Document:

OB 12.31.2014 EX 10.2.5

Exhibit 10.2.5

AMENDMENT NO. 4 TO STOCK PURCHASE AGREEMENT
This Amendment No. 4 (this “Amendment”), dated as of November 3, 2014, is made among OneBeacon Insurance Group LLC (“Seller”), Trebuchet US Holdings, Inc. (“Purchaser”),  OneBeacon Insurance Group, Ltd. (“Seller Parent”) and Armour Group Holdings Limited (“Purchaser Parent”).  Capitalized terms used but not defined in this Amendment have the meanings set forth in the Agreement (as defined below). 
WITNESSETH:
WHEREAS, Seller, Purchaser, Seller Parent and Purchaser Parent are parties to that certain Stock Purchase Agreement dated as of October 17, 2012, as amended by amendments dated as of February 1, 2013, as of October 25, 2013 and as of June 19, 2014 and as otherwise modified or amended prior to the date hereof (the “Agreement”); and 
WHEREAS, the parties desire to amend the Agreement, as set forth in this Amendment, among other things, in order to (i) modify the parties’ obligations with respect to the contribution of Additional Required Capital and (ii) reduce the margin that Purchaser may charge the Acquired Companies under intercompany agreements following the Closing. 
NOW, THEREFORE, in consideration of the premises herein contained, and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto hereby agree as follows:
1.Amendment to Section 5.19 RE: Contribution of Additional Required Capital.  Section 5.19 of the Agreement is hereby amended by deleting such section in its entirety and replacing it with the following: 
“Section 5.19  Additional Required Capital.  In the event that the Pennsylvania Department requires that capital contributions be made into OneBeacon Insurance (either by virtue of a requirement to increase reserves or a requirement to increase surplus, or both), such that the aggregate amount of Cash Equivalents and Investment Assets of OneBeacon Insurance, on a consolidated basis with its Subsidiaries, after giving effect to such capital contributions, shall exceed, as of the Closing, the aggregate amount of Cash Equivalents and Investment Assets of OneBeacon Insurance, on a consolidated basis with its Subsidiaries, contemplated by the Estimated Closing Date Balance Sheet (such excess amount referred to herein as the “Required Additional Capital Amount”), then the provisions of this Section 5.19 shall apply.  Seller shall contribute to OneBeacon Insurance (i) an amount of Cash Equivalents (the “Seller Pari Passu Amount”) equal to the lesser of (x) fifty percent (50%) of the Required Additional Capital Amount or (y) the Pre-Closing Seller Contribution; and (ii) if the Required Additional Capital Amount exceeds two times the Seller Pari Passu Amount, an Amount of Cash Equivalents of such excess, up to a maximum of $101 million less the Seller Pari Passu Amount (the “Seller Priority Amount”).  In consideration of each amount, if any, contributed by Seller pursuant to this Section 5.19.  OneBeacon Insurance will issue a surplus note to Seller, which surplus note(s) shall be substantially in the applicable form attached hereto as Exhibit 8 (each a “Surplus Note”).  The Surplus Note, if any, issued in consideration of the Seller 

