Document:

EX-10.1

 

Exhibit 10.1

PLATINUM UNDERWRITERS HOLDINGS, LTD.

AMENDED AND RESTATED ANNUAL INCENTIVE PLAN

Effective January 1, 2006

Section 1. Purpose

     The purpose of this Platinum Underwriters Holdings, Ltd. Amended and Restated Annual Incentive
Plan is to attract, retain and motivate officers and select managers of the Company by providing
them with an opportunity to earn annual incentive compensation based on the financial performance
of the business and individual performance. 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 words as used herein shall have the following meanings:

     (a) “Annual Base Salary” means the base salary per annum in effect as of the end of a
Plan Year, disregarding any deferrals, offsets or withholdings from base salary.

     (b) “Annual Bonus” means the amount paid to a Participant pursuant to the Plan in
respect of a Plan Year.

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

     (d) “Bonus Pool” shall have the meaning set forth in Section 5(a) hereof.

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

     (f) “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.

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

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

     (i) “Net Income” means the net income available to common shareholders for a Plan
Year, as shown on the Company’s consolidated financial statements for such Plan Year prepared in
accordance with accounting principles generally accepted in the United States.

 

 

     (j) “Participant” means an employee of the Company who has been designated to
participate in the Plan.

     (k) “Performance Bonus Multiplier” shall have the meaning set forth in Section 5(e)
hereof.

     (l) “Performance Criteria” shall have the meaning set forth in Section 5(c) hereof.

     (m) “Performance Goal” shall have the meaning set forth in Section 5(d) hereof.

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

     (o) “Plan Year” means each calendar year in which the Plan shall be in effect.

     (p) “ROE” means (i) net income (loss) available to common shareholders for a Plan Year
divided by (ii) total shareholders’ equity as of December 31 of the year immediately preceding such
Plan Year, as such amounts are shown on the Company’s consolidated financial statements prepared in
accordance with accounting principles generally accepted in the United States, less the aggregate
par value and additional paid in capital attributable to the Company’s preferred shares issued and
outstanding as of such December 31, with such other adjustments as the Committee deems appropriate
in its sole discretion in accordance with Section 3(b) hereof.

     (q) “Restricted Share Unit” means a non-voting unit of measurement based on the Common
Shares, which entitles a Participant to receive a payment of cash or Common Shares, as determined
by the Committee, with such vesting requirements as may be established by the Committee in a
restricted share unit award agreement. Restricted Share Units shall be awarded pursuant to the
terms of the Share Incentive Plan, and the number of Restricted Share Units issued shall be
determined by the Committee by dividing all or a portion of the payment amount of an Annual Bonus
by the Fair Market Value (as defined in the Share Incentive Plan) of the Common Shares as of the
date of payment of the Annual Bonus.

     (r) “Share Incentive Plan” means the Company’s 2006 Share Incentive Plan, as it may be
amended and restated from time to time, or any successor plan thereto.

     (s) “Target Bonus” means a Participant’s Annual Base Salary multiplied by a percentage
of such Annual Base Salary, as established in respect of a Participant for a Plan Year.

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
Annual Bonus paid 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

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Annual Bonuses may be paid, the recipients of Annual Bonuses, and all other terms and
conditions associated with the payment of Annual Bonuses hereunder. 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, the Performance Criteria as selected by the
Committee in its sole discretion 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 associated with the payment of Annual Bonuses 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

     Employees of the Company who hold a position as an officer or manager of the Company shall be
eligible to participate in the Plan for a Plan Year. Each such eligible employee who is designated
by the Committee shall become a Participant in the Plan with respect to a Plan Year. The Committee
may also designate persons who become employed, are transferred or are promoted after the beginning
of a Plan Year to become Participants in the Plan. Participation in the Plan for a Plan Year shall
not provide a Participant with any rights to the payment of an Annual Bonus for the Plan Year,
regardless of the amount of the Bonus Pool for the Plan Year.

