Document:

EX-10.1

EXHIBIT 10.1

PLATINUM UNDERWRITERS HOLDINGS, LTD.

AMENDED AND RESTATED EXECUTIVE INCENTIVE PLAN

Effective July 22, 2014

Section 1. Purpose

The purpose of this Platinum Underwriters Holdings, Ltd. Amended and Restated Executive
Incentive Plan is to attract, retain and motivate executive officers and other select senior
officers of the Company by providing them with an opportunity to earn long-term incentive
compensation based on the performance of the Company. The Plan is designed to promote the
interests of the Company and its shareholders by motivating superior performance by key personnel
to achieve the Company’s objectives.

Section 2. Definitions

The following capitalized terms as used herein shall have the following meanings:

(a) “Average Change in Fully Converted BVPCS” means (i) the sum of the percentage
increase or decrease in Fully Converted BVPCS for each completed Plan Year in a Performance Cycle,
divided by (ii) the number of completed Plan Years in the Performance Cycle; provided that two or
more completed fiscal quarters may, in the discretion of the Committee, constitute a completed Plan
Year.

(b) “Average ROE” means the sum of the ROE for each completed Plan Year in a
Performance Cycle divided by the number of completed Plan Years in the Performance Cycle,
provided that two or more completed fiscal quarters may, in the discretion of the
Committee, constitute a completed Plan Year.

(c) “Award” means a Share Unit Award granted to a Participant under the Plan.

(d) “Base Salary” means, in the sole discretion of the Committee, (i) a Participant’s
annual base salary as in effect at the time determined by the Committee for purposes of an Award
hereunder, or (ii) the annual average of the base salary paid to a Participant during a Performance
Cycle, in each case, disregarding any deferrals, offsets or withholdings therefrom.

(e) “Board” means the Board of Directors of Platinum Underwriters Holdings, Ltd., a
Bermuda company.

(f) “Change in Control” shall have the meaning set forth in the Share Incentive Plan,
as in effect on the relevant date of determination.

(g) “Committee” means the Compensation Committee of the Board, or such other committee
of the Board that the Board shall designate from time to time to administer the Plan.

(h) “Common Shares” means the common shares of Platinum Underwriters Holdings, Ltd., a
Bermuda company, par value $0.01 per share.

(i) “Company” means Platinum Underwriters Holdings, Ltd., a Bermuda company, and its
subsidiaries.

(j) “Fully Converted BVPCS” means (i) total shareholders’ equity of the Company
(computed in accordance with U.S. Generally Accepted Accounting Principles) as of a specified date,
increased by an amount equal to the aggregate assumed proceeds from the exercise of all share
options issued by the Company that are outstanding and In the Money as of such date, divided by
(ii) the number of common shares of the Company outstanding as of such date, increased by an amount
equal to (y) the number of Common Shares of the Company issuable upon exercise of all share options
issued by the Company that are outstanding and In the Money as of such date and (z) the number of
Common Shares of the Company issuable upon conversion of all restricted share units issued by the
Company that are outstanding as of such date, as adjusted to reflect the number of restricted share
units that would be outstanding as of such date if the performance metrics applicable to such
restricted share units were measured as of such date. In addition, Fully Converted BVPCS as of the
end of a Plan Year shall be increased by an amount equal to any regular and special dividends
declared by the Company’s Board of Directors during such Plan Year.

(k) “In the Money” means, with respect to any share option, that the exercise price
per share with respect to such option is less than the closing price per share, on the date of
determination of Fully Converted BVPCS, of the Company’s Common Shares on the New York Stock
Exchange (or, if the Company’s common shares are not listed on the New York Stock Exchange on such
date of determination, then on such exchange on which the Company’s common shares are listed on
such date).

(l) “Participant” means an employee of the Company who has been granted an Award under
the Plan.

(m) “Performance Cycle” means any period consisting of three consecutive Plan Years in
which performance under the Plan shall be measured, or such other period as the Committee shall
determine in its sole discretion.

