Document:

EXHIBIT 10.1

 

EXHIBIT 10.1

AMENDMENT

TO

SERVICE AGREEMENT

     This Amendment to the Service Agreement dated December 12, 2001 (the
“Service Agreement”) by and between Anthony Taylor, an individual having an
address at Mintflower Place, 8 Par-La-Ville Road, P.O. Box HM 2079, Pembroke HM
HX Bermuda (the “Executive”) and Montpelier Re Holdings Ltd. and Montpelier
Reinsurance Ltd., whose registered office is located at Clarendon House, 2
Church Street, Hamilton, Bermuda (collectively, the “Company”) is adopted on
August 27, 2004.

W I T N E S S E T H:

     WHEREAS, pursuant to the Service Agreement, the Executive has served as
Chief Underwriting Officer (“CUO”) and President of the Company and of its
affiliate, Montpelier Reinsurance Ltd., since January 1, 2002; and

     Whereas, at the request of the Board of Directors of the Company
(“Board”), the Executive has also served as Chief Executive Officer (“CEO”) of
the Company; and

     Whereas, the Executive was replaced as CUO and named as Chairman of the
Board at a meeting of the Board held February 27, 2004, and has served in that
capacity since then; and

     WHEREAS, the Company desires to amend the Service Agreement in certain
respect consistent with the Executive’s assuming the increased duties and
responsibilities of the Chairman of the Board.

 

 

     NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants and agreements herein contained, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby amend the Service Agreement as follows:

     FIRST: Paragraph 2 of the Service Agreement is hereby amended, by adding
the following sentence to the end thereof:

“Effective as of February 27, 2004, the Executive is
appointed Chairman of the Board of Directors of the
Company, and replaced as Chief Underwriting Officer of
the Company.”

     SECOND: Paragraph 5.1 of the Service Agreement is hereby amended by
replacing “£300,000” each place that it appears therein with “nine hundred
thousand dollars (“$900,000) (U.S.)” and by adding a new sentence to the end
thereof, to read in its entirety as follows:

“The annual salary of nine hundred thousand dollars
($900,000) (U.S.) shall include any amount payable
under paragraph 5.5 hereof.”

     THIRD: Paragraph 5.2 of the Service Agreement is hereby amended, to read
in its entirety as follows:

“5.2 The Executive shall be reimbursed for all
documented business related expenses. The Executive
shall be entitled to be reimbursed for first-class air
fare and the expenses of appropriate hotel
accommodations for business travel, consistent with
past practice. Executive shall be reimbursed for
the cost of first-class air fare for personal travel
between Bermuda and the United Kingdom for the
Executive and his spouse. All amounts payable under
this paragraph 5.2 shall be subject to Executive’s
presentment to the Company of appropriate
documentation. Executive may not travel by motor
scooter (or similar transport)

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and, when in Bermuda, shall travel by car or taxi
service at Company expense.”

     FOURTH: Paragraph 5.5 of the Service Agreement shall be amended by adding
the following to the end of the last sentence thereof:

“, provided, however, that any amounts payable under
this paragraph 5.5 shall not be payable in addition
to, but rather shall be included in, the amount
payable under paragraph 5.1 as salary.”

     FIFTH: The provisions of this amendment shall be effective
as follows:

(a) Paragraph FIRST shall be effective February 27,
2004; and

(b) Paragraphs SECOND, THIRD and FOURTH
shall be effective July 1, 2004.

     SIXTH: Except to the extent hereinabove set forth, the Service Agreement
shall continue in full force and effect without change or modification.

     IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment
to the Service Agreement as of the date first above written.

	 	 	 	 
	MONTPELIER RE HOLDINGS, LTD.

	 	EXECUTIVE
	 
	 	 
	By:
	/s/ T.G.S. Busher
	 	/s/ Anthony Taylor
	 	

	 	

	Name:	Thomas G.S. Busher	 	Anthony Taylor
	Title:	Chief Operating Officer	 

-3-EXHIBIT 10.2

 

Exhibit 10.2

SERVICE AGREEMENT

This SERVICE AGREEMENT (the
“Agreement”) is made as of this 27th day of August,
2004, by and between Anthony Taylor, an individual having an address at
Mintflower Place, 8 Par-La-Ville Road, P.O. Box HM 2079, Pembroke HM HX Bermuda
(the “Executive”) and Montpelier Re Holdings Ltd., whose registered office is
located at Clarendon House, 2 Church Street, Hamilton, Bermuda (collectively,
the “Company”).

