Document:

Exhibit 10.1

 

INDEMNIFICATION AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of the 12th day of June, 2019, by and between Helios
and Matheson Analytics Inc., a Delaware corporation (the “Corporation”), and Robert Damon (“Indemnitee”),
a director and/or officer of the Corporation.

 

RECITALS

 

A. It is essential
to the Corporation to retain the directors and/or officers of the Corporation until their successors are duly elected or appointed.

 

B. Both the Corporation
and Indemnitee recognize the increased risk of litigation and other claims currently being asserted against directors and officers
of corporations generally.

 

C. The Certificate
of Incorporation and Bylaws of the Corporation require the Corporation to indemnify, and the Bylaws of the Corporation require
the Corporation to advance expenses to, its directors and officers to the fullest extent permitted under Delaware law, and Indemnitee
will serve or has been serving and continues to serve as a director and/or officer of the Corporation in part in reliance on the
Corporation’s Certificate of Incorporation and Bylaws.

 

D. In recognition of
Indemnitee’s need for an inducement to provide effective services to the Corporation as a director and/or officer, the Corporation
wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent
(whether partial or complete) permitted under Delaware law and as set forth in this Agreement, and, to the extent insurance is
maintained, to provide for the continued coverage of Indemnitee under the Corporation’s directors’ and officers’
liability insurance policies.

 

AGREEMENTS

 

NOW, THEREFORE,
the Corporation and Indemnitee do hereby agree as follows:

 

1. Agreement to
Serve. Indemnitee agrees to serve or continue to serve as a director and/or an officer of the Corporation for so long as he
or she is duly elected or appointed or until such time as he or she tenders his or her resignation in writing or is removed.

 

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2. Definitions.
As used in this Agreement:

 

(a) “Change
in Control” means the occurrence of any of the following events after the date of this Agreement:

 

(i) A change in the
composition of the Board of Directors of the Corporation, as a result of which fewer than two-thirds (2/3) of the incumbent directors
are directors who either (1) had been directors of the Corporation twenty-four (24) months prior to such change or (2) were elected,
or nominated for election, to the Board of Directors with the affirmative votes of at least a majority of the directors who had
been directors of the Corporation 24 months prior to such change and who were still in office at the time of the election or nomination;
or

 

(ii) Any “person”
(as such term is used in section 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended) through the acquisition or
aggregation of securities is or becomes the beneficial owner, directly or indirectly, of securities of the Corporation representing
thirty percent (30%) or more of the combined voting power of the Corporation’s then outstanding securities ordinarily (and
apart from rights accruing under special circumstances) having the right to vote at elections of directors (the “Capital
Stock”).

 

(b) “Disinterested
Director” means a director of the Corporation who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(c) The term
“Expenses” shall include, without limitation, expenses, costs and obligations, paid or incurred and reasonable attorneys’
fees and disbursements incurred in connection with any Proceeding or any claim, issue or matter therein, by or on behalf of Indemnitee,
and any expenses reasonably and actually incurred in establishing a right to indemnification under Section 8 of this Agreement,
including, without limitation, those incurred in investigating, defending, being a witness in or participating in (including on
appeal), or preparing to defend with respect to any claim, issue or matter relating thereto or in connection therewith, but shall
not include the amount of judgments, fines or amounts paid in settlement.

 

(d) “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently
is, nor in the past five (5) years has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to
either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding
the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement.

 

(e) The term
“Proceeding” shall include any threatened, pending or completed action, suit, investigation or proceeding, and any
appeal thereof, whether brought by or in the right of the Corporation or otherwise and whether civil, criminal, administrative
or investigative, and/or any inquiry or investigation, in which Indemnitee may be or may have been involved as a party or otherwise,
by reason of the fact that Indemnitee is or was a director or officer of the Corporation, by reason of any action taken by him
or her or of any inaction on his or her part while acting as such a director or officer, or by reason of the fact that he or she
is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership,
limited liability company, joint venture, trust or other enterprise; in each case whether or not he is acting or serving in any
such capacity at the time any liability or expense is incurred for which indemnification or advancements can be provided under
this Agreement.

 

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(f) References
to “other enterprise” shall include employee benefit plans; references to "fines" shall include any excise
tax assessed with respect to any employee benefit plan; references to "serving at the request of the Corporation" shall
include any service as a director, officer, employee or agent of the Corporation or its subsidiaries which imposes duties on, or
involves services by, such director, officer, employee, or agent with respect to an employee benefit plan, its participants or
beneficiaries; and a person who acted in good faith and in a manner he reasonably believed to be in the interests of the participants
and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests
of the Corporation” as referred to in this Agreement.

 

3. Indemnity in
Third-Party Proceedings. The Corporation shall indemnify Indemnitee in accordance with the provisions of this Section 3 if
Indemnitee is or was a party to or threatened to be made a party to any Proceeding (other than a Proceeding by or in the right
of the Corporation to procure a judgment in its favor) by reason of the fact that Indemnitee is or was a director or officer of
the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation,
partnership, limited liability company, joint venture, trust or other enterprise, against all Expenses, judgments, fines and amounts
paid in settlement actually and reasonably incurred by Indemnitee in connection with the defense or settlement of such Proceeding
or any claim, issue or matter therein, but only if he or she acted in good faith and in a manner which he or she reasonably believed
to be in the best interests of the Corporation, or, in the case of a criminal action or proceeding, in addition, had no reasonable
cause to believe that his or her conduct was unlawful.

 

4. Indemnitee in
Proceedings by or in the Right of the Corporation. The Corporation shall indemnify Indemnitee in accordance with the provisions
of this Section 4 if Indemnitee is or was a party to or threatened to be made a party to any Proceeding by or in the right of the
Corporation to procure a judgment in its favor by reason of the fact that Indemnitee is or was a director or officer of the Corporation,
or is or was serving at the request of the Corporation as a director, officer, employee, or agent of another corporation, partnership,
limited liability company, joint venture, trust or other enterprise, against all Expenses actually and reasonably incurred by Indemnitee
in connection with the defense or settlement of such Proceeding or any claim, issue or matter therein, but only if he or she acted
in good faith and in a manner which he or she reasonably believed to be in the best interests of the Corporation, except that no
indemnification for Expenses shall be made under this Section 4 in respect of any Proceeding or any claim, issue or matter therein
as to which Indemnitee shall have been adjudged to be liable to the Corporation, unless and only to the extent that the Court of
Chancery of the State of Delaware or the court in which such Proceeding was brought shall determine upon application that, despite
the adjudication of liability, but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnity for such expenses as such court shall deem proper. Notwithstanding the foregoing, Indemnitee shall have no right to indemnification
for Expenses and the payment of profits arising from the purchase and sale by Indemnitee of securities in violation of Section
16(b) of the Securities Exchange Act of 1934, as amended.

 

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5. Indemnification
Prohibited. Notwithstanding the provisions of Sections 3 and 4, no indemnification shall be made in connection with any Proceeding
or any claim, issue or matter therein charging improper personal benefit to the Indemnitee, whether or not involving action in
his or her official capacity, in which he or she was adjudged liable on the basis that personal benefit was improperly received
by him or her.

 

6. Indemnification
of Expenses of Successful Party. Notwithstanding any other provision of this Agreement whatsoever, to the extent that Indemnitee
has been successful on the merits or otherwise (including a settlement) in defense of any Proceeding or any claim, issue or matter
therein, including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses reasonably and actually incurred
in connection therewith.