(n) “Performance Percentage” means the percentage applicable to the degree of
achievement with respect to Average ROE or Average Change in Fully Converted BVPCS, as applicable,
for a Performance Cycle by which the number of Share Units subject to a Participant’s Award for
such Performance Cycle shall be multiplied to determine the payout to such Participant in respect
of such Award, as determined by the Committee and set forth in a schedule for a given Performance
Cycle. The Performance Percentage for a degree of achievement which falls between particular
levels of Average ROE or Average Change in Fully Converted BVPCS, as applicable, set forth in such
schedule for a given Performance Cycle shall be determined by straight line interpolation or such
other method as the Committee may deem appropriate in its sole discretion.

(o) “Plan” means this Platinum Underwriters Holdings, Ltd. Amended and Restated
Executive Incentive Plan, as it may be amended and restated from time to time.

(p) “Plan Year” means each calendar year or other measurement period specified by the
Committee in which the Plan shall be in effect.

(q) “ROE” means: (i) net income (loss) available to common shareholders for a Plan
Year divided by (ii) total shareholders’ equity as of the last day of the last completed fiscal
quarter immediately preceding such Plan Year, as such amounts are shown on the Company’s
consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting
Principles, less the aggregate par value and additional paid in capital attributable to the
Company’s preferred shares issued and outstanding as of such last day, with such other adjustments
as the Committee deems appropriate in its sole discretion in accordance with Section 3(b) hereof.

(r) “Share Incentive Plan” means the Company’s 2010 Share Incentive Plan, as it may be
amended and restated from time to time, or any successor plan thereto.

(s) “Share Ownership Guidelines” means the share ownership guidelines for executive
officers of the Company adopted by the Board, as may be amended by the Board from time to time in
its sole discretion.

(t) “Share Units” means a non-voting unit of measurement based on the Common Shares,
which entitles a Participant to receive a payment in cash or Common Shares, as determined by the
Committee upon the payment of an Award.

(u) “Share Unit Award” means an Award pursuant to the terms of the Plan and the Share
Incentive Plan entitling a Participant to a payment based on the Fair Market Value (as defined in
the Share Incentive Plan) of the Common Shares as of the date of payment of the Award.

(v) “Threshold Average Change in Fully Converted BVPCS” means the threshold level for
purposes of the Plan of the Average Change in Fully Converted BVPCS for a Performance Cycle, as
established by the Committee in its sole discretion, below which no payment in respect of an Award
that uses Average Change in Fully Converted BVPCS as a performance measure shall be made.

(w) “Threshold Average ROE” means the threshold level for purposes of the Plan of the
Average ROE for a Performance Cycle, as established by the Committee in its sole discretion, below
which no payment in respect of an Award that uses Average ROE as a performance measure shall be
made.

Section 3. Plan Administration

(a) Committee Members. The Plan shall be administered by the Committee. The
Committee shall have such powers and authority as may be necessary or appropriate for the Committee
to carry out its functions as described in the Plan. No member of the Committee shall be liable
for any action or determination made in good faith by the Committee with respect to the Plan or any
Award hereunder.

(b) Discretionary Authority. Subject to the express limitations of the Plan, the
Committee shall have authority in its sole discretion to determine the time or times at which
Awards may be granted, the recipients of Awards, the form of payment under an Award and all other
terms and conditions of an Award. The Committee shall also have discretionary authority to
interpret the Plan, to make all factual determinations under the Plan, and to make all other
determinations necessary or advisable for the administration of the Plan. Without limiting the
generality of the foregoing, Fully Converted BVPCS, Average Change in Fully Converted BVPCS,
Threshold Average Change in Fully Converted BVPCS, ROE, Average ROE and Threshold Average ROE may
be determined by the Committee after adjusting for charges for restructurings, discontinued
operations, extraordinary items, capital transactions, other unusual or non-recurring items, the
cumulative effects of accounting changes and such other factors as the Committee deems appropriate
in its sole discretion. The Committee may prescribe, amend, and rescind rules and regulations
relating to the Plan. All interpretations, determinations, and actions by the Committee shall be
final, conclusive, and binding upon all parties.

