Document:

Third Amended and Restated Employment Agreement

 Exhibit 10.1 
 EXECUTION COPY 
 THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 (“Agreement” dated as of May 21, 2012 between Validus 
 Holdings,
Ltd., a Bermuda corporation (the “Company”), and 
 Conan Ward (the “Executive”). 

For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

 ARTICLE I 
 DEFINITIONS 
 SECTION 1.01 Definitions. For purposes of this
Agreement, the following terms have the meanings set forth below: 
 “Base Salary” has the meaning set forth in
Section 4.01. 
 “Board” has the meaning set forth in Section 3.01. 

“Claims” has the meaning set forth in Section 11.01. 

“Confidential Information” means information that is not generally known to the public and that was or is used,
developed or obtained by the Company or its Subsidiaries in connection with their business. It shall not include information (a) required to be disclosed by court or administrative order, (b) lawfully obtainable from other sources or which
is in the public domain through no fault of the Executive or (c) the disclosure of which is consented to in writing by the Company. 
 “Date of Termination” has the meaning set forth in Section 5.01. 
 “Delay Period” has the meaning set forth in Section 15.14(b). 
 “Employment Period” has the meaning set forth in Section 2.01. 

  
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 “Excluded Claims” has the meaning set forth in Section 11.01.

 “Intellectual Property” has the meaning set forth in Section 7.01. 

“Initial Start Date” has the meaning set forth in Section 2.01. 

“Noncompetition Period” has the meaning set forth in Section 9.01. 

“Nonsolicitation Period” has the meaning set forth in Section 9.02. 

“Notice of Termination” has the meaning set forth in Section 5.03. 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock
company, an estate, a trust, a joint venture, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof. 
 “Proceeding” has the meaning set forth in Section 12.01. 

“Reimbursable Expenses” has the meaning set forth in Section 4.04. 

“Releasees” has the meaning set forth in Section 11.01. 

“Start Date” has the meaning set forth in Section 2.01. 

“Subsidiary” or “Subsidiaries” means, with respect to any Person, any corporation, partnership, limited
liability company, association or other business entity of which (a) if a corporation, twenty (20) percent or more of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (b) if a partnership, limited
liability company, association or other business entity, twenty (20) percent or more of the partnership or other similar ownership interest thereof is at the time owned or controlled, directly or indirectly, by any Person or one or more of the
other Subsidiaries of that Person or a combination thereof. For purposes of this definition, a Person or Persons will be deemed to have a twenty (20) percent or more ownership interest in a partnership, limited liability company, association or
other business entity if such Person or Persons are allocated twenty (20) percent or more of partnership, limited liability company, association or other business entity gains or losses or control the managing director or member or general
partner of such partnership, limited liability company, association or other business entity. 

  
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 ARTICLE II 
 EMPLOYMENT 
 SECTION 2.01 Employment Period. The Company shall
employ the Executive, and the Executive shall accept employment with the Company, upon the terms and conditions set forth in this Agreement for the period beginning on May 21, 2012 (“Start Date”) and ending on the Date of
Termination as defined in Section 5.01 below. The parties acknowledge and agree that the Executive’s employment with the Company and its Subsidiaries initially began on January 1, 2006 (the “Initial Start Date”) and
that the Executive’s employment with the Company and its Subsidiaries has been and will be continuous from and through such date ending on the Termination Date (cumulatively, the “Employment Period”). The parties acknowledge
and agree that, upon the Date of Termination, Executive shall cease all employment and all other positions with the Company and any employment and other positions with any of its Subsidiaries. 

ARTICLE III 

POSITION AND DUTIES 
 SECTION 3.01 Position and Duties. Effective on the Start Date, the Executive resigns from his positions as Executive Vice President of the Company and Chief Executive officer of Validus
Reinsurance, Ltd. and shall serve as Advisor to the Board of Directors (the “Board”) and render such services (if any) as are assigned by the Board from time to time. The Company may direct, in its sole and exclusive discretion,
that the Executive perform no duties and exercise no powers or resign from any office held in connection with his employment with the Company or its Subsidiaries. During the Employment Period, the Executive shall not directly or indirectly render
any services of a business, commercial or professional nature to any other person or for-profit organization not related to the business of the Company or its Subsidiaries, whether for compensation or otherwise, without prior written consent of the
Company. 
 ARTICLE IV 
 BASE SALARY AND BENEFITS 
 SECTION 4.01 Base Salary. During the
Employment Period, the Executive’s base salary will be $618,000 per annum (the “Base Salary”). The Base Salary will be payable no less frequently than monthly on the last working day of each month in arrears in equal
installments. Normal hours of employment are 8:30 a.m. to 5:00 p.m., Monday to Friday. The Executive’s salary has been computed to reflect that his regular duties are likely, from time to time, to require more than forty (40) hours per
week and the Executive shall not be entitled to receive any additional remuneration for any such additional hours. 

  
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 SECTION 4.02 Bonuses. In addition to the Base Salary, the Executive shall receive an
annual bonus for each of 2012 and 2013 equal to 150% of Base Salary, which shall be paid to the Executive on or after February 1, 2013 and on or before March 15, 2013; provided, however, that as a condition precedent to the
receipt of any payment under this Section 4.02 the Executive shall timely execute and not revoke the General Release of Claims in the form attached hereto as Exhibit A, on a date between February 1 and February 22, 2013. 

SECTION 4.03 Benefits. In addition to the Base Salary, and any bonuses payable to the Executive pursuant to this Agreement, the
Executive shall be entitled to the following benefits during the Employment Period: 
 (a) such major medical and
life insurance as is, or may during the Employment Period, be provided generally for other senior executive officers of the Company as set forth from time to time in the applicable plan documents, which shall be provided under a health insurance
plan maintained by a United States Subsidiary of the Company if and when the Executive’s regular place of work under this Employment Agreement is in the United States; 

(b) in addition to the public holidays referenced in the Public Holidays Act of 1947 and fifteen (15) paid days off
for sick leave, a maximum of five (5) weeks of paid vacation during the term of the Employment Period; 

(c) for the period during which the Executive’s place of work under this Employment Agreement is Bermuda (but,
notwithstanding the foregoing, in no case later than July 31, 2012), a housing allowance in an amount equal to $18,000 per month, payable monthly in advance, and reimbursement for the Executive’s Bermuda housing deposit (such amount to be
repaid by the Executive to the Company within thirty (30) days after the earlier of the date the deposit is returned to the Executive or the date of any termination of employment of the Executive); 

(d) for the period during which the Executive’s place of work under this Employment Agreement is Bermuda (but,
notwithstanding the foregoing, in no case later than July 31, 2012), an automobile allowance in an amount equal to $900 per month; 
 (e) for the period during which the Executive’s place of work under this Employment Agreement is Bermuda (but, notwithstanding the foregoing, in no case later than July 31, 2012), direct payment
or reimbursement of initiation fees (any resulting equity interest or redemption right in which shall belong to, be controlled by, and be paid to, the Company) for, and the annual dues for membership in, two (2) clubs in Bermuda; 

