Trustee and constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms. 

  

	 	(h)	To the best knowledge of responsible officers of the Resigning Trustee’s corporate trust department, no event has occurred and is continuing which is, or after notice or lapse
of time would become, an Event of Default under Section 501 of the Indenture. 

 1.3 Resigning Trustee hereby assigns,
transfers, delivers and confirms to Successor Trustee all right, title and interest of Resigning Trustee in and to the trust under the Indenture and all the rights, powers and trusts of the Trustee under the Indenture. Resigning Trustee shall
execute and deliver such further instruments and shall do such other things as Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in Successor Trustee all the rights, powers and trusts hereby assigned,
transferred, delivered and confirmed to Successor Trustee as Trustee, Security Registrar and Paying Agent. 
 1.4 Resigning Trustee shall
deliver to Successor Trustee, as of or promptly after the effective date hereof, all of the documents listed on Exhibit A hereto. 
 THE
COMPANY 
 2.1 The Company hereby accepts the resignation of Resigning Trustee as Trustee, Security Registrar and Paying Agent under the
Indenture. 
 2.2 The Company hereby certifies that a Board Resolution substantially similar in effect to Exhibit B annexed hereto was duly
adopted by the Board of Directors of the Company, it is in full force and effect on the date hereof and authorizes certain officers of the Company to: (a) accept Resigning Trustee’s resignation as Trustee, Security Registrar and Paying
Agent under the Indenture; (b) appoint Successor Trustee as Trustee, Security Registrar and Paying Agent under the Indenture; and (c) execute and deliver such agreements and other 

  

 2 

 
instruments as may be necessary or desirable to effectuate the succession of Successor Trustee as Trustee, Security Registrar and Paying Agent under the
Indenture. 
 2.3 The Company hereby appoints Successor Trustee as Trustee, Security Registrar and Paying Agent under the Indenture to
succeed to, and hereby vests Successor Trustee with, all the rights, powers, duties and obligations of Resigning Trustee under the Indenture with like effect as if originally named as Trustee, Security Registrar and Paying Agent in the Indenture.

 2.4 Promptly after the effective date of this Agreement, the Company shall cause a notice, substantially in the form of Exhibit C annexed
hereto, to be sent to each Holder of the Securities in accordance with the provisions of Section 610 of the Indenture. 
 2.5 The
Company hereby represents and warrants to Resigning Trustee and Successor Trustee that: 
  

	 	(a)	The Company is a corporation duly and validly organized and existing pursuant to the laws of the Commonwealth of Australia. 

  

	 	(b)	The Indenture was validly and lawfully executed and delivered by the Company and the Securities were validly issued by the Company. 

  

	 	(c)	The Company has performed or fulfilled prior to the date hereof, and will continue to perform and fulfill after the date hereof, each covenant, agreement, condition, obligation and
responsibility under the Indenture. 

  

	 	(d)	No event has occurred and is continuing which is, or after notice or lapse of time would become, an Event of Default under Section 501 of the Indenture.

  

	 	(e)	No covenant or condition contained in the Indenture has been waived by the Company or, to the best of the Company’s knowledge, by Holders of the percentage in aggregate
principal amount of the Securities required to effect any such waiver. 

  

	 	(f)	There is no action, suit or proceeding pending or, to the best of the Company’s knowledge, threatened against the Company before any court or any governmental authority arising
out of any act or omission of the Company under the Indenture. 

  

	 	(g)	This Agreement has been duly authorized, executed and delivered on behalf of the Company and constitutes its legal, valid and binding obligation, enforceable in accordance with its
terms. 

  

	 	(h)	All conditions precedent relating to the appointment of The Bank of New York as successor Trustee under the Indenture have been complied with by the Company.

 THE SUCCESSOR TRUSTEE 
 3.1 Successor Trustee hereby represents and warrants to Resigning Trustee and to the Company that: 
  

	 	(a)	Successor Trustee is not disqualified under the provisions of Section 608 and is eligible under the provisions of Section 609 of the Indenture to act as Trustee under the
Indenture. 

  

	 	(b)	This Agreement has been duly authorized, executed and delivered on behalf of Successor Trustee and constitutes its legal, valid and binding obligation, enforceable in accordance
with its terms. 

