Document:

Form of Employee Restricted Stock Unit Agreement

 Exhibit 10.2 

AXIS CAPITAL HOLDINGS LIMITED 

2007 LONG-TERM EQUITY COMPENSATION PLAN 

Employee Restricted Stock Unit Agreement 

You (the “Participant”) have been granted an award of Restricted Stock Units (the “Award”) with a value based on
ordinary shares, par value $0.0125 per share (“Shares”), of AXIS Capital Holdings Limited, a Bermuda company (the “Company”), pursuant to the AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan (the
“Plan”). The date of grant of the Award (the “Award Date”) and the number of Restricted Stock Units subject to the Award (the “Award Units”) are as set forth in your restricted stock unit account maintained on the Smith
Barney Benefit Access website or such other website as may be designated by the Committee (“Benefit Access”). This Award constitutes an unfunded and unsecured promise of the Company to deliver (or cause to be delivered to you) on the terms
and conditions set forth herein the Award Units. 
 By your acceptance of the grant of the Award on Benefit Access, you agree
that the Award is granted under and governed by the terms and conditions of the Plan and this Restricted Stock Unit Agreement (the “Agreement”). 
  

	1.	GRANT OF RESTRICTED STOCK UNITS. 

(a) Award. On the terms and conditions set forth in this Agreement, the Company hereby grants to the Participant on the Award Date
the Award. 
 (b) Plan and Defined Terms. The Award is granted pursuant to the Plan, a copy of which the Participant
acknowledges having received. The terms and provisions of the Plan are incorporated into this Agreement by this reference. All capitalized terms that are used in this Agreement and not otherwise defined herein shall have the meanings ascribed to
them in the Plan. 
  

	2.	PERIOD OF RESTRICTION. 

(i) The Restricted Stock Units subject to the Award shall be restricted during the period (the “Period of Restriction”)
commencing on the Award Date and expiring on the first to occur of: 
 (a) The vesting of the Award Units.
The Award Units shall vest in four equal installments on the first, second, third and fourth anniversary of the Grant Date; provided, that if the Award Units are not evenly devisable by four, then no fractional units shall vest or be exercised and
the installments shall be as equal as possible with any smaller installments vesting first; 
 (b) The
Participant’s death or permanent Disability; or 

 (c) The date of the Participant’s termination without Cause or termination for
Good Reason, in each case, within 24 months following a Change in Control. 
 (d) Definitions. As used herein, the
following terms shall have the meanings set forth below: 
 1) “Cause” shall have the meaning set forth in the
Participant’s employment agreement with the Company, if any, or in the absence of an employment agreement definition shall mean (A) any act or omission which constitutes a material breach by the Participant of the terms of his or her
employment, (B) the Participant’s conviction of a felony or commission of any act which would rise to the level of a felony, (C) the Participant’s conviction or commission of a lesser crime or offense that adversely impacts or
potentially could impact upon the business or reputation of the Company and/or affiliates and subsidiaries in a material way, (D) the Participant’s willful violation of specific lawful directives of the Company, (E) the
Participant’s commission of a dishonest or wrongful act involving fraud, misrepresentation, or moral turpitude causing damage or potential damage to the Company and/or its affiliates and subsidiaries, (F) the Participant’s willful
failure to perform a substantial part of the Participant’s duties or (G) the Participant’s breach of fiduciary duty. 

(2) “Good Reason” shall have the meaning set forth in the Participant’s employment agreement with the Company, if
any, or in the absence of an employment agreement definition shall mean (A) the scope of the Participant’s position, authority or duties with the Company is materially adversely changed, (B) the Participant’s compensation is not
paid or is materially reduced or there is a material adverse change in the Participant’s employee benefits or (C) the Participant is required by the Company to relocate to a place more than 50 miles from the Participant’s current
place of employment; provided that, in each case, “Good Reason” shall not exist unless the Participant provides the Company with written notice of the Participant’s intent to terminate employment as a result of such event,
providing the specific reasons therefore, and the Company does not make the necessary corrections within thirty days of receipt of the Participant’s written notice, following which the Participant may terminate his or her employment for
“Good Reason” within the ten days following expiration of such thirty day notice period. 
 (iii) Absent subsequent Committee
action, the Award Units will not automatically vest upon the Participant’s Retirement. 
 (iii) Notwithstanding the foregoing, to
the extent that the Participant is party to an employment agreement with the Company that provides for vesting of the Participant’s restricted stock units on an accelerated or otherwise more favorable basis as compared to the terms set forth in
this Section 3, then the Award Units shall vest pursuant to the terms set forth in such employment agreement. 

