Document:

Employment Agreement

 Exhibit 10.19 
  
 Employment Agreement Between Regeneration Technologies, Inc. and Mr. Roger Rose  

 
 EMPLOYMENT AGREEMENT 
  
 This EMPLOYMENT AGREEMENT (“Agreement”) is made and entered
into on October 4, 2002, by and between REGENERATION TECHNOLOGIES, INC. (“Regeneration Technologies”), a Delaware corporation having its principal address at 2 Innovation Drive, Alachua, Florida 32615 and Roger Rose
(“Executive”). Regeneration Technologies and the Executive are collectively referred to as the “Parties” throughout this Agreement. For purposes of this Agreement, Regeneration Technologies includes any and all of its
subsidiaries, affiliates, and any other company or entity owned and/or operated in whole or in part by any officer or director of Regeneration Technologies. 
  
 INTRODUCTION 
  
 Regeneration Technologies operates a tissue processing / manufacturing facility and desires to employ the Executive. The Executive desires to accept
employment during the term of this Agreement upon the terms and conditions in this Agreement. 
  
 In consideration of the covenants, mutual promises, representations, and understandings in this Agreement, the Parties agree as follows: 
  

	 	1.	EMPLOYMENT. 

  
 Regeneration Technologies agrees to employ or continue to employ the Executive and the Executive agrees to accept employment or to continue in the
employment of Regeneration Technologies. Executive shall be the Vice President of Donor Services of Regeneration Technologies during the term of this Agreement. The duties of the Executive shall be those of a 
  

	
	
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 Vice President of Donor Services, subject to the directions and control of Regeneration Technologies’ Board of
Directors, in conjunction with Executive, from time to time and as needed. 
  

	 	2.	TERM OF AGREEMENT. 

  
 This Agreement shall become effective as of the date first written above, and shall cover the period of employment commencing on October 21, 2002, to
October 20, 2004, unless this Agreement is terminated earlier as hereinafter provided. This Agreement shall automatically renew for successive one (1) year periods unless either party gives written notice of his or its intent not to renew this
Agreement at least sixty days prior to the expiration of the then-current term of this Agreement. 
  

	 	3.	COMPENSATION. 

  

	 	a.	Annual Salary. 

  
 Regeneration Technologies shall pay to the Executive as compensation for the Executive’s services $6,730.77 computed bi-weekly from an annual figure
of $175,000 for the first one (1) year of this Agreement, payable in accordance with the standard payroll policies of Regeneration Technologies. Thereafter, the Executive’s salary shall be reviewed annually by Regeneration Technologies’
Board of Directors and may be adjusted upward by the Board, but not downward unless the Company makes across the board reductions to all officers. 
  

	 	b.	Performance Bonus. 

  
 To provide a greater incentive for the Executive, a cash bonus shall be paid to the Executive during the first calendar quarter of each year of this
Agreement, commencing in 2003, and based upon the performance of Regeneration Technologies and the performance of the Executive during 

  

			
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the preceding year; provided, however, that the payment of any such bonus and the amount shall be within the sole discretion of Regeneration
Technologies’ Board of Directors, subject to the following limitations on discretion. Bonuses for all years of this Agreement shall be guided by the achievement of mutually agreed upon Company plans and targets. This will be prorated for the
year 2002, from the Executive’s employment date of October 21, 2002. In the event that Executive meets the agreed upon Company plans and targets for any given year, then his bonus target shall be $50,000. 
  

	 	c.	Stock Options. 

  
 Sign-On Stock Options: The Executive shall be granted options to purchase shares of common stock of Regeneration Technologies, Inc. in the amount
of 100,000 shares at an exercise price based on the fair market value at the close of business on October 21, 2002, or the Executive’s first day of employment if different than this date, subject to such vesting and other requirements as are
set forth herein and in the Omnibus Stock Plan, the Employee Restricted Stock Agreement and the Incentive Stock Option Grant Agreement between Regeneration Technologies and the Executive as additional consideration for services rendered to
Regeneration Technologies. 
  

	 	d.	Business Expenses. 

  
 Except as otherwise provided in this Agreement, Regeneration Technologies shall pay, either directly or by reimbursement to the Executive, such reasonable
and necessary business expenses incurred by the Executive in the course of his employment by Regeneration Technologies as are consistent with Regeneration Technologies’ policies in existence from time to time, subject to such dollar limitations
and verification and record keeping requirements as may be established from time 

  

			
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to time by Regeneration Technologies. This shall include providing business equipment for the Executive’s home office as needed and coverage of expenses
associated with home-based office activities. As the Executive expects to travel from Michigan to Alachua, Florida for business on a regular basis, the Company has agreed to provide the coverage of all expenses related to the travel including (1)
airfare; (2) use of the Corporate Apartment, with housekeeping services; (3) rental car expenses; (4) utility expenses. The Executive will be responsible for all meals except those for business purposes or while traveling on Company business.

  

	 	e.	Sign-On Bonus. 

  
 Regeneration Technologies shall pay Executive a one-time sign-on bonus “grossed-up” to equal $40,000, after deductions for all applicable taxes
and charges, on or before February 1, 2003. 
  

	 	f.	Temporary Housing and Moving Expenses. 

  
 If the Executive decides to relocate, Regeneration Technologies will reimburse or advance all reasonable and necessary costs and expenses associated with
the relocation of Executive and his family to the Alachua or Gainesville, Florida area. Such reimbursements will take into account the tax consequences of any non-deductible monies, such that all reimbursements or items of imputed income will also
include monies sufficient to cover the state and federal tax liabilities associated with such payments (i.e., these payments will be “grossed-up”), and such reimbursements shall be made within thirty (30) days of the presentment of
invoices for same. 
  

	 	g.	Matching Contributions to The Company’s Defined Contribution Plan. 

