Document:

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                                 PROMISSORY NOTE

US$ 128,000,000                                                    April 4, 2002

         FOR VALUE RECEIVED, PXRE CORPORATION, a corporation organized under the
laws of Delaware (the "Maker"), hereby promises to pay to the order of PXRE
REINSURANCE (BARBADOS) LTD., a Barbados corporation (the "Payee;" Payee, and any
subsequent holder or holders hereof, being hereinafter referred to collectively
as "Holder"), the principal sum of One Hundred Twenty Eight Million Dollars (US
$128,000,000.00) (the "Loan") in lawful money of the United States of America
without grace, at the office of Payee at Chelston Park Building No. 2, Collymore
Rock, St. Michael, Barbados, or at such other place as Holder may designate to
Maker in writing from time to time.

         Interest will accrue on the unpaid principal amount of this Note during
the period from and including the date hereof to (but excluding) the date on
which the outstanding principal amount of this Note is paid in full at a rate
per annum equal to 7.03% based on a 360-day year and charged on the basis of
actual days elapsed, from the date hereof until payment in full.

         Interest shall be payable semi-annually, in arrears, on the outstanding
principal amount on June 30 and December 31 of each annual period during which
the Loan remains outstanding, provided, however, that the first interest payment
shall not be due and payable until December 31, 2002.

         Subject to acceleration upon the occurrence of an Event of Default (as
defined below), the Loan shall be re-paid in full on April 30, 2012.

         If this Promissory Note or any payment required to be made hereunder
becomes due and payable on a day which is not a Business Day (which for purposes
of this Promissory Note means any day other than a Saturday or Sunday or a day
on which commercial banks are not required or authorized to be closed in the
State of New York) the due date thereof shall be extended until the next
following Business Day and interest shall be payable during such extension at
the rate provided for above.

         The Maker shall have the right, at any time, on not less than ten (10)
days prior written notice to the Payee, to prepay, without penalty, the
outstanding principal amount of this Promissory Note, in whole or in part,
provided that any such prepayment shall be accompanied by payment of all accrued
but unpaid interest on the principal amount of the Loan at the date of such
prepayment.

A.       Representations and Warranties. As an inducement to the Payee
         to make the Loan, the Maker represents and warrants to the Payee as
         follows:

         1.      The Maker is a Delaware corporation. The making and performance
         of this Promissory Note will not (immediately or with the passage of
         time, the giving of notice, or both): (a) violate the certificate of
         incorporation or by-laws of the Maker or violate any laws or result in
         the default under any material contract, agreement or instrument to
         which the Maker is a party or by which the Maker or its property is
         bound; or (b) result in the creation or imposition of any lien upon any
         of the material assets of the Maker.

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         2.       The Maker has the corporate power and authority to enter into
         this Promissory Note and to incur the obligations herein provided for,
         and has taken all necessary corporate action to authorize the
         execution, delivery and performance of this Promissory Note.

         3.       This Promissory Note is the legal, valid and binding
         obligation of the Maker, enforceable in accordance with its terms,
         subject as to enforcement only to applicable bankruptcy, insolvency,
         reorganization and similar loans affecting creditors' rights generally
         and the availability of equitable remedies and public policy
         considerations.

         4.       The Maker is not engaged in, or to the Maker's knowledge,
         threatened with any, legal action or proceeding by or before any court
         or administrative agency which, if adversely determined, would
         materially and adversely affect the financial condition or operations
         of the Maker.

B.       Negative Covenants. Until the Loan is repaid in full, without the prior
         written consent of the Payee, the Maker shall not (except as otherwise
         provided below):

         1.       directly or indirectly declare or make, or incur any liability
         to make, any "dividend" which would cause the Maker to be unable to
         meet its liabilities as they become due in the ordinary course.
         "Dividend" means (x) cash distributions or any other distributions on,
         or in respect of, any class of capital stock of the Maker, except for
         distributions made solely in shares of stock of the same class and (y)
         any and all funds, cash or other payments made in respect of the
         redemption, repurchase or acquisition of such stock;

