Document:

EX-10.2

EXHIBIT 10.2

PLATINUM UNDERWRITERS HOLDINGS, LTD.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08 Bermuda

July 22, 2010

Mr. Michael E. Lombardozzi

Platinum Underwriters Holdings, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08 Bermuda

Dear Michael:

I am writing this letter (this “Letter Agreement”) to amend and restate the letter
agreement between you and Platinum Underwriters Holdings, Ltd., a Bermuda company
(“Platinum”), dated November 1, 2005.

	 	1.	 	Term of Employment.

Your employment hereunder commenced on November 1, 2005 (the “Effective Date”) and
will terminate on August 31, 2011 in accordance with Section 10(e) hereof, unless earlier
terminated in accordance with Sections 10(a), 10(b) and 10(c) hereof. Such employment period shall
hereinafter be referred to as the “Term.”

	 	2.	 	Title and Duties.

During the Term, you will serve as Executive Vice President, General Counsel and Chief
Administrative Officer of Platinum. You will have such duties and responsibilities and power and
authority as those normally associated with such positions, plus any additional duties and
responsibilities or power and authority assigned to you by the Chief Executive Officer, the
Chairman of the Board or the Board of Directors of Platinum.

	 	3.	 	Base Salary.

You are receiving, and will continue to receive during the Term, a minimum base salary
(“Base Salary”) at an annual rate of US$500,000, payable in cash in accordance with
Platinum’s payroll practices as in effect from time to time. Your Base Salary shall be reviewed
annually by the Chief Executive Officer of Platinum and the Compensation Committee of the Board of
Directors of Platinum (the “Committee”).

	 	4.	 	Annual Bonus.

During each calendar year of the Term, you will be eligible for an annual performance bonus
(“Annual Bonus”) pursuant to the terms of Platinum’s Amended and Restated Annual Incentive
Plan (the “AIP”). Your Annual Bonus will have an incentive target equal to 100% of Base
Salary (the “Target Bonus”) with the range of bonus payout to be from 0% to 200% of Base
Salary, depending upon the achievement of performance objectives established under the AIP. Your
Annual Bonus will be paid in accordance with the terms of the AIP following the end of the
applicable fiscal year, subject to such terms and conditions as the Committee shall require and in
such form as determined by the Committee.

	 	5.	 	Executive Incentive Plan Awards.

During the Term, you will be a participant in Platinum’s Amended and Restated Executive
Incentive Plan (the “EIP”). On or prior to February 28 of each calendar year during the
Term, you will be eligible for an award under the EIP (each, an “EIP Award”) of that number
of share units under the EIP equal to 100% of your Base Salary divided by the Fair Market Value (as
defined in the 2010 Share Incentive Plan) of a Common Share (as defined below) on the date of grant
of such EIP Award, with a Performance Cycle (as defined in the EIP) of three years. The actual
amount, terms and conditions and the form of payment of any EIP Award will be determined by the
Committee in its sole discretion, in accordance with the terms of the EIP. In the event that your
employment is terminated by Platinum without Cause or by you for Good Reason during the Term, you
shall be entitled to receive payment in respect of each EIP Award on a prorated basis based on your
period of service with Platinum and the performance levels achieved by Platinum for the Performance
Cycle as of the end of the fiscal quarter following the termination of your employment with
Platinum, provided that such payment shall be conditioned upon compliance with Section 14 hereof.
The terms and conditions, including the date and the form of payment, of each EIP Award shall be
determined by the Committee in its sole discretion, in accordance with the terms of the EIP and the
award agreement reflecting such EIP Award.

	 	6.	 	Share Ownership Guidelines.

Prior to the date hereof, you had achieved your required share ownership level of 50,000
common shares, par value US$0.01 per share, of Platinum (the “Common Shares”) under the
Share Ownership Guidelines adopted by the Board of Directors of Platinum (the
“Guidelines”). You shall be required to maintain such level during the Term, subject to
certain exceptions as set forth in the Guidelines.

	 	7.	 	Employee Benefits.

During the Term, you will be eligible to participate in the employee benefit plans and
arrangements that are generally available to senior executives of Platinum, subject to the terms
and conditions of such plans and arrangements. The Board of Directors of Platinum reserves the
right to amend or terminate any employee benefit plan or arrangement at any time, and to adopt any
new plan or arrangement.

	 	8.	 	Platinum Expatriate Benefits.

During the Term, Platinum will reimburse you and your family for first-class roundtrip air
travel to the United States on up to four occasions per year (prorated for any partial calendar
year during the Term), and will provide you with a housing and living allowance of US$40,000 per
month and a car allowance of US$700 per month. You will be responsible for any tax liability
associated with these payments.

	 	9.	 	Business Expenses.

During the Term, Platinum will reimburse you for all reasonable expenses incurred by you in
carrying out your duties and responsibilities under this Letter Agreement in accordance with its
policies for senior executives in effect from time to time.

	 	10.	 	Termination of Employment.

(a) Termination for Good Reason or Without Cause. If you terminate your employment
during the Term for Good Reason or if your employment is terminated during the Term by Platinum
without Cause, (i) you will receive a lump sum cash payment equal to the sum of (A) one year’s Base
Salary and Target Bonus and (B) any earned but unpaid Base Salary and other amounts (including
reimbursable expenses and any vested amounts or benefits under Platinum’s employee benefit plans or
arrangements) accrued or owing through the date of effectiveness of such termination under the
terms of the applicable arrangement; and (ii) all unvested equity awards will vest in accordance
with their respective terms except as otherwise set forth herein. Payment and vesting of any
amount under this Section 10(a) shall be subject to the provisions of Sections 13 and 14 hereof.

(b) Termination Other than for Good Reason; Termination for Cause. If you terminate
your employment during the Term other than for Good Reason or if your employment is terminated by
Platinum during the Term for Cause, all equity awards will be forfeited in accordance with their
respective terms or as determined by the Committee, and you will receive no further payments,
compensation or benefits under this Letter Agreement, except you will receive, upon the
effectiveness of such termination, any earned but unpaid Base Salary and other amounts (including
reimbursable expenses and any vested amounts or benefits under Platinum’s employee benefit plans or
arrangements) accrued or owing through the date of effectiveness of such termination under the
terms of the applicable arrangement.

(c) Death or Disability. Upon the termination of your employment during the Term on
account of your death or “Disability” (as defined below), (i) you or your beneficiaries will
receive (A) a pro-rata portion through the date of effectiveness of such termination of your Target
Bonus for the year of termination and (B) any earned but unpaid Base Salary and other amounts
(including reimbursable expenses and any vested amounts or benefits under Platinum’s employee
benefit plans or arrangements) accrued or owing through the date of effectiveness of such
termination under the terms of the applicable arrangement; and (ii) all unvested equity awards will
vest in accordance with their respective terms except as otherwise set forth herein. Payment and
vesting of any amount under this Section 10(c) shall be subject to the provisions of Sections 13
and 14 hereof.

(d) Definitions.

(i) Cause. For purposes of this Letter Agreement, “Cause” means (A)
your willful and continued failure to substantially perform your duties hereunder; (B) your
conviction of, or plea of guilty or nolo contendere to, a felony or other crime involving
moral turpitude; (C) your engagement in any malfeasance or fraud or dishonesty of a
substantial nature in connection with your position with Platinum or any of its
subsidiaries, or other willful act that materially damages the reputation of Platinum or
any of its subsidiaries; (D) your breach of any restrictive covenants in Section 11 hereof
or in any option or other award agreement between you and Platinum; or (E) the sale,
transfer or hypothecation by you during the Term of Common Shares in violation of the
Guidelines; provided, however, that no such act, failure to act or event
shall be treated as “Cause” under this Letter Agreement unless you have been provided a
detailed, written statement of the basis for Platinum’s belief that such act, failure to
act or event constitutes “Cause” and have had at least thirty (30) days after receipt of
such statement to take corrective action. For purposes of this Section 10(d)(i), no act or
failure to act will be considered “willful” unless it is done, or failed to be done, in bad
faith, and without reasonable belief that the act or failure to act was in the best
interest of Platinum.