  
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 (f) for the period during which the Executive’s place of work under
this Employment Agreement is Bermuda (but, notwithstanding the foregoing, in no case later than July 31, 2012), reimbursement for round-trip non-business trips by the Executive and each member of his family residing with him to and from Bermuda
(the benefit under this Section 4.03(f) being in addition to any reimbursement of air fare described in Section 4.04, below) in accordance with the Company’s policies and procedures for such family trips as in effect from time to
time, in an aggregate amount not to exceed $25,000; 
 (g) for the period during which the Executive’s place
of work under this Employment Agreement is Bermuda (but, notwithstanding the foregoing, in no case later than July 31, 2012), reimbursement for tuition expenses incurred by the Executive for his children who are attending school in an aggregate
amount equal to the prior agreement between the Company and the Executive on this subject; and 
 (h) for the
period during which the Executive’s place of work under this Employment Agreement is Bermuda (but, notwithstanding the foregoing, in no case later than July 31, 2012), other fringe benefits customarily provided to similarly situated senior
executives residing in Bermuda and 
 (i) reimbursement for any out of pocket relocation expenses he actually
incurs in connection with his move from Bermuda to New Jersey in a lump sum in an amount not to exceed $25,000 and to be paid not later than July 24, 2012. 
 SECTION 4.04 Expenses. The Company shall reimburse the Executive for all reasonable expenses incurred by him in the course of performing his duties under this Agreement which are consistent with
the Company’s policies in effect from time to time with respect to travel, entertainment and other business expenses (“Reimbursable Expenses”), subject to preapproval by the Lead Outside Director (or his designee) and the
Company’s requirements with respect to reporting and documentation of expenses. 
 SECTION 4.05 Long Term Incentive
Plan. Subject to the Executive’s compliance with Articles IX and XIII, the Executive’s restricted stock granted under the Validus Holdings, Ltd. 2005 Long Term Incentive Plan prior to the date of this Agreement shall vest according to
the schedule attached as Exhibit B; provided, however, that, with respect to the Performance Share Awards, the percentage of shares eligible for vesting will be the same as the percentage of shares eligible for vesting for then-current
senior executives at the time of vesting. The Executive shall not be entitled to any further equity grants on or following the Start Date. 
 ARTICLE V 
 TERM AND TERMINATION 

SECTION 5.01 Date of Termination. Executive’s employment shall be “at-will” and Executive’s Employment Period
shall end on the Date of Termination. For purposes of 

  
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this Agreement, the “Date of Termination” shall mean the first to occur of the following: (a) February 1, 2013, (b) immediately upon the Company providing Notice
of Termination to the Executive for any reason; (c) immediately upon the Executive providing Notice of Termination to the Company stating that he is resigning from the Company for any reason; or (d) the date of Executive’s death.

 SECTION 5.02 Payments Upon Termination. 

(a) Upon termination of the Employment Period for any reason, the Executive (or his estate, in the case of death) shall:
(i) continue to receive Base Salary and benefits set forth in Section 4.03 above through the Date of Termination; (ii) continue to vest in any shares of restricted stock of Company granted to the Executive through the Date of
Termination; and (iii) continue to receive reimbursement for all Reimbursable Expenses incurred by the Executive prior to the Date of Termination. The Executive’s entitlements under all other benefit plans and programs of the Company shall
be as determined thereunder. 
 (b) Upon termination of the Employment Period for any reason on or prior to
February 1, 2013, the Executive shall receive, as severance, subject to execution and non-revocation of a General Release of Claims in the form attached hereto as Exhibit A within twenty-one (21) days following the Date of Termination,
within five (5) business days of the Effective Date of the General Release of Claims (as defined therein): (i) a lump sum payment equal to the sum of (A) the Base Salary at the rate of $618,000 per annum which Executive would
otherwise have received had he remained employed by the Company through December 31, 2013 plus (B) the bonus payments set forth in Section 4.02, provided, however, that, if the Date of Termination occurs during December
2012 such amount shall be paid in a lump sum as soon as practicable on or after January 1, 2013, and, provided, further that if the Date of Termination occurs in 2013, then it shall occur, and the Executive shall execute
the General Release of Claims, at such time as would cause the lump sum payment under this Section 4.02(b)(i) to be made not later than March 15, 2013, (ii) the health insurance benefits set forth in Section 4.03(a), which shall
be provided under a health insurance plan maintained by a United States Subsidiary of the Company, until the first to occur of the date the Executive becomes eligible for health insurance through another employer and December 31, 2013, but only
to the extent permitted by the terms and conditions of such health insurance plan, and (iii) the reimbursement of moving expenses set forth in Section 4.03(i), in each case, to the extent not previously provided to the Executive.

 SECTION 5.03 Notice of Termination. Any termination of employment by the Company or by the Executive for any reason
shall be communicated by written notice to the other party hereto (“Notice of Termination”). 

  
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 ARTICLE VI 
 CONFIDENTIAL INFORMATION 
 SECTION 6.01 Nondisclosure and Nonuse of
Confidential Information. The Executive will not disclose or use at any time during or after the Employment Period any Confidential Information of which the Executive has, is or becomes aware, whether or not such information is developed by him,
except to the extent that such disclosure or use is directly related to and required by the Executive’s performance of duties assigned to the Executive pursuant to this Agreement or as otherwise permitted or required by applicable law. Under
all circumstances and at all times, the Executive will take all appropriate steps to safeguard Confidential Information in his possession and to protect it against disclosure, misuse, espionage, loss and theft. 

ARTICLE VII 

INTELLECTUAL PROPERTY 
 SECTION 7.01 Ownership of Intellectual Property. In the event that the Executive as part of his activities on behalf of the Company generates, authors or contributes to any invention, design, new
development, device, product, method of process (whether or not patentable or reduced to practice or comprising Confidential Information) or has previously done so, any copyrightable work (whether or not comprising Confidential Information) or any
other form of Confidential Information relating directly or indirectly to the business of the Company as now or hereinafter conducted (collectively, “Intellectual Property”), the Executive acknowledges that such Intellectual
Property is the sole and exclusive property of the Company and hereby assigns all right, title and interest in and to such Intellectual Property to the Company. Any copyrightable work prepared in whole or in part by the Executive during the
Employment Period will be deemed “a work made for hire” under Section 201(b) of the Copyright Act of 1976, as amended, and the Company will own all of the rights comprised in the copyright therein. The Executive will promptly and
fully disclose all Intellectual Property and will cooperate with the Company to protect the Company’s interests in and rights to such Intellectual Property (including providing reasonable assistance in securing patent protection and copyright
registrations and executing all documents as reasonably requested by the Company, whether such requests occur prior to or after termination of Executive’s employment hereunder). 

