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CONFIDENTIAL

Third Point Reinsurance Ltd.
Point House
3 Waterloo Lane Pembroke HM 08, Bermuda

September 23, 2020

David Junius Via Email

Dear David:

We are pleased to offer you the position of Chief Operating Officer of Third Point Reinsurance Ltd. (the “Company”) on the terms outlined in this offer letter below.  Reference is made below to that Agreement and Plan of Merger, dated as of August 6, 2020, among the Company, Sirius International Insurance Group, Ltd. and Yoga Merger Sub Limited (the “Merger Agreement”).

•Position. Chief Operating Officer of the Company, reporting to the Chief Executive Officer of the Company and to the Chairman of the Board of Directors of the Company (the “Board”), and Chief Operating Officer of Third Point Reinsurance (USA) Ltd. (“Third Point Re USA”), reporting in such capacity to the board of directors of Third Point Re USA. Upon the closing of the transactions contemplated by the Merger Agreement  (the “Closing”), you shall be appointed Chief Financial Officer of SiriusPoint, report to the SiriusPoint Chairman and CEO, and have all duties and authorities commensurate with such position.

•Start Date; Location. Your start date will be October 1, 2020 after receipt of any necessary approvals. When the Company’s employees return to work, your office shall be in New York, NY, subject to customary business travel.

•Base and Bonus. Base salary at an annual rate of $500,000, and a bonus target of 75% of base salary. Your annual bonus for 2020 will be prorated to reflect your start date.

•Long-Term Incentive Awards. Starting in 2021, you will participate in the Company’s long-term incentive (LTI) program with other members of senior management of the Company. Your LTI award granted in 2021 will have a grant date value of $1,000,000. The Company’s LTI program is contemplated to be comprised 75% in performance-vesting restricted share awards of the Company and 25% in time-vesting restricted stock of the Company. The terms of the LTI award granted to you will be the same as the terms of the LTI awards granted to the CEO’s other direct reports. For the avoidance of doubt, the terms of your LTI awards (excluding value) shall be no less favorable, in all material respects, including but not limited to (i) vesting periods and criteria; and (ii) accelerated vesting upon termination or Change in Control, as 

provided to the CEO’s other direct reports at the time such awards are made. You can learn more about the Company’s historical LTI grant practices in the Company’s most recent annual proxy, which may be found at this link: https://www.sec.gov/Archives/edgar/data/1576018/000157601820000054/a2020 definitiveproxystatem.htm#sA2FD8991D85555FEBF084DD553D2D2BE.

•Sign-On LTI Award. In consideration of your acceptance of the offer, at or as soon as practicable after your start date, you would be granted a one-time LTI award of $1.5m shares of restricted stock of the Company. The number of shares granted to you would be based on the reported closing price of the TPRE shares on the most recent trading date prior to your start date. The restricted shares would vest in annual installments of 20% per year on the first five anniversaries of your start date, subject to your continued employment through the applicable vesting dates. The sign-on restricted stock award would be granted under the Company’s form of restricted stock agreement, which you may review at this link: https://www.sec.gov/Archives/edgar/data/1576018/000157601819000046/amend edformofemployeerestr.htm.  

In addition to any other applicable accelerated vesting provisions incident to termination or Change in Control contained in the equity documents and afforded to other direct reports of the CEO, if your employment is terminated without “Cause,” or if you resign following the occurrence of “Good Reason,” and (i) the Closing has not occurred or the merger agreement has been terminated without the Closing having occurred, your Sign-On LTI Award shall become fully vested; or (ii) the Closing has occurred, your Sign-On LTI Award shall be entitled to accelerated vesting for any portion that would have vested within two (2) years of your termination.

For purposes of this offer letter and any subsequent Employment Agreement, Cause and Good Reason shall be defined no less favorably  than as set forth in the current Employment Agreements of the Company’s current direct reports to the CEO (such definitions are set forth in the attached Exhibit “A” and are hereby incorporated by reference); provided, for the avoidance of doubt, Good Reason shall also include (a) you not being provided the position, authorities, and duties of Chief Financial Officer of the combined entity reporting to the CEO and Chairman upon the Closing; or (b) if no Closing has occurred or the merger agreement has been terminated without the Closing having occurred, any material adverse changes or material diminution  in the authorities, responsibilities or duties of your position of Chief Operating Officer of the Company (reporting to the CEO and Chairman of the Company) in existence as of the Start Date and as may be enhanced thereafter. 