(ii) Good Reason. For purposes of this Letter Agreement, “Good
Reason” means, without your express written consent, (A) Platinum reduces your Base
Salary or your Target Bonus; (B) Platinum reduces the scope of your duties,
responsibilities or authority; (C) you are required to report to anyone other than the
Chief Executive Officer, the Chairman of the Board or the Board of Directors of Platinum;
(D) you are required to be principally based other than in Platinum’s offices in Bermuda;
or (E) Platinum breaches Section 10(e) or any other material provision of this Letter
Agreement; provided, however, that if you voluntarily consent to any
reduction or change described above in lieu of exercising your right to resign for Good
Reason and deliver such consent to Platinum in writing, then such reduction or change shall
not constitute “Good Reason” hereunder, but you shall have the right to resign for Good
Reason under this Letter Agreement as a result of any subsequent reduction or change
described above.

(iii) Disability. For purposes of this Letter Agreement, “Disability”
means a termination of your employment by Platinum, if you have been rendered incapable of
performing your duties by reason of any medically determined physical or mental impairment
that can be expected to result in death or that can be expected to last for a period of
either (A) six or more consecutive months from the first date of your absence due to the
disability or (B) nine or more months during any twelve-month period.

(e) Employment with Platinum Administrative Services, Inc. Provided that your
employment has not been earlier terminated in accordance with Sections 10(a), 10(b) or 10(c)
hereof, (i) your employment with Platinum shall terminate on August 31, 2011, (ii) you shall
thereafter be employed by Platinum’s wholly-owned subsidiary Platinum Administrative Services, Inc.
(“PASI”), and (iii) Platinum shall cause PASI to execute and deliver to you, and you shall
execute and deliver to PASI, the letter agreement attached hereto as Exhibit B on such date, at
which time this Letter Agreement shall terminate with no further force or effect. The parties
hereto hereby acknowledge and agree that the occurrence of the events described in this
Section 10(e) does not constitute “Cause” or “Good Reason” under this Letter Agreement or
“Termination of Employment” under any equity awards which have been or will be granted to you by
Platinum or any equity award agreements to which you and Platinum are or will be parties.

	 	11.	 	Covenants.

In exchange for the remuneration outlined above, in addition to providing services to Platinum
as set forth in this Letter Agreement, you agree to the following covenants, which you agree are
intended to survive the Term and any termination or expiration of this Letter Agreement:

(a) Confidentiality. During the period of your employment and for all periods
following any termination of your employment for any reason, you will keep confidential any trade
secrets and confidential or proprietary information of Platinum (and its subsidiaries and
affiliates) which are now known to you or which hereafter may become known to you as a result of
your employment or association with Platinum, and will not at any time, directly or indirectly,
disclose any such information to any person, firm or corporation, or use the same in any way other
than in connection with the business of Platinum (or its subsidiaries or affiliates) during, and at
all times after, the termination of your employment. For purposes of this Letter Agreement, “trade
secrets and confidential or proprietary information” means information unique to Platinum (or its
subsidiaries or affiliates) which has a significant business purpose and is not known or generally
available from sources outside Platinum (or its subsidiaries or affiliates) or typical of industry
practice, but shall not include any of the foregoing (i) information that becomes a matter of
public record or is published in a newspaper, magazine or other periodical available to the general
public, other than as a result of any act or omission by you or (ii) information that is required
to be disclosed by any law, regulation or order of any court or regulatory commission, department
or agency, provided that you give prompt notice of such requirement to Platinum to enable Platinum
(or its subsidiaries or affiliates) to seek an appropriate protective order or confidential
treatment.

(b) Non-Solicitation. You further covenant that during the term of your employment
with Platinum and during the fifteen-month period following termination of such employment for any
reason, you will not, without the prior written consent of Platinum, directly or indirectly, hire,
or cause to be hired by an enterprise with which you may ultimately become associated, any senior
executive of Platinum (or its subsidiaries or affiliates) at the time of termination of your
employment with Platinum (defined for such purposes to include executives to whom you report, that
report directly to you or that report directly to such executives that report directly to you).

(c) Enforcement. You acknowledge that if you breach any provision of this Section 11,
Platinum (or its subsidiaries or affiliates) will suffer irreparable injury. It is therefore
agreed that Platinum (or its subsidiaries or affiliates) shall have the right to enjoin any such
breach, without posting any bond, if permitted by a court of the applicable jurisdiction. You
hereby waive the adequacy of a remedy at law as a defense to such relief. The existence of this
right to injunctive, or other equitable relief, shall not limit any other rights or remedies which
Platinum (or its subsidiaries or affiliates) may have at law or in equity including, without
limitation, the right to monetary, compensatory and punitive damages. You acknowledge and agree
that the provisions of this Section 11 are reasonable and necessary for the successful operation of
Platinum. In the event an arbitrator or a court of competent jurisdiction determines that you have
breached your obligations in any material respect under this Section 11, Platinum, in addition to
pursuing all available remedies under this Letter Agreement, at law or otherwise, and without
limiting its right to pursue the same shall cease all payments to you under this Letter Agreement.
If any provision of this Section 11 is determined by a court of competent jurisdiction to be not
enforceable in the manner set forth in this Letter Agreement, you and Platinum 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 provisions of this Section 11 are held to be invalid or
unenforceable, such invalidation or unenforceability shall not affect the validity or
enforceability of any other provision of this Letter Agreement (or any portion thereof).

	 	12.	 	Miscellaneous Provisions.

(a) All compensation paid to you under this Letter Agreement shall be subject to all
applicable income tax, employment tax and all other federal, state and local tax withholdings and
deductions.

(b) This Letter Agreement constitutes the entire agreement between you and Platinum with
respect to the subject matter hereof and supercedes any and all prior agreements or understandings
between you and Platinum or any of its subsidiaries or affiliates with respect to the subject
matter hereof, whether written or oral. This Letter Agreement may not be amended or terminated
without the prior written consent of you and Platinum.

(c) This Letter Agreement may be executed in any number of counterparts which together will
constitute but one agreement.

(d) This Letter Agreement will be binding on and inure to the benefit of our respective
successors and, in your case, your heirs and other legal representatives. Other than as provided
herein, the rights and obligations described in this Letter Agreement may not be assigned by either
party without the prior written consent of the other party.

(e) Subject to Section 11(c) of this Letter Agreement, all disputes arising under or related
to this Letter Agreement will be settled by arbitration under the Commercial Arbitration Rules of
the American Arbitration Association then in effect as the sole and exclusive remedy of either
party. Such arbitration shall be held in New York City. Any judgment on the award rendered by
such arbitration may be entered in any court having jurisdiction over such matters. Each party’s
costs and expenses of such arbitration, including reasonable attorney fees and expenses, shall be
borne by such party, unless you are, in whole, and not in part, the prevailing party in the award
entered in such arbitration, in which case, all such costs and expenses shall be borne by Platinum.

(f) All notices under this Letter Agreement will be in writing and will be deemed effective
when delivered in person, or five (5) days after deposit thereof in the mails, postage prepaid, for
delivery as registered or certified mail, addressed to the respective party at the address set
forth below or to such other address as may hereafter be designated by like notice. Unless
otherwise notified as set forth above, notice will be sent to each party as follows:

Michael E. Lombardozzi, to:

The address maintained in Platinum’s records

Platinum, to:

Platinum Underwriters Holdings, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM 08, Bermuda

Attention: Chief Executive Officer

In lieu of personal notice or notice by deposit in the mail, a party may give notice by confirmed
fax or e-mail, which will be effective upon receipt.

(g) This Letter Agreement will be governed by and construed and enforced in accordance with
the laws of the State of New York without reference to rules relating to conflict of laws.

(h) This Letter Agreement supercedes any inconsistent provisions of any plan or arrangement
that would otherwise be applicable to you to the extent such provisions would limit any rights
granted to you hereunder or expand any restrictions imposed on you hereby.

(i) To the extent that the terms “Cause” and “Good Reason” are used in the Nonqualified Share
Option Agreement effective November 1, 2005 (the “Option Agreement”) or the EIP Share Unit
Award Agreements dated as of February 23, 2009 and February 22, 2010 (the “EIP Award
Agreements”), or any other award agreements, between you and the Company, such award agreements
shall be deemed to be amended so that such terms shall have the meanings given thereto in this
Letter Agreement or in any other employment agreement between you and the Company as may be in
effect from time to time.

	 	13.	 	Section 409A and Section 457A.

(a) Subject to any delay required by Section 13(b) hereof, all payments or vesting rights
provided under Sections 10(a) and 10(c) hereof shall be paid or vest on the date that is sixty (60)
days following your “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)); provided, however, that the timing of payments governed by a separate
award agreement shall be determined by such award agreement.

