Document:

EX-10.20

 Exhibit 10.20 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (this
“Agreement”), is dated as of February 27, 2013 and is entered into between Endurance Specialty Holdings Ltd. (the “Company”), and John Kuhn (the “Executive”). 

WHEREAS, the Company desires to enter into this Agreement in order to embody the terms of the Executive’s employment with the
Company and the Executive desires to enter into this Agreement and to accept such employment, subject to the terms and provisions of this Agreement. 
 NOW, THEREFORE, in consideration of the premises and the mutual agreements contained herein, the Company and the Executive hereby agree as follows: 

ARTICLE I. 

Definitions 
 1.1 “Board” shall mean the Board of Directors of the Company. 

1.2 “Business” shall mean the brokerage, underwriting, advising or consulting of or with respect to any line of property
or casualty insurance or reinsurance underwritten by the Company or any of its subsidiaries or affiliates as an insurer or reinsurer during the Term. 
 1.3 “Cause” shall mean: 
 (a) any intentional act
of fraud, embezzlement or theft by the Executive in connection with his duties hereunder or in the course of his employment hereunder or the Executive’s admission or conviction of, or plea of nolo contendere to either, (i) a felony or
(ii) a misdemeanor involving moral turpitude, fraud, embezzlement, theft or misrepresentation; 
 (b) any
gross negligence or willful misconduct of the Executive resulting in a loss to the Company or any of its subsidiaries or affiliates; 
 (c) any breach by the Executive of any one or more of the covenants contained in Section 5.2, 5.3, 5.4 or 5.5 hereof, provided the Executive has received 15 calendar days’ prior written notice
of such breach in accordance with Section 7.3 of this Agreement; or 
 (d) any violation of any statutory or
common law duty of loyalty to the Company or any of its subsidiaries or affiliates. 

 1.4 “Change in Control” shall mean: 

(a) the acquisition by any individual, entity or group (a “Person”), including any “person” within the
meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), of beneficial ownership within the meaning of Rule 13d-3 promulgated under the Exchange Act, of 50% or more of either
(i) the then outstanding ordinary shares, par value $1.00 per share, of the Company (the “Outstanding Ordinary Shares”) or (ii) the combined voting power of the then outstanding securities of the Company entitled to vote
generally in the election of directors pursuant to the Bye-Laws of the Company (the “Outstanding Voting Securities”); excluding, however, the following: (A) any acquisition directly from the Company (excluding any
acquisition resulting from the exercise of an exercise, conversion or exchange privilege unless the security being so exercised, converted or exchanged was acquired directly from the Company), (B) any acquisition by the Company, (C) any
acquisition by an employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company or (D) any acquisition by any corporation pursuant to a transaction which complies with clauses (i),
(ii) and (iii) of subsection (c) of this definition of Change in Control; provided, further, that for purposes of clause (B), if any Person (other than the Company or any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the Company) shall become the beneficial owner of 50% or more of the Outstanding Ordinary Shares or 50% or more of the Outstanding Voting Securities by reason of an acquisition
by the Company, and such Person shall, after such acquisition by the Company, become the beneficial owner of any additional Outstanding Ordinary Shares or any additional Outstanding Voting Securities and such beneficial ownership is publicly
announced, such additional beneficial ownership shall constitute a Change in Control; 
 (b) individuals who, as
of the date hereof, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of such Board within a 24 month period; provided, that any individual who becomes a director of the Company
subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders, was approved by the vote of at least a majority of the directors then comprising the Incumbent Board shall be deemed a member of the
Incumbent Board; and provided, further, that any individual who was initially elected as a director of the Company as a result of an actual or threatened solicitation by a Person other than the Board for the purpose of opposing a
solicitation by any other Person with respect to the election or removal of directors, or any other actual or threatened solicitation of proxies or consents by or on behalf of any Person other than the Board shall not be deemed a member of the
Incumbent Board; 
 (c) the consummation of a reorganization, amalgamation, merger or consolidation or sale or
other disposition of all or substantially all of the assets of the Company (a “Corporate Transaction”); excluding, however, a Corporate Transaction pursuant to which (i) all or substantially all of the individuals or
entities who are the beneficial owners, respectively, of the Outstanding Ordinary Shares and the Outstanding Voting Securities immediately prior to such Corporate Transaction will beneficially own, directly or indirectly, more than 55% of,
respectively, the outstanding shares of common stock, and the combined voting power of the outstanding securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Corporate
Transaction (including, without limitation, a corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or indirectly) in substantially the same proportions relative
to each other as their ownership, immediately prior to such Corporate Transaction, of the Outstanding Ordinary Shares and the Outstanding Voting Securities, as the case may be, (ii) no Person (other than: the Company; any employee benefit plan
(or related trust) sponsored or maintained by the Company or any corporation controlled by the Company; the corporation resulting from such Corporate Transaction; and any Person which beneficially owned, immediately prior to such Corporate
Transaction, directly or indirectly, 50% or more of the Outstanding Ordinary Shares or the Outstanding Voting Securities, as the case may be) will beneficially own, directly or indirectly, 50% or more of, respectively, the outstanding shares of
common stock of the corporation resulting from such Corporate Transaction or the combined voting power of the outstanding securities of such corporation entitled to vote generally in the election of directors and (iii) individuals who were
members of the Incumbent Board will constitute at least a majority of the members of the board of directors of the corporation resulting from such Corporate Transaction; or 

  
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 (d) the consummation of a plan of complete liquidation or dissolution of the
Company. 
 1.5 “Change in Control Period” shall mean the period commencing three months prior to the date of a
Change in Control and ending on the first annual anniversary of the date of a Change in Control. 
 1.6 “Code”
means the Internal Revenue Code of 1986, as amended. 
 1.7 “Confidential Information” shall mean any
confidential or proprietary information, trade secrets, customer lists, drawings, designs, information regarding product development, marketing plans, sales plans, manufacturing plans, management organization information, operating policies or
manuals, business plans, financial records, packaging design or other financial, commercial, business or technical information relating to the Company or any of its divisions, subsidiaries or affiliates, or that the Company or any of its divisions,
subsidiaries or affiliates may have received belonging to suppliers, customers or others who do business with the Company or any of its divisions, subsidiaries or affiliates. 
 1.8 “Date of Separation from Service” shall mean the following: 
 (a) if the Executive’s employment is terminated for Cause, the date specified in the Notice of Separation from Service; 

(b) if the Executive’s employment is terminated by the Executive’s death, the date of the Executive’s
death; 
 (c) if the Executive’s employment is terminated for Disability, 15 calendar days after the Notice
of Separation from Service is given (provided that the Executive shall not have returned to the full-time performance of the Executive’s duties during such 15 calendar day period); 

(d) if the Executive’s employment is terminated by the Executive with Good Reason, 30 calendar days after the Notice
of Separation from Service is given (provided that the Company shall not have cured the event giving rise to the Executive’s right to separation from service for Good Reason during such 30 calendar day period); 

  
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 (e) if the Executive’s employment is terminated by the Company by
delivery of a notice of non-renewal of this Agreement pursuant to Section 3.1 with respect to a Renewal Date occurring within a Change in Control Period, such Renewal Date; and 

(f) if the Executive’s employment is terminated by the Executive or the Company for any other reason, the date
specified in the Notice of Separation from Service (which, in the case of a separation from service by the Executive, shall not be less than 14 calendar days nor more than 30 calendar days from the date such Notice of Separation from Service is
given). 
 1.9 “Disability” shall mean any condition which (i) prevents the Executive from substantially
performing his duties under this Agreement for a period of at least 120 consecutive days, or 180 non-consecutive days within any 365-day period, and (ii) causes the Executive to become eligible for the Company’s long-term disability plan.

 1.10 “Good Reason” shall mean: 

(a) a material diminution in (i) the Executive’s Base Salary, (ii) the Executive’s authority, duties
or responsibilities, (iii) the authority, duties or responsibilities of the Executive’s Direct Supervisor or (iv) the budget over which the Executive retains authority; 

(b) a material change in the geographic location at which the Executive must perform his services on behalf of the
Company; or 
 (c) any other action or inaction that constitutes a material breach by the Company of this
Agreement. 
 1.11 “Maximum Annual Incentive Compensation Percentage” shall mean the percentage set forth as
the Maximum Annual Incentive Compensation Percentage in Exhibit A, subject to adjustment from time to time by the Board; provided that any such adjustment shall not cause the sum of the Maximum Annual Incentive Compensation Percentage plus the
Maximum Long-Term Compensation Percentage to be lower than the sum of the Maximum Annual Incentive Compensation Percentage plus the Maximum Long-Term Compensation Percentage set forth in Exhibit A. 

1.12 “Maximum Long-Term Incentive Compensation Percentage” shall mean the percentage set forth as the Maximum Long-Term
Incentive Compensation Percentage in Exhibit A, subject to adjustment from time to time by the Board; provided that any such adjustment shall not cause the sum of the Maximum Annual Incentive Compensation Percentage plus the Maximum Long-Term
Compensation Percentage to be lower than the sum of the Maximum Annual Incentive Compensation Percentage plus the Maximum Long-Term Compensation Percentage set forth in Exhibit A. 

  
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 1.13 “Non-Competition Period” shall mean (a) in the event of a
Separation from Service by the Company for Cause, for Disability or without Cause or by the Executive for Good Reason, the period from the Date of Separation from Service to the one year anniversary of the Date of Separation from Service,
(b) in the event of a Separation from Service by the Company for Disability, the period from the Date of Separation from Service to the six month anniversary of the Date of Separation from Service or (c) in the event of a Separation from
Service by the Executive without Good Reason, (i) if the Company elects to extend the Non-Competition Period (and to deliver the payments and benefits to the Executive specified in Section 6.4(b)), the period from the Date of Separation
from Service to the one year anniversary of the Date of Separation from Service or (ii) in the event the Company does not elect to extent the Non-Competition Period, the period from the Date of Separation from Service to the one month
anniversary of the Date of Separation from Service. 
 1.14 “Notice of Separation from Service” shall mean a
notice that shall indicate the specific separation from service provision in this Agreement relied upon and shall set forth in reasonable detail the facts and circumstances claimed to provide a basis for severance of the Executive’s service
with the Company under the provision so indicated. 
 1.15 “Target Annual Incentive Compensation Percentage”
shall mean the percentage set forth as the Target Annual Incentive Compensation Percentage in Exhibit A, subject to adjustment from time to time by the Board; provided that any such adjustment shall not cause the sum of the Target Annual Incentive
Compensation Percentage plus the Target Long-Term Compensation Percentage to be lower than the sum of the Target Annual Incentive Compensation Percentage plus the Target Long-Term Compensation Percentage set forth in Exhibit A. 

