Document:

Form of Restricted Stock Unit Award Agreement

 Exhibit 10.1 
 Executive Officers – Performance Vesting 
 ResMed Inc. 
 Summary for Restricted Stock Unit 
 Award Agreement 
 (Executive Officers)

  

					
	 1.
	  	Holder.	  	[PARTICIPANT NAME]
			
	 2.
	  	Grant Date.	  	[GRANT DATE]
			
	 3.
	  	Number of RSUs.	  	[TOTAL NUMBER OF RSUs GRANTED]
		
	 4.
	  	Vesting Schedule. Subject to the terms of the Agreement, including the terms requiring the RSUs to be earned based on the satisfaction of a specified Performance
Condition, 25% of the outstanding RSUs shall vest and become nonforfeitable on each November 11 following the Grant Date.

 Executive Officers – Performance Vesting 
 RESMED INC. 
 RESTRICTED STOCK UNIT AWARD AGREEMENT 
 This Restricted Stock Unit Award Agreement (the
“Agreement”) sets forth the terms and conditions of the restricted stock units (“Restricted Stock Units” or “RSUs”) granted by ResMed Inc., a Delaware corporation (the
“Company”), under the ResMed Inc. 2009 Incentive Award Plan, as amended from time to time (the “Plan”), and pursuant to the Summary of Restricted Stock Unit Award Grant (the
“Summary”) displayed at the Web site of the Company’s option plan administrator. The Summary specifies the person to whom the RSUs are granted (“Holder”), the grant date of the RSUs (the
“Grant Date”), the vesting schedule of the RSUs (the “Vesting Schedule”), the aggregate number of RSUs granted to Holder, and other specific details of the grant. The Summary also indicates whether the
Holder has accepted the grant of RSUs. The Summary is deemed part of this Agreement. 
 ARTICLE 1. 
 GENERAL 
 1.1 Defined Terms. Capitalized terms not specifically defined herein shall have the meanings specified in the Plan and the Summary. As used herein, the term “Restricted Stock Unit” and “RSU” shall mean a
non-voting unit of measurement which represents the right to receive one share of Common Stock for each unit that vests (subject to adjustment as provided in Section 11.3 of the Plan) solely for purposes of the Plan and this Agreement. The RSUs
shall be used solely as a device for the determination of the issuance of shares of Common Stock to eventually be made to Holder if and to the extent such RSUs vest pursuant to Section 2.2 hereof. The RSUs shall not be treated as property or as
a trust fund of any kind. 
 1.2 Incorporation of Terms of Plan, Summary and Appendices I and II. The RSUs are subject to
the terms and conditions of the Plan, the Summary, and, to the extent applicable, Appendix I hereto (which sets forth additional legal requirements, terms and conditions as may be required by Holder’s country), and Appendix II
(which sets forth certain performance conditions applicable to the RSUs), each of which is incorporated herein by reference. In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control. To the extent
applicable, in the event of any inconsistency between this Agreement and Appendices I and II, the terms of Appendices I and II shall control. 
 ARTICLE 2. 
 GRANT OF RESTRICTED STOCK UNITS 
 2.1 Grant of RSUs. In consideration of Holder’s continued employment with or service to the Company or a Subsidiary and for
other good and valuable consideration, effective as of the Grant Date, the Company grants to Holder an award of RSUs as set forth in the Summary, upon the terms and conditions set forth in the Summary, the Plan and this Agreement, and to the extent
applicable, Appendix I hereto, and Appendix II hereto. 

 2.2 RSUs subject to a Performance Condition; Vesting Schedule. 
 (a) Appendix II attached hereto sets forth a Performance Condition that must be satisfied in order for the RSUs to be earned.
The Performance Condition is based on the Company’s financial performance compared to certain pre-established criteria over certain specified periods, as set forth on Appendix II. The Compensation Committee shall certify the extent to which the
Performance Condition has been satisfied and the RSUs have been earned, with such certification occurring no later than the first November 10 following the Grant Date. Any unvested RSUs for which the Performance Condition has not been satisfied
shall be automatically forfeited, terminated and cancelled effective as of the date of such written certification of the Compensation Committee, without the payment of any consideration by the Company, and Holder, or Holder’s beneficiary or
personal representative, as the case may be, shall have no further rights with respect to such RSUs under the Agreement. 
 (b) Subject to Sections 2.2(c) and 2.4 hereof, the RSUs awarded pursuant to the Summary and earned in accordance with Appendix II will vest and become nonforfeitable with respect to the applicable portion
thereof according to the Vesting Schedule set forth in the Summary, subject to Holder’s continued employment or services through the applicable vesting dates, as a condition to the vesting of the applicable installment of the RSUs and the
rights and benefits under this Agreement. Unless otherwise determined by the Administrator, partial employment or service, even if substantial, during any vesting period will not entitle Holder to any proportionate vesting or avoid or mitigate a
termination of rights and benefits upon or following a Termination of Service as provided in Section 2.2 hereof or under the Plan. 
 (c) Notwithstanding Section 2.2(b) hereof, Appendix II and the Summary, and subject to Section 2.4 hereof, the RSUs, to the extent then outstanding and not previously forfeited, shall become
fully vested and nonforfeitable in the event of a Change in Control as of the date of such Change in Control. 
 2.3
Consideration to the Company. In consideration of the grant of RSUs by the Company, Holder agrees to render faithful and efficient services to the Company and its Subsidiaries. Nothing in the Plan or this Agreement, nor Holder’s
participation in the Plan, shall confer upon Holder any right to continue in the employ or service of the Company or any Subsidiary or shall interfere with or restrict in any way the rights of the Company and its Subsidiaries, which rights are
hereby expressly reserved, to discharge or terminate the services of Holder at any time for any reason whatsoever, with or without cause, except to the extent expressly provided otherwise in a written agreement between the Company or a Subsidiary
and Holder. In the event that Holder is not an Employee, Director or Consultant of the Company, the grant will not be interpreted to form an employment or service contract with the Company or any of its Subsidiaries. 
 2.4 Forfeiture, Termination and Cancellation upon Termination of Service. Notwithstanding any contrary provision of this Agreement,
upon Holder’s Termination of Service for any or no reason, all then unvested RSUs subject to this Agreement (including, without limitation, RSUs that have been earned in accordance with Appendix II) will thereupon be automatically forfeited,
terminated and cancelled as of the applicable termination date without payment of any consideration by the Company, and Holder, or Holder’s beneficiary or personal representative, as the case may be, shall have no further rights hereunder. For
purposes of this Agreement, the employment relationship of Holder will be treated as continuing intact while he or she is on military or sick leave or other bona fide leave of absence if such leave does not exceed ninety days, so long as his or her
right to re-employment is guaranteed either by statute or by contract, or in any other circumstance as may be required by law. 
  

