Document:

EX-10.3

NONQUALIFIED SHARE OPTION AGREEMENT

Platinum Underwriters Holdings, Ltd.

2002 Share Incentive Plan

Option Agreement (the “Agreement”), between Platinum Underwriters Holdings, Ltd., a Bermuda
company (the “Company”), and      (the “Optionee”), a member of the Board of Directors of
the Company (the “Board”), made pursuant to the terms of Platinum Underwriters Holdings, Ltd. 2002
Share Incentive Plan (the “Plan”). The Option is not intended to qualify as an “incentive stock
option” under the Internal Revenue Code.

Section 1. Option Shares. The Company grants to the Optionee, on the terms
and conditions set forth herein, an option (the “Option”) for the purchase of 5,000 common shares
(the “Option Shares”) of the Company, par value $0.01 per share (“Common Shares”), effective
     (the “Date of Grant”).

Section 2. Exercise Price. The exercise price per share of the Option shall
be $     , which is the Fair Market Value (as defined in the Plan) of a Common Share as of the Date
of Grant (the “Option Price”).

Section 3. Vesting of Option

(a) Vesting Schedule. The Option shall become vested and exercisable based on the
Optionee’s continued service as a member of the Board (“Service”) on [date that is one year
following Date of Grant].

(b) Acceleration Events. Notwithstanding the foregoing, the Option shall become fully
and immediately vested and exercisable upon (i) the termination of Service as a result of the
Optionee’s death or the Optionee’s permanent and total disability within the meaning of Section
22(e)(3) of the Code (a “Disability”), or (ii) a Change in Control (as defined in the Plan) of the
Company, provided the Option remains outstanding on the effective date of the Change in Control.

Section 4. Option Term. Option Shares that become vested pursuant to Section
3 hereof may be purchased at any time on or after the date of such vesting and prior to the
expiration of the term of the Option (the “Option Term”). The Option Term shall expire on the day
prior to the fifth anniversary of the Date of Grant, unless earlier terminated in accordance with
the terms of the Plan or upon termination of the Optionee’s Service (“Termination of Service”) in
accordance with Section 5 hereof. Upon the expiration of the Option Term, any unexercised Option
Shares shall be cancelled and shall be of no further force or effect.

Section 5. Termination of Service

(a) General. In the event of a Termination of Service for any reason prior to the
date that all Option Shares become vested in according with the provisions of Section 3 hereof, the
Optionee shall forfeit the Optionee’s interest in any Option Shares that have not yet become
vested, which shall be cancelled and be of no further force or effect. In the event of a
Termination of Service for any reason following vesting, the Optionee shall retain the right to
purchase any Option Shares that have previously become vested until the expiration of 45 days
following the effective date of such Termination of Service (or the expiration of the Option Term,
if earlier).

(b) Cause. Notwithstanding the provisions of Section 5(a) hereof, in the event of
Termination of Service for “Cause”, the Optionee’s right to purchase any Option Shares, whether or
not vested, shall immediately terminate and all rights thereunder shall cease. For purposes of
this Agreement, a termination for “Cause” shall be determined by the Board in its sole discretion.

(c) Death or Disability. Notwithstanding the provisions of Section 5(a) hereof in the
event of a Termination of Service as a result of death or Disability, the Option shall become fully
and immediately vested and exercisable in accordance with Section 3 hereof, and the Optionee, or
the Optionee’s legal representative, shall retain the right to purchase the Option Shares in
accordance with the terms hereof until the expiration of 12 months following the date of such
Termination of Service (or the expiration of the Option Term, if earlier).

Section 6. Procedure for Exercise

(a) Notice of Exercise. The Option may be exercised, in whole or in part, and whole
Option Shares may be purchased, by delivery of a written notice (the “Notice”) to the Company under
procedures specified by the Committee, which Notice shall: (i) state the number of whole Option
Shares being exercised; (ii) state the method of payment of the Option Price and tax withholding;
(iii) include any representation of the Optionee required pursuant to Section 7 hereof; (iv) in the
event that the Option shall be exercised by any person other than the Optionee pursuant to Section
10 hereof, include appropriate proof of the right of such person to exercise the Option; and (v)
comply with such further requirements consistent with the Plan as the Committee may from time to
time prescribe.

(b) Payment of Option Price. Payment of the Option Price shall be made: (i) in cash
or by cash equivalent acceptable to the Committee; (ii) by payment in Common Shares (either
actually or constructively by attestation) that have been held by the Optionee for at least six
months (or such other period as determined by the Committee), valued at the Fair Market Value (as
defined in the Plan) of such shares as of the date of exercise; (iii) by a broker assisted
“cashless exercise”; or (iv) by a combination of the foregoing methods described above.

