Document:

f8k102210ex10iii_ecoblu.htm

 

 

Exhibit 10.3

 

DUE ON DEMAND PROMISSORY NOTE 

 

	 Amount of Note:   $380,000.00	 Date:  October 22, 2010

 

For value received, the undersigned, EcoBlu Products, Inc. (the "Borrower"), at 909 West Vista Way, Vista, CA  92083, promises to pay to the order of  Steve Conboy (the "Lender"), at 2330 Spruce Street, Carlsbad, CA, 92008 , (or at such other place as the Lender may designate in writing) the sum of $380,000.00 with interest from October 22, 2010 on the unpaid principal at 9% interest per annum.  The unpaid principal and accrued interest shall be payable in full on any future date on which the Lender demands repayment (the "Due Date").  Unpaid principal after the Due Date shall accrue interest at 18% per annum.

 

All payments on this Note shall be paid in the legal currency of the United States and applied first in payment of accrued interest and any remainder in payment of principal.  This Note may be prepaid (in whole or in part) prior to the Due Date with no prepayment penalty.

 

If any of the following events of default occur, this Note and any other obligations of the Borrower to the Lender, shall become due immediately, without demand or notice: 1) the failure of the Borrower to pay the principal and any accrued interest in full on or before the Due Date; 2)  the death of the Borrower or Lender; 3) the filing of bankruptcy proceedings involving the Borrower as a debtor; 4) the application for the appointment of a receiver for the Borrower; 5) the making of a general assignment for the benefit of the Borrower's creditors; 6)  the insolvency of the Borrower; or 7) a misrepresentation by the Borrower to the Lender for the purpose of obtaining or extending credit.

If any payment obligation under this Note is not paid when due, the Borrower shall be obligated to pay all costs of collection, including reasonable attorney fees, whether or not a lawsuit is commenced as part of the collection process.  The Borrower waives presentment for payment, protest, and notice of protest and nonpayment of this Note.

No renewal or extension of this Note, delay in enforcing any right of the Lender under this Note, or assignment by the Lender of this Note shall affect the liability or the obligations of the Borrower.  All rights of the Lender under this Note are cumulative and may be exercised concurrently or consecutively at the Lender's option.

This Note shall be construed in accordance with the laws of the State of California.  If any one or more of the provisions of this Note are determined to be unenforceable in whole or in part for any reason, the remaining provisions shall remain fully operative.

 

Signed this 22nd day of October, 2010, at Vista, CA.

Borrower:

EcoBlu Products, Inc.

/s/ Steve Conboy                                                     

By:  Steve Conboy, President

 

 

 

- 2 -EX-10.1

EXHIBIT 10.1

PLATINUM UNDERWRITERS BERMUDA, LTD.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08 Bermuda

October 27, 2010

Mr. Robert S. Porter

Platinum Underwriters Bermuda, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08 Bermuda

Dear Robert:

This letter agreement (this “Letter Agreement”) amends and restates in its entirety
the letter agreement between you and Platinum Underwriters Bermuda, Ltd. (“Platinum
Bermuda”), a wholly owned subsidiary of Platinum Underwriters Holdings, Ltd. (“Platinum
Holdings”), dated February 26, 2006.

1. Term of Employment.

Your employment hereunder commenced on March 1, 2006 and shall end on July 31, 2013; provided
that, on August 1, 2013 and each August 1 thereafter, the term of your employment shall
automatically be extended by an additional year unless Platinum Bermuda or you give the other party
written notice, at least 90 days prior to such August 1, that Platinum Bermuda has determined or
you have determined that the term shall not be so extended. Such employment period, as extended,
shall hereinafter be referred to as the “Term.”

2. Title and Duties.

During the Term, you will serve as Chief Executive Officer of Platinum Bermuda. You will have
such duties and responsibilities and power and authority as those normally associated with such
position, plus any additional duties and responsibilities or power and authority assigned to you by
the Chairman of Platinum Bermuda.