 3.2 Successor Trustee hereby accepts its appointment as successor Trustee, Security Registrar and Paying
Agent under the Indenture and accepts the rights, powers, duties and obligations of Resigning Trustee as Trustee, Security Registrar and Paying Agent under the Indenture, upon the terms and conditions set forth therein, with like effect as if
originally named as Trustee, Security Registrar and Paying Agent under the Indenture. 
  

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 3.3 References in the Indenture to “Principal Office” or other similar terms shall be deemed to
refer to the principal corporate trust office of Successor Trustee, which is presently located at 101 Barclay Street, 4E, New York, New York 10286. 
 MISCELLANEOUS 
 4.1 Except as otherwise expressly provided herein or unless the context otherwise
requires, all terms used herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 4.2 This
Agreement and the resignation, appointment and acceptance effected hereby shall be effective as of the opening of business on November 13, 2006. 
 4.3 Resigning Trustee hereby acknowledges payment or provision for payment in full by the Company of compensation for all services rendered by Resigning Trustee in its capacity as Trustee, Security Registrar and
Paying Agent under Section 607 of the Indenture and reimbursement in full by the Company of the expenses, disbursements and advances incurred or made by Resigning Trustee in its capacity as Trustee, Security Registrar and Paying Agent in
accordance with the provisions of the Indenture. Resigning Trustee acknowledges that it relinquishes any lien it may have upon all property or funds held or collected by it to secure any amounts due it pursuant to the provisions of Section 607
of the Indenture. This Agreement does not constitute a waiver or assignment by the Resigning Trustee of any compensation, reimbursement, expenses or indemnity to which it is or may be entitled pursuant to the Indenture. The Company acknowledges its
obligation set forth in Section 607 of the Indenture to indemnify Resigning Trustee for, and to hold Resigning Trustee harmless against, any loss, liability and expense incurred without negligence or bad faith on the part of Resigning Trustee
and arising out of or in connection with the acceptance or administration of the trust evidenced by the Indenture (which obligation shall survive the execution hereof). The Successor Trustee does not assume responsibility for or any liability in
connection with any negligence or other misconduct on the part of the Resigning Trustee or its agents in connection with such persons’ performance of their respective trusts, duties and obligations under the Indenture. The Company also
acknowledges and reaffirms its obligations to the Successor Trustee as set forth in Section 607 of the Indenture, which obligations shall survive the execution hereof. 
 4.4 This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of laws
principles thereof. 
 4.5 This Agreement may be executed in any number of counterparts each of which shall be an original, but such
counterparts shall together constitute but one and the same instrument. 
 4.6 The Company, Resigning Trustee and Successor Trustee hereby
acknowledge receipt of an executed and acknowledged counterpart of this Agreement and the effectiveness thereof. 
 IN WITNESS WHEREOF, the
parties hereto have caused this Agreement of Resignation, Appointment and Acceptance to be duly executed, all as of the day and year first above written. 
  

					
	 BHP BILLITON FINANCE (USA) LIMITED
 as
Company

		
	 By:
	 	 /s/ HELEN BOYLE

		 	Name:	 	Helen Boyle
		 	Title:	 	Director
		
	 By:
	 	 /s/ ROSS E. MALLETT

		 	Name:	 	Ross E. Mallett
		 	Title:	 	Company Secretary

  

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	 CITIBANK, N.A.
 as Resigning
Trustee

		
	 By:
	 	 /s/ JENNIFER MCCOURT

		 	Name:	 	Jennifer McCourt
		 	Title:	 	Vice President
	
	 THE BANK OF NEW YORK
 as Successor
Trustee

		
	 By:
	 	 /s/ LENA AMINOVA

		 	Name:	 	Lena Aminova
		 	Title:	 	Assistant Treasurer

  

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 EXHIBIT A 
 Documents to be delivered to Successor Trustee 
  

			
	1.	  	Copy of Indenture.
		
	2.	  	File of closing documents from initial issuance.
		
	3.	  	Copies of the most recent of each of the SEC reports delivered by the Company and the Guarantors pursuant to Section 704 of the Indenture.
		
	4.	  	A copy of the most recent compliance certificate delivered pursuant to Section 1005 of the Indenture.
		
	5.	  	Certified list of Holders, including certificate detail and all “stop transfers” and the reason for such “stop transfers” (or, alternatively, if there are a substantial
number of registered Holders, the computer tape reflecting the identity of such Holders).
		
