Document:

Exhibit

AMENDMENT NO. 1
TO THE
AMENDED AND RESTATED
EXEMPTED LIMITED PARTNERSHIP AGREEMENT
OF
SOLASGLAS INVESTMENTS, LP

This Amendment No. 1 (this “Amendment”) to the Amended and Restated Exempted Limited Partnership Agreement of Solasglas Investments, LP (the “Partnership”) dated August 30, 2018 and effective as of September 1, 2018 (the “Partnership Agreement”) is entered into on this 26th day of February 2019 and effective as of September 1, 2018.  All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Partnership Agreement.

PRELIMINARY MATTERS
WHEREAS, the Partners wish to amend the Partnership Agreement to revise the mechanics for calculating the Carryforward Account and Performance Allocation to take into account withdrawals from and subsequent recontributions of capital to the Partnership; and

WHEREAS, the Partnership Agreement is being amended to reflect the foregoing by the Partners in accordance with Section 8.1 of the Partnership Agreement.

NOW THEREFORE, the Partnership Agreement is hereby amended as follows:
AGREEMENT
1.Amendment to Definition of “Carryforward Account”.  The definition of “Carryforward Account” in the Partnership Agreement is hereby amended as follows:
“Carryforward Account” means a memorandum account recorded in the books and records of the Partnership with respect to each Limited Partner that has an initial balance equal to the balance of the carryforward account attributable to such Limited Partner in the Prior Venture as of the Commencement Date, with such balance appropriately adjusted for amounts that are not contributed by such Limited Partner to the Partnership.  From and after the Commencement Date, the Carryforward Account will be adjusted as follows:  

		
	(a)
	as of the first day after the close of each Performance Period for such Limited Partner (prior to giving effect to the Performance Allocation, if any), the balance of the Carryforward Account (a) is increased by the amount, if any, equal to two and one half times such Limited Partner’s Negative Performance Change for such Performance Period with respect to all amounts in such Limited Partner’s Capital Account (not including any Recontribution Capital Account), and (b) is reduced (but 

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not below zero) by the amount, if any, of such Limited Partner’s Positive Performance Change for such Performance Period with respect to all amounts in such Limited Partner’s Capital Account (not including any Recontribution Capital Account); and

		
	(b)
	as of the close of any Performance Period during which a Limited Partner has made a withdrawal or receives a distribution that is not made in the ordinary course of such Limited Partner’s operating activities (the amount of such withdrawals and distributions during such Performance Period being the “Relevant Amount”), if there exists a positive balance in the Carryforward Account, the Carryforward Account for such Limited Partner shall be adjusted by reducing such positive balance by an amount determined by multiplying (x) the positive balance of the Carryforward Account by (y) a fraction, of which (i) the numerator is equal to the Relevant Amount, and (ii) the denominator is equal to the balance of such Limited Partner’s Capital Account (not including any Recontribution Capital Account) at the beginning of such Performance Period.  

2.Amendment to Definition of “Performance Allocation”.  The definition of “Performance Allocation” in the Partnership Agreement is hereby amended as follows:
“Performance Allocation” means with respect to:
		
	(x)  
	the Capital Account (not including any Recontribution Capital Account) held by a Limited Partner:

		
	(a)
	10% of the portion of the Positive Performance Change for such Capital Account, if any, determined as of the close of each Performance Period, that is less than or equal to the aggregate positive balance in the Carryforward Account related to such Capital Account, if any,  as of the most recent prior date as of which adjustment has been made thereto; plus

		
	(b)
	20% of the portion of the Positive Performance Change for such Capital Account, if any, determined as of the close of each Performance Period that exceeds the aggregate positive balance in the Carryforward Account as of the most recent prior date as of which adjustment has been made thereto; and

		
	(y)  
	the Recontribution Capital Account held by a Limited Partner, if any, 10% of the Positive Performance Change for such Recontribution Capital Account until such time as the balance of the Carryforward Account with respect to such Limited Partner’s Capital Account has a balance of zero (such time being the “Recovery Time”).

3.Addition of Definition of “Recontributed Amount”.  Section 1.1 of the Partnership Agreement is hereby amended by the addition of the following definition:

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“Recontributed Amount” means with respect to any Limited Partner, any portion of such Limited Partner’s Relevant Amounts that are subsequently recontributed to the Partnership as a capital contribution. 
4.Amendment to Section 3.3.  Section 3.3 of the Partnership Agreement is hereby amended as follows:
Separate Capital Accounts.  The Partnership maintains a separate Capital Account for each Partner relating to its respective Interest and, as contemplated by Section 4.8, may have one or more Sub-Accounts for the purpose of engaging in Hedging Transactions; provided, however, that if a Limited Partner makes a contribution of a Recontributed Amount to the Partnership prior to such Limited Partner’s Recovery Time, the Partnership will maintain a separate Capital Account for the Recontributed Amount (a “Recontribution Capital Account”).  At the Recovery Time with respect to a Limited Partner’s Capital Account, the Partnership will combine such Limited Partner’s Capital Account and its Recontribution Capital Account into one single Capital Account.
5.Effect of Amendment.  On and after the date of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”, “hereof”, or “herein” shall mean and be a reference to the Agreement, as amended by this Amendment.  Except as specifically amended herein, the Agreement shall remain in full force and effect and is hereby ratified and confirmed.
		