(b) To the extent applicable, the provisions of this Letter Agreement and any payments made
pursuant hereto are intended to comply with, and should be interpreted consistent with, the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and any related regulations or other effective guidance promulgated thereunder (collectively,
“Section 409A”), and Section 457A of the Code and any related regulations or other
effective guidance promulgated thereunder (collectively, “Section 457A”). The time or
schedule of a payment to which you are entitled under this Letter Agreement may be accelerated at
any time that this Letter Agreement fails to meet the requirements of Section 409A and any such
payment will be limited to the amount required to be included in your income as a result of the
failure to comply with Section 409A. If an amendment of the Letter Agreement is necessary in order
for it to comply with Section 409A or Section 457A, the parties hereto will negotiate in good faith
to amend the Letter Agreement in a manner that preserves the original intent of the parties to the
extent reasonably possible. Notwithstanding any provision in this Letter Agreement to the
contrary, if you are a “specified employee” (within the meaning of Section 409A) on the date of
your “separation from service,” then with regard to any payment or benefit that is considered
“deferred compensation” under Section 409A payable on account of a “separation from service” that
is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code (after taking into account
any applicable exceptions to such requirement), such payment or benefit shall not be paid or
commence to be paid on any date prior to the first business day after the date that is six months
following your “separation from service.” The first payment that can be made shall include the
cumulative amount of any amounts that could not be paid during such six-month period.
Notwithstanding the foregoing, a payment delayed pursuant to the preceding two sentences shall
commence earlier in the event of your death prior to the end of the six-month period.
Notwithstanding any provision in this Letter Agreement to the contrary, for purposes of any
provision of this Letter Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment that are considered “deferred compensation” under Section
409A, references to your “termination of employment” (and corollary terms) with Platinum shall be
construed to refer to your “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)) with Platinum.

(c) With respect to any reimbursement or in-kind benefit arrangements of Platinum or under
this Letter Agreement that constitute “deferred compensation” for purposes of Section 409A, except
as otherwise permitted by Section 409A, the following conditions shall be applicable: (i) the
amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in one
calendar year may not affect the amount eligible for reimbursement, or in-kind benefits to be
provided, under such arrangement in any other calendar year (except that the health and dental
plans may impose a limit on the amount that may be reimbursed or paid), (ii) any reimbursement must
be made on or before the last day of the calendar year following the calendar year in which the
expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit.

(d) Whenever a payment under this Letter Agreement specifies a payment period with reference
to a number of days (e.g., “payment shall be made within 30 days after termination of employment”),
the actual date of payment within the specified period shall be within the sole discretion of
Platinum. Whenever payments under this Letter Agreement are to be made in installments, each such
installment shall be deemed to be a separate payment for purposes of Section 409A.

	 	14.	 	Release.

All payments and benefits provided under Sections 5, 10(a) or 10(c) hereof shall be
conditioned upon you (or if applicable, your estate, heirs or legal representatives) executing and
honoring a Full and Complete Waiver, Release and Agreement substantially in the form attached
hereto as Exhibit A (the “Release”). Further, if the Release is not executed, valid and
irrevocable prior to the date a payment or benefit would be due or vest under Section 13(a) hereof,
then such payment or benefit shall be forfeited.

1

If this Letter Agreement correctly reflects your understanding, please sign and return one
copy to me for Platinum’s records.

Platinum Underwriters Holdings, Ltd.

By: /s/ Michael D. Price

Michael D. Price

President and Chief Executive Officer

The above Letter Agreement correctly reflects our understanding, and I hereby confirm my agreement
to the same as of the date first above written.

/s/ Michael E. Lombardozzi

Michael E. Lombardozzi

EXHIBIT A

FULL AND COMPLETE WAIVER, RELEASE

AND AGREEMENT

(this “Release”)

I, Michael E. Lombardozzi, in consideration of the benefits provided in my amended and
restated employment agreement with Platinum Underwriters Holdings, Ltd., dated July 22, 2010, (the
“Employment Agreement”) for myself and my heirs, executors, administrators and assigns, do
hereby knowingly and voluntarily release and forever discharge Platinum Underwriters Holdings,
Ltd., and its subsidiaries, affiliates predecessors, successors, agents and representatives
(collectively, the “Companies”) and their respective current and former directors, officers
and employees from, and covenant not to sue or proceed against any of the foregoing on the basis
of, any and all claims, actions and causes of action upon or by reason of any matter arising out of
my employment by the Companies and the cessation of said employment, and including, but not limited
to, any alleged violation of those federal, state and local laws prohibiting employment
discrimination based on age, sex, race, color, national origin, religion, disability, veteran or
marital status, sexual orientation, or any other protected trait or characteristic, or retaliation
for engaging in any protected activity, including, without limitation, the Age Discrimination in
Employment Act of 1967, 29 U.S.C. 621 et seq. (the “ADEA”), as amended by the Older Workers
Benefit Protection Act, P.L. 101-433, the Equal Pay Act of 1963, 9 U.S.C. 206 et seq., Title VII of
the Civil Rights Act of 1964, as amended, 42 U.S.C. 2000e et seq., the Civil Rights Act of 1866, 42
U.S.C. 1981, the Civil Rights Act of 1991, 42 U.S.C. 1981a, the Americans with Disabilities Act, 42
U.S.C. 12101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. 791 et seq., the Family and Medical
Leave Act of 1993, 28 U.S.C. 2601 and 2611 et seq., the New York State and New York City Human
Rights Laws, and equivalent provisions under Bermuda law (including, without limitation, the
Employment Act 2000 and the Human Rights Act 1981), whether KNOWN OR UNKNOWN, fixed or contingent,
which I ever had, now have, or may have, or which I, my heirs, executors, administrators or assigns
hereafter can, shall or may have, from the beginning of time through the date on which I sign this
Full and Complete Waiver, Release and Agreement (this “Release”), including, without
limitation, those arising out of or related to my employment or separation from employment with the
Companies (collectively, the “Released Claims”). I specifically waive the benefit of any
statute or rule of law which, if applied to this Release, would otherwise exclude from its binding
affect any claims not now known by me to exist. This Release does not purport to waive (i) claims
arising under these laws after the date of this Release or any claims for breach of this Release,
(ii) claims relating to post-termination benefits provided under the terms of the Employment
Agreement or (iii) any claims to post-termination benefits under the terms of any employee benefit
plan of the Companies.

I further agree, promise and covenant that, to the maximum extent permitted by law, neither I
nor any person, organization, or other entity acting on my behalf has filed or will file any
complaint, charge, claim or suit or cause or permit to be filed, charged or claimed, any action for
damages or other relief (including injunctive, declaratory, monetary or other relief) against the
Companies or any other releasee involving any matter occurring in the past up to the date of this
Release, or involving or based upon any claims, demands, causes of action, obligations, damages or
liabilities which are the subject of this Release. This Release shall not affect any rights I may
have under the Older Workers Benefit Protection Act to have a judicial determination of the
validity of this Release and does not purport to limit any right I may have to file a charge under
the ADEA or other civil rights statute or to participate in an investigation or proceeding
conducted by the Equal Employment Opportunity Commission or other investigative agency. This
Release does, however, waive and release any right to recover damages under the ADEA or other civil
rights statute.

I hereby warrant and represent that I have made no sale, assignment, or other transfer, or
attempted sale, assignment, or other transfer, of any of the Released Claims. I fully understand
and agree that:

	 	1.	 	This Release is in exchange for the Benefits, to which I would otherwise not
be entitled;

	 	2.	 	I am hereby advised to consult and have had the opportunity to consult with
an attorney before signing this Release;

	 	3.	 	I have twenty-one (21) days from my receipt of this Release within which to
consider whether or not to sign it;

	 	4.	 	I have seven (7) days following my signature of this Release to revoke the
Release; and

	 	5.	 	This Release shall not become effective or enforceable until the revocation
period of seven (7) days has expired.

If I choose to revoke this Release, I must do so by notifying Platinum Underwriters Holdings,
Ltd. in writing. This written notice of revocation must be faxed and mailed by first class mail
within the seven (7) day revocation period and addressed as follows:

Platinum Underwriters Holdings, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM 08 Bermuda

Attention: General Counsel

Fax: 441-295-4605

With a copy to:

Dewey & LeBoeuf LLP

1301 Avenue of the Americas

New York, New York 10019

Attention: Linda E. Ransom, Esq.

Fax: 212-259-6333

This Release is the complete understanding between me and the Companies in respect of the
subject matter of this Release and supersedes all prior agreements relating to the same subject
matter. I have not relied upon any representations, promises or agreements of any kind except
those set forth herein in signing this Release.