         2.        incur, directly or indirectly, any indebtedness, obligations
         or liabilities, including guarantees and capital lease obligations
         (collectively, "Indebtedness") except:

                  a. Indebtedness arising out of this Promissory Note;

                  b. current liabilities for taxes and assessments incurred in
                  the ordinary course of business;

                  c. Indebtedness in respect of current accounts payable or
                  Indebtedness accrued and incurred in the ordinary course of
                  business (other than for borrowed funds or purchase money
                  obligations), provided that all such Indebtedness shall be
                  promptly paid and discharged when due or in conformity with
                  customary trade terms;

                                       -2-
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                  d. Indebtedness that ranks subordinate or pari passu, without
                  preference or priority, to the Indebtedness evidenced by this
                  Promissory Note;

         3.       amend its Certificate of Incorporation;

         4.       create, incur, permit or suffer to exist any lien, mortgage,
         security interest, pledge, conditional sales agreement or other
         encumbrance ("Liens") upon any of its property or assets, now owned or
         hereafter acquired, except for "Permitted Liens." "Permitted Liens"
         means:

                  a. Liens for taxes not yet due and payable or which are being
                  contested in good faith by proper proceedings promptly
                  instituted and diligently conducted;

                  b. carriers', warehousemen, mechanics, materialmen, repairmen
                  or other like Liens arising in the ordinary course of
                  business;

                  c. easements, rights of way, restrictions and other similar
                  encumbrances incurred in the ordinary course of business which
                  do not in any case materially detract from the value of the
                  property subject thereto or interfere with the ordinary
                  conduct of the business;

                  d. purchase money Liens securing Indebtedness, provided such
                  Liens shall encumber only the asset acquired with the proceeds
                  of such indebtedness and solely for the amount thereof; or

         5.       change its method of accounting except as required by
         generally accepted accounting principles.

C.       Affirmative Covenants. Until the Loan is repaid in full, the Maker
         agrees:

         1.       to take all necessary steps to preserve the Maker's corporate
                  existence and maintain all rights, privileges, franchises and
                  licenses necessary or desirable in the normal conduct of its
                  business. The Maker will comply in all material respects with
                  all present and future laws, ordinances, statutes, rules,
                  regulations, orders, injunctions, writs or decrees of any
                  government or political subdivision or agency thereof or any
                  court or similar entity applicable to it in the operation of
                  its business (collectively, the "Laws") and all material
                  agreements to which it is subject. The Maker will operate its
                  business only in the ordinary course.

D.       Event of Default. Any of the following shall constitute an "Event of
         Default" under this Promissory Note:

         1.       Except as otherwise permitted by the terms hereof, the Maker
                  fails to pay any installment of principal or interest on the
                  Promissory Note on the respective dates therefore and such
                  default continues for 30 days after notice of default from the
                  Payee;

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         2.       The Maker defaults in the performance of any other terms or
                  conditions of this Promissory Note or in the performance of
                  any material covenants hereunder, and the default continues
                  for 30 days after notice of default from the Payee;

         3.       Any representation or warranty by the Maker contained herein
                  or any other agreement delivered in connection herewith or
                  therewith shall prove to be inaccurate in any material
                  respect; or

         4.       The Maker becomes insolvent or admits in writing its inability
                  to pay its debts as they mature; or applies for, consents to,
                  or acquiesces in the appointment of a trustee or receiver for
                  any of their respective property; or in the absence of an
                  application, consent, or acquiescence, a trustee or receiver
                  is appointed for either of them or a substantial part of
                  either entity's property and is not discharged within 90 days;
                  or otherwise commits an act of bankruptcy or insolvency law,
                  or any dissolution or liquidation proceeding, is instituted by
                  or against either of them and if instituted is consented to or
                  acquiesced in by either of them or remains for 90 days
                  undismissed.

