Document:

Exhibit 4.13

 

CERTAIN IDENTIFIED INFORMATION HAS BEEN EXCLUDED FROM THE EXHIBIT BECAUSE
IT IS BOTH NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO THE REGISTRANT IF PUBLICLY DISCLOSED. [***] INDICATES THAT INFORMATION
HAS BEEN REDACTED.

 

EXECUTION VERSION

 

Dated the 17th
day of February 2021

 

OCI COMPANY LTD

 

and

 

RENESOLA LTD

 

 

 

SETTLEMENT AGREEMENT

 

 

     

     

    

EXECUTION VERSION

 

THIS AGREEMENT (this “Agreement”) is made on the 17th day of February 2021

 

BETWEEN:

 

		(1)	OCI COMPANY LTD, a limited company incorporated under the laws of the Republic of Korea
whose registered office address is at OCI Building, 94 Sogong-ro, Jung-gu, Seoul, 04532, Republic of Korea (“OCI”);
and

 

		(2)	RENESOLA LTD, a company incorporated under the laws of the British Virgin Islands whose
registered office address is at c/o Harneys Corporate Services Limited, Craigmuir Chambers, P.P. Box 71, Road Town, Tortola, VG1110,
British Virgin Islands (“Renesola BVI”),

 

(each a “Party”
and collectively, the “Parties”).

 

RECITALS

 

		(A)	OCI, Renesola BVI and Renesola Zhejiang Ltd (aka Zhejiang Yuhui Solar Energy Source Co., Ltd) (“Renesola
Zhejiang”) entered into a supply agreement dated 1 September 2010 (as amended on 1 May 2021, 1 October 2012, 1 March
2013 and 29 December 2015) (the “Supply Agreement”).

 

		(B)	On 9 April 2019, OCI commenced arbitration proceedings against Renesola BVI and Renesola Zhejiang
relating to the Supply Agreement and other related matters before the International Court of Arbitration of the International Chamber
of Commerce in Case No. 24399/PTA) (the “Arbitration”).

 

		(C)	On 17 November 2020, the arbitral tribunal published its award in the Arbitration and awarded OCI
US$5,359,578 plus interest and costs of the Arbitration (the “Award”) amounting to a total sum due to OCI as
at the date of this agreement of US$10,021,582.15.

 

		(D)	Renesola BVI denies that the arbitral tribunal had jurisdiction to make the Award, and OCI avers
that it did have such jurisdiction.

 

		(E)	The Parties, having engaged in amicable discussions, have resolved to settle all matters, disputes,
claims, rights, demands, liabilities, obligations, debts, legal fees, costs of suit, actions, or causes of action, in law or in
equity, known or unknown to the Parties arising out of and/or in connection with the Award on the terms hereof.

 

IT IS AGREED AS
FOLLOWS

 

		1	DEFINITIONS & INTERPRETATION

 

		1.1	In this Agreement, unless the context otherwise requires, the following words and expressions have
the following meanings:

 

Account means the account
held by OCI, detailed in Schedule 1.

 

Arbitration has the meaning
given to such term in Recital (B) to this Agreement.

 

Award has the meaning
given to such term in Recital (C) to this Agreement.

 

Business Day means any
day, other than a Saturday, Sunday or day on which commercial banks are required or authorised to be closed in Hong Kong or in
New York City.

 

Claims means any actions,
claims, rights, demands and set-offs, whether in this jurisdiction or any other, whether or not presently known to the Parties
or to the law, and whether in law or equity, arising out of, under or in connection with the Supply Agreement, the Award, the Arbitration, or the
underlying facts relating to the Arbitration.

     

     

    

EXECUTION VERSION

 

Cure Period means in the
case of any Instalment, three (3) Business Days commencing on the day after the due date for payment of that Instalment.

 

Final Instalment means
the sum referred to in clause 3.1(c).

 

Instalment means each
payment instalment set out in clause 3.1 and includes the Final Instalment.

 

Payment Default means
any default in payment of any Instalment but, for the avoidance of doubt, a payment made within any applicable Cure Period shall
not constitute a Payment Default.

 

Related Parties means
a Party’s parent, subsidiaries, affiliates, companies within the same corporate group, assigns, transferees, representatives,
principals, agents, officers or directors. For the avoidance of doubt, in the context of Renesola BVI, the term “Related
Parties” includes Renesola Zhejiang.

 

Settlement Sum means US$7,500,000
(Seven Million and Five Hundred Thousand United States Dollars).