In the event that any provision of this Release should be held to be invalid or unenforceable,
each and all of the other provisions of this Release shall remain in full force and effect. If any
provision of this Release is found to be invalid or unenforceable, such provision shall be modified
as necessary to permit this Release to be upheld and enforced to the maximum extent permitted by
law. This Release is to be governed by and construed and enforced in accordance with the laws of
the State of New York without reference to rules relating to conflict of laws. This Release inures
to the benefit of the Companies and their successors and assigns. I have carefully read this
Release, fully understand each of its terms and conditions, and intend to abide by this Release in
every respect. As such, I knowingly and voluntarily sign this Release.

     

Michael E. Lombardozzi

Dated:       

EXHIBIT B

PLATINUM ADMINISTRATIVE SERVICES, INC.

2 World Financial Center

225 Liberty Street

Suite 2300

New York, New York 10281-1008

September 1, 2011

Mr. Michael E. Lombardozzi

Platinum Underwriters Holdings, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08 Bermuda

Dear Michael:

I am writing this letter (this “Letter Agreement”) to confirm the terms and conditions
of your employment with Platinum Administrative Services, Inc. (“PASI”) effective as of the
date hereof (the “Effective Date”). This Letter Agreement supersedes the amended and
restated letter agreement between you and PASI’s parent company, Platinum Underwriters Holdings,
Ltd., a Bermuda company (“Holdings”), dated July 22, 2010 (the “Prior Agreement”)
as of the Effective Date, and the Prior Agreement is hereby terminated with no further force or
effect.

	 	1.	 	Term of Employment.

Your employment hereunder will commence on the Effective Date and, subject to termination as
provided in Section 9, shall end on the second anniversary of the Effective Date; provided that, on
the second anniversary and each anniversary thereafter, the term of your employment hereunder shall
automatically be extended by an additional year unless PASI or you give the other party written
notice, at least 90 days prior to such anniversary, that PASI has determined or you have determined
that the term shall not be so extended. Such employment period, as extended, shall hereinafter be
referred to as the “Term.”

	 	2.	 	Title and Duties.

(a) During the Term, you will serve as Chief Executive Officer and Chief Legal Officer of
PASI. You will have such duties and responsibilities and power and authority as those normally
associated with such positions, plus any additional duties and responsibilities or power and
authority assigned to you by the Board of Directors of PASI or, in his supervisory capacity, the
Chief Executive Officer of Holdings.

(b) You will be principally based in the offices of PASI located in Stamford, Connecticut.
From time to time you will be required to travel to the corporate headquarters of Holdings located
in Bermuda or such other location as the Board of Directors of Holdings shall establish for
Holdings’ corporate headquarters, and to travel to the offices of PASI located in New York,
New York.

	 	3.	 	Base Salary.

During the Term, PASI will pay you a minimum base salary (“Base Salary”) at an annual
rate of $500,000, payable in cash in accordance with PASI’s payroll practices as in effect from
time to time. Your Base Salary shall be reviewed annually.

	 	4.	 	Annual Bonus.

During each calendar year of the Term, you shall be eligible for an annual performance bonus
(“Annual Bonus”) pursuant to the terms of Holdings’ Amended and Restated Annual Incentive
Plan (the “AIP”). Your Annual Bonus shall have an incentive target equal to 100% of Base
Salary (the “Target Bonus”). You will be eligible for an Annual Bonus equal to the Target
Bonus multiplied by the “Performance Bonus Multiplier” as defined in the AIP (the “Formula
Bonus Amount”); provided, however, that the Compensation Committee of the Board
of Directors of Holdings (the “Committee”) will, in its sole discretion, determine the
actual Annual Bonus paid to you. The Performance Bonus Multiplier shall be a percentage, ranging
from 0% to 200%, depending on the “Performance Goals” relative to the “Performance Criteria,” as
such terms are defined in the AIP, all as established by the Committee for all participants in the
AIP. Your Annual Bonus shall be paid in accordance with the terms of the AIP following the end of
the calendar year to which it relates, subject to such terms and conditions as the Committee shall
require. Pursuant to the terms of the AIP, payment of your Annual Bonus shall be made in cash,
restricted share units or a combination thereof, as may be determined by the Committee in its sole
discretion at the time of payment. Notwithstanding the foregoing or anything in the AIP to the
contrary, as long as you are in compliance with the Share Ownership Guidelines adopted by the Board
(as they may be amended from time to time by the Board, the “Guidelines”), the Annual Bonus
shall be paid 100% in cash.

	 	5.	 	Executive Incentive Plan Awards.

During the Term, you will be a participant in Holdings’ Amended and Restated Executive
Incentive Plan (the “EIP”). On or prior to February 28 of each calendar year of the Term,
you will be eligible for an award under the EIP (each, an “EIP Award”) of that number of
share units under the EIP equal to 100% of your Base Salary divided by the Fair Market Value (as
defined in the 2010 Share Incentive Plan) of a Common Share (as defined below) on the date of grant
of such EIP Award, with a Performance Cycle (as defined in the EIP) of three years. The actual
amount, terms and conditions and the form of payment of any EIP Award will be determined by the
Committee in its sole discretion, in accordance with the terms of the EIP.

	 	6.	 	Share Ownership Guidelines.

Prior to the date hereof, you had achieved your required share ownership level of 50,000
common shares, par value $0.01 per share, of Holdings (the “Common Shares”) under the
Guidelines. You shall be required to maintain such level during the Term, subject to certain
exceptions as set forth in the Guidelines.

	 	7.	 	Employee Benefits.

(a) During the Term, you will be eligible to participate in the employee benefit plans and
arrangements that are generally available to senior executives of PASI and Holdings, subject to the
terms and conditions of such plans and arrangements. The Boards of Directors of PASI and Holdings
reserve the right to amend or terminate any employee benefit plan or arrangement at any time, and
to adopt any new plan or arrangement.

(b) In connection with the commencement of your employment by PASI hereunder, PASI shall
reimburse you up to a maximum of $50,000 for the costs and expenses incurred by you (including duty
taxes) in connection with the relocation of your family from Bermuda. You shall be responsible for
any tax liability associated with any reimbursements under this Section 7(b).

	 	8.	 	Business Expenses.

During the Term, PASI will reimburse you for all reasonable expenses incurred by you in
carrying out your duties and responsibilities under this Letter Agreement in accordance with its
policies for senior executives as in effect from time to time.

	 	9.	 	Termination of Employment.

(a) Termination for Good Reason or Without Cause. If you terminate your employment
during the Term for Good Reason or if your employment is terminated during the Term by PASI without
Cause, (i) you will receive a lump sum cash payment equal to the sum of (A) one year’s Base Salary
and Target Bonus and (B) any earned but unpaid Base Salary and other amounts (including
reimbursable expenses and any vested amounts or benefits under the employee benefit plans or
arrangements of PASI and Holdings) accrued or owing through the date of effectiveness of such
termination under the terms of the applicable arrangement; (ii) all unvested equity awards will
vest in accordance with their respective terms except as otherwise set forth herein; (iii) you will
receive a prorated Annual Bonus for the calendar year in which the termination of your employment
occurred (the “AIP Payment”) equal to the Formula Bonus Amount for such calendar year
multiplied by a fraction the numerator of which is the number of days of your service with the
Platinum Group in such calendar year and the denominator of which is 365; and (iv) you will receive
a payment in respect of each outstanding EIP Award in accordance with the terms thereof. Payment
and vesting of any amount under this Section 9(a) shall be subject to the provisions of Sections 12
and 13 hereof.

(b) Termination Other than for Good Reason; Termination for Cause.

(i) If you terminate your employment during the Term other than for Good Reason or if
your employment is terminated by PASI during the Term for Cause, all equity awards will be
forfeited in accordance with their respective terms or as determined by the Committee, and
you will receive no further payments, compensation or benefits under this Letter Agreement,
except you will receive, upon the effectiveness of such termination, any earned but unpaid
Base Salary and other amounts (including reimbursable expenses and any vested amounts or
benefits under the employee benefit plans or arrangements of PASI and Holdings) accrued or
owing through the date of effectiveness of such termination under the terms of the
applicable arrangement.

