Document:

EX-10.4

 Exhibit 10.4 
 INDEMNIFICATION AGREEMENT 
 THIS AGREEMENT is made the 28th day of May,
2013 by and between Endurance Specialty Holdings Ltd., a Bermuda company (the “Company”), and John R. Charman, who serves as an officer and director of the Company on the date hereof (the “Indemnitee”). 

WHEREAS, the Indemnitee serves as an officer and director of the Company; 

WHEREAS, the Company wishes the Indemnitee to continue to serve as an officer and director of the Company and the Indemnitee is willing,
under certain circumstances, to continue in such capacity; and 
 WHEREAS, as an inducement to continued service as an officer
and director by the Indemnitee, the Company has determined to provide additional protection to the Indemnitee as set forth herein. 
 NOW, THEREFORE, in consideration of the Indemnitee’s continued and future service to the Company, the parties agree as follows: 

 

	1.	Indemnification. The Company agrees to indemnify the Indemnitee to the full extent permitted by Bermuda law and the Company’s Bye-Laws, as each exists now
and as each may be amended in the future to permit additional indemnification for the Indemnitee. 

  

	2.	Payment of Expenses. Without limiting the indemnification provided in Section 1 and subject to the limitations, terms and conditions of this Agreement,
including, but not limited to, the limitations in Section 9, the Company agrees, to the fullest extent permitted by applicable law and the Company’s Bye-Laws as in effect at any time during the term of this Agreement, to pay all costs,
charges and other expenses, including, but not limited to, attorneys’ fees, costs of appearance, attachment and similar bonds (hereinafter referred to as “Expenses”) incurred by the Indemnitee in connection with any threatened,
pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including, but not limited to, any action by or in the right of the Company), to which the Indemnitee is, was or at any time becomes a party,
or is threatened to be made a party, by reason of the fact that the Indemnitee is, was or at any time becomes a director, officer, employee, agent or fiduciary of the Company, or is or was serving or at any time serves at the request of the Company
as a director, officer, employee, agent, or fiduciary of another corporation, partnership, joint venture, trust or other enterprise or with respect to any employee benefit plan (or its participants or beneficiaries) of the Company or any such other
enterprise as such Expenses accrue and, in any event, within twenty (20) days after the Company has received written request therefor from or on behalf of the Indemnitee. The Company shall continue to make such payments unless and until there
has been a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to payment of such Expenses in accordance with Section 9 of this Agreement. 

 

	3.	Maintenance of D&O Insurance. The Company currently maintains directors’ and officers’ liability insurance with a limit of coverage in excess of
$70,000,000 (the “D&O Policies”). 

	 	a.	So long as the Indemnitee shall continue to serve in any capacity described in Section 2 and thereafter so long as the Indemnitee shall be subject to any possible
action, suit or proceeding by reason of the fact that the Indemnitee served in any of said capacities, the Company will purchase and maintain in effect for the benefit of the Indemnitee one or more valid, binding and enforceable policies of
directors’ and officers’ liability insurance providing, in all respects, coverage and amounts at least comparable to that provided pursuant to the D&O Policies. 

 

	 	b.	Notwithstanding Section 3(a), the Company shall not be required to maintain directors’ and officers’ liability insurance in effect for all of its
directors and officers if such insurance is not reasonably available or if, in the reasonable business judgment of the Board of Directors of the Company (the “Board”) as it may exist from time to time, either (i) the premium cost for
such insurance is substantially disproportionate to the amount of insurance or (ii) the coverage is so limited by exclusions that there is insufficient benefit provided by such insurance. 

 

	 	c.	If the Company, acting under Section 3(b), does not purchase and maintain in effect directors’ and officers’ liability insurance, the Company shall
(without limitation to its obligations under Section 1) indemnify and hold harmless the Indemnitee to the full extent of the coverage which would otherwise have been provided by the D&O Policies. 

 

	 	d.	The Company shall pay all Expenses incurred by the Indemnitee in connection with any action, suit or proceeding to enforce the Indemnitee’s rights under the
D&O Policies. 

  

	4.	Procedure for Requesting Indemnification and Payment of Expenses. To obtain indemnification and payment of Expenses under this Agreement, the Indemnitee shall
submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to the Indemnitee and is reasonably necessary to determine whether and to what extent the Indemnitee is entitled to
indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that the Indemnitee has requested indemnification. Without limitation to the obligations of the Company
under this Agreement, any determination as to the eligibility of an Indemnitee to indemnification and/or payment of Expenses shall be made: 

  

	 	a.	by the Board, by a majority vote at a meeting duly constituted by a quorum of directors not party to the proceedings or matter with regard to which the indemnification
is, or would be claimed; or 

  

	 	b.	in the case such a meeting cannot be constituted by lack of a disinterested quorum, by independent legal counsel in a written opinion. 

