Document:

EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

THIS AGREEMENT, dated as of November 13, 2006 (the “Effective Date”), is entered into between
Max Re Capital Ltd. (the “Company”) and W. Marston Becker (“Executive”).

WHEREAS, the Company employs Executive as its Chairman and Chief Executive Officer pursuant to
a certain Consulting Agreement dated on or about October 30, 2006 (“Consulting Agreement”); and

WHEREAS, the Company desires to retain the services of Executive and Executive desires to work
for and be employed by the Company in the capacity set forth above; and

WHEREAS, the parties now desire to enter into this Agreement (the “Agreement”) replacing and
superseding the Consulting Agreement and setting forth the terms and conditions of the employment
relationship of Executive with the Company;

NOW, THEREFORE, in consideration of the mutual premises, covenants and agreements set forth
below, it is hereby agreed as follows:

ARTICLE I.

EMPLOYMENT, DUTIES AND RESPONSIBILITIES

1.1 Employment.

(a) The Company shall employ Executive as Chairman and Chief Executive Officer of the Company.
Executive agrees to devote his full business time, efforts and energies to the performance of his
duties hereunder. Executive agrees to continue to serve on the board of any affiliate as a director
and/or to serve as an officer of any affiliate at a level commensurate with his position as may be
reasonably requested by the Board of Directors (“Board”) without additional compensation. Executive
further agrees to serve as the principal representative of any Bermuda insurance or reinsurance
subsidiary of the Company, for the purposes of the Bermuda Insurance Act 1978 (as amended).
Executive’s principal office location and the executive offices of the Company shall be in Bermuda.
Notwithstanding the foregoing, to the extent the following do not materially interfere with the
performance of Executive’s duties hereunder, Executive shall be permitted to (i) manage his
personal affairs; (ii) be involved with charitable and professional activities and (iii) with the
consent of the Board, which consent shall not be unreasonably withheld, conditioned or delayed,
serve on the board of directors of non-charitable entities.

(b) Executive agrees that, so long as he is employed by the Company, he will not own, directly or
indirectly, any controlling or substantial stock or other beneficial interest in any business
enterprise which is engaged in, or competitive with, any business engaged in by the Company.
Notwithstanding the foregoing, Executive (i) shall be permitted to maintain his equity holdings in
his prior employer and (ii) may own, directly or indirectly, up to two percent (2%) of the
outstanding capital stock or debt of any business having a class of capital stock that is traded

1

on any national stock exchange or on the over-the-counter market and upon approval of the
Board may be a passive investor in investment entities so long as his interest therein is less than
two percent (2%).

1.2 Duties and Responsibilities. Executive shall have such authority, duties and
responsibilities as are customary and consistent with the positions he holds and such other duties
and responsibilities as are determined from time to time by the Board and commensurate with his
position. During the Term, Executive shall report solely and directly to the Board.

ARTICLE II.

TERM

2.1 Term. The term of employment under this Agreement (the “Term”) shall commence on
November 13, 2006 (the “Commencement Date”) and subject to earlier termination under Article V,
continue for a period of five (5) years. Upon termination of the Term or as soon thereafter as
possible, howsoever terminated, Executive shall deliver to the Company and each affiliate of the
Company, if applicable, letters of resignation from directorships, officerships and any appointment
as principal representative (referred to in Section 1.1 above). This obligation shall survive
termination of the Executive’s employment.

ARTICLE III.

COMPENSATION

3.1 Salary, Bonuses and Benefits. As compensation and consideration for the
performance by Executive of his obligations under this Agreement, Executive shall be entitled to
the following (subject, in each case, to the provisions of Article V hereof):

(a) The Company shall pay Executive a base salary during the Term, payable in accordance with
the normal payment procedures of the Company as they may exist from time to time and subject to
such withholdings and other normal employee deductions as may be required by law, at the rate of
$750,000 (U.S.) per annum. The Company agrees to review such compensation not less frequently than
annually during the Term commencing in January, 2008. Once increased, the base salary shall not be
reduced. The base salary as increased from time to time shall be referred to herein as “Base
Salary.”

(b) Executive shall participate during the Term in such pension, life insurance, health,
disability and major medical insurance plans, and in such other employee benefit plans and programs
and fringes and perquisites, for the benefit of the employees of the Company, as may be maintained
from time to time during the Term, in each case to the extent and in the manner available to other
senior executives or officers of the Company and subject to the terms and provisions of such plans
or programs. In addition, Executive shall receive an automobile allowance of $1000 per month, the
payment of country club dues not to exceed $1,000 per month, and the payment of a housing allowance
not to exceed $15,000 (U.S.) per month (plus a gross-up to the extent and in the manner provided to
other Company senior executive officers who are subject to U.S. income tax), or, if more favorable
to Executive in the aggregate, as otherwise provided by the Company for senior executive officers
of the Company. Notwithstanding the foregoing, Executive’s housing allowance shall be no less than
any other executive officer of the Company, however the housing allowance provided hereunder will
not commence until the Executive has leased housing in Bermuda.

(c) For each calendar year beginning with 2006 (the “Bonus Year”), the Company shall pay a
bonus to Executive based on pre-established performance goals established by the Board with a
target bonus of 100% of Base Salary and a range from 0% to 250% of Base Salary (the “Bonus”);
provided however that Executive’s 2006 Bonus will be prorated based on the portion of 2006
Executive serves as Chief Executive Officer of the Company. Any such Bonus shall be payable no
later than March 15 of the year following the year to which such Bonus relates.

(d) Executive shall be entitled to six weeks of paid vacation in accordance with the Company
policy as it may exist from time to time (but not necessarily consecutive vacation weeks) during
each year of the Term.

(e) Upon execution of this Agreement, the Company shall grant Executive (i) restricted common
stock (the “Restricted Stock”) in the amount of 100,000 shares minus any amount of Shares received
by Executive pursuant to his Consulting Agreement with the Company dated October 30, 2006 and (ii)
a stock option to acquire 325,000 shares of the Company’s common stock pursuant to the Company’s
stock incentive plan (the “Plan”) and consistent with the terms set forth in this paragraph (e).

(i) 33-1/3% of the Restricted Stock and 33-1/3% of the Stock Options shall vest on January 1,
2007 (“Tranche 1”);

(ii) 33-1/3% of the Restricted Stock and Stock Options shall vest on January 1, 2008 if the
book value of the underlying common shares on December 31, 2007 is at least 10% greater than
Baseline 1 (such number which is exactly 10% more than Baseline 1 to be referred to as “Baseline
2”); provided, that, Executive is still employed by the Company on the vesting date (“Tranche 2”).
“Baseline 1” shall mean the book value of the underlying common shares on December 31, 2006.

(iii) 33-1/3% of the Restricted Stock and Stock Options shall vest on January 1, 2009 if the
book value of the underlying common shares on December 31, 2008 is at least 10% greater than
Baseline 2 on December 31, 2007 (such number which is exactly 10% more than Baseline 2 to be
referred to as “Baseline 3”); provided, that, Executive is still employed by the Company on the
vesting date. If Tranche 2 is not vested on January 1, 2008, but Baseline 3 is achieved as of
December 31, 2008, then both such tranches shall vest as of January 1, 2009; provided, that,
Executive is still employed by the Company on the vesting date.

Example: Assume the book value of a common share is $100 on December 31, 2006. Therefore,
Baseline 2 is $110 and Baseline 3 is $121. As such, as long as the book value is at least $121 by
December 31, 2008, 100% of the Restricted Stock and Stock Options shall vest if Executive is
employed as of the relevant vesting date(s).

