Document:

EX-4.1

 Exhibit 4.1 
  

 
  

SECOND SUPPLEMENTAL INDENTURE 

by and among 
 RENAISSANCERE
FINANCE INC., 
 as Issuer, 

RENAISSANCERE HOLDINGS LTD., 

as Guarantor, 
 and 

DEUTSCHE BANK TRUST COMPANY AMERICAS, 

as Trustee 
  

 
 Dated as of
March 25, 2019 
  
  

$300,000,000 

RenaissanceRe Finance Inc. 

3.450% Senior Notes due 2027 
  

 
  

 SECOND SUPPLEMENTAL INDENTURE 

This Second Supplemental Indenture, dated as of March 25, 2019 (this “Supplemental Indenture”), to the Senior Indenture,
dated as of June 29, 2017 (the “Senior Indenture”), by and among RENAISSANCERE FINANCE INC., a corporation duly organized and existing under the laws of the State of Delaware (the “Company”), as issuer, having
its principal executive office located at 140 Broadway, Suite 4200, New York, NY 10005, RENAISSANCERE HOLDINGS LTD., a company duly organized and existing under the laws of Bermuda (the “Guarantor”), having its principal executive
office located at Renaissance House, 12 Crow Lane, Pembroke HM 19, Bermuda, and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as trustee (the “Trustee”), having its
corporate trust office located at 60 Wall Street, 16th Floor, MS NYC 60-1630, New York, New York 10005, as supplemented by that certain First Supplemental
Indenture, dated as of June 29, 2017, by and among the Company, the Guarantor and the Trustee (the “First Supplemental Indenture”, and together with the Senior Indenture, the “Indenture”), is effective upon the
execution hereof by the parties hereto. Capitalized terms used herein without definition shall have the respective meanings assigned to such terms in the Indenture. 

RECITALS 
 WHEREAS, the
Company has duly issued its 3.450% Senior Notes due 2027 (the “Senior Notes”), in the original aggregate principal amount of $300,000,000, pursuant to the Indenture; 

WHEREAS, Section 9.1(12) of the Senior Indenture provides that, without the consent of any Holders, the Company, the Guarantor and the
Trustee may enter into indentures supplemental thereto to amend or supplement any provision contained in the Senior Indenture or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely affect the
interests of the Holders of any Securities then Outstanding; 
 WHEREAS, the Company and the Guarantor desire and have requested the Trustee
to join with the Company and the Guarantor in entering into this Supplemental Indenture to make certain amendments to the Indenture, as permitted by Section 9.1(12) of the Senior Indenture; and 

WHEREAS, the Company has delivered to the Trustee concurrently with the execution and delivery of this Supplemental Indenture an
Officers’ Certificate and Opinion of Counsel relating to this Supplemental Indenture as contemplated by Section 9.3 of the Senior Indenture, and the Company has satisfied all other conditions required under Article 9 of the Senior
Indenture to enable the Company the Guarantor and the Trustee to enter into this Supplemental Indenture. 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, the Guarantor and the Trustee mutually covenant and agree as follows: 

ARTICLE I. 
 AMENDMENT TO
INDENTURE 
 Section 1.1.    Optional Redemption. Pursuant to Section 9.1(12) of the Senior Indenture,
Section 2.4 of the First Supplemental Indenture is hereby amended by adding Section 2.4(c) as follows: 

“(c)    Notwithstanding anything to the contrary set forth herein, the Senior Notes will not be redeemable pursuant
to this Section 2.4 or Section 2.5 at any time prior to July 1, 2022 without BMA Approval unless the Company replaces the capital represented by the Senior Notes to be redeemed with capital having equal or better capital treatment as
the Senior Notes under the Group Rules. In addition, the Senior Notes will not be redeemable pursuant to this Section 2.4 or Section 2.5 at any time prior to their maturity if the Solvency Capital Requirement would be breached immediately
before or after giving effect to the redemption of such Senior Notes unless the Company replaces the capital represented by the Senior Notes to be redeemed with capital having equal or better capital treatment as the Senior Notes under the Group
Rules. 
 As used herein: 

“Applicable Supervisory Regulations” means such insurance supervisory laws, rules and regulations relating to group
supervision or the supervision of single insurance entities, as applicable, which are applicable to the Guarantor or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or
responsibility to regulate the Guarantor or the Insurance Group. 
 “BMA” means the Bermuda Monetary Authority, or, should
the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Guarantor or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations. 

