Document:

EX-10.1

 Exhibit 10.1 

REINSURANCE GROUP OF AMERICA, INCORPORATED 

FLEXIBLE STOCK PLAN 

PERFORMANCE CONTINGENT SHARE AGREEMENT 

Reinsurance Group of America, Incorporated, a Missouri corporation (the “Company”), and A. Greig Woodring (“Employee”),
hereby agree as follows: 
 SECTION 1 

GRANT OF RESTRICTED SHARE UNITS 

Pursuant to the Reinsurance Group of America, Incorporated Flexible Stock Plan, as amended (the “Plan”), and pursuant to action of
the Committee charged with the Plan’s administration, the Company has granted to Employee, effective March 4, 2016 (the “Date of Grant”), subject to the terms, conditions and limitations stated in this Agreement, the Plan and the
Company’s Executive Compensation Recoupment Policy (as discussed in Section 6(c)), an award of performance contingent shares with respect to 42,500 shares of Common Stock (“Shares”). The performance contingent shares awarded to
Employee in this Agreement are referred to herein as “Restricted Share Units.” The number of Restricted Share Units granted under this Section 1 is referred to in this Agreement as the “Target Grant.” 

SECTION 2 
 TERMS OF
GRANT 
 (a) Vesting Period. The vesting period for this award is the one (1) year period beginning January 1, 2016, and
ending December 31, 2016 (the “Vesting Period”). 
 (b) Performance Period. The performance period for this award is
the three (3) year period beginning January 1, 2016, and ending December 31, 2018 (the “Performance Period”). 
 (c)
Payment. 
 (1) Restricted Share Units Payable In Common Stock. Subject to early termination of this
Agreement pursuant to Sections 4(b) or 5 below, as soon as practicable following the end of the Performance Period, the Company shall determine the Cumulative Operating Revenue Growth Rate (as defined in Section 3(c)), Return on Average Equity (as
defined in Section 3(d)) and Relative Return on Average Equity (as defined in Section 3(e)) over such Performance Period. On or after January 1 but no later than December 31 following the last day of the Performance Period, the Company
will deliver to Employee one (1) Share of the Company’s Common Stock for each Restricted Share Unit earned under this Agreement; provided, however, that any fractional Restricted Share Unit shall be paid in cash equal to such fraction of the
Fair Market Value of a Share of Common Stock on the date of payment. 
 (2) Dividend Equivalents. Restricted
Share Units shall not include dividend equivalent payments or dividend credit rights. 

  
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 SECTION 3 

PERFORMANCE CRITERIA AND ADJUSTMENTS 

(a) Performance Criteria. The measures and weights for the 2016 grant of Restricted Share Units are set forth in a memorandum provided to Employee
by the Company. 
 (b) Adjustment of Target Grant. The Target Grant will be adjusted at the end of the Performance Period as follows: 

(1) Thirty-three percent (.330) of the number of Restricted Share Units in the Target Grant will increase or decrease based
upon the Company’s Cumulative Operating Revenue Growth Rate over the Performance Period; 
 (2) Thirty-three and
one-half percent (.335) of the number of Restricted Share Units in the Target Grant will increase or decrease based upon the Company’s Return on Average Equity over the Performance Period; and 

(3) Thirty-three and one-half percent (.335) of the number of Restricted Share Units in the Target Grant will increase or
decrease based upon the Company’s Relative Return on Average Equity over the Performance Period. 
 In no event will Employee be entitled to receive a
total number of Shares with respect to Restricted Share Units in excess of 200% of the Target Grant, even if the Company’s Cumulative Operating Revenue Growth Rate, ROAE and/or Relative ROAE during the Performance Period exceeds the maximum
percentages established for any such measure. 
 (c) Cumulative Operating Revenue Growth Rate. “Cumulative Operating Revenue Growth Rate”
for the Performance Period is the compounded average growth rate of the Company’s consolidated operating revenue over the three-year Performance Period using the Company’s annual consolidated operating revenue for the fiscal year
immediately preceding the Date of Grant as the base year. The Cumulative Operating Revenue Growth Rate will be determined by the Company using generally accepted accounting principles, consistently applied. 