(ii) Notwithstanding the foregoing Section 9(b)(i), if you terminate your employment
upon the expiration of the Term (other than for Good Reason) in accordance with the notice
provision of Section 1 hereof, (i) you will receive any earned but unpaid Base Salary and
other amounts (including reimbursable expenses and any vested amounts or benefits under the
employee benefit plans or arrangements of PASI and Holdings) accrued or owing through the
date of effectiveness of such termination under the terms of the applicable arrangement;
(ii) you will receive a prorated Annual Bonus for the period from January 1 through
August 31 of the year of such termination in cash in an amount equal to 8/12ths of the
Formula Bonus Amount for such year, subject to modification in the sole discretion of the
Committee (the “Prorated Bonus Payment”); (iii) you will receive a payment in
respect of each outstanding EIP Award on a prorated basis based on your period of service
with the Platinum Group and the performance levels achieved by Holdings for the Performance
Cycle as of the end of the fiscal quarter preceding the termination of your employment with
PASI, provided that the terms and conditions, including the date and the form of payment,
of each EIP Award shall be determined by the Committee in its sole discretion, in
accordance with the terms of the EIP and the award agreement reflecting such EIP Award; and
(iv) you hereby agree to be subject to Section 10(c) hereof. Payment and vesting of any
amount under this Section 9(b)(ii) shall be subject to the provisions of Section 12 and 13
hereof.

(c) Death or Disability. Upon the termination of your employment during the Term on
account of your death or “Disability” (as defined below), (i) you or your beneficiaries will
receive upon the effectiveness of such termination (A) a pro-rata portion through the date of
effectiveness of such termination of your Target Bonus for the year of termination and (B) any
earned but unpaid Base Salary and other amounts (including reimbursable expenses and any vested
amounts or benefits under the employee benefit plans or arrangements of PASI and Holdings) accrued
or owing through the date of effectiveness of such termination under the terms of the applicable
arrangement; and (ii) all unvested equity awards will vest in accordance with their respective
terms except as otherwise set forth herein. Payment and vesting of any amount under this Section
9(c) shall be subject to the provisions of Sections 12 and 13 hereof.

(d) Definitions.

(i) Cause. For purposes of this Letter Agreement, “Cause” means (A)
your willful and continued failure to substantially perform your duties hereunder; (B) your
conviction of, or plea of guilty or nolo contendere to, a felony or other crime involving
moral turpitude; (C) your engagement in any malfeasance or fraud or dishonesty of a
substantial nature in connection with your position with the Platinum Group, or other
willful act that materially damages the reputation of the Platinum Group; (D) your breach
of any restrictive covenants in Section 10 hereof or in any option or other award agreement
between you and PASI; or (E) the sale, transfer or hypothecation by you during the Term of
Common Shares in violation of the Guidelines; provided, however, that no
such act, failure to act or event shall be treated as “Cause” under this Letter Agreement
unless you have been provided a detailed, written statement of the basis for PASI’s belief
that such act, failure to act or event constitutes “Cause” and have had at least thirty
(30) days after receipt of such statement to take corrective action. For purposes of this
Section 9(d)(i), no act or failure to act will be considered “willful” unless it is done,
or failed to be done, in bad faith, and without reasonable belief that the act or failure
to act was in the best interest of PASI.

(ii) Good Reason. For purposes of this Letter Agreement, “Good
Reason” means, without your express written consent, (A) PASI reduces your Base Salary
or your Target Bonus; (B) PASI reduces the scope of your duties, responsibilities or
authority; (C) you are required to report to anyone other than the Board of Directors of
PASI or the Chief Executive Officer of Holdings; (D) you are required to be principally
based more than 35 miles from the Stamford Transportation Center (located at 490 Washington
Boulevard in Stamford, Connecticut); (E) PASI breaches any other material provision of this
Letter Agreement; or (F) PASI elects not to extend the Term as provided herein;
provided, however, that if you voluntarily consent to any reduction or
change described above in lieu of exercising your right to resign for Good Reason and
deliver such consent to PASI in writing, then such reduction or change shall not constitute
“Good Reason” hereunder, but you shall have the right to resign for Good Reason under this
Letter Agreement as a result of any subsequent reduction or change described above.

(iii) Disability. For purposes of this Letter Agreement, “Disability”
means a termination of your employment by PASI, if you have been rendered incapable of
performing your duties by reason of any medically determined physical or mental impairment
that can be expected to result in death or that can be expected to last for a period of
either (A) six or more consecutive months from the first date of your absence due to the
disability or (B) nine or more months during any twelve-month period.

(iv) The Platinum Group. For purposes of this Letter Agreement, the
“Platinum Group” means Holdings and its direct and indirect subsidiaries, or any of
the foregoing, as they may exist from time to time.

	 	10.	 	Covenants.

In exchange for the remuneration outlined above, in addition to providing services to PASI as
set forth in this Letter Agreement, you agree to the following covenants, which you agree are
intended to survive the Term and any termination or expiration of this Letter Agreement:

(a) Confidentiality. During the period of your employment and for all periods
following any termination of your employment for any reason, you will keep confidential any trade
secrets and confidential or proprietary information of the Platinum Group which are now known to
you or which hereafter may become known to you as a result of your employment or association with
the Platinum Group, and will not at any time, directly or indirectly, disclose any such information
to any person, firm or corporation, or use the same in any way other than in connection with the
business of the Platinum Group during, and at all times after, the termination of your employment.
For purposes of this Letter Agreement, “trade secrets and confidential or proprietary information”
means information unique to the Platinum Group which has a significant business purpose and is not
known or generally available from sources outside the Platinum Group or typical of industry
practice, but shall not include any of the foregoing (i) information that becomes a matter of
public record or is published in a newspaper, magazine or other periodical available to the general
public, other than as a result of any act or omission by you or (ii) information that is required
to be disclosed by any law, regulation or order of any court or regulatory commission, department
or agency, provided that you give prompt notice of such requirement to PASI to enable the Platinum
Group to seek an appropriate protective order or confidential treatment.

(b) Non-Solicitation. You further covenant that during the term of your employment
with the Platinum Group and during the fifteen-month period following termination of such
employment for any reason, you will not, without the prior written consent of PASI, directly or
indirectly, hire, or cause to be hired by an enterprise with which you may ultimately become
associated, any employee of PASI (or its subsidiaries or affiliates) whose annual compensation
exceeds $100,000.

(c) Non-Competition. In the event that you terminate your employment with PASI
pursuant to Section 9(b)(ii) hereof, you shall not, without the prior written consent of the Board
of Directors of Holdings, during the one-year period following termination of your employment with
PASI, directly or indirectly, engage in, hold an interest in, own, manage, operate, control,
direct, be connected with as a stockholder (other than as a holder of less than two percent (2%) of
a publicly-traded security), joint venturer, partner, consultant or employee, or otherwise engage
or participate in or be connected in any manner with, (i) any reinsurance business (ii) any
business directly engaged in the sale of derivatives used primarily as an alternative to
reinsurance, or (iii) any insurance business that competes with any insurance business engaged in
by the Platinum Group or in which the Platinum Group have plans to engage, in either case at the
time of the termination of your employment.

(d) Enforcement. You acknowledge that if you breach any provision of this Section 10,
the Platinum Group will suffer irreparable injury. It is therefore agreed that the Platinum Group
shall have the right to enjoin any such breach, without posting any bond, if permitted by a court
of the applicable jurisdiction. You hereby waive the adequacy of a remedy at law as a defense to
such relief. The existence of this right to injunctive, or other equitable relief, shall not limit
any other rights or remedies which the Platinum Group may have at law or in equity including,
without limitation, the right to monetary, compensatory and punitive damages. You acknowledge and
agree that the provisions of this Section 10 are reasonable and necessary for the successful
operation of the Platinum Group. In the event an arbitrator or a court of competent jurisdiction
determines that you have breached your obligations in any material respect under this Section 10,
PASI, in addition to pursuing all available remedies under this Letter Agreement, at law or
otherwise, and without limiting its right to pursue the same shall cease all payments to you under
this Letter Agreement. If any provision of this Section 10 is determined by a court of competent
jurisdiction to be not enforceable in the manner set forth in this Letter Agreement, you and PASI
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 provisions of this Section 10 are held to be
invalid or unenforceable, such invalidation or unenforceability shall not affect the validity or
enforceability of any other provision of this Letter Agreement (or any portion thereof).

	 	11.	 	Miscellaneous Provisions.

(a) All compensation paid to you under this Letter Agreement shall be subject to all
applicable income tax, employment tax and all other federal, state and local tax withholdings and
deductions.