Section 7. Investment Representation. Upon any exercise of the Option at a
time when there is not in effect a registration statement under the Securities Act of 1933, as
amended (the “1933 Act”), relating to the Option Shares, the Optionee hereby represents and
warrants, and by virtue of such exercise shall be deemed to represent and warrant, to the Company
that the Option Shares shall be acquired for investment and not with a view to the distribution
thereof, and not with any present intention of distributing the same, and the Optionee shall
provide the Company with such further representations and warranties as the Company may require in
order to ensure compliance with applicable Federal and state securities, blue sky and other laws.
No Common Shares shall be acquired unless and until the Company and/or the Optionee shall have
complied with all applicable Federal or state registration, listing and/or qualification
requirements and all other requirements of law or of any regulatory agencies having jurisdiction,
unless the Committee has received evidence satisfactory to it that the Optionee may acquire such
shares pursuant to an exemption from registration under the applicable securities laws. Any
determination in this connection by the Committee shall be final, binding and conclusive. The
Company reserves the right to legend any certificate for Common Shares, conditioning sales of such
shares upon compliance with applicable federal and state securities laws and regulations.

Section 8. Limitation of Rights. The Optionee shall not have any privileges
of a shareholder of the Company with respect to any Option Shares, including without limitation any
right to vote such Option Shares or to receive dividends or other distributions in respect thereof,
until the date of the issuance to the Optionee of a share certificate evidencing the Common Shares.
Nothing in this Agreement or the Option shall confer upon the Optionee any right to continue in
employment or to interfere in any way with the right of the Company to terminate the Optionee’s
employment at any time.

Section 9. Adjustments. If at any time while the Option is outstanding the
number of outstanding Common Shares is changed by reason of a reorganization, recapitalization,
share split or any of the other events described in Section 3.2 of the Plan, the number and kind of
Option Shares and/or the Option Price may be adjusted by the Committee in accordance with the
provisions of the Plan.

Section 10 Limited Transferability of Option The Option may not be
transferred, pledged, assigned, hypothecated or otherwise disposed of in any way by the Optionee,
except by will or by the laws of descent and distribution; provided, however, the
Optionee may, during the Optionee’s lifetime and subject to the prior approval of the Committee at
the time of proposed transfer, transfer all or part of the Option to or for the benefit of the
Optionee’s “family members” (as defined under rules applicable to registration statements on Form
S-8 promulgated under the 1933 Act). Subsequent transfers of an Option shall be prohibited other
than by will or the laws of descent and distribution upon the death of the transferee. In the
event that an Optionee becomes legally incapacitated, the Option shall be exercisable by the
Optionee’s legal guardian, committee or legal representative. If the Optionee dies the Option
shall thereafter be exercisable by the legatee of the Option under the Optionee’s will or by the
Optionee’s estate in accordance with the Optionee’s will or the laws of descent and distribution,
in each case in the same manner and to the same extent that the Option was exercisable by the
Optionee on the date of the Optionee’s death. The Option shall not be subject to execution,
attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other
disposition of the Option contrary to the provisions hereof, and the levy of any execution,
attachment or similar process upon the Option, shall be null and void and without effect.

Section 11. Notices. Any notice hereunder by the Optionee shall be given to
the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the
General Counsel of the Company. Any notice hereunder by the Company shall be given to the Optionee
in writing and such notice shall be deemed duly given only upon receipt thereof at such address as
the Optionee may have on file with the Company.

Section 12. Construction. This Option is granted pursuant to the Plan and is
in all respects subject to the terms and conditions of the Plan. The Optionee hereby accepts this
Option subject to all terms and provisions of the Plan, which is 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, the Plan will govern and prevail. The construction of and decisions
under the Plan is vested in the Committee, whose determinations shall be final, conclusive and
binding upon the Optionee.

Section 13. Governing Law. This Agreement shall be construed and enforced
in accordance with the laws of the State of New York, without giving effect to the choice of law
principles thereof.

[SIGNATURES ON FOLLOWING PAGE]

1

IN WITNESS WHEREOF, the Company and the Optionee have executed this Agreement as of the Date
of Grant.

PLATINUM UNDERWRITERS HOLDINGS, LTD.

By:

Title:

OPTIONEE

Name:

2EX-10.4

PLATINUM UNDERWRITERS HOLDINGS, LTD.

Time-Based

Share Unit Award

AWARD AGREEMENT, dated as of      , 20     , between Platinum Underwriters Holdings, Ltd.,
a Bermuda corporation (the “Company”), and      (the “Participant”). This Award is
granted by the Compensation Committee of the Company’s Board of Directors (the “Committee”)
pursuant to the terms of the 2002 Share Incentive Plan (the “Plan”). The applicable terms of the
Plan are incorporated herein by reference, and capitalized terms used herein but not defined shall
have the meanings set forth in the Plan.

Section 1. Share Unit Award. The Company hereby grants to the Participant, on the
terms and conditions set forth herein, an Award of      Share Units (the “Share Units”). The
Share Units are notional units of measurement denominated in Common Shares, which represent an
unfunded, unsecured deferred compensation obligation of the Company.

Section 2. Vesting Requirements.