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 2.5 Issuance of Shares upon Vesting. 
 (a) Subject to Appendix II, as soon as administratively practicable following the vesting of any earned RSUs pursuant
to Section 2.2 hereof, but in no event later than sixty (60) days after such vesting date (for the avoidance of doubt, this deadline is intended to comply with the “short-term deferral” exemption from Section 409A of the
Code), the Company shall deliver to Holder (or any transferee permitted under Section 3.2 hereof) a number of shares of Common Stock equal to the number of such RSUs that vested on the applicable vesting date, less to the extent applicable, the
number of shares of Common Stock withheld in accordance with Section 2.5(b). The shares of Common Stock delivered hereby shall be represented either by one or more stock certificates or by book entry, as determined by the Company in its sole
discretion. Notwithstanding the foregoing, in the event shares of Common Stock cannot be issued in the time frame specified above due to the effects of Section 2.6(a), (b) or (c) hereof, then the shares of Common Stock shall be issued
as soon as administratively practicable after the Administrator determines that shares of Common Stock can again be issued in accordance with Sections 2.6(a), (b) and (c) hereof (but in no event later than the deadline required to comply
with the “short-term deferral” exemption under Section 409A of the Code). 
 (b) Notwithstanding
anything to the contrary in this Agreement, the Company shall be entitled to require payment of any sums required by applicable law to be withheld or paid with respect to the grant or vesting of RSUs or the issuance of shares of Common Stock. For
Holders subject to U.S. taxation (and all other Holders not subject to U.S. taxation, to the extent so required by the Company), the Company shall in satisfaction of the amount required to be withheld or paid withhold from the number of shares of
Common Stock issuable upon vesting of the RSUs such number of shares of Common Stock having a Fair Market Value on the date of delivery equal to the minimum amount required to be so withheld or paid by applicable law. For all other Holders, such
payment shall be made by deduction from other compensation payable to Holder or in such other form of consideration acceptable to the Company, in such manner to be determined in the sole discretion of the Company, including, to the extent so
permitted by the Company: 
 (i) Check; 
 (ii) Surrender or withholding of vested shares of Common Stock (including, without limitation, shares of Common Stock
otherwise issuable under the RSUs) held for such period of time as may be required by the Administrator in order to avoid adverse accounting consequences and having a Fair Market Value on the date of delivery equal to the minimum amount required to
be withheld by applicable law; or 
 (iii) Other property acceptable to the Administrator (including, without
limitation, through the delivery of a notice that Holder has placed a market sell order with a broker with respect to shares of Common Stock then issuable under the RSUs, and that the broker has been directed to pay a sufficient portion of the net
proceeds of the sale to the Company in satisfaction of its withholding obligations; provided that payment of such proceeds is then made to the Company at such time as may be required by the Company, but in any event not later than the
settlement of such sale); or 
 (iv) Any combination of the foregoing. 
  

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 The Company shall not be obligated to deliver any new certificate representing shares of Common Stock to
Holder or Holder’s legal representative or enter such shares of Common Stock in book entry form unless and until Holder or Holder’s legal representative shall have paid or otherwise satisfied in full the amount of all federal, state and
local taxes applicable to the taxable income of Holder and all required social insurance contributions resulting from the grant or vesting of the RSUs or the issuance of shares of Common Stock. The Company makes no representations or undertakings
regarding the tax treatment of the RSUs. The liability for all applicable amounts to be withheld is the Holder’s responsibility. 
 (c) The Company, in its discretion, may in the future approve terms, policies and procedures permitting the deferral of receipt of shares of Common Stock issuable pursuant to vested RSUs. To the extent
the Company approves such terms, policies and procedures as applicable to the RSUs granted hereby, such terms, policies and procedures shall become a part of this Agreement upon acceptance by the Holder. 
 2.6 Conditions to Delivery of Common Stock; Legal Requirements. The shares of Common Stock deliverable hereunder, or any portion
thereof, may be either previously authorized but unissued shares of Common Stock or issued shares of Common Stock which have then been reacquired by the Company. Such shares of Common Stock shall be fully paid and nonassessable. The Company shall
not be required to issue or deliver any shares of Common Stock deliverable hereunder or portion thereof prior to fulfillment of all of the following conditions: 
 (a) The admission of such shares of Common Stock to listing on all stock exchanges on which such Common Stock is then listed;

 (b) The completion and maintenance of any registration or other qualification of such shares of Common Stock
under any state, federal or foreign law or under rulings or regulations of the Securities and Exchange Commission or of any other governmental regulatory body, which the Administrator shall, in its absolute discretion, deem necessary or advisable;

 (c) The obtaining of any approval or other clearance from any state, federal or foreign governmental agency
which the Administrator shall, in its absolute discretion, determine to be necessary or advisable; 
 (d) The
receipt by the Company of full payment for such shares of Common Stock, including payment of any applicable withholding tax or social insurance contributions, which may be in one or more of the forms of consideration permitted under Section 2.5
hereof; and 
 (e) The lapse of such reasonable period of time following the vesting of any RSUs as the
Administrator may from time to time establish for reasons of administrative convenience. 
 2.7 Rights as Stockholder.
The Holder shall not be, nor have any of the rights or privileges of, a stockholder of the Company, including, without limitation, voting rights and rights to dividends, in respect of the RSUs and any shares of Common Stock underlying the RSUs and
deliverable hereunder unless and until such shares of Common Stock shall have been issued by the Company and held of record by such Holder (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of
the Company). No adjustment will be made for a dividend or other right for which the record date is prior to the date the shares of Common Stock are issued, except as provided in Section 11.3 of the Plan. No Dividend Equivalent awards shall be
awarded in respect of any unvested RSUs. 
  

