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Exhibit 10.4.8    
    

PERFORMANCE UNIT AWARD AGREEMENT  

        THIS AGREEMENT (this "Agreement") is made, effective as of the 1st of March, 2006, between OneBeacon Insurance Group LLC (the "Company"), and
                        (the "Participant"). 

RECITALS: 

        WHEREAS,
the Company has adopted the OneBeacon Performance Unit Plan (the "Plan"), which Plan is incorporated herein by reference and made part of this Agreement; and 

        WHEREAS,
the Committee has delegated to the Board of Managers of the Company (the "Company Board") the power and authority to grant Awards pursuant to the Plan and establish the terms of
such Awards; and 

        WHEREAS,
the Company Board has determined that it would be in the best interests of the Company and its members to grant the Award provided for herein to the Participant pursuant to the
Plan and the terms set forth herein. 

        NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

        1.     Grant of the Performance Units.    Subject to the terms and conditions of the Plan and the additional terms and
conditions set forth in this Agreement, the Company hereby grants to the Participant an Award consisting of      Performance Units (the "Target Units"). In no event will the Actual Value of
an Actual Unit exceed $171 for any purpose of this Award. 

        2.     Award Period/Performance Period.    The Award Period shall be January 1, 2006 through December 31,
2008. The Award Period contains three Performance Periods: (a) the first Performance Period shall be calendar year 2006, (b) the second Performance Period shall be calendar year 2007,
and (c) the third Performance Period shall be calendar year 2008. 

        3.     Performance Goal.    The Performance Goal applicable to this Award shall be a GAAP combined ratio for the
Company and its subsidiaries (the "Combined Ratio") of 96% for the Award Period as a whole. The Combined Ratio for the Award Period as a whole will be computed as the average (mean) of the Combined
Ratio for each of the three constituent Performance Periods. The Board shall decide in its sole discretion whether and to what extent the Performance Goal has been achieved. 

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        4.     Performance Percentage.    The Performance Percentage applicable to the Target Units shall be dependent upon the
extent to which the Performance Goal set forth in Section 3 is achieved and shall be determined as follows: 

	Combined Ratio For the Award Period
 
	 	Performance

Percentage
	 
	 	102% or higher	 	0	%
	 	101%	 	23	%
	 	100%	 	43.5	%
	 	99%	 	61.5	%
	 	98%	 	77	%
	 	97%	 	90	%
	 	96%	 	100	%
	 	95%	 	110	%
	 	94%	 	123	%
	 	93%	 	138.5	%
	 	92%	 	156.5	%
	 	91%	 	177	%
	 	90% or lower	 	200	%

        Combined
Ratios are calculated to the nearest one-tenth percentage point. In the event the Combined Ratio for the Award Period is not a whole percentage value, the
Performance Percentage shall be determined by straight-line interpolation between the two successive whole Combined Ratio values from the table above. 

        5.     Termination of Employment.    Except as provided in this Agreement or in Section 8 of the Plan, this
Award shall be canceled, and no payment shall be payable hereunder, if the Participant's continuous employment or Related Employment with the Company shall terminate for any reason prior to the end of
the Award Period. 

	a.
	If,
while actively employed by the Company or its Affiliates, the Participant dies or becomes Disabled prior to the end of the Award Period, this Award shall be canceled at the end of
the Performance Period in which such event occurs and the Participant shall be entitled to receive the Earned Payment calculated as follows:

	•
	The
number of Target Units shall be adjusted to equal (i) the number of Target Units granted in Section 1 multiplied by (ii) a fraction equal to the
number of full or partial months of actual service during the Award Period through the date the Participant dies or becomes Disabled divided by 36 (the "Adjusted Target Units");

	•
	The
Performance Percentage applicable to the Adjusted Target Units shall be determined as provided in Section 4 based on the achievement of the Performance Goal
through the end of the Performance Period in which the Participant dies or becomes Disabled; provided that the Performance Percentage applicable to the Adjusted Target Units shall not be less than
50%; and

	•
	The
Actual Value of the Actual Units determined hereunder shall be based upon the aggregate standard after-tax underwriting return on capital of the Company and
its subsidiaries over the portion of the Award Period ending on the last day of the Performance Period in which the Participant dies or becomes Disabled. 