Pari Passu Amount (the “Seller Pari Passu Note”) will be subordinated to the Surplus Note, if any, issued in consideration of the Seller Priority Amount (the “Seller Priority Note”).
2.Amendment of Section 5.20 Re: Certain Payment Restrictions.  Section 5.20(b)(i) of the Agreement is hereby amended by deleting the two references to “15%” therein and replacing such two references with “10%”.
3.Ratification.  The Agreement, as amended hereby, is hereby ratified, approved and confirmed in all respects. 
4.Counterparts.  This Amendment may be executed in one or more counterparts, each of which will be deemed to constitute an original, but all of which shall constitute one and the same agreement, and may be delivered by facsimile or other electronic means intended to preserve the original graphic or pictorial appearance of a document. 
5.Governing Law.  This Amendment and its enforcement will be governed by, and interpreted in accordance with, the laws of the State of New York applicable to agreements made and to be performed entirely within such state without regard to the conflicts of law provisions thereof. 
6.Submission to Jurisdiction.  Each party to this Amendment hereby submits to the exclusive jurisdiction of (a) the United State District Court for the Southern District of New York sitting in the Borough of Manhattan or (b) if such court does not have jurisdiction, any state court located in the Borough of Manhattan, including in the case of subclauses (a) and (b) above, any appellate courts therefrom (the “New York Courts”) for any dispute arising out of or relating to this Amendment or the breach, termination or validity hereof or any transactions contemplated by this Amendment.  Each party to this Amendment hereby irrevocably and unconditionally waives, to the fullest extent permitted by Law, any objection that it may now or hereafter have to the laying of the venue of any such proceedings brought in such court.  Each of the parties hereto irrevocably and unconditionally waives and agrees not to plead or claim in any such court (i) that it is not personally subject to the jurisdiction of the New York Courts for any reason other than the failure to serve process in accordance with applicable Law, (ii) that it or its property is exempt or immune from jurisdiction of the New York Courts or from any legal process commenced in the New York Courts (whether through service of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise), and (iii) to the fullest extent permitted by applicable Law that (A) the suit, action or proceeding in the New York Courts is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper and (C) this Amendment, or the subject matter hereof, may not be enforced in or by the New York Courts. 
7.WAIVER OF JURY TRIAL.  EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AMENDMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY FOR ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AMENDMENT OR THE BREACH, TERMINATION OR VALIDITY HEREOF OR ANY TRANSACTIONS CONTEMPLATED BY THIS AMENDMENT.  

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EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (A) NEITHER THE OTHER PARTY HERETO NOR ITS REPRESENTATIVES, AGENTS OR ATTORNEYS HAVE REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY HERETO UNDERSTAND AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY HERETO MAKES THIS WAIVER VOLUNTARILY AND (D) EACH PARTY HERETO HAS BEEN INDUCED TO ENTER INTO THIS AMENDMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS OF THIS SECTION 7.  ANY PARTY HERETO MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AMENDMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.  
[Signature page follows]

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IN WITNESS WHEREOF, the parties hereto have duly executed this Amendment as of the day and year first above written. 

	
		
	 
	ONEBEACON INSURANCE GROUP LLC
By:   /s/ Paul McDonough
Name:   Paul McDonough
Title:   Chief Financial Officer and Senior    Vice President

	 
	 

	 
	TREBUCHET US HOLDINGS, INC.
By:   /s/ Pauline Richards
Name:   Pauline Richards
Title:   Secretary & Treasurer

	 
	 

	 
	ONEBEACON INSURANCE GROUP, LTD
By:   /s/ Paul McDonough
Name:   Paul McDonough
Title:   Chief Financial Officer and Senior    Vice President

	 
	 

	 
	ARMOUR GROUP HOLDINGS LIMITED
By:   /s/ Pauline Richards
Name:   Pauline Richards
Title:   Chief Operating Officer

[Signature page to Amendment No. 4 to SPA]

