Document:

Q1 2015 Exhibit 10.1

Employment Agreement

between

PartnerRe Ltd.
Wellesley House South, 5th Floor
90 Pitts Bay Road
Pembroke HM08
Bermuda
(the “Company”)
and

David Zwiener
41 Westwood Road
West Hartford, CT   06117
 (the “Executive”)

This Employment Agreement shall be subject to the competent authorities issuing the work and residence permits required for the Executive under Bermuda law.

WITNESSETH:

WHEREAS, the Executive currently serves as a non-employee member of the board of directors of the Company (the “Board”);

WHEREAS, the Company desires to memorialize the terms of the commencement of his employment of the Executive as the interim President and Chief Executive Officer of the Company; and

WHEREAS, the Executive is willing to serve the Company on the terms and conditions herein provided in this agreement (this “Agreement”).

NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and covenants herein contained, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

		
	1.
	CHANGE IN ROLE

The Executive agrees to cease serving as a member of the Compensation Committee and Audit Committee of the Board and the Company agrees with such cessation.
The Company agrees to employ the Executive and the Executive agrees to continue to serve the Company as an executive officer on the terms and conditions set forth herein.
		
	2.
	TERM OF AGREEMENT

This Agreement shall be effective, and the Executive’s employment as contemplated hereunder shall commence, on the date of the signing of the transaction agreement between the Company and Axis Capital Holdings Limited (the “Transaction”) (such date, the “Effective Date”) and shall terminate on the earlier of i) the date of the closing of the Transaction (the “Closing Date”) or ii)  April 30, 2016 (such date, in either case, the “Separation Date”), subject to the earlier termination of this Agreement by the Executive or by the Company pursuant to Section 6 hereof.
		
	3.
	POSITION AND DUTIES

		
	(a)
	The Executive shall serve as the interim President and Chief Executive Officer of the Company and shall report directly to the Board.  The Executive shall perform any reasonable duties and services consistent with such positions as may be prescribed from time to time by the Board.  The Executive shall comply with all Company policies and any other reasonable guidelines provided to the Executive by the Board, consistent with the Executive’s positions.  The Executive shall continue to serve in his capacity as a member of the Board, but without additional compensation.

		
	(b)
	The Executive also agrees to serve as an officer and/or director of any subsidiary of the Company, as reasonably requested by the Board, without additional compensation.

		
	(c)
	Except during customary vacation periods and periods of illness, the Executive shall, during his employment hereunder, devote substantially his full business time and attention to the performance of services for the Company.  The Company hereby acknowledges that the Executive shall be permitted to devote a reasonable amount of his business time, conducted simultaneously with the discharge of his duties to the Company to (i) the management of personal and family investments and affairs, (ii) with the consent of the Board, serving on the board of directors and/or acting as an officer of any not-for-profit entities that are not engaged in businesses that would reasonably conflict with the business of the Company or (iii) to the extent discussed with the Chairman of the Board, continuing to serve on the board of directors of any private or public companies that are not engaged in businesses that would reasonably conflict with the business of the Company; provided that, in the Executive’s and the Board’s reasonable judgment, such activities do not materially interfere or affect the duties of the Executive owed to the Company. 

		
	4.
	PLACE OF PERFORMANCE

The Executive’s principal place of employment shall be in Bermuda, except for reasonably necessary travel on business and reasonable personal travel.

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	5.
	COMPENSATION AND RELATED MATTERS 

		
	(a)
	Base Salary.  During the term of the Executive’s employment hereunder, the Company shall pay to the Executive a base salary at an aggregate rate as provided in the attached Schedule I, which has been approved by the Compensation Committee of the Board (the “Compensation Committee”) (which salary is referred to herein as “Base Salary”).  The Base Salary shall be paid in equal installments in accordance with normal payroll practices of the Company but not less frequently than monthly.  Base Salary payments hereunder shall not in any way limit or reduce any other obligation of the Company hereunder, and no other compensation, benefit or payment hereunder shall in any way limit or reduce the obligation of the Company to pay the Executive’s Base Salary hereunder.

		
	(b)
	Sign-On RSU Award.  In specific consideration for the Executive’s covenants in Section 11 and 12 below, on or promptly after the Effective Date, the Executive shall receive a one-time award of restricted share units with a value of $1,500,000 (the “Sign-On RSU Award”).  The Sign-On RSU Award shall vest and settle on the Separation Date, with 60% of the Sign-On RSU Award to be settled in shares of the Company and 40% to be settled in cash; provided that the Executive remains employed by the Company through the Separation Date, subject to Section 7 below.

		
	(c)
	Service Bonus.  In specific consideration for the Executive’s covenants in Section 11 and 12 below, the Executive shall be eligible to receive a cash bonus in the amount of $3,500,000, to be paid on the Closing Date (the “Service Bonus”); provided that the Closing Date occurs on or prior to April 30, 2016 and that the Executive remains employed by the Company through such date, subject to Section 7 below.

		
	(d)
	Discretionary Bonus.  The Executive shall be eligible to receive a cash bonus, at the discretion of the Board, to be paid on the Separation Date (the “Discretionary Bonus”).  The amount of the Discretionary Bonus, if any, shall be determined by the Board, at its discretion, based on its assessment of the Executive’s execution of the Transaction or his efforts in relation thereto.  The Executive may receive the Discretionary Bonus even if the Closing Date does not occur on or prior to the Separation Date.

		
	(e)
	Housing Allowance & Travel.  Due to significant travel and relocation away from Executive’s home, the Executive shall be paid an additional $10,000 per month housing and travel allowance.  In addition to business travel on Company-provided aircraft, the Executive shall be entitled to 30 hours / year of personal use of such aircraft in accordance with the Company’s aircraft usage policy.

		
	(f)
	No Additional Incentives.  Other than the amounts described in subparagraphs (b), (c) and (d) of this Section 5, the Executive shall not be eligible to receive any other equity grants or annual incentive awards during the term of this Agreement.

		
	(g)
	Expenses.  During the term of this Agreement, the Executive shall be entitled to receive prompt reimbursement from the Company of all reasonable expenses incurred by the Executive in promoting the business of the Company and in performing services hereunder, including all expenses of travel and entertainment and living expenses while away from home on business or at the request of, or in the service of the Company; provided that such expenses are incurred and accounted for in accordance with the policies and procedures established by the Company, 

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as applicable, from time to time.  Without limiting the generality of the foregoing, temporary housing expenses, personal driver and business use of Company-provided aircraft are reimbursable expenses.  In furtherance, the Executive must submit reimbursement requests within one year after incurring the underlying expense; provided that no reimbursements shall occur more than twelve months after the expense is submitted for reimbursement and to the extent that any such reimbursements are taxable to the Executive under the law of any jurisdiction other than the principal place of employment, the provisions of Section 22 shall apply.  Finally, in the event that all or part of the Executive’s employment sourced income becomes subject to income tax in any jurisdiction other than the principal place of employment as a result of business related travel, the Company shall reimburse the Executive with respect to such taxes (including penalties and interest, if applicable) so that the tax impact on the Executive is the same as if all the Executive’s Company sourced income was received in the place of his principal place of employment.  The provisions of this Section 5(f) shall survive the termination of this Agreement.

		
	(h)
	Benefit Plans.  During the term of this Agreement, the Executive shall be eligible to participate in all of the applicable benefit plans and perquisite programs of the Company that are available to other executives of the Company, as applicable, on the same terms as such other executives (“Benefit Plans”).  The Company may, at any time or from time to time, amend, modify, suspend or terminate any employee benefit plan, program or arrangement so long as such amendment, modification, suspension or termination affects all executives similarly.

		
	(i)
	Director’s Fee and Equity Grant.  On or promptly following the Effective Date, the Executive shall receive a pro rata portion of his director’s fee, in cash, for his services as a non-employee director of the Company from January 1, 2015 to the Effective Date.  On or promptly following the Effective Date, the Executive shall receive a pro rata portion of his annual equity grant for his services as a non-employee director of the Company in respect of the period from January 1, 2015 to the Effective Date.

		
	6.
	TERMINATION

The Executive’s employment hereunder may be terminated under the following circumstances, subject to the effective Date of Termination described in Section 6(e) hereof:
		
	(a)
	Death or Disability.

		
	(i)
	The Executive’s employment hereunder shall terminate upon his death.

		
	(ii)
	If the Executive shall have qualified for long-term disability benefits under any Company long-term disability insurance arrangement in which he is participating (a “Disability”), then the Company may at any time after the date of such qualification, give to the Executive a Notice of Termination (as defined in Section 6(d) hereof), and the Executive’s employment hereunder shall terminate on the Date of Termination described in Section 6(e) hereof.

