Document:

Exhibit 10.1

 

AMENDMENT TO SERVICE AGREEMENT

 

This
Amendment, dated July 1, 2010 (the “Amendment”), to the Service Agreement,
dated March 13, 2008 (the “Agreement”), by and between Christopher L.
Harris, an individual having an address at [address withheld] (the “Executive”)
and Montpelier Re Holdings Ltd., whose registered office is located at Canon’s
Court, 22 Victoria Street, Hamilton, Bermuda (the “Company”).  Terms not otherwise defined herein shall have
the meaning described to them in the Agreement.

 

W  I  T  N  E  S  S
E  T  H:

 

WHEREAS, the parties hereto desire to amend the Agreement as
hereinafter set forth.

 

NOW, THEREFORE, in consideration of the mutual representations,
warranties, covenants and agreements contained in the Agreement, as amended,
and for other good and valuable consideration, the sufficiency of which is
hereby acknowledged, the parties hereto agree as follows:

 

1.               Paragraph 2 of the Agreement is hereby deleted in its
entirety and replaced with the following:

 

2.             Term.  Subject to paragraph 7, the Executive shall
be employed hereunder for the period commencing, July 1, 2008 which shall
be the effective date (“Effective Date”) of this Agreement, and ending
December 31, 2013 (the “Term”).

 

2.               Paragraph 3(c) of the Agreement is hereby deleted
in its entirety and replaced with the following:

 

(c)             The
Company reserves the right to require the Executive not to attend work and/or
not to undertake all or any of his duties hereunder during a period of up to
twelve (12) months immediately preceding the termination of his employment,
provided always that the Company shall continue to pay the Executive’s Base
Salary, 

 

 

Housing Allowance, Target Bonus or
other such bonus amount payable to Annual Bonus Plan Group A participants as
approved by the Compensation and Nominating Committee of the Board (the
“Compensation Committee”), and Executive’s unvested RSUs, or other long-term
investment compensation awarded to Executive under any LTIP or award or similar
agreement shall continue to vest during such period.  This paragraph 3(c) shall not affect the
general right of the Company to suspend the Executive for Cause (as defined in
paragraph 7(c), below).

 

3.               Paragraph 4 (a) of the Agreement is hereby
deleted in its entirety and replaced with the following:

 

(a)          Base
Salary.  Commencing on the
date hereof and continuing until March 31, 2011, the Company shall pay the
Executive an annual salary (the “Base Salary”) of six hundred and seventy-five
thousand dollars ($675,000 U.S.), less applicable withholding and other
deductions, payable monthly in arrears on the day appointed by the Board for
the payment of salaries or pro rata if Executive is employed for less than a
full month.  On April 1, 2011 and
continuing through the remaining term of this Agreement, the Company shall pay
the Executive a Base Salary of nine hundred thousand dollars ($900,000 U.S.),
less applicable withholding and other deductions, payable monthly in arrears on
the day appointed by the Board for the payment of salaries or pro rata if
Executive is employed for less than a full month.  The Compensation Committee, subject to
ratification of the Board, may, in its sole discretion, increase the Base
Salary at any time during the Term; provided, however, that in no event shall
the Executive’s Base Salary be decreased below the then current Base
Salary.  The Compensation Committee will
conduct the first base salary review no later than April 2012 and continue
annually thereafter on or before April 1 of the current 

 

 

year.  The Base Salary shall be inclusive of any
director’s fees or other fees or remuneration payable to the Executive by the
Company or any Group Company and, accordingly, either the Executive shall pay
over or cause to be paid over to the Company all such fees or remuneration paid
or payable to him or his Base Salary shall be reduced by the amount of such
fees or remuneration.

 

4.               Paragraph 4 (d) of the Agreement is hereby
deleted in its entirety and replaced with the following:

 

Housing
Allowance. 
Until March 31, 2011, the Executive shall receive a housing
allowance of $12,000 per month. 
Thereafter, the Executive shall not be entitled to any housing allowance
whatsoever and shall reimburse the Company any security deposit previously paid
by the Company on the Executive’s behalf.

