Document:

Exhibit 10.4

                                 XL CAPITAL LTD
                       NONSTATUTORY STOCK OPTION AGREEMENT

               THIS AGREEMENT,  made and entered into as of the date of the ____
day of  __________,  200_,  by and  between  XL Capital  Ltd,  a Cayman  Islands
corporation (the "Company"), and ______________ (the "Employee");

                                   WITNESSETH:

               WHEREAS,  the Board of Directors of the Company is of the opinion
that the  interest of the Company  will be advanced by granting an  incentive to
employees and by encouraging and enabling them to acquire stock ownership in the
Company  and  assuring a close  identity  of their  interests  with those of the
Company; and

               WHEREAS,  pursuant  to the  provisions  of the  1991  Performance
Incentive  Program (the "Program") of the Company,  the Committee (as defined in
the Program) has  authorized  and  directed the  execution  and delivery of this
Agreement in the name of and on behalf of the Company;

               NOW THEREFORE, the parties hereto agree as follows:

               a.  Subject and  pursuant to all terms and  conditions  stated in
this Agreement and in the Program,  which is incorporated by reference into this
Agreement and made a part hereof as though  herein fully set forth,  the Company
hereby  grants on the date set forth above to the  Employee the right and option
to purchase all or any part of the aggregate number of shares set forth below of
Ordinary  Shares of the Company,  to be issued or transferred as provided in the
Program at the option price per share set forth below.  This option shall not be
treated as an incentive stock option as defined in Section 422 of the Code.

               Option to purchase  ______________  shares, for _____________ per
share.

               Such option shall not be exercisable until the fourth anniversary
of the  date of  grant,  at  which  time it shall  become  exercisable  in full;
PROVIDED,  HOWEVER, that the option shall be immediately exercisable in full (i)
in the event of a Change of Control,  (ii) upon  termination  of the  Employee's
employment  due to his or her death,  Disability  or  Retirement,  or (iii) upon
termination  of the  Employee's  employment  by the  Company  by  reason  of the
Employee's Redundancy.  "Redundancy" shall mean termination of employment by the
Company due to its need to reduce the size of its  workforce,  including  due to
closure of a business or a particular  workplace or change in business  process.
Whether a termination of employment is due to  "Redundancy"  shall be determined
in good  faith  by the  Committee  in its  sole and  absolute  discretion,  such
determination  being  final and  binding on all  parties  hereto and

<PAGE>
                                     - 2 -

all persons claiming through,  in the name of or on behalf of such parties.  The
portion of the option,  if any, that is not  exercisable  immediately  following
termination of the Employee's employment shall be immediately forfeited.

               b. The option herein granted may be exercised in whole or in part
by  the  Employee  giving  notice  of  exercise  to  the  Program  administrator
designated  from time to time by the  Company  stating the number of shares with
respect to which the option is being exercised. Such notice shall be in the form
prescribed by the Company from time to time.  Such  exercise  shall be effective
upon (1) receipt of such  written  notice by the Program  administrator  and (2)
payment in full of the option price.

               c. The  Employee  agrees (1) not to disclose  any trade or secret
data or any other  confidential  information  acquired during  employment by the
Company  or a  subsidiary  of  the  Company,  during  employment  or  after  the
termination  of  employment  or  retirement,  (2) to abide by all the  terms and
conditions of the Program and such other terms and  conditions as may be imposed
by the  Committee,  and (3) not to interfere  with the  employment  of any other
employee of the Company or a subsidiary of the Company.

               d. The option granted under this Agreement  shall expire upon the
first of the following events to occur:

                  (i)   The tenth anniversary of the Agreement;

                  (ii)  The third  anniversary of the death or Disability of the
                        Employee;

                  (iii) Unless  otherwise  provided in an  Employment  Agreement
                        between  the  Employee   and  the  Company,   the  third
                        anniversary of termination of the Employee's  employment
                        by the Company not for Cause  (including  termination of
                        the  Employee's  employment  by the Company by reason of
                        the Employee's  Redundancy) within two years following a
                        Change of Control (the "Post-Change Period");

                  (iv)  Ninety  days  following  termination  of the  Employee's
                        employment  by the  Company  not  for  Cause  (including
                        termination of the Employee's  employment by the Company
                        by  reason  of  the  Employee's  Redundancy)  outside  a
                        Post-Change Period;

                  (v)   The  last  date  of   employment   of  the  Employee  if
                        employment is terminated by the Company for Cause; or

<PAGE>
                                     - 3 -

                  (vi)  Thirty  days  after the last date of  employment  of the
                        Employee if employment  terminates other than due to the
                        Employee's  Retirement  and  other  than as set forth in
                        (ii),  (iii),  (iv) or (v) of this  paragraph d. For the
                        avoidance  of  doubt,   if  an   Employee's   employment
                        terminates due to the Employee's Retirement,  the option
                        shall remain  exercisable until the tenth anniversary of
                        this Agreement.

