Document:

Investment Management Agreement, dated December 27, 2005

 Exhibit 10.15 

INVESTMENT MANAGEMENT AGREEMENT 

This Investment Management Agreement (“Agreement”) is entered into this
27th day of December, 2005, between Harbor Point Re
Limited (“Company”) and Pacific Investment Management Company LLC, a Delaware limited liability company (“Manager”), with reference to the following facts: 

WHEREAS, the Company has an investment portfolio consisting of certain securities which, together with all additions, substitutions and
changes, is referred to in this Agreement as the “Account;” and 
 WHEREAS, the Company desires to retain the Manager
as its investment counsel and to grant to the Manager the authority to manage the Account and the Manager is agreeable to managing the Account, upon the terms and conditions hereinafter set forth, 

NOW, THEREFORE, it is agreed as follows: 
  

	1.	Retention as Manager 

The Company hereby retains the Manager to provide investment management services with respect to the Account’s assets described in
Exhibit “A” attached hereto and those other assets which may from time to time be transferred to the Manager’s control upon the terms and conditions set forth herein, and the Manager hereby accepts the retention and agrees to
provide such investment management services. 
  

	2.	Assets Transferred to the Account 

The Company will determine what assets will be transferred to or from the Account from time to time. The Company shall notify the
Manager, in writing, of its determinations in this regard. 
  

	3.	Management of Assets 

The Manager shall manage all assets held in the Account. For this purpose, and subject only to the specific limitations made part of this
Agreement from time to time, the Manager shall have full investment authority and discretion and may purchase, sell, generally deal in or exchange assets (including securities, shares of open-end investment companies and other property relating to
the Account) for the Account as it shall determine; however, the Manager shall not act as custodian of the assets held in the Account. 

Section I: 
  

	 	x	Yes, futures and options authority has been granted in accordance with Appendix A, and Appendix A is hereby incorporated into this Agreement (defined terms used
therein shall have their respective meanings set forth herein). 

 or 

 

	 	 ̈	No, futures and options authority has not been granted, 

 

 

 Section II: 

 

	 	 ̈	Yes, In-Kind Securities will be transferred into the Account in accordance with Appendix B, and Appendix B is hereby incorporated into this Agreement (defined
terms used therein shall have their respective meanings set forth herein). 

 or 

 

	 	x	No, the Account will be funded solely with cash. 

Section III: 
  

	 	 ̈	Yes, authority to invest in PIMCO Funds has been granted in accordance with Appendix C, and Appendix C is hereby incorporated into this Agreement (defined terms
used therein shall have their respective meanings set forth herein). 

 or 

 

	 	x	No, authority to invest in PIMCO Funds has not been granted. 

The Manager further shall have authority to instruct the custodian to: (i) pay cash for securities and other property delivered to
the custodian for the Account, (ii) deliver securities and other property against payment for such Account, and (iii) transfer assets and funds to such brokerage accounts as the Manager may designate for collateral or margin purposes. The
Manager shall not have the authority to cause the Company to deliver securities and other property, or pay cash to the Manager other than payment of the management fee provided for in this Agreement. 

The Company agrees that Manager shall be solely responsible for voting all proxies related to assets in the Account. The Manager shall
maintain a record of how the Manager voted and such record shall be available to the Company upon its request. It is further understood that Manager need not and is not required to accept any direction concerning the voting of proxies from the
Company. The right of Manager to vote proxies shall continue until the earlier of the termination of the Agreement or such time as the Company specifically revokes Manager’s authority to vote proxies and specifically reserves such right to the
Company or to another. 
  

