Document:

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                                                                   Exhibit 10.24

                              VALIDUS HOLDINGS LTD.
                        DIRECTORS STOCK COMPENSATION PLAN

          1.   PURPOSES.

          The purposes of this Validus Holdings Ltd. Directors Stock
Compensation Plan are to advance the interests of Validus Holdings Ltd. and its
shareholders by providing a means to attract, retain and motivate members of the
Board of Directors of Validus Holdings Ltd. upon whose judgment, initiative and
efforts the continued success, growth and development of Validus Holdings Ltd.
is dependent.

          2.   DEFINITIONS.

          For purposes of the Plan, the following terms shall be defined as set
forth below:

          (a) "Board" means the Board of Directors of the Company.

          (b) "Code" means the Internal Revenue Code of 1986, as amended from
time to time. References to any provision of the Code shall be deemed to include
successor provisions thereto and regulations thereunder.

          (c) "Company" means Validus Holdings Ltd., a corporation organized
under the laws of Bermuda, or any successor corporation.

          (d) "Director" means a non-employee member of the Board.

          (e) "Fair Market Value" means, with respect to Shares on any day, the
following:

          (i) If the Shares are at the time listed or admitted to trading on any
     stock exchange, then the Fair Market Value shall be the closing selling
     price per share of Shares on the date in question on the stock exchange
     which is the primary market for the Shares, as such price is officially
     quoted on such exchange. If there is no reported sale of Shares on such
     exchange on such date, then the Fair Market Value shall be the closing
     selling price on the exchange on the last preceding date for which such
     quotation exists; and

          (ii) If the Shares are not at the time listed or admitted to trading
     on any stock exchange but are traded in the over-the-counter market, the
     Fair Market Value shall be the closing selling price per share of Shares on
     the date in question, as such

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     price is reported by the National Association of Securities Dealers through
     the NASDAQ National Market System or any successor system. If there is no
     reported closing selling price for Shares on such date, then the closing
     selling price on the last preceding date for which such quotation exists
     shall be determinative of Fair Market Value.

          (f) "Participant" means a Director who has elected to receive Shares
or defer compensation under the Plan.

          (g) "Plan" means this Validus Holdings Ltd. Directors Stock
Compensation Plan, as amended from time to time.

          (h) "Plan Year" means the calendar year.

          (i) "Shares" means common shares, $0.10 par value per share, of the
Company, [and such other securities as may be substituted for Shares pursuant to
Section 4(b) hereof].

          3.   ADMINISTRATION.

          The Plan shall be administered by the Board. Subject to the express
provisions of the Plan, the Board shall have full and exclusive authority to
interpret the Plan, to make all determinations with respect to the Plan, to
prescribe, amend and rescind rules and regulations relating to the Plan, and to
make all other determinations necessary or advisable in the implementation and
administration of the Plan. The Board's interpretation and construction of the
Plan shall be conclusive and binding on all persons.

          4.   SHARES SUBJECT TO THE PLAN.

          (a) Subject to adjustment as provided in Section 6(g), the total
number of Shares reserved for issuance under the Plan shall be 100,000.

          (b) Any Shares issued hereunder may consist, in whole or in part, of
authorized and unissued Shares or treasury Shares, including Shares acquired by
purchase in the open market or in private transactions.

          5.   SHARE ELECTION.

          (a) Each Director may make an election in writing on or prior to each
December 31 to receive the Director's annual retainer fees payable in the
following Plan Year in the form of Shares instead of cash. Unless the Director
makes a deferral election pursuant to Section 6 below, any Shares elected shall
be distributed at the time cash retainer fees are otherwise payable. The number
of Shares distributed shall be equal to the amount of the

                                       -2-

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annual retainer fee otherwise payable on such payment date divided by 100% the
Fair Market Value of a Share on such payment date. Notwithstanding the
foregoing, a Director who is first elected or appointed to the Board may make an
election under this Section 5 within 30 days after such election or appointment
to the Board in respect of annual retainer fees for services to be performed by
the Director subsequent to the election. Any election made under this Section 5
shall remain in effect for all future Plan Years until changed in writing, which
change shall apply prospectively to the Plan Year beginning after the date of
the written change of election. Elections shall be made hereunder when delivered
in writing to the person designated from time to time by the Company to receive
the elections.

          6.   DEFERRAL ELECTION.

          (a) A Director who has elected to receive Shares pursuant to Section 5
above may make an irrevocable election on or before the December 31 immediately
preceding the beginning of a Plan Year of the Company, by written notice to the
Company, to defer delivery of all or a designated percentage of the Shares
otherwise payable as his or her annual retainer for service as a Director for
the Plan Year. Notwithstanding the foregoing, a Director who is first elected or
appointed to the Board may make a deferral election under this Section 6(a)
within 30 days after such election or appointment to the Board in respect of
annual retainer fees for services to be performed by the Director subsequent to
the election.