(d) Return on Average Equity. “Return on Average Equity” (“ROAE”) for the three-year Performance Period is the Company’s mean
average operating earnings (i.e., net income from continuing operations less realized capital gains and losses and certain other non-operating items), expressed in dollars, during the three-year Performance Period divided by the Company’s
average adjusted equity, expressed in dollars, for the Performance Period. The ROAE will be determined by the Company using generally accepted accounting principles, consistently applied. 

(e) Relative Return on Average Equity. “Relative Return on Average Equity” (“Relative ROAE”) for the three-year Performance Period
is the percentile ranking of the Company’s ROAE relative to the ROAE of competitor companies in the Performance Peer Group (as provided separately to Employee) over the same three-year period. The Performance Peer Group 

  
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is comprised of competitor companies as determined by the Compensation Committee of the Company’s Board of Directors from time to time (and may be modified by the Compensation Committee
after the date of this Agreement). The Relative ROAE will be determined by the Company using the Company’s ROAE as defined in Section 3(d) and its percentile rank within the Performance Peer Group. 

SECTION 4 
 CONDITIONS
AND LIMITATIONS ON RIGHT TO RECEIVE 
 RESTRICTED SHARE UNITS OR COMMON SHARES 

(a) Demotion or Transfer. In the event that Employee is demoted or transferred to a position with the Company or any of its
Affiliates in which Employee is not eligible to participate in the Plan prior to the expiration of the Vesting Period, as determined by the Committee in its sole discretion, this Agreement will terminate and be of no further force or effect and the
Restricted Share Units awarded to Employee hereunder shall be forfeited. 
 (b) Termination of Employment. 

(1) Death, Disability or Retirement. If Employee ceases to be employed by the Company or any of its Affiliates prior to
the expiration of the Vesting Period due to death, disability or retirement, Employee (or, in the event of Employee’s death, the legal representative of Employee’s estate or revocable living trust) shall receive a pro rata proportion of
the Shares that would have been issued to Employee under this Agreement, determined by multiplying such Shares by a fraction, the numerator of which is the number of calendar months in the Vesting Period during which Employee’s employment
continued, and the denominator of which is the number of months in the Vesting Period. Such pro rata proportion shall be paid to Employee (or, in the event of Employee’s death, the legal representative of Employee’s estate or revocable
living trust) at the same time and in the same manner as specified in Section 2(c) above. Employment for any portion of a calendar month shall be deemed employment for that calendar month. For purposes of this Agreement,
(i) “disability” shall mean disability as defined in any long-term disability plan maintained by the Company or an Affiliate which covers Employee or, in the absence of any such plan, the physical or mental condition of Employee
arising during the Vesting Period, which in the opinion of a qualified physician chosen by the Company prevents Employee from continuing employment with the Company and its Affiliates, and (ii) “retirement” shall mean termination of
employment with the Company and its Affiliates after Employee has attained a combination of age and years of service that equals at least sixty-five (65); provided that, the maximum number of years of service credited for purposes of this
calculation shall be ten (10). 
 (2) Other Termination. In the event that Employee’s employment with the Company
and its Affiliates is terminated prior to the expiration of the Vesting Period, whether voluntarily or involuntarily, for any reason other than death, disability or retirement, this Agreement will terminate and be of no further force or effect and
the Restricted Share Units awarded to Employee hereunder shall be forfeited, unless otherwise determined by the Committee in its sole discretion. 

  
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 SECTION 5 

CHANGE OF CONTROL 

Notwithstanding anything herein to the contrary, in the event a Change of Control occurs during the Performance Period, the Cumulative Revenue
Growth Rate, Return on Average Equity and Relative Return on Average Equity for the Performance Period shall be deemed to be the respective Target amounts referenced in Section 3(a). Section 4(b)(2) shall not apply in the case of involuntary
termination of Employee’s employment by the Company or an Affiliate following a Change of Control other than for cause. The number of Shares determined in accordance with Sections 1 and 3(a) (and, in the event of Employee’s death,
disability or retirement prior to the end of the Vesting Period, Section 4(b)) shall be delivered to Employee (or, in the event of Employee’s death, Employee’s estate) at the same time and in the same manner as specified in Section 2(c)
above. For purposes of this Section, “cause” shall mean (a) any conduct, act or omission that is contrary to Employee’s duties as an officer or employee of the Company or any of its Affiliates, or that is inimical or in any way
contrary to the best interests of the Company or any of its Affiliates, or (b) employment of Employee by or association of Employee with an organization that competes with the Company or any of its Affiliates. 