ARTICLE VIII 

DELIVERY OF MATERIALS UPON TERMINATION OF EMPLOYMENT 
 SECTION 8.01 Delivery of Materials upon Termination of Employment. As requested by the Company, from time to time and upon the termination of the Executive’s employment with the Company for
any reason, the Executive will promptly deliver to the Company all property of the Company or its Subsidiaries, including, without limitation, all copies and embodiments, in whatever form or medium, of all Confidential Information or Intellectual
Property in the Executive’s possession or within his control (including written records, notes, photographs, manuals, notebooks, documentation, program listings, flow charts, magnetic media, disks, diskettes, tapes and all other materials
containing any Confidential 

  
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Information or Intellectual Property) irrespective of the location or form of such material and, if requested by the Company, will provide the Company with written confirmation that, to the best
of his knowledge, all such materials have been delivered to the Company. 
 ARTICLE IX 

NONCOMPETITION AND NONSOLICITATION 
 SECTION 9.01 Noncompetition. The Executive acknowledges that during his employment with the Company, he has and will become familiar with trade secrets and other Confidential Information concerning
the Company or its Subsidiaries, and that his services will be of special, unique and extraordinary value to the Company, and he has developed and may continue to develop relationships with the clients and service providers of the Company at the
expense of the Company. In addition, the Executive hereby agrees that at any time during the Employment Period, and for a period six (6) months after the Date of Termination or through January 15, 2013, whichever is later, (the
“Noncompetition Period”), Executive will not directly or indirectly own, manage, control, participate in, be employed by, render services for or in any manner engage in any business competing with the businesses of the Company or
its Subsidiaries as such businesses exist or are in process or being planned as of the Date of Termination, within any geographical area in which the Company or its Subsidiaries engage or plan to engage in such businesses; provided,
however, that (i) the portion of the Noncompetition Period following the Date of Termination shall be reduced by the period of time, if any, between the date of Notice of Termination is given and the Date of Termination,
(ii) following the three (3) month anniversary of the Date of Termination, the Executive may accept a position with a business that competes with the business of the Company with the permission of the Company, which permission shall not be
unreasonably withheld, and (iii) subject to his compliance with the other terms and conditions of this Agreement, the Executive may discuss employment opportunities with any person or entity who or which competes with the Company or its
Subsidiaries during the Noncompetition Period. It shall not be considered a violation of this Section 9.01 for the Executive to be a passive owner of not more than 2% of the outstanding stock of any class of a corporation which is publicly
traded, so long as the Executive has no active participation in the business of such corporation. 
 SECTION 9.02
Nonsolicitation of Employees. The Executive hereby agrees that during the Employment Period and for a period of one (1) year after the Date of Termination (the “Nonsolicitation Period”) the Executive will not, directly
or indirectly through another entity, induce or attempt to induce any employee of the Company or its Subsidiaries to leave the employ of the Company or its Subsidiaries, or in any way interfere with the relationship between the Company or its
Subsidiaries and any employee thereof or otherwise employ or receive the services of any individual who was an employee of the Company or its Subsidiaries at any time during such Nonsolicitation Period or within the six-month period prior thereto;
provided, however, that the Executive may solicit or hire any person who has voluntarily resigned from the Company or its Subsidiaries during the Nonsolicitation Period without any direct or indirect inducement or solicitation by
Executive provided that the Executive first obtains the Company’s approval. 

  
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 SECTION 9.03 Nonsolicitation of Customers. During the Noncompetition Period, the
Executive will not induce or attempt to induce any customer, supplier, client, insured, reinsured, reinsurer, broker, licensee or other business relation of the Company or its Subsidiaries to cease doing business with the Company or its
Subsidiaries. 
 SECTION 9.04 Nondisparagement. 

(a) Executive Nondisparagement. Executive agrees that he shall not make, publish or confirm any statements or
remarks to third parties which are derogatory, disparaging or critical of the Company or any of the other Releasees (or induce or encourage others to do so) including, but not limited to, any such statements or remarks about their respective
reputations, judgment, acumen, character or skills. 
 (b) Company Nondisparagement. The Company agrees
that it will cause each of its current officers and directors, for so long as he or she remains an officer or director of the Company, not to make, publish or confirm any statements or remarks to third parties which are derogatory,
disparaging or critical of the Executive (or induce or encourage others to do so) including, but not limited to, any such statements or remarks about his reputation, judgment, acumen, character or skills. 

SECTION 9.05 Enforcement. If, at the enforcement of Sections 9.01, 9.02 9.03, or 9.04 a court holds that the duration, scope or
area restrictions stated herein are unreasonable under circumstances then existing, the parties agree that the maximum duration, scope or area reasonable under such circumstances will be substituted for the stated duration, scope or area and that
the court will be permitted to revise the restrictions contained in this Article 9 to cover the maximum duration, scope and area permitted by law. 
 ARTICLE X 
 EQUITABLE RELIEF 

SECTION 10.01 Equitable Relief. The Executive acknowledges that (a) the covenants contained herein are reasonable,
(b) the Executive’s services are unique, and (c) a breach or threatened breach by him of any of his covenants and agreements with the Company contained in Sections 6.01, 7.01, 8.01, 9.01, 9.02, 9.03, or 9.04 could cause irreparable
harm to the Company for which they would have no adequate remedy at law. Accordingly, and in addition to any remedies which the Company may have at law, in the event of an actual or threatened breach by the Executive of his covenants and agreements
contained in Sections 6.01, 7.01, 8.01, 9.01, 9.02, 9.03, or 9.04 the Company shall have the absolute right to apply to any court of competent jurisdiction for such injunctive or other equitable relief as such court may deem necessary or appropriate
in the circumstances. 

  
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 ARTICLE XI 
 RELEASE AND EXECUTIVE REPRESENTATIONS 
 SECTION 11.01 Release.
Executive, for himself and his successors, assigns, executors, heirs, estate and administrators, now and forever hereby knowingly and willingly releases and discharges the Company and each of its past and present Subsidiaries, together with each of
their officers, directors, stockholders, partners, principals, members, managers, employees, agents, representatives and attorneys, and each of their respective Subsidiaries, estates, predecessors, successors, and assigns (collectively, the
“Releasees”) from any and all rights, claims, charges, actions, causes of action, complaints, sums of money, suits, debts, covenants, contracts, agreements, promises, obligations, damages, demands or liabilities of every kind
whatsoever, in law or in equity, whether known or unknown, suspected or unsuspected (collectively, “Claims”), which Executive or his executors, administrators, heirs, estate, successors or assigns ever had, now has or may hereafter
claim to have by reason of any matter, cause or thing whatsoever arising from the beginning of time up to the date Executive signs this Agreement including, but not limited to, (a) any such Claims relating in any way to Executive’s
employment relationship with the Company or any of the Releasees, (b) any such Claims arising under any foreign, federal, local or state statute or regulation, including, without limitation, the Fair Labor Standards Act, Title VII of the Civil
Rights Act of 1964, the Americans with Disabilities Act of 1990, the Employee Retirement Income Security Act of 1974, the Sarbanes-Oxley Act of 2002, the Dodd-Frank Wall Street Reform and Consumer Protection Act, and/or any applicable law regarding
whistleblowing or discrimination, each as amended, (c) any claims relating to wrongful or constructive employment termination or demotion or (d) any claims arising under or relating to any policy, agreement, understanding or promise,
written or oral, formal or informal, between the Company and any of the Releasees and Executive; provided, however, that notwithstanding the foregoing, nothing contained in this Section 11.01 shall in any way release or discharge:
(i) any rights Executive may have to any vested pension benefits; (ii) Executive’s right to bring any Claim for breach of this Agreement by the Company; (iii) any Claims Executive may have that cannot be waived under applicable
law; or (iv) any rights Executive may have to indemnification or coverage under any directors and officers, errors and omissions or general liability insurance coverage maintained by the Company covering the Executive (collectively, the
“Excluded Claims”). 
 SECTION 11.02 Executive Representations. 