	6.	  	Copies of any official notices sent by the Trustee to all the Holders of the Securities pursuant to the terms of the Indenture during the past twelve months and a copy of the most recent
Trustee’s annual report to Holders delivered pursuant to Section 703 of the Indenture.
		
	7.	  	List of any documents which, to the knowledge of Resigning Trustee, are required to be furnished but have not been furnished to Resigning Trustee.

 EXHIBIT B 
 SUGGESTED PROVISIONS FOR RESOLUTIONS 
 OF 
 THE BOARD OF DIRECTORS 
 OF 
 BHP Billiton Finance (USA) Limited 
 The undersigned,
                    , hereby certifies that he is the duly appointed, qualified and acting
                     of BHP Billiton Finance (USA) Limited, an Australian corporation (the “Corporation”), and further certifies that the
following is a true and correct copy of certain resolutions duly adopted by the Board of Directors of said Corporation as of                      and
that said resolutions have not been amended, modified or rescinded: 
 RESOLVED, that the Corporation appoint The Bank of New York
(“Successor Trustee”) as successor Trustee, Paying Agent and Security Registrar under the Indenture dated as of April 17, 2003 by and between the Corporation and Citibank, N.A. (“Resigning Trustee”), as Trustee (the
“Indenture”), pursuant to which the Corporation issued its 5.25% Senior Notes due 2015, 5.00% Senior Notes due 2010 and 4.8% Senior Notes due 2013 and that the Corporation accept the resignation of Resigning Trustee as Trustee, Paying
Agent and Security Registrar under the Indenture, such resignation to be effective upon the execution, delivery and effectiveness of an instrument or instruments pursuant to which Successor Trustee accepts appointment as successor Trustee, Security
Registrar and Paying Agent under the Indenture; and it is further 
 RESOLVED, that the Chairman of the Board, the President, any Vice
President, the Treasurer or any Assistant Treasurer of the Corporation be, and each of them hereby is, authorized, empowered and directed to execute and deliver in the name and on behalf of the Corporation an instrument or instruments appointing
Successor Trustee as the successor Trustee, Security Registrar and Paying Agent and accepting the resignation of Resigning Trustee; and it is further 
 RESOLVED, that the proper officers of the Corporation are hereby authorized, empowered and directed to do or cause to be done all such acts or things, and to execute and deliver, or cause to be executed or delivered,
any and all such other agreements, amendments, instruments, certificates, documents or papers (including, without limitation, any and all notices and certificates required or permitted to be given or made on behalf of the Corporation to Successor
Trustee or to Resigning Trustee), under the terms of any of the executed instruments in connection with the resignation of Resigning Trustee, and the appointment of Successor Trustee, in the name and on behalf of the Corporation as any of such
officers, in his/her discretion, may deem necessary or advisable to effectuate or carry out the purposes and intent of the foregoing resolutions; and to perform any of the Corporation’s obligations under the instruments and agreements executed
on behalf of the Corporation in connection with the resignation of Resigning Trustee and the appointment of Successor Trustee. 
 IN WITNESS
WHEREOF, I have hereunto set my hand as              and have affixed the seal of the Corporation this      day of
            , 2006. 
  

					
	 By:
	 	  

		 	Name:	 	
		 	Title:	 	

 [SEAL] 

 EXHIBIT C 
 [COMPANY LETTERHEAD] 
 NOTICE 
 To the Holders of: 
  

			
	5.25% Senior Notes due 2015	  	CUSIP # 055451AB4
	5.00% Senior Notes due 2010	  	CUSIP # 055451AC2
	4.8% Senior Notes due 2013	  	CUSIP # 055451AA6
	