4OB 12.31.2014 EX 10.3.1

Exhibit 10.3.1

AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT
WHITE MOUNTAINS ADVISORS LLC, a Delaware limited liability company (the “Advisor”), having an address at 200 Hubbard Road, Guilford, Connecticut 06437, and OneBeacon Insurance Group, Ltd. , an exempted limited liability company organized under the laws of Bermuda (the “Client”), having an address at 601 Carlson Parkway, Suite 600, Minnetonka, Minnesota 55305, and each affiliate company of the Client listed on Schedule B, and each having an address of 601 Carlson Parkway, Suite 600, Minnetonka, Minnesota 55305, or which hereinafter becomes a party to this Agreement (each, an “Affiliated Company”, and collectively, the “Affiliated Companies”), hereby enter into this Investment Management Agreement (this “Agreement”), dated as of December 23, 2014, and hereby agree that the Advisor shall act as discretionary advisor with respect to certain assets of the Client and the Affiliated Companies described below (the “Investment Account”) on the following terms and conditions:
1.Investment Account.  The Investment Account shall consist of the cash and securities of the Client and the Affiliated Companies managed by the Advisor pursuant to this Agreement.
2.    Authority.  The Client and each Affiliated Company hereby appoint the Advisor as advisor for the portion of the Investment Account comprised of its investment assets.  Except as may be separately agreed in writing among the Advisor, the Client and any Affiliated Company from time to time, the Advisor hereby agrees to direct the investments in the Investment Account in accordance with the investment guidelines agreed upon by the Client, each Affiliated Company and the Advisor from time to time (the "Standard Guidelines").  Any other agreement by the Advisor, and the Client or an Affiliated Company to manage investment assets in a manner deviating from the Standard Guidelines shall be in writing.  The board of directors (or other similar governing body) of the Client and each Affiliated Company shall oversee the activities of the Advisor pursuant to this Agreement and shall retain ultimate authority over the Investment Account, in each case, in relation to their respective investment assets and shall monitor services annually for quality assurance.  In addition, the Advisor agrees to provide treasury management advisory services specific to the Investment Account ("Treasury Management Services"), as directed by the Client or any Affiliated Company.  The Treasury Management Services include, without limitation, (i) executing investment transactions to support short-term treasury cash requirements, (ii) settling inter-company and dividend treasury transactions with cash and securities, (iii) settling quarterly tax liability payments from the Investment Account, (iv) providing preliminary valuation for securities supporting treasury transactions, (v) assisting the Client or any Affiliated Company in evaluating securities lending programs administered by custodians designated by the Client or such Affiliated Company and acceptable to the Advisor, and (vi) collaborating with the Client or any Affiliated Company to provide treasury transaction support to custodians and accounting servicing providers designated by the Client or such Affiliated Company and acceptable to the Advisor.
3.    Advisor’s Discretionary Authority.      Subject to Section 2, the Advisor shall have full discretion and authority as agent and attorney-in-fact for the Client and each Affiliated Company: (a) to make all investment decisions in respect of the Investment Account on behalf of the Client and the Affiliated Companies and, except as otherwise provided in this Agreement, at the sole risk of the Client and the Affiliated Companies; (b) to buy, sell, exchange, convert, liquidate or otherwise trade in respect of the Investment Account in any stock, bond or other security or investment, including without limitation private investment funds, hedge funds, and other pooled investment vehicles (such private investment funds, hedge funds, and other pooled investment vehicles collectively referred to as “Funds”); (c) to facilitate the subscription for, redemption or transfer of interests in Funds (including but not limited to performing such acts and executing such documents as may be necessary to subscribe or redeem interests in Funds); and (d) in furtherance of the foregoing, to do anything which the Advisor shall deem requisite, appropriate or advisable in connection 

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therewith, including, without limitation, the placing of orders with respect to, and arrangement for, any of the foregoing, and the selection of such brokers, dealers, sub-advisors and others as the Advisor shall determine in its absolute discretion. The Advisory will be responsible for engaging, contracting with, monitoring and terminating sub-advisors; however no sub-advisor shall be given discretionary authority over the Investment Account without the prior approval of the Client, and to the extent affecting the investment assets of any Affiliated Company, such Affiliated Company.
4.    Liability.    In the performance of its services, the Advisor will not be liable for any error in judgment or any acts or failures to act except those resulting from the Advisor’s gross negligence, willful misconduct or malfeasance.  Nothing herein shall in any way constitute a waiver or limitation of any right of any person under any applicable U.S. federal or state securities laws.  The Advisor shall have no responsibility or liability or whatsoever in respect of assets outside the Investment Account. 
5.    Custody.    Investment Account assets shall be held in one or more separately identified accounts in the custody of one or more banks, trust companies, brokerage firms or other entities designated by the Client and each Affiliated Company, and acceptable to the Advisor.  The Advisor will communicate its investment purchase, sale and delivery instructions directly with the appropriate custodian or other qualified depository.  The Client and each Affiliated Company shall be responsible for its respective custodial arrangements and the payment of all related custodial charges and fees, and the Advisor shall have no responsibility or liability with respect to custody arrangements or the acts, omissions or other conduct of the custodians.
6.    Brokerage.    When placing orders for the execution of transactions for the Investment Account, the Advisor may allocate all transactions to such brokers or dealers, for execution on such markets, at such prices and commission rates, as are selected by the Advisor in its sole discretion.  In selecting brokers or dealers to execute transactions, the Advisor need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost.  It is not the Advisor’s practice to negotiate “execution only” commission rates, and, in negotiating commission rates, the Advisor shall take into account the financial stability and reputation of brokerage firms and brokerage and research services provided by such brokers.  The Client or any Affiliated Company may be deemed to be paying for research provided or paid for by the broker which is included in the commission rate although the Client or such Affiliated Company may not, in any particular instance, be the direct or indirect beneficiary of the research services provided.  Research furnished by brokers may include, but is not limited to, written information and analyses concerning specific securities, companies or sectors, market, finance and economic studies and forecasts, certain financial publications, statistics and pricing services, discussions with research personnel, and certain software and data bases utilized in the investment management process.  The Client and each Affiliated Company acknowledge that since commission rates are generally negotiable, selecting brokers on the basis of considerations which are not limited to applicable commission rates may at times result in higher transaction costs than would otherwise be obtainable. 
The Advisor is hereby authorized to, and the Client and each Affiliated Company acknowledges that the Advisor may, aggregate orders on behalf of the Investment Account with orders on behalf of other clients of the Advisor.  In such event, the allocation of the securities purchased or sold and the expenses incurred in the transaction shall be made in a manner that the Advisor considers to be fair and equitable to all of its clients, including the Client and the Affiliated Companies, and that is consistent with the allocation policies and procedures adopted and implemented by the Advisor, copies of which will be made available to clients upon request.