 

Supply Agreement has the
meaning given to such term in Recital (A) to this Agreement.

 

		1.2	References herein to clauses and schedules are references to clauses and schedules of this Agreement.

 

		2	EFFECT OF THIS AGREEMENT

 

		2.1	The Parties hereby agree that this Agreement shall immediately be fully and effectively binding
on them.

 

		3	PAYMENT

 

		 	[***]

 

		3.2	If any Instalment has not been paid in full on or before its due date in accordance with clause
3.1, and such failure to pay is caused by an administrative or technical error, then provided such Instalment is paid within the
Cure Period, Renesola BVI shall be deemed to have fully complied with the relevant sub-clause of clause 3.1 in every respect.

     

     

    

EXECUTION VERSION

 

		4	DEFAULT
INTEREST

 

		4.1	If any amount on any Instalment is not paid on its due date (or within any applicable Cure Period),
interest shall accrue each day from the due date up to the date of actual payment of such overdue amount at a rate of 8% per annum
compounded annually. The Parties agree that the payment of such interest is not a penalty.

 

		5	INTERIM AND OTHER MATTERS

 

		5.1	Provided always that Renesola BVI pays each Instalment on its due date (or within any applicable
Cure Period), OCI and its Related Parties shall not exercise or enforce, and shall not cause to be exercised or enforced (directly
or indirectly), any rights, claims, remedies, actions or privileges, or take, commence or continue any other suit, action or proceedings
against Renesola BVI and its Related Parties in any jurisdiction whatsoever in connection with the Claims.

 

		5.2	In the event of a Payment Default, OCI may seek recovery of any outstanding amounts due to OCI
through the enforcement of the Award against Renesola BVI and/or Renesola Zhejiang or alternatively under the terms of this Agreement
as it may choose at its absolute discretion. For the avoidance of doubt, if OCI is required to enforce the Award, then it shall
be entitled to all outstanding amounts due under the Award without any discount but subject always to the provisions of clause
13.7.

 

		5.3	Upon the date of this Agreement:

 

		(a)	Renesola BVI and its Related Parties shall be deemed to have irrevocably and unconditionally released
and discharged OCI from any and all Claims and Renesola BVI shall indemnify OCI and its Related Parties against any such Claims;

 

		(b)	Renesola BVI shall undertake, and shall be deemed to have undertaken, on behalf of itself and on
behalf of its Related Parties not to sue, commence, voluntarily aid in any way, prosecute or cause to be commenced or prosecuted
any Claims concerning the Supply Agreement in any jurisdiction whatsoever, and to indemnify (and keep indemnified) OCI and its
Related Parties against any such Claims; and

 

		(c)	Renesola BVI agrees, as part of its consideration for entering into this Agreement, that it will
not bring any challenges to the Award nor resist the enforcement of the Award on any grounds, including those referenced in its
correspondence of 5 February 2021, should OCI elect to pursue such enforcement in the circumstances referenced in clause 5.2 above.

 

		6	FULL AND FINAL SETTLEMENT, WAIVER AND COVENANT NOT TO SUE

 

		6.1	Upon payment of the Settlement Sum (plus any interest under this Agreement), OCI and its Related Parties:

 

		(a)	shall, and shall be deemed to have irrevocably and unconditionally released and discharged Renesola
BVI and its Related Parties from any and all Claims; and

 

		(b)	shall undertake, and shall be deemed to have undertaken not to sue, commence, voluntarily aid in
any way, prosecute or cause to be commenced or prosecuted any Claims against Renesola BVI and its Related Parties in any jurisdiction
whatsoever, and to indemnify (and keep indemnified) Renesola BVI and its Related Parties against any such Claims.

     

     

    

EXECUTION VERSION

 

		7	CONFIDENTIALITY

 

		7.1	The existence of and the terms of this Agreement, and the substance of all negotiations in connection
with it, are confidential to the Parties and their advisers, who shall not disclose them to, or otherwise communicate them to,
any third Party without the written consent of the other Party other than:

 

		(a)	to the Parties’ respective auditors, insurers and lawyers on terms which preserve confidentiality;

 

		(b)	pursuant to an order of a court of competent jurisdiction, or pursuant to any proper order or demand
made by any competent authority or body where they are under a legal or regulatory obligation to make such a disclosure;

 

		(c)	as may be required under required applicable law, rules, regulations or the rules of any listing
authority or stock exchange on which a Party’s shares or those of any company within its corporate group are subject (collectively,
 “Law”); however the Parties agree that in the event that such a disclosure is required by a Party, neither Party
(nor any of their respective Related Parties) shall make or issue any announcement, press release, communication, circular or disclosure
in connection with the existence or subject matter of this Agreement which identifies the other Party as the counterparty hereto,
unless required under any applicable Law, in which case (to the extent permitted by applicable Law and reasonably practicable)
the disclosing Party shall give the other Party a written notice of such intention at least 24 hours before any such disclosure;
or

 

		(d)	as far as necessary to implement and enforce any of the terms of this Agreement or any contribution
claims in relation thereto.

