Document:

Form of Restricted Share
		Agreement
	 

	 
		THIS RESTRICTED SHARE AGREEMENT (this
		“Agreement”) is made by and between
		[                ]
		(“Grantee”) and Endurance Specialty Holdings Ltd., an exempted
		company organized under the laws of Bermuda (the “Company”), as of
		[       ] [   ], 2007
	 

	 
		WHEREAS, Grantee is currently an
		[employee/executive/director] of the Company or a subsidiary of the Company,
		and the Company desires to increase the incentive of the Grantee to exert his
		or her utmost efforts to improve the business and increase the assets of the
		Company; and
	 

	 
		NOW, THEREFORE, in consideration of the
		Grantee’s services to the Company and for other good and valuable
		consideration, the receipt and sufficiency of which are hereby acknowledged,
		the parties hereto agree as follows: 
	 

	 
		1. Grant of Restricted Stock. Company hereby grants to Grantee
		[        ] shares (the “Restricted
		Shares”) of the Company’s ordinary shares, par
		value $0.01 (the “Ordinary Shares”), pursuant to and subject to the
		terms and provisions of the Company’s 2007 Equity Plan (the
		“Plan”) and this Agreement.
	 

	 
		2. Incorporation by Reference, Etc. 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 Administrator shall have final 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. No amendment or termination of the
		Plan may, without the prior written consent of the Grantee, adversely affect
		the rights of the Grantee under this Agreement.
	 

	 
		3. Escrow of Restricted Shares. To insure the availability for delivery of the
		Grantee’s Restricted Shares, the Grantee hereby appoints the Secretary of
		the Company, or any other person designated by the Administrator as escrow
		agent, as its attorney-in-fact to assign and transfer unto the Company such
		Restricted Shares, if any, forfeited by the Grantee pursuant to Section 6 below
		and shall, upon execution of this Agreement, deliver and deposit with the
		Secretary of the Company, or such other person designated by the Company, the
		Restricted Shares, together with the stock assignment duly endorsed in blank,
		attached hereto as Exhibit A, whether the Restricted Shares are held in
		certificated form or in book entry. 
	 

	 
		The Restricted Shares and stock assignment
		shall be held by the Secretary in escrow, pursuant to the Joint Escrow
		Instructions of the Company and the Grantee attached hereto as Exhibit B, until
		the Restricted Period (as defined below) has lapsed with respect to the
		Restricted Shares, or until such time as this Agreement no longer is in 

	 

	 
		 
	 

	 
	 

	 

	 
		effect. Upon such time as the Restricted
		Period has lapsed pursuant to the schedule set forth in Section 4 below and
		subject to the forfeiture provisions of Section 6 below, the escrow agent shall
		promptly deliver to the Grantee the Restricted Shares in the escrow
		agent’s possession belonging to the Grantee in accordance with the terms
		of the Joint Escrow Instructions, either in certificated or book entry form,
		and the escrow agent shall be discharged of all further obligations hereunder;
		provided, however, that the escrow agent shall nevertheless retain such
		Restricted Shares if so required pursuant to other restrictions imposed
		pursuant to this Agreement.
	 

	 
		4. Restrictions and Restricted
		Period.
	 

	 
		a. Restrictions.
		Restricted Shares granted hereunder may not be sold, assigned, transferred,
		pledged, hypothecated or otherwise disposed of by the Grantee except, in the
		event of an Employee’s death, by will or the laws of descent and
		distribution. Restricted Shares granted hereunder shall be subject to a risk of
		forfeiture as described in Section 6 below until the lapse of the Restricted
		Period (as defined below).
	 

	 
		b. Restricted Period. Unless the Restricted Period is previously terminated
		pursuant to Section 6 of this Agreement or there is an earlier Change in
		Control as described in Subsection 4(c) below, the restrictions set forth above
		shall lapse and the Restricted Shares shall become fully and freely
		transferable (provided, that such transfer is otherwise in accordance with
		federal and state securities laws) and non-forfeitable on the dates (the
		“Restricted Period”) and in the amounts as set forth below:
	 

	 
		 
	 

	 
			
				
				  Date of Release
				

			 	
				
				   
				

			 	
				
				  Number of Shares Released
				

			 
	
				
				  [Date]
				

			 	
				
				   
				

			 	
				
				  [Number]
				

			 
	
				
				  [Date]
				

			 	
				
				   
				

			 	
				
				  [Number]
				

			 
	
				
				  [Date]
				

			 	
				
				   
				

			 	
				
				  [Number]
				

			 
	
				
				  [Date]
				

			 	
				
				   
				

			 	
				
				  [Number]
				

			 

 

	 
		c. Change in Control. In the event of a Change in Control and the
		termination of the Grantee’s employment with the Company, a subsidiary of
		the Company (or a successor company as a result of the Change of Control)
		within 24 months following such Change in Control, the restrictions set forth
		above shall lapse as of the date of such termination of employment. 
	 

	 
		d. Withholding of Restricted Shares for
		Taxes. The release of the Restricted
		Shares hereunder shall be conditioned upon Grantee making adequate provision
		for federal, state or other tax withholding obligations, if any, which arise
		upon the release of the Restricted Shares from the Restricted Period (unless a
		Section 83(b) election has been filed), as set forth in Section 9
		hereof.
	 