 

7. Advances of Expenses.
The Corporation shall advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with any Proceeding
or any claim, issue or matter therein within thirty (30) calendar days after the receipt by the Corporation of a statement or statements
from Indemnitee requesting such advance or advances from time to time, prior to final disposition of such Proceeding. Such statement
or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by
an undertaking by or on behalf of Indemnitee to repay any Expenses advanced if it shall ultimately be determined that Indemnitee
is not entitled to be indemnified against such Expenses.

 

8. Procedure for
Determination of Entitlement to Indemnification.

 

(a) To obtain
indemnification under this Agreement, Indemnitee shall submit to the Corporation a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. The Secretary of the Corporation shall, promptly upon receipt of such
a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

 

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(b) Upon
written request by Indemnitee for indemnification pursuant to the first sentence of Section 8(a) hereof, a determination, if required
by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in
Control (as defined in Section 2) shall have occurred, by Independent Counsel (as defined in Section 2) (unless Indemnitee shall
request that such determination be made by the Board of Directors or the stockholders, in which case by the person or persons or
in the manner provided for in clauses (ii) or (iii) of this Section 8(b)) in a written opinion to the Board of Directors, a copy
of which shall be delivered to Indemnitee; (ii) if a Change in Control shall not have occurred, (A) by a majority vote of Disinterested
Directors (as defined in Section 2), although less than a quorum, (B) by a committee of Disinterested Directors designated by a
majority vote of Disinterested Directors, although less than a quorum, (C) if there are no Disinterested Directors, or if the Disinterested
Directors so direct, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered
to Indemnitee or (D) by the stockholders of the Corporation; or (iii) as provided in Section 9(b) of this Agreement; and, if it
is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) calendar days
after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect
to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance
request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including reasonable attorney’s
fees and disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Corporation (irrespective of the determination as to Indemnitee’s entitlement to indemnification),
and the Corporation hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

(c) In the
event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b) hereof,
the Independent Counsel shall be selected as provided in this Section 8(c). If a Change in Control shall not have occurred, the
Independent Counsel shall be selected by the Board of Directors, and the Corporation shall give written notice to Indemnitee advising
him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent
Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board of Directors,
in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Corporation advising it of
the identity of the Independent Counsel so selected. In either event, the Indemnitee or the Corporation, as the case may be, may,
within ten (10) calendar days after such written notice of selection shall have been given, deliver to the Corporation or to Indemnitee,
as the case may be, a written objection to such selection. Such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement,
and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection,
the person so selected shall act as Independent Counsel. If such written objection is made, the Independent Counsel so selected
may not serve as Independent Counsel unless and until a court has determined that such objection is without merit. If, within twenty
(20) calendar days after submission by Indemnitee of a written request for indemnification pursuant to Section 8(a) hereof, no
Independent Counsel shall have been selected and not objected to, either the Corporation or Indemnitee may petition the Court of
Chancery of the State of Delaware or other court of competent jurisdiction for resolution of any objection which shall have been
made by the Corporation or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent
Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to
whom an objection is so resolved or the person so appointed shall act as Independent Counsel under Section 8(b) hereof. The Corporation
shall pay any and all reasonable fees and expenses of Independent Counsel incurred by such Independent Counsel in connection with
acting pursuant to Section 8(b) hereof, and the Corporation shall pay all reasonable fees and expenses incident to the procedures
of this Section 8(c), regardless of the manner in which such Independent Counsel was selected or appointed. Upon the due commencement
of any judicial proceeding pursuant to Section 11(a)(iii) of this Agreement, Independent Counsel shall be discharged and relieved
of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

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9. Presumptions
and Effect of Certain Proceedings.

 

(a) If a
Change in Control shall have occurred, in making a determination with respect to entitlement to indemnification hereunder, the
person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement
if Indemnitee has submitted a request for indemnification in accordance with Section 8(a) of this Agreement, and the Corporation
shall have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any
determination contrary to that presumption.

 

(b) If the
person, persons or entity empowered or selected under Section 8 of this Agreement to determine whether Indemnitee is entitled to
indemnification shall not have made a determination within thirty (30) calendar days after receipt by the Corporation of the request
therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall
be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact
necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or
(ii) a prohibition of such indemnification under applicable law; provided, however, that such thirty (30) calendar-day period may
be extended for a reasonable time, not to exceed an additional thirty (30) calendar days, if the person, persons or entity making
the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining
or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this
Section 9(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant
to Section 8(b) of this Agreement and if (A) within fifteen (15) days after receipt by the Corporation of the request for such
determination the Board of Directors has resolved to submit such determination to the stockholders for their consideration at an
annual meeting thereof to be held within seventy five (75) days after such receipt and such determination is made thereat, or (B)
a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination,
such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat;
or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b) of
this Agreement.

 

(c) The termination
of any Proceeding or any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere
or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she
reasonably believed to be in or not opposed to the best interests of the Corporation or, with respect to any criminal Proceeding,
that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

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10. Notification
and Defense of Claim. Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee will,
if a claim in respect thereof is to be made against the Corporation under this Agreement, notify the Corporation of the commencement
thereof; but the omission so to notify the Corporation will not relieve it from any liability which it may have to Indemnitee otherwise
than under this Agreement. With respect to any Proceeding as to which Indemnitee notifies the Corporation of the commencement thereof:

 

(a) The Corporation will
be entitled to participate therein at its own expense;

 

(b) Except
as otherwise provided below, to the extent that it may wish, the Corporation jointly with any other indemnifying party similarly
notified will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After notice from
the Corporation to Indemnitee of its election to assume the defense thereof, the Corporation will not be liable to Indemnitee under
this Agreement for any Expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable
costs of investigation or as otherwise provided below. Indemnitee shall have the right to employ his or her own counsel in such
Proceeding, but the Expenses associated with the employment of such counsel incurred after notice from the Corporation of its assumption
of the defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized
by the Corporation, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Corporation
and Indemnitee in the conduct of the defense of such Proceeding or (iii) the Corporation shall not in fact have employed counsel
to assume the defense of such Proceeding, in each of which cases the Expenses of Indemnitee’s separate counsel shall be at
the expense of the Corporation. The Corporation shall not be entitled to assume the defense of any Proceeding brought by or on
behalf of Corporation or as to which Indemnitee shall have made the conclusion provided for in (ii) above; and

 

(c) Provided
there has been no Change in Control, the Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts
paid in settlement of any Proceeding or any claim, issue or matter therein effected without its written consent, which consent
shall not be unreasonably withheld. The Corporation shall be permitted to settle any Proceeding or any claim, issue or matter therein,
except that it shall not settle any Proceeding or any claim, issue or matter therein in any manner that would impose any penalty,
out-of-pocket liability, or limitation on Indemnitee without Indemnitee’s written consent.

 

11. Remedies of
Indemnitee.

 

(a) In the
event that (i) a determination is made pursuant to Section 8 of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 7 of this Agreement, (iii) the determination
of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 8(b) of this Agreement and such determination
shall not have been made and delivered in a written opinion within ninety (90) calendar days after receipt by the Corporation of
the request for indemnification, or (iv) payment of indemnification is not made within ten calendar (10) days after a determination
has been made that Indemnitee is entitled to indemnification or such determination is deemed to have been made pursuant to Section
8 or 9 of this Agreement, Indemnitee shall be entitled to an adjudication in the Court of Chancery of the State of Delaware, or
in any other court of competent jurisdiction, of his or her entitlement to such indemnification of advancement of Expenses.