  
 Regeneration Technologies shall match all of Executive’s contributions to the Company’s 401(k) retirement plan, on
a dollar for dollar basis, up to six percent (6%) of Executive’s salary, 

  

			
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based upon the current plan design provisions, but only to the maximum excludable dollar amount permitted by the then-current applicable Internal Revenue
Code and Regulations for qualified plans. The Executive must complete one (1) year of Company service to be eligible for the Company matching contribution, but may begin 401k participation upon date of hire according to current plan provisions. In
addition, Executive will be able to participate in any non-qualified retirement plans established for highly compensated employees, as of the date of the establishment of any such plans. All benefit plans may be reviewed occasionally and are subject
to revision. The 401(k) retirement plan design will be the defining document for all future benefits. 
  

	 	h.	Employee Benefits. 

  
 The Executive shall be entitled to such vacation days, sick days, insurance and other employee benefit programs as are established for all other key
executives of Regeneration Technologies, on the same basis as such other key executives are entitled thereto. It is understood that the establishment, change or termination of any such employee benefit programs is within the sole discretion of
Regeneration Technologies and that any such termination or change in any such program shall not affect this Agreement. In addition to the employee benefits provided to all other similarly situated employees, Regeneration Technologies shall pay 100%
of the premiums for Company-provided health and dental plans, the cost of an Executive Physical at least annually, and term life insurance in the amount of $500,000 payable to the beneficiary(ies) of Executive’s choosing. 
  

			
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	 	4.	DEVOTION TO EMPLOYMENT. 

  
 During the term of this Agreement, the Executive shall devote his full time to Regeneration Technologies and the Executive shall not engage in any other
gainful employment without the written consent of Regeneration Technologies. Nothing in this Agreement shall prohibit the Executive, however, from investing or trading in stocks, bonds, commodities, or other forms of investments in other companies
or entities so long as such investments shall not constitute a conflict of interest. 
  

	 	5.	TERMINATION OF EMPLOYMENT. 

  

	 	a.	Voluntary Termination. 

  
 Either the Executive or Regeneration Technologies may voluntarily terminate the Executive’s employment with Regeneration Technologies at any time, by
delivering to the other party written notice of such intention not less than thirty (30) days prior to the effective date of termination. In the event that Executive voluntarily terminates this Agreement, he shall be entitled only to his vested and
accrued salary and other benefits otherwise due him through his last day on payroll. In the event that Regeneration Technologies, Inc. terminates Executive’s employment for any reason other than for “Cause” (as set forth in Section b
below), then Regeneration Technologies, Inc., shall pay to Executive his regular salary, and the cash value of health, welfare and 401(k) contributions ordinarily made by Regeneration Technologies, Inc., on Executive’s behalf, for the payout
period. In the case of termination within the first year of this Contract the payout period shall be for the remainder of the first year and an additional year and five (5) days; otherwise, the payout period shall be for a period of one year from
the date of termination of Executive’s employment. Executive shall also continue to vest during the payout period in all previously granted stock options then outstanding. 

  

			
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Executive shall not be entitled to accrue additional unearned bonuses or stock options for the payout period. 
  

	 	b.	Termination For Cause. 

  
 Regeneration Technologies may immediately terminate the Executive’s employment (and, except as otherwise specifically provided hereunder, this Agreement) for cause
by giving written notice (without regard to the thirty (30) day notice period provided in paragraph a above) of such termination to Executive specifying the grounds therefor. The decision to terminate Executive’s employment for cause shall be
made at the sole discretion of the Board of Directors of Regeneration Technologies. A termination for cause shall consist of one or more of the following events: 
  

	 	(i)	The conviction of a felony involving theft, fraud, or embezzlement; 

  

	 	(ii)	Deliberate and continuous neglect of Executive’s duties as an employee and executive of Regeneration Technologies, but only after notice to Executive of such dereliction of
duty, and an opportunity to cure of at least thirty (30) days; or 

  

	 	(iii)	Violating the covenants set forth in Paragraphs 6, 7, 9, 10 and 11 of this Agreement. 

  

	 	c.	Termination Upon Death, Incompetency, or Disability. 

  
 Regeneration Technologies shall have the right to terminate the Executive’s employment with Regeneration Technologies (and, except as otherwise
specifically provided hereunder, this Agreement) immediately and without prior written notice to the Executive as required by paragraph “a” above in the event that the Executive dies, is adjudicated incompetent, or is permanently 

  

			
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disabled, as defined by this Agreement. In this Agreement, the term permanently disabled shall mean that the Executive is unable to perform adequately his or
her regular duties under this Agreement as a result of sickness or accident and such disability condition appears to be permanent. The determination of permanent disability shall be made by Regeneration Technologies’ Board of Directors based
upon physician supported evaluations as provided to the Regeneration Technologies, Inc. Board of Directors after consultation with the Executive’s primary physician. 
  

	 	6.	CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY. 

  
 The Executive acknowledges, recognizes and understands that, in connection with the Executive’s employment with Regeneration Technologies, the
Executive has and will have access to certain proprietary, sensitive and confidential information of Regeneration Technologies including but not limited to: the identity of Regeneration Technologies’ clients, prospective clients, and other
client information; the existence of negotiations with prospective clients of Regeneration Technologies; marketing data and plans; financial information and financial data not publicly disclosed; all drawings, records, sketches, and models; trade
secrets and trade secrets relating to services of Regeneration Technologies; and, products sold or being developed by Regeneration Technologies (“Confidential Information”). 
  
 Executive also acknowledges, recognizes and understands that Regeneration Technologies owns or has access to various types
of intellectual property that are protected or may be protected by copyright, trademark, patent, trade secret, or other laws. The types of intellectual property that 

  

			
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are considered proprietary to Regeneration Technologies and that must be protected include but are not limited to: patent applications; trademarks; programs;
source and relocatable code for all programs; engineering, research, and technical documents; unpublished product specifications; products sold or under development; and, information belonging to other companies that is provided to Regeneration
Technologies under confidentiality agreements (“Intellectual Property”). 
  
 The Executive acknowledges and agrees that the maintenance of the confidentiality of the Confidential Information and Intellectual Property and restrictions on the use of the Confidential Information and Intellectual
Property is essential to Regeneration Technologies. The provisions of this Paragraph 6 shall survive the termination of Executive’s employment with Regeneration Technologies. 
  