	4.	Investment Guidelines 

The Company shall supply the Manager with such information as the Manager shall reasonably require concerning the Account’s tax
position, liquidity requirements and other information useful in developing investment objectives. The investment guidelines agreed to by Manager and the Company as of the date of this Agreement are set forth on Exhibit “B” hereto.
Manager is authorized on behalf of the Account to enter into agreements and execute any documents required to make investments pursuant to the investment guidelines attached as Exhibit B hereto, as such exhibit may be amended from time to time,

 The guidelines may be changed by the written agreement of the parties. The Manager shall be entitled to rely upon oral and
written clarifications, supplements and modifications to the investment guidelines from the Company. Reasonable interpretations of the investment guidelines made in good faith by the Manager shall be binding upon the parties. The Manager shall use
its best efforts in managing the Account to attain such objectives. The Company understands and agrees that the Manager does not guarantee or represent that any investment objectives will be achieved. 

 

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 If the custodian enters into securities lending transactions on behalf of the Company, the
Company or the custodian shall be responsible for ensuring that the securities or other assets in the Account are available for sale at all times. The Company or the custodian shall be liable for any loss resulting from the sale by the Manager of a
security that is not available in the Account for settlement as a result of such securities lending transactions. Subject to the Manager’s applicable standard of care as set forth in Section 16 of this Agreement, to the extent that the
Manager initiates any securities lending transactions, the Manager shall be responsible for ensuring that the securities involved in such transactions are available to settle any trades initiated by the Manager. 

The Company represents and warrants that it is a “qualified institutional buyer” (“QIB”) as defined in Rule 144A
under the Securities Act of 1933, as amended, and will promptly notify the Manager if it ceases to be a QIB. 
  

	5.	Title and use of Custodian Bank 

Title to all investments shall be held in the name of the Company, provided that for convenience in buying, selling and exchanging
securities (stocks, bonds, commercial paper, etc.), title to such securities may be held in the name of the Account’s custodian bank, or its nominee, which bank shall be selected by the Company. Neither the Manager nor any parent, subsidiary or
related firm shall take custody or possession of or handle any cash, securities, mortgages or deeds of trust, or other indicia of ownership of the Account’s investments, or otherwise act as custodian of such investments, All cash and the
indicia of ownership of all other investments shall be held by the Account’s custodian bank. The Manager shall not be liable for any act or omission of such custodian bank. 

The Company shall instruct the Account’s custodian bank to (a) periodically advise the Manager as to the amount of cash or cash
equivalents available for investment in the Account; (b) carry out all investment transactions as may be directed, in writing, by the Manager; and (c) confirm all completed transactions, in writing, to the Manager. 

The custodian bank shall collect the interest and dividends on the Account’s investments in its custody and the Manager shall have
no responsibility in this regard, 
  

	6.	Use of Securities Broker 

Neither the Manager nor any parent, subsidiary or affiliated firm shall act as a securities broker with respect to any purchases or sales
of securities which may be made on behalf of the Account, provided that, subject to applicable legal and regulatory restrictions, this limitation shall not prevent the Manager from utilizing the services of a securities broker which is a parent or
subsidiary provided such broker provides best execution. Unless otherwise directed by the Company in writing, the Manager may utilize the service of whatever independent securities brokerage firm or firms it deems appropriate to the extent that such
firms are competitive with respect to price of services and execution. 
 The Manager shall not be liable for any act or
omission of any securities brokerage firm or firms designated by the Company or chosen with reasonable care. 
  

 Page 3 

 

 

 The Manager shall maintain a log of all transactions placed through all securities brokerage
firms, including the name of the firm, a description of each transaction (including the amount and the securities involved), the date of each transaction, and the amount of fees or commissions paid. 

 

	7.	Access to Records and Documents 

All records and documents relating to the Account’s investments directed by the Manager shall be made available for inspection or
audit by the Company or by a qualified public accountant acting on its behalf, at the Manager’s business offices at any time during normal business hours upon reasonable prior notice. 

 

	8.	Reports by Manager 

 The
Manager shall make such written quarterly and annual reports concerning its investment management activities as may be requested by the Company. 
  

	9.	Attendance at Meetings 

A representative of the Manager shall personally meet with the Company’s representatives to explain the investment management
activities, and any reports related thereto, as may reasonably be requested by the Company. 
  

