Document:

EX-10.3

Exhibit 10.3

ALTERRA CAPITAL HOLDINGS LIMITED

2008 STOCK INCENTIVE PLAN

PERFORMANCE-BASED RESTRICTED STOCK AWARD AGREEMENT

This Restricted Stock Award Agreement (the “Agreement”) is made, effective as of the [      ] day
of [      ], 20[      ] (the “Grant Date”), by and between Alterra Capital Holdings Limited (the “Company”)
and [Name] (the “Grantee”).

RECITALS:

WHEREAS, the Company has adopted the Alterra Capital Holdings Limited 2008 Stock Incentive
Plan (the “Plan”) pursuant to which awards of restricted common shares of the Company (“Common
Shares”) may be granted; and

WHEREAS, the Committee has determined that it is in the best interests of the Company and its
shareholders to grant the award of restricted Common Shares provided for herein (the “Restricted
Stock Award”) to the Grantee in recognition of the Grantee’s services to the Company, such grant to
be subject to the terms set forth herein.

NOW, THEREFORE, in consideration for the mutual covenants hereinafter set forth, the parties
hereto agree as follows:

	1.	 	Grant of Restricted Stock Award. Pursuant to Section 9 of the Plan, the Company
hereby issues to the Grantee on the Grant Date a Restricted Stock Award consisting of, in the
aggregate, [# of Shares] Common Shares (hereinafter called the “Target Restricted Stock”) and
such additional number of Common Shares to which the Grantee may be entitled pursuant to
Section 4 below (hereinafter called the “Additional Restricted Stock”). The Target Restricted
Stock and the Additional Restricted Stock shall not exceed 200% of the Target Restricted
Stock.

	2.	 	Incorporation by Reference. The provisions of the Plan are hereby incorporated herein
by reference. Except as otherwise expressly set forth herein, this Agreement shall be
construed in accordance with the provisions of the Plan and any capitalized terms not
otherwise defined in this Agreement shall have the definitions set forth in the Plan. The
Committee shall have the authority to interpret and construe the Plan and this Agreement and
to make any and all determinations thereunder, and its decision shall be binding and
conclusive upon the Grantee and his/her legal representative in respect of any questions
arising under the Plan or this Agreement.

	3.	 	Restrictions. Except as provided in the Plan or this Agreement, the Restricted Stock
Award shall be forfeited by the Grantee and all of the Grantee’s rights to such shares shall
immediately terminate without any payment or consideration by the Company, in the event of any
sale, assignment, transfer, hypothecation, pledge or other alienation of such Restricted Stock
Award made or attempted, whether voluntary or involuntary, and if involuntary whether by
process of law in any civil or criminal suit, action or proceeding, whether in the nature of
an insolvency or bankruptcy proceeding or otherwise, without the written consent of the Board.

4. Vesting.

	 	(a)	 	Except as otherwise provided herein, the restrictions described in Section 3
above will lapse (“vest”) with respect to such portion or multiple of the Target
Restricted Stock as determined in accordance with the terms of Section 4(b) below on
March 1, 2015 (the “Vesting Date”); provided, that, the Grantee remains
employed by the Company or any of its Subsidiaries through the Vesting Date. If the
Grantee’s employment is terminated at any time prior to the Vesting Date, the Target
Restricted Stock shall automatically be forfeited without consideration upon such
cessation of service, unless otherwise provided in this Section 4.

	 	(b)	 	The number of shares that will vest, if any, on the Vesting Date (the “Vested
Shares”) in accordance with Section 4(a) above will be determined as follows:

	 	(i)	 	if, as of any Measurement Date, the Annual Book Value Growth
Rate equals or exceeds 3% (the “Threshold Performance Goal”) and is less than
8% (the “Target Performance Goal”), then a portion of the Annual Vesting
Tranche (rounded down to the nearest whole share) with a Lock in Date on such
Measurement Date will be eligible to vest on the Vesting Date, which portion
is equal to the sum of (A) 50% plus (B) the product of (1) 10 and (2) the
difference between such Annual Book Value Growth Rate and the Threshold
Performance Goal (rounded up to the nearest tenth of one percent) as of such
Measurement Date;