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 ARTICLE 3. 
 OTHER PROVISIONS 
 3.1 Administration. The
Administrator shall have the power to interpret the Plan and this Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret, amend or revoke any such rules. All
actions taken and all interpretations and determinations made by the Administrator in good faith shall be final and binding upon Holder, the Company and all other interested persons. No member of the Committee or the Board shall be personally liable
for any action, determination or interpretation made in good faith with respect to the Plan, this Agreement or the RSUs. 
 3.2
Grant is Not Transferable. 
 (a) Except as set forth in Section 3.2(b), during the lifetime of
Holder, the RSUs may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the shares of Common Stock underlying the vested RSUs have been issued. Neither the RSUs
nor any interest or right therein shall be liable for the debts, contracts or engagements of Holder or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any
other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be
null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence. 
 (b) Notwithstanding the foregoing provisions of subsection 3.2(a), the Administrator, in its sole discretion, may permit the transfer of RSUs held by the Holder (i) pursuant to a DRO, or (ii) by gift or contribution to a Permitted
Transferee. Any RSU that has been so transferred shall continue to be subject to all of the terms and conditions as applicable to the original Holder, and the transferee shall execute any and all such documents requested by the Administrator in
connection with the transfer, including, without limitation, to evidence the transfer and to satisfy any requirements for an exemption for the transfer under applicable federal and state securities laws. 
 3.3 Binding Agreement. Subject to the limitation on the transferability of the RSUs contained herein, this Agreement will be binding
upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. 
 3.4 Adjustments Upon Specified Events. The Administrator may accelerate the vesting of the RSUs and the issuance of shares of Common Stock with respect to vested RSUs in such circumstances as it, in its sole discretion, may
determine. In addition, upon the occurrence of certain events relating to the Common Stock contemplated by Section 11.3 of the Plan, the Administrator shall make any appropriate adjustments in the number of RSUs then outstanding and the number
and kind of securities that may be issued in respect of the RSUs. Holder acknowledges that the RSUs are subject to amendment, modification and termination in certain events as provided in this Agreement and Section 11.3 of the Plan. 

 

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 3.5 Notices. All notices required or permitted hereunder shall be in writing and
shall be deemed to be properly given when personally delivered to the party entitled to receive the notice (which may include electronic delivery by email) or when sent by certified or registered mail, postage prepaid, properly addressed to the
party entitled to receive such notice at the address stated below: 
  

					
		  	If to Company:	  	 ResMed Inc.
 9001 Spectrum
Center Blvd.
 San Diego, CA 92123
 USA

 Attn: David Pendarvis, Corporate Secretary

			
		  	If to Holder:	  	Address of Holder on file with ResMed Inc. or its Subsidiary

 3.6 Titles. Titles are provided herein for convenience only and are not to
serve as a basis for interpretation or construction of this Agreement. 
 3.7 Governing Law. The laws of the State of
Delaware shall govern the interpretation, validity, administration, enforcement and performance of the terms of this Agreement regardless of the law that might be applied under principles of conflicts of laws. 
 3.8 Conformity to Securities Laws. Holder acknowledges that the Plan and this Agreement are intended to conform to the extent
necessary with all provisions of the Securities Act and the Exchange Act and any and all regulations and rules promulgated by the Securities and Exchange Commission thereunder, and state and foreign securities laws and regulations. Notwithstanding
anything herein to the contrary, the Plan shall be administered, and the RSUs are granted, only in such a manner as to conform to such laws, rules and regulations. To the extent permitted by applicable law, the Plan and this Agreement shall be
deemed amended to the extent necessary to conform to such laws, rules and regulations. 
 3.9 Amendments, Suspension and
Termination. To the extent permitted by the Plan, this Agreement may be wholly or partially amended or otherwise modified, suspended or terminated at any time or from time to time by the Committee or the Board; provided that, except as
may otherwise be provided by the Plan, no amendment, modification, suspension or termination of this Agreement shall adversely affect the RSUs in any material way without the prior written consent of Holder. 
 3.10 Successors and Assigns. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this
Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth in Section 3.2 hereof, this Agreement shall be binding upon Holder and his or her heirs, executors,
administrators, successors and assigns. 
 3.11 Limitations Applicable to Section 16 Persons. Notwithstanding any
other provision of the Plan or this Agreement, if Holder is subject to Section 16 of the Exchange Act, the Plan, the RSUs and this Agreement shall be subject to any additional limitations set forth in any applicable exemptive rule under
Section 16 of the Exchange Act (including any amendment to Rule 16b-3 of the Exchange Act) that are requirements for the application of such exemptive rule. To the extent permitted by applicable law, this Agreement shall be deemed amended to
the extent necessary to conform to such applicable exemptive rule. 
  

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 3.12 Entire Agreement. The Plan, the Summary and this Agreement constitute the entire
agreement of the parties and supersede in their entirety all prior undertakings and agreements of the Company and Holder with respect to the subject matter hereof. 
 3.13 Section 409A. The RSUs are not intended to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code (together with any Department of
Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the date hereof, “Section 409A”). However, notwithstanding
any other provision of the Plan, the Summary or this Agreement, if at any time the Administrator determines that the RSUs (or any portion thereof) may be subject to Section 409A, the Administrator shall have the right in its sole discretion
(without any obligation to do so or to indemnify Holder or any other person for failure to do so) to adopt such amendments to the Plan, the Summary or this Agreement, or adopt other policies and procedures (including amendments, policies and
procedures with retroactive effect), or take any other actions, as the Administrator determines are necessary or appropriate either for the RSUs to be exempt from the application of Section 409A or to comply with the requirements of
Section 409A. 
 3.14 Limitation on Holder’s Rights. Participation in the Plan confers no rights or interests
other than as herein provided. This Agreement creates only a contractual obligation on the part of the Company as to amounts payable and shall not be construed as creating a trust. Neither the Plan nor any underlying program, in and of itself, has
any assets. Unless and until the RSUs will have vested in the manner set forth in Article 2 hereof, Holder will have no right to the issuance of shares of Common Stock with respect to the RSUs. Holder shall have only the rights of a general
unsecured creditor of the Company with respect to amounts credited and benefits payable, if any, with respect to the RSUs, and rights no greater than the right to receive the Common Stock as a general unsecured creditor with respect to RSUs, as and
when payable hereunder. 
 3.15 Language. In the event Holder has received this Agreement, including Appendix I hereto
(if any), or any other document related to the Plan translated into a language other than English, the English version will control to the extent the translated version differs from the English version,. 
 3.16 Electronic Delivery. The Company may, in its sole discretion, decide (a) to deliver by electronic means any documents
related to the RSUs granted under the Plan, Holder’s participation in the Plan, or future awards that may be granted under the Plan or (b) to request by electronic means Holder’s consent to participate in the Plan. Holder hereby
consents to receive such documents by electronic delivery and, if requested, to agree to participate in the Plan through an online or electronic system established and maintained by the Company or any third party designated by the Company.

