AMENDMENT NO. 3 TO THE RENAISSANCERE HOLDINGS LTD. NON-EMPLOYEE DIRECTOR STOCK PLAN
Exhibit 10.32
AMENDMENT NO. 3
TO THE
RENAISSANCERE HOLDINGS LTD.
NON-EMPLOYEE DIRECTOR STOCK PLAN
This Amendment No. 3 (the Amendment) to the RenaissanceRe Holdings Ltd. Non-Employee Director Stock Plan, as amended and restated effective June 1, 2002, and further amended on February 28, 2007, and again on May 9, 2008 (the Plan), is made effective as of this 19th day of December 2008.
WHEREAS, RenaissanceRe Holdings Ltd. (the Company) maintains the Plan; and
WHEREAS, pursuant to Section 9 of the Plan, the Compensation and Corporate Governance Committee of the Companys Board of Directors (the Committee) has the authority to amend the Plan and believes it to be in the best interests of the Company to do so; and
WHEREAS, the Committee has determined it to be in the best interests of the Company to reduce the number of share available under the Plan; and
WHEREAS, the Committee has authorized the undersigned officer to execute this Amendment.
NOW, THEREFORE, Section 4.3 of the Plan is hereby amended as follows:
1. | By replacing the number 1,050,000 therein with the number 750,000. |
Except as modified by this Amendment, all of the terms and conditions of the Plan shall remain valid and in full force and effect.
* * *
IN WITNESS WHEREOF, the undersigned, a duly authorized officer of the Company, has executed this instrument as of the 19th day of December 2008, on behalf of the Committee.
RENAISSANCERE HOLDINGS LTD. | ||
By: | /s/ Stephen H. Weinstein | |
Stephen H. Weinstein SVP and Corporate Secretary |