 

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(b) In the
event that a determination shall have been made pursuant to Section 8 of this Agreement that Indemnitee is not entitled to indemnification,
any judicial action, suit or proceeding commenced pursuant to this Section 11 shall be conducted in all respects as a de novo trial
on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. If a Change in Control shall have
occurred, in any judicial action, suit or proceeding commenced pursuant to this Section 11 the Corporation shall have the burden
of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c) If a
determination shall have been made or deemed to have been made pursuant to Section 8 or 9 of this Agreement that Indemnitee is
entitled to indemnification, the Corporation shall be bound by such determination in any judicial action, suit or proceeding commenced
pursuant to this Section 11, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary
to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition
of such indemnification under applicable law.

 

(d) The Corporation
shall be precluded from asserting in any judicial action, suit or proceeding commenced pursuant to this Section 11 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court that the Corporation
is bound by all the provisions of this Agreement.

 

(e) In the
event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication to enforce his or her rights under, or to recover
damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Corporation, and shall be indemnified by
the Corporation against, any and all expenses (of the types describe in the definition of Expenses in Section 2 of this Agreement)
actually and reasonably incurred by him or her in such judicial adjudication, but only if he or she prevails therein. If it shall
be determined in said judicial adjudication that Indemnitee is entitled to receive part but not all of the indemnification or advancement
or expenses sought, the expenses incurred by Indemnitee in connection with judicial adjudication shall be appropriately prorated.

 

12. Non-Exclusivity;
Survival of Rights; Insurance; Subrogation.

 

(a) Notwithstanding
any other provision of this Agreement, the Corporation hereby agrees to indemnify the Indemnitee to the fullest extent permitted
by law, whether or not such indemnification is specifically authorized by the other provisions of this Agreement, the Corporation's
Certificate of Incorporation, the Bylaws, or by statute. In the event of any changes, after the date of this Agreement, in any
applicable law, statute, or rule that expand the right of a Delaware corporation to indemnify a member of its board of directors
or any officer, such changes shall be, ipso facto, within the purview of Indemnitee's rights, and the Corporation's obligations,
under this Agreement. In the event of any changes in any applicable law, statute, or rule that narrow the right of a Delaware corporation
to indemnify a member of its board of directors or any officer, such changes, to the extent not otherwise required by such law,
statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties' rights and obligations
hereunder.

 

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(b) The indemnification
and advancement rights provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be
entitled under the Certificate of Incorporation, the Bylaws, any agreement, any vote of stockholders or disinterested directors,
the laws of the State of Delaware, or otherwise, both as to action in his or her official capacity and as to action in another
capacity while holding such office.

 

(c) To the
extent that the Corporation maintains an insurance policy or policies providing liability insurance for directors, officers, employees,
agents or fiduciaries of the Corporation or of any other corporation, partnership, limited liability company, joint venture, trust,
employee benefit plan or other enterprise which such person serves at the request of the Corporation, Indemnitee shall be covered
by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director,
officer, employee, agent or fiduciary in a comparable position under such policy or policies.

 

(d) In the
event of any payment under this Agreement, the Corporation shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Corporation to bring suit to enforce such rights.

 

(e) The Corporation
shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent
that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

 

13. Duration of
Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee
shall have ceased to serve as an officer or director or as a director, officer, employee or agent of another corporation, partnership,
limited liability company, joint venture, trust or other enterprise at the request of the Corporation, or (b) the final disposition
of all pending Proceedings or claims, issues or matters therein in respect of which Indemnitee is granted rights of indemnification
or advancement of Expenses hereunder and of any action, suit or proceeding commenced by Indemnitee pursuant to Section 11 of this
Agreement relating thereto.

 

14. Exception to
Right of Indemnification or Advancement of Expenses. Notwithstanding any other provision of this Agreement, Indemnitee shall
not be entitled to indemnification or advancement of Expenses under this Agreement with respect to any Proceeding, or any claim,
issue or matter therein, brought or made by him or her against the Corporation, except as otherwise provided for in Section 11
of this Agreement.

 

15. Partial Indemnification
or Advancements. If Indemnitee is entitled under any provision of this Agreement to indemnification or advancements by the
Corporation for some or a portion of the Expenses, judgments, fines or amounts paid in settlement actually and reasonably incurred
by him or her in the investigation, defense, appeal or settlement of any Proceeding or any claim, issue or matter therein, but
not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for or advance to Indemnitee
the portion of such Expenses, judgments, fines or amounts paid in settlement to which Indemnitee is entitled. Moreover, notwithstanding
any other provision of this Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense
of any or all claims, issues or matters relating in whole or in part to an indemnifiable event, occurrence or matter hereunder,
including dismissal without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection with such defenses.

 

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16. Effect of Federal
Law. Both the Corporation and the Indemnitee acknowledge that in certain instances, federal law will override Delaware law
and prohibit the Corporation from indemnifying its offices and directors. For example, the Corporation and Indemnitee acknowledge
that the Securities and Exchange Commission has taken the position that indemnification is not permissible for liabilities arising
under certain federal securities law, and federal law prohibits indemnification for certain violations of the Employee Retirement
Income Security Act of 1974, as amended.

 

17. Saving Clause.
Nothing in this Agreement is intended to require or shall be construed as requiring the Corporation to do or fail to do any act
in violation of applicable law. The provisions of this Agreement (including any provision within a single section, paragraph or
sentence) shall be severable in accordance with this Section 17. If this Agreement or any portion thereof shall be invalidated
on any ground by any court of competent jurisdiction, the Corporation shall nevertheless indemnify or advance to Indemnitee as
to Expenses, judgments, fines and amounts paid in settlement with respect to any Proceeding or any claim, issue or matter therein
to the fullest extent permitted by any applicable portion of this Agreement that shall not have been invalidated or by any other
applicable law, and this Agreement shall remain enforceable to the fullest extent permitted by applicable law.

 

18. Notice.
All notices, request, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or
(ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed.

 

(a) If to
Indemnitee, to:

 ______________________________________ 

 ______________________________________ 

 ______________________________________ 

 ______________________________________ 

(b) If to the Corporation to:

 

Helios and Matheson Analytics Inc.

Empire State Building

350 Fifth Avenue, Suite 7520

New York, New York 10118

Attn: Office of the Secretary

 

or such address as may have been furnished
to Indemnitee by the Corporation or to the Corporation by Indemnitee, as the case may be.

 

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19. Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall constitute the original.

 

20. Applicable Law;
Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the substantive laws
of the State of Delaware without giving effect to its rules of conflicts of laws. To the fullest extent permitted by applicable
law, each party hereto (i) irrevocably submits to the personal jurisdiction of the Court of Chancery of the State of Delaware,
(ii) agrees that either party may commence any action, suit or proceeding arising out of or relating to this Agreement in such
court, (iii) waives any objection to the laying of venue of any action, suit or proceeding arising out of or relating to this Agreement
in such court, (iv) agrees not to plead in such court that any such action, suit or proceeding has been brought in an inconvenient
forum, and (v) agrees that the mailing of process or other papers in connection with such action, suit or proceeding in the manner
and to the address provided in or pursuant to Section 18 or in such other manner as may be permitted by applicable law shall be
effective service in such action, suit or proceeding. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT TO A JURY TRIAL IN ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND AGREES THAT ANY SUCH
ACTION, SUIT OR PROCEEDING SHALL BE TRIED BEFORE A JUDGE AND NOT BEFORE A JURY.