(a) Executive represents and agrees that, except with respect to the Excluded Claims, the Company and the other Releasees
have fully satisfied any and all obligations whatsoever owed to Executive arising out of his employment with the Company or any of the Releasees, and that no further payments or benefits are owed to Executive by the Company or any of the Releasees,
except as specifically provided in this Agreement. Executive represents and agrees that, except for the Excluded Claims, Executive has knowingly and willingly relinquished, waived and forever released any and all rights to any personal recovery in
any action or proceeding that may be commenced by Executive or on his behalf, arising out of his employment relationship with the Company or any of its Subsidiaries prior to the date of this Agreement including, without

  
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limitation, claims for back pay, front pay, liquidated damages, compensatory damages, general damages, special damages, punitive damages, exemplary damages, costs, expenses and attorneys’
fees. 
 (b) Executive represents and agrees that he has not filed or commenced any action or proceeding or
lodged any complaint or grievance with any governmental agency or quasi-governmental agency against the Company or any of the other Releasees. 
 (c) Executive represents and agrees that he is not aware of, has never been aware of, and has not engaged in, any violations of any laws, rules or regulations with respect to any accounting, financial,
reporting or any other matters at the Company or any of its Subsidiaries by any of their respective officers, directors, employees, agents or any other person providing services to them. 

(d) Executive represents and agrees that he has been provided with an opportunity to consult with an attorney of his
choosing prior to executing this Agreement. Executive represents that he has read this Agreement, and specifically the release in Section 11.01 above, and that he understands its terms and enters into this Agreement freely, voluntarily, and
without coercion. Executive acknowledges and agrees that he is under no obligation to consent to this Agreement. 

(e) Executive represents and agrees that he is receiving benefits and payments to which he would not otherwise be entitled
unless he executes and delivers the release in this Agreement. 
 (f) Executive represents and agrees that
(a) the execution, delivery and performance of this Agreement by the Executive does not and will not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which the Executive
is a party or by which he is bound, (b) except for agreements provided to the Company by the Executive, the Executive is not a party to or bound by any employment agreement, noncompetition agreement or confidentiality agreement with any other
Person, and (c) upon the execution and delivery of this Agreement by the Company, this Agreement will be the valid and binding obligation of the Executive, enforceable in accordance with its terms. In the event that any action is brought
against Executive involving any breach of any employment agreement, noncompetition agreement or confidentiality agreement with any other Person, the Executive shall bear his own costs incurred in defending such action, including but not limited to,
court fees, arbitration costs, mediation costs, attorneys’ fees and disbursements. 

  
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 (g) Executive represents and agrees that, following the Employment Period,
Executive will not seek or be entitled to employment with the Company or any of its Subsidiaries. 
 ARTICLE XII 

INDEMNIFICATION 
 SECTION 12.01 General Indemnification. The Company agrees that if the Executive is made a party, or is threatened to be made a party, to any action, suit or proceeding, whether civil, criminal,
administrative or investigative (other than any action, suit or proceeding initiated by, with the assistance or cooperation of, or on behalf of, Executive) (each, a “Proceeding”), by reason of the fact that he is or was a director,
officer or employee of the Company or is or was serving at the request of the Company as a director, officer, member, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, including service with respect to
employee benefit plans, whether or not the basis of such Proceeding is the Executive’s alleged action in an official capacity while serving as a director, officer, member, employee or agent, the Executive shall be indemnified and held harmless
by the Company to the fullest extent permitted or authorized by applicable law and its organizational documents, against all cost, expense, liability and loss reasonably incurred or suffered by the Executive in connection therewith, and such
indemnification shall continue as to the Executive even if he has ceased to be a director, member, employee or agent of the Company or other entity and shall inure to the benefit of the Executive’s heirs, executors and administrators. The
Company agrees to maintain a directors’ and officers’ liability insurance policy covering the Executive to the extent the Company provides such coverage for its other executive officers. The Executive may select his own counsel to
represent him in connection with any matter for which the Executive is entitled to indemnification under this Section 12.01. 
 ARTICLE XIII 
 COOPERATION 

SECTION 13.01 Cooperation. Executive agrees to cooperate fully with the Company and its Subsidiaries in all matters concerning any
requests for information about (i) the services or advice Executive provided to the Company or any of its Subsidiaries during his employment with the Company or any of its Subsidiaries or (ii) any events occurring during Executive’s
employment with the Company. Executive’s cooperation shall include: (A) being available to meet and speak with officers or employees of the Company or any of its Subsidiaries, the Company’s counsel or any third parties at the request
of the Company at reasonable times (but not later than five (5) business days following any such request) and locations to be determined by the Company, (B) giving accurate and truthful information at any interviews and accurate and
truthful testimony in any pending or future legal proceedings, arbitrations or actions, (C) executing accurate and truthful documents, including, but not limited to, affidavits, declarations and certifications, and (D) taking such other
actions as may reasonably be requested by the Company and/or the Company’s counsel to effectuate the foregoing. 

  
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 SECTION 13.02 Non-Cooperation. Executive agrees that he shall not cooperate or assist
any non-governmental third party in the development, presentation or prosecution of any disputes, differences, grievances, arbitrations, claims, charges or complaints on behalf of any non-governmental third party against the Company or any of the
other Releasees. 
 ARTICLE XIV 
 LEGAL PROCESS 
 SECTION 14.01 Legal Process. Nothing in this
Agreement is intended to or shall preclude Executive from providing truthful testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law, in which
event Executive shall notify the Company in writing as promptly as practicable after receiving any such request of the anticipated testimony and at least ten (10) days prior to providing such testimony (or, if such notice is not possible under
the circumstances, with as much prior notice as is possible). 
 ARTICLE XV 

MISCELLANEOUS 
 SECTION 15.01 Rights and Remedies. The Company will be entitled to enforce its rights and remedies under this Agreement specifically, without posting a bond or other security, to recover damages by
reason of any breach of any provision of this Agreement and to exercise all other rights granted by law. There are currently no disciplinary or grievance procedures in place, there is no collective agreement in place, and there is no probationary
period. 
 SECTION 15.02 Consent to Amendments. The provisions of this Agreement may be amended or waived only by a
written agreement executed and delivered by the Company and the Executive. No other course of dealing between the parties to this Agreement or any delay in exercising any rights hereunder will operate as a waiver of any rights of any such parties.

 SECTION 15.03 Successors and Assigns. All covenants and agreements contained in this Agreement by or on behalf of any
of the parties hereto will bind and inure to the benefit of the respective successors and assigns of the parties hereto whether so expressed or not, provided, however, that the Executive may not assign his rights or delegate his
obligations under this Agreement without the written consent of the Company. 
 SECTION 15.04 Severability. Whenever
possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will
be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of this Agreement. 

SECTION 15.05 Counterparts. This Agreement may be executed simultaneously in two or more counterparts, any one of which need not
contain the signatures of more than one party, but all of which counterparts taken together will constitute one and the same agreement. 