“BMA Approval” means the BMA has given, and not withdrawn by such date, its prior consent to the redemption of such Senior
Notes. 
 “ECR” means the enhanced capital and surplus requirement applicable to the Insurance Group and as defined in the
Insurance Act or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations. 

“Group Rules” means the Group Solvency Standards, together with the Group Supervision Rules, as those rules and regulations
may be amended or replaced from time to time. 

 “Group Solvency Standards” means the Bermuda Insurance (Prudential
Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time. 

“Group Supervision Rules” means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be
amended or replaced from time to time. 
 “Insurance Act” means the Bermuda Insurance Act 1978, as amended from time to
time. 
 “Insurance Group” means all subsidiaries of the Guarantor that are regulated insurance or reinsurance companies
(or part of such regulatory group) pursuant to the Applicable Supervisory Regulations. 
 “Solvency Capital Requirement”
means the ECR or any other requirement to maintain assets applicable to the Company or the Guarantor or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.” 

 ARTICLE II. 

MISCELLANEOUS PROVISIONS 

Section 2.1.    Rules of Interpretation. The rules of interpretation set forth in the Senior Indenture shall
be applied hereto as if set forth in full herein. 
 Section 2.2.    Effectiveness of Supplemental
Indenture. Upon the execution of this Supplemental Indenture by the Company, the Guarantor and the Trustee, the Indenture shall be amended and supplemented in accordance herewith, and this Supplemental Indenture shall form a part of the
Indenture for all purposes, and each Holder of a Senior Note heretofore or hereafter authenticated and delivered under the Indenture shall be bound thereby. 

Section 2.3.    Ratification and Incorporation of Indenture. As supplemented hereby, the Indenture is in all
respects ratified and confirmed, and the Indenture as supplemented by this Supplemental Indenture shall be read, taken and construed as one and the same instrument. 

Section 2.4.    Counterparts. This Supplemental Indenture may be executed in several counterparts, each of
which shall be an original and all of which shall constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of this Supplemental Indenture and signature pages for all purposes. 

Section 2.5.    Governing Law. This Supplemental Indenture shall be governed by and construed in accordance
with the laws of the State of New York applicable to agreements made and performed in said state. 

Section 2.6.    Headings. The Article and Section headings herein are for convenience only and shall not
affect the construction hereof. 
 Section 2.7.    Separability Clause. In case any provision in this
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 2.8.    Trustee’s Disclaimer. The Trustee accepts the amendments of the Indenture effected by
this Supplemental Indenture on the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee. Without limiting the generality of the foregoing, the
Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (i) the validity
or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (ii) the proper authorization hereof by the Company by action or otherwise, (iii) the due execution hereof by the Company or (iv) the consequences
of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. Notwithstanding the foregoing, the Trustee acknowledges and agrees that it has 

 properly authorized and duly executed this Supplemental Indenture and nothing contained in this
Section 2.8 shall be deemed to limit such authorization and execution, nor shall this Section 2.8 be interpreted to in any way limit the Trustee’s authentication of the Senior Notes. 

[The remainder of this page is intentionally left blank.] 

 IN WITNESS WHEREOF, each of the Company and the Guarantor has executed this Supplemental
Indenture by the signature of its authorized officers, and the Trustee has caused this Supplemental Indenture to be executed in its corporate name by its authorized officers, each as of the date above written. 

