Document:

EX-10.21

 Exhibit 10.21 
 Conformed Copy 
 ACE LIMITED 

EXECUTIVE SEVERANCE PLAN 
 As Amended and Restated Effective as of January 1, 2009 and 
 As Further
Amended Effective as of May 18, 2011 

 TABLE OF CONTENTS 

 

							
		  		  	 	Page	  
			
	1.0	  	DEFINITIONS	  	 	1	  
			
	2.0	  	PURPOSE AND HISTORY OF PLAN	  	 	6	  
			
	3.0	  	ELIGIBILITY AND PARTICIPATION	  	 	6	  
			
	4.0	  	ADMINISTRATION	  	 	7	  
			
	5.0	  	SEPARATION DUE TO DEATH	  	 	8	  
			
	6.0	  	SEPARATION DUE TO DISABILITY	  	 	9	  
			
	7.0	  	SEPARATION DUE TO RETIREMENT	  	 	10	  
			
	8.0	  	SEPARATION FOR CAUSE OR QUIT	  	 	12	  
			
	9.0	  	SEPARATION WITHOUT CAUSE	  	 	13	  
			
	10.0	  	CHANGE IN CONTROL	  	 	15	  
			
	11.0	  	PARTICIPANT OBLIGATIONS	  	 	18	  
			
	12.0	  	CLAIMS	  	 	20	  
			
	13.0	  	TAXES	  	 	22	  
			
	14.0	  	TERM OF PLAN; AMENDMENT AND TERMINATION OF PLAN	  	 	23	  
			
	15.0	  	MISCELLANEOUS	  	 	23	  

  
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 ACE LIMITED 
 EXECUTIVE SEVERANCE PLAN 
  

	1.0	 	DEFINITIONS 

 The
following terms shall have the following meanings unless the context indicates otherwise: 
  

	1.1	 	“Affiliate” of a person or other entity shall mean a person or other entity that directly or indirectly controls, is controlled by, or is under common
control with the person or other entity specified. 

  

	1.2	 	“Beneficiary” shall mean a beneficiary designated in writing by a Participant to receive any Separation Benefits in accordance with Sections 5 through
10 below. If no beneficiary is designated by the Participant, then the Participant’s estate shall be deemed to be the Participant’s Beneficiary. 

  

	1.3	 	“Board” shall mean the Board of Directors of the Company. 

 

	1.4	 	“Bonus” shall mean the 3-year average of the annual bonuses paid or payable to the Participant with respect to the 3 most recently completed fiscal
years immediately preceding the Separation Date, with such amount increased (if applicable) to take into account any elective or mandatory deferrals. For a Participant who has not been employed by the Company with respect to the 3 most recently
completed fiscal years immediately preceding the Separation Date, the average annual bonus amount shall be calculated based on the number of full fiscal years of employment. For a Participant who has not been employed long enough to receive an
annual bonus with respect to 1 completed fiscal year, the annual bonus amount shall be equal to the Participant’s annual target bonus. 

  

	1.5	 	“Cause” shall mean—unless otherwise defined in an employment agreement between the Participant and the Company or Subsidiary—the occurrence
of any of the following: 

  

	 	(1)	 	a conviction of the Participant with respect to a (i) felony or (ii) a misdemeanor involving moral turpitude; or 

 

	 	(2)	 	willful misconduct or gross negligence by the Participant resulting, in either case, in harm to the Company or any Subsidiary; or 

 

	 	(3)	 	failure by the Participant to carry out the lawful and reasonable directions of the Board or the Participant’s immediate supervisor, as the case may be; or

  

	 	(4)	 	refusal to cooperate or non-cooperation by the Participant with any governmental regulatory authority; or 

 

	 	(5)	 	fraud, embezzlement, theft or dishonesty by the Participant against the Company or any Subsidiary or a material violation by the Participant of a policy or procedure of
the Company, resulting, in any case, in harm to the Company or any Subsidiary. 

  
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	1.6	 	“CEO” shall mean the Executive serving as the chief executive officer of the Company at the relevant time. 

 

	1.7	 	“Change in Control” shall mean the occurrence of any of the following events: 

 

	 	(1)	 	any “person,” as such term is used in Sections 3(a)(9) and 13(d) of the Exchange Act, becomes a “beneficial owner,” as such term is used in Rule
13d-3 promulgated under the Exchange Act, of 50% or more of the Voting Stock (as defined below) of the Company; or 

  

	 	(2)	 	the majority of the Board consists of individuals other than Incumbent Directors; provided that any person becoming a director subsequent to the Effective Date whose
election or nomination for election was supported by three-quarters of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent Director; or 

 

	 	(3)	 	the Company adopts any plan of liquidation providing for the distribution of all or substantially all of its assets; or 

 

	 	(4)	 	all or substantially all of the assets or business of the Company is disposed of pursuant to a merger, consolidation or other transaction (unless the shareholders of
the Company immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned the Voting Stock of the Company, all of the Voting Stock or other ownership
interests of the entity or entities, if any, that succeed to the business of the Company); or 

  

	 	(5)	 	the Company combines with another company and is the surviving corporation but, immediately after the combination, the shareholders of the Company immediately prior to
the combination hold, directly or indirectly, 50% or less of the Voting Stock of the combined company (there being excluded from the number of shares held by such shareholders, but not from the Voting Stock of the combined company, any shares
received by Affiliates of such other company in exchange for stock of such other company). 

  

	1.8	 	“Change-in-Control Date” shall mean the date that a Change in Control first occurs. 

 

	1.9	 	“Change-in-Control Health Continuation Period” shall mean the period commencing on the Separation Date and continuing until the end of the applicable
period as shown on Schedule A and which is to be used if the Participant’s Separation is without Cause or for Good Reason in connection with a Change in Control. 

 

	1.10	 	“Change-in-Control Non-competition Period” shall mean the period commencing on the date the Executive becomes a Participant and continuing until the
end of the applicable period as shown on Schedule A and which is to be used if the Participant’s Separation is without Cause or for Good Reason in connection with a Change in Control. 

  
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	1.11	 	“Change-in-Control Non-solicitation Period” shall mean the period commencing on the date the Executive becomes a Participant and continuing until the
end of the applicable period as shown on Schedule A and which is to be used if the Participant’s Separation is without Cause or for Good Reason in connection with a Change in Control. 

 

	1.12	 	“Change-in-Control Severance Multiple” shall mean the multiplier that shall be used to determine cash Separation Benefits paid to a Participant as
shown on Schedule A and which is to be used if the Participant’s Separation is without Cause or for Good Reason in connection with a Change in Control. 

 

	1.13	 	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

 

	1.14	 	“Committee” shall mean the Board’s Compensation Committee as constituted from time to time. 

 

	1.15	 	“Company” shall mean ACE Limited, a Swiss company, including any successor entity or any successor to the assets of the Company that has assumed the
Plan. 

  

	1.16	 	“Competitive Activity” shall mean the Participant’s engaging in an activity – whether as an employee, consultant, principal, member, agent,
officer, director, partner or shareholder (except as a less than 1% shareholder of a publicly traded company) – that is competitive with any business of the Company or any Subsidiary conducted by the Company or such Subsidiary at any time
during the Standard Non-competition Period or the Change-in-Control Non-competition Period (as applicable); provided, however, that the Participant may be employed by or otherwise associated with: 

 

	 	(i)	 	a business of which a subsidiary, division, segment, unit, etc. is in competition with the Company or any Subsidiary but as to which such subsidiary, division, segment,
unit, etc. the Participant has absolutely no direct or indirect responsibilities or involvement, or 

  

	 	(ii)	 	a company where the Competitive Activity is: 

  

	 	(A)	from the perspective of such company, de minimis with respect to the business of such company and its affiliates, and 

 

	 	(B)	from the perspective of the Company or any Subsidiary, not in material competition with the Company or any Subsidiary. 

 

	1.17	 	“Disability” shall mean a disability as determined in accordance with the Company’s (or the applicable Subsidiary’s) long-term disability
plan or program in effect on the date that the disability first occurs, or if no such plan or program is in effect on the date that the disability first occurs, then a disability as defined under Code Section 22(e)(3). 

 

	1.18	 	“Effective Date” shall mean January 1, 2009. 

  
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	1.19	 	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time. 

 

	1.20	 	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

 

	1.21	 	“Executive” shall mean a regular full-time employee of the Company or any Subsidiary with executive, managerial or similar duties and responsibilities.

  

	1.22	 	“Good Reason” shall mean – unless otherwise defined in an in-force employment agreement between the Participant and the Company or Subsidiary
– the occurrence of any of the following within the 60-day period preceding a Separation Date without the Participant’s prior written consent: 

  

	 	(1)	 	a material adverse diminution of the Participant’s titles, authority, duties or responsibilities, or the assignment to the Participant of titles, authority, duties
or responsibilities that are materially inconsistent with his or her titles, authority, duties and/or responsibilities in a manner materially adverse to the Participant; or 

 

	 	(2)	 	a reduction in the Participant’s base salary or annual bonus opportunity (other than any reduction applicable to all similarly situated Executives generally); or

  

	 	(3)	 	a failure of the Company to obtain the assumption in writing of its obligations under the Plan by any successor to all or substantially all of the assets of the Company
within 45 days after a merger, consolidation, sale or similar transaction that qualifies as a Change in Control. 

  

	1.23	 	“Incumbent Directors” shall mean the members of the Board as of the Effective Date. 

 

	1.24	 	“Participant” shall mean an Executive who has been designated to participate in the Plan in accordance with Section 3 below and who is
participating in the Plan on the Separation Date. 

  

	1.25	 	“Plan” shall mean the ACE Limited Executive Severance Plan. 

 

	1.26	 	“Quit” shall mean termination of a Participant’s employment by the Participant other than due to death, Disability or Retirement.

  

	1.27	 	“Retirement” shall mean that the Participant has retired and is or will be receiving benefits under the Company’s primary qualified pension plan.

  

	1.28	 	“Salary” shall mean the highest annual base salary paid to the Participant during the 12-month period immediately preceding the earlier of (i) the
Separation Date or (ii) the Change-in-Control Date, with such amount increased (if applicable) to take into account any elective or mandatory deferrals. 

 

	1.29	 	“Separated Participant” shall mean a Participant whose employment with the Company and/or any of its Subsidiaries has been terminated.