  
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 SECTION 15.06 Descriptive Headings. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a part of this Agreement. 
 SECTION 15.07 Notices. All notices,
demands or other communications to be given or delivered under or by reason of the provisions of this Agreement will be in writing and will be deemed to have been given when delivered personally to the recipient, two (2) business days after the
date when sent to the recipient by reputable express courier service (charges prepaid) or four (4) business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such
notices, demands and other communications will be sent to the Executive and to the Company at the addresses set forth below. 
  

			
	If to the Executive:	  	To the last address delivered to the Company by the Executive in the manner set forth herein.
		
	If to the Company:	  	Validus Holdings
		  	 29 Richmond Road, 4th Floor

Hamilton HM 11

		  	Bermuda
		  	Attn: General Counsel

 or to such other address or to the attention of such other person as the recipient party has specified by prior written
notice to the sending party. 
 SECTION 15.08 Withholding. The Company may withhold from any amounts payable under this
Agreement such federal, state, local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. 
 SECTION 15.09 No Third Party Beneficiary. This Agreement will not confer any rights or remedies (or any obligations) upon any person other than the Company, the Executive and their respective
heirs, executors, successors and assigns. 
 SECTION 15.10 Entire Agreement. This Agreement (including the exhibits
attached hereto and the documents referred to herein) constitutes the entire agreement among the parties and supersedes any prior understandings, agreements or representations by or among the parties, written or oral, that may have related in any
way to the subject matter hereof including, but not limited to, the initial Employment Agreement between the Company and the Executive dated as of December 5, 2005, the Validus Re, Ltd. Statement of Conditions of Employment dated as of
January 30, 2006, the Amended and Restated Employment Agreement between the Company and the Executive dated as of February 2007, the Amendment to the Amended and Restated Employment Agreement between the Company and the Executive dated as of
November 12, 2008, and the Amended and Restated Employment Agreement between the Company and the Executive dated as of March 17, 2010 which agreements are amended and superseded in their entirety and are of no further force and effect.

  
 14 

 SECTION 15.11 Construction. The language used in this Agreement will be deemed to be
the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. Any reference to any federal, state, local or foreign statute or law will be deemed also to refer to all rules
and regulations promulgated thereunder, unless the context requires otherwise. The use of the word “including” in this Agreement means “including without limitation” and is intended by the parties to be by way of example rather
than limitation. 
 SECTION 15.12 Survival. Sections 6.01, 7.01, 8.01 and Articles 9, 11, 12 and 13 will survive and
continue in full force in accordance with their terms notwithstanding any termination of the Employment Period. 
 SECTION 15.13
GOVERNING LAW. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW JERSEY, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS, AND THE PARTIES HEREBY SUBMIT
TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS OF NEW JERSEY. 
 SECTION 15.14 Section 409A.

 (a) It is intended that this Agreement will comply with Section 409A and Section 457A of the
Internal Revenue Code of 1986, as amended (the “Code”) and any regulations and guidelines promulgated thereunder (collectively, “Section 409A”), to the extent the Agreement is subject thereto, and the Agreement shall be
interpreted on a basis consistent with such intent. If an amendment of the Agreement is necessary in order for it to comply with Section 409A or Section 457A, the parties hereto will negotiate in good faith to amend the Agreement in a
manner that preserves the original intent of the parties to the extent reasonably possible. No action or failure to act pursuant to this Section 15.14 shall subject the Company to any claim, liability, or expense, and the Company shall not have
any obligation to indemnify or otherwise protect the Executive from the obligation to pay any taxes, interest or penalties pursuant to Section 409A or Section 457A of the Code. 

(b) Notwithstanding any provision to the contrary in this Agreement or the attached General Release of Claims, if the
Executive is deemed on the date of his or her “separation from service” (within the meaning of Treas. Reg. Section 1.409A-1(h)) with the Company to be a “specified employee” (within the meaning of Treas. Reg.
Section 1.409A-1(i)), then with regard to any payment or benefit that is considered deferred compensation under Section 409A payable on account of a “separation from service” that is required to be delayed pursuant to
Section 409A(a)(2)(B) of the Code (after taking into account any applicable exceptions to such requirement), such payment or benefit shall be made or provided on the date that is the earlier of (i) the expiration of the six (6)-month
period measured from the date of the Executive’s “separation from service,” or (ii) the date of the Executive’s death (the “Delay Period”). Upon the 

  
 15 

 
expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 15.14 (whether they would have otherwise been payable in a single sum or in installments in the
absence of such delay) shall be paid or reimbursed to the Executive in a lump sum and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

 (c) With respect to any reimbursement or in-kind benefit arrangements of the Company and its subsidiaries that
constitute deferred compensation for purposes of Section 409A, the following conditions shall be applicable: (i) the amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in one calendar year may not
affect the amount eligible for reimbursement, or in-kind benefits to be provided, under such arrangement in any other calendar year (except that the health and dental plans may impose a limit on the amount that may be reimbursed or paid),
(ii) any reimbursement must be made on or before the last day of the calendar year following the calendar year in which the expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to liquidation or
exchange for another benefit. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days after termination of employment”), the
actual date of payment within the specified period shall be within the sole discretion of the Company. Whenever payments under this Agreement are to be made in installments, each such installment shall be deemed to be a separate payment for purposes
of Section 409A. 
 (d) Notwithstanding any provision of this Agreement to the contrary, any allowance or
reimbursement provided for under Section 4.03 above that is payable under Section 5.02 shall be paid to the Executive no later than the end of the calendar year following the calendar year during which the Date of Termination occurs.

 (The remainder of this page is intentionally left blank.) 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 21th day of May
2012, to be effective as of the date and year above written. 
  

			
	VALIDUS HOLDINGS, LTD.
		
	By:	 	 /s/ Joseph E. (Jeff) Consolino

	Printed Name:	 	 Joseph E. (Jeff) Consolino

	Title:	 	 President & Chief Financial Officer

	
	CONAN WARD
		
	By:	 	 /s/ Conan M. Ward

	Printed Name:	 	 Conan M. Ward

  
 17Employment Agreement

 Exhibit 10.1 
 THIS EMPLOYMENT AGREEMENT IS SUBJECT TO ARBITRATION 
 PURSUANT TO THE
SOUTH CAROLINA UNIFORM ARBITRATION ACT, 
 SECTION 15-48-10 ET SEQ., AS AMENDED 

EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made as of the
16th day of May, 2012 (the “Effective Date”) by
and between Coastal Carolina National Bank (“Bank”) and Jeffrey A. Benjamin (“Employee”). 
 W
I T N E S S E T H 
 WHEREAS, the Employee became employed with
the Bank on March 29, 2010 as Senior Vice President and Credit Officer of the Bank; and 
 WHEREAS, the Bank desires to
continue Employee’s employment; and 
 WHEREAS, the Parties hereto desire to enter into this Agreement to set forth the
terms and conditions of Employee’s employment with the Bank. 
 NOW THEREFORE, in consideration of the mutual covenants and
agreements set forth herein and intending to be legally bound hereby and by these recitals, the parties agree as follows: 

1. Position and Duties. The Bank agrees to continue to employ Employee as Senior Vice President and Chief Credit Officer.