	10.	Aggregation of Orders 

Provided the investment objectives of the Account are adhered to, the Company agrees that the Manager may aggregate sales and purchase
orders of securities, commodities and other investments held in the Account with similar orders being made simultaneously for other accounts managed by the Manager or with accounts of the affiliates of Manager, if in the Manager’s reasonable
judgment such aggregation shall result in an overall economic benefit to the Account taking into consideration the advantageous selling or purchase price, brokerage commission and other expenses. The Company acknowledges that the determination of
such economic benefit to the Account by the Manager represents the Manager’s evaluation that the Account is benefited by relatively better purchase or sales prices, lower commission expenses and beneficial timing of transactions or a
combination of these and other factors. 
  

	11.	Unrelated Transactions 

The Manager shall devote such part of its time as is reasonably needed for the services contemplated under this Agreement; provided,
however, that this Agreement shall not prevent the Manager from rendering similar services to other persons, trusts, corporations or other entities. Nothing in this Agreement shall limit or restrict the Manager or any of its officers, affiliates or
employees from, as permitted by law, buying, selling or trading in any securities for its own or their own accounts. The Company acknowledges that the Manager and its officers, affiliates and employees, and the Manager’s other clients may as
permitted by law at any time have, acquire, increase, decrease, or dispose of positions in investments which are at the same time being acquired for or disposed of from the Account. As permitted by law, the Manager shall have no obligation to
acquire for the Account a position in any investment which the Manager, its officers, affiliates or employees may acquire for its or their own accounts or for the account of another client, if in the

  

 Page 4 

 

 

 
sole discretion of the Manager, it is not feasible or desirable to acquire a position in such investment for the Account. 

 

	12.	Fees 

 For the services
specified in this Agreement, the Company agrees to pay fees as set forth in Exhibit “C” hereto and made a part hereof, for each calendar quarter during the term hereof commencing on January 3, 2006, 2005, and continuing
thereafter for each such calendar quarter based on a statement for such fees submitted to the Company, and the Company agrees to remit payment promptly. 

The Company acknowledges and agrees that, for performance analysis purposes, the performance inception date of this Account is
January 31, 2006, 2005. 
  

	13.	Assignment 

 In
accordance with Sections 205(a)(2) and 205(a)(3) of the Investment Advisers Act of 1940, no assignment of this Agreement shall be made by the Manager without the consent of the Company. 

The Manager may delegate portfolio management duties to its affiliates and may share such information as necessary to accomplish these
purposes. In all cases, the Manager shall remain liable as if such services were provided directly. No additional fees shall be imposed for such services except as otherwise agreed. 

 

	14.	Notices 

 Any written
notice required by or pertaining to this Agreement shall be personally delivered to the party for whom it is intended, at the address stated below, or shall be sent to such party by prepaid first class mail or facsimile. 

 

			
		  	Harbor Point Re Limited
	 If to the Company:
	  	The Belvedere Building
		  	69 Pitts Bay Road, Pembroke HM 08
		  	Hamilton, Bermuda
		  	Fax:441-296-1827
		  	Attention: Mr, John Berger
		
		  	Pacific Investment Management Company LLC
	 If to the Manager:
	  	840 Newport Center Drive
		  	Newport Beach, CA 92660
		  	Fax: 949-720-1376
		  	Attention: Chief Legal Officer
		  	cc: Scott Millimet

  

	15.	Term 

 This Agreement
shall be effective as of the date hereof, and shall continue on a month-to-month basis thereafter until terminated. Either party may terminate this Agreement at the end of a 

 

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particular month by giving thirty (30) days’ advance notice to the other party. Notwithstanding the foregoing, the Company may terminate the authority of the Manager to manage the
Account at any time, such termination to be effective as of the effective date of notice thereof to the Manager, but the Manager shall be entitled to the fees payable hereunder for thirty (30) days thereafter. 