 

21. Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties and their respective
successors and assigns (including any direct or indirect successors by purchase, merger, consolidation or otherwise to all or substantially
all of the business and/or assets of the Corporation), spouses, heirs, and personal and legal representatives. The Corporation
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part, of the business and/or assets of the Corporation, by written agreement in form and substance satisfactory
to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation
would be required to perform if no such succession had taken place.

 

22. Subsequent Instruments
and Acts. The parties hereto agree that they will execute any further instrument and perform any acts that may become necessary
from time to time to carry out the terms of this Agreement.

 

23. Modification
and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both
of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

 

24. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Corporation in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other documents relating to any Proceeding or matter which may be subject to Indemnification or advancement
of Expenses covered hereunder.

 

25. No Collateral
Representations. Each party expressly acknowledges and agrees that this Agreement may not be varied, supplemented or contradicted
by evidence of prior agreements, or by evidence of subsequent oral agreements.

 

    - 11 -

     

    

 

IN WITNESS WHEREOF,
the parties hereby have caused this Agreement to be duly executed and signed as of the day and year first above written.

 

	 	
        Helios and Matheson Analytics Inc.,

        a Delaware corporation

	 	 	 
	 	By: 	/s/ Theodore Farnsworth
	 	 	Name:	Theodore Farnsworth
	 	 	Title:	Chief Executive Officer

 

	 	INDEMNITEE: 
	 	 
	 	/s/ Robert Damon
	 	Robert Damon

 

 

- 12 -Exhibit 4.1

 

	
 
    	
 
    	
 
    

 

SECOND SUPPLEMENTAL INDENTURE

 

Dated as of June 19, 2019

 

Between

 

PARTNERRE FINANCE B LLC,
 Issuer

 

PARTNERRE LTD.,
 Guarantor

 

to

 

THE BANK OF NEW YORK MELLON
 Trustee

	
 
    	
 
    	
 
    

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    	
 
    
	
 
    	
Article 1
    	
 
    
	
 
    	
DEFINITIONS
    	
 
    
	
 
    	
 
    	
 
    
	
Section 1.01
    	
Definitions of Terms
    	
1
    
	
 
    	
 
    	
 
    
	
 
    	
Article 2
    	
 
    
	
 
    	
GENERAL TERMS   AND CONDITIONS OF THE NOTES
    	
 
    
	
 
    	
 
    	
 
    
	
Section 2.01
    	
Designation and Principal   Amount
    	
4
    
	
Section 2.02
    	
Maturity
    	
4
    
	
Section 2.03
    	
Form and Payment
    	
4
    
	
Section 2.04
    	
Payment of Principal and   Interest
    	
4
    
	
Section 2.05
    	
No Payment of Additional   Amounts
    	
5
    
	
 
    	
 
    	
 
    
	
 
    	
Article 3
    	
 
    
	
 
    	
REDEMPTION OF   THE NOTES
    	
 
    
	
 
    	
 
    	
 
    
	
Section 3.01
    	
Redemption
    	
5
    
	
 
    	
 
    	
 
    
	
 
    	
Article 4
    	
 
    
	
 
    	
NO SINKING FUND
    	
 
    
	
 
    	
 
    	
 
    
	
Section 4.01
    	
No Sinking Fund
    	
5
    
	
 
    	
 
    	
 
    
	
 
    	
Article 5
    	
 
    
	
 
    	
FORM OF   NOTE
    	
 
    
	
 
    	
 
    	
 
    
	
Section 5.01
    	
Form of Note
    	
6
    
	
 
    	
 
    	
 
    
	
 
    	
Article 6
    	
 
    
	
 
    	
ORIGINAL ISSUE   OF NOTES
    	
 
    
	
 
    	
 
    	
 
    
	
Section 6.01
    	
Original Issue of Notes
    	
11
    
	
 
    	
 
    	
 
    
	
 
    	
Article 7
    	
 
    
	
 
    	
EVENTS OF   DEFAULT
    	
 
    
	
 
    	
 
    	
 
    
	
Section 7.01
    	
Senior Debt Securities   Guarantee Agreement
    	
11
    
	
 
    	
 
    	
 
    
	
 
    	
Article 8
    	
 
    
	
 
    	
COVENANTS
    	
 
    
	
 
    	
 
    	
 
    
	
Section 8.01
    	
Activities of the Company
    	
11
    
	
Section 8.02
    	
Use of Proceeds
    	
12
    
	
Section 8.03
    	
Proper Records
    	
12
    
	
Section 8.04
    	
Compliance with Laws
    	
12
    
	
Section 8.05
    	
Liens
    	
12
    

 

i

 

	
 
    	
Article 9
    	
 
    
	
 
    	
RANKING
    	
 
    
	
 
    	
 
    	
 
    
	
Section 9.01
    	
Ranking
    	
12
    
	
 
    	
 
    	
 
    
	
 
    	
Article 10
    	
 
    
	
 
    	
MODIFICATION AND   WAIVER
    	
 
    
	
 
    	
 
    	
 
    
	
Section 10.01
    	
Modification and Waiver
    	
13
    
	
 
    	
 
    	
 
    
	
 
    	
Article 11
    	
 
    
	
 
    	
ADDITIONAL TERMS
    	
 
    
	
 
    	
 
    	
 
    
	
Section 11.01
    	
Additional Terms
    	
13
    
	
Section 11.02
    	
No Rights of Set-off; No   Encumbrances
    	
13
    
	
 
    	
 
    	
 
    
	
 
    	
Article 12
    	
 
    
	
 
    	
AMENDMENTS TO   BASE INDENTURE
    	
 
    
	
 
    	
 
    	
 
    
	
Section 12.01
    	
Reports by Company
    	
13
    
	
Section 12.02
    	
Submission to Jurisdiction
    	
14
    
	
Section 12.03
    	
Definitions
    	
14
    
	
 
    	
 
    	
 
    
	
 
    	
Article 13
    	
 
    
	
 
    	
MISCELLANEOUS
    	
 
    
	
 
    	
 
    	
 
    
	
Section 13.01
    	
Ratification of Indenture
    	
14
    
	
Section 13.02
    	
Trustee Not Responsible for   Recitals
    	
14
    
	
Section 13.03
    	
Governing Law
    	
15
    
	
Section 13.04
    	
Separability
    	
15
    
	
Section 13.05
    	
Counterparts
    	
15
    

 

ii

 

SECOND SUPPLEMENTAL INDENTURE, dated as of June 19, 2019 (the “Second Supplemental Indenture”), among PartnerRe Finance B LLC, a limited liability company duly organized and existing under the laws of the State of Delaware (the “Company”), PartnerRe Ltd., a company duly organized and existing under the laws of Bermuda (the “Guarantor”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”), supplementing the Indenture among the Company, the Guarantor and the Trustee, dated as of March 15, 2010 (the “Base Indenture”).

