Document:

EX-10.6.2

 Exhibit 10.6.2 

 
 

 
 PartnerRe Ltd. 
 Executive Share-Settled Share Appreciation Right Agreement 

<Name> 
 <Date> 
 This Share-Settled Share Appreciation Right Award
Agreement (the “Award Agreement”) commences and is made effective as of <Date>, by and between PartnerRe Ltd. (the “Company”), and <Name> (the “Participant”), an employee
of the PartnerRe Group (which is defined to include PartnerRe Ltd. and its affiliates and subsidiaries). 
 WHEREAS, the Company
desires to afford the Participant the opportunity to acquire common shares, $1.00 par value, of the Company (“Shares”) pursuant to the PartnerRe Ltd. Amended and Restated Employee Equity Plan (the “Plan”);
and 
 WHEREAS, the Company wishes to provide a means through which the PartnerRe Group may attract able persons to enter and
remain in employment or other service with the Company and motivate and reward key employees and other persons, including the Participant, to contribute significantly to the success of the Company, thereby furthering the best interests of the
Company and its shareholders; 
 NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth and for other
good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 

1. Definitions; Conflicts. Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the
Plan, terms and provisions of which are incorporated herein by reference. In the event of a conflict or inconsistency between the terms and provisions of the Plan and the terms and provisions of this Award Agreement or a prospectus, the terms and
provisions of the Plan shall govern and control. In the event of a conflict or inconsistency between the terms and provisions of this Award Agreement and a prospectus, the terms and provisions of this Award Agreement shall govern and control.

 2. Purpose of Award Agreement. The purpose of this Award Agreement is to grant an award of Share-Settled Share
Appreciation Right (the “SSAR”) to the Participant. The SSAR represents the right to acquire up to, but not exceeding in the aggregate, the number of Shares as set forth in the Notice of SSAR, subject to the terms of the Plan. This
Award Agreement is entered into pursuant to the terms of the Plan, and, by receipt of this Award Agreement, the Participant acknowledges receipt of a copy of the Plan and further agrees to be bound thereby and by the actions of the Committee
pursuant to the Plan. 
 3. Grant of SSAR. The Participant is granted an award of SSAR with respect to the number of
Shares and on the date (the “Grant Date”) as specified in the Notice of SSAR. 

 

 
  

 4. Exercise Price. The exercise price per Share of the SSAR shall be the price
provided in the Notice of SSAR (the “Exercise Price”). 
 5. Term of SSAR. The term of the SSAR shall be
no longer than ten (10) years from the Grant Date, subject to earlier termination as provided in Section 7 hereof. 

6. Vesting of SSAR. Subject to the terms, conditions and limitations contained herein, the SSAR shall vest and become exercisable
with respect to the Shares covered by such SSAR in accordance with the following schedule: 
  

	 	•	 	 33% of the SSAR on the first anniversary of the Grant Date; 

 

	 	•	 	 33% of the SSAR on the second anniversary of the Grant Date; and 

 

	 	•	 	 34% of the SSAR on the third anniversary of the Grant Date. 

7. Termination. In the event that the Participant ceases to be an employee of PartnerRe Group prior to the expiration of the term
of the SSAR, as provided in Section 5 above (the “Expiration Date”), the following conditions shall apply: 
 a. Death or Disability. If the Participant ceases to be an employee of the PartnerRe Group as a result of the Participant’s death or Disability, (i) any portion of the SSAR that is vested
on the date of such termination shall remain exercisable for twelve (12) months following the date of such termination, but in no event shall such vested portion remain exercisable later than the Expiration Date, and (ii) any
unvested portion of the SSAR shall vest on the date of such termination and remain exercisable for twelve (12) months following the date of such termination, but in no event shall such vested portion remain exercisable later than the
Expiration Date. 
 b. Resignation or Involuntary Termination. In the event the Participant’s
employment with the PartnerRe Group is terminated by the Company (with or without Cause), or by the Participant (with or without Good Reason) other than for death, Disability or retirement (as defined below), (i) any portion of the SSAR that is
vested on the date of such termination shall remain exercisable for three (3) months following the date of such termination, but in no event shall such vested portion remain exercisable later than the Expiration Date, and (ii) any
unvested portion of the SSAR shall be forfeited on the date of such termination. 
 c. Retirement. If the
Participant ceases to be an employee of the PartnerRe Group as a result of the Participant’s retirement, (i) any portion of the SSAR that is vested on the date of such termination shall remain exercisable until the Expiration Date and
(ii) any unvested portion of the SSAR shall continue to vest in accordance with their original vesting schedule, subject to the provisions below: 
 i. Post-termination Covenants. Continuation of vesting following retirement and post-retirement exercisability are contingent upon the Participant’s compliance with certain limitations on the
Participant’s business activity, including the following: (i) the Participant may not engage in business activities in the reinsurance industry, act on behalf of any entity, company or business that