  
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	5.	Presumptions and Effect of Certain Proceedings. 

  

	 	a.	In making a determination with respect to entitlement to indemnification or payment of Expenses hereunder, the person or persons or entity making such determination
shall presume that Indemnitee is entitled to indemnification or payment of Expenses under this Agreement if Indemnitee has submitted a request for indemnification or payment of Expenses in accordance with Section 4 of this Agreement, and the
Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption. 

  

	 	b.	If the person, persons or entity empowered or selected pursuant to Section 4 to determine whether Indemnitee is entitled to indemnification or payment of Expenses
hereunder shall not have made a determination within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement shall be deemed to have been made and Indemnitee shall be entitled to
indemnification and/or payment of Expenses hereunder. 

  

	 	c.	The termination of any action, suit or proceeding by judgment, order, settlement, conviction, a plea of nolo contendere or its equivalent, or an entry of
an order of probation prior to judgment, does not create a presumption that Indemnitee is not entitled to indemnification and/or payment of Expenses hereunder. 

 The terms of Sections 4 and 5 do not affect the ability of the Indemnitee to take action to enforce the obligations of the Company under this Agreement in the event that a determination is made to decline
indemnification under those Sections. 
  

	6.	Defense of Claims. With respect to any action, suit or proceeding described in Section 2, the Company may elect to assume the investigation and defense of
such action, suit or proceeding with counsel it selects with the consent of the Indemnitee, which consent shall not be unreasonably withheld. After notice to the Indemnitee from the Company of its election to assume the investigation and defense of
such action, suit or proceeding, the Company shall not be liable to the Indemnitee under this Agreement for any expenses subsequently incurred by the Indemnitee in connection with the investigation and defense of such action, suit or proceeding
other than for services requested by the Company or the counsel it selected. The Indemnitee shall have the right to employ his own counsel, but the expenses incurred by the Indemnitee after notice from the Company of its assumption of the
investigation and defense shall be at the expense of the Indemnitee. Notwithstanding the foregoing, however, the Indemnitee shall be entitled to separate counsel in any action, suit or proceeding brought by or on behalf of the Company or as to which
counsel for the Indemnitee reasonably concludes that there is a conflict of interest between the Company and the Indemnitee, provided that the Company shall not be required to pay the expenses of more than one such separate counsel for persons it is
indemnifying in any one action, suit or proceeding unless the counsel originally chosen to represent such Indemnitees as a group reasonably concludes that substantial and material conflicts of interest prevent such counsel from acting for the
Indemnitees as a single client. The Company will ensure that all information available to it and its subsidiaries and affiliates which is relevant to the defense by the Indemnitee of any action, suit or proceedings to which this Agreement relates is
promptly made available to the Indemnitee for the purpose of his defense. 

  

	7.	Indemnitee’s Reimbursement. The Indemnitee agrees to reimburse the Company for all amounts paid by the Company pursuant to this Agreement in the event and
to the extent, but only in the event and only to the extent, that there is a final adjudication by a court of competent jurisdiction establishing that the Indemnitee is not entitled to be so indemnified or to have such amounts paid by the Company.

  
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	8.	Contribution. If the indemnification or payment of Expenses provided by this Agreement should be unavailable or insufficient to hold the Indemnitee harmless,
then the Company agrees that, for purposes of this Section, the Company shall be treated as if it were a party to the threatened, pending or completed action, suit or proceeding in which the Indemnitee was involved and that the Company shall
contribute to the amounts paid or payable by the Indemnitee as a result of Expenses, judgments for both compensatory and punitive damages, fines, penalties and amounts paid in settlement. The amount of contribution provided by this Section shall be
determined by (i) the relative benefits accruing to the Company on the one hand and the Indemnitee on the other which arose out of the acts or omissions underlying the threatened, pending or completed action, suit or proceeding in which the
Indemnitee was involved, (ii) the relative fault of the Company on the one hand and the Indemnitee on the other in connection with such acts or omissions, and (iii) any other equitable considerations appropriate under the circumstances.
For purposes of this Section, the relative benefits of the Company shall be deemed to be the benefits accruing to it and the relative benefit of the Indemnitee shall be deemed to be an amount not greater than the Indemnitee’s annual base salary
or Indemnitee’s compensation from the Company plus any personal benefit received from such acts or omissions. The relative fault shall be determined by reference to, among other things, the fault of the Company and all of its directors,
officers, employees and agents (other than the Indemnitee), as a group and treated as one entity, on the one hand, and the Indemnitee’s and such group’s relative intent, knowledge, access to information and opportunity to have altered or
prevented the act or omission on the other hand. 