(iv) Notwithstanding the foregoing, if Executive’s employment is terminated by the Company
without Cause (as defined below) or Executive’s employment is terminated by the Executive for Good
Reason (as defined below), or following a Change in Control (as defined below) or in the event
Executive ceases employment with the Company at the end of the Term, all unvested Restricted Stock
and Stock Options granted in accordance with this paragraph (e) and any past or future equity
awards granted to Executive by the Company shall become immediately vested in full upon such
termination or cessation of employment.

(v) In the event Executive dies or Executive’s employment is terminated by the Company for
Disability (as defined below) at any time during the Term, all unvested Restricted Stock granted
under this paragraph (e) shall become immediately vested upon such termination.

For purposes of this Agreement, a Change in Control shall mean (i) any sale, lease, exchange
or other transfer (in one or a series of related transactions) of all or substantially all of the
assets of the Company or Max Re Ltd.; (ii) any “person” as such term is used in Section 13(d) and
Section 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) is or
becomes, directly or indirectly, the “beneficial owner” as defined in Rule 13d-3 under the Exchange
Act of securities of the Company that represent 51% or more of the combined voting power of the
Company’s then outstanding voting securities; (iii) during any period of two consecutive years,
individuals who at the beginning of such period constituted the Board (together with any new
directors whose election by the Board whose nomination by the shareholders of the Company was
approved by a vote of the Board then still in office who are either directors at the beginning of
such period or whose election or nomination for election was so previously approved) cease for any
reason to constitute a majority of the Board then in office; or (iv) the Board or the shareholders
of the Company approve a merger or consolidation of the Company with any other corporation, other
than a merger or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent at least 80% of the total voting
power represented by the voting securities of the Company immediately after such merger or
consolidation, or the Board or shareholders of the Company approve a plan of complete liquidation
of the Company or an agreement for the sale or disposition by the Company (in one or a series of
transactions) of all or substantially all of the Company’s assets.

3.2 Expenses. The Company will reimburse Executive for reasonable business-related
expenses incurred by him in connection with the performance of his duties hereunder during the Term
in accordance with the Company’s policies relating to business-related expenses as in effect from
time to time during the Term. Executive shall have access to private air charter as needed in his
reasonable discretion and in accordance with Company policy. Executive shall submit quarterly to
the Company’s Audit and Risk Management Committee an accounting of all use of private air charter
utilized by Executive. In the event of Executive’s termination for any reason, all payments
required by this paragraph will be paid no more than thirty (30) days following the Date of
Termination.

ARTICLE IV.

EXCLUSIVITY, ETC.

	 	 	 
	4.1

	 	Restrictive Covenants.
	
 
	 	 

(a) Return of Property and Nondisclosure. Upon termination or expiration of his
employment, Executive will promptly deliver to the Company all data, lists, information, memoranda,
documents and all other property belonging to the Company or containing “Confidential Information”
(as defined below), including, among other things, that which relates to services performed by
Executive for the Company or any affiliate, or was created or obtained by Executive while
performing services for the Company or any affiliate or by virtue of Executive’s relationship with
the Company or any affiliate, except that Executive shall have no obligation to deliver to the
Company his rolodex, calendars and any documents containing Executive’s personal contacts or
information. Except (i) as required in order to perform his obligations under this Agreement, (ii)
as may otherwise be required by law or any legal process, or (iii) as is necessary in connection
with any adversarial proceeding against the Company (in which case Executive shall use his
reasonable best efforts in cooperating with the Company in obtaining a protective order against
disclosure by a court of competent jurisdiction), Executive shall not, without the express prior
written consent of the Company, disclose or divulge to any other person or entity, or use or modify
for use, directly or indirectly, in any way, for any person or entity, any of the Company’s or any
affiliate’s Confidential Information at any time (during or after Executive’s employment). For
purposes of this Agreement, “Confidential Information” of the Company shall mean any valuable,
competitively sensitive data and information related to the Company’s or any affiliate’s business
including, without limitation Trade Secrets (as defined below) that are not generally known by or
readily available to the Company’s or any affiliate’s competitors other than as a result of an
improper disclosure directly or indirectly by Executive. “Trade Secrets” shall mean information or
data of the Company or any affiliates including, but not limited to, technical or non-technical
data, financial information, programs, devices, methods, techniques, drawings, processes, financial
plans, product plans, or lists of actual or potential customers or suppliers, that: (A) derive
economic value, actual or potential, from not being generally known to, and not being readily
ascertainable by proper means by, other persons who can obtain economic value from their disclosure
or use; and (B) are the subject of efforts that are reasonable under the circumstances to maintain
their secrecy.

(b) Post-Employment Property. Executive agrees that any and all intellectual property
that Executive invents, discovers, originates, makes, conceives, creates or authors either solely
or jointly with others and that is the result of or is substantially derived from Confidential
Information shall be the sole and exclusive property of the Company unless in the public domain.
Executive shall promptly and fully disclose all such property to the Company, shall provide the
Company with any information that it may reasonably request about such property and shall execute
such agreements, assignments or other instruments as may be reasonably requested by the Company to
reflect such ownership by the Company.

(c) Protection of the Business; Nonsolicitation. Executive acknowledges that as the
Company’s Chief Executive Officer, he has access to substantial Confidential Information, including
information regarding the Company’s clients, customers, goals, strategies, pricing, and trade
secrets. Executive further acknowledges that should he leave the Company and become employed by or
in any way affiliated with a competitor of the Company, he inevitably would disclose the Company’s
Confidential Information in the course of providing services to such competitor. Therefore, and in
light of the substantial compensation and severance payments Executive is eligible to receive under
this Agreement, Executive hereby covenants as follows: During the Term and until the first
anniversary of Executive’s Date of Termination (as defined below) for any reason, (i) Executive
will not anywhere within the geographical areas in which the Company or any subsidiary (the
“Designated Entities”) are conducting their business operations or providing services as of the
Date of Termination, pursue any Company or subsidiary project known to Executive and which the
Designated Entities are actively pursuing, developing or attempting to develop as of the Date of
Termination (or within six (6) months prior to the Date of Termination) while the Company is (or is
contemplating actively) pursuing such project directly or indirectly, alone, in association with or
as a shareholder, principal, agent, partner, officer, director, employee or consultant of any other
organization; (ii) Executive will not solicit, contact, interfere with, contract with, or endeavor
to entice away from any of the Designated Entities (aa) any of the Designated Entities’ current
clients or customers, (bb) any persons or entities that were customers or clients of any of the
Designated Entities at any time in the one (i) year prior to the Date of Termination, or (cc) any
potential client or customer that any of the Designated Entities were actively pursuing or
contemplating actively pursuing during Executive’s employment; and (iii) Executive shall not
solicit any officer, employee (other than secretarial staff) or consultant of any of the Designated
Entities to leave the employ of any of the Designated Entities.

(d) Non-Disparage. The parties acknowledge and agree that they will not defame or
publicly criticize the services, business, integrity, veracity or personal or professional
reputation of the other party, and in the case of the Company, its officers, directors, partners,
employees, affiliates, or agents thereof in either a professional or personal manner, except that
the foregoing shall not limit normal competitive activities.