		
	(b)
	Termination by the Company.  The Company may terminate the Executive’s employment hereunder (i) for Cause or (ii) without Cause at any time.  For the purposes of this Agreement, the Company shall have “Cause” to terminate the Executive’s employment hereunder upon (A) the engaging by the Executive in gross negligence or wilful misconduct which is 

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demonstrably injurious to the Company or any of its subsidiaries, or (B) wilful and intentional failure to comply in all material respects with the direction of the Board, or (C) the wilful and intentional material breach of this Agreement; provided in each case that the Board shall have first provided the Executive with written notice identifying the act or acts or failure or failures to act or comply said to constitute Cause within 90 days after the occurrence of such act or failure to act or comply or within 90 days of when the Company should have been reasonably expected to know of such occurrence, and the Executive shall have failed to cure the deficiency within 30 days after receipt of such notice, and the Board terminates Executive’s employment within 60 days following the expiration of the cure period in the event the deficiency is not cured; or (D) the conviction, a plea of guilty or a plea of no contest of the Executive for a serious criminal act.  For purposes of this paragraph, no act, or failure to act, on the Executive’s part shall be considered “wilful” unless done, or omitted to be done, by Executive not in good faith and without reasonable belief that said action or omission was in the best interest of the Company.
		
	(c)
	Termination by the Executive.  The Executive may terminate his employment hereunder i) with Good Reason or ii) without Good Reason at any time.  For purposes of this Agreement, “Good Reason” shall mean without the Executive’s written consent (1) a failure by the Company to comply with any material provision of this Agreement, (2) the assignment to the Executive by the Company of duties inconsistent in a material adverse respect with the Executive’s position, authority, duties or responsibilities with the Company, as applicable, as in effect on the Effective Date including, but not limited to, any material reduction in such position, authority, duties or responsibilities, or a change in the Executive’s titles as then in effect, except in connection with (x) the termination of his employment on account of his death, disability or for Cause or without Cause or (y) the transition of his position, authority, duties or responsibilities in connection with the closing of the Transaction, (3) any material reduction in Base Salary or (4) a change in Executive’s reporting relationship so that Executive does not report directly to the Board; provided that in order to terminate his employment with Good Reason the Executive shall have first provided the Board with written notice identifying the act or acts or failure or failures to act said to constitute Good Reason within 90 days of the occurrence of such act(s) or within 90 days of when the Executive should have been reasonably expected to know of such occurrence, the Board shall have failed to cure the deficiency within 30 days after receipt of such notice and the Executive provides Notice of Termination on account of Good Reason within 60 days following the expiration of the cure period in the event the deficiency is not cured.

		
	(d)
	Notice of Termination.  Any termination of the Executive’s employment by the Company or by the Executive (other than for death) shall be communicated by written Notice of Termination to the other party hereto (“Date of Notice”).  For purposes of this Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in this Agreement relied upon and the Date of Termination and shall set forth in reasonable detail the facts and circumstances, if any, claimed to provide a basis for termination of the Executive’s employment under the provision so indicated.

		
	(e)
	Date of Termination.  “Date of Termination” shall mean i) if the Executive’s employment is terminated by his death, the date of his death, ii) if the Executive’s employment is terminated by his disability pursuant to Section 6(a)(ii) hereof, the date specified in the Notice of Termination, iii) if the Executive’s employment is terminated by the Company without Cause or by the Executive without Good Reason, the date specified in the Notice of Termination, which can be immediate, or iv) if the Executive’s employment is terminated by the Company for Cause 

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or if the Executive voluntarily terminates his employment with Good Reason, the date specified in the Notice of Termination, which can be immediate.
		
	(f)
	Compensation During Notice Period.  During the period from the Date of Notice to the Date of Termination, in the event of a termination as provided under Sections 6(b)(ii) or 6(c) hereof, the Executive shall be entitled to receive all compensation and benefits (pursuant to this Agreement and as detailed in Schedule I) as if Notice of Termination had not occurred.

		
	(g)
	Board Service.  If the Executive’s employment is terminated on or prior to the Separation Date for any reason under this Agreement, he shall be deemed to resign effective on the Date of Termination i) from the Board or board of directors of any subsidiary or affiliate of the Company and ii) from any position with the Company or any subsidiary or affiliate of the Company, including, but not limited to, as an officer of the Company or any of its subsidiaries or affiliates.

		
	7.
	COMPENSATION UPON TERMINATION 

In the event that the Executive’s employment terminates for any reason, the provisions of this Section 7 shall determine the Executive’s entitlement to compensation and benefits in connection with and subsequent to such termination.
		
	(a)
	If i) the Company terminates the employment of the Executive for Cause or ii) the Executive terminates his employment without Good Reason, the Company shall pay to the Executive, within 30 days after the Date of Termination, all accrued Base Salary and benefits through the Date of Termination (the “Accrued Salary and Benefits”).  The Company shall have no further obligations to the Executive after the Date of Termination.

		
	(b)
	If the Executive’s employment terminates due to his death or Disability, the Company shall pay or provide to the Executive, or his legal representative or estate, as the case may be, in addition to the Accrued Salary and Benefits, the following:

		
	(i)
	a payment equal to the value of the Sign-On RSU Award, to be paid 100% in cash (as valued on the Date of Termination) promptly following the Executive’s execution and delivery of the release described in Section 7(e); and

		
	(ii)
	a payment equal to the Service Bonus, to be paid on the Closing Date; provided that the Closing Date occurs on or prior to April 30, 2016.

The Executive hereby authorizes the Company to take out such insurance policy as it deems appropriate so that the Company may mitigate any payments pursuant to this clause as it shall in its sole discretion deem appropriate.  The foregoing does not impact the obligation of the Company to make payment pursuant to this section. 
		
	(c)
	If the Executive’s employment terminates for any reason other than the reasons described in Section 7(a) or (b), the Company shall pay or provide to the Executive, in addition to the Accrued Salary and Benefits, the following:

		
	(i)
	an amount equal to the Base Salary that would otherwise have been paid to him for the period between the Date of Termination and April 30, 2016, had his employment not terminated prior to that date;

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	(ii)
	a payment equal to the value of the Sign-On RSU Award, to be paid 100% in cash (as valued on the Date of Termination) promptly following the Executive’s execution and delivery of the release described in Section 7(e); and

		
	(iii)
	a payment equal to the Service Bonus, to be paid on the Closing Date; provided that the Closing Date occurs on or prior to April 30, 2016.

		
	(d)
	The Executive’s payments and benefits upon his termination shall be limited to those described in this Section 7.  During the term of this Agreement, the Executive shall not be entitled to participate in the Company’s Change in Control Policy or any other change in control or severance plan or policy.

		
	(e)
	In the event of the Executive’s termination of employment other than by the Company for Cause, the Executive without Good Reason or due to the Executive’s death, the Executive agrees to execute a general release in a form acceptable to the Company (such acceptance shall not be unreasonably withheld).  The payments and provision of benefits to the Executive required by Sections 7(b) and (c) (other than the Accrued Benefits) shall be conditioned on the Executive’s delivery (and non-revocation prior to the expiration of the revocation period contained in the release) of such release prior to the date which is 40 days after the Date of Termination (the “Payment Date”); provided that, if the 40-day period begins in one tax year and ends in another tax year, any such payments shall not be made until the beginning of the second tax year.  If the foregoing requirements are not satisfied on the Payment Date, the Executive shall not be entitled to any payments or benefits that are conditioned upon satisfaction of the requirements of this Section 7(e).  In the event that any of the payments or benefits subject to this Section 7(e) are not subject to Section 409A of Code, the Company in its discretion may accelerate any such payment to a date that is on or after the Date of Termination and on or before the Payment Date and may pay benefits even if the Executive executes the general release after the Payment Date; provided that the requirements of this Section 7(e) are satisfied as of the date of payment. 

		
	(f)
	Notwithstanding any other provision of this Agreement to the contrary (other than the provisions of Section 22 relating to amounts subject to Section 409A), in the event that the Executive is entitled to payment of any earned amounts attributable to a fiscal year prior to the Date of Termination and if such amounts are not determined as of the date on which such amounts are to be paid pursuant to the provisions of this Agreement, such amounts shall be paid to the Executive as soon as such amounts are determined and, in any event, not later than the time that such amounts would have been paid to the Executive if he had remained employed. 

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	8.
	INDEMNIFICATION

The Company shall indemnify the Executive (and his legal representatives or other successors and heirs) to the fullest extent permitted (including payment of expenses in advance of final disposition of the proceeding provided approved by the Board) by the laws of Bermuda, as in effect at the time of the subject act or omission; and the Executive shall be entitled to the protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by him or his legal representatives in connection with any action, suit or proceeding to which he (or his legal representatives or other successors and heirs) may be made a party by reason of his being or having been a director, officer or Executive of the Company or any of its subsidiaries; provided, however, that no indemnification shall be made to the Executive for losses relating to any disgorgement remedy contemplated by Section 16 of the Securities and Exchange Act of 1934.  If any action, suit or proceeding is brought or threatened against the Executive in respect of which indemnity may be sought against the Company pursuant to the foregoing, the Executive shall notify the Company promptly in writing of the institution of such action, suit or proceeding and the Company shall assume the defense thereof and the employment of counsel and payment of all fees and expenses; provided, however, that if a conflict of interest exists between the Company and the Executive such that it is not legally practicable for the Company to assume the Executive’s defense, the Executive shall be entitled to retain separate counsel reasonably acceptable to the Company at the Company’s expense.  Any payments of legal fees pursuant to the foregoing sentence shall be subject to the provisions of Section 22 hereof.  The provisions of this Section 8 shall survive the termination of this Agreement.
		