 

									
	RENAISSANCERE FINANCE INC., as Issuer	 		 	
		 		 	Witnessed by:
				
	By:	 	 /s/ Aditya K. Dutt
	 		 	
		 	Name:  Aditya K. Dutt	 		 	 /s/ Stephen H. Weinstein

		 	Title:    Senior Vice President and Treasurer	 		 	Name:	 	Stephen H. Weinstein
		 		 		 	Title:	 	Senior Vice President and General Counsel
			
	 RENAISSANCERE HOLDINGS LTD.,

as Guarantor, acknowledging the foregoing and confirming its obligations under its Senior Debt Securities Guarantee Agreement
	 		 	Witnessed by:
		 		 	 /s/ Stephen H. Weinstein

		 		 		 	Name:	 	Stephen H. Weinstein
		 		 		 	Title:	 	Senior Vice President and General Counsel
					
	By:	 	 /s/ Aditya K. Dutt
	 		 		 	
		 	Name:  Aditya K. Dutt	 		 		 	
		 	Title:    Senior Vice President and Treasurer	 		 		 	

  
 [Second Supplemental
Indenture] 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, not in its individual capacity but solely as Trustee
	
	By: Deutsche Bank National Trust Company
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Name: Jeffrey Schoenfeld
		 	Title:   Vice President
		
	By:	 	 /s/ Irina Golovashchuk

		 	Name: Irina Golovashchuk
		 	Title:   Vice President

  
 [Second Supplemental
Indenture]Exhibit 10.30

 

FIRST AMENDMENT

TO

EMPLOYMENT AGREEMENT

This First Amendment
to Employment Agreement (the “Amendment”) is made and entered into as of March 26, 2019 to be effective as of April
1, 2019 by and between Soligenix, Inc., a Delaware corporation having a place of business at 29 Emmons Drive, Suite B-10, Princeton,
NJ 08540 (the “Corporation”), and Richard Straube, MD, an individual (the “Employee”).

W I T N E S S E T H:

WHEREAS, the Corporation
and Employee entered into that certain Employment Agreement dated January 6, 2014 (the “Employment Agreement”), pursuant
to which the Corporation employed Employee as Senior Vice President and Chief Medical Officer; and

WHEREAS, the Corporation
and Employee desire to amend the Employment Agreement in accordance with the terms thereof and upon the terms set forth herein.

NOW, THEREFORE,
in consideration of the foregoing and the mutual promises and covenants herein contained, it is agreed as follows:

I.                  
AMENDMENT OF EMPLOYMENT AGREEMENT

A.               
Section 1 of the Employment Agreement is hereby amended and restated in its entirety as follows:

1.       EMPLOYMENT
DUTIES

The Corporation
engages and employs Employee, and Employee hereby accepts engagement and employment, as Senior Vice President and Chief Medical
Officer reporting to the Chief Executive Officer of the Corporation, and shall perform high quality service to the Corporation
to direct, supervise and have responsibility for the clinical development efforts of the Corporation, including, but not limited
to: (i) directing the clinical research and regulatory strategies of the Corporation; (ii) supporting the clinical development
personnel of the Corporation; and (iii) medical monitoring of the Corporation’s ongoing and planned clinical trials and such
other activities as may be reasonably requested by the Chief Executive Officer or the Board of Directors of the Corporation. Employee
acknowledges and understands that his employment may entail travel on behalf of the Corporation. Employee shall devote at least
20 hours per week to the performance of his duties hereunder.

B.                
Section 3(a) of the Employment Agreement is hereby amended and restated in its entirety as follows:

 

(a) (i)The
Corporation shall pay Employee an annual base salary (“Base Salary”) of one hundred and seventy thousand dollars ($170,000)
per annum, payable in accordance with the usual payroll period of the Corporation.

(ii)The
Corporation may pay Employee a discretionary annual bonus. The determination whether to pay and the amount of such bonus shall
be made upon the recommendation of the Chief Executive Officer and by the approval of the Board of Directors.

C.                
Section 3(e) of the Employment Agreement is hereby amended and restated in its entirety as follows:

(e)       During
the Term, Employee shall be entitled up to a maximum of five (5) paid personal days consistent with corporate policy.

Section 3(f) of
the Employment Agreement is hereby deleted its entirety.