	 
		5. Rights of a Shareholder. From and after the Date of Grant and for so long as
		the Restricted Shares are held by or for the benefit of the Grantee, the
		Grantee 
	 

	 
		 
	 

	 
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		shall have all the rights of a shareholder
		of the Company with respect to the Restricted Shares, including, but not
		limited to, the right to receive dividends and the right to vote such
		Restricted Shares.
	 

	 
		6. Termination of Employment. 
	 

	 
		a. General. In the
		event the Grantee’s employment with the Company or any subsidiary of the
		Company is terminated for any reason other than [a Change in Control], the
		Grantee’s death, Disability or Retirement, the Restricted Shares and any
		and all accrued but unpaid dividends that at that time have not been released
		from the Restricted Period, shall be forfeited to the Company without payment
		of any consideration by the Company, and neither the Grantee nor any of his
		successors, heirs, assigns, or personal representatives shall thereafter have
		any further rights or interests in such Restricted Shares or
		certificates.
	 

	 
		b. Death or Disability. In the event the Grantee’s employment with the
		Company or any subsidiary of the Company is terminated as a result of the
		Grantee’s death or Disability, or if the Grantee shall die or become
		subject to a Disability within 30 days of the Grantee’s termination of
		employment other than for Cause, the Restricted Shares shall continue to be the
		property of the Grantee and the restrictions on such Restricted Shares shall
		continue to lapse in accordance with the Restricted Period Schedule set forth
		in Section 4 until the second anniversary of the Grantee’s date of
		termination of employment with the Company or any subsidiary of the Company. On
		such second anniversary of the Grantee’s date of termination, the
		Restricted Shares and any and all accrued but unpaid dividends that at that
		time have not been released from the Restricted Period, shall be forfeited to
		the Company without payment of any consideration by the Company, and neither
		the Grantee nor any of his successors, heirs, assigns, or personal
		representatives shall thereafter have any further rights or interests in such
		Restricted Shares or certificates.
	 

	 
		c. Retirement. In
		the event the Grantee is eligible for Retirement, the restrictions on the
		Restricted Shares as of the date of such eligibility shall immediately
		lapse.
	 

	 
		7. Certificates.
		Restricted Shares granted herein may be evidenced in such manner as the
		Administrator shall determine. If certificates representing the Restricted
		Shares are registered in the name of the Grantee, then the Company shall retain
		physical possession of the certificate.
	 

	 
		8. Legends. All
		certificates representing any of the Restricted Shares subject to the
		provisions of this Agreement shall have endorsed thereon the following
		legend:
	 

	 
		“The transferability of this certificate and the ordinary
		shares represented hereby are subject to the restrictions, terms and conditions
		(including forfeiture provisions and restrictions against transfer) contained
		in the 2007 Equity Incentive Plan of Endurance 
	 

	 
		 
	 

	 
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		Specialty Holdings Ltd. and an Agreement
		entered into between the registered owner of such shares and the Company. A
		copy of the Plan and Agreement is on file in the office of the Secretary of the
		Company, Wellesley House, 90 Pitts Bay Road, Pembroke HM 08,
		Bermuda.”
	 

	 
		9. Tax Withholding.
		It shall be a condition to the obligation of the Company to issue Ordinary
		Shares to the Grantee upon the lapse of restrictions on the Restricted Shares
		that the Grantee pay to the Company, upon demand, such amount as may be
		requested by the Company for the purpose of satisfying any liability to
		withhold income or other taxes. In the event any such amount so requested is
		not paid, the Company may refuse to issue Ordinary Shares to Grantee upon the
		lapse of restrictions on the Restricted Shares. Unless the Administrator shall
		in its discretion determine otherwise, payment for taxes required to be
		withheld may be made in cash, or in whole or in part, in accordance with such
		rules as may be adopted by the Administrator from time to time, (i) by
		withholding Restricted Shares having a Fair Market Value equal to the minimum
		tax withholding liability and/or (ii) tendering to the Company Ordinary Shares
		held by the Grantee having a Fair Market Value equal to the tax withholding
		liability.
	 