          (b) Deferrals of Shares hereunder shall continue until the Director
notifies the Company in writing, on or prior to the December 31 immediately
preceding the commencement of any Plan Year, that he wishes to change his
election hereunder for such Plan Year and subsequent Plan Years.

          (c) All Shares which a Director elects to defer pursuant to this
Section 6 shall be credited in the form of Share units to a bookkeeping account
maintained by the Company in the name of the Director. Each such Share unit
shall represent the right to receive one Share at the time determined pursuant
to the terms of the Plan.

          (d) As of each date on which a cash dividend is paid on Shares, there
shall be credited to each account that number of Share units (including
fractional Share units) determined by: (i) multiplying the amount of such
dividend per Share by the number of Share units in such account; and (ii)
dividing the total so determined by the Fair Market Value of a Share on the date
of payment of such cash dividend. The additions to a Director's account pursuant
to this Section 6(d) shall continue until the Director's account is fully paid.

          (e) The account of a Director shall be distributed (in the form of one
Share for each Share unit) in a lump sum at the time of termination of the
Director's service on the Board.

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          (f) The right of a Director to amounts described under this Section 6
shall not be subject to assignment or other disposition by him or her other than
by will or the laws of descent and distribution. In the event that,
notwithstanding this provision, a Director makes a prohibited disposition, the
Company may disregard the same and discharge its obligation hereunder by making
payment or delivery as though no such disposition had been made.

          (g) Adjustments. In the event that any dividend in Shares,
recapitalization, Share split, reverse split, reorganization, merger,
consolidation, spin-off, combination, repurchase, or Share exchange, or other
such change, affects the Shares such that they are increased or decreased or
changed into or exchanged for a different number or kind of Shares, other
securities of the Company or of another corporation or other consideration, then
in order to maintain the proportionate interest of the Directors and preserve
the value of the Directors' Share units, (i) there shall automatically be
substituted for each Share unit a new unit representing the number and kind of
Shares, other securities or other consideration into which each outstanding
Share shall be changed, and (ii) the number and kind of shares available for
issuance under the Plan shall be equitably adjusted in order to take into
account such transaction or other change. The substituted units shall be subject
to the same terms and conditions as the original Share units.

          7.   GENERAL PROVISIONS.

          (a) Compliance with Legal and Trading Requirements. The Plan shall be
subject to all applicable laws, rules and regulations, including, but not
limited to, federal and state laws, rules and regulations, and to such approvals
by any regulatory or governmental agency as may be required. The Company, in its
discretion, may postpone the issuance or delivery of Shares under the Plan until
completion of such stock exchange or market system listing or registration or
qualification of such Shares or other required action under any federal or state
law, rule or regulation or under laws, rules or regulations of other
jurisdictions as the Company may consider appropriate, and may require any
Participant to make such representations and furnish such information as it may
consider appropriate in connection with the issuance or delivery of Shares in
compliance with applicable laws, rules and regulations. No provisions of the
Plan shall be interpreted or construed to obligate the Company to register any
Shares under federal or state law or under the laws of other jurisdictions.

          (b) No Right to Continued Service. Neither the Plan nor any action
taken thereunder shall be construed as giving any Director the right to be
retained in the service of the Company or any of its subsidiaries or affiliates,
nor shall it interfere in any way with the right of the Company or any of its
subsidiaries or affiliates to terminate any Director's service at any time.

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          (c) Taxes. The Company is authorized to withhold from any Shares
delivered under this Plan any amounts of withholding and other taxes due in
connection therewith, and to take such other action as the Company may deem
advisable to enable the Company and a Participant to satisfy obligations for the
payment of any withholding taxes and other tax obligations relating thereto.
This authority shall include authority to withhold or receive Shares or other
property and to make cash payments in respect thereof in satisfaction of a
Participant's tax obligations; provided, however, that the amount of tax
withholding to be satisfied by withholding Shares shall be limited to the
minimum amount of taxes required to be withheld under applicable law.

          (d) Amendment. The Board may amend, alter, suspend, discontinue, or
terminate the Plan without the consent of shareholders of the Company or
Participants, except that any such amendment, alteration, suspension,
discontinuation, or termination shall be subject to the approval of the
Company's shareholders if such shareholder approval is required by any federal
law or regulation or the rules of any stock exchange or automated quotation
system on which the Shares may then be listed or quoted; provided, however,
that, without the consent of an affected Participant, no amendment, alteration,
suspension, discontinuation or termination of the Plan may impair the rights or,
in any other manner, adversely affect the rights of such Participant under any
award theretofore granted to him or her or compensation previously deferred by
him or her hereunder.

