Document:

RVS 06.30.2015-Exhibit 10.3

EXHIBIT 10.3

FUND ACCOUNTING SERVICE AGREEMENT
BY AND BETWEEN
COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC

AND

RIVERSOURCE LIFE INSURANCE COMPANY

This Fund Accounting Service Agreement (the “Agreement”) is made effective as of February 1, 2011 (the “Effective Date”) by and between Columbia Management Investment Advisers, LLC, a Minnesota limited liability company (herein “CMIA” and known internally as Company 36” for accounting purposes), and RiverSource Life Insurance Company, a Minnesota corporation (herein “RSLIC” and known internally as “Company 10” for accounting purposes).
WHEREAS, CMIA and RSLIC are affiliated companies that are members of an insurance holding company system; and
WHEREAS, CMIA has extensive experience in providing the kinds of services to be provided under this Agreement and an established infrastructure for providing such services in an efficient and cost effective manner; and  
WHEREAS, RSLIC desires to obtain, for the benefit of its insurance business, certain services from CMIA and share in the cost of certain expenses incurred by CMIA on behalf of RSLIC, and CMIA desires to provide such services and incur such expenses, all upon the terms and conditions hereinafter set forth; and
WHEREAS, the parties desire to set forth in writing the services and expenses which are the subject of this Agreement and the basis for allocating expenses between them.
NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the parties agree as follows:
		
	1.
	Services:  At the request of RSLIC and subject to RSLIC’s sole and exclusive right to control and manage its insurance business, CMIA will provide those services and incur those expenses as set forth on Attachment A annexed hereto and made a part hereof as well as any other services or expenses reasonably requested by RSLIC in connection with RSLIC’s business.

		
	2.
	Term:  This Agreement shall be for a term beginning on the Effective Date and shall remain in effect thereafter unless the parties mutually agree otherwise; 

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provided, however, that either party may terminate this Agreement in accordance with the provisions of Section 19 below.
		
	3.
	Allocation of Costs:  RSLIC agrees to reimburse CMIA at cost for services provided and expenses incurred by CMIA pursuant to this Agreement.  The charge to RSLIC for such services shall include all directly and indirectly allocable expenses.  The methods for allocating expenses to RSLIC shall be in accordance with the requirements of the applicable state  insurance holding company system laws.  Such methods shall be modified and adjusted by mutual agreement where necessary or appropriate to reflect fairly and equitably the actual incidence of expense incurred by CMIA on behalf of RSLIC.  The method of allocating costs hereunder and the payment thereof shall be determined in the following manner:

		
	a.
	The cost of services performed by CMIA that are identifiable as expenses incurred directly and exclusively for the benefit of RSLIC shall be charged to RSLIC.  This shall include the cost of supplies, materials, and various other items of expense incurred by CMIA directly on behalf of RSLIC as identified more specifically in Attachment A annexed hereto and made a part hereof.

		
	b.
	The cost of services performed by CMIA that are not identifiable as expenses incurred directly and exclusively for the benefit of RSLIC shall be allocated and charged to RSLIC in conformity with customary insurance accounting practices.

		
	c.
	At the request of RSLIC, and at CMIA’s expense, CMIA shall produce records and provide access to enable RSLIC to verify that such cost allocations are performed in accordance with the practices referenced above.

		
	d.
	Each month, RSLIC shall reimburse CMIA for costs of services provided or expenses incurred by CMIA under this Agreement during the preceding month, in accordance with the payment provisions of Section 4 below.

For purposes of allocating costs under this Agreement, RSLIC and CMIA shall rely on their internal accounting and allocation system then in effect.

		
	4.
	Payments:  For services rendered under this Agreement, payment shall be made by RSLIC to CMIA on a monthly basis within thirty (30) days of invoice or other notice.  The parties agree that during the course of any given month RSLIC may make reasonable estimated payments for part or all of the monthly cost in which case such payment shall be offset against the actual amount otherwise due at the end of the month under this Agreement.  The parties also agree that, at the option of RSLIC, RSLIC may reimburse CMIA based upon a good faith estimate of the monthly costs for some or all of the services provided hereunder, in which case there shall be a final adjustment 

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made within thirty (30) days after completion of CMIA’s cost analysis performed at least annually.
		
