Document:

Exhibit 10.3

 

COLLATERAL PLEDGE AGREEMENT

 

THIS COLLATERAL PLEDGE AGREEMENT
(this “Agreement”), dated and effective as of the Effective Date, is by Bionik Laboratories Corp., a Delaware corporation
with an address at 80 Coolidge Hill Road, Watertown, MA 02472 (the “Parent”) and Bionik Inc., a Massachusetts corporation
and the wholly-owned subsidiary of the Parent (the “Pledgor”), in favor of GD HOLDING (the “Lender”).
The Lender and its successors and assigns are herein referred to from time to time as the “Secured Parties”.

 

W I T N E S S E T H:

 

WHEREAS, the Parent is the
sole shareholder of the Pledgor, and the Pledgor is the sole member of Tower Aquatic LLC, a Delaware limited liability company (the “Company”),
as set forth on Schedule I hereto and as reflected in the Limited Liability Company Operating Agreement of the Company dated
August 23, 2022 (the “Operating Agreement”); and

 

WHEREAS, the Lender and the
Parent, as the borrower thereunder (as such, “Borrower”) have entered into that certain Secured Promissory Note, dated
as of the date hereof (as amended or modified from time to time, the “Note”); and

 

WHEREAS, the obligations of
the Lender to make the Loan to the Borrower are subject to the conditions, among others, that the Company and the Pledgor shall execute
and deliver this Agreement and grant the pledge and security interest hereinafter described; and

 

WHEREAS, the Parent intends
to use the Note proceeds for the acquisition of certain assets and related costs and expenses through the Company, and accordingly it
is in the best interests of the Pledgor and the Parent as the sole shareholder of the Pledgor that the Pledgor enter into this Agreement.

 

NOW, THEREFORE, in consideration
of the willingness of the Lender or its assigns to be the Holder under the Note and of the Lender to agree, subject to the terms and conditions
set forth therein, to make the Loan to the Borrower, and for other good and valuable consideration, receipt of which is hereby acknowledged,
it is hereby agreed as follows:

 

1.            Defined
Terms. Except as otherwise expressly defined herein, all capitalized terms shall have the meanings ascribed to them in the Note.

 

2.            Security
Interest. The Pledgor hereby pledges to the Lender for itself and for the benefit of the Secured Parties the entire membership interest
in the Company held by Pledgor, as set forth on Schedule I hereto (the “Pledged Collateral”) (and hereby
delivers to the Lender all certificates representing the Pledged Collateral, if any, together with appropriate powers duly endorsed in
blank), and, to the extent such collateral is not certificated, the appropriate assignment and control documents, and the Pledgor hereby
grants to the Lender for itself and for the benefit of the Secured Parties a security interest in all of the Pledged Collateral as security
for the due and punctual payment and performance of the Secured Obligations described in Section 3 hereof.

 

    

     

    

 

3.            Secured
Obligations. The security interest hereby granted shall secure the due and punctual payment and performance of the liabilities and
obligations of the Borrower set forth in the Note (herein called the “Secured Obligations”).

 

4.            Special
Warranties and Covenants of the Pledgor. The Pledgor hereby warrants and covenants to the Secured Parties with respect to the Pledged
Collateral for which it is the “Pledgor,” that:

 

(a)            The
Pledgor has such title to the Pledged Collateral as it received by operation of the Operating Agreement, free and clear of all Liens,
except as expressly set forth in or permitted under the Note.

 

(b)            To
the knowledge of the Pledgor, the Pledged Collateral constitutes the amount and percentage of the issued and outstanding membership interests
of the Company, as set forth on Schedule I.

 

(c)            The
Pledgor will not sell, convey or otherwise dispose of any of the Pledged Collateral, nor will the Pledgor create, incur or permit to exist
any Lien with respect to any of the Pledged Collateral or the proceeds thereof, other than Liens with respect to the Pledged Collateral
created hereby or Liens which are otherwise specifically permitted, if at all, under the Note.

 

5.            Distributions.
So long as no Event of Default shall have occurred and be continuing, the Pledgor shall be entitled to exercise as the Pledgor shall deem
fit, but in a manner not inconsistent with the terms hereof or of the Secured Obligations, all the voting power and other voting rights
with respect to the Pledged Collateral. In addition, unless and until an Event of Default occurs, Pledgor shall be entitled to collect
and receive for its own use all cash distributions paid in respect of the Pledged Collateral to the extent not in violation of the Note
or the Operating Agreement as in effect from time to time.

 

6.            Rights
and Remedies of the Secured Parties. Upon the occurrence and during the continuance of any Event of Default, the Secured Parties shall
have the following rights and remedies:

 

(a)            All
rights and remedies provided by law, including, without limitation, those provided by the Uniform Commercial Code as in effect in the
State of Delaware (the “Uniform Commercial Code”);

 

(b)            All
rights and remedies provided in this Agreement; and

 

(c)            All
rights and remedies provided in the Note, or in any other agreement, document or instrument pertaining to the Secured Obligations.

 

7.            Right
to Transfer into Name of the Lender, etc. Upon the occurrence and during the continuance of an Event of Default, but subject
to the provisions of the Uniform Commercial Code or other applicable law, the Lender may cause all or any of the Pledged Collateral (including
economic or other specific rights thereunder to the exclusion of full membership interests or voting rights) to be transferred into its
name or into the name of its nominee or nominees (such transfer, a “Transfer”).

 

    2

     

    

 

8.            Right
of the Lender to Exercise Voting Power, etc. Upon the occurrence and during the continuance of an Event of Default and following
a Transfer, if permitted by applicable law in each case, the Lender for the benefit of the Secured Parties shall be entitled to exercise
the voting power with respect to the Pledged Collateral, to receive and retain, as collateral security for the Secured Obligations, any
and all dividends or other distributions at any time and from time to time declared or made upon any of the Pledged Collateral, and/or
to exercise any and all rights of payment, conversion, exchange, subscription or any other rights, privileges or options pertaining to
the Pledged Collateral as if it were the absolute owner thereof, including, without limitation, the right to exchange, at its discretion,
any and all of the Pledged Collateral (which may be limited to economic or other specific rights thereunder to the exclusion of full membership
interests or voting rights) upon the merger, consolidation, reorganization, recapitalization or other readjustment of the Company or,
upon the exercise of any such right, privilege or option pertaining to the Pledged Collateral, and in connection therewith, to deposit
and deliver any and all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other designated agency
upon such terms and conditions as the Lender may determine, all without liability except to account for property actually received, but
the Lender shall have no duty to exercise any of the aforesaid rights, privileges or options and shall not be responsible for any failure
to do so or delay in so doing.

 

9.            Right
of the Lender to Dispose of Collateral, etc. Upon the occurrence and during the continuance of an Event of Default, if permitted
by applicable law in each case, the Lender shall have the right at any time or times thereafter to sell, resell, assign and deliver all
or any of the Pledged Collateral (which may be limited to economic or other specific rights thereunder to the exclusion of full membership
interests or voting rights) in one or more parcels at any exchange or broker’s board or at public or private sale. The Lender will
give the Pledgor at least ten (10) days’ prior written notice of the time and place of any public sale thereof or of the time
after which any private sale or any other intended disposition of any of the Pledged Collateral is to be made. Any such notice shall be
deemed to meet any requirement hereunder or under any applicable law (including the Uniform Commercial Code) that reasonable notification
be given of the time and place of such sale or other disposition. Such notice may be given without any demand of performance or other
demand, all such demands being hereby expressly waived by the Pledgor. All such sales shall be at commercially reasonable price or prices
and either for cash or on credit or for future delivery (without assuming any responsibility for credit risk). At any such sale or sales,
to the extent permitted by law, the Secured Parties may purchase any or all of the Pledged Collateral to be sold thereat upon such terms
as the Lender may deem best. Upon any such sale or sales the Pledged Collateral so purchased shall be held by the purchaser absolutely
free from any claims or rights of whatsoever kind or nature, including any equity of redemption and any similar rights, all such equity
of redemption and any similar rights being hereby expressly waived and released by the Pledgor. In the event any consent, approval or
authorization of any governmental agency will be necessary to effectuate any such sale or sales, the Pledgor shall execute, and hereby
agrees to cause the Company to execute, all such applications or other instruments as may be required.

 

    3

     

    

 

The Pledgor recognizes that
the Lender may be unable to effect a public sale of all or a part of the Pledged Collateral by reason of certain prohibitions contained
in the Securities Act of 1933, as amended (the “Securities Act”) or otherwise but may be compelled to resort to one
or more private sales to a restricted group of purchasers, each of whom will be obligated to agree, among other things, to acquire such
Pledged Collateral for its own account, for investment and not with a view to the distribution or resale thereof. The Pledgor acknowledges
that private sales so made may be at prices and upon other terms less favorable to the seller than if such Pledged Collateral were sold
at public sales without such restrictions, and that the Lender has no obligation to delay sale of any such Pledged Collateral for the
period of time necessary to permit such Pledged Collateral to be registered for public sale under the Securities Act. The Pledgor agrees
that any such private sales shall not be deemed to have been made in a commercially unreasonable manner solely because they shall have
been made under the foregoing circumstances.

 

In the event that Lender or
the Secured Parties shall exercise its or their remedies under this Agreement then (a) such remedies shall be strictly limited to
foreclosure on the Pledged Collateral under this Agreement and (b) in no event shall Pledgor be liable for, nor shall the Lender
or the Secured Parties seek or claim, any deficiency remaining under the Note after such foreclosure, the Lender and the Secured Parties
expressly acknowledging and agreeing that its and their sole recourse for repayment of the amounts owning under the Note in the event
that it or they exercise its or their remedies under this Agreement shall be to the Pledged Collateral.

 

10.            Collection
of Amounts Payable on Account of Pledged Collateral, etc. Upon the occurrence and during the continuance of any Event of Default,
the Lender may, but without obligation to do so, demand, sue for and/or collect any money or property at any time due, payable or receivable,
to which it may be entitled hereunder, on account of, or in exchange for, any of the Pledged Collateral and shall have the right, for
and in the name, place and stead of the Pledgor, to execute endorsements, assignments or other instruments of conveyance or transfer with
respect to all or any of the Pledged Collateral.

 

11.            Care
of Pledged Collateral in the Lender’s Possession. Beyond the exercise of reasonable care to assure the safe custody of the Pledged
Collateral while held hereunder, the Lender shall have no duty or liability to collect any sums due in respect thereof or to protect or
preserve rights pertaining thereto, and shall be relieved of all responsibility for the Pledged Collateral upon surrendering the same
to the Pledgor.

 

12.            Proceeds
of Collateral. By way of enlargement and not by way of limitation of the rights of the Lender under applicable law or the Note, the
Lender shall receive and apply the proceeds of any sale or sales of the Pledged Collateral, together with any other additional collateral
security at the time received and held hereunder, to the Secured Obligations (including, without limitation, the Loans) in accordance
with the terms of the Note.

 

13.            Note.
Notwithstanding any other provision of this Agreement, the rights of the parties hereunder are subject to the provisions of the Note,
including the provisions thereof pertaining to the rights and responsibilities of the Lender. In the event that any provision of this
Agreement is in conflict with the terms of the Note, the Note shall control. Unless the context shall otherwise clearly indicate, the
terms “Secured Party” and “Secured Parties” as used herein shall be deemed to include the Lender acting on behalf
of the Secured Parties pursuant to the Note.

 

    4

     

    

 

14.            Waivers,
Etc. The Parent and the Pledgor each hereby waives presentment, demand, notice, protest and, except as is otherwise provided herein,
all other demands and notices in connection with this Agreement or the enforcement of the Secured Parties’ rights hereunder or in
connection with any Secured Obligations or any Pledged Collateral; consents to and waives notice of the granting of renewals, extensions
of time for payment or other indulgences to the Company or to any third party, or substitution, release or surrender of any collateral
security for any Secured Obligation, the addition or release of Persons primarily or secondarily liable on any Secured Obligation or on
any collateral security for any Secured Obligation, the acceptance of partial payments on any Secured Obligation or on any collateral
security for any Secured Obligation and/or the settlement or compromise thereof. No delay or omission on the part of the Secured Parties
in exercising any right hereunder shall operate as a waiver of such right or of any other right hereunder. Any waiver of any such right
on any one occasion shall not be construed as a bar to or waiver of any such right on any future occasion. The Parent and the Pledgor
each further waives any right it may have under the laws of the State of Delaware, under the laws of any state in which any of the Pledged
Collateral may be located or which may govern the Pledged Collateral, or under the laws of the United States of America, to notice (other
than any requirement of notice provided herein or in any other Loan Documents) or to a judicial hearing prior to the exercise of any right
or remedy provided by this Agreement to the Lender or the Secured Parties and waives its rights, if any, to set aside or invalidate any
sale duly consummated in accordance with the foregoing provisions hereof on the grounds (if such be the case) that the sale was consummated
without a prior judicial hearing. The Parent’s and/or the Pledgor’s waiver under this Section have been made voluntarily,
intelligently and knowingly and after the Parent and/or the Pledgor, as the case may be, has been apprised and counseled by its attorneys
as to the nature thereof and its possible alternative rights.

 

15.            Termination;
Assignment, Etc. When all the Secured Obligations have been paid in full and have been terminated, this Agreement and the security
interest in the Pledged Collateral created hereby shall terminate. No waiver by the Lender or by any other holder of Secured Obligations
of any default shall be effective unless in writing nor shall any such waiver operate as a waiver of any other default or of the same
default on a future occasion. In the event of a sale or assignment by any Secured Party of all or any of the Secured Obligations held
by it, any Secured Party may assign or transfer its rights and interest under this Agreement in whole or in part to the purchaser or purchasers
of such Secured Obligations, whereupon such purchaser or purchasers shall become vested with all of the powers and rights of a Secured
Party hereunder.

