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                                SECOND AMENDMENT
                                       TO
               FIRST AMENDED AND RESTATED REIMBURSEMENT AGREEMENT

                                  RENAISSANCERE
                                  -------------

         THIS SECOND AMENDMENT TO FIRST AMENDED AND RESTATED REIMBURSEMENT
AGREEMENT, dated as of March 11, 2005 (this "Amendment"), is made among
RENAISSANCE REINSURANCE LTD., a Bermuda company, RENAISSANCE REINSURANCE OF
EUROPE, a company incorporated in Ireland, GLENCOE INSURANCE LTD., a Bermuda
company, and DAVINCI REINSURANCE LTD., a Bermuda company (each of the foregoing,
an "Account Party and, collectively, the "Account Parties"), RENAISSANCERE
HOLDINGS LTD., a Bermuda company ("RenRe"), the banks and financial institutions
listed on the signature pages hereto or that become parties hereto after the
date hereof (collectively, the "Lenders"), and WACHOVIA BANK, NATIONAL
ASSOCIATION ("Wachovia"), as Issuing Bank, Administrative Agent and Collateral
Agent for the Lenders.

                                    RECITALS

         A.   The Account Parties, RenRe, the Lenders, Wachovia (in its various
capacities) and certain co-documentation agents have entered into a First
Amended and Restated Reimbursement Agreement dated as of March 31, 2004, as
amended by the First Amendment to First Amended and Restated Reimbursement
Agreement dated as of November 18, 2004 by and among the Account Parties, RenRe,
the Lenders and Wachovia (as so amended, the "Reimbursement Agreement").
Capitalized terms not otherwise defined herein shall have the meanings assigned
to such terms in the Reimbursement Agreement.

         B.   The Account Parties have requested that the Reimbursement
Agreement be amended to modify SECTIONS 7.01(f), 7.02(g) and 7.02(h) with
respect to certain Events of Default.

         C.   The Lenders and Wachovia have agreed to amend the Reimbursement
Agreement as requested by the Account Parties and to effect such agreement the
parties have entered into this Amendment.

                             STATEMENT OF AGREEMENT

         NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Account Parties, RenRe, the
Lenders and Wachovia (in its various capacities) hereby agree as follows:

                                   ARTICLE 1

                                    AMENDMENT

         1.1   AMENDMENT TO SECTION 7.01(f) (FULL EVENTS OF DEFAULT). Section
7.01(f) of the Reimbursement Agreement is hereby amended in its entirety to read
as follows (highlighted language and footnote are solely for purposes of
identifying the changes):

         RenRe shall (i) fail to pay when due and the continuance of such
default after any applicable grace period (whether by scheduled maturity,
acceleration or otherwise and after giving effect to any applicable grace
period) any principal of or interest on any Debt (other than the Debt incurred
pursuant to this Agreement) or Contingent Liability having an aggregate
principal amount of at least $50,000,000 or (ii) fail to observe, perform or
comply with any condition, covenant or agreement contained in any agreement or
instrument evidencing or relating to any such Debt or Contingent Liability, or
any other event shall occur or condition exist in respect thereof, if such
failure, event or condition shall continue after any applicable grace period and
the effect of such failure, event or condition is to cause, or permit the holder
or holders of such Debt or Contingent Liability (or a trustee or agent on its or
their behalf) to cause, such Debt or Contingent Liability to become due, or to
be prepaid, redeemed, purchased or defeased, prior to its stated maturity; or

         1.2   AMENDMENT TO SECTION 7.02(g) (ACCOUNT PARTY EVENTS OF DEFAULT).
Section 7.02(g) of the Reimbursement Agreement is hereby amended in its entirety
to read as follows (highlighted language and footnote are solely for purposes of
identifying the changes):

         In the case of RRL or Glencoe (each, an Account Party that is a
Material Subsidiary), or DaVinci (an Account Party that is not a Material
Subsidiary), any such Account Party shall (i) fail to pay when due and
continuance of such default after any applicable grace period (whether by
scheduled maturity, acceleration or otherwise and after giving effect to any
applicable grace period) any principal of or interest on any of its Debt (other
than the Debt incurred pursuant to this Agreement) or Contingent Liabilities
having an aggregate principal amount of at least $50,000,000 or (ii) fail to
observe, perform or comply with any condition, covenant or agreement contained
in any agreement or instrument evidencing or relating to any such Debt or
Contingent Liability, or any other event shall occur or condition exist in
respect thereof, if such failure, event or condition shall continue after any
applicable grace period and the effect of such failure, event or condition is to
cause, or permit the holder or holders of such Debt or Contingent Liability (or
a trustee or agent on its or their behalf) to cause, such Debt or Contingent
Liability to become due, or to be prepaid, redeemed, purchased or defeased,
prior to its stated maturity; or