	 	(ii)	 	if, as of any Measurement Date, the Annual Book Value Growth
Rate equals or exceeds the Target Performance Goal and is less than 13% (the
“Maximum Performance Goal”), then a multiple of the Annual Vesting Tranche
(rounded down to the nearest whole share) with a Lock in Date on such
Measurement Date will be eligible to vest, which multiple is equal to the sum
of (A) 100% plus (B) the product of (1) 20 and (2) the difference between such
Annual Book Value Growth Rate and Target Performance Goal (rounded up to the
nearest tenth of one percent) as of such Measurement Date;

	 	(iii)	 	if, as of any Measurement Date, the Annual Book Value Growth
Rate equals or exceeds the Maximum Performance Goal, then 200% of the Annual
Vesting Tranche with a Lock In Date on such Measurement Date will be eligible
to vest;

	 	(iv)	 	if as of the last Measurement Date, the Cumulative Book Value
Growth Rate equals or exceeds the Threshold Performance Goal and is less than
the Target Performance Goal, then the additional Common Shares (rounded down
to the nearest whole share), if any, that will be eligible to vest is equal to
the greater of zero or (A) minus (B), where (A) is the product of (1) the
Target Restricted Stock and (2) the sum of (a) 50% plus (b) the product of (i)
10 and (ii) the difference between the Cumulative Book Value Growth Rate and
the Threshold Performance Goal (rounded up to the nearest tenth of one
percent) as of such Measurement Date and (B) is the aggregate number of shares
already eligible to vest as determined as of each of the Lock In Dates
pursuant to Sections 4(b)(i), 4(b)(ii) and 4(b)(iii) above;

	 	(v)	 	if as of the last Measurement Date, the Cumulative Book Value
Growth Rate equals or exceeds the Target Performance Goal and is less than the
Maximum Performance Goal, then the additional Common Shares (rounded down to
the nearest whole share), if any, that will be eligible to vest is equal to
the greater of zero or (A) minus (B), where (A) is the product of (1) the
Target Restricted Stock and (2) the sum of (a) 100% plus (b) the product of
(i) 20 and (ii) the difference between the Cumulative Book Value Growth Rate
and the Target Performance Goal (rounded up to the nearest tenth of one
percent) as of such Measurement Date and (B) is the aggregate number of shares
already eligible to vest as determined as of each of the Lock In Dates
pursuant to Sections 4(b)(i), 4(b)(ii) and 4(b)(iii) above; and

	 	(vi)	 	if as of the last Measurement Date, the Cumulative Book Value
Growth Rate equals or exceeds the Maximum Performance Goal, then the
additional Common Shares (rounded down to the nearest whole share), if any,
that will be eligible to vest is equal to the greater of zero or (A) minus
(B), where (A) is 200% of the Target Restricted Stock and (B) is the aggregate
number of shares already eligible to vest as determined as of each of the Lock
In Dates pursuant to Sections 4(b)(i), 4(b)(ii) and 4(b)(iii) above.

For purposes of this Section 4, the following definitions shall apply: (1) “Annual
Vesting Tranche” shall be calculated by dividing the Target Restricted Stock
subject to the Restricted Stock Award by one-third (1/3); (2) "Book Value Growth
Rate” shall mean the Company’s growth in Book Value Per Share over the one-year
period ending on the applicable Measurement Date, (3) "Book Value Per Share” shall
be calculated by dividing “Total Shareholders’ Equity” as set forth in the
Company’s consolidated balance sheet as of the applicable Measurement Date by the
Company’s shares outstanding as of the applicable Measurement Date;
provided, that, for purposes of calculating Book Value Per Share,
(A) to the extent the Company declares dividends on its common shares, “Total
Shareholders’ Equity” shall be increased by the value of any such cumulative
dividends paid in such one-year period, and (B) to the extent there are changes in
the unrealized gain or loss, net of tax, on the available for sale fixed maturities
portfolio from January 1, 2012, “Total Shareholders’ Equity” shall be adjusted to
remove the impact of such changes; (4) “Cumulative Book Value Growth Rate” shall
mean the annualized compounded growth in Book Value Per Share for the three year
period ended December 31, 2014; (5) “Lock In Date” shall mean December 31, 2012
for the first Annual Vesting Tranche; December 31, 2013 for the second Annual
Vesting Tranche; and December 31, 2014 for the third Annual Vesting Tranche; and
(6) "Measurement Date” shall mean each of December 31, 2012, December 31, 2013, and
December 31, 2014.