 

	16.	Liability 

 The Manager
shall not be liable to the Company for the acts or omissions of any other fiduciary or other person respecting the Account. The Manager shall not be liable to the Company for any losses or damages of the Company except those resulting from the gross
negligence, willful misconduct or intentional misfeasance of the Manager. Nothing in this Agreement shall in anyway constitute a waiver or limitation of any rights which may not be so limited or waived in accordance with applicable law. Without
limiting the generality of the foregoing, the Manager will not be liable for any indirect, special, incidental or consequential damages. 

The Manager is expressly authorized to rely upon any and all instructions, approvals and notices given on behalf of the Company by any
one or more of those persons designated as representatives of the Company whose names, titles and specimen signatures appear in Exhibit “D” attached hereto. The Company may amend such Exhibit D from time to time by written notice to
the Manager. The Manager shall continue to rely upon these instructions until notified by the Company to the contrary. 
 The
Manager shall not be deemed to have breached this agreement or the investment guidelines in connection with fluctuations arising from market movements and other events outside the control of the Manager. 

 

	17.	Confidential Information 

The Manager shall maintain the strictest confidence regarding the business affairs of the Account. Written reports furnished by the
Manager to the Company shall be treated by the Company and the Manager as confidential and for the exclusive use and benefit of the Company except as disclosure may be required by applicable law. 

 

	18.	Representations and Agreements of the Company 

The Company represents to the Manager that the Company has all necessary power and authority to execute, deliver and perform this
Agreement and all transactions contemplated hereby, and such execution, delivery and performance will not violate any applicable law, rule, regulation, governing document (e.g., Certificate of Incorporation or Bylaws), contract or other
material agreement binding upon the Company. If Appendix A and/or Appendix B are applicable, the Company makes the acknowledgments, representations and warranties as are set forth therein. 

The Company represents that the assets of the Account do not constitute assets of (a) an employee benefit plan (as defined in
Section 3(3) of the Employee Retirement Income Security Act of 1974 (“ERISA”)), whether or not subject to Title I of ERISA; (b) a plan described in Section 4975(e)(l) of the Internal Revenue Code; or, (c) an entity
whose underlying assets are assets of a plan described in (a) or (b) by reason of such plan’s investment in the entity. 
  

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	19.	Delivery of Part II of Form ADV 

Concurrently with the execution of this Agreement, the Manager is delivering to the Company a copy of Part II of its Form ADV, as
revised, on file with the Securities and Exchange Commission. The Company acknowledges receipt of such copy. 
  

	20.	Special Termination Rights 

Notwithstanding anything in Section 15 to the contrary, the Company may terminate this Agreement without penalty within five
(5) business days of its execution of this Agreement by giving written notice to such effect to the Manager within such five (5) business day period. 
  

	21.	Miscellaneous 

 The
Company agrees that it shall promptly notify the Manager (i) of any changes regarding the information about itself in this Agreement, or (ii) if any of the Company’s representations or warranties in Section 18 hereof are no
longer true or completely accurate. 
 This Agreement may be amended at any time but only by the mutual agreement of the
parties, in writing. 
 This Agreement shall be construed and interpreted in accordance with the laws of the State of
California. 
 This Agreement constitutes the entire agreement between the parties and supersedes in their entirety all prior
agreements between the parties relating to the subject matter hereof. 
 This Agreement shall be executed in two counterparts,
each of which shall be considered to be an original. 
 EXECUTED on the date first above written. 

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC 

							
				
	By:	 	 /s/ James F. Muzzy
	 		 	
	Name: Title:	 	 James F. Muzzy
 Managing
Director
	 	 

 HARBOR POINT RE LIMITED

  

			
	By:	 	 /s/ John Berger

	Name:	 	John Berger
	Title:	 	President

  

 Page 7Alterra Capital Holdings Director Compensation Plan

 Exhibit 10.16 

2010 DIRECTORS ANNUAL COMPENSATION PROGRAM 

Alterra Capital Holdings Limited (the “Company”) has established the 2010 Directors Annual Compensation Program (the
“Program”) to compensate the non-employee directors of the Company for their service to the Board of Directors (the “Board”) and its committees. The terms of the Program are as set forth below. 