W I T N E S S E T H:

WHEREAS, pursuant to a certain Service Agreement, dated as of December 12, 2001
between the Company and the Executive, the Executive has served as Chief
Executive Officer (“CEO”) of the Company and Chief Underwriting Officer of the
Company and of its affiliate, Montpelier Reinsurance Ltd. (“MRL”), since
January 1, 2002; and

Whereas, at the request of the Board of Directors of the Company (“Board”), the
Executive has also served as President of the Company and of MRL; and

Whereas, the Executive was replaced as Chief Underwriting Officer and named as
Chairman of the Board at a meeting of the Board held February 27, 2004, and has
served in that capacity since; and

WHEREAS, the Company desires to continue to employ the Executive, and the
Executive desires to continue employment under the terms and conditions of this
Agreement;

 

 

NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants and agreements herein contained, and for other valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereby agree as follows:

1. Employment. The Company hereby shall continue to employ the Executive, and
the Executive hereby accepts the continuation of employment, as the President
and CEO of the Company and as Chairman of the Board, under the terms and
subject to the conditions set forth herein.

2. Term. Subject to paragraph 7, the Executive shall be employed hereunder for
the period commencing January 1, 2005, which shall be the effective date
(“Effective Date”) of this Agreement, and ending December 31, 2007 (the
“Term”).

3. Duties.

(a) During the Term, the Executive shall have all responsibilities
commensurate with the positions of President, CEO and Chairman of the Board.
The Executive shall perform such duties and exercise such powers in relation to
the business of the Company, or of any Group Company, as may from time to time
be assigned to or vested in him by the Board and shall give to the Board such
information regarding the affairs of the Company, and of any Group Company, as
it shall require and at all times in all respects conform to and comply with
the reasonable directions and regulations made by the Board. The Executive
shall perform such services for any Group Company, including but not limited to
Montpelier Reinsurance Ltd., (without further remuneration except as otherwise
agreed), and shall accept such offices in any such Group Companies as the Board
may require. The Executive shall well and faithfully serve the

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Company and the Group Companies, and shall use his best endeavors to promote,
develop and extend their businesses and interests, giving at all times the full
benefit of his knowledge, expertise, technical skill and ingenuity. All other
senior officers and executives of the Company shall report to the Executive.
For purposes of this Agreement, “Group Company” shall mean and include any
company which is from time to time a holding company (as defined by Section 86
of the Companies Act 1981 (the “Companies Act”), but irrespective of whether it
is a Bermuda Company or an overseas company) of the Company, a subsidiary
company (as so defined) of the Company, a subsidiary company (as so defined) of
a holding company (as so defined) of the Company or in which the Company owns
at least 50% of the issued share capital.

(b) The Executive agrees that he will devote substantially all of his time and
attention to the affairs of the Company and the Group Companies and that he
will not engage, directly or indirectly, in any other business or occupation
during the Term. Executive may (i) serve on corporate, civic or charitable
boards or committees and otherwise engage in charitable and civic activities,
and (ii) engage in personal investment activities on behalf of himself or his
family, provided that Executive continues to devote substantially all of his
time and attention to the affairs of the Company and the Group Companies.

(c) The Company reserves the right to require the Executive not to attend work
and/or not to undertake all or any of his duties hereunder during a period of
up to twelve (12) months immediately preceding the termination of his
employment, provided always that the Company shall continue to pay the
Executive’s Base Salary and contractual benefits for such period. This

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paragraph 3(c) shall not affect the general right of the Company to suspend the
Executive for Cause (as defined in paragraph 7(c), below).