  
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	1.30	 	“Separation” shall mean a termination of the Participant’s employment: 

 

	 	(1)	 	due to the death of the Participant; or 

  

	 	(2)	 	by the Company or by the Participant due to Disability; or 

  

	 	(3)	 	by the Participant as a Retirement; or 

  

	 	(4)	 	by the Company for Cause or by the Participant without Good Reason; or 

  

	 	(5)	 	by the Company without Cause or by the Participant for Good Reason. 

 1.31 “Separation Benefits” shall mean the compensation and benefits payable or provided to a Separated Participant under the Plan. 

 

	1.32	 	“Separation Date” shall mean the date a Participant’s employment with the Company and/or a Subsidiary is terminated. 

 

	1.33	 	“Standard Health Continuation Period” shall mean the period commencing on the Separation Date and continuing until the end of the applicable period as
shown on Schedule A and which is to be used if the Participant’s Separation is without Cause and is NOT in connection with a Change in Control. 

  

	1.34	 	“Standard Non-competition Period” shall mean the period commencing on the date the Executive becomes a Participant and continuing until the end of the
applicable period as shown on Schedule A and which is to be used if the Participant’s Separation is without Cause and is NOT in connection with a Change in Control. 

 

	1.35	 	“Standard Non-solicitation Period” shall mean the period commencing on the date the Executive becomes a Participant and continuing until the end of the
applicable period as shown on Schedule A and which is to be used if the Participant’s Separation is without Cause and is NOT in connection with a Change in Control. 

 

	1.36	 	“Standard Severance Multiple” shall mean the multiplier that shall be used to determine cash Separation Benefits paid to a Participant as shown on
Schedule A and which is to be used if the Participant’s Separation is without Cause and is NOT in connection with a Change in Control. 

  

	1.37	 	“Standard Vesting Continuation Period” shall mean the period over which equity-based compensation will continue to vest/become exercisable commencing
on the Separation Date and continuing until the end of the applicable period as shown on Schedule A and which is to be used if the Participant’s Separation is without Cause and is NOT in connection with a Change in Control.

  

	1.38	 	“Subsidiary” shall mean a corporation of which the Company directly or indirectly owns more than 50 percent of the Voting Stock or any other business
entity in which the Company directly or indirectly has an ownership interest of more than 50 percent. 

  
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	1.39	 	“Voting Stock” shall mean capital stock of any class or classes having general voting power under ordinary circumstances, in the absence of
contingencies, to elect the directors of a corporation. 

  

	2.0	 	PURPOSE AND HISTORY OF PLAN 

  

	2.1	 	Purpose and History. 

 Ace
Limited Executive Severance Plan (the “Plan”) is maintained by the Company: 
  

	 	(a)	 	to provide the terms and conditions relating to an Executive’s separation from service from the Company and/or any of its Subsidiaries; and

  

	 	(b)	 	to retain certain highly qualified individuals as Executives; and 

  

	 	(c)	 	to maintain the focus of such Executives on the business of the Company and to mitigate the distractions caused by the possibility that the Executive’s employment
may be terminated or that the Company may be the target of an acquisition. 

 The provisions of the Plan as set
forth herein constitute an amendment, restatement and continuation of the Plan as in effect immediately prior to the Effective Date. The Plan (as so amended and restated) is effective with respect to terminations of employment occurring on or after
the Effective Date. 
 The Plan is intended to qualify as an “employee benefit plan” (as such term is defined under
ERISA Section 3(3)) and, accordingly, the Plan is intended to be subject to ERISA. In addition, the Plan is intended to qualify as a “top-hat” plan (as such term is commonly used under the ERISA regulations promulgated by the U.S.
Department of Labor) since it provides benefits only to a select group of management or highly compensated employees of the Company. 
 Cash Separation Benefits under the Plan are NOT intended to be “nonqualified deferred compensation” as such term is defined and used under Code Section 409A; accordingly, such benefits are
NOT intended to be subject to Code Section 409A. 
  

	3.0	 	ELIGIBILITY AND PARTICIPATION 

  

	3.1	 	Eligibility. All Executives of the Company shall be eligible to participate in the Plan. 

 

	3.2	 	Participation. Participants shall consist of the CEO and those Executives designated by the CEO in his or her sole discretion to participate in the Plan;
provided, however, that the CEO shall not designate an Executive as a new Participant following a Change-in-Control Date. An Executive who becomes a Participant shall remain a Participant until the termination of the Plan in accordance with
Section 14 below. 

  

	3.3	 	 Committee Approval; Participant Agreement. Notwithstanding anything contained in the Plan to the contrary, all Participants designated by the
CEO in accordance with 

  
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Section 3.2 above shall not become Participants until such designation has been approved in writing by the Committee and such Executive has agreed in writing to be a Participant.

  

	4.0	 	ADMINISTRATION 

  

	4.1	 	Responsibility. The Committee shall have the responsibility, in its sole discretion, to control, operate, manage and administer the Plan in accordance with its
terms. 

  

	4.2	 	Authority of the Committee. The Committee shall have the maximum discretionary authority permitted by law that may be necessary to enable it to discharge its
responsibilities with respect to the Plan, including but not limited to the following: 

  

	 	(a)	 	to determine eligibility for participation in the Plan; 

  

	 	(b)	 	to approve Participants designated by the CEO; 

  

	 	(c)	 	to determine or calculate a Participant’s Separation Benefits; 

  

	 	(d)	 	to correct any defect, supply any omission, or reconcile any inconsistency in the Plan in such manner and to such extent as it shall deem appropriate in its sole
discretion to carry the same into effect; 

  

	 	(e)	 	to issue administrative guidelines as an aid to administer the Plan and make changes in such guidelines as it from time to time deems proper; 

 

	 	(f)	 	to make rules for carrying out and administering the Plan and make changes in such rules as it from time to time deems proper; 

 

	 	(g)	 	to the extent permitted under the Plan, grant waivers of Plan terms, conditions, restrictions, and limitations; 

 

	 	(h)	 	to make reasonable determinations as to a Participant’s eligibility for benefits under the Plan, including determinations as to Cause and Good Reason; and

  

	 	(i)	 	to take any and all other actions it deems necessary or advisable for the proper operation or administration of the Plan. 

 

	4.3	 	Action by the Committee. The Committee may act only by a majority of its members. Any determination of the Committee may be made, without a meeting, by a writing
or writings signed by all of the members of the Committee. In addition, the Committee may authorize any one or more of its members to execute and deliver documents on behalf of the Committee. 

 

	4.4	 	 Delegation of Authority. The Committee may delegate to one or more of its members, or to one or more agents, such administrative duties as it
may deem advisable; provided, however, that any such delegation shall be in writing. In addition, the Committee, or any person to whom it has delegated duties as aforesaid, may employ one or more persons to render advice with respect to any
responsibility the Committee or such person may have 

  
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under the Plan. The Committee may employ such legal or other counsel, consultants and agents as it may deem desirable for the administration of the Plan and may rely upon any opinion or
computation received from any such counsel, consultant or agent. Expenses incurred by the Committee in the engagement of such counsel, consultant or agent shall be paid by the Company, or the Subsidiary whose employees have benefited from the Plan,
as determined by the Committee. 

  

	4.5	 	Determinations and Interpretations by the Committee. All determinations and interpretations made by the Committee shall be binding and conclusive to the maximum
extent permitted by law on all Participants and their heirs, successors, and legal representatives. 

  

	4.6	 	Information. The Company shall furnish to the Committee in writing all information the Committee may deem appropriate for the exercise of its powers and duties
in the administration of the Plan. Such information may include, but shall not be limited to, the full names of all Participants, their earnings and their dates of birth, employment, retirement or death. Such information shall be conclusive for all
purposes of the Plan, and the Committee shall be entitled to rely thereon without any investigation thereof. 

  

	4.7	 	Liability. No member of the Board, no member of the Committee and no employee of the Company shall be liable for any act or failure to act hereunder, except in
circumstances involving his or her bad faith, gross negligence or willful misconduct, or for any act or failure to act hereunder by any other member or employee or by any agent to whom duties in connection with the administration of the Plan have
been delegated. 

  

	4.8	 	Indemnification. The Company shall indemnify members of the Committee and any agent of the Committee who is an employee of the Company, against any and all
liabilities or expenses to which they may be subjected by reason of any act or failure to act with respect to their duties on behalf of the Plan, except in circumstances involving such person’s bad faith, gross negligence or willful misconduct.

  

	5.0	 	SEPARATION DUE TO DEATH 

  

	5.1	 	Separation Event. The Participant’s employment with the Company and/or any of its Subsidiaries shall terminate on the date of the Participant’s death,
and the Separated Participant shall be entitled to receive the Separation Benefits provided under this Section 5. 

  

	5.2	 	Accrued Obligations. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the Company shall
pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the Participant’s earned but unpaid Salary, plus earned but unpaid bonus for prior years’ service, plus
unreimbursed expenses, plus any and all other Company obligations that are accrued and due and owing to the Separated Participant. 

  
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	5.3	 	Cash Separation Benefits. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company
shall have no obligation to pay to the Separated Participant any cash Separation Benefits. 

  

	5.4	 	Long-Term Incentive Compensation. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, any and
all long-term incentive arrangements shall vest, be exercisable and/or become payable in accordance with the terms and conditions of the long-term incentive compensation plan and award agreement. 

 

	5.5	 	Pension-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
benefits under all pension-benefit arrangements, including deferred compensation arrangements, shall be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding
sentence, the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	5.6	 	Welfare-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the
dependents of the deceased Separated Participant shall be entitled to receive continued health coverage in accordance with rules and provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985. Unless otherwise provided for in
any written agreement between the Company and a Separated Participant, or as otherwise agreed to by the Committee in its sole discretion, all other welfare benefits shall cease as of the Separation Date. 

 

	5.7	 	Payment of Separation Benefits to Beneficiaries. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a
Participant, all Separation Benefits under this Section 5 shall be paid to the Separated Participant’s Beneficiary. 

  

	5.8	 	Other Benefits. Notwithstanding anything contained in the Plan to the contrary, the Company or the Committee may, in its sole discretion, provide benefits in
addition to the benefits described under this Section 5. 

  

	6.0	 	SEPARATION DUE TO DISABILITY 

  

	6.1	 	Separation Event. The Participant’s employment with the Company and/or any of its Subsidiaries shall terminate on the date the Participant or the Company
(and/or any of its Subsidiaries) terminates such employment due to a Disability, and the Separated Participant shall be entitled to receive the Separation Benefits provided under this Section 6. 