	9.
	TAXES

The Company shall deduct all taxes required by law from all amounts payable under this Agreement.
		
	10.
	CONFIDENTIALITY

Unless otherwise required by law or judicial process, the Executive shall retain in confidence during and after termination of the Executive’s employment with the Company all confidential information known to the Executive concerning the Company and its business.  This clause shall remain in effect in perpetuity or until such confidential information is publicly disclosed by the Company or otherwise becomes publicly disclosed other than through the Executive’s actions.  Violation by the Executive of this Section 10 will give the Company the right to immediately terminate all future severance payments.
		
	11.
	NON-DISPARAGEMENT

		
	(a)
	Other than in connection with the performance of services with the Company, the Executive agrees not to directly or indirectly make any public statements that disparage or denigrate the Company or any of its subsidiaries or affiliates or their respective current or former officers, directors, employees or agents or the Transaction, orally or in writing.  The Company agrees that it will instruct its executive officers and directors not to directly or indirectly make any public statements that disparage or denigrate the Executive or his performance as an employee and officer of the Company.

		
	(b)
	Notwithstanding the foregoing provisions of this Section 11, it shall not be a violation of this Section 11 for any party to make truthful statements when required by order of a court or other 

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body having jurisdiction or as otherwise may be required by law or under an agreement entered into in connection with pending or threatened litigation pursuant to which the party receiving such information agrees to keep such information confidential.
		
	12.
	COVENANTS NOT TO SOLICIT

In consideration of the promises and payments provided by Section 5(b) and (c) of this Agreement, the Executive agrees that, during his employment hereunder and for a period of twelve (12) months following the Date of Termination, he will not, other than on behalf of the Company, directly or indirectly, as a sole proprietor, agent, broker or intermediary, member of a partnership, or stockholder, investor, officer or director of a corporation, or as an employee, agent, associate or consultant of any person, firm or corporation:
		
	(a)
	Solicit, encourage, induce to cease, refrain from or reduce doing business with the Company or any of its affiliates (i) any clients of the Company or its affiliates, (ii) any prospective clients whose business the Company or any of its affiliates is in the process of soliciting at the time of the Executive's termination or (iii) any former clients which had been doing business with the Company or its affiliates within one year prior to the Executive’s termination; or

		
	(b)
	Solicit or hire any employee of the Company or its affiliates to terminate such employee's employment with the Company; provided that nothing contained in this Section 12 shall prohibit the Executive from owning 2.5% or less of the outstanding stock of any corporation listed on a national stock exchange or included in the NASDAQ Stock Markets, or from making investments in or from serving as an officer or employee of a firm or corporation which is not directly or indirectly engaged in the same type of business as the Company.

The parties acknowledge and agree that the Executive’s breach or threatened breach of any of the restrictions set forth in Sections 10, 11 and 12 will result in irreparable and continuing damage to the Company for which there may be no adequate remedy at law and that the Company shall be entitled to equitable relief, including specific performance and injunctive relief as remedies for any breach or threatened or attempted breach.  The Executive hereby consents to the grant of an injunction (temporary or otherwise) against the Executive or the entry of any other court order against the Executive prohibiting and enjoining him from violating, or directing him to comply with any provision of Sections 10, 11 and 12.  The Executive also agrees that such remedies shall be in addition to any and all remedies, including damages, available to the Company against him for such breaches or threatened or attempted breaches.  The Executive acknowledges that he has received good and valuable consideration for the obligations contained in Sections 10, 11 and 12.  Violation by the Executive of any of the restrictions contained in Sections 10, 11 and 12 will give the Company the right to immediately terminate all future severance payments. 
		
	13.
	PROPERTY

The Executive acknowledges that all originals and copies of materials, records and documents generated by him or coming into his possession during the term of his employment hereunder are the sole property of the Company (“Company Property”).  During the term of his employment, and at all times thereafter, the Executive shall not remove, or cause to be removed, from the premises of the Company, copies of any record, file, memorandum, document, computer related information or equipment, or any other item relating to the business of the Company, except in furtherance of his duties under this Agreement.  When the Executive’s employment terminates, or upon request of 

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the Company at any time, the Executive shall promptly deliver to the Company all copies of Company Property in his possession or control.
		
	14.
	SUCCESSORS; BINDING AGREEMENT

		
	(a)
	This Agreement is personal to the Executive and without the prior written consent of the Company shall not be assignable by the Executive otherwise than by will or the laws of descent and distribution.  This Agreement shall inure to the benefit of and be enforceable by the Executive’s legal representatives or heirs.

		
	(b)
	This Agreement shall inure to the benefit of and be binding upon the Company and its successors and assigns.

		
	15.
	NOTICE

For the purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when hand delivered or (unless otherwise specified) when mailed by courier or registered mail, return receipt requested, postage prepaid, addressed as follows:
If to the Executive:
At the address set forth at the top of this Agreement

If to the Company:
PartnerRe Ltd.
Attn: Chairman of the Board
Wellesley House
90 Pitts Bay Road
Pembroke HM 08
Bermuda
or to such other address as any party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be effective only upon receipt.
		
	16.
	GOVERNING LAW AND JURISDICTION

This Agreement shall be governed by and construed and enforced in accordance with the laws of Bermuda, without regard to the principles of conflict of laws.  Each party agrees to submit to the exclusive jurisdiction of the ordinary courts in the state of Bermuda.
		
	17.
	SURVIVORSHIP

The respective rights and obligations of the parties hereunder, including, without limitation, the rights and obligations set forth in Sections 5 through 15, 16 and 18 of this Agreement, shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

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	18.
	ARBITRATION 

The Company and the Executive agree to arbitrate any controversy or claim arising out of this Agreement or otherwise relating to the Executive’s employment by the Company or the termination of such employment to the extent required (including, but not limited to, any claims of breach of contract, wrongful termination or age, sex, race or other discrimination); provided that the Company or the Executive shall have the right to, and be permitted to, seek and obtain injunctive relief from a court of competent jurisdiction pursuant to Section 12.  Any such arbitration shall be fully and finally resolved in binding arbitration which shall be conducted in accordance with the rules of the Chartered Institute of Arbitrators rules.  The seat of the arbitration shall be Hamilton, Bermuda.  The arbitration shall take place before a single arbitrator appointed by the Chartered Institute of Arbitrators (Bermuda Branch).  The arbitrator shall not have the authority to modify or change any of the terms of this Agreement, except as provided in Section 12 hereof.  The arbitrator’s award shall be final and binding upon the parties.  Each party shall bear his or its own costs incurred by any such arbitration.  The arbitrator may require the losing party thereto, as determined by the arbitrator, to bear the costs and fees incurred in any such arbitration, including legal fees and expenses.  Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of the Company and the Executive.
		
	19.
	MISCELLANEOUS

		
	(a)
	This Agreement sets forth the entire agreement and understanding relating to the Executive’s employment relationship with the Company; this Agreement supersedes all prior discussions, negotiations, term sheets, illustrative calculations, proposed arrangements and agreements concerning the Executive’s employment with the Company and his separation therefrom and may not be amended except by mutual written agreement.

		
	(b)
	The parties further agree that the provisions of this Agreement may not be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by the parties hereto.  No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time.

		
	(c)
	The form and timing of all payments under this Agreement shall be made in a manner which complies with all applicable laws, rules and regulations.

		
	(d)
	Except as set forth in the Plans, Equity Award Agreements or Benefit Plans, no agreements or representations, oral or otherwise, express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. 

		
	(e)
	Except as otherwise set forth in Section 8 or Section 14 hereof, nothing expressed or referred to in this Agreement shall be construed to give any Person other than the Company and the Executive any legal or equitable right, remedy or claim under or with respect to this Agreement or any provision of this Agreement.

		
	(f)
	The Company shall reimburse you, or pay to your legal advisor, up to an amount agreed upon with the Chairman of the Board for legal fees and expenses reasonably incurred by you in 

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connection with the negotiation and execution of this Agreement. Such reimbursement or payment will be made promptly after the Company receives an invoice for such fees and expenses, accompanied by reasonable and itemized supporting documentation.
		