 

16.            Reinstatement.
Notwithstanding the provisions of Section 16, this Agreement shall continue to be effective or be reinstated, as the case may be,
if at any time any amount received by any Secured Party in respect of the Secured Obligations is rescinded or must otherwise be restored
or returned by any such Secured Party upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, the
Parent, the Pledgor or upon the appointment of any intervener or conservator of, or trustee or similar official for, the Company, the
Parent or the Pledgor, or any substantial part of their respective properties, or otherwise, all as though such payments had not been
made.

 

    5

     

    

 

17.            Governmental
Approvals, etc. Upon the exercise by the Lender of any power, right, privilege or remedy pursuant to this Agreement which requires
any consent, approval, qualification or authorization of any governmental authority or instrumentality, the Parent and the Pledgor will
execute and deliver, or to the extent that it is within the Parent’s or the Pledgor’s power so to do, will cause the execution
and delivery of, all applications, certificates, instruments and other documents and papers that the Lender or any Secured Party may be
required to obtain for such governmental consent, approval, qualification or authorization (provided, that neither the Parent nor the
Pledgor shall be required to incur any expense in so doing).

 

18.            Restrictions
on Transfer, etc. To the extent that any restrictions imposed by the charter or Operating Agreement of the Company or any other
document or instrument would in any way affect or impair the pledge of the Pledged Collateral hereunder or the exercise by the Lender
of any right granted hereunder, including, without limitation, the right of the Lender to dispose of the Pledged Collateral upon the occurrence
and during the continuance of any Event of Default, the Company and the Pledgor each hereby waives such restrictions to the extent permitted
by applicable securities laws, and represents and warrants that it has caused the Company to take all necessary action to waive such restrictions,
and the Parent and the Pledgor each hereby agrees that it will take any further action which the Lender may reasonably request in order
that the Lender may obtain and enjoy the full rights and benefits granted to the Lender by this Agreement free of any such restrictions
(provided, that neither the Parent nor the Pledgor shall be required to incur any expense in so doing).

 

19.            Miscellaneous.
This Agreement shall inure to the benefit of and be binding upon the Lender, the Parent, the Secured Parties and the Pledgor and their
respective successors and assigns, and the term “Secured Parties” shall be deemed to include any other holder or holders of
any of the Secured Obligations. In case any provision in this Agreement shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. This Agreement may be executed in
any number of counterparts and by the different parties hereto on separate counterparts, each of which shall be an original, but all of
which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Agreement by telecopy
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

20.            Governing
Law; Choice of Forum; Service of Process. THIS AGREEMENT SHALL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF THE PARTIES HERETO
DETERMINED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED TO THE CONFLICT OF LAWS PROVISIONS) OF THE STATE OF DELAWARE; PROVIDED THAT
THE LENDER SHALL RETAIN ALL RIGHTS ARISING UNDER FEDERAL LAW.

 

    6

     

    

 

EACH PARTY HEREBY IRREVOCABLY
CONSENTS AND AGREES THAT ANY ACTION OR PROCEEDING BROUGHT UNDER THIS AGREEMENT SHALL BE BROUGHT ONLY IN A DELAWARE STATE OR FEDERAL STATE
COURT SITTING IN NEW CASTLE COUNTY, DELAWARE; AND EACH PARTY SUBMITS TO THE PERSONAL JURISDICTION OF EACH SUCH COURT FOR ANY ACTION OR
PROCEEDING AND WAIVES ANY DEFENSE THAT ANY SUCH COURT IS AN INCONVENIENT FORUM. EACH OF THE PARENT, THE PLEDGOR AND THE LENDER IRREVOCABLY
WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH
IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY
DOCUMENT RELATED HERETO.

 

THE PARENT AND THE PLEDGOR EACH
HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED
MAIL (RETURN RECEIPT REQUESTED) DIRECTED TO THE PARENT OR PLEDGOR, AS THE CASE MAY BE, AT ITS ADDRESS SET FORTH UNDER ITS SIGNATURE
HERETO AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED FIVE (5) DAYS AFTER THE SAME SHALL HAVE BEEN SO DEPOSITED IN THE U.S.
MAILS POSTAGE PREPAID. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF THE LENDER TO SERVE LEGAL PROCESS BY ANY OTHER MANNER PERMITTED
BY LAW.

 

21.            WAIVER
OF JURY TRIAL. THE PARENT, THE PLEDGOR AND THE LENDER EACH IRREVOCABLY WAIVE THEIR RESPECTIVE RIGHTS TO A TRIAL BY JURY OF ANY CLAIM
OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY, IN
ANY ACTION, PROCEEDING OR OTHER LITIGATION OF ANY TYPE BROUGHT BY ANY OF THE PARTIES AGAINST ANY OTHER PARTY OR ANY LENDER-RELATED PERSON
OR PARTICIPANT, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS, OR OTHERWISE. THE PARENT, THE PLEDGOR AND THE LENDER EACH AGREE
THAT ANY SUCH CLAIM OR CAUSE OF ACTION SHALL BE TRIED BY A COURT TRIAL WITHOUT A JURY. WITHOUT LIMITING THE FOREGOING, THE PARTIES FURTHER
AGREE THAT THEIR RESPECTIVE RIGHT TO A TRIAL BY JURY IS WAIVED BY OPERATION OF THIS SECTION AS TO ANY ACTION, COUNTERCLAIM OR OTHER
PROCEEDING WHICH SEEKS, IN WHOLE OR IN PART, TO CHALLENGE THE VALIDITY OR ENFORCEABILITY OF THIS AGREEMENT OR ANY PROVISION HEREOF.
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO THIS AGREEMENT, THE NOTE AND THE OTHER
FINANCING AGREEMENTS.

 

    7

     

    

 

22.            Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the parties
hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest
extent possible. In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and until such provision
or provisions are modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions
had not been set forth herein.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    8

     

    

 

[Signature Page to Collateral Pledge Agreement]

 

IN WITNESS WHEREOF, the parties
have executed this Collateral Pledge Agreement as a sealed instrument as of the date first above written.

 

	 	PLEDGOR:
	 	 
	 	Bionik Inc.
	 	 
	 	By:	/s/
    Rich Russo Jr.       
	 	Name: Rich Russo Jr.
	 	Title: CFO & Interim CEO
	 	 
	 	Notice Address:
	 	80 Coolidge Hill Road
	 	Watertown, MA 02472
	 	Attention: Rich Russo, Jr., CFO & Interim CEO
	 	Email: rrusso@bioniklabs.com
	 	 
	 	LENDER:
	 	 
	 	GD Holding
	 	 
	 	By:	/s/ Remi Gaston-Dreyfus
	 	Name: Remi Gaston-Dreyfus
	 	Title: CEO
	 	 
	 	Notice Address:
	 	46 rue Pierre Charron
	 	F-75008 Paris France
	 	Attention: Remi Gaston-Dreyfus
	 	Email: rgd@gdginvest.fr
	 	 
	 	PARENT:
	 	 
	 	Bionik Laboratories Corp.
	 	 
	 	By:	/s/ Rich Russo Jr. 
	 	Name: Rich Russo Jr.
	 	Title: CFO & Interim CEO
	 	 
	 	Notice Address:
	 	80 Coolidge Hill Road
	 	Watertown, MA 02472
	 	Attention: Rich Russo, Jr., CFO & Interim CEO
	 	Email: rrusso@bioniklabs.com

 

    9

     

    

 

SCHEDULE I

(to Collateral Pledge Agreement)

 

PLEDGED UNITS

 

 

	Pledgor	 	Issuer	 	Description	 	Percentage of Issued and

 Outstanding Units of

Company
	 	 	 	 	 	 	 
	Bionik Inc.	 	Tower Aquatic LLC, a Delaware limited liability company	 	Membership Interest/Units	 	100%

  

    10Exhibit 10.1

 

[EXECUTION VERSION]

CONFIDENTIAL

 

SiriusPoint International Insurance Corporation

20 Fenchurch Street, 4th Floor

London EC3M 3BY

 

September 6, 2022

 

Scott Egan

Via email to the confidential email address maintained in the Company’s
records

 

Dear Scott:

 

We are pleased to offer you employment with SiriusPoint International
Insurance Corporation whose registered office is 4th floor, 20 Fenchurch Street, London, EC3M 3BY (the “Company”),
subject to and on the terms and conditions outlined in this offer letter (the “Offer Letter” and the “Employment”).

 

		●	Position
                                            and Duties. You will serve as the CEO of SiriusPoint Ltd., reporting directly to the
                                            Board of Directors from time to time of SiriusPoint Ltd. (the “Board”,
                                            which definition includes any committee of the Board to which powers have been properly delegated
                                            or such person or persons designated by the Board from time to time as its representative
                                            for the purposes of the Offer Letter). In this role, you shall perform such senior executive
                                            duties, services, and responsibilities on behalf of the Company consistent with the CEO position
                                            as may be reasonably assigned to you from time to time by the Board. You agree to act subject
                                            to and in accordance with SiriusPoint Ltd.’s memorandum of association and bye-laws
                                            as amended from time to time (the “Articles of Association”). Without
                                            prejudice to the generality of the foregoing, you will be bound by the additional duties
                                            and obligations, and give the representations and warranties, set out in Exhibit C.

 

		●	Start Date.
Subject to the Contingent Offer section below, your start date will be September 21, 2022 or another date as mutually agreed
in writing with the Board. The Employment shall continue until terminated by either party as set out in the Termination of Employment
 – Notice and Termination of Employment – “Cause” sections below.

 

		●	Base Salary.
                                            You will be paid a base salary at a rate of £945,000 per annum (less appropriate tax
                                            and other statutory deductions). Your base salary shall accrue day to day and be payable
                                            by equal monthly instalments in arrears into a bank account you nominate for this purpose.
                                            Your base salary will be subject to review on an upwards only basis in connection with regular
                                            senior management reviews in the first quarter of each calendar year. Your base salary will
                                            next be reviewed in 2023. There is no obligation on the Company to increase your base salary
                                            pursuant to any such review or otherwise. There will be no review of the base salary after
                                            either party has given notice to terminate the Employment.

 

     

     

    

 

		●	Annual
                                            Bonus. You will be eligible for an annual bonus equal to, at target levels of performance,
                                            140% of your then-current base salary (the “Target Bonus”), and subject
                                            to generally applicable threshold and maximum levels set by the Compensation Committee of
                                            the Board as to individual and corporate performance goals. Whether any annual bonus is payable
                                            in respect of any year and, if so, how much, will be determined by the Board in its sole
                                            discretion, such discretion to be exercised in a bona fide and rational manner. Payment of
                                            your annual bonus (if any) for any year will generally occur in the first quarter of the
                                            subsequent year at the same time as annual bonuses are paid to other members of the senior
                                            management team. You acknowledge that you have no contractual right to receive a bonus (save
                                            as set out below) and that receipt of any bonus payment in respect of any financial year
                                            or otherwise would not entitle you to any bonus payment in respect of any subsequent periods.
                                            In addition, and notwithstanding the foregoing, with respect to the 2022 and 2023 performance
                                            years, the following special terms shall apply:

 

		o	2022 Performance Year: Your annual bonus for 2022 will
                                            be guaranteed at 100% of target level of performance (ie £1,323,000) and will be pro-rated
                                            based on your start date through the end of the year.

 

		o	2023 Performance Year: Your annual bonus for 2023 will
                                            be guaranteed at 100% of target level of performance.

 

For the avoidance of doubt, you will receive the guaranteed
bonuses for the 2022 and 2023 performance years in the event that your employment terminates prior to the payment dates in a Qualifying
Termination only. For this purpose, a “Qualifying Termination” means the termination of the Employment (x) by
reason of your death or permanent disability, (y) by the Company without Cause and (z) by you with Good Reason.

 

For 2024 onwards and save as provided for below in respect
of a Resignation for Good Reason /Termination not for Cause, you will have no entitlement whatsoever to receive a bonus payment, any
outstanding bonus payment (or pro rata entitlement, or to accrue any bonus for the year in which your employment terminates pursuant
to any such bonus scheme if, on or prior to the date that the bonus for the relevant bonus period is declared or would otherwise have
been paid to you or the bonus would otherwise have accrued, you are: (i) no longer employed by the Company or any Group Company;
or (ii) under notice of termination of employment (whether such notice is given by you or the Company), including during
any period of Garden Leave; or (iii) suspended pursuant to the terms of the Offer Letter and the Employment is subsequently
terminated in connection (whether directly or indirectly) with the circumstances which gave rise to such suspension; or (iv) subject
to any disciplinary process and the Employment is subsequently terminated in connection (whether directly or indirectly) with the circumstances
which gave rise to such process (whereby entitlement to be considered for a bonus shall be reinstated if no disciplinary sanction is
imposed); or (v) no longer in satisfaction of any eligibility criteria set out in the relevant plan rules.

 

		●	Annual
                                            Long-Term Incentive Awards. Starting in 2023, you will be eligible to participate in
                                            SiriusPoint Ltd.’s Company’s long-term incentive (“LTI”) program
                                            with other members of senior management of SiriusPoint Ltd.. Your annual LTI award will have
                                            a target grant date value equal to 350% of your then-current base salary (calculated in the
                                            same manner as other LTI award recipients). Your annual LTI award is expected to be provided
                                            through a mix of restricted share units (as to 75% of the award) and options to acquire common
                                            stock of the Company (as to 25% of the award), or otherwise in the same type of award(s) and
                                            ratio as granted to other members of senior management. Your annual LTI award will be granted
                                            annually at the same time as awards are granted to other members of senior management (expected
                                            to be no later than the second quarter of each calendar year), and will be subject to the
                                            terms set forth in the implementing award agreements, of which yours will be no less favorable
                                            than the agreements evidencing awards granted to other members of senior management.