1.16 “Target Long-Term Incentive Compensation Percentage” shall mean the percentage set forth as the Target Long-Term
Incentive Compensation Percentage in Exhibit A, subject to adjustment from time to time by the Board; provided that any such adjustment shall not cause the sum of the Target Annual Incentive Compensation Percentage plus the Target Long-Term
Compensation Percentage to be lower than the sum of the Target Annual Incentive Compensation Percentage plus the Target Long-Term Compensation Percentage set forth in Exhibit A. 

1.17 “Term” shall mean the term of employment of the Executive with the Company, which shall commence as of the date
first written above and continue until the earlier of (a) the second anniversary of the date first written above or (b) the Executive’s Date of Separation from Service, and shall be subject to successive one year renewals in
accordance with Section 3.1. 
 1.18 “Threshold Annual Incentive Compensation Percentage” shall mean the
percentage set forth as the Threshold Annual Incentive Compensation Percentage in Exhibit A, subject to adjustment from time to time by the Board. 
 1.19 “Threshold Long-Term Incentive Compensation Percentage” shall mean the percentage set forth as the Threshold Long-Term Incentive Compensation Percentage in Exhibit A, subject to
adjustment from time to time by the Board. 

  
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 ARTICLE II. 
 Employment, Duties and Responsibilities 
 2.1 Employment. During the
Term, the Company agrees to employ the Executive and the Executive hereby agrees to be employed as Chief Executive Officer, Global Insurance, of the Company upon the terms and subject to the conditions contained in this Agreement. 

2.2 Duties and Responsibilities. The Executive shall report directly to the Chief Executive Officer of the Company (the
“Direct Supervisor”) and shall have such duties and responsibilities during the Term as specified by the Direct Supervisor. These duties and responsibilities may be modified from time to time in a manner consistent with the
Executive’s position. The Executive agrees to serve as a director and/or officer of any subsidiary of the Company at a level commensurate with his position as may be reasonably requested by the Board or the Executive’s Direct Supervisor.

 2.3 Base of Operation. The Executive’s principal base of operation for the performance of his duties and
responsibilities under this Agreement shall be the offices of the Company in Pembroke, Bermuda; provided, however, that the Executive shall perform such duties and responsibilities outside of Pembroke, Bermuda as shall from time to
time be reasonably necessary to fulfill his obligations hereunder. The Company and the Executive may at any time during the Term mutually agree to change the principal base of operation for the performance of the Executive’s duties and
responsibilities. The Executive’s performance of any duties and responsibilities shall be conducted in a manner consistent with any tax operating guidelines promulgated from time to time by the Board. 

ARTICLE III. 

Term 

3.1 Term. The employment of the Executive under this Agreement shall be for the Term. Following the initial two year Term, the
Term shall be extended for successive one-year periods as of each annual anniversary date of the date first written above (each, a “Renewal Date”) unless, with respect to any such Renewal Date, either party hereto gives the other party at
least 90 days prior written notice of its election not to so extend the Term. 
 ARTICLE IV. 

Compensation and Expenses 
 4.1 Salary, Bonuses, Incentive Awards and Benefits. As compensation and consideration for the performance by the Executive of his obligations under this Agreement, the Executive shall be entitled,
during the Term, to the following: 
 (a) Base Salary. During the Term, the Company shall pay to the
Executive a base salary as set forth in Exhibit A, subject to increase from time to time as determined by the Board, upon recommendation of the Direct Supervisor (“Base Salary”). The Executive’s Base Salary shall be payable in
accordance with the Company’s normal payroll procedures and shall not during the Term be reduced below the annual rate payable to the Executive on the date of this Agreement. 

  
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 (b) Annual Incentive Compensation. The Executive
shall be eligible each calendar year for incentive compensation payable in cash (“Annual Incentive Compensation”), the amount of which shall be between the Threshold Annual Incentive Compensation Percentage and the Maximum Annual Incentive
Compensation Percentage of the Executive’s Base Salary as of the immediately preceding
December 31st and shall be determined by the Board,
upon the recommendation of the Direct Supervisor. The Annual Incentive Compensation shall be based upon the performance of the Company, the Executive’s business unit and the Executive, determined in accordance with performance criteria
established by the Board and the Direct Supervisor at the commencement of each calendar year. The Annual Incentive Compensation shall be paid to the Executive at the same time as annual incentive compensation is paid to other employees of the
Company in accordance with the Company’s normal payroll procedures and shall be conditioned upon the Executive’s continued employment with the Company through and including the scheduled date of payment of annual incentive compensation by
the Company to its employees generally. The Executive’s minimum Annual Incentive Compensation for the 2012 performance year shall be as set forth in Exhibit A. 

(c) Long-Term Incentive Awards. The Executive shall also be eligible each calendar year during
the Term for incentive compensation in the form of equity and cash long-term incentive awards (the “Long-Term Incentive Awards”), the amount of which shall be between the Threshold Long Term Incentive Compensation Percentage and the
Maximum Long-Term Incentive Compensation Percentage of the Executive’s Base Salary as of the immediately preceding December 31st and shall be determined by the Board, upon the recommendation of the Direct Supervisor. The Long-Term Incentive Awards
shall be based upon the performance of the Company, the Executive’s business unit and the Executive, determined in accordance with performance criteria established by the Board and the Direct Supervisor at the commencement of each calendar
year. The Long-Term Incentive Awards shall be delivered to the Executive at the same time as long-term incentive awards are delivered to other employees of the Company in accordance with the Company’s normal procedures and shall be conditioned
upon the Executive’s continued employment with the Company through and including the scheduled date of delivery of long-term incentive awards by the Company to its employees generally. The Long-Term Incentive Awards shall be in a form
determined by the Board, consistent with long-term incentive awards to employees of the Company generally and, to the extent applicable, shall be issued in accordance with the terms of the equity incentive plans of the Company, as amended through
the date hereof and hereafter from time to time (the “Plans”). The Executive shall enter into separate award agreements with respect to such Long-Term Incentive Awards and his rights with respect to such Long-Term Incentive Awards shall be
governed by the Plans and such award agreements. The Executive’s minimum Long-Term Incentive Compensation for the 2012 performance year shall be as set forth in Exhibit A. 

  
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 (d) Grant of Restricted Shares. On the first day of your employment
with the Company, the Company granted to the Executive restricted ordinary shares of the Company in an amount equal to the dollar value set forth in Exhibit A, divided by the per share closing price on the New York Stock Exchange for the
Company’s ordinary shares on the first day of your employment with the Company, rounded to the nearest whole restricted ordinary share. The vesting schedule for such restricted ordinary shares shall be as set forth in Exhibit A and the other
terms and conditions for such restricted ordinary shares shall be in accordance with the Plans and the terms of agreements governing restricted shares customarily granted to employees of the Company. 

(e) Bermuda Housing Expense Reimbursement. The Company shall reimburse the Executive for expenses relating to the
rental and maintenance of the Executive’s residence in Bermuda which are properly and reasonably incurred by the Executive during the Term and are reimbursable under the Company’s housing expense reimbursement policy, as amended from time
to time. Prior to such payment the Executive shall provide to the Company any written substantiation for such expenses requested by the Company. The maximum amount of rental and maintenance expenses the Company shall reimburse the Executive pursuant
to this Section 4.1(e) shall be $120,000 per 12 month period, which maximum amount shall be (i) subject to adjustment from time to time by the agreement of the Company and the Executive and (ii) prorated if the Executive’s
employment with the Company terminates prior to the scheduled expiration of the Term. 
 (f) New York Housing
Expense Reimbursement. The Company shall reimburse the Executive for expenses relating to the rental and maintenance of the Executive’s secondary residence in New York, New York which are properly and reasonably incurred by the Executive
during the Term. Prior to such payment the Executive shall provide to the Company any written substantiation for such expenses requested by the Company. The maximum amount of rental and maintenance expenses the Company shall reimburse the Executive
pursuant to this Section 4.1(f) shall be the lesser of (i) $60,000 or (ii) the unused amount of Bermuda housing expense reimbursement under Section 4.1(e), in each case per 12 month period, which maximum amount shall be
(x) subject to adjustment from time to time by the agreement of the Company and the Executive and (y) prorated if the Executive’s employment with the Company terminates prior to the scheduled expiration of the Term. 

(g) Travel Reimbursement. The Company shall reimburse the Executive for travel expenses relating to the
Executive’s commutation to and from Bermuda which are properly and reasonably incurred by the Executive during the Term and are reimbursable under the Company’s commutation expense reimbursement policy, as amended from time to time. Prior
to such payment the Executive shall provide to the Company any written substantiation for such expenses requested by the Company. 
 (h) Tax Gross-Up. To the extent that the Executive incurs any United States federal or state ordinary income tax liability on account of the housing expense reimbursement and travel expense
reimbursement specified in Section 4.1(e), (f) and (g) hereof, the Company shall reimburse the Executive for all such tax liability incurred and all United States federal and state ordinary income tax liability incurred as a result of
the tax gross-up payments specified pursuant to this Section 4.1(h). 

  
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 (i) Tax Preparation Expense Reimbursement. The Company shall
reimburse the Executive for the reasonable cost of the preparation of the Executive’s home country federal and state income tax returns by a tax preparation service provider elected by the Executive and approved by the Company, for the 2012
calendar year and those succeeding calendar years falling entirely within the Term; provided that the maximum amount of tax preparation expense reimbursable by the Company pursuant to this sentence shall be $3,600 per annum, subject to adjustment
from time to time by the agreement of the Company and the Executive. Prior to such payment the Executive shall provide to the Company any written substantiation for such expenses requested by the Company. 

