Document:

Exhibit 10.40

    

    

    Certain information has been excluded from this exhibit because (i) it is not material and (ii) would be competitively
        harmful if publicly disclosed.

    

    

    SPONSORED RESEARCH AGREEMENT

    

    

    This Sponsored Research Agreement (“Agreement”), effective as of the 28th day of November, 2018 (the “Effective Date”) is made by and between The University of Texas M. D. Anderson Cancer Center, (“MD Anderson”), a member institution
        of The University of Texas System (“System”), with a place of business at 1515 Holcombe Blvd., Houston, Texas, 77030, and Cell Source, a corporation with a
        place of business at 57 West 57th Street, Suite 400, New York, NY 10019. (“Sponsor”).  

        MD Anderson and Sponsor hereinafter may be referred to each as a “Party” and collectively as the “Parties.”

    

    

    RECITALS

    

    

    A.  MD Anderson and Sponsor are interested in pursuing research in the area of stem cells.

    

    

    B.  Sponsor desires to collaborate with MD Anderson and is willing to sponsor MD Anderson’s research study entitled
        “Tolerance Induction by Veto Cells” (“Study”), as described in Exhibit A, attached hereto.

    

    

    C.  Sponsor and MD Anderson are entering into this Agreement to set forth the rights and obligations of the Parties
        with respect to the Study.

    

    

    NOW THEREFORE, in consideration of the mutual covenants and promises herein contained, MD Anderson and Sponsor agree as
        follows:

    

    

    1. TERM

    

    

    This Agreement shall be effective as of the Effective Date, and shall continue in effect for a
        period of three (3) years following the Effective Date (“Term”) unless such Term is extended by mutual written agreement of the Parties, or the Agreement is
        earlier terminated in accordance with Section 11 of this Agreement.

    

    

    2. STUDY CONDUCT

    

    

    2.1  MD Anderson will use its own facilities and its reasonable best efforts to conduct the Study under the direction
        of Dr. Yair Reisner, or his/her successor as mutually agreed to by the Parties (the “Principal Investigator”) in accordance with Exhibit A and applicable laws and regulations.  In the event of any conflict between Exhibit A and this Agreement, this Agreement shall control.  Unless expressly set forth herein, MD
        Anderson shall provide all necessary personnel, equipment, supplies, facilities and resources to perform the Study, and shall be fully responsible for the activities of any MD Anderson personnel to whom Study activities are delegated.

    

    

    2.2  Sponsor understands and acknowledges that MD Anderson’s primary mission is the development and dissemination of
        scientific knowledge, and that MD Anderson makes no representations, warranties, or guarantees with respect to any specific results of the Study.

    

    

    
      
        

      

    

    
    2.3  Sponsor understands and acknowledges that MD Anderson may be involved in similar research through other
        researchers on behalf of itself and others. Nothing in this Agreement will limit or prohibit MD Anderson or any of its personnel, including the Principal Investigator, from conducting any research or for performing research for or with any entity
        or person, including any other outside sponsors.  Sponsor acknowledges that this provision is intended to preserve the academic freedom and integrity of MD Anderson and its faculty and to ensure that MD Anderson and its faculty are not regarded as
        captive researchers for Sponsor. Despite the above, it is agreed that if the Principal Investigator conducts any research or if any other research is conducted at MD Anderson that breaches this agreement inasmuch as such research uses confidential
        materials or information as defined below as “Confidential Information” in Paragraph 6.1 of this agreement that is provided by Sponsor and that is associated with the Study outside of the Study without Sponsor’s written permission, Sponsor shall
        then be entitled to all the rights it has under this agreement with respect to the results of such research.

    

    

    2.4  . MD Anderson will provide a written report every [   ] months to the Sponsor in terms of progress in the Research
        being conducted. Furthermore, MD Anderson will provide a current annual advance work plan [   ] for each annual period which must be approved in advanced in writing by the Sponsor. In the event that MD Anderson wishes to propose curtailing or
        modifying an existing research stream between update periods, any change of this kind must be pre-approved in writing by the Sponsor.

    

    

    3. STUDY BUDGET

    

    

    3.1  Sponsor agrees to pay MD Anderson an amount equal to its expenditures and reasonable overhead in conducting the
        Study in the amount of US$1,507,352.33 (“Budget”). The schedule and
        procedure of payments under the Budget shall be made as set forth in Exhibit B, attached hereto.  In the event of any conflict between Exhibit B and this Agreement, this Agreement shall control.

    

    

    4. DATA

    

    

    4.1  MD Anderson shall own all data and results generated in the conduct of the Study (“Data”), and shall have the right to use such Data for any purpose, and to publish such Data as set forth in Section 5 hereunder.