          (e) Unfunded Status of Awards. The Plan is intended to constitute an
"unfunded" plan for incentive and deferred compensation. With respect to any
payments not yet made to a Participant pursuant to a deferral election, nothing
contained in the Plan shall give any such Participant any rights that are
greater than those of a general unsecured creditor of the Company; provided,
however, that the Company may authorize the creation of trusts or make other
arrangements to meet the Company's obligations under the Plan to deliver cash,
Shares, or other property pursuant to any award, which trusts or other
arrangements shall be consistent with the "unfunded" status of the Plan unless
the Company otherwise determines with the consent of each affected Participant.

          (f) Nonexclusivity of the Plan. Neither the adoption of the Plan by
the Board nor its submission to the shareholders of the Company for approval
shall be construed as creating any limitations on the power of the Board to
adopt such other compensation arrangements as it may deem desirable, and such
arrangements may be either applicable generally or only in specific cases.

          (g) No Fractional Shares. No fractional Shares shall be issued or
delivered pursuant to the Plan. Cash shall be paid in lieu of such fractional
Shares.

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          (h) Governing Law. The validity, construction, and effect of the Plan
shall be determined in accordance with the laws of the State of New York,
without giving effect to principles of conflict of laws thereof.

          (i) Effective Date; Plan Termination. The Plan shall become effective
as of January 1, 2007 (the "Effective Date"), subject to approval by the
Shareholders of the Company. The Plan shall terminate as to future awards, at
such time as no Shares remain available for issuance pursuant to Section 4, and
the Company has no further obligations with respect to any compensation deferred
under the Plan.

          (j) Titles and Headings. The titles and headings of the Sections in
the Plan are for convenience of reference only. In the event of any conflict,
the text of the Plan, rather than such titles or headings, shall control.

                                       -6-<PAGE>

                                                                   Exhibit 10.25

(VALIDUS RE LOGO)

                              EMPLOYMENT AGREEMENT

          EMPLOYMENT AGREEMENT ("Agreement") dated as of January 30th, 2007
between Validus Holdings, Ltd., a Bermuda corporation (the "Company"), and
Jerome Dill (the "Executive").

          The parties hereto agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS

          SECTION 1.01 Definitions. For purposes of this Agreement, the
following terms have the meanings set forth below:

          "Base Salary" has the meaning set forth in Section 4.01.

          "Cause" means (a) theft or embezzlement by the Executive with respect
to the Company or its Subsidiaries; (b) malfeasance or gross negligence in the
performance of the Executive's duties; (c) the commission by the Executive of
any felony or any crime involving moral turpitude; (d) willful or prolonged
absence from work by the Executive (other than by reason of disability due to
physical or mental illness or at the direction of the Company or its
Subsidiaries) or failure, neglect or refusal by the Executive to perform his
duties and responsibilities without the same being corrected within ten (10)
days after being given written notice thereof; (e) failure by the Executive to
adequately perform his duties and responsibilities hereunder without the same
being corrected within thirty (30) days after being given written notice
thereof, as determined by the Company in good faith; (f) continued and habitual
use of alcohol by the Executive to an extent which materially impairs the
Executive's performance of his duties without the same being corrected within
ten (10) days after being given written notice thereof; (g) the Executive's use
of illegal drugs without the same being corrected within ten (10) days after
being given written notice thereof; or (h) the material breach by the Executive
of any of the covenants contained in this Agreement without, in the case of any
breach capable of being corrected, the same being corrected within ten (10) days
after being given written notice thereof.

          "Confidential Information" means information that is not generally
known to the public and that was or is used, developed or obtained by the
Company or its Subsidiaries in connection with their business. It shall not
include information (a) required to be disclosed by court or administrative
order, (b) lawfully obtainable from other sources or which is in the public
domain through no fault of the Executive; or (c) the disclosure of which is
consented to in writing by the Company,

          "Date of Termination" has the meaning set forth in Section 5.01.

          "Employment Period" has the meaning set forth in Section 2.01.

          "Good Reason" means, without the Executive's written consent, (a) a
material breach of this Agreement by the Company without the same being
corrected within ten (10) days

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(VALIDUS RE LOGO)

after being given written notice thereof; (b) a material reduction, in the
aggregate, in the Executive's Base Salary and his benefit set forth in Section
4.03(b) below; or (c) a material and adverse change by the Company in the
Executive's duties and responsibilities set forth in Section 3.01 hereof, other
than due to the Executive's failure to adequately perform such duties and
responsibilities as determined by the Board in good faith, without the same
being corrected within ten (10) days after being given written notice thereof;
provided, however, that, notwithstanding any provision of this Agreement to the
contrary, the Executive must give written notice of his intention to terminate
his employment for Good Reason within sixty (60) days after the act or omission
which constitutes Good Reason, and any failure to give such written notice
within such period will result in a waiver by the Executive of his right to
terminate for Good Reason as a result of such act or omission.