	 	7.	NON-DISCLOSURE OF CONFIDENTIAL INFORMATION AND INTELLECTUAL PROPERTY. 

  
 The Executive shall not, during or after the termination of his employment with Regeneration Technologies: (a) directly or
indirectly publish, disclose, reproduce, record, make facsimiles of, abstract, summarize, remove, make accessible, or misappropriate any Confidential Information or Intellectual Property as defined under this Agreement, to any person (including
family members and friends), firm, corporation, or association or other entity, competitor or third party, for any reason whatsoever; or, (b) use, keep, or otherwise deal in or with such Confidential Information or Trade Secrets, except during
employment with Regeneration Technologies and for the benefit of Regeneration Technologies, without prior written permission of the Board of Directors of Regeneration Technologies. The Executive agrees not to disclose any Confidential Information or
Intellectual Property to other employees of Regeneration Technologies or to any third parties, except 

  

			
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on a need to know basis for the benefit of Regeneration Technologies or as authorized by the Board of Directors of Regeneration Technologies. 
  
 All of the Confidential Information or Intellectual Property listed in
Paragraph number six (6) above is, and shall remain, the exclusive property of Regeneration Technologies, and shall not be removed from Regeneration Technologies’ premises, without the prior written consent of the Board of Directors of
Regeneration Technologies. The Executive shall return all tangible items containing Confidential Information and Intellectual Property described in Paragraph number six (6) prior to or at the termination of his employment with Regeneration
Technologies. The Executive agrees that he is under no obligation to any former employer which is in any way inconsistent with this Agreement or which imposes any restriction on Regeneration Technologies or the Executive. The Executive also
acknowledges that he has been instructed by Regeneration Technologies that during his employment with Regeneration Technologies, he is not to divulge to Regeneration Technologies, its employees, or its consultants, any confidential information or
intellectual property obtained by the Executive from any previous employers, entities, or persons. The provisions of this Paragraph 7 shall survive the termination of Executive’s employment with Regeneration Technologies and the termination of
this Agreement. 
  

	 	8.	IRREPARABLE HARM. 

  
 The Executive acknowledges and agrees that any disclosure of Confidential Information and Intellectual Property delineated in paragraph number six (6) by
the Executive would cause severe and irreparable harm to Regeneration Technologies. In the event there is a breach or a threatened breach by the Executive of the Non-Disclosure provisions of this Agreement, Regeneration 

  

			
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Technologies shall be entitled to an injunction restraining the Executive from disclosing, in whole or in part, such Confidential Information and
Intellectual Property or from rendering a service to any person, firm, corporation, association, or other entity, to whom such information has been disclosed and to recover all costs of pursuing such remedy, including reasonable attorneys’
fees, costs, and expenses. Nothing in this Agreement shall be construed as prohibiting Regeneration Technologies from pursuing other remedies as may be available to it for the Executive’s breach or threatened breach, including recovery of
damages from the Executive. The provisions of this Paragraph 8 shall survive the termination of Executive’s employment with Regeneration Technologies and the termination of this Agreement. 
  

	 	9.	EXECUTIVE DEVELOPMENTS. 

  
 The Executive is aware and understands that during the term of the Executive’s employment with Regeneration Technologies or with the financial and
other assistance that may be provided by Regeneration Technologies, the Executive may invent, create, develop, and improve certain valuable property such as, but not limited to, patents, trademarks, inventions, other patentable inventions and other
trade secrets and formula (“Employee Developments”). The Executive agrees that all Employee Developments that may be developed or produced by the Executive during the Executive’s employment by Regeneration Technologies are and will be
the property of Regeneration Technologies and that the Executive further agrees that he will, at the request of Regeneration Technologies, execute such documents Regeneration Technologies may reasonably request from time to time, to assign and
transfer all of the right, title and interest in Employee Developments that are the property of Regeneration Technologies to Regeneration Technologies and he will cooperate 

  

			
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with Regeneration Technologies in connection with any patent applications. In this regard, the Executive will, at all times, fully advise and inform
Regeneration Technologies of all matters that the Executive may be developing or working on while employed by Regeneration Technologies. The Executive further agrees that upon the termination of his employment with Regeneration Technologies for any
reason whatsoever, the Executive shall immediately deliver and surrender to Regeneration Technologies any and all plans, documents and other materials of any nature relating to the Employee Developments. Regeneration Technologies may provide
additional compensation to the Executive as consideration for Employee Developments in accordance with any patent policy of Regeneration Technologies. The provisions of this Paragraph 9 shall survive the termination of Executive’s employment
with Regeneration Technologies and the termination of this Agreement. 
  

	 	10.	NON-COMPETITION. 

  
 Executive recognizes that Regeneration Technologies, Inc. possesses several valuable and legitimate business interests such as Confidential Information
and Intellectual Property as defined in paragraph 6, above, substantial relationships with current or prospective customers, clients or vendors, and customer, client or vendor goodwill associated with Regeneration Technologies, Inc. business. In
recognition of these interests, the Exeuctive’s exposure to these interests, in the event of the termination of the Executive’s employment with Regeneration Technologies either by Regeneration Technologies for cause or voluntarily by the
Executive, the Executive agrees that for a period of two (2) years following the effective date of the termination, the Executive will not engage in or be associated with or employed by any “Licensed Tissue Bank” organization, which
engages in the business of recovery, procurement, manufacturing, or distributing products, from bone 

  

			
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tissue in the United States. The Licensed Tissue Bank organizations that Executive specifically agrees not to become employed by or in any way associate with
for a two (2) year period following the effective date of Executive’s termination are as follows: Southeast Tissue Alliance, Inc. (University of Florida Tissue Bank), Tutogen Medical, Inc., Musculoskeletal Transplant Foundation; CryoLife;
LifeCell; Allosource; Tissue Banks International; Osteotech, Inc.; LifeLink Tissue Bank; Life Net; Community Tissue Services; American Red Cross; BioGenetics; and, Cryogenic. The Executive also agrees that for a two (2) year period following the
effective date of Executive’s termination not to participant in, assist with or in any way become associated with or employed by any new start up venture that the parties agree in advance is or will be engaged in the business of a Licensed
Tissue Bank, or which Regeneration Technologies, Inc., reasonably designates as a Licensed Tissue Bank. 
  