	20.
	SEVERABILITY AND JUDICIAL MODIFICATION

If any provision of this Agreement is held by a court or arbitration panel of competent jurisdiction to be enforceable only if modified, such holding shall not affect the validity of the remainder of this Agreement, the balance of which shall continue to be binding upon the parties hereto with any such modification to become a part hereof and treated as though originally set forth in this Agreement.  The parties further agree that any such court or arbitration panel is expressly authorized to modify any such unenforceable provision from this Agreement in lieu of severing such unenforceable provision from this Agreement in its entirety, whether by rewriting the offending provision, deleting any or all of the offending provision, adding additional language to this Agreement, or by making such other modifications as it deems warranted to carry out the intent and agreement of the parties as embodied herein to the maximum extent permitted by law.  The parties expressly agree that this Agreement as so modified by the court or arbitration panel shall be binding upon and enforceable against each of them.  In any event, should one or more of the provisions of this Agreement be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions hereof, and if such provision or provisions are not modified as provided above, this Agreement shall be construed as if such invalid, illegal or unenforceable provisions had never been set forth herein.
		
	21.
	COUNTERPARTS

This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument.
		
	22.
	SECTION 409A AND SECTION 457A 

It is intended that the provisions of this Agreement comply with or be exempt from the provisions of Section 409A of the Code (“Section 409A”) and Section 457A of the Code (“Section 457A”) and shall be construed and administered in accordance with Section 409A and Section 457A, and, in each case, the Treasury regulations relating thereto so as not to subject the Executive to the payment of interest and tax penalty which may be imposed under Section 409A or Section 457A, as applicable.  In furtherance of this objective, to the extent that any regulations or other guidance issued under Section 409A would result in the Executive being subject to payment of “additional tax” under Section 409A, the parties agree to use their best efforts to amend this Agreement in order to avoid the imposition of any such “additional tax” under Section 409A, which such amendment shall be designed to minimize the adverse economic effect on the Executive without increasing the cost to the Company (other than transactions costs), all as reasonably determined in good faith by the Company and the Executive to maintain to the maximum extent practicable the original intent of the applicable provisions.  This Section 22 does not guarantee that payments under this Agreement will not be subject to "additional tax" under Section 409A.  Without limiting the generality of the foregoing:
		
	(a)
	Notwithstanding any other provision of this Agreement to the contrary, if any payment or benefit hereunder is subject to Section 409A and if such payment or benefit is to be paid or provided on account of the Executive’s Date of Termination (or other separation from service or termination of employment) and if the Executive is a specified employee (within the meaning 

12

of Section 409A(a)(2)(B) of the Code), then with respect to such payments or benefits that are required to be made or provided prior to the first day of the seventh month following the Executive’s separation from service or termination of employment, such payment or benefit shall be delayed until the first day of the seventh month following the Executive’s separation from service.
		
	(b)
	Any payments to be made under this Agreement upon a termination of employment shall only be made upon a “separation from service” under Section 409A.

		
	(c)
	The determination as to whether the Executive has had a termination of employment (or separation from service) shall be made in accordance with the default provisions of Section 409A or Section 457A, as applicable, without application of any of alternative reductions of bona fide services permitted thereunder.

		
	(d)
	Any installment payments hereunder shall be treated as separate payments for purposes of Section 409A.

		
	(e)
	To the extent that any reimbursements or in-kind benefits provided hereunder (including any Schedule or Exhibit hereto) are taxable to the Executive, the amount of the expenses eligible for reimbursement or in-kind benefits provided during one calendar year may not affect the amount of reimbursements or in-kind benefits to be provided in any subsequent calendar year, the reimbursement of an eligible expense shall be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and the right to reimbursement of expenses or in-kind benefits shall not be subject to liquidation or exchange for any other benefit.

Signature page follows.

13

IN WITNESS WHEREOF, the Company has caused its name to be ascribed to this Agreement by its duly authorized representative, and the Executive has executed this Agreement effective as of the date set forth in Section 2 hereof.

______________________________
Name: Jean-Paul Montupet
Title: Chairman of the Board, PartnerRe Ltd. 
Date: 

______________________________
Name: David Zwiener
Date:

Schedule I

David Zwiener, President and Chief Executive Officer

	
		
	2.    Annual Base Salary:
	$1,000,000

	3.    Vacation
	The Executive is eligible to receive 25 vacation days per year.

I-1Q1 2015 Exhibit 10.2

                        
	
		
	 
	 

	Costas Miranthis 
Bengal, #6 Pampas Road
Smiths FL 05, Bermuda
	January 25, 2015

Dear Costas:

This Letter Agreement, together with the attachment hereto (collectively, the “Agreement”), reflects our mutual understanding with respect to your separation from PartnerRe Ltd. and sets forth the payments and benefits that you will be eligible to receive under this Agreement.
1)Parties to the agreement.
PartnerRe Ltd., incorporated and registered in Bermuda with company number 18620, whose registered office is at Wellesley House South, 90 Pitts Bay Road, Pembroke HM 08, Bermuda (the “Company” and, together with you, a “Party”)).
Costas Miranthis, of the address set forth above (“you” or “Executive”).
2)    Separation.  We hereby accept your resignation with great thanks for your many contributions to the Company to date, including the signing of the transaction involving the Company and Axis Capital Holdings Limited (the “Counterparty”) that we have announced (the “Transaction”).  As of this day (the “Signing Date”), you hereby cease serving as the President and Chief Executive Officer of the Company, serving as an officer or director of the Company and all of its subsidiaries and internal bodies (collectively, the “Company Group”) and representing the Company or any member of the Company Group with respect to any external organizations. You agree to formally resign, in writing, from all offices and directorships of the Company Group where such resignations are required in writing.  You irrevocably appoint the Company to be your attorney in your name and on your behalf to sign, execute or do any such instrument or thing and generally to use your name in order to give the Company (or its nominee) the full benefit of the provisions of this clause.  Your employment with the Company will terminate effective as of the close of business on March 31, 2015 (such date, your “Separation Date”).  For the period between the Signing Date and the Separation Date, you will remain a non-executive employee of the Company, based in Bermuda and performing such duties as the board of directors of the Company (the “Board”), the Chairman of the Board of the Company or the Chief Executive Officer (“CEO”) of the Company may reasonably request.

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3)    Payments Through the Separation Date.  You will be entitled to (i) continued salary at your current annual base salary rate (less applicable withholdings and deductions) through the Separation Date, paid in accordance with the Company’s payroll practices in the ordinary course; (ii) your annual incentive amount of $2,793,750 in respect of fiscal year 2014, paid in cash when bonuses for 2014 are paid to other senior executives of the Company but in no event later than March 31, 2015; and (iii) employee benefits through the Separation Date at the level and of the type that you and your dependents currently receive.
4)    Other Payments and Benefits.  You acknowledge and agree that certain payments and benefits described herein are in excess of the total payments and benefits that you would otherwise be eligible to receive upon your termination of employment, absent this Agreement.  Except as specifically set forth in this Agreement, the payments and benefits set forth in this Agreement will not be reduced on account of your subsequent employment by any other person or entity, your relocation from Bermuda or the provision of the applicable payment or benefit by other sources.  If you sign and do not revoke a General Release in the form attached hereto as Attachment A (the “General Release”), within the applicable time frame for revocation set forth in the General Release, you will receive the following payments and benefits, subject to the conditions and restrictions described in this Section (4) and the General Release.  
a)    We will pay you $16,594,007 in cash in two installments as follows: (i) two-thirds (2/3) will be paid promptly following your execution and non-revocation of a General Release (and no later than 8 days after the last date on which you may revoke this General Release in accordance with its terms, the “First Release”) following the Signing Date (such date, the “First Payment Date”) and (ii) one-third (1/3) will be paid promptly following your execution and non-revocation of a General Release (and no later than 8 days after the last date on which you may revoke this General Release in accordance with its terms, the “Second Release”) following the earlier of (x) if the date of the closing of the Transaction (the “Closing Date”) occurs prior to December 1, 2015, the Closing Date, or (y) if the Closing Date occurs on or after December 1, 2015 or does not occur, December 1, 2015 (such date, in either case, the “Second Payment Date”).  We will also make a supplemental contribution of $150,000, in addition to the amount that has been or will be contributed in respect of any period ending on or prior to the Separation Date, into your retirement account under the Company’s Bermuda Non-Registered Pension Plan.   This supplemental contribution will be made in cash at the same time, and subject to the same conditions, as the installment payment described in clause (i) of this Section 4(a).  Collectively, these amounts are defined as the “Separation Payment” hereafter.
b)    Subject to your executing and not timely revoking the First Release, all share options, share appreciation rights, restricted share units and performance share units held by you on the Separation Date will (to the extent not already fully vested) fully vest (and, in the case of share options and share appreciation rights, become fully exercisable to the extent not already fully exercisable) on the Separation Date.  All outstanding share options and share appreciation rights will remain exercisable for the remainder of their original maximum terms, notwithstanding the termination of your employment.  Any performance share units previously granted to you for which the performance period has not been completed prior to the Separation Date will be earned, and paid out, as if you had remained employed and the maximum level of performance had been met.  