Payment
of the Participant's Earned Payment shall be made in cash as soon as practicable following the Performance Period in which the Participant dies or becomes Disabled. 

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	b.
	If,
while actively employed by the Company or its Affiliates, the Participant retires on or after his 60th birthday by mutual agreement with the Company prior to the end of the
Award Period, this Award shall be cancelled at the end of the Performance Period in which the retirement occurs and the Participant shall be entitled to receive the Earned Payment calculated as
follows:

	•
	The
number of Target Units shall be adjusted to equal: (i) the number of Target Units granted in Section 1 multiplied by (ii) a fraction equal to the
number of full or partial months of actual service during the Award Period through the date the Participant retires hereunder divided by 36 (the "Adjusted Target Units");

	•
	The
Performance Percentage applicable to the Adjusted Target Units shall be determined as provided in Section 4 above based on the achievement of the Performance Goal
through the end of the Performance Period in which the Participant retires hereunder; and

	•
	The
Actual Value of the Actual Units determined hereunder shall be based upon the aggregate standard after-tax underwriting return on capital of the Company and
its subsidiaries over the portion of the Award Period ending on the last day of the Performance Period in which the Participant retires hereunder; 

Payment
of the Participant's Earned Payment shall be made in cash as soon as practicable following the Performance Period in which the Participant retires hereunder. 

        6.     Payment of Award.    Except as provided elsewhere in Section 5 or Section 8 of the Plan, as soon
as practicable after the end of the Award Period, or such earlier date as the Company Board in its sole discretion may determine, the Company Board shall determine the Participant's Earned Payment for
the Award Period by determining the number of Actual Units earned by the Participant and the Actual Value of each such Actual Unit. Payment of any Earned Payment shall be made by the Company as
promptly as practicable or deferred to such other time or times as the Committee shall determine. 

        7.     Successor Requirement.    This Agreement shall inure to the benefit of and be binding upon the Company and its
successors and assigns. The Company shall require any purchaser of substantially all of the business unit in which the Participant is employed (a "Purchaser"), to fully assume the obligations of the
Company under this Agreement. If a Purchaser declines to assume such obligations, the Company shall remain obligated under the terms of this Agreement. 

        8.     Definitions.    Capitalized terms not otherwise defined herein shall have the same meanings as in the Plan. The
following capitalized terms used in this Agreement have the respective meanings set forth in this Section. 

	a)
	Actual Value.    The value of each Actual Unit determined by multiplying the Initial Value by the sum of (i) 100% and
(ii) the aggregate after-tax Underwriting Return on Capital (UROC) of the Company and its subsidiaries over the Award Period, as determined in good faith by the Committee. By way of
example, if the standard after tax underwriting return on capital of the Company were to be 13.0% for each year in a three-year Award Period, the aggregate standard after—tax
underwriting return on capital of the Company and its subsidiaries over the Award Period would be 44.3% (i.e., 13.0% compounded annually in each of the
three years comprising the Award Period) and the Actual Value of each Actual Unit would be $144 (i.e., $100 × 144%).

	b)
	Disabled.    The Participant shall be deemed to be Disabled if the Company Board shall determine that the Participant would be
eligible for monthly benefits under the Company's (or any subsidiary's applicable) long-term disability 

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	c)
	Related Employment.    For purposes of this Agreement, Related Employment shall mean the employment of the Participant by an
employer who is not the Company or an Affiliate of the Company, provided (i) such employment is undertaken by the Participant and continued at the request of the Company;
(ii) immediately prior to undertaking such employment, the Participant was an employee of the Company, or any of its Subsidiaries, or was engaged in Related Employment; and (iii) such
employment is recognized by the Company Board, in its sole discretion, as Related Employment for purposes of this Agreement. 

        9.     Withholding.    The Participant agrees to make appropriate arrangements with the Company for satisfaction of any
applicable federal, state, local or foreign income tax withholding requirements or like requirements, including the payment to the Company, at the termination of the Award Period (or such earlier or
later date as may be applicable under Section 83 of the Code), or at any other settlement date in respect of the Performance Units, of all such taxes and other amounts and the Company shall be
authorized to take such action as may be necessary, in the opinion of the Company's counsel (including, without limitation, withholding amounts from any compensation or other amount owing from the
Company to the Participant), to satisfy all obligations for the payment of such taxes and other amounts. 