 This limitation of employment excludes any and all non-biologic implantable medical devices. 
  
 In the event of the termination of the Executive’s employment with Regeneration Technologies by Regeneration
Technologies without cause, the Executive agrees that for a period of one (1) year following the effective date of such termination, the Executive will not engage in or be associated with or be employed by any “Licensed Tissue Bank”
organization, which engages in the business of recovery, procurement, manufacturing or distributing products from bone tissue within the United States. The Licensed Tissue Bank organizations that Executive specifically agrees not to become employed
by or associated with for a one (1) year period following the effective date of Executive’s termination without cause are as follows: Southeast Tissue Alliance, Inc. (University 

  

			
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of Florida Tissue Bank), Tutogen Medical, Inc., Bank Musculoskeletal Transplant Foundation; CryoLife; LifeCell; Allosource; Tissue Banks International;
Osteotech, Inc.; LifeLink Tissue Bank; Life Net; Community Tissue Services; American Red Cross; BioGenetics; and, Cryogenic. The Executive also agrees that for a one (1) year period following the effective date of Executive’s termination
without cause not to participant in, assist with or in any way become associated with or employed by any new start up venture that the parties agree in advance is or will be engaged in the business of a Licensed Tissue Bank. This limitation of
employment excludes any and all non-biologic implantable medical devices. 
  
 The Executive acknowledges that this restrictive covenant is reasonably necessary to protect Regeneration Technologies’ legitimate business interests, which are represented by, among other things, the substantial
relationships between Regeneration Technologies and its licensees and tissue sources, as well as the goodwill established by Regeneration Technologies with licensees and tissue sources in the United States and other countries where Regeneration
Technologies’ tissues are distributed over a protracted period, specialized training, and other legitimate business reasons. 
  
 The Executive recognizes that Regeneration Technologies would not sign this Agreement without the inclusion of this covenant, and the Executive confirms
the sufficiency of the consideration received by the Executive, in the form of employment or continued employment by Regeneration Technologies, in accepting this covenant as a material term of this Agreement. The provisions of this Paragraph 10
shall survive the termination of Executive’s employment with Regeneration Technologies and the termination of this Agreement. 
  

			
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	 	11.	NON-SOLICITATION. 

  
 The Executive agrees during his employment with Regeneration Technologies, and for a period of two (2) years from the termination date of his employment
with Regeneration Technologies, not to: (a) solicit any employee of Regeneration Technologies, or any subsidiary or affiliate of Regeneration Technologies, or otherwise induce or attempt to induce any employee of Regeneration Technologies to leave
the employment of Regeneration Technologies; or (b) directly or indirectly attempt to solicit any client or customer of Regeneration Technologies, or any client or customer of any subsidiary or affiliate of Regeneration Technologies, or directly or
indirectly interfere with Regeneration Technologies’ relationship, or any subsidiary’s or affiliate’s relationship, with any of its clients or customers. The provisions of this Paragraph 11 shall survive the termination of
Executive’s employment with Regeneration Technologies and the termination of this Agreement. 
  

	 	12.	REMEDIES FOR BREACH OF LIMITATION OF EMPLOYMENT AND NON-SOLICITATION. 

  
 It is understood and agreed by the Parties that Regeneration Technologies shall be entitled, upon application to a court of
competent jurisdiction, to obtain injunctive relief to enforce the provisions of Paragraphs 10 and 11, which injunctive relief shall be in addition to any other rights or remedies available to Regeneration Technologies. If such a violation occurs,
the Executive shall be responsible for the payment of reasonable attorneys’ fees and other costs and expenses incurred by Regeneration Technologies in enforcing the covenants contained in Paragraphs 10 and 11, whether incurred at the trial
level or in any appellate proceeding. 
  

			
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	 	13.	NON-DISPARAGEMENT. 

  
 While employed by Regeneration Technologies or any affiliate of Regeneration Technologies and, provided Regeneration Technologies has complied with its
obligations hereunder, after the Executive’s employment terminates for whatever reason, the Executive agrees not to disparage, denigrate, or comment negatively upon, either orally or in writing, Regeneration Technologies, or any of its
affiliates, officers, or directors, to or in the presence of any person or entity. 
  

	 	14.	INVALID PROVISION. 

  
 In the event any provision of this Agreement should be or become invalid or unenforceable, the invalid provision shall not affect the validity and
enforceability of any other provision of this Agreement. Similarly, if the scope of any restriction or covenant contained in this Agreement should be or become too broad or extensive to permit enforcement of the covenant or provision to its full
extent, then any restriction or covenant shall be enforced to the maximum extent permitted by law. The Executive consents and agrees that the scope of any restriction or covenant may be modified accordingly in any judicial proceeding brought to
enforce the restriction or covenant. 
  

	 	15.	ARBITRATION. 

  
 Any dispute or controversy arising under or in connection with this Agreement shall be settled exclusively by arbitration conducted before a panel of
three (3) arbitrators in the State of Florida in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. The Company shall bear the
expense of any arbitration proceeding and shall reimburse Executive for all reasonable costs and expense, including reasonable attorneys’ fees and expenses, if Executive is the prevailing party. 
  

			
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	 	16.	APPLICABLE LAW AND VENUE. 

  
 This Agreement shall be interpreted under and governed by the laws of the State of Florida, without regard to choice of law provisions. 
  

	 	17.	COMPLETE AGREEMENT. 

  
 The Executive acknowledges and agrees that no representation, promise, or agreement regarding the subject matter of this Agreement has been made to or
with the Executive that is not provided for in this Agreement. This Agreement represents the complete Agreement between Regeneration Technologies and the Executive regarding the subject matter of this Agreement. Any representations or agreements
regarding the subject matter of this Agreement not explicitly included in this Agreement are considered waived and/or merged into this Agreement, and are thus unenforceable. Any previous agreements between Regeneration Technologies and the Executive
regarding the subject matter of this Agreement are superseded by the execution of this Agreement, and shall lack any continuing force or effect. 
  

	 	18.	AMENDMENTS OR MODIFICATIONS. 

  
 No amendments or modifications to this Agreement shall be binding on any of the Parties unless such amendment or modification is in writing and executed
by all of the Parties to this Agreement. 
  