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For the avoidance of doubt, such performance share units will vest in full on the Separation Date, as if the applicable performance period had been completed prior to the Separation Date.  For purposes of this Section (4) and Section (5)(a) of this Agreement, the term “vest” shall mean to fully vest, and become fully non-forfeitable, except as otherwise expressly provided in Section (4)(g) or Section (13)(m) of this Agreement.
c)    You and your dependents will continue to be entitled to participate in the Company’s health and welfare plans in which you currently participate, at a cost to you that is no greater than would have been applicable if your employment with the Company had continued, until the end of the 48th month following the Separation Date, or, if sooner, until you become entitled to participate in or receive coverage under health insurance plans of a subsequent employer or you relocate to a jurisdiction where comparable health benefits are provided through government-sponsored programs or entities without charge.  If you do not execute the First Release or Second Release, or if you timely revoke either of those releases, this coverage will cease.
d)    You will continue to receive your current housing allowance for 30 months following the Separation Date or, if earlier, until the time at which you (i) relocate out of Bermuda or (ii) your housing is paid for by any third party.  You will also (x) continue to receive your current club membership allowance for yourself and your dependents until the first anniversary of the Separation Date, as well as (y) receive a $25,000 allowance for tax advice fees in calendar year 2015 regarding your personal tax situation.  If you do not execute the First Release or Second Release, or if you timely revoke either of those releases, these benefits will cease.
e)    The Company shall reimburse you, or pay to your legal advisor, up to an amount agreed upon with the Chairman of the Board for legal fees and expenses reasonably incurred by you in connection with the negotiation and execution of this Agreement (including, for the avoidance of doubt, the General Release). Such reimbursement or payment will be made promptly after (but in no event more than 15 days after) the Company receives an invoice for such fees and expenses, accompanied by reasonable and itemized supporting documentation.  If you do not execute the First Release, or if you timely revoke the First Release, this reimbursement or payment will not be made.
f)    The Company will comply with Sections 5(d) and 10 of your Employment Agreement and Sections 7, 11 and 12 of Schedule I of your Employment Agreement, and your entitlements under those Sections will remain unaffected by this Agreement.  After the Separation Date, there shall be no restrictions on your rights to sell (or otherwise transfer or dispose of) securities of the Company, other than restrictions imposed by applicable law.
g)    In addition to your execution and non-revocation of the First Release and Second Release, as applicable, your continuing entitlement to the payments and benefits described in this Section (4) is subject to your continuing compliance with the provisions of Sections (10), (11) and (12) of this Agreement; provided that an inadvertent breach of your obligation of confidentiality or non-disparagement that causes no demonstrable damage to the Company other than that of a trivial or insignificant nature will not be considered a breach of such covenants.
h)    You hereby acknowledge that, except as otherwise specifically provided in this Agreement, you will not be entitled to any cash or non-cash consideration or other benefits of any 

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kind from the Company, including any payments or benefits to which you may have been entitled under your Employment Agreement, the Company’s Change in Control Policy or any of the Company’s equity compensation plans and related award agreements.
5)    Company Pension Plan and Other Plans and Programs.  
a)    The Company acknowledges that your account balance under the Company’s Bermuda Non-Registered Pension Plan is 100% vested and will remain unaffected by this Agreement (except as provided in the last two sentences of Section (4)(a) of this Agreement).  Additional information concerning your pension plan benefits will be provided to you under separate cover.
b)    Any other payments or benefits that are vested or that you are otherwise entitled to receive under any plan, policy, agreement, practice or program of the Company or any other member of the Company Group (including expense reimbursements, as well as base salary and benefits accrued through the Separation Date, but not including any cash bonus or equity compensation awards earned with respect to the previous fiscal year) will be paid or provided to you in accordance with such plan, policy, agreement, practice or program; provided that in no event will you be entitled to any payments or benefits under any such plan, policy, agreement, practice or program that would be duplicative of payments or benefits provided under this Agreement.  Any amounts or other benefits due under this Section (5)(b) will be paid or provided in accordance with the terms of the applicable plan, policy, agreement, practice or program.
6)    Company Credit Card.  You agree to (i) discontinue use of your business credit card not later than the Separation Date and (ii) pay any unpaid, outstanding balance for which the Company is not responsible and which is due on such credit card as soon as reasonably practicable following the Separation Date.
7)    Return of Property.  You agree to deliver to the Company by the Separation Date all of the Company’s property, in whatever form, including, without limitation, computers, telephones, documents, data, papers, letters, reports, manuals, computer programs, software and other material, including all copies thereof.  Notwithstanding Section 13 of your Employment Agreement, subject to your continuing compliance with the provisions of Sections (10), (11) and (12) of this Agreement (provided that an inadvertent breach of your obligation of confidentiality or non-disparagement that causes no demonstrable damage to the Company other than that of a trivial or insignificant nature will not be considered a breach of such covenants), you are permitted to retain, and use appropriately, your Rolodex (and electronic equivalents) or documents relating to your personal entitlements and obligations.
8)    Indemnification; D&O Insurance.  
a)    Your entitlement to indemnification (including, without limitation, payment of expenses) under Section 9 of your Employment Agreement against claims (and threatened or reasonably anticipated claims) that are based in any way on events and conduct prior to the Separation Date will continue, and the provisions of such Section are incorporated by reference in this Agreement.  For the avoidance of doubt, the Board will not withhold approval of, or delay, payment of expenses otherwise authorized under that Section 9 and this Section (8)(a).  You will also remain entitled to 

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indemnification (including, without limitation, payment of expenses) to the maximum extent currently permitted under the Company’s Bye-Laws (it being understood that this provision shall not prohibit or otherwise limit the ability of the Company to amend or otherwise modify its Bye-Laws in accordance with its terms).
b)    The Company shall maintain or purchase a “tail” directors’ and officers’ liability insurance policy, for you, with coverage until the sixth anniversary of the Closing Date and on other terms that provide at least substantially equivalent benefits to you as such policy currently in effect.  For the avoidance of doubt, (i) for purposes of the provisions in the transaction agreement governing the Transaction with respect to indemnification and directors’ and officers’ insurance, you shall be a “former director and officer” of the Company and (ii) you shall be accorded no less favorable indemnification and directors’ and officers’ insurance rights and benefits than those accorded to other former directors and officers of the Company.
9)    Claims.  You represent that, as of the date on which you signed this Agreement, you have not filed, directly or indirectly, nor caused to be filed, any claims, demands, actions, suits, grievances, proceedings, complaints or charges of any type, including, but not limited, to those arising out of your employment with the Company against any member of the Company Group or their current or former officers, directors, employees or agents in their capacity as the Company Group’s representatives in any forum, including federal, state or local court or in arbitration, or any administrative proceeding with any federal, state or local administrative agency.  You agree that should any administrative agency or third party pursue such claims on your behalf, you waive your right to any monetary or other recovery of any kind.
10)    Restrictive Covenants.  In consideration of the payments and benefits that you will receive under Section (4) of this Agreement, you agree to comply with (i) the confidentiality covenant set forth under Section 11 of your Employment Agreement perpetually following the Separation Date and (ii) the non-solicitation covenant set forth under Section 12 of your Employment Agreement until the first anniversary of the Separation Date.  The Company agrees that you will not be subject to any other post-termination restrictions (including, without limitation, those enforceable through the loss of benefits to which you might otherwise be entitled, as is provided, e.g., in certain of your equity award documents) other than those contained in Sections 11 and 12 of your Employment Agreement and Sections (11) and (12) of this Agreement, and that it hereby terminates, and will cause its affiliates to terminate, any such restriction.  
11)    Non-Competition.  You agree that, during the period between the Signing Date and the Second Payment Date (the “Protected Period”), you will not, without the prior written consent of the Board of Directors of the Company, directly or indirectly, and whether as a principal, investor, employee, officer, director, manager, partner, consultant, agent or otherwise, alone or in association with any other person, firm, corporation or other business organization, carry on, own, manage, operate, participate in or be employed or engaged by, a Competing Business (as defined below) in Bermuda or in any foreign jurisdiction in which the Company or any of its subsidiaries is then engaged, or at any time during such period becomes or became engaged in a Competing Business; provided, however, that nothing herein will limit your right to (x) own not more than 1% of the debt or equity securities of any business organization that is then filing reports with the Securities and Exchange 