	5.
	Services Provided by RSLIC:  RSLIC agrees to make its employees and facilities available to CMIA, upon request of CMIA, to perform services as may be mutually agreed upon by the parties from time to time.  The cost of such services shall be allocated to CMIA in the same manner costs are allocated to RSLIC pursuant to Sections 3 and 4 herein.  With respect to such services, all terms and conditions of this Agreement shall be applicable as though fully stated herein, except RSLIC shall be deemed “CMIA” and CMIA shall be deemed “RSLIC” for purposes of determining rights and obligations of the parties under this Agreement.

		
	6.
	No Profit or Loss:  It is the intention of the parties that no party shall realize a profit nor incur a loss as a result of the services provided and expenses incurred hereunder and the allocation of all costs for such services and expenses shall be made consistent with such intention.

		
	7.
	Maintenance of Books:  RSLIC and CMIA each shall maintain its own books, accounts and records in such a way as to disclose clearly and accurately the nature and detail of the transactions between them, including such accounting information as is necessary to support the reasonableness of charges under this Agreement, and such additional information as RSLIC may reasonably request for purposes of its internal bookkeeping and accounting operations.  CMIA shall keep such books, records and accounts insofar as they pertain to the computation of charges hereunder available for audit, inspection and copying by RSLIC and persons authorized by it or any governmental agency having jurisdiction over RSLIC during all reasonable business hours.

		
	8.
	Ownership and Custody of Records:  All records, books and files established and maintained by CMIA by reason of its performance of services under this Agreement, which, absent this Agreement, would have been held by RSLIC, shall be deemed the property of RSLIC and shall be maintained in accordance with applicable laws and regulations.  Such records should be available, during normal business hours, for inspection by RSLIC, anyone authorized by RSLIC, and any governmental agency that has regulatory authority over RSLIC’s business activities.  Copies of such records, books and files shall be delivered to RSLIC on demand.  All such records, books and files shall be promptly transferred to RSLIC by CMIA upon termination of this Agreement.

		
	9.
	Audit:  RSLIC and persons authorized by it and any governmental agency having jurisdiction over RSLIC shall have the right, at RSLIC’s expense, to conduct an audit of the relevant books, records and accounts in possession of CMIA upon giving reasonable notice of its intent to conduct such an audit.  In the event of such audit, CMIA shall give to the party requesting the audit reasonable cooperation and access to all books, records and accounts necessary to audit during normal business hours.

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	10.
	Right to Contract with Third Parties:  Nothing herein shall be deemed to grant CMIA an exclusive right to provide services to RSLIC, and RSLIC retains the right to contract with any third party, affiliated or unaffiliated, for the performance of services requested by RSLIC pursuant to this Agreement.  CMIA, unless RSLIC objects, shall have the right to subcontract with any third party, affiliated or unaffiliated, for the performance of services requested by RSLIC under this Agreement, provided that CMIA shall remain responsible for the performance of services by any such subcontractors in accordance with the terms of this Agreement; and provided further that the charges for any such services subcontracted to an affiliate shall be determined on the basis described in Section 3 above.

		
	11.
	Safeguarding Customer Information:  CMIA shall implement and maintain appropriate measures designed to meet the objectives of Minnesota Statutes Sections 60A.98 and 60A.981 with respect to safeguarding RSLIC’s customer information and customer information systems.  CMIA shall adjust information security programs upon reasonable request of RSLIC for any relevant changes dictated by RSLIC’s assessment of risk concerning its customer information and customer information systems.  Confirming evidence that CMIA has satisfied its obligations under this Agreement shall be made available, during normal business hours, for inspection by RSLIC, any person authorized by RSLIC, and any governmental agency that has regulatory authority over RSLIC’s business activities.

		
	12.
	Exercise of Judgment in Rendering Services:  In providing services hereunder which require the exercise of judgment by CMIA, CMIA shall perform any such service in accordance with standards and guidelines which RSLIC develops and communicates to CMIA.  In performing any services hereunder, CMIA shall at all times act in a manner reasonably calculated to be in or not opposed to the interest of RSLIC.