 

	 	1.	Eligibility. Any member of the Board who is not an employee of the Company or a subsidiary of the Company (a “non-employee Director”) shall be
entitled to the compensation specified herein and shall be a “Participant” in the Program from and after the earlier of (i) August 3, 2010 (the “Effective Date”) and (ii) the date on which such Participant
becomes a member of the Board and is otherwise eligible to participate in the Program. 

  

	 	2.	Program Year. For purposes of this Program, the Program Year shall mean the period beginning immediately following the consummation of the Company’s annual
general meeting of shareholders (“AGM”) and ending immediately prior to the commencement of the next AGM, which period would generally be expected to be approximately twelve (12) months in length. The first Program Year shall
commence on the Effective Date and extend until immediately prior to the commencement of the Company’s next AGM. 

  

	 	3.	Stock Compensation. Subject to share availability under the Company’s 2008 Incentive Plan or any similar plan adopted by the Board, each Participant shall
be entitled to a grant of Company restricted common shares or restricted stock units (at the election of the Participant) as set forth in the attached schedule on the first business day following the AGM, provided that the Participant is a
non-employee Director as of such date. The Compensation Committee shall also have the authority, in its discretion, to make grants of Company restricted common shares or restricted stock units to Participants upon their election or appointment to
the Board. Any Company restricted common shares or restricted stock units shall be granted under the Company’s 2008 Incentive Plan or any similar plan adopted by the Board and shall be subject to the terms of the plan and the applicable award
agreement (including the adjustment provisions thereof). Shares issued pursuant to this Paragraph 3 do not constitute a separate source of common shares for the grant of equity compensation described herein. 

 

	 	4.	 Cash Compensation. Each Participant shall be entitled to a cash amount as may be recommended from time to time by the Compensation Committee of
the Board and approved by the Board consisting of (i) an annual retainer for services as a non-employee Director during the Program Year; (ii) meeting fees for each meeting of the Board or any committee (and each information session or
presentation) that the Participant attends in his or her role as a member of the 

	 	 
Board or applicable committee during the Program Year; and (iii) any other fees as may be deemed appropriate for service as chairman of the Board or any committee, lead director or
otherwise. 

  

	 	5.	Common Shares in Lieu of Cash Compensation. Subject to the terms of the Company’s procedures and policies regarding securities trading and equity award
grants, each as may be amended from time to time, Participants may elect to receive Company common shares in lieu of any cash annual retainers, meeting fees and/or other fees that would otherwise be payable to them by executing an election form,
substantially in the form attached hereto as Exhibit A, and delivering it to the Company at least thirty (30) days prior to the anticipated commencement of the Program Year. Pursuant to the terms of the election form, a Participant shall
make an election to receive common shares as a percentage of cash compensation payable to the Participant ranging from 0% to 100% (in 25% percent increments). Any fractional shares will be paid in cash notwithstanding a Participant’s election.

 Any election to receive Company common shares shall contain, and the Participant shall make, the following
representation: 
 “The Participant represents, warrants, agrees, acknowledges and covenants that the Participant does
not have in his or her possession, and is not electing to receive common shares in lieu of cash compensation “on the basis of” (as defined in Rule 10b5-1(b) under the Securities Exchange Act of 1934, as amended), any material nonpublic
information concerning the common shares or the business, operations or prospects of the Company and is making the election in good faith.” 

Any such election to receive Company common shares shall be effective at the commencement of the following Program Year and shall
be irrevocable for such Program Year. However, prior to the election deadline for the following Program Year, a Participant may change his or her election for future Program Years by executing and delivering a new election form to the
Company. Elections shall remain in effect for succeeding Program Years unless timely revoked. If no election form is received in a timely manner, the annual retainer, meeting and other fees for such Participant will be paid in cash. Any Company
common shares issued to Participants pursuant to such election will be issued under the Company’s 2008 Incentive Plan or any similar plan adopted by the Board or any distinct share registration in contemplation of this Program, subject to share
availability thereunder, and will be fully vested as of the date of grant. 
  

