Document:

Exhibit

Exhibit 10.1(b)

Execution Version

FIRST AMENDMENT TO CREDIT AGREEMENT
This FIRST AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of December 13, 2019, is entered into by and among MARKEL CORPORATION, a Virginia corporation (the “Borrower”), MARKEL BERMUDA LIMITED, a Bermuda company, MARKEL GLOBAL REINSURANCE COMPANY, a Delaware corporation, ALTERRA FINANCE LLC, a Delaware limited liability company, the Lenders (as hereinafter defined), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent.
RECITALS

A.    The Credit Parties, the several lenders from time to time party thereto (the “Lenders”), and the Administrative Agent are party to the Credit Agreement, dated as of April 10, 2019 (the “Credit Agreement”).  Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement as amended by this Amendment.
B.    The Borrower has requested that the Lenders amend the Credit Agreement on the terms and conditions set forth herein.
STATEMENT OF AGREEMENT

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I

AMENDMENTS TO CREDIT AGREEMENT
    
     1.1     Section 1.1 of the Credit Agreement is hereby amended by amending and restating the following defined terms:

““Excluded Subsidiary” means Markel Ventures, Inc., a Virginia corporation, Markel CATCo Investment Management Ltd., a company organized under the laws of Bermuda, Nephila, Lodgepine Capital Management Limited, a company organized under the laws of Bermuda, and each other Subsidiary of the Borrower that: 
(i) is a Pledged Subsidiary; 
(ii) (x) is acquired or formed by the Borrower or a Subsidiary of the Borrower on or after the Closing Date, (y) is not, or is formed for the purpose of acquiring another Person that is not, primarily engaged in the property and casualty insurance or property and casualty insurance-related businesses, and (z) is designated as an Excluded Subsidiary in the first Officer’s Compliance Certificate furnished pursuant to Section 7.3(a) following its formation or acquisition; or 
(iii) is a Subsidiary of any other Excluded Subsidiary.”

““Guarantor” means the Borrower (with respect to the Obligations of the other Account Parties).”
     1.2    Article XI of the Credit Agreement is hereby amended by adding the following new Section 11.24 at the end thereof:

“SECTION 11.24  Acknowledgement Regarding Any Supported QFCs.  To the extent that the Loan Documents provide support, through a guarantee or otherwise, for Hedge Agreements or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):
(a)    In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.
(b)    As used in this Section 11.24, the following terms have the following meanings:
“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.
“Covered Entity” means any of the following:

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	(i)
	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

		
	(ii)
	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

		
	(iii)
	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.
“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).”
ARTICLE II
RELEASE OF GUARANTY
     2.1     Alterra Finance LLC is hereby released from its obligations as a Guarantor under the Guaranty set forth in Article XII of the Credit Agreement.

ARTICLE III
 CONDITIONS OF EFFECTIVENESS

     3.1     The amendments set forth in ARTICLE I (other than the amendment to the definition of  “Guarantor”) shall become effective as of the date when, and only when, the Administrative Agent shall have received an executed counterpart of this Amendment from the Credit Parties and the Required Lenders.

      3.2     The release set forth in ARTICLE II and the amendment to the definition of “Guarantor” shall become effective as of the date when, and only when, the Administrative Agent shall have received an executed counterpart of this Amendment from the Credit Parties and each Lender.

ARTICLE IV

REPRESENTATIONS OF WARRANTIES 
             
     4.1    Each Credit Party (solely as to itself and its Subsidiaries) represents and warrants to the Administrative Agent, the Issuing Lenders and the Lenders on and as of the date hereof, that: (i) it has taken all necessary action to authorize the execution, delivery and performance of this Amendment, (ii) this Amendment has been duly executed and delivered by such Credit Party and constitutes such Credit Party’s legal, valid and binding obligations, enforceable in accordance with its terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar state or federal debtor relief laws from time to time in effect which affect the enforcement of creditors’ rights in general and the availability of 