 

		7.2	Each of the Parties agrees not to, and agrees to procure that all individuals within their employ
or control and/or its Related Parties do not, make any statements, written or verbal, or cause or encourage others to make any
statements, written or verbal, that defame, disparage or in any way criticise the personal or business reputation, practices, or
conduct of the Parties, and where applicable, their employees, directors and officers in respect of the matters arising out of
or in connection with the Award. The Parties acknowledge and agree that this prohibition extends to statements, written or verbal,
made to anyone, including but not limited to, the news media, investors, potential investors, any board of directors or advisory
board or directors, industry analysts, competitors, strategic partners, vendors, employees (past and present) and clients.

 

		8	WARRANTIES & AUTHORITY

 

		8.1	OCI warrants and represents that: (i) neither it nor its Related Parties have directly or indirectly
sold, transferred, assigned or otherwise disposed of its or their interest in the Claims; and (ii) it is not aware, having made
reasonable enquiries of itself and of its Related Parties, of any Claims, or factual circumstances that might result in any Claims
being raised, other than those the subject of the Award.

 

		8.2	Each Party warrants and represents to the other with respect to itself that it has the full right,
power and authority to execute, deliver and perform this Agreement.

 

		9	ASSIGNMENT

 

		9.1	This Agreement and any rights under it may not be assigned, novated or otherwise transferred by
any Party without the prior written consent of the other Party.

     

     

    

EXECUTION VERSION

 

		10	ENTIRE
AGREEMENT

 

		10.1	This Agreement constitutes the entire agreement between the Parties and supersedes and extinguishes
all previous agreements, promises, assurances, warranties, representations and understandings between them, whether written or
oral, relating to its subject matter.

 

		10.2	Each Party agrees that it shall have no remedies in respect of any statement, representation, assurance
or warranty (whether made innocently or negligently) in relation to the Agreement’s subject matter that is not set out in
this Agreement.

 

		11	CONFIRMATION & ACKNOWLEDGEMENTS

 

		11.1	The Parties acknowledge and agree that:

 

		(a)	each or any of them may independently enforce this Agreement against the other;

 

		(b)	this Agreement is intended to be legally binding; and

 

		(c)	they have freely entered into this Agreement after having the opportunity to carefully consider
its contents and to obtain legal advice on all matters relating to this Agreement.

 

		12	NO ADMISSION

 

		12.1	This Agreement is entered into for and in connection with the settlement of the Claims and in the
light of other considerations. It is not, and shall not be represented or be construed by the Parties or any of them as an admission
of liability or wrongdoing by any Party or their respective Related Parties or any other person or entity.

 

		13	GENERAL

 

		13.1	If any provision or part of a provision of this Agreement or a clause of this Agreement is determined
to be illegal or unenforceable each of the remaining provisions within that clause and the remainder of this Agreement shall be
severable and enforceable in accordance with its terms.

 

		13.2	Any amendments to this Agreement must be made in writing with express reference to this Agreement,
and must be signed by the Parties or their authorised representatives.

 

		13.3	This Agreement may be executed in any number of counterparts, which shall together constitute one
Agreement. Any Party may enter into this Agreement by signing any such counterpart but this Agreement shall be of no effect unless
and until each Party has executed at least one counterpart. In the event that any signature is delivered by e-mail delivery of
a “.pdf” format data file, such signature shall create a valid and binding obligation of the Party executing with the
same force and effect as if such “.pdf” signature page were an original thereof.

 

		13.4	Each of the Parties shall do all things necessary including promptly deliver or cause to be delivered
such instruments and other documents as are reasonably necessary or desirable and shall promptly take any other action reasonably
requested by any other Party in order to allow for and give effect to the provisions of this Agreement.

