Document:

Exhibit

2018 DIRECTORS ANNUAL COMPENSATION PROGRAM
AXIS Capital Holdings Limited (the “Company”) has established the 2018 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, 2018 or, if later, the date on which such person becomes a member of the Board and is otherwise eligible to participate in the Program.  
2.    Compensation.  Each Participant shall be entitled to a retainer amount determined annually by the Board, in consultation with the Compensation Committee of the Board (the “Committee”) based upon service on January 1 of the service year consisting of:  (i) an annual retainer for board service (including additional retainers for service as Lead Independent Director and for service as non-employee Chairman of the Board if applicable); and (ii) an annual retainer for committee service (including additional retainers for service as committee chair if applicable) in each case as set forth on Attachment A hereto.   
3.    Election of Common Shares in Lieu of Cash. Participants may elect to receive common shares of the Company in lieu of:  (i) all or 50% of the aggregate amount of annual retainers for board service; and (ii) all or 50% of the aggregate amount of annual retainers for committee service otherwise payable to them by notifying the Company of such election prior to January 1 of the year for which the election will be effective.  The number of common shares issued to Participants pursuant to such election will be based on the closing fair market value of the shares of the Company’s common stock on the tenth trading day in January of each year.  
4.    Payment.  Prior to January 31, Participants shall receive a lump sum payment of the annual retainers for that 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, the annual retainers will be pro-rated as provided for in Attachment A).  No retainers will be recouped in the event board service or committee service ceases prior to the end of the applicable service year.   
5.    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 Participants. 
6.    Governing Law.  The Program shall be governed by the laws of Bermuda.  
7.    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.
8.    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.

ATTACHMENT A

AXIS CAPITAL HOLDINGS LIMITED
NON-EMPLOYEE DIRECTOR COMPENSATION
 
(effective as of January 1, 2018)
 
Compensation
 
		
	1)
	Annual retainer of $200,000 for all non-employee directors serving on the Board as of January 1, 2018.  Members of the Board who become Participants after January 1 of any year shall be entitled to a pro-rated amount based on months of service in that year, with eligibility for the full annual retainer commencing as of January 1 of the subsequent year.

		
	2)
	Committee members receive the following annual retainer payment:

        
    	
				
	Committee Member
	 
	Annual Retainer

	Corporate Governance and Nominating Committee
	 
	$
	7,500

	Finance Committee
	 
	$
	10,000

	Compensation Committee
	 
	$
	10,000

	Risk Committee
	 
	$
	10,000

	Audit Committee
	 
	$
	15,000

		
	3)
	Committee Chairs receive the following additional annual retainer payment:

 
    	
				
	Committee Chair
	 
	Annual Retainer

	Corporate Governance and Nominating Committee
	 
	$
	7,500

	Finance Committee
	 
	$
	10,000

	Compensation Committee
	 
	$
	15,000

	Risk Committee
	 
	$
	20,000

	Audit Committee
	 
	$
	30,000

 
		
	4)
	The Lead Independent Director receives an additional annual retainer payment of $15,000.

		
	5)
	In addition to the compensation described above that is payable to non-employee directors, a non-employee Chairman of the Board shall receive an additional annual retainer of $150,000, pro-rated based on months of service as Chairman of the Board in the applicable year. 

     
Equity Compensation in lieu of Cash
 
Each non-employee director may elect to receive common shares of the Company in lieu of:  (i) all or 50% of their aggregate annual retainers for board service; and (ii) all or 50% of their aggregate annual retainers for committee service, based on the closing fair market 

    

value of the Company’s common shares as of the tenth trading day in January of each year, pursuant to the elections made under a Participation Agreement.Exhibit

AMENDMENT TO PURCHASE AND SALE AGREEMENT
THIS AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Amendment”) is made as of the 16th day of March, 2016, by and between THE MAINE WATER COMPANY, a Maine business corporation (“Seller”), and COASTAL MOUNTAINS LAND TRUST, a Maine nonprofit corporation (“Buyer”). 
WHEREAS, Seller and Buyer entered into a certain Purchase and Sale Agreement dated March 11,2016 (the “Agreement”) relating to Conservation Easements to be granted by Seller to Buyer with respect to certain lots or parcels of land located on the north and south sides of Route 17 in the Towns of Rockport, Camden and Hope, Knox County, Maine; and 
WHEREAS, Seller and Buyer wish to amend the Agreement. 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as follows: 
The date set forth in Section 7(c) of the Agreement by which Seller and Buyer are to reach agreement on the final terms of the Conservation Easements is hereby extended to May 1, 2016. 
Seller and Buyer hereby ratify and confirm all terms and provisions of the Agreement and agree that, except as amended by this Amendment, all terms and provisions of the Agreement shall remain in full force and effect. 
This Amendment maybe simultaneously executed in any number of counterparts, each of which when so executed and delivered shall be an original, but such counterparts shall constitute one and the same instrument. This Amendment may be transmitted between the parties by facsimile machine or by email attachment and signatures appearing on faxed or emailed instruments shall be treated as original signatures. Both a faxed or emailed version containing either original, faxed or emailed signatures of all parties, and multiple counterparts of the same version each containing separate original, faxed or emailed signatures of the parties, shall be binding on them. 
IN WITNESS WHEREOF, the parties hereto have executed or caused this instrument to be executed as of the date and year first above written by their duly authorized representatives. 
	