 3.17 Nature of Grant. In accepting the RSUs, Holder acknowledges that: 
 (a) the grant of RSUs is voluntary and occasional and does not create any contractual or other right to receive future grants
of RSUs, or benefits in lieu of RSUs, even if RSUs have been granted repeatedly in the past; 
 (b) all decisions
with respect to future awards of RSUs, if any, will be at the sole discretion of the Company; 
  

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 (c) Holder’s participation in the Plan is at the discretion of the
Company; 
 (d) RSUs are extraordinary items that do not constitute regular compensation for services rendered to
the Company or any Subsidiary, and that are outside the scope of Holder’s employment contract, if any; 
 (e) RSUs are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, redundancy or end of service payments, bonuses, long-service awards, pension or
retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company or any Subsidiary; 
 (f) the future value of the underlying Common Stock is unknown and cannot be predicted with certainty; 
 (g) in consideration of the award or forfeiture of RSUs, no claim or entitlement to compensation or damages shall arise from
termination of the RSUs or any diminution in value of the RSUs or Common Stock received when the RSUs vest resulting from Termination of Service by the Company or any Subsidiary (for any reason whatsoever and whether or not in breach of local labor
laws), and Holder irrevocably releases the Company and its Subsidiaries from any such claim that may arise; if, notwithstanding the foregoing, any such claim is found by a court of competent jurisdiction to have arisen, then by accepting this
Agreement, Holder shall be deemed irrevocably to have waived his or her entitlement to pursue such claim; 
 (h)
in the event of Holder’s involuntary Termination of Service (whether or not in breach of local labor laws), Holder’s right to receive RSUs and the vesting of the RSUs, if any, will terminate effective as of the date that Holder is no
longer actively employed, and the Administrator shall have the exclusive discretion to determine when Holder is no longer actively employed and when there is a Termination of Service for purposes of the RSUs; 
 (i) the Company is not providing any tax, legal or financial advice with respect to the RSUs, nor is the Company making any
recommendations regarding Holder’s participation in the Plan, or Holder’s acquisition or sale of the underlying Common Stock; and 
 (j) Holder is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding Holder’s participation in the Plan before taking any action related to the Plan and
the RSUs. 
 3.18 Data Privacy Waiver. 
 (a) Holder hereby agrees that the Company and its Subsidiaries and affiliates are permitted to collect, store, hold, process,
and transfer personal (and sensitive) information and data relating to the Holder as part of its personnel and other business records and may use such information in the course of its business. Such information and data may include, but is not
limited to, personal data, employment information, and financial information. The Company and its Subsidiaries and affiliates may use such data for compensation and benefit planning, to administer the Plan and other benefits plans, and otherwise in
the course of its business. 
 (b) Holder hereby agrees that the Company and its affiliates may disclose or
transfer such personal data or information to third parties, including parties situated outside the country in which Holder works or reside even if the recipient country has different data privacy laws than those in the country where Holder works or
resides. 
  

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 (c) This Section 3.18 applies to information and data held, used or
disclosed in any medium. Holder hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic form, of Holder’s personal data as described in this Agreement by and among, as applicable, Holder’s employer,
the Company and any Subsidiary for the exclusive purpose of implementing, administering and managing Holder’s participation in the Plan. 
 (d) Holder understands that the Company and the employing Subsidiary may hold certain personal information about Holder, including but not limited to, Holder’s name, home address and telephone
number, date of birth, date of hire, salary, nationality, job title, country of taxation, shares of Common Stock or directorships held in the Company, details of all RSUs or other entitlement to shares of Common Stock awarded, canceled, exercised,
vested, unvested or outstanding in Holder’s favor, for the exclusive purpose of implementing, administering and managing the Plan (“Personal Data”). Holder understands that Personal Data may be transferred to any third parties
assisting in the implementation, administration and management of the Plan, that the Personal Data recipients may be located in Holder’s country, or elsewhere, and that the recipient’s country may have different data privacy laws and
protections than Holder’s country. Holder understands that he or she may request a list with the names and addresses of any potential recipients of the Personal Data by contacting Holder’s local human resources representative. Holder
authorizes the recipients to receive, possess, use, retain and transfer the Personal Data, in electronic or other form, for the purposes of implementing, administering and managing Holder’s participation in the Plan, including any requisite
transfer of such Personal Data as may be required to a broker or other third party with whom Holder may elect to deposit any common stock received upon vesting of the RSUs. Holder understands that Personal Data will be held only as long as is
necessary to implement, administer and manage Holder’s participation in the Plan. Holder understands that he or she may, at any time, view Personal Data, request additional information about the storage and processing of Personal Data, require
any necessary amendments to Personal Data or refuse or withdraw the consents herein, without cost, by contacting in writing Holder’s local human resources representative. Holder understands that refusal or withdrawal of consent may affect
Holder’s ability to realize benefits from the RSUs. For more information on the consequences of Holder’s refusal to consent or withdrawal of consent, Holder understands that he or she may contact his or her local human resources
representative. 
 3.19 Participants Outside of the United States. If Holder is a resident of a foreign jurisdiction and
subject to the laws of such jurisdiction, then Holder hereby agrees to be subject to the additional requirements and disclosures set forth in Appendix I hereto with respect to Holder’s country, which are hereby incorporated into this
Agreement, regardless of the law that might be applied under principles of conflicts of laws. 
 [Remainder of this page
intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereunto agree to the terms and conditions set forth in this
Agreement and the Summary. 
  