(j) Benefits. The Executive shall be eligible to participate in such 401(k) savings plan, life insurance, health
insurance, disability insurance and major medical insurance benefits, and in such other employee benefit plans and programs for the benefit of the employees and officers of the Company generally, as may be maintained from time to time during the
Term, in each case to the extent and in the manner available to other employees of the Company, subject to the terms and provisions of such plan or program. 
 (k) Vacation. The Executive shall be entitled to reasonable paid vacation periods, in accordance with Company policy, to be taken in the Executive’s discretion, in a manner consistent with the
Executive’s obligations to the Company under this Agreement, and subject, with respect to timing, to the reasonable approval of the Executive’s Direct Supervisor. 

(l) Indemnification/Liability Insurance. The Company shall indemnify the Executive as required by the Bye-laws of
the Company, and the Company may maintain customary insurance policies providing for indemnification of the Executive. In addition to the foregoing, the Executive and the Company agree to enter into the Indemnification Agreement attached hereto as
Exhibit B concurrent with the execution and delivery of this Agreement. 
 4.2 Expenses; Other Benefits. During the Term,
the Company shall provide the Executive with the following expense reimbursements and perquisites: 
 (a)
Business Expenses. The Company will reimburse the Executive for reasonable business-related expenses incurred by the Executive in connection with the performance of the Executive’s duties hereunder during the Term, subject, however, to
the Company’s policies relating to business-related expenses as in effect from time to time. 
 (b) Other
Benefits. The Company may also provide for or withdraw other benefits for the Executive as it determines from time to time during the Term, consistent with practices governing similarly situated senior executives of the Company. 

4.3 Tax Withholding. The Company shall be permitted to deduct from the amounts payable to the Executive pursuant to this Agreement
the amount of taxes that the Company is required to withhold pursuant to applicable laws, rules and regulations. 

  
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 ARTICLE V. 
 Exclusivity, Etc. 
 5.1 Exclusivity. During the Term, the Executive
shall perform faithfully and loyally and to the best of the Executive’s abilities the duties assigned to the Executive hereunder and shall devote the Executive’s full business time, attention and effort to the affairs of the Company and
its subsidiaries and affiliates and shall use the Executive’s reasonable best efforts to promote the interests of the Company and its subsidiaries and affiliates. Notwithstanding the foregoing, the Executive may engage in charitable, civic or
community activities, provided that such memberships and activities do not interfere with the Executive’s duties hereunder or violate any of the Executives obligations under this Agreement. 

5.2 Non-Competition; Non-Solicitation. 
 (a) General. The Executive acknowledges that in the course of the Executive’s employment with the Company the Executive will become familiar with trade secrets and other confidential
information concerning the Company and its divisions, subsidiaries and affiliates and that the Executive’s services will be of special, unique and extraordinary value to the Company and its divisions, subsidiaries and affiliates. 

(b) Non-Competition. The Executive agrees that during the Term and the Non-Competition Period, the Executive shall
not in any manner, directly or indirectly, through any person, firm or corporation, alone or as a member of a partnership or as an officer, director, stockholder, investor, broker, advisor, employee of or consultant to any other corporation or
enterprise or otherwise, engage or be engaged, or assist any other person, firm, corporation or enterprise in engaging or being engaged, in the Business in any geographic area in which the Company or any of its divisions, subsidiaries or affiliates
is then conducting the Business. 
 (c) Non-Solicitation. The Executive further agrees that during the
Term and the Non-Competition Period, the Executive shall not (i) in any manner, directly or indirectly, induce or attempt to induce any employee of the Company or any of its divisions, subsidiaries or affiliates to terminate or abandon his or
her employment for any purpose whatsoever or (ii) in connection with the Business, call on, service, solicit or otherwise do business with any customer of the Company or any of its divisions, subsidiaries or affiliates. 

(d) Exceptions. Nothing in this Section 5.2 shall prohibit the Executive from being (i) a stockholder in
a mutual fund or a diversified investment company or (ii) an owner of not more than two percent of the outstanding stock of any class of a corporation, any securities of which are publicly traded, so long as the Executive has no active
participation in the business of such corporation. 

  
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 5.3 Confidential Information. 

(a) General. The Executive agrees that the Executive will not, at any time during or after the Term, make use of or
divulge to any other person, firm or corporation any Confidential Information which he may have learned in connection with his employment hereunder. 
 (b) Exceptions. The Executive’s obligation under this Section 5.3 shall not apply to any information which (i) is disclosed or used during the Term by the Executive as required or
appropriate in connection with his duties as an officer of the Company or a subsidiary or affiliate thereof, (ii) is disclosed as required by a court of law, by any governmental agency having supervisory authority over the business of the
Company or any of its divisions, subsidiaries or affiliates or by any administrative or legislative body, including a committee thereof) with apparent jurisdiction to order the Executive to divulge, disclose or make accessible such information,
(iii) is disclosed to the Executive’s spouse, attorney and/or his personal tax and financial advisors as reasonably necessary or appropriate to advance the Executive’s tax, financial and other personal planning (iv) is known
publicly; (v) is in the public domain or hereafter enters the public domain without the fault of the Executive; (vi) is known to the Executive prior to his receipt of such information from the Company or any of its divisions, subsidiaries
or affiliates, as evidenced by written records of the Executive or (vii) is hereafter disclosed to the Executive by a third party not under an obligation of confidence to the Company or any of its divisions, subsidiaries or affiliates.

 (c) Executive Obligations. The Executive agrees that he shall, immediately after he gains knowledge of
any required disclosure of Confidential Information pursuant to clause (ii) of subsection (b) above, give the Company written notice promptly upon obtaining knowledge of the required disclosure of Confidential Information and, in any
event, prior to such required disclosure of Confidential Information, and use commercially reasonable efforts to cooperate with the Company (at the Company’s sole expense) in obtaining an adequate protective order for such Confidential
Information. The Executive further agrees to properly advise any recipient of Confidential Information pursuant to clause (iii) of subsection (b) above of the obligations of the Executive hereunder, to obtain the agreement of such
recipient to be bound by the terms of this Section 5.3 as if a signatory to this Agreement and to be responsible for any breach by any such recipient of the terms of this Section 5.3. The Executive further agrees not to remove from the
premises of the Company, or as applicable, the premises of any of its divisions, subsidiaries or affiliates, except as an employee of the Company in pursuit of the business of the Company, its divisions, subsidiaries or affiliates, or except as
specifically permitted in writing by the Board, any document or other object containing or reflecting any Confidential Information. On or before the Date of Separation from Service, the Executive shall forthwith deliver to the Company all such
Confidential Information, including without limitation all lists of customers, correspondence, accounts, records and any other documents or property made or held by the Executive or under the Executive’s control in relation to the business or
affairs of the Company or its subsidiaries or affiliates, and no copy of any such Confidential Information shall be retained by the Executive. 

  
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 5.4 Inventions. The Executive hereby assigns to the Company the Executive’s
entire right, title and interest in and to all discoveries and improvements, patentable or otherwise, trade secrets, proprietary ideas, trademarks, trade names, Internet domain names, writings, and copyrightable works that are conceived by the
Executive or developed or acquired by the Executive during the Term in connection with the Executive’s employment by the Company, the Executive’s duties to the Company and the business of the Company or any of its subsidiaries or
affiliates (“Developments”); provided, that the foregoing assignment shall not apply to writings and copyrightable works of a general nature about the Executive’s experience at the Company or about the insurance industry that
are created by the Executive outside of the Executive’s duties and outside of normal working hours, subject in all cases to Section 5.3. The Executive agrees to disclose fully all such Developments to the Company upon its request, which
disclosure shall be made in writing promptly following any such request. The Executive shall, upon the Company’s request, execute, acknowledge and deliver to the Company all instruments and do all other acts which are necessary or desirable to
enable the Company or any of its subsidiaries to file and prosecute applications for, and to acquire, maintain and enforce, all patents, trademarks and copyrights in all countries. 

5.5 Non-Disparagement. Each party hereto acknowledges and agrees that such party will not defame or publicly criticize the
services, business, integrity, veracity or personal or professional reputation of the other party and, in the case of the Company, its officers, directors, partners, employees, affiliates or agents thereof, in either a professional or personal
manner, except that the foregoing shall not limit normal competitive activities; provided that, in the case of the Executive, such competitive activities are in compliance with the Executive’s obligations under Section 5.2. 

5.6 Remedies. The Executive acknowledges that the Company’s remedy at law for a breach by him of the provisions of this
Article V will be inadequate. Accordingly, in the event of a breach or threatened breach by the Executive of any provision of this Article V, the Company shall be entitled to injunctive relief (without posting a bond or other security) in addition
to any other remedy it may have. If any of the provisions of, or covenants continued in, this Article V are hereafter construed to be invalid or unenforceable in any jurisdiction, the same shall not affect the remainder of the provisions or the
enforceability thereof in any jurisdiction, which shall be given full effect, without regard to the invalidity or unenforceability in such other jurisdiction. If, at any time of enforcement of this Article V, a court or an arbitrator holds that the
restrictions stated herein are unreasonable and/or unenforceable under circumstances then existing, the parties hereto agree that the maximum period, scope or geographical area reasonable and/or enforceable under such circumstances shall be
substituted for the stated period, scope or area and that the court or arbitrator shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law provided, however, that the determination of
such court or arbitrator shall not affect the enforceability of this Article V in any other jurisdiction. This Agreement shall not authorize a court or arbitrator to increase or broaden any of the restrictions in this Article V. 

5.7 Blue Pencil. If, at any time, the provisions of this Article V shall be determined to be invalid or unenforceable under any
applicable law, by reason of being vague or unreasonable as to area, duration or scope of activity, this Article V shall be considered divisible and shall become and be immediately amended to only such area, duration and scope of activity as shall
be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter. The Executive and the Company agree that this Article V as amended pursuant to the immediately preceding sentence, shall be valid and
binding as though any invalid or unenforceable provision had not been included therein. 

  
 -12-

 ARTICLE VI. 
 Separation from Service 
 6.1 Involuntary Separation from Service

 (a) Separation from Service for Cause. The Company shall have the right to sever the Executive’s
service with the Company at any time for Cause by delivery of a Notice of Separation from Service. 
 (b)
Death. In the event the Executive dies during the Term, the Executive’s service with the Company shall automatically be severed, such separation from service to be effective on the date of the Executive’s death. 