    2

     

    

 

		●	Sign-On
                                            LTI Awards. Effective as of the start date, you are hereby granted 400,000 restricted
                                            share units (“RSUs”) of SiriusPoint Ltd. and subject to the award agreement
                                            attached hereto as Exhibit B-1 (the “New Hire RSUs”). In addition,
                                            you shall be granted the following options to purchase shares of SiriusPoint Ltd.’s
                                            common stock (the “New Hire Options”, and collectively with the New Hire
                                            RSUs, the “Sign-On LTI Awards”):

 

		o	Tranche 1: 300,000 options granted on the start date, each
                                            with an exercise price of $6.00 per share and exercisable when the closing trading price
                                            of SiriusPoint Ltd. on the New York Stock Exchange is $6.00, and subject to your continued
                                            employment with SiriusPoint Ltd. through such date.

 

		o	Tranche 2: 300,000 options, each with an exercise price of
                                            $8.00 per share, to be granted when the closing trading price of SiriusPoint Ltd. on the
                                            New York Stock Exchange is $6.00 and exercisable when the closing trading price of SiriusPoint
                                            Ltd. on the New York Stock Exchange is $8.00, and subject to your continued employment with
                                            SiriusPoint Ltd. through such date.

 

		o	Tranche 3: 300,000 options, each with an exercise price of
                                            $10.00 per share, to be granted when the closing trading price of SiriusPoint Ltd. on the
                                            New York Stock Exchange is $8.00 and exercisable when the closing trading price of SiriusPoint
                                            Ltd. on the New York Stock Exchange is $10.00, and subject to your continued employment with
                                            SiriusPoint Ltd. through such date

 

The terms of the New Hire Options are provided more fully
in the award agreement attached hereto as Exhibit B-2.

 

		●	Remuneration
                                            – general.

 

		o	The remuneration and benefits referred to anywhere in the Offer Letter
                                            or otherwise provided to you in connection with the Employment shall be subject always to
                                            any applicable regulatory requirements and applicable remuneration codes. If any such remuneration
                                            or benefits do not comply or cease to comply with any such regulatory requirements or remuneration
                                            codes, you acknowledge and agree that such remuneration and benefits may be reduced, amended
                                            or withdrawn to the extent necessary to comply with any such requirements or codes.

 

		o	Participation and/or continued participation in any bonus scheme (and
                                            the payment of any amounts under the bonus scheme) or any share scheme (and the receipt of
                                            benefits under any share scheme) shall be conditional upon you agreeing (including entering
                                            into such documentation as the Board reasonably requires) to deferral, malus, claw back and
                                            forfeiture terms in relation to any benefits received under such schemes as the Board determines
                                            are reasonable and appropriate.

    3

     

    

 

		o	Any awards or payments made pursuant to the sections entitled Annual
                                            Bonus, Annual Long-Term Incentive Awards and Sign-On LTI Awards will not form part of the
                                            fixed or pensionable salary under the Offer Letter (notwithstanding anything to the contrary
                                            contained in the rules of any relevant bonus scheme, share scheme or pension scheme).

 

		o	Your rights and obligations in connection with the Employment will
                                            not be affected by your participation in the LTI or any other long term incentive arrangements
                                            or scheme, or any right you may have to participate in the same. In participating in the
                                            LTI or any other such arrangements or schemes, you waive all and any rights to compensation
                                            or damages in respect of your participation in the LTI or any other long term incentive arrangements
                                            or scheme (but not otherwise) in consequence of: (i) the termination of the Employment
                                            or your position as CEO and/or giving notice of termination of employment with any Group
                                            Company for any reason whatsoever (whether lawful or unlawful); and/or (ii) the lawful
                                            exercise or failure to exercise any discretion conferred by the rules of the LTI or
                                            any other such arrangements or schemes, insofar as those rights arise or may arise from you
                                            losing, or failing to receive, any rights or benefits under the same or from the loss or
                                            diminution in value of such rights or benefits as a result of such termination or such lawful
                                            exercise or failure to exercise a discretion.

 

		o	Your base salary is inclusive of any fees to which you may be entitled
                                            as a director of the Company or any Group Company or of any other company or any unincorporated
                                            body in which you hold the office as nominee or representative of the Company.

 

		o	Payment of your base salary and bonus (if any) and the provision of
                                            benefits (if any) to you will be made either by the Company or by a Group Company and, if
                                            by more than one company, in such proportions as the Board may from time to time think fit.

 

		●	Benefits.
                                            You will be eligible to participate in all of the Company’s retirement, health and
                                            other benefit plans which are provided to similarly situated senior executives of the Company.
                                            The Company will provide you with additional information regarding these plans and additional
                                            provisions relating to the same are set out below:

 

		o	Eligibility to join, continued coverage under and benefits under,
                                            any insurance scheme are subject to the rules of the scheme and the terms of any applicable
                                            insurance policy from time to time in force and are conditional on you (and where relevant
                                            your spouse, civil partner or dependent children) complying with and continuing to comply
                                            with and satisfying and continuing to satisfy any applicable requirements of the insurer
                                            and the Company being able to obtain and maintain cover in respect of you (and where relevant
                                            your spouse, civil partner or dependent children) on commercial terms reasonably acceptable
                                            to the Company. Copies of these rules and policies and particulars of the requirements
                                            (when notified to the Company) will be provided to you on request.

    4

     

    

 

		o	The Company reserves the right to amend, alter or replace any such
                                            insurance schemes, in which event you will be eligible to participate in the other or additional
                                            schemes put in place for you and your family, which will be no less favorable than are put
                                            in place for other members of senior management.

 

		o	The Company will not have any liability to provide or pay any benefit
                                            or compensation to you or your spouse, civil partner or dependent children under any insurance
                                            scheme unless it receives payment of the benefit from the insurer or to take any legal action
                                            to enforce the provision of such benefits in circumstances where the scheme provider refuses
                                            for any reason whatsoever to provide any benefits to you (or where applicable your spouse,
                                            civil partner or dependent children). The Company will however provide all reasonable assistance
                                            in seeking payment of such benefits and compensation short of legal action. In addition,
                                            in the event that you (or your family) request that the Company takes any legal action against
                                            any scheme provider in relation to the provision of such benefits which it is not otherwise
                                            required by law to take and the Company agrees to do so you agree to reimburse the Company
                                            for the reasonable costs incurred by it in taking any such action including any legal fees,
                                            all such costs to be agreed in advance with you or your family.

 

		o	Notwithstanding the generality of the foregoing, the Company may withdraw
                                            the benefits of and/or terminate your membership of the insurance schemes once you have reached
                                            the age of 65 or the State Pensionable Age (as determined in accordance with the rules in
                                            paragraph 1 of Schedule 4 of the Pensions Act 1995), if higher. Any entitlement to benefits
                                            which have already accrued will be dealt with in accordance with the rules of the scheme
                                            for the time being in force.

 

In addition, the Company shall reimburse you for the legal
fees incurred by you in connection with the negotiation, preparation, and execution of the Offer Letter, up to a maximum reimbursement
amount of £21,500 (including VAT) (the “Legal Expenses”).

 

		●	Holiday
                                            and other leave. You will be entitled to take thirty (30) days’ paid holiday in
                                            each holiday year (plus all bank and public holidays normally observed in England). The Company’s
                                            holiday year currently runs from January to December. The times at which you take holiday
                                            must be agreed in writing in advance with the Board. You may carry forward up to five days
                                            holiday to the next holiday year, in all other circumstances failure to take holiday entitlement
                                            in the year in which it accrued will, save as required by law and on termination (in respect
                                            of which see Exhibit D), shall lead to the forfeiture of such accrued but untaken
                                            holiday without any right to payment in lieu thereof. Exhibit D contains further
                                            provisions relating to holiday and other leave in connection with the Employment.

    5

     

    

 

		●	Sickness
                                            absence. Details of the Company’s policy on Sickness Absence can be found in the
                                            Employee Handbook. You shall be entitled to up to 6 months' company sick pay paid at the
                                            rate of your then salary in any 12 month period.

 

		●	Expenses.
                                            The Company will reimburse you in respect of all expenses, wholly, exclusively and necessarily
                                            incurred by you in the proper performance of the duties hereunder subject to you providing
                                            such receipts or other evidence as the Company may reasonably require and subject to the
                                            Company’s rules and policies from time to time relating to expenses.

 

		●	Hours of
                                            Work. Your normal working hours shall be from 9.00 a.m. to 6.00 p.m. Monday
                                            to Friday, and such additional hours (without further remuneration) as are necessary for
                                            the proper performance of the duties hereunder. Notwithstanding the foregoing, you acknowledge
                                            that because of the autonomous nature of your role the duration of your working time is not
                                            measured or monitored or determined by the Company so that the limit on weekly working time
                                            set out in Regulation 4 of the Working Time Regulations 1998 (or such other regulations as
                                            may from time to time come into force) does not apply to the Employment.

 

		●	Work Location;
                                            Travel. Unless otherwise mutually agreed with the Company, the principal place of work
                                            during your first year of employment shall be London. Thereafter your principal place of
                                            work will be as mutually agreed by the Board in writing following the anniversary of the
                                            start date. The Company may require you to work on a temporary basis at any offices of the
                                            Company or any Group Company. In the performance of your duties hereunder, you will be required
                                            to travel and undertake your duties both throughout and outside the United Kingdom (including
                                            in the United States). In addition, the Company will reimburse you up to £70,000 per
                                            year of costs incurred by you in connection with spousal travel (1) with you,
                                            or (2) to and from the United Kingdom from any business location to which your
                                            spouse has traveled with you (which amounts you acknowledge may result in taxable income
                                            to you).

 

		●	Relocation.
                                            Without prejudice to any other provision in the Offer Letter, if in due course you and the
                                            Company agree that you will relocate to the United States or elsewhere on a full- or part-
                                            time basis you and the Company will act reasonably and co-operate in good faith when seeking
                                            to agree the terms and conditions applicable to, and to the Employment following, such relocation,
                                            and you will enter into all documentation reasonably required by the Company in connection
                                            with the same.

 

		●	Termination
                                            of Employment – on Notice. The Company must provide you with six (6) months’
                                            advance written notice of termination of the Employment for any reason other than “Cause”
                                            (as defined herein). You must provide the Company with six (6) months' advance written
                                            notice of termination of the Employment for any reason other than “Good Reason”
                                            (as defined herein). Termination for “Good Reason” is subject to the process
                                            set out in Severance below.

 

    6

     

    

 

		●	Payment
                                            in Lieu of Notice. The Company reserves the right in its absolute discretion to elect
                                            to dismiss you summarily with immediate effect and to pay in lieu of all or any part of the
                                            notice of termination (whether given by the Company or by you) by notifying you that the
                                            Company is exercising its rights under this section and that, subject to the remaining terms
                                            of this section, paying you within thirty (30) days of the date on which such written notice
                                            is given, a payment in lieu of notice of the whole or the remaining (if part of the notice
                                            period has already expired) period of notice, less any deductions the Company is required
                                            to make. A dismissal without notice per se shall not constitute or imply an election under
                                            this section either to pay in lieu of notice or by instalment. For this purpose, you agree
                                            that:

 

		o	Any payment pursuant to this section is, if so required by the Company,
                                            in its absolute discretion, conditional on you entering into a valid form of statutory settlement
                                            agreement in terms which are satisfactory to the Company.

 

		o	Payment in lieu will consist solely of:

		§	the
                                            base salary you would have been paid had you served your notice; and

		§	except
                                            if your termination is not a Qualifying Termination, payment of any unpaid guaranteed bonuses
                                            for the 2022 and 2023 performance years

(after deducting income tax and National Insurance contributions)
and will exclude any other bonus, benefits and emoluments referable to the Employment.

 

		·	Garden
                                            Leave. During any period of notice of termination or part thereof (whether given by you
                                            or the Company), or if you seek to resign without giving full notice, the Company shall be:
                                            (i) under no obligation to assign or vest any duties to you or to provide any
                                            work for you; and/or (ii) entitled to require you to carry out alternative duties
                                            commensurate with your seniority and experience; and/or (iii) entitled to require
                                            that you only perform such specific duties as are assigned you and as are commensurate with
                                            your seniority and experience; and/or (iv) entitled to exclude you from its premises
                                            or any Group Company’s premises; and/or (v) entitled to direct that you
                                            refrain from contacting or dealing with (or attempting to contact or deal with), save in
                                            a purely social capacity or in order to seek new employment, any customers, clients, suppliers,
                                            agents, professional advisers, officers or employees of the Company or any Group Company;
                                            and/or (vi) entitled to direct that you refrain from accessing the computer or
                                            other data or similar system of the Company or any Group Company (whether directly or indirectly);
                                            and/or (vii) entitled to remove you from office as a director of the Company
                                            and any Group Company and from all or any offices held by you in the Company or any Group
                                            Company and to revoke any powers you hold on behalf of the Company or any Group Company;
                                            and/or (viii) entitled to require you to take any paid holiday entitlement which
                                            is untaken as at the commencement and/or which is likely to accrue during Garden Leave, provided
                                            that you shall at all time continue to receive your base salary and other contractual benefits
                                            during Garden Leave. In addition, and for the avoidance of doubt, you will be entitled to
                                            receive payment of any unpaid guaranteed bonuses for the 2022 and 2023 performance years
                                            to the extent that the payment dates thereof occur during the period of Garden Leave (but
                                            for the performance years 2024 and onwards excluding other bonus or commission) and the grant
                                            of any Sign-On LTI Awards for which the conditions of grant are met during the period of
                                            Garden Leave. For the further avoidance of doubt, during such period both you and the Company
                                            shall continue to be bound by the same obligations to each other as were owed prior to the
                                            commencement of the period including for the avoidance of doubt (in your case) the duty of
                                            good faith and fidelity. During any period of Garden Leave, you shall remain contactable
                                            on your work mobile telephone number (save for holidays or sick days taken in the normal
                                            way).

    7

     

    

 

		●	Severance.
                                            In addition, in the event of the termination of the Employment, you shall be entitled to
                                            the payments and benefits as set forth below.