	 
		10. Section 83(b) Election. The Grantee hereby acknowledges that the Grantee has
		been informed that, with respect to the grant of Restricted Shares, an election
		in the form attached hereto as Exhibit C may be filed by the Grantee with the
		Internal Revenue Service, within 30 days of the Date of Grant, electing
		pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to
		be taxed currently on the Fair Market Value of the Restricted Shares on the
		Date of Grant.
	 

	 
		The Grantee acknowledges that it is the
		Grantee’s sole responsibility and not the Company’s to file the
		election under Section 83(b) of the Code on a timely basis.
	 

	 
		By signing this Agreement, the Grantee
		represents that the Grantee has reviewed with the Grantee’s own tax
		advisors the federal, state, local and foreign tax consequences of the
		transactions contemplated by this Agreement and that the Grantee is relying
		solely on such advisors and not on any statements or representations of the
		Company or any of its agents. The Grantee understands and agrees that the
		Grantee (and not the Company) shall be responsible for any tax liability that
		may arise as a result of the transactions contemplated by this Agreement.
		
	 

	 
		11. Termination of this Agreement. This Agreement shall terminate upon the earliest to
		occur of (a) the termination of the Restricted Period with respect to all of
		the Restricted Shares in accordance with Section 4 of this Agreement, (b) the
		forfeiture of the Restricted Shares in accordance with Section 6 of this
		Agreement or (c) the termination of this Agreement by an instrument in writing
		signed by the parties hereto. Upon termination of this Agreement, all rights
		and obligations of the Grantee and the Company hereunder shall cease.
	 

	 
		12. Agreement to Perform Necessary Acts. Each party to this Agreement agrees to perform any
		further acts and execute and deliver any documents that
	 

	 
		 
	 

	 
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		may be reasonably necessary to carry out the
		provisions of this Agreement and the Plan.
	 

	 
		13. Registration of Shares. The Company shall use commercially reasonable efforts
		to file and maintain an effective Registration Statement on Form S-8 under the
		United States Securities Act of 1933, as amended, with respect to the
		Restricted Shares.
	 

	 
		14. No Limitation on Rights of the Company. This Agreement shall not in any way affect the right
		or power of the Company to make adjustments, reclassifications or changes in
		its capital or business structure or to merge, consolidate, dissolve,
		liquidate, sell or transfer all or any part of its business or assets.
	 

	 
		15. Miscellaneous.
	 

	 
		a. Notices. Any
		notice or other communication required or permitted hereunder shall be in
		writing and shall be delivered personally or sent by certified, registered, or
		express mail, postage prepaid. Any such notice shall be deemed given when
		delivered to each party at the following addresses (or to such other address as
		may be designated in a notice given in accordance with this Section):
	 

	 
		(i) if to the Company:
	 

	 
		Endurance Specialty Holdings Ltd.
	 

	 
		Wellesley House
	 

	 
		90 Pitts Bay Road
	 

	 
		Pembroke HM 08
	 

	 
		Bermuda
	 

	 
		Attn: General Counsel
	 

	 
		(ii) if to the Grantee, to the most recent
		primary residence address listed for the Grantee in the employment records of
		the Company.
	 

	 
		b. Failure to Enforce Not a Waiver. The failure of the Company or the Grantee to enforce
		at any time any provision of this Agreement shall in no way be construed to be
		a waiver of such provision or of any other provision hereof.
	 

	 
		c. Governing Law.
		This Agreement shall be governed by and construed according to the laws of
		Bermuda without giving effect to the choice of law principles thereof. The
		Grantee submits to the non-exclusive jurisdiction of the courts of Bermuda in
		respect to matters arising hereunder.
	 

	 
		d. Arbitration. All
		disputes, controversies or claims arising out of, relating to or in connection
		with this Agreement, the Plan or the Restricted Shares, or the breach,
		termination or validity thereof, shall be finally settled by arbitration. The
		arbitration shall be conducted in accordance with the rules of the
		International Chamber of Commerce except as same may be modified herein or by
		mutual agreement of the parties. The seat of the arbitration shall be Bermuda
		and it shall be conducted in the 
	 

	 
		 
	 

	 
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		English language. The arbitration shall be
		conducted by one arbitrator who shall be selected by BIBA (Bermuda
		International Business Association), in the event that the parties fail to
		agree. The arbitral award shall be in writing, shall state reasons for the
		award, and shall be final and binding on the parties. The award may include an
		award of costs, including reasonable attorneys fees and disbursements. Judgment
		on the award may be entered by any court having jurisdiction thereof or having
		jurisdiction over the parties or their assets.
	 

	 
		e. Amendments. This
		Agreement may be amended or modified at any time by an instrument in writing
		signed by the parties hereto.
	 

	 
		f. Investment Intent. Recipient represents that the Restricted Shares are
		being acquired by him for investment and that he has no present intention to
		transfer, sell or otherwise dispose of the Restricted Shares, except in
		compliance with applicable securities laws, and the parties agree that the
		Restricted Shares are being acquired in accordance with and subject to the
		terms, provisions and conditions of this Agreement. 
	 

