Document:

EX-10.5

PLATINUM UNDERWRITERS HOLDINGS, LTD.

Special

Share Unit Award

AWARD AGREEMENT, dated as of      , 20     , between Platinum Underwriters Holdings, Ltd.,
a Bermuda corporation (the “Company”), and      (the “Participant”). This Award is
granted by the Compensation Committee of the Company’s Board of Directors (the “Committee”)
pursuant to the terms of the 2002 Share Incentive Plan (the “Plan”). The applicable terms of the
Plan are incorporated herein by reference, and capitalized terms used herein but not defined shall
have the meanings set forth in the Plan.

Section 1. Share Unit Award. The Company hereby grants to the Participant, on the
terms and conditions set forth herein, an Award of      Share Units (the “Share Units”). The
Share Units are notional units of measurement denominated in Common Shares, which represent an
unfunded, unsecured deferred compensation obligation of the Company.

Section 2. Vesting Requirements.

A. Time-Based Vesting. The Award hereunder shall become fully vested on      ,
20     [on the second anniversary of the date of this agreement], subject to the Participant’s
continued employment with the Company or any of its Subsidiaries on the vesting date.

B. Accelerated Vesting. Notwithstanding the foregoing, upon the Participant’s death
or disability (within the meaning of Section 409A(a)(2)(C) of the Code (a “Disability”)), or upon
the occurrence of a Change in Control, the Award shall become fully vested, and shall be payable
in accordance with Section 5 hereof, to the extent that it has not previously been forfeited in
accordance with Section 3 hereof.

Section 3. Termination of Employment. In the event of the Participant’s termination
of employment for any reason other than death or Disability, if the Award has not previously become
vested hereunder, it shall be forfeited and automatically cancelled without further action of the
Company.

Section 4. Dividend Equivalent Rights. Any dividends paid on the Common Shares during
the term of the Award shall be credited under the Award as Dividend Equivalent Rights that will
accumulate as dollar amounts (and not as additional Share Units), subject to the terms hereof. All
such Dividend Equivalent Rights shall be subject to the same vesting requirements that apply to the
Share Units from which the Dividend Equivalent Rights are derived.

Section 5. Payment of Award.

A. General. Subject to the provisions of Section 5.B hereof, payment of vested Share
Units shall be made within 15 days following the vesting date (or within 15 days following the
acceleration of vesting) as set forth in Section 2 hereof. Notwithstanding the foregoing, no
payment shall be made upon the occurrence of a Change in Control that does not also qualify as a
“change in control” for purposes of section 409A of the Code, until the earlier to occur of the
Participant’s death, Disability and “separation from service” (within the meaning of section 409A
of the Code). The Share Units shall be paid in Common Shares, and shall be paid to the Participant
after deduction of applicable withholding taxes in the amount determined by the Committee, provided
that such amount shall not exceed the Participant’s estimated Federal, state and local tax
obligation with respect to payment of the Award. Notwithstanding the foregoing, any Dividend
Equivalent Rights credited under the Award pursuant to Section 4 hereof shall be paid to the
Participant in cash in accordance with the provisions of this Section 5, subject to applicable
withholding requirements.

B. Payments to “Specified Employees” Under Certain Circumstances. Notwithstanding the
provisions of Section 5.A hereof, if the Participant is deemed a “specified employee” at a time
when such Participant becomes eligible for payments upon the Participant’s Disability or upon the
Participant’s “separation from service” with the Company or any Subsidiary on or following a Change
in Control (as described in Section 5.A hereof), such payments shall be made to the Participant on
the date that is six months following such “separation from service” or the date of the
Participant’s death, if earlier. For purposes hereof, the term “specified employee” shall have the
meaning attributed to such term under section 409A of the Code and the treasury regulations and
other guidance promulgated thereunder.

Section 6. Restrictions on Transfer. No portion of the Award hereunder may be sold,
assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to the
Company as a result of forfeiture of the Award as provided herein, unless and until the payment of
the Award in accordance with Section 5 hereof.