 

	6.2	 	 Accrued Obligations. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the
Company shall pay to the Separated Participant during the 30-day period immediately following the 

  
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Separation Date, a lump sum cash payment equal to the Participant’s earned but unpaid Salary, plus earned but unpaid bonus for prior years’ service, plus unreimbursed expenses, plus any
and all other Company obligations that are accrued and due and owing to the Separated Participant. 

  

	6.3	 	Cash Separation Benefits. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company
shall have no obligation to pay to the Separated Participant any cash Separation Benefits. 

  

	6.4	 	Long-Term Incentive Compensation. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, any and
all long-term incentive arrangements shall vest, be exercisable and/or become payable in accordance with the terms and conditions of the long-term incentive compensation plan and award agreement. 

 

	6.5	 	Pension-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
benefits under all pension-benefit arrangements, including deferred compensation arrangements, shall be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding
sentence, the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	6.6	 	Welfare-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the
Separated Participant and his or her dependents shall be entitled to receive continued health coverage in accordance with rules and provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985. Unless otherwise provided for in any
written plan, program, agreement or arrangement between the Company and a Separated Participant, or as otherwise agreed to by the Committee in its sole discretion, all other welfare benefits shall cease as of the Separation Date due to Disability.

  

	6.7	 	Payment of Separation Benefits to Beneficiaries. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a
Participant, in the event of the Separated Participant’s death, all Separation Benefits that would have been paid to the Separated Participant under this Section 6 but for his or her death, shall be paid to the Separated Participant’s
Beneficiary. 

  

	6.8	 	Other Benefits. Notwithstanding anything contained in the Plan to the contrary, the Company or the Committee may, in its sole discretion, provide benefits in
addition to the benefits described under this Section 6. 

  

	7.0	 	SEPARATION DUE TO RETIREMENT 

  

	7.1	 	Separation Event. The Participant’s employment with the Company and/or any of its Subsidiaries shall terminate on the date the Participant terminates his or
her employment with the Company and/or any of its Subsidiaries due to a Retirement, and the Separated Participant shall be entitled to receive the Separation Benefits provided under this Section 7. 

  
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	7.2	 	Accrued Obligations. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company shall
pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the Participant’s earned but unpaid Salary, plus earned but unpaid bonus for prior years’ service, plus
un-reimbursed expenses, plus any and all other Company obligations that are accrued and due and owing to the Separated Participant. 

  

	7.3	 	Cash Separation Benefits. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company
shall have no obligation to pay to the Separated Participant any cash Separation Benefits. 

  

	7.4	 	Long-Term Incentive Compensation. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, any and
all long-term incentive arrangements shall vest, be exercisable and/or become payable in accordance with the terms and conditions of the long-term incentive compensation plan and award agreement. 

 

	7.5	 	Pension-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
benefits under all pension-benefit arrangements, including deferred compensation arrangements, shall be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding
sentence, the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	7.6	 	Welfare-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the
Separated Participant and his or her dependents shall be entitled to receive continued health coverage in accordance with rules and provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985. Unless otherwise provided for in any
written plan, program, agreement or arrangement between the Company and a Separated Participant, or as otherwise agreed to by the Committee in its sole discretion, all other welfare benefits shall cease as of the Separation Date.

  

	7.7	 	Payment of Separation Benefits to Beneficiaries. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a
Participant, in the event of the Separated Participant’s death, all Separation Benefits that would have been paid to the Separated Participant under this Section 7 but for his or her death, shall be paid to the Separated Participant’s
Beneficiary. 

  
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	7.8	 	Other Benefits. Notwithstanding anything contained in the Plan to the contrary, the Company or the Committee may, in its sole discretion, provide benefits in
addition to the benefits described under this Section 7. 

  

	8.0	 	SEPARATION FOR CAUSE OR QUIT 

  

	8.1	 	Separation Event. The Participant’s employment with the Company and/or any of its Subsidiaries shall terminate on the date that: 

 

	 	(a)	 	the Company and/or any of its Subsidiaries terminate(s) the Participant’s employment for Cause; or 

 

	 	(b)	 	the Participant Quits; 

 and the
Separated Participant shall be entitled to receive the Separation Benefits provided under this Section 8. If the Participant’s Quits, then such Participant shall notify the Company in writing at least 30 days prior to the Separation Date.

  

	8.2	 	Accrued Obligations. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company shall
pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the Participant’s earned but unpaid Salary, plus unreimbursed expenses, plus any and all other Company
obligations that are accrued and due and owing to the Separated Participant. 

  

	8.3	 	Cash Separation Benefits. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company
shall have no obligation to pay to the Separated Participant any cash Separation Benefits. 

  

	8.4	 	Long-Term Incentive Compensation. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, any and
all long-term incentive arrangements shall immediately be forfeited as of the Separation Date. 

  

	8.5	 	Pension-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
benefits under all pension-benefit arrangements, including deferred compensation arrangements, shall be immediately forfeited by the Separated Participant as of the Separation Date. 

 

	8.6	 	Welfare-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the
Separated Participant and his or her dependents shall be entitled to receive continued health coverage in accordance with rules and provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985. Unless otherwise provided for in any
written plan, program, agreement or arrangement between the Company and a Separated Participant, or as otherwise agreed to by the Committee in its sole discretion, all other welfare benefits shall cease as of the Separation Date.

  
 12 

	8.7	 	Payment of Separation Benefits to Beneficiaries. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a
Participant, in the event of the Separated Participant’s death, all Separation Benefits that would have been paid to the Separated Participant under this Section 8 but for his or her death, shall be paid to the Separated Participant’s
Beneficiary. 

  

	8.8	 	Other Benefits. Notwithstanding anything contained in the Plan to the contrary, the Company or the Committee may, in its sole discretion, provide benefits in
addition to the benefits described under this Section 8. 

  

	9.0	 	SEPARATION WITHOUT CAUSE 

  

	9.1	 	Separation Event. The Participant’s employment with the Company and/or any of its Subsidiaries shall terminate on the date that the Company and/or any of
its Subsidiaries terminate(s) the Participant’s employment with the Company and/or any of its Subsidiaries without Cause (other than due to death, a Disability or a Retirement); and the Separated Participant shall be entitled to receive the
Separation Benefits provided under this Section 9. 

  

	9.2	 	Accrued Obligations. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company shall
pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the Participant’s earned but unpaid Salary, plus earned but unpaid bonus for prior years’ service, plus
unreimbursed expenses, plus any and all other Company obligations that are accrued and due and owing to the Separated Participant. 

  

	9.3	 	Cash Separation Benefits. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company
shall pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the sum of: 

  

	 	(a)	 	a pro rata annual bonus with respect to the year in which the Separation Date occurs, plus 

 

	 	(b)	 	the product of (x) the Standard Severance Multiple times (y) the sum of the Separated Participant’s (A) Salary plus (B) Bonus.

  

	9.4	 	Equity-Based Compensation. Notwithstanding anything contained in any written plan, program, agreement or arrangement between the Company and the Participant:

  

	 	(a)	 	any and all unvested shares of restricted stock or restricted stock units (whether time-based or performance-based) held by the Participant on the Separation Date shall
continue to vest over the Standard Vesting Continuation Period, and 

  

	 	(b)	 	 any and all unvested stock options (whether incentive stock options or nonqualified stock options, whether time-based or performance-based) shall
continue to vest/become exercisable over the Standard Vesting Continuation 

  
 13 

	 	
Period, and any and all stock options held by the Participant on the Separation Date (including those stock options that vest/become exercisable under this Section 9.4) shall remain
exercisable until the earlier of (i) the 3rd anniversary of the Separation Date or (ii) the stock option’s originally scheduled expiration date. 

 

	9.5	 	Long-Term Incentive Compensation. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
long-term incentive arrangements (other than equity-based compensation) shall forfeit, vest and/or be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding sentence,
the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	9.6	 	Pension-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
benefits under all pension-benefit arrangements, including deferred compensation arrangements, shall be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding
sentence, the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	9.7	 	Welfare-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the Company
shall provide a Separated Participant with continued health coverage during the Standard Health Continuation Period. Unless otherwise provided for in any written plan, program, agreement or arrangement between the Company and a Separated
Participant, or as otherwise agreed to by the Committee in its sole discretion, all other welfare benefits shall cease as of the Separation Date. Following the end of the applicable Standard Heath Continuation Period, the Separated Participant and
his or her dependents shall be entitled to receive continued health coverage in accordance with rules and provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985. 

 

	9.8	 	Payment of Separation Benefits to Beneficiaries. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a
Participant, in the event of the Separated Participant’s death, all Separation Benefits that would have been paid to the Separated Participant under this Section 9 but for his or her death, shall be paid to the Separated Participant’s
Beneficiary. 

  

	9.9	 	Other Benefits. Notwithstanding anything contained in the Plan to the contrary, the Company or the Committee may, in its sole discretion, provide benefits in
addition to the benefits described under this Section 9. 

  
 14 

	10.0	 	CHANGE IN CONTROL 

  

	10.1	 	Separation Event. The Participant’s employment with the Company and/or any of its Subsidiaries shall terminate on the date that the Company and/or any of
its Subsidiaries terminate(s) the Participant’s employment with the Company and/or any of its Subsidiaries without Cause (other than due to death, a Disability or a Retirement) or on the date that the Participant terminates his or her
employment for Good Reason during the period commencing on the 180th day immediately preceding a Change-in-Control Date and ending on the 2nd anniversary of such Change-in-Control Date; and the Separated Participant shall be entitled to receive the
Separation Benefits provided under this Section 10. 

  

	10.2	 	Accrued Obligations. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company shall
pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the Participant’s earned but unpaid Salary, plus earned but unpaid bonus for prior years’ service, plus
unreimbursed expenses, plus any and all other Company obligations that are accrued and due and owing to the Separated Participant. 

  

	10.3	 	Cash Separation Benefits. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and the Participant, the Company
shall pay to the Separated Participant during the 30-day period immediately following the Separation Date, a lump sum cash payment equal to the sum of: 

  

	 	(a)	 	a pro rata annual bonus with respect to the year in which the Separation Date occurs, plus 

 

	 	(b)	 	the product of (x) the Change-in-Control Severance Multiple times (y) the sum of the Separated Participant’s (A) Salary plus (B) Bonus.