	 
		g. Adjustment of Restricted Shares. The Company hereby confirms that (i) in the event the
		outstanding Ordinary Shares of the Company shall be changed into an increased
		number of shares, through a share dividend or a split-up of shares, or into a
		decreased number of shares, through a combination of shares, then immediately
		after the record date for such change, the number of Restricted Shares then
		subject to this Agreement shall be proportionately increased, in case of such
		stock dividend or split-up of shares, or proportionately decreased, in case of
		such combination of shares; and (ii) in the event that, as result of a
		reorganization, sale, merger, amalgamation, consolidation or similar
		occurrence, there shall be any other change in the Ordinary Shares of the
		Company, or of any shares or other securities into which such Ordinary Shares
		shall have been changed, or for which it shall have been exchanged, then
		equitable adjustments to the Restricted Shares then subject to this Agreement
		(including, but not limited to, changes in the number or kind of shares then
		subject to this Agreement) shall be made.
	 

	 
		h. Agreement Not a Contract of Employment. This Agreement is not a contract of employment, and
		the terms of employment of the Grantee or the relationship of the Grantee with
		the Company or any subsidiary of the Company shall not be affected in any way
		by this Agreement except as specifically provided herein. The execution of this
		Agreement shall not be construed as conferring any legal rights upon the
		Grantee for a continuation of employment or relationship with the Company or
		any subsidiary of the Company, nor shall it interfere with the right of the
		Company or any subsidiary of the Company to discharge the Grantee and to treat
		the Grantee without regard to the effect which that treatment might have upon
		the Grantee as a holder of the Restricted Shares.
	 

	 
		i. Entire Agreement; Plan Controls. This Agreement (including the Exhibits hereto) and the
		Plan contain the entire understanding and agreement of the parties hereto
		concerning the subject matter hereof, and supersede all earlier negotiations
		
	 

	 
		 
	 

	 
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		and understandings, written or oral, between
		the parties hereto with respect thereto. This Agreement is made under and
		subject to the provisions of the Plan, and all of the provisions of the Plan
		are hereby incorporated by reference into this Agreement. In the event of any
		conflict between the provisions of this Agreement and the provisions of the
		Plan, the provisions of the Plan shall govern. By signing this Agreement, the
		Grantee confirms that he has received a copy of the Plan and has had an
		opportunity to review the contents thereof.
	 

	 
		j. Captions. The
		captions and headings of the sections and subsections of this Agreement are
		included for convenience only and are not to be considered in construing or
		interpreting this Agreement.
	 

	 
		k. Counterparts.
		This Agreement may be executed in counterparts, each of which when signed by
		the Company or the Grantee will be deemed an original and all of which together
		will be deemed the same agreement. 
	 

	 
		l. Assignment. The
		Company may assign its rights and delegate its duties under this Agreement. If
		any such assignment or delegation requires consent of any state securities
		authorities, the parties hereto agree to cooperate in requesting such consent.
		This Agreement shall inure to the benefit of the successors and assigns of the
		Company and, subject to the restrictions on transfer herein set forth, be
		binding upon the Grantee, his heirs, executors, administrators, successors and
		assigns.
	 

	 
		m. Severability.
		This Agreement will be severable, and the invalidity or unenforceability of any
		term or provision hereof will not affect the validity or enforceability of this
		Agreement or of any other term or provision hereof. Furthermore, in lieu of any
		invalid or unenforceable term or provision, the parties hereto intend that
		there be added as a part of this Agreement a valid and enforceable provision as
		similar in terms to such invalid or unenforceable provision as may be
		possible.
	 

	 
		[Execution Page Follows]
	 

	 
		 
	 

	 
		 
	 

	 
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		IN WITNESS WHEREOF, the parties hereto have
		executed this Agreement on the day and year first above written.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ENDURANCE SPECIALTY HOLDINGS
				  LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name:
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title:
				

			 	
				
				   
				

			 

 

	 
		The undersigned hereby accepts and agrees to
		all the terms and provisions of the foregoing Agreement.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  [Grantee Name]
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
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		EXHIBIT A
	 

	 
		ASSIGNMENT SEPARATE FROM
		CERTIFICATE
	 

	 
		FOR VALUE RECEIVED,
		[           ] (the
		“Grantee”) hereby assigns and transfers unto Endurance Specialty
		Holdings Ltd., an exempted company organized under the laws of Bermuda (the
		“Company”),
		[            ]
		shares of the Company’s ordinary shares, par value $1.00 per share,
		standing in the Grantee’s name on the books of said corporation
		represented either (i) in book entry form on the books and records of the
		Company as maintained by the Company’s transfer agent or (ii) by
		Certificate No. [          ]
		herewith, and does hereby irrevocably constitute and appoint the Secretary of
		the Company to transfer the said shares on the books of the Company with full
		power of substitution in the premises.
	 