    

    

    4.2  MD Anderson shall provide Data to Sponsor in the form of Study reports as described in section 2.4 above.  Sponsor
        shall have the right to use Data for its own purposes, provided that Sponsor shall maintain such Data in confidence until the earlier of: (a) publication or public disclosure of such Data by MD Anderson and/or Principal Investigator; or (b) twelve
        (12) months following the completion of the Study; or (c) under non-disclosure agreements with business associates or regulatory bodies as needed.

    

    

    5. PUBLICATION AND PUBLICITY

    

    

    5.1  MD Anderson and Principal Investigator shall have the right to publish or present Data in scientific journals
        and/or at scientific meetings at MD Anderson’s and/or the Principal Investigator’s sole discretion, and to submit Data to a public data registry.  MD Anderson and Principal Investigator shall provide Sponsor with a copy of a proposed publication or
        presentation for review and comment sixty (60) days prior to publication by the publishing source or at least forty (40) days prior to presentation at a scientific meeting or conference.  MD Anderson and Principal Investigator shall have the final
        authority to determine the scope and content of any presentation and/or publication of Data. At Sponsor’s request, MD Anderson will delay the publication or presentation for up to sixty (60) additional days in order to allow Sponsor to protect its
        proprietary interests.

    

    

    
      2

      
        

      

    

    5.2  Except for MD Anderson’s right to publish the Data as set forth in Section 5.1 and subject to applicable law and
        regulations, neither Party will reference the other party’s name or disclose the results (including interim findings) of the Study in a press release or any written statement except as agreed in advance by both parties. In the event that the
        Sponsor wishes to issue a press release sharing findings and/or status of the Study, a draft press release will be circulated to MD Anderson for approval or editorial comments and MD Anderson will respond promptly. In any permitted statements, the
        Parties shall describe the scope and nature of their participation accurately and appropriately.

    

    

    6. CONFIDENTIAL INFORMATION

    

    

    6.1  In conjunction with the Study, the Parties may wish to disclose certain of their respective confidential and/or
        proprietary information (“Confidential Information”) to each
        other. Each Party will use Confidential Information of the other Party solely for the purpose of conducting the Study, and shall use reasonable efforts to prevent the disclosure of such other Party's Confidential Information to third parties during
        the Term and for a period of three (3) years after expiration or termination of this Agreement, provided that the receiving Party's obligation of confidentiality and nonuse hereunder shall not apply to information that: (a)  is already in the
        receiving Party's possession at the time of disclosure; (b)  is or later becomes part of the public domain through no fault of the receiving Party; (c)  is received from a third party having no obligations of confidentiality or nonuse to the
        disclosing Party; (d)  independently developed by the receiving Party; (e)  is required by law or regulation to be disclosed;  (f) is published in accordance with Section 5 of this Agreement; (g) is necessary to disclose in order to file a patent
        application or enforce a patent related to this Agreement; or (h) is communicated to MD Anderson's scientific and/or institutional review committees.

    

    

    6.2  In the event that information is required to be disclosed pursuant to Section 6.1(e), the Party required to make
        disclosure shall notify the other Party to allow the other Party to assert whatever exclusions or exemptions may be available to such Party under applicable law or regulation.

    

    

    6.3  In the event that Sponsor shall come into contact with any “Protected Health Information”
        (as such term is defined under HIPAA) of MD Anderson or any information which could be used to identify any of MD Anderson’s patients or research subjects, Sponsor shall maintain any such Protected Health Information or other information
        confidential in accordance with laws and regulations as applicable to MD Anderson, including without limitation HIPAA, and shall not use or disclose any such Protected Health Information or other information in any manner that would constitute a
        violation of any applicable law or regulation if such use or disclosure was made by MD Anderson.

    

    

    7. INTELLECTUAL PROPERTY

    

    

    7.1  Sponsor and MD Anderson understand and agree that the performance of the Study may require use of information
        and/or materials that may be protected by patents or other proprietary rights owned by or licensed to either Party (“Background Intellectual Property”).    Nothing in this Agreement will be deemed or construed to convey or
        transfer to either Party any rights or license with respect to the Background Intellectual Property of the other Party except insofar as contemplated by this Agreement.

    

    

    7.2  Title to any inventions or discoveries arising from the performance of the Study (“Inventions”) and conceived and reduced to practice solely by MD Anderson employees shall be owned by MD Anderson and shall be disclosed in writing to Sponsor.  Title to any Inventions
        conceived and reduced to practice jointly by MD Anderson and Sponsor shall be owned jointly by MD Anderson and Sponsor.   [   ].