	of BHP Billiton Finance (USA) Limited

 NOTICE IS HEREBY GIVEN, pursuant to Section 610 of the Indenture (the “Indenture”),
dated as of April 17, 2003, by and between BHP Billiton Finance (USA) Limited (ABN 49 057 525 505) (the “Company”), BHP Billiton Limited (ABN 49 004 028 077), BHP Billiton Plc (the “Guarantors”) and Citibank, N.A., as
Trustee (the “Trustee”), and Citibank, N.A., as Trustee, that Citibank, N.A. has resigned as Trustee, Security Registrar and Paying Agent under the Indenture. 
 Pursuant to Section 610 of the Indenture, The Bank of New York, a corporation duly organized and existing under the laws of the State of New York, has accepted appointment as Trustee, Security Registrar and
Paying Agent under the Indenture. The address of the corporate trust office of the successor Trustee is 101 Barclay Street, 4E, New York, New York 10286. 
 Citibank’s resignation as Trustee, Security Registrar and Paying Agent and The Bank of New York’s appointment as successor Trustee, Security Registrar and Paying Agent were effective as of the opening of
business on November 13, 2006. 
 Dated: 
                     , 2006 
 BHP Billiton Finance (USA) LimitedRetirement and Separation Agreement, dated March 6, 2007

 Exhibit 10.1 
 RETIREMENT AND SEPARATION AGREEMENT 
 This Retirement and Separation Agreement
(“Agreement”) is entered into by and between Max Re Capital Ltd. (the “Company”) and Keith S. Hynes (“Executive”). 
 WHEREAS, the Company has employed Executive as Chief Financial Officer and Executive Vice President pursuant to an Employment Agreement dated as of December 15, 1999 (the “Employment Agreement”); and 
 WHEREAS, Executive has decided to retire from his position as Chief Financial Officer and Executive Vice President of the Company; and 
 WHEREAS, the parties now desire to enter into this Agreement to set forth the terms and conditions of Executive’s retirement from the Company;

 NOW, THEREFORE, in consideration of the mutual promises and covenants set forth below, it is hereby agreed as follows: 
 1. Executive will retire as a director, officer, employee and representative of the Company and its affiliates, including but not limited to his position
as Chief Financial Officer and Executive Vice President, effective March 31, 2007. Upon the execution of this Agreement, Executive shall sign the letter attached as Schedule A documenting his resignation from any and all positions he previously
held. Executive also represents and warrants that all pre-termination transactions involving the Company’s common shares and other securities during the current fiscal year that are reportable under Section 16 of the Securities Exchange
Act have been reported on a Form 4 or Form 5, as applicable. 
 2. In lieu of any payments and benefits described in the Employment Agreement
upon a termination of employment, including, without limitation, Sections 5.10 and 5.11 thereof, the parties have agreed that in consideration of the benefits provided in this Agreement, Executive shall receive the following payments and benefits.
Accordingly, the severance pay provisions of the Employment Agreement, including, without limitation, Sections 5.10 and 5.11, shall be null and void. 
 (a) Payments in the total amount of $850,000 (U.S.) payable as follows: (i) the first payment, of $212,500 (U.S.) (“Initial Payment”) shall be made no later than October 10, 2007 (and no sooner
than October 1, 2007); and (ii) the remaining $637,500 shall be paid in equal installments over the course of eighteen (18) months beginning on the first payroll date following the Initial Payment in accordance with the Company’s
regular payroll practices. 
 (b) Health, vision, and dental benefits and/or reimbursement for such benefits as follows: (i) if
Executive pays through September 30, 2007 the costs of his continued benefits under the health, vision, and dental plans in which he participated up to the date of his retirement, the Company shall reimburse him for such costs in a lump sum
payment no later than October 10, 2007 (and no sooner than October 1, 2007); and (ii) from October 1, 2007 through December 31, 2007, the Company shall pay the costs of maintaining Executive’s continued benefits under
such health, vision, and dental plan(s). Executive agrees that all other benefits and perquisites he received from the Company, 

 
including without limitation country club dues, housing allowance, and auto allowance, shall cease as of March 31, 2007. For avoidance of doubt,
(i) on or before April 10, 2007, Executive shall receive an amount representing his accrued but unused vacation time for 2007 (if any) as determined by the Company and (ii) Executive shall not be entitled to any Bonus for 2007.