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Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, (y) look for employment or other engagement or (z) enter into any employment or similar agreement; provided that your employment or other engagement does not commence during the Protected Period.  For purposes of this Agreement, “Competing Business” means (i) any business or entity that engages in the insurance or reinsurance business in competition with the Company or any member of the Company Group, (ii) any enterprise engaged in any other type of business that competes with the Company or any member of the Company Group in which the Company or any member of the Company Group is also engaged or becomes engaged (or proposes to be engaged) on or prior to the Separation Date or (iii) any business or entity that attempts to interfere in the consummation of the Transaction, including any proposed acquirer of either the Company or the Counterparty.
12)    Non-Disparagement.  
a)    Other than in connection with the performance of services with the Company, you agree not to directly or indirectly make any public statements that disparage or denigrate the Company, any member of the Company Group or their respective current or former officers, directors, employees or agents; the Transaction; or the Counterparty, any of its subsidiaries or their respective current executive officers or directors, orally or in writing.  The Company agrees that it will instruct its executive officers and directors not to directly or indirectly make any public statements that disparage or denigrate you or your performance as an employee and officer of the Company.
b)    Nothing in this Agreement or elsewhere shall restrict any person or entity from making truthful statements, or disclosing documents and information, when required by order of a court or other body having jurisdiction, or when otherwise required by law, or when requested by a regulatory or prosecutorial body with jurisdiction, or under an agreement entered into in connection with pending or threatened litigation pursuant to which the party receiving such information agrees to keep such information confidential, or in connection with resolving disputes under Section (12) or otherwise.
13)    Warranties and Remedies.
a)    You warrant, undertake and represent that you may potentially have claims against the Company and the members of the Company Group or their officers, directors, employees or agents (the “Executive Alleged Claims”); and you have no claims (i) arising out of or relating to your employment with the Company and the members of the Company Group and your termination therefrom and (ii) with respect to the Company or any member of the Company Group, of any nature whatsoever (other than any claims expressly referred to in Section (13)(d) of this Agreement).
b)    The Executive Alleged Claims are hereby unconditionally and irrevocably waived by you and will not be repeated, referred to or pursued either by you or by anyone else on your behalf.
c)    You accept the Separation Payment and the benefits provided under Sections (4)(c) through (e) of this Agreement in full and final settlement of the Executive Alleged Claims and all other legal claims and rights of action (whether under common law or otherwise) in any jurisdiction 

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in the world, howsoever arising (including, but not limited to, breach of contract and wrongful dismissal), which you (or anyone on your behalf) have or may have against the Company and any member of the Company Group, or their officers, directors, employees or agents, arising from or relating to your employment by the Company and the members of the Company Group or your termination therefrom and any other matter concerning the Company and the members of the Company Group and that it would not be just or equitable for you to claim or be awarded any further sums with respect thereto (“Executive Legal Claims”).  For the avoidance of doubt, an Executive Legal Claim for the purposes of this Agreement is limited to any claim for or relating to unfair dismissal, breach of contract, wrongful dismissal, statutory redundancy payment, defamation, sex, race, age, sexual orientation or disability discrimination, harassment, discrimination on the grounds of religion or belief, working time breaches, unlawful deduction from wages, unlawful detriment on health and safety grounds, injury on Company or Company Group premises or as a result of your employment with the Company and the members of the Company Group, a protective award or any other statutory or common law employment rights that you (or anyone on your behalf) have or may have.
d)    You acknowledge that this Section (13) is intended to include, without limitation, all Executive Alleged Claims and Executive Legal Claims known or unknown that you have or may have against the Company and the members of the Company Group or their officers, directors, employees or agents through the date of your execution of this Agreement.  Notwithstanding anything in this Agreement, the General Release or elsewhere to the contrary, you expressly reserve and do not release (and the definition of Executive Alleged Claim or Executive Legal Claim will not include) (i) your rights to the vested benefits (including to reimbursement of expenses) you may have, if any, under any Company employee benefit plans and programs, (ii) any Executive Alleged Claim or Executive Legal Claim that arises after your execution of this Agreement, (iii) any rights that arise under, or are preserved by, this Agreement and (iv) any Executive Alleged Claim or Executive Legal Claim you may have as a holder of the Company’s securities.
e)    It is a fundamental term of this Agreement that the Separation Payment and the benefits provided under Sections (4)(c) through (e) of this Agreement shall at all times be conditional on you (or anyone on your behalf) complying with Sections (10), (11) and (12) of this Agreement (provided that an inadvertent breach of your obligation of confidentiality or non-disparagement that causes no demonstrable damage to the Company other than that of a trivial or insignificant nature will not be considered a breach of such covenants) and/or refraining from issuing or pursuing any type of employment-related proceedings in respect of the Executive Alleged Claims or any other Executive Legal Claim against the Company or any member of the Company Group or their officers, directors, employees or agents (for the avoidance of doubt, Executive Alleged Claims and Executive Legal Claims shall not include any claims expressly referred to in Section (13)(d) of this Agreement), and whether in an Employment Tribunal, the Supreme Court of Bermuda, the Human Rights Commission, a Magistrates’ Court, any other judicial or quasi-judicial body in Bermuda or any court or tribunal in any jurisdiction in the world.
f)    If you (or anyone on your behalf) subsequently issue or pursue any employment-related proceedings barred under in Section 13(e) in breach of this Agreement, then, subject to any applicable law, the Separation Payment (or any part thereof) paid to you shall be repayable to the 

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Company forthwith on demand, and no further payments of the Separation Payment or benefits under Sections 4(c) through (e) of this Agreement shall be provided; the total sum recoverable, subject to any applicable law, is recoverable as a debt, together with all costs (including legal fees and expenses) reasonably incurred by the Company and the members of the Company Group (or by any of their officers, directors, employees or agents, as applicable) in recovering the sum and/or in relation to any proceedings so brought by you.
g)    The repayment provisions of this Section (13) shall be without prejudice to the Company’s right to seek further damages from you in respect of the breach referred to in this Section (13) and any other breach of this Agreement.
h)    The Company (on behalf of itself and the members of the Company Group) warrants, undertakes and represents that they may potentially have claims against you (the “Company Alleged Claims”); and the Company and the members of the Company Group have no claims against you of any nature whatsoever (other than any claims expressly referred to in Section (13)(j) of this Agreement).
i)    The Company Alleged Claims are hereby unconditionally and irrevocably waived by the Company (on behalf of itself and the members of the Company Group) and will not be repeated, referred to or pursued either by the Company, any member of the Company Group or anyone else on their behalf.
j)    The Company (on behalf of itself and the members of the Company Group) acknowledges that this Section (13) is intended to include, without limitation, all Company Alleged Claims known or unknown that it or any member of the Company Group has or may have against you through the date of its execution of this Agreement.  Notwithstanding anything in this Agreement, the General Release or elsewhere to the contrary, the Company (on behalf of itself and the members of the Company Group) expressly reserves and does not release (and the definition of Company Alleged Claim will not include) (i) any Company Alleged Claim that arises after its execution of this Agreement, (ii) any rights that arise under, or are preserved by, this Agreement and (iii) any Company Alleged Claim that is based on any willful or criminal misconduct or on gross neglect.
k)    If the Company or any member of the Company Group (or anyone on their behalf) subsequently issues or pursues any Company Alleged Claim (for the avoidance of doubt, Company Alleged Claims shall not include any claims expressly referred to in Section (13)(j) of this Agreement) against you in breach of this Agreement, then, subject to any applicable law, the Company shall indemnify you against all costs (including legal fees and expenses) reasonably incurred by you in relation to any proceedings so brought by the Company or any member of the Company Group (or anyone on its behalf).
l)    Each Party acknowledges to the other that the Company has and you have relied on this Section (13) in deciding to enter into this Agreement.
m)    In the event that you are in breach of a covenant in Section (10), Section (11) or Section (12) of this Agreement, you will no longer be entitled to any remaining payments of the 

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Separation Payment or provision of benefits under Section (4)(c) through (e) of this Agreement.  For purposes of this Section (13) and the Company’s exercise of its remedy hereunder, an inadvertent breach of your obligation of confidentiality or non-disparagement that causes no demonstrable damage to the Company other than that of a trivial or insignificant nature will not be considered a breach of such covenants.  For purposes of this Section (13) and the exercise of your remedy hereunder, an inadvertent breach of the Company’s non-disparagement that causes no demonstrable damage to you other than that of a trivial or insignificant nature will not be considered a breach of such covenant.
n)    Notwithstanding anything to the contrary in this Agreement, and without limiting any remedies at law or in equity that may be available to the Company or you as provided herein or otherwise, you and the Company acknowledge and agree that a remedy at law for any breach or threatened breach of any covenant contained in Section (10), Section (11) or Section (12) of this Agreement would be inadequate and monetary damages would be difficult to calculate and that for any such breach or threatened breach, a court of law may award an injunction, restraining order or other equitable relief, restraining you from committing or continuing to commit such breach. 
o)    It is expressly understood and agreed that if a final determination is made by a court of law that the time limits imposed by Section (10), Section (11) or Section (12) of this Agreement, or any other restriction contained therein, is an unenforceable restriction against you, then the provisions of Section (10), Section (11) or Section (12) of this Agreement will not be rendered void, but, subject to applicable law, will be deemed amended to apply as to such maximum time and to such other maximum extent as such court may determine or indicate to be enforceable.  Alternatively, if any such court finds that any restriction contained in Section (10), Section (11) or Section (12) of this Agreement is unenforceable and such restriction cannot be amended so as to make it enforceable, such finding will not affect the enforceability of any other provision of this Agreement.
14)    Duty to Cooperate.  Upon reasonable request by the Company and at the Company’s sole expense, you agree to cooperate with the Company, any member of the Company Group and their counsel with regard to any past, present or future legal, regulatory, governmental investigation or other proceeding or matter that relates to or arises out of the business that you conducted on behalf of the Company Group, and that the information that you have provided or will provide to the Company, any member of the Company group or their counsel in connection therewith will be truthful.
15)    Partial Invalidity.  The invalidity or unenforceability of any provision of this Agreement, or of the General Release, will (except as otherwise expressly provided in this Agreement or the General Release with respect to timely revocation of the General Release or the Company’s failure to timely countersign and deliver the General Release) have no effect upon, and will not impair the validity or enforceability of, any other provision of this Agreement.
16)    Voluntary Agreement; Voluntary General Release.
a)    You acknowledge and agree that (i) you have read and understand each of the provisions of this Agreement, (ii) you are hereby advised to consult with an attorney prior to signing this 