4. Compensation and Related Matters. As full compensation for the Executive’s
performance of his duties and responsibilities hereunder during the Term, the
Company shall pay the Executive the compensation and provide the benefits set
forth below and in paragraph 5 of this Agreement:

(a) Base Salary. During the Term of this Agreement, the Company shall pay the
Executive an annual salary (the “Base Salary”) of nine hundred thousand dollars
($900,000) (U.S.), less applicable withholding and other deductions, payable
monthly in arrears on the day appointed by the Board for the payment of
salaries or pro rata if Executive is employed for less than a full month. The
Compensation and Nominating Committee of the Board (the “Compensation
Committee”), subject to ratification of the Board, may, in its sole discretion,
increase or decrease the Base Salary at any time during the Term; provided,
however, that in no event shall the Executive’s Base Salary be decreased at any
time during the Term below the rate of $900,000 (U.S.) per annum. The Base
Salary shall be inclusive of any director’s fees or other fees or remuneration
payable to the Executive by the Company or any Group Company (including
remuneration paid under any service agreement with Montpelier Marketing
Services (UK) Limited) and, accordingly, either the Executive shall pay over or
cause to be paid over to the Company all such fees or remuneration paid or
payable to him or his Base Salary shall be reduced by the amount of such fees
or remuneration.

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(b) Bonuses. The Executive shall be entitled to participate in the Company’s
annual bonus plan with a target bonus equal to 50% of his Base Salary (the
“Target Bonus”). If the Company’s annual bonus plan is terminated, during the
term of this Agreement Executive shall remain entitled to an annual bonus on
the same terms and conditions as were contained in the Company’s annual bonus
plan with a target bonus equal to the Target Bonus.

(c) Long-Term Incentive Plan. Executive shall be entitled to participate in
the Montpelier Long-Term Incentive Plan (“LTIP”), as in effect from
time-to-time, or shall be entitled to comparable long-term incentives outside
of the LTIP, if the LTIP is terminated and the Company does not adopt any
comparable replacement plan. Each year during the Term, subject to the
continued satisfactory fulfillment of all of the Executive’s duties as Chairman
of the Board and CEO under this Agreement, Executive shall receive a grant of
performance shares under the LTIP (“Performance Shares”) (or the economic
equivalent thereof outside of the LTIP) with a target value of not less than $3
million (U.S.) and a performance cycle of not more than three (3) years.

(d) Benefits. The Executive shall be eligible to receive the benefits that the
Company generally makes available to its executives (as the same may be revised
from time to time), including but not limited to, the Company’s retirement,
savings, medical, dental, life insurance and deferred compensation plans.

(e) Paid Holiday. In addition to the usual public holidays, the Executive
shall be entitled to receive twenty-five (25) paid days holiday each year. The
Executive may schedule the holiday days as he elects, subject to the reasonable
disapproval of the Board. Any entitlement to holiday

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remaining at the end of a year may be carried to the next succeeding year but
no further. Entitlement to holiday (and on termination, holiday pay in lieu of
holiday) accrues pro rata throughout each year, provided that fractions of days
shall be disregarded in calculating entitlement to vacation or payment in lieu
thereof.

(f) Currency. Executive’s Base Salary, annual bonuses, cash settlement, if
any, of Performance Shares under the LTIP (or their equivalent) and any other
cash remuneration or reimbursement payable by the Company to the Executive
shall be denominated in U.S. dollars. All such payments and reimbursements,
whether fixed (e.g., Base Salary,) or variable (annual bonuses, LTIPs, etc.)
shall be paid in U.S. dollars, unless Executive consents, in writing, to use of
another currency.

5. Reimbursement. The Executive shall be reimbursed for all documented
business related expenses. The Executive shall be entitled to be reimbursed
for first-class air fare and the expenses of appropriate hotel accommodations
for business travel, consistent with past practice. Executive shall be
reimbursed for the cost of first-class air fare for personal travel between
Bermuda and the United Kingdom for the Executive and his spouse consistent with
prior practice. All amounts payable under this paragraph 5 shall be subject to
Executive’s presentment to the Company of appropriate documentation.
Executive may not travel by motor scooter (or similar transport) and, when in
Bermuda, shall travel by car or taxi service at Company expense.