 (c) Executive agrees that he retired from the Company of his own free will, and that the terms of his various restrictive covenants, as
set forth in Paragraph 3 below, are valid and enforceable. Executive acknowledges that the Company is relying on his representations in this Paragraph 2(c) in entering into this Agreement, and it shall have the right to obtain injunctive relief as
set forth in Section 4.2 of the Employment Agreement in addition to any other remedies it may have, should Executive breach any of the restrictive covenants referenced in Paragraph 3 (or directly or indirectly challenge the lawfullness of any
of these covenants). 
 3. Executive acknowledges that as the Company’s Chief Financial Officer and Executive Vice President, he had
access to substantial Confidential Information, including but not limited to information regarding the Company’s clients, customers, goals, strategies, pricing, and trade secrets. Executive further acknowledges that should he become employed by
or in any way affiliated with a competitor of the Company, he inevitably would disclose the Company’s Confidential Information in the course of providing services to such competitor. Therefore, and in light of the payments Executive is eligible
to receive under this Agreement through March 31, 2009, Executive hereby covenants as follows: All terms and covenants in Article IV of the Employment Agreement (including Sections 4.1(a), (b), (c), (d), and (e) and Section 4.2
thereof) shall continue in full force and effect. In addition, Executive agrees that he will not accept any directorships with any other company or entity prior to March 31, 2009 unless he receives prior written consent of the Compensation
Committee (the “Committee”) of the Board of Directors of the Company, which consent shall not be denied unless in the reasonable judgment of the Committee such directorship(s) would violate the letter or spirit of this Agreement; provided,
further that the Committee agrees that such consent is deemed granted with respect to Executive’s directorship with CRM Holdings Ltd. 
 4. Equity Awards. Schedule B hereto sets forth all of Executive’s outstanding equity awards with the Company as of his termination of employment. It is mutually agreed that, to the extent necessary to give effect to the terms of
Schedule B, the relevant sections of each of the applicable award agreements governing vesting and exercising rights upon termination shall be superseded and replaced by the vesting and exercise terms set forth in Schedule B. All other provisions of
the relevant award agreements shall remain in full force and effect in accordance with their respective terms. 
 5. Deferred Compensation
Account. Executive’s rights under the Company’s Deferred Compensation Plan shall be in accordance with the terms of the Plan documents and any currently existing elections regarding withdrawal on termination, provided, however,
that Executive shall not otherwise remove any amount(s) from the Plan before October 1, 2007. Executive shall contact the third party administrator of the Plan to assess his options under the Plan in a manner consistent herewith. It is mutually
agreed that after March 31, 2007, Executive will not receive additional contributions from the Company with respect to his deferred compensation account. 

 6. Any rights Executive may have to indemnification or advancement of expenses to which he is otherwise
entitled under applicable law, the Company’s Bye-Laws, or the Employment Agreement shall be unaffected by this Agreement. 
 7. In
connection with the consideration Executive receives under this Agreement, Executive agrees that through March 31, 2009, he will make reasonable efforts to answer Company inquiries that may arise regarding matters on which he may have knowledge
or information. Company agrees that Executive’s cooperation shall be subject to reasonable accommodations that will avoid or minimize disruption of his personal or professional obligations and that any reasonable expenses incurred by Executive
in complying with this Section 7 will be reimbursed by the Company. Executive also agrees that if he is subpoenaed to appear in any civil or criminal litigation, or by any governmental authority, to testify on any matter relating in whole or in
part to his employment or affiliation with the Company, Executive will deliver a copy of the subpoena to the Company, care of the office of the General Counsel, by hand and/or overnight courier, within three (3) days of receiving such subpoena.

 8. In consideration of the mutual promises and covenants contained in this Agreement, and after consultation with counsel: 
 (a) Executive for himself and each of his respective heirs, representatives, agents, successors, and assigns, irrevocably and unconditionally releases
and forever discharges the Company and its respective current and former officers, directors, shareholders, employees, representatives, heirs, attorneys, and agents, as well as its respective predecessors, parent companies, subsidiaries, affiliates,
divisions, successors, and assigns, and all of their respective current and former officers, directors, shareholders, employees, representatives, attorneys, and agents (collectively, “Company Released Parties”), from any and all causes of
action, claims, actions, rights, judgments, obligations, damages, demands, accountings, and liabilities of whatever kind or character, which Executive may have against them, or any of them, by reason of or arising out of, touching upon, or
concerning Executive’s employment and/or directorship with the Company and its affiliates, and/or his separation from the Company and/or its affiliates, and including any statutory claims, and any other matters of whatever kind, nature, or
description, whether known or unknown. Executive acknowledges that this release of claims specifically includes, but is not limited to, any and all claims for fraud; breach of contract; breach of the implied covenant of good faith and fair dealing;
inducement of breach; interference with contractual rights; wrongful or unlawful discharge or demotion; violation of public policy; invasion of privacy; intentional or negligent infliction of emotional distress; intentional or negligent
misrepresentation; conspiracy; failure to pay wages, benefits, deferred compensation, bonuses, vacation pay, expenses, severance pay, attorneys’ fees, and/or other compensation of any sort; defamation; unlawful effort to prevent employment;
discrimination on the basis of race, color, sex, sexual orientation, national origin, ancestry, religion, age, disability, handicap, medical condition, and/or marital status; any claim under Title VII of the Civil Rights Act of 1964 (Title VII, as
amended), 42 U.S.C. § 2000, et seq., the Civil Rights Act of 1991, the Age Discrimination in Employment Act (“ADEA”), 29 U.S.C. § 621, et seq., the Older Workers Benefit Protection Act (“OWBPA”), 29 U.S.C. §
626(f), the Equal Pay Act, the Family and Medical Leave Act (“FMLA”), the Fair Labor Standards Act (“FLSA”), the Americans with Disabilities Act (“ADA”), the Consolidated Omnibus Budget 