•Benefits. You would be eligible to participate in all of the standard Company retirement, health and other benefit plans. The annual proxy includes information about some of these plans, and you will receive more detail on them shortly.

•Severance Pay. In the event that the Company terminates your employment without “cause” (other than by reason of death or disability) or you terminate your employment with “good reason”, the Company would provide you with severance pay consisting of (i) an annual bonus payment based on actual performance against established metrics, prorated for the period of your service prior to the termination date; (ii) payment of 18 months’ of base salary; and (iii) 18 months of continued participation in 
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the Company’s medical and life insurance plans at active employee rates. These severance benefits would be subject to your entry into a customary release of claims, and the release agreement would also include the customary restrictive covenant agreements that the Company uses with respect to the CEO’s direct reports, including noncompetition and nonsolicitation provisions, as well as an obligation to maintain the Company’s confidential information. The annual proxy includes information about the Company’s severance practices for the CEO’s direct reports (including payment timing), and these terms would also apply to you.

•Full-Blown Employment Agreement. At or as soon as practicable after the Closing (currently expected to occur in Q1 2021), you and the Company shall  enter into a mutually agreeable  employment agreement that, among other things, shall be no less favorable to you, in all material regards, than (i) the terms set forth in this offer letter agreement; and (ii) the terms contained in any Employment Agreement with any current direct reports of the CEO or direct reports of the CEO following the Closing who have entered into Employment Agreements; provided, that, the amount of any compensation shall be as set forth herein. 

•Miscellaneous Matters. This offer letter is governed by New York State law, without reference to the principles of conflict of laws, and you and the Company agree that any disputes between us regarding your employment will be resolved by a non-jury trial in the Federal or State courts located in New York county. This offer letter sets forth our entire mutual understanding regarding your employment and supersedes all of our prior discussions and negotiations.

We believe that the Company presents a tremendous value creation opportunity and we view you as an important part of our future successes. I look forward to working with you.

[signature page follows] 
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Please let me know any questions you may have about this offer.  If the offer is acceptable, please sign below and return a copy of this offer letter to me.

Sincerely,

/s/ Sid Sankaran                         
Sid Sankaran Chairman

Accepted and Agreed:

  /s/ David W. Junius                                          
David Junius

Dated:   9/23/2020    

Exhibit A

“Cause” shall mean: (A) the willful failure of the Executive substantially to perform his duties or his negligent performance of such duties (other than any such failure due to the Executive’s physical or mental illness) that has caused or is reasonably expected to result in material injury to the Company or any of its affiliates; (B) the Executive having engaged in willful and serious misconduct that has caused or is reasonably expected to result in material injury to the Company or any of its affiliates; (C) a willful and material violation by the Executive of a Company policy that has caused or is reasonably expected to cause a material injury to the Company or any of its affiliates; (D) the willful and material breach by the Executive of any of his obligations under this Agreement; (E) failure by the Executive to timely comply with a lawful and reasonable direction or instruction given to him by the Board; or (F) Executive having been convicted of, or entering a plea of guilty or nolo contendere to, a crime that constitutes a felony (or comparable crime in any jurisdiction that uses a different nomenclature); provided that in the case of clauses (A)–(E), the Company shall have given the Executive 20 days’ prior written notice of such action and, if such action is capable of being cured, the Executive shall not have cured such action to the reasonable satisfaction of the Company within such 20 day period.

“Good Reason” shall mean: (A) the assignment to the Executive of duties that are significantly different from, and that result in a substantial diminution of, the duties set forth in this Agreement; (B) a reduction in the rate of the Executive’s Base Salary (other than pursuant to a generally applicable reduction in salaries of senior executive officers); or (C) a material breach by the Company of this Agreement; provided that the Executive shall have given the Company written notice specifying in reasonable detail the circumstances claimed to constitute Good Reason within 90 days following the occurrence, without the Executive’s consent, of any of the events in clauses (A)–(C), and the Company shall not have cured the circumstances set forth in the Executive’s notice of termination within 20 days of receipt of such notice.Document

THE THIRD POINT REINSURANCE LTD.
2013 OMNIBUS INCENTIVE PLAN
EMPLOYEE RESTRICTED SHARES 
AWARD NOTICE
David W. Junius 
You have been granted a number of shares of Restricted Shares as set forth below of Third Point Reinsurance Ltd. (the “Company”), US$0.10 par value, pursuant to the terms and conditions of the Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan (the “Plan”) and the Employee Restricted Shares Agreement (together with this Award Notice, the “Agreement”).  Copies of the Plan and the Restricted Shares Agreement are attached hereto.  Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement.
						