(e) Blue Pencil. If, at any time, the provisions of this Section 4.1 shall be
determined to be invalid or unenforceable under any applicable law, by reason of being vague or
unreasonable as to area, duration or scope of activity, this Section 4.1 shall be considered
divisible and shall become and be immediately amended to only such area, duration and scope of
activity as shall be determined to be reasonable and enforceable by the court or other body having
jurisdiction over the matter; and Executive and the Company agree that this Section 4.1 as so
amended shall be valid and binding as though any invalid or unenforceable provision had not been
included herein.

4.2 Remedies. Executive acknowledges that the Company’s remedy at law for a breach by
him of the provisions of this Article IV will be inadequate. Accordingly, in the event of a breach
or threatened breach by Executive of any provision of this Article IV, the Company shall be
entitled to seek injunctive relief in Bermuda or elsewhere in addition to any other remedy it may
have. If any of the provisions of, or covenants contained in, this Article IV are hereafter
construed to be invalid or unenforceable in any jurisdiction, the same shall not affect the
remainder of the provisions or the enforceability thereof in any other jurisdiction, which shall be
given full effect, without regard to the invalidity or unenforceability in such other jurisdiction.
If any of the provisions of, or covenants contained in, this Article IV are held to be
unenforceable in any jurisdiction because of the duration or geographical scope thereof, the
parties agree that the court making such determination shall have the power to reduce the duration
or geographical scope of such provision or covenant and, in its reduced form, such provision or
covenant shall be enforceable; provided, however, that the determination of such
court shall not affect the enforceability of this Article IV in any other jurisdiction.

ARTICLE V.

TERMINATION

5.1 Termination by the Company with Cause. The Company shall have the right to
terminate Executive’s employment at any time with “Cause” by providing a Notice of Termination to
Executive not more than thirty (30) days after the Board’s actual knowledge of the Cause event, and
such termination shall not be deemed to be a breach of this Agreement. For purposes of this
Agreement, “Cause” shall mean (i) habitual drug or alcohol use which impairs the ability of
Executive to perform his duties hereunder; (ii) Executive’s conviction during the Term by a court
of competent jurisdiction, or a pleading of “no contest” or guilty to a felony or the equivalent if
outside the United States; (iii) Executive’s engaging in fraud, embezzlement or any other illegal
conduct with respect to the Company which acts are materially harmful to, either financially, or to
the business reputation of, the Company; (iv) Executive’s willful violation of Article IV hereof;
(v) Executive’s willful failure or refusal to perform his duties hereunder (other than such failure
caused by Executive’s Disability or while on vacation), after a written demand for performance is
delivered to Executive by the Board that specifically identifies the manner in which the Board
believes that Executive has failed or refused to perform his duties, or (vi) Executive otherwise
breaches any material provision of this Agreement which is not cured, if curable, within 30 days
after written notice thereof. Executive will be given the opportunity within five (5) calendar days
of receipt of such notice to meet with the Board to defend such act or acts or failure to act. No
act or failure to act by Executive shall be deemed “willful” unless done, or omitted to be done,
(i) by Executive not in good faith and (ii) without a reasonable belief that his action or omission
was in the best interest of the Company. However, acts or failures to act will not be deemed to be
“willful” if Executive is specifically directed to take (or not take) such action by the Board,
unless Executive in good faith believes such directives are illegal and Executive promptly notifies
the Board thereof. For avoidance of doubt, the replacement of the Executive as Chairman of the
Board of Directors (or any reduction in Executive’s duties as Chairman of the Board of Directors)
will not constitute a termination of Executive’s employment with or without Cause under this
Agreement, and Executive shall remain employed in that event as Chief Executive Officer of the
Company at the same compensation and with the same benefits as otherwise provided herein.

5.2. Death. In the event Executive dies during the Term, his employment shall
automatically terminate effective on the date of his death and such termination shall not be deemed
to be a breach of this Agreement.

5.3. Disability. In the event that Executive shall suffer a mental or physical
disability which shall have prevented him from performing his material duties hereunder for a
period of at least one-hundred eighty (180) consecutive days or one-hundred eighty (180)
non-consecutive days within any 365 day period, the Company shall have the right to terminate
Executive’s employment for “Disability,” such termination to be effective upon the giving of notice
thereof to Executive in accordance with Section 6.3 hereof and such termination shall not be deemed
to be a breach of this Agreement or any law. In such event, Executive’s employment hereunder shall
terminate effective on the 30th day after receipt of such notice by the Executive (the
“Disability Effective Date”); provided, that, Executive shall not have returned to
full-time performance of his duties hereunder within thirty (30) days following receipt of such
notice.

5.4. Good Reason. Executive may terminate his employment with the Company for “Good
Reason” within thirty (30) days after Executive has knowledge of the occurrence, without
Executive’s written consent, of one of the following events that has not been cured, if curable,
within thirty (30) days after a Notice of Termination has been given by Executive to the Company
and such termination shall not be deemed to be a breach of this Agreement. For purposes of this
Agreement, “Good Reason” shall mean: (i) any material and adverse change to Executive’s duties or
authority which is inconsistent with his title and position of Chief Executive Officer, (ii) a
diminution of Executive’s title or position as Chief Executive Officer; (iii) the relocation of
Executive’s office outside of Bermuda; (iv) a reduction of Executive’s Base Salary as Chief
Executive Officer; (v) a material reduction of Executive’s benefits provided under Section 3.1
other than a reduction permitted under terms and conditions of the applicable Company policy or
benefit plan; or (vi) a failure by the Company to comply with any other material provisions of this
Agreement with respect to Executive’s duties as Chief Executive Officer. For avoidance of doubt,
the replacement of the Executive as Chairman of the Board of Directors (or any reduction in
Executive’s duties as Chairman of the Board of Directors) will not form “Good Reason” for Executive
to resign under this Agreement.

5.5. Without Good Reason. Executive may terminate his employment with the Company
without Good Reason by giving written notice to the Company as provided in Section 6.3. Such notice
must be provided to the Company at least thirty (30) days prior to such termination. Such
termination shall not be deemed to be a breach of this Agreement.

5.6. Without Cause. The Company shall have the right to terminate Executive’s
employment hereunder without Cause by providing Executive with written notice of termination as
provided in Section 6.3, and such termination shall not in and of itself be, nor shall it be deemed
to be, a breach of this Agreement. For avoidance of doubt, the replacement of the Executive as
Chairman of the Board of Directors (or any reduction in Executive’s duties as Chairman of the Board
of Directors) will not constitute a termination of Executive’s employment with or without Cause
under this Agreement, and Executive shall remain employed in that event as Chief Executive Officer
of the Company.

5.7. Expiration of the Term. Executive’s employment shall terminate upon the
expiration of the Term, and such termination shall not in and of itself be, nor shall it be deemed
to be, a breach of this Agreement.

5.8. Notice of Termination. Any termination of Executive’s employment by the Company
for Cause, or by Executive for Good Reason, shall be communicated by Notice of Termination to the
other party hereto given in accordance with Section 6.3 of this Agreement. For purposes of this
Agreement, a “Notice of Termination” means a written notice which (i) indicates the specific
termination provision in this Agreement relied upon, (ii) to the extent applicable, sets forth in
reasonable detail the facts and circumstances claimed to provide a basis for termination of
Executive’s employment under the provision so indicated and (iii) if the Date of Termination (as
defined below) is other than the date of receipt of such notice, specifies the termination date.
The failure by Executive or the Company to set forth in the Notice of Termination any fact or
circumstance which contributes to a showing of Good Reason or Cause shall not waive any right of
Executive or the Company, respectively, hereunder or preclude Executive or the Company,
respectively, from asserting such fact or circumstance in enforcing Executive’s or the Company’s
rights hereunder.