 
Reconciliation Act of 1985 (“COBRA”), the Occupational Safety and Health Act (“OSHA”) and any other health and/or safety laws, statutes,
or regulations, the Employee Retirement Income Security Act of 1974 (“ERISA”), the Internal Revenue Code of 1986, as amended; the Bermuda Employment Act 2000; the Bermuda Human Rights Act 1981; and any and all foreign, federal, state, and
local laws, common law, and case law, including but not limited to all statues, regulations, common law, and other laws in place in Bermuda and/or the state of New York. 
 (b) Executive shall have up to twenty-one (21) days from the date of his receipt of this Agreement to consider its terms and conditions. If Executive does not sign and return this Agreement within twenty-one
(21) days, the Company’s offer to enter into this Agreement shall be withdrawn and the Agreement shall be null and void. This Agreement shall not become effective until the eighth (8th) day following Executive’s signing of the
Agreement. Executive may revoke this Agreement by delivering written notice of revocation before the end of the seventh (7th) day following his signing of this Agreement (the “Revocation Period”) to: Sarene Bourdages, General Counsel,
Max Re Capital Ltd., via overnight courier or facsimile (441-296-8811). If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day thereafter. In
the event that Executive revokes this Agreement prior to the eighth (8th) day after signing it, this Agreement and the promises contained herein (including, but not limited to the obligation of the Company to provide the payments, benefits, and
other things of value set forth in this Agreement or the Employment Agreement) shall automatically be null and void. 
 (c) Executive agrees
never to file a lawsuit of any kind with any court or arbitrator against the Company or any Company Released Parties; provided, however, that the Executive shall not be prohibited from bringing an arbitration proceeding as set forth in Paragraph 9
to enforce Executive’s rights under this Agreement. Executive represents and agrees that, prior to signing this Agreement, he has not filed or pursued any complaints, charges, or lawsuits of any kind with any court, governmental or
administrative agency, or arbitrator against the Company, or any other person or entity released under Paragraph 8(a) above, asserting any claims whatsoever, provided, however, that nothing in this Paragraph 8 shall prevent the Executive from
(i) initiating an action to challenge the validity of his release of rights under the ADEA herein or (ii) filing a charge with, or participating in an investigation by, any local, state, federal, or other governmental agency. 

(d) Executive represents and warrants that he has not assigned or subrogated any of his rights, claims, and/or causes of action, including any claims
referenced in this Agreement, or authorized any other person or entity to assert such claim or claims on his behalf, and he agrees to indemnify and hold harmless the Company against any assignment of said rights, claims, and/or causes of action.

 (e) If Executive should breach any of his obligations under this Agreement or the terms of Section 4.1 of the Employment Agreement,
the Company shall have no further obligation to make the payments and benefits described in this Agreement or the Employment Agreement and shall have all other remedies available to it in law and/or equity. 
 9. Any disputes arising under this Agreement shall be submitted to arbitration in accordance with the terms set forth in the Employment Agreement.

 10. No failure by either party hereto at any time to give notice of any breach by the other party of, or
to require compliance with, any condition or provision of this Agreement shall (i) be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time or (ii) preclude insistence upon strict
compliance in the future. 
 11. If a court of competent jurisdiction determines that any provision of this Agreement is invalid or
unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Agreement, and the court shall have the authority to strike the offending portion(s), with all
other provisions of the Agreement remaining in full force and effect. Furthermore, such court shall have authority to reformulate or “blue pencil” such invalid or unenforceable provision to preserve the intent of the parties hereto.