3. Base Salary.

You are receiving, and will continue to receive during the Term, a minimum base salary
(“Base Salary”) at an annual rate of US$500,000, payable in cash in accordance with
Platinum Bermuda’s payroll practices as in effect from time to time. Your Base Salary shall be
reviewed annually.

4. Annual Bonus.

During each calendar year of the Term, you will be eligible for an annual performance bonus
(“Annual Bonus”) pursuant to the terms of Platinum Holdings’ Amended and Restated Annual
Incentive Plan (the “AIP”). Your Annual Bonus will have an incentive target equal to 125%
of Base Salary (the “Target Bonus”). You will be eligible for an Annual Bonus equal to the
Target Bonus multiplied by the “Performance Bonus Multiplier,” as defined in the AIP (the
“Formula Bonus Amount”); provided, however, that the Compensation Committee
of the Board of Directors of Platinum Holdings (the “Committee”) will, in its sole
discretion, determine the actual Annual Bonus paid to you. The Performance Bonus Multiplier shall
be a percentage, ranging from 0% to 200%, depending on the “Performance Goals” relative to the
“Performance Criteria,” as such terms are defined in the AIP, all as established by the Committee
for all participants in the AIP. Your Annual Bonus shall be paid in accordance with the terms of
the AIP following the end of the calendar year to which it relates, subject to such terms and
conditions as the Committee shall require. Pursuant to the terms of the AIP, payment of your
Annual Bonus shall be made in cash, restricted share units or a combination thereof, as may be
determined by the Committee in its sole discretion at the time of payment. Notwithstanding the
foregoing or anything in the AIP to the contrary, as long as you are in compliance with the Share
Ownership Guidelines adopted by the Board of Directors of Platinum Holdings (as they may be amended
from time to time by the Board, the “Guidelines”), the Annual Bonus shall be paid 100% in
cash.

5. Executive Incentive Plan Awards.

During the Term, you will be a participant in Platinum Holdings’ Amended and Restated
Executive Incentive Plan (the “EIP”). On or prior to February 28 of each calendar year of
the Term, you will be eligible for an award under the EIP (each, an “EIP Award”) of that
number of share units under the EIP equal to 100% of your Base Salary divided by the Fair Market
Value (as defined in the 2010 Share Incentive Plan) of a Common Share (as defined below) on the
date of grant of such EIP Award, with a Performance Cycle (as defined in the EIP) of three years.
The actual amount, terms and conditions and the form of payment of any EIP Award will be determined
by the Committee in its sole discretion, in accordance with the terms of the EIP.

6. Share Ownership Guidelines.

Prior to the date hereof, you had achieved your required share ownership level of 50,000
common shares, par value US$0.01 per share, of Platinum Holdings (the “Common Shares”)
under the Guidelines. You shall be required to maintain such level during the Term, subject to
certain exceptions as set forth in the Guidelines.

7. Employee Benefits.

During the Term, you will be eligible to participate in the employee benefit plans and
arrangements that are generally available to senior executives of Platinum Bermuda, subject to the
terms and conditions of such plans and arrangements. The Board of Directors of Platinum Bermuda
reserves the right to amend or terminate any employee benefit plan or arrangement at any time, and
to adopt any new plan or arrangement.

8. Platinum Expatriate Benefits.

(a) During the Term, Platinum Bermuda will reimburse you and your family for first-class
roundtrip air travel to the United States on up to four occasions per year, and will provide you
with a housing and living allowance of US$36,000 per month and a car allowance of US$700 per month.

(b) Platinum Bermuda shall reimburse you up to a maximum of US$50,000 for the costs and
expenses incurred by you (including duty taxes) in connection with the relocation of your family
from Bermuda.

(c) You shall be responsible for any tax liability associated with any payments or
reimbursements under this Section 8.

9. Business Expenses.

During the Term, Platinum Bermuda will reimburse you for all reasonable expenses incurred by
you in carrying out your duties and responsibilities under this Letter Agreement in accordance with
its policies for senior executives as in effect from time to time.