5.9. Date of Termination. “Date of Termination means (i) if Executive’s employment is
terminated by the Company for Cause or by Executive for Good Reason, the date of receipt of the
Notice of Termination or any later date specified therein (but not more than thirty (30) days), as
the case may be (although such Date of Termination shall retroactively cease to apply if the
circumstances providing the basis of termination for Cause or Good Reason are cured in accordance
with Section 5.1 or 5.4 of this Agreement, respectively), (ii) if Executive’s employment is
terminated by the Company other than for Cause, the Date of Termination shall be the date set forth
in the Notice of Termination, (iii) if Executive’s employment is terminated by Executive without
Good Reason, the Date of Termination shall be the date set forth in the Notice of Termination, but
no sooner than thirty (30) days after such Notice of Termination is received by the Company and
(iv) if Executive’s employment is terminated by reason of death or Disability, the Date of
Termination shall be the date of Executive’s death or the Disability Effective Date, as the case
may be.

5.10. Compensation upon Termination. In the event of the termination of Executive’s
employment as Chief Executive Officer during or at the end of the Term, the Company shall
provide Executive with the payments and benefits set forth below. Executive acknowledges and agrees
that the payments set forth in this Section 5.10 constitute liquidated damages for any claim of
breach of contract under this Agreement as it relates to termination of his employment during the
Term. Notwithstanding the foregoing, if Executive is entitled to the payments set forth in Section
5.10(b), Section 5.10(c) or Section 5.10(d) of this Agreement, Executive shall execute and agree to
be bound by an agreement relating to the waiver and general release of any and all claims (other
than claims for the compensation and benefits payable under Section 5.10(b), Section 5.10(c) or
Section 5.10(d), as the case may be) arising out of or relating to Executive’s employment and
termination of employment (the “Release”). Such Release shall be made substantially in the form
attached hereto as Exhibit A, subject to such changes as may be required to preserve the intent
thereof for changes in applicable law. For avoidance of doubt, the replacement of the Executive as
Chairman of the Board of Directors (or any reduction in Executive’s duties as Chairman of the Board
of Directors) will not constitute a termination of Executive’s employment with or without Cause
under this Agreement or provide a basis for Executive to resign for Good Reason under this
Agreement at the same compensation and with the same benefits as otherwise provided herein.

(a) In the event of termination of Executive’s employment by the Company as Chief Executive
Officer for Cause or by Executive without Good Reason, or by reason of expiration of the Term, the
Company shall pay Executive his accrued, but unpaid Base Salary and unpaid business expenses
through the Date of Termination. To the extent required by law or as otherwise provided by Company
policy, Executive shall also be paid his accrued, but unpaid vacation pay through the Date of
Termination. The payments required by this paragraph shall be made within thirty (30) days
following the Date of Termination.

(b) In the event of Executive’s death or the termination of his employment as Chief
Executive Officer due to Disability, the Company shall pay to Executive (or his beneficiary(ies) or
estate, as the case may be) an amount equal to the sum of (i) his accrued, but unpaid Base Salary
through the date of termination of employment, (ii) earned, but unpaid Bonus for the year prior to
the year of termination, (iii) a pro-rata portion of his Bonus (if any) for the year of death or
termination for Disability, as determined in the good faith opinion of the Board based on the
relative achievement of performance targets through the Date of Termination, and (iv) accrued
vacation pay through the Date of Termination (the sum of the amounts in clauses (i) through (iv)
hereof referred to as “Accrued Amounts”), as soon as practicable, but in no event later than thirty
(30) days following the Date of Termination. Executive shall be entitled to any other rights,
compensation and/or benefits as may be due to Executive in accordance with the terms and provisions
of any agreements, plans or programs of the Company (except that the terms of the Consulting
Agreement shall be rendered null and void and shall be replaced and superseded by this Agreement).

(c) In the event Executive’s employment as Chief Executive Officer ceases effective at the end
of the Term, the Company shall pay Executive the Accrued Amounts and severance pay in the amount of
$750,000 (U.S.) (minus applicable taxes and withholdings), payable as follows: (i) the first
payment, of $375,000 (minus applicable taxes and withholdings) (“Initial Payment”) shall be made
within ten (10) days of the date six (6) months following the termination of Executive’s
employment; (ii) the remaining $375,000 (minus applicable taxes and withholdings) shall be paid in
equal installments over the course of six (6) months beginning on the first payroll date following
the Initial Payment in accordance with the Company’s regular payroll practices. Should termination
occur pursuant to Section 5.6 (termination without Cause during the Term), the Company shall pay
the Executive severance pay in the amount of $1,500,000 (U.S.) (minus applicable taxes and
withholdings) as follows: (i) the first payment, of $750,000 (minus applicable taxes and
withholdings), shall be made within ten (10) days of the date six (6) months following the
termination of Executive’s employment; (ii) the remaining $750,000 (minus applicable taxes and
withholdings) shall be paid in equal installments over the course of six (6) months beginning on
the first payroll date following the payment of the first $750,000 in accordance with the Company’s
regular payroll practices. Notwithstanding the foregoing, if such termination should occur pursuant
to Section 5.4 (resignation for “Good Reason”) or following a “Change in Control,” then in lieu of
the above severance amounts, Executive shall receive severance payments equal to the following: (i)
if Executive is terminated December 31, 2007 or earlier, he shall receive an amount equal to two
(2) times his then current Base Salary and last paid Bonus or Target Bonus (whichever is greater)
(minus applicable taxes and withholdings) and (ii) if Executive is terminated after December 31,
2007, he shall receive an amount equal to three (3) times his then current Base Salary and last
paid Bonus or Target Bonus (whichever is greater) (minus applicable taxes and withholdings).
Payment of the above amounts to Executive upon a Change in Control or upon Resignation for Good
Reason shall be made as follows: (i) the first payment (“First Payment”), consisting of half the
total Base Salary and Bonus due (minus applicable taxes and withholdings) shall be made within ten
(10) days of the date six (6) months following the Date of Termination; (ii) the remaining
payments, consisting of the second half of the total Base Salary and Bonus due (minus applicable
taxes and withholdings), shall be paid in equal installments in accordance with the Company’s
regular payroll practices over the course of the six (6) months beginning on the first payroll date
after the First Payment. Executive agrees that the first month of severance pay in this Section
5.10(c) shall be deemed severance pay in lieu of notice under the Bermuda Employment Act 2000 (“Act
2000”), and that the Company shall have no other liability to Executive under Act 2000. In
addition, should Executive’s employment be terminated prior to the end of the Term under this
Section 5.10(c), the Company will reimburse Executive for any unexpired portion of any remaining
housing lease obligations in Bermuda.