  

	9.	Limitations on Indemnification, Advancement and Contribution. Notwithstanding anything in the foregoing to the contrary, the Company shall not be liable under
this Agreement to make any indemnity payment, advancement of Expenses or contribution in connection with any action, suit or proceeding: 

  

	 	a.	to the extent that payment is actually made to or on behalf of the Indemnitee under an insurance policy, except in respect of any amount in excess of the limits of
liability of such policy or any applicable deductible for such policy; 

  

	 	b.	to the extent that payment has or will be made to the Indemnitee by the Company otherwise than pursuant to this Agreement; 

 

	 	c.	to the extent that there was a final adjudication by a court of competent jurisdiction (which is not capable of appeal) that the Indemnitee is liable for fraud or
dishonesty in relation to the Company; 

  

	 	d.	to the extent the application of such provision is prohibited under the Bermuda Companies Act 1981, as amended from time to time; 

 

	 	e.	To the extent of any “short swing profit” disgorgement or similar liability arising under Section 16(b) of the U.S. Securities Exchange Act of 1934, as
amended (the “Exchange Act”); 

  
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	 	f.	In connection with any liability of the Indemnitee for repayment, forfeiture or otherwise under the Company’s Executive Incentive Compensation Recoupment Policy,
as it may be amended from time to time; 

  

	 	g.	In connection with any liability of the Indemnitee for repayment or forfeiture as may be required in order to comply with the requirements of the U.S. Securities and
Exchange Commission or any applicable law, including the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act, or any securities exchange on which the ordinary shares, par value $1.00 per share, of the Company are traded, as
may be in effect from time to time; or 

  

	 	h.	In connection with any liability of the Indemnitee under the Employment Agreement, dated May 28, 2013, between the Company and the Indemnitee, as amended from time
to time (the “Employment Agreement”). 

  

	10.	Enforcement of Indemnitee’s Rights. The Indemnitee shall have the right to enforce this Agreement in any court of competent jurisdiction if the Company
either fails to indemnify the Indemnitee or fails to advance Expenses pursuant to the Company’s Bye-Laws or this Agreement. The Company agrees to stipulate in any such suit that the Company is bound by all the provisions of this Agreement and
is precluded from making any assertion to the contrary. The burden of proof shall be on the Company in any such suit to demonstrate by the weight of the evidence that the Indemnitee is not entitled to indemnification or advance payment of Expenses.
The Indemnitee’s Expenses incurred in establishing his right to indemnification or advancement of Expenses, in whole or in part, in any such action (or settlement thereof) shall be paid by the Company as they accrue and, in any event within
twenty (20) days after the Company has received written request therefore from or on behalf of the Indemnitee. The Company shall continue to make such payments unless and until there has been a final adjudication by a court of competent
jurisdiction establishing that the Indemnitee is not entitled to indemnification or advance payment of Expenses, in which event the Indemnitee agrees to reimburse the Company for all amounts paid under this Section 10. 

 

	11.	Change in Control. Without limitation to Section 10, the Company agrees that if there is a Change in Control (as defined in the Employment Agreement) of the
Company (other than a Change in Control which has been approved by a majority of the Board who were directors immediately prior to such Change in Control), then (a) any determination with respect to an Indemnitee’s eligibility to receive
payment of Expenses under this Agreement shall be made by the members of the Board who were directors immediately prior to such Change in Control and (b) with respect to all other matters thereafter arising concerning the rights of the
Indemnitee to indemnity payments and payments of Expenses under this Agreement, the Company shall seek legal advice only from special, independent counsel selected by the Indemnitee with the consent of the Company (which consent shall not be
unreasonably withheld), and who has not otherwise performed services for the Company within the last five years (other than in such capacity and in connection with such matters). Such counsel, among other things, shall render a written opinion to
the Company and the Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under this Agreement and applicable law. The Company agrees to be bound by such written opinion of the special, independent counsel,
to pay the reasonable fees of such counsel and to fully indemnify such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or counsel’s engagement
pursuant hereto. 

