Document:

Exhibit 10.1

AXIS CAPITAL HOLDINGS
LIMITED

2007 LONG-TERM EQUITY
COMPENSATION PLAN

Employee Restricted Stock Agreement

You (the “Participant”) have been granted a restricted
stock award (the “Award”) of ordinary shares, par value $0.0125 per share (“Share”),
of AXIS Capital Holdings Limited, a Bermuda company (the “Company”), pursuant
to the AXIS Capital Holdings Limited 2007 Long-Term Equity Compensation Plan
(the “Plan”).  The date of grant of the
Award (the “Award Date”) and the number of Shares subject to the Award (the “Award
Shares”) are as set forth in your restricted stock account maintained on the
Smith Barney Benefit Access website or such other website as may be designated
by the Committee (“Benefit Access”).

By your acceptance of the grant of the Award on
Benefit Access, you agree that the Award is granted under and governed by the
terms and conditions of the Plan and this Restricted Stock Agreement (the “Agreement”).

1.                                      GRANT
OF RESTRICTED STOCK.

(a)                                  Award.  On the terms and conditions set forth in this
Agreement, the Company hereby grants to the Participant on the Award Date the
Award Shares.

(b)                                  Plan
and Defined Terms.  The Award is
granted pursuant to the Plan, a copy of which the Participant acknowledges
having received.  The terms and provisions
of the Plan are incorporated into this Agreement by this reference.  All capitalized terms that are used in this
Agreement and not otherwise defined herein shall have the meanings ascribed to
them in the Plan.

2.                                      ISSUANCE
OF SHARES.

Subject
to Section 4, the Shares subject to the Award will be issued to the Participant
and generally shall have the rights and privileges of a shareholder of the
Company as to such Shares.

3.                                      PERIOD
OF RESTRICTION.

The Shares subject to the Award shall be restricted
during the period (the “Period of Restriction”) commencing on the Award Date
and expiring on the first to occur of:

(a)                                  The
date three years after the Award Date;

(b)                                  The
Participant’s Retirement, death or permanent Disability; or

(c)                                  A  Change in Control, unless a provision is made
in connection with the Change of Control for the assumption of or substitution
for Awards previously granted.

4.                                      RESTRICTIONS,
VOTING RIGHTS AND DIVIDENDS.

(a)                                  Restrictions.  During the Period of Restriction, the
following restrictions shall apply: (i) the Shares subject to the Award may not
be sold, transferred, pledged, assigned or otherwise alienated or hypothecated
and (ii) the stock certificates, if any, representing the Shares subject to the
Award shall be deposited with the Company or as the Committee may otherwise
direct and the Participant shall not be entitled to delivery of a stock
certificate.  If the Participant’s
employment terminates during the Period of Restriction for any reason other
than Retirement, death or permanent Disability, the Shares subject to the Award
shall be immediately repurchased by the Company for an aggregate repurchase
price of US$1 (One United States Dollar) without liability or further action or
obligation on the part of the Company. 
Upon the repurchase of any Shares, any dividends and interest set aside
thereon shall be transferred to the Company without further action by the
Participant, and the Participant shall immediately thereby relinquish and cease
to hold any right, title or interest to any such dividends and interest.

(b)                                  Voting Rights. 
Participant shall be entitled to exercise full voting rights with
respect to the Shares during the Period of Restriction.

(c)                                  Dividends.  Dividends may be paid to Participant with
respect to the Shares during the Period of Restriction as determined from time
to time by the Committee.  Any Dividends
paid with respect to the Shares during the Period of Restriction will be held
by the Company, or a depository appointed by the Committee, for the Participant’s
account, and interest may be paid on the amount of cash dividends held at a
rate and subject to such terms as may be determined by the Committee.  All cash or share dividends so held, and any
interest so paid, shall initially be subject to forfeiture as set forth in
subsection 4(a) but shall become non-forfeitable and payable at upon the
expiration or termination of the Period of Restriction.

(d)                                  Leaves
of Absence.  For any purpose under
this Agreement, employment shall be deemed to continue while the Participant is
on a bona fide leave of absence, if such leave was approved by the Company in
writing and if continued crediting of employment for such purpose is expressly
required by the terms of such leave or by applicable law (as determined by the
Company).

5.                                      RESTRICTIONS
ON TRANSFER.

(a)                                  Transfer
Restrictions.  Regardless of whether
the offering and sale of Shares under the Plan have been registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”) or otherwise,
the Company, in its sole discretion, may impose restrictions upon the sale,
pledge or other transfer of such Shares (including the placement of appropriate
legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary or
desirable in order to achieve compliance with the Company’s Bye-Laws, the
Securities Act, the U.S. Securities Exchange Act of 1934, as amended, the
securities laws of any country or state or any other applicable law, rule or
regulation.