		
	13.
	Capacity of Personnel and Status of Facilities:  Whenever CMIA utilizes its employees or independent contractors to perform services for RSLIC pursuant to this Agreement, such personnel shall at all times remain employees or independent contractors of CMIA, subject solely to the direction or responsibility of CMIA.  RSLIC shall have no liability to such personnel for their welfare, salaries, fringe benefits, legally required employer contributions and tax obligations.  No facility of CMIA used in performing services for, or subject to use by, RSLIC shall be deemed to be transferred, assigned, conveyed or leased by performance or use pursuant to this Agreement.  The independent contractor status of any independent contractor engaged by CMIA shall not be affected by this Agreement.

		
	14.
	Assignment:  This Agreement and any rights pursuant hereto shall not be assignable by either party hereto, except as set forth herein or by operation of law, subject to whatever regulatory filings or approvals may be applicable.  Except as and to the extent specifically provided in this Agreement, nothing in this Agreement, expressed or implied, is intended to confer on any person 

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other than the parties hereto, or their respective legal successors, any rights, remedies, obligations or liabilities that would otherwise be applicable.  The representations, warranties, covenants and agreements contained in this Agreement shall be binding upon, extend to and inure to the benefit of the parties hereto, their, and each of their, successors, and assigns respectively.
		
	15.
	Arbitration:  Any unresolved dispute under this Agreement between CMIA and RSLIC shall be decided by binding arbitration.  The arbitration shall be conducted by a sole arbitrator selected by unanimous agreement of the concerned parties hereto as the case may be, or if unanimous agreement cannot be reached then by drawing lots.  Decisions of the arbitrator shall be final and there shall be no appeal from the arbitrator’s decisions.  The arbitration shall be conducted in accordance with the rules of the American Arbitration Association unless the concerned parties decide otherwise, in which case the latter decisions will apply as to the applicable rules for arbitration.  The place of arbitration will be Minneapolis, Minnesota, USA.

		
	16.
	Indemnification:  RSLIC and CMIA agree to hold each other harmless and to indemnify each other against any and all liability, loss, damage, expense, cost, cause of action, demand, penalty, fine or claim (including cost of litigation or administrative proceedings and counsel fees) arising out of or related to any of the services provided hereunder to the extent the same are caused by the act or failure to act of the indemnifying party.  Notwithstanding the foregoing, no party will be entitled to indemnification pursuant to this Section 16 if such loss, claim, damage, expense, or liability is due to the willful misfeasance, bad faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the terms of this Agreement.  It is further understood and agreed that RSLIC may rely upon information furnished to it reasonably believed to be accurate and reliable, and CMIA may rely upon information furnished to it reasonably believed to be accurate and reliable.

		
	17.
	Confidential Information:  The parties agree certain information released in performance of this Agreement, whether intentionally or unintentionally, may constitute confidential information (“Confidential Information”).  Confidential Information, for purposes of this Agreement, means information released by one party (“Releasing Party”) to the other (“Receiving Party”), in whatever format, that is nonpublic, trade secret and/or proprietary.  It is agreed the Receiving Party shall maintain Confidential Information in strict confidence, refrain from misappropriating such information, refrain from using such information for purposes other than performing responsibilities under this Agreement or as otherwise agreed to by the parties, use commercially reasonable efforts to prevent disclosing such information to unauthorized or unaffiliated third parties, and not copy such information without prior consent or acquiescence of the Releasing Party.  These restrictions do not apply to information that (i) enters into the public domain through no fault or action of the Receiving Party, (ii) is obtained from a third party who is under no legal or contractual obligation to maintain confidentiality of such information, (iii) is 

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independently developed by the Receiving Party without reference to or use of any Confidential Information, or (iv) is required to be disclosed pursuant to requirements of law or legal process including, but not limited to, disclosures made to and required by any governmental agency having regulatory authority over RSLIC.  Upon termination, if demanded by the Releasing Party, the Receiving Party shall within sixty (60) days return to the Releasing Party copies, in whatever form or medium, of any material containing Confidential Information.
		