  

	10.4	 	Equity-Based Compensation. 

  

	 	(a)	 	Notwithstanding anything contained in any written plan, program, agreement or arrangement between the Company and the Participant, for awards granted before
May 18, 2011, and, except to the extent that Section 10.4(b) is applicable to an award in accordance with the provisions of that Section 10.4(b), for awards granted on or after that date: 

(i) any and all unvested shares of restricted stock or restricted stock units (whether time-based or performance-based) held by the
Participant (or, if the Separation Date had occurred within the 180-day period immediately preceding the Change-in-Control Date, held by the Separated Participant) on the Change-in-Control Date shall immediately vest on the Change-in-Control Date,
and 
 (ii) any and all unvested stock options (whether incentive stock options or nonqualified stock options, whether time-based
or performance-based) held by the Participant (or, if the Separation Date had occurred within the 180-day period 

  
 15 

 
immediately preceding the Change-in-Control Date, held by the Separated Participant) on the Change-in-Control Date shall immediately vest/become exercisable on the Change-in-Control Date, and any
and all stock options held by the Participant on the Separation Date (including those stock options that vest/become exercisable under this Section 10.4(a)) shall remain exercisable until the earlier of (A) the 3rd anniversary of the
Separation Date or (B) the stock option’s originally scheduled expiration date. 
  

	 	(b)	 	Notwithstanding anything contained in any written plan, program, agreement or arrangement between the Company and the Participant, for awards granted on or after
May 18, 2011, but only with respect to awards expressly made subject to this Section 10.4(b) at the time the award is granted: 

  

	 	(i)	 	If the Participant’s Separation Date is a Change in Control Separation Date (as defined below), then any and all unvested shares of restricted stock or restricted
stock units held by the Participant at the Separation Date will vest at the Change in Control Separation Date; provided that if the Participant’s Change in Control Separation Date occurs within the 180-day period immediately preceding the
Change-in-Control Date, then any and all unvested shares of restricted stock or restricted stock units held by the Separated Participant on the Separation Date will vest on the Change-in-Control Date. 

 

	 	(ii)	 	If the Participant’s Separation Date is a Change in Control Separation Date, then: 

 

	 	(A)	any and all unvested stock options (whether incentive stock options or nonqualified stock options, whether time-based or performance-based) held by the Participant on
the Separation Date shall immediately vest/become exercisable on that date; provided that if the Participant’s Change in Control Separation Date occurs within the 180-day period immediately preceding the Change-in-Control Date, then any and all
unvested stock options held by the Separated Participant on the Separation Date shall vest/become exercisable on the Change-in-Control Date; and 

  

	 	(B)	any and all stock options (whether incentive stock options or nonqualified stock options, whether time-based or performance-based) held by the Participant on the
Separation Date (including those stock options that vest/become exercisable under this Section 10.4(b)) shall remain exercisable until the earlier of (I) the 3rd anniversary of the Separation Date or (II) the stock option’s originally
scheduled expiration date; 

 except that if the originally scheduled expiration date for a stock option occurs
before the Change-in-Control Date, then the stock option will not become exercisable under this paragraph (b). 

  
 16 

	 	(iii)	 	“Change in Control Separation Date” means (A) a Participant’s Separation Date that occurs for any reason (including, without limitation,
voluntary resignation of the Participant with or without Good Reason) during the first calendar month that begins on or after the six-month anniversary of a Change-in-Control Date or (B) the Participant’s Separation Date occurs because the
Company and/or any of its Subsidiaries terminate(s) the Participant’s employment with the Company and/or any of its Subsidiaries without Cause (other than due to death, a Disability or a Retirement) or because the Participant terminates his or
her employment for Good Reason during the period commencing on the 180th day immediately preceding a Change-in-Control Date and ending on the 2nd anniversary of such Change-in-Control Date. 

 

	10.5	 	Long-Term Incentive Compensation. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
long-term incentive arrangements (other than equity-based compensation) shall forfeit, vest and/or be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding sentence,
the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	10.6	 	Pension-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, all
benefits under all pension-benefit arrangements, including deferred compensation arrangements, shall be paid in accordance with the terms and conditions of the applicable plan, program, agreement or arrangement. Notwithstanding the preceding
sentence, the Committee may accelerate such payment, in its sole discretion, after having received advice from the Company’s tax counsel that such acceleration would not violate Code Section 409A or any other provision of the Code.

  

	10.7	 	Welfare-Benefit Arrangements. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a Participant, the Company
shall provide a Separated Participant with continued health coverage during the Change-in-Control Health Continuation Period. Unless otherwise provided for in any written plan, program, agreement or arrangement between the Company and a Separated
Participant, or as otherwise agreed to by the Committee in its sole discretion, all other welfare benefits shall cease as of the Separation Date. Following the end of the applicable Change-in-Control Heath Continuation Period, the Separated
Participant and his or her dependents shall be entitled to receive continued health coverage in accordance with rules and provisions under the Consolidated Omnibus Budget Reconciliation Act of 1985. 

 

	10.8	 	Payment of Separation Benefits to Beneficiaries. Unless otherwise provided in any written plan, program, agreement or arrangement between the Company and a
Participant, in the event of the Separated Participant’s death, all Separation Benefits that would have been paid to the Separated Participant under this Section 10 but for his or her death, shall be paid to the Separated
Participant’s Beneficiary. 

  
 17 

	10.9	 	Other Benefits. Notwithstanding anything contained in the Plan to the contrary, the Company or the Committee may, in its sole discretion, provide benefits in
addition to the benefits described under this Section 10. 

  

	10.10	 	Right of Company to Cure. If the Separation is by the Participant for Good Reason under this Section 10, then the Company and/or any of its Subsidiaries
shall be given a reasonable period of time to cure the event that constitutes Good Reason (if curable) before the Separation Date. 

  

	11.0	 	PARTICIPANT OBLIGATIONS 

  

	11.1	 	Waiver and Release. As a condition precedent for receiving the Separation Benefits provided under Section 9 or Section 10 above, a Separated
Participant shall execute a waiver and release substantially in the form attached to the Plan as Exhibit A; provided that the Separation Benefits under Section 9 or Section 10 above shall be payable only if the release is executed and
returned to the Company in sufficient time so that any period during which the Participant may revoke such release shall expire not later than March 1 of the calendar year following the calendar year that includes the Separation. If a
Participant has a taxable year that is other than the calendar year, then, to the extent required by Code Section 409A, the term “calendar year” (when used in the Plan) shall instead mean the Participant’s taxable year.

  

	11.2	 	Non-competition. If a Participant’s Separation is (i) without Cause or (ii) without Cause or for Good Reason in connection with a Change in
Control, then during the Standard Non-competition Period or the Change-in-Control Non-competition Period, as applicable, a Separated Participant shall not at any time, directly or indirectly, engage in a Competitive Activity.

  

	11.3	 	Non-solicitation. If a Participant’s Separation is (i) without Cause or (ii) without Cause or for Good Reason in connection with a Change in
Control, then during the Standard Non-solicitation Period or Change-in-Control Non-solicitation Period, as applicable, a Separated Participant shall not at any time, directly or indirectly, whether on behalf of himself or herself or any other person
or entity (x) solicit any client and/or customer of the Company or any Subsidiary with respect to a Competitive Activity or (y) solicit or employ any employee of the Company or any Subsidiary for the purpose of causing such employee to
terminate his or her employment with the Company or such Subsidiary. 

  

	11.4	 	Confidentiality. At all times prior to and following the Separation Date, a Participant shall not disclose to anyone or make use of any trade secret or
proprietary or confidential information of the Company, including such trade secret or proprietary or confidential information of any customer or client or other entity to which the Company owes an obligation not to disclose such information, which
he or she acquires during his or her employment with the Company, including but not limited to records kept in the ordinary course of business, except: 

  
 18 

	 	(a)	 	as such disclosure or use may be required or appropriate in connection with his or her work as an employee of the Company; 

 

	 	(b)	 	when required to do so by a court of law, by any governmental agency having supervisory authority over the business of the Company or by any administrative or
legislative body (including a committee thereof) with apparent jurisdiction to order him or her to divulge, disclose or make accessible such information; 

  

	 	(c)	 	as to such confidential information that becomes generally known to the public or trade without his or her violation of this Section 11.4; or

  

	 	(d)	 	to the Participant’s spouse and/or his or her personal tax and financial advisors as reasonably necessary or appropriate to advance the Participant’s tax,
financial and other personal planning (each an “Exempt Person”), provided, however, that any disclosure or use of any trade secret or proprietary or confidential information of the Company by an Exempt Person shall be deemed to be a
breach of this Section 11.4 by the Participant. 

  

	11.5	 	Non-Disparagement. At all times prior to and following the Separation Date, a Participant shall not make any statements or express any views that disparage the
business reputation or goodwill of the Company and/or any of its Subsidiaries. 

  

	11.6	 	Resignation as Officer and Director. On or before the Separation Date, the Separated Participant shall submit to the Company in writing his or her resignation
(as applicable) as (i) an officer of the Company and of all Subsidiaries and (ii) a member of the Board and of the board of directors of all Subsidiaries. 

 

	11.7	 	Return of Company Property. Immediately following the Separation Date, a Participant shall immediately return all Company property in his or her possession,
including but not limited to all computer equipment (hardware and software), telephones, facsimile machines, palm pilots and other communication devices, credit cards, office keys, security access cards, badges, identification cards and all copies
(including drafts) of any documentation or information (however stored) relating to the business of the Company, its customers and clients or its prospective customers and clients. 

 

	11.8	 	 Cooperation. Following the Separation Date, a Participant shall give his or her assistance and cooperation willingly, upon reasonable advance
notice with due consideration for his or her other business or personal commitments, in any matter relating to his or her position with the Company, or his or her expertise or experience as the Company may reasonably request, including his or her
attendance and truthful testimony where deemed appropriate by the Company, with respect to any investigation or the Company’s defense or prosecution of any existing or future claims or litigations or other proceeding relating to matters in
which he or she was involved or potentially had knowledge by virtue of his or her employment with the Company. In no event shall his or her cooperation materially interfere with his or her services for a subsequent employer or other similar service
recipient. The Company agrees that (i) it shall promptly reimburse the Separated Participant for his or her reasonable and documented expenses in 

  
 19 

	 	
connection with his or her rendering assistance and/or cooperation under this Section 11.8, upon his or her presentation of documentation for such expenses and (ii) the Separated
Participant shall be reasonably compensated for any continued material services as required under this Section 11.8. 