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(b)                                  Legends.  All certificates evidencing Shares issued
under this Agreement shall bear such restrictive legends as are required or
deemed advisable by the Company under the provisions of any applicable law,
rule or regulation.  If, in the opinion of
the Company and its counsel, any legend placed on a stock certificate
representing Shares issued under this Agreement is no longer required, the
holder of such certificate shall be entitled to exchange such certificate for a
certificate representing the same number of Shares but without such legend.

6.                                      MISCELLANEOUS
PROVISIONS.

(a)                                  Bye-Laws.  All Shares acquired pursuant to this
Agreement shall be subject to any applicable restrictions contained in the
Company’s Bye-Laws.

(b)                                  No
Retention Rights.  Nothing in this
Agreement or in the Plan shall confer upon the Participant any right to
continue employment for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company or any Affiliate
employing or retaining the Participant or of the Participant, which rights are
hereby expressly reserved by each, to terminate his or her employment at any
time and for any reason, with or without Cause.

(c)                                  Notice.  Any notice required by the terms of this
Agreement shall be given in writing and shall be deemed effective upon delivery
by hand, upon delivery by reputable express courier or, if the recipient is
located in the United States, upon deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at
its principal executive office and to the Participant at the address that he or
she most recently provided in writing to the Company.

(d)                                  Choice
of Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of Bermuda.

(e)                                  Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

(f)                                    Modification
or Amendment.  This Agreement may be
amended or modified by the Committee; provided that any amendment or
modification that would adversely effect the Participant’s rights with respect
to the Award must be made by written agreement executed by the parties hereto;
and provided, that the adjustments permitted pursuant to Section 4(b)
and 7(c) of the Plan may be made without such written agreement.

(g)                                 Severability.  In the event any provision of this Agreement
shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the remaining provisions of this Agreement, and this Agreement
shall be construed and enforced as if such illegal or invalid provision had not
been included.

 3Exhibit 10.2

AXIS CAPITAL HOLDINGS
LIMITED

2007 LONG-TERM EQUITY
COMPENSATION PLAN

Employee Restricted Stock Unit Agreement

You (the “Participant”) have been granted an award of
Restricted Stock Units (the “Award”) with a value based on ordinary shares, par
value $0.0125 per share (“Shares”), of AXIS Capital Holdings Limited, a Bermuda
company (the “Company”), pursuant to the AXIS Capital Holdings Limited 2007 Long-Term
Equity Compensation Plan (the “Plan”). 
The date of grant of the Award (the “Award Date”) and the number of
Shares subject to the Award (the “Award Shares”) are as set forth in your
restricted stock unit account maintained on the Smith Barney Benefit Access
website or such other website as may be designated by the Committee (“Benefit
Access”).  This Award constitutes an
unfunded and unsecured promise of the Company to deliver (or cause to be
delivered to you) on the terms and conditions set forth herein the Award
Shares.

By your acceptance of the grant of the Award on
Benefit Access, you agree that the Award is granted under and governed by the
terms and conditions of the Plan and this Restricted Stock Unit Agreement (the “Agreement”).

1.                                      GRANT
OF RESTRICTED STOCK UNITS.

(a)                                  Award.  On the terms and conditions set forth in this
Agreement, the Company hereby grants to the Participant on the Award Date the
Award.

(b)                                  Plan
and Defined Terms.  The Award is
granted pursuant to the Plan, a copy of which the Participant acknowledges
having received.  The terms and
provisions of the Plan are incorporated into this Agreement by this
reference.  All capitalized terms that
are used in this Agreement and not otherwise defined herein shall have the
meanings ascribed to them in the Plan.

2.                                      PERIOD
OF RESTRICTION.

The Restricted Stock Units subject to the Award shall
be restricted during the period (the “Period of Restriction”) commencing on the
Award Date and expiring on the first to occur of:

(a)                                  The
date three years after the Award Date;

(b)                                  The
Participant’s Retirement, death or permanent Disability; or

(c)                                  A
Change in Control, unless a provision is made in connection with the Change of
Control for the assumption of or substitution for Awards previously granted.

3.                                      ISSUANCE
OF SHARES.

Subject to the
Participant’s continued employment with the Company during the Period of
Restriction, the Company shall deliver to the Participant promptly following
the close of the Period of Restriction the Award Shares.  In the event that the Participant’s
employment terminates for any reason prior to close of the Period of Restriction
(except as described in Section 2(b)), the Award will immediately
terminate and the Company will have no further obligation or liability to the Participant.  Subject to Section 4, any Award Shares
issued to the Participant generally shall have the rights and privileges of a
shareholder of the Company as to such Shares.