(c) Delegation of Authority. The Committee shall have the right, from time to time,
to delegate to one or more officers of the Company the authority of the Committee to grant and
determine the terms and conditions of Awards under the Plan, subject to such limitations as the
Committee shall determine. The Committee shall also be permitted to delegate, to any appropriate
officer or employee of the Company, responsibility for performing ministerial functions under the
Plan. In the event that the Committee’s authority is delegated to officers or employees in
accordance with the foregoing, all provisions of the Plan relating to the Committee shall be
interpreted in a manner consistent with the foregoing by treating any such reference as a reference
to such officer or employee for such purpose. Any action undertaken in accordance with the
Committee’s delegation of authority hereunder shall have the same force and effect as if such
action was undertaken directly by the Committee and shall be deemed for all purposes of the Plan to
have been taken by the Committee.

Section 4. Eligibility and Participation

The executive officers and other senior officers of the Company who are designated by the
Committee in its sole discretion shall be eligible to participate in the Plan for any Performance
Cycle. Each such eligible employee who is designated by the Committee to receive an Award for a
Performance Cycle shall become a Participant in the Plan with respect to such Performance Cycle.
All Participants shall be designated by the Committee on a prospective basis only with respect to
Performance Cycles commencing on or after the date of participation.

Section 5. Grant of Awards

(a) General. The Committee has the authority, in its discretion, to grant from time
to time Awards to Participants under the Plan. Each Award shall specify the Performance Cycle
relating to the Award, the number of Share Units subject to the Award, and the terms and conditions
of the Award. The Committee shall establish on a prospective basis a schedule of Performance
Percentages to be applied to a Participant’s Award relative to the Company’s achievement of certain
levels of Average Change in Fully Converted BVPCS or Average ROE, which shall include a Threshold
Average Change in Fully Converted BVPCS or Threshold Average ROE, as applicable. The amount
payable under an Award shall be determined by multiplying the applicable Performance Percentage
based on the degree of achievement of Average Change in Fully Converted BVPCS or Average ROE, as
applicable, for a given Performance Cycle by the number of Share Units subject to a Participant’s
Award in respect of such Performance Cycle. Any fractional Share Units resulting from the
foregoing calculation shall be rounded upwards to the nearest whole Share Unit.

(b) Performance Cycles. The Committee is authorized in its sole discretion to
determine the length of any Performance Cycle and to establish new Performance Cycles on an annual
basis. Performance Cycles may commence each Plan Year and may be overlapping. There shall be no
requirement of conformity among different Performance Cycles with respect to their duration, the
Threshold Average Change in Fully Converted BVPCS or Threshold Average ROE, as applicable, the
Performance Percentages or the Participants.

Section 6. Payment of Awards

(a) Form and Timing of Payment. Payment of Awards under the Plan shall be made in
cash, Common Shares, or any combination thereof, as determined by the Committee in its sole
discretion taking into account the Company’s Share Ownership Guidelines. Subject to the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), Awards
shall be paid to Participants at such time or times as the Committee sets forth in each Award.

(b) Tax Withholding. All payments under the Plan shall be subject to applicable
income and employment taxes and any other amounts that the Company is required by law to deduct and
withhold from such payments.

Section 7. Termination of Employment

(a) General Rule. Subject to the provisions of Section 7(b) hereof, the obligation of
the Company to make payment of an Award to a Participant hereunder is conditioned upon the
continued employment of the Participant with the Company at the time of payment of an Award
hereunder. If the employment of a Participant with the Company is terminated for any reason, at
any time prior to the time of payment of an Award hereunder, the Award shall be forfeited and
automatically be cancelled without further action of the Company, unless otherwise provided by the
Committee.