10. Termination of Employment.

(a) Termination for Good Reason or Without Cause. If you terminate your employment
during the Term for “Good Reason” (as defined below) or if your employment is terminated during the
Term by Platinum Bermuda without “Cause” (as defined below), (i) you will receive a lump sum cash
payment equal to the sum of (A) one year’s Base Salary and Target Bonus and (B) any earned but
unpaid Base Salary and other amounts (including reimbursable expenses and any vested amounts or
benefits under the employee benefit plans or arrangements of Platinum Bermuda and Platinum
Holdings) accrued or owing through the date of effectiveness of such termination under the terms of
the applicable arrangement; (ii) all unvested equity awards will vest in accordance with their
respective terms except as otherwise set forth herein; (iii) you will receive a prorated Annual
Bonus for the calendar year in which the termination of your employment occurred (the “AIP
Payment”) equal to the Formula Bonus Amount for such calendar year multiplied by a fraction the
numerator of which is the number of days of your service with the “Platinum Group” (as defined
below) in such calendar year and the denominator of which is 365; and (iv) you will receive a
payment in respect of each outstanding EIP Award in accordance with the terms thereof. Payment and
vesting of any amount under this Section 10(a) shall be subject to the provisions of Sections 13
and 14 hereof.

(b) Termination Other than for Good Reason; Termination for Cause.

(i) If you terminate your employment during the Term other than for Good Reason, or if your
employment is terminated by Platinum Bermuda during the Term for Cause, all equity awards will be
forfeited in accordance with their respective terms or as determined by the Committee, and you will
receive no further payments, compensation or benefits under this Letter Agreement, except you will
receive, upon the effectiveness of such termination, any earned but unpaid Base Salary and other
amounts (including reimbursable expenses and any vested amounts or benefits under the employee
benefit plans or arrangements of Platinum Bermuda and Platinum Holdings) accrued or owing through
the date of effectiveness of such termination under the terms of the applicable arrangement.

(ii) Notwithstanding the foregoing Section 10(b)(i), if you terminate your employment upon
the expiration of the Term (other than for Good Reason) in accordance with the notice provision of
Section 1 hereof, (A) you will receive any earned but unpaid Base Salary and other amounts
(including reimbursable expenses and any vested amounts or benefits under the employee benefit
plans or arrangements of Platinum Bermuda and Platinum Holdings) accrued or owing through the date
of effectiveness of such termination under the terms of the applicable arrangement; (B) you will
receive a prorated Annual Bonus for the period from January 1 through July 31 of the year of such
termination in cash in an amount equal to 7/12ths of the Formula Bonus Amount for such year,
subject to modification in the sole discretion of the Committee (the “Prorated Bonus
Payment”); (C) you will receive a payment in respect of each outstanding EIP Award on a
prorated basis based on your period of service with the Platinum Group and the performance levels
achieved by Platinum Holdings for the Performance Cycle as of the end of the fiscal quarter
preceding the termination of your employment with Platinum Bermuda, provided that the terms and
conditions, including the date and the form of payment, of each EIP Award shall be determined by
the Committee in its sole discretion, in accordance with the terms of the EIP and the award
agreement reflecting such EIP Award; and (D) you hereby agree to be subject to Section 11(c)
hereof. Payment and vesting of any amount under this Section 10(b)(ii) shall be subject to the
provisions of Sections 13 and 14 hereof.

(c) Death or Disability. Upon the termination of your employment during the Term on
account of your death or “Disability” (as defined below), (i) you or your beneficiaries will
receive upon the effectiveness of such termination (A) a pro-rata portion through the date of
effectiveness of such termination of your Target Bonus for the year of termination and (B) any
earned but unpaid Base Salary and other amounts (including reimbursable expenses and any vested
amounts or benefits under the employee benefit plans or arrangements of Platinum Bermuda or
Platinum Holdings) accrued or owing through the date of effectiveness of such termination under the
terms of the applicable arrangement; and (ii) all unvested equity awards will vest in accordance
with their respective terms except as otherwise set forth herein. Payment and vesting of any
amount under this Section 10(c) shall be subject to the provisions of Sections 13 and 14 hereof.