 

WHEREAS, the Company has executed and delivered the Base Indenture to the Trustee to provide for the future issuance of the Company’s senior unsecured debentures, notes or other evidence of indebtedness (the “Securities”), to be issued from time to time in one or more series as might be determined by the Company under the Base Indenture;

 

WHEREAS, Section 3.01 of the Base Indenture provides that, with respect to any series of Securities to be authenticated and delivered under the Base Indenture, the terms of such series of Securities shall be established by (i) a Board Resolution and Officers’ Certificate or (ii) one or more indentures supplemental to the Base Indenture;

 

WHEREAS, Section 9.01(k) of the Base Indenture provides that the Company, the Guarantor and the Trustee at any time and from time to time, may enter into one or more indentures supplemental thereto to amend or supplement any provision contained therein or in any supplemental indenture, provided that no such amendment or supplement shall materially adversely affect the interests of the Holders of any Securities then Outstanding;

 

WHEREAS, pursuant to the terms of the Base Indenture, as amended or supplemented by this Second Supplemental Indenture (the “Indenture”), the Company desires to provide for the establishment of a new series of its Securities to be known as its 3.700% Senior Notes due 2029 (the “Notes”), which shall be in the form of senior unsecured notes, with specific terms and provisions, the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Indenture; and

 

WHEREAS, the Company has requested that the Trustee execute and deliver this Second Supplemental Indenture, and all requirements necessary to make this Second Supplemental Indenture a valid, legally binding instrument in accordance with its terms, and to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid, legally binding obligations of the Company, have been done and performed, and the execution and delivery of this Second Supplemental Indenture has been duly authorized in all respects:

 

NOW THEREFORE, in consideration of the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in this Indenture, the form and substance of the Notes and the terms, provisions and conditions thereof, it is mutually covenanted and agreed as follows:

 

ARTICLE 1
 DEFINITIONS

 

Section 1.01                             Definitions of Terms. Unless the context otherwise requires:

 

(a)                                 a term not defined herein that is defined in the Base Indenture has the same meaning when used in this Second Supplemental Indenture;

 

(b)                                 the definition of any term in this Second Supplemental Indenture that is also defined in the Base Indenture shall supersede the definition of such term in the Base Indenture;

 

(c)                                  a term defined anywhere in this Second Supplemental Indenture has the same meaning throughout;

 

(d)                                 the singular includes the plural and vice versa;

 

(e)                                  headings are for convenience of reference only and do not affect interpretation;

 

 

(f)                                   the following terms have the meanings given to them in this Section 1.01(f):

 

“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.

 

“Base Indenture” has the meaning set forth in the preamble of this Second Supplemental Indenture.

 

“BMA” means the Bermuda Monetary Authority, or, should the Bermuda Monetary Authority no longer have jurisdiction or responsibility to regulate the Guarantor 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 such date, its prior consent to the redemption of such Notes.

 

“BMA Redemption Requirements” has the meaning set forth in Section 3.01(c).

 

“Business Day” means any day that is not a Saturday, a Sunday, a legal holiday or a day on which banking institutions or trust companies located in New York City are authorized or obligated by law to close.

 

“Company” has the meaning set forth in the preamble of this Second Supplemental Indenture.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the Remaining Life.

 

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

 

“Discounted Present Value” of any Note subject to optional redemption shall be equal to the sum of the present values of the remaining scheduled payments of principal and interest (excluding interest accrued to the Redemption Date) on such Note discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve thirty-day months) at the applicable Treasury Rate plus 25 basis points.

 

“ECR” means the enhanced capital and surplus requirement applicable to the Insurance Group and as defined in the Bermuda Insurance Act 1978, as amended from time to time, 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 Guarantor or in respect of the Insurance Group, as applicable, pursuant to the Applicable Supervisory Regulations.

 

“Group Rules” has the meaning set forth in Section 3.01(c).

 

“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.

 

“Guarantor” has the meaning set forth in the preamble of this Second Supplemental Indenture.

 

2

 

“Indenture” has the meaning set forth in the preamble of this Second Supplemental Indenture.

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“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.

 

“Interest Payment Date” means, with respect to the Notes only, each January 2 and July 2, commencing January 2, 2020.

 

“Lien” means any mortgage, pledge, lien, security interest or other encumbrance.

 

“Maturity Date” means the date on which the Notes mature as specified in Section 2.02 hereof and on which the principal shall be due and payable together with all accrued and unpaid interest thereon.

 

“Notes” has the meaning set forth in the recitals of this Second Supplemental Indenture.

 

“Primary Treasury Dealer” has the meaning set forth in the definition of “Reference Treasury Dealer”.

 

“Reference Treasury Dealer” means each of (i) Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc. and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the City of New York (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer and (ii) any two other Primary Treasury Dealers selected by the Independent Investment Banker after consultation with the Company.

 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by an 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 at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Regular Record Date” means, with respect to the Notes only, the close of business on December 17 and June 17, as the case may be, immediately preceding each Interest Payment Date.

 

“Remaining Life” has the meaning set forth in the definition of “Treasury Rate”.

 

“Second Supplemental Indenture” has the meaning set forth in the preamble of this Second Supplemental Indenture.

 

“Securities” has the meaning set forth in the recitals of this Second Supplemental Indenture.

 

“Treasury Rate” “means, with respect to any redemption date, (i) 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 (519)” 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 term of the Notes to be redeemed (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 (ii) 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

 

3

 

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 will be calculated on the third Business Day preceding the Redemption Date.

 

“Trustee” shall have the meaning set forth in the preamble of this Second Supplemental Indenture.

 

ARTICLE 2
 GENERAL TERMS AND CONDITIONS OF THE NOTES

 

Section 2.01                             Designation and Principal Amount. (a) There is hereby authorized a series of Securities designated the 3.700% Senior Notes due 2029, which shall be in the form of senior unsecured notes issued by the Company under this Indenture, unlimited in aggregate principal amount.

 

(b)                                 The Company may, from time to time, subject to compliance with any other applicable provisions of this Second Supplemental Indenture but without the consent of the Holders, create and issue pursuant to this Second Supplemental Indenture an unlimited principal amount of additional Notes (in excess of any amounts theretofore issued) having the same terms and conditions to those of the other outstanding Notes, except that any such additional Notes (i) may have a different issue date and issue price from other outstanding Notes and (ii) may have a different amount of interest payable on the first Interest Payment Date after issuance than is payable on other outstanding Notes. The Company may not issue additional Notes described in this Section 2.01(b) unless such Notes are part of the same issue as the other outstanding Notes for U.S. federal income tax purposes. Any such additional Notes will, together with the previously issued Notes, constitute a single series of Securities under the Indenture.

 

Section 2.02                             Maturity. The Maturity Date will be July 2, 2029.

 

Section 2.03                             Form and Payment. Except as provided in Section 2.04, the Notes shall be issued in fully registered certificated form without interest coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof, bearing identical terms. Principal and interest on the Notes issued in certificated form will be payable, the transfer of such Notes will be registrable and such Notes will be exchangeable for Notes bearing identical terms and provisions at the Corporate Trust Office of the Trustee.

 

Section 2.04                             Payment of Principal and Interest. (a) The principal of the Notes shall be due on July 2, 2029, subject to the provisions of the Base Indenture relating to acceleration of maturity. The Notes will bear interest from June 19, 2019, or from the most recent Interest Payment Date to which interest has been paid or duly provided for, at a rate of 3.700% per annum, payable semi-annually in arrears on January 2 and July 2 of each year, commencing on January 2, 2019, and at Maturity. The Company will pay interest to the Persons in whose names the Notes are registered on the Regular Record Date for such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve thirty-day months.

 

(b)                                 If any Interest Payment Date falls on a day that is not a Business Day at the applicable Place of Payment, the interest payment will be postponed to the next day that is a Business Day at such Place of Payment, and no interest on such payment will accrue for the period from and after such Interest Payment Date. If the Maturity Date of the Notes falls on a day that is not a Business Day at the applicable Place of Payment, the payment of interest and principal may be made on the next succeeding Business Day at such Place of Payment, and no interest on such payment will accrue for the period from and after the Maturity Date. Interest payments for the Notes will include accrued interest from and including the date of issue or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, the Interest Payment Date or the Maturity Date, as the case may be.