A. Time-Based Vesting. The Award hereunder shall become vested in accordance with the
following vesting schedule, subject to the Participant’s continued employment with the Company or
any of its Subsidiaries on each of the vesting dates:

	 	 	 
	Number of Share Units

	 	Vesting Date
	 

	 	 
	 
	 	 
	     Share Units (50%)

	 	[third anniversary]
	 

	 	 
	 
	 	 
	     Share Units (50%)

	 	[fourth anniversary]
	 

	 	 

B. Accelerated Vesting. Notwithstanding the foregoing, upon the Participant’s death
or disability (within the meaning of Section 409A(a)(2)(C) of the Code (a “Disability”)), or upon
the occurrence of a Change in Control, the Award shall become fully vested, and shall be payable
in accordance with Section 5 hereof, to the extent that it has not previously been forfeited in
accordance with Section 3 hereof.

Section 3. Termination of Employment. In the event of the Participant’s termination
of employment for any reason other than death or Disability, any portion of the Award that has not
previously become vested hereunder shall be forfeited and automatically cancelled without further
action of the Company.

Section 4. Dividend Equivalent Rights. Any dividends paid on the Common Shares during
the term of the Award shall be credited under the Award as Dividend Equivalent Rights that will
accumulate as dollar amounts (and not as additional Share Units), subject to the terms hereof. All
such Dividend Equivalent Rights shall be subject to the same vesting requirements that apply to the
Share Units from which the Dividend Equivalent Rights are derived.

Section 5. Payment of Award.

A. General. Subject to the provisions of Section 5.B hereof, payment of vested Share
Units shall be made within 15 days following each annual vesting date (or within 15 days following
the acceleration of vesting) as set forth in Section 2 hereof. Notwithstanding the foregoing, no
payment shall be made upon the occurrence of a Change in Control that does not also qualify as a
“change in control” for purposes of section 409A of the Code, until the earlier to occur of the
Participant’s death, Disability and “separation from service” (within the meaning of section 409A
of the Code). The Share Units shall be paid in Common Shares, and shall be paid to the Participant
after deduction of applicable withholding taxes in the amount determined by the Committee, provided
that such amount shall not exceed the Participant’s estimated Federal, state and local tax
obligation with respect to payment of the Award. Notwithstanding the foregoing, any Dividend
Equivalent Rights credited under the Award pursuant to Section 4 hereof shall be paid to the
Participant in cash in accordance with the provisions of this Section 5, subject to applicable
withholding requirements.

B. Payments to “Specified Employees” Under Certain Circumstances. Notwithstanding the
provisions of Section 5.A hereof, if the Participant is deemed a “specified employee” at a time
when such Participant becomes eligible for payments upon the Participant’s Disability or upon the
Participant’s “separation from service” with the Company or any Subsidiary on or following a Change
in Control (as described in Section 5.A hereof), such payments shall be made to the Participant on
the date that is six months following such “separation from service” or the date of the
Participant’s death, if earlier. For purposes hereof, the term “specified employee” shall have the
meaning attributed to such term under section 409A of the Code and the treasury regulations and
other guidance promulgated thereunder.

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

Section 7. No Voting Rights. The Award, whether or not vested, will not confer any
voting rights upon the Participant, unless and until the Award is paid in Common Shares.

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. Nonsolicitation 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, directly or indirectly, solicit, participate in
or promote the solicitation of, interfere with, attempt to influence or otherwise affect the
employment of any person who is employed by the Companies on the date hereof or thereafter to leave
the employ of any of the Companies.

C. Forfeiture of Benefits. Upon the acceptance of any payment by the Participant
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. In the event that the Participant violates the Restrictive Covenants prior to any
payment under this Award Agreement, the Award hereunder may be cancelled by the Company. In the
event that the Participant violates the Restrictive Covenants following any payment under this
Award Agreement, the Company may require the Participant to return to the Company any Common Shares
issued hereunder in respect of any vested Share Units and to refund any cash paid in respect of any
Dividend Equivalent Rights accrued hereunder, in such manner and on such terms and conditions as
may be required by the Committee.

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 Common Shares issued hereunder in respect of any vested Share Units and
to refund any cash paid in respect of any Dividend Equivalent Rights accrued hereunder. 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. Award Subject to Plan. The Award is subject to the terms of the Plan, the
terms and provisions of which are hereby incorporated 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, the
Plan will govern and prevail.

Section 10. Changes in Capitalization. The Award shall be subject to the provisions
of Section 3.2 of the Plan relating to adjustments for changes in corporate capitalization.

Section 11. No Right of Employment. Nothing in this Award Agreement shall confer upon
the Participant any right to continue as an employee of the Company or any Subsidiary nor to
interfere in any way with the right of the Company or any Subsidiary to terminate the Participant’s
employment at any time or to change the terms and conditions of such employment.

Section 12. Governing Law. This Award Agreement shall be construed and enforced in
accordance with the laws of the State of New York, without giving effect to the choice of law
principles thereof.

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

     

Name:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00078-of-00352.parquet"}]]