Document:

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                               ACCESSION AGREEMENT

     This ACCESSION AGREEMENT dated November 8, 1999 among RenaissanceRe
Holdings Ltd. (the "Borrower"), Bank of America, National Association, as
Administrative Agent (the "Administrative Agent"), Deutsche Bank AG, New York
Branch, as LC Issuer (the "LC Issuer") and Mellon Bank, N.A. (the "Additional
Lender") supplements the Credit Agreement dated as of October 5, 1999 (the
"Credit Agreement") among the Borrower, certain financial institutions which are
signatories thereto (the "Lenders"), the LC Issuer and the Administrative Agent.

     1. Reference is made to the Credit Agreement. All terms defined therein
shall have the meanings set forth therein when used in this Accession Agreement
unless otherwise defined herein.

     2. Effective as of any day on or after the date set forth above and on or
before April 10, 2000 selected by the Borrower upon five Business Days' notice
to the Administrative Agent and the Additional Lender (the "Effective Date"),
the Additional Lender shall be added as a Lender pursuant to the terms of
Section 2.13(b) of the Credit Agreement and shall have all the rights and
obligations as a Lender under the Credit Agreement.

     3. The commitment of the Additional Lender shall be $25,000,000 and after
giving effect hereto the aggregate Commitments of all Lenders under the Credit
Agreement shall be $300,000,000.

     4. As of the Effective Date, Schedule 2.1 of the Credit Agreement is
amended in its entirety as set forth on Schedule 2.1 hereto.

     5. The Additional Lender represents and warrants that:

     (i) It is duly organized and existing, has full power and authority to
take, and has taken, all action necessary to execute and deliver this Accession
Agreement and any other documents required or permitted to be executed or
delivered by it in connection with this Accession Agreement and to fulfill its
obligations hereunder and under the Credit Agreement;

     (ii) This Accession Agreement has been duly executed and delivered by it
and constitutes the legal, valid and binding obligation of the Additional
Lender, enforceable against the Additional Lender in accordance with the terms
hereof, subject, as to enforcement, to bankruptcy, insolvency, moratorium,
reorganization and other laws of general application relating to and effecting
creditors' rights and to general equitable principles.

     (iii) It has received a copy of the Credit Agreement and the Schedules and
Exhibits thereto, together with copies of the most recent financial statements
referred to in Section 6.1 of the Credit Agreement, and such other documents and
information as it has deemed appropriate to make its own credit and legal
analysis and decision to enter into this Accession Agreement.

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     (iv) None of the Agents, the LC Issuer or any Lender has made any
representations or warranties about the creditworthiness of the Borrower or with
respect to the legality, validity, sufficiency or enforceability of the Credit
Agreement or any other Loan Document.

     6. In order to induce the Additional Lender, the Issuing Bank and the
Administrative Agent to execute and deliver this Accession Agreement, the
Borrower hereby represents and warrants that no Default or Event of Default has
occurred and is continuing.

     7. As hereby supplemented, the Credit Agreement shall remain in full force
and effect.

     8. This Accession Agreement is a Loan Document and shall be governed by and
construed in accordance with, the laws of the State of Illinois.

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     IN WITNESS WHEREOF, the parties hereto have caused this Accession Agreement
to be executed by the proper and duly authorized officers as of the day and year
first above written.

                                      RENAISSANCERE HOLDINGS LTD.

                                      By: /s/ John M. Lummis
                                          --------------------------------------
                                      Title: CFO - Senior Vice President
                                             -----------------------------------

                                      DEUTSCHE BANK AG, NEW YORK BRANCH,
                                      as LC Issuer

                                      By: /s/ John S. McGill   /s/ Alex Krouk
                                          --------------------------------------
                                      Title: Director / Assistant Vice President
                                             -----------------------------------

                                      BANK OF AMERICA, NATIONAL
                                      ASSOCIATION, as Administrative Agent

                                      By: /s/ Debra J. Basler
                                          --------------------------------------
                                      Title: Vice President
                                             -----------------------------------