	 	19.	SUCCESSORS AND ASSIGNS. 

  
 This Agreement shall be binding upon and inure to the benefit of the Parties hereto, and, as to Executive, his legal heirs, successors and assigns.

  

			
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	 	20.	CONSTRUCTION. 

  
 The Executive agrees and understands that the headings and captions of this Agreement are provided for convenience only and are intended to have no effect
in construing or interpreting this Agreement. The language in all parts of this Agreement shall be construed according to its fair meaning and not strictly for or against Regeneration Technologies or the Executive. 
  

	 	21.	NON-WAIVER. 

  
 The failure of Regeneration Technologies or the Executive in any instance to exercise any right, power, or privilege under this Agreement or under law
shall not constitute a waiver of any other right, power, or privilege. All waivers by either Regeneration Technologies or the Executive must be contained in writing signed by the party to be charged, and in the case of Regeneration Technologies, by
a member of the Board of Directors of Regeneration Technologies. 
  

	 	22.	READ AND UNDERSTAND. 

  
 The Parties to this Agreement represent and agree that they have carefully read and fully understand all of the provisions of this Agreement and that they
are entering into this Agreement with the intent to be bound by its terms and conditions. The Executive represents and agrees that his initials on each page of this Agreement is irrefutable evidence that he has read and fully understands all of the
provisions of this Agreement. 
  
 IN THE PRESENCE OF WITNESSES,
the Parties execute this nineteen (19) page Agreement. 
  
 DATED this 21st day of October 2002.

  

			
	Executive:	  	 On Behalf of REGENERATION
 TECHNOLOGIES,
INC.:

  

			
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	 Name:
	 	 Roger Rose
	 	 	 	 Name:
	 	 Brian K. Hutchison

					
	Signature:	 	/s/    ROGER W. ROSE JR.        	 	 	 	Signature:	 	/s/    BRIAN K. HUTCHISON        
	 	 	
	 	 	 	 	 	

	 Title:
	 	Vice President of Donor Services	 	 	 	 Title:
	 	President and CEO
					
	 Date:
	 	 10-21-02
	 	 	 	 Date:
	 	 10/21/02

  

									
	Witness:	 	 	 	Witness:
					
	 Name:
	 	 Thomas F. Rose
	 	 	 	 Name:
	 	 Thomas F. Rose

					
	 Date:
	 	 10/21/02
	 	 	 	 Date:
	 	 10/21/02

  

			
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	Page 19 of 19Executive Severance Agreement between ACE Limited and Philip Bancroft

 Exhibit 10.1 
  
 ACE LIMITED 
 EXECUTIVE SEVERANCE AGREEMENT 
  
 THIS
AGREEMENT, effective as of this 2nd day of January, 2002, is made by and between ACE Limited, a Cayman Islands company (the “Company), and Philip Bancroft (the “Executive”). 
  
 WHEREAS, the Company considers it essential to foster the continued
employment of well qualified, senior executive management personnel; and 
  
 WHEREAS, the Company has determined that appropriate steps should be taken to foster such continued employment by setting forth the benefits and compensation to be awarded to such personnel in the event of a
voluntary or involuntary termination within the meaning of this Agreement; and 
  
 WHEREAS, the Company further recognizes that the possibility of a Change in Control of the Company exists and that such possibility, and the uncertainty and questions that it may raise among executive
management, may result in the departure or distraction of executive personnel to the detriment of the Company; and 
  
 WHEREAS, the Company has further determined that appropriate steps should be taken to reinforce and encourage the continued attention and
dedication of members of the Company’s executive management, including the Executive, to their assigned duties without 

 distraction in the face of potentially disturbing circumstances arising from the possibility of a Change in Control;

  
 NOW, THEREFORE, in consideration of the promises and
the mutual covenants herein contained, the Company and the Executive hereby agree as follows: 
  
 1. Term of Agreement. The term of this Agreement shall be for a rolling, three (3) year term commencing on the date hereof, and shall be deemed automatically (without further action by either the Company or the
Executive) to extend each day for an additional day such that the remaining term of the Agreement shall continue to be three (3) years. However, on the Executive’s 62nd birthday, this Agreement shall cease to extend automatically and, on such
date, the remaining term of this Agreement shall be three (3) years. In addition, the Company may, by notice to the Executive, cause this Agreement to cease to extend automatically and, upon such notice, the “Term” of this Agreement shall
be three (3) years following such notice. 
  
 2.
Definitions. 
  
 (a) Base
Amount shall mean the Executive’s annual includible compensation for the base period as described in Section 280G(b)(3) of the Code. 
  
 (b) Beneficial Owner or Beneficial Ownership shall have the meaning ascribed to such term in Rule 13d-3 of the Exchange Act.

  
 (c) Board or Board of Directors
shall mean the Board of Directors of ACE Limited, or its successor. 
  
 (d) Cause shall mean: 
  

 -2- 

 (i) the Executive’s material fraud, malfeasance, gross negligence, or willful
misconduct with respect to business affairs of the Company that is directly or materially harmful to the business or reputation of the Company or any subsidiary of the Company, or 
  
 (ii) Executive’s conviction of or failure to contest prosecution for a felony or a crime involving
moral turpitude. 
  
 A termination of Executive for
“Cause” based on clause (i) of the preceding sentence shall take effect thirty (30) days after the Company gives written notice of such termination to Executive specifying the conduct deemed to qualify as Cause, unless Executive shall,
during such 30-day period, remedy the events or circumstances constituting cause to the reasonable satisfaction of the Company. A termination for Cause based on clause (ii) above shall take effect immediately upon giving of the termination notice.
The Company shall have sole discretion to determine whether an Executive’s termination is for Cause. 
  