                  If an Event of Default shall occur and be continuing, the
                  Payee may (a) declare this Promissory Note to be immediately
                  due and payable in full, by telefax or by notice mailed or
                  delivered to the Maker at its address provided to the Payee
                  from time to time, whereupon the same shall become forthwith
                  due and payable without presentment, demand, protest and
                  notice of dishonor of this Promissory Note or any other notice
                  of any kind, all of which are hereby expressly waived, and (b)
                  proceed to protect and enforce its rights hereunder, by action
                  at law, suit in equity or otherwise. In the event of any such
                  declaration, the Maker agrees to pay the Payee on demand from
                  time to time such amounts as shall cover costs and expenses of
                  collection of this Promissory Note including, without
                  limitation, the fees and expenses of attorneys for the Payee
                  advising the Payee with respect to its rights or collection of
                  this Promissory Note.

E.       Subordination. Notwithstanding anything contained herein to the
         contrary, the Maker's obligations under this Note are subordinate in
         right and time to Maker's obligations under that certain First Amended
         and Restated Credit Agreement, dated as of August 31, 1999, by and
         among PXRE Corporation (as Borrower), PXRE Barbados (Reinsurance) Ltd.
         and PXRE Group Ltd. (as Guarantors), certain banks and financial
         institutions listed on Schedule 1.1 thereof (collectively, as Lenders),
         and First Union National Bank (as Agent) as amended from time to time.

         Venue for any action at law, suit in equity or other proceeding brought
in connection with this Promissory Note shall be in the federal courts of the
United States of America in the Southern District of New York, or in the courts
of the State of New York in New York City. The Maker hereby submits, to the
fullest extent permitted by applicable law, to the nonexclusive jurisdiction of
such courts for the purpose of any such action or proceeding. The foregoing
provisions of this subsection shall not be construed to limit the right of any
party hereto to serve any such writ, process or summons in any manner permitted
by applicable law. Each party further agrees that a final judgment or order in
any such action, suit or proceeding may be enforced against such party in any
other jurisdiction by suit on such judgment or order in such other manner as may
be permitted by applicable law.

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THE MAKER HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
BROUGHT BY ANY PARTY HERETO OR BENEFICIARY HEREOF ON ANY MATTER WHATSOEVER
ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS PROMISSORY NOTE.

This Promissory Note shall be governed by and construed in accordance with the
laws of the State of New York without regard to the conflicts-of-laws provisions
thereof.

All payments to be made by the Maker hereunder shall be made without set-off,
deduction or counterclaim of any kind whatsoever.

All payments to be made by the Maker hereunder shall be made free and clear of
and without deduction for or on account of any present or future taxes or duties
of any nature now or hereafter imposed (other than withholding taxes), unless
the Maker is compelled by law to make payment subject to any such taxes.

IN WITNESS WHEREOF, the Maker has executed and delivered this Promissory Note as
of the date and year first above written.

PXRE CORPORATION

By: /s/ Bruce J. Byrnes
    --------------------------------
Name:  Bruce J. Byrnes
Its:   General Counsel & Secretary

Acknowledged:

PXRE REINSURANCE (BARBADOS) LTD.

By: /s/ Martin Hole
    --------------------------------
Name:  Martin Hole
Its:   Vice President

                                      -5-Prepared and filed by St Ives Burrups

     EXHIBIT
  10.1B

     NPS
  PHARMACEUTICALS, INC.

     1987
  STOCK OPTION PLAN

     (reflects
  all amendments by the Board of Directors through September 2002)

  1.  PURPOSE.  This
    Stock Option Plan (“Plan”) is established to provide incentives
    for employees, consultants, officers, advisors, and directors of the Company
    shown above (the “Company”) and any Subsidiary (as defined in Section
    2 below) of the Company to promote the financial success and progress of the
    Company by granting such persons options (“Options”) to buy shares
    (“Optioned Shares”) of the Common Stock (“Common Stock”)
    of the Company. Options granted under this Plan may be either (a) incentive
    stock options (“ISO’s”), or (b) non-qualified stock options (“NQSOs”),
    as designated by the Board of Directors (“Board”) of the Company
    on the form of the Grant of Option in each case. If no designation is made
    on any Grant to an optioned employee such Grant shall be deemed an ISO. Any
    non-employee optionees shall be eligible only for NQSO’s.