(c) Disability. In the event that the Executive suffers a Disability, the Company shall have the right to sever the
Executive’s service with the Company by delivery of a Notice of Separation from Service. 
 (d)
Separation from Service without Cause. The Company may at any time sever the Executive’s service with the Company by delivery of a Notice of Separation from Service for any reason other than Cause or the Executive’s death or
Disability. In the event the Company elects not to renew this Agreement pursuant to Section 3.1 hereof on a Renewal Date falling within a Change in Control Period, the Executive’s service with the Company shall be deemed severed on such
Renewal Date and the notice of non-renewal of this Agreement delivered by the Company to the Executive pursuant to Section 3.1 shall constitute delivery of a Notice of Separation from Service without Cause. 

6.2 Executive Separation from Service. 
 (a) Separation from Service without Good Reason. The Executive may terminate his employment at any time without Good Reason by delivery of a Notice of Separation from Service to the Company. In the
event the Executive elects to terminate his employment without Good Reason, the Company shall have the option to extend the Non-Competition Period (and to deliver the payments and benefits to the Executive specified in Section 6.4(b)) by
delivery of written notice to the Executive thereof within 30 calendar days of receipt by the Company of the Notice of Separation from Service. 
 (b) Separation from Service with Good Reason. The Executive may terminate his employment for Good Reason by delivery of Notice of Separation from Service to the Company within 30 calendar days of
the Executive first becoming aware of the circumstances giving rise to the Executive’s right to terminate his employment for Good Reason. 
 6.3 Notice of Separation from Service. Any purported separation of the Executive’s service with the Company (other than separation from service pursuant to Section 6.1(b) or the second
sentence of Section 6.1(d) hereof) shall be communicated by written Notice of Separation from Service to the other party hereto delivered in accordance with Section 7.3 hereof. 

  
 -13-

 6.4 Effect of Separation from Service. 

(a) Separation from Service by Company for Cause. In the event of any severance of the Executive’s service
with the Company during the Term by the Company for Cause, the Company shall pay to or provide the Executive with the following compensation and benefits: 
 (i) Any earned but unpaid Base Salary up to and including the Date of Separation from Service, payable in accordance with the Company’s customary payroll procedures; 

(ii) Any unreimbursed business expenses incurred by the Executive in the performance of his duties for the Company prior
to the Date of Separation from Service, upon receipt by the Company of documentation in such form as customarily required by the Company to report business expenses, payable in accordance with the Company’s customary business expense
reimbursement procedures; 
 (iii) The Executive’s Base Salary for any vacation days
accrued and unused (determined in accordance with Company policy) by the Executive from the immediately preceding January 1st until the Date of Separation from Service, payable in accordance with the Company’s customary payroll procedures;

 (vii) Any housing expense reimbursement payable in accordance with Section 4.1(e) until the earlier of
(A) the end of the lease for the Executive’s residence in Bermuda or (B) the three month anniversary of the Date of Separation from Service, payable in accordance with the Company’s customary business housing allowance
reimbursement procedures; and 
 (viii) Any other benefits available to employees of the Company generally,
through and including the Date of Separation from Service, payable or deliverable in accordance with the terms and conditions applicable to such benefits. 
 (b) Separation from Service by Executive without Good Reason. In the event of any severance of the Executive’s service with the Company during the Term by the Executive without Good Reason,
the Company shall pay to or provide the Executive with the compensation and benefits described in Section 6.4(a) and, in the event the Company elects to extend the Non-Competition Period, the following additional compensation and benefits:

 (i) The continuation of the Executive’s Base Salary, paid in accordance with the
Company’s payroll policy, from the Date of Separation from Service to the earlier of (x) the twelve month anniversary of the Date of Separation from Service or (y) February 28th of the calendar year following the Date of Separation from Service;

  
 -14-

 (ii) A cash sum equal to the difference (if any)
between 12 months of the Executive’s Base Salary and the amounts previously paid to the executive pursuant to clause (i), payable on the February 28th of the calendar year following the Date of Separation from Service; and 

(iii) The continuation during the 12 months immediately following the Date of Separation from Service of the eligibility
of the Executive, his spouse and his dependent children to participate in the Company’s medical, dental, vision and life insurance plans in which the Executive, his spouse and his dependent children participated immediately preceding the Date
of Separation from Service; provided, however, that participation in such medical, dental, vision and life insurance plans shall be subject to the Executive’s payment of the applicable employee portion of the monthly premium cost,
if any. 
 (c) Separation from Service as a Result of Death. In the event of any severance of the
Executive’s service with the Company during the Term as a result of the Executive’s death, the Company shall pay to or provide the Executive’s heirs with the compensation and benefits described in Section 6.4(a) and the following
additional compensation and benefits: 
 (i) Any earned but unpaid Annual Incentive Compensation for the last
completed calendar year during the Term, which Annual Incentive Compensation shall be determined (A) in accordance with the Company’s annual incentive plan, (B) utilizing the Threshold Annual Incentive Compensation Percentage, Maximum
Annual Incentive Compensation Percentage, Target Annual Incentive Compensation Percentage and performance criteria previously established by the Board and the Executive’s Direct Supervisor for such completed calendar year in accordance with
Section 4.1(b) and (C) by the Board and the Executive’s Direct Supervisor (1) without the exercise by the Board or the Executive’s Direct Supervisor of any discretionary adjustment to such Annual Incentive Compensation and
(2) with the Board and the Executive’s Direct Supervisor ascribing to any individual evaluation of the Executive the same result as occurs based upon the Company’s performance under its annual incentive plan, and which Annual
Incentive Compensation shall be payable within 15 business days of the Date of Separation from Service; 
 (ii) A
cash sum equal to the Target Annual Incentive Compensation Percentage of the Executive’s Base Salary as of the Date of Separation from Service multiplied by a fraction (x) the numerator of which is the number of calendar days elapsed in
the calendar year up to and including the Date of Separation from Service and (y) the denominator of which is 365, payable within 15 business days of the Date of Separation from Service; 

(iii) Reimbursement for the reasonable cost of the preparation of the Executive’s home country federal and state
income tax returns by a tax preparation service provider elected by the Executive and approved by the Company, for the calendar year during which the Date of Separation from Service occurred; provided that the maximum amount of tax preparation
expense reimbursable by the Company pursuant hereto shall be $3,600 and the Company shall have received from the Executive satisfactory written substantiation for such tax expenses, which reimbursement shall be payable on within 15 business days
after the submission to the Company of satisfactory written substantiation for such tax 
expenses; and 

  
 -15-

 (iv) Any proper and reasonable expense reimbursement relating to the
relocation of the Executive’s residence from Bermuda, in the event the Executive and the Executive’s family relocate their permanent residence from Bermuda during the 12 months immediately following the Date of Separation from Service,
which relocation expense reimbursement shall be made in a manner agreeable to the Company and the Executive and subject to receipt by the Company of satisfactory written substantiation for such relocation expenses, which reimbursement shall be
payable within 15 business days after the submission to the Company of satisfactory written substantiation for such relocation expenses. 
 (d) Separation from Service by the Company for Disability. In the event of any severance of the Executive’s service with the Company during the Term as a result of the Executive’s
Disability, the Company shall pay to or provide the Executive with the compensation and benefits described in Sections 6.4(a) and 6.4(c) and the following additional compensation and benefits: 

(i) An amount equal to the Executive’s Base Salary (less any long-term disability benefits paid
to the Executive by the Company’s long-term disability insurer during the applicable period), paid in accordance with the Company’s payroll policy, from the Date of Separation from Service to the earlier of (x) the six month
anniversary of the Date of Separation from Service or (y) February 28th of the calendar year following the Date of Separation from Service; 
 (ii) A cash sum equal to the difference (if any) between 6 months of the Executive’s Base Salary (less any long-term disability benefits paid to the Executive by the Company’s long-term
disability insurer during the applicable period) and the amounts previously paid to the executive pursuant to clause (i), payable on the February 28th of the calendar year following the Date of Separation from Service; 

(e) Separation from Service by the Company without Cause or by the Executive with Good Reason other than During a
Change in Control Period. In the event of any severance of the Executive’s service with the Company during the Term (x) by the Company without Cause or (y) by the Executive with Good Reason, other than during a Change in Control
Period, the Company shall pay to or provide the Executive with the compensation and benefits described in Sections 6.4(a) and 6.4(c) and the following additional compensation and benefits: 

(i) The continuation of the Executive’s Base Salary, paid in accordance with the Company’s
payroll policy, from the Date of Separation from Service to the earlier of (x) the twelve month anniversary of the Date of Separation from Service or (y) February 28th of the calendar year following the Date of Separation from Service; 

  
 -16-

 (ii) A cash sum equal to the difference (if any)
between 12 months of the Executive’s Base Salary and the amounts previously paid to the executive pursuant to clause (i), payable on the February 28th of the calendar year following the Date of Separation from Service; 

(iii) A cash sum (payable within 15 business days of the Date of Separation from Service) equal to the product of the
following: 
 (A) the greater of (I) the unvested Long-Term Incentive Awards lapsing immediately following
the Date of Separation from Service which, absent such Date of Separation from Service, would otherwise vest during the 24 month period immediately following the Date of Separation from Service and (II) 50% of the Long-Term Incentive Awards lapsing
immediately following the Date of Separation from Service, multiplied by 
 (B) either (x) the per share
closing price on the New York Stock Exchange for the Company’s ordinary shares on the Date of Separation from Service for Long-Term Incentive Awards with no exercise price or (y) the difference between (1) the per share closing price
on the New York Stock Exchange for the Company’s ordinary shares on the Date of Separation from Service and (2) the applicable per share exercise price for Long-Term Incentive Awards with an exercise price; and 

(iv) The continuation during the 12 months immediately following the Date of Separation from Service of the eligibility of
the Executive, his spouse and his dependent children to participate in the Company’s medical, dental, vision and life insurance plans in which the Executive, his spouse and his dependent children participated immediately preceding the Date of
Separation from Service; provided, however, that participation in such medical, dental, vision and life insurance plans shall be subject to the Executive’s payment of the applicable employee portion of the monthly premium cost, if
any. 
 (f) Separation from Service by the Company without Cause or by the Executive with Good Reason During a
Change in Control Period. In the event of any severance of the Executive’s service with the Company during the Term (x) by the Company without Cause or (y) by the Executive with Good Reason, in each case during a Change in Control
Period, the Company shall pay to or provide the Executive with the compensation and benefits described in Sections 6.4(a), 6.4(c) and 6.4(e) and the following additional compensation: 

(i) A cash sum equal to the average of the three most recent Annual Incentive Compensation cash payments (including any
Annual Incentive Compensation awards of zero) made by the Company to the Executive, payable within 15 business days of the six month anniversary of the Date of Separation from Service. 