  
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	12.	Settlement. The Company shall not be liable to indemnify the Indemnitee under this Agreement for any amounts paid in settlement of any action, suit or proceeding
without its written consent, which consent shall not be unreasonably withheld. The Company shall not settle any action, suit or proceeding which would constitute an admission of liability by the Indemnitee or impose any penalty or limitation on the
Indemnitee without the Indemnitee’s written consent, which consent shall not be unreasonably withheld. In the event that consent is not given and the parties hereto are unable to agree on a proposed settlement, independent legal counsel shall
be retained by the Company, at its expense, with the consent of the Indemnitee, which consent shall not be unreasonably withheld, for the purpose of determining whether or not the proposed settlement is reasonable under all of the circumstances, and
if independent legal counsel determines the proposed settlement is reasonable, the settlement may be consummated without the consent of the other party. 

  

	13.	Company Subrogation Rights. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of the Indemnitee against any person or organization and the Indemnitee shall execute all papers required and shall do everything that may be reasonably necessary to secure such rights. 

 

	14.	Non-Exclusive. Nothing in this Agreement shall diminish or otherwise restrict, and this Agreement shall not be deemed exclusive of, the Indemnitee’s rights
to indemnification or advancement of Expenses under any provision of Bermuda law or the Bye-Laws of the Company or otherwise. 

  

	15.	Notice to the Company. The Indemnitee will promptly notify the Company of any threatened, pending or completed action, suit or proceeding against the Indemnitee
described in Section 2. The failure to notify or promptly notify the Company shall not relieve the Company from any liability which it may have to the Indemnitee otherwise than under this Agreement, and shall relieve the Company from liability
hereunder only to the extent the Company has been prejudiced. 

  

	16.	Notices. Any notice that is required or permitted to be given under this Agreement shall be in writing and shall be personally delivered or delivered by
overnight courier: 

 If to the Company, to: 

Endurance Specialty Holdings Ltd. 
 Wellesley House 
 90 Pitts Bay Road 

Pembroke HM08 

Bermuda 
 Attn:
Secretary 

  
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 If to the Indemnitee, to the residence address or residence facsimile number of the
Indemnitee set forth in the records of the Company. 
 Each party hereto may provide the other party hereto with notice of a new
address for notices under this Section 16, in which event notices under this Agreement shall be delivered to such other address as the party may have furnished to the other party at least 10 calendar days prior to such notice. 

 

	17.	Supersedes Prior Agreements. This Agreement replaces and supersedes any other agreement or agreements, oral or written, that the Company may have with Indemnitee
(other than under the Company’s Bye-Laws) with respect to the subject matter covered by this Agreement. 

  

	18.	Separability. Each of the provisions of this Agreement is a separate and distinct agreement and independent of the others, so that if any provision shall be held
to be invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the validity or enforceability of the other provisions. 

 

	19.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of Bermuda, without regard to principles of conflict of laws.

  

	20.	Duration of Agreement. Unless otherwise terminated pursuant to a written instrument signed by both parties in accordance with Section 22 hereof, this
Agreement shall continue in effect until and terminate upon the later of (a) ten (10) years after the Indemnitee has ceased to occupy any of the positions or have any of the relationships described in Section 2 of this Agreement and
(b) the final termination of all pending or threatened actions, suits, proceedings or investigations with respect to Indemnitee. 

  

	21.	Binding Effect. This Agreement shall be binding upon the Indemnitee and upon the Company and its successors, and shall inure to the benefit of the Indemnitee,
his heirs, personal representatives and assigns and to the benefit of the Company and its successors. No party may otherwise assign or transfer any of its rights or obligations under this Agreement. 

 

	22.	Amendment and Termination. Except for any automatic termination pursuant to Section 20 hereof, no amendment, modification, termination or cancellation of
this Agreement shall be effective unless in writing signed by both parties. 

  

	23.	Headings. The headings of the sections of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to
affect the construction thereof. 

  

	24.	Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original, but all of which
together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement. 