	 	6.	 Payment. Subject to any election made pursuant to Paragraph 5 hereof, each Participant shall receive a lump sum cash payment of any annual
retainer for the following Program Year within 30 days following the consummation of the AGM, subject to his or her service as a director on such payment date. For example, for the Program Year commencing August 3, 2010, the annual
retainer for such 

	 	 
Program Year will be paid in advance no later than September 2, 2010. Each Participant shall receive a lump sum cash payment of any Board meeting and committee meeting fees and any other
fees owed for the prior Program Year within 30 days following the conclusion of the Program Year and in all cases in the calendar year during which the applicable Program Year ends. For example, assuming that the first Program Year commences
on August 3, 2010 and ends immediately prior to the commencement of the AGM on August 3, 2011, meeting fees and any other fees will be accumulated and paid within 30 days following August 3, 2011, or no later than September 2,
2011. Each Participant may designate that his or her cash payments (but not Company common shares) shall be paid to a third party by notifying the Company of such designation in a manner established by the Company. Each Participant who elects to
receive Company common shares in lieu of any cash annual retainers, meeting and/or other fees shall be issued such number of Company common shares as are determined by dividing the amount of cash compensation owed by the closing sales price of the
Company common shares on the payment date). 

  

	 	7.	Cessation of Service. Upon ceasing to be a non-employee Director, such person will no longer be deemed a “Participant” and shall no longer be eligible
to receive Company common shares pursuant to the Program and any amounts owing to such person pursuant to Paragraph 4 hereof shall be paid in cash within 30 days following cessation of his or her service as a non-employee Director. The treatment of
stock compensation granted pursuant to Paragraph 3 upon cessation of service shall be governed by the terms of the applicable plan and award agreement(s). 

  

	 	8.	Per Diem Compensation. To the extent that a Participant performs specific tasks on behalf of and at the direction of the Board, the Board may determine to
compensate such Participant on a per diem basis in an amount equal to a meeting fee or such other fee as the Board may deem appropriate. 

  

	 	9.	Expense Reimbursement. Participants shall be entitled to be reimbursed for reasonable and customary out-of-pocket expenses incurred in attending meetings of the
Board and its committees, including airfare and accommodation expenses in accordance with policies established by the Company. In no event will reimbursements be made later than December 31 of the year following the year in which the expense
was incurred. Reimbursements in one calendar year shall not affect the amount of reimbursements provided in any other calendar year and a Participant’s rights pursuant to this Paragraph 9 shall not be subject to liquidation or exchange for
another benefit. 

  

	 	10.	Taxes. Any tax consequences that arise from participation in the Program shall be the responsibility of the Participant. 

 

	 	11.	Governing Law. The Program shall be governed by the laws of Bermuda. 

	 	12.	Successors. All obligations of the Company under the Program shall be binding on any successor to the Company, whether the existence of such successor is the
result of a direct or indirect merger, consolidation, amalgamation, purchase of all or substantially all of the business and/or assets of the Company or otherwise. 

 

	 	13.	Amendment and Termination. This Program may be amended or terminated at any time by the Board, provided that, no amendment shall be given effect without the
consent of a Participant to the extent that it would have the effect of reducing the amount payable to the Participant under the Program for periods prior to the effective date of the amendment. 

 

	 	14.	No Right to Continued Board Membership. Nothing herein shall be construed as giving a Participant the right to be retained as a non-employee Director. The Board
or any committee thereof may at any time fail or refuse to nominate a Participant for election to the Board, and the shareholders of the Company may at any election fail or refuse to elect any Participant to the Board free from any liability or
claim under this Program. 

  

	 	15.	Section 409A Compliance. The Program is intended to comply with Section 409A of the Code and shall be interpreted accordingly. To the extent required
by Section 409A of the Code, any payments to be made to a Participant upon such Participant’s cessation of service will be made only if such cessation of service constitutes a “separation from service” within the meaning of
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). The Company makes no representations or covenants that this Program complies with Section 409A of the Code. 

