Document:

EX-10.1

NONQUALIFIED SHARE OPTION AGREEMENT

Platinum Underwriters Holdings, Ltd.

2002 Share Incentive Plan

Option Agreement (the “Agreement”), between Platinum Underwriters Holdings, Ltd., a Bermuda
company (the “Company”), and      (the “Optionee”), made pursuant to the terms of Platinum
Underwriters Holdings, Ltd. 2002 Share Incentive Plan (the “Plan”). The Option is not intended to
qualify as an “incentive stock option” under the Internal Revenue Code.

Section 1. Option Shares. The Company grants to the Optionee, on the terms
and conditions set forth herein, an option (the “Option”) for the purchase of      common shares
(the “Option Shares”) of the Company, par value $0.01 per share (“Common Shares”), effective
     (the “Date of Grant”).

Section 2. Exercise Price. The exercise price per share of the Option shall
be      , which is the Fair Market Value (as defined in the Plan) of a Common Share as of the Date
of Grant (the “Option Price”).

Section 3. Vesting of Option

(a) Vesting Schedule. The Option shall become vested and exercisable in four
installments based on the Optionee’s continued employment with the Company or with any entity that
is wholly or majority owned or controlled, directly or indirectly, by the Company (a “Subsidiary”),
in accordance with the following schedule:

1

	 	 	 
	Vesting Date	 	Number of Option Shares
	[first anniversary]

	 	[25%]
	 

	 	 
	 
	 	 
	[second anniversary]

	 	[25%]
	 

	 	 
	 
	 	 
	[third anniversary]

	 	[25%]
	 

	 	 
	 
	 	 
	[fourth anniversary]

	 	[25%]
	 

	 	 

(b) Acceleration Events. Notwithstanding the foregoing, the Option shall become fully
and immediately vested and exercisable upon (i) the termination of employment as a result of the
Optionee’s death or the Optionee’s permanent and total disability within the meaning of Section
22(e)(3) of the Code (a “Disability”), or (ii) a Change in Control (as defined in the Plan) of the
Company, provided the Option remains outstanding on the effective date of the Change in Control.

(c) Section 4. Option Term. Option Shares that become vested pursuant to
Section 3 hereof may be purchased at any time on or after the date of such vesting and prior to the
expiration of the term of the Option (the “Option Term”). The Option Term shall expire on the day
prior to the tenth anniversary of the Date of Grant, unless earlier terminated in accordance with
the terms of the Plan or upon termination of the Optionee’s employment with the Company or any
Subsidiary (“Termination of Employment”) in accordance with Section 5 hereof. Upon the expiration
of the Option Term, any unexercised Option Shares shall be cancelled and shall be of no further
force or effect.

Section 5. Termination of Employment

(a) General. In the event of a Termination of Employment for any reason prior to the
date that all Option Shares become vested in according with the provisions of Section 3 hereof, the
Optionee shall forfeit the Optionee’s interest in any Option Shares that have not yet become
vested, which shall be cancelled and be of no further force or effect. In the event of a
Termination of Employment for any reason following vesting, the Optionee shall retain the right to
purchase any Option Shares that have previously become vested until the expiration of 45 days
following the effective date of such Termination of Employment (or the expiration of the Option
Term, if earlier).

(b) Cause. Notwithstanding the provisions of Section 5(a) hereof, in the event of
Termination of Employment for “Cause” (as defined below), the Optionee’s right to purchase any
Option Shares, whether or not vested, shall immediately terminate and all rights thereunder shall
cease. For purposes of this Agreement, a termination for “Cause” shall have the meaning given to
such term in any employment or severance agreement between the Company or any Subsidiary and the
Optionee in effect at the time of termination of employment. In the event that no such agreement
is in effect, “Cause” shall mean (i) the willful failure by the Optionee to perform substantially
the Optionee’s duties to the Company or any Subsidiary (other than due to death or Disability)
after reasonable notice to the Optionee of such failure, (ii) the Optionee’s engaging in misconduct
that is injurious to the Company or any Subsidiary, including, without limitation, by way of damage
to business reputation or industry standing, (iii) the Optionee having been convicted of, or having
entered a plea of nolo contendere to, a crime that constitutes a felony or (iv) the violation by
the Optionee of the Restrictive Covenants (as defined in Section 8 hereof). Subject to the terms
of any employment or severance agreement between the Optionee and the Company or any Subsidiary,
the Compensation Committee of the Company’s Board of Directors (the “Committee”) shall have the
power to determine whether the Optionee has been terminated for Cause and the date upon which such
termination for Cause occurs, and any such determination shall be final, conclusive and binding
upon the Optionee.