         1.3   AMENDMENT TO SECTION 7.02(h) (ACCOUNT PARTY EVENTS OF DEFAULT).
Section 7.02(h) of the Reimbursement Agreement is hereby amended in its entirety
to read as follows (highlighted language and footnote are solely for purposes of
identifying the changes):

         In the case of RRE (an Account Party that is not a Material
Subsidiary), such Account Party shall (i) fail to pay when due and continuance
of such default after any applicable grace period (whether by scheduled
maturity, acceleration or otherwise and after giving effect to any

                                       2

applicable grace period) any principal of or interest on any of its Debt (other
than the Debt incurred pursuant to this Agreement) or Contingent Liabilities
having an aggregate principal amount of at least $15,000,000 or (ii) fail to
observe, perform or comply with any condition, covenant or agreement contained
in any agreement or instrument evidencing or relating to any such Debt or
Contingent Liability, or any other event shall occur or condition exist in
respect thereof, if such failure, event or condition shall continue after any
applicable grace period and the effect of such failure, event or condition is to
cause, or permit the holder or holders of such Debt or Contingent Liability (or
a trustee or agent on its or their behalf) to cause, such Debt or Contingent
Liability to become due, or to be prepaid, redeemed, purchased or defeased,
prior to its stated maturity; or

         1.4   AMENDMENT TO SCHEDULES. SCHEDULE 4.06 of the Reimbursement
Agreement is hereby amended by deleting that Schedule in its entirety and
replacing it with the attached SCHEDULE 4.06.

                                   ARTICLE 2

                         REPRESENTATIONS AND WARRANTIES

         To induce the Lenders and Wachovia to enter into this Amendment, RenRe
and each Account Party individually and severally represents and warrants that:

         2.1   COMPLIANCE WITH REIMBURSEMENT AGREEMENT. Each such party is in
compliance with all terms and provisions set forth in the Reimbursement
Agreement to be observed or performed by them. No Substitution Event, Suspension
Event, Default, or Event of Default has occurred and is continuing.

         2.2   REPRESENTATIONS IN REIMBURSEMENT AGREEMENT. The representations
and warranties of each such party (with respect to itself and to RIHL) set forth
in the Reimbursement Agreement, except for those relating to a specific date
other than the date hereof, are true and correct in all material respects on and
as of the date hereof as if made on and as of the date hereof after giving
effect to the Amendment.

         2.3   OTHER CREDIT DOCUMENTS. Each such party, to the extent it is a
party to any of the other Credit Documents, is in compliance with all terms and
provisions set forth therein to be observed or performed by it. Nothing herein
will affect the validity or enforceability of the other Credit Documents, and
all Obligations secured or guaranteed under such other Credit Documents shall
remain so secured or guaranteed.

                                    ARTICLE 3

                                    GENERAL

         3.1   CONDITIONS PRECEDENT. This Amendment shall be effective as of the
date first written above upon receipt by the Administrative Agent of duly
executed counterparts of this Amendment signed by each Account Party, RenRe,
Wachovia (in its various capacities) and the Required Lenders.

                                       3

         3.2   EFFECT OF AMENDMENT. From and after the effective date hereof,
all references to the Reimbursement Agreement set forth in any other Credit
Document or other agreement or instrument shall, unless otherwise specifically
provided, be references to the Reimbursement Agreement as amended or modified
hereby and as may be further amended, modified, restated or supplemented from
time to time. This Amendment is limited as specified and shall not constitute or
be deemed to constitute an amendment, modification or waiver of any provision of
the Reimbursement Agreement except as expressly set forth herein. Except as
expressly amended hereby, the Reimbursement Agreement and the other Credit
Documents shall remain in full force and effect in accordance with their terms.

         3.3   APPLICABLE LAW. THIS AMENDMENT HAS BEEN EXECUTED, DELIVERED AND
ACCEPTED IN, AND SHALL BE DEEMED TO HAVE BEEN MADE IN, NEW YORK AND SHALL BE
GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT OTHERWISE WITHOUT REGARD TO THE
CONFLICTS OF LAW PROVISIONS THEREOF).

         3.4   COUNTERPARTS. This Amendment may be executed in two or more
counterparts, each of which shall constitute an original, but all of which when
taken together shall constitute but one instrument.