		
	WITNESS:
	SELLER:

	 
	The Maine Water Company

	/s/  Robert Theriault
	/s/  Judith E. Wallingford

	 
	By:  Judith E. Wallingford

	 
	Its President

	
		
	WITNESS:
	BUYER:

	 
	Coastal Mountains Land Trust

	/s/  Ian Stewart
	/s/  James A. Krosschell

	 
	By:  James A. Krosschell

	 
	Its President

THIS SECOND AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Second Amendment”) is made as of the 23u1 day of November, 2016, by and between THE MAINE WATER COMPANY, a Maine business corporation (“Seller”), and COASTAL MOUNTAINS LAND TRUST, a Maine nonprofit corporation (“Buyer”). 
WHEREAS, Seller and Buyer entered into a certain Purchase and Sale Agreement dated March 11, 2016 (the “Agreement”) relating to Conservation Easements to be granted by Seller to Buyer with respect to certain lots or parcels of land located on the north and south sides of Route 17 in the Towns of Rockport, Camden and Hope, Knox County, Maine; and 
WHEREAS, Seller and Buyer amended the Agreement pursuant to a certain Amendment to Purchase and Sale Agreement dated as of March 16,2016 (the “Amendment”); and 
WHEREAS, Seller and Buyer wish to further amend the Agreement. 
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as follows: 
A. The date set forth in Section 3 of the Agreement by which Buyer is to convey any title objections with respect to the Premises is hereby extended to April 1,2017; and 
B. The date set forth in Section 7 (a) of the Agreement by which Buyer is to convey any environmental or other site inspection issues with respect to the Premises is hereby extended to April 1,2017. 
Seller and Buyer hereby ratify and confirm all terms and provisions of the Agreement, as previously amended by the Amendment, and agree that, except as further amended by this Second Amendment, all terms and provisions of the Agreement, as previously amended by the Amendment, shall remain in full force and effect. 
This Second Amendment may be simultaneously executed in any number of counterparts, each of which when so executed and delivered shall be an original, but such counterparts shall constitute one and the same instrument. This Second Amendment may be transmitted between the parties by facsimile machine or by email attachment and signatures appearing on faxed or emailed instruments shall be treated as original signatures. Both a faxed or emailed version containing either original, faxed or emailed signatures of all parties, and multiple counterparts of the same version each containing separate original, faxed or emailed signatures of the parties, shall be binding on them. 
IN WiTNESS WHEREOF, the parties hereto have executed or caused this instrument to be executed as of the date and year first above written by their duly authorized representatives. 
[End of page. Execution pages follow.) 

	
		
	WITNESS:
	SELLER:

	 
	The Maine Water Company

	/s/  Robert Theriault
	/s/  Judith E. Wallingford

	 
	By:  Judith E. Wallingford

	 
	Its President

THIS THIRD AMENDMENT TO PURCHASE AND SALE AGREEMENT (this “Third Amendment”) is made as of the 13th day of October, 2017, by and between THE MAINE WATER COMPANY, a Maine business corporation (“Seller”), and COASTAL MOUNTAINS LAND TRUST, a Maine nonprofit corporation (“Buyer”). 
WHEREAS, Seller and Buyer entered into a certain Purchase and Sale Agreement dated March 11,2016 (the “Agreement”) relating to Conservation Easements to be granted by Seller to Buyer with respect to certain lots or parcels of land located on the north and south sides of Route 17 in the Towns of Rockport, Camden and Hope, Knox County, Maine; and 
WHEREAS, Seller and Buyer amended the Agreement pursuant to a certain Amendment to Purchase and Sale Agreement dated as of March 16, 2016 (the “First Amendment”); and 
WHEREAS, Seller and Buyer further amended the Agreement pursuant to a certain Second Amendment to Purchase and Sale Agreement dated as of November 23, 2016 (the “Second Amendment”) and 
WHEREAS, Seller and Buyer wish to further amend the Agreement. 
NOW, THEREFORE, for good and valuable consjderation, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer hereby agree as follows: 
A. The amount of the Ragged Mountain Mirror Lake CE Deposit set forth in Section
— 
4(b)(i) of the Agreement shall be increased from Ten Thousand Dollars to One Hundred Thousand Dollars ($100,000), said additional Ninety Thousand Dollars ($90,000)to be delivered by Buyer to Seller within three (3) business days following the date of this Third Amendment. Failure of Buyer to deliver said additional funds to Seller within said period shall be deemed a default under the Agreement; and 
B. The date set forth in Section 6(a) of the Agreement by which the Closing of the Ragged Mountain-Mirror Lake Conservation Easement sale is to occur is hereby extended to June 30th, 2018. 
Seller and Buyer hereby ratii~’ and confirm all terms and provisions of the Agreement, as previously amended by the First Amendment and the Second Amendment, and agree that, except as further amended by this Third Amendment, all terms and provisions of the Agreement, as previously amended by the First Amendment and the Second Amendment, shall remain in full force and effect. 
This Third Amendment may be simultaneously executed in any number of counterparts, each of which when so executed and delivered shall be an original, but such counterparts shall constitute one and the same instrument. This Third Amendment may be transmitted between the parties by facsimile machine or by email attaclunent and signatures appearing on faxed or emailed instruments shall be treated as original signatures. Both a faxed or cmailed version containing either original, faxed or cmailed signatures of all parties, and multiple counterparts of the same version each containing separate original, faxed or emailed signatures of the parties, shall be binding on them. 

	
		
	WITNESS:
	BUYER:

	 
	Coastal Mountains Land Trust

	/s/  Ian Stewart
	/s/  James A. Krosschell

	 
	By:  James A. Krosschell

	 
	Its President

	
		
	WITNESS:
	SELLER:

	 
	The Maine Water Company

	/s/  Greg Leighton
	/s/  Richard Knowlton

	 
	By:  Richard Knowlton

	 
	Its President

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