	 
		This Assignment Separate from Certificate
		may be used only in accordance with the Restricted Share Agreement, dated
		[       ] [   ], 2007,
		between the Company and the Grantee.
	 

	 
		 
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Dated: 
				

			 	
				
				  
 ____________________,
				  ____________
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 ___________________________________
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  [                         ]

				

			 

 

	 
		 
	 

	 
		INSTRUCTIONS: Please do not fill in any
		blanks other than the signature line. The purpose of this Assignment Separate
		from Certificate is to return the shares to the Company in the event the
		Grantee forfeits any of such shares as set forth in the Agreement, without
		requiring additional signatures on the part of the Grantee. If the Restricted
		Shares have been issued in certificated form, this Assignment Separate from
		Certificate must be delivered to the Company with the above Certificate No.
		[         ].
	 

	 
		 
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT B
	 

	 
		JOINT ESCROW INSTRUCTIONS
	 

	 
			
				
				   
				

			 	
				
				  [                ]
				  [  ], 2007
				

			 

 

	 
			
				
				  [  
				

			 	
				
				  ]
				

			 

 

	 
			
				
				  Dear [  
				

			 	
				
				  ]:
				

			 

 

	 
		As Escrow Agent for both Endurance Specialty
		Holdings Ltd., an exempted company organized under the laws of Bermuda (the
		“Company”), and
		[                ]
		(the “Grantee”) of a certain number of the Company’s ordinary
		shares, $1.00 par value per share (the “Restricted Shares”) granted
		by the Company to the Grantee pursuant to the terms of that certain Restricted
		Share Agreement, dated as of
		[         ] [   ],
		2007, between the Company and Grantee (the “Agreement”), you are
		hereby authorized and directed to hold the documents delivered to you pursuant
		to the terms of the Agreement, in accordance with the instructions set forth
		below. Except as otherwise expressly set forth herein, these instructions shall
		be construed in accordance with the provisions of the Agreement and any
		capitalized terms not otherwise defined herein shall have the definitions set
		forth in the Agreement.
	 

	 
		1. In the event that the Grantee forfeits
		any Restricted Shares pursuant to the Agreement, you are directed (a) to date
		the Assignment Separate From Certificate necessary for the transfer to the
		Company, (b) to fill in the number of Restricted Shares being transferred, and
		(c) to deliver same, together with the certificate evidencing the Restricted
		Shares to be transferred, if any, to the Company or its assignee.
	 

	 
		2. The Grantee hereby irrevocably authorizes
		the Company to deposit with you any certificates evidencing the Restricted
		Shares to be held by you hereunder and any additions and substitutions to the
		Restricted Shares as set forth in the Agreement. The Grantee does hereby
		irrevocably constitute and appoint you as the Grantee’s attorney-in-fact
		and agent for the term of this escrow to execute with respect to the Restricted
		Shares all documents necessary or appropriate to make the Restricted Shares
		negotiable and to complete any transaction herein contemplated, including but
		not limited to, the filing with any applicable state blue sky authority of any
		required applications for consent to, or notice of transfer of, the Restricted
		Shares. Subject to the provisions of this Section 2, the Grantee shall exercise
		all rights and privileges of a shareholder of the Company while the Restricted
		Shares are being held by you. This paragraph 2 shall also apply if the
		Restricted Shares are held in book entry form with the Company’s transfer
		agent.
	 

	 
		3. Upon written request of the Grantee,
		unless the Grantee has forfeited Restricted Shares pursuant to Section 6 of the
		Agreement, you will (i) if the Restricted Shares are held in certificated form,
		deliver to Grantee a certificate or certificates 
	 

	 
		 
	 

	 
	 

	 

	 
		representing the aggregate number of
		Restricted Shares that are not then subject to the Restricted Period free and
		clear of any restrictive legend or (ii), if the Restricted Shares are held in
		book entry form, remove any restriction on the Restricted Shares on the books
		and records of the Company and its transfer agent. Within 60 days after
		Grantee’s Cessation of Service as defined in Section 6 of the Agreement,
		you will deliver to Grantee, or Grantee’s representative, as the case may
		be, a certificate or certificates representing the aggregate number of
		Restricted Shares held or issued pursuant to the Agreement and not forfeited to
		the Company or its assignees pursuant to the Agreement.
	 

	 
		4. If at the time of termination of this
		escrow you should have in your possession any documents, securities, or other
		property belonging to the Grantee, you shall deliver all of the same to the
		Grantee and shall be discharged of all further obligations hereunder.
	 