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equitable remedies, (iii) no consent, approval, authorization or order of, or filing, registration or qualification with, any court or Governmental Authority or third party is required in connection with the execution, delivery or performance by such Credit Party of this Amendment, (iv) the representations and warranties set forth in Article VI of the Credit Agreement are true and correct as of the date hereof except for those which expressly relate to an earlier date, (v) both before and after giving effect to this Amendment, no event has occurred and is continuing which constitutes a Default or an Event of Default and (vi) the Obligations are not reduced by this Amendment and are not subject to any offsets, defenses or counterclaims.

ARTICLE V

ACKNOWLEDGEMENT AND CONFIRMATION

     5.1     Each party to this Amendment hereby confirms and agrees that, after giving effect to this Amendment, the Credit Agreement and the other Loan Documents to which it is a party remain in full force and effect and enforceable against such party in accordance with their respective terms, as modified hereby, and shall not be discharged, diminished, limited or otherwise affected in any respect.

ARTICLE VI

MISCELLANEOUS       

     6.1     Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF).

     6.2    Loan Document.  As used in the Credit Agreement, “hereinafter,” “hereto,” “hereof,” and words of similar import shall, unless the context otherwise requires, mean the Credit Agreement after amendment by this Amendment.  Any reference to the Credit Agreement or any of the other Loan Documents herein or in any such documents shall refer to the Credit Agreement and the other Loan Documents as amended hereby.  This Amendment is limited to the matters expressly set forth herein, and shall not constitute or be deemed to constitute an amendment, modification or waiver of any provision of the Credit Agreement except as expressly set forth herein.  This Amendment shall constitute a Loan Document under the terms of the Credit Agreement.

     6.3     Expenses.  The Credit Parties shall pay all reasonable and documented fees and expenses of counsel to the Administrative Agent in connection with the preparation, negotiation, execution and delivery of this Amendment.

     6.4    Severability.  To the extent any provision of this Amendment is prohibited by or invalid under the applicable law of any jurisdiction, such provision shall be ineffective only to the extent of such prohibition or invalidity and only in any such jurisdiction, without prohibiting or invalidating such provision in any other jurisdiction or the remaining provisions of this Amendment in any jurisdiction.

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     6.5     Successors and Assigns.  This Amendment shall be binding upon, inure to the benefit of and be enforceable by the respective successors and permitted assigns of the parties hereto.

     6.6     Construction.  The headings of the various sections and subsections of this Amendment have been inserted for convenience only and shall not in any way affect the meaning or construction of any of the provisions hereof.

     6.7     Counterparts; Integration.  This Amendment may be executed and delivered via facsimile or electronic format with the same force and effect as if an original were executed and may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures hereto were upon the same instrument.  This Amendment constitutes the entire contract among the parties hereto with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof.

[remainder of page intentionally left blank]

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

	
			
	 
	 
	MARKEL CORPORATION

	 
	 
	 

	 
	 
	By:    /s/ Jeremy A. Noble

	 
	 
	Name:    Jeremy A. Noble

	 
	 
	Title:    Senior Vice President and Chief Financial Officer

	 
	 
	 

	 
	 
	 

	
			
	 
	 
	MARKEL BERMUDA LIMITED

	 
	 
	 

	 
	 
	By:    /s/ April L. Duff

	 
	 
	Name:    April L. Duff

	 
	 
	Title:    Treasurer

	 
	 
	 

	 
	 
	 

	
			
	 
	 
	MARKEL GLOBAL REINSURANCE COMPANY

	 
	 
	 

	 
	 
	By:    /s/ April L. Duff

	 
	 
	Name:    April L. Duff

	 
	 
	Title:    Treasurer

	 
	 
	 

	 
	 
	 

	
			
	 
	 
	ALTERRA FINANCE LLC

	 
	 
	 

	 
	 
	By:    /s/ Jeremy A. Noble

	 
	 
