Document:

exv10w1

Exhibit 10.1

AMENDED AND RESTATED

INVESTMENT CONSULTING AGREEMENT

     This Amended and Restated Investment Consulting Agreement (this “Agreement”) dated as of
August 14, 2008, is made between Rosenkranz Asset Managers LLC (“Managers”), a Delaware limited
liability company, and Delphi Financial Group, Inc. (“DFG”), a Delaware corporation.

     WHEREAS, the undersigned are parties to an Investment Consulting Agreement dated November 10,
1988 (the “Existing Agreement”);

     WHEREAS, Managers and its affiliates have demonstrated expertise in the management and
supervision of investment portfolios; and

     WHEREAS, DFG desires to continue to avail itself of the experience, sources of information,
advice and assistance of Managers for the ongoing direct and indirect management and periodic
review of the investment portfolios of DFG and its direct and indirect non-insurance subsidiaries
and subsidiaries engaged in the business of property and casualty insurance (DFG and such direct
and indirect subsidiaries, the “Companies”), and, in connection therewith, to amend and restate the
Existing Agreement as provided herein:

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
parties hereto agree as follows:

     1. Consultation. Rosenkranz agrees to render consulting services to the Companies
concerning financial, accounting, taxation and general investment matters, including, by way of
example and not in limitation of the generality of the foregoing, (a) assistance and advice with
respect to planning, analyzing and forecasting long-term

 

 

financial outlook and needs, (b)
assistance and advice with respect to locating and analyzing investment opportunities, (c)
assistance and advice with respect to formulating and implementing investment strategies, (d)
assistance and advice with respect to locating, retaining and supervising independent investment
managers, and (e) the rendering of general investment management consultation and business advice
(the “Consulting Services”), and DFG agrees to utilize the Consulting Services of Managers on its
own behalf and on the Companies’ behalf on the terms and conditions contained herein. In providing
the Consulting Services, Managers shall comply in all respects with the provisions of applicable
law, as well as such directions as may be furnished from time to time by DFG’s Board of Directors.

     2. Term of Consultation. Managers shall render the Consulting Services to DFG from
the effective date of this Agreement until written notice of termination shall have been given by
either party hereto in accordance with Paragraph 4 hereof.

     3. Compensation. As compensation for the Consulting Services of Managers rendered
hereunder, DFG shall pay to Managers a quarterly fee (the “Consultation Fee”) equal to .05% (i.e.,
five basis points) multiplied by the average market value of the Companies’ investment portfolios,
taken in the aggregate, during each calendar quarter, computed by averaging the marked-to-market
value thereof on the last business day of each month of said calendar quarter. Notwithstanding the
foregoing, the Consultation Fee shall not exceed a maximum aggregate amount of one million eight
hundred thirty-four thousand eighty-eight dollars ($1,834,788) for the four calendar quarters
comprising calendar year 2008, with such maximum amount to be escalated by a factor of ten percent
(10%) for each four calendar quarters comprising each subsequent calendar year during

 

 

the term of
this Agreement. Following each calendar quarter, Managers shall furnish DFG with a detailed
invoice stating the Consultation Fee for such calendar quarter, with appropriate supporting
documentation. Payment shall be made to Managers no later than ten (10) days after receipt of such
invoice.

     4. Termination. Either party shall have the right to terminate this Agreement upon
thirty (30) days’ written notice to the other party. Termination of this Agreement shall not
affect DFG’s obligation to pay to Managers (to the extent DFG has not previously paid such amounts)
the Consultation Fee for the period prior to such termination and to reimburse expenses pursuant to
Paragraph 3 hereof to the extent they were incurred prior to such termination.

     5. Notices. Notices, demands, payments, reports and correspondence shall be addressed
to either party hereto at the address for such party set forth below the signature of such party or
such other places as may from time to time be designated in writing to the other party.

     6. Liability of the Consultant. Managers assumes no responsibility under this
Agreement other than to perform the Consulting Services in good faith, and Managers will not be
responsible for any action of DFG or any of the other Companies in following or declining to follow
any advice or recommendation of Managers. The parties hereto recognize and agree that the
effectiveness of the Consulting Services and the success of any actions undertaken by any Companies
in response thereto are not guaranteed or warranted by Managers.

     7. Amendment. This Agreement constitutes the entire agreement between the parties
with respect to the subject matter hereof. No modifications or amendment of any

 

 

of the terms,
conditions or provisions hereof may be made otherwise than by written agreement signed by the
parties hereto.

     8. Governing Law. The substantive laws of the State of New York shall govern the
validity, construction, enforcement and interpretation of the provisions hereof.

     IN WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the
date first set forth above.

	 	 	 	 	 
	 	ROSENKRANZ ASSET MANAGERS LLC

 	 
	 	By:  	     /S/ ROBERT ROSENKRANZ
 	 
	 	 	Robert Rosenkranz, Manager 	 
	 	 	 	 
	 	DELPHI FINANCIAL GROUP, INC.