 

		o	Any Termination: In the event the Employment is terminated
                                            for any reason, you shall be entitled to receive (in the case of (i)-(iv) below inclusive)
                                            within 30 days of the termination date, or, if later, the due stated payment date therefor:
                                            (i) any accrued and unpaid base salary up to the termination date; (ii) all
                                            accrued and unpaid benefits and awards under any benefit or equity plans, policies, programs,
                                            or arrangements in which you participated or received awards under up to the termination
                                            date, subject to and in accordance with the applicable terms and conditions of such plans,
                                            policies, programs, or arrangements; (iii) reimbursement of any business expenses
                                            incurred by you in connection with the Employment on behalf of the Company on or prior to
                                            the termination date and reimbursable under applicable Company policies but not previously
                                            reimbursed to you (the “Accrued Compensation”). In addition (x) if
                                            the termination is a Qualifying Termination, you shall be paid any unpaid portion of the
                                            guaranteed bonuses for 2022 and 2023 (and such payment shall be subject to the entry into
                                            the valid form of statutory settlement agreement referred to below) and (y) the
                                            equity awards held by you at the termination date shall be treated as set forth in the applicable
                                            award documentation.

 

		o	Resignation for Good Reason / Termination of Employment not for
                                            Cause: In the event that the Employment is terminated by the Company without “Cause”
                                            (excluding your death or permanent disability) or if you resign for “Good Reason”,
                                            in addition to the Accrued Compensation, and conditional on you entering into a valid form
                                            of statutory settlement agreement within forty-five (45) days following the termination date,
                                            you shall be eligible to receive the following severance payments and termination benefits:

 

(i) an annual bonus for the year of termination based
on actual performance for the year in which the termination date occurs (whereby the Company shall disclose relevant details of performance
to you to assist in calculation of such bonus), prorated for the period of the Employment during such year, and payable at such time
as annual bonuses are paid in the ordinary course to similarly situated senior executives;

 

(ii) a cash severance payment equal to eighteen (18)
months of your base salary at the rate in effect on your termination date, payable on the Company’s normal payroll dates and as
provided in the next following sentence, with the first such instalment being paid on the first available payroll date following the
termination date and including any installments that would have been paid if the release of claims were effective on your termination
date. The cash severance pay shall be paid as follows: (x) an amount equal to one year of base salary shall be paid in twelve
(12) monthly instalments over the twelve (12) months following the date of termination (and the first of such instalments shall
be paid on the first payroll date after the 45th day following the termination date and shall include any installment that would have
been paid if the release of claims was effective on the termination date); and (y) an amount equal to the remaining six (6) months
of base salary shall be paid in the fiscal year following the fiscal year in which the termination date occurs on dates selected by the
Company in its sole discretion but not less frequently than in monthly instalments over the six (6) months following the first anniversary
of the termination date. The cash severance payment shall be reduced by an amount equal to any base salary paid by the Company in respect
of any worked notice period and/or salary paid in lieu of notice pursuant to the payment in lieu of notice clause) and shall be inclusive
of any statutory severance payments due to you in connection with the termination of the Employment; and

    8

     

    

 

(iii) subject to plan rules, and the terms applicable
to such benefits set out in the Offer Letter, and the scheme providers agreeing to continue to provide coverage (whereby the Company
will make all reasonable efforts to obtain such coverage) continued medical and life insurance benefits for eighteen (18) months following
your termination date at the same premium rates that active employees pay for such coverage.

 

		o	For purposes of this Offer Letter, “Good Reason”
                                            means (A) the assignment to you of duties that are significantly different from,
                                            or that result in a substantial diminution of, your title, duties, authorities or responsibilities
                                            hereunder; (B) mutual agreement that there has been a material erosion in the
                                            working relationship between you and the Chairman or the Board that compromises your ability
                                            to effectively perform the CEO role; (C) a reduction in your base salary of greater
                                            than 10%; (D) a material breach by the Company or any Group Company of this Offer
                                            Letter, including its exhibits and attachments, or any other material agreement with the
                                            Company or any Group Company; or (E) the termination of your employment by reason
                                            of your death or permanent disability; provided that, if you resign with Good Reason,
                                            (1) your notice of resignation must be delivered to the Company within thirty
                                            (30) days following the claimed occurrence of Good Reason and must specify in reasonable
                                            detail the circumstances claimed to constitute Good Reason, (2) the Company shall
                                            have thirty (30) days of receipt of such notice to cure such Good Reason event, (3) failing
                                            such cure, the notice of resignation shall be effective as of the final day of the Company’s
                                            thirty (30) day cure period and the Employment will terminate with immediate effect without
                                            further notice or payment in lieu of notice on that day, and (4) if such Good
                                            Reason event is cured, the notice of resignation shall be deemed withdrawn and without effect.

    9

     

    

 

		o	For purposes of this Offer Letter, “Cause” as used
                                            herein shall mean: (i) the grossly negligent performance of your duties (other
                                            than any such failure due to your physical or mental illness) that has caused a material
                                            injury to the Company or any Group Company; (ii) you having engaged in willful
                                            and serious gross misconduct that has caused a material injury to the Company or any Group
                                            Company; (iii) a willful and material violation by you of a Company or Group
                                            Company policy that has caused a material injury to the Company or any Group Company; (iv) the
                                            willful and material breach by you of any of your obligations under this Offer Letter, including
                                            its exhibits and attachments or any other material agreement to which you and the Company
                                            or any Group Company are parties; (v) failure by you to comply with a lawful
                                            and reasonable direction or instruction given to you by the Board; or (vi) your
                                            conviction of, or entrance into a plea of guilty or no contest to, a crime that constitutes
                                            a felony (or comparable crime in any jurisdiction that uses a different nomenclature), whereby
                                            road traffic offences that do not result in a term of imprisonment are excluded from this
                                            provision. Provided that, if the Company terminates for Cause, (1) its
                                            notice of termination must be delivered to you within thirty (30) days following the claimed
                                            occurrence of Cause and must specify in reasonable detail the circumstances claimed to constitute
                                            Cause, (2) if the Board determines reasonably and in good faith that such circumstances
                                            are curable, you shall have thirty (30) days of receipt of such notice to cure such circumstances
                                            claimed to constitute Cause, (3) failing such cure, the notice of termination
                                            shall be effective as of the final day of your thirty (30) day cure period and the Employment
                                            will terminate with immediate effect without further notice or payment in lieu of notice
                                            on that day, and (4) if such Cause event is cured to the Company's reasonable
                                            satisfaction, the notice of termination shall be deemed withdrawn and without effect.

 

		●	Termination
                                            for Cause. Notwithstanding the other provisions of this Offer Letter, and without prejudice
                                            to the Company’s right at common law to terminate the Employment in response to a fundamental
                                            breach of contract by you, the Employment shall be subject to termination by the Company
                                            by summary notice in writing (notwithstanding that the Company may on a former occasion may
                                            have waived its rights under this section) if you are in breach of any of the warranties
                                            in Exhibit C or if you have committed an act or omission which constitutes “Cause”
                                            (as defined herein).

 

		●	Suspension.
                                            If the Company becomes entitled to terminate the Employment for “Cause” or whilst
                                            the Company or any external body investigates any disciplinary matter involving you (regardless
                                            of whether it is an allegation which would or may entitle the Company to terminate the Employment
                                            for “Cause”) or while any disciplinary proceeding or process against you is outstanding
                                            or on-going, the Company shall be entitled (but without prejudice to its right subsequently
                                            to terminate the Employment on the same or any other ground) to suspend you for a period
                                            not to exceed ninety (90) days. During any period of suspension the Company shall have the
                                            same rights as during a period of Garden Leave. During any such period of suspension, the
                                            Company will continue to pay your base salary and other contractual benefits. In addition,
                                            and for the avoidance of doubt, you will be entitled to receive payment of any unpaid guaranteed
                                            bonuses for the 2022 and 2023 performance years the extent that the payment dates thereof
                                            occur during the period of suspension (but for the performance years 2024 and onwards excluding
                                            other bonus or commission) and the grant of any Sign-On LTI Awards for which the conditions
                                            of grant are met during the period of suspension. If any period of suspension is lifted and
                                            no disciplinary sanction is applied to you, then your entitlement to receive any other bonus,
                                            share entitlement, allowance or any other remuneration or benefits shall be reinstated. If
                                            a disciplinary sanction short of dismissal is applied to you then the Company reserves the
                                            right to reduce such other bonus, share entitlement, allowance or any other remuneration
                                            or benefits to take reasonable account of the disciplinary sanction.

    10

     

    

 

		●	Actions
                                            on termination. On or following the termination of the Employment (howsoever arising)
                                            or at any time following either the Company or you having served notice of such termination
                                            or the Company exercising its right of suspension or during any period of Garden Leave or
                                            long term sickness absence, you will:

 

		o	At the request of the Company resign from office as a director of
                                            the Company and all offices you held in any Group Company and shall transfer without payment
                                            to the Company or as the Company may direct any third party any shares or other securities
                                            you held in the Company (or any Group Company) as a nominee or trustee for the Company (or
                                            any Group Company) and deliver to the Company the related certificates, provided however
                                            that such resignation shall be without prejudice to any claims which you may have against
                                            the Company or any Group Company arising out of the termination of the Employment. In the
                                            event you unreasonably refuse to sign reasonably appropriate resignation documentation, the
                                            Company may sign such resignation documentation on your behalf.

 

		o	Forthwith deliver to the Company all Confidential Information and
                                            materials containing the same and all other Company and Group Company property which are
                                            in your possession or under your power or control and on the Company's request provide a
                                            signed statement that you have fully complied with the obligations hereunder.

 

		o	Cooperate with the Company and any Group Company by providing such
                                            assistance as may reasonably be required during normal working hours in connection with any
                                            handover arrangements or any claim made by or against the Company or any Group Company. For
                                            the avoidance of doubt, such assistance may include, but not be limited to, attending meetings,
                                            reviewing documents, giving and signing statements/affidavits and attending hearings and
                                            giving evidence.

 

		o	Provide the Company with all necessary information as may be necessary
                                            to allow such person as the Company may determine to access any IT equipment, hard drive,
                                            memory stick or other equipment used by you in the course of the Employment whether or not
                                            such equipment is owned by the Company or any Group Company.

 

		●	Directors &
                                            Officers Insurance.  You will be covered under a directors and officers’ liability
                                            insurance maintained by the Company to the same extent as other directors and officers of
                                            the Company. You will continue to be covered by such insurance for six (6) years following
                                            your termination of employment for any reason.

    11

     

    

 

		●	Contingent
                                            Offer. This offer of employment is contingent upon:

 

		o	Your execution of the form of Restrictive Covenant Agreement attached
                                            to this offer letter as Exhibit A.

 

		o	Verification of your right to work in the United Kingdom without additional
                                            approvals to the Company’s satisfaction.

 

		o	Completion of employment screening checks (including criminal record
                                            checks) to the Company’s satisfaction.

 

		o	Providing written references to the Company’s satisfaction.

 

		o	You being approved by any relevant regulatory authorities to hold
                                            any relevant regulated positions in connection with the Employment in the Company and/or
                                            SiriusPoint Ltd.

 

This offer will be withdrawn if any of the above conditions
are not satisfied and all liabilities of the parties pursuant to or in connection with the Offer Letter shall cease and determine and
neither party shall have any claim against the other. For clarity, the termination and severance provisions of the Offer Letter would
not apply under these circumstances.

 

		●	Withholding
                                            and deductions. Save for sums deducted by the Company pursuant to PAYE, you will
                                            be solely responsible for taxes imposed on you by reason of any remuneration and benefits
                                            provided to you by the Company, and all such remuneration and benefits (including without
                                            limitation your base salary, bonuses (if any) and the Legal Expenses) will be subject to
                                            applicable withholding and deductions. For the purposes of the Employment Rights Act 1996,
                                            you hereby authorise the Company to deduct from the remuneration and any other payments hereunder
                                            and/or in connection with the Employment any sums due from you to the Company and/or any
                                            Group Company including, without limitation, any overpayments, loans or advances made to
                                            you by the Company and/or any Group Company, repayment of holiday pay taken in excess of
                                            accrued entitlement.

 

		●	Data Protection.

 

		o	You hereby acknowledge that:

		§	the
                                            Company will collect and process information about you, such as your name and contact details,
                                            as well as more sensitive information for various purposes in connection with the Employment,
                                            including to manage benefits and payments, to manage expenses, to manage recruitment and
                                            on-boarding, to manage absences, for security purposes, to handle with claims and disciplinary
                                            actions, to monitor performance and use of the IT systems, to conduct certain background
                                            checks and to comply with the Company's legal obligations;

    12

     

    

 

		§	the
                                            Company will collect from you and store personal data about your next of kin, such as their
                                            name and contact details, for use in emergency situations, and you have informed such individuals
                                            that their details have been provided to the Company;

		§	the
                                            Company may pass your information to third parties such as your previous employers, companies
                                            for which you provided services, public authorities, law enforcement agencies, fraud prevention
                                            agencies and regulators who use it in connection with the purposes set out above. The Company
                                            may also pass your information to third party agents who handle it on behalf of the Company;
                                            and

		§	depending
                                            on the circumstances, the Company’s use of personal data may involve a transfer of
                                            data outside the UK and the European Economic Area.

 

		o	The Company’s data privacy notice as amended from time to time
                                            (the “Data Privacy Notice”) gives more details of the personal information
                                            about you and your next of kin that the Company collect and process. You confirm that you
                                            will read the notice. The Data Privacy Notice does not form part of the terms and conditions
                                            of the Employment, and the Company reserves the right to amend it from time to time and to
                                            update the uses of personal data listed above and in the notice.

 

		o	You shall comply with the Company’s data protection policy,
                                            when in force and as amended from time to time relating to processing of personal data under
                                            the Data Protection Legislation (the “Data Protection Policy”) when handling
                                            personal data in the course of the Employment including personal data relating to any employee,
                                            customer, client, supplier or agent of the Company. You will also comply with the Company’s
                                            other policies in force from time regarding IT and communications systems.

 

		o	Failure to comply with the Data Protection Policy or any of the other
                                            policies referred to above may be dealt with under the Company’s disciplinary procedure
                                            and, in serious cases, may be treated as gross misconduct leading to summary dismissal.