					
	RESMED INC.	 		 	HOLDER
			
	/s/ Kieran Gallahue	 		 	  
	Kieran Gallahue	 		 	(Acceptance designated electronically
	President and Chief Executive Officer	 		 	at the option plan administrator’s Web site)

  

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 APPENDIX I 
 If Holder is a resident of a foreign jurisdiction and subject to the laws of such jurisdiction, then Holder shall be subject to any
additional requirements and disclosures set forth in this Appendix I with respect to Holder’s country. The vesting period for RSUs may differ for Holders residing in different foreign jurisdictions due to the requirements of the laws of such
foreign jurisdictions. To the extent applicable, in the event of any inconsistency between this Appendix I and the Agreement, the terms of this Appendix I shall control. 
 Canada 
 Shares Underlying RSUs. RSUs will be settled in shares of Common Stock from newly issued shares of the Company and not treasury shares. 
 Consent to Receive Information in English for Employees in Quebec. The parties to the Agreement acknowledge that it is their express wish that the Agreement, as well as all documents, notices and
legal proceeds entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English. 
 Les parties reconnaissent avoir exigè la redaction en anglais de cette convention, ainsi que de tous documents executes, avis donnès et procedures juriciaries intentèes, directement ou indirectement, relativement
à ou suite à la prèsente convention. 
 France 
 Nature of the Award. The RSUs granted under this Agreement should qualify for favorable tax and social security treatment applicable
to shares granted under Sections L. 225-197-1 to L.225-197-5 of the French Commercial Code, as amended, and in accordance with the relevant provisions set forth by French tax and social security laws and the terms and conditions set forth herein
(“French-Qualified RSUs”), but no undertaking is made to maintain such status. Holder shall not be entitled to any damages if the RSUs no longer qualify as French-Qualified RSUs. 
 Restrictions on Vesting and Sale of Shares of Common Stock. In order to comply with the minimum mandatory holding period applicable
to shares of Common Stock underlying French-Qualified RSUs under Section L. 225-197-1 of the French Commercial Code, as amended, the French-Qualified RSUs will not vest before the fourth anniversary of the Grant Date, except as provided below (such
four-year period is referred to as the “Holding Period”). At the expiration of the Holding Period, the shares of Common Stock cannot be transferred (i) during the ten trading sessions preceding and following the date on which the
consolidated accounts or annual accounts of the granting company are first released to the public, and (ii) during a period (x) starting from the date on which the Board of Directors of the Company or any committee thereof becomes aware of
any information which, if published, could significantly affect the Company’s market price and (y) ending at the close of the tenth trading session following the publication of the information. In addition, the shares of Common Stock will
not be sold or transferred during certain closed periods as provided for and defined by Section L. 225-197-1 of the French Commercial Code, as amended, so long as those closed periods are applicable to shares underlying French-Qualified RSUs, and
during such other holding periods as may be required under French law in order to maintain the tax-qualified status of the French-Qualified RSUs. 

 Transfer upon Death. The Company shall issue the shares of Common Stock underlying
the vested French-Qualified RSUs, if any, to Holder’s heirs, at their request, if such request occurs within six (6) months following the death of Holder and pursuant to the conditions provided for in the Agreement. If Holder’s heirs
do not request the issuance of the shares of Common Stock underlying the vested French-Qualified RSUs within six (6) months following Holder’s death, the vested French-Qualified RSUs will be forfeited. Any unvested French-Qualified RSUs
will be forfeited upon Holder’s death. Holder’s heirs shall not be subject to the restriction on the sale of the shares of Common Stock. 
 Sub-Plan. The French-Qualified RSUs shall be subject to the terms and conditions of any French sub-plan that the Company may adopt from time to time in order to maintain the tax-qualified status of
such RSUs, the terms and conditions of which shall be incorporated by reference into the Agreement and this Appendix I and made a part hereof. 
 United Kingdom 
 The Holder agrees to indemnify and keep indemnified
the Company and the Employer from and against any liability for or obligation to pay, and Holder shall be solely responsible for, any income tax, employee’s National Insurance Contributions and Employer’s National Insurance Contributions
(or any other similar tax liabilities arising in any other jurisdiction) (collectively “Tax Liability”) that is attributable to:- 
  

	 	1.	the grant of the RSUs, or any other benefit derived by the Holder from the RSUs; 

  

	 	2.	the acquisition by the Holder of the shares of Common Stock on vesting of the RSUs or thereafter; or 

  

	 	3.	the disposal of any shares of Common Stock that were the subject of the RSUs. 

 At the discretion of the Company, the RSUs will not vest until the Holder has made such arrangements as the Company may require for the
satisfaction of any Tax Liability that may arise. The Company shall not be required to issue, allot or transfer shares of Common Stock upon vesting of the RSUs until the Holder has satisfied this obligation to pay the Tax Liability. Where
any Tax Liability is likely to arise, the Company may, in its discretion, recover from the Holder an amount sufficient to meet the Tax Liability by any of the following arrangements: 
  

	 	1.	deduction from salary or other payments due to the Holder; or 

  

	 	2.	withholding the issue, allotment or transfer to the Holder of that number of shares of Common Stock (otherwise to be acquired by the Holder on vesting of the RSUs)
whose aggregate Fair Market Value on the date of vesting equals the minimum amount required to be so withheld or paid as a Tax Liability by applicable law; or 

  

	 	3.	such other forms of compensation that are acceptable to the Company. 

 Norway 
 Additional Tax Withholding Requirement. In addition
to Section 2.5(b) of the Agreement, as a condition to the Company issuing the shares of Common Stock upon vesting of the RSUs, Holder must pay or provide for all applicable income tax and social insurance withholding and payment obligations of
the Company or its affiliate, including tax and social insurance, obligations of both employer and Holder, if any. 
  

 2 

 Sweden 
 Additional Tax Withholding Requirement. In addition to Section 2.5(b) of the Agreement, as a condition to the Company issuing the
shares of Common Stock upon vesting of the RSUs, Holder must pay or provide for all applicable income tax and social insurance withholding and payment obligations of the Company or its affiliate, including tax and social insurance obligations of
both employer and Holder, at the Company’s discretion. 
 Finland 
 Additional Tax Withholding Requirement. In addition to Section 2.5(b) of the Agreement, as a condition to the Company issuing the
shares of Common Stock upon vesting of the RSUs, Holder must pay or provide for all applicable income tax and social insurance withholding and payment obligations of the Company or its affiliate, including tax and social insurance obligations of
both employer and Holder, if any. 
  

 3Separation Agreement and Full and Final Release of Claims

 Exhibit10.1 
 EXECUTION COPY 
 SEPARATION AGREEMENT AND FULL AND FINAL RELEASE
OF CLAIMS 
 Paul William Springman (“Employee”) and Markel Corporation, a Virginia corporation (the
“Company”), enter into this Separation Agreement and Full and Final Release of Claims (“Agreement”), and in consideration of the benefits, promises, and covenants contained herein, agree as follows: 
  

	1.	Separation from Employment 

 Employee has resigned as President and Chief Operating Officer of the Company and as an officer and/or director of its subsidiaries and affiliates effective January 1, 2010 (“Separation Date”), thereby ending any
employer/employee relationship between the Company or any of its subsidiaries or affiliates and Employee. 
  