        10.   Reduction of the Award.    Notwithstanding anything to the contrary herein, the Company Board, in its sole
discretion (but subject to applicable law), may reduce any amounts payable to the Participant in order to satisfy any liabilities owed to the Company by the Participant. 

        11.   No Right to Continued Employment.    Neither the Plan nor this Agreement shall be construed as giving the
Participant the right to be retained in the employ of, or in any consulting relationship to, the Company or any of its subsidiaries. Further, the Company or any of its subsidiaries may at any time
dismiss the Participant or discontinue any consulting relationship, free from any liability or any claim under the Plan or this Agreement, except as otherwise expressly provided herein. In addition,
nothing herein shall obligate the Company to grant future Awards to the Participant. 

        12.   Award Subject to Plan.    By entering into this Agreement the Participant agrees and acknowledges that the
Participant has received and read a copy of the Plan and that this Award is subject to all of the terms and provisions set forth therein. In the event of a conflict between any term or provision
contained herein and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

        13.   Designation of Beneficiary by Participant.    A Participant may name a beneficiary to receive any payment to
which he may be entitled in respect of this Award in the event of his death, on a form to be provided by the Company Board. A Participant may change his beneficiary from time to time in the same
manner. If no designated beneficiary is living on the date on which any amount becomes payable to a Participant's executors or administrators, the term "beneficiary" as used in this Agreement shall
include such person or persons. 

        14.   Notices.    Any notice necessary under this Agreement shall be addressed to the Company in care of the
Secretary at the principal executive office of the Company and to the Participant at the address appearing in the personnel records of the Company for such Participant or to either party at such other
address as such party hereto may hereafter designate in writing to the other. Any such notice shall be deemed effective upon receipt thereof by the addressee. 

        15.   Signature in Counterparts.    This Agreement may be signed in counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. 

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        IN
WITNESS WHEREOF, the parties hereto have executed this Agreement. 

	Participant	 	 	OneBeacon Insurance Group LLC
	

    
 Name:	
 	

By:	

/s/  MIKE MILLER      
 Name: Mike Miller

Title: President & CEO
	

 Date	
 	

 	

 
	

Awards Details:	
 	

 	

 

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Exhibit 10.4.9    
    

OneBeacon Insurance Group, Ltd.

Long-Term Incentive Plan

2007-2008 Performance Share Grant  

        THIS GRANT (this "Grant") is made, effective as of March 1, 2007, between OneBeacon Insurance Group, Ltd., a Bermuda company limited by shares (the
"Company") and                (the "Participant"). 

RECITALS: 

        WHEREAS,
the Company has adopted the Long-Term Incentive Plan ("Plan"), which Plan is incorporated herein by reference and made part of this Grant; and 

        WHEREAS,
the Board has determined that it would be in the best interest of the Company and its owners to grant the award provided for herein to the Participant pursuant to the Plan and
the terms set forth herein. 

        NOW
THEREFORE, for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

        1.     Grant:    Subject to the terms and conditions of the Plan and the additional terms and conditions set forth in
this Grant, the Company hereby grants to the Participant a Performance Share Award of shares. 

        2.     Award Period:    The Award Period shall be January 1, 2007 through December 31, 2008. 

        3.     Performance Objective:    The Performance Objective shall be annual 13% growth in intrinsic business value per
share for the Company ("GIBVPS"), which shall be measured by blending the following metrics during the Award Period, in the referenced percentages: (a) Underwriting Return on Equity including
an adjustment to normalize catastrophe losses across years (40%), (b) Growth in Adjusted Book Value per Common Share including an adjustment for dividends paid(40%), and (c) Growth in
the Company's Price per Common Share including an adjustment for dividends paid (20%). 

        4.     Performance Percentage:    The Performance Percentage shall be dependent on the extent to which the Performance
Objective is attained, and shall be determined as follows: 

	GIBVPS
 
	 	Performance

Percentage
	 
	 	6% or lower	 	0	%
	 	13%	 	100	%
	 	20% or higher	 	200	%

        Where
the blended GIBVPS will equal the straight average of (a) 23.7% (b) the Company's GIBVPS for 2007, and (c) the Company's GIBVPS for 2008. For blended GIBVPS
between 6% and 20%, the Performance Percentage will be determined on the basis of straight line interpolation. 