	18.
	Notices:  All Notices, statements or requests provided for hereunder shall be deemed to have been duly given when delivered by hand to an officer of the other party, or when deposited with the U.S. Postal Service, as first class certified or registered mail, postage prepaid, overnight courier service, or facsimile copy, addressed:

		
	a.
	If to CMIA to:        

Chief Financial Officer
Columbia Management Investment Advisers, LLC
One Financial Center
Boston, MA  02111

with a copy to:
General Counsel
Columbia Management Investment Advisers, LLC
One Financial Center
Boston, MA  02111

		
	b.
	If to RSLIC to:    

Chief Financial Officer
RiverSource Life Insurance Company
227 Ameriprise Financial Center
Minneapolis, MN  55474
with a copy to:
                
General Counsel
RiverSource Life Insurance Company
5229 Ameriprise Financial Center
Minneapolis, MN  55474

or to such other persons or places as each party may designate from time to time.  The aforementioned individuals shall also serve as contact persons for the purpose of carrying out this Agreement.  As such, the contact persons shall be authorized to act on behalf of their respective parties as to the matters pertaining to this Agreement.  Each party shall notify the other in writing as to the name, address and telephone number of the designated contact person in the event there is a replacement or change in such contact information.

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	19.
	Termination:  This Agreement shall remain in effect until (i) the parties mutually agree to terminate the agreement, or (ii) either RSLIC or CMIA gives the other party sixty (60) days or more advance written notice of the party’s intent to terminate this Agreement or that portion of this Agreement pertaining to any one or more of the services or items set forth in Attachment A annexed hereto.

		
	20.
	Settlement on Termination:  No later than sixty (60) days after the effective date of termination of this Agreement, CMIA shall deliver to RSLIC a detailed written statement for all charges incurred and not included in any previous statement to the effective date of termination.  The amount owed or to be refunded hereunder shall be due and payable within thirty (30) days of receipt of such statement.

		
	21.
	Performance Standards:  CMIA agrees that in performing or providing functions or services hereunder, it shall use that degree of ordinary care and reasonable diligence that an experienced and qualified provider of similar services would use acting in like circumstances in such matters and in accordance with the standards, practices and procedures established by CMIA for its own business.  CMIA shall perform services according to servicing standards of RSLIC or such other standards as may be mutually agreed upon by the parties.  CMIA shall comply with all laws, regulations, rules and orders applicable to (i) RSLIC with respect to the services provided hereunder and (ii) CMIA with respect to its own business.  CMIA agrees to maintain sufficient facilities and trained personnel of the kind necessary to perform the services under this Agreement.

		
	22.
	Control:  The performance of services by CMIA for RSLIC pursuant to this Agreement shall in no way impair the absolute control of the business and operations of CMIA or RSLIC by their respective Boards of Directors.  CMIA shall act hereunder so as to assure the separate operating entity of RSLIC.  The business and operations of RSLIC shall at all times be subject to the direction and control of the Board of Directors of RSLIC.

		
	23.
	Governing Law:  This Agreement is made pursuant to and shall be governed by, interpreted under, and the rights of the parties determined in accordance with, the laws of the State of Minnesota.

		
	24.
	Entire Agreement:  This Agreement, together with such amendments as may from time to time be executed in writing by the parties, constitutes the entire agreement and understanding between the parties in respect of the transactions contemplated hereby and supersedes all prior agreements, arrangements and understandings relating to the subject matter hereof.

		
	25.
	Severability:  It is further agreed and understood by the parties hereto that if any part, term or provision of this Agreement should be held unenforceable in the jurisdiction in which either party seeks enforcement of this Agreement, it shall be construed as if not containing the invalid provision or provisions, and the remaining portions or provisions shall govern the rights and obligations of the parties.

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	26.
	Section Headings:  Section headings contained herein are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.

		
	27.
	Counterparts:  This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and enforceable against the parties actually executing such counterpart, and all of which, when taken together, shall constitute one instrument.

		
	28.
	Assignment:  This Agreement will not be assignable without the written consent of the other party.

IN WITNESS THEREOF, the parties hereto have executed the foregoing Agreement.
	