    

    

    
      3

      
        

      

    

    8. INDEMNIFICATION

    

    

    8.1  Sponsor agrees to indemnify, hold harmless, and subject to the statutory duties of the Texas State Attorney
        General defend MD Anderson, System, their Regents, officers, agents and employees (“MD Anderson Indemnitees”) from any liability, loss or damage they may suffer as a result of claims, demands, costs or judgments against them arising out of Sponsor’s rights and obligations under this Agreement, including but not
        limited to Sponsor’s use of Data; provided, however, that Sponsor shall not be obligated to hold harmless any MD Anderson Indemnitee from claims arising out of the negligence or willful malfeasance of any MD Anderson Indemnitee.

    

    

    8.2  To the extent authorized by the constitution and laws of the State of Texas, MD Anderson agrees to indemnify and
        hold harmless Sponsor, its officers, agents and employees (“Sponsor Indemnitees”) from any liability, loss or damage they may suffer as a result of claims,
        demands, costs or judgments against them arising out of MD Anderson’s negligence in conducting the Study, provided, however, that MD Anderson shall not be obligated to hold harmless any Sponsor Indemnitee from claims arising out of the negligence
        or willful malfeasance of any Sponsor Indemnitee.

    

    

    8.3  Both Parties agree that upon receipt of a notice of claim or action arising out of the Study, the Party receiving
        such notice will notify the other Party promptly.

    

    

    9. INDEPENDENT CONTRACTOR

    

    

    For the purposes of this Agreement and the Study, the Parties shall be, and shall be deemed to be,
        independent contractors and not agents or employees of the other Party. Neither Party shall have authority to make any statements, representations or commitments of any kind, or to take any action which shall be binding on the other Party, except
        as may be expressly provided for herein or authorized in writing.

    

    

    10. TERMINATION

    

    

    10.1  This Agreement may be terminated: (a) immediately by the written agreement of both Parties; (b) by the Sponsor at
        the end of each twelve month period following the commencement of the Study, with sixty (60) days' notice to MD Anderson; (c) by MD Anderson for health, safety or regulatory reasons or if Sponsor breaches this Agreement and fails to cure such
        breach within fifteen (15) business days of notice of such breach by MD Anderson; or (d) immediately by either Party if at any time Principal Investigator becomes unable to conduct the Study, and the Parties cannot agree upon a mutually acceptable
        successor to the Principal Investigator.

    

    

    10.2  In the event that either Party shall be in default of its material obligations under this Agreement and shall
        fail to remedy such default within thirty (30) days after receipt of written notice thereof, this Agreement shall terminate upon expiration of the thirty (30) day period.

    

    

    10.3  Termination or cancellation of this Agreement shall not affect the rights and obligations of the Parties accrued
        prior to termination. Upon termination: (a) Sponsor shall pay MD Anderson for all reasonable expenses incurred or committed to be expended as of the effective termination date, including salaries for appointees for the remainder of the current
        quarter, for the proportion of their appointment allocated to the Sponsor  as applicable; and (b) each Party shall return to the other Party or destroy any Confidential Information of such other Party remaining in the Party’s possession, provided
        that such Party may retain one (1) copy of such Confidential Information for purposes of compliance with this Agreement and with applicable laws and regulations.

    

    

    
      4

      
        

      

    

    10.4  Any provisions of this Agreement which by their nature extend beyond expiration or termination of the Agreement
        shall survive such termination.

    

    

    11. MISCELLANEOUS PROVISIONS

    

    

    11.1  This Agreement may not be assigned by either Party without the prior written consent of the other Party.

    

    

    11.2  This Agreement constitutes the entire and only agreement between the Parties relating to the Study, and all prior
        negotiations, representations, agreements and understandings are superseded hereby. No agreements altering or supplementing the terms hereof may be made except by means of a written document signed by the duly authorized representatives of the
        Parties.

    

    

    11.3  Principal Investigator and Sponsor may be parties to a consulting agreement or other outside agreement to which
        MD Anderson is not a party. Sponsor acknowledges and agrees that MD Anderson has no involvement with or responsibility for these consulting or outside agreements.

    

    

    11.4  Any notice required by this Agreement shall be given by prepaid, first class, certified mail, return receipt
        requested, addressed in the case of MD Anderson to:

    

    

    The University of Texas

    M. D. Anderson Cancer Center

    1515 Holcombe Blvd., Unit 1436

    Office of Research Administration

    Attn: Executive Director, Research Administration

    Houston, TX 77030

    

    

    With a copy to:

    

    

    The University of Texas System

    M. D. Anderson Cancer Center

    1515 Holcombe Blvd., 1674

    Legal Services

    ATTN: Chief Legal Officer

    Houston, TX 77030

    

    

    or in the case of Sponsor to:

    

    

    Cell Source, Inc.