(d) (i) Anything in this Agreement to the contrary notwithstanding, in the event that any
payment, award, benefit or distribution (or any acceleration of any payment, award, benefit or
distribution) by the Company or any entity which effectuates a change in ownership or effective
control of the Company or a change in the ownership of a substantial portion of the assets of the
Company, in either case, within the meaning of Section 280G(b)(2)(A)(i) of the Internal Revenue
Code of 1986, as amended (the “Code”) and the regulations promulgated thereunder (a “Change in
Ownership”), to or for the benefit of Executive (the “Payments”) is subject to the excise tax
imposed by Section 4999 of the Code, or any interest or penalties are incurred by Executive with
respect to such excise tax (such excise tax, together with any such interest and penalties, are
hereinafter collectively referred to as the “Excise Tax”), then, the Company shall pay to Executive
an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of
all taxes (including any Excise Tax, but excluding any taxes or penalties under Section 409A of the
Code) imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal
to the sum of (x) the Excise Tax imposed upon the Payments and (y) the product of any deductions
disallowed because of the inclusion of the Gross-Up Payment in Executive’s adjusted gross income
and the highest applicable marginal rate of federal income taxation for the calendar year in which
the Gross-Up Payment is to be made. For purposes of determining the amount of the Gross-Up Payment,
Executive shall be deemed to (A) pay federal income taxes at the highest marginal rates of federal
income taxes at the highest marginal rate of taxation for the calendar year in which the Gross-Up
Payment is to be made, (B) pay applicable state and local income taxes at the highest marginal rate
of taxation for the calendar year in which the Gross-Up Payment is to be made, net of the maximum
reduction in federal income taxes which could be obtained from deduction of such state and local
taxes and (C) have otherwise allowable deductions for federal income tax purposes at least equal to
those which could be disallowed because of the inclusion of the Gross-Up Payment in Executive’s
adjusted gross income. Notwithstanding the foregoing provisions of this Section 5.10(d)(i), if it
shall be determined that Executive is entitled to a Gross-Up Payment, but that the Payments would
not be subject to the Excise Tax if the Payments were reduced by an amount that is less than 15% of
the aggregate payments, then the amounts payable to Executive under this Agreement shall be reduced
(but not below zero) to the maximum amount that could be paid to Executive without giving rise to
the Excise Tax (the “Safe Harbor Cap”), and no Gross-Up Payment shall be made to Executive. The
reduction of the amounts payable hereunder, if applicable, shall be made by reducing first the
payments under Section 5.10(c), unless an alternative method of reduction is elected by Executive.
For purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable under this
Agreement (and no other Payments) shall be reduced. If the reduction of the amounts payable
hereunder would not result in a reduction of the Payments to the Safe Harbor Cap, no amounts
payable under this Agreement shall be reduced pursuant to this provision.

(ii) Subject to the provisions of Section 5.10(d)(i), all determinations required to be made
under this Section 5.10(d), including whether and when a Gross-Up Payment is required, the amount
of such Gross-Up Payment and the assumptions to be utilized in arriving at such determinations,
shall be made by the public accounting firm that is retained by the Company as of the date
immediately prior to the Change in Ownership (the “Accounting Firm”) which shall provide detailed
supporting calculations both to the Company and Executive within fifteen (15) business days of the
receipt of notice from the Company or Executive that there has been a Payment, or such earlier time
as is requested by the Company (collectively, the “Determination”). All fees and expenses of the
Accounting Firm shall be borne solely by the Company and the Company shall enter into any agreement
requested by the Accounting Firm in connection with the performance of the services hereunder. The
Gross-Up Payment under this Section 5.10(d) with respect to any Payments made to Executive shall be
made no later than thirty (30) days following such Payment. The Determination by the Accounting
Firm shall be binding upon the Company and Executive.

(iii) As a result of the uncertainty in the application of Section 4999 of the Code at the
time of the Determination, it is possible that Gross-Up Payments which will not have been made by
the Company should have been made (“Underpayment”) or Gross-Up Payments are made by the Company
which should not have been made (“Overpayment”), consistent with the calculations required to be
made hereunder. In the event that Executive thereafter is required to make payment of any Excise
Tax or additional Excise Tax, the Accounting Firm shall determine the amount of the Underpayment
that has occurred and any such Underpayment shall be promptly paid by the Company to or for the
benefit of Executive. In the event the amount of the Gross-Up Payment exceeds the amount necessary
to reimburse Executive for his Excise Tax, the Accounting Firm shall determine the amount of the
Overpayment that has been made and any such Overpayment shall be promptly paid by Executive (to the
extent he has received a refund if the applicable Excise Tax has been paid to the Internal Revenue
Service) to or for the benefit of the Company. Executive shall cooperate, to the extent his
expenses are reimbursed by the Company, with any reasonable requests by the Company in connection
with any contest or disputes with the Internal Revenue Service in connection with the Excise Tax.

(e) Executive’s rights upon termination of employment with respect to equity awards shall be
governed by the terms and conditions of the plan and any agreements or as established by the
Company with respect to such awards.

(f) Except as provided in this Section 5.10, Executive shall not be entitled to compensation
as a result of any termination of his employment with the Company.

ARTICLE VI.

MISCELLANEOUS

6.1 Mitigation; Offset. Except as specifically provided hereunder, Executive shall not
be required to mitigate damages resulting from his termination of employment and the amounts
payable to Executive pursuant to this Agreement shall not be offset or reduced by any other
compensation earned by Executive other than with respect to any loans between the Company and
Executive.

6.2 Benefit of Agreement; Assignment; Beneficiary.

(a) This Agreement shall inure to the benefit of and be binding upon the Company and its
successors, including, without limitation, any assignment to a corporation or person which may
acquire all or substantially all of the Company’s assets or business, or with or into which the
Company may be consolidated or merged. This Agreement shall also inure to the benefit of, and be
enforceable by, Executive and his personal or legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Executive should die while any amount
would still be payable to Executive hereunder if he had continued to live, all such amounts shall
be paid in accordance with the terms of this Agreement to Executive’s beneficiary, devisee, legatee
or other designee, or if there is no such designee, to Executive’s estate.

(b) The Company shall require any successor (whether direct or indirect, by operation of law,
by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to expressly assume and agree to perform this Agreement in the same manner
and to the same extent that the Company would be required to perform it if no such succession had
taken place.

6.3 Notices. Any notice required or permitted hereunder shall be in writing and shall
be sufficiently given if personally delivered or if sent by registered or certified mail, postage
prepaid, with return receipt requested, addressed: (a) in the case of the Company to its principal
executive offices, Attention: Corporate Secretary, or to such other address and/or to the
attention of such other person as the Company shall designate by written notice to Executive; and
(b) in the case of Executive, to the Company’s address or to such other address as Executive shall
designate by written notice to the Company. Any notice given hereunder shall be deemed to have been
given at the time of receipt thereof by the person to whom such notice is given, if in person, or
two (2) days following depositing such notice in the mail or its equivalent.

6.4 Entire Agreement; Amendment. This Agreement contains the entire agreement of the
parties hereto with respect to the terms and conditions of Executive’s employment during the Term
and except as otherwise provided herein, supersedes any and all prior agreements and
understandings, including, without limitation, the Consulting Agreement, whether written or oral,
between the parties hereto with respect to compensation due for services rendered hereunder. This
Agreement may not be changed or modified except by an instrument in writing signed by both of the
parties hereto.

6.5 Waiver. The waiver by either party of a breach of any provision of this Agreement
shall not operate or be construed as a continuing waiver or as a consent to or waiver of any
subsequent breach hereof.

6.6 Headings. The Article and Section headings herein are for convenience of reference
only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of
the provisions hereof.

6.7 Governing Law. This Agreement shall be governed by, and construed and interpreted
in accordance with, the laws of the State of New York without reference to the principles of
conflict of laws.

6.8. Agreement to Take Actions. Each party hereto shall execute and deliver such
documents, certificates, agreements and other instruments, and shall take such other actions, as
may be reasonably necessary or desirable in order to perform his or its obligations under this
Agreement or to effectuate the purposes hereof.