  

	11.9	 	Enforcement of Section 11. If a Separated Participant materially violates any provision of this Section 11, he or she shall immediately forfeit any
right, title and interest to any Separation Benefits that have not yet been paid or provided and shall be required to repay to the Company a cash amount equal to the value of the Separation Benefits that he or she has already received.

  

	11.10	 	Enforcement of Non-competition, Non-solicitation and Confidentiality Covenants. In addition to Section 11.9 above, if a Separated Participant violates or
threatens to violate Section 11.2, Section 11.3, and/or Section 11.4 above, the Company shall not have an adequate remedy at law. Accordingly, the Company shall be entitled to such equitable and injunctive relief as may be available
to restrain the Separated Participant and any business, firm, partnership, individual, corporation or entity participating in the breach or threatened breach from the violation of the provisions of Section 11.2, Section 11.3, and/or
Section 11.4 above. Nothing in the Plan shall be construed as prohibiting the Company from pursuing any other remedies available at law or in equity for breach or threatened breach of Section 11.2, Section 11.3, and/or
Section 11.4 above, including the recovery of damages. 

  

	12.0	 	CLAIMS 

  

	12.1	 	Claims Procedure. If any Participant or Beneficiary, or his or her legal representative, has a claim for benefits under the Plan which is not being paid, such
claimant may file a written claim with the Committee setting forth the amount and nature of the claim, supporting facts, and the claimant’s address. Written notice of the disposition of a claim by the Committee shall be furnished to the
claimant within 90 days after the claim is filed. In the event of special circumstances, the Committee may extend the period for determination for up to an additional 90 days, in which case it shall so advise the claimant. If the claim is denied,
the reasons for the denial shall be specifically set forth in writing, pertinent provisions of the Plan shall be cited, including an explanation of the Plan’s claim review procedure, and, if the claim is perfectible, an explanation as to how
the claimant can perfect the claim shall be provided. 

  

	12.2	 	Claims Review Procedure. If a claimant whose claim has been denied wishes further consideration of his or her claim, he or she may request the Committee to
review his or her claim in a written statement of the claimant’s position filed with the Committee no later than 60 days after receipt of the written notification provided for in Section 12.1 above. The Committee shall fully and fairly
review the matter and shall promptly advise the claimant, in writing, of its decision within the next 60 days. Due to special circumstances, the Committee may extend the period for determination for up to an additional 60 days.

  
 20 

	12.3	 	Dispute Resolution. Any disputes arising under or in connection with the Plan (other than disputes arising under or in connection with Sections 11.2, 11.3 and/or
11.4 above) shall be resolved by binding arbitration, to be held in Bermuda or in any other location mutually agreed to by the Company and the Participant in accordance with the rules and procedures of the American Arbitration Association. Judgment
upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 

  

	12.4	 	Reimbursement of Expenses. If there is any dispute between the Company and a Participant with respect to a claim under the Plan, the Company shall reimburse such
Participant for all reasonable fees, costs and expenses incurred by such Participant with respect to such disputed claim; provided, however, that (i) such Participant is the prevailing party with respect to such disputed claim or
(ii) the disputed claim is settled in the Participant’s favor. 

 Payment of reimbursement amounts
(including, without limitation, payments under Section 15.5 (relating to indemnification) and the provision of in-kind benefits by the Company under this Plan that constitute Deferred Compensation shall be subject to the following: 

 

	 	(a)	 	Such reimbursements shall be made promptly after the Participant submits reasonable evidence of having incurred the amounts subject to reimbursement, provided that the
Participant is required to provide such evidence no later than October 31 of the calendar year following the year in which such expenses are incurred (or such earlier date that is generally applicable, or such later date, established by the
Company that is not later than the end of the calendar year following the year in which such expenses are incurred), and shall be paid by the Company not later than the last day of the calendar year following the year in which such expenses are
incurred. 

  

	 	(b)	 	To the extent required to avoid accelerated recognition of taxable income or imposition of additional tax under Code Section 409A, the amount of expenses eligible
for reimbursement, or in-kind benefits provided, during the Participant’s taxable year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

 

	 	(c)	 	To the extent that the Participant is eligible for reimbursement of tax liability with respect to taxes paid by the Participant, such reimbursement shall be made no
later than the end of the calendar year following the calendar year in which the taxes are remitted to the taxing authority. 

  

	 	(d)	 	The Participant’s right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 

If, at the time of termination of employment, the Participant is a Specified Employee as defined under Treas. Reg. §1.409A-1(i), then
any payments or benefits under the Plan provided by reason of termination of employment that constitute Deferred Compensation may not be paid or provided to the Participant during the period ending six months after

  
 21 

 
the date of termination of employment; provided that such amounts shall be paid on the first day of the seventh month following the date of termination of employment or, if earlier, the date of
death of the Participant; and further provided that the Participant may receive such benefit coverage by paying the cost of such coverage to the Company for that six month period (with the Participant’s right to reimbursement of such cost
during the seventh month after termination of employment). 
  

	13.0	 	TAXES 

  

	13.1	 	Withholding Taxes. The Company shall be entitled to withhold from any and all payments made to a Participant under the Plan all federal, state, local and/or
other taxes or imposts which the Company determines are required to be so withheld from such payments or by reason of any other payments made to or on behalf of the Participant or for his or her benefit hereunder. 

 

	13.2	 	Golden Parachute Excise Tax Gross-Up. If a Participant becomes subject to the excise tax imposed by Code Section 4999 (the “Parachute Excise
Tax”), then the Company and the Participant agree that the aggregate “parachute payment” (as such term is used under Code Section 280G) shall be reduced to 299.99% of the Participant’s “base amount” (as such term
is used under Code Section 280G) if such reduction would result in the Participant retaining on an after-tax basis an amount equal to or greater than the amount that the Participant would have retained had he or she not been subject to the
Parachute Excise Tax. If such reduction occurs under this Section 13.2, the reduction shall be made in the following order: 

  

	 	(a)	 	First, by reducing the cash amounts of parachute payments (excluding coverage under a hospitalization plan, major medical plan, dental plan, group-term life insurance
plan, accidental death and dismemberment plan (“welfare benefits”) that would not constitute Deferred Compensation (with the payments subject to such reduction to be determined by the Company), to the extent necessary to decrease the
parachute payments to 299.99% of the base amount. 

  

	 	(b)	 	Next, if after the reduction to zero of the amounts described in Section (a) above, the remaining scheduled parachute payments are greater than 299.99% of the base
amount, then by reducing the cash amounts of parachute payments (excluding welfare benefits) that constitute Deferred Compensation, with the reductions to be applied first to the parachute payments scheduled for the latest distribution date, and
then applied to distributions scheduled for progressively earlier distribution dates, to the extent necessary to decrease the parachute payments to 299.99% of the base amount. 

 

	13.3	 	 Code Section 409A. Cash Separation Benefits are not intended to be subject to Code Section 409A. Any other benefits under the Plan
that constitute Deferred Compensation are intended to satisfy the requirements of Code Section 409A. It is intended that the payments and benefits to which a Participant could become entitled under this Plan not be subject to accelerated
recognition of income or imposition of additional tax under Code Section 409A, and the Plan shall be construed in a manner that is consistent with this 

  
 22 

	 	
intent. Notwithstanding anything contained in the Plan to the contrary, the Committee shall have full authority to operate the Plan and to override any provision in the Plan in order for the Plan
to be fully compliant – both in form and in operation – with Code Section 409A. For purposes of the Plan, the term “Deferred Compensation” means payments or benefits that would be considered to be provided under a
nonqualified deferred compensation plan as that term is defined in Treas. Reg. section 1.409A-1. 

  

	13.4	 	No Guarantee of Tax Consequences. No person connected with the Plan in any capacity, including, but not limited to, the Company and any Subsidiary and their
directors, officers, agents and employees makes any representation, commitment, or guarantee that any tax treatment, including, but not limited to, federal, state and local income, estate and gift tax treatment, will be applicable with respect to
amounts payable or provided under the Plan, or paid to or for the benefit of a Participant under the Plan, or that such tax treatment will apply to or be available to a Participant on account of participation in the Plan. 

 

	14.0	 	TERM OF PLAN; AMENDMENT AND TERMINATION OF PLAN 

  

	14.1	 	Term of Plan. The Plan shall continue in effect on the Effective Date and shall remain in effect until the Board terminates the Plan. 

 

	14.2	 	Amendment of Plan. The Plan may be amended by the Board at any time with or without prior notice; provided, however, that the Plan shall not be amended
during the period commencing on the 180th day immediately preceding a Change-in-Control Date and ending on the 2nd anniversary of such Change-in-Control Date without the written consent of each Participant. 

 

	14.3	 	Termination of Plan. The Plan may be terminated or suspended by the Board at any time with or without prior notice; provided, however, that the Plan shall
not be terminated or suspended during the period commencing on the 180th day immediately preceding a Change-in-Control Date and ending on the 2nd anniversary of such Change-in-Control Date without the written consent of each Participant.

  

	14.4	 	No Adverse Effect. If the Plan is amended, terminated, or suspended in accordance with Sections 14.2 or 14.3 above, such action shall not adversely affect the
benefits of anyone who was a Participant (including a Separated Participant) prior to the date of amendment, termination or suspension. 

  

	15.0	 	MISCELLANEOUS 

  

	15.1	 	No Mitigation. A Separated Participant shall be under no obligation to seek other employment following the Separation Date and there shall be no offset against
amounts due the Separated Participant under the Plan on account of any compensation attributable to any subsequent employment. 

  

	15.2	 	 Offset. Separation Benefits shall be reduced by any payment or benefit made or provided by the Company or any Subsidiary to the Participant
pursuant to (i) any severance plan, program, policy or arrangement of the Company or any Subsidiary not 

  
 23 

	 	
otherwise referred to in the Plan, (ii) the termination-of-employment provisions of any employment agreement between the Company or any Subsidiary and the Participant, and (iii) any
federal, state or local statute, rule, regulation or ordinance; provided however that no such reduction shall be made to the extent that it would otherwise constitute an impermissible substitution under Treas. Reg. section 1.409A-1(m) or otherwise
be impermissible under Code Section 409A. 

