Document:

Exhibit 10.3

AXIS CAPITAL HOLDINGS
LIMITED

2007 LONG-TERM EQUITY COMPENSATION PLAN

Director Restricted Stock Agreement

You
(the “Participant”) have been granted a restricted stock award (the “Award”) of
ordinary shares, par value $0.0125 per share (“Share”), of AXIS Capital
Holdings Limited, a Bermuda company (the “Company”), pursuant to the AXIS
Capital Holdings Limited 2007 Long-Term Equity Compensation Plan (the “Plan”).  The date of grant of the Award (the “Award
Date”) and the number of Shares subject to the Award (the “Award Shares”) are
as set forth in your restricted stock account maintained on the Smith Barney
Benefit Access website or such other website as may be designated by the Board  (“Benefit Access”).

By
your acceptance of the grant of the Award on Benefit Access, you agree that the
Award is granted under and governed by the terms and conditions of the Plan and
this Restricted Stock Agreement (the “Agreement”).

1.                                      GRANT
OF RESTRICTED STOCK.

(a)                                  Award.  On the terms and conditions set forth in this
Agreement, the Company hereby grants to the Participant on the Award Date the
Award Shares.

(b)                                  Plan
and Defined Terms.  The Award is
granted pursuant to the Plan, a copy of which the Participant acknowledges
having received.  The terms and provisions
of the Plan are incorporated into this Agreement by this reference.  All capitalized terms that are used in this
Agreement and not otherwise defined herein shall have the meanings ascribed to
them in the Plan.

2.                                      ISSUANCE
OF SHARES.

Subject to Section 4, the
Shares subject to the Award will be issued to the Participant and generally
shall have the rights and privileges of a shareholder of the Company as to such
Shares.

3.                                      PERIOD
OF RESTRICTION.

The
Shares subject to the Award shall be restricted during the period (the “Period
of Restriction”) commencing on the Award Date and expiring on the first to
occur of:

(a)                                  The date six months
after the Award Date;

(b)                                  The Participant’s
Retirement (as defined below), death or permanent Disability (as defined
below); or

(c)                                  A Change in Control,
unless a provision is made in connection with the Change of Control for the
assumption of or substitution for Awards previously granted.

4.                                      RESTRICTIONS,
VOTING RIGHTS AND DIVIDENDS.

(a)                                  Restrictions.  During the Period of Restriction, the
following restrictions shall apply: (i) the Shares subject to the Award may not
be sold, transferred, pledged, assigned or otherwise alienated or hypothecated
and (ii) the stock certificates, if any, representing the Shares subject to the
Award shall be deposited with the Company or as the Board may otherwise direct
and the Participant shall not be entitled to delivery of a stock
certificate.  If the Participant’s
service terminates during the Period of Restriction for any reason other than
Retirement, death or permanent Disability, the Shares subject to the Award
shall be immediately repurchased by the Company for an aggregate repurchase
price of US$1 (One United States Dollar) without liability or further action or
obligation on the part of the Company. 
Upon the repurchase of any Shares, any dividends and interest set aside
thereon shall be transferred to the Company without further action by the
Participant, and the Participant shall immediately thereby relinquish and cease
to hold any right, title or interest to any such dividends and interest.

(b)                                  Voting Rights.  Participant shall be entitled to exercise full
voting rights with respect to the Shares during the Period of Restriction.

(c)                                  Dividends.  Dividends may be paid to Participant with respect
to the Shares during the Period of Restriction as determined from time to time
by the Board.  Any Dividends paid with
respect to the Shares during the Period of Restriction will be held by the
Company, or a depository appointed by the Board, for the Participant’s account,
and interest may be paid on the amount of cash dividends held at a rate and
subject to such terms as may be determined by the Board.  All cash or share dividends so held, and any
interest so paid, shall initially be subject to forfeiture as set forth in
subsection 4(a) but shall become non-forfeitable and payable at upon the
expiration or termination of the Period of Restriction.

(d)                                  Definitions.  For purposes of this Agreement:

(i)                                     The
term “Retirement” shall mean the Participant’s termination of service with the
Company and its Affiliates but only if either (A) such termination shall have
occurred on or after the date on which he or she shall have attained age 60 and
prior to such termination the Participant shall have completed 5 years of
continuous service as a Director with the Company and its Affiliates or (B) the
Board by affirmative action determines such termination shall constitute a
Retirement for purposes of the Plan; and

(ii)                                  The
term “Disability” shall have the meaning ascribed to such term in the employee
health care plan maintained by the Company, or if no such plan exists, at the
discretion of the Board.