	 
		5. Your duties hereunder may be altered,
		amended, modified or revoked only by a writing signed by all of the parties
		hereto.
	 

	 
		6. You shall be obligated only for the
		performance of such duties as are specifically set forth herein and may rely
		and shall be protected in relying or refraining from acting on any instrument
		reasonably believed by you to be genuine and to have been signed or presented
		by the proper party or parties. You shall not be liable for any action,
		omission or determination relating to the Plan, and the Company shall indemnify
		(to the extent permitted under Bermuda law and the Bye-Laws of the Company) and
		hold you harmless against any cost or expense (including counsel fees) or
		liability (including any sum paid in settlement of a claim with the approval of
		the Board) arising out of any action, omission or determination taken by you
		relating to this Agreement, unless, in either case, such action, omission or
		determination was taken or made by you in bad faith and without reasonable
		belief that it was in the best interests of the parties hereto.
	 

	 
		7. You are hereby expressly authorized to
		disregard any and all warnings given by any of the parties hereto or by any
		other person or corporation, excepting only orders or process of courts of law
		and are hereby expressly authorized to comply with and obey orders, judgments
		or decrees of any court. In case you obey or comply with any such order,
		judgment or decree, you shall not be liable to any of the parties hereto or to
		any other person, firm or corporation by reason of such compliance,
		notwithstanding any such order, judgment or decree being subsequently reversed,
		modified, annulled, set aside, vacated or found to have been entered without
		jurisdiction.
	 

	 
		8. You shall not be liable in any respect on
		account of the identity, authorities or rights of the parties executing or
		delivering or purporting to execute or deliver the Agreement or any documents
		or papers deposited or called for hereunder.
	 

	 
		9. You shall not be liable for the outlawing
		of any rights under the statute of limitations with respect to these Joint
		Escrow Instructions or any documents deposited with you.
	 

	 
		 
	 

	 
		B-2
	 

	 
		 
	 

	 
	 

	 

	 
		10. You shall be entitled to employ such
		legal counsel and other experts as you may deem necessary and proper to advise
		you in connection with your obligations hereunder, may rely upon the advice of
		such counsel, and may pay such counsel reasonable compensation therefor.

	 

	 
		11. Your responsibilities as Escrow Agent
		hereunder shall terminate if you shall cease to be an officer or agent of the
		Company or if you shall resign by written notice to each party. In the event of
		any such termination, the Company shall appoint a successor Escrow
		Agent.
	 

	 
		12. If you reasonably require other or
		further instruments in connection with these Joint Escrow Instructions or
		obligations in respect hereto, the necessary parties hereto shall join in
		furnishing such instruments.
	 

	 
		13. It is understood and agreed that should
		any dispute arise with respect to the delivery and/or ownership or right of
		possession of the securities held by you hereunder, you are authorized and
		directed to retain in your possession without liability to anyone all or any
		part of said securities until such disputes shall have been settled either by
		mutual written agreement of the parties concerned or by a final order decree or
		judgment of a court of competent jurisdiction after the time for appeal has
		expired and no appeal has been perfected, but you shall be under no duty
		whatsoever to institute or defend any such proceedings.
	 

	 
		14. Any notice or other communication
		required or permitted hereunder shall be in writing and shall be delivered
		personally or sent by certified, registered, or express mail, postage prepaid.
		Any such notice shall be deemed given when delivered to each party at the
		following addresses (or to such other address as may be designated in a notice
		given in accordance with this Section): 
	 

	 
		If to Company or to the 
	 

	 
		Escrow Agent:
	 

	 
		Endurance Specialty Holdings Ltd.
	 

	 
		Attention: Secretary
	 

	 
		Wellesley House
	 

	 
		90 Pitts Bay Road
	 

	 
		Pembroke HM08
	 

	 
		Bermuda
	 

	 
		 
	 

	 
			
				
				  If to the Grantee:
				

			 	
				
				   
				

			 	
				
				  To the most recent primary residence
				  address listed for the Grantee in the employment records of the Company.

				

			 

 

	 
		15. By signing these Joint Escrow
		Instructions, you become a party hereto only for the purpose of said Joint
		Escrow Instructions; you do not become a party to the Agreement.
	 

	 
		16. These Joint Escrow Instructions will be
		severable, and the invalidity or unenforceability of any term or provision
		hereof will not affect the validity or 
	 

	 
		 
	 

	 
		B-3
	 

	 
		 
	 

	 
	 

	 

	 
		enforceability of these Joint Escrow
		Instructions or of any other term or provision hereof. Furthermore, in lieu of
		any invalid or unenforceable term or provision, the parties hereto intend that
		there be added as a part of these Joint Escrow Instructions a valid and
		enforceable provision as similar in terms to such invalid or unenforceable
		provision as may be possible. 
	 

