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                                                                   Exhibit 10.42

August 16, 2002

Mr. William Robbie
21 Chiltern Street
Farmington, Connecticut 06032

Dear Bill:

Reference is made to the letter agreement dated July 3, 2002 by and between
St. Paul Re, Inc. ("SPR") and you regarding the terms and conditions of your
employment with SPR or Platinum Underwriters Holdings, Ltd. (the
"Agreement"). The Agreement is hereby amended by:

   (i)   Deleting the second paragraph of Section one in its entirety and
             replacing it with the following:

         Upon consummation of the IPO, the Company shall promptly assign all
         of its rights and obligations hereunder in Holdings and shall, upon
         such assignment, cease to be a party in this Letter Agreement
         (except as otherwise provided herein) and Holdings will be the sole
         obligor hereunder. Following assignment of this Letter Agreement to
         Holdings, all references herein to the "Company" shall be deemed to
         mean Holdings and all references to the "Board" shall be deemed to
         mean the Board of Directors of Holdings.

   (ii)  Deleting Section 4(a) in its entirety and replacing it with the
             following:

         (a) ANNUAL.  During the Term, you will be entitled to receive an
             annual bonus (the "Annual Bonus") pursuant to the Company's
             annual incentive plan, with a target bonus opportunity of
             seventy-five percent (75%) of Base Salary (the "Target Bonus");
             provided however that you will be entitled to receive a minimum
             Annual Bonus for the calendar year 2002 in an amount equal to a
             pro rata portion of 50% of Base Salary adjusted for the period
             beginning with the Effective Date and ending at December 31,
             2002.

   ;and

   (iii) Deleting "$525,000" in clause (i) in Section 7(a) and replacing it
with "one year's Base Salary and Target Bonus".

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Except as set forth above, all other terms and conditions of the Agreement
remain in full force and effect. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Agreement.

This letter agreement is intended to be a binding obligation upon the Company
and yourself. If this letter agreement correctly reflects your understanding,
please sign and return one copy to me for the Company's records.

ST. PAUL RE, INC.

By: /s/ Jerome T. Fadden
    -------------------------------
Name: Jerome T. Fadden
Title: Chief Executive Officer

The above letter agreement correctly reflects our understanding, and I hereby
confirm my agreement to the same.

/s/ William Robbie
-----------------------------
William Robbie

Dated as of 8/28/ , 2002

                                       2<Page>

                                                                   EXHIBIT 10.43

August 16, 2002

Mr. Michael E. Lombardozzi
40 Verplank Ave
Stamford, CT 06902

Dear Mike:

Reference is made to the letter agreement dated July 5, 2002 by and between
St. Paul Re, Inc. ("SPR") and you regarding the terms and conditions of your
employment with SPR or Platinum Underwriters Holdings, Ltd. (the
"Agreement"). The Agreement is hereby amended by:

    (i) Deleting the second paragraph of Section 1 in its entirety and
    replacing it with the following:

        Upon consummation of the IPO, the Company shall promptly assign all of
        its rights and obligations hereunder to Holdings and shall, upon such
        assignment, cease to be a party to this Letter Agreement (except as
        otherwise provided herein) and Holdings will be the sole obligor
        hereunder. Following assignment of this Letter Agreement to Holdings,
        all references herein to the "Company" shall be deemed to mean
        Holdings and all references to the "Board" shall be deemed to mean the
        Board of Directors of Holdings.

and;

   (ii) Adding the following paragraph:

        10.  HOUSING ALLOWANCE.

        To the extent that you establish a residence in Bermuda in connection
        with your employment by Holdings, you will be entitled to
        reimbursement of reasonable housing and living expenses (not
        exceeding $15,000 per month).

Except as set forth above, all other terms and conditions of the Agreement
remain in full force and effect. All capitalized terms not otherwise defined
herein shall have the meanings ascribed thereto in the Agreement.

<Page>

This letter agreement is intended to be a binding obligation upon the Company
and yourself. If this letter agreement correctly reflects your understanding,
please sign and return one copy to me for the Company's records.

ST. PAUL RE, INC.

By:      JEROME T. FADDEN
     -------------------------
Name: Jerome T. Fadden
Title: Chief Executive Officer

The above letter agreement correctly reflects our understanding, and I hereby
confirm my agreement to the same.

   MICHAEL LOMBARDOZZI
-------------------------
Michael Lombardozzi

Dated as of August 28, 2002QuickLinks
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EXHIBIT 4.2    
  

 
 

AMENDMENT NO. 1
  TO THE
  REGISTRATION RIGHTS AND RESALE AGREEMENT    
  

        This Amendment No. 1 (the "Amendment") to the Registration Rights and Resale Agreement (the
"Agreement") dated April 5, 2002 is made and entered into this 27th day of August, 2002 by and between California Amplifier, Inc., a
Delaware corporation (the "Company"), Kaul-Tronics, Inc., a Wisconsin corporation ("Kaul-Tronics"), NGP, Inc., a Wisconsin corporation ("NGP"), and together with
Kaul-Tronics, the "Initial Investors") and the stockholders of the Initial Investors (the "Stockholders," and together with the Initial Investors, the "Investors") all of whose names are
set forth in Schedule 1 attached hereto, for the express benefit of such Investors. Capitalized terms not otherwise defined herein shall have the
meanings given them in the Agreement. 