 

		o	On termination of the Employment for whatever reason, the Company
                                            will provide full and frank references in accordance with any applicable regulatory requirements
                                            to any potential employer. In providing a reference or otherwise complying with any regulatory
                                            requirement you agree that the Company may provide to a potential employer or to a relevant
                                            regulator information or opinions which are personal data (including “special categories”
                                            of personal data) within the meaning of data protection legislation.

 

		o	You agree that the Company and any Group Company may intercept, process
                                            and monitor communications transmitted by or to you via any private telecommunication systems
                                            (including e-mail) or services of the Company or any Group Company.

    13

     

    

 

		●	Miscellaneous
                                            Matters.

 

		o	Currency. GBP figures included in the Offer Letter
                                            have been calculated by applying the USD:GBP FX rate on or around the date of this Offer
                                            Letter to the following USD figures: $1,100,000 (base salary) and $80,000 (spousal travel).
                                            For the avoidance of doubt, the GBP figures included in the Offer Letter shall be fixed and
                                            shall not be adjusted periodically to reflect changes in the USD:GBP FX rate. If in due course
                                            it is agreed that you will relocate to the United States, and be paid in whole or in part
                                            in USD, unless otherwise agreed in writing the USD figures above shall apply, increased by
                                            a percentage equivalent to the percentage by which the relevant GBP figure has increased
                                            (if at all) since the commencement of the Employment.

 

		o	Definitions. Defined terms have the meanings
                                            given to them and:

 

		§	“Group
                                            Company” means a company within the Company Group.

 

		§	“Company
                                            Group” means the Company and any holding company or parent undertaking for the
                                            time being of the Company or any subsidiary or subsidiary undertaking for the time being
                                            of the Company or of any such holding company or parent undertaking (for which purpose the
                                            expressions “holding company” and “subsidiary” shall have the meanings
                                            ascribed thereto by section 1159 Companies Act 2006 and the expressions “parent undertaking”
                                            and “subsidiary undertaking” shall have the meanings ascribed thereto by section
                                            1162 Companies Act 2006).

 

		§	“Recognised
                                            Investment Exchange” means an investment exchange granted recognition under section
                                            285 (1) Financial Services and Markets Act 2000 including a recognised overseas investment
                                            exchange.

 

		o	Notices. Any notice or other document to be given under
                                            this Agreement shall be in writing and may be given personally to you or to the Secretary
                                            of the Company (as the case may be) or may be sent by first class post or other fast postal
                                            service or by facsimile or email transmission to, in the case of the Company, its registered
                                            office for the time being and in your case either to your address shown on the face hereof
                                            or to your last known place of residence or in the case of email to your work email address
                                            and/or the last personal email address the Company holds on record for you. Any such notice
                                            shall be deemed served when in the ordinary course of the means of transmission it would
                                            first be received by the addressee in normal business hours.

 

		o	Variation. No variation or agreed termination of the
                                            Offer Letter will be effective unless it is in writing and signed by or on behalf of the
                                            parties (or their authorised representatives), save that the Company reserves the right to
                                            make reasonable changes to the Offer Letter and you will be notified in writing of any change
                                            as soon as possible and in any event within one month of the change.

    14

     

    

 

		o	Third Party Rights. No term of the Offer Letter is enforceable
                                            under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to
                                            the Offer Letter.

 

		o	Assignment. You expressly consent to the Company’s
                                            assignment of its rights and obligations under the Offer Letter to any Group Company at any
                                            time.

 

		o	Employment Rights Act 1996. The Offer Letter contains
                                            the statement of initial employment particulars as required under the Employment Rights Act
                                            1996 (as amended). To the extent these are not set out in the front end of the Offer Letter
                                            they are included in Exhibit D.

 

		o	Other Agreements. This Agreement (together with the
                                            other policies and documents referred to in the Offer Letter) constitute the entire agreement
                                            of the parties and shall be in substitution for any previous letters of appointment, agreements
                                            or arrangements, whether written, oral or implied relating to your employment by the Company
                                            or any Group Company. Without prejudice to the foregoing, in the event of any conflict between
                                            the terms of the Offer Letter and any other document purporting to relate to your employment
                                            by the Company or any Group Company, the terms of the Offer Letter prevail. You hereby acknowledge
                                            that you have no outstanding claims of any kind against the Company or any Group Company.
                                            Each party acknowledges that in entering into the Offer Letter it has not relied on and shall
                                            have no remedy in respect of any undertaking, promise, assurance, statement, representation,
                                            warranty or understanding (whether in writing or not) or any person (whether party to the
                                            Offer Letter or not) relating to the Employment which is not expressly set out in the Offer
                                            Letter or any documents referred to it, including, in particular any offer letter. Each party
                                            agrees that its only liability in respect of those representations and warranties that are
                                            set out in the Offer Letter (whether made innocently or negligently) shall be for breach
                                            of contract. Nothing in the Offer Letter will limit or exclude any liability for fraud.

 

		o	Law and jurisdiction. The Offer Letter and any non-contractual
                                            obligations connected with it shall be governed by and interpreted in accordance with the
                                            laws of England and Wales. You and the Company hereby irrevocably submit to the exclusive
                                            jurisdiction of the English courts in respect of the interpretation and enforcement of the
                                            provisions of this letter.

 

We believe that the Company presents a tremendous value creation opportunity
and we view you as an important part of our future successes. We look forward to working with you.

 

[Signature page follows]

    15

     

    

 

THIS DEED has been executed as a deed, and it has been delivered
on the date stated at the beginning of this Deed.

 

	SIGNED as a DEED by SiriusPoint International	)	 
	Insurance Corporation acting by Jason Robart, as	)	 
	Chair of the Compensation Committee of Siriuspoint Ltd.	)	 
	 	 	 
	/s/ Jason Robart	 	 
	 	 	 
	 	 	 
	SIGNED as a DEED by Scott Egan	)	 
	in the presence of a witness	)	 
	 	 	 
	/s/ Scott Egan	 	 
	 	 	 
	Witness	)	 
	 	 	 
	 	 	 
	Witness Name:	 	 	 
	Witness Address:	 	 	 
	 	 	 	 
	Witness Occupation:	 	 	 
	 	 	 

 

    

     

    

 

Exhibit A

 

SiriusPoint Ltd.

Executive Restrictive Covenant Agreement

 

This Executive Restrictive Covenant Agreement (the “Agreement”)
is entered into by and between SiriusPoint International Insurance Corporation whose registered office is 4th floor, 20 Fenchurch
Street, London, EC3M 3BY (the “Company”), and the undersigned (the “Executive”).

 

In consideration of the Executive’s employment by the Company
and compensation and benefits to be provided pursuant to such employment, which the Executive acknowledges to be good and valuable consideration
for the Executive’s obligations hereunder, the Company and the Executive hereby agree as follows:

 

		1.	Confidentiality. The Executive agrees and understands that in
                                            the Executive’s position with the Company, the Executive will be exposed to and will
                                            receive information relating to the confidential affairs of the Company Group, including
                                            but not limited to, technical information, intellectual property, business and marketing
                                            plans, strategies, customer information, other information concerning the products, promotions,
                                            development, financing, expansion plans, business policies and practices of the Company Group,
                                            and other forms of information considered by the Company Group reasonably and in good faith
                                            to be confidential and in the nature of trade secrets (“Confidential Information”).
                                            The Executive agrees that during the term of the Executive’s employment and thereafter,
                                            the Executive will not, other than on behalf of the Company Group, disclose such Confidential
                                            Information, either directly or indirectly, to any third person or entity without the prior
                                            written consent of the Company; provided, that disclosure may be made to the extent
                                            required by law, regulation, or order of a regulatory body, in each case so long as the Executive
                                            gives the Company as much advance notice of the disclosure as possible to enable the Company
                                            to seek a protective order, confidential treatment, or other appropriate relief. This confidentiality
                                            covenant has no temporal, geographical, or territorial restriction. Upon termination of the
                                            Executive’s employment, the Executive will promptly supply to the Company (i) all
                                            property of the Company Group and (ii) all notes, memoranda, writings, lists,
                                            files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs,
                                            machines, technical data, or any other tangible product or document containing Confidential
                                            Information produced by, received by, or otherwise submitted to the Executive during or prior
                                            to the Executive’s employment. Nothing in this Agreement shall prevent the Executive
                                            from:

 

		i.	making a protected disclosure in accordance with s43A Employment
                                            Rights Act 1996 and the Public Interest Disclosure Act 1998; or

 

		ii.	making a disclosure to a regulator regarding any misconduct, wrongdoing
                                            or serious breach of regulatory requirements, or reporting a criminal offence to any law
                                            enforcement agency; or

 

		iii.	co-operating with any law enforcement agency regarding a criminal
                                            investigation or prosecution; or

    

     

    

 

		iv.	co-operating with any legal or regulatory process to which the Executive
                                            is obliged to provide information or assistance; or

 

		v.	disclosing information to HMRC for the purposes of establishing and
                                            paying (or recouping) tax and national insurance liabilities arising from your employment
                                            or its termination; or

 

		vi.	making any other disclosure as required by law.

 

2.            Noncompetition.
By and in consideration of the Executive’s employment by the Company and the payments to be made and benefits to be provided by
the Company in connection with the Executive’s employment, and further in consideration of the Executive’s exposure to the
proprietary information of the Company Group and knowledge of and influence over the Company Group’s customers and workforce, the
Executive agrees that the Executive will not, during the Noncompetition Term (as defined below), directly or indirectly, invest in, lend
to, own, manage, operate, join, control, be employed by or otherwise provide services to, or participate in the ownership, management,
operation or control of, including but not limited to holding any position as a shareholder, director, officer, consultant, independent
contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided, that in no event shall
ownership of less than 5% of the outstanding equity securities of any unlisted company or any issuer whose securities are listed or traded
on any Recognised Investment Exchange, be prohibited by this Section 2. Following termination of the Executive’s employment,
upon request of the Company during the Noncompetition Term, the Executive shall notify the Company of the Executive’s then-current
employment status.

 

3.            Nonsolicitation
of staff. During the Nonsolicitation Term, the Executive shall not, and shall not cause any other person to, (i) interfere
with or harm, or attempt to interfere with or harm, the relationship of any member of the Company Group with any Restricted Employee
(as defined below), or (ii) endeavor to entice any Restricted Employee away from the Company Group. For the avoidance of
doubt, it shall not be a breach of this clause for any Restricted Employee to respond to a bona fide advertisement or approach from a
recruitment consultant on behalf of a third party employer, provided you are not involved in such recruitment.

 

4.            Nonsolicitation/Nondealing
with Customers. During the Nonsolicitation Term the Executive shall not, and shall not cause any other person to (i) interfere
with or harm, or attempt to interfere with or harm, the relationship of any member of the Company Group with any Restricted Customer;
or (ii) endeavor to entice any Restricted Customer away from the Company Group where such enticement relates to Restricted Goods
or Services; or (iii) have any dealings with any Restricted Customer relating to Restricted Goods or Services.

 

5.            Non
disparagement. While employed by the Company and thereafter, neither the Company (by formal press release, or by authorized statement
of any of the members of its board of directors or executive officers made in circumstances reasonably expected to become publicly known)
nor the Executive shall make or publish any disparaging statements (whether written or oral) regarding each other (or in the Executive's
case) any of the Company’s affiliates, directors, officers, or employees.

 

6.            Proprietary
Rights. If at any time in the course of the employment, the Executive makes or discovers or participates in the making or discovery
of any Intellectual Property relating to or capable of being used in the business of the Company or any member of the Company Group the
Executive shall immediately disclose full details of such Intellectual Property to the Company and, at the request and expense of the
Company, shall do all things which may be necessary or desirable for obtaining appropriate forms of protection for the Intellectual Property
and for vesting all rights in the same in the Company or relevant member of the Company Group or their nominees.

    2

     

    

 

The Executive irrevocably appoints any director
of the Company to be his attorney in his name and on his behalf to sign, execute or do any instrument or thing and generally to use his
name for the purpose of giving to the Company or any member of the Company Group or their nominees the full benefit of the provisions
of this section and in favour of any third party a certificate in writing signed by any director or the secretary of the Company that
any instrument or act falls within the authority conferred by this section shall be conclusive evidence that such is the case.

 

The Executive acknowledges and agrees that he will
not (whether during or after the employment) apply or join in applying for any patent, registered design, trade mark or other intellectual
property protection in respect of any Intellectual Property without the prior written approval of the Company.

 

The Executive waives all his rights (as defined
in the Copyright Designs and Patents Act 1988) in respect of any acts of the Company or any acts of third parties done with the Company’s
authority in relation to any Intellectual Property which is the property of the Company by virtue of this section.

 

All rights and obligations under this section in
respect of Intellectual Property made or discovered by the Executive during the employment shall continue in full force and effect after
the termination of the employment and shall be binding upon your personal representatives.

 

“Intellectual Property” for the
purposes of this section shall mean:

 

		(a)	discovery, patents, trademarks, service marks, registered designs, applications
                                            for any of those rights, trade and business names (including internet domain names and e-mail
                                            address names), unregistered trademarks and service marks, copyrights, improvements in procedure,
                                            formulae, design rights, moral rights, rights in performances (as set out in part II Copyright
                                            Designs and Patents Act 1988), database rights, rights in know-how and designs and inventions;

 

		(b)	rights of the equivalent or similar effect or nature to those in paragraph
                                            (a); and

 

		(c)	rights under licences, consent orders, statutes or otherwise in relation
                                            to a right in paragraphs (a) or (b),

 

in each case in any jurisdiction where any of the above
may exist.