  
 -17-

 6.5 Executive Release. It shall be a condition precedent to the delivery to the
Executive by the Company of any payment or benefit under Section 6.4(b), Section 6.4(d), Section 6.4(e) or Section 6.4(f) the Company’s receipt of: (i) a copy of the Executive Release attached hereto as Exhibit C duly
executed by the Executive and (ii) a copy of the letter in the form attached hereto as Exhibit D (the “Release Confirmation Letter”), duly executed by the Executive; provided that the delivery of the Executive Release and the Release
Confirmation Letter must have occurred no later than 45 calendar days after the Date of Separation from Service and the Release Confirmation Letter may not be returned sooner than the eighth day after the execution of the Executive Release. The
Executive understands and agrees that he would not receive the monies and/or benefits specified under Section 6.4(b), Section 6.4(d), Section 6.4(e) or Section 6.4(f) except for his execution of the Executive Release and
fulfillment of the promises contained herein and therein that pertain to him. The Executive further understands that even if the Executive does not sign the Executive Release, the Company will pay the Executive the Base Salary and any accrued but
unused vacation benefits that the Executive has earned through the Date of Separation from Service. The Executive will also be offered applicable benefits to which the Executive is eligible pursuant to the Consolidated Omnibus Budget Reconciliation
Act of 1985 and subject to the provisions of the American Recovery and Reinvestment Act of 2009, and the Executive retains all vested benefits that the Executive has accrued under the Endurance 401(k) Plan, the Endurance Amended and Restated 2002
Stock Option Plan and the Endurance Amended 2007 Equity Incentive Plan. In addition, the Executive Agrees that, to the extent applicable, a portion of the payments made by the Company to the Executive under Section 6.4(b), Section 6.4(d),
Section 6.4(e) or Section 6.4(f) shall be deemed severance pay in lieu of any notice required under applicable law and that the Company shall have no other liability to the Executive thereunder. 

6.6 Resignations. The resignation by the Executive from all director and officer positions held by the Executive with the Company
and any subsidiary or affiliate of the Company shall be a condition precedent to the delivery to the Executive by the Company of any payment or benefit under Section 6.4 (other than in connection with a separation of the Executive’s
service with the Company as a result of the Executive’s death). 
 6.7 Compliance with Restrictive Covenants. The
Executive’s continued compliance with the restrictive covenants set forth in Sections 5.2, 5.3, 5.4 and 5.5 shall be a condition precedent to the receipt by the Executive of the payments and benefits set forth in Sections 6.4(b), 6.4(d), 6.4(e)
and 6.4(f) on or after the Date of Separation from Service and, in the event the Executive breaches one or more of the covenants set forth in Sections 5.2, 5.3, 5.4 or 5.5, the Company shall be entitled to recover from the Executive the value of any
payment or benefit made or provided by the Company to the Executive pursuant to the above-referenced Sections of this Agreement on and after the first date of such breach. 

  
 -18-

 6.8 Section 280G Treatment. 

(a) In the event that any payment or benefit received or to be received by the Executive (including any payment or benefit
received in connection with a Change in Control or the severance of the Executive’s service with the Company, whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement) (all such payments and benefits being
hereinafter referred to as the “Total Payments”) would be subject (in whole or part), to any excise tax imposed under Section 4999 of the Code (the “Excise Tax”), then, after taking into account any reduction in the Total
Payments provided by reason of Section 280G of the Code in such other plan, arrangement or agreement, the cash payments under Section 6.4 shall first be reduced, and the non-cash payments under Section 6.4 shall thereafter be reduced,
to the extent necessary so that no portion of the Total Payments is subject to the Excise Tax. 
 (b) For
purposes of determining whether and the extent to which the Total Payments will be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Executive shall have waived at such time and in such manner
as not to constitute a “payment” within the meaning of Section 280G(b) of the Code shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which, in the opinion of tax counsel (“Tax
Counsel”) reasonably acceptable to the Executive and selected by the accounting firm (the “Auditor”) which was, immediately prior to the Change in Control, the Company’s independent auditor, does not constitute a “parachute
payment” within the meaning of Section 280G(b)(2) of the Code (including by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be taken into account which, in the
opinion of Tax Counsel, constitutes reasonable compensation for services actually rendered, within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the Base Amount allocable to such reasonable compensation, and (iii) the
value of any non-cash benefit or any deferred payment or benefit included in the Total Payments shall be determined by the Auditor in accordance with the principles of Sections 280G(d)(3) and (4) of the Code. 

6.9 Long-Term Incentive Awards. The Executive’s rights with respect to his Long-Term Incentive Awards upon any separation
from service with the Company shall be governed exclusively by the terms and conditions of the award agreements executed by the Executive in connection with such Long-Term Incentive Awards and, to the extent applicable, the Plans. 

6.10 Other Compensation and Benefits. Except as specified in Section 6.4, the Executive shall not be entitled to any
compensation, benefits or other payments or distributions, and references in the Executive Release to the release of claims against the Company shall be deemed to also include reference to the release of claims against all compensation and benefit
plans and arrangements established or maintained by the Company and its subsidiaries and affiliates. 
 6.11 Obligations of
the Executive. The Executive shall have no obligations to the Company under this Agreement after the Date of Separation from Service, other than as provided in Section 6.12, and except and to the extent Sections 5.2, 5.3, 5.4 or 5.5 shall
apply. 
 6.12 Post-Separation from Service Cooperation. Following any separation of the Executive’s service with
the Company for any reason, the Executive shall reasonably cooperate with the Company to assist with existing or future investigations, proceedings, litigations or examinations involving the Company or any of its divisions, subsidiaries or
affiliates. For each business day, or part thereof, that the Executive provides assistance as contemplated under this Section 6.12, the Company shall pay the Executive an amount equal to (i) the Executive’s annual Base Salary as in
effect on the Date of Separation from Service, divided by (ii) 200. In addition, upon presentment of satisfactory written documentation, the Company will reimburse the Executive for reasonable out-of-pocket travel, lodging and other incidental
expenses he incurs in providing such assistance. If requested by the Company, the Executive shall make reasonable good faith efforts to travel to such locations as the Company may reasonably request. 

  
 -19-

 ARTICLE VII. 
 Miscellaneous 
 7.1 Life Insurance. The Executive agrees that the
Company or any of its divisions, subsidiaries or affiliates may apply for and secure and own insurance on the Executive’s life (in amounts determined by the Company) for the benefit of the Company. The Executive agrees to cooperate fully in the
application for and securing of such insurance, including the submission by the Executive to such physical and other examinations, and the answering of such questions and furnishing of such information by the Executive, as may be required by the
carrier(s) of such insurance. Notwithstanding anything to the contrary contained herein, neither the Company nor any of its divisions, subsidiaries or affiliates shall be required to obtain any insurance for or on behalf of the Executive.

 7.2 Benefit of Agreement; Assignment; Beneficiary. This Agreement shall inure to the benefit of and be binding upon
the Company and its successors and assigns, including, without limitation, any corporation or person which may acquire all or substantially all of the Company’s assets or business, or with or into which the Company may be consolidated or
merged. This Agreement shall also inure to the benefit of, and be enforceable by, the Executive and his personal or legal representatives, executors, administrators, successors, heirs, distributes, devisees and legatees. The Company shall require
any successor (whether direct or indirect, by operation of law, purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to expressly assume and agree to perform this Agreement in the
same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. 

7.3 Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given
when (a) delivered personally or by overnight courier to the following address of the other party hereto (or such other address for such party as shall be specified by notice given pursuant to this Section 7.3) or (b) sent by
facsimile to the following facsimile number of the other party hereto (or such other facsimile number for such party as shall be specified by notice given pursuant to this Section 7.3), with the confirmatory copy delivered by overnight courier
to the address of such party pursuant to this Section 7.3: 
 If to the Company, to: 

Endurance Specialty Holdings Ltd. 
 Wellesley House 
 90 Pitts Bay Road 

Pembroke HM 08, Bermuda 
 Attention: General Counsel 
 Facsimile: (441) 278-0401 

  
 -20-

 If to the Executive, to the residence address or residence facsimile number of the Executive
set forth in the records of the Company. 
 7.4 Entire Agreement. This Agreement contains the entire agreement of the
parties hereto with respect to the terms and conditions of the Executive’s employment and supersedes any and all prior agreements and understandings, whether written or oral, between the parties hereto with respect to the Executive’s
employment with the Company and the Executive’s compensation due for services rendered hereunder. 
 7.5 Amendment and
Waiver. This Agreement may not be changed or modified except by an instrument in writing signed by both of the parties hereto. The waiver by either party of a breach of any provision of this Agreement shall not operate or be construed as a
continuing waiver or as a consent to or waiver of any subsequent breach hereof. 
 7.6 Headings. The Article and Section
headings herein are for convenience of reference only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. 
 7.7 Arbitration. Except as otherwise set forth in Section 5.6 hereof, any dispute or controversy between the Company and the Executive, whether arising out of or relating to this Agreement,
the breach of this Agreement, or otherwise, shall be settled by arbitration in Hamilton, Bermuda administered in accordance with the Arbitration Act 1986, and judgment on the award rendered by the arbitrator may be entered in any court having
jurisdiction thereof. The arbitrator shall have the authority to award any remedy or relief that a court of competent jurisdiction could order or grant, including, without limitation, the issuance of an injunction. However, either party may, without
inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is
otherwise resolved. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any
arbitration hereunder without the prior written consent of the Company and the Executive. The Executive shall have no right to enforce any of his rights hereunder by seeking or obtaining injunctive or other equitable relief and acknowledges that
damages are an adequate remedy for any breach by the Company of this Agreement. 
 7.8 Governing Law. This Agreement
shall be governed by, and construed and interpreted in accordance with, the internal laws of Bermuda, without regard to principles of conflict of laws. 
 7.9 No Mitigation; No Offset. The Executive shall not be required to mitigate damages or the amount of any payment provided for under this Agreement by seeking (and, without limiting the generality
of this sentence, no payment otherwise required under this Agreement shall be reduced on account of) other employment or otherwise, and payments under this Agreement shall not be subject to offset in respect of any claims which the Company may have
against the Executive. 