	 
		17. All disputes, controversies or claims
		arising out of, relating to or in connection with these Joint Escrow
		Instructions, or the breach, termination or validity thereof, shall be finally
		settled by arbitration. The arbitration shall be conducted in accordance with
		the rules of the International Chamber of Commerce except as same may be
		modified herein or by mutual agreement of the parties. The seat of the
		arbitration shall be Bermuda and it shall be conducted in the English language.
		The arbitration shall be conducted by one arbitrator who shall be selected by
		BIBA (Bermuda International Business Association), in the event that the
		parties fail to agree. The arbitral award shall be in writing, shall state
		reasons for the award, and shall be final and binding on the parties. The award
		may include an award of costs, including reasonable attorneys fees and
		disbursements. Judgment on the award may be entered by any court having
		jurisdiction thereof or having jurisdiction over the parties or their
		assets.
	 

	 
		18. These Joint Escrow Instructions shall
		terminate upon the earliest to occur of (a) the termination of the Restricted
		Period with respect to all of the Restricted Shares in accordance with Section
		4 of the Agreement, (b) the forfeiture of the Restricted Shares in accordance
		with Section 6 of the Agreement or (c) the termination of the Agreement by an
		instrument in writing signed by the parties hereto. Upon termination of this
		Agreement, all rights and obligations of the parties hereunder shall
		cease.
	 

	 
		19. These Joint Escrow Instructions may be
		amended or modified at any time by an instrument in writing signed by the
		parties hereto.
	 

	 
		20. These Joint Escrow Instructions, the
		Agreement and the Plan contain the entire understanding and agreement of the
		parties hereto concerning the subject matter hereof, and supersede all earlier
		negotiations and understandings, written or oral, between the parties hereto
		with respect thereto. These Joint Escrow Instructions are made under and
		subject to the provisions of the Plan, and all of the provisions of the Plan
		are hereby incorporated by reference into these Joint Escrow Instructions. In
		the event of any conflict between the provisions of these Joint Escrow
		Instructions and the provisions of the Plan, the provisions of the Plan shall
		govern.
	 

	 
		21. These Joint Escrow Instructions may be
		executed in counterparts, each of which when signed by the parties hereto will
		be deemed an original and all of which together will be deemed the same
		agreement.
	 

	 
		22. The Company may assign its rights and
		delegate its duties under these Joint Escrow Instructions. If any such
		assignment or delegation requires consent of any state securities authorities,
		the parties hereto agree to cooperate in requesting such consent. These Joint
		Escrow Instructions shall be binding upon and inure to the benefit of the
		parties hereto, and their respective successors and permitted assigns.
	 

	 
		 
	 

	 
		 
	 

	 
		B-4
	 

	 
		 
	 

	 
	 

	 

	 
		23. These Joint Escrow Instructions shall be
		governed by the internal substantive laws, but not the choice of law rules, of
		Bermuda. The Grantee submits to the non-exclusive jurisdiction of the courts of
		Bermuda in respect to matters arising hereunder.
	 

	 
		[Execution Page Follows]
	 

	 
		 
	 

	 
		 
	 

	 
		B-5
	 

	 
		 
	 

	 
	 

	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				  ENDURANCE SPECIALTY HOLDINGS
				  LTD.
				

			 
	
				
				

			 	
				
				   
				

			 	
				
				  
 By: 
				

			 	
				
				

			 
	
				
				  [Grantee Name]
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Name: 
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Title: 
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		ESCROW AGENT:
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				   
				

			 	
				
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				

			 
	
				
				  Name: 
				

			 	
				
				  John V. Del Col

				  General Counsel & Secretary

				  Endurance Specialty Holdings Ltd.
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 

 

	 
		 
	 

	 
		 
	 

	 
		B-6
	 

	 
		 
	 

	 
	 

	 

	 
		EXHIBIT C
	 

	 
		ELECTION UNDER SECTION 83(b)
	 

	 
		OF THE INTERNAL REVENUE CODE OF 1986
	 

	 
		The undersigned taxpayer hereby elects,
		pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to
		include in taxpayer’s gross income for the current taxable year the amount
		of any compensation taxable to taxpayer in connection with taxpayer’s
		receipt of the property described below:
	 

	 
		1. The name address, taxpayer identification
		number and taxable year of the undersigned are as follows:
	 

	 
		NAME OF
		TAXPAYER:____________________________________________________________________________
		
	 

	 
		NAME OF SPOUSE:
		______________________________________________________________________________
		
	 

	 
		ADDRESS:
		_____________________________________________________________________________________
		
	 

	 
		IDENTIFICATION NO. OF TAXPAYER:
		_______________________________________________________________
	 

	 
		IDENTIFICATION NO. OF SPOUSE:
		__________________________________________________________________
	 

	 
		TAXABLE YEAR:
		_____________________________
	 

	 
		2. The property with respect to which the
		election is made is described as follows: _______ Ordinary Shares (the
		“Restricted Shares”) of Endurance Specialty Holdings Ltd. (the
		“Company”).
	 