(b) This Letter Agreement constitutes the entire agreement between you and PASI with respect
to the subject matter hereof and supersedes any and all prior agreements or understandings between
you and the Platinum Group with respect to the subject matter hereof, whether written or oral,
including, without limitation, the Prior Agreement, which is hereby terminated with no further
force or effect. This Letter Agreement may not be amended or terminated without the prior written
consent of you and PASI.

(c) This Letter Agreement may be executed in any number of counterparts which together will
constitute but one agreement.

(d) This Letter Agreement will be binding on and inure to the benefit of our respective
successors and, in your case, your heirs and other legal representatives. Other than as provided
herein, the rights and obligations described in this Letter Agreement may not be assigned by either
party without the prior written consent of the other party.

(e) Subject to Section 10(d) of this Letter Agreement, all disputes arising under or related
to this Letter Agreement will be settled by arbitration under the Commercial Arbitration Rules of
the American Arbitration Association then in effect as the sole and exclusive remedy of either
party. Such arbitration shall be held in New York City. Any judgment on the award rendered by
such arbitration may be entered in any court having jurisdiction over such matters. Each party’s
costs and expenses of such arbitration, including reasonable attorney fees and expenses, shall be
borne by such party, unless you are, in whole, and not in part, the prevailing party in the award
entered in such arbitration, in which case, all such costs and expenses shall be borne by PASI.

(f) All notices under this Letter Agreement will be in writing and will be deemed effective
when delivered in person, or five (5) days after deposit thereof in the mails, postage prepaid, for
delivery as registered or certified mail, addressed to the respective party at the address set
forth below or to such other address as may hereafter be designated by like notice. Unless
otherwise notified as set forth above, notice will be sent to each party as follows:

Michael E. Lombardozzi, to:

The address maintained in PASI’s records.

PASI, to:

Platinum Administrative Services, Inc.

2 World Financial Center

225 Liberty Street

Suite 2300

New York, New York 10281-1008

Attention: Board of Directors of Platinum Administrative Services, Inc. and Chief
Executive Officer of Platinum Underwriters Holdings, Ltd.

In lieu of personal notice or notice by deposit in the mail, a party may give notice by confirmed
fax or e-mail, which will be effective upon receipt.

(g) This Letter Agreement will be governed by and construed and enforced in accordance with
the laws of the State of New York without reference to rules relating to conflict of laws.

(h) This Letter Agreement supercedes any inconsistent provisions of any plan or arrangement
that would otherwise be applicable to you to the extent such provisions would limit any rights
granted to you hereunder or expand any restrictions imposed on you hereby.

To the extent that the terms “Cause” and “Good Reason” are used in the Nonqualified Share Option
Agreement effective November 1, 2005 or the EIP Share Unit Award Agreements dated as of
February 23, 2009 and February 22, 2010, or

(i) any other award agreements, between you and the Platinum Group, such award agreements
shall be deemed to be amended so that such terms shall have the meanings given thereto in this
Letter Agreement or in any other employment agreement between you and the Platinum Group as may be
in effect from time to time.

	 	12.	 	Section 409A.

(a) Subject to any delay required by Section 12(b) hereof, all payments or vesting rights
provided under Sections 9(a), 9(b(ii) and 9(c) hereof shall be paid or vest on the date that is
sixty (60) days following your “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)); provided, however, that (i) the timing of payments governed by a
separate award agreement shall be determined by such award agreement, and (ii) any payment pursuant
to the terms of the AIP (including the AIP Payment and the Prorated Bonus Payment) shall in all
events be made in the calendar year immediately following the calendar year in which the bonus was
earned.

(b) To the extent applicable, the provisions of this Letter Agreement and any payments made
pursuant hereto are intended to comply with, and should be interpreted consistent with, the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and any related regulations or other effective guidance promulgated thereunder (collectively,
“Section 409A”). The time or schedule of a payment to which you are entitled under this
Letter Agreement may be accelerated at any time that this Letter Agreement fails to meet the
requirements of Section 409A and any such payment will be limited to the amount required to be
included in your income as a result of the failure to comply with Section 409A. If an amendment of
the Letter Agreement is necessary in order for it to comply with Section 409A, the parties hereto
will negotiate in good faith to amend the Letter Agreement in a manner that preserves the original
intent of the parties to the extent reasonably possible. Notwithstanding any provision in this
Letter Agreement to the contrary, if you are a “specified employee” (within the meaning of Section
409A) on the date of your “separation from service,” then with regard to any payment or benefit
that is considered “deferred compensation” under Section 409A payable on account of a “separation
from service” that is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code (after
taking into account any applicable exceptions to such requirement), such payment or benefit shall
not be paid or commence to be paid on any date prior to the first business day after the date that
is six months following your “separation from service.” The first payment that can be made shall
include the cumulative amount of any amounts that could not be paid during such six-month period.
Notwithstanding the foregoing, a payment delayed pursuant to the preceding two sentences shall
commence earlier in the event of your death prior to the end of the six-month period.
Notwithstanding any provision in this Letter Agreement to the contrary, for purposes of any
provision of this Letter Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment that are considered “deferred compensation” under Section
409A, references to your “termination of employment” (and corollary terms) with PASI shall be
construed to refer to your “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)) with PASI.

(c) With respect to any reimbursement or in-kind benefit arrangements of PASI that constitute
“deferred compensation” for purposes of Section 409A, except as otherwise permitted by Section
409A, the following conditions shall be applicable: (i) the amount eligible for reimbursement, or
in-kind benefits provided, under any such arrangement in one calendar year may not affect the
amount eligible for reimbursement, or in-kind benefits to be provided, under such arrangement in
any other calendar year (except that the health and dental plans may impose a limit on the amount
that may be reimbursed or paid), (ii) any reimbursement must be made on or before the last day of
the calendar year following the calendar year in which the expense was incurred, and (iii) the
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another
benefit.

(d) Whenever a payment under this Letter Agreement specifies a payment period with reference
to a number of days (e.g., “payment shall be made within 30 days after termination of employment”),
the actual date of payment within the specified period shall be within the sole discretion of PASI.
Whenever payments under this Agreement are to be made in installments, each such installment shall
be deemed to be a separate payment for purposes of Section 409A.

	 	13.	 	Release.

All payments and benefits provided under Sections 4(ii), 5, 9(a), 9(b)(ii) or 9(c) hereof
shall be conditioned upon you (or if applicable, your estate, heirs or legal representatives)
executing and honoring a Full and Complete Waiver, Release and Agreement substantially in the form
attached hereto as Exhibit 1 (the “Release”). Further, if the Release is not executed,
valid and irrevocable prior to the date a payment or benefit would be due or vest under
Section 12(a) hereof, then such payment or benefit shall be forfeited.

2

If this Letter Agreement correctly reflects your understanding, please sign and return one
copy to me for PASI’s records.

Platinum Administrative Services, Inc.

By:

                                               
     

Name:

Title:

Platinum Underwriters Holdings, Ltd. hereby agrees to cause its wholly owned subsidiary Platinum
Administrative Services, Inc. to comply with all of its obligations under the above Letter

Agreement.

Platinum Underwriters Holdings, Ltd.

By:

                                               
     

Name: Michael D. Price

Title: President and Chief Executive
Officer

The above Letter Agreement correctly reflects our understanding, and I hereby confirm my agreement
to the same as of the date first above written.