	 	(c)	 	Death, Disability. In the event of the Grantee’s death or if the
Grantee’s employment is terminated by the Company or any of its Subsidiaries for
Disability (as defined below), the restrictions described in Section 3 above will lapse
with respect to 100% of the Target Restricted Stock as of the date of such termination.
For purposes of this Agreement, “Disability” shall mean (i) if the Grantee is a party
to an employment agreement or other agreement for services with the Company or any of
its Subsidiaries and such agreement provides for a definition of “Disability,” the
definition therein contained, or, if no such agreement or definition exists, it shall
mean (ii) termination upon 30 days’ notice in the event that the Grantee suffers a
mental or physical disability that shall have prevented him/her from performing his/her
material duties for a period of at least 120 consecutive days or 180 non-consecutive
days within any 365 day period; provided, that, the Grantee shall not
have returned to full-time performance of his/her duties within 30 days following
receipt of such notice.

	 	(d)	 	Termination Without Cause or For Good Reason Other than During a Change in
Control Protection Period. Upon the Grantee’s termination of employment by the
Company or any of its Subsidiaries without Cause (as defined in the Grantee’s
employment agreement with the Company, if any, otherwise, as defined in the Plan) or by
the Grantee for Good Reason (as defined below) other than during a Change in Control
Protection Period (as defined below), the restrictions described in Section 3 above
will lapse with respect to the Restricted Stock Award as of the Vesting Date, subject
to the achievement of the Annual Book Value Per Share Growth Rate performance goals as
described in Section 4(b) above as if Grantee has remained in continuous service
through the Vesting Date.

For purposes hereof, the Grantee shall have “Good Reason” to terminate his/her
employment within 30 days after the Grantee has knowledge of the occurrence
following the Grant Date, without the Grantee’s written consent, of one of the
following events that has not been cured, if curable, within 30 days after a notice
of termination has been given by the Grantee to the Company or its Subsidiary, as
applicable: (i) any material and adverse change to the Grantee’s duties or authority
that is inconsistent with his/her title and position, (ii) a material diminution of
the Grantee’s title or position; (iii) a reduction of the Grantee’s base salary; or
(iv) any other reason which the Company determines in its sole discretion to be a
Good Reason; provided, that, if termination for “Good Reason” is
defined in the Grantee’s employment agreement, the definition in the employment
agreement shall apply for purposes of this Section 4(d).

	 	(e)	 	Change in Control. Unless otherwise determined by the Committee, the
occurrence of a Change in Control (as defined in the Plan) shall not result in
accelerated vesting of the Restricted Stock Award.

	 	(f)	 	Termination Without Cause or For Good Reason During a Change in Control
Protection Period: Upon the Grantee’s termination of employment by the Company or
any of its Subsidiaries without Cause (as defined in the Grantee’s employment agreement
with the Company, if any, otherwise, as defined in the Plan) or by the Grantee for Good
Reason (as defined above) during the 12-month period immediately following a Change in
Control (the “Change in Control Protection Period”), the restrictions described in
Section 3 above will lapse with respect to the Restricted Stock Award, the Maximum
Performance Goal will be deemed achieved and the corresponding multiple of the Target
Restricted Stock subject to the Restricted Stock Award will vest as of the date of such
termination.

	 	(g)	 	Work Permit. If the Grantee’s employment is terminated prior to the
Vesting Date because the Company or any of its Subsidiaries is unable to obtain a
required work permit for the Grantee’s continued employment with the Company or any of
its Subsidiaries and the Company does not offer to the Grantee a comparable position of
employment by one of the Company’s Subsidiaries, then the restrictions described in
Section 3 above will lapse with respect to 100% of the Target Restricted Stock as of
the date of the Grantee’s termination of employment; provided, that, if
the failure by the Company or any of its Subsidiaries to obtain such work permit is
directly or indirectly related to any actions or omissions taken by the Grantee, as
determined by the Committee in its sole discretion, then the Restricted Stock Award
shall be immediately forfeited upon the date of termination.