                                      MELLON BANK, N.A., as Additional Lender

                                      By: /s/ Susan M. Whitewood
                                          --------------------------------------
                                      Title: Vice President
                                             -----------------------------------

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                                  SCHEDULE 2.1

                                   COMMITMENTS

                              Commitment             Pro Rata
Lender                          Amount                Share
------                          ------                -----
Bank of America,           $ 89,000,000.00         29.666666666%
 National Association

Fleet National Bank        $ 50,000,000.00         16.666666667%

Deutsche Bank              $ 60,000,000.00         20.000000000%

Bank of Bermuda            $ 35,000,000.00         11.666666667%

First Union National       $ 15,000,000.00          5.000000000%
 Bank

The Bank of N.T.           $ 26,000,000.00          8.666666667%
  Butterfield & Son
  Limited

Mellon Bank, N.A.          $ 25,000,000.00          8.333333333%
                           ---------------         -------------

                           $300,000,000.00        100.000000000%<PAGE>

                   [Letterhead of RenaissanceRe Holdings Ltd.]

                                November 11, 1999

The St. Paul Companies, Inc.
385 Washington Street
St. Paul, MN 55102-1396
Attn: Mr. Thomas Bradley

Gentlemen:

     The St. Paul Companies, Inc. ("St. Paul") hereby agrees to sell to
RenaissanceRe Holdings Ltd. (the "Company") and the Company hereby agrees to
repurchase from St. Paul, 700,000 of the Company's full voting Common Shares,
par value $1.00 per share (the "Common Shares"), for an aggregate purchase price
of $26,600,000.00. The closing of such purchase and sale shall occur on November
17, 1999.

     St. Paul represents and warrants to the Company that it has valid and
marketable title to the Common Shares to be sold by it hereunder, free and clear
of any liens or other impairments, and that the transactions contemplated hereby
have been carried on by St. Paul without the intervention of any broker, finder
or other person acting on its behalf in such manner as to give rise to any valid
claim by any person against the Company for a finder's fee, brokerage commission
or other similar payment.

     For so long as St. Paul and its affiliates own at least 8% of the voting
rights of the Company, the Company agrees to notify St. Paul of any proposed
share repurchase authorizations, and to provide to St. Paul the estimated change
that such authorizations will have on the voting rights of St. Paul.

     If you are in accordance with the terms set forth herein, please
acknowledge and agree by signing in the space provided below.

                                      Very truly yours,

                                      RENAISSANCERE HOLDINGS LTD.

                                      By: /s/ James N. Stanard
                                          ---------------------------------
                                          Name:  James N. Stanard
                                          Title: Chairman, President and Chief
                                                 Executive Officer

Acknowledged and Agreed to by:

THE ST. PAUL COMPANIES, INC.

By: /s/ Thomas A. Bradley
    ---------------------------
Name:  Thomas A. Bradley
Title: Senior Vice President - Finance<PAGE>

                          EMPLOYEE STOCK PURCHASE PLAN

                 (AMENDED AND RESTATED EFFECTIVE MARCH 27, 2000)

         1. Purpose of the Plan. The purpose of the amended and restated 1999
Employee Stock Purchase Plan is to secure for OptiCare Health Systems, Inc. (the
"Company") and its stockholders the benefits of the incentive inherent in the
ownership of the Company's common stock by present and future employees of the
Company and its subsidiaries. The Plan is intended to comply with the provisions
of Sections 421, 423 and 424 of the Internal Revenue Code of 1986, as amended
(the "Code"), and the Plan shall be administered, interpreted, and construed in
accordance with such provisions.

         2. Shares Reserved for the Plan. There shall be reserved for issuance
and purchase by employees under the Plan an aggregate of 450,000 shares of
common stock of the Company ("common stock"), subject to adjustment as provided
in Section 11. Notwithstanding the foregoing, the number of shares of common
stock available for issuance and purchase by employees under this Plan shall be
reduced by the number of shares of common stock issued under the Company's 2000
Professional Employee Stock Purchase Plan. Shares subject to the Plan may be
shares now or hereafter authorized but unissued, or shares that were once issued
and subsequently reacquired by the Company.

