Document:

2011 Directors Annual Compensation Program

 Exhibit 10.5 
 2011 DIRECTORS ANNUAL COMPENSATION PROGRAM 
 AXIS Capital Holdings Limited
(the “Company”) has established the 2011 Directors Annual Compensation Program (the “Program”) to compensate the directors of the Company for their service to the Board of Directors (the “Board”) and its committees. The
terms of the Program are as set forth herein. 
 1. Eligibility. Any member of the Board who is not an employee of the
Company or any of its subsidiaries shall be entitled to the compensation specified herein and shall be a “Participant” in the Program from and after January 1, 2011 or, if later, the date on which such person becomes a member of the
Board and is otherwise eligible to participate in the Program. Members of the Board who become Participants after January 1 of any year shall be entitled to a pro rated portion of any cash compensation and shall not be entitled to any equity
compensation (or cash compensation in lieu thereof) until January 1 of the next year. 
 2. Cash Compensation. Each
Participant shall be entitled to a cash amount determined annually by the Board, in consultation with the Compensation Committee of the Board (the “Committee”), and as set forth on Attachment A hereto, consisting of an annual
retainer and a meeting fee based on the number of committee meetings held during the fiscal year, the number of presentations by the Company at which members of the Board are requested to attend and whether the Participant serves as a chairman of a
committee or as the lead independent director. Participants may elect to receive common shares of the Company in lieu of the cash compensation that would otherwise be payable to them by notifying the Company of such election prior to January 1
of the year for which the election will be effective. Any common shares issued to Participants pursuant to such election will be issued under the 2007 Long-Term Equity Compensation Plan (the “2007 Plan”) or any similar plan subsequently
adopted by the Board. 
 3. Equity Compensation. Each Participant shall be entitled to an annual equity award under the
2007 Plan, as set forth on Attachment A hereto. The amount of shares of common stock awarded shall be determined using the fair market value of the common shares of the Company on the tenth business day after January 1 of each year.
Subject to the prior approval of the Committee, Participants may elect to receive cash compensation in lieu of the equity compensation that would otherwise be payable to them by notifying the Company of such election prior to January 1 of the
year for which the election will be effective. All equity awards shall be made effective as of the tenth business day after January 1 of each year. 
 4. Payment. Participants shall receive a lump sum payment of the annual retainer for any fiscal year prior to January 31 of that fiscal year (or, in the case of any person who becomes a
Participant after January 31 of a fiscal year, as soon as practicable after the date on which such person becomes a participant, pro rated as provided in paragraph 1) and a lump sum payment of the meeting fees, committee chair fees and
presiding director fee for any fiscal year prior to January 31 of the next fiscal year or, if earlier, within 60 days after retiring or resigning from the Board. 

 5. Deferral. The ability to defer compensation for services rendered terminated as of
January 1, 2009. Amounts deferred prior to that date must be included as income as of the date the deferred amount is distributed or, if no distribution has occurred, as of the later of (a) the last taxable year beginning before 2018 or
(b) the first taxable year the amounts are no longer subject to a substantial risk of forfeiture. 
 6. Interpretation
of Program. The Committee shall have the authority to administer and to interpret the Program. Any such determinations or interpretations made by the Committee shall be binding on all persons. 

7. Governing Law. The Program shall be governed by the laws of Bermuda. 

8. Successors. All obligations of the Company under the Program shall be binding on any successor to the Company, whether the
existence of such successor is the result of a direct or indirect merger, consolidation, purchase of all or substantially all of the business and/or assets of the Company or otherwise. 

9. Amendment and Termination. This Program may be amended or terminated at any time by the Board; provided, that no amendment
shall be given effect to the extent that it would have the effect of reducing a Participant’s existing awards under the Program. 
  

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 ATTACHMENT A 

AXIS CAPITAL HOLDINGS LIMITED 
 NON-EMPLOYEE DIRECTOR COMPENSATION 
 (effective as of January 1,
2011) 
 Cash Compensation 

 

	1)	Annual retainer for all non-employee directors of $100,000 

  

	2)	Committee Chairs receive the following additional annual cash payments: 

  

				
	 Committee Chair
	  	Annual Payments
	 Corporate Governance and Nominating Committee
	  	$	7,500
	 Risk Committee
	  	$	10,000
	 Finance Committee
	  	$	10,000
	 Compensation Committee
	  	$	10,000
	 Audit Committee
	  	$	30,000

  

	3)	The lead (presiding) director of meetings of non-management directors receives an additional annual cash payment of $15,000. 