 (e) Change in Control shall mean: 
  

(1) An acquisition by any Person (as such term is defined in Section 3(a) (9) of the Exchange Act and used in Sections 13(d) and 14(d)
thereof, including a “group” as defined in Section 13(d) thereof) of Beneficial Ownership of the Shares then outstanding (the “Company Shares Outstanding”) or the voting securities of the Company then outstanding entitled to vote
generally in the election of directors (the “Company Voting Securities Outstanding”), if such acquisition of Beneficial Ownership results in the Person beneficially owning (within the meaning of Rule 13d-3 promulgated under the Exchange
Act) fifty percent (50%) or more of the Company Shares Outstanding or fifty percent (50%) or more of the combined voting power of the Company Voting Securities Outstanding; excluding, 
  

 -3- 

 however, any such acquisition by a trustee or other fiduciary holding such Shares under one or more
employee benefit plans maintained by the Company or any of its subsidiaries; or 
  
 (2) The approval of the shareholders of the Company of a reorganization, merger, consolidation, complete liquidation, or dissolution of
the Company, the sale or disposition of all or substantially all of the assets of the Company or any similar corporate transaction (in each case referred to in this Section 3(e) as a “Corporate Transaction”), other than a Corporate
Transaction that would result in the outstanding common stock of the Company immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into common stock of the surviving entity or a parent or affiliate
thereof) at least fifty percent (50%) of the outstanding common stock of the Company or such surviving entity or parent or affiliate thereof immediately after such Corporate Transaction; provided, however, if the consummation of such Corporate
Transaction is subject, at the time of such approval by shareholders, to the consent of any government or governmental agency, the Change in Control shall not occur until the obtaining of such consent (either explicitly or implicitly); or

  
 (3) A change in the composition of the Board
such that the individuals who, as of the Effective Date, constitute the Board (such Board shall be hereinafter referred to as the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however,
for purposes of this Section 3(e) that any individual who becomes a member of the Board subsequent to the Effective Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of
those individuals who are members of the Board and who were also members of the Incumbent Board (or deemed to be such pursuant to this proviso) shall be considered as though such individual were a member of the Incumbent Board; but, provided,
further, that any such individual whose initial assumption of 
  

 -4- 

 office occurs as a result of either an actual or threatened election contest (as such terms are used in
Rule 14a-11 of Regulation 14A promulgated under the Exchange Act, including any successor to such Rule), or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board, shall not be so considered
as a member of the Incumbent Board. 
  
 (f)
Code shall mean the Internal Revenue Code of 1986, as amended from time to time. 
  
 (g) Disability shall mean the Executive’s inability as a result of physical or mental incapacity to substantially
perform his duties for the Company on a full-time basis for a period of six (6) months. 
  
 (h) Employment shall mean any work that is a reasonable match with the Executive’s qualifications, skills and
experience, including any self-employment, consulting or independent contractor arrangement, or employer-employee relationship. 
  
 (i) Excess Severance Payment shall have the same meaning as the term “excess parachute payment” defined in Section
280G(b)(l) of the Code. 
  
 (j) Excise
Tax shall mean the excise tax imposed under Code Section 4999. 
  
 (k) Exchange Act shall mean the Securities Exchange Act of 1934, as amended from time to time, or any successor act thereto. 
  
 (l) Involuntary Termination shall mean termination of employment that is involuntary on the
part of the Executive and that occurs for reasons other than for Cause, Disability or death. 
  
 (m) Reasonable Compensation shall have the same meaning as provided in Section 280G(b)(4) of the Code. 
  

 -5- 

 (n) Severance Payment shall have the same meaning as the term
“parachute payment” defined in Section 280G(b)(2) of the Code. 
  
 (o) Shares shall mean the shares of common stock of the Company. 
  
 (p) Threatened Change in Control shall mean any pending tender offer for any class of the Company’s outstanding Shares,
or any pending bona fide offer to acquire the Company by merger or consolidation, or any other pending action or plan to effect, or which would lead to, a Change in Control of the Company. A Threatened Change in Control Period shall commence on the
first day the actions described in the preceding sentence become manifest and shall end when such actions are abandoned or the Change in Control occurs. 
  
 (q) Voluntary Termination shall mean termination of employment that is voluntary on the part of the Executive but is due to:

  
 (i) a significant reduction of the
Executive’s responsibilities, title or status resulting from a formal change in such title or status, or from the assignment to the Executive of any duties inconsistent with his title, duties, or responsibilities; 
  
 (ii) a reduction in the Executive’s compensation or
benefits; or 
  
 (iii) a Company-required
involuntary relocation of Executive’s place of residence or a significant increase in the Executive’s travel requirements. 
  
 A termination shall not be considered voluntary within the meaning of this Agreement if such termination is the result of Cause,
Disability, or death of the Executive. The Company shall have sole discretion to determine whether an Executive’s termination is Voluntary within the meaning of this Section 2.(q). 
  
 3. Events That Trigger Benefits Under This Agreement. The Executive shall be eligible for the compensation and
benefits described in Section 4. of this Agreement as follows: 
  
 (a) The Executive’s employment is Involuntarily Terminated within the meaning of Section 2.(l) of this Agreement; 
  

 -6- 

 (b) The Executive’s employment if Voluntarily Terminated within the meaning of
Section 2.(q) of this Agreement; 
  
 (c) A Change
in Control occurs with the result that the Executive’s employment is Involuntarily or Voluntarily Terminated within twenty four (24) months following the date of the Change in Control; 
  
 (d) A Change in Control occurs with the result that the
Executive’s employment is Involuntarily or Voluntarily Terminated within six (6) months prior to the date of the Change in Control; or 
  
 (e) A Threatened Change in Control occurs and the Executive’s employment is Involuntarily or Voluntarily Terminated during a
Threatened Change in Control Period. 
  
 4. Benefits Upon
Termination. If the Executive becomes eligible for benefits under Section 3. above, the Company shall pay or provide to the Executive the following compensation and benefits: 
  
 (a) Salary. The Executive will continue to receive his current salary (subject to withholding
of all applicable taxes) for the twenty four (24) month period following the Executive’s date of termination in the same manner as it was being paid as of the date of termination. For purposes hereof, the Executive’s “current
salary” shall be the highest rate in effect during the twelve-month period prior to the Executive’s termination. 
  