2.  DEFINITIONS.  As
  used in this Plan “Subsidiary” means any corporation (other than the Company)
  in an unbroken chain of corporations beginning with the Company if, at the time
  of granting of the Option, each of the corporations other than the last corporation
  in the unbroken chain owns stock possessing 50% or more of the total combined
  voting power of all classes of stock in one of the other corporations in such
  chain.

  3.  ADOPTION AND APPROVAL.  This
    Plan shall become effective on the date that it is adopted by the Board as
    to all NQSO’s and ISO’s provided, that as to such ISO’s the Plan
    is approved by valid voter actions of the Shareholders of the Company within
    twelve months before or after the date this Plan is adopted by the Board and
    such ISO’s may be issued only to employees.

Nothing
  herein is intended to imply the requirement for Shareholder approval as to any
  NQSO’s, the terms of the Grant of the same, or the number of Optioned Shares
  issuable as such or otherwise which action and authorization shall remain solely
  within the province of the Board of Directors.

  4.  NUMBER OF SHARES.  The
    maximum number of Shares that may be issued pursuant to Options granted under
    this Plan shall be the number of shares shown above (the “Plan Shares”
    or the “Shares”), subject to adjustment as provided in Section 11,
    below. If any Option is terminated for any reason without being exercised
    in whole or in part, the Optioned Shares thereby released from such Option
    shall continue to be available under this Plan. At all times during the term
    of this Plan, the Company shall reserve sufficient shares of its common stock
    to satisfy the requirements of outstanding Options under the Plan. Anything
    herein to the contrary notwithstanding, the exercise of any incentive stock
    option (“ISO”) within the meaning of Section 422A of the Internal
    Revenue Code (the “Code”) shall not reduce the number of shares
    or in any other manner affect any non-qualified stock option (“NQSO”)
    granted to the employee/optionee and the exercise of any NQSO shall not reduce
    the number of shares or in any other manner affect any ISO granted to the
    employee/optionee.

5.  ADMINISTRATION.  This
  Plan shall be administered by the Board or by a committee appointed by the Board
  to administer this Plan (as used herein, the term “Board” shall include such
  committee). The interpretation by the Board of any of the provisions of this
  Plan or any Option granted under this Plan shall be final and binding upon the
  Company and all persons having an interest in any Option or any Optioned Shares
  purchased pursuant to an Option.

6.  ELIGIBILITY.  Options
  may be granted to employees, consultants, officers, advisors, and directors
  (“Optionee”) of the Company or any Parent or Subsidiary of the Company. No other
  persons shall be eligible to receive Options. All salaried and hourly employees
  of the Company and its Parent and subsidiaries, including subsidiaries which
  become such after adoption of the Plan, are eligible to receive an

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 ISO, but officers and directors shall not be eligible
  to receive an ISO unless the officer or director is also an employee of the
  Company, or such Subsidiary. The Board shall from time-to-time and in its sole
  discretion determine which individuals among the eligible individuals will be
  granted Options. An Optionee may be granted more than one Option, subject to
  the terms and conditions of this Plan.

7.  TERMS
  AND CONDITIONS OF OPTIONS.  The Board shall determine for each
  Option (which need not be identical to other Options) whether the Option is
  to be an ISO or a NQSO, the number of Optioned Shares for which the Option shall
  be granted, the exercise price of the Option, the periods during which the Option
  may be exercised, and all other terms and conditions of the Option.

  (a)  Form of Option
    Grant.  Each Option granted under this Plan shall be evidenced
    by a written Stock Option Grant (“Grant”) in such form as the Board
    shall from time-to-time approve, which grant shall incorporate the provisions
    of this Plan by reference and shall comply with and be subject to the terms
    and conditions of this Plan. Each Option shall become exercisable and the
    total number of shares subject thereto shall be purchasable, at such times
    in such amounts, on such terms, and in such installments, which need not be
    equal, as the Board shall determine.