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6. Confidentiality

(a) The Executive shall not, either during the continuance of his employment
hereunder (otherwise than in the proper performance of his duties hereunder) or
at any time after the termination thereof, divulge to any person whomsoever and
shall use his reasonable endeavors to prevent the publication or disclosure of
any trade secret or other confidential information concerning the business,
finances, accounts, dealings, transactions or affairs of the Company or any
Group Company or of any of their respective clients entrusted to him or arising
or coming to his knowledge during the course of his employment hereunder or
otherwise; provided that the foregoing shall not prevent or limit the Executive
from complying with any applicable law or with the directive of any court or
administrative body or agency having the legal authority to .compel testimony
from or the production of documents by the Executive. The provisions of this
paragraph 6(a) shall not apply to any information which is or becomes publicly
known other than as a result of Executive’s breach of this agreement.

(b) The Executive shall upon the termination of his employment hereunder
immediately deliver up to the Company all fee schedules, lists of clients,
correspondence and other documents, papers and property belonging to the
Company or any Group Company or related to any of the matters referred to in
paragraph (a) above which may have been prepared by him or have come into his
possession in the course of his employment hereunder and shall not retain any
copies thereof.

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7. Termination. The Executive’s employment shall terminate upon:

(a) the Executive’s death; or

(b) the Executive being unable to perform his duties and responsibilities
hereunder due to his disability (as defined below). For purposes of this
Agreement, the term “disability” shall mean that the Executive has been unable
to perform the duties and responsibilities required of him hereunder due to a
physical and/or mental disability for a period of six (6) consecutive months or
for more than one hundred eighty (180) working days, whether or not
consecutive, during any twelve (12) month period; provided that any such
periods may be extended at the sole discretion of the Board. During such
period of disability, the Executive shall continue to receive the Base Salary
(less any Company-paid benefits that he receives, such as short term disability
or workers compensation, during such period); or

(c) the termination of the Executive’s employment by the Company for “Cause”.
For purposes of this Agreement, “Cause” shall mean: (i) conviction of an
offense (other than a road traffic offense or other non-material offense not
subject to a custodial sentence; or (ii) willful gross negligence or willful
gross misconduct by the Executive in connection with his employment with the
Company or a Group Company which causes or is likely to cause material loss or
damage to the Company or such Group Company; or

(d) the resignation of the Executive for “Good Reason”. For purposes of this
Agreement “Good Reason” shall mean: (i) a decrease in the Executive’s Base
Salary (except as authorized under paragraph 4 (a)) or any material decrease in
bonus opportunity; (ii) a material diminution

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in the authority, duties or responsibilities of Executive’s position with the
result that the Executive makes a determination in good faith that he cannot
continue to carry out his job in substantially the same manner as it was
intended to be carried out immediately before such diminution; (iii) a
relocation of the Company’s executive offices from Bermuda without the
Executive’s consent as long as the Executive is CEO of the Company; and (iv) a
material breach by the Company of the terms of this Agreement or of any award
under the LTIP; provided that Executive shall have provided written notice to
the Company (attention of at least two members of the Board other than the
Executive), setting forth the alleged Good Reason within 120 days of the event,
and the breach shall not have been cured within thirty (30) days of receipt of
the notice.

(e) the termination of the Executive’s employment by the Company without cause;
or

(f) the resignation of the Executive without Good Reason.

8. Termination Payments and Benefits.

(a) If the Executive’s employment is terminated by: (i) reason of the
Executive’s death or disability, (ii) the Company for Cause pursuant to
paragraph 7(c) or (iii) the Executive without Good Reason pursuant to paragraph
7(f), then in full satisfaction of the Company’s obligations under this
Agreement, the Executive, his beneficiaries or estate, as appropriate, shall be
entitled to receive (A) the Base Salary provided for herein up to and including
the effective date of termination, prorated on a daily basis; (B) payment for
any accrued, but unused paid holiday as

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of the effective date of termination; and (C) any reimbursements to which he
may be entitled under paragraph 5 of this Agreement.