  
 -21-

 7.10 Attorneys’ Fees. Each party to this Agreement will bear its own expenses
in connection with any dispute or legal proceeding between the parties arising out of the subject matter of this Agreement, including any proceeding to enforce any right or provision under this Agreement. 

7.11 Compliance with Section 409A. This Agreement is intended to comply with Section 409A of the Code and shall be
construed and interpreted in accordance with such intent. If as of the Date of Separation from Service the Executive is a “specified employee,” as defined in Section 409A of Code, to the extent required by Section 409A of the
Code, the payments and benefits specified in Section 6.4 shall not be paid or commence until the later of (a) the payment or commencement date otherwise set forth in Section 6.4 or (b) a date which is six months after the Date of
Separation from Service. Furthermore, if the Executive is affected by the six (6) month delay in payment imposed by Section 409A of the Code and this Section 7.11, the aggregate amount of the first six months of any installment
payments under Section 6.4 shall be paid at the beginning of the seventh month following the Date of Separation from Service and monthly installment payments shall continue thereafter as specified in Section 6.4. To the extent that the
delivery of any cash or benefits to the Executive under this Agreement, or the payment, settlement or deferral thereof, is otherwise subject to Section 409A of the Code, such cash or benefits shall be paid, settled or deferred in a manner that
will comply with Section 409A of the Code, including regulations or other guidance issued with respect thereto, except as otherwise agreed in writing by the Company and the Executive. 

7.12 Termination; Survivorship. This Agreement shall terminate upon the Executive’s separation from service with the Company,
except that the respective rights and obligations of the parties under this Agreement as set forth herein shall survive any termination of this Agreement to the extent necessary to the intended preservation of such rights and obligations.

 7.13 Severability. Other than Article V, to which Section 5.7 shall apply, whenever possible, each provision of
this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law or rule in any
jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or enforceability of such provision in any other jurisdiction,
but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 
 7.14 Other Agreements. The Executive represents and warrants to the Company that to the best of his knowledge, neither the execution and delivery of this Agreement nor the performance of his duties
hereunder violates or will violate the provisions of any other agreement to which he is a party or by which he is bound. 

  
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 7.15 Subsidiaries, etc. 

(a) Company Obligations. The obligations of the Company under this Agreement may be satisfied by any subsidiary or
affiliate of the Company for which the Executive serves as an employee under this Agreement, to the extent such obligations relate to the Executive’s employment by such subsidiary or affiliate. 

(b) Company Rights The rights of the Company under this Agreement may be enforced by any Subsidiary or affiliate of
the Company for which the Executive serves as an employee under this Agreement, to the extent such rights relate to the Executive’s employment by such subsidiary or affiliate. 

7.16 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same instrument. 
 IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the date first written above. 
  

			
	 ENDURANCE SPECIALTY HOLDINGS LTD.

		
	 By:
	 	 /s/ David Cash

	 Name:
	 	David Cash
	 Title:
	 	Chief Executive Officer
	
	 /s/ John Kuhn

	 John Kuhn

  
 -23-EX-10.2

 EXHIBIT 10.2 
 AMENDED AND RESTATED 
 HANCOCK HOLDING COMPANY 

2005 LONG-TERM INCENTIVE PLAN 
 This Amendment and Restatement of the Hancock Holding Company 2005 Long-Term Incentive Plan (hereinafter the “Plan”) is made this the 18th day of December, 2008, to be effective as of the 1st day of January, 2009. 
 WITNESSETH: 
 WHEREAS, effective the 31st day of March, 2005, Hancock Holding Company (the
“Company”) adopted the Plan to provide incentives and awards to Associates and Directors of the Company and to Associates of its Subsidiaries; and 
 WHEREAS, the Company desires to amend the Plan to comply with applicable provisions of Section 409A of the Code and to reflect certain other changes and desires to restate the Plan in its
entirety to incorporate such amendments. 
 NOW, THEREFORE, the Amended and Restated Hancock Holding Company 2005
Long-Term Incentive Plan is as follows: 
 ARTICLE I 
 PURPOSE 
 The purpose of the Hancock Holding Company 2005 Long-Term Incentive Plan
is (i) to provide incentives and rewards for Associates and Directors of the Company and for Associates of its Subsidiaries (ii) to support the execution of the Company’s business and human resource strategies and the achievement of
its goals and (iii) to associate the interests of Associates and Directors with those of the Company’s shareholders. 

ARTICLE II 

DEFINITIONS 

Section 2.1 “Associate” means an employee of the Company or a Subsidiary. 

Section 2.2 “Award” means a grant under this Plan of stock options (including incentive stock options under
Section 422 of the Code), Restricted Shares, Performance Stock Awards or Stock Appreciation Rights on a stand alone, combination or tandem basis, as described herein. 
 Section 2.3 “Award Agreement” means a written or electronic agreement entered into between the Company and a Participant setting forth the terms and conditions of an Award made to
such Participant under this Plan, in the form prescribed by the Committee. 
 Section 2.4 “Board” means
the Board of Directors of the Company. 
 Section 2.5 “Change of Control” shall have the meaning specified
in Section 12.2. 
 Section 2.6 “Code” means the Internal Revenue Code of 1986, as amended from time
to time. 
 Section 2.7 “Committee” means the Committee appointed by the Board, each member of which shall
be a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act, an “outside director” within the meaning of Section 162(m) of the Code and an “independent director” as defined in Nasdaq
Marketplace Rule 4200(15). The Committee shall be composed of no fewer than the minimum number of “Non-Employee Directors” as may be required by Rule 16b-3. 

 Section 2.8 “Common Stock” means the common stock of the Company.

 Section 2.9 “Company” means Hancock Holding Company, a bank holding company under the Bank Holding
Company Act of 1956, headquartered in Gulfport, Mississippi, and its successors and assigns. 
 Section 2.10
“Director” means a member of the board of directors of the Company. 
 Section 2.11 “Exchange
Act” means the Securities Exchange Act of 1934, as amended. 
 Section 2.12 “Fair Market Value”
means the closing price of the Common Stock as reported on the Nasdaq Stock Market on the day immediately preceding the relevant valuation date or, if there were no Common Stock transactions on such day, on the next preceding date on which there
were Common Stock transactions. 
 Section 2.13 “Incentive Award” means an Award to an Associate or
Director under this Plan. 
 Section 2.14 “Negative Discretion” means other factors to be applied by the
Committee in reducing the number of shares of Common Stock to be issued pursuant to a Performance Stock Award if the Performance Goals have been met or exceeded if, in the Committee’s sole judgment, such application is appropriate in order to
act in the best interest of the Company and its shareholders. The Negative Discretion factors include, but are not limited to, the achievement of measurable individual performance objectives established by the Committee and communicated to the
Associate or Director in advance of the Performance Period, and competitive pay practices. 
 Section 2.15
“Participant” means an Associate or Director who has been granted an Award under this Plan. 

Section 2.16 “Performance Goals” means, with respect to any Performance Period, performance goals based on any of
the following criteria and established by the Committee prior to the beginning of such Performance Period or performance goals based on any of the following criteria and established by the Committee after the beginning of such Performance Period
that meet the requirements to be considered pre-established performance goals under Section 162(m) of the Code: earnings or earnings growth; earnings per share; return on equity, assets or investment; revenues; expenses; charge-offs; reductions
in non-performing assets; any component of or combination of the preceding and/or any other performance measure as may be determined and defined from time to time by the Committee. Such Performance Goals may be particular to an Associate or Director
or the division, department, branch, line of business, Subsidiary or other unit in which the Associate works, or may be based on the performance of the Company generally. 
 Section 2.17 “Performance Period” means the period of time designated by the Committee applicable to Restricted Shares or a Performance Stock Award during which the Performance Goals
shall be measured. 
 Section 2.18 “Performance Stock Award” shall have the meaning specified in
Section 6(d). 
 Section 2.19 “Plan” means the Hancock Holding Company 2005 Long-Term Incentive Plan,
amended and restated as set forth herein. 
 Section 2.20 “Plan Year” means a twelve-month period
beginning with January 1 of each year. 
 Section 2.21 “Reporting Person” means an officer or
director of the Company subject to the reporting requirements of Section 16 of the Exchange Act. 
 Section 2.22
“Subsidiary” means any corporation or other entity, whether domestic or foreign, in which the Company has or obtains, directly or indirectly, a proprietary interest of more than 50% by reason of stock ownership or otherwise.

 ARTICLE III 
 ELIGIBILITY 
 Any Associate of the Company or a Subsidiary and any Director of the
Company selected by the Committee is eligible to receive an Incentive Award. 
 ARTICLE IV 

PLAN ADMINISTRATION 
 Section 4.1 Committee. This Plan shall be administered by the Committee. The Committee shall periodically make determinations with respect to the participation of Associates or
Directors in this Plan and the grant terms of Awards hereunder as provided in Article VI. Except as otherwise required by this Plan, the Committee shall have authority to interpret and construe the provisions of this Plan and the Award Agreements
and make determinations pursuant to any Plan provision or Award Agreement which shall be final and binding on all persons. 

Section 4.2 Delegation. The Committee may designate persons other than its members to carry out its
responsibilities under such conditions or limitations as it may set, other than its authority with regard to Awards granted to Reporting Persons. 
 ARTICLE V 
 STOCK SUBJECT TO THE PROVISIONS OF THIS PLAN 

Section 5.1 Types of Shares. The stock subject to the provisions of this Plan shall either be shares of authorized but
unissued Common Stock, shares of Common Stock held as treasury stock or previously issued shares of Common Stock reacquired by the Company, including shares purchased on the open market. 