 

		13.5	No failure or delay by any Party in exercising any right, power or privilege to which it is entitled
under this Agreement shall operate as a waiver nor shall any single or partial waiver of any such right, power or privilege preclude
any other or further exercise.

     

     

    

EXECUTION VERSION

 

		13.6	Each
of the Parties shall bear its own costs in relation to the negotiation or execution of this Agreement.

 

		13.7	In the event that OCI elects to seek recovery of any outstanding amounts through the enforcement
of the Award against Renesola BVI and/or Renesola Zhejiang or alternatively under the terms of this Agreement pursuant to clause
5.2 or otherwise, any and all payments made pursuant to this Agreement are not refundable and shall be credited in diminution of
any Claims of OCI in connection with the Award, first against principal and any other liquidated sums stated in the Award and thereafter
against post-award interest (and shall be accounted for these purposes as at the date any such payment was made).

 

		14	VARIATION

 

		14.1	Any variation of this Agreement shall be in writing and signed by or on behalf of each Party.

 

		15	GOVERNING LAW AND JURISDICTION

 

		15.1	This Agreement shall be governed by, and shall be construed in accordance with the laws of England
and Wales.

 

		15.2	Any dispute, controversy, difference or claim arising out of or relating to this contract, including
the existence, validity, interpretation, performance or breach thereof or any dispute regarding non- contractual obligations arising
out of or relating to it shall be referred to and finally resolved by arbitration administered by the Singapore International Arbitration
Centre (“SIAC”) under the SIAC Rules in force when the Notice of Arbitration is submitted. The law of this arbitration
clause shall be the law of England and Wales. The seat of arbitration shall be Singapore. A sole arbitrator shall be appointed
under the SIAC Rules and the Parties agree that the proceedings shall be conducted under the Expedited Procedure (as defined therein).
The arbitration proceedings shall be conducted in English. Nothing in this clause shall prevent any Party from seeking any interim
or interlocutory relief in aid of arbitration, or in connection with enforcement proceedings, from any court of competent jurisdiction.
The prevailing Party shall be entitled to its costs on an indemnity basis.

 

		15.3	For the avoidance of doubt, and bearing in mind the time and costs incurred by OCI dealing with
such issues in the Arbitration, in the event of a Payment Default, Renesola BVI acknowledges and agrees that it will not resist
enforcement of the terms of this Agreement on any grounds in any future proceedings, including in relation to the jurisdiction
of a SIAC Tribunal to enforce the terms of this Agreement.

 

		15.4	Furthermore, in the event of a Payment Default, and should proceedings be necessary to enforce
the terms of this Agreement, Renesola BVI agrees that it will not object to any application made by OCI for security for costs
or security for the amount in dispute.

 

[EXECUTION PAGE FOLLOWS]

     

     

    

EXECUTION VERSION

 

IN WITNESS WHEREOF the Parties have hereto set their
hands the day and year first above written.

 

	SIGNED by /s/ J R Joo / SVP	)
	 	 
	for and on behalf of	)
	 	 
	OCI COMPANY LTD	)
	 	 
	 	)

  

 

	SIGNED by /s/ Ke Chen, CFO	)
	 	 
	for and on behalf of	)
	 	 
	RENESOLA LTD	)Document

Exhibit 10.1(a)

MARKEL CORPORATION
    
PERFORMANCE-BASED RESTRICTED STOCK UNIT
AWARD AGREEMENT

												
	

AWARDED TO

XXXXX
	

AWARD DATE

[  ]
	

VESTING SCHEDULE1

	VESTING
DATE
[  ]
	PERCENTAGE
OF UNITS
100%

MARKEL CORPORATION (the "Company") grants you (“you” or the “Participant”) the opportunity to receive restricted stock units ("Units"). The number of Units you may receive will be based on performance conditions as set forth in Exhibit A - Performance Criteria. Until the Vesting Date stated above, these Units are forfeitable and nontransferable, except as specifically provided in this Award Agreement. The Compensation Committee of the Company’s Board of Directors (the "Committee") or its authorized delegate will administer this Agreement and its decisions will be final.  Any capitalized terms not defined in this Award Agreement will have the meanings provided in the Markel Corporation 2016 Equity Incentive Compensation Plan (the “Plan”).  

The terms of the award are:

1.Performance Conditions:  The performance conditions for your award are set forth in Exhibit A. Your award potential is expressed as a percentage of your eligible salary.  On the date the Committee certifies the completion of the Performance Criteria in Exhibit A (the “Determination Date”), the Committee will also determine the dollar equivalent of your Units. The number of Units you will receive is determined by dividing the dollar equivalent by the Fair Market Value of a share of Company Stock on the Determination Date. You will not be awarded any Units if your employment ends prior to the Determination Date. 