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7.    Representations and Warranties.
a)The Client and each Affiliated Company represents, warrants and agrees that: 
		
	(i)
	it has full legal power and authority to enter into this Agreement;

		
	(ii)
	the appointment of the Advisor hereunder is permitted by the Client’s or such Affiliated Company’s governing documents and has been duly authorized by all necessary corporate or other action; 

		
	(iii)
	it will indemnify the Advisor and hold it harmless against any and all losses, costs, claims and liabilities which the Advisor may suffer or incur arising out of any material breach of its representations and warranties herein; 

		
	(iv)
	it is not (a) an employee benefit plan, (b) an IRA, (c) a “benefit plan investor” subject to the Employee Retirement Income Security Act of 1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as amended, or (d) an entity in which the participation by benefit plan investors” is “significant”, as those terms are defined in regulations issued by the U.S. Department of Labor; and 

		
	(v)
	it understands that the Advisor will be relying upon the representations and information provided herein or in connection herewith by the Client and/or the Affiliated Companies in completing and entering into subscription agreements on behalf of the Investment Account. 

b)    The Advisor represents, warrants and agrees that;
		
	(i)
	it has full legal power and authority to enter into this Agreement;

		
	(ii)
	it is registered as an investment adviser with the Securities and Exchange Commission pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”);

		
	(iii)
	entering into this Agreement is permitted by the Advisor’s governing documents and has been duly authorized by all necessary corporate or other action;

		
	(iv)
	it will indemnify the Client and each Affiliated Company and hold it harmless against any and all losses, costs, claims, and liabilities which the Client and/or such Affiliated Company may suffer or incur arising out of any material breach of any representations and warranties of the Advisor;

		
	(v)
	it has established Anti-Money Laundering Policy & Procedures pursuant to Section 352 of the USA Patriot Act; and 

		
	(vi)
	it endeavors to value all securities at fair market value in a manner determined by the Advisor to be consistent with (1) its Valuations Policies and Procedures, as may be amended from time to time, and (2) industry practice.  A copy of these policies and procedures is available to clients upon request.  The Advisor will not serve as the official pricing agent with respect to the Investment Account but may provide 