(b) Exceptions. The Committee may, in its sole discretion, provide for the payment of
an Award in the event a Participant’s employment with the Company is terminated for any reason
including, but not limited to, a termination by the Company without cause or as a result of the
Participant’s death or disability. Such payment may be made on a pro-rated or accelerated basis as
determined by the Committee in its sole discretion. To the extent that a Participant is a party to
an employment agreement with the Company containing provisions for the treatment of Awards under
the Plan upon a termination of employment, such provisions of the employment agreement shall govern
and control for purposes of this Section 7.

Section 8. Change in Control

In the event of a Change in Control of the Company that constitutes a change in ownership or
effective control of the Company (or a change in the ownership of a substantial portion of the
Company’s assets), within the meaning of Section 409A of the Code, each Participant shall, subject
to the continued employment of the Participant with the Company at the time of such Change in
Control, receive a payment in respect of an outstanding Award on a prorated basis, based on the
period of service by the Participant and the performance levels (Average Change in Fully Converted
BVPCS, Threshold Average Change in Fully Converted BVPCS, Average ROE or Threshold Average ROE)
achieved by the Company for the Performance Cycle as of the end of the fiscal quarter immediately
preceding the date of such Change in Control, as determined by the Committee prior to such Change
in Control. Any payment made under this Section 8 shall be made as soon as practicable following
the occurrence of such Change in Control, provided that no payment may be made following the later
of: (i) the last day in the calendar year in which such Change in Control occurs, and (ii) the
15th day of the third month following such Change in Control. To the extent that a
Participant is a party to an employment or consulting agreement with the Company containing
provisions for the treatment of Awards under the Plan upon a Change in Control, such provisions of
the employment or consulting agreement shall govern and control for purposes of this Section 8.

Section 9. General Provisions

(a) Effective Date. The Effective Date of this amendment and restatement is July 22,
2014.

(b) Amendment and Termination. The Company may, from time to time, by action of the
Board, amend, suspend or terminate any or all of the provisions of the Plan, but no such amendment,
suspension or termination shall adversely affect the rights of any Participant with respect to
Awards then outstanding.

(c) Coordination with Section 162(m) Plan. All Awards granted under the Plan to
Participants who shall also be Participants in the Company’s “Section 162(m) Performance Incentive
Plan” for a Plan Year or Performance Cycle shall be subject to the terms and conditions of such
plan, and in the event of any conflict, the terms of the Section 162(m) Performance Incentive Plan
shall govern and control.

(d) Section 409A Compliance. To the extent applicable, it is intended that the Plan
comply with the provisions of Section 409A of the Code, and the Plan shall be construed and applied
in a manner consistent with this intent. Any provision that would cause any amount payable under
the Plan to be includible in the gross income of a Participant under Section 409A(a)(1) of the Code
shall have no force and effect. Notwithstanding any other provision of the Plan to the contrary,
the Board may amend the Plan and any outstanding Award solely to comply with any new regulations or
other guidance from the Internal Revenue Service under Section 409A of the Code without the consent
of the Participant.

(e) No Right to Employment. Nothing in the Plan shall be deemed to give any
Participant the right to remain employed by the Company or to limit, in any way, the right of the
Company to terminate, or to change the terms of, a Participant’s employment at any time.

(f) No Presumption of Awards. Neither the adoption of the Plan by the Board nor any
of the terms of the Plan shall be deemed to create any rights of an employee to the grant of an
Award hereunder, nor to obligate the Company to grant any Awards under the Plan for any Plan Year.

(g) Governing Law. The Plan shall be governed by and construed in accordance with the
laws of New York, without regard to choice-of-law rules thereof.

PLATINUM UNDERWRITERS HOLDINGS, LTD.EX-10.2

EXHIBIT 10.2

EIP SHARE UNIT AWARD AGREEMENT

Platinum Underwriters Holdings, Ltd.

