Document:

EX 10.55 Q4 2012

Exhibit 10.55

Amendment No. 2 To
FURTHER Amended and Restated Employment Agreement
February 19, 2013
This Amendment to the Agreement (defined below) is entered into as of February 19, 2013, by and among RenaissanceRe Holdings Ltd. (the “Company”) and Neill A. Currie (“Employee”).  All terms not defined herein shall have the meaning ascribed to them in the Agreement.
WHEREAS, the Company and Employee are parties to that certain further amended and restated employment agreement dated as of February 19, 2009, as amended January 8, 2010 (the “Agreement”), which governs Employee's employment with the Company; and
WHEREAS, the Company and Employee desire to amend the Agreement as set forth herein.
NOW, THEREFORE, in consideration of the mutual promises and considerations contained in this Amendment and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the parties agree as follows:
The following provision shall be added as a new Section 4(f) of the Agreement:
“(f) Special Treatment of Certain Equity Awards Upon a Change in Control. Upon the occurrence of a Change in Control, provided Employee remains employed by the Company through the date of such Change in Control, all Awards consisting of restricted stock that as of their date of grant were subject to both service- and performance-based vesting requirements (other than the Special Equity Grant which shall be governed by Section 4(e)(x)) shall immediately fully vest based on target level attainment of the performance goals applicable to such Awards, or if greater, based on pro-forma performance over the entire performance period extrapolated from the performance run rate through the end of the fiscal year immediately preceding the year in which such Change in Control occurred.”
Section 8(b)(vi) of the Agreement shall be amended in its entirety to read as follows:
“(A) Vesting, as of the date of termination, of all Awards, other than (i) the Special Equity Grant, which shall be governed by Section 4(e)(viii), and (ii) Awards consisting of restricted stock that as of their date of grant were subject to both service- and performance-based vesting requirements, which shall either (1) if, as of the date of such termination, the applicable performance period has expired, vest immediately based on the actual level of attainment of the applicable performance goals without regard to such termination of employment, or (2) if, as of the date of such termination, the applicable performance period has not expired, vest immediately on a pro rata basis based on the number of days elapsed from the commencement of the applicable performance period through and including the date of such termination, based on target level attainment of the performance goals applicable to such Awards, and (B) any Awards that are stock options shall remain outstanding until the earliest of (x) exercise, (y) the expiration of the original term and (z) the fifth anniversary of the date of termination.”
Section 8(d)(vii) of the Agreement shall be amended in its entirety to read as follows:

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Exhibit 10.55

“(A) Vesting, as of the date of termination, of all Awards, other than (i) the Special Equity Grant, which shall be governed by Section 4(e)(viii), and (ii) Awards consisting of restricted stock that as of their date of grant were subject to both service- and performance-based vesting requirements, which shall either (1) if, as of the date of such termination, the applicable performance period has expired, vest immediately based on the actual level of attainment of the applicable performance goals without regard to such termination of employment, or (2) if, as of the date of such termination, the applicable performance period has not expired, vest immediately on a pro rata basis based on the number of days elapsed from the commencement of the applicable performance period through and including the date of such termination, based on target level attainment of the performance goals applicable to such Awards, and (B) any Awards that are stock options shall remain outstanding until the earliest of (x) exercise, (y) the expiration of the original term and (z) the day prior to the second anniversary of the date of termination.”
The first sentence of Section 8(f)(iii) shall be amended in its entirety to read as follows:
“If such termination is a Retirement (A) any Awards which are stock options and which have been held by Employee for at least one year at the time of Retirement (1) and which are unvested at the date of termination shall continue to vest as if Employee had remained employed through the applicable vesting period, and (2) shall remain outstanding until the earliest of (x) exercise, (y) the expiration of the original term and (z) the day prior to the fifth anniversary of the date of termination, and (B) any Awards consisting of restricted stock that as of their date of grant were subject to both service- and performance-based vesting requirements (other than the Special Equity Grant, which shall be governed by Section 4(e)(ix)) shall either (1) if, as of the date of such termination, the applicable performance period has expired, vest immediately based on the actual level of attainment of the applicable performance goals without regard to such termination of employment, or (2) if, as of the date of such termination, the applicable performance period has not expired, remain outstanding through the last day of the applicable performance period without regard to such termination of employment and vest on a pro rata basis based on the number of days elapsed from the commencement of the applicable performance period through and including the date of such termination, if at all, based on the actual level of attainment of the applicable performance goals.”
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Except as otherwise specifically set forth herein, all terms and provisions of the Agreement shall continue in full force and effect.
IN WITNESS WHEREOF, the parties have executed this Amendment to the Agreement as of the date first set forth above.
/s/ Neill A. Currie                         
Neill A. Currie