(c) Death or Disability. Notwithstanding the provisions of Section 5(a) hereof, in
the event of a Termination of Employment as a result of death or Disability, the Option shall
become fully and immediately vested and exercisable in accordance with Section 3 hereof, and the
Optionee, or the Optionee’s legal representative, shall retain the right to purchase the Option
Shares in accordance with the terms hereof until the expiration of 12 months following the date of
such Termination of Employment (or the expiration of the Option Term, if earlier).

Section 6. Procedure for Exercise

(a) Notice of Exercise. The Option may be exercised, in whole or in part, and whole
Option Shares may be purchased, by delivery of a written notice (the “Notice”) to the Company under
procedures specified by the Committee, which Notice shall: (i) state the number of whole Option
Shares being exercised; (ii) state the method of payment of the Option Price and tax withholding;
(iii) include any representation of the Optionee required pursuant to Sections 7 or 8 hereof; (iv)
in the event that the Option shall be exercised by any person other than the Optionee pursuant to
Section 11 hereof, include appropriate proof of the right of such person to exercise the Option;
and (v) comply with such further requirements consistent with the Plan as the Committee may from
time to time prescribe.

(b) Payment of Option Price; Tax Withholding. Payment of the Option Price shall be
made: (i) in cash or by cash equivalent acceptable to the Committee; (ii) by payment in Common
Shares (either actually or constructively by attestation) that have been held by the Optionee for
at least six months (or such other period as determined by the Committee), valued at the Fair
Market Value (as defined in the Plan) of such shares as of the date of exercise; (iii) by a broker
assisted “cashless exercise”; or (iv) by a combination of the foregoing methods. In addition and
at the time of exercise, as a condition of delivery of the Option Shares, the Optionee shall remit
to the Company under procedures specified by the Company all required Federal, state and local
withholding tax amounts in any manner as permitted above for payment of the Option Price.

Section 7. Investment Representation. Upon any exercise of the Option at a
time when there is not in effect a registration statement under the Securities Act of 1933, as
amended (the “1933 Act”), relating to the Option Shares, the Optionee hereby represents and
warrants, and by virtue of such exercise shall be deemed to represent and warrant, to the Company
that the Option Shares shall be acquired for investment and not with a view to the distribution
thereof, and not with any present intention of distributing the same, and the Optionee shall
provide the Company with such further representations and warranties as the Company may require in
order to ensure compliance with applicable Federal and state securities, blue sky and other laws.
No Common Shares shall be acquired unless and until the Company and/or the Optionee shall have
complied with all applicable Federal or state registration, listing and/or qualification
requirements and all other requirements of law or of any regulatory agencies having jurisdiction,
unless the Committee has received evidence satisfactory to it that the Optionee may acquire such
shares pursuant to an exemption from registration under the applicable securities laws. Any
determination in this connection by the Committee shall be final, binding and conclusive. The
Company reserves the right to legend any certificate for Common Shares, conditioning sales of such
shares upon compliance with applicable Federal and state securities laws and regulations.

Section 8. Restrictive Covenants. The effectiveness of this Agreement is
conditioned upon the Optionee honoring the following restrictive covenants (the “Restrictive
Covenants”). These Restrictive Covenants are not intended to amend or supersede the terms of any
noncompetition or other restrictive covenant agreed to between the Company and the Optionee or to
which the Optionee is subject.

(a) Nondisclosure of Confidential Information.