SECTION 6 

MISCELLANEOUS 
 (a)
Rights in Shares Prior to Issuance. Prior to issuance of Shares in accordance with Section 2(c), neither Employee nor his or her legatees, personal representatives or distributees (i) shall be deemed to be a holder of any Shares
represented by the Restricted Share Units awarded hereunder or (ii) have any voting rights with respect to any such Shares. 
 (b)
Non-assignability. The Restricted Share Units shall not be transferable by Employee otherwise than by will or by the laws of descent and distribution; provided that, Employee may transfer the Restricted Share Units during his or her
lifetime to a revocable living trust of which Employee is grantor, or to another form of trust indenture of which Employee is a grantor or a beneficiary. 

(c) Recoupment. The awards granted pursuant to this Agreement are subject to the terms and conditions contained in the Company’s
Executive Compensation Recoupment Policy (“Recoupment Policy”), which permits the Company to recoup all or a portion of awards made to certain employees upon the occurrence of any Recoupment Event (as defined in the Recoupment Policy).

 (d) Securities Law Requirements. The Company shall not be required to issue Shares pursuant to this Agreement unless and
until (i) such Shares have been duly listed upon each stock exchange on which the Company’s Common Stock is then registered and (ii) a registration statement under the Securities Act of 1933 with respect to such Shares is then effective. 

(e) Designation of Beneficiaries. Employee may file with the Company a written designation of a beneficiary or beneficiaries to
receive, in the event of Employee’s death, the Shares determined in accordance with Section 4(b) and subject to all of the provisions of this 

  
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Agreement. An Employee may from time to time revoke or change any such designation of beneficiary and any designation of beneficiary under the Plan shall be controlling over any other
disposition, testamentary or otherwise; provided, however, that if the Committee shall be in doubt as to the right of any such beneficiary to receive Shares, the Committee may recognize only receipt of such Shares by the personal representative of
the estate of Employee, in which case the Company, the Committee and the members thereof shall not be under any further liability to anyone. 

(f) Changes in Capital Structure. If there is any change in the Common Stock by reason of any stock dividend, spin-off, split-up, spin-out, recapitalization, merger, consolidation, reorganization, combination or exchange of shares, the number of
Restricted Share Units and the number, kind and class of shares available for Restricted Share Units, as applicable, shall be appropriately adjusted by the Committee. The issuance of shares of Common Stock for consideration and the issuance of
common stock rights shall not be considered a change in the Company’s capital structure. No adjustment provided for in this Section shall require the issuance of any fractional shares. 

(g) Right to Continued Employment. Nothing in this Agreement shall confer on Employee any right to continued employment or interfere
with the right of an employer to terminate Employee’s employment at any time. 
 (h) Tax Withholding. Employee must pay, or
make arrangements acceptable to the Company for the payment of any and all federal, state and local tax withholding that in the opinion of the Company is required by law. Unless Employee satisfies any such tax withholding obligation by paying the
amount in cash or by check, the Company will withhold Shares having a Fair Market Value on the date of withholding equal to the tax withholding obligation. 

(i) Copy of Plan. By signing this Agreement, Employee acknowledges receipt of a copy of the Plan and any offering circular related
to the Plan. 
 (j) Choice of Law. This Agreement will be governed by the laws of the State of Missouri, excluding any conflicts
or choice of law rule or principle that might otherwise refer construction or interpretation of this Agreement to another jurisdiction. 