 

7.            Remedies.
The Executive agrees that any material breach of the terms of this Agreement might result in irreparable injury and damage to the Company
Group for which the Company may have no adequate remedy at law; the Executive therefore also agrees that in the event of such breach
or any threat of breach, the Company may be entitled to an immediate injunction and restraining order to prevent such breach, threatened
breach, or continued breach by the Executive and any and all persons or entities acting for or with the Executive, without having to
prove damages, in addition to any other remedies to which the Company may be entitled at law or in equity. The terms of this paragraph
shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including but not
limited to, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants
contained in this Agreement are reasonable and necessary to protect the business of the Company Group because of the Executive’s
access to Confidential Information and his material participation in the operation of such business. While the restrictions in this Agreement
(on which the Executive has had the opportunity to take independent advice, as the Executive hereby acknowledges) are considered by the
parties to be reasonable in all the circumstances, it is agreed that if any such restrictions, by themselves, or taken together, shall
be adjudged to go beyond what is reasonable in all the circumstances for the protection of the legitimate interests of the Company or
member of the Company Group but would be adjudged reasonable if part or parts of the wording thereof were deleted, the relevant restriction
or restrictions shall apply with such deletion(s) as may be necessary to make it or them valid and effective.

    3

     

    

 

8.            The
benefit of this Agreement shall be held on trust by the Company for each member of the Company Group and the Company reserves the right
to assign the benefit of such provisions to any Group Company. Each of the obligations undertaken by the Executive pursuant to this Agreement
shall, with respect to each such member of the Company Group, constitute a separate and distinct covenant and the invalidity or unenforceability
of any such covenant shall not affect the validity or enforceability of the other such covenants in favour of any other member of the
Company Group or the Company. The Executive agrees that each of the restrictions set out in this Agreement constitutes entirely separate,
severable and independent restrictions on him and the sections and sub-sections of this Agreement shall operate independently of each
other and shall not affect the interpretation of any other section or sub-section.

 

9.            Certain
Definitions. For purposes of this Agreement:

 

		(a)	The “Noncompetition Term” shall mean the period beginning
                                            on the start date of the Executive’s employment and ending six (6) months following
                                            the Executive’s termination of employment.

 

		(b)	The “Nonsolicitation Term” shall mean the period
                                            beginning on the start date of the Executive’s employment and ending twelve (12) months
                                            following the Executive’s termination of employment.

 

		(c)	“Recognised Investment Exchange” means an investment
                                            exchange granted recognition under section 285(1) Financial Services and Markets Act
                                            2000, including a recognised overseas investment exchange.

 

		(d)	“Relevant Period” means the period of 12 months ending
                                            on the Executive’s termination of employment or, in the event that no duties were assigned
                                            to the Executive for any part of the duration of the notice period, the 12 months immediately
                                            preceding the last day on which the Executive carried out any duties for the Company or any
                                            member of the Company Group.

 

		(e)	“Restricted Enterprise” shall mean (x) on
                                            any date during the Executive’s employment, any person, corporation, partnership, or
                                            other entity that competes, directly or indirectly, in the Territory with any material business
                                            activity engaged in by any member of the Company Group on such date and (y) on
                                            and after the date of the Executive’s termination, any person, corporation, partnership
                                            or other entity that otherwise competes, directly or indirectly, in the Territory with any
                                            material business activity engaged in by any member of the Company Group and with which the
                                            Executive was involved to a material extent at any time during the Relevant Period.

    4

     

    

 

		(f)	“Restricted Customer” shall mean (x) on any
                                            date during the Executive’s employment with the Company any person, corporation, partnership
                                            or other entity which was a customer of any member of the Company Group, or otherwise had
                                            a material relationship with any member of the Company Group and (y) on and after the
                                            date of the Executive’s termination any person corporation, partnership or other entity
                                            which was customer of any member of the Company Group, or otherwise had a material business
                                            relationship with any member of the Company Group, and in each case with whom the Executive
                                            had material dealings in the course of his employment at any time during the Relevant Period.

 

		(g)	“Restricted Employee” shall mean (x) on any
                                            date during the Executive’s employment with the Company any person who is employed
                                            or engaged by any member of the Company Group and (y) on and after the date of the Executive’s
                                            termination any person who was employed or engaged by any member of the Company Group in
                                            a senior capacity and with whom the Executive had material dealings in the course of his
                                            employment at any time during the Relevant Period.

 

		(h)	“Restricted Goods or Services” shall mean (x) on
                                            any date during the Executive’s employment with the Company any goods or services which
                                            are the same as or similar to goods or services supplied by any member of the Company Group
                                            and (y) on and after the date of the Executive’s termination any goods or services
                                            which are the same as or similar to the goods or service supplied by any member of the Company
                                            Group to the extent that the Executive’s duties were materially involved with such
                                            goods or services or which he was responsible for at any time during the Relevant Period.

 

		(i)	The “Territory” shall mean (i) on any date during
                                            the Executive’s employment: (x) the geographic markets in which the business
                                            of the Company Group is then being conducted by the Company Group and (y) any
                                            other geographic market as to which the Company Group has, during the twelve (12) months
                                            preceding such date, devoted more than de minimis resources as a prospective geographic
                                            market for the business of the Company Group; and (ii) on and after the date of the
                                            Executive’s termination: (x) the geographic markets in which the business of the
                                            Company Group or any of its members (with which the Executive was involved to a material
                                            extent at any time during the Relevant Period) was being conducted during the Relevant Period
                                            and (y) any other geographic market as to which the Company Group has, or any of its
                                            members have, during the twelve (12) months preceding the date of the Executive’s termination
                                            devoted more than de minimis resources as a prospective geographic market for the business
                                            of the Company Group (with which the Executive was involved to a material extent at any time
                                            during the Relevant Period).

 

		(j)	“Company Group” means the Company and any holding
                                            company or parent undertaking for the time being of the Company or any subsidiary or subsidiary
                                            undertaking for the time being of the Company or of any such holding company or parent undertaking
                                            (for which purpose the expressions “holding company” and “subsidiary”
                                            shall have the meanings ascribed thereto by section 1159 Companies Act 2006 and the expressions
                                            “parent undertaking” and “subsidiary undertaking” shall have the
                                            meanings ascribed thereto by section 1162 Companies Act 2006).

    5

     

    

 

10.            No
Waiver of Rights. The failure to enforce at any time the provisions of this Agreement or to require at any time performance by any
other party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect either the validity
of this Agreement or any part hereof, or the right of any party to enforce each and every provision in accordance with its terms.

 

11.            Binding
Effect/Assignment. This Agreement shall inure to the benefit of and be binding upon the parties hereto, and the Company Group, and
each of their respective heirs, executors, personal representatives, estates and successors (including, without limitation, by way of
merger), and assigns. Notwithstanding the provisions of the immediately preceding sentence, the Executive shall not assign all or any
portion of this Agreement without the prior written consent of the Company.

 

12.            Entire
Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof and
supersedes all prior agreements, written or oral, between them as to such subject matter.

 

13.            Severability.
If any provision of this Agreement, or any application thereof to any circumstances, is invalid, in whole or in part, such provision
or application shall to that extent be severable and shall not affect other provisions or applications of this Agreement.

 

14.            Governing
Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of England and Wales,
without reference to the principles of conflict of laws. Each party hereby irrevocably submits to the exclusive jurisdiction of the English
courts.

 

15.            Modifications
and Waivers. No provision of this Agreement may be modified, altered, or amended except by an instrument in writing executed by the
parties hereto. No waiver by any party hereto of any breach by any other party hereto of any provision of this Agreement to be performed
by such other party shall be deemed a waiver of similar or dissimilar provisions at the time or at any prior or subsequent time.

 

16.            Headings.
The headings contained herein are solely for the purposes of reference, are not part of this Agreement, and shall not in any way affect
the meaning or interpretation of this Agreement.

 

17.            Counterparts.
This Agreement may be executed in two (2) or more counterparts, each of which shall be deemed to be an original but all of which
together shall constitute one and the same instrument.

 

[signature page follows]

    6

     

    

 

This deed has
been executed as a deed and it has been delivered on the date stated at the beginning of this deed.

 

Signed as a deed by SiriusPoint
International Insurance Corporation

 

		 	/s/ Jason
                                            Robart
	 	 	Jason Robart, as
	 	 	Chair of the Compensation Committee
	 	 	of Siriuspoint Ltd.
	 	 	 
	 	 	 
	Signed as a deed by Scott Egan	 	/s/
                                            Scott Egan
	 	 	 
	In the presence of:	 	 
	 	 	[Signature of Witness]
	 	 	 
	 	 	 
	Witness name	 	 	 
	Witness address	 	 	 
	 	 	 	 
	 	 	 	 

 

    

     

    

 

 

Exhibit B-1

Exhibit B-2

 

[attached]

 

    2

     

    

 

Exhibit B-1

 

[EXECUTION VERSION]

THE SIRIUSPOINT LTD.

2013 OMNIBUS INCENTIVE PLAN

EMPLOYEE SERVICE RESTRICTED SHARE UNIT

AWARD NOTICE

 

Dear Scott:

 

In connection with your hiring
as Chief Executive Officer of SiriusPoint Ltd. (the “Company”), you have been granted a number of Restricted Share
Units of the Company as set forth below pursuant to the terms and conditions of the SiriusPoint Ltd. 2013 Omnibus Incentive Plan (the
 “Plan”) and the implementing Employee Service Restricted Share Unit Agreement (together with this Award Notice, the
 “Agreement”). The Employee Service Restricted Share Unit Agreement is attached hereto, and a copy of the Plan is publicly
available or will be provided to you upon request. Capitalized terms not defined in this Award Notice shall have the meanings specified
in the Plan or the Employee Service Restricted Share Unit Agreement.

 

	Restricted Share Units:	 	You have been awarded an aggregate of 400,000 Restricted Share Units of the Company, subject to adjustment as provided in Section 5 of the Employee Service Restricted Share Unit Agreement.
	 	 	 
	Vesting of Restricted Share Units	 	Other than as set forth in the Employee Service Restricted Share Unit Agreement, the Restricted Share Units granted to you pursuant to this Award Notice are subject to vesting on the first (1st) anniversary of the Grant Date, subject to your continued provision of services to the Company and its Affiliates through the applicable vesting date.
	 	 	 
	
    Grant Date:

    
	 	September __, 2022

 

    

     

    

 

	 	SIRIUSPOINT LTD.
	 	 
	 	 
	 	by	 
	 	 	Name:
	 	 	Title:

 

Acknowledgment, Acceptance and Agreement:

 

By
signing below and returning this Award Notice to SiriusPoint Ltd., I
hereby acknowledge receipt of the Agreement and the Plan, accept the Restricted Share Units granted to me pursuant to the Agreement and
agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

 

 

	Name: Scott Egan	 

 

[Signature Page to Employee
Service Restricted Share Unit Award Notice]

 

    

     

    

 

EMPLOYEE SERVICE RESTRICTED SHARE UNIT AGREEMENT

 

EMPLOYEE SERVICE RESTRICTED
SHARE UNIT AGREEMENT (the “Agreement”) dated as of the Grant Date set forth in the Notice of Grant (as defined below),
by and between SiriusPoint Ltd., a Bermuda exempted company limited by shares (the “Company”), and the employee whose
name appears in the Notice of Grant (the “Participant”), pursuant to the SiriusPoint Ltd. 2013 Omnibus Incentive Plan,
as in effect and as amended from time to time (the “Plan”). Capitalized terms that are not defined herein shall have
the meanings given to such terms in the Plan.

 

1.             Grant
of Restricted Share Units. The Company hereby evidences and confirms its grant to the Participant, effective as of the Grant Date
set forth in the Notice of Grant, of the number of Restricted Share Units specified in the SiriusPoint Ltd. 2013 Omnibus Incentive Plan
Employee Service Restricted Share Unit Award Notice delivered by the Company to the Participant (the “Notice of Grant”).
Each Restricted Share Unit shall entitle the Participant, upon the settlement thereof, to the delivery of one common share of the Company,
par value U.S.$0.10 per share. This Agreement is subordinate to, and the terms and conditions of the Restricted Share Units granted hereunder
are subject to, the terms and conditions of the Plan, which are incorporated by reference herein. If there is any inconsistency between
the terms hereof and the terms of the Plan, the terms of the Agreement shall govern. The Restricted Share Units shall be considered a
Service Award under the Plan.

 

2.             Vesting
of Restricted Share Units; Restricted Period; Settlement.

 

(a)             Vesting.
Except as otherwise provided in this Section 2, the Restricted Share Units
shall become vested, if at all, on the vesting date set forth in the Notice of Grant, subject to the Participant’s continued provision
of Services to the Company or any Subsidiary thereof through such date. The period over which the Restricted Share Units vest is referred
to as the “Restricted Period.” Within 60 days following the date on which Restricted Share Units become vested
during the Restricted Period, the Company shall issue the Shares underlying such vested Restricted Share Units or shall otherwise evidence
the Participant’s ownership of the Shares (whereupon such vested Restricted Share Units shall cease to be outstanding).

 

(b)             Termination
of Services. If the Participant’s Services to the Company terminate
at any time (including for the avoidance of doubt during the first 12 months of his appointment) due to a Qualifying Termination, all
of the Restricted Share Units shall be deemed vested effective as of the date of the Participant’s Qualifying Termination. For this
purpose, a “Qualifying Termination” means the termination of the Participant’s Services (x) by reason
of the Participant’s death or Disability, (y) by the Company without Cause and (z) by the Participant with
Good Reason. “Good Reason” and “Cause” shall have the meanings set forth in the Participant’s
employment agreement with the Company.

 

(c)             Change
in Control. In the event of a Change in Control during the Restricted Period, if
the Participant is terminated by the Company in a Qualifying Termination during the period beginning on the date that is ninety (90) days
prior to a Change in Control and ending on the date that is twenty-four (24) months following the Change in Control (a “Change
in Control Termination”), all unvested Restricted Share Units shall fully vest on the effective date of the Participant’s
Termination of Service.

 

    1

     

    

 

(d)             Committee
Discretion. Notwithstanding anything contained in this Agreement to the contrary, the Committee, in its sole discretion, may accelerate
the vesting with respect to any Restricted Share Units under this Agreement, at such times and upon such terms and conditions as the Committee
shall determine, such discretion to be exercised in a bona fide and rational manner.