	6.
	Governing Law.  This Amendment and the rights of the Partners hereunder are governed by and construed in accordance with the laws of the Cayman Islands, without regard to the conflict of laws rules thereof.

[signature page follows]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed and delivered on the date first above written.

GENERAL PARTNER:
DME ADVISORS II, LLC
By: /s/ Daniel Roitman             
Name: Daniel Roitman
Title: Chief Operating Officer

LIMITED PARTNERS:
GREENLIGHT REINSURANCE, LTD.
		
	By:/s/ Laura Accurso  
	   By:  /s/ Tim Courtis                               

		
	Name: Laura Accurso
	   Name: Tim Courtis

		
	Title: General Counsel and Secretary
	   Title: Chief Financial Officer

GREENLIGHT REINSURANCE IRELAND,
DESIGNATED ACTIVITY COMPANY

		
	By: /s/ Tim Courtis               
	By: /s/ Patrick O'Brien              

		
	Name: Tim Courtis
	Name: Patrick O'Brien

		
	Title: Director
	Title: CEO & Director

                    

4Exhibit

GREENLIGHT CAPITAL RE, LTD.
AMENDED AND RESTATED
2004 STOCK INCENTIVE PLAN
STOCK AWARD AGREEMENT

This Stock Award Agreement (the “Agreement”) is made, effective as of the 15th day of March, 2018 (the “Grant Date”), between Greenlight Capital Re, Ltd., a Cayman Islands exempted company (the “Company”) and Patrick O’Brien (the “Grantee”).
RECITALS:
WHEREAS, the Company has adopted the Greenlight Capital Re, Ltd. Amended and Restated 2004 Stock Incentive Plan (the “Plan”) pursuant to which awards of Class A ordinary shares of the Company (the “Shares”) may be granted; and
WHEREAS, the Board of Directors has determined that it is in the best interests of the Company and its shareholders to grant a conditional award of Shares provided for herein (the “Stock Award”) to the Grantee in recognition of the Grantee’s services to the Company, such grant to be subject to the terms set forth herein.
NOW, THEREFORE, in consideration for the services rendered by the Grantee to the Company and the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1.    Grant of Stock Award.  Pursuant to Section 7 of the Plan, the Company hereby issues to the Grantee on the Grant Date a Stock Award consisting of, in the aggregate, a conditional award of 14,012 Shares in the capital of the Company having the rights and subject to the restrictions set out in this Agreement and the Plan.  The Stock Award shall vest in accordance with Section 4 hereof.
2.    Incorporation by Reference.  The provisions of the Plan are hereby incorporated herein by reference.  Except as otherwise expressly set forth herein, this Agreement shall be construed in accordance with the provisions of the Plan and any capitalized terms not otherwise defined in this Agreement shall have the definitions set forth in the Plan.  The Committee shall have the authority to interpret and construe the Plan and this Agreement and to make any and all determinations thereunder, and its decision shall be binding and conclusive upon the Grantee and his legal representative in respect of any questions arising under the Plan or this Agreement.
3.    Rights and Restrictions.  The Stock Award comprises a conditional right to receive the number of Shares set out in Section 1 above for nil payment upon the Vesting Date (defined below), in accordance with the terms of the Plan and this Agreement.  Except as otherwise provided in the Plan or this Agreement, the Stock Award may not, any time prior to becoming vested, be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall result in the entire Stock Award lapsing forthwith. 

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4.    Vesting.  Except as otherwise provided herein, 100% of the Shares subject to the Stock Award shall be issued or transferred to the Grantee on March 15, 2021 (the “Vesting Date”); provided, that, the Grantee is still in Continuous Service with the Company on such Vesting Date.  
(a)    Death, Disability.  100% of the Shares subject to this Stock Award shall vest upon the termination of the Grantee’s Continuous Service due to death or Disability prior to the Vesting Date.
(b)    Change in Control.  100% of the Shares subject to this Stock Award shall vest upon the occurrence of a Change in Control prior to the Vesting Date; provided, that, the Grantee is in Continuous Service immediately prior to such Change in Control.
(c)    Termination of Continuous Service.  Except as otherwise set forth in Section 4(a) or 4(b) above, if the Grantee’s Continuous Service terminates for any reason at any time prior to the Vesting Date, the entire Stock Award shall lapse forthwith.
5.    Taxes and Tax Withholding  The Company shall have the right to deduct from any compensation paid to the Grantee pursuant to the Plan the amount of taxes required by law to be withheld therefrom, or to require the Grantee to pay the Company in cash such amount required to be withheld.  The Grantee may satisfy any foreign, federal, state or local tax withholding obligation relating to the acquisition of Shares under this Stock Award by any of the following means (in addition to the Company’s right to withhold or to direct the withholding from any compensation paid to the Grantee by the Company or by an Affiliate) or by a combination of such means:  (i) tendering a cash payment; or (ii) authorizing the Company to withhold vested Shares otherwise deliverable to the Grantee hereunder; provided, however, that no Shares are withheld with a value exceeding the minimum amount of tax required to be withheld by applicable law.
6.    Rights as Shareholders; No Dividends.  The Grantee shall have no rights as a stockholder with respect to Shares covered by this Stock Award (including voting rights and the right to receive dividends) until the date the Grantee becomes the holder of record of such shares on (or as soon as practicable after) the Vesting Date.  
7.    Certificates.  Reasonably promptly following the Vesting Date, the Company shall deliver to the Grantee (or his legal representative, beneficiary or heir, if applicable) share certificates for the Shares deposited with it free from legend except as otherwise provided by the Plan or as otherwise required by applicable law.
8.    Compliance with Laws and Regulations.  The issuance and transfer of the Shares shall be subject to compliance by the Company and the Grantee with all applicable requirements of securities laws and with all applicable requirements of any stock exchange on which the Company’s Shares may be listed at the time of such issuance or transfer.
9.    Stop-Transfer Instructions.  The Grantee agrees that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate “stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records.