	Name:    Jeremy A. Noble

	 
	 
	Title:    Chief Financial Officer and Treasurer

	 
	 
	 

	 
	 
	 

                        
                

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION,

	 
	 
	as Administrative Agent, L/C Agent, Fronting Bank, Issuing

	 
	 
	Lender and Lender

	 
	 
	 

	 
	 
	By:    /s/ Jason Hafener

	 
	 
	Name:    Jason Hafener

	 
	 
	Title:    Managing Director

	 
	 
	 

	 
	 
	 

        

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

    
	
			
	 
	 
	CITIBANK, N.A., as a Lender

	 
	 
	 

	 
	 
	By:    /s/ John Modin

	 
	 
	Name:    John Modin

	 
	 
	Title:    Vice President & Managing Director

	 
	 
	 

	 
	 
	 

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	BARCLAYS BANK PLC, as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Edward Turowski

	 
	 
	Name:    Edward Turowski

	 
	 
	Title:    Vice President & Managing Director

	 
	 
	 

	 
	 
	 

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	JPMORGAN CHASE BANK, N.A., as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Hector J. Varona

	 
	 
	Name:    Hector J. Varona

	 
	 
	Title:    Executive Director

	 
	 
	 

	 
	 
	 

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	TRUIST BANK, formerly known as Branch

	 
	 
	Banking and Trust Company and as successor by

	 
	 
	merger to SunTrust Bank, as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Hays Wood

	 
	 
	Name:    Hays Wood

	 
	 
	Title:    Director

	 
	 
	 

	 
	 
	 

  

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	THE NORTHERN TRUST COMPANY, as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Joshua Metcalf

	 
	 
	Name:    Joshua Metcalf

	 
	 
	Title:    VP

	 
	 
	 

	 
	 
	 

    

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	BANK OF AMERICA, N.A., as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Hema Kishnani

	 
	 
	Name:    Hema Kishnani

	 
	 
	Title:    Director

	 
	 
	 

	 
	 
	 

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	Capital One, National Association, as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Seth Meier

	 
	 
	Name:    Seth Meier

	 
	 
	Title:    Director

	 
	 
	 

	 
	 
	 

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	FRONT BANK, as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Leslie Wilson Cosper

	 
	 
	Name:    Leslie Wilson Cosper

	 
	 
	Title:    Vice President

	 
	 
	 

	 
	 
	 

    

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENT

	
			
	 
	 
	The Bank of New York Mellon, as a Lender

	 
	 
	 

	 
	 
	By:    /s/ Tatiana Ross

	 
	 
	Name:    Tatiana Ross

	 
	 
	Title:    Vice President

	 
	 
	 

	 
	 
	 

    

SIGNATURE PAGE TO 
FIRST AMENDMENT TO CREDIT AGREEMENTExhibit

Exhibit 10.15(i)

MARKEL CORPORATION
    
PERFORMANCE-BASED RESTRICTED STOCK UNIT
AWARD AGREEMENT

	
				
	
AWARDED TO
	
AWARD DATE
	
VESTING SCHEDULE 1

	XXXXX
	XXXXX
	VESTING
	PERCENTAGE

	 
	 
	DATE
XXXXX
	OF UNITS
100%

MARKEL CORPORATION (the "Company") grants you (the “Participant”) the opportunity to receive restricted stock units ("Units"). The number of Units will be based on performance conditions as specified below. Until the Vesting Date stated above, except as specifically provided below, the Units are forfeitable and nontransferable. The Compensation Committee of the Company’s Board of Directors (the "Committee") will administer this Agreement and any decision of the Committee will be final and conclusive.  Capitalized terms not defined herein have the meanings provided in the Markel Corporation 2016 Equity Incentive Compensation Plan (the “Plan”).  