The Optionee acknowledges that during the course of the Optionee’s employment with the
Company and/or its Subsidiaries (collectively, the “Companies”) the Optionee has had or will
have access to and knowledge of certain information that the Companies consider
confidential, and that the release of such information to unauthorized persons would be
extremely detrimental to the Companies. As a consequence, the Optionee hereby agrees and
acknowledges that the Optionee owes a duty to the Companies not to disclose, and agrees that
without the prior written consent of the Company, at any time following the Date of Grant,
either during or after the Optionee’s employment with any of the Companies, the Optionee
will not communicate, publish or disclose, to any person anywhere or use, any Confidential
Information (as hereinafter defined), except as may be necessary or appropriate to conduct
the Optionee’s duties to the Companies (provided the Optionee is acting in good faith and in
the best interests of the Companies) or as may be required by law or judicial process. The
Optionee will use best efforts at all times to hold in confidence and to safeguard any
Confidential Information from falling into the hands of any unauthorized person. The
Optionee will return to the Companies all Confidential Information in the Optionee’s
possession or under the Optionee’s control whenever any of the Companies shall so request,
and in any event will promptly return all such Confidential Information if the Optionee’s
relationship with the Companies is terminated for any or no reason and will not retain any
copies thereof. For purposes hereof, the term “Confidential Information” shall mean any
information used by or belonging or relating to the Companies that is not known generally to
the industry in which the Companies are, or may be, engaged and which the Companies maintain
on a confidential basis, including, without limitation, any and all trade secrets and
proprietary information, information relating to the business and services, any employee
information, customer lists and records, business processes, procedures or standards,
know-how, manuals, business strategies, records, financial information, in each case,
whether or not reduced to writing or stored electronically, as well as any information that
the Companies advise the Optionee should be treated as confidential.

(b) Nonsolicitation of Employees.

The Optionee agrees that for a period beginning on the Date of Grant and ending 12
months following the date of the Optionee’s Termination of Employment with the Companies for
any reason, the Optionee shall not, on the Optionee’s own behalf or on behalf of any other
person or entity, directly or indirectly, solicit, participate in or promote the
solicitation of, interfere with, attempt to influence or otherwise affect the employment of
any person who is employed by the Companies on the date hereof or thereafter to leave the
employ of any of the Companies.

(c) Forfeiture of Benefits.

Upon exercise of the Option, the Optionee shall be deemed to represent that the
Optionee has not engaged in nor has any intention of engaging in any action that would
constitute a violation of the Restrictive Covenants. In the event that the Optionee
violates the Restrictive Covenants prior to any exercise of the Option, such Option may be
cancelled by the Company. In the event that the Optionee violates the Restrictive Covenants
following any exercise of the Option, the Company may require the Optionee to pay to the
Company the amount of any gain realized as a result of the exercise (measured by the
difference between the aggregate Fair Market Value on the date of the purchase of Common
Shares and the aggregate Option Price paid in respect of such purchase), in such manner and
on such terms and conditions as may be required, and the Company shall be entitled to
set-off the amount of any such gain against any amount owed to the Optionee by the Company.

(d) Injunctive Relief

The Optionee acknowledges and agrees that the Restrictive Covenant provisions of this
Section 8 are reasonable and necessary for the successful operation of the Companies. The
Optionee further acknowledges that if the Optionee breaches any provision of the Restrictive
Covenants, the Companies will suffer irreparable injury. It is therefore agreed that the
Company shall have the right to enjoin any such breach or threatened breach, without posting
any bond, if so ordered by a court of competent jurisdiction. The existence of this right
to injunctive and other equitable relief shall not limit any other rights or remedies that
the Company may have at law or in equity including, without limitation, the right to
monetary, compensatory and punitive damages. In addition to any means at law or equity
available to the Company to enforce the Restrictive Covenants, the Company shall retain any
rights it may have under this Agreement relating to the Option for a breach of the
Restrictive Covenants including, without limitation, the right to cancel the Option and the
right to require the Optionee to pay to the Company the amount of any gain realized a result
of the exercise of any portion of the Option. If any provision of this Section 8 is
determined by a court of competent jurisdiction to be not enforceable in the manner set
forth herein, the Optionee and the Company agree that it is the intention of the parties
that such provision should be enforceable to the maximum extent possible under applicable
law. If any provision of this Section 8 is held to be invalid or unenforceable, such
invalidity or unenforceability shall not affect the validity or enforceability of any other
provision of this Section 8.