	3.	ISSUANCE OF AWARD UNITS. 

Subject to the Participant’s continued employment with the Company during the Period of Restriction, the Company shall deliver to the
Participant promptly following the close of the Period of Restriction the Award Units. In the event that the Participant’s employment terminates for any reason prior to close of the Period of Restriction (except as described in
Section 2(b)), the Award will immediately terminate and the Company will have no further obligation or liability to the Participant. Subject to Section 4, any Award Units issued to the Participant generally shall have the rights and
privileges of a shareholder of the Company as to such Units. 
  

	4.	RESTRICTIONS, VOTING RIGHTS AND DIVIDEND EQUIVALENTS. 

(a) Restrictions. The Award may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated at any time.

 (b) Voting Rights. Prior to the delivery of Award Units pursuant to this Agreement, the Participant shall not be
entitled to exercise any voting rights with respect to the Restricted Stock Units (or the Award Units) and, except as provided in Section 4(c), shall not be entitled to receive dividends or other distributions with respect to the Award Units.

 (c) Dividend Equivalents. Dividend equivalents may be paid to the Participant with respect to the Award Units during
the Period of Restriction as determined from time to time by the Committee. Any dividend equivalents paid with respect to the Award Units during the Period of Restriction will be held by the Company, or a depository appointed by the Committee, for
the Participant’s account, and interest may be paid on the amount of cash dividend equivalents held at a rate and subject to such terms as may be determined by the Committee. All cash or share dividend equivalents so held, and any interest so
paid, shall be payable at the same time as the Award Units are delivered as set forth in Section 3 and shall be forfeited and shall not be paid in the event the Award is terminated as set forth in Section 3. 

(d) Leaves of Absence. For any purpose under this Agreement, employment shall be deemed to continue while the Participant is on a
bona fide leave of absence, if such leave was approved by the Company in writing and if continued crediting of employment for such purpose is expressly required by the terms of such leave or by applicable law (as determined by the Company).

  

	5.	RESTRICTIONS ON TRANSFER. 

(a) Transfer Restrictions. Regardless of whether the offering and sale of Units under the Plan have been registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”) or otherwise, the Company, in its sole discretion, may impose restrictions upon the sale, pledge or other transfer of such Award Units (including the placement of appropriate
legends on stock certificates or the imposition of stop-transfer instructions) if, in the judgment of the Company, such restrictions are necessary or desirable in order to achieve compliance with the Company’s Bye-Laws, the Securities Act, the
U.S. Securities Exchange Act of 1934, as amended, the securities laws of any country or state or any other applicable law, rule or regulation. 

 (b) Legends. All certificates evidencing Award Units issued under this Agreement
shall bear such restrictive legends as are required or deemed advisable by the Company under the provisions of any applicable law, rule or regulation (including to reflect any restrictions to which you may be subject under any applicable securities
laws). If, in the opinion of the Company and its counsel, any legend placed on a stock certificate representing Award Units issued under this Agreement is no longer required, the holder of such certificate shall be entitled to exchange such
certificate for a certificate representing the same number of Units but without such legend. 
  

	6.	MISCELLANEOUS PROVISIONS. 

(a) Bye-Laws. All Units acquired pursuant to this Agreement shall be subject to any applicable restrictions contained in the
Company’s Bye-Laws. 
 (b) No Retention Rights. Nothing in this Agreement or in the Plan shall confer upon the
Participant any right to continue employment for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Company or any Affiliate employing or retaining the Participant or of the Participant, which rights
are hereby expressly reserved by each, to terminate his or her employment at any time and for any reason, with or without Cause. 

(c) Notice. Any notice required by the terms of this Agreement shall be given in writing and shall be deemed effective upon
delivery by hand, upon delivery by reputable express courier or, if the recipient is located in the United States, upon deposit with the United States Postal Service, by registered or certified mail, with postage and fees prepaid. Notice shall be
addressed to the Company at its principal executive office and to the Participant at the address that he or she most recently provided in writing to the Company. 

(d) Choice of Law. This Agreement shall be governed by, and construed in accordance with, the laws of Bermuda. 