 

	 	16.	Administration. The Program shall be administered by the Compensation Committee of the Board which shall be authorized to interpret the Program, create rules for
its administration and correct any defect or supply any omission. The decisions of the Compensation Committee of the Board shall be final and binding. 

 CURRENT DIRECTORS FEES 

(As of August 3, 2010) 
  

			
	Description	  	Fee
	Director Annual Retainer	  	$50,000
	Director Annual Retainer	  	4,000 restricted common shares or 4,000 restricted stock units (at the election of the director)
	Non-executive Chairman Annual Retainer	  	$100,000
	Audit and Risk Management Committee Chairman Annual Retainer	  	$25,000
	Compensation Committee Chairman Annual Retainer	  	$15,000
	Other Committee Chairman Annual Retainer	  	$10,000
	Board Meeting Fee	  	$2,500
	Committee Meeting Fee	  	$2,500

 EXHIBIT A 

ALTERRA CAPITAL HOLDINGS LIMITED 

2010 DIRECTORS ANNUAL COMPENSATION PROGRAM 

Non-Employee Director Election Form for 

the Program Year Commencing [Insert date] (the “[TBA] Program Year”) 

 

	To:	Alterra Capital Holdings Limited (the “Company”) 

The undersigned, being a duly elected non-employee member of the Board of Directors of the Company, hereby irrevocably elects, acknowledges and directs
that: 
 Election 
 The cash
compensation payable to me for services performed during the [TBA] Program Year (including service as chairman of the Board, or chairman of any committee, or as lead director, or for any meeting fees or other fees payable to me), shall be
paid to me within 30 days following the consummation of the AGM for such Program Year subject to my continued service as a non-employee Director on such date, as follows (check one): 

 

	 ̈	100% of my compensation shall be paid in Company common shares (“Shares”) 

 

	 ̈	75% of my compensation shall be paid in Shares 

  

	 ̈	50% of my compensation shall be paid in Shares 

  

	 ̈	25% of my compensation shall be paid in Shares 

  

	 ̈	0% of my compensation shall be paid in Shares 

Number of Shares Issued. 
 I acknowledge
that the number of Shares I will receive for the [TBA] Program Year pursuant to the elections set forth herein will be determined in accordance with Paragraph 6 of the 2010 Directors Annual Compensation Program. 

Representation. 
 I represent, warrant,
agree, acknowledge and covenant that I do not have in my possession, and am not electing to receive common shares in lieu of cash compensation “on the basis of” (as defined in Rule 10b5-1(b) under the Securities Exchange Act of

 
1934, as amended), any material nonpublic information concerning the common shares or the business, operations or prospects of the Company and I am making the election in good faith. 

YOUR ELECTION TO RECEIVE CASH OR SHARES SHALL BE IRREVOCABLE FOR THE [TBA] PROGRAM YEAR. YOU MUST SUBMIT YOUR ELECTION FORM TO THE COMPANY NO LATER
THAN [INSERT DATE]. If the Election Form is received later than [insert date] or no Election Form is received, you will be deemed to have made an election to receive your annual retainer, your meeting fees and any other fees for the
[TBA] Program Year in cash. Any fractional Shares will be paid in cash. 
 THIS ELECTION FORM WILL REMAIN IN EFFECT FOR THE [TBA]
PROGRAM YEAR AND WILL CONTINUE IN EFFECT FOR EACH SUBSEQUENT PROGRAM YEAR, UNLESS YOU EXECUTE A NEW ELECTION FORM PRIOR TO THE DEADLINE FOR SUBMITTING ELECTIONS FOR SUCH PROGRAM YEAR. 

Capitalized terms not defined herein shall have the meanings given to them in the 2010 Directors Annual Compensation Program. I have read and understood
the terms of the 2010 Directors Annual Compensation Program. I am not relying on any representation of the Company in making the elections set forth herein. 

Dated effective as of the              day of
                    , 20    . 
  

	
	  
 Name

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