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Agreement and (iii) you will sign the First Release and the Second Release as set forth in Section (4) of this Agreement.
b)    This Agreement, which term in this provision does not include the First Release or the Second Release, will become effective on the date on which it is executed by both parties.  The First Release and Second Release will become effective on the 8th day following the date on which the applicable General Release is executed by you.  If you do not execute the First Release and the Second Release, or if you timely revoke either of them, you will not be eligible to receive the applicable payments and benefits under Section (4) of this Agreement that have not already been paid or provided and that are not already due to be paid or provided.
17)     Governing Law.  This Agreement will be governed by the laws of Bermuda (regardless of conflict of laws principles) as to all matters including, without limitation, validity, construction, effect, performance and remedies.
18)     Dispute Resolution.  Except as provided in Section (13) of this Agreement, the Company and you agree to arbitrate any controversy or claim arising out of this Agreement or the General Release or otherwise relating to the Executive’s employment by the Company and the members of the Company Group or your termination therefrom to the extent required; provided that the Company or you shall have the right to, and be permitted to, seek and obtain injunctive relief from a court of competent jurisdiction pursuant to Section (13) of this Agreement.  Any such arbitration shall be fully and finally resolved in binding arbitration which shall be conducted in accordance with the rules of the Chartered Institute of Arbitrators rules.  The seat of the arbitration shall be Hamilton, Bermuda.  The arbitration shall take place before a single arbitrator appointed by the Chartered Institute of Arbitrators (Bermuda Branch).  The arbitrator shall not have the authority to modify and change any of the terms of this Agreement or the General Release, except as provided in Section (13) of this Agreement.  The arbitrator’s award shall be final and binding upon the Parties.  Each Party shall bear his or its own costs incurred by any such arbitration.  The arbitrator may require the losing party thereto, as determined by the arbitrator, to bear the costs and fees incurred in any such arbitration, including legal fees and expense.  Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a Party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder within the prior written consent of the Company and you.
19)     Notices.  All notices, requests and other communications under this Agreement, the First Release and the Second Release will be in writing (including facsimile or similar writing) to the applicable address (or to such other address as to which notice is given in accordance with this Section (19)).
If to you:        Costas Miranthis
At the address set forth at the top of this Agreement

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With a copy, which shall not constitute notice, to:

Morrison Cohen LLP
909 3rd Avenue, 27th Floor
New York, NY  10022
Attn:  Robert M. Sedgwick, Esq.

If to the Company:    PartnerRe Ltd.
Wellesley House South
90 Pitts Bay Road
Pembroke HM 08, Bermuda
Attn:  Chief Legal Counsel

Each such notice, request or other communication will be effective only when received by the receiving party.
20)    Transferability.  
a)    This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in your case) and assigns.
b)    No rights or obligations of the Company under this Agreement may be assigned or transferred by it except that such rights and obligations shall be automatically assigned or transferred pursuant to a merger, amalgamation, consolidation or other combination in which the Company is not the continuing or resulting entity, or a sale or liquidation of all or substantially all of the Company’s business and assets; provided that the assignee or transferee is the successor to all or substantially all of the business and assets of the Company.
c)    None of your rights or obligations under this Agreement may be assigned or transferred by you other than your rights to compensation and benefits, which may be transferred only by will or by operation of law, except to the extent expressly provided in Section (20)(d) of this Agreement.
d)    You shall be entitled, to the extent permitted under applicable law and applicable plans or programs of the Company or of any other member of the Company Group, to select and change a beneficiary or beneficiaries to receive any compensation or benefit hereunder following your death by giving written notice thereof to the Company.  In the event of your death or a judicial determination of your incompetence, references in this Agreement to you shall be deemed, where appropriate, to refer to your beneficiary, estate, executor or other legal representative.
21)    Counterparts.  This Agreement may be executed in counterparts.  Signatures delivered by facsimile (including, without limitation, by “pdf”) shall be effective for all purposes.
22)    Employment Agreement; Entire Agreement.  
a)    This Agreement sets forth the entire agreement and understanding relating to your employment relationship with the Company; except as set forth in this Section (22) or as provided 

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expressly in this Agreement, this Agreement supersedes all prior discussions, negotiations, term sheets, illustrative calculations, proposed arrangements and agreements concerning your employment with the Company and your separation therefrom and may not be amended except by mutual written agreement, executed by the Parties, that specifically identifies the provisions being amended.
b)This Agreement supersedes your Employment Agreement except that Section 5(d) (“Expenses”), Section 9 (“Indemnification”), Section 10 (“Taxes”) and Section 13 (“Property”) of your Employment Agreement and the covenants referred to in Section (10) of this Agreement will remain in effect in accordance with the respective terms thereof.
23)     Representations.  
a)    The Company represents and warrants that (i) it is fully authorized by action of its Board (and of any other person or body whose action is required) to enter into this Agreement and to perform its obligations under it, (ii) to the best of its knowledge and belief, the execution, delivery and performance of this Agreement by it does not violate any applicable law, regulation, order, judgment or decree or any agreement, arrangement, plan or corporate governance document to which it is a party or by which it  is bound and (iii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be its valid and binding obligation, enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.  In the event that the foregoing representation is in any respect false, the Company will promptly and fully indemnify you against any liability, loss, expense or obligation that you incur as a result.
b)    You represent and warrant that (i) to the best of your knowledge and belief, the execution, delivery and performance of this Agreement by you does not violate any applicable law, regulation, order, judgment or decree and (ii) upon the execution and delivery of this Agreement by the Parties, this Agreement shall be your valid and binding obligation, enforceable against you in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally.  In the event that the foregoing representation is false in any respect, you will promptly and fully indemnify the Company against any liability, loss, expense or obligation that the Company, or any member of the Company Group, incurs as a result.
24)    Miscellaneous
a)    No waiver by any person or entity of any breach of any condition or provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the same or any prior or subsequent time.  To be effective, any waiver must be set forth in a writing signed by the waiving person or entity and must specifically refer to the condition(s) or provision(s) of this Agreement being waived.
b)    The headings of the Sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

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c)    You shall be under no obligation to seek other employment or otherwise mitigate the obligations of the Company or any other member of the Company Group under this Agreement, and there shall be no offset against amounts or benefits due you under this Agreement or otherwise (except as expressly set forth in Section 4(c), 4(d) or 13(f) of this Agreement) on account of (x) any claim the Company or any other member of the Company Group may have against you except for any outstanding loans to the extent then due and payable by you to the Company or any other member of the Company Group or (y) any remuneration or other benefit earned or received by you after the Separation Date.  Any amounts due under this Agreement are considered to be reasonable by the Company and are not in the nature of a penalty.
d)    In the event of any inconsistency between the terms of this Separation Agreement and  the terms of any other plan, program, agreement, award document or other arrangement of the Company or any member of the Company Group, the terms of this Agreement shall control.
[Signature Page Follows]
 

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PARTNERRE LTD.

By:    ______________________________
Title:    
Date:    ______________________________

I HAVE READ THIS LETTER AGREEMENT AND UNDERSTAND ALL OF ITS TERMS.  I SIGN AND ENTER THIS LETTER AGREEMENT KNOWINGLY AND VOLUNTARILY, WITH FULL KNOWLEDGE OF WHAT IT MEANS.