6.9. Survivorship. The respective rights and obligations of the parties hereunder
shall survive any termination of this Agreement to the extent necessary to the intended
preservation of such rights and obligations, including, but not limited to, Article IV.

6.10. Validity. The invalidity or unenforceability of any provision or provisions of
this Agreement shall not affect the validity or enforceability of any other provision or provisions
of this Agreement, which shall remain in full force and effect.

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

6.12. Indemnification. The Company will indemnify and hold Executive harmless both
during and after the Term to the fullest extent permitted by law with regard to actions or
inactions in relation to the Executive’s employment as a director and officer of the Company and
will, during and after the Term, maintain adequate directors and officers insurance for Executive
to cover any such liability (but in no event less than that maintained for any other director or
officer of the Company). Costs and expenses (including attorney’s fees) incurred by Executive in
defending or investigating any action, suit, proceeding or investigation shall be paid by the
Company, in advance of final disposition of such matter.

6.13. Arbitration. Except as otherwise provided in Article IV of this Agreement, if
any contest or dispute arises between the parties with respect to this Agreement, such contest or
dispute shall be submitted to binding arbitration for resolution in Bermuda in accordance with the
rules and procedures of the American Arbitration Association then in effect. The decision of the
arbitrator shall be final and binding on both parties, and any court of competent jurisdiction may
enter judgment upon the award. Each party shall pay its own legal fees and expenses incurred in
connection therewith. Notwithstanding the foregoing, following a “Change in Control” or resignation
for “Good Reason,” the Company shall reimburse Executive for his reasonable legal fees and expenses
incurred in any such dispute if Executive is successful on any material claims raised in such
dispute.

6.14. Withholding. All payments hereunder shall be subject to any required withholding
of Federal, state and local taxes pursuant to any applicable law or regulation.

6.15. Representation. Executive represents and warrants to the Company that (i) to the
best of his knowledge, neither the execution and delivery of this Agreement nor the performance of
his duties hereunder violates or will violate the provisions of any other agreement to which he is
a party or by which he is bound other than potential confidentiality issues under Bermuda law and
(ii) he has Bermuda status under the meaning of Bermuda law.

6.16. Section 409A. If any payments of money, delivery of shares of Company common stock or
other benefits due to Executive hereunder could cause the application of an accelerated or
additional tax under Section 409A of the Code, such payments, delivery of shares or other benefits
shall be deferred if deferral will make such payment, delivery of shares or other benefits
compliant under Section 409A of the Code; otherwise such payment, delivery of shares or other
benefits shall be restructured, to the extent possible, in a manner, determined by the Company and
reasonably acceptable to Executive, that does not cause such an accelerated or additional tax.

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

	 	 	 
	MAX RE CAPITAL LTD.

	 	

	 
	 	 
	By:

	 	/s/ Peter A. Minton
	
 
	 	 
	
 
	 	Name: Peter A. Minton

Title: Executive Vice President

Date: December 8, 2006

2

	 	 	 
	Executive:	 	/s/ W. Marston Becker
	 	 	Name: W. Marston Becker
	 	 	Date: December 8, 2006

EXHIBIT A

GENERAL RELEASE

1. Termination of Employment. W. Marston Becker (“Executive”) and Max Re Capital Ltd.
(“Company”) acknowledge that Executive’s last day of employment with the Company is      
(the “Termination Date”).

2 Full Release. In consideration of the amounts set forth in the Employment
Agreement, by and between the Company and Executive, dated as of November      , 2006 (the “Employment
Agreement”) Executive, for himself, his heirs, executors, administrators, successors and assigns
(hereinafter collectively referred to as the “Releasors”), hereby fully releases and discharges
Company, its officers, directors, employees, agents, insurers, subsidiaries, parents, affiliates,
successors and assigns (all such persons, firms, corporations and entities being deemed
beneficiaries hereof and are referred to herein as the “Company Entities”) from any and all
actions, causes of action, claims, obligations, costs, losses, liabilities, damages and demands of
whatsoever character, whether or not known, suspected or claimed, which the Releasors have, through
the date of this Agreement, against the Company Entities arising out of or in any way related to
Executive’s employment or termination of his employment; provided, however, that
this shall not be a release with respect to any amounts and benefits owed to Executive pursuant to
the Employment Agreement upon termination of employment, Executive’s equity grants in the Company,
employee benefit plans of the Company, or Executive’s right to indemnification and directors and
officers insurance as provided in Section 6.12 of the Employment Agreement.

3. Waiver of Rights Under Other Statutes. Executive understands that this Agreement
waives all claims and rights Executive may have under certain statutes, if applicable, including
without limitation, the Age Discrimination in Employment Act (including the Older Workers Benefit
Protection Act) (“ADEA”), Title VII of the Civil Rights Act, as amended; the Employee Retirement
Income Security Act of 1974, as amended; the Equal Pay Act; the Rehabilitation Act of 1973; the
Americans with Disabilities Act; the Worker Adjustment and Retraining Notification Act; the Bermuda
Employment Act 2000; the Bermuda Human Rights Act 1981; and under all other statutes, regulations,
common law, and other laws in any and all jurisdictions (including, but not limited to, Bermuda)
that in any way relate to Executive’s employment or the termination of his employment.

4. Informed and Voluntary Signature. No promise or inducement has been made other
than those set forth in this Agreement. This Agreement is executed by Executive without reliance
on any representation by Company or any of its agents. Executive hereby acknowledges that he has
read and understands this Agreement and that he affixes his signature hereto voluntarily and of his
own free will.

5. Waiver of Rights Under the Age Discrimination Act. Executive understands that this
Agreement, and the release contained herein, waives all of his claims and rights under the ADEA.
The waiver of Executive’s rights under the ADEA does not extend to claims or rights that might
arise after the date this Agreement is executed. The monies to be paid to Executive hereunder are
in addition to any sums to which Executive would be entitled without signing this Agreement. For a
period of seven (7) days following execution of this Agreement, Executive may revoke the terms of
this Agreement by a written document received by the General Counsel of the Company on or before
the end of the seven (7) day period. The Agreement will not be effective until said revocation
period has expired. Executive acknowledges that he has been given up to 21 days to decide whether
to sign this Agreement. Executive has been advised to consult with an attorney prior to executing
this Agreement and has been given a full and fair opportunity to do so.

6. Miscellaneous.

(a) This Agreement shall be governed in all respects by the laws of the State of New York
without regard to the principles of conflict of law.

(b) In the event that any one or more of the provisions of this Agreement is held to be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions will not in any way be affected or impaired thereby. Moreover, if any one or more of the
provisions contained in this Agreement is held to be excessively broad as to duration, scope,
activity or subject, such provisions will be construed by limiting and reducing them so as to be
enforceable to the maximum extent compatible with applicable law.

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

(d) The paragraph headings used in this Agreement are included solely for convenience and
shall not affect or be used in connection with the interpretation of this Agreement.

(e) This Agreement and the Employment Agreement represent the entire agreement between the
parties with respect to the subject matter hereto and may not be amended except in a writing signed
by the Company and Executive. If any dispute should arise under this Agreement, it shall be
settled in accordance with the terms of the Employment Agreement.

(f) This Agreement shall be binding on the executors, heirs, administrators, successors and
assigns of Executive and the successors and assigns of Company and shall inure to the benefit of
the respective executors, heirs, administrators, successors and assigns of the Company Entities and
the Releasors.

3

IN WITNESS THEREOF, Executive and Company have executed this Agreement on this      day of
     ,      .