Amended and Restated Executive Incentive Plan

This EIP SHARE UNIT AWARD AGREEMENT (this “Award Agreement”) made as of this        day of
     , 20      , between Platinum Underwriters Holdings, Ltd., a Bermuda company (the
“Company”), and        (the “Participant”), is made pursuant to the terms of the
Company’s Amended and Restated Executive Incentive Plan (the “Plan”) in conjunction with the
Company’s 2010 Share Incentive Plan or any successor plan (the “Share Incentive Plan”) and, if
applicable, the Company’s Section 162(m) Performance Incentive Plan or any successor plan.

Section 1. Definitions. Capitalized terms used herein but not defined shall
have the meanings set forth in the Plan. For purposes of this Award Agreement, the terms
“Disability” and “Separation from Service” shall have the meanings attributed to such terms under
Section 409A of the Internal Revenue Code and the treasury regulations and other guidance
promulgated thereunder.

Section 2. Share Unit Award. The Company hereby grants to the Participant a
Share Unit Award of        share units (the “Share Units”) in respect of the        Performance Cycle
(the “Performance Cycle”) under the Plan. The Share Units are notional, non-voting units of
measurement based on the Fair Market Value (as defined in the Share Incentive Plan) of the Common
Shares, which will entitle the Participant to receive a payment, subject to the terms hereof, in
cash.

Section 3. Vesting Requirements. The Share Units shall become fully vested on
the third anniversary of the date hereof (the “Vesting Date”), subject to the Participant’s
continued employment with the Company or any of its subsidiaries through the Vesting Date.

Section 4. Termination of Employment; Breach of Certain Covenants.

(a) General Rule. Subject to the provisions of Section 4(b) hereof, in the event of
the Participant’s termination of employment with the Company or any of its subsidiaries for any
reason prior to the Vesting Date, the Share Units shall be immediately forfeited and automatically
cancelled without further action of the Company. If the Participant breaches Section 8.A hereof
prior to the Vesting Date, the Company may require the Participant to forfeit the Participant’s
interest in the Share Units. In the event of the Participant’s termination of employment by the
Company or any of its subsidiaries for “Cause” (as hereinafter defined) or the breach by the
Participant of Section 8.B hereof or any covenant not to compete with the Company or any of its
subsidiaries to which the Participant is or becomes subject (a “Non-Compete Covenant”), (i) the
Participant’s rights with respect to any Share Units hereunder, whether or not vested, may be
forfeited and cancelled by the Company and (ii) the Company may require the Participant to return
to the Company any or all of the payments made to the Participant in respect of the Share Units, in
such manner and on such terms and conditions as may be required by the Company. For purposes of
this Award Agreement, “Cause” shall mean (i) the Participant’s willful and continued failure to
substantially perform the Participant’s duties to the Company or any of its subsidiaries; (ii) the
Participant’s conviction of, or plea of guilty or nolo contendere to, a felony or other crime
involving moral turpitude; (iii) the Participant’s engagement in any malfeasance or fraud or
dishonesty of a substantial nature in connection with the Participant’s position with the Company
or any of its subsidiaries, or other willful act that materially damages the reputation of the
Company or any of its subsidiaries; (iv) the Participant’s breach of Section 8.B hereof or a
Non-Compete Covenant; or (v)  the sale, transfer or hypothecation by the Participant of Common
Shares in violation of the Share Ownership Guidelines of the Company; provided,
however, that no such act, failure to act or event that is capable of being cured by the
Participant shall be treated as “Cause” under this Award Agreement unless the Participant has been
provided a detailed, written statement of the basis for the Company’s belief that such act, failure
to act or event constitutes “Cause” and have had at least thirty (30) days after receipt of such
statement to cure such act, failure to act or event. Notwithstanding the foregoing, the definition
of Cause in any employment or severance agreement between the Company or any subsidiary and the
Participant in effect at the time of termination of employment shall supersede the foregoing
definition. For purposes of this Award Agreement, no act or failure to act shall be considered
“willful” unless it is done, or failed to be done, in bad faith, and without reasonable belief that
the act or failure to act was in the best interest of the Company.