         3.5   EXPENSES. The Account Parties and RenRe agree to pay all
out-of-pocket expenses incurred by the Administrative Agent in connection with
the preparation, execution and delivery of this Amendment, including, without
limitation, all reasonable attorneys' fees.

         3.6   HEADINGS. The headings of this Amendment are for the purposes of
reference only and shall not affect the construction of this Amendment.

                      [Signatures begin on following page.]

                                       4

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                RENAISSANCE REINSURANCE LTD.

                                By:     /s/  John M. Lummis
                                        ----------------------------------------
                                Name:   John M. Lummis
                                Title:  Chief Financial Officer

                                RENAISSANCE REINSURANCE OF EUROPE

                                By:     /s/  Ian Branagan
                                        ----------------------------------------
                                Name:   Ian Branagan
                                Title:  Director

                                GLENCOE INSURANCE LTD.

                                By:     /s/  John M. Lummis
                                        ----------------------------------------
                                Name:   John M. Lummis
                                Title:  Chief Financial Officer

                             (SIGNATURES CONTINUED)

                                DAVINCI REINSURANCE LTD.

                                By:     /s/  John M. Lummis
                                        ----------------------------------------
                                Name:   John M. Lummis
                                Title:  Chief Financial Officer

                                RENAISSANCERE HOLDINGS LTD.

                                By:     /s/  John M. Lummis
                                        ----------------------------------------
                                Name:   John M. Lummis
                                Title:  Chief Financial Officer

                                Address for each Credit Party:
                                Renaissance House
                                8-12 East Broadway
                                Pembroke HM 19 Bermuda
                                Telecopy:  (441) 292-9453

                             (SIGNATURES CONTINUED)

                                      S-2

                                WACHOVIA BANK, NATIONAL ASSOCIATION, as
                                Administrative Agent, as Collateral Agent, as
                                Issuing Bank and as a Lender

                                By:     /s/ William R. Goley
                                        ----------------------------------------
                                Name:   William R. Goley
                                Title:  Director

                                NATIONAL AUSTRALIA BANK LIMITED, ABN
                                12-004-044-937, as Co-Documentation Agent and
                                as a Lender

                                By:
                                        ----------------------------------------
                                Name:
                                Title:

                                ING BANK, N.V., LONDON BRANCH, as Co-
                                Documentation Agent and as a Lender

                                By:     /s/ N.J. Marchant
                                        ----------------------------------------
                                Name:   N.J. Marchant
                                Title:  Director

                                By:     /s/ M.E.R. Sharman
                                        ----------------------------------------
                                Name:   M.E.R. Sharman
                                Title:  Managing Director

                                BARCLAYS BANK PLC, as Co-Documentation Agent
                                and as a Lender

                                By:     /s/ Paul Johnson
                                        ----------------------------------------
                                Name:   Paul Johnson
                                Title:  Director

                             (SIGNATURES CONTINUED)

                                      S-3

                                LLOYDS TSB BANK PLC, as Managing Agent and as a
                                Lender

                                By:     /s/ Matthew S.R. Tuck
                                        ----------------------------------------
                                Name:   Matthew S.R. Tuck
                                Title:  Vice President

                                By:     /s/ Paul D. Briamonte
                                        ----------------------------------------
                                Name:   Paul D. Briamonte
                                Title:  Director

                                KEYBANK, NATIONAL ASSOCIATION, as a Lender

                                By:     /s/ Mary K. Young
                                        ---------------------------------------
                                Name:   Mary K. Young
                                Title:  Vice President

                                BAYERISCHE HYPO-UND VEREINSBANK AG, as a Lender

                                By:
                                        ----------------------------------------
                                Name:
                                Title:

                                By:
                                        ----------------------------------------
                                Name:
                                Title:

                                FLEET NATIONAL BANK as a Lender

                                By:     /s/ Debra Basler
                                        ----------------------------------------
                                Name:   Debra Basler
                                Title:  Senior Vice President

                             (SIGNATURES CONTINUED)

                                      S-4

                                CITIBANK, N.A., as a Lender

                                By:     /s/ Michael A. Taylor
                                        ----------------------------------------
                                Name:   Michael A. Taylor
                                Title:  Managing Director

                                MELLON BANK, N.A., as a Lender

                                By:     /s/ Karla K. Maloof
                                        ----------------------------------------
                                Name:   Karla K. Maloof
                                Title:  First Vice President

                                ROYAL BANK OF SCOTLAND PLC, as a Lender

                                By:
                                        ----------------------------------------
                                Name:
                                Title:

                                THE BANK OF NOVA SCOTIA, as a Lender

                                By:     /s/ Todd S. Meller
                                        ----------------------------------------
                                Name:   Todd S. Meller
                                Title:  Managing Director

                                      S-5exv10w18

 

EXHIBIT 10.18

WEYCO GROUP, INC.