The terms of the award are:

		
	1.
	Performance Conditions:  The performance conditions are set forth on Exhibit A. Upon certification by the Committee of the completion of the performance conditions, the dollar equivalent of the percentage of salary will be determined.  The Participant will receive a number of Units determined by dividing the dollar equivalent by the Fair Market Value of a share of Company Stock on the date that the completion of the performance conditions is certified by the Committee or its designee (the “Determination Date”). No Units will be awarded hereunder if the Participant separates from service for any reason before the Determination Date. 

		
	2.
	Vesting for Units. If the Participant has not separated from service before the Vesting Date, the Units will become vested and non-forfeitable, and the Company will issue to the Participant for each vested Unit a share of Company Stock on that date (or such later date as may be elected by the Participant pursuant to a valid deferral election in accordance with procedures determined by the Company) or, in either case, as soon as administratively practicable (but in any event no later than 90 days) thereafter.

		
	3.
	 Forfeiture of Units.  If the Participant separates from service before the Vesting Date in circumstances  other than as described in (a)-(d) below, any unvested Units will be forfeited. If the Participant separates from service as set forth in (a) or (b) below, the unvested Units will become fully vested and non-forfeitable, and shares will be issued on the date on which the Participant’s death, Disability, or separation occurs or as soon as administratively practicable (but in any event no later than 90 days) thereafter, subject in the case of subsection (b) to Section 5 below. 

1 If necessary or appropriate to ensure orderly administration of the Company’s payroll and tax reporting obligations, the Company may accelerate vesting and payment of restricted stock units up to a maximum of thirty days before the date on which such restricted stock units would otherwise have vested and been paid.

If the Participant separates from service before the Vesting Date in the circumstances set forth in (c) below, the number of Units set forth in this Award will be vested on a pro rata basis based on a fraction of the number of whole months from January 1 of the calendar year following the calendar year in which the Award Date occurs until the date of termination divided by 36, and shares will be issued on the otherwise applicable Vesting Date, subject to Section 5 below.  Any remaining unvested Units will be forfeited as of the date of separation; except that a Participant who separates from service or whose employment is interrupted, in both instances, due to military service as provided in (c) below and who returns to employment with the Company upon cessation of such military service before the otherwise applicable Vesting Date will vest in any remaining unvested Units if employed on the Vesting Date.  If the Participant separates from service before the Vesting Date in the circumstance set forth in (d) below, the unvested Units will become fully vested and non-forfeitable, and shares will be issued on the otherwise applicable Vesting Date, subject to Section 5 below. 

		
	(a)
	The Participant separates from service due to death or Disability; 

		
	(b)
	The Participant separates from service after turning 55 years old and, at the time of separation, has at least 10 consecutive years of service with the Company or its subsidiaries since the Participant’s most recent hire date;

		
	(c)
	The Participant separates from service or his employment is interrupted due to military service; or

		
	(d)
	Paragraphs (a) and (b) do not apply, but the Committee or its designee so authorized determines that forfeiture should not occur because the Participant had an approved separation from service.  The Committee or its designee so authorized will in his or her sole discretion determine whether or not to apply this provision.

    
		
	4.
	Change in Control.  Any unvested Units will become fully vested and non-forfeitable if, within 12 months after a Change in Control, the Participant separates from service due to Involuntary Termination. For this purpose, Involuntary Termination means that the Participant’s employment is involuntarily terminated without Cause or the Participant terminates his employment for Good Reason.  In either case, shares will be issued for such Units on the otherwise applicable Vesting Date, subject to Section 5 below.   

		
	5.
	Six Month Delay for Specified Employees.  With respect to a Participant who separates from service before the Vesting Date as set forth in Sections 3(b), (c), or (d) above or in Section 4, if such Participant is a “specified employee” (as defined in Section 409A(a)(2)(B)(i) of the Code and the generally applicable Internal Revenue Service guidance thereunder) on the date of his separation, then, notwithstanding anything in Sections 3 or 4 to the contrary, no shares will be issued for his Units until the date that is six months after the date of his separation (or until the date of his death, if earlier).  Any shares which the Participant would otherwise have been entitled to receive during the first six months following the date of his separation will be issued instead on the date which is six months after the date of his separation (or on the date of his death, if earlier).  Whether the Participant is a “specified employee” will be determined under guidelines established by the Company for this purpose.