/s/ Stephen H. Weinstein              
RenaissanceRe Holdings Ltd.
By:Stephen H. Weinstein
Title: Senior Vice President, General Counsel, Chief Compliance Officer, and Secretary 

2EX 10.56 Q4 2012

Exhibit 10.56

[FORM OF AGREEMENT REGARDING USE OF AIRCRAFT INTEREST]
THIS AGREEMENT REGARDING USE OF AIRCRAFT INTEREST (the “Agreement”) is entered into as of this [___] day of [_______] 201[_], by and between RenaissanceRe Holdings Ltd. (the “Company”), and [_______] (“Executive”).
RECITALS
A.Whereas, RenaissanceRe Holdings Ltd. (the “Company”) owns an interest in the use of an aircraft (the “RenRe Aircraft Interest”) operated through a NetJets Aviation Inc. (“NetJets”) program; and
B.    Whereas, Executive is permitted to use the RenRe Aircraft Interest for Executive’s personal use under Executive’s employment arrangements with the Company for up to [__]-hours per year for personal travel (the “Cap”); and
C.    Whereas, from time to time, the RenRe Aircraft Interest is not fully utilized by the Company or by the Company’s executives pursuant to their respective employment arrangements (such available use, the “Available Hours”); and 
D.    Whereas, the Compensation Committee of the Board of Directors of the Company believes it is in the best interests of the Company to allow Executive to utilize Available Hours in respect of the RenRe Aircraft Interest in addition to the Cap, provided that (i) the Company, in its sole discretion, determines at the time of Executive’s request, to allow Executive use of a portion of the Available Hours and (ii) Executive pays in full and in advance the aggregate incremental cost incurred by the Company in connection with any such hours beyond the Cap in a manner that complies with the relevant provisions of the Sarbanes-Oxley Act of 2002 and Federal Aviation Administration (“FAA”) regulations.
NOW, THEREFORE, the parties, intending to be legally bound, hereby agree as follows:
1.    Part 135 Instruction.  Subject to Sections 3 and 4, the Company agrees to provide a standing instruction to NetJets to ensure that, and Executive agrees that, any flight taken by Executive pursuant to the RenRe Aircraft Interest for Executive’s personal use will be pursuant to Part 135 of the Federal Aviation regulations.
2.    Payment for Flights.  Subject to Section 3, Executive agrees to fund a Company account with cash in an amount of not less than $[_______], which cash may be drawn upon at any time by the Company to cover the aggregate incremental cost incurred by the Company in connection with any hours of flight taken by Executive pursuant to the RenRe Aircraft Interest for Executive’s personal use beyond the Cap. To the extent the Company withdraws cash from the account to cover the aggregate incremental cost of any flight in accordance with this Section 2, Executive shall deposit an amount of money into the account so that it again contains an aggregate amount of not less than $[_______].  “Aggregate incremental cost” shall be calculated in the same manner as prescribed by Regulation S-K and the rules and other guidance of the Securities and Exchange Commission.
3.    Applicability of Provisions.  The provisions of Sections 1 and 2 of this Agreement shall only apply in instances in which Executive uses the RenRe Aircraft Interest for personal use and only for hours flown for Executive’s personal travel in excess of the Cap during the year.

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Exhibit 10.56

4.    Company Discretion.  The Company reserves the right, at any time and from time to time, to refuse Executive’s request to use Available Hours for reasons determined by the Company in its sole discretion, including, without limitation, that the proposed use would interfere with or affect other anticipated use of the RenRe Aircraft Interest.
5.    Severability.  Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision hereof shall be held to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions hereof
6.    General.
(a)    This Agreement shall be governed by and construed in accordance with the laws of Bermuda.
(b)    Neither this Agreement nor any rights or obligations hereunder shall be assigned or transferred by Executive.
(c)    This Agreement shall be binding upon and inure to the benefit of Executive and the Company and its successors and assigns.
(d)    No amendment, modification or termination of this Agreement shall be effective unless in writing signed by both parties hereto.
(e)    This Agreement may be executed and delivered in one or more counterparts, each of which when executed and delivered shall be deemed to be an original but all of which when taken together shall constitute one and the same Agreement.
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[Signatures appear on following page.]

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Exhibit 10.56

IN WITNESS WHEREOF, the parties hereto have entered into this Agreement effective as of the date first above written.
RENAISSANCERE HOLDINGS LTD.
		
	By
	______________________________

Name:
Title:

__________________________________

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