Section 9. Limitation of Rights. The Optionee shall not have any privileges
of a shareholder of the Company with respect to any Option Shares, including without limitation any
right to vote such Option Shares or to receive dividends or other distributions in respect thereof,
until the date of the issuance to the Optionee of a share certificate evidencing the Common Shares.
Nothing in this Agreement or the Option shall confer upon the Optionee any right to continue in
employment or to interfere in any way with the right of the Company to terminate the Optionee’s
employment at any time.

Section 10. Adjustments. If there shall occur any recapitalization,
reclassification, share dividend, share split, reverse share split, or other distribution with
respect to the Common Shares, or other change in corporate structure affecting the Common Shares,
the Committee may, in the manner and to the extent that it deems appropriate and equitable to the
Optionee and consistent with the terms of the Plan, cause an adjustment to be made in (i) the
number and kind of Common Shares subject to the Option, (ii) the Option Price, and (iii) any other
terms of the Option that are affected by the event.

Section 11. Limited Transferability of Option The Option may not be
transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Optionee,
except by will or by the laws of descent and distribution; provided, however, the
Optionee may, during the Optionee’s lifetime and subject to the prior approval of the Committee at
the time of proposed transfer, transfer all or part of the Option to or for the benefit of the
Optionee’s “family members” (as defined under rules applicable to registration statements on Form
S-8 promulgated under the 1933 Act). Subsequent transfers of an Option shall be prohibited other
than by will or the laws of descent and distribution upon the death of the transferee. In the
event that an Optionee becomes legally incapacitated, the Option shall be exercisable by the
Optionee’s legal guardian, committee or legal representative. If the Optionee dies, the Option
shall thereafter be exercisable by the legatee of the Option under the Optionee’s will or by the
Optionee’s estate in accordance with the Optionee’s will or the laws of descent and distribution,
in each case in the same manner and to the same extent that the Option was exercisable by the
Optionee on the date of the Optionee’s death. The Option shall not be subject to execution,
attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other
disposition of the Option contrary to the provisions hereof, and the levy of any execution,
attachment or similar process upon the Option, shall be null and void and without effect.

Section 12. Notices. Any notice hereunder by the Optionee shall be given to
the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the
General Counsel of the Company. Any notice hereunder by the Company shall be given to the Optionee
in writing and such notice shall be deemed duly given only upon receipt thereof at such address as
the Optionee may have on file with the Company.

Section 13. Construction. This Option is granted pursuant to the Plan and is
in all respects subject to the terms and conditions of the Plan. The Optionee hereby accepts this
Option subject to all terms and provisions of the Plan, which is incorporated herein by reference.
In the event of a conflict or ambiguity between any term or provision contained herein and a term
or provision of the Plan, the Plan will govern and prevail. The construction of and decisions
under the Plan is vested in the Committee, whose determinations shall be final, conclusive and
binding upon the Optionee.

Section 14. Governing Law. This Agreement shall be construed and enforced
in accordance with the laws of the State of New York, without giving effect to the choice of law
principles thereof.

[SIGNATURES ON FOLLOWING PAGE]

2

IN WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as of the Date
of Grant.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By:

Title:

OPTIONEE

Name:

3EX-10.2

NONQUALIFIED SHARE OPTION AGREEMENT

Platinum Underwriters Holdings, Ltd.

2002 Share Incentive Plan

Option Agreement (the “Agreement”), between Platinum Underwriters Holdings, Ltd., a Bermuda
company (the “Company”), and      (the “Optionee”), a member of the Board of Directors of
the Company (the “Board”), made pursuant to the terms of Platinum Underwriters Holdings, Ltd. 2002
Share Incentive Plan (the “Plan”). The Option is not intended to qualify as an “incentive stock
option” under the Internal Revenue Code.

Section 1. Option Shares. The Company grants to the Optionee, on the terms
and conditions set forth herein, an option (the “Option”) for the purchase of 25,000 common shares
(the “Option Shares”) of the Company, par value $0.01 per share (“Common Shares”), effective
     (the “Date of Grant”).