						
	COLUMBIA MANAGEMENT INVESTMENT ADVISERS, LLC
	 
	 

	 
	 
	 

	By:
	/s/ Brian McGrane
	 
	 
	 

	 
	 
	 
	 
	 

	Name:
	Brian McGrane
	 
	 
	 

	 
	 
	 
	 
	 

	Title:
	Executive Vice President
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

8

	
						
	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	RIVERSOURCE LIFE INSURANCE COMPANY

	 
	 
	 
	 

	By:
	/s/ Jon Stenberg
	 
	 
	 

	 
	 
	 
	 
	 

	Name:
	Jon Stenberg
	 
	 
	 

	 
	 
	 
	 
	 

	Title: 
	Executive Vice President
	 
	 
	 

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ATTACHMENT A
		
	1.
	Services:  CMIA shall, pursuant to the terms and conditions of this Agreement, make its employees and facilities available for performance of the following kinds of services, and shall allocate to RSLIC the costs and expenses it incurs in the course of performing such services:

		
	a.
	Processing contract holder activity on investment accounting systems.

		
	b.
	Sending fund level trades to Columbia Management Investment Services Corp. or to the then existing affiliated transfer agent and various non-affiliated fund transfer agents.

		
	c.
	Reconciling accumulation units and general ledger control accounts.

		
	d.
	Reconciling shares to the transfer agents. 

		
	e.
	Calculating accumulation and annuity unit values. Sending values to downstream systems. 

		
	f.
	Completing various general ledger reconciliations. 

		
	g.
	Completing periodic true-ups for breakage between fund net assets and subaccount reserves.

		
	h.
	Performing such other related services as may be agreed to by the parties from time to time.

		
	2.
	 [Intentionally omitted.]

10EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

TERMINATION AGREEMENT 

This TERMINATION AGREEMENT (this “Agreement”), dated as of August 2, 2015, is made and entered into by and between AXIS
Capital Holdings Limited, a Bermuda exempted company (“Axis”) and PartnerRe Ltd., a Bermuda exempted company (“PRE” and, together with Axis, the “parties”). Capitalized terms used herein but not
otherwise defined shall have the meanings ascribed to such terms in the Amalgamation Agreement (as defined below). 
 W I T N E S S E T H:

 WHEREAS, the parties to this Agreement are parties to that certain Agreement and Plan of Amalgamation, dated as of January 25, 2015,
as subsequently amended on February 17, 2015, March 10, 2015, March 31, 2015, May 3, 2015 and July 15, 2015 (as amended, the “Amalgamation Agreement”) pursuant to which PRE and Axis would
amalgamate and continue as a Bermuda exempted company (the “Amalgamation”); 
 WHEREAS, Section 7.1(a) of the
Amalgamation Agreement provides that the Amalgamation Agreement may be terminated by mutual consent of Axis and PRE by action of their respective boards of directors; 

WHEREAS, PRE and Axis have mutually agreed to terminate the Amalgamation Agreement; 

WHEREAS, PRE and Axis have duly approved and adopted this Agreement; and 

WHEREAS, immediately after the execution of this Agreement, PRE intends to enter into an Agreement and Plan of Merger (the “Merger
Agreement”) with Exor N.V., a Dutch public limited liability company (naamloze vennootschap) (“Parent”), Pillar Ltd., a Bermuda exempted company and a wholly owned subsidiary of Parent, solely with respect to
Sections 4.01 to 4.05, Section 6.13 and Section 9.13 of the Merger Agreement, EXOR S.p.A. whereby, among other things, Parent would acquire all outstanding PRE Common Shares for $137.50 per PRE Common Share.

 NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained taken as a whole, the parties
hereto agree as follows: 
 Section 1. Matters Related to the Termination of the Amalgamation Agreement. 

(a) Termination. The parties hereto mutually agree that pursuant to Section 7.1(a) of the Amalgamation Agreement, the
Amalgamation Agreement is hereby terminated, subject to Section 4(a) hereof, effective immediately upon the execution of this Agreement by each of the parties hereto (the “Termination”). 