(b)  Option Price.  Any Option granted, that becomes exercisable on the Date of Grant and expires no sooner than three years from the Date of Grant, may be subject to an option purchase price which shall be the fair market value of such Option at the date of grant.  Payment for such an Option shall be made in cash on the date such option is given to the Optionee.  No option purchase price shall be required for any other option.

(c)  Exercise Price.  The exercise price of an ISO Option shall be not less than the fair market value of the Optioned Shares, as determined by the Board in good faith, at the time that the Option is granted.  The exercise price of any ISO Option granted to a person owning more than 10% of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary (“Ten Percent Shareholder”) shall be equal to at least 110% of the fair market value of the Optioned Shares at the time of the grant.

(d)  Exercise Period.  Options shall be exercisable within the times or upon the events determined by the Board as set forth in the Grant, provided, however, that no Option shall be exercisable after the expiration of ten years from the Date of Grant of the Option, and provided further that no Option granted to a Ten Percent Shareholder shall be exercisable after the expiration of five years from the Date of Grant of the Option. 

(e)  Limitations on ISO’s.  The aggregate fair market value (determined as of the time an Option is granted) of the Optioned Shares with respect to which ISO’s are exercisable for the first time by such Optionee during any calendar year (under this Plan or under any other incentive stock option plan of the Company or any Parent or Subsidiary) shall not exceed $100,000.

(f)  Date of Grant.  The date of grant (“Date of Grant”) of an Option shall, for all purposes, be the date on which the Board makes the determination to grant such Option.  The Grant representing the Option shall be delivered to the Optionee within a reasonable time after the granting of the Option.

8.  EXERCISE OF OPTIONS.

(a)  Notice.  Options may be exercised only by delivery of a written notice to the Company, in a form approved by the Board, stating the number of Optioned Shares being purchased and such other representations and agreements as to the Optionee’s investment intent and access to information as may be required by the Company to comply with applicable securities laws, together with payment of the exercise price (the “Option Exercise Price”)
for the number of

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Optioned Shares being purchased.

(b)  Payment.  Payment for the Optioned
Shares may be made (i) in cash, (ii) by tender to the Company of shares of the Company’s
common stock or interest in shares owned by the Optionee having a fair market value equal to
the exercise price, or (iii) by tender of such other consideration, as the Board may approve
provided that such form of payment shall be established at the Date of Grant for
any ISO.

(c)  Withholding Taxes.  Prior to issuance
of the Optioned Shares to an employee upon exercise of an Option, the employee/Optionee shall
 pay or make adequate provision for any federal or state withholding obligations of the Company
 or any Subsidiary, if applicable.

(d)  Limitations on
Exercise.  Notwithstanding the exercise periods set forth in the
Grant, exercise of an Option shall always be subject to the following
limitations:

(i)  An ISO Option shall not be exercisable
until such time as the Plan has been approved by the shareholders of the Company in accordance
 with Section 3, above.

(ii)  An Option shall not be exercisable
unless such exercise is in compliance with the Securities Act of 1933, as amended, and all
applicable state securities laws, as they are in effect on the date of exercise.

(e)  Effect of
Dissolution, Merger or Sale of Assets.  In the event of a dissolution or liquidation
of the Company, a merger in which the Company is not the surviving corporation, a sale of more
than 50% of the outstanding shares of the Company (measured after such sale) to one or more
persons in a single transaction or a series of related transactions or the sale of substantially
 all of the assets of the Company, all outstanding Options, notwithstanding the terms and
 limitations on exercise of such Options, shall accelerate and become exercisable in full prior
 to consummation of the dissolution, liquidation, merger, consolidation, separation,
 reorganization, or sale of assets of the Company at such reasonable times as may be
 specified by the Board.

9.  RETIREMENT OF OPTIONEE.  Notwithstanding
any contrary Plan provision, in the event an Optionee’s status as an employee, consultant,
officer, or advisor terminates due to Optionee’s Retirement, the Optionee shall vest in
that number of shares subject to the Option that would have vested had the Optionee remained
in employment or service as employee, consultant, officer, or advisor for an additional two (2)
years from the date of Retirement. In addition, the Option shall remain exercisable until the
expiration of its terms, as provided in Section 7(d) of the Plan. For purposes of this paragraph,
Retirement shall mean the termination of service with the Company of an Optionee on or after the
date on which the Optionee’s number of completed years of service with the Company and age
equal or exceed seventy (70) (including termination due to death or disability after
such time).