 	 
	 	By:  	     /S/ THOMAS BURGHART
 	 
	 	 	Thomas Burghart 	 
	 	 	Senior Vice President and Treasurerexv10w2

	 	 	 	 	 

Exhibit 10.2

AMENDMENT TO SECOND AMENDED AND RESTATED

LONG-TERM PERFORMANCE-BASED INCENTIVE PLAN

     AMENDMENT, dated August 12, 2008, to the Delphi Financial Group, Inc. (the “Company”) Second
Amended and Restated Long-Term Performance-Based Incentive Plan (the “Plan”).

     By action of the Compensation Committee of the Board of Directors of the Company duly taken on
the above-referenced date, the Plan is hereby amended as follows:

     1. The first sentence of Section 6.1(b) of the Plan is hereby amended and restated in its
entirety to read as follows:

“The exercise price of an Option will be the Fair Market Value per share of the stock subject to
the Option, determined as of the grant date, or such higher per-share amount as may be determined
by the Committee on the grant date.”

     2. The text of Section 6.1(e) of the Plan is hereby amended and restated in its entirety to
read as follows:

“Payment for Stock. Stock purchased on exercise of an Option must be paid for as
follows: (1) in cash or by check (acceptable to the Company in accordance with guidelines
established for this purpose), bank draft or money order payable to the order of the Company or (2)
(i) through the delivery of shares of Company common stock which have been outstanding for at least
six months, or through the withholding of shares of Company common stock issuable pursuant to such
exercise, having in either case a fair market value on the last business day preceding the date of
exercise equal to the exercise price, or (ii) to the extent permitted by applicable law, by
delivery of an unconditional and irrevocable undertaking by a broker selected by Mr. Rosenkranz to
deliver promptly to the Company sufficient funds to pay the exercise price, or (iii) by any
combination of the permissible forms of payment.”

     IN WITNESS WHEREOF, the undersigned has caused this Amendment to be executed on the Company’s
behalf.

	 	 	 	 	 
	 	DELPHI FINANCIAL GROUP, INC.

 	 
	 	By:  	     /S/ CHAD W. COULTER
 	 
	 	 	Chad W. Coulter 	 
	 	 	Secretaryexv10w3

	 	 	 	 	 

Exhibit 10.3

August 14, 2008

Mr. Robert Rosenkranz

c/o Delphi Capital Management, Inc.

590 Madison Avenue, 30th Floor

New York, NY 10022

Re:    Award Agreement

Dear Bob:

     This letter will serve as notice of a discretionary award (the “Award”) that has been made to
you by action of the Compensation Committee (the “Committee”) of the Board of Directors of Delphi
Financial Group, Inc. (the “Company”) taken on August 12, 2008, pursuant to Section 5.2(c) of the
Company’s Second Amended and Restated Long-Term Performance-Based Incentive Plan, as amended (the
“Plan”).

     The Award consists of options to purchase up to 500,000 shares of the Company’s Class B Common
Stock (the “Options”) at the exercise price of $29.84 per share. The Options are in all respects
subject to the terms and conditions of the Plan, a copy of which is attached hereto as Exhibit A,
as supplemented and modified by the terms of this letter. In the event of any conflict between the
terms of the Plan and the terms of this letter, the terms of this letter shall prevail.

     The Options shall become exercisable in five equal installments of twenty percent (20%) on
each of August 12, 2009, August 12, 2010, August 12, 2011, August 12, 2012 and August 12, 2013. In
addition, the Options shall become exercisable in their entirety upon a Change of Ownership, as
such term is defined in the Plan, if occurring prior to any of the dates set forth in the preceding
sentence upon which the Options would otherwise become exercisable.

     Notwithstanding the foregoing, pursuant to supplemental restrictions imposed by the Committee
in connection with such Award

 

 

pursuant to Section 7.1 of the Plan: (a) if your employment with the
Company terminates for any reason prior to August 12, 2013, any of the Options not having become
exercisable as of the date of such termination shall expire in their entirety, unless otherwise
then determined by the Committee; provided, however, that for purposes of this restriction, service
on the Company’s Board of Directors shall be deemed to be equivalent to continued employment with
the Company; and (b) if your employment with the Company is terminated by the Company for cause,
any Options then outstanding (whether or not then exercisable) will be forfeited in their entirety.
For purposes of this restriction, whether an employment termination is for cause shall be
determined by the Committee, which determination shall be final and conclusive.

     Options which become exercisable in accordance with the foregoing provisions shall,
notwithstanding any termination of your employment (subject, however, to the preceding paragraph),
accumulate and be exercisable in whole or in part in any subsequent period through and including
August 11, 2018.

     Please confirm your agreement to and acceptance of each of the terms of the Award as described
by signing and dating both counterparts of this letter and returning one to me. The other
counterpart may be retained for your files.

	 	 	 
	 

	 	Very truly yours,
	 
	 	 
	 

	 	/S/ CHAD W. COULTER
	 
	 	 
	 

	 	Chad W. Coulter
	 

	 	Senior Vice President, Secretary
	 

	 	and General Counsel

Agreed to and accepted:

	 	 	 	 	 	 	 
	/S/ ROBERT ROSENKRANZ

	 	 	 	Date:        August 14,
2008       

	 

	 	 	 	 	 
	Robert Rosenkranz

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