Section 7. No Voting Rights. The Award, whether or not vested, will not confer any
voting rights upon the Participant, unless and until the Award is paid in Common Shares.

Section 8. Restrictive Covenants. The effectiveness of this Award Agreement is
conditioned upon the Participant 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 Participant or
to which the Participant is subject.

A. Nondisclosure of Confidential Information. The Participant acknowledges that
during the course of the Participant’s employment with the Company and/or its Subsidiaries
(collectively, the “Companies”) the Participant 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 Participant hereby agrees and acknowledges that the Participant 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 hereof, either during or after the Participant’s employment with any of the
Companies, the Participant 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 Participant’s duties to the Companies (provided the Participant is
acting in good faith and in the best interests of the Companies) or as may be required by law or
judicial process. The Participant 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
Participant will return to the Companies all Confidential Information in the Participant’s
possession or under the Participant’s control whenever any of the Companies shall so request, and
in any event will promptly return all such Confidential Information if the Participant’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 Participant should be treated as
confidential.

B. Nonsolicitation of Employees. The Participant agrees that for a period beginning
on the date hereof and ending 12 months following the date of the Participant’s termination of
employment with the Companies for any reason, the Participant shall not, on the Participant’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 the acceptance of any payment by the Participant
hereunder, the Participant shall be deemed to represent that the Participant 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 Participant violates the Restrictive Covenants prior to any
payment under this Award Agreement, the Award hereunder may be cancelled by the Company. In the
event that the Participant violates the Restrictive Covenants following any payment under this
Award Agreement, the Company may require the Participant to return to the Company any Common Shares
issued hereunder in respect of any vested Share Units and to refund any cash paid in respect of any
Dividend Equivalent Rights accrued hereunder, in such manner and on such terms and conditions as
may be required by the Committee.

D. Injunctive Relief. The Participant acknowledges and agrees that the Restrictive
Covenant provisions of this Section 8 are reasonable and necessary for the successful operation of
the Companies. The Participant further acknowledges that if the Participant 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 Award Agreement relating to the Award for a breach of the Restrictive Covenants including,
without limitation, the right to cancel the Award and the right to require the Participant to
return to the Company any Common Shares issued hereunder in respect of any vested Share Units and
to refund any cash paid in respect of any Dividend Equivalent Rights accrued hereunder. 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 Participant 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. Award Subject to Plan. The Award is subject to the terms of the Plan, the
terms and provisions of which are hereby incorporated 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.

Section 10. Changes in Capitalization. The Award shall be subject to the provisions
of Section 3.2 of the Plan relating to adjustments for changes in corporate capitalization.

Section 11. No Right of Employment. Nothing in this Award Agreement shall confer upon
the Participant any right to continue as an employee of the Company or any Subsidiary nor to
interfere in any way with the right of the Company or any Subsidiary to terminate the Participant’s
employment at any time or to change the terms and conditions of such employment.

Section 12. Governing Law. This Award 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.

IN WITNESS WHEREOF, the Company and the Participant have executed this Award Agreement
effective as of the date first above written.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By:      

Name:

Title:

PARTICIPANT

     

Name:EX-10.6

PLATINUM UNDERWRITERS HOLDINGS, LTD.

RESTRICTED SHARE AWARD AGREEMENT

RESTRICTED SHARE AWARD AGREEMENT (this “Agreement”), dated as of      , 20     (the “Date
of Grant”), between Platinum Underwriters Holdings, Ltd., a Bermuda corporation (the “Company”) and
     (the “Grantee”). Capitalized terms used herein but not defined shall have the
meanings attributed to them in the Company’s 2002 Share Incentive Plan (the “Plan”).

Pursuant to the Plan, the Company has authorized the execution and delivery of this Agreement.
A copy of the Plan as in effect on the Date of Grant has been supplied to the Grantee, and the
Grantee hereby acknowledges receipt thereof.