	2.	Release of Claims 

 To the fullest
extent permitted by law, Employee releases and forever discharges the Company and each of its parent, subsidiary or affiliated entities and each of their shareholders, partners, principals, directors, officers, trustees, employees, agents,
contractors and attorneys, and all predecessors, successors, heirs and assigns thereof (collectively “Released Parties”), from any and all claims, liabilities, costs, or damages of any nature whatsoever, both known and unknown, including,
but not limited to, any claims based on the Civil Rights Act of 1964, as amended; the Americans with Disabilities Act; the Age Discrimination in Employment Act; the Equal Pay Act; the Family and Medical Leave Act (“FMLA”); Sections 1981
and 1983 of Title 42 of the United States Code; any state law, including but not limited to the laws of Virginia and Illinois; and any and all statutory claims and common law causes, including but not limited to actions for breach of contract or
tort, claims of wrongful discharge, fraud, promissory estoppel, intentional infliction of emotional distress, defamation, and assault, which Employee has or may have against any of the Released Parties for any alleged act or omission which occurred
on or at any time before the date of Employee’s execution of the Agreement. 

 Employee is not aware of any factual basis for any claims against any of the Released Parties under the Fair
Labor Standards Act or any state equivalents of such law. 
 Notwithstanding the foregoing, Employee is not releasing any claims
(i) against the Markel Corporation Retirement Savings Plan for any benefits to which Employee may be entitled under the express terms of such plan or this Agreement, (ii) for any benefits under any other retirement or benefit programs in
which Employee participated during employment; (iii) for the right to continuation of medical benefits as provided by the Consolidated Omnibus Budget Reconciliation Act of 1985 (“COBRA”) and the American Recovery and Reinvestment Act
of 2009; (iv) with respect to Employee’s right to file or pursue an administrative charge with, or participate in, any investigation before the Equal Employment Opportunity Commission (“EEOC”) or any similar state agency or to
file a claim for unemployment benefits; (v) with respect to any causes of action which by law Employee may not legally waive; or (vi) for any breach of this Agreement. 
  

	3.	Special Age Discrimination Release Notice 

 Employee acknowledges that the terms of this Agreement fully comply with the Older Workers’ Benefit Protection Act of 1990. Specifically, Employee acknowledges that: 
  

	 	(a)	The terms of this Agreement are understandable and are fully understood by Employee; 

  

	 	(b)	The Release of Claims contained in Section 2 above specifically refers to and includes Employee’s rights and claims under the Age Discrimination in Employment
Act, and Employee understands that such rights and claims are irrevocably being waived by Employee. Employee further understands that this Agreement does not waive rights or claims that may arise after the date the waiver is executed;

  

 Page 2 of 13 

	 	(c)	The consideration recited in this Agreement is adequate to make it final and binding, and is in addition to payments or benefits to which Employee would otherwise be
entitled as a former employee of the Company; 

  

	 	(d)	Employee is advised to consult with an attorney before executing the Agreement. By his signature below, Employee represents that he has had the opportunity to do so and
to be fully and fairly advised by that legal counsel as to the terms of the Agreement; 

  

	 	(e)	Employee has been given adequate time, up to twenty-one (21) days, to consider this Agreement. Employee further understands that he may use as much or all of this
21-day period as he wishes before signing, and represents that he has done so; 

  

	 	(f)	Employee further understands that he has seven (7) days after signing this Agreement to revoke the Agreement by notice in writing to Pamela Perrott, Chief Human
Resources Officer, Markel Corporation, 4521 Highwoods Parkway, Glen, Allen, VA 23060 (“Employer Contact”). This Agreement shall be binding, effective, and enforceable upon Employee upon the expiration of this seven-day revocation period
without the Employer Contact having received such revocation, but not before such time. Employee understands and agrees that any payments hereunder shall not be made before the expiration of this seven-day revocation period.

  

	4.	Covenant Not to Sue 

 To the
fullest extent permitted by law, and except with respect to enforcing any rights under this Agreement and/or against the Markel Corporation Retirement Savings Plan or as otherwise provided in the last paragraph of Section 2, Employee agrees
never to institute, directly or indirectly, any action or proceeding of any kind against the Released Parties relating in any way to Employee’s employment, termination of employment, or past relationship with the Company or any of its
subsidiaries or affiliates. If Employee,

  

 Page 3 of 13 

 
or anyone on Employee’s behalf, brings any action concerning or related to any cause of action or liability released in this Agreement, Employee waives his right to, and will not accept, any
payments, monies, damages or other relief awarded in connection therewith. 
  

	5.	No Third Party Claims 

 Employee
represents and warrants that, to the best of his knowledge, no other person or entity other than Employee is entitled to assert any claims of any kind relating to Employee’s employment, termination of employment, or Employee’s past
relationship with the Company. 
  

	6.	Payments to Employee 

 In
consideration of the promises and covenants set forth in this Agreement, and Employee’s compliance with the terms of this Agreement (including, but not limited to, Sections 12 and 13), the Company agrees to pay Employee: 
  

	 	(a)	Employee’s current salary through December 31, 2011, less all applicable state and federal payroll deductions, in bi-weekly instalments through the
Company’s normal payroll schedule and system, with the exception that from January 1, 2010 through June 30, 2010, the Company will defer payments in compliance with Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). The full amount of such deferred payments will be due and payable on July 1, 2010. 

  

	 	(b)	A lump sum payment of $330,000.00 on July 15, 2010, less all applicable state and federal payroll deductions and withholdings. 

 Employee acknowledges and agrees that he is not entitled to, and will not receive, any incentive compensation for 2009 and that all unvested restricted
stock units held by Employee under the Markel Corporation Omnibus Incentive Plan will be forfeited under the terms of the restricted stock unit awards upon termination of his employment. 1,238 restricted stock units, which have vested, but receipt
of which has been deferred until January 1, 2012, and 1,087 restricted stock units, which have vested, but receipt of which has been deferred until January 1, 2013, are not affected by this Agreement. 
  