        5.     Award Payment:    Subject to all terms and conditions of the Plan, the Participant's actual value at the end of
the Award Period will be settled in cash, in shares of the Company's common stock ("Shares"), or partly in cash and partly in Shares, as determined by the Committee. If settled entirely or partially
in cash, the cash value will be (a) the number of Performance Shares granted, times (b) the Performance Percentage, times (c) the market value of the Shares on the date that the
Compensation Committee certifies the Performance Percentage times (d) the percentage of the Award settled in cash; and the number of Shares issued will be (a) the number of Performance
Shares granted times (b) the 

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Performance
Percentage times (c) the percentage of the Award settled in Shares. If settled entirely in Shares, the number of Shares issued will be (a) the number of Performance Shares
granted, times (b) the Performance Percentage. 

        6.     Termination of Employment:    Except as provided in Section 7 of the Plan, this Award shall be canceled,
and no payment shall be payable hereunder, if the Participant's continuous employment or Related Employment with the Company shall terminate for any reason prior to the end of the Award Period. 

        7.     Successors and Assigns:    This Grant shall inure to the benefit of and be binding upon the Company and its
successors and assigns. The Company shall request any purchaser of a business unit in which the Participant is employed (a "Purchaser"), to fully assume the obligations of the Company under this
Grant. If a Purchaser declines to assume such obligations, the Company shall remain obligated under the terms of this Grant. 

        8.     Definitions:    All terms not otherwise defined herein shall have the same meaning as in the Plan. 

        9.     Withholding:    The Participant agrees to make appropriate arrangements with the Company for satisfaction of any
applicable income tax withholding requirements, including the payment to the Company, at the termination of the Award Period (or such earlier or later date as may be applicable under the Code), of all
such taxes and other amounts, and the Company shall be authorized to take such action as may be necessary, in the opinion of the Company's counsel (including, without limitation, withholding amounts
from any compensation or other amount owing from the Company to the Participant), to satisfy all obligations for the payment of such taxes and other amounts. 

        10.   Reduction of the Award:    Notwithstanding anything to the contrary herein, the Board, in its sole discretion
(but subject to applicable law), may reduce any amounts payable to the Participant in order to satisfy any liabilities owed to the Company by the Participant. 

        11.   No Right to Continued Employment:    Neither the Plan nor this Grant shall be construed as giving the
Participant the right to be retained in the employ of, or in any consulting relationship to, the Company or any of its subsidiaries. Further, the Company may at any time dismiss the Participant or
discontinue any consulting relationship, free from any liability or any claim under the Plan or this Grant, except as otherwise expressly provided in the Plan and in this Grant. In addition, nothing
herein shall obligate the Company to make future Grants to the Participant. 

        12.   Award Subject to Plan:    By entering in this Grant the Participant agrees and acknowledges that the
Participant has received and read a copy of the Plan, understands the terms of the Plan and this Award and that this Award is subject to all of the terms and provisions set forth in the Plan and in
this Grant and accepts this Performance Share Award subject to all such terms and conditions which are incorporated herein by reference. In the event of a conflict between any term or provision
contained in this Grant and a terms or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

        13.   Designation of Beneficiary by Participant:    A Participant may name a beneficiary to receive any payment to
which he/she may be entitled in respect of this Award in the event of his/her death, by notifying the Company. A Participant may change his/her beneficiary from time to time in the same manner. If the
Participant has not designated a beneficiary or if no designated beneficiary is living on the date on which any amount becomes payable to a Participant's beneficiary, that amount shall be paid to the
Participant's estate. 

        14.   No Rights as Shareholder:    You will not be considered a shareholder of the Company for any purpose with
respect to this Award unless and until shares of Stock are issued to you in settlement of this Award. 

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        15.   Compliance with Section 409A of the Internal Revenue Code:    Notwithstanding anything in this Agreement
to the contrary, to the extent that this Agreement constitutes a nonqualified deferred compensation plan to which Internal Revenue Code Section 409A applies, the administration of this Award
(including time and manner of payments under it) shall comply with Section 409A. 