By: 

Name:

Title:

(SIGNED, SEALED AND DELIVERED IN HAMILTON, BERMUDA)

W. Marston Becker

4Unassociated Document

    EXHIBIT
      4(e)   

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    SUBORDINATED
      NEW GUARANTEE

    

    SUBORDINATED
      NEW GUARANTEE (the "Subordinated Guarantee"), dated as of [___________, 200___],
      by SUN LIFE ASSURANCE COMPANY OF CANADA (U.S.), a corporation organized under
      the laws of the State of Delaware ("Sun Life U.S." or the "Guarantor"), in
      connection with certain deferred combination fixed and variable individual
      annuity contracts (hereinafter, the "Contracts") issued by SUN
      LIFE INSURANCE AND ANNUITY COMPANY OF NEW YORK,
      a stock life insurance company organized under the laws of the State of New
      York
      ("Sun Life N.Y.").

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      Sun Life N.Y. will be the issuer of Contracts which offer holders thereof the
      option to earn a guaranteed fixed return for specified periods, which would
      result in such holders receiving certain guarantee period interests;
      and

    

    WHEREAS,
      the offer and sale of certain of such guarantee
      period interests will
      be registered under the Securities Act of 1933, as amended (the "Securities
      Act") by Sun Life N.Y. and the issuance of this Subordinated Guarantee will
      be
      registered under the Securities Act by the Guarantor, which guarantee period
      interests may be referred to in any applicable Securities Act registration
      statement as "market value adjusted interests" or similar terms;
      and

    

    WHEREAS,
      this Subordinated Guarantee uses the term "Guarantee Period" to refer to any
      of
      the aforementioned specified periods that (a) are applicable to guarantee period
      interests that are sold pursuant to such a registered offering; and (b) are
      under Contracts sold on or after [____________, 200__] (the effective date
      of
      the registration statement); and

    

    WHEREAS,
      this Subordinated Guarantee, which applies only to the guarantee period
      interests of the affected Contracts and to no other obligations of Sun Life
      N.Y.
      thereunder, is intended to enable Sun Life N.Y. to be exempt from filing certain
      periodic reports under the Securities Exchange Act of 1934, as amended (the
      "1934 Act"),which will relieve Sun Life N.Y. of certain costs and inconvenience;
      and

    

    WHEREAS,
      as the owner of all of Sun Life N.Y.’s issued and outstanding shares of stock,
      the Guarantor also will indirectly benefit from the benefits to Sun Life N.Y.
      referred to above; 

    

    NOW,
      THEREFORE, in consideration of the premises set forth herein, and other good
      and
      valuable consideration, the receipt and sufficiency of which is hereby
      acknowledged, the parties hereby agree as follows:

    

    SECTION
      1. Guarantee.
      The Guarantor hereby unconditionally and irrevocably guarantees, as a principal
      and not merely as a surety, the full and punctual payment when due of all
      amounts payable by Sun Life N.Y. from a Guarantee Period to any holder, owner,
      annuitant or beneficiary under any Contract creating such interest, to any
      successor, legatee, heir, or assignee of any such person, to any other account
      or option under the Contract, or to any other account of any such person (all
      of
      the foregoing persons, accounts and options being referred to herein as
      "Payees"). For this purpose, the amounts payable by Sun Life N.Y. to a Payee
      from a Guarantee Period:

    

    (a) upon
      a full or partial transfer, withdrawal, surrender, maturity, annuitization,
      loan
      or other similar removal from the Guarantee Period will be the net amount so
      removed from such Guarantee Period, after (i) increase for any interest or
      positive market value adjustment that would be credited to a Payee under the
      terms of the Contract with respect to the transaction in question; and (ii)
      reduction for any interest, fees, charges, outstanding loans, and negative
      market value adjustments that would be charged against a Payee under the terms
      of the Contract with respect to the transaction in question; or 

    

    (b)
      upon payment of any other amount as a consequence of the death of any owner,
      holder, or annuitant under a Contract, will be an amount equal to the Contract's
      account value then allocated to the Guarantee Period, increased by any accrued
      but uncredited interest attributable thereto and any positive market value
      adjustment that would have been payable upon any surrender of the Contract
      at
      that time provided, however, that the Guarantor shall in no case be required
      to
      pay a greater amount upon the death of an owner, holder, or annuitant under
      a
      Contract than the terms of the Contract obligate Sun Life N.Y. to pay upon
      such
      death.

    

    This
      Subordinated Guarantee guarantees the payment of the foregoing amounts payable
      by Sun Life N.Y. from a Guarantee Period but does not guarantee any other
      obligations of Sun Life N.Y. under a Contract.

    

    SECTION
      2. Guarantee
      Absolute.
      The Guarantor agrees that this Subordinated Guarantee is a guarantee of payment
      and not of collection or collectibility, and that the obligations of the
      Guarantor hereunder shall be primary, absolute and unconditional and, without
      limiting the generality of the foregoing, shall not be released, discharged
      or
      otherwise affected by:

    

    	(i)  	
            any
              extension, renewal, settlement, compromise, waiver or release in respect
              of any obligation of Sun Life N.Y. under the Contracts, or by operation
              of
              law or otherwise; 

          

     

    	(ii)  	
            any
              modification, amendment, supplement, endorsement or rider to the
              Contracts;

          

     

    	(iii)  	
            any
              change in the corporate existence, structure or ownership of Sun Life
              N.Y., or any insolvency, bankruptcy, reorganization or other similar
              proceeding affecting Sun Life N.Y. or its assets or any resulting release
              or discharge of any obligation of Sun Life N.Y. contained in the
              Contracts;

          

     

    	(iv)  	
            the
              existence of any defense, claim, set-off or other rights which the
              Guarantor may have at any time against Sun Life N.Y., or any other
              person,
              whether in connection herewith or any unrelated transactions, provided
              that nothing herein shall prevent the assertion of any such claim by
              separate suit or compulsory counterclaim or with respect to obligations
              of
              the Guarantor other than obligations
              hereunder;

          

     

    	(v)  	
            any
              invalidity or unenforceability relating to or against Sun Life N.Y.
              for
              any reason under the Contracts, or any provision of applicable law
              or
              regulation purporting to prohibit the payment by Sun Life N.Y. of any
              amount payable by Sun Life N.Y. under the Contracts;
              or

          

     

    	(vi)  	
            any
              other act or omission to act or delay of any kind by Sun Life N.Y.
              or any
              other person or any other circumstance whatsoever which might, but
              for the
              provisions of this paragraph, constitute a legal or equitable discharge
              of
              the Guarantor’s obligations hereunder.

          

     

    

    SECTION
      3. Representations
      and Warranties.
      The Guarantor hereby represents and warrants that:

    

    (a)
      Authorization;
      No Contravention.
      The execution, delivery and performance by the Guarantor of this Subordinated
      Guarantee is within the Guarantor’s powers, has been duly authorized by all
      necessary action, requires no action by or in respect of, or filing with, any
      governmental body, agency or official and does not contravene, or constitute
      a
      default under, any known provision of applicable law or regulation, as amended
      from time to time, or the Certificate of Incorporation or by-laws of the
      Guarantor or of any agreement, judgment, injunction, order, decree or other
      instrument binding upon the Guarantor or result in or require the creation
      or
      imposition of any lien on any asset of the Guarantor.

    

    (b)
      Binding
      Effect.
      This Subordinated Guarantee constitutes a valid and binding agreement of the
      Guarantor, enforceable against the Guarantor in accordance with its
      terms.