Section 5. Bonus Pool and Performance Measures

     (a) Determination of Bonus Pool. The aggregate bonus pool (the “Bonus Pool”)
shall be determined as soon as practicable following the conclusion of each Plan Year and shall
equal the sum of all Participants’ Target Bonuses multiplied by the applicable Performance Bonus
Multiplier, subject to the approval of the Committee and the Board as provided in the Charter of
the Compensation Committee of the Board, as in effect from time to time. Notwithstanding the
foregoing, the Bonus Pool for a Plan Year shall in no event be less than $1,000,000 (or such other
amount as approved by the Committee for a Plan Year). No Annual Bonuses may be paid prior to the
approval of the Bonus Pool by the Committee and the Board.

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     (b) Determination of Participants, Target Bonuses and Performance Measures. At the
beginning of a Plan Year, the Committee shall determine in its sole discretion the Participants
under the Plan, the Target Bonuses applicable to each of such Participants, the Performance
Criteria, and the applicable Performance Goals relating to the Performance Criteria.

     (c) Performance Criteria. For purposes of the Plan, the “Performance
Criteria” for a given Plan Year shall be one or any combination of the following, for the
Company or any identified subsidiary or business unit, as may be selected by the Committee in its
sole discretion at the beginning of the Plan Year: Net Income, ROE, or such other measure of the
Company’s performance selected and determined by the Committee in its sole discretion.

     (d) Performance Goals. For purposes of the Plan, the “Performance Goals”
relative to the applicable Performance Criteria for a given Plan Year shall be the levels of
achievement relating to such Performance Criteria as may be selected by the Committee in its sole
discretion at the beginning of the Plan Year. The Performance Goals may be applied on an absolute
basis or relative to an identified index or peer group, as specified by the Committee.

     (e) Performance Bonus Multiplier. For purposes of the Plan, the term “Performance
Bonus Multiplier” means the percentage applicable to the degree of achievement with respect to
the Performance Goals by which the sum of all Participants’ Target Bonuses shall be multiplied to
determine the amount of the Bonus Pool, as determined by the Committee and set forth in a schedule
for a given Plan Year. The Performance Bonus Multiplier for a degree of achievement which falls
between particular Performance Goals set forth in such schedule shall be determined by straight
line interpolation or such other method as the Committee may deem appropriate in its sole
discretion.

Section 6. Payment of Annual Bonuses

     (a) Amount of Payment. As soon as practicable following the end of a Plan Year, the
Committee shall determine in its sole discretion the Annual Bonus amounts to be paid from the Bonus
Pool, if any, to Participants under the Plan in respect of such Plan Year. The Committee shall not
be required to exhaust the entire Bonus Pool for the payment of Annual Bonuses in respect of a Plan
Year. The Committee’s determinations regarding the amounts to be paid from the Bonus Pool need not
be uniform and may be made by the Committee selectively among Participants, whether or not such
Participants are similarly situated. The Committee shall, in its discretion, consider such factors
as it deems relevant in making such determinations under the Plan including, without limitation,
the achievement of certain Performance Goals by the Company, the performance of a business unit of
the Company, the individual performance of a Participant, the Target Bonus of a Participant, the
recommendations or advice of any officer or employee of the Company, or such other factors as the
Committee deems appropriate. The Committee may provide for the payment of an Annual Bonus to a
Participant that is less than, equal to or greater than such Participant’s Target Bonus,
provided that the aggregate Annual Bonus amounts paid to all Participants under the Plan in
respect of a Plan Year shall not exceed the Bonus Pool established for such Plan Year.

     (b) Timing and Form of Payment. Subject to the requirements of section 409A of the
Internal Revenue Code, the payment of Annual Bonuses under the Plan shall be made at such

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time or times as determined by the Committee in its sole discretion. Payment of Annual
Bonuses shall be made in cash, Restricted Share Units or in a combination of cash and Restricted
Share Units, as may be determined in the sole discretion of the Committee at the time of payment.

     (c) Tax Withholding. Any payment 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 payment.

Section 7. Termination of Employment

     (a) General Rule. Subject to the provisions of Section 7(b) hereof, the payment of an
Annual Bonus under the Plan to a Participant is conditioned upon the continued employment of the
Participant with the Company at the time of payment of the Annual Bonus. 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 Annual Bonus, the Participant shall not be entitled to receive an Annual Bonus under the
Plan, unless otherwise provided by the Committee.