	 
		3. The date on which the property was
		transferred is: ________________, ____.
	 

	 
		4. The property is subject to the following
		restrictions:
	 

	 
		The Restricted Shares may not be transferred
		and are subject to forfeiture under the terms of an agreement between the
		taxpayer and the Company. These restrictions lapse upon the satisfaction of
		certain conditions in such agreement.
	 

	 
		5. The fair market value at the time of
		transfer, determined without regard to any restriction other than a restriction
		which by its terms will never lapse, of such property is: $
		______________.
	 

	 
		6. The amount (if any) paid for such
		property is: $ ______________.
	 

	 
		The undersigned has submitted a copy of this
		statement to the person for whom the services were performed in connection with
		the undersigned’s receipt of the above-described property. The transferee
		of such property is the person performing the services in connection with the
		transfer of said property.
	 

	 
		 
	 

	 
	 

	 

	 
		The undersigned understands that the
		foregoing election may not be revoked except with the consent of the
		Commissioner.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Dated: 
				

			 	
				
				  
 _________________,
				  ______
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 ________________________________
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Signature of Taxpayer
				

			 

 

	 
		 
	 

	 
		The undersigned spouse of taxpayer joins in
		this election.
	 

	 
		 
	 

	 
			
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 
	
				
				  Dated: 
				

			 	
				
				  
 _________________,
				  ______
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  
 ________________________________
				

			 
	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				   
				

			 	
				
				  Signature of Spouse

				  of Taxpayer
				

			 

 

	 
		 
	 

	 
		C-2exv4w1

 

Exhibit 4.1

CERTIFICATE OF MEMBERSHIP UNITS

	 	 	 	 	 
	Number
	 	
	 	Membership

Units
	 

	 	 	 	 

AMAIZING ENERGY HOLDING COMPANY, LLC

A Limited Liability Company Organized Under the Laws of the State of Iowa

     
THIS CERTIFIES THAT           
               
               
                
     is/are the
owner(s) of              
               
               
                
  UNITS (             
     
  ) of the Membership Units of AMAIZING
ENERGY HOLDING COMPANY, LLC., an Iowa limited liability company. Changes in the actual
Membership Units held by the Members are reflected in the Certificate of Registration of the
Company.

The Membership Units represented by this Certificate may not be transferred or assigned except
in compliance with the Operating Agreement of the Company, a copy of which is available at the
principal office of the Company.

IN WITNESS WHEREOF, the Company has caused this Certificate to be signed by its duly
authorized President and Secretary as of this        
              day of 
                
               
         , 20     
               .

	 	 	 
	 
	 	 
	Sam J. Cogdill, President
	 	Nick Cleveland, Secretary

 

 

     
FOR VALUE RECEIVED,           
           hereby sell, assign, and
transfer unto             
               
              
               
              
          
Units represented by the within Certificate, and do hereby irrevocably constitute and appoint
               
               
               
               
                
     Attorney to transfer the said Units on the books of the within
named Company with full power
of substitution in the premises.

     Dated                                         ,                     .

In Presence of

	 	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 
	 

	 	 	 	 

	 	 	THE TRANSFERABILITY OF THE MEMBERSHIP UNITS REPRESENTED BY THIS CERTIFICATE IS
RESTRICTED. SUCH UNITS MAY NOT BE SOLD, ASSIGNED, OR TRANSFERRED, AND NO ASSIGNEE,
VENDEE, TRANSFEREE OR ENDORSEE THEREOF WILL BE RECOGNIZED AS HAVING ACQUIRED ANY
SUCH UNITS FOR ANY PURPOSES, UNLESS AND TO THE EXTENT SUCH SALE, TRANSFER,
HYPOTHECATION, OR ASSIGNMENT IS PERMITTED BY, AND IS COMPLETED IN STRICT ACCORDANCE
WITH, APPLICABLE FEDERAL AND STATE LAW AND THE TERMS AND CONDITIONS SET FORTH IN THE
OPERATING AGREEMENT OF THE COMPANY, AS AMENDED FROM TIME TO TIME.
	 
	 	 	THE SECURITIES REPRESENTED BY THIS CERTIFICATE MAY NOT BE SOLD, OFFERED FOR SALE OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION UNDER THE SECURITIES ACT OF
1933, AS AMENDED, AND UNDER APPLICABLE STATE SECURITIES LAWS, OR AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND UNDER APPLICABLE
STATE SECURITIES LAWS.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00123-of-00352.parquet"}]]