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D.               
Section 7(b) of the Employment Agreement is hereby amended and restated in its entirety as follows:

(b)       Upon
termination by the Corporation pursuant to either subparagraph (i) or (iii) of paragraph (a) above or by Employee other than pursuant
to subparagraph (iv) of paragraph (a) above, the Employee (or his estate in the event of termination pursuant to subparagraph (i))
shall be entitled to receive the Base Salary unpaid as of the date of termination including any personal days not taken.

E.                
Section 7(c) of the Employment Agreement is hereby amended and restated in its entirety as follows:

(c)       Upon
termination by the Corporation without Just Cause or pursuant to subparagraphs (i), (ii) or (iv) of paragraph (a) above, then the
term of the Agreement as set forth in Section 2 hereof shall be deemed to have been terminated as of such date and the Corporation
shall pay to the Employee (or his estate in the event of termination pursuant to subparagraph (i)), (A) Base Salary unpaid as of
the date of termination, including any personal days not taken, (B) severance equal to his annual rate of Base Salary in effect
as of the date of termination payable at said rate in accordance with the Corporation’s payroll practices for a one month
period (subject to set-off) (“Severance Pay”). Notwithstanding anything herein to the contrary, the Employee shall
not be entitled to the Severance Pay unless he executes and delivers to the Corporation a general release of claims in such form
as determined by the Corporation (the “Release”) and such Release becomes effective and irrevocable within sixty (60)
days following the date of termination or resignation. Any Severance Pay required under this Section 7(c) shall commence on the
first payroll date coincident or immediately following the sixtieth (60th) day following the Employee’s date of termination.
Notwithstanding anything herein to the contrary, each payment of Severance Pay shall be deemed to be a separate payment within
the meaning of Section 409A of the Code and the regulations thereunder. Health benefits will also be maintained for Employee (or
his dependents in the event of termination pursuant to subparagraph (i)) by Company during severance period. No unvested options
shall vest beyond the termination date, except where previously noted in Section 3(b) or at the discretion of the Stock Option
Plan Administrator. For purposes of payments under this Agreement that are subject to (and not exempt from) Section 409A of the
Code that are payable upon the Employee’s “termination of employment,” such term shall instead mean “separation
from service” within the meaning of Section 409A and the Treasury Regulations promulgated thereunder.

II.               
OTHER PROVISIONS INCORPORATED AND UNCHANGED

All other provisions
of the Employment Agreement are incorporated herein and shall remain in full force and effect.

III.            
EFFECT OF AMENDMENT

The amendments to the Employment Agreement
made hereby shall be effective as of the date hereof and on a prospective basis only.

IV.            
ENTIRE AGREEMENT MODIFICATION

The Employment Agreement,
as amended hereby, contains the entire agreement of the parties relating to the subject matter hereof, and the parties hereto have
made no agreements, representations or warranties relating to the subject matter hereof which are not set forth herein. No modification
hereof shall be valid unless made in writing and signed by the parties hereto.

V.               
GOVERNING LAW

This Amendment shall
be governed by, and construed and interpreted in accordance with, the laws of the State of New Jersey without regard to principles
of conflict of laws.

VI.            
COUNTERPARTS

This Amendment
may be executed in any number of counterparts by the parties on separate counterparts, each of which shall, when executed and
delivered, constitute an original of this Amendment, but all of which shall together constitute one and the same instrument. Counterparts
may be delivered via facsimile, electronic mail (including pdf or any other electronic signature, e.g., www.docusign.com) or other
transmission method and any counterpart so delivered shall be deemed to have been duly and validly delivered and be valid and
effective for all purposes.

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IN WITNESS WHEREOF,
the parties hereto have executed this Amendment as of the day and year above written to become effective as of April 1, 2019.

	 	SOLIGENIX, INC.
	 	 
	 	By: 	/s/ Christopher J. Schaber
	 	 	Christopher J. Schaber, Ph.D.

Chief Executive Officer

 

	 	EMPLOYEE:
	 	 
	 	By: 	/s/ Richard Straube
	 	 	Richard Straube, MD

 

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