    57 West 57th
        Street, Suite 400

    New York, NY 10019

         ATTN: ITAMAR SHIMRAT, Chief Executive Officer)

         FAX: 1 646 416-8006

         PHONE: 1 646 416-7896

    

    

    or at such other addresses as may be given from time to time in accordance with the terms of this notice provision.

    

    

    11.5  This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Texas.

    

    

    
      5

      
        

      

    

     

      

    11.6  MD Anderson is an agency of the
          State of Texas and under the Constitution and laws of the State of Texas possesses certain rights and privileges and only such authority as is granted to it under the Constitution and laws of the State of Texas. Notwithstanding any provision
          hereof, nothing herein is intended to be, nor will it be construed to be, a waiver of the sovereign immunity of the State of Texas or a prospective waiver or restriction of any of the rights, remedies, claims, and privileges of the State of
          Texas. Moreover, notwithstanding the generality or specificity of any provision hereof, the provisions of this agreement as they pertain to MD Anderson are enforceable only to the extent authorized by the Constitution and laws of the State of
          Texas.

    

    

    11.7  Neither MD Anderson nor Sponsor will be required to perform any act or to refrain from any act or be bound to any
        act that would violate any state or federal law applicable to it.  In this regard, this Agreement is subject to, and MD Anderson and Sponsor agree to comply with, all applicable local, state, federal, national and international laws, statutes,
        rules and regulations.  Any provision of any law, statute, rule or regulation that invalidates any provision of this Agreement, that is inconsistent with any provision of this Agreement, or that would cause one or any of the Parties hereto to be in
        violation of law will be deemed to have superseded the terms of this Agreement.  MD Anderson and Sponsor, however, will use all reasonable efforts to accommodate the terms and intent of this Agreement to the greatest extent possible consistent with
        the requirements of the law and negotiate in good faith toward amendment of this Agreement in such respect.  If the Parties cannot reach agreement on an appropriate amendment, then this Agreement may be immediately terminated by either Party.

    

    

    
      6

      
        

      

    

    

    

    IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized
        representatives.

    
      

      

      	
              SPONSOR

            	
              THE UNIVERSITY OF TEXAS

            
	 	
              M. D. ANDERSON CANCER CENTER

            
	 	 
	
               By

            	
              By

            
	
                    Name: Itamar Shimrat

            	
              Name: Jaime Farias

            
	
                   Title: Chief Executive Officer

            	
              Title: Assistant Director of Sponsored Programs

            
	 	 
	 	 
	 	 
	 

            	READ AND UNDERSTOOD BY:
	 	 
	 	 
	 

            	Dr. Yair Reisner
	 

            	Principal Investigator

      

      

    

    

    

    

    

    

    Brackets ([   ]) indicate that certain information has been excluded from this exhibit because (i) it is not material
        and (ii) would be competitively harmful if publicly disclosed.

    

    

    
      7

      
        

      

    

    EXHIBIT A

    

    

    

    

    [     ]

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    

    Brackets ([   ]) indicate that certain information has been excluded from this exhibit because (i) it is not material
        and (ii) would be competitively harmful if publicly disclosed.

    

    

    
      8

      
        

      

    

    

    

    EXHIBIT B

    

    

    STUDY BUDGET

    

    

    Funding Agency: Cell Source

    Principal Investigator: Yari Reisner

    Title:

    Project Dates: TBD

    Protocol(s): N/A

    Total Patients: N/A

    [   ]

    

    *

    

    

    

    	
            Total Costs

          	 	
            Year 1

          	 	 	
            Year 2

          	 	 	
            Year 3

          	 	 	
            Grand Total

          	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	
            $

          	
            499,673.60

          	 	 	
            $

          	
            499,703.81

          	 	 	
            $

          	
            507,974.92

          	 	 	
            $

          	
            1,507,352.33

          	 

    

    

    

    

    PAYMENT PLAN (Effective 01/01/2019)

    

    

    	 	 	
             YEAR 01

          	 	 	
            YEAR 02

          	 	 	
            YEAR 03

          	 
	 	 	 	 	 	 	 	 	 	 
	
            Quarterly payments*

          	 	
            $

          	
            124,918.40

          	 	 	
            $

          	
            124,925.95

          	 	 	
            $

          	
            126,993.73

          	 
	
            Total

          	 	
            $

          	
            499,673.60

          	 	 	
            $

          	
            499,703.81

          	 	 	
            $

          	
            507,974.92

          	 

    

    

    * Payments to be made quarterly by first of each quarter

     

      

     

      

     

      

    Brackets ( [   ] ) indicate that information has been excluded from this exhibit because (i) it is not material and (ii) would be competitively harmful if publicly disclosed.
    