2.Vesting For Units. If you remain employed through the Vesting Date, the Units will become vested and non-forfeitable. For each vested Unit, the Company will issue you a share of Company Stock. These shares of Company Stock will be issued on or as soon as administratively practicable but no later than 90 days after either: 
a.the Vesting Date, or 
b.such later date as may be elected by you pursuant to a valid deferral election in accordance with procedures determined by the Company.

3.Forfeiture of Units.  In general, if you separate from service before the Vesting Date, any unvested Units will be forfeited. Under the circumstances set forth below (subject to the other terms of this Award Agreement, including Section 6), Units will vest or be forfeited, in whole or part, upon separation from service before the Vesting Date as follows:

(a)Death or Disability.  If you separate from service due to death or Disability, then the unvested Units will become fully vested and non-forfeitable, and shares will be issued on the date of your death, Disability occurs or as soon as administratively practicable (but in any event no later than 90 days) thereafter.

1If necessary or appropriate to ensure orderly administration of the Company’s payroll and tax reporting obligations, the Company may accelerate vesting and payment of restricted stock units up to a maximum of thirty days before the date on which such restricted stock units would otherwise have vested and been paid.

(b)55/5.  If you separate from service for any reason (other than due to death, Disability or termination for Cause) after turning 55 years old and, at the time of separation, you have at least 5 consecutive years of service with the Company or its Subsidiaries since your most recent hire date, then the unvested Units will become fully vested and non-forfeitable, and shares will be issued on the date on which your separation occurs or as soon as administratively practicable (but in any event no later than 90 days) thereafter, subject to Section 4 (Specified Employee) below.

(c)Military Service.  If you separate from service due to military service or are absent from work due to an approved military leave, then the number of Units set forth in this Award will be vested on a pro rata basis based on a fraction of the number of whole months from January 1 of the calendar year following the calendar year in which the Award Date occurs until the date of separation/leave commencement divided by 36, and shares will be issued on the earlier of (i) the otherwise applicable Vesting Date or (ii) the date on which your separation occurs or as soon as administratively practicable (but in any event no later than 90 days) thereafter, subject to Section 4 below.  Any remaining unvested Units will be forfeited as of the date of separation/leave commencement; except that a Participant who separates from service due to military service or who is absent from work due to approved military leave, and who returns to active employment with the Company upon cessation of such military service before the otherwise applicable Vesting Date will vest in any remaining unvested Units if employed on the Vesting Date.  

(d)Involuntary Termination; Redundancy.  If you separate from service due to involuntary termination other than for Cause, then the unvested Units will become fully vested and non-forfeitable, and shares will be issued on the date on which your separation from service occurs (or as soon as administratively practicable (but in any event no later than 90 days) thereafter, subject to Section 4 below.

(e)Change in Control. If you separate from service within 12 months after a Change in Control due to Involuntary Termination, then the unvested Units will become fully vested and non-forfeitable, and shares will be issued on the date on which your separation from service occurs (or as soon as administratively practicable (but in any event no later than 90 days) thereafter, subject to Section 4 below. For this purpose, Involuntary Termination means your employment is involuntarily terminated without Cause or you terminate your employment for Good Reason, in each case as defined in the Plan. 
    
    If you have elected to defer the receipt of shares for your vested Units pursuant to a valid deferral election and you separate from service after the Vesting Date for any reason other than death or Disability, then shares will be issued as soon as administratively practicable (but in any event no later than 90 days) after the date on which you have elected to receive the shares, notwithstanding your separation. 

4.    Six Month Delay for Specified Employees.  If you separate from service before the Vesting Date as set forth in Section 3 above, other than due to death or Disability, and if you are a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the Code and the generally applicable Internal Revenue Service guidance thereunder) on the date of your separation, then, notwithstanding anything in Section 3 to the contrary, no shares will be issued for your Units until the date that is six months after the date of your separation (or until the date of your death, if earlier). Any shares which you would otherwise have been entitled to receive during the first six months following the date of your separation will be issued instead on the date which is six months after the date of your separation (or on the date of your death, if earlier).  Whether you are a “specified employee” will be determined under guidelines established by the Company for this purpose.