(b) Exceptions. Notwithstanding the provisions of Section 4(a) hereof and subject to
any provision in any employment or other agreement with the Participant to the contrary, in the
event of the Participant’s termination of employment with the Company or any of its subsidiaries
prior to the Vesting Date (i) by the Company or any of its subsidiaries without Cause, (ii) as a
result of the Participant’s death or Disability, or (iii) upon the Participant’s retirement from
the Company with the consent of the Committee, the Participant shall be entitled to receive a
payment in respect of the Share Units determined in accordance with “Calculation of Payment” in
Exhibit A, but on a prorated basis based on the period of the Participant’s service with the
Company and the levels of Average Change in Fully Converted BVPCS achieved by the Company for the
Performance Cycle as of the end of the fiscal quarter coincident with or following the date of
termination. Notwithstanding the foregoing, the Participant’s employment will be treated as having
been terminated without Cause under this Award Agreement in the event of any termination by the
Participant for “good reason,” as such term or comparable term is defined under any employment
agreement in effect from time to time between the Participant and the Company or any subsidiary of
the Company. For avoidance of doubt, a right to payment with respect to Share Units may be
provided upon additional employment termination events in any employment or other agreement with
the Participant on a full or prorated basis.

Section 5. Payment of Award.

(a) General. Subject to the provisions of Sections 5(c) and 5(d) hereof, payment in
respect of the Award hereunder shall be made in cash as soon as practicable following the later of
the Vesting Date and the date that the Committee shall have approved the financial results of the
Company for the Performance Cycle and for each year in the Performance Cycle, but in all events not
later than the later of: (i) the last day in the calendar year in which the Vesting Date occurs,
and (ii) the 15th day of the third month following the Vesting Date. The amount of the payment to
be made in respect of the Award will be determined, in accordance with the terms of this Award
Agreement and the Plan, as set forth in Exhibit A hereto. In no event will the Participant
have any discretion under this Section 5(a) or under Sections 5(c) or 5(d) below to determine the
calendar year in which payment is made.

(b) Withholding. The payment in respect of the Share Units shall be made to the
Participant after deduction of applicable withholding taxes in the amount determined by the
Company, which shall be withheld at the applicable supplemental wage withholding rate, or such
other rate as determined by the Company, provided that such amount shall not exceed the
Participant’s estimated federal, state and local tax obligation with respect to payment in respect
of the Share Units. In lieu of the foregoing, the Company may allow the Participant to pay the
applicable withholding taxes to the Company in such other form as approved by the Company.

(c) Separation from Service. Notwithstanding the provisions of Section 5(a) hereof,
with respect to a payment pursuant to Section 4(b) hereof (other than a payment as a result of the
death of a Participant), the Participant shall receive such payment on the date that is six (6)
months following a Separation from Service. With respect to a payment pursuant to Section 4(b)
hereof as a result of the death of the Participant, the amount due under Section 4(b) shall be paid
as soon as practicable following such death but in no event following the later of: (i) the last
day in the calendar year in which the death occurs, and (ii) the 15th day of the third month
following such death.

(d) Change in Control. Notwithstanding the provisions of Section 5(a) hereof, upon a
Change in Control of the Company that constitutes a change in ownership or effective control of the
Company (or a change in the ownership of a substantial portion of the Company’s assets), within the
meaning of Section 409A of the Code, the Participant shall receive payment, in respect of the Award
hereunder, in accordance with the provisions of Section 8 of the Plan. Any payment made under this
Section 5(d) shall be made as soon as practicable following the occurrence of the Change in
Control, but in all events not later than the later of: (i) the last day in the calendar year in
which the Change in Control occurs, and (ii) the 15th day of the third month following
the Change in Control. To the extent that a Participant is a party to an employment or consulting
agreement with the Company containing provisions for the treatment of Awards under the Plan upon a
Change in Control, such provision of the employment or consulting agreement shall govern and
control for purposes of this Section 5(d).