(k) Execution. An authorized representative of the Company has signed this Agreement, and Employee has signed this Agreement to
evidence Employee’s acceptance of the award on the terms specified in this Agreement and the Plan, all as of the Date of Grant. 
 (l)
Section 409A. This Agreement is intended to comply with Section 409A of the Code or an exemption thereunder and shall be construed and interpreted in a manner that is consistent with the requirements for avoiding additional taxes or penalties
under Section 409A of the Code. Notwithstanding the foregoing, the Company makes no representations that the payments and benefits provided under this Agreement comply with Section 409A of the Code and in no event shall the Company be liable for all
or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A of the Code. Notwithstanding anything herein to the contrary, in the event that Employee is
determined to be a specified employee within the meaning of Section 409A of the Code, any 

  
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payment on account of termination of employment shall be made on the first payroll date which is more than six months following the date of Employee’s termination of employment to the extent
required to avoid any adverse tax consequences under Section 409A of the Code. To the extent necessary for compliance with Code Section 409A, references to termination of employment under this Agreement shall mean a “separation from
service” within the meaning of Section 409A of the Code. 
 SECTION 7 

TERMS OF THE PLAN 

This award is granted under and is expressly subject to all the terms and provisions of the Plan, which terms are incorporated herein by
reference. Capitalized terms used and not otherwise defined in this Agreement shall have the same meanings ascribed to them in the Plan. The Plan authorizes several forms of equity awards, and the Restricted Share Units granted in
accordance with this Agreement shall be deemed Performance Shares as defined and described in the Plan.
 IN WITNESS WHEREOF, the parties
hereto have executed this Agreement as of this ___ day of ________, 2016. 
  

			
	Reinsurance Group of America, Incorporated
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Employee
	
	  

	Name:	 	 A. Greig Woodring

  
 6EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
 SECOND
AMENDMENT 
 TO 

AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 

THIS SECOND AMENDMENT TO AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT (this “Second Amendment” or this
“Amendment”) is entered into as of March 8, 2016, by and among HERCULES FUNDING II LLC, a Delaware limited liability company (“Borrower”), the lenders identified on the signature page hereof (such lenders,
together with their respective successors and assigns, are referred to hereinafter each individually as a “Lender” and collectively as the “Lenders”), and WELLS FARGO CAPITAL FINANCE, LLC, formerly known as Wells
Fargo Foothill, LLC, a Delaware limited liability company, as the arranger and administrative agent for the Lenders (in such capacity, “Agent”), with reference to the following facts, which shall be construed as part of this Second
Amendment: 
 RECITALS 

A. Borrower, Lenders and Agent have entered into that certain Amended and Restated Loan and Security Agreement dated as of June 29, 2015,
as amended by that certain First Amendment to Amended and Restated Loan and Security Agreement dated as of December 16, 2015 (as amended, supplemented, replaced, renewed or otherwise modified from time to time, the “Loan
Agreement”), pursuant to which Lenders and Agent are providing financial accommodations to or for the benefit of Borrower upon the terms and conditions contained therein. Unless otherwise defined herein, capitalized terms or matters of
construction defined or established in the Loan Agreement shall be applied herein as defined or established therein. 
 B. Borrower, Lenders
and Agent have agreed to enter into this Second Amendment in order to add AloStar Bank of Commerce as a Lender, to increase the amount of the aggregate Commitments and Maximum Revolver Amount under the Loan Agreement, and to amend certain other
provisions of the Loan Agreement. 
 C. Immediately prior to the effectiveness of this Second Amendment, Wells Fargo Capital Finance, LLC is
the sole Lender under the Loan Agreement. 
 AGREEMENT 

NOW, THEREFORE, in consideration of the continued performance by Borrower of its promises and obligations under the Loan Agreement and the
other Loan Documents, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower, Lenders and Agent hereby agree as follows: 

1. Ratification of Existing Loan Documents. Each of the parties acknowledges, confirms, and ratifies the provisions of the Loan
Agreement and the other Loan Documents, which shall be unmodified and shall continue to be in full force and effect in accordance with their terms except as expressly provided under this Second Amendment. 