 (b) Qualified and Non-Qualified Plan Coverage. The Executive shall continue to participate in the tax-qualified and
non-qualified retirement and savings plans of the Company during the twenty four (24) month period following the Executive’s date of 
  

 -7- 

 termination unless the Executive commences Employment prior to the end of the twenty four (24) month
period, in which case, such participation shall end on the date of his new Employment. 
  
 (c) Health, Dental, and Life Insurance Coverage. The health, dental, and life insurance benefits coverage (including any
executive medical plan) provided to the Executive at his date of termination shall be continued by the Company during the twenty four (24) month period following the Executive’s date of termination unless the Executive commences Employment
prior to the end of the twenty four (24) month period, in which case, such insurance coverages shall end on the date of his new Employment. The Company shall provide for such insurance coverages at its expense at the same level and in the same
manner as if the Executive’s employment had not terminated (subject to the customary changes in such coverages if the Executive retires under a Company retirement plan, reaches age 65, or similar events and subject to Executive’s right to
make any changes in such coverages that an active employee is permitted to make). Any additional coverages the Executive had at termination, including dependent coverage, will also be continued for such period on the same terms, to the extent
permitted by the applicable policies or contracts. Any costs the Executive was paying for such coverages at the time of termination shall be paid by the Executive by separate check payable to the Company each month in advance. If the terms of any
benefit plan referred to in this Section do not permit continued participation by the Executive, the Company will arrange for other coverage at its expense providing substantially similar benefits. If the Executive is covered by a split-dollar or
similar life insurance program at the date of termination, he shall have the option in his sole discretion to have such policy transferred to him upon termination, provided that the Company is paid for its interest m the policy upon such transfer.

  

 -8- 

 (d) Restricted Stock Grants and Options. All outstanding restricted stock
grants and options under any Company stock plan that the Executive holds on the date of his termination shall continue to vest in accordance with the vesting schedule of the applicable plan during the twenty four (24) month period following the
Executive’s date of termination unless the Executive commences Employment prior to the end of the twenty four (24) month period, in which case, such continued vesting shall end on the date of his new Employment. No new stock based grants shall
be issued to the Executive after the date that the Executive’s employment is terminated. 
  
 (e) Outplacement Services. The Company shall provide the Executive with outplacement services in accordance with the
Company’s Executive Outplacement Services Plan. 
  
 5.
Limitation and Adjustment of Benefits. 
  
 (a) Limitation and Adjustment of Benefits Upon Termination. Notwithstanding anything in this Agreement to the contrary, if, in the opinion of independent tax accountants or counsel selected and retained by the Company and
reasonably acceptable to the Executive (“Tax Counsel”), any of the compensation or benefits payable, or to be provided, to Executive by the Company or any member of its affiliated group (the Company and all members of its affiliated group
hereinafter collectively referred to as the “Controlled Group”) under this Agreement are treated as Excess Severance Payments (whether alone or in conjunction with payments or benefits outside of this Agreement), the Company shall direct
Tax Counsel to determine and compare (i) Executive’s net income after payment of all federal, state, and local taxes assuming that all of the compensation and benefits payable by the Controlled Group under this Agreement and all such other
arrangements are paid to Executive and Executive pays the 
  

 -9- 

 Excise Tax; and (ii) Executive’s net income after payment of all federal, state, and local taxes
assuming that the total amount of compensation and benefits payable by the Controlled Group under this Agreement and all such other arrangements is reduced such that no Excess Severance Payments result and the Excise Tax is not triggered. If the
amount calculated under (ii) above is less than 95% of the amount calculated under (i) above, then the full amount due from the Controlled Group under all such arrangements shall be payable to Executive. If the amount calculated under (ii) above is
at least 95% of the amount calculated under (i) above, then the total amount of compensation and benefits payable under all such arrangements shall be reduced, as provided in 5(b) below, such that Executive shall receive no Excess Severance Payments
and shall have no liability for Excise Tax. 
  
 (b) Reduction of Amount. In the event that the amount of any Severance Payments, including any benefits, that would be payable to or for the benefit of Executive under this Agreement must be modified or reduced to comply with
this Section 5, Executive shall direct which Severance Payments are to be modified or reduced; provided, however, that no increase in the amount of any payment or change in the timing of the payment shall be made without the consent of the Company.

  
 (c) Avoidance of Penalty Taxes.
This Section 5 shall be interpreted so as to maximize the net after-tax dollar value to Executive. In determining whether any Excess Severance Payments exist and the most advantageous outcome for Executive, the parties shall take into account
all provisions of Code Section 280G, and the Regulations thereunder, including making appropriate adjustments to such calculations for amounts established to be Reasonable Compensation. Both the Company and Executive shall cooperate fully with Tax
Counsel and provide Tax Counsel with all Compensation and benefit amounts, personal tax information and 
  

 -10- 

 other information necessary or helpful in calculating such net after-tax amounts. In the event of any
Internal Revenue Service examination, audit, or other inquiry, the Company and Executive agree to take action to provide, and to cooperate in providing, evidence to the Internal Revenue Service and, if applicable, the state revenue department, to
achieve this goal. 
  
 (d) Correction of
Determination. If it is established pursuant to a final determination of a court or an Internal Revenue Service proceeding, or pursuant to an opinion of Tax Counsel, that notwithstanding the good faith of the Company and Executive in
applying the terms of this Section 5, either (i) the amounts paid to Executive unintentionally constituted Excess Severance Payments and triggered the Excise Tax, even though the payments to Executive were reduced in an effort to avoid such result;
or (ii) the amounts paid to Executive were reduced by more than was necessary to avoid triggering the Excise Tax, then the parties shall make the applicable correction that will achieve the goal described in Section 5(c) hereof. In the event the
error referred to in clause (i) hereof occurs, Executive is hereby required to repay to the Company, within 15 days after the error is discovered, the amount necessary to avoid the Excise Tax; provided, however, that if Executive, based on advice
from Tax Counsel and Executive’s own tax advisor, determines that the return of such amounts will not serve to eliminate the Excess Severance Payments and the Excise Tax, the Company then shall be obligated to pay to Executive, within 15 days
after Executive notifies the Company of Executive’s determination, the total amount by which the original amount of Executive’s compensation and benefits were reduced pursuant to the terms of Sections 5(a) and (b) hereof. In the event the
error referred to in clause (ii) hereof occurs, the Company is hereby required to repay to Executive, within 15 days after the error is discovered, the maximum amount of the 
  

 -11- 

 compensation and benefits that were reduced pursuant to the terms of Sections 5(a) and (b) hereof that
Executive may receive without triggering the Excise Tax. 
  