Section 1. Restricted Share Award. The Company grants to the Grantee, on the
terms and conditions hereinafter set forth, a restricted share award with respect to      shares
of the common stock of the Company, par value $.01 per share (the “Restricted Shares”).

Section 2. Vesting of Restricted Shares. Subject to Section 3 hereof, the
Restricted Shares shall become vested and nonforfeitable based on the continued employment of the
Grantee with the Company or a Subsidiary in accordance with the following vesting schedule:

	 	 	 	 	 
	Vesting Date	 	Number of Shares 

Section 3. Termination of Employment. If the Grantee’s employment with the
Company or any Subsidiary is terminated prior to the occurrence of any otherwise applicable vesting
date provided in Section 2 hereof, the Grantee shall (i) forfeit his interest in the Restricted
Shares that have not yet become vested, (ii) assign, transfer, and deliver any certificates
evidencing ownership of such shares to the Company, and (iii) cease for all purposes to be a
stockholder with respect to such shares. Notwithstanding the foregoing, if the Grantee’s
employment is terminated by the Grantee for “Good Reason” or by the Company or any of its
Subsidiaries without “Cause”, or as a result of the Grantee’s death or “Disability” (as defined in
the Employment Agreement), then the transfer restrictions and forfeiture conditions imposed
hereunder on any unvested Restricted Shares shall immediately lapse and all such unvested
Restricted Shares shall become fully vested without regard to the vesting requirements set forth in
Section 2 hereof.

Section 4. Rights as a Stockholder. Subject to the otherwise applicable
provisions of this Agreement, the Grantee will have all rights of a stockholder with respect to the
Restricted Shares granted to the Grantee hereunder, including the right to vote the shares and
receive all dividends and other distributions paid or made with respect thereto.

Section 5. Restrictions on Transfer. Neither this Agreement nor any
Restricted Shares covered hereby may be sold, assigned, transferred, encumbered, hypothecated or
pledged by the Grantee, otherwise than to the Company, unless as of the date of any such sale,
assignment, transfer, encumbrance, hypothecation or pledge, such Restricted Shares to be thus
disposed of have become vested in accordance with Section 2 hereof. The certificate or
certificates representing shares delivered pursuant to this Agreement shall bear a legend referring
to the nontransferability or assignability of such shares pursuant to this Section, and a
stop-transfer order against such certificate or certificates will be placed by the Company with its
transfer agents and registrars. At the discretion of the Committee, in lieu of issuing a stock
certificate to the Grantee, the Company may hold the Restricted Shares in escrow during the period
such shares remain subject to the vesting restrictions and other restrictions provided hereunder.

Section 6. Investment Representation. Upon acquisition of Restricted Shares
at a time when there is not in effect a registration statement under the Securities Act of 1933
relating to the Common Shares, the Grantee hereby represents and warrants, and by virtue of such
acquisition shall be deemed to represent and warrant, to the Company that the Restricted 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 Grantee 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 Restricted Shares shall
be acquired unless and until the Company and/or the Grantee 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 Grantee 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 7. Changes in Common Shares. If there shall occur any
recapitalization, reclassification, stock dividend, extraordinary dividend, stock split, reverse
stock split, or other distribution with respect to the Common Shares, or any merger,
reorganization, consolidation 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
Grantee and consistent with the terms of the Plan, cause an adjustment in (i) the number and kind
of shares subject to the Award and (ii) any other terms of the Award that are affected by the
event.

Section 8. Restrictive Covenants. The effectiveness of this Agreement is
conditioned upon the Grantee 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 Grantee or to
which the Grantee is subject.

A. Nondisclosure of Confidential Information. The Grantee acknowledges that during
the course of the Grantee’s employment with the Company and/or its Subsidiaries (collectively, the
“Companies”) the Grantee 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 Grantee hereby
agrees and acknowledges that the Grantee 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 hereof,
either during or after the Grantee’s employment with any of the Companies, the Grantee 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 Grantee’s duties to
the Companies (provided the Grantee is acting in good faith and in the best interests of the
Companies) or as may be required by law or judicial process. The Grantee 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 Grantee will return to the Companies all Confidential
Information in the Grantee’s possession or under the Grantee’s control whenever any of the
Companies shall so request, and in any event will promptly return all such Confidential Information
if the Grantee’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 Grantee should be
treated as confidential.