    

    SECTION
      4. Enforcement
      of Guarantee.
      Without limiting any other provision of this Subordinated Guarantee, in no
      event
      shall any Payee have any obligation to proceed against Sun Life N.Y. or any
      other person or property before seeking satisfaction from the Guarantor. Any
      Payee may enforce the Subordinated Guarantee directly against the Guarantor,
      subject to no preconditions other than failure by Sun Life N.Y. to pay when
      due
      any guaranteed amount.

    

    SECTION
      5. Waiver.
      Without limiting any other provision of this Subordinated Guarantee, the
      Guarantor hereby irrevocably waives promptness, diligence, or notice of
      acceptance hereof, presentment, demand, protest and any and all other notice
      not
      provided for herein and any requirement that at any time a Payee or any other
      person exhaust any right or take any action against Sun Life N.Y. and any other
      circumstances whatsoever that might otherwise constitute a legal or equitable
      discharge, release or defense of the Guarantor or that might otherwise limit
      recourse against the Guarantor.

    

    SECTION
      6. Compliance
      with Regulation S-X.
      This Subordinated Guarantee shall be interpreted in such a manner that the
      Subordinated Guarantee will be "full and unconditional" as those words are
      used
      in Rule 3-10 of Regulation S-X of the United States Securities and Exchange
      Commission, as currently in effect, and as they may be amended from time to
      time. Payees shall automatically have any additional rights and remedies against
      the Guarantor that may be necessary to yield that result.

    

    SECTION
      7. No
      Waiver; Remedies.
      No failure on the part of a Payee to exercise, and no delay in exercising,
      any
      right hereunder shall operate as a waiver thereof; nor shall any single or
      partial exercise of any right hereunder preclude any other or further exercise
      thereof or the exercise of any other right. The remedies herein provided are
      cumulative and not exclusive of any remedies provided by law.

    

    SECTION
      8. Continuing
      Guarantee; Reinstatement in Certain Circumstances.
      This Subordinated Guarantee is a continuing guarantee and the Guarantor's
      obligations hereunder shall (i) remain in full force and effect until the
      indefeasible payment in full of all amounts payable by Sun Life N.Y. from all
      Guarantee Periods; and (ii) be binding upon the Guarantor and its successors
      and
      assigns. If at any time any payment by Sun Life N.Y. of any amounts payable
      by
      Sun Life N.Y. from any Guarantee Period is rescinded or must otherwise be
      restored or returned upon the insolvency, bankruptcy or reorganization of Sun
      Life N.Y. or otherwise, the Guarantor's obligations hereunder with respect
      to
      such payment shall be reinstated as though such payment had been due but not
      made at such time.

    

    SECTION
      9. Termination.
      The Guarantor may terminate this Subordinated Guarantee as it would apply to
      any
      Guarantee Period commencing after the effective date of any such termination
      (the "Termination Date") by giving written notice to Sun Life N.Y. and the
      holders of outstanding Contracts at least fourteen (14) days prior to the
      Termination Date specified in such notice. The termination of this Subordinated
      Guarantee with respect to Guarantee Periods commencing after the Termination
      Date shall not in any way affect, modify, alter or amend the Guarantor’s
      continuing obligations with respect to Guarantee Periods commencing prior to
      the
      Termination Date.

    

    SECTION
      10. Successor
      Guarantor.
      In the event of any amalgamation or consolidation by the Guarantor with or
      merger by the Guarantor into any other corporation or any transaction involving
      the transfer of all or substantially all of the Guarantor’s assets to any
      corporation or other entity and which as a matter of law or contract results
      in
      the successor corporation or entity becoming bound by or assuming the
      Guarantor’s obligations under this Subordinated Guarantee, such successor
      corporation or other entity formed by such amalgamation or consolidation or
      into
      which the Guarantor is merged or to which such transfer is made shall succeed
      to, and be substituted for, and may exercise every right and power of, the
      Guarantor under this Subordinated Guarantee, with the same effect as if it
      had
      been named herein as the Guarantor, and thereafter, the predecessor corporation
      or entity shall be relieved of all obligations and covenants under this
      Subordinated Guarantee.

    

    SECTION
      11. Stay
      of Time of Payment.
      Without limiting any other provision of this Subordinated Guarantee, if the
      time
      for payment of any amount payable by Sun Life N.Y. from a Guarantee Period
      under
      a Contract is stayed upon the insolvency, bankruptcy or reorganization of Sun
      Life N.Y., all such amounts otherwise subject to payment under the terms of
      this
      Subordinated Guarantee shall nonetheless be payable by the Guarantor hereunder
      forthwith on demand by the Payee.

    

    SECTION
      12. Subordination.
      The obligations under this Subordinated Guarantee shall be unsecured obligations
      of the Guarantor, and shall be subordinated in right of payment in the event
      of
      bankruptcy, liquidation, dissolution, winding up or reorganization, or upon
      the
      acceleration of any senior indebtedness of the Guarantor and shall be
      subordinate in right of payment to the prior payment in full of all other
      obligations of the Guarantor except for other guarantees or obligations of
      the
      Guarantor which by their terms are designated as ranking equally in right of
      payment with or subordinate to this Subordinated Guarantee. 

    

    SECTION
      13. Governing
      Law.
      This Subordinated Guarantee shall be governed by, and construed in accordance
      with, the laws of the State of New York. 

    

    SECTION
      14. Submission
      to Jurisdiction: Waiver of Immunities.
      The Guarantor irrevocably (i) agrees that any legal action or proceeding against
      it arising out of or in connection with this Subordinated Guarantee or for
      recognition or enforcement of any judgment rendered against it in connection
      with this Subordinated Guarantee may be brought in any court in New York City,
      New York (a "New York Court"); (ii) agrees that by execution and delivery of
      this Subordinated Guarantee, the Guarantor hereby irrevocably accepts and
      submits to the non-exclusive jurisdiction of any New York Court in
      personam,
      generally and unconditionally with respect to any such action or proceeding
      for
      itself and in respect of its property, assets and revenues; and (iii) waives,
      to
      the fullest extent permitted by law, any objection which it may now or hereafter
      have to the laying of venue of any such action or proceeding brought in any
      New
      York Court and any claim that any such action or proceeding has been brought
      in
      an inconvenient forum.

    

    SECTION
      15. Severability.
      Any provision of this Subordinated Guarantee which is illegal, invalid,
      prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
      be ineffective to the extent of such illegality, invalidity, prohibition or
      unenforceability without invalidating the remaining provisions hereof and any
      such illegality, invalidity, prohibition or unenforceability in any jurisdiction
      shall not invalidate or render unenforceable such provision in any other
      jurisdiction.

    

    SECTION
      16. Entire
      Agreement.
      This Subordinated Guarantee embodies the entire undertaking of the Guarantor
      with respect to the subject matter hereof and supersedes any prior written
      or
      oral agreements and understandings relating to the subject matter
      hereof.

    

    IN
      WITNESS WHEREOF, the Guarantor has caused this Subordinated Guarantee to be
      duly
      executed and delivered by its officers, thereunto duly authorized as an
      instrument under seal, effective as of the date first above
      written.

    

    

    SUN
      LIFE ASSURANCE COMPANY OF CANADA (U.S.)

    

    

    By:
      _____________________________

    

    Name:
      ___________________________

    

    Title:
      ____________________________

    

    

    By:
      ______________________________

    

    Name:
      ____________________________

    

    Title:
      _____________________________

    

    

    

    
      TRA
        2020414v2

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