  
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operates in the reinsurance industry, or otherwise compete with the PartnerRe Group in the locations where the PartnerRe Group operates, (ii) the Participant may not solicit employees or
customers of PartnerRe on behalf of any entity, company or business that operates in the reinsurance business or otherwise competes with the PartnerRe Group in the locations where the PartnerRe Group operates, and (iii) the Participant may not
disclose confidential or non-public information regarding the business of the PartnerRe Group (unless legally required to do so, and in such case only upon giving prior notice to the Company), in each of (i), (ii) and (iii) above, until
100% of the SSAR has vested and been exercised or expired. 
 ii. Definition of Retirement. For purposes
of this Award Agreement, “retirement” means a voluntary termination after reaching either (a) age 65 or (b) age 60 with 10 years of service to the PartnerRe Group. 

d. Conflict with Contract of Employment. In the event that any of the terms of the Participant’s contract of
employment conflict with the provisions of this Section 7, the contract of employment shall prevail. For the avoidance of doubt, this Award shall follow the treatment of Options upon termination as set out in such contract of employment, if
such contract of employment does not specify treatment of SSARs. 
 8. Method of Exercising SSAR. To exercise any portion
of the SSAR, the Participant shall comply with the Company’s Designated Insider Trading Guidelines. 
 Upon effecting the
exercise, the Company shall deliver to the Participant Shares issued in the Participant’s name for the number of Shares, to the nearest number of whole Shares, which represent the excess (if any) of the Fair Market Value of the Shares
underlying the portion of the SSAR that is being exercised on the date of exercise over the aggregate Exercise Price of such Shares. 
 9. Entire Agreement. With the exception of any contract of employment applicable to the Participant with respect Section 7, the Plan and this Award Agreement (including the Notice of SSAR)
constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company and the Participant with respect to the subject matter hereof. Any
modification of this Award Agreement must be in writing signed by the Company. Decisions of the Committee with respect to the administration and interpretation of the Plan and this Award Agreement will be final, conclusive and binding on all
persons. 
 10. No Additional Rights or Entitlements. The Participant hereby acknowledges and agrees that neither this
Award nor the Plan shall be construed as giving the Participant any right to be retained in the employ of, or to continue to provide services to, the PartnerRe Group, and that the PartnerRe Group may at any time dismiss the Participant, free from
any liability, or any claim under the Plan or this Award Agreement, unless otherwise expressly provided in the Plan or in this Award Agreement or in any other agreement binding the parties. The receipt of this Award under the Plan is not intended to
confer any rights on the Participant except as set forth in this Award Agreement. The Participant further acknowledges and agrees that no payment under the Plan or this Award Agreement shall be taken into

  
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account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the PartnerRe Group except as may otherwise be specifically provided.

 11. Change in Control. Upon a Change in Control, the SSAR will be subject to Section 12 of the Plan. 

12. Retention of Awards. The Participant acknowledges that it is the intention of the Company that the Participant retain at least
a portion of the Shares acquired pursuant to this Award and agrees to comply with any Share retention requirements that the Company may impose in connection with this Award. 
 13. Notices. All notices, requests and other communications under this Award Agreement shall be (i) if in writing, delivered in person (by courier or otherwise), mailed by certified or
registered mail, or (ii) by email transmission, in each case return receipt requested, as follows: 
 if to the Company, to:

 PartnerRe Ltd. 
 90 Pitts Bay Road 
 Pembroke HM 08 

Bermuda 
 Attn:
Philip Martin 
 Email: philip.martin@partnerre.com 
 if to the Participant, to the address that the Participant most recently provided to the Company, 

or to such other address or email as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests
and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed received
on the next succeeding business day in the place of receipt. 
 14. No Assignment or Transfer. The Participant’s
rights and interest under the Plan or under this Award Agreement, including amounts payable, may not be sold, assigned, donated, or transferred or otherwise disposed of, mortgaged, pledged or encumbered except, in the event of the Participant’s
death, to a designated Beneficiary to the extent permitted by the Committee, or in the absence of such designation, by will or the laws of descent and distribution. 
 15. Successors and Assigns; No Third Party Beneficiaries. This Award Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs,
successors, legal representatives and permitted assigns. Nothing in this Award Agreement, expressed or implied, is intended to confer on anyone other than the Company and the Participant, and their respective heirs, successors, legal representatives
and 

  
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permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Award Agreement. 
 16. Counterparts. This Award Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the
same instrument. 
 17. Governing Law. This Award Agreement shall be governed by and construed in accordance with the
laws of Bermuda, without reference to the principles of conflicts of law thereof. 
 18. Headings. Headings are for the
convenience of the parties and are not deemed to be part of this Award Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this
Award Agreement as of the date and year first written above. 
  