(d) Definitions.

(i) Cause. For purposes of this Letter Agreement, “Cause” means (A) your
willful and continued failure to substantially perform your duties hereunder; (B) your conviction
of, or plea of guilty or nolo contendere to, a felony or other crime involving moral turpitude; (C)
your engagement in any malfeasance or fraud or dishonesty of a substantial nature in connection
with your position with the Platinum Group, or other willful act that materially damages the
reputation of the Platinum Group; (D) your breach of any restrictive covenants in Section 11 hereof
or in any option or other award agreement between you and the Platinum Group; or (E) the sale,
transfer or hypothecation by you during the Term of Common Shares in violation of the Guidelines;
provided, however, that no such act, failure to act or event shall be treated as
“Cause” under this Letter Agreement unless you have been provided a detailed, written statement of
the basis for Platinum Bermuda’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 take corrective action.
For purposes of this Section 10(d)(i), no act or failure to act will 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 Platinum Bermuda.

(ii) Good Reason. For purposes of this Letter Agreement, “Good Reason” means,
without your express written consent, (A) Platinum Bermuda reduces your Base Salary or your Target
Bonus; (B) Platinum Bermuda reduces the scope of your duties, responsibilities or authority; (C)
you are required to report to anyone other than the Chairman of the Board of Directors of Platinum
Bermuda; (D) you are required to be principally based other than in Platinum Bermuda’s offices in
Bermuda; (E) Platinum Bermuda breaches any other material provision of this Letter Agreement; or
(F) Platinum Bermuda elects not to extend the Term as provided herein; provided,
however, that if you voluntarily consent to any reduction or change described above in lieu
of exercising your right to resign for Good Reason and deliver such consent to Platinum Bermuda in
writing, then such reduction or change shall not constitute “Good Reason” hereunder, but you shall
have the right to resign for Good Reason under this Letter Agreement as a result of any subsequent
reduction or change described above.

(iii) Disability. For purposes of this Letter Agreement, “Disability” means a
termination of your employment by Platinum Bermuda, if you have been rendered incapable of
performing your duties by reason of any medically determined physical or mental impairment that can
be expected to result in death or that can be expected to last for a period of either (A) six or
more consecutive months from the first date of your absence due to the disability or (B) nine or
more months during any twelve-month period.

(iv) The Platinum Group. For purposes of this Letter Agreement, the “Platinum
Group” means Platinum Holdings and its direct and indirect subsidiaries, or any of the
foregoing, as they may exist from time to time.

11. Covenants.

In exchange for the remuneration outlined above, in addition to providing services to Platinum
Bermuda as set forth in this Letter Agreement, you agree to the following covenants, which you
agree are intended to survive the Term and any termination or expiration of this Letter Agreement:

(a) Confidentiality. During the period of your employment and for all periods
following any termination of your employment for any reason, you will keep confidential any trade
secrets and confidential or proprietary information of the Platinum Group which are now known to
you or which hereafter may become known to you as a result of your employment or association with
the Platinum Group, and will not at any time, directly or indirectly, disclose any such information
to any person, firm or corporation, or use the same in any way other than in connection with the
business of the Platinum Group during, and at all times after, the termination of your employment.
For purposes of this Letter Agreement, “trade secrets and confidential or proprietary
information” means information unique to the Platinum Group which has a significant business
purpose and is not known or generally available from sources outside the Platinum Group or typical
of industry practice, but shall not include any of the foregoing (i) information that becomes a
matter of public record or is published in a newspaper, magazine or other periodical available to
the general public, other than as a result of any act or omission by you or (ii) information that
is required to be disclosed by any law, regulation or order of any court or regulatory commission,
department or agency, provided that you give prompt notice of such requirement to Platinum Bermuda
to enable the Platinum Group to seek an appropriate protective order or confidential treatment.