 Employee shall continue to devote his full-time and best efforts to his employment with the Bank and shall apply
substantially that degree of skill and diligence in rendering services to the Bank as would be applied by a person of ordinary prudence and comparable experience under similar circumstances. In connection therewith, Employee shall report to and be
subject to the direction of the Bank’s CEO and President. Employee may devote a reasonable amount of his time to his personal investments and business affairs (including service as a director of unaffiliated companies) and to civic and
charitable activities; provided, however, Employee shall not accept any position as a director of any unaffiliated for-profit business organization without the prior approval of the Bank’s Board of Directors. 

2. Compensation. 
 (a) Annual Salary. Employee currently receives an annual base salary of One Hundred Thirty-Nine Thousand and No/100 ($139,000.00) Dollars per year, (the “Annual Salary”) payable in
accordance with Bank’s payroll practice. The Annual Salary may be increased from time to time, but shall not be decreased without the written consent of Employee. 

 (b) Performance Bonus. Each year the Bank Board of Directors shall approve a
Management Incentive Plan under which the Employee is eligible to receive additional compensation. 
 (c) Equity Based
Compensation. In each year of employment, Employee shall be eligible to receive appropriate awards of stock options, restricted stock and/or other equity based compensation under such terms and conditions as determined by the Bank Board, in its
sole discretion. 
 3. Term of Employment. Employee’s employment under this Agreement shall be for a term commencing
on the Effective Date and ending 36 months thereafter, unless sooner terminated in accordance with the provisions of this Agreement. Thereafter, this Agreement shall automatically renew for successive one (1) year terms unless either Party
gives at least ninety (90) days advance written notice of non-renewal to the other Party. Such period of employment, including, as extended, if applicable, is hereinafter referred to as the “Term.”  

Upon termination of Employee’s employment for any reason, Employee or, in the event of Employee’s death, Employee’s
estate, shall be entitled to Employee’s Annual Salary prorated through the date of termination. Any other payments or benefits earned by or owed to Employee hereunder at the time of termination of employment, but not yet paid to Employee, shall
be paid to Employee or his estate at such time as is provided by the terms of the applicable Bank plan or policy. Employee’s right to any additional payments and benefits for periods after the date of termination of employment shall be
determined in accordance with the following provisions in Section 8. 
 4. Fringe Benefits, Vacation Time, Expenses and
Perquisites. 
 (a) Benefit Plan Participation. Employee shall be eligible to participate in or receive benefits
under all Bank employment benefit plans made available to Bank employees as well as such plans available to its executives and key management employees. 
 (b) Vacation Time Allowances. Employee shall be entitled each calendar year to fifteen (15) business days of vacation, prorated for any partial year, during which time Employee’s
compensation will continue to be paid. Each year, Employee shall take five (5) business days of the fifteen (15) vacation days consecutively. Unused vacation days shall not accrue from year to year. 

(c) Business Expense Reimbursement. Employee shall be entitled to receive prompt reimbursement for all reasonable expenses
incurred by him (in accordance with the policies and procedures established by Bank) in performing services hereunder, provided that Employee properly accounts therefore in accordance with corporate policy. 

(d) Cell Phone. The Bank will provide Employee with a cell phone for business use and pay the monthly fees in connection therewith
or in the alternative Employee shall receive a monthly cell phone allowance in the amount of Fifty and No/100 ($50.00) Dollars. 

  
 2 

 5. Confidential Information and Restrictive Covenants. Employee acknowledges that he
has performed services or will perform services hereunder which directly affect the Bank’s business. Accordingly, the Parties deem it necessary to enter into the protective provisions set forth below, the terms and conditions of which have been
negotiated by and between the Parties hereto. 
 (a) Non-Competition. Employee expressly covenants and agrees that during
the Term (as such term is defined in Section 3) and for a period of twelve (12) full months after termination of his association with the Bank, for any reason other than pursuant to subsection (c), (d), (f) or (g), of Section 8
hereof, Employee shall not directly or indirectly, either as a principal, agent, employee, Bank, stockholder, organizer, director, co-partner or in any other individual or representative capacity whatsoever, engage in the banking and financial
services business, which includes, but it is not limited to, the commercial banking, insurance agency, wealth management, trust, savings and loan, and mortgage banking businesses, and any other business in which the Bank or any of its subsidiaries
is engaged, or efforts to organize a banking or other financial services business anywhere within Horry and Georgetown, Counties in South Carolina provided, however, that Employee shall not be prohibited hereunder from passively investing in a
business similar to the banking and other financial business activities of the Bank or any of its subsidiaries, if such investment is limited to less than one percent of the capital stock or other securities of any such corporation or other entity,
except this restriction is not applicable to Employee’s current holdings in Coastal Bancshares, Inc. 
 (b)
Non-Solicitation of Employees. Employee agrees that he will, during the Term and for a period of twelve (12) full months thereafter (i) not solicit, entice, persuade or induce any other employee of the Bank or any of its
subsidiaries to leave the employ or association of such entity, and (ii) refrain from recruiting or hiring, or attempting to recruit or hire, directly or by assisting others, any individual who is employed by the Bank or any of its subsidiaries
at the time of the attempted recruiting or hiring. 
 (c) Non-Solicitation of Customers. Employee agrees that, during the
Term and for a period of twelve (12) full months thereafter, he will not, directly or indirectly, solicit any business from any of the customers of the Bank or any of its subsidiaries, or actively seek prospective customers of the Bank or any
of its subsidiaries, with whom Employee had material direct or indirect contact within the last twelve (12) months of Employee’s association hereunder for purposes of providing products or services that are similar to or competitive with
those provided by the Bank or any of its subsidiaries, if the Bank or any of its subsidiaries is also then still engaged in such business. 
 6. Unauthorized Disclosure. Employee shall not, without the written consent of the Bank Board, as applicable, or a person authorized thereby, knowingly disclose to any person, other than an
employee of Bank or a person to whom disclosure is reasonably necessary or appropriate in connection with the performance by Employee of 

  
 3 

 
his duties hereunder or as required by law, any material confidential information obtained by him while in the employ of Bank with respect to any of Bank’s services, products, improvements,
formulas, designs or styles, processes, customers, methods of distribution or any business practices the disclosure of which he knows or reasonably should know will or is likely to be damaging to Bank, provided, however, that confidential
information shall not include any information known generally to the public (other than as a result of unauthorized disclosure by Employee) or any information of a type not otherwise considered confidential by persons engaged in the same business or
a business similar to that conducted by Bank. 
 The covenants contained in this Section 6 shall survive the termination of
Employee’s employment hereunder for any reason for a period of five years; provided, however, that with respect to those items of confidential information which constitute a trade secret under applicable law, Employee’s obligations of
confidentiality and non-disclosure as set forth in this Section 6 shall continue to survive after said five-year period to the greatest extent permitted by applicable law. These rights of Bank are in addition to those rights Bank has under the
common law or applicable statutes for the protection of trade secrets. 
 7. Injunctive Relief. It is understood and
agreed by the Parties hereto that the services to be rendered by Employee hereunder are of a special, unique, extraordinary and intellectual character, which gives them a peculiar value, the loss of which may not be reasonably or adequately
compensated in damages, and additionally that a breach by Employee of the covenants set out in Sections 5 and 6 of this Agreement will cause Bank great and irreparable injury and damage. Employee hereby expressly agrees that Bank shall be entitled
to the remedies of injunction, specific performance and other equitable relief to prevent a breach of Section 5 or 6 of this Agreement by Employee. This provision shall not, however, be construed as a waiver of any of the remedies which Bank
may have for damages or otherwise. 
 8. Termination of Employment. 