Section 6. Restrictions on Transfer. No portion of the Share Units may be
sold, assigned, transferred, encumbered, hypothecated or pledged by the Participant, other than to
the Company as a result of forfeiture of the Share Units as provided herein, unless and until the
payment of the Share Units in accordance with Section 5 hereof.

Section 7. Limitation of Rights. The Participant shall not have any
privileges of a shareholder of the Company with respect to the Share Units. Nothing in this Award
Agreement shall confer upon the Participant any right to continue as an employee of the Company or
any subsidiary or to interfere in any way with any right of the Company to terminate the
Participant’s employment at any time.

Section 8. Restrictive Covenants. The effectiveness of this Award Agreement
is conditioned upon the Participant honoring the following restrictive covenants (the “Restrictive
Covenants”). These Restrictive Covenants are not intended to amend or supersede the terms of any
noncompetition or other restrictive covenant agreed to between the Company and the Participant or
to which the Participant is subject.

A. Nondisclosure of Confidential Information. The Participant acknowledges that
during the course of the Participant’s employment with the Company and/or its subsidiaries
(collectively, the “Companies”) the Participant has had or will have access to and knowledge of
certain information that the Companies consider confidential, and that the release of such
information to unauthorized persons would be extremely detrimental to the Companies. As a
consequence, the Participant hereby agrees and acknowledges that the Participant owes a duty to the
Companies not to disclose, and agrees that without the prior written consent of the Company, at any
time following the date hereof, either during or after the Participant’s employment with any of the
Companies, the Participant will not communicate, publish or disclose, to any person anywhere or
use, any Confidential Information (as hereinafter defined), except as may be necessary or
appropriate to conduct the Participant’s duties to the Companies (provided the Participant is
acting in good faith and in the best interests of the Companies) or as may be required by law or
judicial process. The Participant will use best efforts at all times to hold in confidence and to
safeguard any Confidential Information from falling into the hands of any unauthorized person. The
Participant will return to the Companies all Confidential Information in the Participant’s
possession or under the Participant’s control whenever any of the Companies shall so request, and
in any event will promptly return all such Confidential Information if the Participant’s
relationship with the Companies is terminated for any or no reason and will not retain any copies
thereof. For purposes hereof, the term “Confidential Information” shall mean any information used
by or belonging or relating to the Companies that is not known generally to the industry in which
the Companies are, or may be, engaged and which the Companies maintain on a confidential basis,
including, without limitation, any and all trade secrets and proprietary information, information
relating to the business and services, any employee information, customer lists and records,
business processes, procedures or standards, know-how, manuals, business strategies, records,
financial information, in each case, whether or not reduced to writing or stored electronically, as
well as any information that the Companies advise the Participant should be treated as
confidential.

B. Non-Solicitation and Non-Hire of Employees. The Participant agrees that for a
period beginning on the date hereof and ending 12 months following the date of the Participant’s
termination of employment with the Companies for any reason, the Participant shall not, on the
Participant’s own behalf or on behalf of any other person or entity, without the prior written
consent of the Company, directly or indirectly, solicit, hire or cause to be solicited or hired by
an enterprise with which Participant may ultimately become associated, or participate in or promote
the solicitation of, interfere with, attempt to influence or otherwise affect the employment of,
any employee of the Companies whose annual compensation exceeds $100,000.

C. Representation of Participant. Upon the acceptance by the Participant of the cash
payable following the vesting of Share Units hereunder, the Participant shall be deemed to
represent that the Participant has not engaged in nor has any intention of engaging in any action
that would constitute a violation of the Restrictive Covenants or any Non-Compete Covenant.