          "Intellectual Property" has the meaning set forth in Section 7.01.

          "Noncompetition Period" has the meaning set forth in Section 9.01.

          "Notice of Termination" has the meaning set forth in Section 5.04.

          "Permanent Disability" means those circumstances where the Executive
is unable to continue to perform the usual customary duties of his assigned job
or as otherwise assigned in accordance with the provisions of this Agreement for
a period of six (6) months in any twelve (12) month period because of physical,
mental or emotional incapacity resulting from injury, sickness or disease. Any
questions as to the existence of a Permanent Disability shall be determined by a
qualified, independent physician selected by the Company and approved by the
Executive (which approval shall not be unreasonably withheld). The determination
of any such physician shall be final and conclusive for all purposes of this
Agreement.

          "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, an estate, a trust, a
joint venture, an unincorporated organization or a governmental entity or any
department, agency or political subdivision thereof.

          "Reimbursable Expenses" has the meaning set forth in Section 4.04.

          "Subsidiary" or "Subsidiaries" means, with respect to any Person, any
corporation, partnership, limited liability company, association or other
business entity of which (a) if a corporation, twenty (20) percent or more of
the total voting power of shares of stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or
trustees thereof is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person or
combination thereof; or (b) if a partnership, limited liability company,
association or other business entity, twenty (20) percent or more of the
partnership or other similar ownership interest thereof is at the time owned or
controlled, directly or indirectly, by any Person or one or more Subsidiaries of
that Person or a combination thereof. For purposes of this definition, a Person
or Persons will be deemed to have a twenty (20) percent or more ownership
interest in a partnership, limited liability company, association or other
business entity if such Person or Persons are allocated twenty (20) percent or
more of partnership, limited liability company, association or other business
entity gains or losses or control

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(VALIDUS RE LOGO)

the managing director or member or general partner of such partnership, limited
liability company, association or other business entity.

                                    ARTICLE 2
                                   EMPLOYMENT

          SECTION 2.01 Employment Period. The Company shall employ the
Executive, and the Executive shall accept employment with the Company, upon the
terms and conditions set forth in this Agreement for the period beginning April
1, 2007 (the "Start Date") and ending on the Date of Termination as defined
Section 5.01 below (the "Employment Period"').

                                    ARTICLE 3
                               POSITION AND DUTIES

          SECTION 3.01 Position and Duties. Effective on the Start Date, the
Executive shall serve as General Counsel of the Company, render such legal,
administrative and other executive and managerial services to the Company which
are consistent with Executive's position and have such responsibilities, powers
and duties as may from time to time be prescribed by the senior executives of
the Company; provided that such responsibilities, powers and duties are
substantially consistent with those customarily assigned to individuals serving
in such position at comparable companies or as may be reasonably required by the
conduct of the business of the Company. The Company may direct, in its sole and
exclusive discretion, that the Executive perform no duties and exercise no
powers or resign from any office held in connection with his employment with the
Company or its Subsidiaries. During the Employment Period the Executive shall
devote substantially all of his working time and efforts to the business and
affairs of the Company. The Executive shall not directly or indirectly render
any services of a business, commercial or professional nature to any other
person or for-profit organization not related to the business of the Company or
its Subsidiaries, whether for compensation or otherwise, without prior written
consent of the Company.

          SECTION 3.02 Work Location. While employed by the Company hereunder,
the Executive shall perform his duties (when not traveling or engaged elsewhere
outside the United States in the performance of his duties) at the offices of
the Company in Bermuda or at such other place in Bermuda as the Company may in
its discretion from time to time direct. The Executive shall travel to such
places outside of Bermuda on the business of the Company in such manner and on
such occasions as the Company may from time to time reasonably require.

                                    ARTICLE 4
                            BASE SALARY AND BENEFITS

          SECTION 4.01 Base Salary. During the Employment Period, the
Executive's base salary will be $425,000 per annum (the "Base Salary"). The Base
Salary will be payable monthly on the last working day of each month in arrears
in twelve (12) equal installments. Annually during the Employment Period the
Company shall review with the Executive his job performance and compensation,
and if deemed appropriate by the Board of Directors of the Company or its
delegate, in its discretion, the Executive's Base Salary may be increased.
Normal

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(VALIDUS RE LOGO)

hours of employment are 8:30 a.m. to 5:00 p.m., Monday to Friday. The
Executive's salary has been computed to reflect that his regular duties are
likely, from time to time, to require more than forty (40) hours per week and
the Executive shall not be entitled to receive any additional remuneration for
any such additional hours.