					
	PARTNERRE LTD.
		
	By:	 	

		 	  

			
		 	Name:	 	Philip Martin
		 	Title:	 	Director of Group
		 		 	Compensation & Benefits

  
 5 

			
	Notice of Share-Settled Share Appreciation Rights	 	

  

					
	<Name>	  	Grant Number:	  	<###>
	<Address 1>	  	Plan:	  	EEP
	<Address 2>	  	ID:	  	<###>
	<Address 3>	  		  	

  
  

 

							
		 	Grant Date:	 	<Date>	 	
		 	Type of Grant:	 	Share-Settled Share Appreciation Rights	 	
		 	Number of SSS:	 	<####>	 	
		 	Grant Price:	 	<$##.##>	 	

 Vesting Schedule: 
  

													
	Shares	 	Vest Type	 	 	Full Vest	 	 	Expiration	 
				
	<####>	 	 	On Vest Date	  	 	 	<Date>	  	 	 	<Date>	  
	<####>	 	 	On Vest Date	  	 	 	<Date>	  	 	 	<Date>	  
	<####>	 	 	On Vest Date	 	 	 	<Date>	  	 	 	<Date>	  

 For further information, please go on Relink under the Employee Services / HR Services/ Equity Plans section.

  
  
 By your on-line acceptance and the Company’s signature below, you and the Company agree that these Share-Settled SARs are granted under and are governed by the terms and conditions of the
Company’s Employee Equity Plan and the Share-Settled Share Appreciation Right Agreement. 
  

 
  

	
	

	  

	PartnerRe Ltd.

  

					
	Wellesley House, 90 Pitts Bay Road	 	Telephone	 	(1 441) 292 0888
	Pembroke HM 08, Bermuda	 	Telefax	 	(1 441) 296 2250     http://www.partnerre.comEX-10.6.3

 Exhibit 10.6.3 

 
 

 
 PartnerRe Ltd. 
 Executive Performance Share Unit Award Agreement 
 <Name>

 <Date> 
 This Performance Share Unit Award Agreement (the “Award Agreement”) commences and is made effective as of <Date>, by and between PartnerRe Ltd. (the
“Company”), and <Name> (the “Participant”), an employee of the PartnerRe Group (which is defined to include PartnerRe Ltd. and its subsidiaries). 

WHEREAS, the Company desires to afford the Participant the opportunity to own common shares, $1.00 par value, of the Company
(“Shares”) pursuant to the PartnerRe Ltd. Amended and Restated Employee Equity Plan (the “Plan”); and 
 WHEREAS, the Company wishes to provide a means through which the PartnerRe Group may attract able persons to enter and remain in employment or other service with the Company and motivate and reward key
employees and other persons, including the Participant, to contribute significantly to the success of the Company, thereby furthering the best interests of the Company and its shareholders; 

NOW, THEREFORE, in connection with the mutual covenants hereinafter set forth and for other good and valuable consideration, the receipt
and adequacy of which is hereby acknowledged, the parties hereto agree as follows: 
 1. Definitions; Conflicts.
Capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Plan, terms and provisions of which are incorporated herein by reference. In the event of a conflict or inconsistency between the terms and
provisions of the Plan and the terms and provisions of this Award Agreement or a prospectus, the terms and provisions of the Plan shall govern and control. In the event of a conflict or inconsistency between the terms and provisions of this Award
Agreement and a prospectus, the terms and provisions of this Award Agreement shall govern and control. 
 2. Purpose of Award
Agreement. The purpose of this Award Agreement is to grant Performance Share Units (“PSUs”) to the Participant. Each PSU represents the right to future delivery of one Share, subject to the terms of the Plan. This Award
Agreement is entered into pursuant to the terms of the Plan, and, by receipt of this Award Agreement, the Participant acknowledges receipt of a copy of the Plan and further agrees to be bound thereby and by the actions of the Committee pursuant to
the Plan. 
 3. Grant of PSUs. The Participant is granted an award of PSUs in the amount and on the date (the
“Grant Date”) as specified in the Notice of PSU. Target PSUs set forth in the Notice of PSU are used solely to indicate the number of PSUs awarded to the Participant 

 

 
  

 
on the Grant date that will serve to determine the actual number of PSUs earned in accordance with the Notice of PSU and do not create any separate rights or entitlements. 