B. Nonsolicitation of Employees. The Grantee agrees that for a period beginning on
the date hereof and ending 12 months following the date of the Grantee’s termination of employment
with the Companies for any reason, the Grantee shall not, on the Grantee’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 the acceptance of the Common Shares by the Grantee
following the vesting of such Common Shares hereunder, the Grantee shall be deemed to represent
that the Grantee 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 Grantee violates the
Restrictive Covenants prior to the vesting of any of the Common Shares granted under this
Agreement, the Award hereunder may be cancelled by the Company. In the event that the Grantee
violates the Restrictive Covenants following the vesting of any of the Common Shares granted under
this Agreement, the Company may require the Grantee to return to the Company any of the Common
Shares granted hereunder, in such manner and on such terms and conditions as may be required by the
Committee.

D. Injunctive Relief. The Grantee acknowledges and agrees that the Restrictive
Covenant provisions of this Section 8 are reasonable and necessary for the successful operation of
the Companies. The Grantee further acknowledges that if the Grantee 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 Award for a breach of the Restrictive Covenants including, without limitation, the
right to cancel the Award and the right to require the Grantee to return to the Company any of the
Common Shares granted hereunder. 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 Grantee 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. No Right of Continued Service. Nothing in this Agreement shall
confer upon the Grantee any right to continue as an employee of the Company or any Subsidiary or to
interfere in any way with any right of the Company to terminate the Grantee’s employment at any
time.

Section 10. Section 83(b) Election; Withholding. The Grantee may make an
election under Section 83(b) of the Code with respect to the grant of Restricted Shares by filing a
copy of such election with the Company within 30 days of the Date of Grant. If the Grantee makes
such an election, the grant of Restricted Shares shall be conditioned upon the prompt payment by
the Grantee to the Company of an amount equal to the applicable federal, state and local income
taxes and other amounts required by law to be withheld (the “Withholding Taxes”) in connection with
such election. If the Grantee does not make an election under Section 83(b) of the Code with
respect to the grant of Restricted Shares, the Grantee shall pay to the Company the Withholding
Taxes upon the lapse of the vesting restrictions, and the lapse of the restrictions shall be
conditioned upon the prior payment of the applicable Withholding Taxes by the Grantee.

Section 11. Binding Effect. This Agreement shall be binding upon and inure to
the benefit of the legatees, distributees, and personal representatives of the Grantee and the
successors of the Company.

Section 12. Notices. All notices or other communications which are required
or permitted hereunder shall be deemed sufficient if contained in a written instrument given by
personal delivery, telex, telecopier, telegram, air courier or registered or certified mail,
postage prepaid, return receipt requested, addressed to such party at the address set forth below
or such other address as may thereafter be designated in a written notice from such party to the
other party:

if to the Company, to:

Platinum Underwriters Holdings, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM 08, Bermuda

if to the Grantee, to:

The address maintained in the Company’s records

All such notices, advances and communications shall be deemed to have been delivered and received
(a) in the case of personal delivery, on the date of such delivery, (b) in the case of telecopier,
upon receipt of machine confirmation, and (c) in the case of mailing, on the third business day
following such mailing.

Section 13. Construction. The construction of this Agreement is vested in the
Committee, and the Committee’s construction shall be final and conclusive.

Section 14. Governing Law. This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York, excluding the choice of law rules thereof.

Section 15. Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed to be an original but all of which together shall constitute one and
the same instrument.

Section 16. Entire Agreement. This Agreement and the Plan constitute the
entire agreement between the parties with respect to the subject matter hereof and thereof, merging
any and all prior agreements.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Date of Grant.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By:

Name:

Title:

GRANTEE

By:

Name:

2

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