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recommendations regarding fair valuation, if the Client or an Affiliated Company so requests. 
8.    Reports.    The Advisor shall provide the Client and each Affiliated Company with reports on the status of the Investment Account on a monthly basis.  The books and records of the Client and the Affiliated Companies shall include those books and records developed or maintained under or related to this Agreement.  All such records maintained pursuant to this Agreement shall be subject to examination by the Client and, as it relates to its own investment assets, each Affiliated Company, and by persons authorized by it, or by appropriate governmental authorities, at all times upon reasonable notice.  The Advisor shall provide copies of trade tickets, custodial reports and other records that the Client and/or any Affiliated Company shall reasonably require for accounting or tax purposes. 
9.    Management Fee, Treasury Management Fee and Expenses.
a)    The Advisor will be paid a quarterly management fee and Treasury Management Fee (the “Management Fee”) for its investment advisory and Treasury Management Services provided hereunder, determined in accordance with Schedule A to this Agreement.  For purposes of Schedule A, the Management Fee shall be calculated treating the Investment Account as a single poop. The Management Fee shall be borne by the Client and the Affiliated Companies pro rata based on respective Investment Account assets.  During the term of this Agreement, the Management Fee shall be calculated in compliance with the NAIC Accounting Practices and Procedures Manual and billed and payable in arrears on a quarterly basis within sixty (60) days after the last day of each calendar quarter based upon the value of the Investment Account as of the last day of the said calendar quarter.  The Management Fee shall be pro-rated for any partial quarter.  Capital inflows and outflows will be time-weighted so that the Management Fee will be charged for only the period of time such assets are actually managed by the Advisor.  In the event that the Management Fee is to be paid by the custodian out of the Investment Account, the Client and/or the relevant Affiliated Company will provide written authorization to the custodian. 
b)    The Client or an Affiliated Company shall be responsible for all expenses incurred directly in connection with transactions effected on behalf of the Client or such Affiliated Company pursuant to this Agreement.  These expenses shall include but are not limited to (i) custodial fees; (ii) PAM accounting service fees, (iii) Charles River (or other) compliance service fees, (iv) investment expenses such as commissions, and (v) other expenses reasonably related to the purchase, sale or transmittal of Investment Account assets, provided that the Advisor shall be responsible for research fees and expenses.  The Client is prohibited from advancing funds to the Advisor except to pay for services defined in this Agreement. 
c)    Sub-advisory management or performance fees (“Sub-advisor Fees”), if any, will be borne by the Client and/or the affected Affiliated Companies, as appropriate, provided that said fees have been approved in advance by the Client and/or the affected Affiliated Company.  No Management Fee shall accrue on any assets with respect to which Sub-advisor Fees are paid.  At the Advisor’s discretion, Sub-advisor Fees may be structured to be paid directly to the sub-advisor by the Client or Affiliated Companies or be paid by the Advisor and reimbursed by the Client or Affiliated Companies without any markup.  Any Management Fees incurred in connection with transactions conducted by the Advisor with regard to interests in Funds will be borne by the Client or the affected Affiliated Companies. 
10.    Confidential Relationship.    All information and advice furnished by any party to another party pursuant to this Agreement shall be treated by the receiving party as confidential and shall not be disclosed to third-parties except as required by law. 

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11.    Assignment.    This Agreement may not be assigned (within the meaning of the Advisers Act) by any party without the written consent of the other party, and any assignment without such consent shall automatically cause the termination hereof. 
12.    Directions to the Advisor.    All directions by or on behalf of the Client or an Affiliated Company to the Advisor shall be in writing and may be delivered in any manner permitted by Section 16.  The Advisor (i) shall be fully protected in relying upon any such writing that the Advisor believes to be genuine and to be signed or presented or sent by the proper person or persons (ii) shall be under no duty to make any investigation or inquiry as to any statement contained therein and (iii) may accept the same as conclusive evidence of the truth and accuracy of the statements therein contained. 
13.    Services to Other Clients.    It is understood that the Advisor acts as investment advisor to other clients and may give advice and take action with respect to such clients that differs from the advice given or the action taken with respect to the Investment Account. Nothing in this Agreement shall restrict the right of the Advisor, its members, managers, officers, employees or affiliates to perform investment management or advisory services for any other person or entity, and the performance of such service for others shall not be deemed to violate or give rise to any duty or obligation to the Client and/or the Affiliated Companies. 
14.    Investment by the Advisor for Its Own Account.    Nothing in this Agreement shall limit or restrict the Advisor or any of its members, managers, officers, employees or affiliates from buying, selling or trading any securities for its or their own account or accounts. The Client and each Affiliated Company acknowledges that the Advisor and its members, managers, officers employees, affiliates and other clients may at any time have, acquire, increase, decrease or dispose of securities which are at or about the same time acquired or disposed of for the account of the Client or an Affiliated Company.  The Advisor shall have no obligation to purchase or sell for the Investment Account or to recommend for purchase or sale by the Investment Account any security that the Advisor or its members, managers, officers, employees or affiliates may purchase or sell for itself or themselves or for any other client. 
15.    Proxies.    Subject to any other written instructions of the Client or any Affiliated Company, the Advisor is hereby appointed as the agent and attorney-in-fact of the Client and each Affiliated Company in its discretion to vote, convert or tender in an exchange or tender offer any securities in the Investment Account, to execute proxies, waivers, consents and other instruments with respect to such securities, to endorse, transfer or deliver such securities and to participate in or consent to any plan of reorganization, merger, combination, consolidation, liquidation or similar plan with reference to such securities.  The Advisor shall not incur any liability to the Client or any Company Affiliate by reason of any exercise of, or failure to exercise, any such discretion.
16.    Notices.    All notices and instructions with respect to securities transactions or any other matters contemplated by this Agreement shall be deemed duly given when actually received by the intended party in writing, via facsimile, or e-mail or by first-class mail to the following addresses: (a) if to the Advisor, at its address set forth above, Attention Chief Financial Officer, if by facsimile to 203.458.0754 and if by e-mail, mplourde@whitemountainsadvisors.com or (b) if to the Client or any Affiliated Company, at its address set forth above, attention Chief Financial Officer, if by facsimile to 781.332.7704, and if by email, pmcdonough@onebeacon.com.  Any of the Advisor the Client or an Affiliated Company may change its physical address, facsimile number or e-mail address or specify a different manner of addressing itself by giving notice of such change in writing to the other party. 
17.    Joining and Severing Affiliated Companies.        From time to time while this Agreement remains in effect, the Client may cause any other of its affiliates to become an Affiliated Company hereunder 