"Cause" shall mean:

               (A)  conviction  of the  Employee  of a  felony  involving  moral
turpitude or dishonesty;

               (B) the  Employee,  in  carrying  out his or her  duties  for the
Company,  has been  guilty  of (1)  gross  neglect  or (2)  willful  misconduct;
PROVIDED,  HOWEVER,  that any act or  failure to act by the  Employee  shall not
constitute  Cause for this purpose if such act or failure to act was  committed,
or omitted, by the Employee in good faith and in a manner reasonably believed to
be in the overall best interests of the Company.  The  determination  of whether
the Employee acted in good faith and that he or she  reasonably  believed his or
her  action  to be in  the  Company's  overall  best  interest  will  be in  the
reasonable  judgment  of the  General  Counsel of the Company or, if the General
Counsel shall have an actual or potential  conflict of interest,  the Committee;
or

               (C)  the  Employee's   continued  willful  refusal  to  obey  any
appropriate   policy  or  requirement  duly  adopted  by  the  Company  and  the
continuance of such refusal after receipt of notice.

               e. The Employee  acknowledges  that when the Employee is required
to  recognize  income for any tax  purposes as the result of the  exercise of an
option to purchase shares  pursuant to this  Agreement,  that such income may be
subjected to the withholding of tax by the Company. The Employee agrees that the
Company may either withhold an appropriate  amount from any  compensation or any
other  payment  of any kind then  payable  or which may  become  payable  to the
Employee,  or the Company may require the Employee to make a cash payment to the
Company  equal to the  amount of  withholding  required  in the  opinion  of the
Company.  In the event the Employee  does not make such payment when  requested,
the Company may refuse to issue or cause to be  delivered  any shares under this
Agreement  entered into pursuant to the Program until such payment has been made
or arrangements for such payment  satisfactory to the Company have been made. In
addition,  such  withholding  tax  obligations  may be satisfied by  withholding
Shares upon exercise of the option;  provided that the amount of tax withholding
to be satisfied by withholding  Shares shall be limited to the minimum amount of
taxes, including employment taxes, required to be withheld under applicable law.

<PAGE>
                                     - 4 -

               f. The  Employee  shall  have no  rights  as a  shareholder  with
respect  to any  Ordinary  Shares  subject to this  option  prior to the date of
exercise of the option by such Employee.

               g.  The  option  herein  granted  may be  assigned  or  otherwise
transferred  only in the  following  circumstances:  (i) by will or the  laws of
descent and distribution; (ii) by valid beneficiary designation taking effect at
death made in accordance with procedures established by the Committee;  or (iii)
by  the  Employee  to  members  of his or her  "immediate  family,"  to a  trust
established  for the  exclusive  benefit  of solely  one or more  members of the
Employee's "immediate family" and/or the Employee, or to a partnership,  limited
liability  company or other entity  pursuant to which the only owners are one or
more members of the  Employee's  "immediate  family"  and/or the  Employee.  Any
option held by the transferee  will continue to be subject to the same terms and
conditions that were applicable to the option immediately prior to the transfer,
except that the option will be  transferable  by the transferee  only by will or
the laws of descent and distribution.  For purposes hereof,  "immediate  family"
means   the   Employee's   children,   stepchildren,   grandchildren,   parents,
stepparents,   grandparents,  spouse,  siblings  (including  half  brothers  and
sisters), in-laws, and relationships arising because of legal adoption.

               h. This Agreement  shall be binding upon and inure to the benefit
of the Company and the Employee and their respective heirs,  representatives and
successors.

               i. The  Employee,  by execution of this  Agreement,  acknowledges
receipt of the option granted on the date shown above,  as well as a copy of the
Program and the Program Prospectus.

               IN  WITNESS  WHEREOF,  the  parties  hereto  have  executed  this
Agreement, all as of the date of grant set forth above.