      

Michael E. Lombardozzi

EXHIBIT I

FULL AND COMPLETE WAIVER, RELEASE

AND AGREEMENT

(this “Release”)

I, Michael E. Lombardozzi, in consideration of the benefits provided in my employment
agreement with Platinum Administrative Services, Inc., dated July 22, 2010, (the “Employment
Agreement”) for myself and my heirs, executors, administrators and assigns, do hereby knowingly
and voluntarily release and forever discharge Platinum Administrative Services, Inc., and its
subsidiaries, affiliates predecessors, successors, agents and representatives (collectively, the
“Companies”) and their respective current and former directors, officers and employees
from, and covenant not to sue or proceed against any of the foregoing on the basis of, any and all
claims, actions and causes of action upon or by reason of any matter arising out of my employment
by the Companies and the cessation of said employment, and including, but not limited to, any
alleged violation of those federal, state and local laws prohibiting employment discrimination
based on age, sex, race, color, national origin, religion, disability, veteran or marital status,
sexual orientation, or any other protected trait or characteristic, or retaliation for engaging in
any protected activity, including, without limitation, the Age Discrimination in Employment Act of
1967, 29 U.S.C. 621 et seq. (the “ADEA”), as amended by the Older Workers Benefit
Protection Act, P.L. 101-433, the Equal Pay Act of 1963, 9 U.S.C. 206 et seq., Title VII of the
Civil Rights Act of 1964, as amended, 42 U.S.C. 2000e et seq., the Civil Rights Act of 1866, 42
U.S.C. 1981, the Civil Rights Act of 1991, 42 U.S.C. 1981a, the Americans with Disabilities Act, 42
U.S.C. 12101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. 791 et seq., the Family and Medical
Leave Act of 1993, 28 U.S.C. 2601 and 2611 et seq., the New York State and New York City Human
Rights Laws, and equivalent provisions under Bermuda law (including, without limitation, the
Employment Act 2000 and the Human Rights Act 1981), whether KNOWN OR UNKNOWN, fixed or contingent,
which I ever had, now have, or may have, or which I, my heirs, executors, administrators or assigns
hereafter can, shall or may have, from the beginning of time through the date on which I sign this
Full and Complete Waiver, Release and Agreement (this “Release”), including, without
limitation, those arising out of or related to my employment or separation from employment with the
Companies (collectively, the “Released Claims”). I specifically waive the benefit of any
statute or rule of law which, if applied to this Release, would otherwise exclude from its binding
affect any claims not now known by me to exist. This Release does not purport to waive (i) claims
arising under these laws after the date of this Release or any claims for breach of this Release,
(ii) claims relating to post-termination benefits provided under the terms of the Employment
Agreement or (iii) any claims to post-termination benefits under the terms of any employee benefit
plan of the Companies.

I further agree, promise and covenant that, to the maximum extent permitted by law, neither I
nor any person, organization, or other entity acting on my behalf has filed or will file any
complaint, charge, claim or suit or cause or permit to be filed, charged or claimed, any action for
damages or other relief (including injunctive, declaratory, monetary or other relief) against the
Companies or any other releasee involving any matter occurring in the past up to the date of this
Release, or involving or based upon any claims, demands, causes of action, obligations, damages or
liabilities which are the subject of this Release. This Release shall not affect any rights I may
have under the Older Workers Benefit Protection Act to have a judicial determination of the
validity of this Release and does not purport to limit any right I may have to file a charge under
the ADEA or other civil rights statute or to participate in an investigation or proceeding
conducted by the Equal Employment Opportunity Commission or other investigative agency. This
Release does, however, waive and release any right to recover damages under the ADEA or other civil
rights statute.

I hereby warrant and represent that I have made no sale, assignment, or other transfer, or
attempted sale, assignment, or other transfer, of any of the Released Claims. I fully understand
and agree that:

	 	6.	 	This Release is in exchange for the Benefits, to which I would otherwise not
be entitled;

	 	7.	 	I am hereby advised to consult and have had the opportunity to consult with
an attorney before signing this Release;

	 	8.	 	I have twenty-one (21) days from my receipt of this Release within which to
consider whether or not to sign it;

	 	9.	 	I have seven (7) days following my signature of this Release to revoke the
Release; and

	 	10.	 	This Release shall not become effective or enforceable until the revocation
period of seven (7) days has expired.

If I choose to revoke this Release, I must do so by notifying Platinum Administrative
Services, Inc. in writing. This written notice of revocation must be faxed and mailed by first
class mail within the seven (7) day revocation period and addressed as follows:

Platinum Administrative Services, Inc.

2 World Financial Center

225 Liberty Street

Suite 2300

New York, New York 10281-1008

Attention: Board of Directors

With a copy to:

Dewey & LeBoeuf LLP

1301 Avenue of the Americas

New York, New York 10019

Attention: Linda E. Ransom, Esq.

Fax: 212-259-6333

This Release is the complete understanding between me and the Companies in respect of the
subject matter of this Release and supersedes all prior agreements relating to the same subject
matter. I have not relied upon any representations, promises or agreements of any kind except
those set forth herein in signing this Release.

In the event that any provision of this Release should be held to be invalid or unenforceable,
each and all of the other provisions of this Release shall remain in full force and effect. If any
provision of this Release is found to be invalid or unenforceable, such provision shall be modified
as necessary to permit this Release to be upheld and enforced to the maximum extent permitted by
law. This Release is to be governed by and construed and enforced in accordance with the laws of
the State of New York without reference to rules relating to conflict of laws. This Release inures
to the benefit of the Companies and their successors and assigns. I have carefully read this
Release, fully understand each of its terms and conditions, and intend to abide by this Release in
every respect. As such, I knowingly and voluntarily sign this Release.

     

Michael E. Lombardozzi

Dated:       

3EX-10.1

PROMISSORY NOTE

$25,000,000.00 July 19, 2010

FOR VALUE RECEIVED, GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP, a Delaware limited
partnership, G&E HC REIT II LACOMBE MOB, LLC, a Delaware limited liability company, and G&E HC REIT
II PARKWAY MEDICAL CENTER, LLC, a Delaware limited liability company (together with each other
party which becomes a borrower under the Credit Agreement [as defined below], individually and
collectively, as the context so requires, the “Borrower”) hereby promises to pay to the
order of BANK OF AMERICA, N.A., a national banking association, and each lender from time to time a
party hereto (individually, a “Lender” and collectively, the “Lenders”) under that
certain Credit Agreement (defined below) among Borrower, Bank of America, N.A., a national banking
association, as administrative agent (together with any and all of its successors and assigns, the
"Administrative Agent”) for the benefit of the Lenders from time to time a party to that
certain Credit Agreement (the “Credit Agreement”) of even date herewith, without offset, in
immediately available funds in lawful money of the United States of America, at the Administrative
Agent’s Office (as defined in the Credit Agreement), the principal sum of TWENTY FIVE MILLION AND
NO/100 DOLLARS ($25,000,000.00) (or the unpaid balance of all principal advanced against this Note,
if that amount is less), together with interest on the unpaid principal balance of this Note from
day to day outstanding as hereinafter provided. All capitalized terms used herein and not defined
shall have the meaning ascribed to such terms in the Credit Agreement.

1. Note; Interest; Payment Schedule and Maturity Date. This Note is one of the Notes
referred to in the Credit Agreement and is entitled to the benefits thereof and subject to
prepayment in whole or part as provided therein. The entire principal balance of this Note then
unpaid shall be due and payable at the times as set forth in the Credit Agreement. Accrued unpaid
interest shall be due and payable at the times and at the interest rate as set forth in the Credit
Agreement until all principal and accrued interest owing on this Note shall have been fully paid
and satisfied. Any amount not paid when due and payable hereunder shall, to the extent permitted
by applicable Law, bear interest and if applicable a late charge as set forth in the Credit
Agreement.

2. Security; Loan Documents. The security for this Note includes the Mortgages
encumbering the Borrowing Base Properties. This Note, the Mortgages, the Credit Agreement and all
other documents now or hereafter securing, guaranteeing or executed in connection with the loan
evidenced by this Note (the “Loan”), are, as the same have been or may be amended,
restated, modified or supplemented from time to time, herein sometimes called individually a
"Loan Document” and together the “Loan Documents”.

3. Defaults.

(a) It shall be a Default (an “Event of Default”) under this Note and each of
the other Loan Documents if (i) any amount of interest on or principal of any Loan or fee
due under this Note or any other Loan Document is not paid in full within five (5) days of
when due, regardless of how such amount may have become due (provided, however, there shall
be no five (5) day grace period for amounts due at maturity or upon acceleration of the
Loan); (ii) within five (5) days after the same becomes due, any other amount payable under
this Note or any other Loan Document is not paid in full; (iii) any covenant, agreement,
condition, representation or warranty herein or in any other Loan Documents is not fully and
timely performed, observed or kept in all material respects; or (iv) there shall occur any
default or event of default under the Credit Agreement, the Mortgages or any other Loan
Document. Upon the occurrence of an Event of Default, the Administrative Agent on behalf of
the Lenders shall have the rights to declare the unpaid principal balance and accrued but
unpaid interest on this Note, and all other amounts due hereunder and under the other Loan
Documents, at once due and payable (and upon such declaration, the same shall be at once due
and payable), to foreclose any liens and security interests securing payment hereof and to
exercise any of its other rights, powers and remedies under this Note, under any other Loan
Document, or at Law or in equity.