(e) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. 
 (f) Modification or Amendment. This Agreement may be
amended or modified by the Committee; provided that any amendment or modification that would adversely effect the Participant’s rights with respect to the Award must be made by written agreement executed by the parties hereto; and
provided, that the adjustments permitted pursuant to Sections 4(b) and 7(c) of the Plan may be made without such written agreement. 

(g) Severability. In the event any provision of this Agreement shall be held illegal or invalid for any reason, the illegality or
invalidity shall not affect the remaining provisions of this Agreement, and this Agreement shall be construed and enforced as if such illegal or invalid provision had not been included.Exhibit 10.12

 Exhibit 10.12 

SEVERANCE AGREEMENT 

THIS SEVERANCE AGREEMENT entered into this
11th day of May, 2010 (the “Effective Date”) by
and between The Patapsco Bank (the “Bank”) and Philip Phillips (the “Employee”). 
 WHEREAS, the Employee
has heretofore been employed by the Bank as an officer; and 
 WHEREAS, the Bank deems it to be in its best interest to enter
into this Agreement as additional incentive to the Employee to continue as an officer of the Bank; and 
 WHEREAS, the parties
desire by this writing to set forth their understanding as to their respective rights and obligations in the event of termination of Employee’s employment under the circumstances set forth in this Agreement. 

NOW, THEREFORE, it is AGREED as follows: 
  

	1.	Change in Control 

(a)        Payment in the Event of Change in Control. (1) If the Employee’s
employment is terminated by the Bank, without the Employee’s prior written consent and for a reason other than Just Cause (as defined in Section 2(a) hereof), in connection with or within twelve (12) months after any change in control
of the Bank or Patapsco Bancorp, Inc. (the “Company”), the Employee shall, subject to paragraph (2) of this Section 1(a), be paid an amount equal to two times his base salary and bonus paid in the prior calendar year, but in no
event greater than the difference between (i) the product of 2.99 times his “base amount” as defined in Section 280G(b)(3) of the Internal Revenue Code of 1986, as amended (the “Code”) and regulations promulgated
thereunder (the “Maximum Amount”), and (ii) the sum of any other parachute payments (as defined under Section 280G(b)(2) of the Code) that the Employee receives on account of the change in control. Said sum shall be paid in one
lump sum within ten (10) days of such termination. 
 (2)        In the event that
the Employee and the Bank jointly determine and agree that the total parachute payments receivable under clauses (i) and (ii) of Section l(a)(1) hereof exceed the Maximum Amount, notwithstanding the payment procedure set forth in Section
l(a)(1) hereof, the Employee shall determine which and how much, if any, of the parachute payments to which he is entitled shall be eliminated or reduced so that the total parachute payments to be received by the Employee do not exceed the Maximum
Amount. If the Employee does not make his determination within ten business days after receiving a written request from the Bank, the Bank may make such determination, and shall notify the Employee promptly thereof. Within five business days of the
earlier of the Bank’s receipt of the Employee’s determination pursuant to this paragraph or the Bank’s determination in lieu of a determination by the Employee, the Bank shall pay to or distribute to or for the benefit of the Employee
such amounts as are then due the Employee under this Agreement. 
 (3)        As a
result of uncertainty in application of Section 280G of the Code at the time of payment hereunder, it is possible that such payments will have been made by the Bank which should not have been made (“Overpayment”) or that additional
payments will not have been made by the Bank which should have been made (“Underpayment”), in each case, consistent with the calculations required to be made under Section 1(a)(1) hereof. In the event that the Employee, based upon the
assertion by the Internal Revenue Service against the Employee of a deficiency which the Employee believes has a high probability of success, determines that an Overpayment has been made, any such Overpayment paid or distributed by the Bank to or
for the benefit of Employee shall be treated for all purposes as a loan ab initio, which the Employee shall repay to the Bank together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code;
provided, however, that no such loan shall be deemed to have been made and no amount shall be payable by the Employee to the Bank if and to the extent such deemed loan and payment would not either reduce the amount on which the Employee is subject
to tax under Section 1 and Section 4999 of the Code or generate a refund of such taxes. In the event that the Employee and the Bank determine, based upon controlling precedent or other substantial authority, that an Underpayment has
occurred, any such Underpayment shall be promptly paid by the Bank to or for the benefit of the Employee together with interest at the applicable federal rate provided for in Section 7872(f)(2)(B) of the Code. 