 

5.               Paragraph 8(b) of the Agreement is hereby deleted
in its entirety and replaced with the following:

 

(b)(i)  If the Executive’s
employment is terminated by reason of the Executive’s death or disability then
in full satisfaction of the Company’s obligations under this Agreement, the
Executive, his beneficiaries or estate, as appropriate, shall be entitled to
receive, no later than seventy-five (75) days following such termination,
(A) the Base Salary provided for herein up to and including the effective
date of termination, prorated on a daily basis; (B) payment for any
accrued, but unused paid holiday as of the effective date of termination;
(C) any reimbursements to which he may be entitled under paragraph 5 of
this Agreement; and (D) repatriation expenses equal to three
(3) months of Base Salary and Housing Allowance.

 

 

(ii)            If
the Executive’s employment is terminated by the Executive without Good Reason
pursuant to paragraph 7(f), then in full satisfaction of the Company’s
obligations under this Agreement, the Executive, his beneficiaries or estate,
as appropriate, shall be entitled to receive, (A) the Base Salary provided
for herein up to and including the effective date of termination, prorated on a
daily basis, (B) the Base Salary provided for herein payable monthly in
arrears for twelve (12) months following the date of termination, prorated on a
daily basis, subject at all times to the option by the Company to release the
Executive’s obligations under paragraph 10 of this Agreement prior to the end
of such 12-month period thereby terminating such payments with immediate
effect; (C) payment for any accrued, but unused paid holiday as of the
effective date of termination; (D) any reimbursements to which he may be
entitled under paragraph 5 of this Agreement as of the effective date of
termination; and (E) medical benefits continuation under the Company’s
medical plan for the Executive and his household for a period of twelve (12)
months following termination.  In
addition, Executive’s unvested RSUs or other long-term investment compensation
Awarded to Executive under any LTIP or award or similar agreement shall
continue to vest for twelve (12) months following Executive’s termination from
the Company without Good Reason, subject at all times to the option by the
Company to release the Executive’s obligations under paragraph 10 of this
Agreement prior to the end of such 12-month period thereby terminating such
vesting with immediate effect.

 

6.               Paragraph 14 is hereby added to the Agreement:

 

Parachute Payment Cut-Back. 
Anything in
this Agreement to the contrary notwithstanding, in the event it shall be
determined that any payment under this Agreement would, when combined with all
other payments Executive receives from the 

 

 

Company or any successor or parent or subsidiary thereof, but for this
Paragraph 14, be considered an “excess parachute payment” under
Section 280G of the Internal Revenue Code, then such Payments shall be
reduced (with cash payments being reduced before Stock Award compensation) as
would result in no portion of the payments being considered “excess parachute
payments” under Section 280G of the Internal Revenue Code; but only to the
extent such reduction does not result in Executive receiving on a net basis
after all taxes, including excise taxes, less than Executive would have
received net after all taxes, including excise taxes, without regard to the
reduction.  If such reduction would
result in Executive receiving less on a net basis, then his payment shall not
be reduced in excess of an amount that would net him at least as much as he
would have received on a net basis without regard to the reduction.

 

7.               The Agreement, as amended by this Amendment, contains
the entire agreement between the parties hereto and there are no agreements,
warranties or representations which are not set forth therein or herein. This
Amendment may not be modified or amended except by an instrument in writing
duly signed by or on behalf of the parties hereto.

 

8.               This Amendment shall be governed by and construed and
enforced in accordance with the laws of Bermuda and the parties irrevocably
submit to the non-exclusive jurisdiction of the Courts of Bermuda.

 

9.               This Amendment may be executed simultaneously in any
number of counterparts, each of which shall be deemed an original but all of
which together shall constitute one and the same instrument.

 

 

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

 

 

	
  MONTPELIER RE HOLDINGS LTD.

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ THOMAS G.S. BUSHER

  	
   

  	
  By:

  	
  /s/ CHRISTOPHER L. HARRIS

  
	
  Thomas G.S. Busher

  	
   

  	
  Christopher L. Harris

  
	
  Executive Vice President and

  	
   

  	
   

  
	
  Chief Operating OfficerExhibit 10.2

 

AMENDMENT
TO SERVICE AGREEMENT

 

This
Amendment (the “First Amendment”) is made as of 1 July 2010, by and between Thomas George Story Busher, an individual
having an address at [address withheld] (the “Executive”) and Montpelier Re
Holdings Ltd (“MRH”), whose registered office is located at Canon’s Court, 22
Victoria Street, Hamilton, Bermuda (the “Company”).

