Document:

Form of Addendum - Long Term Incentive Plan - Performance Stock Unit Agreement

 Exhibit 10c 
 FORM OF ADDENDUM TO 
 VERIZON COMMUNICATIONS INC. LONG-TERM INCENTIVE PLAN 
 PERFORMANCE STOCK UNIT AGREEMENT 
 This is an addendum
to the Performance Stock Unit Agreement (the “Agreement”) entered into between Verizon Communications Inc. (“Verizon” or the “Company”) and
                     (the “Participant”). The effective date of this addendum is
                    , and it shall remain in effect through
                    . 
 1. Purpose. The
purpose of this addendum is to describe the terms of an arrangement between the Participant and the Company wherein the Participant can earn a long-term incentive payout under the Agreement, based on the extent to which the Company achieves certain
strategic initiatives (as defined in paragraph 3 below) during the Award Cycle. Except as modified by this addendum, all of the terms and conditions of the Agreement shall remain in effect. 
 2. Payment. Subject to the limitation set forth in paragraph 4 below, the Committee shall have the sole discretion to determine the size of any additional
payment pursuant to this addendum, based on the Company’s achievement of the strategic initiatives referred to in paragraph 3 below. This addendum and any payment made in accordance with this addendum are not intended to comply with the
Performance-Based Exception to the tax deductibility limitation imposed by Code Section 162(m). 
 3. Achievement of Initiatives. The Committee
shall have the sole discretion to determine whether the Participant is entitled to a payout pursuant to this addendum and the size of any such payout (subject to the limitations contained in paragraph 4 below), based on the Company’s
achievement during the Award Cycle of certain strategic initiatives related to: (i) developing Verizon’s executive talent pool and preparing for Verizon’s succession plan; (ii) maintaining Verizon Wireless’ market leadership
position; (iii) sustaining Verizon’s top line consolidated revenue growth at 5-6%; (iv) producing double-digit consolidated earnings growth; and (v) participating in and providing leadership to various industry forums and policy
initiatives. No payment shall be made pursuant to this addendum unless the Committee determines that, at the end of the three-year Award Cycle specified in paragraph 5 of the Agreement, Verizon’s relative total shareholder return during the
Award Cycle met the specific threshold performance requirement specified in said paragraph 5. 
 4. Aggregate Limitation. The amount of any payment
made under paragraph 6 of the Agreement (including any amount attributable to stock appreciation and dividend equivalent units payable under the terms of the Agreement and disregarding any deferral election) plus the amount of any payment under this
addendum (disregarding any deferral election) shall not exceed the amount that would be payable under the Agreement assuming that Verizon’s Vested Percentage under paragraph 5 of the Agreement was equal to 200%. 
 5. Payment. Any payment pursuant to this addendum shall be made in cash. As soon as practicable after the end of the
         calendar year (but no later than                     ), the Committee shall determine
whether an amount is to be paid pursuant to this addendum and the amount of any such payment. Any such amount (minus any withholding for taxes) shall be paid to the Participant no later than
                     (subject, however, to any valid deferral election that the Participant has made under the deferral plan (if any) then
available to the Participant). If the Participant dies before any payment due hereunder is made, such payment shall be made to the Participant’s beneficiary. 
 6. Defined Terms. Except where the context clearly indicates otherwise, all capitalized terms used herein shall have the definitions ascribed to them by the Plan or the Agreement, and the terms of the Plan or Agreement shall apply
where appropriate.2008 Directors Annual Compensation Program