 

(c)                                  Payment of the principal and interest due at maturity of the Notes shall be made upon surrender of the Notes at the Corporate Trust Office of the Trustee. The principal of and interest on the Notes shall be paid in Dollars. Payments of principal of or interest on the Notes will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall

 

4

 

appear in the Security Register or (ii) by wire transfer to an account maintained by the payee with a bank located in the United States.

 

Section 2.05                             No Payment of Additional Amounts. The Company will not be required to pay any Additional Amounts with respect to the Notes.

 

ARTICLE 3
 REDEMPTION OF THE NOTES

 

The Company shall have the right to redeem the Notes in accordance with Article 11 of the Base Indenture as amended and supplemented by the following provisions.

 

Section 3.01                             Redemption. (a) Subject to the BMA Redemption Requirements, the Notes will be redeemable, at the option of the Company, at any time as a whole or from time to time in part, on not less than thirty nor more than sixty days’ prior notice to the Holders of the Notes, on any date prior to their maturity.

 

The Redemption Price for any redemption of Notes before April 2, 2029 shall be equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the Discounted Present Value of the Notes to be redeemed, plus in each case accrued and unpaid interest on the principal amount of such Notes to, but excluding, the Redemption Date.

 

The Redemption Price for any redemption of Notes on or after April 2, 2019 shall be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on such principal amount of such Notes to, but excluding, the Redemption Date.

 

Installments of interest on the Notes for which the Redemption Date is after a Regular Record Date and on or before the following Interest Payment Date shall be payable to the Holders of such Notes registered as such at the close of business on the Regular Record Date therefor.

 

(b)                                 If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of The Depository Trust Company, in the case of Notes represented by a global Security, or by the Trustee by lot, in the case of Notes that are not represented by a global Security.

 

(c)                                  Notwithstanding anything to the contrary set forth herein, (i) the Notes will not be redeemable pursuant to this Section 3.01 at any time prior to June 19, 2022 without BMA Approval unless the Company replaces the capital represented by the Notes to be redeemed with capital having equal or better capital treatment as the 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”) and (ii) the Notes will not be redeemable pursuant to this Section 3.01 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 Notes unless the Company replaces the capital represented by the Notes to be redeemed with capital having equal or better capital treatment as the Notes under the Group Rules (clauses (i) and (ii) collectively, the “BMA Redemption Requirements”). For the avoidance of doubt, payment of principal on the date of maturity will not be subject to the BMA Redemption Requirements.

 

ARTICLE 4
 NO SINKING FUND

 

Article 12 of the Base Indenture shall be superseded by this Article 4 with respect to the Notes.

 

Section 4.01                             No Sinking Fund. The Notes are not entitled to the benefit of any sinking fund.

 

5

 

ARTICLE 5
 FORM OF NOTE

 

Section 5.01                             Form of Note. The Notes and the Trustee’s Certificate of Authentication to be endorsed thereon are to be substantially in the following forms:

 

[FORM OF FACE OF NOTE]

 

[IF THE NOTE IS TO BE A GLOBAL SECURITY, INSERT - THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE CLEARING AGENCY OR A NOMINEE OF THE CLEARING AGENCY. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.]

 

[UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

 

PARTNERRE FINANCE B LLC

 

3.700% Senior Notes due 2029

 

	
No. R-1
    	
 
    	
$500,000,000
   CUSIP No. 70213B AB7
    

 

PARTNERRE FINANCE B LLC, a limited liability company organized and existing under the laws of Delaware (hereinafter called the “Company”, which term includes any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the principal sum of FIVE HUNDRED MILLION dollars ($500,000,000) on July 2, 2029. The Company further promises to pay interest on said principal sum from June 19, 2019 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on January 2 and July 2 in each year, commencing on January 2, 2020 at the rate set forth above, until the principal hereof is paid or duly provided for. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months unless the period for which interest is to be paid consists of less than a 30-day month, in which case it will be computed on the basis of the actual number of days elapsed per 30-day month.

 

The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be December 17 or June 17 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Company in accordance with the terms of the Indenture, notice whereof shall be given by the Trustee to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the

 

6

 

Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture.

 

Payment of the principal of and interest due on the Maturity 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 Dollars. Payments of interest will be made, subject to such surrender where applicable, at the option of the Company, (i) by check mailed to the address of the Person entitled thereto at such address as shall appear in the Security Register or (ii) by wire transfer to an account maintained by the payee with a bank located in the United States.

 

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 referred to on the reverse hereof 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 Company has caused this instrument to be duly executed.

 

	
Dated: June 19,   2019
    	
 
    
	
 
    	
 
    
	
 
    	
PARTNERRE FINANCE B LLC
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

 

This is one of the Notes referred to in the within mentioned Indenture.

 

	
 
    	
THE BANK OF NEW YORK   MELLON, as Trustee
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Authorized Officer
    
	
 
    	
 
    
	
Dated: June 19,   2019
    	
 
    

 

[REVERSE OF NOTE]

 

This Note is one of a duly authorized issue of securities of the Company (herein called the “Notes”), issued and to be issued in one or more series under an Indenture, dated as of March 15, 2010 (herein called the “Base Indenture”), between the Company, the Guarantor and The Bank of New York Mellon, as trustee (herein called the “Trustee”), as amended and supplemented by a Second Supplemental Indenture, dated as of June 19, 2019 (the “Second Supplemental Indenture” and the Base Indenture as so supplemented, the “Indenture”), to which Indenture 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 Trustee, the Company and the Holders of the Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $500,000,000.

 

All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

The Notes are senior unsecured obligations of the Company and will rank equally in right of payment with all of the issuer’s unsecured indebtedness from time to time outstanding. However, the Notes will be contractually subordinated to all existing and future obligations of the Guarantor’s subsidiaries (other than the Company,

 

7

 

PartnerRe Finance II Inc. and PartnerRe Ireland Finance DAC), including amounts owed to holders of reinsurance and insurance policies issued by its reinsurance and insurance company subsidiaries.

 

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

 

The Indenture contains provisions for satisfaction, discharge and defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions set forth in the Indenture.

 

The Notes will not have a sinking fund.

 

The Company will be entitled to redeem the Notes as set forth below; provided that notwithstanding anything to the contrary set forth herein, (i) the Notes will not be redeemable at any time prior to June 19, 2022 without BMA Approval unless the Guarantor replaces the capital represented by the Notes to be redeemed with capital having equal or better capital treatment as the 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”) and (ii) the 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 Notes unless the Guarantor replaces the capital represented by the Notes to be redeemed with capital having equal or better capital treatment as the Notes under the Group Rules (clauses (i) and (ii), collectively, the “BMA Redemption Requirements”).

 

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 Guarantor 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 such date, its prior consent to the redemption of such Notes.

 

“ECR” means the enhanced capital and surplus requirement applicable to the Insurance Group and as defined in the Bermuda Insurance Act 1978, as amended from time to time, 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 Guarantor 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.

 

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“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.

 

Subject to the BMA Redemption Requirements, the Notes will be redeemable, at the option of the Company, at any time as a whole or from time to time in part, upon not less than 30 nor more than 60 days’ prior notice to the Holders of the Notes, on any date prior to their maturity. The Redemption Price for any redemption of Notes before April 2, 2029 shall be equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) the Discounted Present Value of the Notes to be redeemed, plus in each case accrued and unpaid interest on the principal amount of such Notes to, but excluding, the Redemption Date. The Redemption Price for any redemption of Notes on or after April 2, 2029 shall be equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest on such principal amount of such Notes to, but excluding, the Redemption Date. Installments of interest on the Notes for which the Redemption Date is after a Regular Record Date and on or before the following Interest Payment Date shall be payable to the Holders of such Notes registered as such at the close of business on the Regular Record Date therefor.