      

      

      

      

       

  

  9EX-4.1

 Exhibit 4.1 

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO, UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), A NEW YORK CORPORATION, TO AXIS SPECIALTY FINANCE LLC OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO THE NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

			
	No. R-1	  	 CUSIP No. 05463HAB7

		  	 ISIN No. US05463HAB78

 AXIS SPECIALTY FINANCE LLC 

3.900% Senior Notes 
 Due
July 15, 2029 
 Fully and unconditionally 

guaranteed by 
 AXIS CAPITAL
HOLDINGS LIMITED 
  

			
	Principal Amount:	  	$300,000,000
		
	Regular Record Date:	  	with respect to each Interest Payment Date, the close of business on the preceding January 1 or July 1, as the case may be (whether or not a Business Day)
		
	Original Issue Date:	  	June 19, 2019
		
	Stated Maturity:	  	July 15, 2029
		
	Interest Payment Dates:	  	January 15 and July 15, commencing January 15, 2020
		
	Interest Rate:	  	3.900% per year
		
	Authorized Denomination:	  	$2,000 or any integral multiples of $1,000 in addition thereto

 AXIS Specialty Finance LLC, a limited liability company organized under the laws of Delaware (the
“Issuer,” which term includes any successor entity under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of THREE HUNDRED
MILLION DOLLARS on the Stated Maturity shown above, and to pay interest thereon from the Original Issue Date shown above, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on
each Interest Payment Date as specified above, commencing on January 15, 2020, and on the Stated Maturity at the rate per year shown above until the principal hereof is paid or made available for payment and on any overdue principal and on any
overdue installment of interest to the extent permitted by law. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date (other than an Interest Payment Date that is the Stated Maturity or a Redemption Date)
will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at the close of business on the Regular Record Date as specified above next preceding such Interest Payment Date, provided that any interest payable at
Stated Maturity or on a Redemption Date will be paid to the Person to whom principal is payable. Except as otherwise provided in the Indenture, any such interest that is not so punctually paid or duly provided for will forthwith cease to be payable
to the Holders on such Regular Record Date and may be paid as provided in Section 2.7 of the Indenture. 
 Payments of interest on this
Note will include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for this Note shall be computed and paid on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on which interest is payable on this Note is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business
Day (and without any interest or other payment in respect of any such delay), except that, if such Business Day is in the next succeeding calendar year, payment shall be made on the immediately preceding Business Day, in each case with the same
force and effect as if made on the date the payment was originally payable. 
 Payment of the principal of and interest due at the Stated
Maturity or a Redemption Date of this Note shall be made upon surrender of this Note at the Corporate Trust Office of the Trustee. The principal of and interest on this Note shall be paid in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts. Payment of interest 

 
(including interest on an Interest Payment Date) will be made, subject to such surrender where applicable, at the option of the Issuer, (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 15 days
prior to the date for payment by the Person entitled thereto. 
 The Senior Notes (as defined on the reverse hereof) are unsecured senior
obligations of the Issuer and rank equally with all outstanding and future unsecured and senior debt of the Issuer. The Senior Notes are effectively subordinated to all existing and future secured obligations of the Issuer to the extent of the
security therefor. The Senior Notes are contractually subordinated in right of payment to any existing and future liabilities of AXIS Capital Holdings Limited’s (the “Guarantor”) subsidiaries (other than the Issuer and AXIS
Specialty Finance PLC), including amounts owed to holders of reinsurance and insurance policies issued by its reinsurance and insurance company subsidiaries. 

The Guarantor does hereby fully and unconditionally guarantee (the “Guarantee”) to the Holders and to the Trustee all payment
obligations of the Issuer on this Note when due, in accordance with the provisions of the Indenture, as provided below. The Guarantee ranks equally with all outstanding and future unsecured and senior debt of the Guarantor. The Guarantee is
effectively subordinated to all existing and future secured obligations of the Guarantor to the extent of the value of the assets securing such indebtedness. The Guarantee is contractually subordinated in right of payment to any existing and future
liabilities of the Guarantor’s subsidiaries (other than the Issuer and AXIS Specialty Finance PLC), including amounts owed to holders of reinsurance and insurance policies issued by its reinsurance and insurance company subsidiaries. Nothing
contained in this paragraph shall apply to the claims of, or payments to, the Trustee under or pursuant to Section 5.3 or Section 6.6 of the Indenture. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed. 