 Page 4 of 13 

 Employee acknowledges and agrees that he is not entitled to any wages in lieu of notice and that the
compensation payable under this Section 6 is above and beyond any and all commissions, benefits or other remuneration to which he would otherwise be entitled. 
  

	7.	Continuation / Payment of Benefits 

 The Company shall continue to provide Employee and his spouse coverage through December 31, 2010 under the Company’s health, dental, vision and prescription drug benefit programs on the same basis as such programs are currently
made available to Employee and his spouse, subject to modifications (e.g., employee contribution levels) generally applicable to other Markel employees. Beginning January 1, 2011, Employee will be eligible for continuing benefit coverage under
COBRA and the American Recovery and Reinvestment Act of 2009, as applicable, subject to Employee’s election of COBRA benefits, completion of COBRA enrollment forms, payment of applicable premiums and compliance with all other obligations under
COBRA. 
 In addition to the benefits provided under the preceding paragraph, during 2010, the Company will reimburse Employee for the cost of
an executive health evaluation program conducted through Virginia Medical Interventionalists, P.C. 
 The Company will continue to provide basic
life insurance and accidental death and dismemberment insurance in accordance with existing Company benefit plans through December 31, 2010. Any disability benefits to which Employee may have been entitled as an employee shall cease as of the
Separation Date. 
 Except as expressly provided above, effective at the close of business on the Separation Date, Employee’s participation
in and entitlement to all fringe benefits or employee benefits plans or programs offered by the Company shall cease. Nothing in this Agreement is intended to waive or abridge any rights Employee has under the Markel Corporation Retirement Savings
Plan which were vested on or before the Separation Date, any rights under this Agreement, or any right of Employee to continued benefits under applicable federal or state law. 
  

 Page 5 of 13 

	8.	Expenses Incurred Before Termination 

 The Company shall pay legitimate business expenses incurred on or before the Separation Date under the Company’s expense policy as currently in effect as of the Separation Date. Employee shall submit these expenses to Employer Contact
by January 10, 2010, and they will be evaluated and paid under normal Company policy no later than January 31, 2010, with reimbursement not to be unreasonably withheld. 
  

	9.	Loan Repayments 

 By Promissory
Note dated December 1, 2001 and signed by Employee on January 14, 2002, Employee is obligated to Employer for certain loan payments. The parties agree that the bi-weekly portion of this loan will be paid off as of December 18, 2009.
The parties further agree that the annual portion of this loan will have a balance due of approximately $231,731.60 as of January 1, 2010. In accordance with the terms of the Promissory Note, the balance (including any additional accrued
interest) will be due and payable on April 1, 2010. 
  

	10.	No Other Payments 

 Employee
understands and agrees that the Company shall neither make nor cause to be made any other payments to Employee, Employee’s beneficiaries or dependents, or otherwise on Employee’s behalf, except as specifically referenced herein. Employee
represents and warrants that Employee has not assigned or alienated to any person any of the claims released herein. 
  

	11.	Taxes 

 To the extent any taxes may
be due on the payments provided in this Agreement beyond any withheld, Employee agrees to pay such taxes and to indemnify and hold the Company and its agents and affiliates harmless for any tax payments owed, interest,

  

 Page 6 of 13 

 
penalties, levies or assessments resulting from the payments provided hereunder or from any failure by Employee to pay such taxes, interest, penalties, levies or assessments. 
  

	12.	Non-Disparagement 

 The parties
shall not make, participate in the making of or encourage or facilitate any other person to make, any statements, written or oral, which criticize, or disparage the goodwill or reputation of, or which embarrass, the other party, or any present,
former or future director, officer, executive, and/or employee of the Company or any of its subsidiaries and affiliates. This paragraph shall not be interpreted to prevent the parties from providing truthful information in accordance with any
internal Company investigation, or to any regulatory, judicial administrative or any other governmental authorities as may be required by law or governmental regulation. 
  

	13.	Covenants by Employee 

 In
consideration of the performance by the Company of its obligations under this Agreement, Employee agrees as follows: 
  

	 	(a)	 All information relating to or used in the business and operations of the Company and its subsidiaries and corporate affiliates (including, without
limitation, marketing methods and procedures, customer lists, lists of professionals referring customers to the Company and its subsidiaries and corporate affiliates, sources of supplies and materials and business systems and procedures), whether
prepared, compiled, developed or obtained by Employee or by the Company or any of its subsidiaries or corporate affiliates before or during Employee’s employment with the Company or any of its subsidiaries or corporate affiliates, are and shall
be confidential information and trade secrets (“Confidential Information”) and the exclusive property of the Company, its subsidiaries and corporate affiliates. Confidential Information does not include information which (i) is or was
already in Employee’s possession before commencement of his employment with the Company or any of its subsidiaries or corporate

  

 Page 7 of 13 

	 	 
affiliates, (ii) is or becomes generally available to the public other than as a result of a disclosure by Employee or (iii) becomes available to Employee on a non-confidential basis
from a source other than the Company, provided that such source is not known by Employee to be bound by a confidentiality agreement or other obligation of secrecy with respect to such information. 

  

	 	(b)	All records of and materials relating to Confidential Information or other information, whether in written form or in a form produced or stored by any electrical or
mechanical means or process and whether prepared, compiled or obtained by Employee or by the Company or any of its subsidiaries or corporate affiliates before or during Employee’s employment with the Company or any of its subsidiaries or
corporate affiliates, are and shall be the exclusive property of the Company or its subsidiaries or corporate affiliates, as the case may be. Notwithstanding the foregoing, Employee may retain the contacts information on the Company-issued
Blackberry device in use by him as of the date of this Agreement, and the Company will assist Employee in downloading such information onto a new device purchased by Employee. 

  

	 	(c)	Except as the Company may expressly authorize or direct in writing, Employee shall not copy, reproduce, disclose or divulge to others, use or permit others to see any
Confidential Information or any records of or materials relating to any Confidential Information. Employee further agrees that he shall not remove from the custody or control of the Company or its subsidiaries or corporate affiliates any records of
or any materials relating to Confidential Information or other information and that, to the extent he has any such records or materials in his possession, he shall deliver the same to the Company promptly following the Separation Date.