 

As used herein:

 

“Discounted Present Value” of any Note subject to optional redemption shall be equal to the sum of the present values of the remaining scheduled payments of principal and interest (excluding interest accrued to the Redemption Date) on such Note discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 25 basis points.

 

“Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the Remaining Life.

 

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

 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company.

 

“Reference Treasury Dealer” means each of (i) Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co. LLC and HSBC Securities (USA) Inc.  and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in the City of New York (a “Primary Treasury Dealer”), the Company will substitute another Primary Treasury Dealer and (ii) any two other Primary Treasury Dealers selected by the Independent Investment Banker after consultation with the Company.

 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by an 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 at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

“Treasury Rate” means, with respect to any redemption date, (i) 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 (519)” 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 term of the Notes to be redeemed (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 (ii) if such release (or any successor release) is not

 

9

 

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 will be calculated on the third Business Day preceding the Redemption Date.

 

If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot by The Depository Trust Company, in the case of Notes represented by a global note, or by the Trustee by lot, in the case of Notes that are not represented by a global note.

 

The Indenture permits, with certain exceptions as therein provided, the Company and the Trustee at any time to enter into a supplemental indenture or indentures for the purpose of modifying in any manner the rights and obligations of the Company and of the Holders of the Securities, with the consent of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series to be affected by such supplemental indenture. The Indenture also contains provisions permitting Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company 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 Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Securities Register, upon surrender of this Note for registration of transfer at the office or agency of the Company maintained under Section 10.02 of the Base Indenture duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes of this series, of authorized denominations 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 registration of transfer or exchange, but the Company or the Trustee may 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 Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. This global Security is exchangeable for Notes in definitive form only under certain limited circumstances set forth in the Indenture. Notes so issued are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the Base Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the Holder surrendering the same.

 

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 Company or the Guarantor or any of the Guarantor’s regulated operating subsidiaries to any Person in whose name this Note is registered or any creditor of the Company or the Guarantor or any of the Guarantor’s regulated operating subsidiaries. By acquiring this Note, the 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 Company or of the Guarantor or any of their affiliates to secure the rights of Holders.

 

No recourse shall be had for the payment of the principal of or the 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, shareholder, officer or director, past, present or future, as such, of the Company or of any predecessor or successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or

 

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penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly waived and released.

 

THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH STATE.

 

ARTICLE 6
 ORIGINAL ISSUE OF NOTES

 

Section 6.01          Original Issue of Notes. Notes in the aggregate principal amount not to exceed $500,000,000, except as provided in Section 2.01(b) hereof, may, upon execution of this Second Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company, signed by its Chief Executive Officer, President, any Senior Vice President, Vice President or Secretary, without any further action by the Company.

 

ARTICLE 7
 EVENTS OF DEFAULT

 

Solely with respect to the Notes (and not with respect to any other securities issued or outstanding as of the date hereof under the Indenture), for so long as any of the Notes remain outstanding, pursuant to Section 3.01(r) of the Base Indenture, Article 5 of the Base Indenture shall be supplemented with respect to the Notes by the following provision.

 

Section 7.01          Senior Debt Securities Guarantee Agreement. It shall be an Event of Default in respect of the Notes if the Senior Debt Securities Guarantee Agreement ceases to be in full force and effect (except as contemplated by the terms thereof and subject to the provisions of Article 9 hereof) or the Guarantor or a Person acting by or on behalf of the Guarantor denies or disaffirms the Guarantor’s obligations under this Indenture or the Senior Debt Securities Guarantee Agreement and such default continues for a period of 10 days after notice has been given by registered or certified mail, (i) to the Company or the Guarantor, as the case may be, by the Trustee or (ii) to the Company and the Trustee or the Guarantor and the Trustee, as the case may be, by the Holders of at least 25% in principal amount of the Outstanding Securities of such series, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder.

 

ARTICLE 8
 COVENANTS

 

Solely with respect to the Notes (and not with respect to any other securities issued or outstanding as of the date hereof under the Indenture), for so long as any of the Notes remain outstanding, pursuant to Section 3.01(r) of the Base Indenture, Article 10 of the Base Indenture shall be supplemented with respect to the Notes by the following provisions.

 

Until all the principal of and interest on each Note have been paid in full, the Company covenants and agrees with the Holders that:

 

Section 8.01          Activities of the Company. The Company’s activities shall be limited to issuing and repurchasing senior or subordinated debt instruments and lending the proceeds from the sale of any such senior or subordinated debt instruments to PartnerRe U.S. Corporation on terms identical in all material respects to the terms of the debt instruments issued by the Company in such transaction, and any other activities necessary or incidental to these activities. For the avoidance of doubt, the Company shall have no employees, shall acquire no real property and shall incur no material obligations other than the senior or subordinated debt obligations referred to in this Section 8.01.

 

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Section 8.02          Use of Proceeds. The Company shall use the proceeds of the Notes to repurchase any senior or subordinated debt instruments previously issued and outstanding and/or to acquire debt instruments of PartnerRe U.S. Corporation on terms identical in all material respects to those of these Notes and shall hold such debt instruments for so long as any Note remains outstanding. Any such debt instrument of PartnerRe U.S. Corporation shall be evidenced at all times by a note or agreement duly executed and delivered by PartnerRe U.S. Corporation. The Company shall modify or waive the terms of any such debt instrument of PartnerRe U.S. Corporation only if and to the extent that the terms of the Notes have been modified or waived in accordance with the terms of the Indenture.

 

Section 8.03          Proper Records. The Company will keep proper books of record and account in which complete and correct entries are made of all transactions relating to its business and activities.

 

Section 8.04          Compliance with Laws. The Company will comply with all laws, rules, regulations and orders of any government agency applicable to it or its property, except where failures to do so could not, in the aggregate, result in a material adverse effect on its ability to satisfy its obligations on the Notes.

 

Section 8.05          Liens. The Company shall not create, agree to create, incur, assume or suffer to exist any Lien upon or with respect to any of its property or assets, whether now owned or hereafter acquired; provided that nothing in this Section 8.05 shall prevent the creation, agreement to create, incurrence, assumption or existence of the following Liens:

 

(i)            Liens in respect of banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository or other financial institution; provided, however, that (x) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by the Company, and (y) such deposit account is not intended by the Company to provide collateral to the depository institution;

 

(ii)           Liens for taxes, assessments or governmental charges or levies not yet due, or Liens for taxes, assessments or governmental charges or levies being contested in good faith and by appropriate proceedings for which adequate reserves have been established in accordance with GAAP;

 

(iii)          judgment liens in respect of judgments that do not constitute an Event of Default; and

 

(iv)          any extension, renewal or replacement of the foregoing Liens.

 

ARTICLE 9
 RANKING

 

Section 9.01          Ranking. The Notes will be the Company’s senior unsecured indebtedness and will rank equally in right of payment with all of the Company’s unsecured indebtedness from time to time outstanding. However, the Notes will be contractually subordinated to all existing and future obligations of the Guarantor’s subsidiaries (other than the Company, PartnerRe Finance II Inc. and PartnerRe Ireland Finance DAC), including amounts owed to holders of reinsurance and insurance policies issued by its reinsurance and insurance company subsidiaries.