(4)        “Change in Control” shall mean any one of the following events: (1) the
acquisition of ownership, holding or power to vote more than 25% of the Bank’s or the Company’s voting stock, (2) the acquisition of the ability to control the election of a majority of the Bank’s or the Company’s directors,
(3) the acquisition of a 

 
controlling influence over the management or policies of the Bank or the Company by any person or by persons acting as a “group” (within the meaning of Section 13(d) of the
Securities Exchange Act of 1934) (provided that in the case of (1), (2) and (3) hereof, ownership or control of the Bank by the Company itself shall not constitute a “change in control”), or (4) during any period of two
consecutive years, individuals (the “Continuing Directors”) who at the beginning of such period constitute the Board of Directors of the Company or the Bank (the “Existing Board”) cease for any reason to constitute at least
two-thirds thereof, provided that any individual whose election or nomination for election as a member of the Existing Board was approved by a vote of at least two-thirds of the Continuing Directors then in office shall be considered a Continuing
Director. For purposes of this subparagraph only, the term “person” refers to an individual or a corporation, partnership, trust, Bank, joint venture, pool, syndicate, sole proprietorship, unincorporated organization or any other form of
entity not specifically listed herein. The decision of the Bank’s non-employee directors as to whether a change in control has occurred shall be conclusive and binding. 

(b) Change in Control; Termination for Good Reason. Notwithstanding any other provision of this Agreement to the contrary, with
advance written notice to the Bank as provided for below, the Employee may terminate his employment under this Agreement for Good Reason within twelve (12) months of a Change in Control (as defined in paragraph (a)(4) of this Section 1,
and the Employee shall thereupon be entitled to receive the payment described in Sections 1(a)(1) and 1(a)(2) of this Agreement. For purposes of this Agreement, a voluntary termination by the Employee shall be considered a termination with Good
Reason if the conditions stated in both clauses (1) and (2) are satisfied – 

(1)        a voluntary termination by the Employee shall be considered a voluntary termination
with Good Reason if any of the following occur without the Employee’s advance written consent, and the term Good Reason shall mean the occurrence of any of the following without the Employee’s advance written consent – 

(i)        a material diminution of the Employee’s base compensation, 

(ii)        a material diminution of the Employee’s authority, duties, or responsibilities,

 (iii)        a material diminution in the authority, duties, or responsibilities of
the supervisor to whom the Employee is required to report, or 
 (iv)        a
requirement that the Employee move his personal residence of or perform his principal executive functions by more than fifteen (15) linear miles from his primary office. 

(2)        the Employee must give notice to the Bank of the existence of one or more of the
conditions described in clause (1) within ninety (90) days after the initial existence of the condition, and the Bank shall have thirty (30) days thereafter to remedy the condition. 

(c)        Compliance with 12 U.S.C. Section 1828(k). Any payments made to the
Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C. Section 1828(k) and any regulations promulgated thereunder. 

(d)        Term. This Agreement shall remain in effect for the period commencing on the
Effective Date and ending on the earlier of (i) the date twelve (12) months after the Effective Date, and (ii) the date on which the Employee terminates employment with the Bank; provided that the Employee’s rights hereunder
shall continue following the termination of this employment with the Bank under any of the circumstances described in Section 1(a) or (b) hereof. Additionally, on each anniversary date from the Effective Date, the term of this Agreement
shall be extended for an additional one-year period beyond the then effective expiration date, provided that the Employee is elected an officer of the Bank at the meeting of the Bank’s Board of Directors held on the date of the Company’s
annual meeting of stockholders called for the purpose of electing the officer position which the Employee holds. 
  

	2.	Termination or Suspension Under Federal Law. 

(a)        Termination for “Just Cause” shall mean termination because of, in the good
faith determination of the Bank’s Board of Directors, the Employee’s personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation
of any law, rule 
  

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or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement. The Employee shall have no right to
receive compensation or other benefits for any period after termination for Just Cause. No act, or failure to act, on the Employee’s part shall be considered “willful” unless he has acted, or failed to act, with an absence of good
faith and without a reasonable belief that his action or failure to act was in the best interest of the Bank. 

(b)        If the Employee is removed and/or permanently prohibited from participating in the
conduct of the Bank’s affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) or (g)(1)), all obligations of the Bank under this Agreement shall terminate, as of
the effective date of the order, but the vested rights of the parties shall not be affected. 

(c)        If the Bank is in default (as defined in Section 3(x)(1) of the FDIA), all
obligations under this Agreement shall terminate as of the date of default; however, this Paragraph shall not affect the vested rights of the parties. 

