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RNR > SEC Filings for RNR > Form 8-K on 11-Apr-2013All Recent SEC Filings

Show all filings for RENAISSANCERE HOLDINGS LTD | Request a Trial to NEW EDGAR Online Pro

Form 8-K for RENAISSANCERE HOLDINGS LTD


11-Apr-2013

Change in Directors or Principal Officers, Financial Statements and Ex


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On April 5, 2013, RenaissanceRe Holdings Ltd. (the "Company") entered into amendments to the employment agreements of each of its most senior executive officers, including the Company's Chief Executive Officer, Neill A. Currie, and all of the Company's other named executive officers (the "2013 Amendment"). The 2013 Amendment is designed to enhance aspects of the Company's risk management and retention needs and to further align the interests of the Company's shareholders and each of these executives (i) by providing the executive with a continued interest in the Company's performance following certain qualifying terminations, and (ii) by eliminating the rights the executive has to receive accelerated vesting of certain outstanding unvested equity awards while still employed by the Company upon reaching the executive's retirement eligibility date.

The 2013 Amendment provides that all outstanding equity awards, which as of their date of grant were subject to both service- and performance-based vesting requirements, that are held by the executive upon certain qualifying terminations will remain outstanding through the applicable performance period and will vest based on the actual level of achievement of the applicable performance goals at such time or times as would have been the case if the executive remained employed through all applicable service-vesting periods.

With respect to each of the executives who has not yet reached the date on which their age and years of services equals 65 (subject to a minimum of five years of service) (the "retirement eligibility date"), the 2013 Amendment removes such executive's right pursuant to the terms of the executive's employment agreement to an acceleration of certain outstanding unvested equity awards on the attainment of the executive's retirement eligibility date.

The foregoing description of the 2013 Amendment does not purport to be a complete description of the rights and obligations of the parties thereunder and is qualified in its entirety by reference to the full text of the forms of the 2013 Amendment, which are attached hereto as Exhibits 10.1 and 10.2 and incorporated herein by reference.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit
  No.                                     Description

10.1         Form of Amendment No. 4 to the Amended and Restated Employment
             Agreements for Executive Officers.

10.2         Amendment No. 3 to Further Amended and Restated Employment Agreement
             by and between RenaissanceRe Holdings Ltd. and Neill A. Currie.

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