         3. Administration of the Plan. The Plan shall be administered at the
expense of the Company by a committee appointed by the board of directors of the
Company (the "Board") consisting of not less than two members of the Board who
shall serve at the pleasure of the Board and which shall be designated as the
Compensation Committee (hereinafter referred to as the "Committee"). No member
of the Committee shall be eligible to participate in the Plan. Subject to the
express provisions of the Plan, the Committee shall have authority to interpret
the Plan, to prescribe, amend and rescind rules and regulations relating to it,
and to make all other determinations necessary or advisable in administering the
Plan, all of which determinations shall be final and binding upon all persons
unless otherwise determined by the board of directors. A quorum of the Committee
shall consist of a majority of its members and the Committee may act by vote of
a majority of its members at a meeting at which a quorum is present, or without
a meeting by a written consent to the action taken signed by all members of the
Committee.

         4. Eligible Employees. All employees of the Company, and its
subsidiaries shall be eligible to participate in the Plan, provided each of such
employees:

         a.  has customary employment of a minimum of 20 hours per week,

         b.  has customary employment for more than five months in a calendar
             year, and

         c.  does not own, immediately after the right is granted, stock
             possessing 5% or more of the total combined voting power or value
             of all classes of stock of the Company or a subsidiary company.

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         In determining whether a company is a subsidiary, the rules of Section
424(f) of the Code shall be followed, and in determining stock ownership under
this paragraph the rules of Section 424(d) of the Code shall apply and stock
which the employee may purchase under outstanding options shall be treated as
stock owned by the employee. For all purposes of the Plan, "employment" shall be
defined in accordance with the provisions of Section 1.421-7(h) of the Income
Tax Regulations (or any successor regulations). Employees eligible to
participate in the Plan pursuant to the provisions of this Section 4 are
hereinafter referred to as "Eligible Employees".

         5. Election to Participate. Each Eligible Employee may participate in
the Plan by filing with the Committee an election to purchase form (the "Form")
authorizing specified regular payroll deductions. Payroll deductions may be in
any amount specified by an employee, but the annual rate of deductions may not
exceed 20% of the employee's annual rate of base compensation (as defined by the
Committee) in effect at the time of the filing of the Form. All regular payroll
deductions shall be credited to a non-interest bearing account which the Company
shall establish in the name of each participant ("Payroll Deduction Account").
Eligible Employees who so elect to participate in the Plan are hereinafter
referred to as "Participating Employees."

         All funds in Payroll Deduction Accounts may be used by the Company for
any corporate purpose, subject to the right of a Participating Employee to
withdraw at any time an amount equal to the balance accumulated in the
employee's Payroll Deduction Account. A Participating Employee may at any time,
but not more than once during any calendar quarter, increase or decrease the
employee's payroll deduction by filing a new Form which shall become effective
on the following payroll date.

          6. Limitation on Number of Shares Which an Employee May Purchase. No
Eligible Employee may be granted an option under the Plan that permits the
employee to purchase stock under the Plan (and any other employee stock purchase
plans qualified under Section 423 of the Code and sponsored by the Company or
any of its subsidiaries) at a rate which exceeds $25,000 in fair market value of
such stock (determined at the time the option is granted) for each calendar year
in which any such option granted to such individual is outstanding at any time.

         The foregoing limitation shall be interpreted by the Committee in
accordance with applicable rules and regulations issued under the Code.

          7. Purchase Price. The Purchase Price for each share of common stock
shall be 85% (or such higher percentage as the Committee may determine from time
to time) of the fair market value of such share on the Investment Date as
hereinafter defined, provided that the Purchase Price shall in no event be less
than the par value of such share.

         Fair market value on a given date means (i) if the common stock is
listed on a national securities exchange, the mean between the highest and
lowest sale prices reported as having

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occurred on the primary exchange on which the common stock is listed and traded
on the date prior to such date, or, if there is no such sale on that date, then
on the last preceding date on which such a sale was reported; (ii) if the common
stock is not listed on any national securities exchange but is quoted in the
National Market System of The Nasdaq Stock Market on a last sale basis, the
average between the high bid price and low ask price reported on the date prior
to such date, or, if there is no such sale on that date, then on the last
preceding date on which a sale was reported; or (iii) if the common stock is not
listed on a national securities exchange nor quoted in the National Market
System of The Nasdaq Stock Market on a last sale basis, the amount determined by
the Committee to be the fair market value based upon a good faith attempt to
value the common stock accurately.