	Restricted Shares: 
	You have been awarded 214,592 shares of Restricted Shares of the Company, US$0.10 par value, subject to adjustment as provided in Section 5 of the Employee Restricted Shares Agreement.
	Grant Date:
	October 1, 2020

THIRD POINT REINSURANCE LTD.
by      /s/ Janice Weidenborner                                                                                                   
         Name: Janice Weidenborner
         Title: Executive Vice President, Group             General Counsel and Secretary

Acknowledgment, Acceptance and Agreement:

By signing below and returning this Award Notice to Third Point Reinsurance Ltd. at the address stated herein, I hereby acknowledge receipt of the Agreement and the Plan, accept the Restricted Shares granted to me and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan.

/s/ David W. Junius                                                     
David W. Junius
[Signature Page to Employee Restricted Shares Agreement]

EMPLOYEE RESTRICTED SHARES AGREEMENT 
EMPLOYEE RESTRICTED SHARES AGREEMENT (the “Agreement”) dated as of the Grant Date set forth in the Notice of Grant (as defined below), by and between Third Point Reinsurance Ltd., a Bermuda exempted company (the “Company”), and the employee whose name appears in the Notice of Grant (the “Participant”), pursuant to the Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan, as in effect and as amended from time to time (the “Plan”).  Capitalized terms that are not defined herein shall have the meanings given to such terms in the Plan.  Reference is made to that certain Agreement and Plan of Merger, dated as of August 6, 2020, among Sirius International Insurance Group, Ltd., a Bermuda exempted company limited by shares, the Company and Yoga Merger Sub Limited, a Bermuda exempted company limited by shares and a wholly owned subsidiary of Parent (the “Merger Agreement”).
1.Grant of Restricted Shares.  The Company hereby evidences and confirms its grant to the Participant, effective as of the Grant Date, of the number of restricted shares of the Company (the “Restricted Shares”) specified in the Third Point Reinsurance Ltd. 2013 Omnibus Incentive Plan Restricted Shares Grant Notice delivered by the Company to the Participant (the “Notice of Grant”).  This Agreement is subordinate to, and the terms and conditions of the Restricted Shares granted hereunder are subject to, the terms and conditions of the Plan, which are incorporated by reference herein.  If there is any inconsistency between the terms hereof and the terms of the Plan, the terms of the Plan shall govern.  The Restricted Shares shall be considered a Service Award under the Plan.
2.Vesting of Restricted Shares; Restricted Period.  
(a)Vesting.  Except as otherwise provided in this Section 2, the Restricted Shares shall become vested, if at all, in five equal installments on each anniversary of the grant date set forth in the Notice of Grant (the “Grant Date”), subject to the Participant’s continued provision of Services to the Company or any Subsidiary thereof through such date.  The period over which the Restricted Shares vest is referred to as the “Restricted Period.”
(b)Termination of Services.  
(i)Termination by the Company without Cause; by the Participant for Good Reason.  
(1)If, either (x) on or prior to the Closing Date (as defined in the Merger Agreement) or (y) after the date on which the Merger Agreement has been terminated without the Closing having occurred, the Participant’s Services to the Company terminate by reason of (I) a termination by the Company without Cause or (II) the Participant’s resignation for Good Reason, then 100% of the unvested Restricted Shares shall vest immediately upon such termination of employment.
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(2)If, after the Closing Date (as defined in the Merger Agreement), the Participant’s Services to the Company terminate by reason of (x) a termination by the Company without Cause or (y) the Participant’s resignation for Good Reason, in each case during the Restricted Period, a number of Restricted Shares shall vest as of the date of the Participant’s Termination of Services equal to the number of Restricted Shares that would have vested had the Participant’s Services continued through the second anniversary of the date of the Participant’s Termination of employment.  Any remaining unvested Restricted Shares shall immediately be forfeited and canceled effective as of the date of the Participant’s Termination of Service.
(3)For purposes of this Agreement, “Good Reason” and “Cause” shall have the meaning set forth in the Participant’s offer letter employment agreement dated September 23, 2020 or any subsequent employment agreement with the Company, as applicable, as in effect on the applicable date.
(ii)Death; Disability.  If, at any time during the Restricted Period, the Participant’s Services to the Company terminate by reason of the Participant’s death or Disability, a number of Restricted Shares shall vest as of the date of the Participant’s Termination of Service equal to the number of Restricted Shares that would have vested had the Participant’s Service continued through the next vesting date immediately following the date of the Participant’s Termination of Services.  Any remaining unvested Restricted Shares shall immediately be forfeited and canceled effective as of the date of the Participant’s Termination of Service.