          SECTION 4.02 Bonuses. In addition to the Base Salary, the Executive
shall be eligible to participate in an annual bonus plan on terms set forth from
time to time by the Board of Directors of the Company; provided, however, that
the Executive's target annual bonus will be 115% of his Base Salary.

          SECTION 4.03 Benefits. In addition to the Base Salary, and any bonuses
payable to the Executive pursuant to this Agreement, the Executive shall be
entitled to the following benefits during the Employment Period;

          (a) such major medical, life insurance and disability insurance
     coverage as is, or may during the Employment Period, be provided generally
     for other senior executive officers of the Company as set forth from time
     to time in the applicable plan documents; and

          (b) in addition to the public holidays referenced in the Public
     Holidays Act of 1947 and up to ten (10) paid days off for sick leave, a
     maximum of five (5) weeks of paid vacation annually during the term of the
     Employment Period.

          SECTION 4.04 Expenses. The Company shall reimburse the Executive for
all reasonable expenses incurred by him in the course of performing his duties
under this Agreement which are consistent with the Company's policies in effect
from time to time with respect to travel, entertainment and other business
expenses ("Reimbursable Expenses"), subject to the Company's requirements with
respect to reporting and documentation of expenses. Other business expenses
shall include reimbursement of Executive's International Bar Association
Membership and Practicing Certificate fees.

          SECTION 4.05 Stock Options and Restricted Stock. The Company shall
grant to the Executive 57,500 shares of restricted common stock of the Company
and an option to acquire 130,000 shares of the Company's common stock. Except as
otherwise provided in Section 5.03 below, the terms of such restricted common
stock and stock option, including terms pertaining to vesting, exercise and
cancellation, shall be as set forth in the equity incentive plan to be
established by the Company (the "Incentive Plan") and the applicable award
agreements.

                                    ARTICLE 5
                              TERM AND TERMINATION

          SECTION 5.01 Date of Termination. The Employment Period shall end on
the Date of Termination. For purposes of this Agreement, the "Date of
Termination" shall mean the first to occur of the following: (a) the six (6)
months from the date the Company provides Notice of Termination (as defined
below) without Cause to the Executive; (b) immediately upon the Company
providing Notice of Termination for Cause to the Executive; (c) six (6) months
from the date the Executive provides Notice of Termination specifying his
resignation for Good Reason

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(VALIDUS RE LOGO)

to the Company; (d) six (6) months from the date the Executive provides Notice
of Termination by the Executive without Good Reason to the Company; and (e) the
fifth (5th) day following the Company providing Notice of Termination to the
Executive as a result of the Executive's Permanent Disability; or (f) the date
of Executive's death. In the event that there are circumstances which would give
rise to a termination by the Company for Cause, the Company may, in its sole and
exclusive discretion, treat such termination as a termination without Cause.

          SECTION 5.02 Resignation by the Executive Without Good Reason. If the
Employment Period shall be terminated as a result of the Executive's resignation
or leaving of his employment, other than for Good Reason, Executive shall
continue to: (a) receive Base Salary and benefits set forth in Section 4.03
through the Date of Termination; and (b) receive reimbursement of all
Reimbursable Expenses incurred by the Executive prior to the Date of
Termination. Notwithstanding any provision of this Agreement or any applicable
plan or other agreement to the contrary, no shares of restricted stock of the
Company or stock options of the Company granted to the Executive shall vest on
or following the date the Executive provides Notice of Termination without Good
Reason to the Company. The Executive's entitlements under all other benefit
plans and programs of the Company shall be as determined thereunder.

          SECTION 5.03 Termination for Other Reasons. If the Employment Period
shall be terminated by the Executive for Good Reason, by the Company with or
without Cause, as a result of the Executive's Permanent Disability or upon the
Executive's death, the Executive (or his estate, in the case of death) shall
continue to: (a) receive Base Salary and benefits set forth in Section 4.03
above (i) in the case of termination by the Executive for Good Reason or by the
Company with or without Cause, through the Date of Termination, and (ii) in the
case of termination due to the Executive's Permanent Disability or death,
through the six (6) month anniversary of the Date of Termination; (b) vest in
any shares of restricted stock of the Company and any Company stock options
granted to the Executive through the Date of Termination; and (c) receive
reimbursement for all Reimbursable Expenses incurred by the Executive prior to
the Date of Termination. The Executive's entitlements under all other benefit
plans and programs of the Company shall be as determined thereunder.