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5.                                      RESTRICTIONS
ON TRANSFER.

(a)                                  Transfer
Restrictions.  Regardless of whether
the offering and sale of Shares under the Plan have been registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”) or otherwise,
the Company, in its sole discretion, may impose restrictions upon the sale,
pledge or other transfer of such Shares (including the placement of appropriate
legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary or
desirable in order to achieve compliance with the Company’s Bye-Laws, the
Securities Act, the U.S. Securities Exchange Act of 1934, as amended, the
securities laws of any country or state or any other applicable law, rule or
regulation.

(b)                                  Legends.  All certificates evidencing Shares issued
under this Agreement shall bear such restrictive legends as are required or
deemed advisable by the Company under the provisions of any applicable law,
rule or regulation.  If, in the opinion
of the Company and its counsel, any legend placed on a stock certificate representing
Shares issued under this Agreement is no longer required, the holder of such
certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Shares but without such legend.

6.                                      MISCELLANEOUS
PROVISIONS.

(a)                                  Bye-Laws.  All Shares acquired pursuant to this
Agreement shall be subject to any applicable restrictions contained in the
Company’s Bye-Laws.

(b)                                  No
Retention Rights.  Nothing in this
Agreement or in the Plan shall confer upon the Participant any right to
continue service for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company or any Affiliate on
whose board the Participant serves or of the Participant, which rights are
hereby expressly reserved by each, to terminate his or her service at any time
and for any reason in accordance with applicable law, rule or regulation and
the Company’s Bye-Laws.

(c)                                  Notice.  Any notice required by the terms of this
Agreement shall be given in writing and shall be deemed effective upon delivery
by hand, upon delivery by reputable express courier or, if the recipient is
located in the United States, upon deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at
its principal executive office and to the Participant at the address that he or
she most recently provided in writing to the Company.

(d)                                  Choice
of Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of Bermuda.

(e)                                  Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

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(f)                                    Modification
or Amendment.  This Agreement may be
amended or modified by the Board; provided that any amendment or
modification that would adversely effect the Participant’s rights with respect
to the Award must be made by written agreement executed by the parties hereto; and
provided, that the adjustments permitted pursuant to Section 4(b) and
7(c) of the Plan may be made without such written agreement.

(g)                                 Severability.  In the event any provision of this
Agreement shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining provisions of this Agreement, and
this Agreement shall be construed and enforced as if such illegal or invalid
provision had not been included.

 4Exhibit 10.4

AXIS CAPITAL HOLDINGS
LIMITED

2007 LONG-TERM EQUITY
COMPENSATION PLAN

Director Restricted Stock Unit Agreement

You (the “Participant”)
have been granted an award of Restricted Stock Units (the “Award”) with a value
based on ordinary shares, par value $0.0125 per share (“Shares”), of AXIS
Capital Holdings Limited, a Bermuda company (the “Company”), pursuant to the
AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan (the “Plan”).  The date of grant of the Award (the “Award
Date”) and the number of Shares subject to the Award (the “Award Shares”) are
as set forth in your restricted stock unit account maintained on the Smith
Barney Benefit Access website or such other website as may be designated by the
Board (“Benefit Access”).  This Award
constitutes an unfunded and unsecured promise of the Company to deliver (or
cause to be delivered to you) on the terms and conditions set forth herein the
Award Shares.

By your acceptance of the
grant of the Award on Benefit Access, you agree that the Award is granted under
and governed by the terms and conditions of the Plan and this Restricted Stock
Unit Agreement (the “Agreement”).

1.                                      GRANT
OF RESTRICTED STOCK UNITS.

(a)                                  Award.  On the terms and conditions set forth in this
Agreement, the Company hereby grants to the Participant on the Award Date the
Award.

(b)                                  Plan
and Defined Terms.  The Award is
granted pursuant to the Plan, a copy of which the Participant acknowledges
having received.  The terms and
provisions of the Plan are incorporated into this Agreement by this
reference.  All capitalized terms that
are used in this Agreement and not otherwise defined herein shall have the
meanings ascribed to them in the Plan.

2.                                      PERIOD
OF RESTRICTION.

The
Restricted Stock Units subject to the Award shall be restricted during the
period (the “Period of Restriction”) commencing on the Award Date and expiring
on the first to occur of:

(a)                                  The
date six months after the Award Date;

(b)                                  The
Participant’s Retirement, death or permanent Disability; or

(c)                                  A
Change in Control, unless a provision is made in connection with the Change of
Control for the assumption of or substitution for Awards previously granted.