  

	15.3	 	No Right, Title, or Interest in Company Assets. Participants shall have no right, title, or interest whatsoever in or to any assets of the Company or any
investments which the Company may make to aid it in meeting its obligations under the Plan. Nothing contained in the Plan, and no action taken pursuant to its provisions, shall create or be construed to create a trust of any kind, or a fiduciary
relationship between the Company and any Participant, Beneficiary, legal representative or any other person. To the extent that any person acquires a right to receive payments from the Company under the Plan, such right shall be no greater than the
right of an unsecured general creditor of the Company. Subject to this Section 15.3, all payments to be made hereunder shall be paid from the general funds of the Company and no special or separate fund shall be established and no segregation
of assets shall be made to assure payment of such amounts; provided, however, that the Company may establish a grantor trust to provide for the payment of the benefits under the Plan of which the Company is the grantor within the meaning of
subpart E, part I, subchapter J, chapter 1, subtitle A of the Code and under which the assets held by such trust will be subject to the claims of the Company’s general creditors under federal and state law in the event of the Company’s
insolvency. 

  

	15.4	 	No Right to Continued Employment. The Participant’s rights, if any, to continue to serve the Company as an employee shall not be enlarged or otherwise
affected by his or her designation as a Participant under the Plan, and the Company or the applicable Subsidiary reserves the right to terminate the employment of any employee at any time. The adoption of the Plan shall not be deemed to give any
employee, or any other individual any right to be selected as a Participant or to continued employment with the Company or any Subsidiary. 

  

	15.5	 	Indemnification. During the Participation Period and – if the Participant becomes a Separated Participant – following the Separation Date, the Company
shall indemnify the Participant or the Separated Participant, as the case may be, and hold him or her harmless, to the fullest extent permitted by, and subject to the limitations of applicable law, for all claims against him or her by third parties
by reason of his or her employment with the Company and/or any of its Subsidiaries, including without limitation, all costs, charges and expenses (including attorneys’ fees) whatsoever incurred or sustained by the Participant or Separated
Participant, as the case may be, in connection with any action, suit or proceeding (other than any action, suit or proceeding brought by or in the name of the Company against the Participant or Separated Participant, as the case may be) to which he
or she may be made a party by reason of being or having been a director, officer or employee of the Company and/or any of its Subsidiaries or his or her serving or having served any other enterprise as a director, officer or employee at the request
of the Company. 

  
 24 

	15.6	 	Other Rights. The Plan shall not affect or impair the rights or obligations of the Company or a Participant under any other written plan, contract, arrangement,
or pension, profit sharing or other compensation plan. 

  

	15.7	 	Governing Law. The Plan shall be governed by and construed in accordance with the laws of Bermuda without reference to principles of conflict of laws, except as
superseded by ERISA and other applicable law. 

  

	15.8	 	Severability. If any term or condition of the Plan shall be invalid or unenforceable to any extent or in any application, then the remainder of the Plan, with
the exception of such invalid or unenforceable provision, shall not be affected thereby and shall continue in effect and application to its fullest extent. 

 

	15.9	 	Incapacity. If the Committee determines that a Participant or a Beneficiary is unable to care for his or her affairs because of illness or accident or because he
or she is a minor, any benefit due the Participant or Beneficiary may be paid to the Participant’s spouse or to any other person deemed by the Committee to have incurred expense for such Participant (including a duly appointed guardian,
committee or other legal representative), and any such payment shall be a complete discharge of the Company’s obligation hereunder. 

  

	15.10	 	Transferability of Rights. The Company shall have the unrestricted right to transfer its obligations under the Plan with respect to one or more Participants to
any person, including, but not limited to, any purchaser of all or any part of the Company’s business. No Participant or Beneficiary shall have any right to commute, encumber, transfer or otherwise dispose of or alienate any present or future
right or expectancy which the Participant or Beneficiary may have at any time to receive payments of benefits hereunder, which benefits and the right thereto are expressly declared to be non-assignable and nontransferable, except to the extent
required by law. Any attempt to transfer or assign a benefit, or any rights granted hereunder, by a Participant or the spouse of a Participant shall, in the sole discretion of the Committee (after consideration of such facts as it deems pertinent),
be grounds for terminating any rights of the Participant or Beneficiary to any portion of the Plan benefits not previously paid. 

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 25 

 SCHEDULE A 
 NON-CHANGE-IN-CONTROL SEPARATION BENEFITS 
  

															
	 Participant
	 	 Standard
Severance
Multiple
	 	
Standard
Vesting
Continuation
Period
	 	 Standard

Option Extended

Exercise Period
	 	
Standard
Health
Continuation
Period
	 	
Standard
Non-Competition
Period
	 	 Standard

Non-Solicitation Period

	 	 	 	 	 	 	 Clients/
Customers
	 	 Employees

	CEO	 	2x	 	24 months	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

 

•      option’s originally scheduled expiration date
	 	24 months	 	12 months	 	24 months	 	24 months
								
	Other Executives	 	1x	 	12 months	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

 

•      option’s originally scheduled expiration date
	 	12 months	 	12 months	 	12 months	 	12 months

 CHANGE-IN-CONTROL SEPARATION BENEFITS 

 

															
	 Participant
	 	 Change-in-

Control
Severance
Multiple
	 	 Change-in-

Control

Vesting

Continuation

Period
	 	 Change-in-Control

Option Extended

Exercise Period
	 	 Change-in-

Control
Health
Continuation
Period
	 	 Change-in-

Control Non-

Competition
Period
	 	 Change-in-Control
Non-Solicitation
Period

	 	 	 	 	 	 	 Clients/
Customers
	 	 Employees

	CEO (Awards On or After May 18, 2011)	 	2.99x	 	 Not Applicable
 (vests based on
Change in Control Separation Date as defined in Section 10.4)
	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

 

•      option’s originally scheduled expiration date
	 	36 months	 	12 months	 	24 months	 	24 months
								
	CEO (Awards Prior to May 18, 2011)	 	2.99x	 	Not Applicable (vests on Change in Control)	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

•      option’s originally scheduled expiration date
	 	36 months	 	12 months	 	24 months	 	24 months

  
 26 

															
	General Counsel (Awards On or After May 18, 2011)	 	    2x    	 	Not Applicable (vests based on Change in Control Separation Date as defined in Section 10.4)	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

 

•      option’s originally scheduled expiration date
	 	24 months	 	12 months	 	12 months	 	24 months
								
	General Counsel (Awards Prior to May 18, 2011)	 	2x	 	Not Applicable (vests on Change in Control)	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

 

•      option’s originally scheduled expiration date
	 	24 months	 	12 months	 	12 months	 	24 months
								
	Other Executives	 	2x	 	Not Applicable (vests on Change in Control)	 	 Earlier of:
  

•      3rd anniversary of the Separation Date, or

 

•      option’s originally scheduled expiration date
	 	24 months	 	12 months	 	12 months	 	24 months

  
 27 

 EXHIBIT A 
 RELEASE 
 This RELEASE (“Release”) dated as of this
         day of                 , 20         between ACE Limited, a
Swiss company (the “Company”), and                              (the “Employee”).

 WHEREAS, the Employee is a participant in the Company’s Executive Severance Plan (the “Plan”); and 

WHEREAS, the Employee’s employment with the Company (has been) (will be) terminated effective
                    ; and 
 WHEREAS, pursuant to Section              of the Plan, the Employee is entitled to certain compensation and benefits upon such
termination, contingent upon the execution of this Release; 
 NOW, THEREFORE, in consideration of the premises and mutual
agreements contained herein and in the Plan, the Company and the Employee agree as follows: 
 1. The Employee, on [his/her] own
behalf and on behalf of [his/her] heirs, estate and beneficiaries, does hereby release the Company, and any of its Subsidiaries or affiliates, and each past or present officer, director, agent, employee, shareholder, and insurer of any such
entities, from any and all claims made, to be made, or which might have been made of whatever nature, whether known or unknown, from the beginning of time, including those that arose as a consequence of [his/her] employment with the Company, or
arising out of the severance of such employment relationship, or arising out of any act committed or omitted during or after the existence of such employment relationship, all up through and including the date on which this Release is executed,
including, but not limited to, those which were, could have been or could be the subject of an administrative or judicial proceeding filed by the Employee or on [his/her] behalf under federal, state or local law, whether by statute, regulation, in
contract or tort, and including, but not limited to, every claim for front pay, back pay, wages, bonus, fringe benefit, any form of discrimination (including but not limited to, every claim of race, color, sex, religion, national origin, disability
or age discrimination), wrongful termination, emotional distress, pain and suffering, breach of contract, compensatory or punitive damages, interest, attorneys’ fees, reinstatement or reemployment. If any court rules that such waiver of rights
to file, or have filed on [his/her] behalf, any administrative or judicial charges or complaints is ineffective, the Employee agrees not to seek or accept any money damages or any other relief upon the filing of any such administrative or judicial
charges or complaints. The Employee relinquishes any right to future employment with the Company and the Company shall have the right to refuse to re-employ the Employee without liability. The Employee acknowledges and agrees that even though claims
and facts in addition to those now known or believed by [him/her] to exist may subsequently be discovered, it is [his/her] intention to fully settle and release all claims [he/she] may have against the Company and the persons and entities described
above, whether known, unknown or suspected. 
 2. The Employee acknowledges that [he/she] has been provided at least 21 days to
review the Release and has been advised to review it with an attorney of [his/her] choice. In the event the Employee elects to sign this Release prior to the end of this 21-day period, [he/she] agrees that it is a knowing and voluntary waiver of
[his/her] right to wait the full 21 days. The 

  
 28 

 
Employee further understands that [he/she] has 7 days after the signing hereof to revoke it by so notifying the Company in writing, such notice to be received by
                 within the 7-day period. The Employee further acknowledges that [he/she] has carefully read this Release, and knows and understands its contents
and its binding legal effect. The Employee acknowledges that by signing this Release, [he/she] does so of [his/her] own free will and act and that it is [his/her] intention that [he/she] be legally bound by its terms. 

  
 29 

 IN WITNESS WHEREOF, the parties have executed this Release on the date first above written.

 ACE LIMITED 
 By:                                 
                                         
                                         
                
 Name: 

Title: 
  

                   
                                         
                                         
                                     

[Employee’s Name] 

  
 30EX-10.72

 Exhibit 10.72 
 For Awards for Messrs. Greenberg and Cusumano 
 Performance Based
Restricted Stock Award Terms 
 under the  

ACE Limited 2004 Long-Term Incentive Plan 
 The Participant has been granted a Performance Based Restricted Stock Award by ACE Limited (the “Company”) under the ACE Limited 2004 Long-Term Incentive Plan (the “Plan”). This
Performance Based Restricted Stock Award, as well as the associated awards described in paragraph 5(a) and (b), shall be subject to the following Performance Based Restricted Stock Award Terms: 

1. Terms of Award. The following words and phrases used in these Performance Based Restricted Stock Award Terms shall have the
meanings set forth in this paragraph 1: 
  

	(a)	 	The “Participant” is , who is the individual recipient of the Performance Based Restricted Stock Award on the specified Grant Date. 