(iii)For Cause; Voluntary Resignation.  If, at any time during the Restricted Period, the Participant’s Services to the Company terminate by reason of a termination by the Company for Cause or the Participant’s resignation without Good Reason, all unvested Restricted Shares shall immediately be forfeited and canceled effective as of the effective date of the Participant’s Termination of Services.
(c)Change in Control.  In the event of a Change in Control (which, for avoidance of doubt, shall not include the closing of the Merger pursuant to the Merger Agreement), if the Participant is terminated by the Company without Cause or if the Participant resigns from employment with the Company for Good Reason, in each case, during the period beginning on the date that is ninety (90) days prior to a Change in Control and ending on the date that is twenty-four (24) months following the Change in Control, all unvested Restricted Shares shall fully vest on the effective date of the Participant’s Termination of Services.  
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(d)Committee Discretion.  Notwithstanding anything contained in this Agreement to the contrary, the Committee, in its sole discretion, may accelerate the vesting with respect to any Restricted Shares under this Agreement, at such times and upon such terms and conditions as the Committee shall determine.
3.Securities Law Compliance.  Notwithstanding any other provision of this Agreement, the Participant may not sell the Restricted Shares that become vested unless such Shares are registered under the Securities Act of 1933, as amended (the “Securities Act”), or, if such Shares are not then so registered, such sale would be exempt from the registration requirements of the Securities Act.  The sale of such Shares must also comply with other applicable laws and regulations governing the Shares and Participant may not sell the Shares if the Company determines that such sale would not be in material compliance with such laws and regulations.
4.Participant’s Rights with Respect to the Restricted Shares.
(a)Restrictions on Transferability.  During the Restricted Period, the Restricted Shares granted hereby are not assignable or transferable, in whole or in part, and may not, directly or indirectly, be offered, transferred, sold, pledged, assigned, alienated, hypothecated or otherwise disposed of or encumbered (including without limitation by gift, operation of law or otherwise) other than by will or by the laws of descent and distribution to the estate of the Participant upon the Participant’s death.
(b)Rights as Shareholder; Dividends.  The Participant shall be the record owner of the Restricted Shares until the Shares are sold or otherwise disposed of, and shall be entitled to all of the rights of a shareholder of the Company including, without limitation, the right to vote such shares and receive all dividends or other distributions paid with respect to such shares.  Notwithstanding the foregoing, any non-cash dividends or other distributions shall be subject to the same restrictions on transferability as the Restricted Shares with respect to which they were paid.  If the Participant forfeits any rights he has under this Agreement in accordance with Section 2, the Participant shall, on the date of such forfeiture, no longer have any rights as a shareholder with respect to the Restricted Shares and shall no longer be entitled to vote or receive dividends on such Shares.
(c)Shares Certificates.  The Company may issue shares certificates or evidence the Participant’s interest by using a restricted book entry account with the Company’s transfer agent.  Physical possession or custody of any shares certificates that are issued shall be retained by the Company until such time as the Restricted Shares vest.
5.Adjustment in Capitalization.  The number, class or other terms of any outstanding Restricted Shares shall be adjusted by the Board to reflect any extraordinary dividend, shares dividend, shares split or share combination or any recapitalization, business combination, merger, consolidation, spin-off, exchange of shares, liquidation or dissolution of the Company or other similar transaction affecting the Shares in such manner as it determines in its sole discretion.
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6.Miscellaneous.
(a)Binding Effect; Benefits.  This Agreement shall be binding upon and inure to the benefit of the parties to this Agreement and their respective successors and assigns.  Nothing in this Agreement, express or implied, is intended or shall be construed to give any person other than the parties to this Agreement or their respective successors or assigns any legal or equitable right, remedy or claim under or in respect of any agreement or any provision contained herein.
(b)No Right to Continued Services.  Nothing in the Plan or this Agreement shall interfere with or limit in any way the right of the Company or any of its Subsidiaries or Shareholders to terminate the Participant’s Services at any time, or confer upon the Participant any right to continue in the Services of the Company or any of its Subsidiaries.
(c)Interpretation.  The Committee shall have full power and discretion to construe and interpret the Plan (and any rules and regulations issued thereunder) and this Award.  Any determination or interpretation by the Committee under or pursuant to the Plan or this Award shall be final and binding and conclusive on all persons affected hereby.