 12. All of the terms and provisions contained in this Agreement shall inure to the benefit of and shall be binding upon the parties hereto
and their respective heirs, legal representatives, successors, and assigns. 
 13. This Agreement may be executed in counterparts, each of
which shall be deemed an original. 
 14. This Agreement shall not in any way be construed as an admission that the Company, Executive, or
any other individual or entity has any liability to or acted wrongfully in any way with respect to Executive, the Company, or any other person. 
 15. The Company represents that it has the authority to enter into this Agreement and has obtained all necessary corporate approvals necessary to do so. Executive represents and warrants that he has been advised in writing to consult with
an attorney before signing this Agreement; that he has had an opportunity to be represented by independent legal counsel of his own choosing throughout all of the negotiations preceding the execution of this Agreement; that he has executed this
Agreement after the opportunity for consultation with his independent legal counsel; that he is of sound mind and body, competent to enter into this Agreement, and is fully capable of understanding the terms and conditions of this Agreement; that he
has carefully read this Agreement in its entirety; that he has had the opportunity to have the provisions of the Agreement explained to him by his own counsel, who has answered to his satisfaction any questions he has asked with regard to the
meaning of any of the provisions of the Agreement; that he fully understands the terms and significance of all provisions of this Agreement; that he voluntarily assents to all the terms and conditions contained in this Agreement; and that he is
signing the Agreement of his own force and will, without any coercion or duress. 
 16. This Agreement shall be deemed to satisfy all Notice
requirements under the Employment Agreement, including but not limited to those regarding the termination of Executive’s employment, and no additional notices shall be required to or by either the Company or Executive. 
 17. Executive will be solely responsible for payment of all taxes in 

 
connection with the amounts he receives under this Agreement. Executive agrees to indemnify, protect, defend, release, and hold harmless the Company from and
against any and all tax liability or penalties arising from, or in connection with, his failure to pay all such taxes. 
 18. Except as
otherwise specifically provided herein, this Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof, contains all the covenants, promises, representations, warranties, and agreements between the parties
with respect to Executive’s retirement from the Company and all positions therewith, and supersedes all prior employment or severance or other agreements between Executive and the Company, whether written or oral, or any of its predecessors or
affiliates, including, but not limited to, the Employment Agreement. Executive acknowledges and agrees that the consideration provided for herein is adequate consideration for Executive waiving his rights under any and all other agreements, whether
written or oral, between Executive and the Company. Except as otherwise provided herein, Executive acknowledges that no representation, inducement, promise, or agreement, oral or written, has been made by either party, or by anyone acting on behalf
of either party, which is not embodied herein, and that no agreement, statement, or promise relating to Executive’s retirement from the Company that is not contained in this Agreement shall be valid or binding. Except as specifically provided
herein, Executive acknowledges and agrees that he is not entitled to any other payments or benefits from the Company upon his termination of employment (or in conjunction with his termination of service as a director). Any modification of this
Agreement will be effective only if it is in writing and signed by both parties. 
 19. Trading Policy. It is mutually agreed that
Executive will remain subject to the Company’s “Procedures and Policies Governing Securities Trading by Employees, Officers and Directors” until after the close of trading on the date two full trading days following the Company’s
widespread public release of operating results for the quarter ended March 31, 2007. It is further agreed that after such date, Executive no longer will be restricted to trading only during the so-called “Trading Windows”;
provided, however, that Executive will remain subject to all prohibitions against insider trading. 
 20. This Agreement is entered
into under, and shall be governed for all purposes by, the laws of the State of New York without giving effect to any choice of law principles. 

 WHEREFORE, the parties, by their signatures below, evidence their agreement to the provisions stated above:

  

					
		 	MAX RE CAPITAL LTD.
			
	 Dated: March 6, 2007
	 	 By:
	 	Peter A. Minton
			
		 	 Signature:
	 	 /s/ Peter A. Minton

			
		 	 Title:
	 	Executive Vice President

 I HAVE READ AND UNDERSTOOD THIS AGREEMENT AND AM IN AGREEMENT WITH ITS TERMS. 
  