 

	4)	Fees for attendance at meetings as follows: 

  

				
	 Type of Meeting
	  	Attendance Fee
	 Committee meetings
	  	$	1,500

 Equity Compensation

 Each non-employee director is entitled to an annual grant of common stock, valued at $100,000 based on the fair
market value of the common shares on the tenth business day after January 1. 
 Compensation Elections 

Prior to each calendar year, each non-employee director can elect to receive common shares in lieu of their cash compensation or cash in
lieu of their equity compensation otherwise payable to the director in that calendar year. 
 Deferred Compensation Plan

  

	1)	 Effective January 1, 2009, AXIS discontinued Director participation in the AXIS Capital Holdings Limited 2003 Directors Deferred Compensation
Plan, an unfunded nonqualified deferred compensation plan. Prior to January 1, 2009, the plan allowed participating 

  

 A-1 

	 	 
directors to elect (1) the amount of cash or stock received as fees for services to be deferred (expressed as a dollar amount, number of shares or percentage) and (2) the form in which
payment is to be made (lump sum or three annual installments) following termination of service as a director. All deferred amounts are 100% vested. 

  

	2)	Directors who chose to defer fees otherwise payable in shares were credited a number of phantom stock units equal in amount to the number of shares of stock deferred.
When a cash dividend is paid on the stock, the portion of the participant’s deferral account denominated in phantom share units is credited with additional phantom share units. 

 

	3)	Directors who chose to defer fees otherwise payable in cash were credited with interest on their cash deferral, compounded annually, at a rate of 1% above the 12-month
LIBOR rate for deposits of U.S. dollars reported on the first business day of the year. 

  

 A-2Amendment No. 13 to the Credit Agreement

  
 Exhibit 10.1

 AMENDMENT NO. 13 
 This AMENDMENT NO. 13 (“AMENDMENT”) is effective as of September 30, 2010, by and among DOVER MOTORSPORTS, INC., a Delaware corporation, DOVER INTERNATIONAL SPEEDWAY, INC., a Delaware
corporation, GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION, an Illinois corporation, MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, a Tennessee corporation, NASHVILLE SPEEDWAY USA, INC., a Tennessee corporation, and MIDWEST RACING, INC., a
California corporation (collectively, “BORROWERS”); PNC BANK, NATIONAL ASSOCIATION, as agent (“AGENT”); PNC BANK, NATIONAL ASSOCIATION, in its capacity as issuer of letters of credit (“ISSUING BANK”); and WILMINGTON
TRUST COMPANY, PNC BANK, NATIONAL ASSOCIATION, and WILMINGTON SAVINGS FUND SOCIETY, FSB (collectively, “LENDERS”). 

RECITALS 

The BORROWERS, the AGENT, the ISSUING BANK and the LENDERS are parties to that certain Credit Agreement executed February 17, 2004
and effective as of February 19, 2004, as previously amended (“CREDIT AGREEMENT”), pursuant to which the LENDERS and the ISSUING BANK are providing to the BORROWERS certain credit facilities (“CREDIT FACILITIES”).

 The BORROWERS’ repayment obligations in connection with the CREDIT FACILITIES are evidenced by: (a) the Third
Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Forty-Four Million Three Hundred Twenty-One Thousand Four Hundred Twenty-Four Dollars ($44,321,424.00) from the BORROWERS to the order of Mercantile-Safe Deposit
and Trust Company effective as of August 21, 2009 (“PNC NOTE”); (b) the Second Amended and Restated Revolving Loan Promissory Note in the stated principal amount of Fifteen Million Six Hundred Forty-Two Thousand Eight Hundred
Fifty-Six Dollars and Ten Cents ($15,642,856.10) from the BORROWERS to the order of Wilmington Trust Company effective as of August 21, 2009 (“WILMINGTON TRUST NOTE”); and (c) the Third Amended and Restated Revolving Loan
Promissory Note in the stated principal amount of Thirteen Million Thirty-Five Thousand Seven Hundred Nineteen Dollars and Fifty Cents ($13,035,719.50) from the BORROWERS to Wilmington Savings Fund Society, FSB effective as of August 21, 2009
(“WILMINGTON SAVINGS NOTE”). 
 As used herein the term “LOAN DOCUMENTS” means collectively the CREDIT
AGREEMENT, the PNC NOTE, the WILMINGTON TRUST NOTE, the WILMINGTON SAVINGS NOTE and all other documents evidencing and securing the obligations in connection with the CREDIT FACILITIES. 