(b) Non-Solicitation. You further covenant that during the period of your employment
with the Platinum Group and during the fifteen-month period following termination of such
employment for any reason, you will not, without the prior written consent of Platinum Bermuda,
directly or indirectly, hire, or cause to be hired by an enterprise with which you may ultimately
become associated, any employee of Platinum Bermuda (or its subsidiaries or affiliates) whose
annual compensation exceeds US$100,000.

(c) Non-Competition. In the event that you terminate your employment with Platinum
Bermuda pursuant to Section 10(b)(ii) hereof, you shall not, without the prior written consent of
the Board of Directors of Platinum Holdings, during the one-year period following termination of
your employment with Platinum Bermuda, directly or indirectly, engage in, hold an interest in, own,
manage, operate, control, direct, be connected with as a stockholder (other than as a holder of
less than two percent (2%) of a publicly-traded security), joint venturer, partner, consultant or
employee, or otherwise engage or participate in or be connected in any manner with, (i) any
reinsurance business, (ii) any business directly engaged in the sale of derivatives used primarily
as an alternative to reinsurance, or (iii) any insurance business that competes with any insurance
business engaged in by the Platinum Group or in which the Platinum Group has plans to engage, in
either case at the time of the termination of your employment.

(d) Enforcement. You acknowledge that if you breach any provision of this Section 11,
the Platinum Group will suffer irreparable injury. It is therefore agreed that the Platinum Group
shall have the right to enjoin any such breach, without posting any bond, if permitted by a court
of the applicable jurisdiction. You hereby waive the adequacy of a remedy at law as a defense to
such relief. The existence of this right to injunctive or other equitable relief shall not limit
any other rights or remedies which the Platinum Group may have at law or in equity including,
without limitation, the right to monetary, compensatory and punitive damages. You acknowledge and
agree that the provisions of this Section 11 are reasonable and necessary for the successful
operation of the Platinum Group. In the event an arbitrator or a court of competent jurisdiction
determines that you have breached your obligations in any material respect under this Section 11,
Platinum Bermuda, in addition to pursuing all available remedies under this Letter Agreement, at
law or otherwise, and without limiting its right to pursue the same, shall cease all payments to
you under this Letter Agreement. If any provision of this Section 11 is determined by a court of
competent jurisdiction to be not enforceable in the manner set forth in this Letter Agreement, you
and Platinum Bermuda 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 provisions of this
Section 11 are held to be invalid or unenforceable, such invalidation or unenforceability shall not
affect the validity or enforceability of any other provision of this Letter Agreement (or any
portion thereof).

12. Miscellaneous Provisions.

(a) All compensation paid to you under this Letter Agreement shall be subject to all
applicable income tax, employment tax and all other federal, state and local tax withholdings and
deductions.

(b) This Letter Agreement constitutes the entire agreement between you and Platinum Bermuda
with respect to the subject matter hereof and supercedes any and all prior agreements or
understandings between you and the Platinum Group with respect to the subject matter hereof,
whether written or oral. This Letter Agreement may not be amended or terminated without the prior
written consent of you and Platinum Bermuda.

(c) This Letter Agreement may be executed in any number of counterparts which together will
constitute but one agreement.

(d) This Letter Agreement will be binding on and inure to the benefit of our respective
successors and, in your case, your heirs and other legal representatives. Other than as provided
herein, the rights and obligations described in this Letter Agreement may not be assigned by either
party without the prior written consent of the other party.

(e) Subject to Section 11(d) of this Letter Agreement, all disputes arising under or related
to this Letter Agreement will be settled by arbitration under the Commercial Arbitration Rules of
the American Arbitration Association then in effect as the sole and exclusive remedy of either
party. Such arbitration shall be held in New York City. Any judgment on the award rendered by
such arbitration may be entered in any court having jurisdiction over such matters. Each party’s
costs and expenses of such arbitration, including reasonable attorney fees and expenses, shall be
borne by such party, unless you are, in whole, and not in part, the prevailing party in the award
entered in such arbitration, in which case all such costs and expenses shall be borne by Platinum
Bermuda.