ATTEST:                                            XL CAPITAL LTD

_______________________                            By:_________________________
WITNESS:

_______________________                            _____________________________
                                                   [Name of Employee]Exhibit 10.5

                                 XL CAPITAL LTD
                       NONSTATUTORY STOCK OPTION AGREEMENT

               THIS AGREEMENT,  made and entered into as of the date of the ____
day of  __________,  200_,  by and  between  XL Capital  Ltd,  a Cayman  Islands
corporation (the "Company"), and ______________ (the "Employee");

                                   WITNESSETH:

               WHEREAS,  the Board of Directors of the Company is of the opinion
that the  interest of the Company  will be advanced by granting an  incentive to
employees and by encouraging and enabling them to acquire stock ownership in the
Company  and  assuring a close  identity  of their  interests  with those of the
Company; and

               WHEREAS,  pursuant  to the  provisions  of the  1991  Performance
Incentive  Program (the "Program") of the Company,  the Committee (as defined in
the Program) has  authorized  and  directed the  execution  and delivery of this
Agreement in the name of and on behalf of the Company;

               NOW THEREFORE, the parties hereto agree as follows:

               a.  Subject and  pursuant to all terms and  conditions  stated in
this Agreement and in the Program,  which is incorporated by reference into this
Agreement and made a part hereof as though  herein fully set forth,  the Company
hereby  grants on the date set forth above to the  Employee the right and option
to purchase all or any part of the aggregate number of shares set forth below of
Ordinary  Shares of the Company,  to be issued or transferred as provided in the
Program at the option price per share set forth below.  This option shall not be
treated as an incentive stock option as defined in Section 422 of the Code.

               Option to purchase  ______________  shares, for _____________ per
share.

               One-fourth  of such options shall become  exercisable  on each of
the first four anniversaries of the date of grant;  PROVIDED,  HOWEVER, that the
option shall be immediately  exercisable in full (i) in the event of a Change of
Control,  (ii) upon  termination of the Employee's  employment due to his or her
death,  Disability or  Retirement,  or (iii) upon  termination of the Employee's
employment by the Company by reason of the Employee's  Redundancy.  "Redundancy"
shall mean  termination  of  employment by the Company due to its need to reduce
the  size  of  its  workforce,  including  due to  closure  of a  business  or a
particular  workplace or change in business  process.  Whether a termination  of
employment  is due to  "Redundancy"  shall be  determined  in good  faith by the
Committee in its sole and absolute  discretion,  such determination  being final
and binding on all parties hereto and all persons claiming through,

<PAGE>
                                     - 2 -

in the name of or on behalf of such parties.  The portion of the option, if any,
that is not  exercisable  immediately  following  termination  of the Employee's
employment shall be immediately forfeited.

               b. The option herein granted may be exercised in whole or in part
by  the  Employee  giving  notice  of  exercise  to  the  Program  administrator
designated  from time to time by the  Company  stating the number of shares with
respect to which the option is being exercised. Such notice shall be in the form
prescribed by the Company from time to time.  Such  exercise  shall be effective
upon (1) receipt of such  written  notice by the Program  administrator  and (2)
payment in full of the option price.

               c. The  Employee  agrees (1) not to disclose  any trade or secret
data or any other  confidential  information  acquired during  employment by the
Company  or a  subsidiary  of  the  Company,  during  employment  or  after  the
termination  of  employment  or  retirement,  (2) to abide by all the  terms and
conditions of the Program and such other terms and  conditions as may be imposed
by the  Committee,  and (3) not to interfere  with the  employment  of any other
employee of the Company or a subsidiary of the Company.

               d. The options granted under this Agreement shall expire upon the
first of the following events to occur:

                  (i)   The tenth anniversary of the Agreement;

                  (ii)  The third  anniversary of the death or Disability of the
                        Employee;

                  (iii) Unless  otherwise  provided in an  Employment  Agreement
                        between  the  Employee   and  the  Company,   the  third
                        anniversary of termination of the Employee's  employment
                        by the Company not for Cause  (including  termination of
                        the  Employee's  employment  by the Company by reason of
                        the Employee's  Redundancy) within two years following a
                        Change of Control (the "Post-Change Period");

                  (iv)  Ninety  days  following  termination  of the  Employee's
                        employment  by the  Company  not  for  Cause  (including
                        termination of the Employee's  employment by the Company
                        by  reason  of  the  Employee's  Redundancy)  outside  a
                        Post-Change Period;

                  (v)   The  last  date  of   employment   of  the  Employee  if
                        employment is terminated by the Company for Cause; or
<PAGE>
                                     - 3 -

                  (vi)  Thirty  days  after the last date of  employment  of the
                        Employee if employment  terminates other than due to the
                        Employee's  Retirement  and  other  than as set forth in
                        (ii),  (iii),  (iv) or (v) of this  paragraph d. For the
                        avoidance  of  doubt,   if  an   Employee's   employment
                        terminates due to the Employee's Retirement,  the option
                        shall remain  exercisable until the tenth anniversary of
                        this Agreement.