DIRECTOR

NONQUALIFIED STOCK OPTION AGREEMENT

     This stock option is granted by Weyco Group, Inc., a Wisconsin corporation (the “Company”), to
 Virgis Colbert  (the “Director”) as of this 
19th day of 
May,  2003 .

W I T N E S S E T H :

     WHEREAS, the Board of Directors of the Company (the “Board”), desiring to promote the growth
and development of the Company and increase shareholder value by providing incentives for
non-employee directors of the Company;

     NOW, THEREFORE, it is agreed as follows:

     1. Number of Shares Optioned; Option Price. The Company grants to the Director the right and
option to purchase, on the terms and conditions hereof, all or any part of the aggregate of
One Thousand, Five Hundred  (1,500) shares of the presently authorized Common Stock
of the Company, $1.00 par value, whether unissued or issued and reacquired by the Company, at the
purchase price of  Fifty Dollars and 37/100 ($50.37) per share. This Option is
intended by the parties hereto to be, and shall be treated as, a nonqualified stock option.

     2. Conditions of Exercise of Option During Director’s Lifetime. This option may be exercised
by Director at any time during Director’s lifetime after  November 19, 2003. If the
Director ceases to be a Director of the Company for any reason except death, Director may, at any
time within 3 months after the date of such cessation of directorship but in no event later than
the date of expiration of this option, exercise this option to the extent Director was entitled to
do so on the date of such cessation of directorship.

     3. Death of Director. If Director dies while still serving as a Director of the Company, this
option, whether or not otherwise exercisable at the time of such death, shall be exercisable by the
person or persons to whom the option is transferred by will or the laws of descent and
distribution, within one year following Director’s death and in no event later than the expiration
date of this option. This option or any portion of this option not so exercised following
Director’s death shall expire.

     4. Restrictions on Transfer of Underlying Shares; Deferral of Exercise. Neither the grant of
this option nor the issuance of the underlying shares has been registered under the Securities Act
of 1933 (the “Act”). Although the Company intends to exert its best efforts so that issuance of
the shares purchasable upon the exercise of this option, when it first becomes exercisable, will be
exempt from the registration requirements of the Act and any applicable state securities laws, if
the exercise of this option would otherwise result in

 

 

the violation by the Company of any provision of the Act or of any state securities law, the
Company may require that such exercise be deferred until the Company has taken appropriate action
to avoid any such violation. In addition, the Director acknowledges that both this option and the
underlying shares constitute “restricted securities,” may bear a legend restricting transfers, and
may be transferred only in compliance with an exemption from the registration requirements of the
Act (including Rule 144 thereunder) and applicable state law. Under Rule 144 under the Act, resales
may not be permitted for the first year after the option has been exercised and fully paid, and
resales during the second year would be subject to the volume limitations, notice requirements and
other requirements of Rule 144.

     5. Exercise of Option May Be In Whole Or In Part. Subject to the conditions stated in
paragraphs 2, 3 and 4 hereof, this option may be exercised for part or all of the total number of
shares stated in paragraph 1. All or any part of the shares subject to this option so exercisable
may be purchased at any time, and from time to time, but in no event after the expiration date
provided in paragraph 8.

     6. Method of Exercising Option.

     (a) This option shall be exercised by delivering to the Company at the office
of its Secretary in Milwaukee, Wisconsin a written notice of the number of shares
with respect to which the option will be exercised and of the intended date of
exercise.

     (b) Director shall pay the Company, on the date of exercise, the exercise
price for the shares being purchased in full. No shares shall be issued until such
payment is made therefore. Such payment may be made either (i) in cash or (ii) at
the discretion of the Board, by delivering shares of the Company’s Common
Stock which have been beneficially owned by the Director, the Director’s spouse, or
both of them for a period of at least six months prior to the time of exercise
(“Delivered Stock”) or a combination of cash and Delivered Stock. Delivered Stock
shall be valued at its Fair Market Value determined as of the date of exercise of
the option.

     7. Ownership of Shares. Director shall not be deemed the holder of any shares subject to
this option until such shares are fully paid and issued to him upon exercise of this option.