        16.   Notices:    Any notice necessary under this Grant shall be addressed to the Company and to the Participant at
the address appearing in the personnel records of the Company for such Participant or to either party at such other address as such party hereto may hereafter designate in writing to the other. Any
such notice shall be deemed effective upon receipt thereof by the addressee. 

        17.   Governing Law:    This Agreement shall be governed by and construed in accordance with the laws of Bermuda. 

        18.   Signature in Counterparts:    This Grant may be signed in counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have executed this Grant as of the day and year first above written. 

	PARTICIPANT	 	ONEBEACON INSURANCE GROUP, LTD.
	

By:	
 	

    
	
 	

By:	

/s/  MIKE MILLER      

	Name:	 	Name: Mike Miller

Title: President & CEO
	

 Date	
 	

 	

 
	

Awards Details:	
 	

 	

 

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Annex  

Key Definitions  

Terms
used in this Grant shall have the following meanings: 

Growth in Adjusted Book Value per Common Share shall mean: 

	(i)
	the
Company's GAAP Shareholders' Equity at the end of the period (measured on an as converted/as diluted basis) minus any remaining
accretion to face value related to the Company's defeased preferred stock at the end of the period, plus (b) compounded dividends paid on the
Company's common shares during the period, divided by (c) the number of as converted/as diluted common shares of the Company outstanding at the
end of the period, divided by

	(ii)
	the
Company's GAAP Shareholders' Equity (measured on an as converted/as diluted basis) any remaining accretion to face value related to the Company's defeased preferred stock at the
beginning of the period, divided by (b) the number of as converted / as diluted common shares of the Company outstanding at the beginning of the period, minus

	(iii)
	one 

Growth in the Company's Price per Common Share shall mean: 

	(i)
	(a)
the market price for a share of the Company's common stock at the end of the period, plus (b) compounded dividends paid per
common share of the Company during the period, divided by

	(ii)
	the
market price for a share of the Company's common stock at the beginning of the period, minus

	(iii)
	one. 

Performance Percentage shall mean: 

a
percentage of no less than 0% and no more than 200%, which percentage was determined by the Committee, as outlined in paragraph four (4) of this Performance Share Grant. 

Performance Share shall mean: 

a
unit granted to participant under the Company's Long-Term Incentive Plan having the financial equivalence of a share of common stock of the Company, conditioned upon the attainment of a
specified Performance Objective(s) over a specified Award Period. 

Underwriting Return on Equity shall mean: 

	i)
	(a)
the actual GAAP net income of the Company, plus (b) the dividends and accretion recorded in the period for the
Company's defeased preferred stock instruments, minus (c) actual investment income and realized gains, each after taxes,  plus (d) after-tax
standard investment income plus (e) actual losses
associated with catastrophic events (Actual CAT Losses) times 65% to convert to an after-tax amount, minus (f) a charge to cover
catastrophic events (CAT Charge), divided by

	ii)
	(a)
the average of (b) GAAP Shareholders' equity of the Company at the beginning of the period minus any remaining accretion to face value related to the
Company's defeased preferred stock at the beginning of the period, and (c) GAAP Shareholders' equity of the Company at the end of the period, minus any remaining accretion to face value related
to the Company's defeased preferred stock at the end of the period 

For
the purpose of this definition, i) after-tax standard investment income will equal (a) the yield on the 10-year Treasury note at the beginning of the period,
to be reset annually, plus 100 basis points multiplied by (b) the Company's average invested
assets for the period, multiplied by (c) one minus the 

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Company's
actual tax rate on investment income, realized gains, and unrealized gains for the period, and (ii) average invested assets will exclude investment assets in trust accounts related to
the Company's defeased preferred stock. 

CAT Charge shall mean: 

	i)
	(a)
one-half of the annual plan CAT losses represented as a percentage of plan net earned premium, times
(b) actual net earned premium, plus

	ii)
	(a)
0.2%, times (b) actual net earned premium, plus

	iii)
	one-half
of actual CAT losses, subject to

	iv)
	an
overall maximum of 5.5% of actual net earned premium, times

	v)
	65%
to convert the total to an after-tax amount 

For
2007, plan CAT losses are 2.6% of plan earned premium. Consequently, for 2007, the CAT charge calculation will equal 1.5% of actual net earned premium, plus one half of actual CAT losses, times
65%. 

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Exhibit 10.4.9

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