RECITALS  

        WHEREAS, Section 13 of the Agreement provides that the parties, with the written consent of the Company and the holders of a majority of the Shares, may
supplement or amend any provision of the Agreement; 

        WHEREAS,
the Company and the Investors desire (i) to amend Sections 2 and 7 of the Agreement to allow Kaul-Tronics to sell Shares under the Registration Statement, and
to impose the resale restrictions of the Agreement on Kaul-Tronics, and (ii) to ratify and affirm the Agreement in all other respects; and 

        WHEREAS,
this Amendment shall be effective as of August 27, 2002. 

AGREEMENT  

        NOW, THEREFORE, in consideration of the premises and mutual agreements set forth herein, the parties hereto agree to amend the Agreement as follows: 

	1.
	Amendment.

        A.    The
first paragraph of Section 2.01 of the Agreement is amended and restated in its entirety as follows: 

"2.01
The Company will use reasonable commercial efforts to file a Registration Statement on Form S-3 for the registration under the Securities Act of sales of the Shares
owned by the Stockholders (an "S-3 Registration Statement") within 160 days after the Closing (the "S-3 Registration Period"). The S-3 Registration Statement
shall, upon becoming effective, be sufficient to permit the public resale of the Shares by the Stockholders and Kaul-Tronics through the facilities of all applicable securities exchanges
on which the Company's common stock is being traded or on the over-the-counter market." 

        B.    Section 7
of the Agreement is hereby amended and restated in its entirety as follows: 

        7.    "Stand-Off" Agreement  

Each
Stockholder and Kaul-Tronics, respectively, agree not to sell publicly or otherwise transfer, pledge or dispose of any Shares received from the Initial Investors or the Company,
respectively, except as provided as follows: (i) each Stockholder and Kaul-Tronics, respectively, may sell up to 25% of their Shares during the one year following the date on which
the Registration Statement is declared effective by the SEC (the "First Anniversary"); (ii) each Stockholder and Kaul-Tronics, respectively, may sell up to an additional 37.5% of
their Shares during the period after the First Anniversary until the date which is 15 months after the date on which the Registration Statement is declared effective by the SEC ("Fifteen Month 

 

Anniversary"); and (iii) each Stockholder and Kaul-Tronics, respectively, will be able to sell any of its remaining Shares after the Fifteen Month Anniversary." 

        2.    Ratification.    Except as expressly amended hereby, the Agreement shall continue in full force and effect in
accordance with its terms, without any waiver, amendment or other modification of any provision thereof. 

        3.    Governing Law.    The Company and the Investors agree that the interpretation, validity, construction, and
performance of this Amendment shall be governed by the laws of the State of Delaware without regard to its principles of conflicts of laws. 

        4.    Counterparts.    This Agreement may be executed in any number of counterparts and each such counterpart shall
for all purposes be deemed to be an original and all such counterparts shall together constitute but one and the same instrument. 

        IN
WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of August 27, 2002. 

	 	 	COMPANY:
	

 	
 	

CALIFORNIA AMPLIFIER, INC.

a Delaware corporation
	

 	
 	

By:	
 	

/s/  RICHARD K. VITELLE      

	 	 	Name:	 	Richard K. Vitelle
	 	 	Title:	 	Vice President Finance and Chief Financial Officer

2

 
 
 

AMENDMENT NO. 1
  TO THE
  REGISTRATION RIGHTS AND RESALE AGREEMENT    
  

SCHEDULE 1  

INVESTORS  

	Kaul-Tronics, Inc.,

a Wisconsin corporation	 	NGP, Inc.

a Wisconsin corporation
	

By:	
 	

/s/  JOHN R. KAUL      
 John R. Kaul

President	
 	

By:	
 	

/s/  JOHN R. KAUL      
 John R. Kaul

President
	

 	
 	

/s/  JAMES L. ATKINSON      
 James L. Atkinson	
 	

 	
 	

/s/  THOMAS A. PROCHNOW      
 Thomas A. Prochnow
	

 	
 	

/s/  JENNIFER LARSON      
 Jennifer Larson	
 	

 	
 	

/s/  LONNIE FREEMAN      
 Lonnie Freeman
	

 	
 	

/s/  MICHELE L. CONNER      
 Michele L. Conner	
 	

 	
 	

/s/  KERRY E. LARSEN      
 Kerry E. Larsen
	

 	
 	

/s/  MELISSA M. STARIN      
 Melissa M. Starin	
 	

 	
 	

/s/  RICHARD L. POWELL      
 Richard L. Powell
	

 	
 	

/s/  MARY PAT KAUL      
 Mary Pat Kaul	
 	

 	
 	

/s/  RICHARD J. WHEELER      
 Richard J. Wheeler

3

QuickLinks

EXHIBIT 4.2

AMENDMENT NO. 1 TO THE REGISTRATION RIGHTS AND RESALE AGREEMENT

AMENDMENT NO. 1 TO THE REGISTRATION RIGHTS AND RESALE AGREEMENT

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