(b) If the Executive’s employment is terminated by: (i) the Company without
Cause pursuant to paragraph 7(e), or (ii) the Executive for Good Reason
pursuant to paragraph 7(d), then in full satisfaction of the Company’s
obligations under this Agreement, the Executive, his beneficiaries or estate,
as appropriate, shall be entitled to receive: (A) an amount equal to the Base
Salary, bonuses and any Performance Shares or other LTIP Awards earned but not
previously paid through the date of termination; (B) payment for any accrued
but unused paid holiday as of the effective date of termination; (C) any
reimbursements to which the Executive may be entitled under paragraph 5 of this
Agreement; (D) an amount equal to the sum of the Base Salary then in effect and
the annual Target Bonus for the year during which the termination occurs,
multiplied by the greater of (I) two (2), or (II) the remaining number of years
and fractions thereof (with each full and partial month counting as one-twelfth
(1/12th) of a year) in the Term; (E) medical benefit continuation under the
Company’s medical plan for a period of three (3) years following the
termination of the Executive’s employment at the Company’s expense and
thereafter at the Executive’s expense; (F) the accelerated vesting (to 100%
vested) of unvested stock options, Stock Appreciation Rights (“SARs”) and
Restricted Share Units (“RSUs”), if any, awarded to Executive under the LTIP or
otherwise; and (G) pro rata payment with respect to any outstanding Performance
Shares previously awarded to the Executive, with performance measured at the
end of the year in which the termination occurs and with the valuation of such
Performance Shares (if paid in cash) based on the average of the last ten (10)
trading days of the year in which the termination occurs. In addition, the
Executive shall be entitled to Group A Benefits under the

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Montpelier Re Holdings Severance Plan (“Severance Plan”), if such Severance
Plan has been adopted and is then in effect; provided, however, that such Group
A Benefits shall be applied against and shall reduce the benefits payable under
this paragraph 8(b). In addition, if the Executive’s employment is terminated
in any of the circumstances covered by this paragraph 8(b), then
notwithstanding any provision in any Company stock option held by the Executive
to the contrary, the Executive shall be entitled to exercise any Company stock
options during the two (2) year period beginning on his date of termination
(but not beyond the expiration date of the option). Payment of benefits upon
termination under clauses (D), (E), (F), and (G) of this paragraph 8(b) are
subject to and conditioned upon the Executive’s execution of a Separation
Agreement and General Release within the meaning of the Severance Plan.

9. Non-Renewal of Agreement. If this Agreement is not renewed at the end of
the Term, but the Executive remains an active member of the Board (Chairman, if
requested by the Board) then such service as a Board member shall be considered
continued employment for purposes of determining the vesting of stock options,
SARs, RSUs and Performance Shares, and the Executive shall remain entitled to
continuing health coverage for himself and his spouse at the Company’s expense.
If this Agreement is not renewed at the end of the Term and the Executive is
removed from the Board (other than for Cause), or if following the end of the
Term the Executive is removed from the Board (other than for Cause) or is not
reelected to the Board (despite his willingness to remain an active member of
the Board), then (i) the Executive’s unvested stock options, SARs, RSUs and
Performance Shares shall become 100% vested, (ii) Executive shall have two (2)
years following his last day as a member of the Board (but not beyond the
expiration date of the option) in which to exercise any outstanding stock
options

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(notwithstanding any provision of the stock options to the contrary) and (iii)
Executive shall be entitled to pro rata payment with respect to outstanding
Performance Shares previously awarded to the Executive with performance
measured at the end of the year in which his service as a member of the Board
ends and with the valuation of such Performance Shares (if paid in cash) based
on the average of the last ten (10) trading days of such year.

10. Non-Competition.

(a) During the Term, the Executive shall not without the consent of the Board
directly or indirectly engage in any other business or be concerned or
interested in any other business of a similar nature to or which would or might
compete with the business for the time being carried on by the Company or any
Group Company save that he may (but without prejudice to paragraph 3) be
interested as a holder or beneficial owner of not more than 5% of any class of
stock, shares or debentures in any company (other than the Company, in which
case, such limit shall not apply) whose stock, shares or debentures are listed
or dealt in on an appointed stock exchange (as defined in the Companies Act).

(b) Since the Executive has obtained in the course of his employment prior to
the date hereof and is likely to obtain in the course of his employment
hereunder knowledge of the trade secrets and also other confidential
information in regard to the business of the Company and of any Group Company
with which he becomes associated, the Executive hereby agrees with the Company
that in addition to the restrictions contained in paragraph (a) above, he will
not in Bermuda, the United Kingdom or the European Economic Community:

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     (i) During the period of 12 months following the termination of his
employment hereunder (howsoever caused) either on his own account or for
any other person, firm or company directly or indirectly be engaged in or
concerned with any business or undertaking which is engaged in or carries
on in Bermuda, the United Kingdom or the European Economic Community any
insurance business which competes or seeks to compete with the business
carried on by the Company or any other Group Company at the date of
termination.