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

  

			
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	/s/ John V. Del Col

 
			
	Name:	 	John V. Del Col
	Title:	 	General Counsel

  

			
		 	/s/ John R. Charman
		 	John R. Charman

  
 8EX-10.5

 Exhibit 10.5 
 SHARE PURCHASE AGREEMENT 
 THIS SHARE PURCHASE AGREEMENT (this
“Agreement”) is made and entered into as of this 28th day of May 2013, between Dragon Global Holdings Ltd., a company incorporated under the laws of the British Virgin Islands ( the “Investor”) and Endurance
Specialty Holdings Ltd., an exempted company incorporated in Bermuda as a holding company (the “Company”). Capitalized terms used but not defined herein shall have the meanings set forth in the Shareholder Agreement (as defined
below). 
 WITNESSETH: 
 WHEREAS, the Company desires to sell to the Investor and the Investor desires to acquire from the Company 506,350 ordinary shares (the “Purchase Shares”), par value $1.00 per
share, of the Company (the “Ordinary Shares”), upon the terms and conditions set forth in this Agreement; and 

WHEREAS, in connection with the Investor’s acquisition of the Purchase Shares from the Company, the Company and the Investor
desire to enter into that certain Shareholder Agreement, between the Company and the Investor, dated as of the date hereof (as amended from time to time, the “Shareholder Agreement”). 

NOW, THEREFORE, in consideration of the mutual terms and other agreements set forth herein, the parties hereto hereby agree as
follows: 
 ARTICLE I. 
 SALE AND PURCHASE 
 SECTION 1.1. Agreement to Sell and to Purchase

 On the date hereof and upon the terms set forth in this Agreement, the Investor agrees to purchase and accept and the
Company agrees to sell and issue to the Investor the Purchase Shares. 
 SECTION 1.2. Closing 

The closing of such sale and purchase (the “Closing”) shall take place remotely via the exchange of documents and
signatures at 7:00 am. New York City time, on the date hereof. At or promptly following the Closing, the Company shall deliver to the Investor or its designees a certified copy of an extract of the register of shareholders of the Company evidencing
the registration of the Purchase Shares as held by the Investor and duly executed stock certificates or other instruments evidencing the Purchase Shares. In consideration and exchange for the Purchase Shares, the Investor shall thereupon pay to the
Company the Purchase Price as provided in Section 1.3 hereof. 

 SECTION 1.3. Purchase Price 

At the Closing, the Investor shall deliver to the Company cash in the aggregate amount of US$25,000,000 (the “Purchase
Price”), payable by wire transfer in immediately available funds to the account or accounts specified by the Company. 

ARTICLE II. 

REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
 The Company hereby represents and warrants to the Investor, as of the date hereof, as follows: 
 SECTION 2.1. Organization, Good Standing, Corporate Power and Qualification 

The Company is an exempted company incorporated in Bermuda as a holding company, is duly organized and validly existing under the laws of
Bermuda and has all requisite organizational power and authority to carry on its business as presently conducted and as proposed to be conducted. The Company is duly qualified to transact business and is in good standing in each jurisdiction in
which the failure to so qualify or to be in good standing would have a material adverse effect on the Company’s business, assets, properties or results of operations. 
 SECTION 2.2. Issuance of the Purchase Shares 
 The Purchase Shares, when
issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement, will be validly issued, fully paid and nonassessable and free of restrictions on transfer other than restrictions on transfer under the
Shareholder Agreement, applicable state, federal or foreign securities laws and liens or encumbrances created by or imposed by the Investor. Assuming the accuracy of the representations of the Investor in Article III of this Agreement, the Purchase
Shares will be issued in compliance with all applicable state, federal and foreign securities laws. 
 SECTION 2.3.
Authorization; Validity of Agreement 
 All organizational action required to be taken by the Company’s board of
directors and shareholders in order to authorize the Company to enter into this Agreement, and to issue all of the Purchase Shares contemplated to be issued hereunder at the Closing, has been taken prior to the Closing. All action on the part of the
officers of the Company necessary for the execution and delivery of this Agreement and the issuance and delivery of the Purchase Shares has been taken prior to the Closing. This Agreement, when executed and delivered by the Company, shall constitute
a valid and legally binding obligation of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of
general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

  
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 SECTION 2.4. No Conflict or Violation 

The execution, delivery and performance by the Company of this Agreement does not violate or conflict with any provision of its memorandum
of association or bye-laws and does not violate any provision of law, or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate or result in a breach of or constitute (with due notice or lapse of time
or both) a default under any material contract, lease, loan agreement, mortgage, security agreement or other material agreement or instrument to which the Company is a party or by which it is bound. 