(d)Tax Withholding.  The Company and its Subsidiaries shall have the right to deduct from all amounts paid to the Participant in cash (whether under the Plan or otherwise) any amount of taxes required by law to be withheld in respect of the Restricted Shares under the Plan as may be necessary in the opinion of the Company to satisfy tax withholding required under the laws of any country, state, city or other jurisdiction, including but not limited to income taxes, capital gains taxes, transfer taxes, and social security contributions that are required by law to be withheld.  The Company may require the recipient of the Shares to remit to the Company an amount in cash sufficient to satisfy the amount of taxes required to be withheld as a condition to the issuance of shares deliverable to the Participant upon vesting of the Restricted Shares.  The Committee may, in its discretion, require the Participant, or permit the Participant to elect, subject to such conditions as the Committee shall impose, to meet such obligations by having the Company sell the least number of whole Shares having a Fair Market Value sufficient to satisfy all or part of the amount required to be withheld.  The Company may defer delivery of the Shares until such requirements are satisfied.
(e)Section 83(b) Election.  The Participant may make an election under Code Section 83(b) (a “Section 83(b) Election”) with respect to the Restricted Shares.  Any such election must be made within thirty (30) days after the Grant Date.  If the Participant elects to make a Section 83(b) Election, the Participant shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the US Internal Revenue Service.  The Participant agrees to assume full responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the US Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election.
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(f)Forfeiture, Cancellation and “Clawback” of Awards.  The Participant shall forfeit and disgorge to the Company any Restricted Shares granted or vested and any gains earned or accrued due to the sale of any Shares to the extent required by the Company’s Executive Compensation Clawback Policy, as adopted on February 27, 2018 and as the same may be amended from time to time, or Applicable Law or regulations in effect on or after the Effective Date, including Section 304 of the U.S. Sarbanes-Oxley Act of 2002 and Section 10D of the Exchange Act.  For the avoidance of doubt, the Committee shall have full authority to implement any policies and procedures necessary to comply with Section 10D of the Exchange Act and any rules promulgated thereunder.  The implementation of policies and procedures pursuant to this Section 6(f) and any modification of the same shall not be subject to any restrictions on amendment or modification of Awards.  Awards granted under the Plan (and gains earned or accrued in connection with Awards) shall also be subject to such generally applicable policies as to forfeiture and recoupment (including, without limitation, upon the occurrence of material financial or accounting errors, financial or other misconduct or Competitive Activity) as may be adopted by the Administrator or the Board from time to time and communicated to Participants.  Any such policies may (in the discretion of the Administrator or the Board) be applied to outstanding Awards at the time of adoption of such policies, or on a prospective basis only.  
(g)Applicable Law.  This Agreement shall be governed by and construed in accordance with the law of the State of New York regardless of the application of rules of conflict of law that would apply the laws of any other jurisdiction.
(h)Limitation on Rights; No Right to Future Grants; Extraordinary Item of Compensation.  By entering into this Agreement and accepting the Restricted Shares evidenced hereby, the Participant acknowledges: (a) that the Plan is discretionary in nature and may be suspended or terminated by the Company at any time; (b) that the Award does not create any contractual or other right to receive future grants of Awards; (c) that participation in the Plan is voluntary; (d) that the value of the Restricted Shares is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; and (e) that the future value of the Shares is unknown and cannot be predicted with certainty.  
(i)Employee Data Privacy.  By entering into this Agreement and accepting the Restricted Shares evidenced hereby, the Participant: (a) authorizes the Company, any agent of the Company administering the Plan or providing Plan recordkeeping services, to disclose to the Company or any of its affiliates any information and data the Company requests in order to facilitate the grant of the Award and the administration of the Plan; (b) waives any data privacy rights the Participant may have with respect to such information; and (c) authorizes the Company and its agents to store and transmit such information in electronic form.
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(j)Consent to Electronic Delivery.  By entering into this Agreement and accepting the Restricted Shares evidenced hereby, Participant hereby consents to the delivery of information (including, without limitation, information required to be delivered to the Participant pursuant to applicable securities laws) regarding the Company and the Subsidiaries, the Plan, this Agreement and the Restricted Shares via Company website, email or other electronic delivery.
(k)Headings and Captions.  The section and other headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement.
(l)Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same instrument.

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