(f) All notices under this Letter Agreement will be in writing and will be deemed effective
when delivered in person, or five (5) days after deposit thereof in the mails, postage prepaid, for
delivery as registered or certified mail, addressed to the respective party at the address set
forth below or to such other address as may hereafter be designated by like notice. Unless
otherwise notified as set forth above, notice will be sent to each party as follows:

Robert S. Porter, to:

The address maintained in Platinum Bermuda’s records

Platinum Bermuda, to:

Platinum Underwriters Bermuda, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08, Bermuda

Attention: Chairman of the Board of Directors

In lieu of personal notice or notice by deposit in the mail, a party may give notice by confirmed
fax or e-mail, which will be effective upon receipt.

(g) This Letter Agreement will be governed by and construed and enforced in accordance with
the laws of the State of New York without reference to rules relating to conflict of laws.

(h) This Letter Agreement supercedes any inconsistent provisions of any plan or arrangement
that would otherwise be applicable to you to the extent such provisions would limit any rights
granted to you hereunder or expand any restrictions imposed on you hereby.

(i) To the extent that the terms “Cause” and “Good Reason” are used in any award agreements
between you and the Platinum Group, such award agreements shall be deemed to be amended so that
such terms shall have the meanings given thereto in this Letter Agreement or in any other
employment agreement between you and the Platinum Group as may be in effect from time to time.

13. Section 409A and Section 457A.

(a) Subject to any delay required by Section 13(b) hereof, all payments or vesting rights
provided under Sections 10(a), 10(b)(ii) and 10(c) hereof shall be paid or vest on the date that is
sixty (60) days following your “separation from service” (within the meaning of Treas. Reg. Section
1.409A-1(h)); provided, however, that (i) the timing of payments governed by a
separate award agreement shall be determined by such award agreement, and (ii) any payment pursuant
to the terms of the AIP (including the AIP Payment and the Prorated Bonus Payment) shall in all
events be made in the calendar year immediately following the calendar year in which the bonus was
earned.

(b) To the extent applicable, the provisions of this Letter Agreement and any payments made
pursuant hereto are intended to comply with, and should be interpreted consistent with, the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
and any related regulations or other effective guidance promulgated thereunder (collectively,
“Section 409A”), and Section 457A of the Code and any related regulations or other
effective guidance promulgated thereunder (collectively, “Section 457A”). The time or
schedule of a payment to which you are entitled under this Letter Agreement may be accelerated at
any time that this Letter Agreement fails to meet the requirements of Section 409A and any such
payment will be limited to the amount required to be included in your income as a result of the
failure to comply with Section 409A. If an amendment of the Letter Agreement is necessary in order
for it to comply with Section 409A or Section 457A, the parties hereto will negotiate in good faith
to amend the Letter Agreement in a manner that preserves the original intent of the parties to the
extent reasonably possible. Notwithstanding any provision in this Letter Agreement to the
contrary, if you are a “specified employee” (within the meaning of Section 409A) on the date of
your “separation from service,” then with regard to any payment or benefit that is considered
“deferred compensation” under Section 409A payable on account of a “separation from service” that
is required to be delayed pursuant to Section 409A(a)(2)(B) of the Code (after taking into account
any applicable exceptions to such requirement), such payment or benefit shall not be paid or
commence to be paid on any date prior to the first business day after the date that is six months
following your “separation from service.” The first payment that can be made shall include the
cumulative amount of any amounts that could not be paid during such six-month period.
Notwithstanding the foregoing, a payment delayed pursuant to the preceding two sentences shall
commence earlier in the event of your death prior to the end of the six-month period.
Notwithstanding any provision in this Letter Agreement to the contrary, for purposes of any
provision of this Letter Agreement providing for the payment of any amounts or benefits upon or
following a termination of employment that are considered “deferred compensation” under Section
409A, references to your “termination of employment” (and corollary terms) with Platinum Bermuda
shall be construed to refer to your “separation from service” (within the meaning of Treas. Reg.
Section 1.409A-1(h)) with Platinum Bermuda.