   10.  NON-TRANSFERABILITY OF ISO
    OPTIONS.  During the lifetime of the ISO Optionee, an Option
    shall be exercisable only by the Optionee. No ISO Option may be sold, pledged,
    assigned, hypothecated, transferred or disposed of in any manner other than
    by will or by the laws of descent and distribution.

11.  PRIVILEGES
OF STOCK OWNERSHIP.  No Optionee shall have any of the rights of a shareholder
with respect to any Optioned Shares subject to an Option until the Option has been validly
exercised and the certificates for the Shares have been issued and delivered (the “Date of
 Issuance”).  No adjustment shall be made for dividends or distributions or other rights
 for which the record date is prior to the Date of Issuance, except as provided in
 Section 11.

12.  ADJUSTMENT
  OF OPTION SHARES.  In the event that the number of outstanding
  shares

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of common stock of the Company is changed by a
  stock dividend, stock split, reverse stock split or similar change in the capital
  structure of the Company, the number of Plan Shares available under this Plan
  (“the Plan Shares”) and the number of Optioned Shares subject to outstanding
  Options and the exercise price per share of such Optioned Shares shall be proportionately
  adjusted, subject to any required action by the Board or shareholders of the
  Company; provided, however, that no certificate or script representing fractional
  shares shall be issued upon exercise of any Option and any resulting fractions
  of a Share shall be ignored.

13.  NO OBLIGATION TO EMPLOY.  Nothing in this Plan or any Grant under this Plan shall confer on any Optionee any right to continue in the employ of the Company or otherwise continue any other affiliation with the Company or limit in any way the right of the Company to terminate the Optionee’s employment at any time with or without cause or to terminate the Optionee’s other affiliation pursuant to applicable law and the terms thereof.

14.  COMPLIANCE WITH LAWS.  The grant of Options and the issuance of Shares upon exercise of any Options shall be subject to compliance with all applicable requirements of law, including without limitation compliance with the Securities Act of 1933, as amended, any required approval by the Securities Commission of the State of Utah, compliance with all applicable state securities laws and compliance with the requirements of any stock exchange on which the Company’s common stock may be listed.

15.  RESTRICTIONS ON OPTIONED SHARES.  At the discretion
of the Board, the Company may reserve to itself or its assignees (a) the
right of first refusal to purchase any Shares which an Optionee may propose to
transfer to a third party and (b) a right to repurchase any or all Optioned Shares held
by an Optionee upon the Optionee’s termination of employment with the Company or its Parent
or Subsidiary for any reason at the fair market value of such Optioned Shares as determined
 by the Board in good faith or at a price determined by a formula designed to approximate
 such fair market value.

In addition, each Grant may prohibit any Optionee, who acquires Shares upon exercise of an Option hereunder while the Optionee is an officer or director of the Company, or while the Optionee holds or controls five percent (5%) or more of the Company’s outstanding Common Stock, from offering or selling any Optioned Shares issued upon exercise of an Option hereunder for at least (90) days after the closing of any public offering of securities of the Company registered under the Securities Act of 1933.

16.  AMENDMENT OR TERMINATION OF PLAN.  The Board may at any time terminate or amend this Plan, provided, however, that the Board shall not, without the approval of the shareholders of the Company, increase the total number of Shares available to be granted as ISO’s under this Plan (except by operation of the provisions of Sections 4 and 11, above) or change the class of persons eligible to receive ISO Options.  In any case, no amendment of this Plan may adversely affect any then outstanding Options or any unexercised portions thereof without the written consent of the Optionee.

  17.  TERM OF PLAN.  Options
    may be granted pursuant to this Plan from time-to-time within a period of
    five (5) years from the earlier of the date this Plan is adopted by the Board
    or the date this Plan is approved by the shareholders of the Company. 

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