  
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 EXECUTION VERSION 

 
 2. Amendments to the Loan Agreement. The Loan Agreement is hereby
amended as follows: 
 2.1 Addition of New Definitions. Section 1.1 of the Loan Agreement is amended by
adding in appropriate alphabetical order the following new definitions: 
 “Second Amendment” means the
Second Amendment to Amended and Restated Loan and Security Agreement, dated as of March 8, 2016, by and among Lenders, Agent and Borrower. 

“Second Amendment Closing Date” means March 8, 2016. 

“unfunded commitments of Borrower” means, as of any date, all unfunded commitments of Borrower, excluding
those unfunded commitments that require the Account Debtor’s achievement of a milestone or other funding hurdle that has not been met as of such date. 

2.2 Amendment to Concentration Limits in Definition of Eligible Notes Receivable. Section 1.1 of the Loan
Agreement is amended by deleting the existing text of Concentration Limit (1) in the definition of “Eligible Notes Receivable” and replacing it with the following amended and restated version thereof: 

(1) The portion of the Preliminary Eligible Notes Receivable Balance consisting of the aggregate outstanding principal amount
of all Eligible Notes Receivable that have been materially modified in accordance with Borrower’s Required Procedures, that exceeds ten percent (10%) of the Preliminary Eligible Notes Receivable Balance at such time; provided,
however, that whether an Eligible Notes Receivable has been “materially modified” shall be determined by Agent in its Permitted Discretion; 

2.3 Amendment to Definition of Interest Coverage Ratio. Section 1.1 of the Loan Agreement is amended by
deleting the existing definition of the term “Interest Coverage Ratio” and replacing it with the following amended and restated version thereof: 

“Interest Coverage Ratio” means, with respect to any Person for any period, the ratio of (i) Net
Investment Income for such period, plus interest expense (including unused line fees), plus depreciation and amortization (excluding amortization of issuance costs and financing fees), plus non-cash extraordinary losses, and minus
non-cash extraordinary gains, in each case determined in accordance with GAAP, to (ii) total interest expense (including unused line fees) to the extent paid or required to be paid during such period, in each case determined for such Person.

 2.4 Revised Version of Schedule C-1 to Reflect Additional Commitment of New Lender. Schedule C-1 of
the Loan Agreement is amended by deleting the existing version thereof and replacing it with the amended and restated version attached as Exhibit A to this First Amendment. 

  
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 EXECUTION VERSION 

 
 3. Conditions Precedent. Notwithstanding any other provision of
this Second Amendment, this Second Amendment shall be of no force or effect, and Lenders and Agent shall not have any obligations hereunder, unless and until each of the following conditions have been satisfied: 

3.1 Receipt of Executed Second Amendment. Agent shall have received this Second Amendment, duly executed by Borrower,
each Lender, and Agent; 
 3.2 Agent’s Receipt of Fees Due Under the Fee Letter in Connection with Second
Amendment. Agent shall have received from Borrower the additional fees that are due and payable to Agent under the Fee Letter based upon the closing of this Second Amendment, which fees shall be fully-earned on the Second Amendment Closing Date;

 3.3 Agent’s Receipt of Closing Fee Due to New Lender in Connection with Second Amendment. Agent shall have
received from Borrower for the account of AloStar Bank of Commerce the $50,000 closing fee that is due and payable to AloStar Bank of Commerce upon the closing of this Second Amendment, which fee shall be fully-earned by AloStar Bank of Commerce on
the Second Amendment Closing Date and shall be forwarded by Agent to AloStar Bank of Commerce no later than one (1) Business Day after Agent’s receipt of the payment due from AloStar Bank of Commerce in connection with the initial
Settlement reflecting the Commitment of AloStar Bank of Commerce; and 
 3.4 No Default or Event of Default. No
Default or Event of Default shall have occurred and be continuing. 
 4. Representations and Warranties Regarding Loan Agreement.
Borrower hereby represents and warrants that the representations and warranties contained in the Loan Agreement were true and correct in all material respects when made and are true and correct in all material respects as of the Second Amendment
Closing Date, except to the extent that (a) a particular representation or warranty by its terms expressly applies only to an earlier date, in which case such representation or warranty was true and correct as of such earlier date, or
(b) Borrower has previously advised Agent in writing as contemplated under the Loan Agreement. Borrower hereby further represents and warrants that no event has occurred and is continuing, or would result from the transactions contemplated
under this Second Amendment, that constitutes or would constitute a Default or an Event of Default. 
 5. Miscellaneous. 