4. Vesting. Subject to the terms and conditions contained herein, PSUs granted pursuant to this Award Agreement will vest on the
vesting date set forth in the Notice of PSU (the “Vesting Date”). The number of PSUs earned on the Vesting Date will be determined in accordance with the Notice of PSU and any earned PSUs will settle in Shares. All of the Shares
underlying any earned PSUs will be delivered to the Participant as soon as administratively practicable after the Vesting Date (such date of delivery, the “Settlement Date”).1 
 5. Dividend Equivalents. If a dividend is paid on Shares prior to the Settlement Date, each earned PSU will provide the Participant with the right to receive an amount equal to the amount of the
dividend that the Participant would have received had the Share underlying such PSU been held by the Participant as of the record date for which such dividend is paid. Such amount will accrue at the same time and at the rate as actual dividends paid
on Shares and will be paid in cash at the time when Shares underlying any earned PSUs are delivered to the Participant. 
 6.
Termination. In the event that the Participant ceases to be an employee of PartnerRe Group prior to the Vesting Date, the following conditions shall apply: 
 (a) Death or Disability. If the Participant ceases to be an employee of the PartnerRe Group as a result of the Participant’s death or Disability, all unvested PSUs will become immediately
vested upon the date of termination and the number of earned PSUs will be the Target PSUs set forth in the Notice of PSU. All of the Shares underlying any earned PSUs will be delivered to the Participant (or, as applicable, the Participant’s
estate) as soon as administratively practicable after the date of vesting. 
 (b) Resignation or Involuntary
Termination. In the event the participant’s employment with the PartnerRe Group is terminated by the Company (with or without Cause), or by the Employee (with or without Good Reason) other than for death, Disability or retirement (as
defined below), all unvested PSUs will be forfeited on the date of such termination. 
 (c) Retirement. If
the Participant ceases to be an employee of the PartnerRe Group as a result of the Participant’s retirement, all unvested PSUs will continue to earn in accordance with their original vesting schedule and be subject to the satisfaction of the
applicable performance metrics, subject to the provisions below: 
 (i) Post-termination Covenants.
Continuation of vesting following retirement is contingent upon the Participant’s compliance with certain limitations on the Participant’s business activity, including the following: (i) the Participant may not engage in business
activities in the reinsurance industry, act on behalf of any entity, company or business that operates in the reinsurance industry, or otherwise compete with the PartnerRe Group in the locations where the PartnerRe Group operates, (ii) the
Participant may not solicit employees or customers of PartnerRe on behalf of any entity, company or business that 
  

	1 	In no event will the Settlement Date be later than March 15th of the year following the year in which the Vesting Date occurs. 

  
 2 

 

 
  

 
operates in the reinsurance business or otherwise competes with the PartnerRe Group in the locations where the PartnerRe Group operates, and (iii) the Participant may not disclose
confidential or non-public information regarding the business of the PartnerRe Group (unless legally required to do so, and in such case only upon giving prior notice to the Company), in each of (i), (ii) and (iii) above, until the Vesting
Date. 
 (ii) Definition of Retirement. For purposes of this Award Agreement, “retirement” means
a voluntary termination after reaching either (a) age 65 or (b) age 60 with 10 years of service to the PartnerRe Group. 
 (d) Conflict with Contract of Employment. In the event that any of the terms of the Participant’s contract of employment conflict with the provisions of this Section 7, the contract of
employment shall prevail. For the avoidance of doubt, this Award shall follow the treatment of Options upon termination as set out in such contract of employment, if such contract of employment does not specify treatment of PSUs. 

7. Entire Agreement. With the exception of any contract of employment applicable to the Participant with respect Section 6,
the Plan and this Award Agreement (including the Notice of PSU attached hereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the
Company and the Participant with respect to the subject matter hereof. Any modification of this Award Agreement must be in writing signed by the Company. Decisions of the Committee with respect to the administration and interpretation of the Plan
and this Award Agreement will be final, conclusive and binding on all persons. 
 8. No Additional Rights or
Entitlements. The Participant hereby acknowledges and agrees that neither this Award nor the Plan shall be construed as giving the Participant any right to be retained in the employ of, or to continue to provide services to, the PartnerRe Group,
and that the PartnerRe Group may at any time dismiss the Participant, free from any liability, or any claim under the Plan or this Award Agreement, unless otherwise expressly provided in the Plan or in this Award Agreement or in any other agreement
binding the parties. The receipt of this Award under the Plan is not intended to confer any rights on the Participant except as set forth in this Award Agreement. The Participant further acknowledges and agrees that no payment under the Plan or this
Award Agreement shall be taken into account in determining any benefits under any pension, retirement, profit sharing, group insurance or other benefit plan of the PartnerRe Group except as may otherwise be specifically provided. 