 

ARTICLE 10
 MODIFICATION AND WAIVER

 

Solely with respect to the Notes (and not with respect to any other securities issued or outstanding as of the date hereof under the Indenture), for so long as any of the Notes remain outstanding, the Company (when authorized by or pursuant to a Company’s Board Resolution), the Guarantor (when authorized pursuant to a Board Resolution of the Guarantor’s Board of Directors) and the Trustee may enter into an indenture or indentures supplemental hereto in accordance with Article 9 of the Base Indenture as amended and supplemented by the following provision.

 

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Section 10.01       Modification and Waiver. Notwithstanding anything to the contrary in the Indenture, no modification or amendment to the Stated Maturity or the principal of, or any premium or installment of interest on, or any Additional Amounts with respect to, any of the Notes is permitted without (i) the consent of the Holder of each Note affected thereby and (ii) BMA Approval.

 

ARTICLE 11
 ADDITIONAL TERMS

 

Section 11.01       Additional Terms. The Notes will not be convertible into shares of Common Stock or Preferred Stock of the Company and/or exchangeable for other securities. The amount of payments of principal with respect to the Notes shall not be determined with reference to an index, formula or other method or methods. No Notes are issuable upon the exercise of warrants. Each of Section 4.02(b) of the Base Indenture relating to defeasance and Section 4.02(c) of the Base Indenture relating to covenant defeasance shall apply to the Notes, and the covenants subject to Section 4.02(c) and Section 10.06 of the Base Indenture shall include the covenants set forth in, and made applicable to the Notes by, Article 8 of this Second Supplemental Indenture.

 

Section 11.02       No Rights of Set-off; No Encumbrances. The Notes will not in any way give rise to any rights of set-off, recoupments or counterclaims against any claims and obligations of the Company or the Guarantor or any of the Guarantor’s regulated operating subsidiaries to any Person in whose name the Notes are registered or any creditor of the Company or the Guarantor or any of the Guarantor’s regulated operating subsidiaries. By acquiring the 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 Company or the Guarantor or any of their affiliates to secure the rights of Holders.

 

ARTICLE 12
 AMENDMENTS TO BASE INDENTURE

 

Except as otherwise may be provided pursuant to Section 3.01 of the Base Indenture with respect to any particular Security issued on or after the date hereof, this Article 12 shall apply to Securities issued on or after the date hereof and to any Outstanding Securities, including the Notes; provided that the amendments in Section 12.01 shall apply to Securities issued on or after the date hereof only, including the Notes.

 

Section 12.01       Reports by Company.  Section 7.04 of the Base Indenture is hereby amended by amending and restating such section in its entirety, which shall read as follows:

 

Section 7.04.  Reports by Company.

 

(a)  The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the same is so filed with the Commission.  The Company shall transmit within 30 days after the filing thereof with the Trustee, in the manner and to the extent provided in Section 313(c) of the Trust Indenture Act, such summaries of any information, documents and reports required to be filed by the Company pursuant to this paragraph as may be required by rules and regulations prescribed from time to time by the Commission.

 

(b)  Delivery of such reports, information and documents to the Trustee is for information purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on an Officer’s Certificate).

 

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Section 12.02       Submission to Jurisdiction. Article I of the Base Indenture is hereby amended by amending and restating Section 1.19 in its entirety, which shall read as follows:

 

The Company agrees that any judicial proceedings instituted in relation to any matter arising under this Indenture, the Securities or any Coupons appertaining thereto may be brought in any United States Federal or New York State court sitting in the Borough of Manhattan, The City of New York, New York to the extent that such court has subject matter jurisdiction over the controversy, and, by execution and delivery of this Indenture, the Company hereby irrevocably accepts, generally and unconditionally, the jurisdiction of the aforesaid courts, acknowledges their competence and irrevocably agrees to be bound by any judgment rendered in such proceeding. The Company also irrevocably and unconditionally waives for the benefit of the Trustee and the Holders of the Securities and Coupons any immunity from jurisdiction and any immunity from legal process (whether through service or notice, attachment prior to judgment, attachment in the aid of execution, execution or otherwise) in respect of this Indenture. The Company hereby irrevocably designates and appoints, for the benefit of the Trustee and the Holders of the Securities and Coupons for the term of this Indenture, PartnerRe U.S. Corporation, 200 Stamford Place, Stamford, CT 06902, as its agent to receive on its behalf service of all process (with a copy of all such service of process to be delivered to the Company pursuant to Section 1.05) brought against it with respect to any such proceeding in any such court in The City of New York, such service being hereby acknowledged by the Company to be effective and binding service on it in every respect whether or not the Company shall then be doing or shall have at any time done business in New York. Such appointment shall be irrevocable so long as any of the Securities or Coupons or the obligations of the Company hereunder remain outstanding, or until the appointment of a successor by the Company located in New York or Connecticut and such successor’s acceptance of such appointment. Upon such acceptance, the Company shall notify the Trustee in writing of the name and address of such successor. The Company further agrees for the benefit of the Trustee and the Holders of the Securities and the Coupons to take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary to continue such designation and appointment of PartnerRe U.S. Corporation as its agent in full force and effect so long as any of the Securities or Coupons or the obligations of the Company hereunder shall be outstanding. The Trustee shall not be obligated and shall have no responsibility with respect to any failure by the Company to take any such action. Nothing herein shall affect the right to serve process in any other manner permitted by any law or limit the right of the Trustee or any Holder to institute proceedings against the Company in the courts of any other jurisdiction or jurisdictions.

 

Section 12.03       Definitions. Article I of the Base Indenture is hereby amended by amending and restating the definition of “Guarantor’s Board of Directors” in Section 1.01 in its entirety, which shall read as follows:

 

“Guarantor’s Board of Directors” means (i) the board of directors of the Guarantor or any committee of that board or (ii) any authorized officer of the Guarantor, in each case that are duly authorized to act generally or in any particular respect for the Guarantor hereunder.

 

ARTICLE 13
 MISCELLANEOUS

 

Section 13.01       Ratification of Indenture. The Indenture, as supplemented by this Second Supplemental Indenture, is in all respects ratified and confirmed, and this Second Supplemental Indenture shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided.

 

Section 13.02       Trustee Not Responsible for Recitals. The recitals herein contained are made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Second Supplemental Indenture.

 

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Section 13.03       Governing Law. This Second Supplemental Indenture and each Note shall be deemed to be a contract made under the laws of the State of New York, and for all purposes shall be construed in accordance with the laws of said State applicable to contracts made and to be performed entirely within said State.

 

Section 13.04       Separability. In case any one or more of the provisions contained in this Second Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Second Supplemental Indenture or of the Notes, but this Second Supplemental Indenture and the Notes shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein or therein.

 

Section 13.05       Counterparts. This Second Supplemental Indenture may be executed in any number of counterparts each of which shall be an original; but such counterparts shall together constitute but one and the same instrument.

 

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IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly executed by their respective officers thereunto duly authorized as of the day and year first above written.

 

	
 
    	
PARTNERRE FINANCE B   LLC, as Company
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Thomas L. Forsyth
    
	
 
    	
 
    	
Name: Thomas L. Forsyth
    
	
 
    	
 
    	
Title:   President & CEO
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTNERRE LTD., as Guarantor
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Mario Bonaccorso
    
	
 
    	
 
    	
Name: Mario Bonaccorso
    
	
 
    	
 
    	
Title:
    	
Executive Vice   President
    
	
 
    	
 
    	
 
    	
and Chief Financial   Officer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
THE BANK OF NEW YORK   MELLON, as Trustee
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Francine Kincaid
    
	
 
    	
 
    	
Name: Francine Kincaid
    
	
 
    	
 
    	
Title: Vice President
    

 

[Second Supplemental Indenture]

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