 

WHEREAS

 

A.           Pursuant to that certain Service Agreement (the “Agreement”)
made as of 3 April 2008 between the Executive and the Company, the Company
employs the Executive as Director, Deputy Chairman of the Board of Directors of
the Company and Chief Operating Officer and Executive Vice President of the
Company under the terms and subject to the conditions set forth therein; and,

 

B.             The Executive and the Company have agreed to Amend
the Agreement as hereinafter set forth; and,

 

C.             Terms not otherwise described herein shall have the
meaning ascribed to them in the Agreement

 

NOW,
THEREFORE,
in consideration of the mutual representations, warranties, covenants and
agreements contained in the Agreement, as amended by this First Amendment, and
for other good and valuable consideration, the sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:

 

1.               Paragraph
2 of the Agreement is hereby deleted in its entirety and replaced with the
following:

 

2.             Term.  Subject as hereinafter provided the Executive
shall be employed hereunder for the period commencing on 1 July 2008 and
ending on 31 December 2013  (and
renewable thereafter by agreement between the parties) (the “Term”),

 

 

2.               Paragraph
5 (a) of the Agreement is hereby deleted in its entirety and replaced with
the following:

 

(a)           Base
Salary.  Commencing on the date
hereof and continuing until 31 March 2011, the Company shall pay to the
Executive an annual salary (the “Base Salary”) of six hundred and fifty
thousand dollars ($650,000 U.S.), less applicable withholding and other
deductions, payable monthly in arrears on the day appointed by the Board for
the payment of salaries or pro rata if Executive is employed for less than a
full month.  On 1 April 2011 and
continuing through the remaining term of this Agreement, the Company shall pay
the Executive a Base Salary of seven hundred and seventy-five thousand dollars
($775,000 U.S.), less applicable withholding and other deductions, payable
monthly in arrears on the day appointed by the Board for the payment of
salaries or pro rata if the Executive is employed for less than a full
month.  The Compensation &
Nominating Committee, subject to ratification of the Board, may, in its sole
discretion, increase the Base Salary at any time during the Term; provided,
however, that in no event shall the Executive’s Base Salary be decreased below
the then current Base Salary.  The
Compensation & Nominating Committee will conduct the first base salary
review no later than April 2012 and continue annually thereafter on or
before April 1 of the current year. 
The Base Salary shall be inclusive of any director’s fees or other fees
or remuneration payable to the Executive by the Company or any Group Company
but excluding benefits paid under the Executive’s service agreement with
Montpelier Marketing Services (UK) Limited (the “Benefits”) which shall
continue to be due to the Executive and, accordingly, either the Executive
shall pay over or cause to be paid over to the Company all such fees or
remuneration paid or payable to him (excluding Benefits) or his Base Salary
shall be reduced by the amount of such fees or remuneration (excluding Benefits).

 

3.                                       Paragraph 5(b) of the Agreement is hereby deleted in its entirety
and replaced with the following:

 

 

(b)                    Bonuses    The Executive shall be entitled to
participate in the Company’s annual bonus plan with a maximum bonus payment
equal to up to 200% of his Base Salary and a target bonus payment equal to 100%
of his Base Salary (the “Target Bonus”), the relevant Base Salary to be the
amount in effect at the end of the relevant compensation year.  If the Company’s annual bonus plan is
terminated during the term of this Agreement the Executive shall remain
entitled to an annual bonus on the same terms and conditions as were contained
in the Company’s annual bonus plan with a target bonus equal to the Target
Bonus.

 

4.               Paragraph
8 of the Agreement is hereby deleted in its entirety and replaced with the
following:

 

Intentionally Omitted

 

5.               Paragraph
10 of the Agreement is hereby deleted in its entirety and replaced with the
following:

 

Housing Allowance.  Until 31 March 2011, the Company shall
pay to the Executive a housing allowance in an amount no less than the maximum
amount payable pursuant to the Company’s Housing Allowance Policy applicable
from time to time.  Thereafter, the
Executive shall not be entitled to receive any housing allowance and shall forthwith
reimburse to the Company any security deposit previously paid by the Company on
the Executive’s behalf.