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10.    Refusal to Transfer.  The Company will not be required to (i) register any transfer of Shares on its register of members if such Shares have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) treat as owner of such Shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such Shares have been so transferred.
11.    No Right to Continuous Service.  Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company or any of its Affiliates to terminate the Grantee’s Continuous Service at any time, subject to applicable law.
12.    Notices.  All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered or certified first class mail, return receipt requested, telecopier, courier service or personal delivery:
If to the Company:
Greenlight Capital Re, Ltd.
65 Market Street, Suite 1207
Jasmine Court, Camana Bay
P.O. Box 31110
Grand Cayman, KY1-1205
Cayman Islands
Facsimile:  (345) 745-4576

If to the Grantee, at the Grantee’s last known address on file with the Company.
All such notices, demands and other communications shall be deemed to have been duly given when delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial courier service; five (5) business days after being deposited in the mail, postage prepaid, if mailed; and when receipt is mechanically acknowledged, if telecopied.
13.    Bound by Plan.  By signing this Agreement, the Grantee acknowledges that he has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be bound by all of the terms and provisions of the Plan.
14.    Successors.  The terms of this Agreement shall be binding upon and inure to the benefit of the Company, its successors and assigns, and on the Grantee and the beneficiaries, executors and administrators, heirs and successors of the Grantee.
15.    Amendment of Stock Award.  Subject to Section 16 of this Agreement, the Board at any time and from time to time may amend the terms of this Stock Award; provided, however, that the Grantee’s rights under this Stock Award shall not be impaired by any such amendment unless (i) the Company requests the Grantee’s consent and (ii) the Grantee consents in writing.
16.    Adjustment Upon Changes in Capitalization.  Stock Awards may be adjusted as provided in the Plan including, without limitation, Section 11 of the Plan.  The Grantee, by his 

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execution and entry into this Agreement, irrevocably and unconditionally consents and agrees to any such adjustments as may be made at any time hereafter.
17.    Data Protection
In order to facilitate the administration of the Stock Award, it will be necessary for the Company to collect, hold, and process certain personal information about the Grantee.  As a condition of the Stock Award, the Grantee consents to the Company collecting, holding and processing personal data and transferring such data to third parties (collectively, the “Data Recipients”) insofar as is reasonably necessary to implement, administer and manage the Participant’s Stock Award.
		
	(a)
	The Data Recipients will treat the Grantee’s personal data as private and confidential and will not disclose such data for purposes other than the management and administration of the Stock Award and will take reasonable measures to keep the Grantee’s personal data private, confidential, accurate and current.

		
	(b)
	Where the transfer is to a destination outside the European Economic Area, the Company shall take reasonable steps to ensure that the Grantee’s personal data continues to be adequately protected and securely held.  Nonetheless, by signing below, the Grantee acknowledges that personal information about the Grantee may be transferred to a country that does not offer the same level of data protection as the Republic of Ireland.

		
	(c)
	The Grantee may, at any time, view his/her personal data, require any necessary corrections to it or withdraw the consents herein in writing by contacting the Company.

18.    Governing Law.  The validity, construction, interpretation and effect of this Agreement shall exclusively be governed by, and determined in accordance with, the laws of the Cayman Islands.
19.    Severability.  Every provision of this Agreement is intended to be severable and any illegal or invalid term shall not affect the validity or legality of the remaining terms.
20.    Headings.  The headings of the Sections hereof are provided for convenience only and are not to serve as a basis for interpretation of construction, and shall not constitute a part of this Agreement.
21.    Signature in Counterparts.  This Agreement may be signed in counterparts, each of which shall be deemed an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

[SIGNATURE PAGE FOLLOWS]

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the 15th day of March, 2018.
                
GREENLIGHT CAPITAL RE, LTD.

/s/ Tim Courtis                          
By: Tim Courtis 
Title: Chief Financial Officer
                
/s/ Patrick O'Brien                         
Grantee

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