The BORROWERS have requested that the AGENT, the LENDER and the ISSUING BANK agree to modify certain financial covenants contained in the
CREDIT AGREEMENT. The AGENT, the LENDER and the ISSUING BANK are willing to consent to the BORROWERS’ request subject to the terms contained in this AMENDMENT. 
 NOW, THEREFORE, in consideration of the premises, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows: 

Section 1. Recitals. The parties acknowledge the accuracy of the above recitals and hereby incorporate the recitals into this
AMENDMENT. 
 Section 2. Amendment to Credit Agreement. The Credit Agreement is hereby amended as follows:

 a. Article 1. Article 1 of the CREDIT AGREEMENT is hereby amended by deleting the existing definitions
of “FIXED CHARGE COVERAGE RATIO” and “LEVERAGE RATIO” and substituting in lieu thereof the following: 

Fixed Charge Coverage Ratio. The term “FIXED CHARGE COVERAGE RATIO” means at any date of determination, the ratio of:
(a) CONSOLIDATED EBITDA less 

 
dividends less cash income tax expense (or, as the case may be, plus cash income tax refunds received) less capital expenditures, in such case for the comparable twelve month period, to
(b) CONSOLIDATED DEBT SERVICE; provided, however, in determining CONSOLIDATED EBITDA for any period including the fiscal quarters ending September 30, 2011 or December 31, 2011, the CONSOLIDATED EBITDA of the BORROWERS for the Dover
International Speedway fall race scheduled for the period between September 30, 2011 through and including October 2, 2011 shall be deemed earned in the fiscal quarter ending September 30, 2011. 

Leverage Ratio. The term “LEVERAGE RATIO” means at any date of determination, the ratio of CONSOLIDATED FUNDED DEBT on
such date to CONSOLIDATED EBITDA for the four consecutive fiscal quarters of the BORROWERS most recently ended prior to such date; provided, however, in determining CONSOLIDATED EBITDA for any period including the fiscal quarters ending
September 30, 2011 or December 31, 2011, the CONSOLIDATED EBITDA of the BORROWERS for the Dover International Speedway fall race scheduled for the period between September 30, 2011 through and including October 2, 2011 shall be
deemed earned in the fiscal quarter ending September 30, 2011. 
 b. Section 5.16. Section 5.16
of the CREDIT AGREEMENT is hereby amended by deleting its present language in its entirety and substituting in lieu thereof the following: 
 Section 5.16. Leverage Ratio. The BORROWER shall maintain a LEVERAGE RATIO of not more than: (a) 6.25 to 1.0 as of September 30, 2010; (b) 6.25 to 1.0 as of December 31,
2010; (c) 5.50 to 1.0 as of March 31, 2011; (d) 3.25 to 1.0 as of June 30, 2011; and (e) 3.0 to 1.0 as of December 31, 2011, and as of the end of each fiscal quarter thereafter. 

Section 3. Other Terms. Except as specifically modified herein, all other terms and provisions of the CREDIT AGREEMENT and
all other documents evidencing, securing or otherwise documenting the terms and provisions of the credit facilities being provided by the LENDERS and the ISSUING BANK to the BORROWERS remain in full force and effect and are hereby ratified and
confirmed. All security interests and liens securing the BORROWERS’ obligations under the LOAN DOCUMENTS remain in full force and effect and are hereby ratified and confirmed. 

Section 4. Appraisal. Prior to January 31, 2011, the AGENT shall receive an appraisal of the enterprise value of Dover
International Speedway, Inc. as a going concern. The BORROWERS shall take all action requested by the AGENT in connection with such appraisal and shall pay to the AGENT the cost of such appraisal upon the demand of the AGENT. 

Section 5. Fees And Expenses. On the date of this AMENDMENT the BORROWERS shall pay to the AGENT, for the benefit of the
LENDERS, a fee in the amount of one-fifth of one percent (0.20%) of the maximum aggregate amount of the CREDIT FACILITIES. In addition, the BORROWERS shall pay to the AGENT upon the request of the AGENT all fees and expenses in connection with the
structuring, preparation and negotiation of this AMENDMENT and of any documents executed in connection herewith. 