 

			
	 AXIS SPECIALTY FINANCE LLC,
 as
Issuer

		
	By:	 	    
	Name:    	 	
	Title:	 	

 CERTIFICATE OF AUTHENTICATION 

This is one of the 3.900% Senior Notes due 2029 referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

		
	By:        	 	 
		 	    Authorized Signatory
		
	Dated:	 	

 (Reverse Side of Note) 

1.    The Indenture and the Senior Notes. This Note is one of a duly authorized issue of Senior Notes of the Issuer
issued and issuable in one or more series under a Senior Indenture dated as of March 23, 2010 (the “Indenture”), among the Issuer, the Guarantor and The Bank of New York Mellon Trust Company, N.A., as Trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture, including the Board Resolutions and Officers’ Certificates filed with the Trustee on June 19, 2019 creating the Senior Notes,
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantor, the Trustee and the Holders of the Senior Notes issued
thereunder and of the terms upon which said Senior Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof as 3.900% Senior Notes due 2029 (the “Senior Notes”), initially
limited in aggregate principal amount of $300,000,000; provided, however, that the aggregate principal amount of the Senior Notes may be increased in the future, without the consent of the Holders of the Senior Notes, on the same terms and with the
same CUSIP and ISIN numbers as the Senior Notes. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

2    Exchange. This Note is exchangeable in whole or from time to time in part for Senior Notes in definitive
registered form only as provided herein and in the Indenture. If (i) at any time the Depositary notifies the Issuer that it is unwilling or unable to continue as Depositary for this Note, and the Issuer does not appoint a successor Depositary
within 90 days after the Issuer receives such notice or becomes aware of such condition, as the case may be, (ii) at any time, the Depositary ceases to be a clearing agency registered under the Securities Exchange Act of 1934 and the Issuer has
not appointed a successor depositary within 90 days after the Issuer learns that the Depositary has ceased to be so registered or (iii) the Issuer in its sole discretion determines that this Note shall be exchangeable for Senior Notes in
definitive registered form and executes and delivers to the Security Registrar a written order of the Issuer providing that this Note shall be so exchangeable, this Note shall be exchangeable for Senior Notes in definitive registered form, provided
that the definitive Senior Notes so issued in exchange for this Note shall be in denominations of $2,000 and whole multiples of $1,000 in excess of $2,000, without coupons, and be of like aggregate principal amount and tenor as the portion of this
Note to be exchanged. Except as provided above, owners of beneficial interests in this Note will not be entitled to have Senior Notes registered in their names, will not receive or be entitled to physical delivery of Senior Notes in definitive
registered form and will not be considered the Holders thereof for any purpose under the Indenture. Neither the Issuer, the Guarantor, the Trustee, any Paying Agent nor the Security Registrar shall have any responsibility or liability for any aspect
of records relating to or payments made on account of beneficial ownership interests in this Note, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

3.    Events of Default. If an Event of Default with respect to the Senior Notes shall occur and be continuing, the
principal of the Senior Notes may become or may be declared due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. 

Solely with respect to the Senior Notes, Section 5.1(6) of the Indenture is replaced in its entirety as follows: “the Issuer or the
Guarantor shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the
appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the Issuer or the Guarantor or for any substantial part of its or their property, or make any general assignment for
the benefit of creditors, or shall admit in writing its inability to pay its or their respective debts generally as they become due; or.” 

4.    Amendment and Modification, Waiver. The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the Holders of the Senior Notes under the Indenture at any time by the Issuer and the Trustee with the consent of the Holders of not less than a
majority in aggregate principal amount of the Senior Notes at the time Outstanding. 

 Solely with respect to the Senior Notes, Section 8.1(1)(a) of the Indenture shall not
apply. 
 The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Senior Notes at
the time Outstanding, on behalf of the Holders of all Senior Notes, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Senior Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Note. 
 5.    Defeasance. The Indenture contains provisions for
defeasance at any time of (a) the entire indebtedness of the Issuer pursuant to this Note and (b) restrictive covenants and the related Events of Default, upon compliance by the Issuer with certain conditions set forth therein, which
provisions apply to this Note. 
 6.    Optional Redemption. Subject to the provisions set forth under
Section 7 of this Note, the Senior Notes will be redeemable, at the option of the Issuer, in whole or in part, at any time (a “Redemption Date”) prior to April 16, 2029 (the “Par Call Date”), at a
redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the aggregate principal amount of the Senior Notes to be redeemed and (ii) an amount equal to the sum of the present values of the remaining
scheduled payments of principal and interest on the Senior Notes to be redeemed (not including any portion of such payments of interest accrued as of such Redemption Date) that would be due if the Senior Notes to be redeemed matured on the Par Call
Date, discounted to such Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 30 basis points;
plus, in each case, accrued and unpaid interest on the principal amount of Senior Notes to be redeemed to, but excluding, such Redemption Date. 