			
	 Dated: March 6, 2007
	 	 /s/ Keith S. Hynes

		 	Keith S. Hynes

 SCHEDULE A 
 March 31, 2007 
 Max Re Ltd. 
 Max Re House 
 2 Front Street 
 Hamilton HM 11

 Bermuda 

	Attn:	Sarene A. Bourdages 

 Senior Vice President &
General Counsel 
 To Whom It May Concern: 
 Effective as of
March 31, 2007, I hereby tender my resignations from any and all positions I hold as a director, officer, employee, agent, or representative of Max Re Capital Ltd. and/or its subsidiaries, including but not limited to the following: 

Executive Vice President of Max Re Capital Ltd. 
 Chief Financial Officer
of Max Re Capital Ltd. 
 Executive Vice President of Max Re Ltd. 
 Chief Financial Officer of Max Re Ltd. 
 Officer of Grand Central Re Limited 
 Director of Max Europe Holdings Limited 
 Director of Max Insurance Europe Limited 
 Director of Max Re Diversified Ltd. 
 Director of Max Re Managers Ltd.

 Director of Max Re Europe Limited 
 Sincerely, 
 Keith S. Hynes 

 SCHEDULE B 
 Grant Summary Report 
 Keith S. Hynes 
 March 31, 2007 
  

																
	Grant
Date	  	 Grant
Price
	  	Granted	  	Vested	 	 	Unvested	  	Outstanding
Exercisable	  	Exercised	  	Exercise Period
Through
	Warrants	  		  		  			 		  		  		  	
	12/22/1999	  	$        15.00	  	140,000	  	140,000	 	 	0	  	140,000	  	0	  	9/30/2007
	6/29/2000	  	$        15.00	  	240	  	240	 	 	0	  	240	  	0	  	9/30/2007
	1/1/2001	  	$        16.00	  	2,245	  	2,245	 	 	0	  	2,245	  	0	  	9/30/2007
	5/22/2001	  	$        18.00	  	4,167	  	4,167	 	 	0	  	4,167	  	0	  	9/30/2007
	8/17/2001	  	$        16.00	  	40,000	  	40,000	 	 	0	  	40,000	  	0	  	9/30/2007
		
		  	Exercisability of Warrants after termination: The period of time the warrants remain exercisable following termination is addressed in the Warrant Agreements (and the
Employment Contract with respect to the first grant), as amended per the “Exercise Period” column noted above.
								
	Options	  		  		  			 		  		  		  	Exercise Period
Through
	1/1/2001	  	$        16.00	  	10,000	  	10,000	 	 	0	  	10,000	  	0	  	3/31/2008
	1/1/2001	  	$        16.00	  	30,000	  	30,000	 	 	0	  	22,000	  	8,000	  	3/31/2008
	8/13/2001	  	$        16.00	  	30,000	  	30,000	 	 	0	  	30,000	  	0	  	3/31/2008
	1/1/2002	  	$        15.66	  	50,000	  	50,000	 	 	0	  	50,000	  	0	  	3/31/2008
	12/1/2005	  	$        26.56	  	4,819	  	4,819	 	 	0	  	4,819	  	0	  	3/31/2008
		
		  	Exercisability of Options after termination: The period of time the options remain exercisable following termination is addressed in the Option Agreements. These time
periods have been amended by this Agreement, as per the “Exercise Period” column noted above.
								
	Restricted Stock	  		  		  			 		  		  		  	Pro Rata Vesting
through 3/31/08
	1/1/2001	  		  	15,000	  	15,000	 	 	0	  	n/a	  	n/a	  	
	1/31/2003	  		  	21,000	  	21,000	 	 	0	  	n/a	  	n/a	  	
	1/30/2004	  		  	30,000	  	30,000	(a)	 	0	  	n/a	  	n/a	  	
	2/7/2005	  		  	15,000	  	0	 	 	15,000	  	n/a	  	n/a	  	15,000
	2/16/2006	  		  	20,000	  	0	 	 	20,000	  	n/a	  	n/a	  	14,137
	

	(a)    Vests 1/30/2007
		
		  	Vesting of Shares: The Restricted Share Agreements generally provide for three year cliff vesting. Per the terms of this Agreement, Executive’s unvested Restricted Stock
shall continue vesting through March 31, 2008 as per the “Pro Rata Vesting” column noted above.

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