(d)        All obligations under this Agreement shall terminate, except to the extent that
continuation of this Agreement is necessary for the continued operation of the Bank as determined by: (i) the appropriate federal banking agency at the time that the Federal Deposit Insurance Corporation enters into an agreement to provide
assistance to or on behalf of the Bank under the authority contained in Section 13(c) of the FDIA; or (ii) by the appropriate federal banking agency at the time it approves a supervisory merger to resolve problems related to operation of
the Bank or when the Bank is determined by the appropriate federal banking agency to be in an unsafe or unsound condition. Such action shall not affect any vested rights of the parties. 

(e)        If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C.
1818(e)(3) and (g)(1)) suspends and/or temporarily prohibits the Employee from participating in the conduct of the Bank’s affairs, the Bank’s obligations under this Agreement shall be suspended as of the date of such service, unless stayed
by appropriate proceedings. If the charges in the notice are dismissed, the Bank shall (i) pay the Employee all or part of the compensation withheld while its contract obligations were suspended, and (ii) reinstate (in whole or in part)
any of its obligations which were suspended. 
 (f)        The terms of this
Section 2 shall prevail over any other provisions of this Agreement. 
  

	3.	Expense Reimbursement. 

In the event that any dispute arises between the Employee and the Bank as to the terms or interpretation of this Agreement, whether
instituted by formal legal proceedings or otherwise, including any action that the Employee takes to enforce the terms of this Agreement or to defend against any action taken by the Bank or the Company, the Employee shall be reimbursed for all costs
and expenses, including reasonable attorneys’ fees, arising from such dispute, proceedings or actions, provided that the Employee shall obtain a final judgment in favor of the Employee in a court of competent jurisdiction or in binding
arbitration under the rules of the American Arbitration Bank. Such reimbursement shall be paid within ten (10) days of Employee’s furnishing to the Bank and the Company written evidence, which may be in the form, among other things, of a
cancelled check or receipt, of any costs or expenses incurred by the Employee. 
  

	4.	Successors and Assigns. 

(a)        This Agreement shall inure to the benefit of and be binding upon any corporate or
other successor of the Bank or Company which shall acquire, directly or indirectly, by merger, consolidation, purchase or otherwise, all or substantially all of the assets or stock of the Bank or Company. 

(b)        Since the Bank is contracting for the unique and personal skills of the Employee, the
Employee shall be precluded from assigning or delegating his rights or duties hereunder without first obtaining the written consent of the Bank. 

5.      Amendments. No amendments or additions to this Agreement shall be binding unless made in writing and signed
by all of the parties, except as herein otherwise specifically provided. 
 6.      Applicable Law. Except
to the extent preempted by Federal law, the laws of the State of Maryland shall govern this Agreement in all respects, whether as to its validity, construction, capacity, performance or otherwise. 

 

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 7.      Severability. The provisions of this Agreement shall be deemed
severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. 

8.      Entire Agreement. This Agreement, together with any understanding or modifications thereof as agreed to in
writing by the parties, shall constitute the entire agreement between the parties hereto. 
 9.      Internal
Revenue Code Section 409A. The Bank and the Employee intend that their exercise of authority or discretion under this Agreement shall comply with Section 409A of the Code. If any provision of this Agreement does not satisfy the
requirements of Section 409A of the Code, the provision shall be applied in a manner consistent with those requirements, despite any contrary provision of this Agreement. If any provision of this Agreement would subject the Employee to
additional tax or interest under Section 409A of the Code, the Bank shall reform the provision. However, the Bank shall maintain to the maximum extent practicable the original intent of the applicable provision without subjecting the Employee
to additional tax or interest, and the Bank shall not be required to incur any additional compensation expense as a result of the reformed provision. References in this Agreement to Section 409A of the Code include rules, regulations, and
guidance of general application issued by the Department of the Treasury under Section 409A of the Code. 
 IN WITNESS WHEREOF, the parties
have executed this Agreement on the day and year first hereinabove written. 
  

							
	ATTEST:	 		 	THE PATAPSCO BANK
				
	 /s/ Nicole N. Glaeser
	 	 	 	By:	 	 /s/ Thomas P. O’Neill

	Secretary	 		 		 	Its Chairman of the Board
			
	WITNESS:	 		 	EMPLOYEE
			
	  
	 	 	 	 /s/ Philip Phillips

		 		 	Philip Phillips

  

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