9. Change in Control. Upon a Change in Control prior to the Vesting Date, all PSUs will be subject to Section 12 of the Plan.

 10. Retention of Awards. The Participant acknowledges that it is the intention of the Company that the Participant
retains at least a portion of the Shares acquired pursuant to this Award and agrees to comply with any Share retention requirements that the Company may impose in connection with this Award. 

11. Notices. All notices, requests and other communications under this Award Agreement shall be (i) if in writing, delivered
in person (by courier or otherwise), mailed by 

  
 3 

 

 
  

 
certified or registered mail, or (ii) by email transmission, in each case return receipt requested, as follows: 
 if to the Company, to: 
 PartnerRe Ltd. 

90 Pitts Bay Road 

Pembroke HM 08 

Bermuda 
 Attn:
Philip Martin 
 Email: philip.martin@partnerre.com 
 if to the Participant, to the address that the Participant most recently provided to the Company, 

or to such other address or email as such party may hereafter specify for the purpose by notice to the other parties hereto. All such notices, requests
and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed received
on the next succeeding business day in the place of receipt. 
 12. No Assignment or Transfer. The Participant’s
rights and interest under the Plan or under this Award Agreement, including amounts payable, may not be sold, assigned, donated, or transferred or otherwise disposed of, mortgaged, pledged or encumbered except, in the event of the Participant’s
death, to a designated Beneficiary to the extent permitted by the Committee, or in the absence of such designation, by will or the laws of descent and distribution. 
 13. Successors and Assigns; No Third Party Beneficiaries. This Award Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs,
successors, legal representatives and permitted assigns. Nothing in this Award Agreement, expressed or implied, is intended to confer on anyone other than the Company and the Participant, and their respective heirs, successors, legal representatives
and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Award Agreement. 
 14.
Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

15. Governing Law. This Award Agreement shall be governed by and construed in accordance with the laws of Bermuda, without
reference to the principles of conflicts of law thereof. 
 16. Headings. Headings are for the convenience of the parties
and are not deemed to be part of this Award Agreement. 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Award Agreement as of the date and year first
written above. 
  

					
	PARTNERRE LTD.
		
	By:	 	

		 	  

			
		 	Name:	 	Philip Martin
		 	Title:	 	Director of Group
		 		 	Compensation & Benefits

  
 5 

			
	Notice of Performance Share Units	 	

  

					
	<Name>	  		  	
	<Address 1>	  	Award Number:	  	<###>
	<Address 2>	  	Plan:	  	EEPF
	<Address 3>	  	ID:	  	<####>

  
  

Effective <Date> you have been granted a target award of <###> Performance Share Units (PSUs). The actual number of PSUs earned shall be
determined on the Vesting Date indicated below, at which time you will receive common shares of PartnerRe Ltd. (the Company) for each earned PSU as soon as administratively practicable after the Vesting Date. 

Determination of earned PSUs depends on achieving target performance results, which is based on the average annual three-year prospective growth in
(Tangible Book Value per Share (TBVPS) + nonlife reserve discount + life unrecognized value) + dividends from December 31, 2012 to December 31, 2015. Target performance of 100% will result in earning the Target PSUs. 

 

													
	  	 	 Target PSUs
	  	 	  	 Vesting Date
	  	 Earned PSUs
	  	 
		 	 <####>
	  		  	<Date>	  	 Contingent on achieving target

performance as set forth below:
	  	
							
	 	 	 	  	 	  	 	  	 Three-year Growth Metric

(above risk-free return)
	  	 Earned PSUs*
	  	 
		 		  		  		  	200 bps	  	50% of Target PSUs (min)	  	
		 		  		  		  	700 bps	  	100% of Target PSUs	  	
		 		  		  		  	1,200 bps	  	150% of Target PSUs (max)	  	

  

	*	Payout will be interpolated on a straight-line basis between the levels. 

 For further information, please go on Relink under the Employee Services / HR Services / Equity Plans section. 
  

 
 By your on-line acceptance and the Company’s
signature below, you and the Company agree that these PSUs are granted under and are governed by the terms and conditions of the Company’s Employee Equity Plan and the Performance Share Unit Award Agreement. 

 
  
  

	
	

	  

	PartnerRe Ltd.

  

					
	Wellesley House South, 90 Pitts Bay Road	 	Telephone	 	(1 441) 292 0888
	Pembroke HM 08, Bermuda	 	Telefax	 	(1 441) 296 2250   http://www.partnerre.com

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