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by executing a written agreement among the Client, the Advisor and such affiliate in a form reasonably acceptable to each of them, after which the affiliate shall, for all purposes, be treated as an “Affiliated Company” hereunder, including, without limitation, granting the authorities, making the representations and warranties and accepting the obligations of an Affiliated Company in this Agreement.  From time to time, the Client and/or the Advisor may sever any Affiliated Company from this Agreement by executing a written agreement among the Client, the Advisor and such Affiliated Company in a form reasonably acceptable to each of them, after which the Affiliated Company shall no longer be treated as being party to this Agreement.  The Advisor will periodically update Schedule B to reflect the addition or removal of Affiliated Companies.
18.    Entire Agreement, Amendment.    This Agreement sets forth the entire agreement of the parties with respect to management of the Investment Account, supersedes any previous Investment Management Agreement between the Advisor and the Client or any Affiliated Company and shall not be amended except by an instrument in writing signed by the parties hereto. 
19.    Arbitration.  Any controversy or claim arising out of or relating to this Agreement or the breach of the same, shall be settled by arbitration in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction.  All arbitration expenses shall be borne equally by the Advisor, on the one hand, and the Client and any affected Affiliated Company, on the other hand.  Any arbitration proceeding arising under this Agreement will be conducted in the County of New York in the State of New York or such other location as the parties mutually agree. 
20.    Termination.    This Agreement shall continue in force from the date hereof until terminated by either party, with or without cause, without penalty by written notice to the other party at least sixty (60) days prior to the date upon which such termination is to become effective, provided that the Client shall honor any trades executed but not settled before the date of any such termination.  Upon termination of this Agreement, (i) any accrued and unpaid Management Fee hereunder, (ii) accrued reimbursable expenses and (iii) any reasonable additional expenses incurred in closing out the Account shall be paid by the Client or the relevant Affiliated Company to the Advisor.  Termination of this Agreement will not affect any accrued rights, indemnities, existing commitments or any contractual provisions intended to survive termination.  The Advisor may direct the custodian to retain in the Investment Account to settle committed transactions. 
21.    Receivership.  If an     Affiliated Company is placed in receivership under a state’s receivership law: (i) the rights of the Affiliated Company under the agreement extend to the receiver or the chief state insurance department official; and (ii) the books and records shall be subject to examination of the receiver or the chief state insurance department official immediately upon the receiver or the chief state insurance department official’s request.  The Advisor does not have an automatic right to terminate the agreement if an Affiliated Company is placed in receivership under a state’s receivership law.  The Advisor will continue to maintain systems, programs, or other infrastructure notwithstanding a seizure by the chief state insurance department official under a state’s receivership law and shall make them available to the receiver for as long as the Advisor continues to receive timely payment for the services rendered. 
22.    Severability.    If any provision of this Agreement (or any portion thereof) or the application of any such provision (or any portion thereof) to any person or circumstance shall be held invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such invalidity, illegality or unenforceability shall not affect any other provision hereof (or the remaining portion thereof) of the application of such provision to any other persons or circumstances.