 6.
Obligation Not to Solicit. 
  
 (a) Executive
hereby agrees that, regardless of whether other provisions of this Agreement may have been terminated: (i) while he is employed by the Company; and (ii) for at least two years following his termination of employment (the “Restricted
Period”), Executive shall not in any manner attempt to induce or assist others to attempt to induce any officer, employee, customer or client of the Company to terminate its association with the Company, nor do anything directly or indirectly
to interfere with the relationship between the Company and any such persons or concerns. 
  
 (b) In the event that the Executive engages in any activity within the meaning of Sections 6.(a) all compensation and benefits described
in Section 4 shall immediately cease. The Company shall have sole discretion to determine whether an Executive has engaged in business within the meaning of Sections 6.(a). 
  
 7. Confidentiality. The terms of this Agreement are to be of the highest confidentiality. In order to insure and
maintain such confidentiality, it is agreed that neither party, including all persons and entities under a party’s control, shall, directly or indirectly, publicize or disclose to third persons the terms of this Agreement or the substance of
negotiations with respect to it; provided, however, that nothing herein shall be construed to prevent disclosures which are reasonably necessary to enforce the terms of this Agreement or which are otherwise required by law to be made to governmental
agencies or others; moreover, nothing herein shall be construed to prevent the parties hereto, or their attorneys, from making such disclosures for legitimate business purposes to their respective insurers, financial 
  

 -12- 

 institutions, accountants and attorneys or, in the case of a corporation, limited liability company or partnership, to
its respective officers, directors, employees, managers, members and agents or any of its respective subsidiaries, group or divisions, provided that each such recipient of such disclosures agrees to be bound by the requirements concerning disclosure
of confidential information as set forth in this Paragraph 7. 
  
 8. Settlement of Disputes; Arbitration. 
  
 (a) All claims by the Executive for benefits under this Agreement shall be directed to and determined by the Company and shall be in writing. Any denial by the Company of a claim for benefits under this
Agreement shall be delivered to the Executive in writing and shall set forth the specific reasons for the denial and the specific provisions of this Agreement relied upon. The Company shall afford a reasonable opportunity to the Executive for a
review of the decision denying a claim and shall further allow the Executive to appeal to the Company a decision of the Company within sixty (60) days after notification by the Company that the Executive’s claim has been denied. 
  
 (b) Any further dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration in Philadelphia, Pennsylvania, or in such other location as may be agreed to by the parties, in accordance with the National Rules for Resolution of Employment Disputes of
the American Arbitration Association, then in effect. Judgment may be entered on the arbitrator’s award in any court having jurisdiction. 
  
 9. Miscellaneous. 
  
 (a) Executive’s Obligation to Seek Other Employment. The Executive shall be required to diligently seek other
Employment following his termination. 
  

 -13- 

 (b) Notices. Any notice or other communication required or permitted under
this Agreement shall be effective only if it is in writing and shall be deemed to have been duly given when delivered personally or seven days after mailing if mailed first class by registered or certified mail, postage prepaid, addressed as
follows: 
  
 If to the Company: 
  
 ACE Limited 
 ACE Global Headquarters 
 17 Woodbourne Avenue

 Hamilton HM08 
 Bermuda

  

					
	 Attention:
	  	 Keith White
	  	 
	 	  	 Chief Administrator
	  	 

  
 If to the Executive:

  
 or to such other address as any party may designate by notice
to the others. 
  
 (c) Assignment.
This Agreement shall inure to the benefit of and shall be binding upon the parties hereto and their respective executors, administrators, heirs, personal representatives, and successors, but, except as hereinafter provided, neither this Agreement
nor any right hereunder may be assigned or transferred by either party thereto, or by any beneficiary or any other person, nor be subject to alienation, anticipation, sale, pledge, encumbrance, execution, levy, or other legal process of any kind
against the Executive, his beneficiary or any other person. Notwithstanding the foregoing, any person or business entity succeeding to substantially all of the business of the Company by purchase, merger, consolidation, sale of assets, or otherwise,
shall be bound by and shall adopt and assume this Agreement and the Company shall obtain the assumption of this Agreement by such successor. If Executive shall die while any amount would still be payable to Executive hereunder (other than amounts
that, by 
  

 -14- 

 their terms, terminate upon the death of Executive) if Executive had continued to live, all such amounts,
unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the executors, personal representatives or administrators of Executive’s estate. 
  
 (d) No Obligation to Fund. The agreement of the Company (or its successor) to make payments to
the Executive hereunder shall represent solely the unsecured obligation of the Company (and its successor), except to the extent the Company (or its successors) in its sole discretion elects in whole or in part to fund its obligations under this
Agreement pursuant to a trust arrangement or otherwise. 
  
 (e) Applicable Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the Commonwealth of Pennsylvania. 
  
 (f) Amendment. This Agreement may only be
amended by a written instrument signed by the parties hereto, which makes specific reference to this Agreement. 
  
 (g) Severability. If any provision of this Agreement shall be held invalid or unenforceable by any court of competent
jurisdiction, such holding shall not invalidate or render unenforceable any other provisions hereof. 
  
 (h) Withholding. The Company shall have the right to withhold any and all local, state and federal taxes which may be
withheld in accordance with applicable law. 
  
 (i) Other Benefits. Nothing in this Agreement shall limit or replace the compensation or benefits payable to Executive, or otherwise adversely affect Executive’s rights, under any other benefit plan, program, or agreement
to which Executive is a party. 
  

 -15- 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its duly
authorized officers and the Executive has hereunder set his hand, as of the date first above written. 
  

			
	 ACE Limited

		
	 By:
	 	 
	 	 	

		
	 Name:
	 	

		
	 Title:
	 	

	
	 [Name of Executive]

		
	By:	 	 
	 	 	

	 	 	 

  

 -16-

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