 

3.             Securities
Law Compliance. Notwithstanding any other provision of this Agreement, the Participant may not sell the Shares delivered upon settlement
of the Restricted Share Units that become vested unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities
Act”), or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities
Act. The sale of such Shares must also comply with other applicable laws and regulations governing the Shares, and Participant may not
sell the Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.

 

4.             Participant’s
Rights with Respect to the Restricted Share Units.

 

(a)             Restrictions
on Transferability. During the Restricted Period, the Restricted Share Units granted hereby are not assignable or transferable, in
whole or in part, and may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise
disposed of or encumbered (including without limitation by gift, operation of law or otherwise) other than by will or by the laws of descent
and distribution to the estate of the Participant upon the Participant’s death.

 

(b)             Rights
as Shareholder; No Dividend Equivalents. The Participant shall not be treated as the record owner of the Shares underlying the Restricted
Share Units until the underlying Shares are delivered in settlement thereof, at which time the Participant shall be entitled to all of
the rights of a shareholder of the Company including, without limitation, the right to vote such shares and receive all dividends or other
distributions paid with respect to such shares. Outstanding Restricted Share Units shall not be entitled to Dividend Equivalents.

 

(c)             Shares
Certificates. The Company may issue shares certificates or evidence the Participant’s interest in the Shares underlying the
Restricted Share Units by using a restricted book entry account with the Company’s transfer agent.

 

5.             Adjustment
in Capitalization. The number, class or other terms of any outstanding Restricted Share Units shall be adjusted by the Board to reflect
any extraordinary dividend, shares dividend, shares split or share combination or any recapitalization, business combination, merger,
consolidation, spin-off, exchange of shares, liquidation or dissolution of the Company or other similar transaction affecting the Shares
in such manner as it determines in its sole discretion.

 

    2

     

    

 

6.              Miscellaneous.

 

(a)             Binding
Effect; Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective
successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than
the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect
of any agreement or any provision contained herein.

 

(b)             No
Right to Continued Services. Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of the Company
to terminate the Participant’s Service at any time, or confer upon the Participant any right to continue in the Services of the
Company.

 

(c)             Interpretation.
The Committee shall have full power and discretion to construe and interpret the Plan (and any rules and regulations issued thereunder)
and this Agreement. Any determination or interpretation by the Committee under or pursuant to the Plan or this Agreement shall be final
and binding and conclusive on all persons affected hereby.

 

(d)             Tax
Withholding. The Company and its Subsidiaries shall have the right to deduct from all amounts paid to the Participant in cash (whether
under the Plan or otherwise) any amount of taxes required by law to be withheld in respect of the Restricted Share Units or the underlying
Shares as may be necessary in the opinion of the Company to satisfy tax withholding required under the laws of any country, state, city
or other jurisdiction, including but not limited to income taxes, capital gains taxes, transfer taxes, and social security contributions
that are required by law to be withheld. The Company may require the Participant (or other recipient of the Shares) to remit to the Company
an amount in cash sufficient to satisfy the amount of taxes required to be withheld as a condition to the issuance of Shares deliverable
upon vesting of the Restricted Share Units. The Committee may, in its discretion, require the Participant (or other recipient of the Shares),
or permit the Participant (or other recipient of the Shares) to elect, subject to such conditions as the Committee shall impose, to meet
such obligations by having the Company sell the least number of whole Shares having a Fair Market Value sufficient to satisfy all or part
of the amount required to be withheld. The Company may defer delivery of the Shares until such requirements are satisfied.

 

(e)             Application
of Clawback Policy. The Restricted Share Units or underlying Shares granted or vested and any gains earned or accrued due to the sale
of any underlying Shares shall be subject to any generally applicable clawback and recoupment policies of the Company in effect from time
to time, or applicable law or regulations in effect on or after the Effective Date, including Section 304 of the U.S. Sarbanes-Oxley
Act of 2002 and Section 10D of the Exchange Act. The implementation of policies and procedures pursuant to this Section 6(e) and
any modification of the same shall not be subject to any restrictions on amendment or modification of Awards. Any such policies may (in
the discretion of the Administrator or the Board) be applied to outstanding Awards at the time of adoption of such policies, or on a prospective
basis only.

 

    3

     

    

 

(f)              Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York regardless of the application
of rules of conflict of laws that would apply the laws of any other jurisdiction.

 

(g)             Limitation
on Rights; No Right to Future Grants; Extraordinary Item of Compensation. By entering into this Agreement and accepting the Restricted
Share Units evidenced hereby, the Participant acknowledges: (a) that the Plan is discretionary in nature and may be suspended
or terminated by the Company at any time; (b) that the Award does not create any contractual or other right to receive future
grants of Awards; (c) that participation in the Plan is voluntary; (d) that the value of the Restricted Share
Units is not part of normal or expected compensation for purposes of calculating any resignation, redundancy, end of service payments,
bonuses, long-service awards, pension or retirement benefits or similar payments; and (e) that the future value of the Shares
underlying the Restricted Share Units is unknown and cannot be predicted with certainty.

 

(h)             Employee
Data Privacy. By entering into this Agreement and accepting the Restricted Share Units evidenced hereby, the Participant: (a) authorizes
the Company and its Affiliates, any agent of the Company and its Affiliates administering the Plan or providing Plan recordkeeping services,
to disclose to the Company and any of its Affiliates any information and data the Company requests in order to facilitate the grant of
the Award and the administration of the Plan; (b) waives any data privacy rights the Participant may have with respect to
such information; and (c) authorizes the Company and its Affiliates and their agents to store and transmit such information
in electronic form.

 

(i)               Consent
to Electronic Delivery. By entering into this Agreement and accepting the Restricted Share Units evidenced hereby, Participant hereby
consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant
to applicable securities laws) regarding the Company and its Affiliates, the Plan, this Agreement and the Restricted Share Units via Company
website, email or other electronic delivery.

 

(j)              Headings
and Captions. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

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

 

    4

     

    

 

Exhibit B-2

 

[EXECUTION VERSION]

 

THE SIRIUSPOINT LTD.

2013 OMNIBUS INCENTIVE PLAN

EMPLOYEE SHARE OPTION

AWARD NOTICE

 

Dear Scott,

 

In connection with your appointment
as Chief Executive Officer of SiriusPoint Ltd. (the “Company”), you will be granted a number of Options as set forth
below pursuant to the terms and conditions of the SiriusPoint Ltd. 2013 Omnibus Incentive Plan (the “Plan”) and the
Employee Share Option Agreement (together with this Award Notice, the “Agreement”). The Employee Share Option Agreement
is attached hereto, and a copy of the Plan is publicly available or will be provided to you upon request. Capitalized terms not defined
in this Award Notice shall have the meanings specified in the Plan or the Employee Share Option Agreement.

 

	Options:	
    Tranche 1: 300,000 Options (“Tranche 1 Options”)

     

    Tranche 2: 300,000 Options (“Tranche 2 Options”)

     

    Tranche 3: 300,000 Options (“Tranche 3 Options”)

	 	 
	Exercise Price 

per Share:	
    Tranche 1 Options: $6.00

     

    Tranche 2 Options: $8.00

     

    Tranche 3 Options: $10.00

	 	 
	Grant Date:	
    Tranche 1 Options: The Tranche 1 Options will be granted on
    the effective date of your appointment as Chief Executive Officer of the Company and exercisable on the first date on which the Company’s
    closing Share price on the New York Stock Exchange is at least $6.00/Share.

     

    Tranche 2 Options: The Tranche 2 Options will be granted on
    the on first day on which the Company’s closing Share price on the New York Stock Exchange is at least $6.00/Share and exercisable
    on the first date on which the Company’s closing Share price on the New York Stock Exchange is at least $8.00/Share.

     

    Tranche 3 Options: The Tranche 3 Options will be granted on
    the first day on which the Company’s closing Share price on the New York Stock Exchange is at least $8.00/Share and exercisable
    on the first date on which the Company’s closing Share price on the New York Stock Exchange is at least $10.00/Share.

    

 

    

     

    

 

Exhibit B-2

 

	Normal Expiration Date:	
    Tranche 1 Options: Seven (7) years from the Grant Date,
    subject to earlier termination as provided in the Agreement.

     

    Tranche 2 Options: Seven (7) years from the Grant Date,
    subject to earlier termination as provided in the Agreement.

     

    Tranche 3 Options: Seven (7) years from the Grant Date,
    subject to earlier termination as provided in the Agreement.

	 	 
	Special Provision on Qualifying Termination	
    In the event that (1) your Services are terminated by reason
    of a Qualifying Termination prior to the Grant Date of the Tranche 2 Options and/or the Tranche 3 Options (as applicable), and (2) the
    Grant Date for the Tranche 2 Options and/or the Tranche 3 Options (as applicable) occurs on or prior to the first anniversary of the termination
    date (and for purposes of this determination, your Services will be deemed to have continued through such first anniversary), then (A) the
    Tranche 2 Options and/or the Tranche 3 Options (as applicable) will be granted on such Grant Date notwithstanding the termination of your
    Services and (B) such Options will be exercisable for one year following the Grant Date.

    

 

    

     

    

 

	 	SIRIUSPOINT LTD.
	 	 
	 	 
	 	by	 
	 	 	Name:
	 	 	Title:

 

Acknowledgment, Acceptance and Agreement:

 

By
signing below and returning this Award Notice to SiriusPoint Ltd., I
hereby acknowledge receipt of the Agreement and the Plan, accept the Options to be granted to me pursuant to the Agreement and agree to
be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

 

	Name: Scott Egan	 

 

[Signature Page to Employee
Share Option Award Notice]

 

    

     

    

 

EMPLOYEE SHARE OPTION AGREEMENT

 

EMPLOYEE SHARE OPTION AGREEMENT
(the “Agreement”) dated as of September __, 2022, by and between SiriusPoint Ltd., a Bermuda exempted company
limited by shares (the “Company”), and the employee whose name appears in the Notice of Grant (as defined below) (the
 “Participant”), pursuant to the SiriusPoint Ltd. 2013 Omnibus Incentive Plan, as in effect and as amended from time
to time (the “Plan”). Capitalized terms that are not defined herein shall have the meanings given to such terms in
the Plan.

 

1.             Grant
of Options. The Company hereby evidences and confirms its grant to the Participant, effective as of each Grant Date set forth in the
Notice of Grant, of the number of Options to purchase common shares of the Company (the “Options”) specified in the
SiriusPoint Ltd. 2013 Omnibus Incentive Plan Employee Share Option Award Notice delivered by the Company to the Participant (the “Notice
of Grant”). The Options granted hereunder are not intended to be “incentive stock options” within the meaning of
Section 422 of the Code. This Agreement is subordinate to, and the terms and conditions of the Options granted hereunder are subject
to, the terms and conditions of the Plan, which are incorporated by reference herein. If there is any inconsistency between the terms
hereof and the terms of the Plan, the terms of the Agreement shall govern. The Options shall be considered a Service Award under the Plan.

 

2.             Vesting
of Options.

 

(a)             Vesting.
Except as otherwise provided in this Section 2, each tranche of Options specified in the Notice of Grant shall be fully vested on
the Grant Date specified in the Notice of Grant (each, a “Grant Date”), subject to the Participant’s continued
provision of Services to the Company or any Subsidiary thereof through the Grant Date. Options may be exercised during the period that
they are exercisable as stated in the Notice of Grant and this Agreement.

 

(b)             Termination
of Services.

 

  (i)             If
the Participant’s Services to the Company are terminated by reason of the Participant’s voluntary resignation without Good
Reason, the Participant shall have ninety (90) days following the date of such voluntary resignation to exercise any vested Options which
are then outstanding and exercisable.

 

  (ii)             If
the Participant’s Services to the Company are terminated by reason of the Participant’s Qualifying Termination, the Participant
may exercise any vested Options which are then outstanding and exercisable until their stated Normal Expiration Date. For
this purpose, a “Qualifying Termination” means the termination of the Participant’s Services (x) by
reason of the Participant’s death or Disability, (y) by the Company without Cause and (z) by the Participant
with Good Reason. “Good Reason” and “Cause” shall have the meanings set forth in the Participant’s
employment agreement with the Company.

 

    1

     

    

 

  (iii)             If
the Participant’s Services to the Company are terminated by the Company for Cause, all Options (whether vested or unvested) which
are then outstanding shall be forfeited and canceled without any payment therefor.

 

  (iv)             For
clarity and avoidance of doubt, except as provided in the Notice of Grant, the Participant shall have no rights as to Options the Grant
Date of which has not occurred prior to the termination of the Participant’s Services for any reason.

 

(c)             Committee
Discretion. Notwithstanding anything contained in this Agreement to the contrary, the Committee, in its sole discretion, may accelerate
the vesting with respect to any Options under this Agreement, at such times and upon such terms and conditions as the Committee shall
determine, such discretion to be exercised in a bona fide and rational manner.

 

(d)             No
Other Accelerated Vesting. The vesting and exercisability provisions set forth in Section 2 or expressly set forth in the Plan,
shall be the exclusive vesting and exercisability provisions applicable to Options and shall supersede any other provisions relating to
vesting and exercisability, unless such other provision expressly refers to the Plan by name and this Agreement by name and date and are
agreed with the Participant.

 

3.             Normal
Expiration Date. Unless the Options earlier terminate in accordance with Section 2, the Options shall terminate on the seventh
(7th) anniversary of the applicable Grant Date (the “Normal Expiration Date”). Options that have become
exercisable pursuant to Section 2 may be exercised, subject to the provisions of this Agreement and the Plan, at any time and from
time to time until the earlier of the date on which the Options terminate pursuant to Section 2 and the Normal Expiration Date.

 

4.             Securities
Law Compliance. Notwithstanding any other provision of this Agreement, the Participant may not sell the Shares acquired on exercise
of the Options unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities Act”),
or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act. The
sale of such Shares must also comply with other applicable laws and regulations governing the Shares, and Participant may not sell the
Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.