"Cause" shall mean:

               (A)  conviction  of the  Employee  of a  felony  involving  moral
turpitude or dishonesty;

               (B) the  Employee,  in  carrying  out his or her  duties  for the
Company,  has been  guilty  of (1)  gross  neglect  or (2)  willful  misconduct;
PROVIDED,  HOWEVER,  that any act or  failure to act by the  Employee  shall not
constitute  Cause for this purpose if such act or failure to act was  committed,
or omitted, by the Employee in good faith and in a manner reasonably believed to
be in the overall best interests of the Company.  The  determination  of whether
the Employee acted in good faith and that he or she  reasonably  believed his or
her  action  to be in  the  Company's  overall  best  interest  will  be in  the
reasonable  judgment  of the  General  Counsel of the Company or, if the General
Counsel shall have an actual or potential  conflict of interest,  the Committee;
or

               (C)  the  Employee's   continued  willful  refusal  to  obey  any
appropriate   policy  or  requirement  duly  adopted  by  the  Company  and  the
continuance of such refusal after receipt of notice.

               e. The Employee  acknowledges  that when the Employee is required
to  recognize  income for any tax  purposes as the result of the  exercise of an
option to purchase shares  pursuant to this  Agreement,  that such income may be
subjected to the withholding of tax by the Company. The Employee agrees that the
Company may either withhold an appropriate  amount from any  compensation or any
other  payment  of any kind then  payable  or which may  become  payable  to the
Employee,  or the Company may require the Employee to make a cash payment to the
Company  equal to the  amount of  withholding  required  in the  opinion  of the
Company.  In the event the Employee  does not make such payment when  requested,
the Company may refuse to issue or cause to be  delivered  any shares under this
Agreement  entered into pursuant to the Program until such payment has been made
or arrangements for such payment  satisfactory to the Company have been made. In
addition,  such  withholding  tax  obligations  may be satisfied by  withholding
Shares upon exercise of the option;  provided that the amount of tax withholding
to be satisfied by withholding  Shares shall be limited to the minimum amount of
taxes, including employment taxes, required to be withheld under applicable law.
<PAGE>
                                     - 4 -

               f. The  Employee  shall  have no  rights  as a  shareholder  with
respect  to any  Ordinary  Shares  subject to this  option  prior to the date of
exercise of the option by such Employee.

               g.  The  option  herein  granted  may be  assigned  or  otherwise
transferred  only in the  following  circumstances:  (i) by will or the  laws of
descent and distribution; (ii) by valid beneficiary designation taking effect at
death made in accordance with procedures established by the Committee;  or (iii)
by  the  Employee  to  members  of his or her  "immediate  family,"  to a  trust
established  for the  exclusive  benefit  of solely  one or more  members of the
Employee's "immediate family" and/or the Employee, or to a partnership,  limited
liability  company or other entity  pursuant to which the only owners are one or
more members of the  Employee's  "immediate  family"  and/or the  Employee.  Any
option held by the transferee  will continue to be subject to the same terms and
conditions that were applicable to the option immediately prior to the transfer,
except that the option will be  transferable  by the transferee  only by will or
the laws of descent and distribution.  For purposes hereof,  "immediate  family"
means   the   Employee's   children,   stepchildren,   grandchildren,   parents,
stepparents,   grandparents,  spouse,  siblings  (including  half  brothers  and
sisters), in-laws, and relationships arising because of legal adoption.

               h. This Agreement  shall be binding upon and inure to the benefit
of the Company and the Employee and their respective heirs,  representatives and
successors.

               i. The  Employee,  by execution of this  Agreement,  acknowledges
receipt of the option granted on the date shown above,  as well as a copy of the
Program and the Program Prospectus.

               IN  WITNESS  WHEREOF,  the  parties  hereto  have  executed  this
Agreement, all as of the date of grant set forth above.

ATTEST:                                             XL CAPITAL LTD

_______________________                             By:_________________________
WITNESS:

_______________________                             ____________________________
                                                    [Name of Employee]

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