	5.	 	Non-Solicitation. In consideration for the Restricted Stock Award granted pursuant
to this Agreement, the Grantee agrees that for a period of twelve (12) months following
the Grantee’s date of termination, the Grantee shall not, without the prior written permission
of the Company, directly or indirectly (1) solicit or encourage or cause any other person or
entity to solicit away from the Company or any of its Subsidiaries any person who during the
period of twelve (12) months prior to the Grantee’s date of termination was employed by or
engaged by the Company or any of its Subsidiaries in an executive or senior management or
technical capacity and with whom the Grantee had dealings other than in a minimal and
non-material way at any time during such period (a “Key Employee”), (2) encourage or cause any
Key Employee of the Company or any of its Subsidiaries to breach or threaten to breach
any terms of such employee’s employment or other agreement with the Company or any of its
Subsidiaries or to terminate such employee’s employment with the Company or any of its
Subsidiaries, (3) solicit business from any persons or entities whom the Grantee knows or
should know are current or former clients or customers of the Company or any of its
Subsidiaries with whom the Grantee has been involved or concerned other than in a minimal and
non-material way at any time during the twelve (12) month period prior to the date of
termination, or (4) encourage or cause any clients or customers of the Company or any of its
Subsidiaries to cancel or terminate any business relationship with the Company or any of its
Subsidiaries involving services or activities which were directly or indirectly the
responsibility of the Grantee during the period of twelve (12) months prior to the Grantee’s
date of termination. If Grantee breaches the provisions of this Section 5, the Company shall,
to the extent permitted by governing law, be entitled to recover from the Grantee all of the
Vested Shares granted pursuant to this Agreement or the value thereof.

	6.	 	Tax Withholding. In the event that the Company determines that tax withholding is
required with respect to the Grantee, the Grantee shall be required to pay to the Company, and
the Company shall have the right to deduct from any compensation paid to the Grantee pursuant
to the Plan, the amount of any required withholding taxes in respect of the Restricted Stock
Award and to take such other action as the Committee deems necessary to satisfy all
obligations for the payment of such withholding and taxes. The Committee may permit the
Grantee to satisfy the withholding liability: (a) in cash, (b) by having the Company withhold
from the number of Common Shares otherwise issuable or deliverable pursuant to the settlement
of the Restricted Stock Award a number of shares with a Fair Market Value equal to the minimum
withholding obligation, (c) by delivering Common Shares owned by the Grantee that are Mature
Shares, or (d) by a combination of any such methods. For purposes hereof, Common Shares shall
be valued at Fair Market Value.

	7.	 	Rights as Shareholder; Dividends. The Grantee shall be the record owner of the Target
Restricted Stock unless and until it is sold or otherwise disposed of, and as record owner
shall be generally entitled to all rights of a shareholder of the Company, including, without
limitation, voting rights, if any, with respect to the Target Restricted Stock.
Notwithstanding the foregoing, the Grantee’s right to receive dividends, if any, declared by
the Company on its Common Shares during the vesting period shall apply only to the Target
Restricted Stock and any Additional Restricted Stock in each case which become Vested Shares,
if any. Furthermore, any cash or other property distributed as a dividend with respect to the
Restricted Stock Award shall be held by the Company until the Restricted Stock Award has
vested in accordance with the terms hereof and shall remain subject to the forfeiture
provisions applicable to the Restricted Stock Award to which such dividends relate.

	8.	 	Compliance with Laws and Regulations. The issuance and transfer of Common Shares
shall be subject to compliance by the Company and the Grantee with all applicable requirements
of securities laws and with all applicable requirements of any stock exchange on which the
Common Shares may be listed at the time of such issuance or transfer.

	9.	 	No Right to Continued Employment. Nothing in this Agreement shall be deemed by
implication or otherwise to impose any limitation on any right of the Company or any of its
Subsidiaries to terminate the Grantee’s employment at any time.

 

	10.	 	Notices. All notices, demands and other communications provided for or permitted
hereunder shall be made in writing and shall be delivered by personal delivery, courier
services, registered or certified first class mail, return receipt requested or facsimile:

If to the Company:

Alterra Capital Holdings Limited

Alterra House

2 Front Street

Hamilton HM 11

Bermuda

If to the Grantee, at the Grantee’s last known address on file with the Company.