-2-

5.    “Separation from Service” Defined.  References throughout this Agreement to the Participant’s “separation from service” and variations thereof will have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations, as amended from time to time, applying the default terms thereof.

6.    Forfeiture and Restitution. If during the period of the Participant’s employment and two years thereafter, the Company’s Co-Chief Executive Officers, or either of them, with respect to any Participant other than to any employee who is an executive officer of the Company for purposes of Section 16 of the Securities Exchange Act of 1934 (including themselves) or the Committee (with respect to a Section 16 Officer) determines, in their or its sole and complete discretion, that the Participant has engaged in any the following, then they or it may either: (a) cancel this Award without any payment, and/or (b) require the Participant to repay the gross amount of any payment received under this Award within the previous two years, by delivery of a number of shares equal to the number of Units awarded (or the Fair Market Value thereof in cash):

a.the Participant has become associated with, recruited or solicited customers or other employees of the Company or its Subsidiaries for, or has become employed by, rendered services to, or acquired any interest in (other than any non-substantial interest) any business that is in competition with the Company or its Subsidiaries, 
b.the Participant’s employment has been terminated for Cause, 
c.the Participant has disclosed the terms of this Agreement to any person other than, on a confidential basis, their spouse, attorneys, accountants or financial advisors or in response to a court order, or 
d.the Participant has engaged in conduct detrimental to the interests of the Company or its Subsidiaries. 

In addition, this Award shall be subject to any recoupment or clawback policy that is adopted by, or applicable to, the Company, pursuant to any requirement of law or any exchange listing requirement related to clawback or other recovery of incentive compensation. The provisions of this Section 6 are material consideration for this Award, which would not have been granted had Participant not agreed to them. If a Participant fails to repay in full any amount subject to repayment under this Section 6 within thirty (30) days following a demand from the Company, the Company may enforce the terms of this Section 6 by obtaining a court order against the Participant for the return of such amount, and the Participant consents to jurisdiction in the courts set forth in Section 11 for purposes of obtaining such an order. The Company may also offset any amount it otherwise owes to the Participant to collect any amount due under this Section 6. The remedies outlined in this Section 6 are without limitation as to any other remedies the Company may pursue against the Participant at law or in equity.
   
7.    Transfer Restrictions.  The Participant’s rights to the Units are not subject to sale, assignment, transfer, pledge, or encumbrance.

8.    Tax Withholding.  Unless alternative arrangements satisfactory to the Company are made, the Company will withhold from the payment for the vested Units shares with a Fair Market Value equal to the minimum amount of any foreign, federal, state, or local income, employment or other taxes imposed on the payment required to be withheld by law. The Fair Market Value will be determined on the Vesting Date. 

9.    Binding Effect.  Subject to the limitations stated above, this Agreement will be binding upon and inure to the benefit of the Participant's legatees, distributees, and personal representatives and the successors of the Company.

-3-

10.    Change in Capital Structure.  The Units will be adjusted as the Committee determines is equitably required in the event of a dividend in the form of stock, spin-off, stock split-up, subdivision or consolidation of shares of Company Stock or other similar changes in capitalization.

11.    Interpretation.  This Agreement will be construed under and be governed by the laws of the Commonwealth of Virginia.  THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA OR THE CIRCUIT COURT FOR THE COUNTY OF HENRICO WILL HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES ARISING OUT OF OR RELATED TO THE PLAN OR THIS AGREEMENT.

12.    Code Section 409A.  This Agreement is intended to comply with the applicable requirements of Sections 409A(a)(2) through (4) of the Code, and will be interpreted to the extent context reasonably permits in accordance with this intent.  The parties agree to modify this Agreement or the timing (but not the amount) of any payment to the extent necessary to comply with Section 409A of the Code and avoid application of any taxes, penalties, or interest thereunder.  However, in the event that any amounts payable under this Agreement are subject to any taxes, penalties or interest under Section 409A of the Code or otherwise, the Participant will be solely liable for the payment thereof.  

13.    Acceptance. By accepting any Units or benefits under this Agreement, Participant is accepting all the provisions hereof, including without limitation Section 6 hereof.

IN WITNESS WHEREOF, the Company has caused this Agreement to be signed as of the award date shown above.

												
		MARKEL CORPORATION	
				
		By:		
			   Richard R. Whitt, III	
			   Co-Chief Executive Officer	
				
				
		By:		
			   Thomas S. Gayner	
			   Co-Chief Executive Officer	
				

-4-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]