Section 6. Choice of Law. The laws of the State of Maryland (excluding, however, conflict of law principals) shall govern and
be applied to determine all issues relating to this AMENDMENT and the rights and obligations of the parties hereto, including the validity, construction, interpretation and enforceability of this AMENDMENT. 

Section 7. Representations and Warranties. The BORROWERS hereby make the representations and warranties set forth in Article
4 of the CREDIT AGREEMENT, in the same manner as provided in Section 2.1.b of the CREDIT AGREEMENT (regarding the confirmation of such representations and warranties upon the making of any advances). 

  
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 Section 8.
Counterparts; Delivery by Telecopier. This AMENDMENT may be executed in counterparts, and any counterpart delivered by telecopier or electronic transmission will be effective as an original. Any party delivering its counterpart of this
AMENDMENT by telecopier or electronic transmission shall forthwith deliver the original thereof by another method permitted under the CREDIT AGREEMENT for the delivery of notices; provided, that failure to do so shall not impair the effectiveness of
the delivery by telecopier or electronic transmission. 
 IN WITNESS WHEREOF, the parties have executed this AMENDMENT
with the specific intention of creating a document under seal. 
  

							
	BORROWERS:
		
	 DOVER MOTORSPORTS, INC.,
 A Delaware Corporation
	 	
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
		 	Name:	 	 Thomas G. Wintermantel
	 	
		 	Title:	 	 Treasurer & Asst. Secretary
	 	
		
	 DOVER INTERNATIONAL SPEEDWAY, INC.,
 A Delaware Corporation
	 	
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
		 	Name:	 	 Thomas G. Wintermantel
	 	
		 	Title:	 	 Treasurer & Asst. Secretary
	 	
		
	GATEWAY INTERNATIONAL MOTORSPORTS CORPORATION,	 	
	An Illinois Corporation	 	
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
		 	Name:	 	 Thomas G. Wintermantel
	 	
		 	Title:	 	 Treasurer & Asst. Secretary
	 	
		
	MEMPHIS INTERNATIONAL MOTORSPORTS CORPORATION, A Tennessee Corporation	 	
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
		 	Name:	 	 Thomas G. Wintermantel
	 	
		 	Title:	 	 Treasurer & Asst. Secretary
	 	

  
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	NASHVILLE SPEEDWAY USA, INC.,	 	
	A Tennessee Corporation	 	
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
		 	Name:	 	 Thomas G. Wintermantel
	 	
		 	Title:	 	 Treasurer & Asst. Secretary
	 	
		
	MIDWEST RACING, INC.,	 	
	A California Corporation	 	
			
	By:	 	 /s/ Thomas G. Wintermantel
	 	(SEAL)
		 	Name:	 	 Thomas G. Wintermantel
	 	
		 	Title:	 	 Treasurer & Asst. Secretary
	 	
		
	 AGENT:
  

PNC BANK, NATIONAL ASSOCIATION
	 	
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
		 	Name:	 	 C. Douglas Sawyer
	 	
		 	Title:	 	 Sr. Vice President
	 	
		
	LENDERS:	 	
		
	WILMINGTON TRUST COMPANY	 	
			
	By:	 	 /s/ Michael B. Gast
	 	(SEAL)
		 	Name:	 	 Michael B. Gast
	 	
		 	Title:	 	 Vice President
	 	
		
	PNC BANK, NATIONAL ASSOCIATION	 	
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
		 	Name:	 	 C. Douglas Sawyer
	 	
		 	Title:	 	 Sr. Vice President
	 	
		
	WILMINGTON SAVINGS FUND SOCIETY, FSB	 	
			
	By:	 	 /s/ James A. Walls
	 	(SEAL)
		 	Name:	 	 James A. Walls
	 	
		 	Title:	 	 Vice President
	 	

  
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	ISSUING BANK:	 	
		
	PNC BANK, NATIONAL ASSOCIATION	 	
			
	By:	 	 /s/ C. Douglas Sawyer
	 	(SEAL)
		 	Name:	 	 C. Douglas Sawyer
	 	
		 	Title:	 	 Sr. Vice President
	 	

  
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