(b) No Further Obligations. Except with respect to the obligations of the parties set forth in the Confidentiality Agreement and
Section 2 below, neither party shall have any further obligations to the other party under the Amalgamation Agreement or otherwise; and 

 
from and after the effectiveness of this Agreement in accordance with Section 4(a) below, each party shall be free to conduct its business and affairs in the same manner as if the
Amalgamated Agreement had not been executed. 
 (c) Destruction/Return of Evaluation Material. Each party hereto requests of the
other party that (i) such other party and its Representatives (as defined in the Confidentiality Agreement) return or destroy all Evaluation Material (as defined in the Confidentiality Agreement) in accordance with Section 6 of the
Confidentiality Agreement and (ii) an appropriate officer of the other party certifies such return or destruction of the Evaluation Material (as defined in the Confidentiality Agreement) in accordance with Section 6 of the Confidentiality
Agreement. 
 Section 2. Termination Fees. In consideration of the Termination, PRE shall pay to Axis $315,000,000 by wire
transfer in immediately available funds, such wire transfer to be initiated no later than 9:00 a.m. (New York Time) on August 3, 2015, to the account notified in writing by Axis to PRE prior to August 3, 2015 (the “Axis
Account”). 
 Section 3. Mutual Release. 

(a) To the fullest extent permitted by applicable law, PRE, on behalf of itself, its subsidiaries and affiliates and their respective future,
present and former directors, officers, shareholders, partners, members, employees, agents, attorneys, successors and assigns (collectively, the “PRE Parties”), hereby unequivocally, knowingly, voluntarily, unconditionally and
irrevocably waives, fully and finally releases, remises, exculpates, acquits and forever discharges Axis and Axis’ subsidiaries and affiliates and their respective future, present and former directors, officers, shareholders, partners, members,
employees, agents, attorneys, successors and assigns (collectively, the “Axis Parties”) from any and all actions, causes of action, suits, debts, accounts, bonds, bills, covenants, contracts, controversies, obligations, claims,
counterclaims, setoffs, debts, demands, damages, costs, expenses, compensation and liabilities of every kind and any nature whatsoever, in each case whether absolute or contingent, liquidated or unliquidated, known or unknown, and whether arising at
law or in equity, which such PRE Party had, has, or may have based upon, arising from, in connection with or relating to the Amalgamation Agreement, any agreement or instrument delivered in connection therewith or the transactions contemplated
thereby; provided, however, that (i) no party shall be released from any breach of this Agreement or have its respective rights and obligations under this Agreement impaired, and (ii) notwithstanding the termination of the
Amalgamation Agreement, the Confidentiality Agreement will continue in full force and effect in accordance with its terms, and no party to the Confidentiality Agreement shall be released from any actions or claims which may arise thereunder. Each
PRE Party shall refrain from, directly or indirectly, asserting any claim or demand or commencing, instituting, maintaining, facilitating, aiding or causing to be commenced, instituted or maintained, any legal or arbitral proceeding of any kind
against any Axis Party based upon any matter released under this Section 3(a). 
 (b) To the fullest extent permitted by
applicable law, each Axis Party, hereby unequivocally, knowingly, voluntarily, unconditionally and irrevocably waives, fully and finally releases, remises, exculpates, acquits and forever discharges each PRE Party from any and all actions, causes of
action, suits, debts, accounts, bonds, bills, covenants, contracts, controversies, obligations, claims, counterclaims, setoffs, debts, demands, damages, costs, expenses, 

  
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compensation and liabilities of every kind and any nature whatsoever, in each case whether absolute or contingent, liquidated or unliquidated, known or unknown, and whether arising at law or in
equity, which such Axis Party had, has, or may have based upon, arising from, in connection with or relating to the Amalgamation Agreement, any agreement or instrument delivered in connection therewith or the transactions contemplated thereby;
provided, however, that (i) no party shall be released from any breach of this Agreement or have its respective rights and obligations under this Agreement impaired, (ii) nothing contained in this paragraph shall in any way
affect or impair AXIS’ right to receive payment of the amount set forth in Section 2 of this Agreement, and (iii) notwithstanding the termination of the Amalgamation Agreement, the Confidentiality Agreement will continue in full force
and effect in accordance with its terms, and no party to the Confidentiality Agreement shall be released from any actions or claims which may arise thereunder. Each Axis Party shall refrain from, directly or indirectly, asserting any claim or demand
or commencing, instituting, maintaining, facilitating, aiding or causing to be commenced, instituted or maintained, any legal or arbitral proceeding of any kind against any PRE Party based upon any matter released under this
Section 3(b). 
 (c) Representations and Warranties. Each of PRE and Axis hereby represents that the execution, delivery
and performance of this Agreement by it has been duly and validly authorized by all necessary corporate action and no other corporate proceedings by or on the part of it are necessary to authorize this Agreement or to perform its obligations
hereunder; this Agreement has been duly and validly executed and delivered by it, and assuming the due authorization, execution and delivery hereof by the other party hereto, constitutes its legal, valid and binding obligation, enforceable against
it in accordance with the terms hereof, subject to the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to or affecting creditors’ rights generally and general equitable
principles (whether considered in a proceeding in equity or at law). 
 Section 4. General Provisions. 