(a) Termination Upon Disability of Employee. Bank or Employee may terminate Employee’s employment hereunder upon written
notice to the other party if by reason of Employee’s physical or mental impairment (a “disability”), Employee is incapable of performing substantially all of his duties hereunder for a period of 90 consecutive days or a total
of 150 days in any 12-month period. Upon termination for disability, all unvested options shall vest. If any disagreement concerning whether Employee has suffered a “disability” (as used in this subsection (a)) occurs between Employee and
Bank, Employee (or his spouse or personal representative if Employee is unable to communicate with reason) shall select a physician, and Bank shall select a physician. Such physicians shall select a third physician, and the three physicians shall
then determine by majority vote whether Employee is disabled (as used in this Section). The decision of a majority of such physicians shall be binding on Bank and Employee. 

  
 4 

 (b) Termination of Employee for Cause. The occurrence of any of the following events
or circumstances shall constitute “Cause” for the termination, at the election of Bank, of the employment of Employee under this Agreement: 
 (i) conduct by Employee, or as a result of Employee’s direction, of a willful act (including, without limitation, a dishonest or fraudulent act) or a negligent act, or the negligent omission to act
by the Employee, which is intended to cause, causes or is reasonably likely to cause harm to the Bank (including harm to its business reputation); 
 (ii) the indictment or the arrest of Employee for the commission or perpetration by the Employee of any felony, or any act involving dishonesty, moral turpitude or fraud; 

(iii) the receipt of any form of notice, written or otherwise, that any regulatory agency having jurisdiction over Bank or the Bank
intends to institute any form of formal or informal regulatory action against the Employee or the Bank (provided, that the respective Board of Directors determines in good faith, that the subject matter of such action involves acts or omissions by
or under the supervision of the Employee or that termination of the Employee would materially advance the Bank’s compliance with the purpose of the action or would materially assist the Bank in avoiding or reducing the restrictions or adverse
affects to the Bank or the Bank related to the regulatory action); 
 (iv) knowing violation by Employee of any federal or state
banking or securities law or regulations which is material to the Bank or its operations, or Employee’s act or omission which he reasonably should have known violated any such law or regulation; 

(v) Employee’s refusal to perform a duly authorized directive of the Bank which was directed by a majority vote of the Bank Board;

 (vi) Any other material breach by the Employee of this Agreement that, if susceptible of cure, remains uncured ten
(10) days following notice to the Employee of such breach; 
 (vii) Employee exhibits a standard of behavior within the
scope of his employment that is materially disruptive to the orderly conduct of the Bank’s business operations (including, without limitation, substance abuse or sexual misconduct) to a level which, in good faith and reasonable judgment of the
Bank’s Board of Directors is materially detrimental to the Bank’s best interests, that, if susceptible of cure remains uncured ten (10) days following written notice to the Employee of such specific inappropriate behavior. 

  
 5 

 Provided, however, that with respect to the conditions described in items (i), (iii), (iv), (v),
(vi) or (vii) of the foregoing, no termination shall be made by the Bank’s Board of Directors on such basis unless the Bank’s Board of Directors has provided written or electronic notice to Employee of the existence of such
condition and Employee has been granted a reasonable opportunity to appear before the Bank’s Board of Directors in order to respond to such determination. 
 Upon the termination of Employee’s employment under this Section 8(b), no additional benefits or monies shall be due Employee other than those accrued or vested hereunder or under any benefit
plans of Bank as of the date of termination. In addition, in the event that Bank terminates Employee’s employment under this Section 8(b) and any act or omission of Employee constituting Cause results in material economic harm to the Bank
or in reputational harm causing material injury to the Bank, then, notwithstanding anything to the contrary herein, but only to the extent permitted by law and the provisions of the Bank’s plan or program, as of the date of termination
(i) Bank shall have no further obligations to make any payments or provide any benefits to Employee, his estate, or his dependents hereunder or under any compensatory or benefit plan or arrangement of Bank, and (ii) all outstanding options
to purchase shares of the Company’s common stock granted by the Company to Employee shall immediately expire to the extent not previously exercised. 
 In the event that Bank discharges Employee under this Section 8(b) and it is subsequently determined, pursuant to Section 10, that the termination was without cause, then such discharge shall be
deemed a discharge without Cause subject to the provisions of Section 8(c) hereof. 
 (c) Termination by Bank Without
Cause. Bank may terminate Employee’s employment hereunder at any time without Cause by written notice to Employee, in which event Bank shall continue to pay Employee his Annual Salary in effect immediately prior to such termination for no
more than twelve (12) months or the end of the Term of this Agreement, whichever is shorter. Such Annual Salary shall be paid in equal monthly installments. In the event Employee becomes employed while entitled to compensation hereunder, the
Bank shall pay the differential between the salary to Employee in his new employment and his pro-rated Annual Salary. Additionally, if Employee elects to continue his health insurance coverage pursuant to COBRA, the Bank will reimburse Employee for
the premiums Employee pays for the twelve (12) months or until the end of the Term whichever is shorter. 
 (d)
Termination by Employee For Good Reason. In the event Employee terminates his employment for Good Reason, Bank shall continue to pay Employee his Annual Salary, as in effect immediately prior to such termination, for a period of twelve
(12) months following termination or the end of the Term whichever is shorter. Such Annual Salary shall be paid in equal monthly installments. Additionally, if Employee elects to continue his health insurance coverage pursuant to COBRA, the
Bank will reimburse Employee for the premiums Employee pays for the twelve (12) months or until the end of the Term whichever is shorter. If Employee accepts employment while 

  
 6 

 
entitled to receive compensation hereunder, the Bank shall pay the differential in the Annual Salary in the event Employee’s salary is the new position is less than his Annual Salary. For
purposes of this Agreement, the term “Good Reason” shall mean: 
 (i) a substantial alteration in the nature or status
of Employee’s responsibilities which renders Employee’s position to be of materially less dignity, responsibility or scope, other than any such alteration implemented with Employee’s consent; or 

(ii) any material breach by Bank of its obligations contained in this Agreement. 

(iii) a reduction in Employee’s Annual Base Salary if such reduction is great than ten (10%) percent of the then existing Annual
Base Salary. 
 (e) Termination by Employee Without Good Reason. In the event Employee terminates his employment with
Bank for any reason (including retirement) other than Good Reason, Employee shall give Bank at least sixty (60) days notice of Employee’s intention to terminate his employment without Good Reason, and Bank may elect at its option and at
any time to accept such termination at a date sooner than such sixtieth day. Employee shall be entitled to all compensation and benefits until his last date of employment. Thereafter, no additional benefits or monies shall be due Employee, his
estate, or his dependents, other than those accrued hereunder or under any benefit plans of Bank as of the date of termination. 

