INVESTMENT MANAGEMENT AGREEMENTInvestment Management Agreement • April 2nd, 2008 • Montpelier Re Holdings LTD • Fire, marine & casualty insurance • New York
KVO Capital Management, LLC, a Delaware limited liability company (the “Adviser”), having an address at 44 South Main Street, Box 17, Hanover, NH 03755, United States of America and MONTPELIER REINSURANCE LTD., a Bermuda corporation (the “Client”), having an address at 94 Pitts Bay Road, Pembroke HM 08, Bermuda, hereby enter into this Investment Management Agreement, dated as of April 1, 2008 (this “Agreement”), and hereby agree that the Adviser shall act as discretionary adviser with respect to certain assets of the Client (the “Investment Account”) on the following terms and conditions:
MONTPELIER RE HOLDINGS LTD.Letter Agreement • April 2nd, 2008 • Montpelier Re Holdings LTD • Fire, marine & casualty insurance • New York
This letter agreement (this “Agreement”) is to confirm the understanding between Montpelier Re Holdings Ltd. (the “Company”) and KVO Capital Management, LLC (“NewCo”) with respect to consulting services that the Company wishes to obtain from NewCo and NewCo wishes to provide to the Company. In consideration of the mutual covenants and agreements set forth herein, NewCo and the Company hereby agree as follows:
April 1, 2008 Kernan V. Oberting Dear Kip,Montpelier Re Holdings LTD • April 2nd, 2008 • Fire, marine & casualty insurance
We understand that you wish to resign your current position with effect from May 1, 2008 in order to take up employment as a principal and founder of your own investment advisory business. This Letter Agreement sets out our agreement with respect to the termination of your full-time employment and any directorships with Montpelier Re Holdings Ltd., including any subsidiaries or affiliates thereof (collectively, the “Company”), in order to allow you to do so.