Section 2. Exercise Price. The exercise price per share of the Option shall
be $     , which is the Fair Market Value (as defined in the Plan) of a Common Share as of the Date
of Grant (the “Option Price”).

Section 3. Vesting of Option

(a) Vesting Schedule. The Option shall become vested and exercisable in three
installments based on the Optionee’s continued service as a member of the Board (“Service”) in
accordance with the following schedule

1

	 	 	 
	Vesting Date	 	Number of	Option Shares
	[first anniversary]

	 	[34%]
	 

	 	 
	 
	 	 
	[second anniversary]

	 	[33%]
	 

	 	 
	 
	 	 
	[third anniversary]

	 	[33%]
	 

	 	 

(b) Acceleration Events. Notwithstanding the foregoing, the Option shall become fully
and immediately vested and exercisable upon (i) the termination of Service as a result of the
Optionee’s death or the Optionee’s permanent and total disability within the meaning of Section
22(e)(3) of the Code (a “Disability”), or (ii) a Change in Control (as defined in the Plan) of the
Company, provided the Option remains outstanding on the effective date of the Change in Control.

Section 4. Option Term. Option Shares that become vested pursuant to Section
3 hereof may be purchased at any time on or after the date of such vesting and prior to the
expiration of the term of the Option (the “Option Term”). The Option Term shall expire on the day
prior to the tenth anniversary of the Date of Grant, unless earlier terminated in accordance with
the terms of the Plan or upon termination of the Optionee’s Service (“Termination of Service”) in
accordance with Section 5 hereof. Upon the expiration of the Option Term, any unexercised Option
Shares shall be cancelled and shall be of no further force or effect.

Section 5. Termination of Service

(a) General. In the event of a Termination of Service for any reason prior to the
date that all Option Shares become vested in according with the provisions of Section 3 hereof, the
Optionee shall forfeit the Optionee’s interest in any Option Shares that have not yet become
vested, which shall be cancelled and be of no further force or effect. In the event of a
Termination of Service for any reason following vesting, the Optionee shall retain the right to
purchase any Option Shares that have previously become vested until the expiration of 45 days
following the effective date of such Termination of Service (or the expiration of the Option Term,
if earlier).

(b) Cause. Notwithstanding the provisions of Section 5(a) hereof, in the event of
Termination of Service for “Cause”, the Optionee’s right to purchase any Option Shares, whether or
not vested, shall immediately terminate and all rights thereunder shall cease. For purposes of
this Agreement, a termination for “Cause” shall be determined by the Board in its sole discretion.

(c) Death or Disability. Notwithstanding the provisions of Section 5(a) hereof in the
event of a Termination of Service as a result of death or Disability, the Option shall become fully
and immediately vested and exercisable in accordance with Section 3 hereof, and the Optionee, or
the Optionee’s legal representative, shall retain the right to purchase the Option Shares in
accordance with the terms hereof until the expiration of 12 months following the date of such
Termination of Service (or the expiration of the Option Term, if earlier).

Section 6. Procedure for Exercise

(a) Notice of Exercise. The Option may be exercised, in whole or in part, and whole
Option Shares may be purchased, by delivery of a written notice (the “Notice”) to the Company under
procedures specified by the Committee, which Notice shall: (i) state the number of whole Option
Shares being exercised; (ii) state the method of payment of the Option Price and tax withholding;
(iii) include any representation of the Optionee required pursuant to Section 7 hereof; (iv) in the
event that the Option shall be exercised by any person other than the Optionee pursuant to Section
10 hereof, include appropriate proof of the right of such person to exercise the Option; and (v)
comply with such further requirements consistent with the Plan as the Committee may from time to
time prescribe.

(b) Payment of Option Price. Payment of the Option Price shall be made: (i) in cash
or by cash equivalent acceptable to the Committee; (ii) by payment in Common Shares (either
actually or constructively by attestation) that have been held by the Optionee for at least six
months (or such other period as determined by the Committee), valued at the Fair Market Value (as
defined in the Plan) of such shares as of the date of exercise; (iii) by a broker assisted
“cashless exercise”; or (iv) by a combination of the foregoing methods described above.