     (b) Exceptions. The Committee may, in its sole discretion, provide for the payment of
an Annual Bonus 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 or consulting agreement with the Company containing provisions for the
treatment of an Annual Bonus under the Plan upon a termination of employment, such provisions of
the employment or consulting 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, each Participant shall, subject to the
continued employment of the Participant with the Company at the time of the Change in Control,
receive a payment in respect of the Participant’s Target Bonus on a pro rata basis, based on the
period of service for the Plan Year prior to the Change in Control and the Performance Goals
achieved by the Company as of the end of the fiscal quarter immediately preceding the date of the
Change in Control, as determined by the Committee prior to the Change in Control 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 an Annual Bonus under the Plan upon a Change in
Control, such provisions of the employment agreement shall govern and control for purposes of this
Section 8.

Section 9. General Provisions

     (a) Effective Date. The Plan shall be effective with respect to Plan Years beginning
on or after January 1, 2006.

     (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.

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     (c) Coordination with Section 162(m) Plan. All amounts paid to Participants who shall
also be Participants in the Company’s “Section 162(m) Performance Incentive Plan” for a Plan Year
shall, to the extent determined by the Committee, 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 Internal Revenue 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 Internal Revenue Code shall have no force and effect. Notwithstanding any other
provision of the Plan to the contrary, the Board may amend the Plan solely to comply with any new
regulations or other guidance from the Internal Revenue Service under section 409A of the Internal
Revenue 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 Plan Benefits. 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 payment
of an Annual Bonus hereunder, nor to obligate the Company to pay any Annual Bonuses under the Plan
for any Plan Year.

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

PLATINUM UNDERWRITERS HOLDINGS, LTD.

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Exhibit 10.2

PLATINUM UNDERWRITERS HOLDINGS, LTD.

AMENDED AND RESTATED EXECUTIVE INCENTIVE PLAN

Effective January 1, 2006

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 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.

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

     (c) “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.

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

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

     (f) “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.

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

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

 

 

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

     (j) “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.

     (k) “Performance Percentage” means the percentage applicable to the degree of
achievement with respect to Average ROE 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 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.

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

     (m) “Plan Year” means each calendar year in which the Plan shall be in effect.

     (n) “ROE” means: (i) net income (loss) available to common shareholders for a Plan
Year divided by (ii) total shareholders’ equity as of December 31 of the year immediately preceding
such Plan Year, as such amounts are shown on the Company’s consolidated financial statements
prepared in accordance with accounting principles generally accepted in the United States, less the
aggregate par value and additional paid in capital attributable to the Company’s preferred shares
issued and outstanding as of such December 31, with such other adjustments as the Committee deems
appropriate in its sole discretion in accordance with Section 3(b) hereof.

     (o) “Share Incentive Plan” means the Company’s 2006 Share Incentive Plan, as it may be
amended and restated from time to time, or any successor plan thereto.

     (p) “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.

     (q) “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.

     (r) “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.

     (s) “Threshold Average ROE” means the threshold level for purposes of the Plan of the
Average ROE of the Company for all Plan Years in a Performance Cycle, as established by

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the Committee in its sole discretion, below which no payment in respect of an Award 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, 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.

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Section 5. Grant of Awards

     (a) General. Within ninety (90) days following the commencement of a Performance
Cycle, the Committee may grant to a Participant under the Plan an Award specifying a number of
Share Units subject to 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 ROE, which shall include a Threshold Average ROE. The
Committee shall also establish for each Performance Cycle the terms and conditions of Awards under
the Plan. The amount payable under an Award shall be determined by multiplying the applicable
Performance Percentage based on the degree of achievement of Average ROE 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
applicable Threshold Average ROE, 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, Awards shall be paid to Participants at
such time or times as the Committee shall determine in its sole discretion following the
Committee’s review and approval of the financial results for a completed Performance Cycle.

     (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

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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, each Participant shall, subject to the
continued employment of the Participant with the Company at the time of the 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 ROE vs. Threshold Average ROE)
achieved by the Company for the Performance Cycle as of the end of the fiscal quarter immediately
preceding the date of the Change in Control, as determined by the Committee prior to the Change in
Control. Any payment made under this Section 8 shall be made as soon as practicable following the
occurrence of 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 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 Plan shall be effective with respect to Plan Years and
Performance Cycles beginning on or after January 1, 2006.

     (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 Internal Revenue 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 Internal Revenue 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 Internal Revenue 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.

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     (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.

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