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23.    Governing Law.    To the extent that the interpretation or effect of this Agreement shall depend on state law, this Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
24.    Effective Date.    This Agreement shall become effective on the first date written above. 
25.    Receipt of Disclosure Statement.    The Client and each Affiliated Company acknowledges receipt of a copy of Part II of the Advisor’s Form ADV in compliance with Rule 204-3(b) under the Investment Advisers Act of 1940, as amended, more than 48 hours prior to the date of execution of this Agreement.  The Advisor shall annually and without charge, upon request by the Client, deliver to the Client the current version of such form or a written document containing the information then required to be contained in such form. 
26.    Counterparts.    This Agreement may be executed in two counterparts, each one of which shall be deemed to be an original. 
IN WITNESS HEREOF, the parties hereto have caused this Agreement to be executed by their respective duly authorized representatives as of the date first written above. 
	
		
	ADVISOR:
WHITE MOUNTAINS ADVISORS LLC
By:   /s/ Kevin B. Crawford
Print:   Kevin B. Crawford
Title:   Chief Compliance Officer
	CLIENT:
ONEBEACON INSURANCE GROUP, LTD. 
By:   /s/ T. Michael Miller
Print:   T. Michael Miller
Title:   President & CEO 

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	AFFILIATED COMPANIES:
MILL SHARES HOLDINGS (BERMUDA) LTD. 
By:   /s/ Sarah A. Kolar
Print:   Sarah Kolar
Title:   VP & Assistant Secretary
	 

	 
	 

	ONEBEACON HOLDINGS (GIBRALTAR) LIMITED
By:   /s/ Sarah A. Kolar
Print:   Sarah Kolar
Title:   Director
	 

	 
	 

	WM BELVAUX (LUXEMBOURG) S.A.R.L.
By:   /s/ Sarah A. Kolar
Print:   Sarah Kolar
Title:   Manager
	

	 
	 

	ONEBEACON INVESTMENTS (LUXEMBOURG) S.A.R.L. 
By:   /s/ Sarah A. Kolar
Print:   Sarah A. Kolar
Title:   Manager
	

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	WM FINDEL (LUXEMBOURG) S.A.R.L.
By:   /s/ Sarah A. Kolar
Print:   Sarah A. Kolar
Title:   Manager
	 

	 
	 

	WM KEHLEN (LUXEMBOURG) S.A.R.L.
By:   /s/ Sarah A. Kolar
Print:   Sarah A. Kolar
Title:   Manager
	 

	 
	 

	WM QUEENSWAY (GIBRALTAR) LIMITED
By:   /s/ Sarah A. Kolar
Print:   Sarah A. Kolar
Title:   Manager
	 

	 
	 

	ONEBEACON INSURANCE GROUP LLC 
By:   /s/ T. Michael Miller
Print:   T. Michael Miller
Title:   President & CEO
	 

	 
	 

	ONEBEACON U.S. ENTERPRISES HOLDINGS, INC. 
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

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	ONEBEACON U.S. FINANCIAL SERVICES, INC. 
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

	 
	 

	ONEBEACON U.S. HOLDINGS, INC. 
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

	 
	 

	ATLANTIC SPECIALTY INSURANCE COMPANY
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

	 
	 

	HOMELAND INSURANCE COMPANY OF DELAWARE
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

	 
	 

	HOMELAND INSURANCE COMPANY OF NEW YORK 
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

	 
	 

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	ONEBEACON SELECT INSURANCE COMPANY
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	

	 
	 

	OBI NATIONAL INSURANCE COMPANY 
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   
	 

	 
	 

	ONEBEACON SPECIALTY INSURANCE COMPANY 
By:   /s/ Paul H. McDonough
Print:   Paul H. McDonough
Title:   Senior Vice President
	 

	 
	 

	A.W.G. DEWAR, INC. 
By:   /s/ Dana E. Tufts
Print:   Dana E. Tufts
Title:   President
	 

	 
	 