5.1 Headings. The various headings of this Second Amendment are inserted for convenience of reference only and shall not
affect the meaning or interpretation of this Second Amendment or any provisions hereof. 
 5.2 Counterparts. This
Second Amendment may be executed by the parties hereto in several counterparts, each of which shall be deemed to be an original and all of 

  
 - 3 - 

 EXECUTION VERSION 

 
 which together shall be deemed to be one and the same instrument.
Delivery of an executed counterpart of a signature page to this Second Amendment by either (i) facsimile transmission or (ii) electronic transmission in either Tagged Image Format Files (TIFF) or Portable Document Format (PDF), shall be
effective as delivery of a manually executed counterpart thereof. 
 5.3 Interpretation. No provision of this Second
Amendment shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party’s having or being deemed to have structured, drafted or dictated such
provision. 
 5.4 Complete Agreement. This Second Amendment constitutes the complete agreement between the parties
with respect to the subject matter hereof, and supersedes any prior written or oral agreements, writings, communications or understandings of the parties with respect thereto. 

5.5 GOVERNING LAW. THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
 5.6 Effect. Upon the effectiveness of this Second Amendment, each reference in
the Loan Agreement to “this Agreement,” “hereunder,” “hereof” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby and each reference in the other Loan Documents to the Loan
Agreement, “thereunder,” “thereof,” or words of like import shall mean and be a reference to the Loan Agreement as amended hereby. 

5.7 Conflict of Terms. In the event of any inconsistency between the provisions of this Second Amendment and any
provision of the Loan Agreement, the terms and provisions of this Second Amendment shall govern and control. 
 5.8 No
Novation or Waiver. Except as specifically set forth in this Second Amendment, the execution, delivery and effectiveness of this Second Amendment shall not (a) limit, impair, constitute a waiver by, or otherwise affect any right, power or
remedy of, Agent or Lenders under the Loan Agreement or any other Loan Document, (b) constitute a waiver of any provision in the Loan Agreement or in any of the other Loan Documents or of any Default or Event of Default that may have occurred
and be continuing, or (c) alter, modify, amend or in any way affect any of the terms, conditions, obligations, covenants or agreements contained in the Loan Agreement or in any of the other Loan Documents, all of which are ratified and affirmed
in all respects and shall continue in full force and effect. 
 [SIGNATURE PAGE FOLLOWS] 

  
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 EXECUTION VERSION 

 
 IN WITNESS WHEREOF, the parties hereto have executed this Second
Amendment to Amended and Restated Loan and Security Agreement as of the day and year first above written. 
  

			
	 HERCULES FUNDING II LLC,
 a
Delaware limited liability company, as Borrower

		
	By:	 	/s/ Ben Bang
	Name:	 	Ben Bang
	Title:	 	Secretary
	
	 WELLS FARGO CAPITAL FINANCE, LLC,

formerly known as Wells Fargo Foothill, LLC,
 a Delaware limited
liability company,
 as Agent and a Lender

		
	By:	 	/s/ Jeff Carbery
	Name:	 	Jeff Carbery
	Title:	 	Region Credit Manager
	
	 ALOSTAR BANK OF COMMERCE,
 as
a Lender

		
	By:	 	/s/ Eddie Carpenter
	Name:	 	Eddie Carpenter
	Title:	 	Director

  
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 EXECUTION VERSION 

 
 Exhibit A 

to 
 Second Amendment
to Amended and Restated Loan and Security Agreement 
 Schedule C-1 

Commitments 
 (as of
Second Amendment Closing Date) 
  

					
	 Lender
	  	 Commitment
	 
	 Wells Fargo Capital Finance, LLC
	  	$	75,000,000	  
	 AloStar Bank of Commerce
	  	$	20,000,000	  
	 Total for All Lenders
	  	$	95,000,000	  

  
 - 6 -

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