     (ii) During the period of 12 months following the termination
aforesaid either on his own account or for any other person, firm or
company directly or indirectly solicit, interfere with or endeavor to
entice away from the Company or any Group Company the custom of any
person, firm or company who at the date of termination aforesaid or who
in the period of 12 months immediately prior to such date was a customer
or client of or in the habit of dealing with the Company or any Group
Company or who at such date was to his knowledge negotiating with the
Company or any Group Company in relation to all or part of its business.

     (iii) During the period of 12 months following the termination
aforesaid either on his own account or for any other person, firm or
company solicit the services of or endeavor to entice away from the
Company or any Group Company any director, employee or consultant of the
Company or any Group Company (whether or not such person would commit any
breach of his contract of employment or engagement by reason of leaving
the service of such company) nor shall the Executive knowingly

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     employ or aid or assist in or procure the employment by any other
person, fir or company of any such person.

(c) While the restrictions aforesaid are considered by the Parties to be
reasonable in all the circumstances, it is agreed that if any of such
restrictions shall, taken together, be adjudged to go beyond what is reasonable
in all the circumstances for the protection of the legitimate interests of the
Company or any Group Company but would be adjudged reasonable if part of the
wording thereof were deleted or modified the said restrictions shall apply with
such words deleted or modified.

(d) The Executive hereby agrees that he will at the request and at the cost of
the Company enter into a direct agreement or undertaking with any Group Company
whereby he will accept restrictions and provisions corresponding to the
restrictions and provisions herein contained (or such of them as may be
appropriate in the circumstances) in relation to such services and such area
and for such period as such company or companies may reasonably require for the
protection of its or their legitimate interests provided that he terms of such
restrictions and provisions will not be more onerous than the restrictions and
provisions of this Agreement.

11. Successors. The Executive’s performance hereunder is personal to the
Executive and shall not be assignable by the Executive. The Company may at any
time and from time to time delegate its power and authority under this
Agreement to any Group Company and such delegation (or the revocation thereof)
shall be effective upon the Company’s giving written notice of the same to the
Executive. The Company may assign this Agreement to any Group Company or to
any successor to all or substantially all of the business and/or assets of the

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Company, whether directly or indirectly, by purchase, merger, consolidation,
acquisition of stock, or otherwise. This Agreement shall inure to the benefit
of and be binding upon the Company and its successors and assigns.

12. Legal Expenses. The Company will pay or reimburse the Executive for all
costs and expenses (including court costs and attorney’s fees) incurred by
Executive as a result of any claim, action or proceeding arising out of, or
challenging the validity, or enforceability of, this Agreement or any provision
hereof or any benefit or award contemplated herein, but only if the Executive
is the prevailing party, in whole or in significant part, with respect to such
claim, action or proceeding. Executive will pay or reimburse the Company for
all costs and expenses (including court costs and attorney’s fees) incurred by
Company as a result of any claim, action or proceeding arising out of, or
challenging the validity, or enforceability of, this Agreement or any provision
hereof or any benefit or award contemplated herein, but only if the Company is
the prevailing party, in whole or in significant part, with respect to such
claim, action or proceeding.

13. Survival of Operative Sections. The expiration or termination of this
Agreement howsoever arising shall not operate to affect such of the provisions
hereof as are expressed or intended to remain in full force and effect
notwithstanding such termination.

14. Miscellaneous.

(a) Waiver; Amendment. The failure of a party to enforce any term, provision,
or condition of this Agreement at any time or times shall not be deemed a
waiver of that term, provision, or condition for the future, nor shall any
specific waiver of a term, provision, or condition at one

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time be deemed a waiver of such term, provision, or condition for any future
time or times. This Agreement may be amended or modified only by a writing
signed by both parties hereto.