          SECTION 5.04 Notice of Termination. Any termination by the Company for
Permanent Disability or Cause or without Cause or by the Executive for Good
Reason or without Good Reason shall be communicated by written Notice of
Termination to the other party hereto. For purposes of this Agreement, a "Notice
of Termination" shall mean a notice which shall indicate the specific
termination provision in this Agreement relied upon and, with respect to
termination by the Company for Permanent Disability or Cause or resignation by
the Executive for Good Reason, shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for termination of employment under
the provision indicated.

                                    ARTICLE 6
                            CONFIDENTIAL INFORMATION

          SECTION 6.01 Nondisclosure and Nonuse of Confidential Information. The
Executive will not disclose or use at any time during or after the Employment
Period any Confidential Information of which the Executive is or becomes aware,
whether or not such information is developed by him, except to the extent that
such disclosure or use is directly related to and

                                       -5-

<PAGE>

(VALIDUS RE LOGO)

required by the Executive's performance of duties assigned to the Executive
pursuant to this Agreement. Under all circumstances and at all times, the
Executive will take all appropriate steps to safeguard Confidential Information
in his possession and to protect it against disclosure, misuse, espionage, loss
and theft.

                                    ARTICLE 7
                              INTELLECTUAL PROPERTY

          SECTION 7.01 Ownership of Intellectual Property. In the event that the
Executive as part of his activities on behalf of the Company generates, authors
or contributes to any invention, design, new development, device, product,
method of process (whether or not patentable or reduced to practice or
comprising confidential Information), any copyrightable work (whether or not
comprising Confidential Information) or any other form of Confidential
Information relating directly or indirectly to the business of the Company as
now or hereinafter conducted (collectively, "Intellectual Property"), the
Executive acknowledges that such Intellectual Property is the sole and exclusive
property of the Company and hereby assigns all right, title and interest in and
to such Intellectual Property to the Company. Any copyrightable work prepared in
whole or in part by the Executive during the Employment Period will be deemed "a
work made in the course of employment" as defined by the Copyright Act of 1958,
as amended, and the Company will own all of the rights comprised in the
copyright therein. The Executive will promptly and fully disclose all
Intellectual Property and will cooperate with the Company to protect the
Company's interests in and rights to such Intellectual Property (including
providing reasonable assistance in securing patent protection and copyright
registrations and executing all documents as reasonably requested by the
Company, whether such requests occur prior to or after termination of
Executive's employment hereunder).

                                    ARTICLE 8
              DELIVERY OF MATERIALS UPON TERMINATION OF EMPLOYMENT

          SECTION 8.01 Delivery of Materials upon Termination of Employment. As
requested by the Company, from time to time and upon the termination of the
Executive's employment with the Company for any reason, the Executive will
promptly deliver to the Company all property of the Company or its Subsidiaries,
including, without limitation, all copies and embodiments, in whatever form or
medium, of all Confidential Information or Intellectual Property in the
Executive's possession or within his control (including written records, notes,
photographs, manuals, notebooks, documentation, program listings, flow charts,
magnetic media, disks, diskettes, tapes and all other materials containing any
Confidential Information or Intellectual Property) irrespective of the location
or form of such material and, if requested by the Company, will provide the
Company with written confirmation that, to the best of his knowledge, all such
materials have been delivered to the Company.

                                    ARTICLE 9
                       NONCOMPETITION AND NONSOLICITATION

          SECTION 9.01 Noncompetition. The Executive acknowledges that during
his employment with the Company, he will become familiar with trade secrets and
other Confidential

                                       -6-

<PAGE>

(VALIDUS RE LOGO)

Information concerning the Company or its Subsidiaries, and that his services
will be of special, unique and extraordinary value to the Company. In addition,
the Executive hereby agrees that at any time during the Employment Period, and
for a period ending six(6) months after the Date of Termination (the
"Noncompetition Period"), he will not directly or indirectly own, manage,
control, participate in, consult with, render services for or in any manner
engage in any business competing with the businesses of the Company or its
Subsidiaries as such businesses exist or are in process or being planned as of
the Date of Termination, within any geographical area in which the Company or
its Subsidiaries engage or plan to engage in such businesses; provided, however,
that the portion of the Noncompetition Period following the Date of Termination
shall be reduced by the period of time, if any, between the date of Notice of
Termination is given and the Date of Termination. It shall not be considered a
violation of this Section 9.01 for the Executive to be a passive owner of not
more than 2% of the outstanding stock of any class of a corporation which is
publicly traded, so long as the Executive has no active participation in the
business of such corporation.