 

	(b)	 	The “Grant Date” is [Insert Date]. 

  

	(c)	 	The “Commencement Date” is [Insert Date]. 

  

	(d)	 	The number of “Covered Performance Shares” is , which is 33% [50% for Chief Executive Officer] of that portion of the Participant’s annual Long-Term
Incentive Award which is granted in the form of restricted shares for the year in which the Grant Date occurs, as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

 Other words and phrases used in these Performance Based Restricted Stock Award Terms are defined pursuant to paragraph 11 or
elsewhere in these Performance Based Restricted Stock Award Terms. 
 2. Restricted Period. Subject to the limitations of
these Performance Based Restricted Stock Award Terms, the “Restricted Period” for each Installment of Covered Performance Shares of the Performance Based Restricted Stock Award shall begin on the Grant Date and end as described below (but
only if the Date of Termination has not occurred before the end of the Restricted Period): 
  

	(a)	 	 The Restricted Period shall end with respect to one quarter (1/4) of the Covered Performance Shares (the “First Installment”) on the
later of the applicable Certification Date (as defined below) or the one-year anniversary of the Grant Date, if the Performance Goal has been satisfied for the measurement period beginning on the Commencement Date and ending on the one-year
anniversary of the Commencement Date (the “First Installment Primary Performance Measurement Period”). If the Performance Goal with respect to the First Installment Primary Performance Measurement Period has not been satisfied on the
one-year anniversary of the Commencement Date, then the Restricted Period for the First Installment shall end on the earliest of the two-year, three-year, or four-year anniversary of the Grant Date (or, if later than the anniversary of the Grant

	 	
Date, on the applicable Certification Date) on which the Performance Goal has been satisfied for the measurement period beginning on the Commencement Date and ending on the two-year, three-year,
or four-year anniversary of the Commencement Date, as applicable (each, a “First Installment Secondary Performance Measurement Period”). 

  

	(b)	 	The Restricted Period shall end with respect to one quarter (1/4) of the Covered Performance Shares (the “Second Installment”) on the later of the
applicable Certification Date or the two-year anniversary of the Grant Date, if the Performance Goal has been satisfied for the measurement period beginning on the one-year anniversary of the Commencement Date and ending on the two-year anniversary
of the Commencement Date (the “Second Installment Primary Performance Measurement Period”). If the Performance Goal with respect to the Second Installment Primary Performance Measurement Period has not been satisfied on the two-year
anniversary of the Commencement Date, then the Restricted Period for the Second Installment shall end on the earlier of the three-year anniversary or the four-year anniversary of the Grant Date (or, if later than the anniversary of the Grant Date,
on the applicable Certification Date) on which the Performance Goal has been satisfied for the measurement period beginning on the one-year anniversary of the Commencement Date and ending on the three-year or four-year anniversary date of the
Commencement Date, as applicable (each, a “Second Installment Secondary Performance Measurement Period”). 

  

	(c)	 	The Restricted Period shall end with respect to one quarter (1/4) of the Covered Performance Shares (the “Third Installment”) on the later of the
applicable Certification Date or the three-year anniversary of the Grant Date, if the Performance Goal has been satisfied for the measurement period beginning on the two-year anniversary of the Commencement Date and ending on the three-year
anniversary of the Commencement Date (the “Third Installment Primary Performance Measurement Period”). If the Performance Goal with respect to the Third Installment Primary Performance Measurement Period has not been satisfied on the
three-year anniversary of the Commencement Date, then the Restricted Period for the Third Installment shall end on the four-year anniversary of the Grant Date (or, if later than the anniversary of the Grant Date, on the applicable Certification
Date) if the Performance Goal has been satisfied for the measurement period beginning on the two-year anniversary of the Commencement Date and ending on the four-year anniversary of the Commencement Date (the “Third Installment Secondary
Performance Measurement Period”). 

  

	(d)	 	The Restricted Period shall end with respect to one quarter (1/4) of the Covered Performance Shares (the “Fourth Installment”) on the later of the
applicable Certification Date or the four-year anniversary of the Grant Date, if the Performance Goal has been satisfied for the measurement period beginning on the three-year anniversary of the Commencement Date and ending on the four-year
anniversary of the Commencement Date (which measurement period shall be both the “Fourth Installment Primary Performance Measurement Period” and the “Fourth Installment Secondary Performance Measurement Period”).

 For the avoidance of doubt, the Restricted Period with respect to any Installment shall end only upon the Committee’s
certification that the Performance Goal with respect to such Installment for the applicable Performance Measurement Period has been satisfied (which date of certification with respect to any Installment is the “Certification Date”
applicable to such Installment). 

  
 2 

 3. Death, Long-Term Disability and Change in Control. Notwithstanding the provisions
of paragraph 2, the Restricted Period for one or more Installments of Covered Performance Shares shall end prior to the date specified in the schedule set forth in paragraph 2 to the extent set forth below: 

 

	(a)	 	For Installments as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Installments shall end upon the
Participant’s Date of Termination, and the Installments shall vest upon the Date of Termination, if the Date of Termination occurs by reason of the Participant’s death. 

 

	(b)	 	For Installments as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Installments shall end upon the
Participant’s Date of Termination, and the Installments shall vest upon the Date of Termination, if the Date of Termination occurs by reason of the Participant’s Long-Term Disability. 

 

	(c)	 	If the Participant’s Date of Termination is a Change in Control Date of Termination (as defined below), then, for Installments, if any, as to which the Restricted
Period has not ended prior to the Participant’s Date of Termination, the Restricted Period will end on the Change in Control Date of Termination; provided that if the Participant’s Change in Control Date of Termination occurs within the
180-day period immediately preceding the date of a Change in Control, then the Restricted Period for all unvested Installments held by the Participant on the Date of Termination will end, and those Installments will vest on the date of a Change in
Control, subject to the following: 

 (i) “Change in Control Date of Termination” means (A) the
Participant’s Date of Termination that occurs for any reason (including, without limitation, voluntary resignation of the Participant with or without Good Reason) during the first calendar month that begins on or after the six month anniversary
of the date of a Change in Control or (B) the Participant’s Date of Termination that occurs because the Company and/or any of the Related Companies terminates the Participant’s employment with the Company and/or the Related Companies
without Cause (other than due to death, a Disability or a Retirement) or because the Participant terminates his or her employment for Good Reason, provided that such termination in accordance with this clause (B) occurs during the period
commencing on the 180th day immediately preceding a Change in Control date and ending on the two year anniversary of such Change in Control date. 
 (ii) To the extent that the terms of the ACE Limited Executive Severance Plan would otherwise apply to this Restricted Stock Award, vesting shall be subject to Section 10.4(b) of that plan rather
than Section 10.4(a) of that plan. 
 (iii) For purposes of this paragraph (c), the terms “Disability,”
“Retirement,” “Cause” and “Good Reason” shall have the meanings ascribed to them in the ACE Limited Executive Severance Plan. 

  
 3 

 4. Transfer and Forfeiture of Shares. The transfer and forfeiture of shares shall be
subject to the following: 
  

	(a)	 	The Participant will be vested in any Covered Performance Shares if the Date of Termination has not occurred prior to the last day of the Restricted Period with respect
to those shares. Upon vesting at the end of such Restricted Period, those shares will be transferred to the Participant free of all restrictions. 

  

	(b)	 	Except as otherwise determined by the Committee, the Participant shall forfeit any Covered Performance Shares as of the Date of Termination, if such Date of Termination
occurs prior to vesting of those shares. Subject to paragraph 5(a) (relating to vesting based on Cumulative Performance), any Covered Performance Shares that have not vested as of the end of the Restricted Period that includes the four-year
anniversary of the Commencement Date shall be forfeited by the Participant as of the end of the Restricted Period. 

  

	(c)	 	The Participant will be vested in the awards described in paragraphs 5(a) and (b) and the shares attributable to those vested awards will be transferred to the
Participant in accordance with paragraph 5. 

 5. Cumulative Performance. In addition to the shares vested
in accordance with paragraph 2 (including shares that become vested under paragraph 3 by reason of a Change in Control), the Participant shall be entitled to an award as described in paragraph (a) below, plus a “Premium Award” as
described in paragraph (b) below. The awards under this paragraph 5 will be based on the Cumulative Performance of ACE Limited during the period beginning on the Commencement Date and ending on the four-year anniversary of the Commencement Date
(the “Four-Year Performance Measurement Period”) and will be determined as follows: 
  

	(a)	 	If the Cumulative Performance of ACE Limited during the Four-Year Performance Measurement Period is greater than the median of the Cumulative Performance of the Peer
Companies, any Covered Performance Shares that have not vested in accordance with paragraph 2 (including shares that become vested under paragraph 3 by reason of a Change in Control) shall become vested at the end of the Restricted Period that
includes the four-year anniversary of the Commencement Date, subject to the following provisions of this paragraph 5. 

  

	(b)	 	The Premium Award shall be the award of a number of shares of Stock equal to the Premium Award Performance Percentage multiplied by the total number of Covered
Performance Shares. 

  

	(c)	 	The Premium Award Performance Percentage will be determined in accordance with the following schedule: 

  
 4 

  

			
	 If the Cumulative Performance of ACE
Limited during the Four-Year Performance
Measurement
Period:
	 	The Premium Award
Performance Percentage will be:

  

			
	Does not exceed the 65th percentile of the Cumulative Performance of the Peer Companies	  	0%
		
	Exceeds the 65th percentile, but does not exceed the
75th percentile, of the Cumulative Performance of the Peer
Companies	  	 50%, as increased to the extent, if any,

provided pursuant to the following
 provisions of this paragraph (c)

		
	Exceeds the 75th percentile of the Cumulative Performance of the Peer Companies	  	100%

 If the Cumulative Performance of ACE Limited exceeds the 65th percentile but does not exceed the 75th percentile of the
Cumulative Performance of the Peer Companies during the Four-Year Performance Measurement Period, then the Premium Award Performance Percentage will be a percentage between 50% and 100%, based on an interpolation of the ACE Limited Cumulative
Performance falling between the 65th percentile and 75th percentile of the Cumulative Performance of the Peer Companies during the Four-Year Performance Measurement Period. 