D. Injunctive Relief. The Participant acknowledges and agrees that the Restrictive
Covenant provisions of this Section 8 are reasonable and necessary for the successful operation of
the Companies. The Participant further acknowledges that if the Participant breaches any provision
of the Restrictive Covenants, the Companies will suffer irreparable injury. It is therefore agreed
that the Company shall have the right to enjoin any such breach or threatened breach, without
posting any bond, if so ordered by a court of competent jurisdiction. The existence of this right
to injunctive and other equitable relief shall not limit any other rights or remedies that the
Company may have at law or in equity including, without limitation, the right to monetary,
compensatory and punitive damages. In addition to any means at law or equity available to the
Company to enforce the Restrictive Covenants, the Company shall retain any rights it may have under
this Award Agreement relating to the Award for a breach of the Restrictive Covenants including,
without limitation, the right to cancel the Award and the right to require the Participant to
return to the Company any payments made to the Participant in respect of the Share Units. If any
provision of this Section 8 is determined by a court of competent jurisdiction to be not
enforceable in the manner set forth herein, the Participant and the Company agree that it is the
intention of the parties that such provision should be enforceable to the maximum extent possible
under applicable law. If any provision of this Section 8 is held to be invalid or unenforceable,
such invalidity or unenforceability shall not affect the validity or enforceability of any other
provision of this Section 8.

Section 9. Changes in Capitalization. The Award shall be subject to the
provisions of the Share Incentive Plan relating to adjustments for changes in corporate
capitalization.

Section 10. Notices. Any notice hereunder by the Participant shall be given
to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by
the Secretary of the Company. Any notice hereunder by the Company shall be given to the
Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such
address as the Participant may have on file with the Company.

Section 11. Construction. This Award Agreement and the Award evidenced hereby
are granted by the Company pursuant to the Plan and the Share Incentive Plan and are in all
respects subject to the terms and conditions of the Plan and the Share Incentive Plan. The
Participant hereby acknowledges that a copy of each of the Plan and the Share Incentive Plan has
been delivered to the Participant and the Participant accepts the Share Units hereunder subject to
all terms and provisions of the Plan and the Share Incentive Plan, which are incorporated herein by
reference. In the event of a conflict or ambiguity between any term or provision contained herein
and a term or provision of the Plan or the Share Incentive Plan, then the Plan or the Share
Incentive Plan, as applicable, shall govern and prevail. The construction of and decisions under
the Plan, the Share Incentive Plan and this Award Agreement are vested in the Committee, whose
determinations shall be final, conclusive and binding upon the Participant.

Section 12. Governing Law. This Award Agreement and the Award hereunder shall
be governed by, and construed in accordance with, the laws of the State of New York, excluding the
choice of law rules thereof.

Section 13. Counterparts. This Award Agreement may be executed in
counterparts, each of which shall be deemed to be an original but all of which together shall
constitute one and the same instrument.

Section 14. Binding Effect. This Award Agreement shall be binding upon and
inure to the benefit of the legatees, distributees, and personal representatives of the Participant
and the successors of the Company.

Section 15. Entire Agreement. This Award Agreement and the Plan constitute
the entire agreement between the parties with respect to the subject matter hereof and thereof,
merging any and all prior agreements.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the Company and the Participant have executed this Award Agreement
effective as of the date first above written.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By:
                                                    

Name:
                                                     

Title:
                                                      

PARTICIPANT

By:
                                                          

Name:
                                                         

2

Exhibit A

to

EIP Share Unit Award Agreement

Payment Schedule

for the

20__ – 20__ Performance Cycle

	 	 	 	 	 
	Average Change in	 	 
	Fully Converted BVPCS	 	Performance Percentage
	<      %

	 	 	0	%
	     % –      %

	 	 	     %–     	%
	>      %

	 	 	     	%

Calculation of Payment

The amount of payment in respect of the Award shall be equal to the number of Share Units
multiplied by the Performance Percentage set forth above corresponding to Average Change in Fully
Converted BVPCS achieved by the Company for the Performance Cycle (with a Performance Percentage
that falls within the      % —      % range of Average Change in Fully Converted BVPCS determined by
straight line interpolation). Payment shall be made in cash.

3

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