(b) All of the rights, remedies, powers and privileges (together, “Rights”) of
the Administrative Agent on behalf of the Lenders provided for in this Note and in any other
Loan Document are cumulative of each other and of any and all other Rights at Law or in
equity. The resort to any Right shall not prevent the concurrent or subsequent employment
of any other appropriate Right. No single or partial exercise of any Right shall exhaust
it, or preclude any other or further exercise thereof, and every Right may be exercised at
any time and from time to time. No failure by the Administrative Agent or the Lenders to
exercise, nor delay in exercising any Right, including but not limited to the right to
accelerate the maturity of this Note, shall be construed as a waiver of any Event of Default
or as a waiver of any Right. Without limiting the generality of the foregoing provisions,
the acceptance by the Lender from time to time of any payment under this Note which is past
due or which is less than the payment in full of all amounts due and payable at the time of
such payment, shall not (i) constitute a waiver of or impair or extinguish the right of the
Administrative Agent or the Lenders to accelerate the maturity of this Note or to exercise
any other Right at the time or at any subsequent time, or nullify any prior exercise of any
such Right, or (ii) constitute a waiver of the requirement of punctual payment and
performance or a novation in any respect.

(c) If any holder of this Note retains an attorney in connection with any Event of
Default or at maturity or to collect, enforce or defend this Note or any other Loan Document
in any lawsuit or in any probate, reorganization, bankruptcy, arbitration or other
proceeding, or if the Borrower sues any holder in connection with this Note or any other
Loan Document and does not prevail, then the Borrower agrees to pay to each such holder, in
addition to principal, interest and any other sums owing to the Lenders hereunder and under
the other Loan Documents, all costs and expenses incurred by such holder in trying to
collect this Note or in any such suit or proceeding, including, without limitation,
reasonable attorneys’ fees actually incurred and expenses, investigation costs and all court
costs, whether or not suit is filed hereon, whether before or after the Maturity Date, or
whether in connection with bankruptcy, insolvency or appeal, or whether collection is made
against the Borrower or any guarantor or endorser or any other person primarily or
secondarily liable hereunder. Any judgment on this Note shall bear interest at the highest
rate allowed by applicable law.

4. Heirs, Successors and Assigns. The terms of this Note and of the other Loan
Documents shall bind and inure to the benefit of the representatives, successors and assigns of the
parties. The foregoing sentence shall not be construed to permit the Borrower to assign the Loan
except as otherwise permitted under the Loan Documents. As further provided in the Credit
Agreement, a Lender may, at any time, sell, transfer or assign all or a portion of its interest in
this Note, the Mortgage and the other Loan Documents, as set forth in the Credit Agreement.

5. General Provisions. Time is of the essence with respect to the Borrower’s
obligations under this Note. If more than one person or entity executes this Note as the Borrower,
all of said parties shall be jointly and severally liable for payment of the indebtedness evidenced
hereby. The Borrower and all sureties, endorsers, guarantors and any other party now or hereafter
liable for the payment of this Note in whole or in part, hereby severally (a) waive demand,
presentment for payment, notice of dishonor and of nonpayment, protest, notice of protest, notice
of intent to accelerate, notice of acceleration and all other notices (except any notices which are
specifically required by this Note or any other Loan Document), filing of suit and diligence in
collecting this Note or enforcing any of the security herefor; (b) agree to any substitution,
subordination, exchange or release of any such security or the release of any party primarily or
secondarily liable hereon; (c) agree that neither the Administrative Agent nor any Lender shall be
required first to institute suit or exhaust its remedies hereon against the Borrower or others
liable or to become liable hereon or to perfect or enforce its rights against them or any security
herefor; (d) consent to any extensions or postponements of time of payment of this Note for any
period or periods of time and to any partial payments, before or after maturity, and to any other
indulgences with respect hereto, without notice thereof to any of them; and (e) submit (and waive
all rights to object) to non-exclusive personal jurisdiction of any state or federal court sitting
in the city and county, and venue in the city or county, in which payment is to be made as
specified in the first paragraph of Page 1 of this Note, for the enforcement of any and all
obligations under this Note and the Loan Documents; (f) waive the benefit of all homestead and
similar exemptions as to this Note; (g) agree that their liability under this Note shall not be
affected or impaired by any determination that any security interest or lien taken by the Lender to
secure this Note is invalid or unperfected; and (h) hereby subordinate any and all rights against
the Borrower and any of the security for the payment of this Note, whether by subrogation,
agreement or otherwise, until this Note is paid in full. A determination that any provision of
this Note is unenforceable or invalid shall not affect the enforceability or validity of any other
provision and the determination that the application of any provision of this Note to any person or
circumstance is illegal or unenforceable shall not affect the enforceability or validity of such
provision as it may apply to other persons or circumstances. This Note may not be amended except
in a writing specifically intended for such purpose and executed by the party against whom
enforcement of the amendment is sought. Captions and headings in this Note are for convenience
only and shall be disregarded in construing it. THIS NOTE SHALL TAKE EFFECT AS A SEALED INSTRUMENT
AND ITS VALIDITY, ENFORCEMENT AND INTERPRETATION, SHALL BE GOVERNED BY ILLINOIS LAW (WITHOUT REGARD
TO ANY CONFLICT OF LAWS PRINCIPLES) AND APPLICABLE UNITED STATES FEDERAL LAW.

6. Notices. Any notice, request, or demand to or upon the Borrower or the Lender
shall be deemed to have been properly given or made when delivered in accordance with the Credit
Agreement.

7. No Usury. It is expressly stipulated and agreed to be the intent of the Borrower,
the Administrative Agent and all the Lenders at all times to comply with applicable state Law or
applicable United States federal Law (to the extent that it permits a Lender to contract for,
charge, take, reserve, or receive a greater amount of interest than under state Law) and that this
Section 7 shall control every other covenant and agreement in this Note and the other Loan
Documents. If applicable state or federal Law should at any time be judicially interpreted so as
to render usurious any amount called for under this Note or under any of the other Loan Documents,
or contracted for, charged, taken, reserved, or received with respect to the Loan, or if the
Administrative Agent’s exercise of the option to accelerate the Maturity Date, or if any prepayment
by the Borrower results in the Borrower having paid any interest in excess of that permitted by
applicable Law, then it is the Administrative Agent’s and each Lender’s express intent that all
excess amounts theretofore collected by the Administrative Agent or any Lender shall be credited on
the principal balance of this Note and all other indebtedness and the provisions of this Note and
the other Loan Documents shall immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the execution of any new
documents, so as to comply with the applicable Law, but so as to permit the recovery of the fullest
amount otherwise called for hereunder or thereunder. All sums paid or agreed to be paid to the
Lenders for the use, forbearance, or detention of the Loan shall, to the extent permitted by
applicable Law, be amortized, prorated, allocated, and spread throughout the full stated term of
the Loan until payment in full so that the rate or amount of interest on account of the Loan does
not exceed the maximum lawful rate from time to time in effect and applicable to the Loan (the
"Maximum Rate”) for so long as the Loan is outstanding. The Lender may, in determining the
Maximum Rate, take advantage of: (i) the rate of interest permitted by applicable Illinois law and
12 United States Code, Sections 85 and 86, and (ii) any other law, rule, or regulation on effect
from time to time, available to the Lender which exempts the Lender from any limit upon the rate of
interest it may charge or grants to the Lender the right to charge a higher rate of interest than
that allowed otherwise.

THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.

THERE ARE NO ORAL AGREEMENTS BETWEEN THE PARTIES.

[THE BALANCE OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

[SIGNATURE PAGES FOLLOW]IN WITNESS WHEREOF, Borrower has duly executed this Note under
seal as of the date first above written.

	 	 	BORROWER:

	 	 	GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP,

	 	 	a            Delaware limited partnership

	 	 	By: GRUBB & ELLIS HEALTHCARE REIT II, INC.,

	 	 	a            Maryland corporation, its general partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

G&E HC REIT II LACOMBE MOB, LLC,

a Delaware limited liability company

By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP

a Delaware limited partnership, its sole Member

By: GRUBB & ELLIS HEALTHCARE REIT II, INC.,

a Maryland corporation, its general partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

G&E HC REIT II PARKWAY MEDICAL CENTER, LLC,

	 	 	a            Delaware limited liability company

	 	 	By: GRUBB & ELLIS HEALTHCARE REIT II HOLDINGS, LP,

	 	 	a            Delaware limited partnership, its sole Member

	 	 	By: GRUBB & ELLIS HEALTHCARE REIT II, INC.,

	 	 	a            Maryland corporation, its general partner

By: /s/ Shannon K S Johnson

Name: Shannon K S Johnson

Title: Chief Financial Officer

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