          SECTION 9.02 Nonsolicitation of Employees. The Executive hereby agrees
that (a) during the Employment Period and for a period of one (1) year after the
Date of Termination (the "Nonsolicitation Period" the Executive will not,
directly or indirectly through another entity, induce or attempt to induce any
employee of the Company or its Subsidiaries to leave the employ of the Company
or its Subsidiaries, or in any way interfere with the relationship between the
Company or its Subsidiaries and any employee thereof or otherwise employ or
receive the services of any individual who was an employee of the Company or its
Subsidiaries at any time during such Nonsolicitation Period or within the
six-month period prior thereto.

          SECTION 9.03 Nonsolicitation of Customers. During the Nonsolicitation
Period, the Executive will not induce or attempt to induce any customer,
supplier, client, insured, reinsured, reinsurer, broker, licensee or other
business relation of the Company or its Subsidiaries to cease doing business
with the Company or its Subsidiaries.

          SECTION 9.04 Enforcement. If, at the enforcement of Sections 9.01,
9.02 or 9.03, a court holds that the duration, scope or area restrictions stated
herein are unreasonable under circumstances then existing, the parties agree
that the maximum duration, scope or area reasonable under such circumstances
will be substituted for the stated duration, scope or area and that the court
will be permitted to revise the restrictions contained in this Section 9 to
cover the maximum duration, scope and area permitted by law.

                                   ARTICLE 10
                                EQUITABLE RELIEF

          SECTION 10.01 Equitable Relief. The Executive acknowledges that (a)
the covenants contained herein are reasonable, (b) the Executive's services are
unique, and (c) a breach or threatened breach by him of any of his covenants and
agreements with the Company contained in Sections 6.01, 7.01, 8.01, 9.01, 9.02
or 9.03 could cause irreparable harm to the Company for which they would have no
adequate remedy at law. Accordingly, and in addition to any remedies which the
Company may have at law, in the event of an actual or threatened breach by the
Executive of his covenants and agreements contained in Sections 6.01, 7.01,
8.01, 9.01, 9.02 or 9.03, the Company shall have the absolute right to apply to
any court of competent

                                       -7-

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(VALIDUS RE LOGO)

jurisdiction for such injunctive or other equitable relief as such court may
deem necessary or appropriate in the circumstances.

                                   ARTICLE 11
                  EXECUTIVE REPRESENTATIONS AND INDEMNIFICATION

          SECTION 11.01 Executive Representations. The Executive hereby
represents and warrants to the Company that (a) the execution, delivery and
performance of this Agreement by the Executive does not and will not conflict
with, breach, violate or cause a default under any contract, agreement,
instrument, order, judgment or decree to which the Executive is a party or by
which he is bound, (b) except for agreements provided to the Company by the
Executive, the Executive is not a party to or bound by any employment agreement,
noncompetition agreement or confidentiality agreement with any other Person, and
(c) upon the execution and delivery of this Agreement by the Company, this
Agreement will be the valid and binding obligation of the Executive, enforceable
in accordance with its terms. Notwithstanding Section 11.02 below, in the event
that any action is brought against Executive involving any breach of any
employment agreement, noncompetition agreement or confidentiality agreement with
any other Person, the Executive shall bear his own costs incurred in defending
such action, including but not limited to, court fees, arbitration costs,
mediation costs, attorneys' fees and disbursements.

          SECTION 11.02 General Indemnification. The Company agrees that if the
Executive is made a party, or is threatened to be made a party, to any action,
suit or proceeding, whether civil, criminal, administrative or investigative
(each, a "Proceeding"'), by reason of the fact that he is or was a director,
officer or employee of the Company or is or was serving at the request of the
Company as a director, officer, member, employee or agent of another
corporation, partnership, joint venture, trust or other enterprise, including
service with respect to employee benefit plans, whether or not the basis of such
Proceeding is the Executive's alleged action in an official capacity while
serving as a director, officer, member, employee or agent, the Executive shall
be indemnified and held harmless by the Company to the fullest extent permitted
or authorized by applicable law and its organizational documents, against all
cost, expense, liability and loss reasonably incurred or suffered by the
Executive in connection therewith, and such indemnification shall continue as to
the Executive even if he has ceased to be a director, member, employee or agent
of the Company or other entity and shall inure to the benefit of the Executive's
heirs, executors and administrators. The Company agrees to maintain a directors'
and officers' liability insurance policy covering the Executive to the extent
the Company provides such coverage for its other executive officers.

                                   ARTICLE 12
                                  MISCELLANEOUS

          SECTION 12.01 Rights and Remedies. The Company will be entitled to
enforce its rights and remedies under this Agreement specifically, without
posting a bond or other security, to recover damages by reason of any breach of
any provision of this Agreement and to exercise all other rights granted by law.
There are currently no disciplinary or grievance procedures in place, there is
no collective agreement in place, and there is no probationary period.