4.                                      RESTRICTIONS,
VOTING RIGHTS AND DIVIDEND EQUIVALENTS.

(a)                                  Restrictions.  The Award may not be sold, transferred,
pledged, assigned or otherwise alienated or hypothecated at any time.

(b)                                  Voting
Rights.  Prior to the delivery of
Award Shares pursuant to this Agreement, the Participant shall not be entitled
to exercise any voting rights with respect to the Restricted Stock Units (or
the Award Shares) and, except as provided in Section 4(c), shall not be entitled
to receive dividends or other distributions with respect to the Award Shares.

(c)                                  Dividend
Equivalents.  Dividend equivalents
may be paid to the Participant with respect to the Award Shares during the
Period of Restriction as determined from time to time by the Committee.  Any dividend equivalents paid with respect to
the Award Shares during the Period of Restriction will be held by the Company,
or a depository appointed by the Committee, for the Participant’s account, and
interest may be paid on the amount of cash dividend equivalents held at a rate
and subject to such terms as may be determined by the Committee.  All cash or share dividend equivalents so
held, and any interest so paid, shall be payable at the same time as the Award
Shares are delivered as set forth in Section 3 and shall be forfeited and shall
not be paid in the event the Award is terminated as set forth in Section 3.

(d)                                  Leaves
of Absence.  For any purpose under
this Agreement, employment shall be deemed to continue while the Participant is
on a bona fide leave of absence, if such leave was approved by the Company in
writing and if continued crediting of employment for such purpose is expressly
required by the terms of such leave or by applicable law (as determined by the
Company).

5.                                      RESTRICTIONS
ON TRANSFER.

(a)                                  Transfer
Restrictions.  Regardless of whether
the offering and sale of Shares under the Plan have been registered under the
U.S. Securities Act of 1933, as amended (the “Securities Act”) or otherwise,
the Company, in its sole discretion, may impose restrictions upon the sale,
pledge or other transfer of such Shares (including the placement of appropriate
legends on stock certificates or the imposition of stop-transfer instructions)
if, in the judgment of the Company, such restrictions are necessary or
desirable in order to achieve compliance with the Company’s Bye-Laws, the
Securities

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Act, the U.S. Securities
Exchange Act of 1934, as amended, the securities laws of any country or state
or any other applicable law, rule or regulation.

(b)                                  Legends.  All certificates evidencing Award Shares
issued under this Agreement shall bear such restrictive legends as are required
or deemed advisable by the Company under the provisions of any applicable law,
rule or regulation (including to reflect any restrictions to which you may be
subject under any applicable securities laws). 
If, in the opinion of the Company and its counsel, any legend placed on
a stock certificate representing Award Shares issued under this Agreement is no
longer required, the holder of such certificate shall be entitled to exchange
such certificate for a certificate representing the same number of Shares but
without such legend.

6.                                      MISCELLANEOUS
PROVISIONS.

(a)                                  Bye-Laws.  All Shares acquired pursuant to this
Agreement shall be subject to any applicable restrictions contained in the
Company’s Bye-Laws.

(b)                                  No
Retention Rights.  Nothing in this
Agreement or in the Plan shall confer upon the Participant any right to
continue employment for any period of specific duration or interfere with or
otherwise restrict in any way the rights of the Company or any Affiliate
employing or retaining the Participant or of the Participant, which rights are
hereby expressly reserved by each, to terminate his or her employment at any
time and for any reason, with or without Cause.

(c)                                  Notice.  Any notice required by the terms of this
Agreement shall be given in writing and shall be deemed effective upon delivery
by hand, upon delivery by reputable express courier or, if the recipient is
located in the United States, upon deposit with the United States Postal
Service, by registered or certified mail, with postage and fees prepaid.  Notice shall be addressed to the Company at
its principal executive office and to the Participant at the address that he or
she most recently provided in writing to the Company.

(d)                                  Choice
of Law.  This Agreement shall be
governed by, and construed in accordance with, the laws of Bermuda.

(e)                                  Counterparts.  This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.

(f)                                    Modification
or Amendment.  This Agreement may be
amended or modified by the Committee; provided that any amendment or
modification that would adversely effect the Participant’s rights with respect
to the Award must be made by written agreement executed by the parties hereto; and
provided, that the adjustments permitted pursuant to Sections 4(b) and
7(c) of the Plan may be made without such written agreement.

(g)                                 Severability.  In the event any provision of this Agreement
shall be held illegal or invalid for any reason, the illegality or invalidity
shall not affect the

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remaining provisions of
this Agreement, and this Agreement shall be construed and enforced as if such
illegal or invalid provision had not been included.

 4

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