All such notices, demands and other communications shall be deemed to have been duly given
when delivered by hand, if personally delivered; when delivered by courier, if delivered by
commercial courier service; five (5) business days after being deposited in the mail,
postage prepaid, if mailed; and when receipt is mechanically acknowledged, if sent by
facsimile.

	11.	 	Bound by Plan. By signing this Agreement, the Grantee acknowledges that he/she has
received a copy of the Plan and has had an opportunity to review the Plan and agrees to be
bound by all of the terms and provisions of the Plan.

	12.	 	Beneficiary. The Grantee may file with the Committee a written designation of a
beneficiary on such form as may be prescribed by the Committee and may, from time to time,
amend or revoke such designation. If no designated beneficiary survives the Grantee, the
beneficiary shall be deemed to be the Grantee’s spouse or, if the Grantee is unmarried at the
time of death, his or her estate.

	13.	 	Successors. The terms of this Agreement shall be binding upon and inure to the
benefit of the Company, its successors and assigns, and on the Grantee and the beneficiaries,
executors and administrators, heirs and successors of the Grantee.

	14.	 	Amendment of Restricted Stock Award. Subject to Section 15 of this Agreement, the
Committee at any time and from time to time may amend the terms of this Restricted Stock
Award; provided, that, the Grantee’s rights under this Restricted Stock Award
shall not be materially and adversely affected by any such amendment without the Grantee’s
consent.

	15.	 	Adjustments. Pursuant to Section 12 of the Plan, the Committee in its sole discretion
may make adjustments to this Restricted Stock Award, including, without limitation, with
respect to any applicable performance measures.

	16.	 	Governing Law. This Agreement shall be governed by the laws of Bermuda.

	17.	 	Interpretation. Any dispute regarding the interpretation of this Agreement shall be
submitted by the Grantee or the Company to the Committee for review. The resolution of such a
dispute by the Committee shall be binding and conclusive on the Company and the Grantee.

	18.	 	Severability. Every provision of this Agreement is intended to be severable and any
illegal or invalid term shall not affect the validity or legality of the remaining terms.

 

	19.	 	Headings. The headings of the Sections hereof are provided for convenience only and
are not to serve as a basis for interpretation of construction, and shall not constitute a
part of this Agreement.

	20.	 	Signature in Counterparts. This Agreement may be signed in counterparts, each of
which shall be deemed an original, with the same effect as if the signatures thereto and
hereto were upon the same instrument.

[SIGNATURE PAGE FOLLOWS]

 

1

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first set forth
above.

 

	 
	ALTERRA CAPITAL HOLDINGS LIMITED

	By:

	 

	 Name:

	Title:

	GRANTEE

	By:

	 

	Name:

2EX-10.1

Exhibit 10.1

Compensation of Non-Employee Directors of Integra LifeSciences Holdings Corporation

Effective as of the 2011 Annual Meeting of Stockholders of Integra LifeSciences Holdings
Corporation (the “Company”), the annual compensation payable to non-employee directors of the
Company is as set forth below.

Directors will receive an annual equity grant, at their election, of 7,500 options or 2,500 shares
of restricted stock, with the Chairman receiving 10,000 options or 3,325 shares of restricted
stock.

Directors will also receive an annual retainer of $75,000, payable in one of four ways, at their
election: (1) in cash, (2) in restricted stock, (3) one half in cash and one half in restricted
stock or (4) in options to purchase common stock (the number of options determined by valuing the
options at one-third of the fair market value of the common stock underlying the options), with a
maximum of 7,500 options.

Effective as of the 2012 Annual Meeting of Stockholders of the Company, any presiding director will
receive an annual presiding director fee of $25,000, payable in cash.

Cash payments will be paid in arrears on a quarterly basis. Options and restricted stock will be
granted on the date of the annual meeting of stockholders at which directors are elected.

Options and restricted stock will vest on a quarterly basis and be fully vested one year after the
grant date. Options will expire on the eight-year anniversary of the grant date. The exercise
price of options granted will be the closing price of the Company’s common stock on the grant date,
and restricted stock will be valued based on the closing price of the Company’s common stock on the
date of the grant.

The Company will pay reasonable travel and out-of-pocket expenses incurred by non-employee
directors in connection with attendance at meetings to transact business of the Company or
attendance at meetings of the Board of Directors or any committee thereof.

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