(c) With respect to any reimbursement or in-kind benefit arrangements of Platinum Bermuda or
under this Letter Agreement that constitute “deferred compensation” for purposes of Section 409A,
except as otherwise permitted by Section 409A, the following conditions shall be applicable: (i)
the amount eligible for reimbursement, or in-kind benefits provided, under any such arrangement in
one calendar year may not affect the amount eligible for reimbursement, or in-kind benefits to be
provided, under such arrangement in any other calendar year (except that the health and dental
plans may impose a limit on the amount that may be reimbursed or paid), (ii) any reimbursement must
be made on or before the last day of the calendar year following the calendar year in which the
expense was incurred, and (iii) the right to reimbursement or in-kind benefits is not subject to
liquidation or exchange for another benefit.

(d) Whenever a payment under this Letter Agreement specifies a payment period with reference
to a number of days (e.g., “payment shall be made within 30 days after termination of employment”),
the actual date of payment within the specified period shall be within the sole discretion of
Platinum Bermuda. Whenever payments under this Letter Agreement are to be made in installments,
each such installment shall be deemed to be a separate payment for purposes of Section 409A.

14. Release.

All payments and benefits provided under Sections 10(a), 10(b)(ii) or 10(c) hereof shall be
conditioned upon you (or if applicable, your estate, heirs or legal representatives) executing and
honoring a Full and Complete Waiver, Release and Agreement substantially in the form attached
hereto as Exhibit 1 (the “Release”). Further, if the Release is not executed, valid and
irrevocable prior to the date a payment or benefit would be due or vest under Section 13(a) hereof,
then such payment or benefit shall be forfeited.

1

If this Letter Agreement correctly reflects your understanding, please sign and return one
copy to me for Platinum Bermuda’s records.

PLATINUM UNDERWRITERS BERMUDA, LTD.

By: /s/ Michael D. Price

Michael D. Price

Chairman of the Board of Directors

The above Letter Agreement correctly reflects our understanding, and I hereby confirm my agreement
to the same as of the date first above written.

/s/ Robert S. Porter

Robert S. Porter

EXHIBIT 1

FULL AND COMPLETE WAIVER, RELEASE

AND AGREEMENT

(this “Release”)

I, Robert S. Porter, in consideration of the benefits (the “Benefits”) provided in my
employment agreement with Platinum Underwriters Bermuda, Ltd., dated October 27, 2010, (the
“Employment Agreement”) for myself and my heirs, executors, administrators and assigns, do
hereby knowingly and voluntarily release and forever discharge Platinum Underwriters Bermuda, Ltd.,
and its subsidiaries, affiliates predecessors, successors, agents and representatives
(collectively, the “Companies”) and their respective current and former directors, officers
and employees from, and covenant not to sue or proceed against any of the foregoing on the basis
of, any and all claims, actions and causes of action upon or by reason of any matter arising out of
my employment by the Companies and the cessation of said employment, and including, but not limited
to, any alleged violation of those federal, state and local laws prohibiting employment
discrimination based on age, sex, race, color, national origin, religion, disability, veteran or
marital status, sexual orientation, or any other protected trait or characteristic, or retaliation
for engaging in any protected activity, including, without limitation, the Age Discrimination in
Employment Act of 1967, 29 U.S.C. 621 et seq. (the “ADEA”), as amended by the Older Workers
Benefit Protection Act, P.L. 101-433, the Equal Pay Act of 1963, 9 U.S.C. 206 et seq., Title VII of
the Civil Rights Act of 1964, as amended, 42 U.S.C. 2000e et seq., the Civil Rights Act of 1866, 42
U.S.C. 1981, the Civil Rights Act of 1991, 42 U.S.C. 1981a, the Americans with Disabilities Act, 42
U.S.C. 12101 et seq., the Rehabilitation Act of 1973, 29 U.S.C. 791 et seq., the Family and Medical
Leave Act of 1993, 28 U.S.C. 2601 and 2611 et seq., the New York State and New York City Human
Rights Laws, and equivalent provisions under Bermuda law (including, without limitation, the
Employment Act 2000 and the Human Rights Act 1981), whether KNOWN OR UNKNOWN, fixed or contingent,
which I ever had, now have, or may have, or which I, my heirs, executors, administrators or assigns
hereafter can, shall or may have, from the beginning of time through the date on which I sign this
Full and Complete Waiver, Release and Agreement (this “Release”), including, without
limitation, those arising out of or related to my employment or separation from employment with the
Companies (collectively, the “Released Claims”). I specifically waive the benefit of any
statute or rule of law which, if applied to this Release, would otherwise exclude from its binding
affect any claims not now known by me to exist. This Release does not purport to waive (i) claims
arising under these laws after the date of this Release or any claims for breach of this Release,
(ii) claims relating to post-termination benefits provided under the terms of the Employment
Agreement or (iii) any claims to post-termination benefits under the terms of any employee benefit
plan of the Companies.