     8. Expiration Date. This option shall expire at the close of business on  May 19,
2013, or earlier if the Director ceases to be a Director of the Company (see paragraphs 2 and
3).

     9. Method of Valuation of Common Stock. The fair market value of the Company’s Common Stock
on any date is deemed, for the purposes of this Agreement, to be either:

     (a) The average of the highest and lowest sale prices of the stock on such
date as reported by NASDAQ (the National Association of Securities Dealers, Inc.
Automated Quotation System) or, in the absence of reported sales on NASDAQ on said
date, the average of the closing bid and asked prices for the stock on NASDAQ on
said date; or

 

 

     (b) At any time when the stock is listed on any exchange, the average of the
reported highest and lowest prices at which the shares are sold on such exchange on
such date or, in the absence of reported sales on such exchange on said date, the
average of the closing bid and asked prices for the stock on such exchange on such
date.

     10. No Rights in Shares Until Certificates Issued. Neither the Director nor his heirs,
executor or administrator shall be, or have any of the rights or privileges of, a shareholder of
the Company in respect of any of the shares issuable upon the exercise of the option herein
granted, unless and until certificates representing such shares shall have been issued.

     11. Prohibition Against Pledge, Attachment, etc. Except as otherwise provided, this option
and the rights and privileges pertaining thereto shall not be transferred, assigned, pledged or
hypothecated in any way (whether by operation of law or otherwise) and shall not be subject to
execution, attachment or similar process.

     12. Option Not Transferable During Director’s Lifetime. This option shall be exercisable,
during the Director’s lifetime (to the extent exercisable), only by him and shall not be
transferable by the Director other than by his will or by the laws of descent and distribution.

     13. Changes in Stock. In the event there are any changes in the Common Stock of the Company
through a stock split, stock dividend, combination or exchange of shares, or other similar change
affecting the Common Stock of the Company, the Board shall make, such changes in the aggregate
number, price and kind of shares subject to this option, as are appropriate and equitable to
prevent any diminution or enlargement of the rights granted to or available for Director.

     14. Dissolution or Merger. Upon the dissolution or liquidation of the Company or upon any
merger in which the Company is not the surviving corporation and which is approved by the Company’s
non-insider shareholders (a “triggering event”), the Company shall settle this option, if
outstanding and exercisable, for cash. The amount of cash to be paid to the Director for this
option if it has not been exercised, or any unexercised portion hereof if this option has been
exercised in part, shall be equal to the difference between the exercise price and the fair market
value of the Company’s Common Stock on the effective date of the triggering event.

     15. Notices. Any notice to be given to the Company under the terms of this Agreement shall be
addressed to the Company in care of its Secretary, Post Office Box 1188, Milwaukee, Wisconsin
53201, and any notice to be given to the Director may be addressed to him at his address as it
appears on the Company’s records or at such other address as either party may hereafter designate
in writing to the other. Any such notice shall have been deemed to have been duly given if and
when enclosed in a properly sealed envelope or wrapper addressed as aforesaid, certified and
deposited, postage prepaid, in a post office or branch post office regularly maintained by the
United States Government.

     16. Successors. This Agreement shall be binding upon and inure to the benefit of any
successor or successors of the Company.

 

 

     17. Wisconsin Contract. This option has been granted in Wisconsin and shall be construed
under the laws of that state.

     18. Government and Other Regulations. The obligation of Weyco Group, Inc. to sell and deliver
shares of Common Stock under this agreement and the Plan shall be subject to all applicable laws,
rules and regulations and the obtaining of all such approvals by governmental agencies as may be
deemed necessary or desirable by the Board, including (without limitation) the satisfaction of all
applicable federal, state and local tax withholding requirements.

     IN WITNESS WHEREOF, the Company has caused this Agreement to be executed on its behalf by its
Chief Executive Officer or President and to be sealed with its corporate seal, attested by its
Secretary or one of its Assistant Secretaries, and the Director has hereunto set his hand and seal,
all as of the day and the year first above written, which is the date of the granting of the option
evidenced hereby.

	 	 	 
	 

	 	WEYCO GROUP, INC.
	 
	 	 
	

	 	By: /s/ Thomas W. Florsheim, Jr.
	 
	 	 
	

	 	Title: Chairman & CEO
	 
	 	 
	

	 	ATTEST:
	 
	 	 
	

	 	 /s/ John Wittkowske
	

	 	Secretary
	 
	 	 
	

	 	 /s/ Virgis Colbert
	

	 	Director

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