In addition, at any time and from time to time on or after the Par Call Date, subject to the provisions set forth under Section 7 of this
Note, the Senior Notes will be redeemable, at the option of the Issuer, in whole or in part, at a Redemption Price equal to 100% of the principal amount of the Senior Notes to be redeemed plus accrued and unpaid interest to, but excluding, such
Redemption Date. 
 As used herein: 

“Treasury Rate” means (1) the yield, under the heading which represents the average for the immediately preceding week,
appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded
United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the
remaining life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight line basis, rounding to
the nearest month), or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on
the third Business Day preceding the Redemption Date. 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Senior Notes to be redeemed if the Senior Notes matured on the Par Call Date. 

 “Independent Investment Banker” means any one of Wells Fargo Securities,
LLC, HSBC Securities (USA) Inc. and their successors or, if none of such firms is willing or able to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Issuer. 

“Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Reference Treasury Dealer” means each of Wells Fargo Securities, LLC, HSBC Securities (USA) Inc. and their respective
successors and one other primary U.S. government securities dealer (each a “Primary Treasury Dealer”), as specified by the Issuer; provided, that (1) if any of the foregoing shall cease to be a Primary Treasury Dealer, the
Issuer will substitute therefor another Primary Treasury Dealer and (2) if the Issuer fails to select a substitute within a reasonable period of time, then the substitute will be a Primary Treasury Dealer selected by the Independent Investment
Banker after consultation with the Issuer. 
 “Reference Treasury Dealer Quotations” mean, with respect to a Reference
Treasury Dealer and any Redemption Date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed, in each case, as a percentage of its principal amount) quoted in
writing to the Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Notice of any redemption will be mailed at least 15 days but no more than 60 days before the Redemption Date to each Holder of the Senior
Notes to be redeemed. Notwithstanding Section 12.2 of the Indenture, the notice of redemption with respect to the foregoing redemption need not set forth the Redemption Price but only the manner of calculation thereof. 

The Issuer shall furnish to the Trustee an Officer’s Certificate stating the Redemption Price with respect to the foregoing redemption
promptly after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price or any component thereof, and shall rely conclusively on the Officer’s Certificate for the Redemption Price. Unless the Issuer
defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Senior Notes or portions thereof called for redemption. 

If less than all of the Senior Notes are to be redeemed, the Trustee shall select, in such manner as it deems appropriate and fair, the
principal amount of such Senior Notes held by each beneficial owner of such Senior Notes to be redeemed. The Trustee may select Senior Notes and portions of Senior Notes in amounts of $2,000 and whole multiples of $1,000 in excess of $2,000. 

7.    Regulatory Consent to Certain Redemptions. The Issuer will be entitled to redeem the Senior Notes as set
forth in Section 6; provided that notwithstanding anything to the contrary set forth herein, (i) the Senior Notes will not be redeemable at any time prior to December 31, 2022 without BMA Approval and (ii) the Senior Notes will
not be redeemable at any time prior to their maturity if the Enhanced Capital Requirement would be breached immediately before or after giving effect to the redemption of such Senior Notes, unless, in the case of each of clause (i) and (ii),
the Issuer, the Guarantor or another subsidiary of the Guarantor replaces the capital represented by the Senior Notes to be redeemed with capital having equal or better capital treatment as the Senior Notes under the Group Solvency Standards,
together with the Group Supervision Rules, as those rules and regulations may be amended or replaced from time to time (the “Group Rules”). 

 As used herein: 

“Applicable Supervisory Regulations” means such insurance supervisory laws, rules and regulations relating to group
supervision or the supervision of single insurance entities, as applicable, which are applicable to the Guarantor or the Insurance Group, and which shall initially mean the Group Rules until such time when the BMA no longer has jurisdiction or
responsibility to regulate the Guarantor or the Insurance Group. 
 “BMA” means the Bermuda Monetary Authority, or, should
the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Issuer or the Insurance Group, as the context requires, a regulator which is otherwise subject to Applicable Supervisory Regulations. 

“BMA Approval” means the BMA has given, and not withdrawn by the applicable redemption date, its prior consent to the
redemption of such Senior Notes. 
 “ECR” means the enhanced capital and surplus requirement applicable to the Insurance
Group and as defined in the Insurance Act, or, should the Insurance Act or the Group Rules no longer apply to the Insurance Group, any and all other solvency capital requirements defined in the Applicable Supervisory Regulations. 

“Enhanced Capital Requirement” means the ECR or any other requirement to maintain assets applicable to the Issuer or in
respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations. 
 “Group Solvency
Standards” means the Bermuda Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, as those rules and regulations may be amended or replaced from time to time. 