  

	 	(d)	 Following the Separation Date, Employee shall furnish such information and render such assistance and cooperation as may be reasonably

  

 Page 8 of 13 

	 	 
requested by the Company in connection with any litigation or legal proceedings concerning the Company or any of its subsidiaries or affiliates, subject to reimbursement of Employee for
reasonable expenses incurred in providing such assistance which shall be paid as soon as administratively feasible after the applicable expense is incurred but no later than the last day of the calendar year following the calendar year in which the
applicable expense was incurred. 

  

	 	(e)	For a period of two (2) years following the Separation Date: 

 (i) Employee will not have a financial interest in, cause business to be done on behalf of or serve as a principal, partner, director, officer, agent, employee, contractor, or consultant for any
corporation, partnership, sole proprietorship, limited liability company, unincorporated association, trust or other business entity which offers insurance coverage or related services in competition with the Company or its affiliates in the United
States of America. Notwithstanding the foregoing, (i) this provision shall only prohibit Employee from performing services in a consulting, executive, sales, marketing, risk management or underwriting capacity for, or serving as a principal,
partner, director or officer of, any such person, and (ii) Employee will not be prohibited from making any investments in any company whose stock is listed on a national securities exchange or actively traded in the over-the-counter market, so
long as such investment does not give Employee the right to control or influence the policy decisions of any such business or enterprise. 
 (ii) Employee will not, directly or indirectly, solicit any person engaged or employed by the Company or any of its affiliates as of December 31, 2009 (a “Company employee”) to voluntarily
leave the employ of Company or any agent of the Company or any of its affiliates to cease being an agent of any such entity, nor will Employee in any manner seek to engage or employ any such Company employee (whether or not for compensation) as an
officer, employee, consultant, agent, adviser or independent contractor for any other person. 
  

 Page 9 of 13 

	14.	No Admission 

 This Agreement does
not constitute, and shall not be construed as, an admission by the Company or Employee of any breach, violation or liability of any kind. To the contrary, the Company denies any liability whatsoever to Employee, and Employee denies any liability
whatsoever to the Company or that there was any basis to terminate Employee’s employment for cause. 
  

	15.	Counterparts; Headings 

 This
Agreement may be executed in a number of identical counterparts, each of which shall be deemed an original for all purposes. The section headings in this Agreement are for reference and convenience only, and shall not modify or affect its
substantive terms. 
  

	16.	Entire Agreement; Modification 

 This Agreement contains the entire understanding between the parties concerning the subject matter contained in it, and supersedes any prior employment or similar agreements between the parties, except as described herein, including, but
not limited to, Employee’s Amended and Restated Executive Employment Agreement dated December 31, 2008. The terms stated in this Agreement constitute the only consideration for the parties signing this Agreement, and no other promises or
agreements of any kind have been made by any person or entity to cause them to execute this Agreement. Employee fully understands the meaning and intent of this Agreement, including, but not limited to, its final and binding effect. The
Company and Employee agree that the covenants and/or provisions of this Agreement may not be modified by any subsequent agreement unless the modifying agreement is in writing and signed by both parties. 
  

 Page 10 of 13 

	17.	Governing Law and Interpretation 

 This Agreement shall in all respects be interpreted, enforced, and governed by the laws of the State of Virginia. The language of this Agreement shall be construed as a whole, according to its fair meaning, and shall not be construed
strictly for or against either of the parties. If this Agreement is submitted to arbitration, the arbitrator shall be bound by the governing law. 
  

	18.	Severability 

 If any provision of
this Agreement is held by a court or arbitrator to be invalid, illegal or unenforceable, such provision shall be deemed to be automatically modified, and, as so modified, to be included in this Agreement, such modification being made to the minimum
extent necessary to render the provision valid, legal and enforceable. If such court or arbitrator is unwilling or unable to effect such modification, then the invalid, illegal or unenforceable provision shall be severed from the remainder of this
Agreement, and the remainder of this Agreement shall be enforced. Notwithstanding the foregoing, however, if the severed or modified provision concerns all or a portion of the essential consideration to be delivered under this Agreement by one party
to the other, the remaining provisions of this Agreement shall also be modified to the extent necessary to equitably adjust the parties’ respective rights and obligations hereunder. 
  

	19.	Arbitration 

 Employee and the
Company mutually consent to the resolution by arbitration of any and all claims or controversies arising between them, and mutually agree that such arbitration shall be in accordance with the then-current Model Employment Arbitration Procedures of
the American Arbitration Association before an arbitrator who is licensed to practice law. It is the intention of the parties that this Agreement shall be enforceable under the Federal Arbitration Act, applicable state law equivalent, and at common
law. The parties agree that any arbitration will be held in Henrico County, Virginia. The prevailing party in arbitration may be awarded attorneys’ fees by the arbitrator. 
  

 Page 11 of 13 

 Notwithstanding the above provision, nothing herein shall preclude the Company from seeking immediate
relief, whether equitable or otherwise, from a court of competent jurisdiction, for the purpose of enforcing Sections 12 or 13 of this Agreement, or for raising related claims. 
  

	20.	Authority to Execute 

 Each
signatory to this Agreement represents and warrants that he is authorized to sign on behalf of and to bind the party on whose behalf he signs. 
  

	21.	Section 409A Compliance 

 The
amounts and benefits payable under this Agreement are intended to qualify for an exemption from, or alternatively to comply with, the provisions of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and this
Agreement shall, to the extent practicable, be construed in accordance with such intent. Notwithstanding the foregoing, to the extent that the Agreement or any payment or benefit hereunder shall be deemed not to comply with Section 409A of the
Code, then neither the Company nor its directors, officers, employees or agents will be liable to Employee or any other person for any actions, decisions or determinations made in good faith. 
 [Signature page follows.] 
  

 Page 12 of 13 

 The parties state that they have read, understood and agree to be bound by this Agreement and that they
have had the opportunity to seek the advice of legal counsel before signing it and have either sought such counsel or have voluntarily decided not to do so: 
 DELIVERED TO EMPLOYEE ON December 18, 2009. 
  

									
	EMPLOYEE	 		 		 	
				
	 /s/ Paul W. Springman
	 		 	Date:	 	 12-18-09

	Paul William Springman	 		 		 	
				
	Markel Corporation	 		 		 	
					
	By:	 	 /s/ Alan I. Kirshner
	 		 	Date:	 	 12-21-09

	Name:	 	Alan I. Kirshner	 		 		 	
	Title:	 	Chairman and Chief Executive Officer	 		 		 	

  

 Page 13 of 13

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