 Exhibit 10.1 
 2008 DIRECTORS ANNUAL COMPENSATION PROGRAM 
 AXIS Capital Holdings Limited (the “Company”)
has established the 2008 Directors Annual Compensation Program (the “Program”) to compensate the directors of the Company for their service to the Board of Directors (the “Board”) and its committees. The terms of the Program are
as set forth herein. 
 1. Eligibility. Any member of the Board who is not an employee of the Company or any of its subsidiaries shall
be entitled to the compensation specified herein and shall be a “Participant” in the Program from and after January 1, 2008 or, if later, the date on which such person becomes a member of the Board and is otherwise eligible to
participate in the Program. Members of the Board who become Participants after January 1 of any year shall be entitled to a pro rated portion of any cash compensation and shall not be entitled to any equity compensation (or cash compensation in
lieu thereof) until January 1 of the next year. 
 2. Cash Compensation. Each Participant shall be entitled to a cash amount
determined annually by the Board, in consultation with the Compensation Committee of the Board (the “Committee”), and as set forth on Attachment A hereto, consisting of an annual retainer and a meeting fee based on the number of
Board and committee meetings held during the fiscal year, the number of presentations by the Company at which members of the Board are requested to attend and whether the Participant serves as a chairman of a committee or as the lead independent
director. Participants may elect to receive common shares of the Company in lieu of the cash compensation that would otherwise be payable to them by notifying the Company of such election prior to January 1 of the year for which the election
will be effective. Any common shares issued to Participants pursuant to such election will be issued under the 2007 Long-Term Equity Compensation Plan (the “2007 Plan”) or any similar plan subsequently adopted by the Board. 
 3. Equity Compensation. Each Participant shall be entitled to an annual equity award under the 2007 Plan, as set forth on Attachment A
hereto. The amount of shares of common stock awarded shall be determined using the fair market value of the common shares of the Company on the tenth business day after January 1 of each year. Subject to the prior approval of the Committee,
Participants may elect to receive cash compensation in lieu of the equity compensation that would otherwise be payable to them by notifying the Company of such election prior to January 1 of the year for which the election will be effective.
All equity awards shall be made effective as of the tenth business day after January 1 of each year. 
 4. Payment. Participants
shall receive a lump sum payment of the annual retainer for any fiscal year prior to January 31 of that fiscal year (or, in the case of any person who becomes a Participant after January 31 of a fiscal year, as soon as practicable after
the date on which such person becomes a participant, pro rated as provided in paragraph 1) and a lump sum payment of the meeting fees, committee chair fees and presiding director fee for any fiscal year prior to January 31 of the next fiscal
year or, if earlier, within 60 days after retiring or resigning from the Board. 

 5. Deferral. Participants may elect to defer any cash compensation and any common shares or
restricted stock received under the Program pursuant to the 2003 Directors Deferred Compensation Plan or any similar plan subsequently adopted by the Board. To the extent applicable, all deferrals shall be made in accordance with section 409A of the
U.S. Internal Revenue Code of 1986, as amended, and applicable guidance issued thereunder. 
 6. Interpretation of Program. The
Committee shall have the authority to administer and to interpret the Program. Any such determinations or interpretations made by the Committee shall be binding on all persons. 
 7. Governing Law. The Program shall be governed by the laws of Bermuda. 
 8. Successors. All obligations of the Company under the Program shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect merger, consolidation, purchase of all or substantially all of the business and/or assets of the Company or otherwise. 
 9. Amendment and Termination. This Program may be amended or terminated at any time by the Board; provided, that no amendment shall be given effect to the extent that it would have the effect of reducing a
Participant’s existing awards under the Program. 
  

 2 

 ATTACHMENT A 
 AXIS CAPITAL HOLDINGS LIMITED 
 NON-EMPLOYEE DIRECTOR COMPENSATION 
 (effective as of January 1, 2008) 
 Cash
Compensation 
  

	1)	Annual retainer for all non-employee directors of $50,000 

  

	2)	Committee Chairs receive the following additional annual cash payments: 

  

				
	 Committee Chair
	  	Annual Payments
	 Corporate Governance and Nominating Committee
	  	$	5,000
	 Risk Committee
	  	$	10,000
	 Finance Committee
	  	$	10,000
	 Compensation Committee
	  	$	10,000
	 Audit Committee
	  	$	20,000

  

	3)	The lead (presiding) director of meetings of non-management directors receives an additional annual cash payment of $15,000. 

  

	4)	Fees for attendance at meetings as follows: 

  

				
	 Type of Meeting
	  	Attendance Fee
	 Board meetings
	  	$	3,000
	 Committee meetings
	  	$	1,500

 Equity Compensation 
 Each non-employee director is entitled to an annual grant of common stock, valued at $100,000 based on the fair market value of the common shares on the
tenth business day after January 1. 
 Compensation Elections 
 Prior to each calendar year, each non-employee director can elect to receive common shares in lieu of their cash compensation or cash in lieu of their
equity compensation otherwise payable to the director in that calendar year. 
 Deferred Compensation Plan 
  

	1)	 Each non-employee director can elect to participate in the AXIS Capital Holdings Limited 2003 Directors Deferred Compensation Plan, an unfunded nonqualified
deferred 

  

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compensation plan. The plan allows participating directors to elect (1) the amount of cash or stock received as fees for services to be deferred
(expressed as a dollar amount, number of shares or percentage) and (2) the form in which payment is to be made (lump sum or three annual installments) following termination of service as a director. All deferred amounts are 100% vested.

  

	2)	Directors who choose to defer fees otherwise payable in shares are credited a number of phantom stock units equal in amount to the number of shares of stock deferred. When a cash
dividend is paid on the stock, the portion of the participant’s deferral account denominated in phantom share units is credited with additional phantom share units. 

  

	3)	Directors who choose to defer fees otherwise payable in cash are credited with interest on their cash deferral, compounded annually, at a rate of 1% above the 12-month LIBOR rate
for deposits of U.S. dollars reported on the first business day of the year. 

  

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