 

6.               In
respect of paragraph 12 of the Agreement, revisions shall be made as follows:

 

a)              The following
introductory wording “The Company and the Executive shall be entitled in
writing to terminate the Executive’s employment under this agreement upon:...”
shall be replaced with the words: “The Company (pursuant to paragraph 12(a) and
12(b) below), and the Executive 

 

 

(pursuant to paragraph 12(c) below))
shall be entitled in writing to terminate the Executive’s employment with
immediate effect upon: ...”

 

b)             The following wording of
paragraph 12(c): “the resignation of the Executive for “Good Reason”“ shall be
replaced by “the occurrence of a Good Reason”

 

c)              Paragraphs 12(d) and
12(e) shall be deleted in their entirety.

 

7.               In
respect of paragraph 13 of the Agreement, revisions shall be made as follows:

 

a)              Paragraph
13(a)(iii) shall be deleted in its entirety and replaced with the
following:

 

(iii) the Executive without Good Reason
as such term is defined in paragraph 12(c), then in full satisfaction of the
Company’s obligations under this Agreement, the Executive, his beneficiaries or
estate, as appropriate, shall be entitled to receive the following:

 

(A)  Base Salary, bonuses, and any
performance shares or other LTIP awards or any other remuneration earned or
vested but not previously paid through the date of termination;

 

(B)  an amount equal to the Base Salary
applicable immediately prior to the date of termination payable monthly in
arrears for twelve (12) months following the date of termination, accrued on a
daily basis, subject at all times to the option by the Company to release the
Executive’s obligations under paragraph 16 of this Agreement prior to the end
of such 12-month period thereby terminating such payments with immediate
effect;

 

 

(C)  payment for any accrued but unused
paid holiday as at the effective date of termination;

 

(D)  any reimbursements to which he may
be entitled under paragraph 6 of this Agreement as of the effective date of
termination; and

 

(E)  medical benefits continuation under
the Company’s medical plan for the Executive for a period of twelve (12) months
following termination;

 

In addition, the Executive’s unvested RSUs
or other long-term investment compensation Awarded to the Executive under any LTIP
or award or similar agreement shall continue to vest for twelve (12) months
following the
Executive’s termination from the Company without
Good Reason, subject at all times to the option by the Company to release the
Executive’s obligations under paragraph 16 of this Agreement prior to the end
of such 12-month period thereby terminating such vesting with immediate effect.”

 

b)             The
following wording of paragraph 13(b)(i) “the Company without Cause
pursuant to paragraph 12(d)” shall be replaced by “the Company without Cause as
such term is defined in paragraph 12(b)”

 

c)              The
following wording of paragraph 13(b)(ii)(F) “the accelerated vesting (to
100% vested) of unvested share options, Shares Appreciation Rights (“SARs”) and
Restricted Share Units (“RSUs”), if any, awarded to the Executive under the
LTIP or otherwise” shall be replaced by “notwithstanding any other provision to
the contrary, the immediate vesting to the Executive of all share options,
Shares Appreciation Rights 

 

 

(“SARs”) and Restricted Share Units (“RSUs”),
if any, awarded to the Executive under the LTIP or otherwise, whether otherwise
vested or unvested ...”

 

8.               The
Agreement, as amended by this First Amendment, contains the entire agreement
between the parties hereto and there are no agreements, warranties or
representations which are not set forth therein or herein. This First Amendment
may not be modified or amended except by an instrument in writing duly signed
by or on behalf of the parties hereto.

 

9.               This
First Amendment shall be governed by and construed and enforced in accordance
with the laws of Bermuda and the parties irrevocably submit to the
non-exclusive jurisdiction of the Courts of Bermuda.

 

10.         This
First Amendment may be executed simultaneously in any number of counterparts,
each of which shall be deemed an original but all of which together shall
constitute one and the same instrument.

 

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

 

 

	
  MONTPELIER RE HOLDINGS LTD.

  	
   

  	
  EXECUTIVE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ CHRISTOPHER L. HARRIS

  	
   

  	
  By:

  	
  /s/ THOMAS G.S. BUSHER

  
	
  Christopher L. Harris

  	
   

  	
  Thomas G.S. Busher

  
	
  Chief Executive Officer and

  	
   

  	
   

  
	
  President

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