 

    2

     

    

 

5.             Participant’s
Rights with Respect to the Options and Underlying Shares.

 

(a)             Restrictions
on Transferability. The Options granted hereby are not assignable or transferable, in whole or in part, and may not, directly or indirectly,
be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including without limitation
by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Participant
upon the Participant’s death.

 

(b)             Rights
as Shareholder; Dividends. The Participant shall not be treated as the record owner of the Shares underlying the Options until the
underlying Shares are delivered in settlement thereof, at which time the Participant shall be entitled to all of the rights of a shareholder
of the Company including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with
respect to such shares.

 

6.             Adjustment
in Capitalization. The number, class, exercise price or other terms of any outstanding Options shall be adjusted by the Board to reflect
any extraordinary dividend, shares dividend, shares split or share combination or any recapitalization, business combination, merger,
consolidation, spin-off, exchange of shares, liquidation or dissolution of the Company or other similar transaction affecting the Shares
in such manner as it determines in its sole discretion.

 

7.             Miscellaneous.

 

(a)             Binding
Effect; Benefits. This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective
successors and assigns. Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than
the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect
of any agreement or any provision contained herein.

 

(b)             No
Right to Continued Services. Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of the Company
or any of its Subsidiaries to terminate the Participant’s Services at any time, or confer upon the Participant any right to continue
in the Services of the Company or any of its Subsidiaries.

 

(c)             Interpretation.
The Committee shall have full power and discretion to construe and interpret the Plan (and any rules and regulations issued thereunder)
and this Agreement. Any determination or interpretation by the Committee under or pursuant to the Plan or this Agreement shall be final
and binding and conclusive on all persons affected hereby.

 

    3

     

    

 

(d)             Tax
Withholding. The Company and its Subsidiaries shall have the right to deduct from all amounts paid to the Participant in cash (whether
under the Plan or otherwise) any amount of taxes required by law to be withheld in respect of the Options or the underlying Shares under
the Plan as may be necessary in the opinion of the Company to satisfy tax withholding required under the laws of any country, state, city
or other jurisdiction, including but not limited to income taxes, capital gains taxes, transfer taxes, and social security contributions
that are required by law to be withheld. The Company may require the recipient of the Shares upon exercise of settlement of the Options
to remit to the Company an amount in cash sufficient to satisfy the amount of taxes required to be withheld as a condition to the issuance
of Shares deliverable to the Participant upon such exercise. The Committee may, in its discretion, require the Participant (or other recipient
of the Shares), or permit the Participant (or other recipient of the Shares) to elect, subject to such conditions as the Committee shall
impose, to meet such obligations by having the Company sell the least number of whole Shares having a Fair Market Value sufficient to
satisfy all or part of the amount required to be withheld. The Company may defer delivery of the Shares until such requirements are satisfied.

 

(e)             Application
of Clawback Policy. The Options or underlying Shares granted or vested and any gains earned or accrued due to the sale of any underlying
Shares shall be subject to any generally applicable clawback and recoupment policies of the Company in effect from time to time, or applicable
law or regulations in effect on or after the Effective Date, including Section 304 of the U.S. Sarbanes-Oxley Act of 2002 and Section 10D
of the Exchange Act. The implementation of policies and procedures pursuant to this Section 7(e) and any modification of the
same shall not be subject to any restrictions on amendment or modification of Awards. Any such policies may (in the discretion of the
Administrator or the Board) be applied to outstanding Awards at the time of adoption of such policies, or on a prospective basis only.

 

(f)             Applicable
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York regardless of the application
of rules of conflict of law that would apply the laws of any other jurisdiction.

 

(g)             Limitation
on Rights; No Right to Future Grants; Extraordinary Item of Compensation. By entering into this Agreement and accepting the Options
evidenced hereby, the Participant acknowledges: (a) that the Plan is discretionary in nature and may be suspended or terminated
by the Company at any time; (b) that the Award does not create any contractual or other right to receive future grants of
Awards; (c) that participation in the Plan is voluntary; (d) that the value of the Options is not part of normal
or expected compensation for purposes of calculating any resignation, redundancy, end of service payments, bonuses, long-service awards,
pension or retirement benefits or similar payments; and (e) that the future value of the Shares is unknown and cannot be predicted
with certainty.

 

    4

     

    

 

(h)             Data
Privacy. By entering into this Agreement and accepting the Options evidenced hereby, the Participant: (a) authorizes the
Company and its Affiliates, any agent of the Company and its Affiliates administering the Plan or providing Plan recordkeeping services,
to disclose to the Company and any of its Affiliates any information and data the Company requests in order to facilitate the grant of
the Award and the administration of the Plan; (b) waives any data privacy rights the Participant may have with respect to
such information; and (c) authorizes the Company and its Affiliates and their agents to store and transmit such information
in electronic form.

 

(i)               Consent
to Electronic Delivery. By entering into this Agreement and accepting the Options evidenced hereby, Participant hereby consents to
the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable
securities laws) regarding the Company and its Affiliates, the Plan, this Agreement and the Options via Company website, email or other
electronic delivery.

 

(j)              Headings
and Captions. The section and other headings contained in this Agreement are for reference purposes only and shall not affect the
meaning or interpretation of this Agreement.

 

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

 

    5

     

    

 

Exhibit C

 

Duties, obligations and Warranties

 

Duties and obligations

 

		●	In connection with the Employment you will:

 

		(a)	during normal business hours (excluding holiday and sickness absence) devote the whole of your time, attention and skill to your duties;

 

		(b)	at all times and in all respects and in willing cooperation with others, faithfully and diligently perform such duties and exercise
such powers consistent with your position as may from time to time be reasonably assigned to or vested in you by the Board;

 

		(c)	obey
the reasonable and lawful directions of the Board;

 

		(d)	comply with duties for directors set out in applicable legislation;

 

		(e)	comply with the Articles of Association and comply with all the Company's and relevant Group Companies’ codes, rules, regulations,
policies and procedures and any such code, practice, rules or regulations of any association or professional body to which the Company
and/or any Group Company and/or you belong from time to time including without limitation any regulatory authorities relevant to you,
the Company or any Group Company;

 

		(g)	neither commit or attempt to commit the criminal offence of insider dealing nor contravene Articles 14, 15 or 19 of the Market Abuse
Regulation (Regulation 596/2014/EU) or any applicable laws having the same or similar effect in any other jurisdiction;

 

		(h)	keep the Board and, if applicable, any other Group Board at all times promptly and reasonably informed (in writing if so requested)
of your conduct and activities in relation to the business of the Company and any Group Company for which you are required to perform
duties and provide such explanations in connection therewith as the Board may reasonably require from time to time including for the avoidance
of doubt, any activity (actual or threatened) which might affect the material interests of the Company or any Group Company; any actual
potential or maturing business opportunity potentially applicable to the Company or any Group Company; any offer of engagement or approach
made by a competing business to any employee, worker or officer of the Company or any Group Company of which you are aware; the intention
of any employee, worker or officer of the Company or any Group Company who reports directly or indirectly to you to resign from your employment
or engagement with the Company or any Group Company and of which you are aware;

 

		(i)	report to the Board your own wrongdoing and any wrongdoing or proposed wrongdoing of any agent, employee, worker or director of the
Company or any Group Company of which you are aware;

 

		(j)	comply with the Company’s anti-corruption and bribery policy and related procedures in place from time to time and the Bribery
Act 2010 and any applicable laws having the same or similar effect in any other jurisdiction;

 

    1

     

    

 

		(k)	comply with every regulation of the Company for the time being in force in relation to dealings in shares or other securities of the
Company or any Group Company insofar as they may affect you, the Company, any Group Company or its or their directors, officers or employees;
and

 

		(l)	use all reasonable endeavours to develop the business of the Company and the Company Group and build and form client relationships
on behalf of the Company and the Company Group.

 

		●	The Company reserves the right to: (i) request that you with immediate
effect to carry out the duties of another position of equivalent status either in addition to or instead of your duties as CEO; and (ii) by
agreement with you appoint any other person or persons to act jointly with you or in your place (if you are not performing the duties
under the Offer Letter on a full time basis, are absent on sick leave, suspended, on family related leave or placed on garden leave or
otherwise) in any position to which you may be assigned from time to time.

 

		●	You will, if and so long as the Company requires and without any further
remuneration therefore (except as otherwise agreed), carry out duties commensurate with your seniority and experience on behalf of any
Group Company and/or act as a director or officer of any Group Company. At any time at the request of the Company, you must resign from
office as a director or officer of any Group Company. You must not resign from such positions except at the request or direction of the
Company, or in circumstances where you reasonably believe that you are no longer able to carry out your duties.

 

		●	The Company takes a zero tolerance approach to tax evasion. You must not
engage in any form of facilitating tax evasion, whether under UK law or under the law of any foreign country. You must report any request
or demand from a third party to facilitate the evasion of tax or any concerns that such a request or demand may have been made immediately
to the Board. You must comply at all times with the Company’s anti facilitation of tax evasion policy or anti-corruption and bribery
policy and any relevant policy of any relevant Group Company as such may be amended from time to time. Failure to do so will be treated
as a disciplinary matter and may result in immediate termination.

 

		●	You will provide a copy of Exhibit A to any person, firm, company
or other entity making an offer of employment, appointment as a director or officer, agency, consultancy, partnership or joint venture
to you during the Employment or thereafter whilst any restrictions in Exhibit A remain in force immediately upon receiving
any such offer.

 

		●	You will enter into any documentation required by the Company in connection
with you holding any position(s) or discharging any duties in connection with the Employment for which approval is required from,
or which is or are otherwise subject to regulatory oversight by, any regulator relevant to the Company or any relevant Group Company.

 

Warranties

 

You represent and warrant to the Company that to the best of your knowledge:

 

		●	You are not bound by or subject to any court order, agreement, covenant,
arrangement, regulatory code or undertaking or has any other interest or obligation which in any way restricts or prohibits you from entering
into this Offer Letter or from performing the duties hereunder and you undertake to indemnify and hold harmless the Company against all
claims, costs, damages and expenses which the Company incurs in connection with any claim in relation to any such court order, covenant,
arrangement, regulatory code or undertaking or any other interest or obligation by which you are or were so bound or subject.

 

    2

     

    

 

		●	You are entitled to work in the United Kingdom without any additional approvals
and will notify the Company immediately if you cease to be so entitled during the Employment.

 

		●	You are not subject to any restrictions which prevent you from holding office
as a director of the Company or any Group Company.

 

		●	You have disclosed or will disclose to the Company all information which
is necessary to ensure that the Company or any relevant Group Company can fully comply with its notification regulations in connection
with the Employment arising from or in connection with any rules applicable to the listing of shares of the Company or any Group
Company on any Recognised Investment Exchange.

 

		●	You are qualified to perform the position to which you are appointed.

 

		●	All of the information provided to the Company, and any third party acting
on behalf of the Company is complete, true and up to date and you have not deliberately omitted any information relevant to the Employment.

 

    3

     

    

 

Exhibit D

 

Further Section 1 particulars

 

		●	Continuity of employment. The Employment is not continuous
with any previous employment.

 

		●	Probationary period. The Employment is not subject to a probationary
period.

 

		●	Holiday. If the Employment starts or finishes part way through
the holiday year, your holiday entitlement during that year shall be calculated on a pro rata basis. You will be deemed to have taken
the statutory basic annual leave entitlement first then the statutory additional annual leave entitlement and finally any additional contractual
leave entitlement. In the respective holiday years in which the Employment commences or terminates, your holiday entitlement will accrue
on a pro rata basis for each complete month of service during the relevant holiday year. Notwithstanding the foregoing, on the termination
of the Employment, no payment in lieu will be made in respect of any public or bank holidays. During any period of notice or Garden Leave,
the Company may require you to take any holiday entitlement accrued but untaken in the holiday year in which the Employment terminates
or may make a payment in lieu of the same. If, on the termination of the Employment, you have taken more than your accrued holiday entitlement,
you will repay the excess to the Company from any sums due to you and, for the purposes of the Employment Rights Act 1996, you hereby
authorise the Company to make such deduction. The calculation of any entitlement to accrued and untaken holiday or deductions where you
have, on termination, taken more than your accrued holiday entitlement shall be based on 1/260th of your then base salary for each untaken
or excess day of the entitlement for the holiday year in which termination takes place.

 

		·	Other leave. You may be eligible to take the following types
of paid leave, subject to any statutory eligibility requirements or conditions and the Company's rules applicable to each type of
leave in force from time to time: (i) statutory paternity leave; (ii) statutory adoption leave; (iii) shared parental leave;
(iv) parental leave; and (v) parental bereavement leave. Further details of such leave and, where applicable, pay during such
leave are available from the Employee Handbook. The Company may replace, amend or withdraw the Company's policy on any of the above types
of leave at any time.

 

		●	Grievance procedures. If you wish to obtain redress of any
grievance relating to the Employment or are dissatisfied with any reprimand, suspension or other disciplinary step taken by the Company,
you may apply in writing to the Chairperson of the Board, setting out the nature and details of any such grievance or dissatisfaction.
If you are not satisfied with the decision of the Chairperson, you may within seven days of the decision appeal in writing to a non-executive
director of SiriusPoint Ltd. nominated by the Board.

 

		●	Disciplinary. The disciplinary rules applicable to you
are set out in the Employee Handbook. The disciplinary procedure is not contractually binding on the Company and the Company may in its
absolute discretion and for any reason decide not to follow the disciplinary procedure.

 

    4

     

    

 

		●	Training. You will, as part of your duties, be required to
attend such training courses as the Company in its absolute discretion deems necessary. Details of any such training will be made available
to you at the appropriate time. The Company may make available to you training your attendance at which is option. The Company will pay
for any training you are required by the Company to attend.

 

		●	Collective Agreements. There are no collective agreements that
affect the terms and conditions of the Employment.

 

    5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00348-of-00352.parquet"}]]