3.                                      ISSUANCE
OF SHARES.

Subject to the Participant’s continued service with
the Company during the Period of Restriction, the Company shall deliver to the
Participant promptly following the close of the Period of Restriction the Award
Shares.  In the event that the
Participant’s service terminates for any reason prior to close of the Period of
Restriction (except as described in Section 2(b)), the Award will
immediately terminate and the Company will have no further obligation or
liability to the Participant.  Subject to
Section 4, any Award Shares issued to the Participant generally shall have
the rights and privileges of a shareholder of the Company as to such Shares.

4.                                      RESTRICTIONS,
VOTING RIGHTS AND DIVIDEND EQUIVALENTS.

(a)                                  Restrictions.  The Award may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated at any time.

(b)                                  Voting
Rights.  Prior to the delivery of
Award Shares pursuant to this Agreement, the Participant shall not be entitled
to exercise any voting rights with respect to the Restricted Stock Units (or
the Award Shares) and, except as provided in Section 4(c), shall not be entitled
to receive dividends or other distributions with respect to the Award Shares.

(c)                                  Dividend
Equivalents.  Dividend equivalents
may be paid to the Participant with respect to the Award Shares during the
Period of Restriction as determined from time to time by the Board.  Any dividend equivalents paid with respect to
the Award Shares during the Period of Restriction will be held by the Company,
or a depository appointed by the Board, for the Participant’s account, and
interest may be paid on the amount of cash dividend equivalents held at a rate
and subject to such terms as may be determined by the Board.  All cash or share dividend equivalents so
held, and any interest so paid, shall be payable at the same time as the Award
Shares are delivered as set forth in Section 3 and shall be forfeited and shall
not be paid in the event the Award is terminated as set forth in Section 3.

5.                                      RESTRICTIONS
ON TRANSFER.

(a)                                  Transfer
Restrictions.  Regardless of whether
the offering and sale of Shares under the Plan have been registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”) or otherwise,
the Company, in its sole discretion, may impose restrictions upon the sale,
pledge or other transfer of such Shares (including the placement of appropriate
legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary or
desirable in order to achieve compliance with the Company’s Bye-Laws, the
Securities Act, the U.S. Securities Exchange Act of 1934, as amended, the
securities laws of any country or state or any other applicable law, rule or
regulation.

(b)                                  Legends.  All certificates evidencing Award Shares
issued under this Agreement shall bear such restrictive legends as are required
or deemed advisable by the Company under the provisions of any applicable law,
rule or regulation (including to

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reflect any
restrictions to which you may be subject under any applicable securities
laws).  If, in the opinion of the Company
and its counsel, any legend placed on a stock certificate representing Award
Shares issued under this Agreement is no longer required, the holder of such
certificate shall be entitled to exchange such certificate for a certificate
representing the same number of Shares but without such legend.

6.                                      MISCELLANEOUS
PROVISIONS.

(a)                                  Bye-Laws.  All Shares acquired pursuant to this
Agreement shall be subject to any applicable restrictions contained in the
Company’s Bye-Laws.

(b)                                  No
Retention Rights.  Nothing in this
Agreement or in the Plan shall confer upon the Participant any right to
continue service for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company or any Affiliate on
whose board the Participant serves or of the Participant, which rights are
hereby expressly reserved by each, to terminate his or her service at any time
and for any reason in accordance with applicable law, rule or regulation and
the Company’s Bye-Laws.

(c)                                  Notice.  Any notice required by the terms of this
Agreement shall be given in writing and shall be deemed effective upon delivery
by hand, upon delivery by reputable express courier or, if the recipient is
located in the United States, upon deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at
its principal executive office and to the Participant at the address that he or
she most recently provided in writing to the Company.

(d)                                  Choice
of Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of Bermuda.

(e)                                  Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument.

(f)                                    Modification
or Amendment.  This Agreement may be
amended or modified by the Board; provided that any amendment or
modification that would adversely effect the Participant’s rights with respect
to the Award must be made by written agreement executed by the parties hereto;
and provided, that the adjustments permitted pursuant to Section 4(b)
and 7(c) of the Plan may be made without such written agreement.

(g)                                 Severability.  In the event any provision of this Agreement
shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions of this Agreement, and this Agreement
shall be construed and enforced as if such illegal or invalid provision had not
been included.

 3

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