                                       -8-

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(VALIDUS RE LOGO)

          SECTION 12.02 Consent to Amendments. The provisions of this Agreement
may be amended or waived only by a written agreement executed and delivered by
the Company and the Executive. No other course of dealing between the parties to
this Agreement or any delay in exercising any rights hereunder will operate as a
waiver of any rights of any such parties.

          SECTION 12.03 Successors and Assigns. All covenants and agreements
contained in this Agreement by or on behalf of any of the parties hereto will
bind and inure to the benefit of the respective successors and assigns of the
parties hereto whether so expressed or not, provided that the Executive may not
assign his rights or delegate his obligations under this Agreement without the
written consent of the Company.

          SECTION 12.04 Severability. Whenever possible, each provision of this
Agreement will 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 prohibited
by or invalid under applicable law, such provision will be ineffective only to
the extent of such prohibition or invalidity, without invalidating the remainder
of this Agreement.

          SECTION 12.05 Counterparts. This Agreement may be executed
simultaneously in two or more counterparts, any one of which need not contain
the signatures of more than one party, but all of which counterparts taken
together will constitute one and the same agreement.

          SECTION 12.06 Descriptive Headings. The descriptive headings of this
Agreement are inserted for convenience only and do not constitute a part of this
Agreement.

          SECTION 12.07 Notices. All notices, demands or other communications to
be given or delivered under or by reason of the provisions of this Agreement
will be in writing and will be deemed to have been given when delivered
personally to the recipient, two(2) business days after the date when sent to
the recipient by reputable express courier service (charges prepaid) or four(4)
business days after the date when mailed to the recipient by certified or
registered mail, return receipt requested and postage prepaid. Such notices,
demands and other communications will be sent to the Executive and to the
Company at the addresses set forth below.

          If to the Executive:  To the last address delivered to the Company by
                                the Executive in the manner set forth herein.

          If to the Company:    Validus Holdings, Ltd.
                                Clarendon House
                                2 Church Street
                                Hamilton HM 11
                                Bermuda

                                Attn: President

          Copies (which shall not constitute notice) of notices to the Company
     shall also be sent to:

                                       -9-

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(VALIDUS RE LOGO)

                                                Cahill Gordon & Reindel LLP
                                                80 Pine Street
                                                New York, New York 10005
                                                Attn: Glenn J. Waldrip, Jr., Esq

or to such other address or to the attention of such other person as the
recipient party has specified by prior written notice to the sending party.

          SECTION 12.08 Withholding. The Company may withhold from any amounts
payable under this Agreement such federal, state, local or foreign taxes as
shall be required to be withheld pursuant to any applicable law or regulation.

          SECTION 12.09 No Third Party Beneficiary. This Agreement will not
confer any rights or remedies (or any obligations) upon any person other than
the Company, the Executive and their respective heirs, executors, successors and
assigns.

          SECTION 12.10 Entire Agreement. This Agreement (including the
documents referred to herein) constitutes the entire agreement among the parties
and supersedes any prior understandings, agreements or representations by or
among the parties, written or oral, that may have related in any way to the
subject matter hereof. This Agreement shall serve as a written statement of
employment for purposes of Section 6 of the Bermuda Employment Act 2000.

          SECTION 12.11 Construction. The language used in this Agreement will
be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction will be applied against any party.
Any reference to any federal, state, local or foreign statute or law will be
deemed also to refer to all rules and regulations promulgated thereunder, unless
the context requires otherwise. The use of the word "including" in this
Agreement means "including without limitation" and is intended by the parties to
be by way of example rather than limitation.

          SECTION 12.12 Survival. Sections 6.01, 7.01, 8.01 and Articles 9 and
12 will survive and continue in full force in accordance with their terms
notwithstanding any termination of the Employment Period.

          SECTION 12.13 GOVERNING LAW. ALL QUESTIONS CONCERNING THE
CONSTRUCTION, VALIDITY AND INTERPRETATION OF THIS AGREEMENT WILL BE GOVERNED BY
THE INTERNAL LAW OF BERMUDA, WITHOUT REGARD TO PRINCIPLES OF CONFLICT OF LAWS,
AND THE PARTIES HEREBY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE SUPREME COURT
OF BERMUDA.

                                      -10-

<PAGE>

(VALIDUS RE LOGO)

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date and year first above written.

                                        VALIDUS HOLDINGS, LTD.

                                        By: /s/ Edward J. Noonan
                                            ------------------------------------
                                        Printed Name: EDWARD J. NOONAN
                                        Title: CEO

                                        /s/ JEROME DILL
                                        ----------------------------------------
                                        JEROME DIll

                                      -11-

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