		
	6.
	Separation from Service Defined.  References throughout this Agreement to the Participant’s “separation from service” and variations thereof will have the meaning set forth in Section 1.409A-1(h) of the Treasury Regulations, as amended from time to time, applying the default terms thereof.

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	7.
	Forfeiture and Restitution. If during the period of the Participant’s employment and one year thereafter, the Participant (1) becomes associated with, recruits or solicits customers or other employees of the Employer for, is employed by, renders services to, or owns any interest in (other than any non-substantial interest, as determined by the Committee) any business that is in competition with Markel or its Subsidiaries, (2) has his employment terminated by his Employer for Cause, (3) discloses the terms of this Agreement to any person other than, on a confidential basis, to his spouse, attorneys, accountants or financial advisors or in response to a court order, or (4) engages in, or has engaged in, conduct which the Committee determines to be detrimental to the interests of Markel, the Committee may, in its sole discretion, (A) cancel this Award, and/or (B) require the Participant to repay by delivery of an equivalent number of shares any payment received under this Award within the previous two years. In addition, this Award shall be subject to any recoupment or clawback policy that is adopted by, or applicable to, the Company, pursuant to any requirement of law or any exchange listing requirement related to clawback or other recovery of incentive compensation. The provisions of this Section 7 are material consideration for this Award, which would not have been granted had Participant not agreed to them.

   
		
	8.
	Transfer Restrictions.  The Participant’s rights to the Units are not subject to sale, assignment, transfer, pledge, hypothecation or encumbrance.

		
	9.
	Tax Withholding.  Unless alternative arrangements satisfactory to the Company are made, the Company will withhold from the payment for the vested Units shares with a Fair Market Value equal to the minimum amount of any foreign, federal, state, or local income, employment or other taxes imposed on the payment required to be withheld by law. The Fair Market Value will be determined on the Vesting Date. 

		
	10.
	Binding Effect.  Subject to the limitations stated above, this Agreement will be binding upon and inure to the benefit of the Participant's legatees, distributees, and personal representatives and the successors of the Company.

		
	11.
	Change in Capital Structure.  The Units will be adjusted as the Committee determines is equitably required in the event of a dividend in the form of stock, spin-off, stock split-up, subdivision or consolidation of shares of Company Stock or other similar changes in capitalization.

		
	12.
	Interpretation.  This Agreement will be construed under and be governed by the laws of the Commonwealth of Virginia.  THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF VIRGINIA OR THE CIRCUIT COURT FOR THE COUNTY OF HENRICO WILL HAVE EXCLUSIVE JURISDICTION OVER ANY DISPUTES ARISING OUT OF OR RELATED TO THE PLAN OR THIS AGREEMENT.

		
	13.
	Code Section 409A.  This Agreement is intended to comply with the applicable requirements of Sections 409A(a)(2) through (4) of the Code, and will be interpreted to the extent context reasonably permits in accordance with this intent.  The parties agree to modify this Agreement or the timing (but not the amount) of any payment to the extent necessary to comply with Section 409A of the Code and avoid application of any taxes, penalties, or interest thereunder.  However, in the event that any amounts payable under this Agreement are subject to any taxes, penalties or interest under Section 409A of the Code or otherwise, the Participant will be solely liable for the payment thereof.  

		
	14.
	By accepting any benefits under this Agreement, Participant is accepting all the provisions hereof, including without limitation Section 7 hereof.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be signed as of the award date shown above.

MARKEL CORPORATION

By:      _____________________________
Richard R. Whitt, III
Co-Chief Executive Officer

By: _____________________________
Thomas S. Gayner
Co-Chief Executive Officer

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