          8. Method of Purchase and Investment Accounts. The last business day
of the third month in each calendar quarter commencing on or after the effective
date of the Plan shall be known as an Investment Date. Each Participating
Employee having funds in the employee's Payroll Deduction Account on an
Investment Date shall be deemed, without any further action, to have been
granted and have exercised such employee's right to purchase one or more full or
fractional shares which the funds in such employee's Payroll Deduction Account
could purchase at the Purchase Price on such Investment Date, subject to the
restrictions set forth in Section 6. All full or fractional shares so purchased
shall be credited to each Participating Employee and any balance in the
employee's Payroll Deduction Account, if any, shall be retained in such Account.

          9. Rights as a Stockholder. Upon each Investment Date, or as soon
thereafter as practicable, a certificate for each full share of common stock
credited to the employee will be forwarded to the employee or such full shares
and fractional shares will otherwise be credited to the employee. In the event a
Participating Employee terminates his or her Payroll Deduction Account, any
fractional shares credited to the Participating Employee will be paid to such
employee in cash.

         10. Rights Not Transferable. Rights under the Plan are not transferable
by a Participating Employee other than by will or the laws of descent and
distribution, and are exercisable during the employee's lifetime only by the
employee.

         11. Adjustment for Changes in the Company's Stock. In the event of a
subdivision of outstanding shares of common stock, or the payment of a stock
dividend thereon, the number of shares reserved or authorized to be reserved
under the Plan shall be increased proportionately, and such other adjustment
shall be made as may be deemed necessary or equitable by the Committee. In the
event of any other change affecting the common stock, such adjustments shall be
made as may be deemed equitable by the Committee to give proper effect to such
event subject to the limitations of Section 424 of the Code.

         12. Retirement, Termination and Death. In the event of a Participating
Employee's retirement or other termination of employment, or in the event that
the employee otherwise

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ceases to be an Eligible Employee, the amount in the employee's Payroll
Deduction Account shall be refunded to the employee and, in the event of death,
shall be paid to the employee's designated beneficiary under the Plan.

         13. Amendment of the Plan. The board of directors may at any time amend
the Plan in any respect, except that, without the approval of the stockholders
of the Company, no amendment shall be made (a) changing the number of shares to
be reserved under the Plan (other than as provided in Section 11), or (b) the
effect of which will cause it to fail to meet the requirements of Section 423 of
the Code.

         14. Termination of the Plan. The Plan and all rights of employees
hereunder shall terminate:

              (a)    on the Investment Date that Participating Employees become
                     entitled to purchase a number of shares greater than the
                     number of reserved shares remaining available for purchase:
                     or

              (b)    at any time, at the discretion of the board of directors,
                     effective as of the completion of any calendar quarter.

         In the event that the Plan terminates under circumstances described in
(a) above, reserved shares remaining as of the termination date shall be issued
to Participating Employees on a pro rata basis.

         15. Effective Date of the Plan. The Plan became effective on August 13,
1999; upon the approval by the stockholders of the Company in the manner
permitted by Section 423 of the Code. The Plan was amended and restated by the
Board effective on March 27, 2000 to reduce the number of shares of common stock
available for issuance under this Plan to the extent of the number of shares of
common stock issued under the Company's 2000 Professional Employee Stock
Purchase Plan.

         16. Government and Other Regulations. The Plan, and the grant and
exercise of the rights to purchase shares hereunder, and the Company's
obligation to sell and deliver shares upon the exercise of rights to purchase
shares, shall be subject to all applicable Federal, State and foreign laws,
rules and regulations, and to such approvals by any regulatory or government
agency as may, in the opinion of counsel for the Committee, be required.

                                       4

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