SECTION 2.5. Consents and Approvals 
 Assuming the accuracy of the representations made by the Investor in Article III of this Agreement, no consent, approval, order or authorization of, or registration, qualification, designation,
declaration or filing with, any federal, state, local or foreign governmental authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement, except, if applicable, for the
filing of a Supplemental Listing Application with the New York Stock Exchange and filings pursuant to Regulation D of the U.S. Securities Act of 1933, as amended (the “Securities Act”), and applicable state securities laws, which have
been made or will be made in a timely manner. 
 SECTION 2.6. No Broker 

Neither the Company nor any of its representatives has any contract, arrangement or understanding with any broker, finder or similar agent
with respect to the transactions contemplated by this Agreement, and no commission or other remuneration has been or will be paid or given, directly or indirectly, for soliciting or finding investors. 

SECTION 2.7. No Material Misstatements or Omissions 
 None of the documents filed with the U.S. Securities and Exchange Commission (the “Commission”) by the Company in the 12 months prior to the date hereof contained an untrue statement of a
material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, as of the date of this Agreement, other than the
information regarding the transactions contemplated by this Agreement and the other transactions related to the hiring of John R. Charman by the Company, which shall be reported on a Current Report on Form 8-K following the consummation of such
transactions. The Company is not required to and does not propose to, as at the date of this Agreement, make any filings with the Commission in relation to any material business or financial disclosure of the Company which has not been the subject
of a prior filing with the Commission, other than the information regarding the transactions contemplated by this Agreement and the other transactions related to the hiring of John R. Charman by the Company, which shall be reported on a Current
Report on Form 8-K following the consummation of such transactions. 

  
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 SECTION 2.8. No Other Representations and Warranties 

Except for the representations and warranties expressly made by the Company in this Article II, the Company does not make any
representation or warranty with respect to the Company or its respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects. 
 ARTICLE III. 
 REPRESENTATIONS AND WARRANTIES OF THE INVESTOR

 The Investor hereby represents and warrants to the Company, as of the date hereof, as follows: 

SECTION 3.1. Authority; Validity of Agreement 
 All organizational action required to be taken by the Investor’s board of directors and shareholders in order to authorize the Company to enter into this Agreement, and to carry out its obligations
hereunder, has been taken prior to the Closing. All action on the part of the officers of the Investor necessary for the execution and delivery of this Agreement and the carrying out of the Investor’s obligations hereunder has been taken prior
to the Closing. This Agreement, when executed and delivered by the Investor, shall constitute a valid and legally binding obligation of the Investor, enforceable against the Investor in accordance with its terms except (i) as limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws relating to the
availability of specific performance, injunctive relief, or other equitable remedies. 
 SECTION 3.2. No Conflict or
Violation 
 The execution, delivery and performance by the Investor of this Agreement does not violate any provision of law,
or any order, judgment or decree of any court or other governmental or regulatory authority, nor violate or result in a breach of or constitute (with due notice or lapse of time or both) a default under any material contract, lease, loan agreement,
mortgage, security agreement or other material agreement or instrument to which the Investor is a party or by which it is bound. 
 SECTION 3.3. Consents and Approvals 
 No consent, approval or authorization
of, or filing, registration or qualification with, any governmental authority on the part of the Investor is required as a condition to the execution, delivery and performance of this Agreement or the purchase of the Purchase Shares contemplated
hereby. 
 SECTION 3.4. Exemption from Securities Act 

The Investor has been advised and understands that (i) the Purchase Shares have not been registered under the Securities Act, or any
state securities laws and, therefore, cannot be resold unless they are registered under the Securities Act and applicable state securities laws or unless an exemption from such registration requirements is available, (ii) the Investor may be
required to hold, and continue to bear the economic risk of its investment in, the Purchase Shares 

  
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indefinitely, unless the offer and sale of such Purchase Shares is subsequently registered under the Securities Act and all applicable state securities laws or an exemption from such registration
is available, (iii) Rule 144 promulgated under the Securities Act is not presently available with respect to the sale of the Purchase Shares, (iv) when and if the Purchase Shares may be disposed of without registration under the Securities
Act in reliance on Rule 144 of the Securities Act, the amount of Purchase Shares that may be disposed of may be limited in accordance with the terms and conditions of such Rule and (v) if an exemption under Rule 144 of the Securities Act is not
available, the public offer or sale of the Purchase Shares without registration will require compliance with some other exemption under the Securities Act. 
 SECTION 3.5. Accredited Investor 
 The Investor is an “accredited
investor” as such term is defined in Rule 501(a) of the Securities Act and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of the investment contemplated by this
Agreement. The Investor is able to bear the economic risk of its investment in the Company (including a complete loss of such investment). 
 SECTION 3.6. Investment Purpose 
 The Investor is acquiring the Purchase
Shares solely for its own account for investment and not with a view toward the distribution thereof within the meaning of Section 11 of the Securities Act. The Investor is aware that, except as may be provided in (i) the Shareholder
Agreement or (ii) any other agreement between the Investor and the Company, the Company is under no obligation to effect any registration with respect to the Purchase Shares or to file for or comply with any exemption from registration.