(f) Termination By Employee Following Change in Control. In the event of a “change in control” of the Company, as
defined herein, Employee shall be entitled, for a period of thirty (30) days from the date of closing of the transaction effecting such change in control, and at his election, to give written notice to Bank of termination of this Agreement and
to receive an amount (the “Severance Amount”) equal to 2.00 times the Employee’s average annual W-2 compensation reported over the previous five (5) complete years. The said Severance Amount to be paid, in lump sum, within
thirty (30) days after Employee’s written notice to terminate this Agreement. The standard employment deductions shall be withheld from the Severance Amount. For purposes of this Section 9(h), “change in control” of the
Company shall mean: 
 (i) any transaction, whether by merger, consolidation, asset sale, tender offer, reverse stock split, or
otherwise, which results in the acquisition or beneficial ownership (as such term is defined under rules and regulations promulgated under the Securities Exchange Act of 1934, as amended) by any person or entity or any group of persons or entities
acting in concert, of 50% or more of the outstanding shares of common stock of the Company; 
 (ii) the sale of all or
substantially all of the assets of the Company; or 

  
 7 

 (iii) the liquidation of the Company. 

(g) Termination by Mutual Agreement. In the event the Parties terminate this Agreement by mutual agreement, i.e. Bank without
Cause, and Employee without Good Reason, the Parties acknowledge that any termination compensation can be agreed upon by separate agreement to be mutually agreed upon by the Parties. 

(h) Vested Rights. Nothing herein shall be construed as obviating any vested rights of Employee in his vested stock options,
restricted stock grants and other earned benefits obtained during his employment. Further, Employee shall have no less than ninety (90) days to exercise his vested rights unless a different time period is set forth in the applicable plan.
Further, in the event of Employee’s death, his termination with good reason or his termination without cause, all unvested options shall vest and Employee or Employee’s estate shall have up to twelve (12) months to exercise
Employee’s vested rights unless a different time period is set in an applicable plan. 
 9. Return of Materials.
Upon termination of employment hereunder, Employee shall promptly deliver to Bank all correspondence, manuals, letters, notes, notebooks, reports and any other documents or tangible items containing or constituting confidential information about
the business of Bank, as well as all means of access to Bank’s facility and/or computer system and regardless of the medium in which Employee maintains or stores the same. In connection therewith, Employee shall, at the request of the Company
and/or the Bank, execute and deliver his personal Certificate, under oath, confirming that no computer at Employee’s home or at any other site (exclusive of Bank offices) accessed or controlled by Employee contains any such business materials.

 10. Arbitration. 
 In the event of any controversy or claim arising out of or relating to this Agreement, Employee’s employment with the Bank, or the breach, termination or validity of this Agreement, the Parties will
attempt in good faith to resolve such controversy or claim. If the matter has not been resolved within sixty (60) days of the commencement of such discussions (which period may be extended by mutual agreement), then the Parties hereby agree to
immediately submit the controversy to binding arbitration, for the Parties agree to waive their right to a jury trial. The arbitration shall be conducted by a single arbitrator mutually agreed upon by the Parties. If the Parties cannot agree upon an
arbitrator, then each Party shall select an arbitrator who shall select a third arbitrator thereby resulting in any arbitration panel of three (3) individuals. Judgment upon the award rendered by the arbitrator(s) may be entered by a court
having jurisdiction thereof. All proceedings relating to the Arbitration shall occur in Horry County, South Carolina. The arbitrator(s) shall have the authority to resolve the legal disputes between the Parties, but shall not have the authority to
abridge or enlarge the substantive rights or remedies available under existing law, and shall determine the rights and obligations of the Parties according to the substantive and procedural laws of South Carolina. Each of the Parties shall use all
reasonable efforts to ensure that any arbitration proceeding is completed within one hundred and twenty (120) days following notice of a request for arbitration. 

  
 8 

 
The prevailing Party in any arbitration proceeding shall be entitled to an award of all reasonable out-of-pocket costs and expenses. Upon request of either Party, (i) the arbitrator(s) may
require that the subject arbitration proceedings be kept confidential, and (ii) no party shall disclose or permit the disclosure of any information produced or disclosed in the arbitration proceedings until the award is final. A Party shall not
be prevented from seeking temporary injunctive relief before a court of competent jurisdiction in an emergency or other urgent or exigent situation, but responsibility for resolution of any disputes shall be appropriately transferred to the
arbitrator(s) upon appointment in accordance with the provisions hereof. 
 11. Miscellaneous. 

(a) Notices. Any notices required or permitted to be given under this Agreement shall be sufficient if in writing, and if
personally delivered, sent by confirmed electronic transmission, or sent by first class certified or registered mail, postage prepaid, return receipt requested in the case of Employee, to his residence address as set forth in the books and records
of Bank, and in the case of Bank, to the address of the Bank’s principal place of business, in care of the Chairman of the Board of Directors or to such other person or at such other address with respect to each party as such party shall notify
the other in writing. Unless such notice provides for a later effective date, such notices shall be deemed to be effective as of the earliest of (i) actual receipt by the addressee, (ii) the first business day after the date of electronic
transmission thereof, or (iii) the second business day after deposit of the same into a United States postal authority receptacle. 
 (b) Assignment. 
 (i) By Bank. The Bank may assign this Agreement to
such entities and shall thereafter have no rights, duties, or responsibilities under this Agreement. Employee hereby consents to such assignments. 
 (ii) By Employee. This Agreement is personal and shall in no way be subject to assignment by Employee. It shall be binding upon and shall inure to the benefit of Bank and Bank’s successors and
assigns, and its economic rights and benefits shall inure to the benefit of Employee or his heirs or duly constituted legal representatives. 
 (c) Severability. Except as noted below, should any provision of this Agreement be declared or determined by any court of competent jurisdiction or arbitrator to be unenforceable or invalid for any
reason, the validity of the remaining parts, terms, or provisions of this Agreement shall not be affected thereby and the invalid or unenforceable part, term, or provision shall be deemed not to be a part of this Agreement. 

(d) Waiver; Amendment. No waiver in any instance by any party of any provision of this Agreement shall be deemed a waiver by such
party of such provision in any other instance or a waiver of any other provision hereunder in any instance. This Agreement cannot be amended except in writing signed by the party to be charged. 

  
 9 

 (e) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of South Carolina. 
 (f) Entire Agreement. This Agreement contains the entire agreement of
the Parties concerning the matters set forth herein, and all promises, representations, understandings, arrangements and prior agreements regarding the subject matter hereof, other than those set forth herein, are superseded hereby. 

(g) Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed to be an original and all
of which shall constitute a single instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written. 
  

							
	WITNESSES:	 		 	Coastal Carolina National Bank
				
	 /s/ Terry Haight
	 		 	By:	 	 /s/ Doug P. Wendel

	 /s/ Dawn Kinard
	 		 	Its:	 	 Chairman

			
	WITNESSES:	 		 	EMPLOYEE
			
	 /s/ Patti Todd
	 		 	 /s/ Jeffrey A. Benjamin

	 /s/ Regina Taylor
	 		 	Jeffrey A. Benjamin

  
 10

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