COSTAS MIRANTHIS

______________________________

Date:    ______________

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ATTACHMENT A
GENERAL RELEASE

 
    This release of claims (this “General Release”) is made and entered into by and between PartnerRe Ltd. (together with its successors and assigns, the “Company”), and Costas Miranthis (the “Executive”), in connection with the subject matters covered under the Letter Agreement between the Company and the Executive dated as of January 25, 2015 (the “Separation Agreement”).  For the avoidance of doubt all definitions as set out in the Separation Agreement apply herein.
In exchange for the benefits and payments provided to the Executive under the Separation Agreement, which include amounts that the Executive acknowledges he was not entitled to receive in the absence of this General Release:
Executive Release
The Executive warrants, undertakes and represents that he may potentially have claims against the Company and the members of the Company Group or their officers, directors, employees or agents (the “Company Releasees”) (such claims, the “Executive Alleged Claims”); and the Executive has no claims (i) arising out of or relating to the Executive’s employment with the Company and the members of the Company Group and your termination therefrom and (ii) with respect to the Company or any member of the Company Group, of any nature whatsoever (other than any claims expressly referred to in Section 1(c) of this General Release).
1.    (a) The Executive hereby waives the Executive Alleged Claims unconditionally and the Executive Alleged Claims will not be repeated, referred to or pursued either by the Executive or by anyone else on the Executive’s behalf.
(b) The Executive accepts the Separation Payment and the benefits provided under Sections (4)(c) through (e) of the Separation Agreement in full and final settlement of the Executive Alleged Claims and all other legal claims and rights of action (whether under common law or otherwise) in any jurisdiction in the world, howsoever arising (including, but not limited to, breach of contract and wrongful dismissal), which the Executive (or anyone on the Executive’s behalf) has or may have against the Company and any member of the Company Group, or their officers, directors, employees or agents, arising from or relating to his employment by the Company and the members of the Company Group or his termination therefrom and any other matter concerning the Company and the members of the Company Group and that it would not be just or equitable for him to claim or be awarded any further sums with respect thereto (“Executive Legal Claims”).  For the avoidance of doubt, an Executive Legal Claim for the purposes of this General Release is limited to any claim for or relating to unfair dismissal, breach of contract, wrongful dismissal, statutory redundancy payment, defamation, sex, race, age, sexual orientation or disability discrimination, harassment, discrimination on the grounds of religion or belief, working time breaches, unlawful deduction from wages, unlawful detriment on health and safety grounds, injury on Company or Company Group 

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premises or as a result of the Executive’s employment with the Company and the members of the Company Group, a protective award or any other statutory or common law employment rights which the Executive (or anyone on the Executive’s behalf) has or may have.
(c) The Executive acknowledges that this General Release is intended to include, without limitation, all Executive Alleged Claims and Executive Legal Claims known or unknown that he has or may have against the Company and the Company Releasees through the date of the Executive’s execution of this General Release, as hereinafter defined.  Notwithstanding anything in this General Release or elsewhere to the contrary, the Executive expressly reserves and does not release pursuant to this General Release (and the definition of Executive Alleged Claim or Executive Legal Claim will not include) (i) his rights to the vested benefits (including to reimbursement of expenses) he may have, if any, under any Company employee benefit plans and programs, (ii) any Executive Alleged Claim or Executive Legal Claim that arises after the Executive’s execution of this General Release, (iii) any rights that arise under, or are preserved by, the Separation Agreement and (iv) any Executive Alleged Claim or Executive Legal Claim he may have as a holder of the Company’s securities.
(d) The Parties agree that it is a fundamental term of the Separation Agreement and this General Release that the Separation Payment and the benefits provided under Sections (4)(c) through (e) of the Separation Agreement shall at all times be conditional on the Executive’s (or anyone on the Executive’s behalf) complying with Sections (10), (11) and (12) of the Separation Agreement (provided that an inadvertent breach of your obligation of confidentiality or non-disparagement that causes no demonstrable damage to the Company other than that of a trivial or insignificant nature will not be considered a breach of such covenants) and/or refraining from issuing or pursuing any type of employment related proceedings in respect of the Executive Alleged Claims or any other Executive Legal Claim against the Company or any member of the Company Group or their officers, directors, employees or agents (for the avoidance of doubt, Executive Alleged Claims and Executive Legal Claims shall not include any claims expressly referred to in Section 1(c) of this General Release), and whether in an Employment Tribunal, the Supreme Court of Bermuda, the Human Rights Commission, a Magistrates’ Court, any other judicial or quasi-judicial body in Bermuda or any court or tribunal in any jurisdiction in the world.
(e) If the Executive (or anyone on the Executive’s behalf) subsequently issues or pursues such employment-related proceedings barred under Section 1(d) in breach of this General Release, then, subject to any applicable law, the Separation Payment (or any part thereof) paid to the Executive shall be repayable to the Company forthwith on demand, and no further payments of the Separation Payment or benefits under Sections 4(c) through (e) of the Separation Agreement shall be provided; the total sum recoverable, subject to any applicable law, is recoverable as a debt, together with all reasonable costs (including legal fees and expenses) reasonably incurred by the Company and the members of the Company Group (or by any of their officers, directors, employees or agents, as applicable) in recovering the sum and/or in relation to any proceedings so brought by the Executive.
(f) The repayment provisions of this Section 1 shall be without prejudice to the Company’s right to seek further damages from the Executive in respect of the breach referred to in this Section 1 and any other breach of the Separation Agreement.

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Company Release
The Company (on behalf of itself and the members of the Company Group) warrants, undertakes and represents that they may potentially have claims against the Executive (the “Company Alleged Claims”); and the Company and the members of the Company Group have no claims against the Executive of any nature whatsoever (other than any claims expressly referred to in Section 2(b) of this General Release).
2.    (a) The Company (on behalf of itself and the members of the Company Group) hereby waives the Company Alleged Claims unconditionally and the Company Alleged Claims will not be repeated, referred to or pursued either by the Company, any member of the Company Group or anyone else on their behalf.
(b) The Company (on behalf of itself and the members of the Company Group)acknowledges that this General Release is intended to include, without limitation, all Company Alleged Claims known or unknown that it or any member of the Company Group has or may have against the Executive through the date of its execution of this General Release.  Notwithstanding anything in this General Release or elsewhere to the contrary, the Company (on behalf of itself and the members of the Company Group) expressly reserves and does not release (and the definition of Company Alleged Claim will not include) (i) any Company Alleged Claim that arises after its execution of this General Release, (ii) any rights that arise under, or are preserved by, the Separation Agreement and (iii) any Company Alleged Claim that is based on any willful or criminal misconduct or on gross neglect.
(c) If the Company or any member of the Company Group (or anyone on their behalf) subsequently issues or pursues any Company Alleged Claim (for the avoidance of doubt, Company Alleged Claims shall not include any claims expressly referred to in Section 2(b) of this General Release) against the Executive in breach of this General Release, then, subject to any applicable law, the Company shall indemnify the Executive against all costs (including legal fees and expenses) reasonably incurred by the Executive in relation to any proceedings so brought by the Company or any member of the Company Group (or anyone on their behalf).
No Admission of Liability
3.    (a) The Executive understands and agrees that this General Release shall not in any way be construed as an admission by the Company or any other Company Releasee of any unlawful or wrongful acts whatsoever against the Executive or any other person.   
(b) The Company understands and agrees that this General Release shall not in any way be construed as an admission by the Executive of any unlawful or wrongful acts whatsoever against the Company, any member of the Company Group or any other person.  
4.    The Executive acknowledges that he has had more than 30 days business days to consider the terms of this General Release, that he has been advised by the Company to consult with an attorney regarding the terms of this General Release prior to executing it, that he fully understands all of the terms and conditions of this General Release, that he understands that nothing contained herein 

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contains a waiver of claims arising after the date of execution of this General Release and that he is entering into this General Release knowingly, voluntarily and of his own free will.  He further understands that his failure to sign this General Release and return such signed General Release to the Company, or his revocation of this General Release within 7 days of its execution and delivery to the Company, will render his ineligible for the payments and benefits provided under the Separation Agreement.  This General Release will become effective on the 8th day after he signs and returns it to the Chief Legal Counsel of the Company and do not revoke it (the “Effective Date”); provided, however, that this General Release shall become null and void if not countersigned by an authorized officer of Company, and returned to the Executive, within ten (10) days after it is signed by the Executive and delivered to Company.
5.    Sections 17, 21, 23 and 24(b) of the Separation Agreement (relating, respectively, to governing law, counterparts, representations and headings) shall be deemed incorporated into this General Release as it sets forth verbatim herein; provided that reference in those Sections to “this Agreement” shall be deemed to be references to this General Release and that references in those Sections to “you” and “your” shall be deemed to be references to the Executive. 

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As evidenced by the signatures below, the Executive and the individual executing this General Release for the Company each certify that he / she has read this  have read this General Release and understands and agrees to all of its terms.

	
			
	The Executive
	 
	 

	By:_____________________________
	 
	___________________________

	Costas Miranthis
	 
	Date

	 
	 
	 

	The Company
	 
	 

	By:____________________________________
	 
	___________________________

	Name:
	 
	Date

	Title:
	 
	 

	 
	 
	 

	 
	 
	 

    
                      

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