Section 7. Investment Representation. Upon any exercise of the Option at a
time when there is not in effect a registration statement under the Securities Act of 1933, as
amended (the “1933 Act”), relating to the Option Shares, the Optionee hereby represents and
warrants, and by virtue of such exercise shall be deemed to represent and warrant, to the Company
that the Option Shares shall be acquired for investment and not with a view to the distribution
thereof, and not with any present intention of distributing the same, and the Optionee shall
provide the Company with such further representations and warranties as the Company may require in
order to ensure compliance with applicable Federal and state securities, blue sky and other laws.
No Common Shares shall be acquired unless and until the Company and/or the Optionee shall have
complied with all applicable Federal or state registration, listing and/or qualification
requirements and all other requirements of law or of any regulatory agencies having jurisdiction,
unless the Committee has received evidence satisfactory to it that the Optionee may acquire such
shares pursuant to an exemption from registration under the applicable securities laws. Any
determination in this connection by the Committee shall be final, binding and conclusive. The
Company reserves the right to legend any certificate for Common Shares, conditioning sales of such
shares upon compliance with applicable federal and state securities laws and regulations.

Section 8. Limitation of Rights. The Optionee shall not have any privileges
of a shareholder of the Company with respect to any Option Shares, including without limitation any
right to vote such Option Shares or to receive dividends or other distributions in respect thereof,
until the date of the issuance to the Optionee of a share certificate evidencing the Common Shares.
Nothing in this Agreement or the Option shall confer upon the Optionee any right to continue in
employment or to interfere in any way with the right of the Company to terminate the Optionee’s
employment at any time.

Section 9. Adjustments. If at any time while the Option is outstanding the
number of outstanding Common Shares is changed by reason of a reorganization, recapitalization,
share split or any of the other events described in Section 3.2 of the Plan, the number and kind of
Option Shares and/or the Option Price may be adjusted by the Committee in accordance with the
provisions of the Plan.

Section 10 Limited Transferability of Option The Option may not be
transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Optionee,
except by will or by the laws of descent and distribution; provided, however, the
Optionee may, during the Optionee’s lifetime and subject to the prior approval of the Committee at
the time of proposed transfer, transfer all or part of the Option to or for the benefit of the
Optionee’s “family members” (as defined under rules applicable to registration statements on Form
S-8 promulgated under the 1933 Act). Subsequent transfers of an Option shall be prohibited other
than by will or the laws of descent and distribution upon the death of the transferee. In the
event that an Optionee becomes legally incapacitated, the Option shall be exercisable by the
Optionee’s legal guardian, committee or legal representative. If the Optionee dies the Option
shall thereafter be exercisable by the legatee of the Option under the Optionee’s will or by the
Optionee’s estate in accordance with the Optionee’s will or the laws of descent and distribution,
in each case in the same manner and to the same extent that the Option was exercisable by the
Optionee on the date of the Optionee’s death. The Option shall not be subject to execution,
attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other
disposition of the Option contrary to the provisions hereof, and the levy of any execution,
attachment or similar process upon the Option, shall be null and void and without effect.

Section 11. Notices. Any notice hereunder by the Optionee shall be given to
the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the
General Counsel of the Company. Any notice hereunder by the Company shall be given to the Optionee
in writing and such notice shall be deemed duly given only upon receipt thereof at such address as
the Optionee may have on file with the Company.

Section 12. Construction. This Option is granted pursuant to the Plan and is
in all respects subject to the terms and conditions of the Plan. The Optionee hereby accepts this
Option subject to all terms and provisions of the Plan, which is incorporated herein by reference.
In the event of a conflict or ambiguity between any term or provision contained herein and a term
or provision of the Plan, the Plan will govern and prevail. The construction of and decisions
under the Plan is vested in the Committee, whose determinations shall be final, conclusive and
binding upon the Optionee.

Section 13. Governing Law. This Agreement shall be construed and enforced
in accordance with the laws of the State of New York, without giving effect to the choice of law
principles thereof.

[SIGNATURES ON FOLLOWING PAGE]

2

IN WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as of the Date
of Grant.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By:

Title:

OPTIONEE

Name:

3

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