Section 5.2 Aggregate Limitations. Subject to adjustment in accordance with the provisions of Article X, and subject
to Section 5.6, the aggregate number of shares of Common Stock that may be issued pursuant to Awards granted under this Plan is Five Million (5,000,000) all of which can be issued to Associates as Incentive Stock Options if the Committee
so determines in its sole discretion. The aggregate number of shares subject to this Plan may be increased from time to time by amendment hereto in accordance with Article IX, provided, however, the total number of shares of Common Stock issuable
pursuant to Awards of Incentive Stock Options shall not be increased to more than Five Million (5,000,000) (other than pursuant to an adjustment for changes in capitalization as provided in Article X) without approval by the shareholders of the
Company. 
 Section 5.3 Annual Limitation. Subject to adjustment in accordance with the provisions of Article
X, and subject to Section 5.6, the total number of shares of Common Stock for which Awards may be granted (including, without limitation, Awards of Restricted Shares and Performance Stock Awards) in any Plan Year shall not exceed two percent
(2%) of the outstanding Common Stock as reported in the Company’s Annual Report on Form 10-K for the fiscal year ending immediately prior to such Plan Year. 
 Section 5.4 Participant Limitations. Subject to adjustment in accordance with Section X, and subject to Section 5.2, (i) the total number of shares of Common Stock available
for grants of Awards in any Plan Year to any Participant shall not exceed 100,000 shares of Common Stock and (ii) the total number of shares of Common Stock available for grants of Restricted Shares to be issued pursuant to Performance Stock
Awards in any Plan Year to any Participant shall not exceed 35,000 shares of Common Stock. In addition, the aggregate Fair Market Value (determined as of the date of the grant) of the Common Stock with respect to which Incentive Stock Options are
exercisable for the first time by any Participant during any calendar year shall not exceed One Hundred Thousand and no/100 Dollars ($100,000.00). 

 Section 5.5 Calculation of Shares. In addition to the provisions of
Section 5.6 below, for purposes of calculating the total number of shares of Common Stock available for grants of Awards hereunder, the following shall apply: 
  

	 	(1)	The number of shares of Common Stock available for grants of Awards hereunder shall be reduced by the number of shares for which Awards are actually granted, and by the
number of shares credited as restricted stock units and/or performance shares to the account of the Participant under the Company’s Nonqualified Deferred Compensation Plan in lieu of an Award of Restricted Shares or of Performance Stock under
this Plan, and 

  

	 	(2)	The grant of a Performance Stock Award shall be deemed to be equal to the maximum number of shares of Common Stock which may be issued under the Award.

 Section 5.6 Determining Limits. There shall be carried forward and be available for Awards
under this Plan in each succeeding Plan Year, in addition to shares of Common Stock available for grant in such Plan Year under Section 5.3, all of the following: (i) any unused portion of the limit set forth in Section 5.3 for
preceding Plan Years; (ii) shares of common Stock represented by Awards which have been cancelled, forfeited, surrendered, terminated or expire unexercised during preceding Plan Years; and (iii) the excess amount of variable Awards which
become fixed at less than their maximum limitations. 
 In addition, if any Award under the Plan shall expire, terminate or be
canceled (including cancellation upon the Participant’s exercise of a related Award) for any reason without having been exercised in full, or if any Award shall be forfeited to the Company, the unexercised or forfeited Award shall not count
against the aggregate limitations under Section 5.2 and shall again become available for grants under the Plan (unless the holder of such Award received dividends or other economic benefits with respect to such Award, which dividends or other
economic benefits are not forfeited, in which case the Award shall count against the above limits). Shares of Common Stock equal in number to the shares surrendered in payment of the option price, and shares of Common Stock that are withheld in
order to satisfy Federal, state or local tax liability, shall not count against the aggregate limitations in Section 5.2. Only the number of shares of Common Stock actually issued upon exercise of a Stock Appreciation Right shall count against
the above limit, and any shares that were estimated to be used for such purposes and were not in fact so used shall again become available for grants under the Plan. Cash settlements of Awards will not count against the above limits. 

ARTICLE VI 

INCENTIVE AWARDS UNDER THIS PLAN 
 Section 6.1 Types of Awards. As the Committee may determine, the following types of Incentive Awards may be granted under this Plan to Associates or Directors on a stand alone,
combination or tandem basis: 
 (a) Stock Option. A right to buy a specified number of shares of Common Stock at a fixed
exercise price during a specified time, all as the Committee may determine; provided that the exercise price of any option shall not be less than 100% of the Fair Market Value of the Common Stock on the date of grant of the Award. 

(b) Incentive Stock Option. An Award to an Associate in the form of a stock option which shall comply with the requirements of
Section 422 of the Code or any successor Section as it may be amended from time to time. Incentive Stock Options may only be awarded to an Associate. In no event will a Director be eligible to receive, nor shall a Director be granted hereunder,
an Award of an Incentive Stock Option, unless such Director is otherwise eligible as an Associate. 
 (c) Restricted Shares. A
transfer of shares of Common Stock to a Participant, subject to such restrictions on transfer, vesting or other incidents of ownership, or subject to specified performance standards, for such periods of time as the Committee may determine. Stock
certificates representing the Restricted Shares granted to a Participant shall be registered in the name of the Participant, and the Participant shall be entitled to dividends on and have the right to vote such shares. 

(d) Performance Stock Awards. A right, granted to a Participant, to receive Common Stock that is not to be issued to the Participant
until after the satisfaction of the Performance Goals during a Performance Period. 

 (e) Stock Appreciation Rights. An Award which entitles the Participant to receive upon
exercise of the right, all or a portion of the excess of (a) the Fair Market Value of a specified number of shares of Common Stock at the time of exercise over (b) a specified price that shall not be less than one hundred percent
(100%) of the Fair Market Value of the shares of Common Stock at the time of grant. Stock Appreciation Rights may be granted in connection with a previously or contemporaneously granted option, or independent of any option. If issued in
connection with an option, the Committee may impose a condition that exercise of a Stock Appreciation Right cancels the option with which it is connected. A Stock Appreciation Right may not be exercised at any time when the Fair Market Value of the
shares of Common Stock to which it relates does not exceed the exercise price of the option associated with those shares of Common Stock. A Stock Appreciation Right issued in connection with an option may be exercised at any time the option to which
it relates is exercisable, but only to the extent the option to which it relates is then exercisable, and shall be subject to the conditions applicable to such option. Upon exercise of a Stock Appreciation Right, only Common Stock can be delivered
in settlement thereof. 
 Section 6.2 Award Agreement. Each Award under the Plan shall be evidenced by a
written or electronic agreement that shall set forth the terms of the Award. Except as otherwise required by law or the provisions of this Plan, the Committee shall have sole discretion to determine the terms of each Award granted hereunder,
including vesting schedules, price, performance standards (including Performance Goals), length of relevant performance, restriction or option period, dividend rights, post-retirement and termination rights, payment alternatives such as cash, stock,
contingent awards or other means of payment consistent with the purpose of this Plan, risks of forfeiture, and such other terms and conditions as the Committee shall deem appropriate. 

ARTICLE VII 

PERFORMANCE STOCK AWARDS 
 Section 7.1 Administration. Performance Stock Awards may be granted to a Participant either alone or in addition to other Incentive Awards granted under this Plan. The Committee shall
determine the Associates and Directors to whom Performance Stock Awards shall be granted for any Performance Period, the duration of the applicable Performance Period, the number of shares of Common Stock to be awarded at the end of a Performance
Period if the Performance Goals are met or exceeded and the terms and conditions of the Performance Stock Award in addition to those contained in this Article VII. 
 Section 7.2 Payment of Award. During or after the end of a Performance Period, the financial performance of the Company during such Performance Period shall be measured against the
Performance Goals. If the Performance Goals are not met, no Common Stock shall be issued pursuant to the Performance Stock Award. If the Performance Goals are met or exceeded, the Committee shall certify that fact in writing in the Committee minutes
or elsewhere and certify the number of shares of Common Stock to be issued under each Performance Stock Award in accordance with the related Award Agreement. The Committee may, in its sole discretion, apply Negative Discretion to reduce the number
of shares of Common Stock to be issued under a Performance Stock Award. 
 Section 7.3 Entitlement to Shares.
To be entitled to earn or receive shares under a Performance Stock Award, a Participant must remain as an Associate or Director through the end of the Performance Period and for a period of forty-five (45) days thereafter. 

ARTICLE VIII 

OTHER TERMS AND CONDITIONS 
 Section 8.1 Assignability. With respect to Incentive Stock Options only, except to the extent, if any, as may be permitted by the Code and rules promulgated under Section 16 of the
Exchange Act, (i) no Incentive Stock Option shall be assignable or transferable except by will, by the laws of descent and distribution or by a beneficiary designation filed with the Company in accordance with procedures established by the
Committee and (ii) during the lifetime of a Participant, the Award shall be exercisable only by such Participant or such Participant’s guardian or legal representative. 

 With respect to other Awards, unless the Committee shall permit (on such terms and
conditions as it shall establish) an Award to be transferred to a member of the Participant’s immediate family or to a trust or similar vehicle for the benefit of such immediate family members (collectively, the “Permitted
Transferees”), (i) no Award shall be assignable or transferable except by will, by the laws of descent and distribution or by a beneficiary designation filed with the Company in accordance with procedures established by the Committee or
pursuant to a domestic relations order and (ii) during the lifetime of a Participant, the Award shall be exercisable only by such Participant or such Participant’s guardian, legal representative or assignee pursuant to a domestic relations
order or, if applicable, the Permitted Transferees. 
 Section 8.2 Exercise of Option by Transferee. Upon the
transfer of (i) an Incentive Stock Option to a beneficiary or devisee or (ii) an option other than an Incentive Stock Option to any transferee pursuant to a transfer approved by the Committee, such transferee shall have the balance of the
original exercise period within which to exercise the transferred option. 
 Section 8.3 Rights As A
Shareholder. Except as otherwise provided herein with respect to Restricted Shares or in any Award Agreement, a Participant shall have no rights as a shareholder with respect to shares of Common Stock covered by an Award until the date the
Participant or his nominee (which, for purposes of this Plan, shall include any third party agent selected by the Committee to hold such shares on behalf of a Participant), guardian or legal representative is the holder of record of such shares.