I further agree, promise and covenant that, to the maximum extent permitted by law, neither I
nor any person, organization, or other entity acting on my behalf has filed or will file any
complaint, charge, claim or suit or cause or permit to be filed, charged or claimed, any action for
damages or other relief (including injunctive, declaratory, monetary or other relief) against the
Companies or any other releasee involving any matter occurring in the past up to the date of this
Release, or involving or based upon any claims, demands, causes of action, obligations, damages or
liabilities which are the subject of this Release. This Release shall not affect any rights I may
have under the Older Workers Benefit Protection Act to have a judicial determination of the
validity of this Release and does not purport to limit any right I may have to file a charge under
the ADEA or other civil rights statute or to participate in an investigation or proceeding
conducted by the Equal Employment Opportunity Commission or other investigative agency. This
Release does, however, waive and release any right to recover damages under the ADEA or other civil
rights statute.

I hereby warrant and represent that I have made no sale, assignment, or other transfer, or
attempted sale, assignment, or other transfer, of any of the Released Claims. I fully understand
and agree that:

	 	1.	 	This Release is in exchange for the Benefits, to which I would otherwise not be
entitled;

	 	2.	 	I am hereby advised to consult and have had the opportunity to consult with an
attorney before signing this Release;

	 	3.	 	I have twenty-one (21) days from my receipt of this Release within which to
consider whether or not to sign it;

	 	4.	 	I have seven (7) days following my signature of this Release to revoke the
Release; and

	 	5.	 	This Release shall not become effective or enforceable until the revocation
period of seven (7) days has expired.

If I choose to revoke this Release, I must do so by notifying Platinum Underwriters Bermuda,
Ltd. in writing. This written notice of revocation must be faxed and mailed by first class mail
within the seven (7) day revocation period and addressed as follows:

Platinum Underwriters Bermuda, Ltd.

The Belvedere Building

69 Pitts Bay Road

Pembroke HM08 Bermuda

Attention: Chairman of the Board of Directors

With a copy to:

Dewey & LeBoeuf LLP

1301 Avenue of the Americas

New York, New York 10019

Attention: Linda E. Ransom, Esq.

Fax: 212-259-6333

This Release is the complete understanding between me and the Companies in respect of the
subject matter of this Release and supersedes all prior agreements relating to the same subject
matter. I have not relied upon any representations, promises or agreements of any kind except
those set forth herein in signing this Release.

In the event that any provision of this Release should be held to be invalid or unenforceable,
each and all of the other provisions of this Release shall remain in full force and effect. If any
provision of this Release is found to be invalid or unenforceable, such provision shall be modified
as necessary to permit this Release to be upheld and enforced to the maximum extent permitted by
law. This Release is to be governed by and construed and enforced in accordance with the laws of
the State of New York without reference to rules relating to conflict of laws. This Release inures
to the benefit of the Companies and their successors and assigns. I have carefully read this
Release, fully understand each of its terms and conditions, and intend to abide by this Release in
every respect. As such, I knowingly and voluntarily sign this Release.

     

Robert S. Porter

Dated:       

2

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