 

	(d)	 	The awards described in paragraphs (a) and (b) above shall be subject to the following: 

(i) Notwithstanding the foregoing provisions of this paragraph 5, the Participant shall vest and be entitled to distribution of the awards
described in paragraphs (a) and (b) above on the later of the Cumulative Performance Certification Date (as defined below) or the four-year anniversary of the Grant Date, but only if the Committee certifies that the requisite Cumulative
Performance has been achieved during the applicable Four-Year Performance Measurement Period (which date of certification is the “Cumulative Performance Certification Date”). 

(ii) Shares of Stock, if any, to be distributed as the awards described in paragraphs (a) and (b) above in accordance with this
paragraph 5 shall be transferred to the Participant as soon as practicable following the later of the Cumulative Performance Certification Date or the four-year anniversary of the Grant Date. 

(iii) Notwithstanding any provision of this Agreement or the Plan to the contrary, the Participant shall have no rights with respect to
shares of Stock which constitute the awards described in paragraphs (a) and (b) above until such shares are actually delivered to the Participant. 
 (iv) The Participant shall not be entitled to the awards described in paragraphs (a) and (b) above if the Date of Termination occurs before the later of the Cumulative Performance Certification
Date or the four-year anniversary of the Grant Date. 
 6. Withholding. All deliveries and distributions under these
Performance Based Restricted Stock Award Terms are subject to withholding of all applicable taxes. At the election of the Participant, and subject to such rules and limitations as may be established by the Committee from time to time, such
withholding obligations may be satisfied through the surrender of shares of Stock which the Participant already owns, or to which the Participant is 

  
 5 

 
otherwise entitled under the Plan; provided, however, that such shares may be used to satisfy not more than the Company’s minimum statutory withholding obligation (based on minimum statutory
withholding rates for Federal and state tax purposes, including payroll taxes, that are applicable to such supplemental taxable income). 
 7. Transferability. Except as otherwise provided by the Committee, awards under these Performance Based Restricted Stock Award Terms may not be sold, assigned, transferred, pledged or otherwise
encumbered prior to vesting and delivery. 
 8. Dividends. The Participant shall not be prevented from receiving
dividends and distributions paid on the Covered Performance Shares of Performance Based Restricted Stock merely because those shares are subject to the restrictions imposed by these Performance Based Restricted Stock Award Terms and the Plan;
provided, however that no dividends or distributions shall be payable to or for the benefit of the Participant with respect to record dates for such dividends or distributions for any Covered Performance Shares occurring on or after the date, if
any, on which the Participant has forfeited those shares; nor shall any dividends or distributions be paid to or for the benefit of the Participant with respect to any shares of Stock awarded as a Premium Award if the record date for such dividends
or distributions occurs prior to the date on which such shares of Stock are transferred to the Participant as a Premium Award. 

9. Voting. The Participant shall not be prevented from voting the Performance Based Restricted Stock Award merely because those
shares are subject to the restrictions imposed by these Performance Based Restricted Stock Award Terms and the Plan; provided, however, that the Participant shall not be entitled to vote Covered Performance Shares with respect to record dates for
any Covered Performance Shares occurring on or after the date, if any, on which the Participant has forfeited those shares; nor shall the Participant be entitled to vote any shares of Stock which may be awarded as a Premium Award if the record date
for entitlement to voting occurs prior to the date on which such shares of Stock are transferred to the Participant as a Premium Award. 
 10. Deposit of Performance Based Restricted Stock Award. Each certificate issued in respect of the Covered Performance Shares awarded under these Performance Based Restricted Stock Award Terms
shall be registered in the name of the Participant and shall be deposited in a bank designated by the Committee. 
 11.
Definitions. For purposes of these Performance Based Restricted Stock Award Terms, words and phrases shall be defined as follows: 
  

	(a)	 	Change in Control. The term “Change in Control” shall be defined as set forth in the Plan. 

 

	(b)	 	 Cumulative Performance. The term “Cumulative Performance” means, as to ACE Limited or the Peer Companies, the growth in tangible book
value per common shares outstanding as reported under GAAP for ACE Limited or the Peer Companies during the Four-Year Performance Measurement Period beginning on the Commencement Date and ending on the fourth anniversary of the Commencement Date.
The determination of the Cumulative Performance and its parameters is subject to rules established by the 

  
 6 

	 	
Committee within 90 days of the beginning of the Four-Year Performance Measurement Period. The Committee, in its discretion, may adjust the reported tangible book value for ACE Limited or the
Peer Companies for any Four-Year Performance Measurement Period; provided, however, that no such adjustment may result in an increase in the number of shares awarded as a Premium Award (as described in paragraph 5) over the number of shares of Stock
that would have been awarded as a Premium Award had the reported tangible book value for either ACE Limited or the Peer Companies not been adjusted. 

  

	(c)	 	Date of Termination. A Participant’s “Date of Termination” means, with respect to an employee, the date on which the Participant’s employment
with the Company and the Subsidiaries terminates for any reason, and with respect to a Director, the date immediately following the last day on which the Participant serves as a Director; provided that a Date of Termination shall not be deemed to
occur by reason of a Participant’s transfer of employment between the Company and a Subsidiary or between two Subsidiaries; further provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s cessation of
service as a Director if immediately following such cessation of service the Participant becomes or continues to be employed by the Company or a Subsidiary, nor by reason of a Participant’s termination of employment with the Company or a
Subsidiary if immediately following such termination of employment the Participant becomes or continues to be a Director; and further provided that a Participant’s employment shall not be considered terminated while the Participant is on a
leave of absence from the Company or a Subsidiary approved by the Participant’s employer. 

  

	(d)	 	Director. The term “Director” means a member of the Board, who may or may not be an employee of the Company or a Subsidiary. 

 

	(e)	 	Long-Term Disability. A Participant shall be considered to have a “Long-Term Disability” if the Participant is determined to be eligible for long-term
disability benefits under the long-term disability plan in which the Participant participates and which is sponsored by the Company or a Related Company; or if the Participant does not participate in a long-term disability plan sponsored by the
Company or a Related Company, then the Participant shall be considered to have a “Long-Term Disability” if the Committee determines, under standards comparable to those of the Company’s long-term disability plan, that the Participant
would be eligible for long-term disability benefits if he or she participated in such plan. 

  

	(f)	 	Peer Companies. The term “Peer Companies” means those companies listed in the S&P 500 Property Casualty Index (excluding ACE Limited) on the last
day of a Performance Measurement Period for which financial information is available for all year(s) in such Performance Measurement Period. 

  

	(g)	 	 Performance Goal. The term “Performance Goal” for any Primary Performance Measurement Period or Secondary Performance Measurement
Period means the achievement by ACE Limited of growth in tangible book value per common shares outstanding as reported under GAAP during such Performance Measurement Period, 

  
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which growth exceeds the median growth in tangible book value per common shares outstanding as reported under GAAP during the same Performance Measurement Period by the Peer Companies. The
determination of the Performance Goal and its parameters is subject to rules established by the Committee within 90 days of the beginning of the applicable Performance Measurement Period. The Committee, in its discretion, may adjust the reported
tangible book value for ACE Limited or the Peer Companies for any Primary Performance Measurement Period or Secondary Performance Measurement Period; provided, however, that no such adjustment may result in an increase in the number of Covered
Performance Shares which are earned and vested at the end of any such Performance Measurement Period over the number of Covered Performance Shares that would have been earned and vested had the reported tangible book value for either ACE Limited or
the Peer Companies not been adjusted. 

  

	(h)	 	Performance Measurement Period. The term “Performance Measurement Period” shall mean the Primary Performance Measurement Period or the Secondary
Performance Measurement Period, as applicable, with respect to an Installment of Covered Performance Shares; and shall mean the Four-Year Performance Measurement Period with respect to the awards described in paragraphs 5(a) and (b).

 12. Plan Definitions. Except where the context clearly implies or indicates the contrary, a word, term,
or phrase used in the Plan is similarly used in these Performance Based Restricted Stock Award Terms. 
 13. Heirs and
Successors. These Performance Based Restricted Stock Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or
otherwise, all or substantially all of the Company’s assets and business. If any benefits deliverable to the Participant under these Performance Based Restricted Stock Terms have not been delivered at the time of the Participant’s death,
such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of these Performance Based Restricted Stock Terms and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries
designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the
Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be distributed to the legal representative of the estate of the Participant. If a deceased Participant designates a
beneficiary and the Designated Beneficiary survives the Participant but dies before the complete distribution of benefits to the Designated Beneficiary under these Performance Based Restricted Stock Terms, then any benefits distributable to the
Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary. 
 14.
Administration. The authority to manage and control the operation and administration of these Performance Based Restricted Stock Award Terms shall be vested in the Committee, and the Committee shall have all powers with respect to these
Performance Based Restricted Stock Award Terms as it has with respect to the Plan. Any interpretation of these Performance Based Restricted Stock Award Terms by the Committee and any decision made by it with respect to these Performance Based
Restricted Stock Award Terms are final and binding on all persons. 

  
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 15. Plan and Corporate Records Govern. Notwithstanding anything in these Performance
Based Restricted Stock Award Terms to the contrary, these Performance Based Restricted Stock Award Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company;
and these Performance Based Restricted Stock Award Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. Notwithstanding anything in the Performance Based
Restricted Stock Terms to the contrary, in the event of any discrepancies between the corporate records regarding this award and the Record-Keeping System, the corporate records shall control. 

16. Not An Employment Contract. The Performance Based Restricted Stock Award will not confer on the Participant any right with
respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s
employment or other service at any time. 
 17. Notices. Any written notices provided for in these Performance Based
Restricted Stock Award Terms or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received
three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, at the
Company’s principal executive office. 
 18. Fractional Shares. In lieu of issuing a fraction of a share, resulting
from an adjustment of the Performance Based Restricted Stock Award pursuant to paragraph 5.2(f) of the Plan or otherwise, the Company will be entitled to pay to the Participant an amount equal to the fair market value of such fractional share.

 19. Amendment. These Performance Based Restricted Stock Award Terms may be amended in accordance with the provisions
of the Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person. 

  
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 IN WITNESS WHEREOF, the Company has caused these presents to be executed in its name and on
its behalf, all as of the Grant Date. 
  

			
	 ACE LIMITED

		
	 By:
	 	 
	 Its:
	 	 

  
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