 Section 8.4 No Obligation to Exercise. The grant of an Award shall impose no obligation upon the
Participant to exercise the Award. 
 Section 8.5 Payments by Participants. The Committee may determine that
Incentive Awards for which a payment is due from a Participant may be payable: (i) in U.S. dollars by personal check, bank draft or money order payable to the order of the Company, by money transfers or direct account debits; (ii) through
the delivery or deemed delivery based on attestation to the ownership of shares of Common Stock with a Fair Market Value equal to the total payment due from the Participant; (iii) by a combination of the methods described in (i) and
(ii) above; or (iv) by such other methods as the Committee may deem appropriate. 
 Section 8.6 Tax
Withholding. The Company shall have the right to withhold from any payments made under this Plan, including the Common Stock distributed or to be distributed pursuant to an Award hereunder, or to collect from the Participant as a condition
of such payment, any taxes required by applicable federal, state and/or local income tax law to be withheld (“Withholding Taxes”). At any time any Withholding Taxes are required to be withheld in connection with a distribution of shares of
Common Stock pursuant to this Plan, the Participant may elect to satisfy this obligation, in whole or in part, by either (i) remitting cash to the Company equal to the amount of the Withholding Taxes, or (ii) directing the Company to
withhold from such distribution shares of Common Stock having a value equal to the amount of the Withholding Taxes. Such an election may be made in connection with a Stock Option at the time of the exercise of such Stock Option. In the case of
Restricted Shares or other Awards, such election must be made prior to the time the Award vests or otherwise becomes taxable to the Participant. Such an election is subject to the disapproval of the Committee. If an election is not made by the
Participant, the amount of the Withholding Taxes shall be withheld from the Common Stock to be distributed under the Award. 

Section 8.7 Restrictions On Sale and Exercise. With respect to Reporting Persons, and if required to comply with rules
promulgated under Section 16 of the Exchange Act (i) no Award providing for exercise, a vesting period, a restriction period or the attainment of performance standards shall permit unrestricted ownership of shares of Common Stock by the
Participant for at least six months from the date of grant, and (ii) shares of Common Stock acquired pursuant to this Plan (other than shares of Common Stock acquired as a result of the granting of a “derivative security”) may not be
sold or otherwise disposed of for at least six months after acquisition. 
 Section 8.8 Requirements of Law.
The granting of Awards and the issuance of shares of Common Stock upon the exercise of Awards shall be subject to all applicable requirements imposed by federal and state securities and other laws, rules and regulations and by any regulatory
agencies having jurisdiction, and by any stock exchanges upon which the Common Stock may be listed. As a condition precedent to the issuance of shares of Common Stock pursuant to the grant or exercise of an Award, the Company may require the
Participant to take any reasonable action to meet such requirements. 

 ARTICLE IX 
 AMENDMENTS AND TERMINATION 
 Section 9.1 Board Authority.
Except as otherwise provided in this Plan, the Board may at any time terminate and, from time to time, may amend or modify this Plan. Any such action of the Board may be taken without the approval of the Company’s shareholders, but only to the
extent that such shareholder approval is not required by applicable law, regulation, or self-regulatory organization rule, including specifically Rule 16b-3 under the Exchange Act and NASDAQ Marketplace Rule 4350(i). 

Section 9.2 Preservation of Awards. No amendment, modification or termination of this Plan shall in any manner
adversely affect any Awards theretofore granted to a Participant under this Plan without the consent of such Participant. 

ARTICLE X 

RECAPITALIZATION 

The aggregate number of shares of Common Stock as to which Awards may be granted to Participants, the number of shares of Common Stock
which may be issued in each Plan Year, the number of shares of Common Stock covered by each outstanding Award, and the price per share thereof in each such Award, shall all be proportionately adjusted for any increase or decrease in the number of
issued shares of Common Stock resulting from a stock split, stock dividend, combination or exchange of shares, exchange for other securities, reclassification, or reorganization, redesignation, merger, consolidation, recapitalization or other such
change. Any such adjustment may provide for the elimination of fractional shares. 
 ARTICLE XI 

NO RIGHT TO EMPLOYMENT 
 No person shall have any claim or right to be granted an Award, and the grant of an Award shall not be construed as giving a Participant the right to be retained in the employ of the Company or a
Subsidiary. Nothing in this Plan shall interfere with or limit in any way the right of the Company or any Subsidiary to terminate any Participant’s employment at any time, nor confer upon any Participant any right to continue in the employ of
the Company or any Subsidiary. 
 ARTICLE XII 
 CHANGE OF CONTROL 
 Section 12.1 Effect of a Change of Control.
In the event of a Change of Control (as defined below), each Incentive Award outstanding on the date of such Change of Control may be immediately exercised and/or realized if and to the extent provided in the Award Agreement evidencing such
Incentive Award. In addition, notwithstanding anything contained in this Plan or any Award Agreement to the contrary, the following may, in the sole discretion of the Committee, occur with respect to any and all Incentive Awards outstanding as of
the date of such Change of Control: 
 (i) automatic maximization of performance standards, lapse of all
restrictions and acceleration of any time periods relating to the vesting of such Awards so that such Awards may be immediately vested in full on or before the relevant date fixed in the Award Agreement; 

(ii) Performance Stock Awards shall be paid entirely in cash; 

(iii) following a Change of Control, if a Participant’s employment or service as a Director terminates for any reason
other than retirement under a retirement plan of the Company or death, any Options held by such Participant may be exercised by such Participant until the earlier of three months after the termination of employment or the expiration date of such
Options; and 

 (iv) all Awards become non-cancelable. 

Section 12.2 Definition. For purposes of this Plan, a “Change of Control” of the Company shall be deemed to
have occurred upon the happening of any of the following events: 
 (i) The acquisition by any one person or by
more than one person acting as a group, of ownership of stock that, together with stock held by such person or group, constitutes more than fifty percent (50%)of the total Fair Market Value or total voting power of the stock of the Company;

 (ii) The acquisition by any one person, or by more than one person acting as a group, during the twelve-month
period ending on the date of the most recent acquisition, of ownership of stock in the Company possessing fifty percent (50%) or more of the total voting power of the stock of the Company; 

(iii) The replacement during any twelve-month period of a majority of the members of the Board by directors whose
appointment or election is not endorsed by a majority of the members of the Board before the date of such appointment or election; or 
 (iv) The acquisition by any one person, or more than one person acting as a group, during the twelve-month period ending on the date of the most recent acquisition, of assets of the Company having a total
gross fair market value of more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately prior to such acquisition or acquisitions. 

For purposes of the above, “persons acting as a group” shall have the meaning as in Treasury Regulations
Section 1.409A-3(i)(5)(v)(B). 
 It is intended that the definition of Change of Control contained herein shall be the same
as (i) a change of ownership of a corporation, (ii) a change in the effective control of a corporation and/or (iii) a change in the ownership of a substantial portion of a corporation’s assets as reflected in Treasury Regulations
Section 1.409A-3(i)(5), as modified by the substitution of the higher percentage requirements in items (b) and (d) above; and all questions or determinations in connection with any such Change of Control shall be construed and
interpreted in accordance with the provisions of such Regulations. This definition of a Change of Control shall be applicable only for purposes of determining benefits related to Awards granted under this Plan which become applicable in the event of
such a Change of Control and for no other purpose. 
 ARTICLE XIII 

GOVERNING LAW 

To the extent that federal laws and/or related federal rules and regulations do not otherwise control, this Plan shall be construed in
accordance with and governed by the law of the State of Mississippi. 
 ARTICLE XIV 

INDEMNIFICATION 

Each person who is or shall have been a member of the Committee or of the Board shall be indemnified and held harmless by the Company
against and from any loss, cost, liability or expense that may be imposed upon or reasonably incurred by him in connection with or resulting from any claim, action, suit or proceeding to which he may be a party or in which he may be involved by
reason of any action taken or failure to act under this Plan and against and from any and all amounts paid by him in settlement thereof, with the Company’s approval, or paid by him in satisfaction of any judgment in any such action, suit or
proceeding against him, provided he shall give the Company an opportunity, at its own expense, to handle and defend the same before he undertakes to handle and defend it on his own behalf. The foregoing right of indemnification shall not be
exclusive of any other rights of indemnification to which such persons may be entitled under the Company’s Articles of Incorporation or Code of Regulation, as a matter of law, or otherwise, or any power that the Company may have to indemnify
them or hold them harmless. 

 ARTICLE XV 
 SAVINGS CLAUSE 
 This Plan is intended to comply in all aspects with applicable
law and regulation, including, with respect to those Participants who are Reporting Persons, Rule 16b-3 under the Exchange Act. In case any one or more of the provisions of this Plan shall be held invalid, illegal or unenforceable in any respect
under applicable law and regulation (including Rule 16b-3), the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and the invalid, illegal or unenforceable provision shall be
deemed null and void; however, to the extent permissible by laws, any provision which could be deemed null and void shall first be construed, interpreted or revised retroactively to permit this Plan to be construed in compliance with all applicable
laws (including Rule 16b-3) so as to foster the intent of this Plan. Notwithstanding anything in this Plan to the contrary, the Committee, in its sole and absolute discretion, may bifurcate this Plan so as to restrict, limit or condition the use of
any provision of this Plan to Participants who are Reporting Persons without so restricting, limiting or conditioning this Plan with respect to other Participants. 

 EFFECTIVE DATE AND TERM 
 The effective date of this Amendment and Restatement of the Plan is January 1, 2009. The original effective date of the Plan is March 31, 2005, the date of its approval by the Company’s
shareholders. This Plan shall remain in effect until the tenth anniversary of its approval by the shareholders. 
  

			
	HANCOCK HOLDING COMPANY
		
	By:	 	 
	Name:	 	 
	Title:	 	 

  

			
	Attest
	Name:	 	 
	Title:

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