(b) Governing Law; Jurisdiction. This Agreement shall be governed by and
construed in accordance with the laws of Bermuda and the parties irrevocably
submit to the non-exclusive jurisdiction of the Courts of Bermuda.

(c) Paragraph Captions. Paragraph and other captions contained in this
Agreement are for reference purposes only and are in no way intended to
describe, interpret, define or limit the scope, extent or intent of this
Agreement or any provision hereof.

(d) Severability. Each provision of this Agreement is intended to be
severable. If any term or provision hereof is illegal or invalid for any
reason whatsoever, such illegality or invalidity shall not affect the validity
of the remainder of this Agreement.

(e) Integrated Agreement. This Agreement constitutes the entire understanding
and agreement between the parties hereto with respect to the subject matter
hereof, and supersedes all prior agreements, understandings, memoranda, term
sheets, conversations and negotiations. There are no agreements,
understandings, restrictions, representations or warranties between the parties
other than those set forth herein or herein provided for Notwithstanding the
foregoing, nothing in this Agreement shall reduce or diminish the Executive’s
rights under any employee benefit plan in which he is a participant or under
any stock option, SAR, RSU, Preferred Share (or similar compensatory award)
granted to the Executive by the Company (or any Group Company) before, on or
after the Effective Date.

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(f) Interpretation; Counterparts.

     (i) No provision of this Agreement is to be interpreted for or against
any party because that party drafted such provision.

     (ii) For purposes of this Agreement: “herein, “hereby,” “hereof”,
“hereinafter,” “herewith,” “hereafter” and “hereinafter” refer to this
Agreement in its entirety, and not to any particular paragraph.

     (iii) References to statutory provisions shall be construed as references
to those provisions as amended or re-enacted or as their application is
modified by other provisions from time to time and shall include references to
any provisions of which they are re-enactments (whether with or without
modification).

     (iv) References to the singular shall include the plural and vice versa
and references to the masculine shall include the feminine and/or neuter and
vice versa.

     (v) References to persons shall include companies, partnerships,
associations and bodies of persons, whether incorporated or unincorporated.

(g) This Agreement may be executed in any number of counterparts, each of which
shall be deemed an original, and all of which shall constitute one and the same
instrument.

(h) Untrue Statements. The Executive shall not knowingly at any time make any
untrue statement in relation to the Company or any Group Company and in
particular shall not after the determination of his employment hereunder
wrongfully represent himself as being employed by or connected with the Company
or any Group Company.

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(i) Notices. All notices and other communications hereunder shall be in
writing and shall be deemed to have been duly given if delivered by hand
delivery, or by facsimile (with confirmation of transmission), or by overnight
courier, or by registered or certified mail, return receipt requested, postage
prepaid, in each case addressed as follows:

	 	 	 
	If to the Executive:

	 	Anthony Taylor
	

	 	Mintflower Place
	

	 	8 Par-La-Ville Road
	

	 	P.O. Box HM 2079
	

	 	Pembroke HM HX Bermuda
	 
	 	 
	with copies to:

	 	Mark S. Wintner
	

	 	Stroock & Stroock & Lavan LLP
	

	 	180 Maiden Lane
	

	 	New York, NY 10038
	 
	 	 
	If to the Company:

	 	Montpelier Re Holdings, Ltd.
	

	 	Clarendon House
	

	 	2 Church Street
	

	 	Hamilton, Bermuda
	 
	 	 
	with copies to:
	 	 

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Any such notice given by post shall be deemed
to have been served on the second week day after dispatch (public holidays
excepted) and any notice so given by hand shall be deemed to have been served
when delivered if delivered during normal business hours or, if

 - 18 -

 

delivered outside such hours, at the next time after delivery when normal
business hours commence.

(j) No Limitations. The Executive represents his employment by the Company
hereunder does not conflict with, or breach any confidentiality,
non-competition or other agreement to which he is a party or to which he may be
subject.

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

	 	 	 	 
	MONTPELIER RE HOLDINGS, LTD.

	 	EXECUTIVE
	 
	 	 
	By:
	/s/ T.G.S. Busher
	 	/s/ Anthony Taylor
	 	

	 	

	Name:	Thomas G.S. Busher	 	Anthony Taylor
	Title:	Chief Operating Officer	 

-19-

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