(a) Effectiveness; Termination. This Agreement shall be deemed to be effective immediately upon the execution of this Agreement by the
parties; provided, that, this Agreement shall automatically terminate and be of no further force and effect if the Merger Agreement is not duly executed by the parties thereto by 9.00 p.m. on August 2, 2015 (New York Time). 

(b) Counterparts. This Agreement may be executed in one or more counterparts, and by the different parties in separate counterparts,
each of which when executed shall be deemed to be an original but all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or electronic-mail
shall be as effective as delivery of a manually executed counterpart of any such Agreement. 
 (c) Assignment. Neither this Agreement
nor any of the rights, interests or obligations arising under this Agreement shall be directly or indirectly assigned, delegated sublicensed or transferred by any of the parties (whether by operation of law or otherwise), in whole or in part, to any
other Person (including any bankruptcy trustee) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of and be enforceable by the parties and their
respective successors and assigns. 

  
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 (d) Entire Agreement; Third Party Beneficiaries. This Agreement and the Confidentiality
Agreement contain the entire agreement between the parties hereto with respect to the subject matter hereof and there are no agreements, understandings, representations or warranties between the parties hereto other than those set forth or referred
to herein or therein. Other than Section 3(a) and Section 3(b) of this Agreement, which are intended to benefit, and be enforceable by, the Axis Parties and PRE Parties, respectively, this Agreement is not intended to confer
upon any person or entity not a party hereto (and their successors and assigns permitted by Section 4(c) of this Agreement) any rights or remedies hereunder. 

(e) Governing Law. This Agreement shall be governed by and construed with regard to, in all respects, including as to validity,
interpretation and effect, the Laws of the State of New York with respect to contracts performed within that state. 
 (f) Consent to
Jurisdiction; Venue. Each party irrevocably and unconditionally consents, agrees and submits to the exclusive jurisdiction of the Supreme Court of Bermuda (and appropriate appellate courts therefrom) (the “Chosen Courts”), for
the purposes of any litigation, action, suit or other proceeding with respect to the subject matter hereof. Each party agrees to commence any litigation, action, suit or proceeding relating hereto only in the Supreme Court of Bermuda, or if such
litigation, action, suit or other proceeding may not be brought in such court for reasons of subject matter jurisdiction, in the other appellate courts therefrom or other courts of Bermuda. Each party irrevocably and unconditionally waives any
objection to the laying of venue of any litigation, action, suit or proceeding with respect to the subject matter hereof in the Chosen Courts, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such
court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum. Each party further irrevocably and unconditionally consents to and grants any such court jurisdiction over the Person of such parties
and, to the extent legally effective, over the subject matter of any such dispute and agrees that mailing of process or other documents in connection with any such action or proceeding in the manner provided in Section 8.2 of the Amalgamation
Agreement or in such other manner as may be permitted by applicable Law, shall be valid and sufficient service thereof. The parties agree that a final judgment in any such litigation, action, suit or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by applicable Law. 

  
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 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be executed on the
date first written above. 
  

					
		 	AXIS CAPITAL HOLDINGS LIMITED
		
	By:	 	 /s/ David Phillips

		 	Name:	 	David Phillips
		 	Title:	 	Executive Vice President and Chief Investment Officer
		
		 	PARTNERRE LTD.
		
	By:	 	 /s/ David Zwiener

		 	Name:	 	David Zwiener
		 	Title:	 	President and Chief Executive Officer

 [Signature Page to the Termination Agreement]

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