  
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 SECTION 3.7. Economic Risk 

The Investor understands that it must bear the economic risk of this investment indefinitely unless the Purchase Shares are registered
pursuant to the Securities Act or an exemption from such registration is available, and unless the disposition of the Purchase Shares is qualified under applicable state securities laws or an exemption from such qualification is available. The
Investor further understands that there is no assurance that any exemption from the Securities Act will be available, or, if available, that such exemption will allow the Investor to transfer any or all of the Purchase Shares, in the amounts, or at
the time the Investor might propose. The Investor has independently and without reliance upon the Company, any Affiliate thereof or any agent of the foregoing, and based on such documents and information as the Investor has deemed appropriate, made
its own appraisal of and investigation into the business, operations, property, financial and other condition of the Company and made its own investment decision with respect to the investment represented by the Purchase Shares. The Investor has
consulted, to the extent deemed appropriate by the Investor, with the Investor’s own advisers as to the financial, tax, legal and related matters concerning an investment in the Purchase Shares and on that basis understands the financial,
legal, tax and related consequences of an investment in the Purchase Shares, and believes that an investment in the Purchase Shares is suitable and appropriate for the Investor. 

SECTION 3.8. Excluded Information 
 The Investor has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and risks of the transactions contemplated by this Agreement. The
Investor acknowledges that the Company is privy to material, non-public information not known to the Investor (the “Excluded Information”). Subject to Section 2.7, the Investor hereby agrees that the Company shall not be obligated to
disclose any Excluded Information or have any liability to the Investor with respect to any such non-disclosure. The Investor understands and agrees that the Company makes no representation or warranty whatsoever with respect to the business,
condition (financial or otherwise), properties, prospects, creditworthiness, status or affairs of the Company or with respect to the value of the Purchase Shares. Subject to the terms of Article II, the Investor hereby waives any and all claims and
causes of action now or hereafter arising against the Company based upon or relating to the value of the Company or the Purchase Shares and further covenants not to sue the Company or any of its directors, officers, employees, agents or affiliates
for any loss, damage or liability arising from or relating to the value of the Company or the Purchase Shares in relation to this Agreement. 
 SECTION 3.9. No Broker 
 There are no claims for brokerage commissions or
finder’s fees or similar compensation in connection with the transactions contemplated by this Agreement based on any arrangement made by or on behalf of the Investor. 

  
 6 

 SECTION 3.10. No other Representations and Warranties 

Except for the representations and warranties expressly made by the Investor in this Article III, the Investor does not make any
representation or warranty with respect to its investment in the Purchase Shares. 
 ARTICLE IV. 

MISCELLANEOUS PROVISIONS 
 SECTION 4.1. Other Agreement 
 This Agreement is expressly entered into
subject to the terms of the Shareholder Agreement. 
 SECTION 4.2. Successors and Assigns; No Third Party Beneficiaries

 This Agreement shall inure to the benefit of, and be binding upon, the parties hereto and their respective successors. No
party hereto shall assign or delegate any of the rights or obligations created under this Agreement without the prior written consent of the other party hereto. Nothing in this Agreement shall confer upon any person or entity not a party to this
Agreement, or the legal representatives of such person or entity, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement. 
 SECTION 4.3. Fees and Expenses 
 All legal, accounting and other fees, costs
and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such fees, costs or expenses. 
 SECTION 4.4. Notices 
 Unless otherwise specified herein, all notices,
consents, approvals, reports, designations, requests, waivers, elections and other communications authorized or required to be given pursuant to this Agreement shall be in writing and shall be deemed to have been given (a) when personally
delivered, (b) when transmitted via facsimile to the number set out below, if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (c) the day following the day
(except if not a Business Day then the next Business Day) on which the same has been delivered prepaid to a reputable national overnight courier service, (d) when transmitted via email (including via attached pdf document) to the email address
set out below, if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid) or (e) the third Business Day following the day on which the same is sent by certified or
registered mail, postage prepaid, in each case to the respective parties as applicable, at the address, facsimile number or email address set forth below (or such other address, facsimile number or email address as the Investor may specify by notice
to the Company in accordance with this Section 4.4): 
 If to the Investor, to: 