	EBI CLAIMS SERVICES, LLC
By:   /s/ Virginia A. McCarthy
Print:   Virginia A. McCarthy
Title:   Secretary
	 

	 
	 

11

	
		
	NATIONAL MARINE UNDERWRITERS, INC. 
By:   /s/ Virginia A. McCarthy
Print:   Virginia A. McCarthy
Title:   Secretary
	

	 
	 

	ONEBEACON ENTERTAINMENT, LLC
By:   /s/ Virginia A. McCarthy
Print:   Virginia A. McCarthy
Title:   Secretary
	 

	 
	 

	ONEBEACON PROFESSIONAL INSURANCE, INC. 
By:   /s/ Virginia A. McCarthy
Print:   Virginia A. McCarthy
Title:   Secretary
	 

	 
	 

	ONEBEACON SERVICES, LLC
By:   /s/ Virginia A. McCarthy
Print:   Virginia A. McCarthy
Title:   Secretary
	 

	 
	 

	ONEBEACON SPORTS AND LEISURE, LLC
By:   /s/ Virginia A. McCarthy
Print:   Virginia A. McCarthy
Title:   Secretary
	 

	 
	 

12

	
		
	SPLIT ROCK INSURANCE, LTD. 
By:   /s/ Sheila Nicoll
Print:   Sheila Nicoll
Title:   President
	

13

SCHEDULE A
FEE SCHEDULE
	
				
	Investment Account
	 
	 

	Assets Under Management
	Annual Fee
	Quarterly Fee

	Investment Grade Fixed Income
	 

	Up to $1 billion
	10.0 bps
	2.500 bps

	Next $1 billion
	8.5 bps
	2.125 bps

	Next $3 billion
	7.5 bps
	1.875 bps

	Greater than $5 billion
	2.5 bps
	0.625 bps

	High Yield
	25.0 bps
	6.250 bps

	Equities
	100.0 bps
	25.000 bps

	Hedge Funds
	100.0 bps
	25.000 bps

	Private Equities & Deferreds
	 
	 

	First 2 Years of Fund’s Life (committed)
	100.0 bps
	25.000 bps

	Thereafter (Fair Value)
	100.0 bps
	25.000 bps

	Affordable Housing Credit Funds
	 
	 

	First Years of Fund’s Life (Committed)
	100.0 bps
	25.000 bps

	Thereafter (Fair Value)
	10.00 bps
	2.500 bps

Treasury Management Services.  The advisor will be paid a quarterly fee for the treasury management-services computed at the annual rate of 1.75 basis points (0.0175%) of the aggregate value of the net assets of the client’s investment account on an annual basis. 

14

SCHEDULE B
AFFILIATED COMPANIES
MILL SHARES HOLDINGS (BERMUDA) LTD.
ONEBEACON HOLDINGS (GIBRALTAR) LIMITED
WM BELVAUX (LUXEMBOURG) S.A.R.L.
ONEBEACON INVESTMENT (LUXEMBOURG) S.A.R.L.
WM FINDEL (LUXEMBOURG) S.A. R.L. 
WM KEHLEN (LUXEMBOURG) S.A.R.L.
WM QUEENSWAY (GIBRALTAR) LIMITED
ONEBEACON INSURANCE GROUP LLC
ONEBEACON U.S. ENTERPRISES HOLDINGS, INC. 
ONEBEACON U.S. FINANCIAL SERVICES, INC. 
ONEBEACON U.S. HOLDINGS, INC. 
ATLANTIC SPECIALTY INSURANCE COMPANY
HOMELAND INSURANCE COMPANY OF DELAWARE
HOMELAND INSURANCE COMPANY OF NEW YORK
ONEBEACON SELECT INSURANCE COMPANY 
OBI NATIONAL INSURANCE COMPANY
ONEBEACON SPECIALTY INSURANCE COMPANY 
A.W.G. DEWAR, INC. 
EBI CLAIMS SERVICES, LLC
NATIONAL MARINE UNDERWRITERS, INC. 
ONEBEACON ENTERTAINMENT, LLC
ONEBEACON PROFESSIONAL INSURANCE, INC. 
ONEBEACON SERVICES, LLC
ONEBEACON SPORTS AND LEISURE, LLC
SPLIT ROCK INSURANCE, LTD. 

15

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