“Group Supervision Rules” means the Bermuda Insurance (Group Supervision) Rules 2011, as those rules and regulations may be
amended or replaced from time to time. 
 “Insurance Act” means the Bermuda Insurance Act 1978, as amended from time to
time. 
 “Insurance Group” means all subsidiaries of the Guarantor that are regulated insurance or reinsurance companies
(or part of such regulatory group) pursuant to the Applicable Supervisory Regulations. 
 8.    Limitation on
Liens. Solely with respect to the Senior Notes, Section 3.9 of the Indenture is replaced in its entirety as follows: 

“Neither the Guarantor nor any of its Restricted Subsidiaries may issue, assume, incur, suffer to exist or guarantee any indebtedness for
borrowed money secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, upon any shares of the Voting Shares of a Restricted Subsidiary which shares are owned by the Guarantor or its Restricted Subsidiaries. 

This restriction does not apply to: (i) liens existing at the time a corporation becomes the Guarantor’s Restricted Subsidiary;
(ii) liens to secure indebtedness of a Restricted Subsidiary to the Issuer or another Restricted Subsidiary, but only as long as the indebtedness is owned or held by the Issuer or such Restricted Subsidiary; (iii) any renewal, replacement
or extension of existing (or successive extensions, renewals or replacements) liens; and (iv) shares of subsidiaries that are not Restricted Subsidiaries.” 

9.    No Impairment of Obligation to Pay Interest. No reference herein to the Indenture and no provision of this
Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the time, place and rate, and in the coin or currency, as herein prescribed. 

 10.    Transfer. As provided in the Indenture and subject to
certain limitations therein set forth, the surrender of this Note for registration of transfer at the office or agency of the Issuer for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the
Issuer or the Security Registrar and duly executed by, the Holder hereof or his/her attorney duly authorized in writing, and thereupon one or more new Senior Notes, of authorized denominations and of like tenor and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such exchange or registration of transfer, but the Issuer will require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 
 Prior to due presentment of this Note for registration of transfer, the Issuer, the Trustee, any
Person authorized by the Issuer to pay the principal of or any premium or interest on any Securities on behalf of the Issuer (“Paying Agent”) and the Security Registrar may deem and treat the Person in whose name this Note is
registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and notwithstanding any notice of ownership or writing thereon made by anyone other than the Security Registrar, and neither the Issuer nor the Trustee nor
any Paying Agent nor the Security Registrar shall be affected by notice to the contrary. 
 11.    Denominations.
The Senior Notes are issuable only in registered form without coupons in denominations of $2,000 and whole multiples of $1,000 in excess of $2,000. As provided in the Indenture and subject to certain limitations therein set forth, Senior Notes
are exchangeable for a like aggregate principal amount of Senior Notes of a different authorized denomination, as requested by the Holder surrendering the same upon surrender of the Senior Note or Senior Notes to be exchanged at the office or agency
of the Issuer. 
 12.    No Recourse. No recourse shall be had for payment of the principal of or interest on
this Note, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, as such or against any past, present or future shareholder, officer or director, as such, of the Issuer
or of any successor, either directly or through the Issuer or any successor, under any rule, law, statute or constitutional provision, or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability
being expressly waived and released, by the acceptance hereof and as part of the consideration for the issuance hereof. 

13.    No Rights of Set-off. This Note does not in any way give rise to any
rights of set-off, recoupments or counterclaims against any claims and obligations of the Issuer, the Guarantor or any of the Insurance Group to any Person in whose names the Senior Notes are registered or any
creditor of the Issuer, the Guarantor or the Insurance Group. 
 14.    No Encumbrances. By acquiring the Senior
Notes, each Holder is deemed to agree and acknowledge that no security or encumbrance of any kind is, or will at any time be, provided by the Issuer, the Guarantor or any of their respective affiliates to secure the rights of Holders. 

15.    No Sinking Fund. This Note is not subject to a sinking fund. 

16.    Governing Law. This Note shall be deemed to be a contract under the laws of the State of New York, and
for all purposes shall be construed in accordance with the laws of such state, except as may be required by mandatory provisions of law. 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

			
	 TEN COM – as tenants in common
	    	 UNIF GIFT MIN ACT – Custodian under Uniform

Gift to Minors Act
  

 
 ____________________

(State)

	 TEN ENT – as tenants by the entireties
	    	
		
	 JT TEN – as joint tenants with rights of
	    	 CUST — Custodian
 survivorship and not
as
 tenants in common

 Additional abbreviations may also be used 

though not on the above list. 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s) and transfer(s) unto 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE 

 
  
  

 
  

 
 (please insert Social Security or other identifying
number of assignee) 
 the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  
  

 
  

 
 agent to transfer said Note on the books of the
Issuer, with full power of substitution in the premises. 
  

							
	Dated:	 		 		 	  

				
		 		 		 	  

		 		 		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without alteration or enlargement, or any change whatever.

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