Dragon Global Holdings Ltd. 
 Commerce House 

  
 7 

 PO Box 3140 

Road Town 
 Tortola, VG1110 
 British Virgin Islands 

Fax: 1 284 852 1000 
 Email: michael.wood@conyersdill.com 
 with a copy (which shall not
constitute notice) to: 
 Ian Stone 

Wakefield Quin Limited 
 Victoria Place 
 31 Victoria Street 

Hamilton HM10 
 Bermuda 
 Fax: 441 494 4111 

Email: istone@wq.bm 
 and 
 Alec Anderson 

Conyers Dill & Pearman Limited 

Richmond House 
 12 Par la Ville Road 
 Hamilton 

Bermuda 
 Fax: 441 295 6954 
 Email: alec.anderson@conyersdill.com

 If to the Company, to: 

Endurance Specialty Holdings Ltd. 
 Wellesley House 
 90 Pitts Bay Road 

Pembroke HM 08, Bermuda 
 Fax: 441-278-0401 
 Attention: John Del V Col 

Email: jdelcol@endurance.bm 
 with a copy (which shall not constitute notice) to: 
 Willkie
Farr & Gallagher LLP 
 787 Seventh Avenue 

New York, NY 10019 
 Fax: (212) 728-8111 
 Attention: Michael Groll, Esq.

 Email: mgroll@willkie.com 

  
 8 

 SECTION 4.5. Entire Agreement 

This Agreement and the agreements contemplated hereby represent the entire agreement and understanding of the parties with reference to
the transactions set forth herein and no representations or warranties have been made in connection with this Agreement other than those expressly set forth herein. This Agreement and the agreements contemplated hereby supersede all prior
negotiations, discussions, correspondence, communications, understandings and agreements between the parties relating to the subject matter of this Agreement and all prior drafts of this Agreement, all of which are merged into this Agreement. No
prior drafts of this Agreement and no words or phrases from any such prior drafts shall be admissible into evidence in any action or suit involving this Agreement. 
 SECTION 4.6. Severability 
 This Agreement shall be deemed severable, and
the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Any provision of this Agreement held invalid or unenforceable only in part
will remain in full force and effect to the extent not held invalid or unenforceable. 
 SECTION 4.7. Titles and Headings

 The Article and Section headings and any table of contents contained in this Agreement are solely for convenience of
reference and shall not affect the meaning or interpretation of this Agreement or of any term or provision hereof. 
 SECTION
4.8. Signatures and Counterparts 
 This Agreement may be executed and delivered (including by facsimile transmission) in two
(2) or more counterparts, each of which shall be deemed to be an original and all which taken together shall constitute one and the same agreement. 
 SECTION 4.9. Legal Counsel and Interpretation 
 Each of the parties hereto
acknowledges that each party to this Agreement has been represented by counsel in connection with this Agreement and the transactions contemplated by this Agreement. Accordingly, any rule of law, or any legal decision that would require
interpretation of any claimed ambiguities in this Agreement against the party that drafted it has no application and is expressly waived. 
 SECTION 4.10. Survival 
 All covenants, agreements, representations and
warranties made herein shall survive the execution and delivery hereof. 

  
 9 

 SECTION 4.11. Dispute Resolution 

All disputes, controversies or claims arising out of, relating to or in connection with this Agreement, or the breach, termination or
validity thereof, shall be finally settled by arbitration. The arbitration shall be conducted in accordance with the arbitration procedures set forth in Section 7.7 of the Employment Agreement, dated the date hereof, between the Company and
John R. Charman. 
 SECTION 4.12. Governing Law 
 THIS AGREEMENT SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF BERMUDA, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. SUBJECT TO SECTION 4.11, THE PARTIES SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF THE COURTS OF BERMUDA IN RELATION TO THIS AGREEMENT. 
 [Remainder of Page Intentionally Blank]

  
 10 

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

			
	THE COMPANY:
	
	ENDURANCE SPECIALTY HOLDINGS LTD.
		
	By:	 	/s/ John V. Del Col
	Name:	 	John V. Del Col
	Title:	 	General Counsel

  
 [Signature
page for Charman SPA] 

 
			
	INVESTOR:
	
	DRAGON GLOBAL HOLDINGS LTD.
		
	By:	 	/s/ Peter A.S. Pearman    /s/ Alec Anderson
	Name:	 	For and on behalf of Codan Services (BVI) Ltd.
	Title:	 	Director

  
 [Signature
page for Charman SPA]

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